Road Financial Model

ent, Operations, Valuation)

Instructions
Project GeneralInfo
ProJect Timing
Development & Construction
Revenue Assumptions OpEx Assumptions CapEx Assumptions
Reserve Accounts Funding
Monthly OperatingModel
AnnualOperating Model
ProJect Cash Flows & Key Metrics Debt Schedule ReservAccounhSch  dul 
CapEx & Depreciation Schedule
Tax Schedule
Performance Dashboard
Investors Returns (Waterfall)
Executive SUmmary
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Business Name TollRoad Road Length
Primary Industry Infrastructure Number of Lanes ReportingCurrency USD
Project Life 30 Years
IncomeTax Rate Reserves & FinancingCosts
miles 70 Operation and Mani tenance $I mile /month 80.000
6 General&Administrative $ / vehicle 0,3
3.000.000 Royalties % of Toll Revenue 3,0%
1.260.000.000
Cost Inflation % 1,5%
$ 95.426.065
CapEx during
Operations
Periodic Maintenance
1st Ashpalt - Concrete Relaying year 12
1st RelayingCost $ / mile 400.000
2rd Ashpalt- Concrete Relaying year 20
2rd RelayingCost $/mile 500.000
3rj Ashpalt - Concrete Relaying ytor 28
3rd RelayingCost $ / mile 600.000

Timing Assumptions
Model
Months per Period Days in Year Months in Year
Dev.& Constr.Period
Dev.& Constr.Starts
Dev.& Constr.Period (Months) Dev.& Constr.Ends
OperatingPeriod CommercialOperationStarts (COD) Operation Period (Years) CommercialOperationEnds (COD)
FinancingAssumptions
365
12
1-01-23
50
28-02-27
1-03-27
26
31-12-52
Revenue A"umptions
Vehicles
Daily Passing Vehicles # 200.000
AnnualVehicles Growth % 5,0%
Vehicle Types
Motorbikes % of Doily Cars 30,0% Cars % of Doily Cars 60,0% BusesITrucks
TollRates
Motorbikes $ / vehicle 2,0
Cars $ /vehicle 3,5
Depreciation
CapEx Depreciation % of CapEX Depr.Rate ClmA 2% 5% ClmB
Clm c 3% 8%
Class D 12% 10% ClmE 77% 25%
lnit1alFunding of Reserve Accounts
Loan Amount 756.000.000
Loan Term years 20
MaximumSizing(% of CapEx) % 60,0%
Interest Rate on Term Loan % 7,0%
Lender's Fee(% of totalLoan) % 3,0% Minimum AnnualDSCR X 1,50x
BusesITrucks $ / vehicle 9,5
AnnualRatesIncrease % 2,0%
Other Revenue
Display Advertisement $ /month 200.000
Other Revenue $ /month 50.000
Annualother Revenue Growth % 3,0%
Debt Service Reserve
#of months of Debt Service months
InitialDebt Service Reserve $ 29.799.315
O&M Reserve/Working capital
n of months of O&M Expense months
InitialO&M and we Reserve 42.946.750
Interest on AllReserves % 2,0%
Year lkginning
1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33
Year Ending
31- c-23 31- c-24 31- c-25 31- c-26 31-c-27 31-c-28 31-c-29 31-c-30
31-c-31
31-c-32 31-c-33
Totalvehicles
Oays in Year 365 366 365 365 365 366 365 365 365 366 365
Year Period Year 1 Year2 Year3 Year4 Year 5 Year 6 Year 7 Year S Year9 Year 10 Year 11
73.000.000 76.860.000 8 0 482.500 84.506. 625 88.731.956 93.423.810 97.826.982

Toll Revenue
Motorbikes 65.700.000 70.096.320

cars 197.100.000 210.750.120

339.450.000 36 3 009.780 386. 111.574 411.835.364 439.301.035 469.911.950 499.944.089

Total Toll Revenue

Other Revenue

Display Advertisement 800.000 824.000

Other Revenue 200.000 206.000

Total Other Revenue 1.000.000 1.030.000 1.060.900 1.092.727 1.125.509 1.159.274

Total Revenue
340.450.000 36 4 039.780 337. 172.474 412.928.091 440.42 6 544 471.071.224 501.133.141
Operating Expenses
Operation and Maintenance (56.000.000) (68. 208.000) (6 9 231.120) (70.269.587) (71.323. 631) (72.393.485) (73.479.387)
General& Administrative (21.900.000) (2 3 403.870) (2 4 874.525) (26.5100. 25) (28.25 3 059) (30.193.193) (32.090.47
Total OperatingExpenses (85.893. 500) (100.196.363) (103 274.517) (106.599.474) (110.09 3 762) (113.88
S /Vehide $0,00 $0,00 so..oo $0,00 $1,18 $1,30 $1,28 $1..26 $1,24 $1,22 $1,20

