General and Timing

Timing
Acquistion Date 31-Dec-22
Valuation Period 20
Exit Date 31-Dec-42

Transaction Assumptions
Target Equity IRR 11.0%
Exit multiple 10.00 x EBITDAx

Advisory fees 2,000 €'000s

Existing Debt multiple 3.00 x 2022 EBITDAx

Inflaiton rate 2.5%

Operating Assumptions

Revenues
Tons 2022 3,500,000 #
Tons annual growth 1.0% p.a.
Revenues per ton 5 in € 2022
Revenues per ton growth - p.a. in real terms

Costs
Costs per ton of volume 1.75 in € 2022
Costs YoY variation 0.2% p.a. in real terms

Capex
Annual Capex 5.0% of the nominal revenues

Accounting and Tax Assumptions

Fixed Assets Opening Balance 200,000 €'000s
Depreciation period 15 years
Tax rate 20.0%

Debt Assumptions

Acquisition Facility

Acquisition Leverage multiple 5.00 x 2022 EBITDAx

Drawdown Date 31-Dec-22
Tenor 5 years

Year 0 1.0 2.0 3.0

Margin 1.75% 1.75% 2.00%

Year 0 1.0 2.0 3.0

Cash Sweep - - 25.0%

Arrangement fee 1.50%

Base rate (5-year swap rate) 1.25%
Refinancing facility

Refinancing Leverage multiple 5.00 x EBITDAx

Tenor 15 years

Margins 2.50%
Base rate 2.00% 5-year forward 20-year swap rate

Year 0 1.0 2.0 3.0 4.0

Repayment Pct - - - -

Arrangement fee 1.50% 1.50%

 4.0 5.0
2.00% 2.50%

4.0 5.0
50.0% 100.0%
20-year swap rate

5.0 6.0 7.0 8.0 9.0 10.0 11.0

- 2.5% 2.5% 2.5% 2.5% 2.5% 10.0%
 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0
10.0% 10.0% 10.0% 9.5% 9.5% 9.5% 9.5% 9.5%

0.019
Project Dr. Evil Constant

Timing
Period End Date
Year Year
Year Count Count
Transaction Period 31-Dec-22
Terminal Period Flag 20
Operating Period Flag

Operations

Base Volume Tons 3,500,000

Volume Index Index 0.00%
Applied Volumes Tons

Price
Base Price Euro/Ton 5.00
Index for Real Price Index 0.00%
Index for Inflation Index 2.50%
Applied Price Euro/Ton

Revenues Euro

Operating Expense
Base Operating Expense Euro 1.75
Index for Real Growth Index 0.20%
Index for Inflation Index 2.50%
Appled Cost per Ton Euro/Ton

Operating expense Euro

EBITDA Euro

Terminal Value Euro 10.00 100.00%

On-Going Cap Exp % of Rev 5.00%

Deprecaition and Taxes

Depreciation Base Euro 200,000,000
Depreciation Rate % 6.67%
Depreciation Flag Flag 15
Depreicaiton Expense Euro

EBITDA Euro
Less: Depreciation Euro
EBIT Euro
Operating Taxes Euro 20.00%
Free Cash Flow
EBITDA Euro
Less: Cap Exp Euro
Less: Operating Taxes Euro
Add: Terminal Value (no taxes) Euro
FCFF Euro
EV Euro 114,880,572
Net Cash Flow Euro

Target Project IRR % 11.00%

Net Cash Flow Euro 4,661,806
Net IRR % 11.50%
Enterprise Value Euro 120,055,177

Uses and Sources

Uses
Enterprise Value Euro 120,055,177
Add: Advisory Fees Euro 2,000,000
Add: Debt Fees Euro 1.50%
Add: Repayment of Existing Debt Euro 3.00
Total Uses of Funds Euro

Sources
Debt Issue Euro 5.00
Equity Issue Euro
Total Sources Euro

Acquisition Debt Facilty

Repayment Period Flag 5
Base Interest Rate % p.a. 1.25%
Credit Spread % p.a.
Total Interest Rate % p.a.

