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Financial annex to Model business plan - Energy efficiency

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Financial annex to Model business plan - Energy efficiency Powered By Docstoc
					Label                    Value
MWh/GJ                       0.278
Gcal/GJ                      0.239
Gcal/MWh                     0.860
GJ/tonne brown coal          15.90
GJ/1000 m3 natural gas       33.90
1000 BYR/USD                 8.465
1000 BYR/EUR                10.667
Instructions and
abbreviations
                   For assistance using this tool, please contact Eco Ltd

                   Manual Input
                   Calculated Cell in Input

Table number      Information about the table
                  Non time-Based Assumptions: Basic assumptions which are not changed over
                  time such as discount rate used, currency used, date of the project calculations,
NTB               etc.
                  Time-Based Assumptions: Assumptions which change over the course of the
TBA               time of the projected project period
                  Project Financial basics: Basic information about the project financial
App-1-Proj Basics parameters
1-1-Proj Info     Information about the Project: Basic information about the project
1-2-Production    Production: Basic information about the products of the project
                  Marketing Information: Basic information about the market and market share of
1-3-Marketing     the project
                  Project Preparation: Description of the existing level of elaboration of the
1-4-Proj Prep     project
                  Financial Indicators: Basic financial indicators of the project - including
1-5-Fin Indic     expenses and sources of funds

1-6-Investors      Investor Involvement: Indication of proposed investor involvement in the project
1-7-Guarantees     Guarantees: Guarantees for the repayment of credits and loans

1-8-Org            Organisational Passport: Basic description of the lead sponsor of the project

2-Summary          Project Summary Indicators: A summary of the key parameters of the project
                   Basic Data: Basic information about the business plan - Currency of the project,
                   the date of calculation adopted by the currency exchange rates, inflation and
2-1-Basic Data     discount rates used.
                   Sales Price: The selling price of products sold and / or planned during the
2-2-Sales Price    implemention of the project.
                   Production: Shows the production capacity and the amount that is utilized, as
2-3-Production     well as production and sales to consumers
2-4-Revenue        Revenue: Shows the proceeds from the sale of products
                   Inputs: Shows the volume and price of purchased inputs of materials, energy,
2-5-Inputs         and maintenance costs

2-6-Energy needs Own energy: Shows the need for energy resources to meet their own needs.
2-7-HR           HR: Shows the supply of of human resources needed.
                 Depreciation: Shows the replacement, and the residual value of depreciable
2-8-Depreciation fixed assets and intangible assets.
                 Costs & Rev Summary: Summarizes and reflects all the costs and revenues in
                 the
2-9-Costs&Rev Sum previous tables.

2-10-WC            Working Capital: Calculates the need for working capital throughout the project
                   Funding: Includes information on the investment of funds inflated over time
                   (purchase of equipment, construction and installation works, customs fees and
2-11-Funds         duties, etc.) as well as the source of the funds to pay for them.
2-12-Loan          Loan overview: Shows the calculation of the amounts of loans for the project in
overview           general terms
2-13-Investors &   Investors and grants overview: Shows the calculation for the amounts of
Grants             investments and grants as well as the payback/dividends expected
                   Loan 1: Outlines the sources of funding for the project and payments to be made
2-14-1-Loan 1      on loan #1 - which is a local currency loan
                Loan 2: Outlines the sources of funding for the project and payments to be made
2-14-2-Loan 2   on loan #2 - which is a local currency loan
                Loan 3: Outlines the sources of funding for the project and payments to be made
2-14-3-Loan 3   on loan #3 - which is a local currency loan
                Debt: Shows the types of loans and credit history shows the current
2-15-Debt       organization.
                Profit and Loss: The reduction of revenue, taxes on it, cost, definition of profit
                before tax, tax on profits and, finally, the calculation of net income and its
2-16-P&L        distribution, as well as the calculation of net income is provided.
                Taxes: Calculates and shows in detail all taxes to be paid out of revenue and
2-17-Tax        profit, including VAT and income taxes
                Cash flow: Summarizes expenses and revenues during the period as well as
2-18-CF         presents the annual net worth of the project
2-19-BS         Balance Sheet: Shows the company's/project's value at any given time
                Key Performance Indicators: Shows the cash flow of the project (without
                financing) over time with specific categories and calculates the key performance
2-20-KPI        indicators of the project.
                Return on Public Support: Calculates the return on public support for the
                project if it is implemented (including reduced subsidies, interest, and dividends
2-21-Govt       earned).




Abbreviations
DHW             Domestic Hot Water
GJ              Gigajoules
Gcal            Gigacalorie
www.ecoltdgroup.com




Overall instructions
Caution! This spreadsheet tool should only be used by someone with some level of knowledge of
excel.

This worksheet is comprised of 4 basic parts:

1. NTB (Non-time Based Assumptions) and TBA (Time Based Assumptions) - These are worksheets
where data and parameters need to be input in order to develop the financial model . Within these
worksheets, items which need to be input by the project developer are highlighted in beige (though currently
some are filled in by equations). All fields that have equations that should not be changed are highlighted in
green.

2. App-1-Proj Basics through 1-8-Org: Tables which would go into Appendix 1 of the business plan ). In
these tables, some cells are calculated automatically, but others need to be filled in by the project developer.

3. 2-Summary through 2-21-Govt: These are tables that make up the financial projections. They
automatically calculate (with the exception of a part of 2-15-Debt total which allows for additional information
on company debts) based on the inputs into NTB and TBA. The formulas have been checked thoroughly,
though the project developer should look at these tables closely to make sure they are logical and in line with
what they want to convey. The formulas are not locked, but changing them can result in problems with the
calculations so do not do so unless you know what you are doing!

4. FS - Feasibility Study Tables: For the purposes of demonstrating the interaction between the findings of
the feasibility study and the business plan financial projections, this spreadsheet also includes the
calculations about energy savings and use from the feasibility study (the last worksheets within the
spreadsheet). These are currently automatically linked to become inputs in the NTB and TBA worksheets, but
this does not have to be the case.

If the project developer has reasonable confidence in their abilities, none of the cells are locked, so that
equations can be changed, variables can be added/subtracted, etc.

For assistance using this tool, please contact Eco Ltd - www.ecoltdgroup.com
NTB                                  Non time-Based Assumptions: Basic assumptions which are not changed over time such

Description of assumption            Unit                  Value
Base date of indeces/Date of
project calculations                 Date                              05/09/2012
Project implementation beginning
date                                 Date                              01/10/2012
Projected date of beginning of
production/sales                     Date                              01/09/2013
Lifetime of the project              Years                                     25
Local currency                       Currency                          x1000 BYR
Foreign currency                     Currency                                EUR
Current exchange rate                Local Currency/Foreign Currency        10.67

Accounting Rules
Discount rate                        % per year                           12.00%
Fixed depreciation rate?             (1=yes; 2=no)                             2
Allowed Depreciation rate            % per year                            5.00%

Taxation
Income tax                           % of net income                       0.00%
Tax to be paid in advance using
75% of previous year's tax bill as
an estimate                          %                                        0%
VAT % on consumables                 %                                     20.0%
VAT % on fixed assets                %                                     20.0%
VAT % on subsidies received          %                                      0.0%
VAT % on apartment capital
investment funds                     %                                     20.0%
VAT on sold apartments               %                                      5.0%

Dividends
% of available cashflow subject to
Profit & Loss constraints          %                                          0%
Cumulative Retained Profit per
year >=                            % of retained profit                     100%
No dividends before                Date                                  1/1/2015

Working capital
Accounts Receivable Days on
Hand - subsidies                     Days                                        61
Accounts Receivable Days on
Hand - capital investment funds      Days                                        30
Accounts Payable - Subsidies -
Days on Hand                         Days                                        30
Accounts Payable - Labour - Days
on Hand                              Days                                        30
Accounts Payable Fixed Assets
Days on Hand                         Days                                    -

Financing assumptions
Interest on cash on deposit -
Local currency                      % per year                            15.00%
Interest on short-term debt - Local
currency                            % per year                            25.00%

Interest on cash on deposit - EUR % per year                               5.00%
Interest on short-term debt - EUR % per year                  12.00%
Drawdown timing factor            % per year                 100.00%

Equity investments
Number of ordinary shares            #                      1,630,000
Price per ordinary share - foreign
currency                             x1000 BYR                  10.00
Number of premium shares             #                      1,630,202
Price per premium share - foreign
currency                             x1000 BYR                  11.66
Total number of shares               #                      3,260,202
Check balance                                                     -

Investor #1 - Municipality
                                     (Localcurrency=1,
Currency committed                   foreign currency=2)              1
Pre-finance investment - original
currency                             x1000 BYR              3,300,000
Post-finance investment - original
currency                             x1000 BYR             13,000,000
Amount of funds - original
currency                             x1000 BYR             16,300,000
Pre-finance investment - Foreign
currency equivalent                  EUR                     309,365
Post-finance investment - Foreign
currency equivalent                  EUR                    1,218,712
                                                                      % Contribution to the
Amount of funds - local currency     x1000 BYR             16,300,000 project
Amount of funds - Foreign
currency equivalent                  EUR                    1,528,077
                                     (Ordinary=1,
Type of shares                       Premium=2)                       1
                                                                      % ownership of the
# of shares                          #                      1,630,000 company
Date of investment                   Date                  31/12/2012
No dividends before                  Date                  31/12/2018

Investor #2 - Ministry of Energy
                                     (Localcurrency=1,
Currency committed                   foreign currency=2)              1
Pre-finance investment - original
currency                             x1000 BYR                    -
Post-finance investment - original
currency                             x1000 BYR             19,000,000
Amount of funds - original
currency                             x1000 BYR             19,000,000
Pre-finance investment - Foreign
currency equivalent                  EUR                          -
Post-finance investment - Foreign
currency equivalent                  EUR                    1,781,194
                                                                      % Contribution to the
Amount of funds - local currency     x1000 BYR             19,000,000 project
Amount of funds - Foreign
currency equivalent                  EUR                    1,781,194
                                     (Ordinary=1,
Type of shares                       Premium=2)                       2
                                                                      % ownership of the
# of shares                          #                      1,630,202 company
Date of investment                   Date                  31/12/2012
No dividends before                  Date                  31/12/2018

