exhibit - Calendar Year Event Year 1 2 3 4 Age of Ship 1 2...

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Calendar Year Event Year 0 1 2 3 4 Age of Ship 1 2 Capital Investment Depreciation Accumulated depreciation Year-end book value of the ship Working capital 500,00 515,00 Capital expenditure survey Depreciation survey Accumulated capital expenditure Expected daily hire rate 20,00 20,20 Expected daily operating cost −4,00 −4,16 Maintenance days 8 8 Operating revenue Nominal operating costs EBITDA Pre-tax earnings (EBIT) Tax expense USA Tax expense Hong Kong 0 0 After-tax earnings USA After-tax earnings Hong Kong Tax shield USA −546,0 −546,0 Tax shield Hong Kong 0 0 USA Capital investment and scraping (ship&survey) Disposal Change in working capital 500,00 15,00 Operating revenue Operating cost Capital expenditure Tax expense Operating cash flow Net cash flow 25 years Net cash flow 15 years Present value (9%) 25 years present value (9%) 15 years Net present value (NPV) 25 years Net present value (NPV) 15 years Internal rate of return (IRR) 2 000 2 001 2 002 2 003 2 004 −3 900 −3 900 −31 200 −1 560 −1 560 −1 560 −3 120 35 880 7 140,00 7 211,40 −1 460,00 −1 518,40 5 680,00 5 693,00 4 120,00 4 133,00 −1 442,00 −1 446,55 2 678,00 2 686,45 4 120,00 4 133,00 2 000 2 001 2 002 2 003 2 004 −3 900 −3 900 −31 200 7 140,00 7 211,40 −1 460,00 −1 518,40 −3 900 −3 900 −31 200 −1 442,00 −1 446,55 4 238,00 4 246,45 −3 900,00 −3 900,00 −27 462,00 4 231,45 −3 900,00 −3 900,00 −27 462,00 4 231,45 −3 900,00 −3 577,98 −23 114,22 3 267,46 −3 900,00 −3 577,98 −23 114,22 3 267,46 −4 948,74 −6 527,50
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Hong Kong Capital investment and scraping Disposal Change in working capital 500,00 15,00 Operating revenue Operating cost
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