Summary of project assumptions

Source of funds
Subsidies Equity Credit Nominal interest rate Repayment period Grace period Capitalization Repayment of loan Total in MUSD Amortization 46 years 30% 30% 40% 6.0% 20 4 4 years years years 1 2 3 4 10% 30% 50% 10% 0% 170.00 17 51 85 17

Construction costs (VAT excluded, indexed on inflation)

Duration of works (years) Year 4 % years Amount (MUSD)

Traffic and Tariff

Initial traffic Traffic growth Toll rate (VAT included) (VAT excluded) (indexed on inflation) 20.6 5% 3.7 3.1 1000 vehicles/day per year USD per vehicle USD per vehicle

Operation costs (indexed on inflation)

Fixed part Variable part 1,000 0.1 kUSD per year USD per veh.

Economic
Inflation rate 4.0%

150,000

Project IRR (real/year50)

Equity IRR (real/year50)

ADSCR (min)

LLCR (min)

PV (VAT + Tax-Subsidies)

12.96%
100,000
Equity Debt Interest during construction Subsidies

22.95%

2.79
Revenues Shareholders account Dividends Principal

4.66

445,928

Interests Taxes Operating costs

50,000

-50,000

-100,000
COMMENTS:

-150,000

All figures in kUSD

Concession life

Construct. cost

Operation Cost

Initial Daily Traffic

Traffic Growth

Toll rate VAT incl.

Investment Subsidies

Equity

Debt maturity

Interest Rate

Grace Period

Inflation rate

Corporate tax rate

VAT rate

50

170,000

1,000

20.6

5.0%

3.7

30%

30%

20

6.0%

4.0%

30.0%

19.6%

Project IRR (real/year50)

9,000

Equity IRR (real/year50)

ADSCR (min)

LLCR (min)

PV (VAT + Tax-Subsidies)

12.96%
Principal Interests ADSCR LLCR Limit

22.95%

2.79

4.66

445,928

10.00 9.00

8,000

7,000

8.00
7.00

6,000

6.00
5.00

5,000

4,000

4.00
3,000

3.00
2,000

All figures in kUSD

1,000

2.00 1.00 0.00

COMMENTS:

Concession life

Construct. cost

Operation Cost

Initial Daily Traffic

Traffic Growth

Toll rate VAT incl.

Investment Subsidies

Equity

Debt maturity

Interest Rate

Grace Period

Inflation rate

Corporate tax rate

VAT rate

50

170,000

1,000

20.6

5.0%

3.7

30%

30%

20

6.0%

4.0%

30.0%

19.6%

Project IRR (real/year50)

80000

Equity IRR (real/year50)

ADSCR (min)

LLCR (min)

PV (VAT + Tax-Subsidies)

12.96%
Dividends

22.95%

2.79

4.66

445,928

30% 20%

60000

Equity project IRR (real)

10% 0%
-10% -20%

40000

equity IRR (real)

20000

-30%
-20000

-40% All figures in kUSD

-40000

-50%
COMMENTS:

Concession life

Construct. cost

Operation Cost

Initial Daily Traffic

Traffic Growth

Toll rate VAT incl.

Investment Subsidies

Equity

Debt maturity

Interest Rate

Grace Period

Inflation rate

Corporate tax rate

VAT rate

50

170,000

1,000

20.6

5.0%

3.7

30%

30%

20

6.0%

4.0%

30.0%

19.6%

Summary of Assumptions and Results

SUMMARY OF THE MAIN ASSUMPTIONS
GENERAL Concession life Construction Period Construction costs Amortization TOLL AND TRAFFIC Toll, VAT included Initial traffic Traffic growth

50 4 170,000 46

years years kUSD years

3.7 20,600 5.0%

USD per vehicle vehicles / day

FINANCIAL STRUCTURE Subsidy 30% of the construction costs Equity 30% of the construction costs Debt Maturity 20 years Interest rate 6.0% Grace period 4 years Repayment of loan P+I constant

OPERATING COSTS Fixed part Variable part

1,000 0.1

kUSD per year USD per vehicle

OTHER KEY PARAMETERS Inflation rate 4.0% Corporate tax 30.0% VAT rate 19.6%

SUMMARY OF THE RESULTS

FINANCING PLAN Uses (in kUSD) Construction costs (nominal terms) Capitalised Interests

197,167 188,343 8,824

Sources (in kUSD) Investment subsidy Equity Debt SHAREHOLDERS' RETURN Project IRR after tax (real terms) Project IRR after tax (nominal terms) Equity IRR (real terms) Equity IRR (nominal terms)

197,167 56,503 56,503 84,161

FINANCIAL RATIOS Minimum ADSCR (Annual Debt Service Coverage Ratio) Minimum LLCR (Loan Life Coverage Ratio) Minimum PLCR (Project Life Coverage Ratio) PUBLIC AUTHORITIES' FINANCIAL FLOWS PV on Subsidy (kUSD) PV on the VAT (kUSD) PV on the Coporate Taxes (kUSD) PV on the State revenues (kUSD)

2.79 4.66 21.32

12.96% 17.48% 22.95% 27.86%

-46,078 215,519 276,487 445,928