EBITDA
254.556. 500 263.843.417 28 3 897.957 306.328.617 330.33 2 782 357.189.902 383.504.764
Interest Expense (2 1 168.000) (39. 626.294) (48.756.059) (47.414.276) (46.072.493) (44.858.014)

Repayment of oan Principal (1 8 441.052) (18.441.052) (18.441.052) (18.441.052) (18.441.052) (1 8 441.052)

Contributions to/liquidation of Reserve Accounts (2.545.455) (2.545.455) ( 2.54 5 455) (2.545.455) (2.545.455)
for PeriodicMaintenance

otal Adjustments (39 609.052) (60. 612.800) (69.742. 565) (68.40 0 782) (67.059.000) (65 844.520)

T
(39. 609.052) (60. 612.800) (69.742. 565) (68.40 0 782) 187.497.500 197.998.896 219.522.523 243.294.965 268.64 0 913 296.726.660

Pre-Tax cash Flow to Equity

.Project Cash Flows & Key Metrics
hedules
Y ar Beginning J-Jon-23 J-Jon-24 J-Jon-25 J-Jan-26 J-Jon-21 J -Jon-28 J-Jan-29

Y ar Ending 31-IJ•o-23 31-IJ•o-24 31-IJ•c-25 31-IJ•o-26 31-IJ•c-27 31-IJ•c-28 31-IJ•o-29

Days in Year 365 366 365 365 365 366 365

Y ar P riod Year J Year2 Year3 Year4 Yar 5 Year 6 Year 7

Operations & Pre-Tax Cash Flow to Equity

Equity Investment (599.426.065)
Pre-Tax Cash Flow to 187.497.500 197.998.896

Net Pre-Tax cash Flow to Equity (599.426.065) (39.609.052) (60.612.800) (69.742.565) (68.400.782) 187.497.500 197.998.896
Running IRR (Cash Only) NA NA NA NA -32,5% -1S,S%
Depreciation (66.497.760) (66.497.760) (55.497.760) (55.497.760) (8.285.760) (4.655.960) (4.655.960) (4.656.960) (4.65
Taxable income 239.466.157 279.240.997 301.671.657 325.675.822
Taxes payable (59.855.539) (59.810.249) (75.417.914) (81.418.9
Running IRR (After Tax) Running Cosh- NA NA NA NA -32,5% -19,1%
on-Cash ·1,07x ·1,17x ·1,28x ·1,40x -1,08x -0,8Sx

Equity Balance (639.035.117) (6996. 47.918) (769.390.483) (837.791.265) (650.293.765) (512.161.408)

Pre Tax (cash only) Equity IRR 20,06%

After Tax Equity IRR 17,14%
Project Cash on·Cash 19,49x
Payback Year 10
Discount Rate 10%
Net Present Value @ 10,00% $1.769.068.087

Supporting Schedules
,, , -· ·
Toll Road Financial l\llodel
AU A n><>U•" "' tl"-1> l"'l
Cash F lo\N & Pro ecw: Ret:urns 70J/ J J/074 70;r. 70Jtb 7077 J/OJ/8 707'9 7o o JIOn. 70l7 J/Oll

J!P . . h•d wJ•

Debt S c hedu le

M i«lrnUOTO S l•ln& at 00'96 o f P•"'

D<ll!bt S zln& P<ll!r DSCR

D""Kinnlng Ba an .,..
Eru:lngtJ..I..,......
Debt closing
o&rv /wo rk ngca p tlReserve
Periodic;: Malntftnanc. Rftse,....,.,.
lnt vr•1on Reerv•
AnnuotlcontribUtions to/(LQI Uidat ions of) Reserves
Depreciation Year
Deprec ation oepreclat.lon Rate M
5%
To\alDepre.., aUon
To lta Co sl R Bil liln COO!
Dep. -l tlon •vallable tor year
Ta.. Sc h•dul•
"·••-•hiP ln.-nn P
operating tncoone / (LO&s, ( 66...,7.760)
ln o:oo·n oe Tat• Carry-Fo.-wa.-d
Op-.r•tlng l.o•,. C..rry•ll'orwa rd.B-.glnnlng Ba l an.:. Add it ional Op•.-attna: Lo•C..r-rt•d- Foa .-d Utilization of operiiO tlnv; l.oss carry-Forward
Operatins Loss carry-r:oo-ward,l:ndlng Ba ance
(6 0 477.760)
( Z46.Z70.740) (.1,.720.300)
I 01 Ill
2.000.000
1.800.000
1.600.000
1.400.000
- Re enue --- TotoiVehicles
1.400.000
1.200.000
1.000.000
- Cosh Flow --- Cosh-on-C,.h Mutople
1.200.000
1.000.000
800.000
600.000
400.000
200.000

