CONFIDENTIAL

Intellectual Property Valuation

Zidovudine
Draft 1.0

Reseva (Pty) Ltd

Victoria

April 7, 2013
Modified with permission by D R Walwyn
VALUATION PARAMETERS Reseva (Pty) Ltd
Zidovudine TECHNOLOGY VALUATION
Draft 1.0
MARKET DATA
Number of Cases Forecast for Year 1 500,000 patients per year
Annual Population Growth 0.00%
Peak Market Penetration 100.0%
Cost per Dose 0.500 $/dose
Revenue Per Unit 182.5 $/patient
Patent Life 15 years
Patent Expiry 17 15 years post end of preclinical
Market Ramp Time to Peak Penetration (Years) 3 Ramp up and ramp down after patent expiry

NUMBER OF CLINICAL TRIAL SUBJECTS

Phase 1 50
Phase 2 200
Phase 3 2,500

DURATION OF PHASES (YEARS)

Screening and Hit Generation - Completed
Hit to Lead - Completed
Lead Optimisation - Completed
Preclinical 2 Pharmaceutical Manufacturing and Research Association
Phase 1 1 Pharmaceutical Manufacturing and Research Association
Phase 2 2 Pharmaceutical Manufacturing and Research Association
Phase 3 2
FDA 1
Total 8 Total Years of Pre-market Development

COSTS
Screening and Hit Generation 300,000 Approximate Total Costs for 2 Scientists
Hit to Lead 450,000 Approximate Total Costs for 3 Scientists
Lead Optimisation 600,000 Approximate Total Costs for 4 Scientists
Annual Pre-Market Patent Fees 10,000
Annual Preclinical Costs 600,000 Approximate Total Costs for 4 Scientists
Per Patient Phase 1 24,000 Hollister-Stier
Per Patient Phase 2 24,000 Hollister-Stier
Per Patient Phase 3 15,000 Hollister-Stier
Approval Costs 1,300,000 $309,647 for PDUFA and $500,000-1,500,000+ for NDA preparation (ProPharma Partners; Covance)
Animal studies supporting Phase 1 500,000 SEC documents referencing 2001 survey
Animal studies supporting Phase 2 1,000,000 SEC documents referencing 2001 survey
Animal studies supporting Phase 3 1,500,000 SEC documents referencing 2001 survey
Manufacturing/Marketing Costs + Markup 50% Manufacturing, 25%; Marketing, 25%;(McKinsey New Venture, Moscho et al. Nature Biotech 18:719, 2000)
Exit Point for Inventors Preclinical

RATES
Royalty Rate 10.0%
Discount Rate 8%

RISK MITIGATED (Entering phase)

Screening and Hit Generation 2%
Hit to Lead 3%
Lead Optimisation 5%
Preclinical 10%
Phase 1 20%
Phase 2 30%
Phase 3 67%
FDA 81%
Output

Exit Year 2
Max Turnover 91.3 million $
Future Value Development Cost at Launch 5.1 million $
(r)NPV Licensor at Launch 52.2 million $
Licensor rNPV at License Point or 20 years 6.4 million $
Licensee rNPV at License Point or 20 years 8.8 million $
Licensor rNPV at Year One 1.6 million $
Calculated Ratio 42%

Licensor NPV and rNPV

60,000,000 200,000,000
rNPV 180,000,000
50,000,000
NPV 160,000,000
40,000,000 140,000,000
120,000,000

Value ($)
30,000,000 100,000,000
80,000,000
20,000,000
60,000,000
10,000,000 40,000,000
20,000,000
0 0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1 2 3
Year
 Licensee NPV and rNPV
200,000,000
180,000,000
160,000,000
140,000,000
120,000,000
Value ($)

