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Exhibit 1

Project Free Cash Flows


(dollars in thousands)

Project number 1 2 3 4 5 6 7 8

Initial investment (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $)
Year 1 330 $ 1,666 $ 0$ 160 $ 280 $ 2,200 $ 1,200 $ (350 $) (350 $) 0$
2 330 $ 334 $ 0$ 200 $ 280 $ 900 $ (60 $) (60 $) 0$
3 330 $ 165 $ 0$ 350 $ 280 $ 300 $ 60 $ 0$ 60 $
4 330 $ 0$ 395 $ 280 $ 90 $ 350 $ 0$ 350 $
5 330 $ 0$ 432 $ 280 $ 70 $ 700 $ 0$ 700 $
6 330 $ 0$ 440 $ 280 $ 1,200 $ 0$ 1,200 $
7 330 $ 0$ 442 $ 280 $ 2,250 $ 0$ 2,250 $
8 1,000 $ 0$ 444 $ 280 $ 0$ 0$
9 0$ 446 $ 280 $ 0$ 0$
10 0$ 448 $ 280 $ 0$ 0$
11 0$ 450 $ 280 $ 0$ 0$
12 0$ 451 $ 280 $ 0$ 0$
13 0$ 451 $ 280 $ 0$ 0$
14 0$ 452 $ 280 $ 0$ 0$
15 10,000 $ (2,000 $) 280 $ 0$ 0$

Sum of CF benefits 3,310 $ 2,165 $ 10,000 $ 3,561 $ 4,200 $ 2,200 $ 2,560 $ 4,150 $

Excess of CF over initial investment 1,310 $ 165 $ 8,000 $ 1,561 $ 2,200 $ 200 $ 560 $ 2,150 $

Project Selection Criteria

Project number 1 2 3 4 5 6 7 8

Total life of investment 8 3 15 15 15 1 5 7

Payback 7 2 15 6 8 1 2 7

Discounted payback 8 >3 15 10 14 1 3 7

Average ROI 20.7% 36.1% 33.3% 11.9% 14.0% 110.0% 25.6% 29.6%
Average Accounting Return 41.4% 72.2% 66.7% 23.7% 28.0% 220.0% 51.2% 59.3%

NPVs

10% 73 $ (85 $) 394 $ 228 $ 130 $ 0$ 165 $ 183 $


11% (11 $) (107 $) 90 $ 127 $ 13 $ (18 $) 132 $ 51 $
12% (90 $) (129 $) (173 $) 30 $ (93 $) (36 $) 99 $ (72 $)
14% (234 $) (170 $) (599 $) (146 $) (280 $) (70 $) 37 $ (296 $)

IRR 10.9% 6.3% 11.3% 12.3% 11.1% 10.0% 15.3% 11.4%

MIRR 10.5% 8.4% 11.3% 10.6% 10.5% 10.0% 11.8% 11.2%

Profitability index 1.037 0.957 1.197 1.092 1.065 1.000 1.083 1.077

EAC 13.7 $ (34.4 $) 51.8 $ 30.0 $ 17.1 $ 0.0 $ 43.5 $ 37.6 $


Project Free Cash Flows
discounted at 10%
(dollars in thousands)

Project number 1 2 3 4 5 6 7 8

Initial investment (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $)
Year 1 300 $ 1,515 $ 145 $ 255 $ 2,000 $ 1,091 $ (318 $)
2 273 $ 276 $ 165 $ 231 $ 744 $ (50 $)
3 248 $ 124 $ 263 $ 210 $ 225 $ 45 $
4 225 $ 270 $ 191 $ 61 $ 239 $
5 205 $ 268 $ 174 $ 43 $ 435 $
6 186 $ 248 $ 158 $ 677 $
7 169 $ 227 $ 144 $ 1,155 $
8 467 $ 207 $ 131 $
9 189 $ 119 $
10 173 $ 108 $
11 158 $ 98 $
12 144 $ 89 $
13 131 $ 81 $
14 119 $ 74 $
15 2,394 $ (479 $) 67 $

Project Free Cash Flows


discounted at 10% and cumulated
(dollars in thousands)

