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Project DCF valuation Valuation summary Discount rate Tax rate : Inflation : Project NPV (Sooos) Cash flow estimation (SOOOs) TimNine O end of 2050) Calendar year Daily hire rate growth assumption Est daily hire rates, SC)OOs Est days of operation (14 days to subtract) '2.09. 20.0% 3.0% 2050 50m 140@ 2051 032% 50.16 14.56 2052 SYO 0.17% 50.24 15.15 Est daily oper. costs, $000s. growing infl)'l.ol Revenues daily hire rate x days Of oper) Costs (2 daily cost x 365) Gross profits - Depr acquisiton cost ($44 mln 125 years) 2053 SYI 0.38% 50.43 15.76 17,702 5,753 11,949 300.000 2054 0.15% 50.51 351 1640 17,729 5,985 11,744 1760.000 300.000 2058 SY6 .1 35% 47.50 19.20 16,673 7,010 9,663 1,760.000 1,760,000 1,760.000 1,760.000 350.000 2055 SY3 -0.19% 50.41 351 17.06 17.695 6,226 11 ,469 300.000 2057 SYS 0.70% 48,15 18.16 16.901 10,163 350.000 2,110,000 2,110,000 2,110,000 2,110,000 2,110,000 6 2056 SY4 -5.15% 4782 351 17.75 16.783 6,477 10.306 350.000 2059 .120% 46.93 351 19.98 16472 7,292 9,180 350.000 2060 45.51 351 20.78 15973 7,586 8.387 350.000 11 2061 41.95 351 21.62 14.724 7,892 6.833 350,000 12 2062 SYIO -228% 40.99 351 2249 14.389 8,210 6,179 13 2063 SYII 0.33% 41.13 23.40 14436 8,540 5,895 o 14 2064 SY12 .0.72% 40.83 24.34 14.332 8,885 5,448 2065 SY13 1.03% 41 _ 26 25.32 14,481 9,243 5,238 - Depr additional capex SY5. SYIO. SY15. SY20 (each capexJ5 years) - Depr total EBIT Income taxes Unlevered net income Depr add back sooos 2066 SY14 3.43% 42.67 351 26.34 14.976 9,615 5.361 o 17 2067 SYIS 4451 351 2740 15.623 10,003 5,620 o 18 2068 SY16 303% 45.86 2861 16.096 10,406 5,690 o 19 2069 SY17 004% 4588 29.66 16,102 10,825 5.277 20 2070 SY18 0 88% 46.28 30.85 16,244 11,261 4,982 21 2071 SY19 2.41% 47.39 351 32.10 16,635 11,715 4,920 22 2072 SY20 2.47% 48.57 351 33.39 17.047 12,187 4,859 23 2073 SY21 -2.84% 47.19 34.74 16.563 12,679 3,885 24 2074 SY22 468% 44,98 36.14 15.789 13,189 2,599 25 2075 SY23 -5.63% 4245 37.59 14,900 13,721 1,179 26 2076 SY24 -0.06% 42.42 39.11 14,890 14,274 617 27 2077 SY25 0.95% 42.83 351 40.68 15,032 14,849 WC balance (to be recovered at the end) Changes in WC (incr. = outflow) Ship acquisition cost (10%. 10% & 80% of $44 mln) Addl capex (0.3 min: 0.35 min: 0.65 min: 1.2 min) Investment costs total (sum Of the above two) CF from liquidation 'Liquidation at the end Of SY25 (cash low, net of tax) Unlevered CF OOOs DCF Discounted (unlevered) CF (i_e_. PV) NPV (sum orall discounted cash flows) O o Liquidation at the end Of SY25 (cash now, net Of tax)