Investor # 3
                                     (Localcurrency=1,
Currency committed                   foreign currency=2)             1
Pre-finance investment - original
currency                             x1000 BYR                   -
Post-finance investment - original
currency                             x1000 BYR                   -
Amount of funds - original
currency                             x1000 BYR                   -
Pre-finance investment - Foreign
currency equivalent                  EUR                         -
Post-finance investment - Foreign
currency equivalent                  EUR                         -
                                                                         % Contribution to the
Amount of funds - local currency     x1000 BYR                   -       project
Amount of funds - Foreign
currency equivalent                  EUR                         -
                                     (Ordinary=1,
Type of shares                       Premium=2)                      1
                                                                      % ownership of the
# of shares                          #                            -   company
Date of investment                   Date                  31/12/2012
No dividends before                  Date                  31/12/2014

Investor # 4
                                    (Localcurrency=1,
Currency committed
                                    foreign currency=2)              1
                                     x1000
Pre-finance investment - original currency BYR                   -
                                     x1000
Post-finance investment - original currencyBYR
Amount of funds - original
currency                             x1000 BYR                   -
Pre-finance investment - Foreign
currency equivalent                 EUR                          -
Post-finance investment - Foreign
currency equivalent                 EUR                          -
                                                                         % Contribution to the
Amount of funds - local currency     x1000 BYR                   -       project
Amount of funds - Foreign
currency equivalent                  EUR                         -
                                     (Ordinary=1,
Type of shares                       Premium=2)                  -
                                                                      % ownership of the
# of shares                          #                            -   company
Date of investment                   Date                  31/12/2012
No dividends before                  Date                  31/12/2014

Capital grants and subsidies
                                     (Localcurrency=1,
Capital grant/ subsidy 1
                                     foreign currency=2)             1
Amount of funds - original
currency                             x1000 BYR                   -
                                                                         % Contribution to the
Amount of funds - local currency     x1000 BYR                   -       project
Amount of funds - Foreign
currency equivalent                EUR                          -

                                   (Localcurrency=1,
Capital grant/ subsidy 2
                                   foreign currency=2)              1
Amount of funds - original
currency                           x1000 BYR                    -
                                                                        % Contribution to the
Amount of funds - local currency   x1000 BYR                    -       project
Amount of funds - Foreign
currency equivalent                EUR                          -

Loans

Loan #1 - International finance
loan
                                   (Localcurrency=1,
Currency committed
                                   foreign currency=2)            2
Committed amount                    EUR                   2,200,000
                                                                    % Contribution to the
Amount of funds - local currency   x1000 BYR             23,467,400 project
Committed amount - foreign
currency equivalent                EUR                    2,200,000
Font End Fees                      % per year                 1.00%
Commitment Fees                    % per year                 1.00%
Interests due                      % per year                 8.00%
First drawdown                     Date                  01/06/2013
Start of repayment                 Date                  30/12/2014
Term of the loan                   Years                          5
Number of repayments               Number                         5
Repayment profile (equal or
annuity)                           1=equal, 2=annuity             2
Capitalised interests?             1=yes, 2=no                    1
Capitalised fees?                  1=yes, 2=no                    1
Short-term loan interest rate      % per year                 0.00%
% of next debt service to be
funded from Debt Service
Reserve Account                    %                       100.00%

Loan #2
                                   (Localcurrency=1,
Currency committed
                                   foreign currency=2)              1
Committed amount                    x1000 BYR
                                                                        % Contribution to the
Amount of funds - local currency   x1000 BYR                    -       project
Committed amount - foreign
currency equivalent                EUR                          -
Font End Fees                      % per year                0.00%
Commitment Fees                    % per year                0.00%
Interests due                      % per year               15.00%
First drawdown                     Date                  01/01/2013
Start of repayment                 Date                  01/01/2014
Term of the loan                   Years                          7
Number of repayments               Number                         7
Repayment profile (equal or
annuity)                           1=equal, 2=annuity             2
Capitalised interests?             1=yes, 2=no                    1
Capitalised fees?                  1=yes, 2=no                    1
Short-term loan interest rate      % per year                 0.00%
% of next debt service to be
funded from Debt Service
Reserve Account                    %                              100.00%

Loan #3
                                   (Localcurrency=1,
Currency committed
                                   foreign currency=2)
Committed amount                            FALSE
                                                                             % Contribution to the
Amount of funds - local currency   x1000 BYR                           -     project
Committed amount - foreign
currency equivalent                EUR                                 -
Font End Fees                      % per year
Commitment Fees                    % per year
Interests due                      % per year
First drawdown                     Date
Start of repayment                 Date
Term of the loan                   Years
Number of repayments               Number
Repayment profile (equal or
annuity)                           1=equal, 2=annuity
Capitalised interests?             1=yes, 2=no
Capitalised fees?                  1=yes, 2=no
Short-term loan interest rate      % per year
% of next debt service to be
funded from Debt Service
Reserve Account                    %

Total committed                    x1000 BYR                   58,767,400 EUR


Operations and Management


                                                                           Number of people in
Average monthly salaries as of:                           5 septembre 2012 the position
                                   x1000 BYR                           -
                                   x1000 BYR                           -
                                   x1000 BYR                           -
                                   x1000 BYR                           -
                                   x1000 BYR                           -
                                   x1000 BYR                           -
                                   Total                                                      -
Social security payments           % of gross salary               25.50%


Prices for consumables as of:                             5 septembre 2012 EUR
                                   Price per Gcal (1000
Heat                               BYR)                            267.00                     25.03
                                   Price per MWh (1000
Electricity                        BYR)                            725.00                     67.97
                                   Price per m3 (1000
Hot water                          BYR)                            267.00                     25.03
                                   Price per m3 (1000
Water                              BYR)                              8.000                     0.75


Investment plan
                                                                                       Straight line
                                                             Residual value (as %      depreciation rate per
Equipment to be purchased           Lifetime (years)         of original value)        year
 Transferred assets/ existing
assets                                                  30                      0.0%                   0.00%
 Improvement of insulation of the
building envelope (without
windows)                                                30                    10.0%                    3.00%
 Improvement of windows and
ventilation systems                                     30                    10.0%                    3.00%

Improvement of heating systems
and accompanying measures                               20                    10.0%                    4.50%
Construction of new apartments
on the roofs                                            30                    50.0%                    1.67%
                                                                                                       0.00%
                                                                                                       0.00%
                                                                                0.0%                   0.00%
                                                                                0.0%                   0.00%
 Capital expenditures
contingencies                                           25                    20.0%                    3.20%
 Total VAT on fixed assets
 Project Implementation Unit
 Detailed engineering designs
 Start-up Costs (including
Working Capital)
 Project development costs
 Total
 Check balance according to
commitment

Capital expenditures
contingencies                                          15%

Contingencies on Construction
Costs                                                   0%


Additional assumptions
Presumed that the new rates for the supply of electricity enters into force on 1 January each year, and are adjusted by the inflation
Presumed that assets will be purchased rather than leased
s which are not changed over time such as discount rate used, currency used, date of the project calculations, etc.

                                    Notes




                                    These cells define
                                    when and if
                                    dividends can be
                                    distributed - and
                                    what percentage of




                                     These labels can
                                        be changed
                                      according to the
                                       needs of the
                                     project developer
         These cells
         establish the
         ownership portions
         of the project
         (based on equity
         investments
         committed to)




       Rows 53 - 176
       define the
       parameters of
       investment by
       equity investors,
       grants, and loans.
       It is important to
       match the general
       levels of
       commitment with
27.74% the actual levels of
       funds expected
       from these sources
       in rows 197
       through 214.

50.00%




32.33%
50.00%




0.00%




0.00%




0.00%




0.00%




0.00%
0.00%




39.93%




0.00%
           0.00%




                   Check %
       5,509,272                 100%




1st full year      1st full year salary
salary costs per   costs per person
person (Local)     (Foreign currency)
             -
             -
             -
             -
             -
             -
             -                     -



Source

Belarus business plans from ENECA

Belarus business plans from ENECA



http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/01/07/000334955_20110107044636/Rende


                                                                           Funding source
                                                                            Currency to be
                                                                            purchased in
                                                                            (1=local
                                                                            currency,      Year of project
                     Replacement                              Cost (foreign 2=foreign      expense is      Investor #1 -
                     rate per year       Cost (local)         currency)     currency)      incurred        Municipality

                                  0.0%                   -                 -             1                 1        0.0%


                                  0.0%            6,677,649         626,010              1                 1        0.0%

                                  0.0%            6,418,025         601,671              1                 1        0.0%


                                  0.0%            5,849,783         548,400              1                 1        0.0%

                                  0.0%          19,200,600        1,800,000              1                 1      50.0%
                                  0.0%                                                   1                 1       0.0%
                                  0.0%                                                   1                 1       0.0%
                                  0.0%                   -                 -                           -           0.0%
                                  0.0%                   -                 -                           -           0.0%

                                  0.0%            5,721,908         536,412              1                 1      25.0%
                                                  8,773,593         822,499              1                 1       0.0%
                                                  2,026,730         190,000              1             -         100.0%
                                                  2,133,400         200,000              1             -         100.0%

                                                       -                -                1                 1     100.0%
                                                 1,066,700          100,000              1             -         100.0%
                                                57,868,387        5,424,992




                      Fixed assets              52,641,557        4,934,992
                     Associated
                     project
                     investments                  5,226,830         490,000



ach year, and are adjusted by the inflation factor used in this analysis
11/01/07/000334955_20110107044636/Rendered/PDF/588490PUB0IBNE101public10BOX353816B.pdf


    Funding source
               Investor #2 -
Local          Ministry of       Local                       Local                         Local
currency       Energy            currency       Investor # 3 currency       Investor # 4   currency

           -              0.0%              -        100.0%             -           0.0%        -


           -              0.0%              -          0.0%             -           0.0%        -

           -              0.0%              -          0.0%             -           0.0%        -


           -            100.0%      5,849,783          0.0%             -           0.0%        -

  9,600,300               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%        -

