Exhibit 10a Petrozuata Equity Cash Flow Projections (US dollars in thousands)

Equity Cash Flows

Cash
Cash Used for
Available Debt
Forecast for Debt Service Debt
Price of Total Service Total Debt Reserve Dividend Investmen Total Issue &
Year Syncrude Revenue (CADS) Service Account s t Debt Repay

1996 $12.25 $0 ($79,035) $0

1997 12.56 0 ($61,134) (1,986) 1,000,000 1000000
1998 12.87 78,524 (86,816) (550,148) 1,024,299 24299
1999 13.19 429,059 (94,955) $1,576 1,267,280 242981
2000 13.52 804,108 $317,481 (111,556) ($80,865) 185,047 1,450,000 182720
2001 13.86 569,156 384,765 (160,922) 1,614 225,457 1,411,111 -38889
2002 14.21 583,597 389,154 (157,694) 1,614 233,074 1,372,222 -38889
2003 14.56 598,398 366,575 (154,466) (11,509) 200,600 1,333,333 -38889
2004 14.93 613,568 401,552 (176,949) (5,700) 218,903 1,268,856 -64477
2005 15.30 629,117 398,211 (188,009) (6,345) 203,857 1,187,614 -81242
2006 15.68 645,052 433,477 (200,307) (550) 232,620 1,086,961 -100653
2007 16.07 661,386 435,267 (201,204) (4,671) 229,393 977,484 -109477
2008 16.47 678,126 438,118 (210,153) 10,623 238,588 849,556 -127928
2009 16.89 695,283 373,182 (166,148) 19,595 226,629 755,137 -94419
2010 17.31 712,869 371,469 (150,455) (4,135) 216,878 669,137 -86000
2011 17.74 730,892 378,471 (158,377) (3,438) 216,655 567,137 -102000
2012 18.19 749,365 387,428 (164,964) 40,417 262,881 449,137 -118000
2013 18.64 768,299 328,978 (85,668) (933) 242,378 401,689 -47448
2014 18.64 768,798 358,441 (87,403) (19,051) 251,988 348,241 -53448
2015 18.64 769,309 391,545 (124,573) (6,498) 260,474 252,034 -96207
2016 18.64 769,831 383,528 (137,103) 4,468 250,893 134,448 -117586
2017 18.64 770,365 382,868 (68,691) 62,038 376,215 75,000 -59448
2018 18.64 770,911 327,531 (6,653) 0 320,878 75,000 0
2019 18.64 771,468 308,024 (6,653) 0 301,370 75,000 0
2020 18.64 781,859 283,051 (6,653) 0 276,398 75,000 0
2021 18.64 782,441 299,464 (6,653) 0 292,810 75,000 0
2022 18.64 783,036 295,554 (81,653) 3,327 217,227 0 -75000
2023 18.64 783,644 294,578 0 0 294,578 0
2024 18.64 784,266 289,656 289,656 0
2025 18.64 784,901 289,705 289,705 0
2026 18.64 785,550 278,074 278,074 0
2027 18.64 786,214 276,806 276,806 0
2028 18.64 786,891 274,449 274,449 0
2029 18.64 787,584 263,604 263,604 0
2030 18.64 788,291 247,540 247,540 0
2031 18.64 789,014 250,329 250,329 0
2032 18.64 789,753 242,937 242,937 0
2033 18.64 790,508 240,644 240,644 0
2034 18.64 791,279 226,196 226,196 0
 Loan Life
Cash used Coverage
for Debt ratio
IRR DSCR Service (LLCR) $500,000
26%
$450,000
($79,035) $0 -70384.718141 #DIV/0!
($1,986) $61,134 -1575.0599207 ₹ 0.68
($550,148) $86,816 -388558.3918 -460518.16986 0.65913 $400,000
$1,576 $94,955 PV ₹ 1,135,664.67 0.532752
$185,047 2.845934 $111,556 NPV ₹ 675,146.50 0.465618 $350,000
$225,457 2.391003 $160,922 0.47845
$233,074 2.467779 $157,694 0.49201
$300,000
$200,600 2.373176 $154,466 0.50636
$218,903 2.269309 $176,949 0.532091
$203,857 2.118042 $188,009 0.56849 $250,000
$232,620 2.164063 $200,307 0.621132
$229,393 2.163312 $201,204 0.690698 $200,000
$238,588 2.084757 $210,153 0.794705
$226,629 2.246082 $166,148 0.894072
$150,000
$216,878 2.468971 $150,455 1.008981
$216,655 2.389684 $158,377 1.190447
$262,881 2.348561 $164,964 1.503208 $100,000
$242,378 3.84015 $85,668 1.680769
$251,988 4.101015 $87,403 1.938734 $50,000
$260,474 3.143097 $124,573 2.678791
$250,893 2.797371 $137,103 5.021618
$0
$376,215 5.573772 $68,691 9.001953
$320,878 49.23057 $6,653 9.001953 00 01 02 03 04 05 06
20 20 20 20 20 20 20
$301,370 46.29851 $6,653 9.001953
$276,398 42.54487 $6,653 9.001953
$292,810 45.01187 $6,653 9.001953
$217,227 3.619634 $81,653 #DIV/0!
$294,578 $0 #DIV/0!
$289,656 $0 #DIV/0!
$289,705 $0 #DIV/0!
$278,074 $0 #DIV/0!
$276,806 $0 #DIV/0!
$274,449 $0 #DIV/0!
$263,604 $0 #DIV/0!
$247,540 $0 #DIV/0!
$250,329 $0 #DIV/0!
$242,937 $0 #DIV/0!
$240,644 $0 #DIV/0!
$226,196 $0 #DIV/0!
 Debt service
500,000