Cash Sweep Percent %

Re-finance Facility
Re-finanance Period Flag 5
Re-finance Repayment Flag 5
Repayment Counter Counter
Repayment Flag Flag 15

Debt to EBITDA x 5

Base Interest Rate % p.a 2.00%

Credit Spread % p.a 2.50%
Total Interest Rate % p.a

Repayment Percent % p.a

Arrangement Fee % 1.50%
Debt Balance
Acquisiton Facility
Final Repayment Flag Flag 5
Opening Balance Euro
Add: Draw Euro
Less: Cash Sweep Euro
Less Repayment - Scheduled Euro
Closing Balance Euro

Interest Euro
Fees Euro 853,125
Amortisation Rate % 5
Fee Amortization Euro

Re-financing Facility
EBITDA Euro

Opening Balance Euro

Add: Draw Euro 5.00
Less Repayment - Scheduled Euro 64,000,960
Closing Balance Euro

Interest Euro

Fees Euro 1.50%

Basis of Amortization Euro 960,014
Amortisation Rate Euro 6.67%
Fee Amortization Euro

Taxes Paid
EBITDA
Less: Depreciation
Less: Interest
Less; Amortisation of Fee
EBT

Taxes Paid 20.00%

Cash Flow
EBTIDA
Less: Cap Exp
Add: Terminal Value
Less: Taxes Paid
Operating Cash Flow

Less Arrangement Fees

Less: Interest on Acquisiton
Less: Interest on Re-financing
Less: Repayment of Re-fiancing
 Add: New Re-financing
Cash Flow Before Sweep

Cash Sweep
Less: Repaymen of Acquisison - Schedule

Net Cash Flow

Dividends

Equity Cash Flow

Dividends
Less; Equity Issued
Net Cash Flow
Operating Cash Flow

Equity IRR 11.00%

Target IRR on Equity 11.00%

NPV at Target IRR -

DSCR
CFADS
Debt Service

DSCR

Annual Yield
Equity Issued 94,983,697
Dividends

Yield

Total Debt

Sensitivity Table

EV Disc
Sum Equity IRR 11.00%

31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25

2022 2023 2024 2025
- 1 2 3
1 - - -
- - - -
- 1 1 1

3,500,000 3,500,000 3,500,000 3,500,000

1 1.00 1.00 1.00 1.00
3,500,000 3,500,000 3,500,000 3,500,000

5.00 5.00 5.00 5.00

1 1.00 1.00 1.00 1.00
1 1.00 1.03 1.05 1.08
5.00 5.13 5.25 5.38

475,707,296 17,500,000 17,937,500 18,385,938 18,845,586

1.75 1.75 1.75 1.75

1 1.00 1.00 1.00 1.01
1 1.00 1.03 1.05 1.08
1.75 1.80 1.85 1.90

170,176,088 6,125,000 6,290,681 6,460,844 6,635,610

305,531,208 11,375,000 11,646,819 11,925,093 12,209,976

- - - -

23,785,365 875,000 896,875 919,297 942,279

200,000,000 200,000,000 200,000,000 200,000,000

6.67% 6.67% 6.67% 6.67%
1 1 1 1
13,333,333 13,333,333 13,333,333 13,333,333

11,375,000 11,646,819 11,925,093 12,209,976

13,333,333 13,333,333 13,333,333 13,333,333
(1,958,333) (1,686,515) (1,408,240) (1,123,357)
(391,667) (337,303) (281,648) (224,671)
 11,375,000 11,646,819 11,925,093 12,209,976
(875,000) (896,875) (919,297) (942,279)
391,667 337,303 281,648 224,671
- - - -
- 11,087,247 11,287,444 11,492,368
114,880,572 - - -
(114,880,572) 11,087,247 11,287,444 11,492,368

114,880,572 - - -
2,000,000 - - -
853,125
34,125,000 - - -
151,858,697 - - -

56,875,000 - - -
94,983,697 - - -
151,858,697 - - -

0 1 1 1
1.25% 1.25% 1.25% 1.25%
0.00% 1.75% 1.75% 2.00%
1.25% 3.00% 3.00% 3.25%

0.00% 0.00% 0.00% 25.00%

0 0 0 0
0 0 0 0
0 0 0 0
15 0 0 0 0

- - - -

2.00% 2.00% 2.00% 2.00%

2.50% 2.50% 2.50% 2.50%
4.50% 4.50% 4.50% 4.50%

100.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%
 0 0 0 0
- 56,875,000 56,875,000 56,875,000
56,875,000 - - -
- - - 2,511,936
- - - -
56,875,000 56,875,000 56,875,000 54,363,064