  1,430,477              75.0%      4,291,431          0.0%             -           0.0%        -
        -               100.0%      8,773,593          0.0%             -           0.0%        -
  2,026,730               0.0%            -            0.0%             -           0.0%        -
  2,133,400               0.0%            -            0.0%             -           0.0%        -

        -                 0.0%            -            0.0%             -           0.0%        -
  1,066,700               0.0%            -            0.0%             -           0.0%        -
 16,257,607                        18,914,807                           -                       -

     42,393                           85,193                            -                       -
Capital                  Capital               Loan #1 -
grant/    Local          grant/       Local    International     Local
subsidy 1 currency       subsidy 2    currency finance loan      currency       Loan #2

    0.0%             -         0.0%        -              0.0%              -      0.0%


    0.0%             -         0.0%        -            100.0%      6,677,649      0.0%

    0.0%             -         0.0%        -            100.0%      6,418,025      0.0%


    0.0%             -         0.0%        -              0.0%              -

    0.0%             -         0.0%        -             50.0%      9,600,300
    0.0%             -         0.0%        -            100.0%            -        0.0%
    0.0%             -         0.0%        -            100.0%            -        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%
                     -                     -                       22,695,973

                     -                     -                          771,427
Local                  Local      Check
currency       Loan #3 currency   balance

           -      0.0%        -   n/a


           -      0.0%        -         100%

           -      0.0%        -         100%


           -      0.0%        -         100%

           -      0.0%        -         100%
           -      0.0%        -   n/a
           -      0.0%        -   n/a
           -      0.0%        -   n/a
           -      0.0%        -   n/a

           -      0.0%        -         100%
           -      0.0%        -         100%
           -      0.0%        -         100%
           -      0.0%        -         100%

           -      0.0%        -   n/a
           -      0.0%        -         100%
           -                  -

           -                  -
TBA                                           Time-Based Assumptions: Assumptions which change over the course of the t
Description                                   Unit        Total
Number of period for the project                                          Notes

CPI Local Currency (inflation)                %
CPI Foreign currency (inflation)              %

Local currency/EUR ppp Adjustment factor

FX rates                                      Average assumed to be the rate at the end of December of the year
Local Currency/Foreign currency               Yearly average N/A
                                              Base                 5-Sep-12
Local currency CPI Index
Foreign currency CPI Index


Local currency/Foreign currency
Nominal depreciation of Local
Currency/Foreign currency
Local Currency/Foreign Currency Index
factor


Investment programme - Local currency
Transferred assets/ existing assets           x1000 BYR                    -
Improvement of insulation of the building
envelope (without windows)                    x1000 BYR            6,677,649
Improvement of windows and ventilation                                       These currently
systems                                       x1000 BYR            6,418,025 calculate
Improvement of heating systems and                                           automatically, but
accompanying measures                         x1000 BYR            5,849,783 can be changed
                                                                             to suit the project
Construction of new apartments on the roofs
                                              x1000 BYR           19,200,600
0                                             x1000 BYR                   -
0                                             x1000 BYR                   -
0                                             x1000 BYR                   -
0                                             x1000 BYR                   -
Capital expenditures contingencies            x1000 BYR            5,721,908                15%
Total VAT on fixed assets                     x1000 BYR            8,773,593
Project Implementation Unit                   x1000 BYR            2,026,730
Detailed engineering designs                  x1000 BYR            2,133,400
Start-up Costs (including Working Capital)
                                              x1000 BYR                   -
Project development costs                     x1000 BYR            1,066,700

Total costs of the investment programme x1000 BYR                 57,868,387


Investment programme - Foreign currency
Transferred assets/ existing assets           EUR                          -
Improvement of insulation of the building
envelope (without windows)                    EUR                    626,010
Improvement of windows and ventilation
systems                                       EUR                    601,671
Improvement of heating systems and
accompanying measures                         EUR                    548,400
Construction of new apartments on the roofs                                   These currently
                                              EUR                  1,800,000
                                                                             calculate
0                                             EUR                         -
                                                                             automatically, but
                                                                             can be changed
                                                                             to suit the project
                                                                             These currently
                                                                            calculate
                                                                            automatically, but
0                                             EUR                     -
                                                                            can be changed
0                                             EUR                     -
                                                                            to suit the project
0                                             EUR                     -
Capital expenditures contingencies            EUR                536,412
Total VAT on fixed assets                     EUR                822,499
Project Implementation Unit                   EUR                190,000
Detailed engineering designs                  EUR
Start-up Costs (including Working Capital)
                                              EUR                     -
Project development costs                     EUR                100,000

Total costs of the investment programme EUR                     5,424,992

Allowed depreciation Rate for Fixed
Assets
Transferred assets/ existing assets           %                              These currently
Improvement of insulation of the building                                   calculate
envelope (without windows)                    %                             automatically, but
Improvement of windows and ventilation                                      can be changed
systems                                       %                             to suit the project
Improvement of heating systems and
accompanying measures                         %
Construction of new apartments on the roofs
                                              %
0                                             %
0                                             %
0                                             %
0                                             %
Capital expenditures contingencies            %

Depreciation Rate for Fixed Assets
Transferred assets/ existing assets           %
Improvement of insulation of the building
envelope (without windows)                    %
Improvement of windows and ventilation
systems                                       %
Improvement of heating systems and
accompanying measures                         %
Construction of new apartments on the roofs
                                              %
0                                             %
0                                             %
0                                             %
0                                             %
Capital expenditures contingencies            %

Production capacity
Heat                                                                          All information
Primary production                            Gcal                     -         from here
Self-consumption                              % of production                onwards should
                                                                              be taken from
Self-consumption                              Gcal                     -
                                                                            feasibility studies
Losses in transmission                        % of production                  or other best
Losses in transmission                        Gcal                     -         estimates
Total available to consumers                  Gcal                     -

Electricity
Primary production                            MWh                      -
Self-consumption                              % of production
Self-consumption                          MWh                   -
Losses in transmission                    % of production
Losses in transmission                    MWh                   -
Total available to consumers              MWh                   -

Hot water
Primary production                        Gcal                  -
Self-consumption                          % of production
Self-consumption                          Gcal                  -
Losses in transmission                    % of production
Losses in transmission                    Gcal                  -
Total available to consumers              Gcal                  -

Water
Primary production                        m3                    -
Self-consumption                          % of production
Self-consumption                          m3                    -
Losses in transmission                    % of production
Losses in transmission                    m3                    -
Total available to consumers              m3                    -

Projected energy savings

Heat
Number of apartment buildings covered     #
Baseline sales per apartment building     Gcal
Total baseline demand for apartment
buildings                                 Gcal              75,000
Projected savings                         %
Projected demand per apartment building
with measures                             Gcal
Total projected demand from apartment
buildings with measures                   Gcal              38,400

Electricity
Number of apartment buildings covered     #
Baseline sales per apartment building     MWh
Total baseline demand for apartment
buildings                                 MWh                   -
Projected savings                         %
Projected demand per apartment building
with measures                             MWh
Total projected demand from apartment
buildings with measures                   MWh                   -

Hot water
Number of apartment buildings covered     #
Baseline sales per apartment building     Gcal
Total baseline demand for apartment
buildings                                 Gcal              24,750
Projected savings                         %
Projected demand per apartment building
with measures                             Gcal
Total projected demand from apartment
buildings with measures                   Gcal              17,523

Water
Number of apartment buildings covered     #
Baseline sales per apartment building     m3
Total baseline demand for apartment
buildings                                         m3               -
Projected savings                                 %
Projected demand per apartment building
with measures                                     m3
Total projected demand from apartment
buildings with measures                           m3               -

Tariffs according to customer and
commodity

Heat
Annual % increase in price for heat               %
Price for heat - excluding inflation              x1000 BYR/Gcal
Annual % increase in price for heat -
including inflation                               %
 Price for heat - including inflation             x1000 BYR/Gcal
 Subsidy for Heat - %                             %
 Subsidy for Heat - total per unit                x1000 BYR/Gcal

End price for Heat - apartment buildings          x1000 BYR/Gcal

 Projected rate of subsidies for heat on top of
retail household price - business as usual      %

Electricity
Annual % increase in price for electricity        %
Price for electricity - excluding inflation       x1000 BYR/MWh
Annual % increase in price for electricity -
including inflation                               %
Price for electricity - including inflation       x1000 BYR/MWh
Subsidy for electricity - %                       %
Subsidy for electricity - total per unit          x1000 BYR/MWh
End price for electricity - apartment
buildings                                         x1000 BYR/MWh

 Projected rate of subsidies for electricity on
top of household price - business as usual        %

Hot water
Annual % increase in price for hot water          %
Price for hot water - excluding inflation         x1000 BYR/Gcal
Annual % increase in price for hot water -
including inflation                               %
Price for hot water - including inflation         x1000 BYR/Gcal
Subsidy for hot water - %                         %
Subsidy for hot water - total per unit            x1000 BYR/Gcal
End price for hot water - apartment
buildings                                         x1000 BYR/Gcal

 Projected rate of subsidies for hot water on
top of household price - business as usual        %

Water
Annual % increase in price for water              %
Price for water - excluding inflation             x1000 BYR/m3
Annual % increase in price for water -
including inflation                               %
Price for water - including inflation             x1000 BYR/m3
Subsidy for water - %                            %
Subsidy for water - total per unit               x1000 BYR/m3

End price for water - apartment buildings x1000 BYR/m3

Projected rate of subsidies for water on top
of household price - business as usual           %


Capital investment funds from residents
Cost to residents per year per unit area         x1000 BYR/m2
Area of apartments                               m2
Total income from residents for capital
investments (excl. VAT)                          x1000 BYR

Revenue on apartments sold
Price per apartment sold                         x1000 BYR/apartment
Number of new apartments per building            #
Total new apartments to be sold                  #

Collection rates of subsidies
Heat                                             %
Electricity                                      %
Hot water                                        %
Water                                            %

Collection rate of capital investment funds      %

Operating costs

Maintenance costs as a percentage of total
investment                                       %
Marketing costs (% of income)                    %