450,000

400,000

350,000

300,000

250,000

200,000

150,000

100,000

$50,000

$0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
Cash used for Debt Service Cash Available for Debt Service
(CADS)
27 028 029 030 031 032 033 034
2 2 2 2 2 2 2
Exhibit 1 Venezuelan Macroeconomic Data: 1970-1996

Per Capita
Real GDP GDP Government Total Debt Oil Exports/ Oil Exports/ Unemployment Inflation Interest Exchange
Growth Growth Surplus/GDPa Stock/GDP Total Exports GDP Rate Rate Ratesb Ratec

1970 7.3% 3.7% (0.9%) 6.9% 89.0% 17.2% 7.8% 2.5% ... 4.450
1971 2.4 (1.0) 0.5 12.7 92.2 19.0 ... 3.2 ... 4.350
1972 2.5 (1.0) (0.2) 15.2 91.4 17.3 ... 2.8 ... 4.350
1973 6.1 2.5 1.6 14.0 88.6 21.6 ... 4.1 ... 4.285
1974 5.2 1.7 2.4 8.6 95.2 33.4 7.6 8.3 ... 4.285
1975 5.1 1.5 0.6 6.8 94.6 25.6 8.3 10.3 ... 4.285
1976 8.3 4.6 0.5 13.3 94.2 23.6 6.8 7.6 ... 4.293
1977 6.2 2.5 (4.4) 25.1 95.4 21.3 5.5 7.8 ... 4.293
1978 2.2 (1.3) (3.6) 35.7 95.1 18.8 5.1 7.1 ... 4.293
1979 1.3 (2.0) 2.1 42.2 95.2 23.9 5.8 12.4 ... 4.293
1980 (2.5) (5.5) 0.0 42.0 94.9 26.2 6.6 21.5 ... 4.293
1981 (0.2) (3.0) 2.2 41.0 94.6 24.3 6.8 16.2 ... 4.293
1982 0.8 (1.8) (2.1) 40.2 94.7 19.5 7.8 9.6 ... 4.293
1983 (5.2) (7.5) (0.6) 48.1 91.3 17.4 11.2 6.3 ... 4.300
1984 (0.5) (2.9) 2.8 63.8 87.7 21.0 14.3 12.2 13.15% 7.500
1985 1.1 (1.4) 2.0 59.0 82.6 17.3 14.3 11.4 12.55 7.500
1986 6.2 3.5 (0.4) 56.4 69.2 10.9 12.1 11.5 12.07 14.500
1987 4.5 1.7 (1.7) 73.8 81.8 14.9 9.9 28.1 13.49 14.500
1988 6.2 3.4 (6.1) 57.5 76.4 13.5 7.9 29.3 14.86 14.500
1989 (8.5) (10.8) (1.1) 75.6 74.9 23.4 9.7 84.7 17.32 43.079
1990 7.5 4.9 (2.1) 68.3 80.0 29.2 11.0 40.6 20.06 50.380
1991 10.1 7.5 (1.4) 63.8 81.1 23.1 10.1 34.2 27.14 61.554
1992 7.4 4.9 (3.8) 62.4 79.0 18.7 8.1 31.4 31.66 79.450
1993 (0.6) (2.8) (2.5) 62.2 74.7 18.0 6.8 38.1 41.03 105.640
1994 (2.5) (4.6) (6.8) 62.6 72.7 20.2 8.9 60.8 54.73 170.000
1995 3.7 1.5 (4.6) 46.0 74.4 17.9 10.9 59.9 53.38 290.000
1996 (0.4) (2.5) 0.2 49.9 80.4 26.7 12.3 99.9 49.09 476.500

