8 Operating Costs +10% 9.9% 9 Operating Costs 10% 10.3%

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1 Summary Key Project Dates Model Information Item Start End Term (Yrs) Summary Page Updated 8/12/ :07 Construction 1 Jan Sep Last Printed 8/12/ :07 Operations 1 Oct Sep Checks OK Senior Debt 1 Oct Sep Mezzanine Debt 1 Oct Sep Funding Terms Macroeconomic Assumptions Financing Facility Rates Per Annum Type Fee Fee Base Margin All in Inflation 2.5 % Construction Facility 1.0 % 0.5 % 3.8 % 4.5 % 8.3 % Tax Rate (Project) 30.0 % Senior Debt n/a n/a 3.8 % 3.5 % 7.3 % GST/VAT Rate 10.0 % Mezzanine Debt n/a n/a 3.8 % 8.0 % 11.8 % Working Capital n/a 0.5 % n/a n/a 6.8 % Debt Ratios ICR DSCR DSCR Lockup LLCR Av Years Debt Min Min Lockup Periods Min Outstanding Senior Disabled Disabled 12.3 All 1.1 Disabled Disabled 7.4 Sources & Uses of Funds Sources $'000 Uses $'000 Senior Debt 106, % Construction Costs 117, % Mezzanine Debt 7, % Up Front Costs 3, % Shareholder Loan 19, % Advisory Fee 3, % Equity 13, % Interest During Construction 15, % Total 146, % Financing Fees 1, % Cash Accounts % GST/VAT timing % Total 146, % Project and Equity Returns Sensitivities Base Case Case 1 Case 2 Case 3 Case 4 Sensitivity Project IRR Project IRR, post tax 10.1 % 1 None 10.1% Equity IRR, post tax 13.0 % 2 CPI +1% 11.0% Equity IRR, pre tax 13.2 % 3 CPI 1% 9.2% Payback Years Debt Base Rate +1% 10.2% Terminal Value 5.0 x No No No No 5 Debt Base Rate 1% 10.0% Terminal Value $m Construction Costs +10% 9.4% 7 Construction Costs 10% 10.9% Sensitivity Analysis on Project IRR 8 Operating Costs +10% 9.9% 12.0% 9 Operating Costs 10% 10.3% 10.0% 10 Debt Margins +20 bp 10.1% 8.0% 11 Debt Margins 20 bp 10.1% 6.0% 12 Senior Debt Ratio +5% 10.2% 4.0% 13 Senior Debt Ratio 5% 10.0% 2.0% Range 1.9% 0.0% None Sensitivity Number Range Ratio $m $m Cumulative Construction Costs (Excl Interest) Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Financial Ratios and Debt Balances Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Jun 26 Jun 27 Jun 28 Jun 29 Jun 30 Jun 31 Jun 32 Jun 33 Cash Inflows and Outflows Jan 09 Jan 12 Jan 15 Jan 18 Jan 21 Jan 24 Jan 27 Jan 30 Jan 33 Jan 36 Jan 39 Jan 42 Jan 45 Digit Advisory "Sniff Test" Model Balance Outstanding ($m) Construction Costs 5 Construction Costs 4 Construction Costs 3 Construction Costs 2 Construction Costs 1 Financing Fees (Up Front) Advisory Fee Up Front Costs Senior Debt Mezzanine Debt All DSCR Senior ICR Senior DSCR Payments to Equity Capital Expenditure Transfer to Cash All Debt Principal All Debt Interest Tax Payments Net Operating Expenses Net Operating Income

2 1 General Scenario Selectors Scenario 1 Sensitivities 1 Base Case None Sensitivity Factors Construction Costs % % % Operating Costs % % % Operating Revenue % % General Inflation Rate p.a. effective 2.5 % % 2.5 % Start Escalation Revenue % of Inflation Rate % % 1 Jan 09 Expenditure % of Inflation Rate % % 1 Jan 09 Construction Timing Start Model Period Start Date 1 Jan 10 1 Jan Jun 09 Term Months End Date 30 Sep Sep 12 Operations Timing Start Date 1 Oct 12 1 Oct 12 Term Years End Date 30 Sep Sep 42 Terminal Value Include Terminal Value Yes/No Yes Yes Method EBITDA Multiple EBITDA Multiple EBITDA Multiple Annual Multiple 5.0 x 5.0 x Calculated on last full period of operations EBITDA Dollar Value $'000 No Escalation 130, ,000 8/12/2009 Page 2 / 7