Total for maintenance costs for system           x1000 BYR             -
Total for maintenance costs for system           EUR                   -
% of maintenance costs which have VAT
assessed                                         %

Total marketing costs                            x1000 BYR             -
Total marketing costs                            EUR                   -

Miscellaneous costs (set as % of
Maintenance costs)                               x1000 BYR             -   0.00%
Miscellaneous costs                              EUR                   -

Prices for consumables
Mark-down from retail price (%)                  %
Price of heat supply                             x1000 BYR/Gcal
Mark-down from retail price (%)                  %
Price of electricity supply                       x1000 BYR/MWh
Mark-down from retail price (%)                  %
Price of hot water supply                        x1000 BYR/Gcal
Mark-down from retail price (%)                  %
Price of water supply                            x1000 BYR/m3

Personnel costs
# of employees - existing
                                               0 # of people
                                           0   # of people
                                           0   # of people
                                           0   # of people
                                           0   # of people
                                           0   # of people
# of existing jobs at the company              # of people

# of employees - to be added
                                           0   # of people
                                           0   # of people
                                           0   # of people
                                           0   # of people
                                           0   # of people
                                           0   # of people
# of newly created jobs from the project       # of people

Wage growth rates
Local Currency Wage growth (nominal)           Yearly %
Local Currency Wage growth (real)              Yearly %
Real Wage Inflation Index
Nominal Wage Inflation Index

Salary per employee per year
                                           0   x1000 BYR
                                           0   x1000 BYR
                                           0   x1000 BYR
                                           0   x1000 BYR
                                           0   x1000 BYR
                                           0   x1000 BYR

Total costs for salaries
                                           0   x1000 BYR     -
                                           0   x1000 BYR     -
                                           0   x1000 BYR     -
                                           0   x1000 BYR     -
                                           0   x1000 BYR     -
                                           0   x1000 BYR     -
Total cost for salaries                        x1000 BYR     -
umptions which change over the course of the time of the projected project period
                      12/31/2011          31/12/2012         31/12/2013     31/12/2014    31/12/2015    31/12/2016
                               -1                  0                  1              2             3             4

                              0.00%            0.00%            15.00%         13.00%        13.00%        12.00%
                              0.00%            0.00%             2.50%          2.50%         2.50%         2.50%

                             1.0000           1.0000            1.1220         1.1024        1.1024        1.0927

at the end of December of the year
                               10.40           10.40             11.67          12.86         14.18         15.50

                              1.000            1.000             1.150          1.300         1.468         1.645
                              1.000            1.000             1.025          1.051         1.077         1.104


                              10.40            10.40             11.67          12.86         14.18         15.50

                                               0.00%            12.20%         10.24%        10.24%         9.27%

                              1.000            1.000             1.122          1.237         1.364         1.490



                                -                -                 -              -             -             -

                                -                -           6,677,649            -             -             -

                                -                -           6,418,025            -             -             -

                                -                -           5,849,783            -             -             -

                                -                -          19,200,600            -             -             -
                                -                -                 -              -             -             -
                                -                -                 -              -             -             -
                                -                -                 -              -             -             -
                                -                -                 -              -             -             -
                                -                -           5,721,908            -             -             -
                                -                -           8,773,593            -             -             -
                                -          2,026,730               -              -             -             -
                                -          2,133,400               -              -             -             -

                                -                -                 -              -             -             -
                                -          1,066,700               -              -             -             -

                                    -      5,226,830       52,641,557                 -             -             -



                                -                -                 -              -             -             -

                                -                -            626,010             -             -             -

                                -                -            601,671             -             -             -

                                -                -            548,400             -             -             -

                                -                -           1,800,000            -             -             -
                                -                -                 -              -             -             -
 -           -          -       -        -        -
 -           -          -       -        -        -
 -           -          -       -        -        -
 -           -      536,412     -        -        -
 -           -      822,499     -        -        -
 -       190,000        -       -        -        -
 -       200,000        -       -        -        -

 -           -           -      -        -        -
 -       100,000         -      -        -        -

     -   490,000   4,934,992        -        -        -



0.00%      0.00%       0.00%   0.00%    0.00%    0.00%

0.00%      0.00%       3.00%   3.00%    3.00%    3.00%

0.00%      0.00%       3.00%   3.00%    3.00%    3.00%

0.00%      0.00%       4.50%   4.50%    4.50%    4.50%

0.00%      0.00%       1.67%   1.67%    1.67%    1.67%
0.00%      0.00%       0.00%   0.00%    0.00%    0.00%
0.00%      0.00%       0.00%   0.00%    0.00%    0.00%
0.00%      0.00%       0.00%   0.00%    0.00%    0.00%
0.00%      0.00%       0.00%   0.00%    0.00%    0.00%
0.00%      0.00%       3.20%   3.20%    3.20%    3.20%


0.00%      0.00%       0.00%   0.00%    0.00%    0.00%

0.00%      0.00%       3.00%   3.00%    3.00%    3.00%

0.00%      0.00%       3.00%   3.00%    3.00%    3.00%

0.00%      0.00%       4.50%   4.50%    4.50%    4.50%

0.00%      0.00%       1.67%   1.67%    1.67%    1.67%
0.00%      0.00%       0.00%   0.00%    0.00%    0.00%
0.00%      0.00%       0.00%   0.00%    0.00%    0.00%
0.00%      0.00%       0.00%   0.00%    0.00%    0.00%
0.00%      0.00%       0.00%   0.00%    0.00%    0.00%
0.00%      0.00%       3.20%   3.20%    3.20%    3.20%




0.0%        0.0%        3.0%   3.0%     3.0%     3.0%
 -           -           -      -        -        -
0.0%        0.0%        0.0%   0.0%     0.0%     0.0%
 -           -           -      -        -        -
 -           -           -      -        -        -



  0%          0%         0%      0%       0%       0%
-      -        -          -          -          -
 0%     0%       6%         6%         6%         6%
-      -        -          -          -          -
-      -        -          -          -          -



 0%     0%       0%         0%         0%         0%
-      -        -          -          -          -
 0%     0%       6%         6%         6%         6%
-      -        -          -          -          -
-      -        -          -          -          -



0.0%   0.0%    3.0%       3.0%       3.0%       3.0%
 -      -       -          -          -          -
0.0%   0.0%    0.0%       0.0%       0.0%       0.0%
 -      -       -          -          -          -
 -      -       -          -          -          -




-      -        10         10         10         10
-      -       300        300        300        300

-      -      3,000      3,000      3,000      3,000
 0%     0%      20%        50%        50%        50%

-      -       240        150        150        150

-      -      2,400      1,500      1,500      1,500


-      -            10         10         10         10
-      -        -          -          -          -

-      -        -          -          -          -


-      -        -          -          -          -

-      -        -          -          -          -


                    10         10         10         10
                    99         99         99         99

-      -       990        990        990        990
 0%     0%     10%        30%        30%        30%

-      -            89         69         69         69

-      -       891        693        693        693


-      -        -          -          -          -
-      -        -          -          -          -
  -          -          -         -        -        -
  -          -          -         -        -        -

  -          -          -         -        -        -

  -          -          -         -        -        -




0.00%      26.00%     19.00%   18.00%   13.00%   10.00%
   79          99        118      139      157      173

  0.0%      26.0%     34.0%    31.0%    26.0%    22.0%
    79         99       133      174      219      267
 150%       150%      150%     140%     130%     120%
117.81     148.44       199      243      285      320

  196        247        332      417      503      587


 150%       150%       150%     150%     150%     150%


 0.0%      20.0%      10.0%    10.0%    10.0%    10.0%
  604        725        797      877      965    1,061

 0.0%      20.0%      25.0%    23.0%    23.0%    22.0%
  604        725        906    1,114    1,371    1,672
   0%         0%         0%       0%       0%       0%
  -          -          -        -        -        -

  604        725        906     1,114    1,371    1,672


   0%         0%         0%       0%       0%       0%


0.00%      26.00%     19.00%   18.00%   13.00%   10.00%
   79          99        118      139      157      173

 0.0%      26.0%      34.0%    31.0%    26.0%    22.0%
    79         99       133      174      219      267
   0%         0%      150%     140%     130%     120%
  -          -          199      243      285      320

      79         99     332      417      503      587


 150%       150%       150%     150%     150%     150%


 0.0%       0.0%       0.0%      0.0%     0.0%     0.0%
    8          8          8         8        8        8

 0.0%       0.0%      15.0%    13.0%    13.0%    12.0%
    8          8          9       10       12       13
0.0%     0.0%        0.0%        0.0%          0.0%           0.0%
 -        -           -           -             -              -

     8        8           9           10             12             13


 0%       0%          0%          0%             0%             0%



 -       4.74        5.45        6.16          6.96           7.80
                   18,000      18,000        18,000         18,000

 -        -        98,118     110,873       125,287        140,321


                  832,026     940,189      1,062,414      1,189,904
                      -             2              2              2
 -        -           -            20             20             20


100%     100%       100%        100%           100%           100%
100%     100%       100%        100%           100%           100%
100%     100%       100%        100%           100%           100%
100%     100%       100%        100%           100%           100%

97%      97%         97%         97%            97%            97%




                    0.00%       0.00%         0.00%          0.00%
                     0.0%        0.0%          0.0%           0.0%

 -        -           -           -              -              -
 -        -           -           -              -              -

                  100.0%      100.0%         100.0%         100.0%

 -        -           -           -              -              -
 -        -           -           -              -              -


 -        -           -           -              -              -
 -        -           -           -              -              -


0.0%     0.0%        0.0%        0.0%          0.0%           0.0%
 196      247         332         417           503            587
0.0%     0.0%        0.0%        0.0%          0.0%           0.0%
 604      725         906       1,114         1,371          1,672
0.0%     0.0%        0.0%        0.0%          0.0%           0.0%
  79       99         332         417           503            587
0.0%     0.0%        0.0%        0.0%          0.0%           0.0%
8.00     8.00        9.20       10.40         11.75          13.16
 -       -        -        -        -        -


 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -


0.00%   5.00%   20.00%   18.00%   18.00%   17.00%
0.00%   5.00%    5.00%    5.00%    5.00%    5.00%
1.000   1.050    1.103    1.158    1.216    1.276
1.000   1.050    1.260    1.487    1.754    2.053


