Question 3 Business/Project Country Line of Busines Tax Rate Debt to Cap. Equity to Cap. Default Sprea Sovereign Spi Unlevered Bel Levered Beta Cost of Equity Cost of Debt Adj Cost of Ec Adj Cost of De WACC Risk Score % Points Adj WACC Andres Caracoles Dominican Republic CG Argentina 25.00% 35.10% 64.90% 3.57% 8.93% 0.25 0.385 7.20% 8.07% 16.13% 17.00% 14.94% 3.00 15.00% 29.94% CS 35.00% 40.80% 59.20% 3.57% 16.25% 0.5 0.845 10.41% 8.07% 26.66% 24.32% 22.23% 1.83 9.13% 31.36% Drax United Kingdom CS 0.00% 29.50% 70.50% 3.57% 0.00% 0.5 0.709 9.46% 8.07% 9.46% 8.07% 9.05% 1.46 7.30% 16.35% Eletropaulo Brazil LU 34.00% 30.00% 70.00% 2.89% 8.93% 0.25 0.357 7.00% 7.39% 15.93% 16.32% 14.38% 2.18 10.88% 25.26% Gener Chile CG 17.00% 35.20% 64.80% 4.34% 1.73% 0.25 0.386 7.20% 8.84% 8.93% 10.57% 8.88% 0.75 3.75% 12.63% Haripur Kelvin Lal Pir Bangladesh CG 0.00% 33.30% 66.70% 4.34% 5.23% 0.25 0.375 7.12% 8.84% 12.35% 14.07% 12.93% 0.79 3.95% 16.88% South Africa CG 25.00% 32.90% 67.10% 4.34% 3.14% 0.25 0.373 7.11% 8.84% 10.25% 11.98% 9.83% 1.07 5.35% 15.18% Pakistan CG 23.00% 35.10% 64.90% 3.57% 9.90% 0.25 0.385 7.20% 8.07% 17.10% 17.97% 15.95% 1.43 7.13% 23.08% Los Mina Dominican Republic CG 25.00% 28.70% 71.30% 1.85% 8.93% 0.25 0.351 6.95% 6.35% 15.88% 15.28% 14.61% 2.57 12.83% 27.44% OPGC India CG 7.90% 30.40% 69.60% 3.57% 3.60% 0.25 0.359 7.01% 8.07% 10.61% 11.67% 10.66% 1.49 7.45% 18.11% Ottana Italy CS 35.00% 42.50% 57.50% 4.34% 0.14% 0.5 0.870 10.59% 8.84% 10.73% 8.98% 8.65% 0.43 2.13% 10.77% Red Oak USA CG 37.50% 39.50% 60.50% 3.57% 0.00% 0.25 0.413 7.39% 8.07% 7.39% 8.07% 6.46% 0.64 3.20% 9.66% Rivnoblenergo Ukraine GD 30.00% 36.50% 63.50% 3.57% 9.98% 0.25 0.394 7.26% 8.07% 17.24% 18.05% 15.56% 0.61 3.03% 18.58% Telasi Georgia GD 20.00% 26.10% 73.90% 1.85% 9.98% 0.25 0.338 6.87% 6.35% 16.85% 16.33% 15.86% 2.53 12.65% 28.51% Uruguaiana Brazil CG 34.00% 32.20% 67.80% 1.85% 8.93% 0.25 0.369 7.08% 6.35% 16.01% 15.28% 14.10% 2.21 11.05% 25.15% CG 0.25 Discount Rates Range LU 0.25 Min 9.66% GD 0.25 Max 31.36% CS 0.5 Rfr 4.50% Risk Premium 7.00%