Sources: Inter-American Development Bank; and International Financial Statistics, International Monetary Fund.
a
Negative values signify Government Deficit/GDP.
b
The interest rates provided are yields to maturity on long-term Venezuelan government bonds.
c
The exchange rates provided are the official bolivar/US dollar exchange rates determined by the Venezuelan government. Prior to 1989 and between 1994 and early 1996, the government
fixed the exchange rate. Between 1989 and 1994 and after early 1996, the government allowed the bolivar to float freely against the US dollar.
Exhibit 2 DuPont and PDVSA Balance Sheets (US dollars in millions): 1995-1996

DuPont PDVSA
1996 1995 1996 1995

Assets

Cash $1,319 $1,455 $2,745 $464

Accounts and notes receivable 5,193 4,912 3,429 3,226
Inventory 3,706 3,737 1,740 1,551
Prepaid expenses 297 276 1,124 729
Deferred income taxes 588 575 508 429
Total current assets $11,103 $10,955 $9,546 $6,399

Property, plant, and equipment $21,213 $21,341 $32,957 $30,774

Investment in affiliates 2,278 1,846 1,863 1,899
Other assets 3,393 3,170 1,036 853
Total assets $37,987 $37,312 $45,402 $39,925

Liabilities and equity

Accounts payable $2,757 $2,636 $2,033 $1,672

Current portion of long-term debt 300 551 1,137 1,074
Short-term debt and lease obligations 3,610 5,606 --- ---
Income taxes 526 470 2,616 351
Other accrued liabilities 3,794 3,468 1,156 952
Total current liabilities $10,987 $12,731 $6,942 $4,049

Long-term debt $4,983 $5,572 $4,668 $4,933

Capital lease obligations 104 106 455 531
Deferred income taxes 2,133 1,783 19 313
Other liabilities 8,451 8,454 1,166 1,168
Total liabilities $26,658 $28,646 $13,250 $10,994

Minority interests $620 $230 $354 $271

Total stockholders' equity 10,709 8,436 31,798 28,660
Total liabilities and equity $37,987 $37,312 $45,402 $39,925

Sources: DuPont 1996 Annual Report; and PDVSA 1996 Form 20-F.
Exhibit 3 DuPont and PDVSA Income Statements (US dollars in millions): 1995-1996

DuPont PDVSA
1996 1995 1996 1995

Sales $43,810 $42,163 $32,786 $25,050

Other income 1,340 1,059 1,069 991
Total income $45,150 $43,222 $33,855 $26,041

Cost of goods sold $25,144 $23,363 $15,720 $14,061

Selling, general, and administrative expenses 2,856 2,995 967 1,163
Depreciation, depletion, and amortization 2,621 2,722 2,749 2,400
Exploration expenses 1,436 1,398 142 118
Interest and debt expense 713 758 343 421
Taxes other than on income 6,399 6,596 3,203 2,513
Other expense (income), net --- --- 79 (354)
Equity earnings of affiliates --- --- (89) (132)
Minority interests --- --- 19 23
Total costs and expenses $39,169 $37,832 $23,133 $20,213

Earnings before income taxes $5,981 $5,390 $10,722 $5,828

Provision for income taxes (2,345) (2,097) (6,227) (2,455)
Net income $3,636 $3,293 $4,495 $3,373

Earnings per share of common stock $6.47 $5.61

Average number of common shares (millions) 560.7 585.1

Year-end stock price $34.94 $47.06

Sources: DuPont 1996 Annual Report; and PDVSA 1996 Form 20-F.
Exhibit 4 Conoco and Maraven Financial Information (U.S. dollars in millions): 1995-1996

Conoco Maraven
1996 1995 1996 1995

Sales $20,579 $17,958 $5,503 $4,073

Operating profit 1,818 1,257 3,574 1,924
Provision for income taxes (933) (660) na na
Equity in earnings of affiliates (25) 22 --- ---
After-tax operating income $860 $619 $1,070 ($16)

Identifiable assets $13,018 $12,634 $10,814 $10,093

Depreciation, depletion, and amortization 1,128 1,111 940 770
Capital expenditures 1,616 1,714 612 1,871

Sources: DuPont 1996 Annual Report; and PDVSA.