 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -


 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
 -       -        -        -        -        -
31/12/2017    31/12/2018    31/12/2019    31/12/2020    31/12/2021    31/12/2022
         5             6             7             8             9            10

   12.00%        11.00%        11.00%        10.00%         9.00%         8.00%
    2.50%         2.50%         2.50%         2.50%         2.50%         2.50%

   1.0927        1.0829        1.0829        1.0732        1.0634        1.0537


    16.93         18.34         19.86         21.31         22.66         23.88

    1.842         2.045         2.270         2.496         2.721         2.939
    1.131         1.160         1.189         1.218         1.249         1.280


    16.93         18.34         19.86         21.31         22.66         23.88

    9.27%         8.29%         8.29%         7.32%         6.34%         5.37%

    1.628         1.763         1.909         2.049         2.179         2.296



      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -

      -             -             -             -             -             -
      -             -             -             -             -             -

          -             -             -             -             -             -



      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -
      -             -             -             -             -             -
 -        -        -        -        -        -
 -        -        -        -        -        -
 -        -        -        -        -        -
 -        -        -        -        -        -
 -        -        -        -        -        -
 -        -        -        -        -        -
 -        -        -        -        -        -

 -        -        -        -        -        -
 -        -        -        -        -        -

     -        -        -        -        -        -



0.00%    0.00%    0.00%    0.00%    0.00%    0.00%

3.00%    3.00%    3.00%    3.00%    3.00%    3.00%

3.00%    3.00%    3.00%    3.00%    3.00%    3.00%

4.50%    4.50%    4.50%    4.50%    4.50%    4.50%

0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
3.20%    3.20%    3.20%    3.20%    3.20%    3.20%


0.00%    0.00%    0.00%    0.00%    0.00%    0.00%

3.00%    3.00%    3.00%    3.00%    3.00%    3.00%

3.00%    3.00%    3.00%    3.00%    3.00%    3.00%

4.50%    4.50%    4.50%    4.50%    4.50%    4.50%

0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
3.20%    3.20%    3.20%    3.20%    3.20%    3.20%




3.0%     3.0%     3.0%     3.0%     3.0%     3.0%
 -        -        -        -        -        -
0.0%     0.0%     0.0%     0.0%     0.0%     0.0%
 -        -        -        -        -        -
 -        -        -        -        -        -



  0%       0%       0%       0%       0%       0%
  -          -          -          -          -          -
   6%         6%         6%         6%         6%         6%
  -          -          -          -          -          -
  -          -          -          -          -          -



   0%         0%         0%         0%         0%         0%
  -          -          -          -          -          -
   6%         6%         6%         6%         6%         6%
  -          -          -          -          -          -
  -          -          -          -          -          -



 3.0%       3.0%       3.0%       3.0%       3.0%       3.0%
  -          -          -          -          -          -
 0.0%       0.0%       0.0%       0.0%       0.0%       0.0%
  -          -          -          -          -          -
  -          -          -          -          -          -




  10         10         10         10         10         10
 300        300        300        300        300        300

3,000      3,000      3,000      3,000      3,000      3,000
  50%        50%        50%        50%        50%        50%

 150        150        150        150        150        150

1,500      1,500      1,500      1,500      1,500      1,500


      10         10         10         10         10         10
  -          -          -          -          -          -

  -          -          -          -          -          -


  -          -          -          -          -          -

  -          -          -          -          -          -


      10         10         10         10         10         10
      99         99         99         99         99         99

 990        990        990        990        990        990
 30%        30%        30%        30%        30%        30%

      69         69         69         69         69         69

 693        693        693        693        693        693


  -          -          -          -          -          -
  -          -          -          -          -          -
   -        -        -        -        -        -
   -        -        -        -        -        -

   -        -        -        -        -        -

   -        -        -        -        -        -




10.00%   10.00%   10.00%   10.00%   10.00%   10.00%
   190      209      230      253      278      306

22.0%    21.0%    21.0%    20.0%    19.0%    18.0%
  326      394      477      572      681      804
110%     100%      90%      80%      70%      60%
  358      394      429      458      477      482

  684      788      906     1,030    1,158    1,286


 150%     140%     130%     120%     110%     100%


10.0%    10.0%    10.0%    10.0%      0.0%     0.0%
1,167    1,284    1,412    1,554     1,554    1,554

22.0%    21.0%    21.0%    20.0%      9.0%     8.0%
2,040    2,469    2,987    3,584     3,907    4,219
   0%       0%       0%       0%        0%       0%
  -        -        -        -         -        -

 2,040    2,469    2,987    3,584    3,907    4,219


   0%       0%       0%       0%       0%       0%


10.00%   10.00%   10.00%   10.00%   10.00%   10.00%
   190      209      230      253      278      306

22.0%    21.0%    21.0%    20.0%    19.0%    18.0%
  326      394      477      572      681      804
110%     100%      90%      80%      70%      60%
  358      394      429      458      477      482

  684      788      906     1,030    1,158    1,286


 150%     140%     130%     120%     110%     100%


  0.0%     0.0%     0.0%     0.0%     0.0%     0.0%
     8        8        8        8        8        8

12.0%    11.0%    11.0%    10.0%      9.0%     8.0%
   15       16       18       20        22       24
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
     -              -              -              -              -              -

          15             16             18             20             22             24


      0%             0%             0%             0%             0%             0%



    8.73           9.69          10.76          11.83          12.90          13.93
  18,000         18,000         18,000         18,000         18,000         18,000

 157,160        174,447        193,637        213,000        232,170        250,744


1,332,692      1,479,288      1,642,010      1,806,211      1,968,770      2,126,272
      -              -              -              -              -              -
      -              -              -              -              -              -


    100%           100%           100%           100%           100%           100%
    100%           100%           100%           100%           100%           100%
    100%           100%           100%           100%           100%           100%
    100%           100%           100%           100%           100%           100%

     97%            97%            97%            97%            97%            97%




   0.00%          0.00%          0.00%          0.00%          0.00%          0.00%
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%

      -              -              -              -              -              -
      -              -              -              -              -              -

  100.0%         100.0%         100.0%         100.0%         100.0%         100.0%

      -              -              -              -              -              -
      -              -              -              -              -              -


      -              -              -              -              -              -
      -              -              -              -              -              -


    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
     684            788            906          1,030          1,158          1,286
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
   2,040          2,469          2,987          3,584          3,907          4,219
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
     684            788            906          1,030          1,158          1,286
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
   14.74          16.36          18.16          19.97          21.77          23.51
  -        -        -        -        -        -


  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -


17.00%   16.00%   16.00%   15.00%   14.00%   13.00%
 5.00%    5.00%    5.00%    5.00%    5.00%    5.00%
 1.340    1.407    1.477    1.551    1.629    1.710
 2.402    2.786    3.232    3.716    4.237    4.787


  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -


  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
  -        -        -        -        -        -
31/12/2023    31/12/2024    31/12/2025    31/12/2026    31/12/2027    31/12/2028
        11            12            13            14            15            16

    7.00%         6.00%         6.00%         6.00%         6.00%         6.00%
    2.50%         2.50%         2.50%         2.50%         2.50%         2.50%

   1.0439        1.0341        1.0341        1.0341        1.0341        1.0341


    24.92         25.78         26.66         27.57         28.51         29.48

    3.145         3.333         3.533         3.745         3.970         4.208
    1.312         1.345         1.379         1.413         1.448         1.485


    24.92         25.78         26.66         27.57         28.51         29.48

    4.39%         3.41%         3.41%         3.41%         3.41%         3.41%

    2.397         2.478         2.563         2.651         2.741         2.835



      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -

      -             -             -             -             -             -
      -             -             -             -             -             -

          -             -             -             -             -



      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -
      -             -             -             -             -             -
 -        -        -        -        -        -
 -        -        -        -        -        -
 -        -        -        -        -        -
 -        -        -        -        -        -
 -        -        -        -        -        -
 -        -        -        -        -        -
 -        -        -        -        -        -

 -        -        -        -        -        -
 -        -        -        -        -        -

     -        -        -        -        -



0.00%    0.00%    0.00%    0.00%    0.00%    0.00%

3.00%    3.00%    3.00%    3.00%    3.00%    3.00%

3.00%    3.00%    3.00%    3.00%    3.00%    3.00%

4.50%    4.50%    4.50%    4.50%    4.50%    4.50%

0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
3.20%    3.20%    3.20%    3.20%    3.20%    3.20%


0.00%    0.00%    0.00%    0.00%    0.00%    0.00%

3.00%    3.00%    3.00%    3.00%    3.00%    3.00%

3.00%    3.00%    3.00%    3.00%    3.00%    3.00%

4.50%    4.50%    4.50%    4.50%    4.50%    4.50%

0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
0.00%    0.00%    0.00%    0.00%    0.00%    0.00%
3.20%    3.20%    3.20%    3.20%    3.20%    3.20%




3.0%     3.0%     3.0%     3.0%     3.0%
 -        -        -        -        -
0.0%     0.0%     0.0%     0.0%     0.0%
 -        -        -        -        -
 -        -        -        -        -



  0%       0%       0%       0%       0%
  -          -          -          -          -
   6%         6%         6%         6%         6%
  -          -          -          -          -
  -          -          -          -          -



   0%         0%         0%         0%         0%
  -          -          -          -          -
   6%         6%         6%         6%         6%
  -          -          -          -          -
  -          -          -          -          -



 3.0%       3.0%       3.0%       3.0%       3.0%
  -          -          -          -          -
 0.0%       0.0%       0.0%       0.0%       0.0%
  -          -          -          -          -
  -          -          -          -          -




  10         10         10         10         10         10
 300        300        300        300        300        300

3,000      3,000      3,000      3,000      3,000      3,000
  50%        50%        50%        50%        50%        50%

 150        150        150        150        150        150

1,500      1,500      1,500      1,500      1,500      1,500


      10         10         10         10         10         10


  -          -          -          -          -


  -          -          -          -          -

  -          -          -          -          -


      10         10         10         10         10         10
      99         99         99         99         99         99