- 1,706,250.00 1,706,250.00 1,848,437.50

853,125 853,125 853,125 853,125
100.00% 0.00% 20.00% 20.00% 20.00%
853,125 - 170,625 170,625 170,625

11,375,000 11,646,819 11,925,093 12,209,976

- - - -
64,000,960 - - - -
- - - -
- - - -

- - - -

960,014 - - - -
- - - -
- - - -
960,014 - - - -

- 11,646,819 11,925,093 12,209,976

- 13,333,333 13,333,333 13,333,333
- 1,706,250 1,706,250 1,848,438
- 170,625 170,625 170,625
- (3,563,390) (3,285,115) (3,142,420)

- (712,678) (657,023) (628,484)

- 11,646,819 11,925,093 12,209,976

- 896,875 919,297 942,279
- - - -
- (712,678) (657,023) (628,484)
- 11,462,622 11,662,819 11,896,181

- - - -
- 1,706,250 1,706,250 1,848,438
- - - -
- - - -
 - - - -
- 9,756,372 9,956,569 10,047,743

- - - 2,511,936
- - - -

- 9,756,372 9,956,569 7,535,807

- 9,756,372 9,956,569 7,535,807

- 9,756,372 9,956,569 7,535,807

94,983,697 - - -
(94,983,697) 9,756,372 9,956,569 7,535,807
11,087,247 11,287,444 11,492,368

- 11,462,622 11,662,819 11,896,181

- 1,706,250 1,706,250 1,848,438
1 2 3
- 6.72 6.84 6.44

94,983,697 94,983,697 94,983,697 94,983,697

- 9,756,372 9,956,569 7,535,807
1 2 3
0.00% 10.27% 10.48% 7.93%

1 2 3
56,875,000 56,875,000 56,875,000 54,363,064

Terminal Value
120,055,177 8.00 8.50 9.00 9.50
10.00%
10.50%
11.00%
11.50%
12.00%
12.50%
13.00%
 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30
2026 2027 2028 2029 2030
4 5 6 7 8
- - - - -
- - - - -
1 1 1 1 1

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000

1.00 1.00 1.00 1.00 1.00
3,500,000 3,500,000 3,500,000 3,500,000 3,500,000

5.00 5.00 5.00 5.00 5.00

1.00 1.00 1.00 1.00 1.00
1.10 1.13 1.16 1.19 1.22
5.52 5.66 5.80 5.94 6.09

19,316,726 19,799,644 20,294,635 20,802,001 21,322,051

1.75 1.75 1.75 1.75 1.75

1.01 1.01 1.01 1.01 1.02
1.10 1.13 1.16 1.19 1.22
1.95 2.00 2.05 2.11 2.17

6,815,103 6,999,452 7,188,787 7,383,244 7,582,960

12,501,622 12,800,192 13,105,848 13,418,757 13,739,090

- - - - -

965,836 989,982 1,014,732 1,040,100 1,066,103

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

6.67% 6.67% 6.67% 6.67% 6.67%
1 1 1 1 1
13,333,333 13,333,333 13,333,333 13,333,333 13,333,333

12,501,622 12,800,192 13,105,848 13,418,757 13,739,090

13,333,333 13,333,333 13,333,333 13,333,333 13,333,333
(831,711) (533,141) (227,485) 85,424 405,757
(166,342) (106,628) (45,497) 17,085 81,151
12,501,622 12,800,192 13,105,848 13,418,757 13,739,090
(965,836) (989,982) (1,014,732) (1,040,100) (1,066,103)
166,342 106,628 45,497 (17,085) (81,151)
- - - - -
11,702,128 11,916,838 12,136,613 12,361,572 12,591,836
- - - - -
11,702,128 11,916,838 12,136,613 12,361,572 12,591,836

- - - - -
- - - - -

- - - - -
- - - - -

- - - - -
- - - - -
- - - - -

1 1 0 0 0
1.25% 1.25% 1.25% 1.25% 1.25%
2.00% 2.50% 2.50% 2.50% 2.50%
3.25% 3.75% 3.75% 3.75% 3.75%

