Block A Block B

NCF(MM$) Percent NPV NCF(MM$) Percent NPV

-80 5% $33.33 -120 5% $29.63
20 12% $12.19 30 10% $10.87
15 12% $12.19 40 12% $4.78
35 15% $5.48 35 15% ($3.14)
30 20% ($3.44) 30 20% ($13.69)
35 25% ($10.18) 40 25% ($21.67)
IRR 18% IRR 14%

$40.00
NPV NPV
$40.00 $30.00

$20.00
$30.00
$10.00
$20.00
$0.00
0% 5% 10% 15% 20% 25%
$10.00
($10.00)

$0.00 ($20.00)
0% 5% 10% 15% 20% 25% 30%

($10.00) ($30.00)

($20.00)
Block C
NCF(MM$) Percent NPV
-100 10% $61.45
50 20% $23.35
10 25% $10.86
40 30% $1.26
50 35% ($6.17)
80 40% ($11.94)
IRR 31%

NPV

NPV
$70.00

$60.00

% 15% 20% 25% $50.00

30%
$40.00

$30.00

$20.00

$10.00

$0.00
5% 10% 15% 20% 25% 30% 35% 40% 45%
($10.00)

($20.00)
Discount rate 12%

Block A Block B
Year NCF (MM$) t NPV NFV Year NCF(MM$)
0 -80 0.5 -75.593 ($80.00) 0 -120
1 20 1.5 16.873 $20.00 1 30
2 15 2.5 11.299 $15.00 2 40
3 35 3.5 23.54 $35.00 3 35
4 30 4.5 18.015 $30.00 4 30
5 35 5.5 18.766 $35.00 5 40
sum 12.901 $55.00 sum
Block B Block C
t NPV NFV Year NCF(MM$) t NPV NFV
0.5 -113.39 ($120.00) 0 -100 0.5 -94.491 ($100.00)
1.5 25.31 $30.00 1 50 1.5 42.184 $50.00
2.5 30.131 $40.00 2 10 2.5 7.5328 $10.00
3.5 23.54 $35.00 3 40 3.5 26.903 $40.00
4.5 18.015 $30.00 4 50 4.5 30.025 $50.00
5.5 21.447 $40.00 5 80 5.5 42.893 $80.00
5.0538 $55.00 sum 55.047 $130.00
Discount rate 12%

Block A Block B
Year NCF (MM$)t NPV Year NCF(MM$)
0 -80 0.5 -84.66404 0 -120
1 20 1.5 23.70593 1 30
2 15 2.5 19.91298 2 40
3 35 3.5 52.03926 3 35
4 30 4.5 49.95769 4 30
5 35 5.5 65.27805 5 40
NFV 126.2299

PI 1.170661
Block B Block C
t NPV Year NCF(MM$)t NPV
0.5 -126.9961 0 -100 0.5 -105.8301
1.5 35.5589 1 50 1.5 59.26483
2.5 53.10129 2 10 2.5 13.27532
3.5 52.03926 3 40 3.5 59.47344
4.5 49.95769 4 50 4.5 83.26282
5.5 74.60349 5 80 5.5 149.207
NFV 138.2646 NFV 258.6533

PI 1.04457 PI 1.582561