Exhibit 3: NPV of Maintain C D G H Price (c/lb.) Cost (cilb.) Capactiy (kT) Output(k T) Cash Flow ($) Total Demand (T) Market Share 1972 21 24 16 29316349 265 0 227 9 22547680 B2 000001 32 56% 1973 22.302 16.63716387 275.9 237.2938462 26881615.08 721000 32.91% 1974 23.4171 16.9997175 286.8 216.6876923 31661785.59 742630 33.22% 5 1975 24.587955 17.38132698 297.8 256.0815385 36909687.83 761908.9 33.18% 1976 25.81735275 17.78252675 308.7 265.4753840 42660870.45 787856.167 33.70% 1977 27.10822039 18 20388413 319.6 274.8692308 48950561.14 811491.852 33.87% 1978 28.46363141 18.64600039 330.5 284.2630769 56815800 834836 6076 34.01% 1979 29.89681298 19.109512 341.5 293.6569231 63296580.89 860911.7058 34.119% 10 1980 31.38115363 19.59509187 352.4 303.0507692 71435501.6 886739.067 34.18% 11 1981 32.95021131 20 10345074 363 3 312.4446154 80278023 29 913341 2287 34.219% 12 1982 34.59772187 20.63533848 374 2 321.8384615 89872639 81 940741 4655 34.219h 1983 36 32760797 21 19154556 385 2 331.2323077 1002/1067 6 968963 7095 34 18% 14 1984 38 14398836 21 7/290447 396 1 340 6261538 111528386 8 998032 6208 34 13% 1985 40 05118/78 22 38079129 407 0 350 02 123/03343 8 10279/3 599 34 059% "Target 45% 17 Increase capacity 142,000 TE Yearly expansion of existing plants 10 92307692 19 20 Investment 5192,000,090 21 Discount rate 6.20% 22 NPV 3412 015.232 Exhibit 4: NPV of Preemption