50.00% 100.00% 0.00% 0.00% 0.00%

0 1 0 0 0
0 0 1 1 1
0 0 1 2 3
0 0 1 1 1

- 5.00 - - -

2.00% 2.00% 2.00% 2.00% 2.00%

2.50% 2.50% 2.50% 2.50% 2.50%
4.50% 4.50% 4.50% 4.50% 4.50%

0.00% 0.00% 2.50% 2.50% 2.50%

0.00% 0.00% 1.50% 1.50% 1.50%
 0 1 0 0 0
54,363,064 49,201,657 - - -
- - - - -
5,161,407 49,201,657 - - -
- - - - -
49,201,657 - - - -

1,766,799.59 1,845,062.15 - - -
853,125 853,125 853,125 853,125 853,125
20.00% 20.00% 0.00% 0.00% 0.00%
170,625 170,625 - - -

12,501,622 12,800,192 13,105,848 13,418,757 13,739,090

- - 64,000,960 62,400,936 60,800,912

- 64,000,960 - - -
- - 1,600,024 1,600,024 1,600,024
- 64,000,960 62,400,936 60,800,912 59,200,888

- - 2,880,043.18 2,808,042.10 2,736,041.02

- 960,014 - - -
- - 960,014 960,014 960,014
- - 0.07 0.07 0.07
- - 64,000.96 64,000.96 64,000.96

12,501,622 12,800,192 13,105,848 13,418,757 13,739,090

13,333,333 13,333,333 13,333,333 13,333,333 13,333,333
1,766,800 1,845,062 2,880,043 2,808,042 2,736,041
170,625 170,625 64,001 64,001 64,001
(2,769,136) (2,548,829) (3,171,530) (2,786,619) (2,394,285)

(553,827) (509,766) (634,306) (557,324) (478,857)

12,501,622 12,800,192 13,105,848 13,418,757 13,739,090

965,836 989,982 1,014,732 1,040,100 1,066,103
- - - - -
(553,827) (509,766) (634,306) (557,324) (478,857)
12,089,613 12,319,975 12,725,422 12,935,981 13,151,845

- 960,014.39 - - -
1,766,800 1,845,062 - - -
- - 2,880,043 2,808,042 2,736,041
- - 1,600,024 1,600,024 1,600,024
 - 64,000,960 - - -
10,322,814 73,515,858 8,245,355 8,527,915 8,815,780

5,161,407 49,201,657 - - -
- - - - -

5,161,407 24,314,201 8,245,355 8,527,915 8,815,780

5,161,407 24,314,201 8,245,355 8,527,915 8,815,780

5,161,407 24,314,201 8,245,355 8,527,915 8,815,780

- - - - -
5,161,407 24,314,201 8,245,355 8,527,915 8,815,780
11,702,128 11,916,838 12,136,613 12,361,572 12,591,836

12,089,613 12,319,975 12,725,422 12,935,981 13,151,845

1,766,800 1,845,062 4,480,067 4,408,066 4,336,065
4 5 6 7 8
6.84 6.68 2.84 2.93 3.03

94,983,697 94,983,697 94,983,697 94,983,697 94,983,697

5,161,407 24,314,201 8,245,355 8,527,915 8,815,780
4 5 6 7 8
5.43% 25.60% 8.68% 8.98% 9.28%

4 5 6 7 8
49,201,657 64,000,960 62,400,936 60,800,912 59,200,888

10.00
 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35
2031 2032 2033 2034 2035
9 10 11 12 13
- - - - -
- - - - -
1 1 1 1 1

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000

1.00 1.00 1.00 1.00 1.00
3,500,000 3,500,000 3,500,000 3,500,000 3,500,000

5.00 5.00 5.00 5.00 5.00

1.00 1.00 1.00 1.00 1.00
1.25 1.28 1.31 1.34 1.38
6.24 6.40 6.56 6.72 6.89

21,855,102 22,401,480 22,961,517 23,535,554 24,123,943

1.75 1.75 1.75 1.75 1.75

1.02 1.02 1.02 1.02 1.03
1.25 1.28 1.31 1.34 1.38
2.23 2.29 2.35 2.41 2.48

7,788,079 7,998,747 8,215,113 8,437,332 8,665,562

14,067,022 14,402,732 14,746,403 15,098,222 15,458,382

- - - - -

1,092,755 1,120,074 1,148,076 1,176,778 1,206,197

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

6.67% 6.67% 6.67% 6.67% 6.67%
1 1 1 1 1
13,333,333 13,333,333 13,333,333 13,333,333 13,333,333

