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Pro forma Prospectives
<br /> University of North Carolina at Chapel Hill and Orange County Landfill Gas Project
<br /> Projected Cash Flow to County by Project Senario
<br /> Scenario 1-Optimistic)" Scenario 2-Realistic'" -Scenario 3-Delayee Senario 4'Flare.Onle Senario 5-Flare(Worst Case) )
<br /> REC Total %of Energy REC Total %of Energy REC Total %of Energy REC Total %of Energy REC Total
<br /> 5
<br /> Date ($) IS) (5) (0) (5) (5) (5) (5) (5) (5) (0) (5) 15) ($)
<br /> 2/1/20095 of(5)
<br /> - $ - $ $ - $ - $ $ - $ - 5 $ - $ - $ $ - $ - $
<br /> 7/1/2010 $ 43,689 $ - $ 43,689 $ 24,272 $ - $ 24,272 $ 24,272 $ - $ 24,272 $ 24,272 $ - $ 24,272 $ - $ - $
<br /> 7/1/2011 $ 105,694 5 23,459 $ 129,153 $ 64,294 $ 3,351 5 67,646 $ 57,394 5 - $ 57,394 $ 57,394 $ - $ 57,394 $ - $ - $ -
<br /> 7/1/2012 $ 138,302 $ 40,303 $ 178,604 $ 138,302 $ 40,303 $ 178,604 $ 114,225 $ - $ 114,225 $ 53,250 $ - $ 53,250 $ - $ - $
<br /> 7/1/2013 $ 137,282 $ 40,917 5 178,198 $ 137,282 $ 40,917 $ 178,198 5 110,671 $ - $ 110,671 $ 51,290 $ - $ 51,290 $ - S - $
<br /> 7/1/2014 $ 137,707 $ 34,884 $ 172,591 $ 137,707 5 34,884 $ 172,591 $ 164,209 $ - $ 164,209 $ 48,640 $ - S 48,640 $ - $ • $
<br /> 7/1/2015 $ 137,256 5 23,014 5 160,270 $ 137,256 $ 23,014 $ 160,270 $ 159,637 $ - 5 159,637 $ 47,280 5 - $ 47,280 $ - $ - $
<br /> 7/1/2016 $ 136,949 $ 22,141 $ 159,089 $ 136,949 $ 22,141 5 159,089 $ 155,295 $ - $ 155,295 $ 46,000 $ - $ 46,000 $ - $ - $
<br /> 7/1/2017 $ 136,864 $ 21,291 $ 158,155 $ 136,864 $ 21,291 5 158,155 $ 151,260 $ - $ 151,260 $ 44,800 $ - $ 44,800 $ - $ - $
<br /> 7/1/2018 $ 136,664 5 20,466 $ 157,129 $ 136,664 $ 20,466 5 157,129 $ 147,153 $ - 5 147,153 $ 43,590 $ - $ 43,590 $ - $ - $
<br /> 7/1/2019 $ 136,719 5 19,665 $ 156,384 $ 136,719 $ 19,665 $ 156,384 $ 143,373 $ .. $ 143,373 $ 42,470 $ - $ 42,470 $ - $ - $
<br /> 7/1/2020 5 133,706 $ 18,231 $ 151,938 $ 133,706 $ 18,231 $ 151,938 $ 139,789 $ - 5 139,789 5 41,410 $ - $ 41,410 $ - $ - $
<br /> 7/1/2021 $ 131,017 $ 16,296 $ 147,313 $ 131,017 $ 16,296 $ 147,313 $ 136,978 $ - $ 136,978 $ 40,570 $ - 5 40,570 5 - $ - $
<br /> 7/1/2022 $ 128,382 $ 14,509 $ 142,891 $ 128,382 $ 14,509 $ 142,891 $ 134,223 $ - $ 134,223 $ 39,760 $ - $ 39,760 $ - $ - S
<br /> 7/1/2023 $ 125,801 $ 12,859 $ 138,660 $ 125,801 $ 12,859 $ 138,660 $ 131,524 5 - 5 131,524 $ 38,960 $ - $ 38,960 $ - $ - $
<br /> 7/1/2024 $ 123,272 $ 11,338 $ 134,610 $ 123,272 $ 11,338 $ 134,610 5 128,880 $ - 5 128,880 $ 38,170 5 - $ 38,170 $ - 5 - 5
<br /> 7/1/2025 $ 120,793 $ 9,940 $ 130,733 $ 120,793 $ 9,940 $ 130,733 $ 126,289 $ - 5 126,289 $ 37,410 $ - $ 37,410 $ - $ - $
<br /> 7/1/2026 $ 118,365 $ 8,133 $ 126,498 $ 118,365 $ 8,133 $ 126,498 $ 123,750 $ - $ 123,750 $ 36,650 $ - $ 36,650 5 - $ - $
<br /> 7/1/2027 $ 115,986 $ 6,474 $ 122,460 $ 115,986 5 6,474 $ 122,460 5 121,263 $ - 5 121,263 $ 35,920 $ - $ 35,920 $ . $ - $
<br /> 7/1/2028 $ 113,655 $ 4,953 $ 118,608 $ 113,655 $ 4,953 $ 118,608 $ 118,826 $ - 5 118,826 $ 35,200 $ - 5 35,200 $ - $ - 5
<br /> 7/1/2029 $ 111,371. 5 3,562 $ 114,933 5 111,371 $ 3,562 $ 114,933 $ 116,438 $ - 5 116,438 $ 34,490 $ . $ 34,490 $ - $ - $
<br /> -1>
<br /> NPV $1,477,979 $ 236,045 $1,714,025 $1,423,190 $ 218,222 $1,641,412 $1,470,044 $ - $1,470,044 $ 503,445 $ - $ 503,445 $ - $ - 5
<br /> A
<br /> (.‘
<br /> Notes:
<br /> .3.-
<br /> Senario 1- Optimistic-Flare operational within 14 months of the Effective Date of Contract,and Energy Conversion withing 28 months
<br /> Senario 2- Realistic-Flare operational within 18 months of the Effective Date of Contract,and Energy Conversion withing 34 months.(1) (k).
<br /> Senario 3- Delayed-Flare operational within 18 months of the Effective Date of the Contract,and Energy Conversion delayed beyond 60 months of the Effective Date,
<br /> 1
<br /> (Flare percentage increases to 10.95%starting in the 35th month and 16,6%after five years.)")
<br /> -I-
<br /> Senario 4- Flare,Only-Flare is operational within 18 months of the Effective Date of the Contract,but UNC is unable to obtain all required approvals for the Energy Conversion System and the Pipeline'
<br /> Senario 5- Worst Case-UNC is unable to obtain all required permits for Energy Conversion System and the Pipeline,and UNC does not implement the Collection and Flaring System ..Q-.)
<br /> (1)Prepared by Energy Strategies,LLC 1/20/09
<br /> (2)Prepared by Diver Inc Revised 1/26/2009
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