 990        990        990        990        990        990
 30%        30%        30%        30%        30%        30%

      69         69         69         69         69         69

 693        693        693        693        693        693


  -          -          -          -          -          -
  -          -          -          -          -          -
   -        -        -        -        -
   -        -        -        -        -       -

   -        -        -        -        -

   -        -        -        -        -




10.00%   10.00%   10.00%   10.00%   10.00%    0.0%
   337      370      407      448      493     493

17.0%    16.0%    16.0%    16.0%    16.0%     6.0%
  940    1,091    1,265    1,468    1,703    1,805
 50%       40%      30%      20%      10%       0%
  470      436      380      294      170      -

 1,411    1,527    1,645    1,761    1,873   1,805


  90%      80%      70%      60%      50%     40%


  0.0%     0.0%     0.0%     0.0%     0.0%    0.0%
 1,554    1,554    1,554    1,554    1,554   1,554

  7.0%     6.0%     6.0%     6.0%     6.0%    6.0%
 4,515    4,786    5,073    5,377    5,700   6,042
    0%       0%       0%       0%       0%      0%
   -        -        -        -        -       -

 4,515    4,786    5,073    5,377    5,700   6,042


   0%       0%       0%       0%       0%      0%


10.00%   10.00%   10.00%   10.00%   10.00%    0.0%
   337      370      407      448      493     493

17.0%    16.0%    16.0%    16.0%    16.0%     6.0%
  940    1,091    1,265    1,468    1,703    1,805
 50%       40%      30%      20%      10%       0%
  470      436      380      294      170      -

 1,411    1,527    1,645    1,761    1,873   1,805


  90%      80%      70%      60%      50%     40%


  0.0%     0.0%     0.0%     0.0%     0.0%    0.0%
     8        8        8        8        8       8

  7.0%     6.0%     6.0%     6.0%     6.0%    6.0%
    25       27       28       30       32      34
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
     -              -              -              -              -              -

          25             27             28             30             32             34


      0%             0%             0%             0%             0%             0%



   14.91          15.80          16.75          17.75          18.82          19.95
  18,000         18,000         18,000         18,000         18,000         18,000

 268,296        284,394        301,457        319,545        338,718        359,041


2,275,111      2,411,617      2,556,314      2,709,693      2,872,275      3,044,611
      -              -              -              -              -              -
      -              -              -              -              -              -


    100%           100%           100%           100%           100%           100%
    100%           100%           100%           100%           100%           100%
    100%           100%           100%           100%           100%           100%
    100%           100%           100%           100%           100%           100%

     97%            97%            97%            97%            97%            97%




   0.00%          0.00%          0.00%          0.00%          0.00%          0.00%
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%

      -              -              -              -              -              -
      -              -              -              -              -              -

  100.0%         100.0%         100.0%         100.0%         100.0%         100.0%

      -              -              -              -              -              -
      -              -              -              -              -              -


      -              -              -              -              -              -
      -              -              -              -              -              -


    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
   1,411          1,527          1,645          1,761          1,873          1,805
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
   4,515          4,786          5,073          5,377          5,700          6,042
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
   1,411          1,527          1,645          1,761          1,873          1,805
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
   25.16          26.67          28.27          29.96          31.76          33.67
  -        -        -        -        -




12.00%   11.00%   11.00%   11.00%   11.00%   11.00%
 5.00%    5.00%    5.00%    5.00%    5.00%    5.00%
 1.796    1.886    1.980    2.079    2.183    2.292
 5.362    5.952    6.606    7.333    8.140    9.035


  -        -        -        -        -
  -        -        -        -        -
  -        -        -        -        -
  -        -        -        -        -
  -        -        -        -        -
  -        -        -        -        -


  -        -        -        -        -
  -        -        -        -        -
  -        -        -        -        -
  -        -        -        -        -
  -        -        -        -        -
  -        -        -        -        -
  -        -        -        -        -
31/12/2029   31/12/2030   31/12/2031   31/12/2032   31/12/2033   31/12/2034   31/12/2035
        17           18           19           20           21           22           23

    6.00%        6.00%        6.00%        6.00%        6.00%        6.00%        6.00%
    2.50%        2.50%        2.50%        2.50%        2.50%        2.50%        2.50%

   1.0341       1.0341       1.0341       1.0341       1.0341       1.0341       1.0341


    30.49        31.53        32.61        33.72        34.87        36.06        37.29

    4.461        4.728        5.012        5.313        5.631        5.969        6.328
    1.522        1.560        1.599        1.639        1.680        1.722        1.765


    30.49        31.53        32.61        33.72        34.87        36.06        37.29

    3.41%        3.41%        3.41%        3.41%        3.41%        3.41%        3.41%

    2.932        3.032        3.135        3.242        3.353        3.467        3.586



      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -

      -            -            -            -            -            -            -
      -            -            -            -            -            -            -




      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
 -       -       -       -       -       -       -
 -       -       -       -       -       -       -
 -       -       -       -       -       -       -
 -       -       -       -       -       -       -
 -       -       -       -       -       -       -
 -       -       -       -       -       -       -
 -       -       -       -       -       -       -

 -       -       -       -       -       -       -
 -       -       -       -       -       -       -




0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%

3.00%   3.00%   3.00%   3.00%   3.00%   3.00%   3.00%

3.00%   3.00%   3.00%   3.00%   3.00%   3.00%   3.00%

4.50%   4.50%   4.50%   4.50%   4.50%   4.50%   4.50%

0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
3.20%   3.20%   3.20%   3.20%   3.20%   3.20%   3.20%


0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%

3.00%   3.00%   3.00%   3.00%   3.00%   3.00%   3.00%

3.00%   3.00%   3.00%   3.00%   3.00%   3.00%   3.00%

4.50%   4.50%   4.50%   4.50%   4.50%   4.50%   4.50%

0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
0.00%   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
3.20%   3.20%   3.20%   3.20%   3.20%   3.20%   3.20%
  10         10         10         10         10         10         10
 300        300        300        300        300        300        300

3,000      3,000      3,000      3,000      3,000      3,000      3,000
  50%        50%        50%        50%        50%        50%        50%

 150        150        150        150        150        150        150

1,500      1,500      1,500      1,500      1,500      1,500      1,500


      10         10         10         10         10         10         10




      10         10         10         10         10         10         10
      99         99         99         99         99         99         99

 990        990        990        990        990        990        990
 30%        30%        30%        30%        30%        30%        30%

      69         69         69         69         69         69         69

 693        693        693        693        693        693        693


  -          -          -          -          -          -          -
  -          -          -          -          -          -          -
  -       -       -       -       -       -       -




 0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%
  493     493     493     493     493     493     493

 6.0%    6.0%    6.0%    6.0%    6.0%    6.0%    6.0%
1,913   2,028   2,150   2,279   2,415   2,560   2,714
   0%      0%      0%      0%      0%      0%      0%
  -       -       -       -       -       -       -

1,913   2,028   2,150   2,279   2,415   2,560   2,714


 30%     20%     10%      0%      0%      0%      0%


 0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%
1,554   1,554   1,554   1,554   1,554   1,554   1,554

 6.0%    6.0%    6.0%    6.0%    6.0%    6.0%    6.0%
6,404   6,789   7,196   7,628   8,085   8,571   9,085
   0%      0%      0%      0%      0%      0%      0%
  -       -       -       -       -       -       -

6,404   6,789   7,196   7,628   8,085   8,571   9,085


  0%      0%      0%      0%      0%      0%      0%


 0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%
  493     493     493     493     493     493     493

 6.0%    6.0%    6.0%    6.0%    6.0%    6.0%    6.0%
1,913   2,028   2,150   2,279   2,415   2,560   2,714
   0%      0%      0%      0%      0%      0%      0%
  -       -       -       -       -       -       -

1,913   2,028   2,150   2,279   2,415   2,560   2,714


 30%     20%     10%      0%      0%      0%      0%


 0.0%    0.0%    0.0%    0.0%    0.0%    0.0%    0.0%
    8       8       8       8       8       8       8

 6.0%    6.0%    6.0%    6.0%    6.0%    6.0%    6.0%
   36      38      40      43      45      48      51
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
     -              -              -              -              -              -              -

          36             38             40             43             45             48             51


      0%             0%             0%             0%             0%             0%             0%



   21.14          22.41          23.76          25.18          26.69          28.29          29.99
  18,000         18,000         18,000         18,000         18,000         18,000         18,000

 380,583        403,418        427,623        453,281        480,477        509,306        539,864


3,227,288      3,420,925      3,626,181      3,843,751      4,074,376      4,318,839      4,577,969
      -              -              -              -              -              -              -
      -              -              -              -              -              -              -


    100%           100%           100%           100%           100%           100%           100%
    100%           100%           100%           100%           100%           100%           100%
    100%           100%           100%           100%           100%           100%           100%
    100%           100%           100%           100%           100%           100%           100%

     97%            97%            97%            97%            97%            97%            97%




   0.00%          0.00%          0.00%          0.00%          0.00%          0.00%          0.00%
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%           0.0%

      -              -              -              -              -              -              -
      -              -              -              -              -              -              -

  100.0%         100.0%         100.0%         100.0%         100.0%         100.0%         100.0%

      -              -              -              -              -              -              -
      -              -              -              -              -              -              -


      -              -              -              -              -              -              -
      -              -              -              -              -              -              -


    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
   1,913          2,028          2,150          2,279          2,415          2,560          2,714
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
   6,404          6,789          7,196          7,628          8,085          8,571          9,085
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
   1,913          2,028          2,150          2,279          2,415          2,560          2,714
    0.0%           0.0%           0.0%           0.0%           0.0%           0.0%           0.0%
   35.69          37.83          40.10          42.50          45.05          47.75          50.62
11.00%   11.00%   11.00%   11.00%   11.00%   11.00%   11.00%
 5.00%    5.00%    5.00%    5.00%    5.00%    5.00%    5.00%
 2.407    2.527    2.653    2.786    2.925    3.072    3.225
10.029   11.132   12.357   13.716   15.225   16.900   18.758
30/12/2036   30/12/2037
        24           25