14,067,022 14,402,732 14,746,403 15,098,222 15,458,382

13,333,333 13,333,333 13,333,333 13,333,333 13,333,333
733,689 1,069,399 1,413,070 1,764,889 2,125,048
146,738 213,880 282,614 352,978 425,010
14,067,022 14,402,732 14,746,403 15,098,222 15,458,382
(1,092,755) (1,120,074) (1,148,076) (1,176,778) (1,206,197)
(146,738) (213,880) (282,614) (352,978) (425,010)
- - - - -
12,827,530 13,068,779 13,315,714 13,568,467 13,827,175
- - - - -
12,827,530 13,068,779 13,315,714 13,568,467 13,827,175

- - - - -
- - - - -

- - - - -
- - - - -

- - - - -
- - - - -
- - - - -

0 0 0 0 0
1.25% 1.25% 1.25% 1.25% 1.25%
2.50% 2.50% 2.50% 2.50% 2.50%
3.75% 3.75% 3.75% 3.75% 3.75%

0.00% 0.00% 0.00% 0.00% 0.00%

0 0 0 0 0
1 1 1 1 1
4 5 6 7 8
1 1 1 1 1

- - - - -

2.00% 2.00% 2.00% 2.00% 2.00%

2.50% 2.50% 2.50% 2.50% 2.50%
4.50% 4.50% 4.50% 4.50% 4.50%

2.50% 2.50% 10.00% 10.00% 10.00%

1.50% 1.50% 1.50% 1.50% 1.50%
 0 0 0 0 0
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

- - - - -
853,125 853,125 853,125 853,125 853,125
0.00% 0.00% 0.00% 0.00% 0.00%
- - - - -

14,067,022 14,402,732 14,746,403 15,098,222 15,458,382

59,200,888 57,600,864 56,000,840 49,600,744 43,200,648

- - - - -
1,600,024 1,600,024 6,400,096 6,400,096 6,400,096
57,600,864 56,000,840 49,600,744 43,200,648 36,800,552

2,664,039.94 2,592,038.86 2,520,037.78 2,232,033.47 1,944,029.15

- - - - -
960,014 960,014 960,014 960,014 960,014
0.07 0.07 0.07 0.07 0.07
64,000.96 64,000.96 64,000.96 64,000.96 64,000.96

14,067,022 14,402,732 14,746,403 15,098,222 15,458,382

13,333,333 13,333,333 13,333,333 13,333,333 13,333,333
2,664,040 2,592,039 2,520,038 2,232,033 1,944,029
64,001 64,001 64,001 64,001 64,001
(1,994,352) (1,586,641) (1,170,969) (531,145) 117,018

(398,870) (317,328) (234,194) (106,229) 23,404

14,067,022 14,402,732 14,746,403 15,098,222 15,458,382

1,092,755 1,120,074 1,148,076 1,176,778 1,206,197
- - - - -
(398,870) (317,328) (234,194) (106,229) 23,404
13,373,138 13,599,987 13,832,521 14,027,674 14,228,781

- - - - -
- - - - -
2,664,040 2,592,039 2,520,038 2,232,033 1,944,029
1,600,024 1,600,024 6,400,096 6,400,096 6,400,096
 - - - - -
9,109,074 9,407,924 4,912,388 5,395,544 5,884,656

- - - - -
- - - - -

9,109,074 9,407,924 4,912,388 5,395,544 5,884,656

9,109,074 9,407,924 4,912,388 5,395,544 5,884,656

9,109,074 9,407,924 4,912,388 5,395,544 5,884,656

- - - - -
9,109,074 9,407,924 4,912,388 5,395,544 5,884,656
12,827,530 13,068,779 13,315,714 13,568,467 13,827,175

13,373,138 13,599,987 13,832,521 14,027,674 14,228,781

4,264,064 4,192,063 8,920,134 8,632,129 8,344,125
9 10 11 12 13
3.14 3.24 1.55 1.63 1.71

94,983,697 94,983,697 94,983,697 94,983,697 94,983,697

9,109,074 9,407,924 4,912,388 5,395,544 5,884,656
9 10 11 12 13
9.59% 9.90% 5.17% 5.68% 6.20%

9 10 11 12 13
57,600,864 56,000,840 49,600,744 43,200,648 36,800,552
 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
2036 2037 2038 2039 2040
14 15 16 17 18
- - - - -
- - - - -
1 1 1 1 1

