1. 1. PROJECT START DATE: TITLE: ### ProjectNPV-122731584063-phpapp02.XLS
Year: 1996
Month: 1
Day: 1
MAIN MENU: Press the quot;CTRLquot; and
quot;Cquot; Keys Simultaneously BEGINNING END
01-Jan-96 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
2. ESTIMATED REVENUES
ERMS - ROCC/Rochester 0 0 534,650 6,415,800 6,415,800 6,415,800 6,415,800 6,415,800 0 0 0 0
CTP 0 1,037,387 2,074,775 2,324,775 2,174,775 2,074,775 1,974,775 0
CAS 0 380,000 760,000 760,000 760,000 760,000 760,000 0
0 0
Total 0 1,417,387 3,369,425 9,500,575 9,350,575 9,250,575 9,150,575 6,415,800 0 0 0 0
3. ESTIMATED CASH OPERATING EXPENSES
ERMS 0 0 700,000 840,000 840,000 840,000 840,000 840,000
CTP 0 0 470,000 640,000 640,000 640,000 640,000 0
CAS 0 0 234,000 234,000 234,000 234,000 234,000 0
0 0
0 0
Total 0 0 1,404,000 1,714,000 1,714,000 1,714,000 1,714,000 840,000 0 0 0 0
4. ESTIMATED CAPITAL INVESTMENTS
ERMS 1,500,000 1,500,000 2,358,300
CTP 1,000,000 1,000,000
CAS 0 1,170,000
0
0
Total 2,500,000 3,670,000 2,358,300 0 0 0 0 0 0 0 0 0
5. ESTIMATED SALVAGE VALUES
Asset Life Salvage Please Do Not Enter Data in Shaded Area
(Years) (%) Year Pre-Tax $ Salvage Value
0 0 0.0% 0 0 0 0 0 0 0 0 0 0 0
0 0 0.0% 0 0 0 0 0 0 0 0 0 0 0
0 0 0.0% 0 0 0 0 0 0 0 0 0 0 0
0 0 0.0% 0 0 0 0 0 0 0 0 0 0 0
0 0 0.0% 0 0 0 0 0 0 0 0 0 0 0
Total - - 0 0 0 0 0 0 0 0 0 0 0
6. ESTIMATED CHANGES IN WORKING CAPITAL
0
0
0
0
0
Total 0 0 0 0 0 0 0 0 0 0 0 0
7. TAX LIFE OF CAPITAL INVESTMENT Tangible / Intangible Asset
ERMS (Years)
(1=Tang., 0=Intang.)
CTP 6.0 1
CAS 6.0 1
6.0 1
0.0 1
0.0 1
8. BOOK LIFE OF CAPITAL INVESTMENT
(Years)
ERMS 6.0
CTP 6.0
CAS 6.0
0.0
0.0
9. COMPOSITE TAX RATE (%) Please Refer to Marginal Tax Rates Schedule or Consult Corp. Tax Dept.
10. DISCOUNT RATE (After-Tax) 11.0% To be Provided by Corporate Financial Planning
(Hurdle Rate)

2. NET PRESENT VALUE ANALYSIS ProjectNPV-122731584063-phpapp02.XLS
0 ###
BEGINNING END
01-Jan-96 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
(1) Total Revenues 0 1,417,387 3,369,425 9,500,575 9,350,575 9,250,575 9,150,575 6,415,800 0 0 0 0
(2) Total Operating Expenses 0 0 (1,404,000) (1,714,000) (1,714,000) (1,714,000) (1,714,000) (840,000) 0 0 0 0
(3) Cash Taxes * 0 #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
(4) Cash Flow from Operations (1 + 2 + 3) 0 #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
(5) Total Capital Investment and Salvage (2,500,000) (3,670,000) (2,358,300) 0 0 0 0 0 0 0 0 0
(6) Changes in Working Capital 0 0 0 0 0 0 0 0 0 0 0 0
(7) Net Cash Flow (4 + 5 + 6) (2,500,000) #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
(8) Present Value of Net Cash Flow (2,500,000) #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
(9) Cummulative Discounted Cash Flows (2,500,000) #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
(10) Net Present Value of Net Cash Flow #N/A
Discount Rate (Hurdle Rate) 11.0%
* CASH TAXES CALCULATION 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Total Revenues (Line 1) 1,417,387 3,369,425 9,500,575 9,350,575 9,250,575 9,150,575 6,415,800 0 0 0 0
Cash Oprtg Exp (Line 2) 0 (1,404,000) (1,714,000) (1,714,000) (1,714,000) (1,714,000) (840,000) 0 0 0 0