    6.00%        6.00%
    2.50%        2.50%

   1.0341       1.0341


    38.57        39.88

    6.707        7.110
    1.809        1.854


    38.57        39.88

    3.41%        3.41%

    3.708        3.835



      -            -

      -            -

      -            -

      -            -

      -            -
      -            -
      -            -
      -            -
      -            -
      -            -
      -            -
      -            -
      -            -

      -            -
      -            -




      -            -

      -            -

      -            -

      -            -

      -            -
      -            -
 -       -
 -       -
 -       -
 -       -
 -       -
 -       -
 -       -

 -       -
 -       -




0.00%   0.00%

3.00%   3.00%

3.00%   3.00%

4.50%   4.50%

0.00%   0.00%
0.00%   0.00%
0.00%   0.00%
0.00%   0.00%
0.00%   0.00%
3.20%   3.20%


0.00%   0.00%

3.00%   3.00%

3.00%   3.00%

4.50%   4.50%

0.00%   0.00%
0.00%   0.00%
0.00%   0.00%
0.00%   0.00%
0.00%   0.00%
3.20%   3.20%
  10         10
 300        300

3,000      3,000
  50%        50%

 150        150

1,500      1,500


      10         10




      10         10
      99         99

 990        990
 30%        30%

      69         69

 693        693


  -          -
  -          -
  -        -




 0.0%     0.0%
  493      493

 6.0%     6.0%
2,877    3,049
   0%       0%
  -        -

2,877    3,049


  0%       0%


 0.0%     0.0%
1,554    1,554

 6.0%     6.0%
9,630   10,208
   0%       0%
  -        -

9,630   10,208


  0%       0%


 0.0%     0.0%
  493      493

 6.0%     6.0%
2,877    3,049
   0%       0%
  -        -

2,877    3,049


  0%       0%


 0.0%     0.0%
    8        8

 6.0%     6.0%
   54       57
    0.0%           0.0%
     -              -

          54             57


      0%             0%



   31.79          33.70
  18,000         18,000

 572,256        606,592


4,852,648      5,143,806
      -              -
      -              -


    100%           100%
    100%           100%
    100%           100%
    100%           100%

     97%            97%




   0.00%          0.00%
    0.0%           0.0%

      -              -
      -              -

  100.0%         100.0%

      -              -
      -              -


      -              -
      -              -


    0.0%           0.0%
   2,877          3,049
    0.0%           0.0%
   9,630         10,208
    0.0%           0.0%
   2,877          3,049
    0.0%           0.0%
   53.66          56.88
11.00%   11.00%
 5.00%    5.00%
 3.386    3.556
20.822   23.112
App-1-Proj Basics                 Project Financial basics: Basic information about the project financial parameters
Title                             Description of the value      Value
Project Name
Type of investment in the          Equity, share of profits, output,
project                           credit, etc.                       Credit
Total amount of investment         x1000 BYR                                   65,764,621
Of which the costs include:
Capital costs                     x1000 BYR                                    50,448,159
VAT paid in the implementation
                               x1000 BYR                                       10,089,632
of capital expenditure
Total associated costs for
                              x1000 BYR                                         5,226,830
investment
Sources of finance to cover total investment costs:
Investor #1 - Municipality     x1000 BYR                                       17,912,224
Investor #2 - Ministry of Energy x1000 BYR                                     21,752,028
Investor # 3                      x1000 BYR                                                -
Investor # 4                      x1000 BYR                                                -
Capital grant/ subsidy 1          x1000 BYR                                                -
Capital grant/ subsidy 2          x1000 BYR                                                -
Loan #1 - International finance
                                  x1000 BYR                                    26,100,369
loan
Loan #2                            x1000 BYR                                               -
Loan #3                            x1000 BYR                                               -
                                  (R & D, construction,
                                  production preparation,
                                  purchase of equipment and
The nature of the investments                                        Construction,
                                  technologies, licensing,
                                  acquisition of real estate,       implementation of EE
                                  working capital, other)           measures
Date of establishment of the
                                  Date                                             9/5/2012
investment proposal
oject financial parameters
1-1-Proj Info                     Information about the Project: Basic information about the project
Title                             Description of the value                 Value
                                                                            Energy efficiency improvements
                                                                           in Municipally owned residential
Name of the project               Text                                     buildings
                                  1-2 words - new product production,
Description of the goals of the   expansion of activities, technical
investment project                improvements, other                       Energy effiency improvement
                                  Longer description of the project - 1
                                  sentence - works, construction, training Implementing energy efficiency
What will the investment be       of producers, purchasing of equipment, measures and a new floor on each
used for?                         etc.                                     building
Location of carrying out the
project:                          Country, region                         Belarus, Region
Date of beginning to carry out
the project:                      Year                                                           1/10/2012
Is there a need to change the
organizational structure and
entity?                           Yes/No                                  Yes
1-2-Production                  Production: Basic information about the products of the project
Title                           Description of the value
Name of the product             (e.g. electrical energy)


Meaning and basic
characteristics                 2-3 sentences


Characteristics of the new      (e.g. reconstruction,
changes                         modernization, new design)
Needs for (either exists, needed, or not needed)
Patent protection               (exists, needed or not needed)
Licensing of products           (exists, needed or not needed)
Licensing of an activity        (exists, needed or not needed)
Certification of production     (exists, needed or not needed)
Implementation of international
systems of certification and
control                         (exists, needed or not needed)
formation about the products of the project
           Value
           Energy efficiency improvements and new apartments

            Investments for improvement of energy efficiency to
           be paid for by reduced expenses and the
           construction of new apartments on the attic level

            Improvement of energy efficiency characteristics in
           publicly owned residential buildings as well as
           addition of a new floor for each building

           Not needed
           Not needed
           Not needed
           Needed for new apartments


           Not needed
1-3-Marketing               Marketing Information: Basic information about the market and market share of the projec
Title                       Description of the value  Value
Volume of demand            Currency                                     970,385
Projected volume of
                            Currency
demand                                                                     970,385
Expected market share       Percentage                                        100%
Basic data about the end-                             Residents of buildings, new
                            Name of end user
user/ consumer                                        apartment purchasers
                                                      Combination of engineering
Advantages of the
                            Text                      and building maintenance
competition
                                                      expertise
arket share of the project
1-4-Proj Prep                   Project Preparation: Description of the existing level of elaboration of the project
Title                           Description of the value        Value
Degree of preparation of the project
Idea of the project             Yes/no                          Yes
Scientific and technical
                                Yes/no
documentation                                                   Yes
Design estimates                Yes/no                          Yes
Training of producers           Yes/no                          Yes
Construction design
                                Yes/no
documentation                                                   No
Mass production                 Yes/no                          No
Prototype                       Yes/no                          No
Feasibility study               Yes/no                          Yes
Degree of preparation of the
                                (exists, needed or not needed)
producers                                                       Exists
Availability of production facilities (exists, needed or not needed)
                                                                       Exists
Availability of drainage           (exists, needed or not needed)      Exists
Availability of technical timetable (exists, needed or not needed)
                                                                       Exists
Expertise of the project
Environmental                      (exists, needed or not needed)      Exists
Departmental                       (exists, needed or not needed)      Exists
For new construction               (exists, needed or not needed)      Exists
State complex                      (exists, needed or not needed)      Not needed
Independent                        (exists, needed or not needed)      Exists
Other                              (exists, needed or not needed)      Not needed
Needed Imports                     Yes/No                              No
Technology                                                             Yes
Equipment                                                              No
Raw Materials                                                          No
oration of the project
1-5-Fin Indic                           Financial Indicators: Basic financial indicators of the project - including expens

Title                                     Description of the value Value
General investment expenses               x1000 BYR                    65,764,621
Including the following:
Capital expenditures                      x1000 BYR                    50,448,159
VAT paid in the implementation of capital
expenditures                              x1000 BYR                    10,089,632
Total associated costs for investment     x1000 BYR                      5,226,830
Sources of funding the total investment costs:
Investor #1 - Municipality                x1000 BYR                    17,912,224
Investor #2 - Ministry of Energy          x1000 BYR                    21,752,028
Capital grants and subsidies              x1000 BYR                            -
Loans                                     x1000 BYR                    28,694,437
roject - including expenses and sources of funds
1-6-Investors                         Investor Involvement: Indication of proposed investor involvement in the projec
Investments in the form of property                        -
Intangible investments
Investments in the form of cash                     28,694,437
Provisions for the investor
Rights to acquire shares up to (%)    N/A
Share of sales up to (%)              N/A
Profit share up to (%)                N/A
Other                                 Loan fees and interest
osed investor involvement in the project
1-7-Guarantees       Guarantees: Guarantees for the repayment of credits and loans
                     Description of
Title                                Value
                     the value
State guarantees     Yes/No          Yes
Bank guarantees      Yes/No          No
Pledge of assets     Yes/No          No
Insurance            Yes/No          No
Transfer of Rights   Yes/No          No
Other                Yes/No          No
1-8-Org                                        Organisational Passport: Basic description of the lead sponsor of the project
Title                                          Description of the value              Value
Type of Industry:                              Brief text (1-2 words)                 Municipal management
Full name of the project sponsor:              Text                                   Municipal Holdings
Abbreviated name of the project sponsor:
                                               Text                                      Municipal Holdings

                                                                                          Provision of maintenance
                                                                                         services, heat and hot water
Principal activities of the project sponsor:
                                                                                         services for publicly owned
                                                                                         residential buildings, as well
                                               Text (1-2 sentences)                      as other municipal activities
Legal address:                                 Text
Country:                                       Text
                                               Sole proprietorship, partnership, privately
                                               owned corporation, publicly owned
Form of ownership:
                                               corporation, limited liability company,
                                               cooperative                                 Publicly owned corporation
Authorised share capital:                      x1000 BYR
Founders of the project sponsor:               Text                                        The Municipality
                                               Investor #1 - Municipality                                       50.0%
Distribution of ownership of shares of the     Investor #2 - Ministry of Energy                                 50.0%
project:                                       Investor # 3                                                      0.0%
                                               Investor # 4                                                        -