_: tnntltltHUU
800.000
600.000
400.000
200.000

........1.a1-11HI I
_ ..
I
(200.000)
Operating Expenses (COO's)
Project Investment (COO's)
•Profit IR R
9.000.000
1.600.000
8.0821. 40 1.355.426
8.000.000 1.400.000
7.000.000 1.200.000
6.000.000
5.000.000
1.000.000
800.000
756.000
4.000.000 3598.266
600.000

3.000.000
2.000.000 400.000
1.000.000 200.000
limited Partner General Partner •O&M •G&A •Royatties Initiat Investment

Debt
Equity
fC P•of>t .,1,.,<>., F""'<> n< al Se'"< e AH "l:ht s •e ><..ve'd

Toll Road Financial Model

AllAmounts on USO ($)
Eq ulty Split
Limited Partner ( LP) General Partner {GP )
Tier1.
LP Share of Ti er 1. P rofits
GP Share of Tier 1. Prof its
Hu rd l e Rate
GP Promote
LP Share of Tier2 P rof its GP Share of Tier 2 Prof i ts Hu rd l e Rate
Tier 3
GP Promote
LP Share of Tier 3 P rof its
GP Share of Tier 3 Prof i ts
Hu rd le Rate
Lim ited Part ner {LP)
             Genera l Part ner (GP)
80,0%
20,0%
80,0%
20,0%
10,0%
15,0%
68,0%
1 7,0%
12,0%
20,0%
64,0%
1 6,0%
15,0%
70,0%
30,0%
Limited Partner
Genera l Partner
(670.233.012)
(1 67 558.253}
8.082.1 40.440
3.598.2661. 26
1 6, 5%
19,2%
1 3,06x
22,47x
2023 2024 2025 2026 2027 2028 2029 2030 2031.
Yeor Period
Total Partnership Cash Flow
Yeor Ending
Levered Cash Flow (599.426.065) ( 39.609.052) (60.612.800) {69.742.565) (68.400.782) 187.497.500 1 38.132.357 1 49.712.274 167.877.051 187.221.958
479.540.852 559.182.179 6635. 90.637 785.743.753 91 9.038.755 860.944.630 836.533.207 800.41 6.709 746.156.739
479.540.852 31.687.242 48.490.240 55.794.052 54.720.626
47.954.085 55.918.218 66.359. 064 78.574. 375 91. 903.875 86.094. 463 83.653.321 80.041.671 74. 615. 674
P roceeds Ava il a ble f or Dist ribu tion (149.998.000} (1 1 0. 505.886) (119.769.819) (134. 301.641) (149.777. 566)
4795. 40.852 559.182.179 663.590.637 785. 743.753 919.038.755 860. 944. 630 836.533.207 800. 416. 709 746.156.739 670.994. 847
General Partner Distributi on Cales
Beginn ing Balance 1 1 9.885.21 3 1 39.795.545 1 65.897.659 1 96.435.938 229.759.689 215.236. 157 209.133.302 200. 04.1 77 1 86. 539. 85
Capita l Contri buti on 119.885.213 7.921.810 1 2.122 560 1 3.948.51 3 13. 680.156
Accrued Interest 1 1 .988.521 1 3.979.5.54 1 .589.766 1 9. 643.594 22.975.969 21. 523.61 6 20.913.330 20.010.41 8 1 8.653.918
P roceeds Avail able for Dist.ribut ion {37.499.500) ( 27. 626.471 ) (29. 942.455) (33.575.410) {37.444. 392) Ending Ba lance
LP Cash Flow i n Tie r 1 10,0% (479.540.852) ( 31.687.242) (48.490.240) (55.794.052) (54.720.626) 1 49. 998.000 110.505.886 119.769. 819 1 34.301.641 149.777. 566
GP Cash Flow in Ti er 1 1 0,0% (119.885.21 3) (7. 921 .810) (12.122. 560} (1 3.948.513) (1 3.680.156) 37. 499.500 27.626.471 29. 942.455 33.575.41 0 37.444.392
Money Ava il abl e for Furt her D istri bu tion
Tlel""2
T1er 3
iel""4
Limited Partner Cash F low 1 6,5% (479.540.852) (31.687.242) (48. 490.240) (55.794.052) (54. 720.626) 149.998.000
General Partner Ca sh Flow 1 9,2% (119.885.21 3) (7. 92.1 . 1 0) (1 2.122.560) (13.948.513) ( 3.680.156) 37. 499.500