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000

1.00 1.00 1.00 1.00 1.00
3,500,000 3,500,000 3,500,000 3,500,000 3,500,000

5.00 5.00 5.00 5.00 5.00

1.00 1.00 1.00 1.00 1.00
1.41 1.45 1.48 1.52 1.56
7.06 7.24 7.42 7.61 7.80

24,727,042 25,345,218 25,978,848 26,628,320 27,294,028

1.75 1.75 1.75 1.75 1.75

1.03 1.03 1.03 1.03 1.04
1.41 1.45 1.48 1.52 1.56
2.54 2.61 2.68 2.75 2.83

8,899,965 9,140,709 9,387,965 9,641,910 9,902,724

15,827,077 16,204,509 16,590,883 16,986,410 17,391,304

- - - - -

1,236,352 1,267,261 1,298,942 1,331,416 1,364,701

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

6.67% 6.67% 6.67% 6.67% 6.67%
1 1 0 0 0
13,333,333 13,333,333 - - -

15,827,077 16,204,509 16,590,883 16,986,410 17,391,304

13,333,333 13,333,333 - - -
2,493,743 2,871,175 16,590,883 16,986,410 17,391,304
498,749 574,235 3,318,177 3,397,282 3,478,261
15,827,077 16,204,509 16,590,883 16,986,410 17,391,304
(1,236,352) (1,267,261) (1,298,942) (1,331,416) (1,364,701)
(498,749) (574,235) (3,318,177) (3,397,282) (3,478,261)
- - - - -
14,091,976 14,363,013 11,973,764 12,257,712 12,548,342
- - - - -
14,091,976 14,363,013 11,973,764 12,257,712 12,548,342

- - - - -
- - - - -

- - - - -
- - - - -

- - - - -
- - - - -
- - - - -

0 0 0 0 0
1.25% 1.25% 1.25% 1.25% 1.25%
2.50% 2.50% 2.50% 2.50% 2.50%
3.75% 3.75% 3.75% 3.75% 3.75%

0.00% 0.00% 0.00% 0.00% 0.00%

0 0 0 0 0
1 1 1 1 1
9 10 11 12 13
1 1 1 1 1

- - - - -

2.00% 2.00% 2.00% 2.00% 2.00%

2.50% 2.50% 2.50% 2.50% 2.50%
4.50% 4.50% 4.50% 4.50% 4.50%

10.00% 9.50% 9.50% 9.50% 9.50%

1.50% 1.50% 1.50% 1.50% 1.50%
 0 0 0 0 0
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

- - - - -
853,125 853,125 853,125 853,125 853,125
0.00% 0.00% 0.00% 0.00% 0.00%
- - - - -

15,827,077 16,204,509 16,590,883 16,986,410 17,391,304

36,800,552 30,400,456 24,320,365 18,240,273 12,160,182

- - - - -
6,400,096 6,080,091 6,080,091 6,080,091 6,080,091
30,400,456 24,320,365 18,240,273 12,160,182 6,080,091

1,656,024.83 1,368,020.51 1,094,416.41 820,812.31 547,208.20

- - - - -
960,014 960,014 960,014 960,014 960,014
0.07 0.07 0.07 0.07 0.07
64,000.96 64,000.96 64,000.96 64,000.96 64,000.96

15,827,077 16,204,509 16,590,883 16,986,410 17,391,304

13,333,333 13,333,333 - - -
1,656,025 1,368,021 1,094,416 820,812 547,208
64,001 64,001 64,001 64,001 64,001
773,718 1,439,154 15,432,466 16,101,596 16,780,095

154,744 287,831 3,086,493 3,220,319 3,356,019

15,827,077 16,204,509 16,590,883 16,986,410 17,391,304

1,236,352 1,267,261 1,298,942 1,331,416 1,364,701
- - - - -
154,744 287,831 3,086,493 3,220,319 3,356,019
14,435,981 14,649,417 12,205,447 12,434,674 12,670,584

- - - - -
- - - - -
1,656,025 1,368,021 1,094,416 820,812 547,208
6,400,096 6,080,091 6,080,091 6,080,091 6,080,091
 - - - - -
6,379,860 7,201,305 5,030,940 5,533,771 6,043,284