3 2 Construction Period Expenditure Profile Start Escalation Inflation Rate +/ Profile Construction Costs 1 $'000 Escalating 5,000 x 100 % 5,000 Straight Line 1 Jan % 3 Construction Costs 2 $'000 Escalating 10,000 x 100 % 10,000 Straight Line 1 Jan % 3 Construction Costs 3 $'000 Escalating 15,000 x 100 % 15,000 Straight Line 1 Jan % 3 Construction Costs 4 $'000 Escalating 25,000 x 100 % 25,000 S Curve 2 1 Jan % 5 Construction Costs 5 $'000 Escalating 55,000 x 100 % 55,000 S Curve 3 1 Jan % 6 Total 110, ,000 Up Front Costs $'000 Flat 3,000 3,000 Calculated (Used) Actual Advisory Fee % Funds Raised 2.0 % 2.0 % 3,731 3,707 Financing Financing Fees (Up Front) % Debt Facility Limit 1.0 % 1.0 % Amount 1,450 Debt Facility Limit $'000 Flat 145, ,000 Accuracy tolerance 4.0 % 5,800 Unused Facility Fee p.a. monthly 0.5 % 0.5 % Base Rate p.a. monthly 3.8 % % 3.75 % Margin p.a. monthly 4.5 % % 4.5 % Initial total rate p.a. monthly 8.25% 8.25% 3 Operating Period Revenue Revenue Item 1 $'000 Escalating 3,000 x 100 % 3,000 Revenue Item 2 $'000 Escalating 4,000 x 100 % 4,000 Revenue Item 3 $'000 Escalating 5,000 x 100 % 5,000 Revenue Item 4 $'000 Escalating 500 x 100 % 500 Revenue Item 5 $'000 Escalating 2,000 x 100 % 2,000 Total 14,500 14,500 Expenditure Expenditure Item 1 $'000 Escalating 300 x 100 % 300 Expenditure Item 2 $'000 Escalating 400 x 100 % 400 Expenditure Item 3 $'000 Escalating 500 x 100 % 500 Expenditure Item 4 $'000 Escalating 800 x 100 % 800 Expenditure Item 5 $'000 Escalating 1,000 x 100 % 1,000 Agency Fee $'000 Escalating 50 x 100 % 50 Total 3,050 3,050 8/12/2009 Page 3 / 7

4 4 Operational Funding Funding Breakup Senior Debt 106, % % 72.5 % Mezzanine Debt 7, % 5.0 % Equity 33, % 22.5% Total 146,747 Cash Accounts Balances Set Up at Start of Operations Cash Float at Bank $' Debtors, Creditors & GST/VAT $'000 Released from cash based on build up of D&C balances Debt Service Reserve $'000 6,000 6,000 Simplistic formula only Total $'000 6,100 6,100 Interest Rate p.a effective 5.0 % 5.0 % Senior Debt Term Years Start Date 1 Oct 12 1 Oct 12 End Date 30 Sep Sep 30 Initial Drawdown $' ,391 Bullet at End $'000 Base Interest Rate p.a effective 3.8 % % 3.75 % Weighted avg debt term = 12.3 years Margin (Operating Period) p.a effective 3.5 % % 3.5 % Interest Only Period Years (rounded up) 1 1 Rounded up to the nearest full period Repayment Profile* 1 1 * 1 = Level total payments (principal payments increase over time) 2 = Level principal payments (total payment decreases over time as interest decreases) Lockups and Sweeps Use Lockup & Sweep Functionality? No No No No No No Cashflow for LLCR Calc Years Desired Minimum DSCR Lockup DSCR Out of Lockup if xx Periods above Ratio Sweep if xx consecutive periods of Lockup 8/12/2009 Page 4 / 7