100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year
Zidovudine

Annual Growth 0.00%

Peak Competitive Market Share 100.0%
Revenue Per Unit (ASP) $ 183

YEAR YEAR
Revenue Forecast 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

PRODUCT REVENUE
Number of Cases 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Market Share 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 25.0% 50.0% 75.0% 100.0% 100.0% 100.0% 100.0% 100.0% 75.0% 50.0% 25.0%
Units Sold - - - - - - - - 125,000 250,000 375,000 500,000 500,000 500,000 500,000 500,000 375,000 250,000 125,000
Product Revenue - - - - - - - - 22,812,500 45,625,000 68,437,500 91,250,000 91,250,000 91,250,000 91,250,000 91,250,000 68,437,500 45,625,000 22,812,500
Royalty Income - - - - - - - - 2,281,250 4,562,500 6,843,750 9,125,000 9,125,000 9,125,000 9,125,000 9,125,000 6,843,750 4,562,500 2,281,250
Total Revenue to Licensor - - - - - - - - 2,281,250 4,562,500 6,843,750 9,125,000 9,125,000 9,125,000 9,125,000 9,125,000 6,843,750 4,562,500 2,281,250
PV of Revenue 27,362,213 29,551,190 31,915,285 34,468,508 37,225,989 40,204,068 43,420,393 46,894,025 50,645,547 52,233,441 51,484,616 48,212,135 42,214,106 35,736,234 28,740,133 21,184,344 13,024,091 6,674,769 2,281,250

PV of Revenue 27,362,213
Discount Rate 8.0%

YEAR YEAR
Contribution Margin Forecast 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

DEVELOPMENT STAGE Preclinical Preclinical Phase 1 Phase 2 Phase 2 Phase 3 Phase 3 FDA Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue
Exit Flag 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
REVENUE 0 0 0 0 0 0 0 0 2,281,250 4,562,500 6,843,750 9,125,000 9,125,000 9,125,000 9,125,000 9,125,000 6,843,750 4,562,500 2,281,250

COSTS Annual Costs

Patent Fees $ 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 0 0 0 0 0 0 0 0 0 0 0
Hit Generation $ - 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Hit to Lead $ - 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Lead Optimisation $ - 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Preclinical Research $ 600,000 600,000 600,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Phase 1 $ 1,200,000 0 0 1,200,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Phase 2 $ 2,400,000 0 0 0 2,400,000 2,400,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Phase 3 $ 18,750,000 0 0 0 0 0 18,750,000 18,750,000 0 0 0 0 0 0 0 0 0 0 0 0
FDA Fees $ 1,300,000 0 0 0 0 0 0 0 1,300,000 0 0 0 0 0 0 0 0 0 0 0
Animal Studies 1 (1st year) $ 500,000 0 0 500,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Animal Studies 2 (all years) $ 500,000 0 0 0 500,000 500,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Animal Studies 3 (last 2 years) $ 750,000 0 0 0 0 0 750,000 750,000 0 0 0 0 0 0 0 0 0 0 0 0
Manufacturing/Marketing 50% 0 0 0 0 0 0 0 0 1,140,625 2,281,250 3,421,875 4,562,500 4,562,500 4,562,500 4,562,500 4,562,500 3,421,875 2,281,250 1,140,625
Total Costs 610,000 610,000 - - - - - - - - - - - - - - - - -
Cumulative Future Value of Costs 610,000 1,268,800 1,370,304 1,479,928 1,598,323 1,726,188 1,864,283 2,013,426 2,174,500 2,348,460 2,536,337 2,739,244 2,958,384 3,195,054 3,450,659 3,726,711 4,024,848 4,346,836 4,694,583
Cumulative Future Value of Development Costs 610,000 1,268,800 1,370,304 1,479,928 1,598,323 1,726,188 1,864,283 2,013,426 2,013,426 2,013,426 2,013,426 2,013,426 2,013,426 2,013,426 2,013,426 2,013,426 2,013,426 2,013,426 2,013,426

Net Contribution Margin (610,000) (610,000) - - - - - - 2,281,250 4,562,500 6,843,750 9,125,000 9,125,000 9,125,000 9,125,000 9,125,000 6,843,750 4,562,500 2,281,250
Cumulative Net Contribution Margin (610,000) (1,220,000) (1,220,000) (1,220,000) (1,220,000) (1,220,000) (1,220,000) (1,220,000) 1,061,250 5,623,750 12,467,500 21,592,500 30,717,500 39,842,500 48,967,500 58,092,500 64,936,250 69,498,750 71,780,000
NPV Contribution Margin 26,187,398 28,941,190 31,915,285 34,468,508 37,225,989 40,204,068 43,420,393 46,894,025 50,645,547 52,233,441 51,484,616 48,212,135 42,214,106 35,736,234 28,740,133 21,184,344 13,024,091 6,674,769 2,281,250

NPV Contribution Margin 26,187,398

YEAR YEAR
Value Profile - rNPV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