Exhibit 7 Sources and Uses of Funds (US dollars in thousands): 1996-2000

1996 1997 1998 1999 2000

Uses
Capital Expenditures
Crude Oil Production $11,995 $191,849 $151,141 $77,092 $16,702
Crude Oil Pipeline 655 170,512 45,121 0 0
Upgrader & Loading Facilitya 14,345 243,305 510,987 230,306 67,912
Upstream Contingency 0 0 0 0 37,925
Total Capex $26,994 $605,666 $707,249 $307,399 $122,539

Other Costs
Deferred Development Costs and $52,040 $23,328 $71,724 $0 $0
Operating Expenditures
Initial Cash Balance 0 0 10,000 0 0
Financing Costs 0 61,134 86,816 94,955 111,556
Legal & Advisory Fees 0 15,000 0 0 0
Debt Service Reserve 0 0 0 0 80,865
Excess Cash Balance 0 47,213 0 0 195

Total Uses $79,035 $752,341 $875,789 $402,353 $315,155

Sources
Total Project Debt $0 $1,000,000 $24,299 $242,981 $182,720
Cumulative project debt $0 $1,000,000 $1,024,299 $1,267,280 $1,450,000
Shareholder Funds
Initial Paid in Capital $79,035 $0 $0 $0 $0
Additional Paid-in Capital 0 1,986 550,148 (1,576) (185,047)
Eqity infusion commitement 79035 1986 550148 1576 185047
Cumulative equity infusion commitme 79035 81021 631169 629593 444546
Operating Cash Flowb 0 47,213 4,484 160,948 317,481
Cumulative OCF 0 47213 51697 212645 530126
Total Shareholder Funds $79,035 $49,199 $554,632 $159,373 $132,434

Total Sources $79,035 $1,049,199 $578,931 $402,353 $315,155

Source: Petrozuata Planning Documents.

a
Includes a $139 million contingency.
b
Includes interest income.
 Total
Rounds and Sources of funds
3000000
$448,780
216,288
1,066,854 2500000
37,925
$1,769,847

2000000 212645
$147,093
51697
10,000 629593
354,461 1500000
15,000 631169
80,865
47,408 47213
1000000 81021

$2,424,673

1267280
500000 1000000 1024299
$1,450,000 60%

$79,035 0
79035
0 0
365,511 1 2 3 4
Cumulative OCF Cumulative equity infusion commitment Cumulative project
444546

530,126

$974,673

$2,424,673
rces of funds

530126
212645

51697 444546
629593

631169

1450000
1267280
024299

3 4 5
commitment Cumulative project debt
Exhibit 8 Oil and Gas Industry Comparables: 1996 (unless otherwise indicated)

Country Debt to Pretax Interest EBITDA/ Operating Income as Revenues

S&P Rating Country Rating Value (%) Coverage (X) Interest (X) a % of Revenue ($ millions)

OIL & GAS PROJECTS

Athabasca Oil Sands BBB Canada AA+ 26.8% 8.15X 11.09X 32.3% $251.5
Canadian Oil Sands BBB+ Canada AA+ 22.9 8.62 13.49 30.7 118.3
YPF Sociedad Anonima BBB Argentina BBB- 34.8 4.77 8.20 44.0 5,937.0
Ras Laffan (2001) BBB+ Qatar BBB 62.7 4.51 na 51.1 851.6
Petrozuata (2001) ??? Venezuela B 60.0 4.70 3.65 79.4 569.2

INDEPENDENT OIL COMPANIES

Apache BBB US AAA 45.8X 2.68X 5.85X 60.1% $976.0
Burlington Resources A- US AAA 37.9 3.70 6.56 62.6 1,293.0
Husky Oil BBB Canada AA+ 41.9 2.66 5.02 39.7 1,272.9
Noble Affiliates BBB US AAA 54.1 4.49 10.72 46.0 878.3
Norcen Energy Resources BBB Canada AA+ 49.6 1.49 4.99 42.2 1,257.3
Talisman Energy BBB+ Canada AA+ 30.0 4.54 10.24 59.0 1,182.9

