Exhibit 1: The expected cash flows in US$ from the project in Ohio and North Dakota.

Year	Cash flow (Ohio)	Cash flow (ND)
0	(2,200,000)	(2,400,000)
1*	500,000	350,000
2	245,000	185,000
3	287,000	205,000
4	300,000	290,000
5	388,000	380,000
6	480,000	590,000
7	530,000	400,000
8	585,000	583,000
9	590,000	580,000
10	692,000	720,000

Use the NPV technique to recommend which investment project it should accept, assuming the cost of capital of financing the Ohio project is 12% and 10% for the North Dakota project?