Business Name
PrimaryIndustry Project Start Date Project Life
Road Length
Development & ConstructionPeriod
Concession Period
TotalVehicles (OOO's) TotalRevenue (OOO's)
70 miles
4 Years
26Years
3.734.128
s 22.364.026,83
Project Return Metrics (Levered)
AfterTax EquityIRR Project Cash on Cash TotalCashInvested TotalRevenue TotalProfit
Payback
Net Present Value
19%
Charts & Graphs
Tolls Revenue (OOO's) Investors IRR (%)
14.000.000 --umtted Partner --General Partner
30,0%
12.000.000
10.000.000 19,2%
20,0%
8.000.000

14.000.000
12.000.000
10.000.000
8.000.000
Project Retums (OOO's)
6.000.000
10,0%
6.000.000

-
4.000.000 10,0%
2.000.000
4.000.000
2.000.000
Motorbikes Car> BusesI Trucks
0,0%
Tier 1 Tier 2 Tier3 Total Cash Flow
Cash Invested Total Revnu e
Total Profit
ping the user's needs and comfort in mind.

USD & Construction Cost Project Start Date 1-Jan-23 TotalCosts Pre-Financing

% BusesITrucks % of Daily Cars 10,0%

B 6% 20%

70.096.320 74.385.146 79.159.451 84.247.381 89.915.604 95.449.537

210.750.120 224. 130.885 239.030.099 254.936.452 2n.663.901 290.051.237

824.000 848.720 874.182 900.407 927.419 955.242

206.000 212.180 218.545 225.102 231.855 238.810

27 1.125.509 1.159.274 1.194.052

1.323. 631) (72.393.485) (73.479.387)

(28.25 3 059) (30.193.193) (32.090.476)
) (106.599.474) (110.09 3 762) (113.881.322) (117.633.377)
$1,24 $1,22 $1,20

(44.858.014) (43.388.928) (42.047.145) (40.705.362) (39.476.736) (38.021.797)

(1 8 441.052) (18.441.052) (18.441.052) (18.441.052) (18.441.052) (18.441.052)

(2.545.455) (2 545.455) (2.545.455) (2.54 5 455) (2.545.455) (2 545.455)

(65 844.520) (64.375.434) (63.033. 652) (61.691 869) (60.463.243) (59.008.303)

324.496.461

J-Jan-29 J-Jon-30 J-Jon-3J J-Jan-32 J-Jon-33

31-IJ•o-29 31-IJ•c-30 31-0.c-31 31-0.o-32 31-0.c-33

365 365 365 366 365

Year 7 Yar8 Year 9 Year JO Y ar JJ

 197.998.896 219.522.523 243.294.965 268.640.913 295.726.560 324.4964. 61

197.998.896 219.522.523 243.294.965 268.640.913 296.726.660 324.496 461

-1S,S% -5,0% 0,2% 4,5% 7,8% 10,2%
(4.655.960) (4.656.960) (4.655.960) (4.655.960) (1.028.160)
7 301.671.657 325.675.822 352.532.942 382.476.604
9.810.249) (75.417.914) (81.418.956) (88.133.235) (95.619.151)
-19,1% · 10,S% ·4,S% ·0,1% 3,2% S,B%
-0,8Sx -0,50x -0,32x -0,01x 0,34x 0,72x

(512.161.408) (352.449.134) (194.572.083) (7.350.126) 201.243.298 430.120.608

 1.355.426
1.400.000
1.200.000

599.426

400.000
200.000

20.010.41 8 1 8.653.918
92) Ending Ba lance 119.885.21 3 1 39.795.545 1 65.897.659 196.435.938 229.759.689 21 5. 236. 157 209. 33.302 200.104.177 186.539.185 167. 748.712

149.998.000 1.10. 505.886 119.769. 819 134.301 .641 149.777. 566

37. 499.500 27. 626.471 29. 942.455 33.575.410 37.444.392
TotalCosts Pre-Financing