INTEGRATED OIL COMPANIES

Amoco AAA US AAA 26.6X 13.08X 21.22X 18.9% $32,150.0
Chevron AA US AAA 32.0 9.85 14.20 16.9 37,580.0
Exxon AAA US AAA 21.0 10.25 15.06 13.8 116,728.0
Mobil AA US AAA 32.7 11.73 16.69 11.9 71,129.0
Texaco A+ US AAA 39.3 5.68 8.83 10.1 44,561.0
Shell Canada AA Canada AA+ 20.6 6.57 10.47 19.7 5,140.0
PDVSA B Venezuela B 15.4 32.26 40.27 48.7 33,855.0

Sources: S&P Global Sector Review; Bloomberg; and casewriter estimates.

Exhibit 9 Credit Ratings for Selected Sovereign Foreign Currency Long-term Debt a

S&Pb Moody’sb Institutional Investorc

Sovereign Dec. 1994 Dec. 1996 Dec. 1994 Dec. 1996 Sept. 1994 Sept. 1996

North America
Canada AA+ AA+ Aa1 Aa2 81.3 79.4
Mexico BB BB Baa1 Ba2 46.1 41.6
United States AAA AAA Aaa Aaa 90.8 90.7
Central America
Costa Rica n/r n/r n/r n/r 30.3 33.9
Panama n/r n/r n/r n/r 24.4 28.5
South America
Argentina BB- BB- B2 B1 37.3 38.9
Bolivia n/r n/r n/r n/r 21.4 25.4
Brazil B+ B+ B1 B1 30.3 38.3
Chile BBB+ A- Baa2 Baa1 54.9 61.2
Colombia n/r BBB- n/r Baa3 44.4 46.7
Ecuador n/r n/r n/r n/r 24.5 26.4
Peru n/r n/r n/r B3 21.0 30.0
Venezuela B+ B Ba2 Ba2 36.0 32.0

Source: Bloomberg; and “Country Credit Ratings,” Institutional Investor, March 1995 and September 1996.

a
A foreign currency long-term debt rating is the rating agency’s assessment of each government’s capacity and willingness to repay its
foreign currency denominated long-term debt according to the debt’s terms. n/r = not rated.
b
The following table provides a guide S&P’s and Moody’s ratings. Note that between ratings categories, there are modifiers: S&P uses
two (+ and -); and Moody’s uses three (1, 2, and 3), where 1 is the highest rank.

S&P Moody’s

AAA Aaa
Investment AA Aa
Grade A A
BBB Baa

BB Ba
Non-investment B B
Grade CCC Caa
CC Ca
C C

c
Institutional Investor’s “Country Credit Ratings” were based on a survey of 75 to 100 international banks. Bankers were asked to grade
each country on a scale of 0 to 100, with 100 representing the least chance of default.
Exhibit 10a Petrozuata Equity Cash Flow Projections (US dollars in thousands)

Equity Cash Flows

Cash Used for

Forecast Cash Available Debt Service
Price of Total for Debt Service Total Debt Reserve
Year Syncrude Revenue (CADS) Service Account Dividends Investment Total Debt