5 Working Capital Facility Limit 1,500 1,500 Interest Rate p.a effective 6.8 % % 6.75 % Unused Facility Fee p.a effective 0.5 % % 0.5 % Applies to complete operations term Mezzanine Debt Term Years Start Date 1 Oct 12 1 Oct 12 End Date 30 Sep Sep 22 Initial Drawdown $'000 7,337 Bullet at End $'000 Base Interest Rate p.a effective 3.8 % % 3.75 % Weighted avg debt term = 7.4 years Margin (Operating Period) p.a effective 8.0 % % 8.0 % Interest Only Period* Years (rounded up) 1 1 Rounded up to the nearest full period Repayment Profile* 1 1 * 1 = Level total payments (principal payments increase over time) 2 = Level principal payments (total payment decreases over time as interest decreases) Risk Capital Timing of Drawdown 30 Sep Sep 12 Shareholder Loans Percentage of Risk Capital 60.0 % 60.0 % Initial Drawdown $'000 19,811 Interest Rate (total) p.a effective 7.8 % 7.75 % Interest Deductible? No No Equity Initial Drawdown $'000 13,207 Contributions during Initial Capex See 'Capex' sheet In addition to Initial Drawdown 5 Taxation Depreciation / Amortisation * Across all cases Amount Start Date Rate Construction Costs All Categories 117,248 1 Oct % Up Front Costs 3,000 1 Oct % Advisory Fee 3,731 1 Oct % Financing Fees (Up Front) 1,450 1 Oct % 6 Accounting Depreciation / Amortisation Amount * Across all cases Amount Start Date Rate Construction Costs All Categories 117,248 1 Oct % Up Front Costs 3,000 1 Oct % Advisory Fee 3,731 1 Oct % Financing Fees (Up Front) 1,450 1 Oct % Financing Interest & Fees (Ongoing) 15,082 1 Oct % 8/12/2009 Page 5 / 7

6 7 Other * Across all cases Currency (presentation only) $ General Project Vehicle CO (ie. Company) Tax Rate Project Vehicle 30.0 % Tax Rate Equity Investor 30.0 % Value Placed on Franking Credits % by Equity Investor GST/VAT Rate 10.0 % All cashflows, except financing cashflows, are subject to GST/VAT unless otherwise noted Debtors delay (days) % of period's cash Creditors delay (days) % of period's cash Model Timing No. of periods per annum shown throughout model 1 12 No. of months per period Ratios set up for quarterly rolling annual calculation No. of mths per construction period 3 4 No. of const periods per annum Check model periodicity OK 4 Offset periods for construction timing 8 Drop Down Boxes Scenario Selectors Sensitivities Case Names Project Vehicles Yes/NO Currency 1 None 1 Base Case CO Yes $ 2 CPI +1% 1.0 % 2 Case 1 TR No 3 CPI 1% (1.0%) 3 Case 2 4 Debt Base Rate +1% 1.0 % 4 Case 3 User Defined 5 Debt Base Rate 1% (1.0%) 5 Case 4 6 Construction Costs +10% 10.0 % 7 Construction Costs 10% (10.0%) Construction T Range Units 8 Operating Costs +10% 10.0 % 1 Up Front N/A 000's 9 Operating Costs 10% (10.0%) 2 End Construction N/A m 10 Debt Margins +20 bp 0.2 % 3 Straight Line N/A 11 Debt Margins 20 bp (0.2%) 4 S Curve Senior Debt Ratio +5% 5.0 % 5 S Curve Senior Debt Ratio 5% (5.0%) 6 S Curve Empty 8/12/2009 Page 6 / 7

7 9 Sheet Notes 10 Colour Coding End Cell Colour Font Colour Example Pale Yellow Blue / (Red) 2.5 % Input sheets Data input as value. Other sheets Formulae rows / cells hardcoded, but are not 'inputs' that can or should be changed None N/A Input sheets cell locked for change None Black / (Red) 2.5% Formula Blue White Sample Main section separator Pale Blue Black Sample Sub section separator Khaki White Sample Main section separator Calculations Pale Khaki Black Sample Sub section separator Calculations 8/12/2009 Page 7 / 7