DEVELOPMENT STAGE Preclinical Preclinical Phase 1 Phase 2 Phase 2 Phase 3 Phase 3 FDA Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue
RISK MEDIATED 10% 10% 20% 30% 30% 67% 67% 81% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Exit Flag 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

RISK-ADDED COSTS Annual Costs

Patent Fees $ 10,000 100,000 100,000 50,000 33,333 33,333 14,925 14,925 12,346 0 0 0 0 0 0 0 0 0 0 0
Hit Generation $ 10,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Hit to Lead $ 10,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Lead Optimisation $ 10,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Preclinical Research $ 600,000 6,000,000 6,000,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Trials - Phase 1 $ 1,200,000 0 0 6,000,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Trials - Phase 2 $ 2,400,000 0 0 0 8,000,000 8,000,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Trials - Phase 3 $ 18,750,000 0 0 0 0 0 27,985,075 27,985,075 0 0 0 0 0 0 0 0 0 0 0 0
FDA Fees $ 1,300,000 0 0 0 0 0 0 0 1,604,938 0 0 0 0 0 0 0 0 0 0 0
Animal Studies 1 (1st year) $ 500,000 0 0 2,500,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Animal Studies 2 (all years) $ 500,000 0 0 0 1,666,667 1,666,667 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Animal Studies 3 (last 2 years) $ 750,000 0 0 0 0 0 1,119,403 1,119,403 0 0 0 0 0 0 0 0 0 0 0 0
Manufacturing/Marketing 50% 0 0 0 0 0 0 0 0 1,140,625 2,281,250 3,421,875 4,562,500 4,562,500 4,562,500 4,562,500 4,562,500 3,421,875 2,281,250 1,140,625
Risk-Added Total Costs 6,100,000 6,100,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
PV of Risk-Added Total Costs 11,748,148 6,100,000 - - - - - - - - - - - - - - - - -
PV of Revenue 27,362,213 29,551,190 31,915,285 34,468,508 37,225,989 40,204,068 43,420,393 46,894,025 50,645,547 52,233,441 51,484,616 48,212,135 42,214,106 35,736,234 28,740,133 21,184,344 13,024,091 6,674,769 2,281,250

Risk Adjusted PV of Total Costs 1,174,815 610,000 - - - - - - - - - - - - - - - - -

Risk-Adjusted PV Revenue 2,736,221 2,955,119 6,383,057 10,340,552 11,167,797 26,936,726 29,091,664 37,984,160 50,645,547 52,233,441 51,484,616 48,212,135 42,214,106 35,736,234 28,740,133 21,184,344 13,024,091 6,674,769 2,281,250
Risk-Adjusted NPV 1,561,406 2,345,119 6,383,057 10,340,552 11,167,797 26,936,726 29,091,664 37,984,160 50,645,547 52,233,441 51,484,616 48,212,135 42,214,106 35,736,234 28,740,133 21,184,344 13,024,091 6,674,769 2,281,250
Risk-Adjusted NPV Year One 1,561,406
Risk Adjusted NPV at License Year 6,383,057

Licensor NPV and rNPV

60,000,000

rNPV
50,000,000
NPV
40,000,000

30,000,000

20,000,000

10,000,000

0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Year
 20 Year
20 Total

500,000
0.0%
- 4,000,000
- 730,000,000
-
-
-

20 Year
20 Total

Revenue
0
0 73,000,000

0 80,000
0 -
0 -
0 -
0 1,200,000
0 1,200,000
0 4,800,000
0 37,500,000
0 1,300,000
0 500,000
0 1,000,000
0 1,500,000
0 36,500,000
- 1,220,000
5,070,150
5,070,150

-
71,780,000
-

20 Year
20 Total

Revenue
100%
0

0 358,863
0 -
0 -
0 -
0 12,000,000
0 6,000,000
0 16,000,000
0 55,970,149
0 1,604,938
0 2,500,000
0 3,333,333
0 2,238,806
0 36,500,000
0 1,784,815
-
-

-
-
-
 Reseva (Pty) Ltd
Zidovudine TECHNOLOGY VALUATION
REVENUE FORECAST - PV Reseva (Pty) Ltd
Draft 1.0
Annual Growth 0.00%
Peak Competitive Market Share 100.0%
Revenue Per Unit (ASP) $ 183