1996 $12.25 $0 ($79,035) $0

1997 12.56 0 ($61,134) (1,986) 1,000,000
1998 12.87 78,524 (86,816) (550,148) 1,024,299
1999 13.19 429,059 (94,955) $1,576 1,267,280
2000 13.52 804,108 $317,481 (111,556) ($80,865) 185,047 1,450,000
2001 13.86 569,156 384,765 (160,922) 1,614 225,457 1,411,111
2002 14.21 583,597 389,154 (157,694) 1,614 233,074 1,372,222
2003 14.56 598,398 366,575 (154,466) (11,509) 200,600 1,333,333
2004 14.93 613,568 401,552 (176,949) (5,700) 218,903 1,268,856
2005 15.30 629,117 398,211 (188,009) (6,345) 203,857 1,187,614
2006 15.68 645,052 433,477 (200,307) (550) 232,620 1,086,961
2007 16.07 661,386 435,267 (201,204) (4,671) 229,393 977,484
2008 16.47 678,126 438,118 (210,153) 10,623 238,588 849,556
2009 16.89 695,283 373,182 (166,148) 19,595 226,629 755,137
2010 17.31 712,869 371,469 (150,455) (4,135) 216,878 669,137
2011 17.74 730,892 378,471 (158,377) (3,438) 216,655 567,137
2012 18.19 749,365 387,428 (164,964) 40,417 262,881 449,137
2013 18.64 768,299 328,978 (85,668) (933) 242,378 401,689
2014 18.64 768,798 358,441 (87,403) (19,051) 251,988 348,241
2015 18.64 769,309 391,545 (124,573) (6,498) 260,474 252,034
2016 18.64 769,831 383,528 (137,103) 4,468 250,893 134,448
2017 18.64 770,365 382,868 (68,691) 62,038 376,215 75,000
2018 18.64 770,911 327,531 (6,653) 0 320,878 75,000
2019 18.64 771,468 308,024 (6,653) 0 301,370 75,000
2020 18.64 781,859 283,051 (6,653) 0 276,398 75,000
2021 18.64 782,441 299,464 (6,653) 0 292,810 75,000
2022 18.64 783,036 295,554 (81,653) 3,327 217,227 0
2023 18.64 783,644 294,578 0 0 294,578
2024 18.64 784,266 289,656 289,656
2025 18.64 784,901 289,705 289,705
2026 18.64 785,550 278,074 278,074
2027 18.64 786,214 276,806 276,806
2028 18.64 786,891 274,449 274,449
2029 18.64 787,584 263,604 263,604
2030 18.64 788,291 247,540 247,540
2031 18.64 789,014 250,329 250,329
2032 18.64 789,753 242,937 242,937
2033 18.64 790,508 240,644 240,644
2034 18.64 791,279 226,196 226,196
 Production Price
Efficiency variation
0.95 0.95 -0.38 -0.15 -0.13 -0.08 -0.25

Annual
Productio Production
n in BPCY Annual BPCY (as Price/B
(in Productio per the (as per maintaine
thousand n in Productio Production the Price Revenue Labor and Well nce
s) BPCY n BPCD Efficiancy) variation) (revised) overhead Servicing utilities materials F&D

0 0 0 0.00 $11.64 0
0 0 0 0.00 $11.93 0
### ### ### 5796254.86 $12.23 70867910
### ### ### 30902657.32 $12.53 387225747.5
### ### ### 56501671.60 $12.84 725707470
### ### ### 39011414.14 $13.17 513663290 ### ### ### ### ###
### ### ### 39015985.22 $13.50 526696292.5 ### ### ### ### ###
### ### ### 39043825.55 $13.83 540054195 ### ### ### ### ###
### ### ### 39041500.33 $14.18 553745120 ### -83061768 ### ### ###
### ### ### 39062820.26 $14.54 567778092.5 ### ### ### ### ###
### ### ### 39081594.39 $14.90 582159430 ### ### ### ### ###
### ### ### 39098736.78 $15.27 596900865 ### ### ### ### ###
### ### ### 39114735.88 $15.65 612008715 ### ### ### ### ###
### ### ### 39107095.91 $16.05 627492907.5 ### ### ### ### ###
### ### ### 39123370.88 $16.44 643364272.5 ### ### ### ### ###
### ### ### 39140214.21 $16.85 659630030 ### ### ### ### ###
### ### ### 39136709.73 $17.28 676301912.5 ### ### ### ### ###
### ### ### 39156869.64 $17.71 693389847.5 ### ### ### ### ###
### ### ### 39182301.50 $17.71 693840195 ### ### ### ### ###
### ### ### 39208344.96 $17.71 694301372.5 ### ### ### ### ###
### ### ### 39234949.03 $17.71 694772477.5 ### ### ### ### ###
### ### ### 39262164.70 $17.71 695254412.5 ### ### ### ### ###
### ### ### 39289991.95 $17.71 695747177.5 ### ### ### ### ###
### ### ### 39318379.83 $17.71 696249870 ### ### ### ### ###
### ### ### 39847964.06 $17.71 705627747.5 ### ### ### ### ###
### ### ### 39877626.07 $17.71 706153002.5 ### ### ### ### ###
### ### ### 39907950.64 $17.71 706689990 ### ### ### ### ###
### ### ### 39938937.77 $17.71 707238710 ### ### ### ### ###
### ### ### 39970638.41 $17.71 707800065 ### ### ### ### ###
### ### ### 40003001.61 $17.71 708373152.5 ### ### ### ### ###
### ### ### 40036078.33 $17.71 708958875 ### ### ### ### ###
### ### ### 40069919.53 $17.71 709558135 ### ### ### ### ###
### ### ### 40104423.28 $17.71 710169127.5 ### ### ### ### ###
### ### ### 40139742.49 $17.71 710794560 ### -106619184 ### ### ###
### ### ### 40175775.21 $17.71 711432627.5 ### ### ### ### ###
### ### ### 40212623.39 $17.71 712085135 ### ### ### ### ###
### ### ### 40250287.02 $17.71 712752082.5 ### ### ### ### ###
### ### ### 40288766.09 $17.71 713433470 ### ### ### ### ###
### ### ### 40328060.62 $17.71 714129297.5 ### ### ### ### ###
 -3.19 -0.1