Tax Deprec Exp (Adj for Salvg) #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
Taxable Income #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
x Tax Rate: 0.0% #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
NET PRESENT VALUE SENSITIVITY ANALYSIS
Discount Payback NPV Index:
Rate NPV (Years) NPV/Capex NPV/Tot Exp
8.0% #N/A #N/A #N/A #N/A
9.0% #N/A #N/A #N/A #N/A
10.0% #N/A #N/A #N/A #N/A CORRECTED NPV SENSITIVITY ANALYSIS - IN YEARS
11.0% #N/A #N/A #N/A #N/A
12.0% #N/A #N/A #N/A #N/A #N/A
13.0% #N/A #N/A #N/A #N/A
14.0% #N/A #N/A #N/A #N/A

3. ECONOMIC VALUE ADDED (EVA) ANALYSIS ProjectNPV-122731584063-phpapp02.XLS
###
END
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
NOPAT
(1) Total Revenues 1,417,387 3,369,425 9,500,575 9,350,575 9,250,575 9,150,575 6,415,800 0 0 0 0
(2) Total Operating Expenses 0 (1,404,000) (1,714,000) (1,714,000) (1,714,000) (1,714,000) (840,000) 0 0 0 0
(3) Book Depreciation (416,667) (1,028,333) (1,421,383) (1,421,383) (1,421,383) (1,421,383) (1,254,717) (143,050) 0 0 0
(4) Operating Income (1 + 2 + 3) 1,000,720 937,092 6,365,192 6,215,192 6,115,192 6,015,192 4,321,083 (143,050) 0 0 0
(6) Taxes on Operations #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
(7) NOPAT (4 + 5) #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
(8) Salvage Value 0 0 0 0 0 0 0 0 0 0 0
(9) NOPAT + Salvage (7 + 8) #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
TOTAL CAPITAL
(10) Prior Period Total Capital Investment 2,500,000 6,170,000 8,528,300 8,528,300 8,528,300 8,528,300 8,528,300 8,528,300 8,528,300 8,528,300 8,528,300
(11) Accumulated Book Depreciation 0 (416,667) (1,445,000) (2,866,383) (4,287,767) (5,709,150) (7,130,533) (8,385,250) (8,528,300) (8,528,300) (8,528,300)
(12) Net Capital Investments (10 + 11) 2,500,000 5,753,333 7,083,300 5,661,917 4,240,533 2,819,150 1,397,767 143,050 0 0 0
(13) Working Capital 0 0 0 0 0 0 0 0 0 0 0
(14) Total Capital (12 + 13) 2,500,000 5,753,333 7,083,300 5,661,917 4,240,533 2,819,150 1,397,767 143,050 0 0 0
RETURN ON CAPITAL INVESTED
(15) NOPAT + Salvage (9) #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
(16) Total Capital Invested (14) 2,500,000 5,753,333 7,083,300 5,661,917 4,240,533 2,819,150 1,397,767 143,050 0 0 0
(17) Return on Capital (15 / 16) #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 - - -
COST OF CAPITAL INVESTED
(18) Discount / Hurdle Rate 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
(19) Total Capital Invested (14) 2,500,000 5,753,333 7,083,300 5,661,917 4,240,533 2,819,150 1,397,767 143,050 0 0 0
(20) Cost of Capital Invested (18 x 19) 275,000 632,867 779,163 622,811 466,459 310,107 153,754 15,736 0 0 0
ECONOMIC VALUE ADDED (EVA)
(21) NOPAT + Salvage (9) #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
(22) Cost of Capital Invested (20) 275,000 632,867 779,163 622,811 466,459 310,107 153,754 15,736 0 0 0
(23) EVA (21 - 22) #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
NPV/EVA Timing Adj
(24) PV of EVA 0 #N/A #N/A #N/A #N/A #N/A #N/A Err:502 Err:502 Err:502 Err:502 Err:502
(25) NPV of EVA #N/A