Project number 1 2 3 4 5 6 7 8

Initial investment (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $) (2,000 $)
Year 1 (1,700 $) (485 $) (2,000 $) (1,855 $) (1,745 $) 0$ (909 $) (2,318 $)
2 (1,427 $) (209 $) (2,000 $) (1,689 $) (1,514 $) (165 $) (2,368 $)
3 (1,179 $) (85 $) (2,000 $) (1,426 $) (1,304 $) 60 $ (2,323 $)
4 (954 $) (2,000 $) (1,157 $) (1,112 $) 122 $ (2,084 $)
5 (749 $) (2,000 $) (888 $) (939 $) 165 $ (1,649 $)
6 (563 $) (2,000 $) (640 $) (781 $) (972 $)
7 (393 $) (2,000 $) (413 $) (637 $) 183 $
8 73 $ (2,000 $) (206 $) (506 $)
9 (2,000 $) (17 $) (387 $)
10 (2,000 $) 156 $ (280 $)
11 (2,000 $) 314 $ (181 $)
12 (2,000 $) 457 $ (92 $)
13 (2,000 $) 588 $ (11 $)
14 (2,000 $) 707 $ 63 $
15 394 $ 228 $ 130 $
rr 10%

Project Year 0 1 2 3 4
1 (2,000 $) 330 $ 330 $ 330 $ 330 $
NPV 73 $

Cumulative (2,000 $) (1,670 $) (1,340 $) (1,010 $) (680 $)


Payback 6.06

Discounted (2,000.00) 300.00 272.73 247.93 225.39


Cumulative Discounted (2,000 $) (1,700 $) (1,427 $) (1,179 $) (954 $)
Discounted payback 7.84

2 (2,000 $) 1,666 $ 334 $ 165 $


NPV (85 $)

Cumulative (2,000 $) (334 $) 0$ 165 $


Payback 2.00

Discounted (2,000.00) 1,514.55 276.03 123.97


Cumulative Discounted (2,000 $) (485 $) (209 $) (85 $)
Discounted payback never

6 (2,000 $) 2,200 $
NPV 0$

Cumulative (2,000 $) 200 $


Payback 0.91

Discounted (2,000.00) 2,000.00


Cumulative Discounted (2,000 $) 0$
Discounte payback 1
5 6 7 8
330 $ 330 $ 330 $ 1,000 $

(350 $) (20 $) 310 $ 1,310 $

204.90 186.28 169.34 466.51


(749 $) (563 $) (393 $) 73 $
rrr 10%

2,500 $
Project 7 8
Year
0 (2,000 $) (2,000 $) 2,000 $
1 1,200 $ (350 $)
2 900 $ (60 $)
3 300 $ 60 $ 1,500 $
4 90 $ 350 $
5 70 $ 700 $
6 1,200 $ 1,000 $
7 2,250 $

IRR 15.3% 11.4% 500 $

NPV NPV
Discount ra 165 $ 183 $ 0$
0% 165 $ 2,150 $
2% 165 $ 1,637 $ 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
4% 165 $ 1,194 $ (500 $)
6% 165 $ 809 $
8% 165 $ 475 $
10% 165.0409 182.9844 (1,000 $)
12% 165.0409 -72.25161
14% 165.0409 -296.0133
16% 165.0409 -492.6463
18% 165.0409 -665.8317
20% 165.0409 -818.697
7
8

0% 12% 14% 16% 18% 20%


Discount ra 10%
34%
Project 4 IRR 11.9%
Year 400,000
0 -4,000,000 NPV
1 3,000,000 Discount ra (78,696)
200,000
2 3,000,000 0% (1,000,000)
3 3,000,000 2% (728,391)
4 3,000,000 4% (507,658) -
5 -9,000,000 6% (330,007)
8% (188,868) 0% 2% 4% 6% 8%10%12%14%16%18%20%22%24%
10% (78,696) (200,000)
12% 5,206
14% 66,819
(400,000)
16% 109,525
18% 136,202
20% 149,306 (600,000)
22% 150,928
24% 142,860
26% 126,633 (800,000)
28% 103,559
30% 74,760 (1,000,000)
32% 41,203
34% 3,715
36% (36,995) (1,200,000)
38% (80,315)
40% (125,721)
42% (172,765)
44% (221,060)
46% (270,274)
48% (320,125)
8%10%12%14%16%18%20%22%24%26%28%30%32%34%36%38%40%42%44%46%48%