Cash Total
Operating Operating Interest
Cost Cost Operating Profit Interest coverage ratio

0 0 0
0 0 -100000000
0 70867910 -102429900
0 387225747.5 -126728000
0 725707470 -145000000
### ### ### -141111100 0.00
### ### ### -137222200 0.02
### ### ### -133333300 0.05
### ### ### -126885600 0.08
### ### ### -118761400 0.11
### ### ### -108696100 0.16
### ### ### -97748400 0.21
### ### 24567574.46102 -84955600 0.29
### ### ### -75513700 0.38
### ### ### -66913700 0.49
### ### ### -56713700 0.65
### ### ### -44913700 0.92
### ### ### -40168900 1.13
### ### ### -34824100 1.31
### ### ### -25203400 1.81
### ### ### -13444800 3.40
### ### ### -7500000 6.09
### ### ### -7500000 6.10
### ### ### -7500000 6.10
### ### ### -7500000 6.18
### ### ### -7500000 6.19
### ### ###
### ### ###
### ### ###
### ### ###
### ### ###
### ### ###
### ### ###
### ### ###
### ### ###
### ### ###
### ### ###
### ### ###
### ### ###
Exhibit 10a Petrozuata Equity Cash Flow Projections (US dollars in thousands)

Cash
Used for
Debt
Forecast Cash Available for Service
Price of Debt Service Total Debt Reserve
Year Steel Total Revenue (CADS) Service Account

1996 48000.00 $0
1997 49440.00 0
1998 50923.20 0
1999 52450.90 1,573,526,880,000 1,258,821,504,000 (3,250,000,000)
2000 54024.42 1,620,732,686,400 1,296,586,149,120 (3,250,000,000) ($80,865)
2001 55645.16 1,669,354,666,992 1,335,483,733,594 (3,250,000,000) 1,614
2002 57314.51 1,719,435,307,002 1,375,548,245,601 (3,250,000,000) 1,614
2003 59033.95 1,771,018,366,212 1,416,814,692,969 (3,250,000,000) (11,509)
2004 60804.96 1,824,148,917,198 1,459,319,133,759 (3,250,000,000) (5,700)
2005 62629.11 1,878,873,384,714 1,503,098,707,771 (3,250,000,000) (6,345)
2006 64507.99 1,935,239,586,256 1,548,191,669,004 (3,250,000,000) (550)
2007 66443.23 1,993,296,773,843 1,594,637,419,075 (3,250,000,000) (4,671)
2008 68436.52 2,053,095,677,059 1,642,476,541,647 (3,250,000,000) 10,623
2009 70489.62 2,114,688,547,370 1,691,750,837,896 (3,250,000,000) 19,595
2010 72604.31 2,178,129,203,791 1,742,503,363,033 (3,250,000,000) (4,135)
2011 74782.44 2,243,473,079,905 1,794,778,463,924 (3,250,000,000) (3,438)
2012 77025.91 2,310,777,272,302 1,848,621,817,842 (3,250,000,000) 40,417
2013 79336.69 2,380,100,590,471 1,904,080,472,377 (3,250,000,000) (933)
2014 81716.79 2,451,503,608,185 1,961,202,886,548 (3,250,000,000) (19,051)
2015 84168.29 2,525,048,716,431 2,020,038,973,145 (3,250,000,000) (6,498)
2016 86693.34 2,600,800,177,924 2,080,640,142,339 (3,250,000,000) 4,468
2017 89294.14 2,678,824,183,262 2,143,059,346,609 (3,250,000,000) 62,038
2018 91972.96 2,759,188,908,760 2,207,351,127,008 (3,250,000,000) 0
0
0
0
3,327
0
 Equity Cash Flows