- - - - -
- - - - -

6,379,860 7,201,305 5,030,940 5,533,771 6,043,284

6,379,860 7,201,305 5,030,940 5,533,771 6,043,284

6,379,860 7,201,305 5,030,940 5,533,771 6,043,284

- - - - -
6,379,860 7,201,305 5,030,940 5,533,771 6,043,284
14,091,976 14,363,013 11,973,764 12,257,712 12,548,342

14,435,981 14,649,417 12,205,447 12,434,674 12,670,584

8,056,121 7,448,112 7,174,508 6,900,903 6,627,299
14 15 16 17 18
1.79 1.97 1.70 1.80 1.91

94,983,697 94,983,697 94,983,697 94,983,697 94,983,697

6,379,860 7,201,305 5,030,940 5,533,771 6,043,284
14 15 16 17 18
6.72% 7.58% 5.30% 5.83% 6.36%

14 15 16 17 18
30,400,456 24,320,365 18,240,273 12,160,182 6,080,091
 31-Dec-41 31-Dec-42
2041 2042
19 20
- -
- 1
1 1

3,500,000 3,500,000
1.00 1.00
3,500,000 3,500,000

5.00 5.00
1.00 1.00
1.60 1.64
7.99 8.19

27,976,378 28,675,788

1.75 1.75
1.04 1.04
1.60 1.64
2.91 2.98

10,170,592 10,445,707

17,805,786 18,230,081

- 182,300,809

1,398,819 1,433,789

200,000,000 200,000,000
6.67% 6.67%
0 0
- -

17,805,786 18,230,081
- -
17,805,786 18,230,081
3,561,157 3,646,016
17,805,786 18,230,081
(1,398,819) (1,433,789)
(3,561,157) (3,646,016)
- 182,300,809
12,845,810 195,451,084
- -
12,845,810 195,451,084

- -
- -

- -
- -

- -
- -
- -

0 0
1.25% 1.25%
2.50% 2.50%
3.75% 3.75%

0.00% 0.00%

0 0
1 1
14 15
1 1

- -

2.00% 2.00%
2.50% 2.50%
4.50% 4.50%

9.50% 0.00%
1.50% 1.50%
 0 0
- -
- -
- -
- -
- -

- -
853,125 853,125
0.00% 0.00%
- -

17,805,786 18,230,081

6,080,091 -
- -
6,080,091 -
- -

273,604.10 -

- -
960,014 960,014
0.07 0.07
64,000.96 64,000.96

17,805,786 18,230,081
- -
273,604 -
64,001 64,001
17,468,181 18,166,080

3,493,636 3,633,216

17,805,786 18,230,081
1,398,819 1,433,789
- 182,300,809
3,493,636 3,633,216
12,913,331 195,463,885

- -
- -
273,604 (0)
6,080,091 -
 - -
6,559,636 195,463,885

- -
- -

6,559,636 195,463,885
6,559,636 195,463,885

6,559,636 195,463,885
- -
6,559,636 195,463,885
12,845,810 195,451,084

12,913,331 13,163,076
6,353,695 (0)
19 20
2.03 -

94,983,697 94,983,697
6,559,636 195,463,885
19 20
6.91%

19 20
(0) (0)
Project Dr. Evil

EV to Equity Bridge
Enterprise Value 114,880,572
Less: Acquisition Debt (56,875,000)
Add: Repaid Debt 34,125,000
Less: Fees 2,853,125
Equity Consideration 94,983,697

Sources and Uses

Sources
Debt Issue 56,875,000
Equity Issue 94,983,697
Total Sources 151,858,697

Uses
Enterprise Value 114,880,572
Add: Advisory Fees 2,000,000
Add: Debt Fees 853,125
Add: Repayment of Existing Debt 34,125,000
Total Uses 151,858,697

Total Debt
70,000,000

60,000,000

50,000,000
s
40,000,000

30,000,000

20,000,000

10,000,000

-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
(10,000,000)
 DSCR
8.00

7.00

6.00

5.00

4.00

3.00

2.00

1.00

-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Yield
30.00%
25.60%
25.00%

20.00%

15.00%
10.27%10.48%
9.59%9.90%
10.00% 8.68%8.98%9.28%
7.93% 7.58%
6.20%6.72% 6.36%6.91%
5.43% 5.17%5.68% 5.30%5.83%
5.00%

0.00%
16 17 18 19 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
18 19 20