YEAR YEAR
Revenue Forecast 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

PRODUCT REVENUE
Number of Cases 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Market Share 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 25.0% 50.0% 75.0% 100.0% 100.0% 100.0% 100.0% 75.0% 50.0% 25.0% 0.0% 0.0%
Units Sold - - - - - - - - 125,000 250,000 375,000 500,000 500,000 500,000 500,000 375,000 250,000 125,000 - -
Product Revenue - - - - - - - - 22,812,500 45,625,000 68,437,500 91,250,000 91,250,000 91,250,000 91,250,000 68,437,500 45,625,000 22,812,500 - -
PV of Product Revenue 247,897,612 267,729,421 289,147,774 312,279,596 337,261,964 364,242,921 393,382,355 424,852,943 458,841,178 470,910,973 459,308,851 422,141,059 357,362,343 287,401,331 211,843,437 130,240,912 66,747,685 22,812,500 - -

YEAR YEAR
Contribution Margin Forecast 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

DEVELOPMENT STAGE Preclinical Preclinical Phase 1 Phase 2 Phase 2 Phase 3 Phase 3 FDA Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue - -
Exit Flag 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
PRODUCT REVENUE - - - - - - - - 22,812,500 45,625,000 68,437,500 91,250,000 91,250,000 91,250,000 91,250,000 68,437,500 45,625,000 22,812,500 - -

COSTS Annual Costs

Patent Fees $ 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 - - - - - - - - - - - -
Preclinical Research $ 600,000 600,000 600,000 - - - - - - - - - - - - - - - - - -
Phase 1 $ 1,200,000 - - 1,200,000 - - - - - - - - - - - - - - - - -
Phase 2 $ 2,400,000 - - - 2,400,000 2,400,000 - - - - - - - - - - - - - - -
Phase 3 $ 18,750,000 - - - - - 18,750,000 18,750,000 - - - - - - - - - - - - -
FDA Fees $ 1,300,000 - - - - - - - 1,300,000 - - - - - - - - - - - -
Animal Studies 1 (1st year) $ 500,000 - - 500,000 - - - - - - - - - - - - - - - - -
Animal Studies 2 (all years) $ 500,000 - - - 500,000 500,000 - - - - - - - - - - - - - - -
Animal Studies 3 (1st 2 years) $ 750,000 - - - - - 750,000 750,000 - - - - - - - - - - - - -
Manufacturing/Marketing 50% - - - - - - - - 11,406,250 22,812,500 34,218,750 45,625,000 45,625,000 45,625,000 45,625,000 34,218,750 22,812,500 11,406,250 - -
Royalty 10% - - - - - - - - 2,281,250 4,562,500 6,843,750 9,125,000 9,125,000 9,125,000 9,125,000 6,843,750 4,562,500 2,281,250 - -
Other - - - - - - - - - - - - - - - - - - - -
Total Costs - - 1,710,000 2,910,000 2,910,000 19,510,000 19,510,000 1,310,000 13,687,500 27,375,000 41,062,500 54,750,000 54,750,000 54,750,000 54,750,000 41,062,500 27,375,000 13,687,500 - -

Net Contribution Margin - - (1,710,000) (2,910,000) (2,910,000) (19,510,000) (19,510,000) (1,310,000) 9,125,000 18,250,000 27,375,000 36,500,000 36,500,000 36,500,000 36,500,000 27,375,000 18,250,000 9,125,000 - -
Cumulative Net Contribution Margin - - (1,710,000) (4,620,000) (7,530,000) (27,040,000) (46,550,000) (47,860,000) (38,735,000) (20,485,000) 6,890,000 43,390,000 79,890,000 116,390,000 152,890,000 180,265,000 198,515,000 207,640,000 207,640,000 207,640,000

NPV Contribution Margin 66,906,847 72,259,394 78,040,146 86,130,158 96,163,370 106,999,240 136,629,979 168,631,177 183,536,471 188,364,389 183,723,540 168,856,423 142,944,937 114,960,532 84,737,375 52,096,365 26,699,074 9,125,000 - -

YEAR YEAR
Risk-Added and Adjusted Values 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

DEVELOPMENT STAGE Preclinical Preclinical Phase 1 Phase 2 Phase 2 Phase 3 Phase 3 FDA Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenue - -
RISK MEDIATED 10% 10% 20% 30% 30% 67% 67% 81% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Exit Flag 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