Debt Cash used

Total Issue & for Debt
Dividends Investment Debt Repay IRR DSCR Service
141%

(19,500,000,000) $0 ### $0
(26,000,000,000) 1,000,000 1000000 ### $0
(19,500,000,000) 1,024,299 24299 ### $0
$472,058,064,000 1,267,280 242981 ### ###
185,047 1,450,000 182720 $185,047 398.9496 ###
225,457 1,411,111 -38889 $225,457 410.9181 ###
233,074 1,372,222 -38889 $233,074 423.2456 ###
200,600 1,333,333 -38889 $200,600 435.943 ###
218,903 1,268,856 -64477 $218,903 449.0213 ###
203,857 1,187,614 -81242 $203,857 462.4919 ###
232,620 1,086,961 -100653 $232,620 476.3667 ###
229,393 977,484 -109477 $229,393 490.6577 ###
238,588 849,556 -127928 $238,588 505.3774 ###
226,629 755,137 -94419 $226,629 520.5387 ###
216,878 669,137 -86000 $216,878 536.1549 ###
216,655 567,137 -102000 $216,655 552.2395 ###
262,881 449,137 -118000 $262,881 568.8067 ###
242,378 401,689 -47448 $242,378 585.8709 ###
251,988 348,241 -53448 $251,988 603.447 ###
260,474 252,034 -96207 $260,474 621.5505 ###
250,893 134,448 -117586 $250,893 640.197 ###
376,215 75,000 -59448 $376,215 659.4029 ###
320,878 75,000 0 $320,878 679.185 ###
301,370 75,000 0 $301,370 #DIV/0! $0
276,398 75,000 0 $276,398 #DIV/0! $0
292,810 75,000 0 $292,810 #DIV/0! $0
217,227 0 -75000 $217,227 #DIV/0! $0
294,578 0 $294,578 $0
289,656 0 $289,656 $0
289,705 0 $289,705 $0
278,074 0 $278,074 $0
276,806 0 $276,806 $0
274,449 0 $274,449 $0
263,604 0 $263,604 $0
247,540 0 $247,540 $0
250,329 0 $250,329 $0
242,937 0 $242,937 $0
240,644 0 $240,644 $0
226,196 0 $226,196 $0
 Loan Life
Coverage
ratio Debt s
(LLCR) $2,500,000,000,000

-17365749399 #DIV/0!
-20620119807 ###
-13772455121 -51758324328 233911.7 $2,000,000,000,000
PV ### 189062.8
NPV ### 165238.3
169792.1
174604
$1,500,000,000,000
179696.7
188828
201745.3
220426.9
245114.5 $1,000,000,000,000
282024.4
317287.4
358066.4
422464.9
533457.5 $500,000,000,000
596470.1
688016.3
950647.5
1782068
$0
3194606
3194606 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
3194606 Cash used for Debt Service
3194606
3194606
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
 Debt service

08 009 010 011 012 013 014 015 016 017 018
2 2 2 2 2 2 2 2 2 2
Cash used for Debt Service Cash Available for Debt Service
(CADS)
Exhibit 10b Capital Markets Data (as of January 1997)

Corporate Bond Ratings

Government or Inter-bank Debt Yields (U.S. Industrials) Yields

Federal Funds Rate 5.19% AAA 7.13%

3-month Treasury Bill 5.03 AA 7.21
3-month LIBOR 5.78 A 7.39
10-year Treasury Bond 6.56 BBB 7.70
30-year Treasury Bond 6.81 BB 8.69

Sources: Petrozuata Planning Documents; Federal Reserve Bulletin; S&P Bond Guide, and casewriter estimates.
Exhibit 12 Historical Monthly Crude Prices (US dollars per barrel): 1974-1996

Full Data Sample 10 Years 5 Years

1982-1996 1986-1996 1991-1996

Average Maya Price ($/barrel) $16.57 $14.27 $14.25

Average Monthly Change in Maya Price (%) 0.29% 0.47% 0.22%
Standard Deviation of Monthly Price Changes (%) 9.74 10.91 7.95
Standard Deviation of Annual Price Changes (%) 33.73 37.79 27.54

Sources: The Composite crude prices are from Monthly Energy Review; 1974-1996; and Charles Riner of the Energy Information
Administration provided the Maya Crude prices.