RISK-ADDED COSTS Annual Costs

Patent Fees $ 10,000 100,000 100,000 50,000 33,333 33,333 14,925 14,925 12,346 0 0 0 0 0 0 0 0 0 0 0 0
Preclinical Research $ 600,000 6,000,000 6,000,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Trials - Phase 1 $ 1,200,000 0 0 6,000,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Trials - Phase 2 $ 2,400,000 0 0 0 8,000,000 8,000,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Trials - Phase 3 $ 18,750,000 0 0 0 0 0 27,985,075 27,985,075 0 0 0 0 0 0 0 0 0 0 0 0 0
FDA Fees $ 1,300,000 0 0 0 0 0 0 0 1,604,938 0 0 0 0 0 0 0 0 0 0 0 0
Animal Studies 1 (1st year) $ 500,000 0 0 2,500,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Animal Studies 2 (all years) $ 500,000 0 0 0 1,666,667 1,666,667 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Animal Studies 3 (1st 2 years) $ 750,000 0 0 0 0 0 1,119,403 1,119,403 0 0 0 0 0 0 0 0 0 0 0 0 0
Manufacturing/Marketing 50% 0 0 0 0 0 0 0 0 11,406,250 22,812,500 34,218,750 45,625,000 45,625,000 45,625,000 45,625,000 34,218,750 22,812,500 11,406,250 0 0
Royalty Splits 10% 0 0 0 0 0 0 0 0 2,281,250 4,562,500 6,843,750 9,125,000 9,125,000 9,125,000 9,125,000 6,843,750 4,562,500 2,281,250 0 0
Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Risk-Added Total Costs - - 8,550,000 9,700,000 9,700,000 29,119,403 29,119,403 1,617,284 13,687,500 27,375,000 41,062,500 54,750,000 54,750,000 54,750,000 54,750,000 41,062,500 27,375,000 13,687,500 - -

PV of Risk-Added Total Costs 210,010,786 226,811,648 244,956,580 255,319,107 265,268,635 276,014,126 266,646,301 256,529,050 275,304,707 282,546,584 275,585,310 253,284,635 214,417,406 172,440,798 127,106,062 78,144,547 40,048,611 13,687,500 - -
PV of Revenue 247,897,612 267,729,421 289,147,774 312,279,596 337,261,964 364,242,921 393,382,355 424,852,943 458,841,178 470,910,973 459,308,851 422,141,059 357,362,343 287,401,331 211,843,437 130,240,912 66,747,685 22,812,500 - -

Risk Adjustment 10% 10% 20% 30% 30% 67% 67% 81% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Risk Adjusted PV of Total Costs 21,001,079 22,681,165 48,991,316 76,595,732 79,580,591 184,929,464 178,653,022 207,788,530 275,304,707 282,546,584 275,585,310 253,284,635 214,417,406 172,440,798 127,106,062 78,144,547 40,048,611 13,687,500 - -
Risk-Adjusted PV Revenue 24,789,761 26,772,942 57,829,555 93,683,879 101,178,589 244,042,757 263,566,178 344,130,884 458,841,178 470,910,973 459,308,851 422,141,059 357,362,343 287,401,331 211,843,437 130,240,912 66,747,685 22,812,500 - -
Risk-Adjusted NPV - - 8,838,239 17,088,147 21,597,999 59,113,293 84,913,156 136,342,354 183,536,471 188,364,389 183,723,540 168,856,423 142,944,937 114,960,532 84,737,375 52,096,365 26,699,074 9,125,000 - -

Risk adjusted NPV at Start of License 8,838,239

Licensee Risk-Adjusted Net Present Value (rNPV)

200,000,000

180,000,000

160,000,000

140,000,000

120,000,000
Value ($)

100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Time (years)
 PV of Revenue NPV of Cash Flow Risk-Adjusted NPV
$ 247,897,612 #REF! $ -
 20 Year
Total

3,500,000
638,750,000

20 Year
Total

638,750,000

80,000
1,200,000
1,200,000
4,800,000
37,500,000
1,300,000
500,000
1,000,000
1,500,000
319,375,000
63,875,000
-
431,110,000

Draft 1.0
20 Year
Total

358,863
12,000,000
6,000,000
16,000,000
55,970,149
1,604,938
2,500,000
3,333,333
2,238,806
319,375,000
63,875,000
-
1,720,259,689