                                               Company 1 (% of ownership):               N/A
Companies which the project sponsor is
                                               Company 2 (% of ownership):               N/A
owner/ part owner of:
                                               Company 3 (% of ownership):               N/A
                                               Company 4 (% of ownership):               N/A
Liquid capital assets of the project
sponsor:                                       x1000 BYR
Fixed assets of the project sponsor:           x1000 BYR
Number of employees of the project
sponsor:                                       # of people
Responsible person for the project
sponsor:                                       Name
Number of years of activity of the project
sponsor:                                       # of years
Chief accountant of the project sponsor:
                                               Name
Phone number:                                  Include country code
Fax:                                           Include country code
Website:                                       URL
                                               Email of the responsible person for the
Email:                                         business plan
sponsor of the project
2-Summary                                      Project Summary Indicators: A summary of the key parameters of the proje
Description                                    Unit         Total                           12/31/2011
Number of period for the project                                                                    -1
Total investment costs
Capital cost excluding VAT                     x1000 BYR            60,537,791                     -
VAT paid in the implementation of capital
expenditure                                    x1000 BYR            10,089,632                     -
Increase in net working capital                x1000 BYR                60,659                     -
Interest paid on loans, related to the
implementation of capital expenditure          x1000 BYR            11,254,538                     -
Fees on loans                                  x1000 BYR               485,502                     -
Sources of funding for the investment:
Investor #1 - Municipality                     x1000 BYR            17,912,224                         -
Investor #2 - Ministry of Energy               x1000 BYR            21,752,028                         -
Investor # 3                                   x1000 BYR                   -                           -
Investor # 4                                   x1000 BYR                   -                           -
Capital grant/ subsidy 1                       x1000 BYR                   -                           -
Capital grant/ subsidy 2                       x1000 BYR                   -                           -
Loan #1 - International finance loan           x1000 BYR            28,694,437                         -
Loan #2                                        x1000 BYR                   -                           -
Loan #3                                        x1000 BYR                   -                           -
The share of own funds in the amount of
investments,%                                  %                          26%             X
Projected date of beginning of
                                               Date                   1/09/2013
production/sales                                                                          X
Total revenue from ongoing receivables (excl
                                               x1000 BYR                                               -
VAT)                                                                29,231,901
VAT received (assessed)                        x1000 BYR             1,588,122                         -
Revenue from product sales (excluding VAT) x1000 BYR                                                   -
                                                                    30,820,023
 # of existing jobs at the company         # of people                      -                          -
 # of newly created jobs from the project  # of people                      -                          -
Revenue from product sales (excluding VAT)
per employee                               x1000 BYR         X                            X
Performance indicators of the project:
Simple payback period                          Months                       47            X
Discounted payback period                      Months                      245            X
Net Present Value                              x1000 BYR             1,307,461            X
Internal Rate of Return                        %                         12.6%            X
Profitability Index                            #                        0.0199            X
 DSCR including Debt Reserve and Cash
                                               Minimum                    2.46            n/a
brought forward
Breakeven ratio                                Minimum       0%                           n/a
Return on sales,%                              Minimum       26%                          n/a
key parameters of the project
           31/12/2012        31/12/2013               31/12/2014              31/12/2015              31/12/2016               31/12/2017
                     0                1                        2                       3                       4                        5

                    -             60,537,791                    -                       -                       -                     -

                    -             10,089,632                 -                       -                       -                       -
                    -                 87,537              40,836                  21,380                  18,354                  20,431

                    -              2,108,566           2,533,170               2,316,638               1,969,591               1,489,208
                228,800              256,702                 -                       -                       -                       -

              5,226,830           12,685,394                        -                       -                       -                     -
                     -            21,752,028                        -                       -                       -                     -
                     -                    -                         -                       -                       -                     -
                     -                    -                         -                       -                       -                     -
                     -                    -                         -                       -                       -                     -
                     -                    -                         -                       -                       -                     -
                228,800           28,465,637                        -                       -                       -                     -
                     -                    -                         -                       -                       -                     -
                     -                    -                         -                       -                       -                     -

          X                 X                   X                       X                       X                       X

          X                 X                   X                       X                       X                       X
                        -           888,837            1,077,932               1,256,879               1,414,691               1,582,323
                        -             19,624              22,175                  25,057                  28,064                  31,432
                        -           908,461            1,100,107               1,281,936               1,442,755               1,613,755
                        -                   -                       -                       -                       -                     -
                        -                   -                       -                       -                       -                     -

           X                      #DIV/0!             #DIV/0!                 #DIV/0!                 #DIV/0!               #DIV/0!

          X                 X                   X                       X                       X                       X
          X                 X                   X                       X                       X                       X
          X                 X                   X                       X                       X                       X
          X                 X                   X                       X                       X                       X
          X                 X                   X                       X                       X                       X
           n/a              n/a                             2.46                    3.89                    5.35                    4.25
          n/a               72%                 43%                     42%                     41%                     696%
          n/a               26%                 97%                     97%                     97%                     50%
       31/12/2018            31/12/2019              31/12/2020              31/12/2021              31/12/2022             31/12/2023
                6                     7                       8                       9                      10                     11

              -                       -                       -                       -                       -                       -

             -                     -                       -                       -                       -                       -
          19,011                18,838                  15,076                  11,688                   4,485                  -4,059

         837,365                      -                       -                       -                       -                       -
             -                        -                       -                       -                       -                       -

                  -                       -                       -                       -                       -                       -
                  -                       -                       -                       -                       -                       -
                  -                       -                       -                       -                       -                       -
                  -                       -                       -                       -                       -                       -
                  -                       -                       -                       -                       -                       -
                  -                       -                       -                       -                       -                       -
                  -                       -                       -                       -                       -                       -
                  -                       -                       -                       -                       -                       -
                  -                       -                       -                       -                       -                       -

X                     X                       X                       X                       X                       X

X                     X                       X                       X                       X                       X
       1,742,079             1,900,678               2,033,651               2,127,611               2,167,369               2,136,291
          34,889                38,727                  42,600                  46,434                  50,149                  53,659
       1,776,969             1,939,405               2,076,251               2,174,045               2,217,518               2,189,950
                  -                       -                       -                       -                       -                       -
                  -                       -                       -                       -                       -                       -

    #DIV/0!                 #DIV/0!                 #DIV/0!                 #DIV/0!                 #DIV/0!                 #DIV/0!

X                     X                       X                       X                       X                       X
X                     X                       X                       X                       X                       X
X                     X                       X                       X                       X                       X
X                     X                       X                       X                       X                       X
X                     X                       X                       X                       X                       X
            3.23      n/a                     n/a                     n/a                     n/a                     n/a
685%                  49%                     48%                     48%                     48%                     47%
50%                   50%                     50%                     51%                     51%                     52%
      31/12/2024              31/12/2025              31/12/2026              31/12/2027            31/12/2028 31/12/2029 31/12/2030
              12                      13                      14                      15                    16         17         18

                -                       -                       -                       -                 -              -                -

             -                       -                       -                       -                    -              -                -
         -15,369                 -24,996                 -39,686                 -57,543              -80,177          2,252            2,283

                -                       -                       -                       -                 -              -                -
                -                       -                       -                       -                 -              -                -

                    -                       -                       -                       -             -                  -                -
                    -                       -                       -                       -             -                  -                -
                    -                       -                       -                       -             -                  -                -
                    -                       -                       -                       -             -                  -                -
                    -                       -                       -                       -             -                  -                -
                    -                       -                       -                       -             -                  -                -
                    -                       -                       -                       -             -                  -                -
                    -                       -                       -                       -             -                  -                -
                    -                       -                       -                       -             -                  -                -

X                       X                       X                       X                       X               X                X

X                       X                       X                       X                       X               X                X
       2,016,831               1,807,057               1,481,282               1,007,924              348,269       369,166          391,316
          56,879                  60,291                  63,909                  67,744               71,808         76,117           80,684
       2,073,709               1,867,348               1,545,191               1,075,667              420,078       445,282          471,999
                    -                       -                       -                       -             -                  -                -
                    -                       -                       -                       -             -                  -                -

      #DIV/0!                 #DIV/0!                 #DIV/0!                 #DIV/0!               #DIV/0!         #DIV/0!          #DIV/0!

X                       X                       X                       X                       X               X                X
X                       X                       X                       X                       X               X                X
X                       X                       X                       X                       X               X                X
X                       X                       X                       X                       X               X                X
X                       X                       X                       X                       X               X                X
n/a                     n/a                     n/a                     n/a                     n/a             n/a              n/a
46%                     45%                     42%                     35%                     0%              0%               0%
52%                     54%                     56%                     62%                     97%             97%              97%
31/12/2031 31/12/2032 31/12/2033 31/12/2034 31/12/2035 30/12/2036 30/12/2037
        19         20         21         22         23         24         25

         -                -                -                -                -                -                -

         -                -                -                -                -                -                -
       2,421            2,442            2,844            2,883            3,056            3,239            3,434

         -                -                -                -                -                -                -
         -                -                -                -                -                -                -

             -                -                -                -                -                -                -
             -                -                -                -                -                -                -
             -                -                -                -                -                -                -
             -                -                -                -                -                -                -
             -                -                -                -                -                -                -
             -                -                -                -                -                -                -
             -                -                -                -                -                -                -
             -                -                -                -                -                -                -
             -                -                -                -                -                -                -

X                X                X                X                X                X                X

X                X                X                X                X                X                X
    414,794          439,682          466,063          494,027          523,668          555,089          588,394
      85,525           90,656           96,095         101,861          107,973          114,451          121,318
    500,319          530,338          562,159          595,888          631,641          669,540          709,712
             -                -                -                -                -                -                -
             -                -                -                -                -                -                -

    #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!

X                X                X                X                X                X                X
X                X                X                X                X                X                X
X                X                X                X                X                X                X
X                X                X                X                X                X                X
X                X                X                X                X                X                X
n/a              n/a              n/a              n/a              n/a              n/a              n/a
0%               0%               0%               0%               0%               0%               0%
97%              97%              97%              97%              97%              97%              97%
2-1-Basic Data                        Basic Data: Basic information about the business plan - Currency of the project, th
1.a. Non-time based basic information

Description of assumption                 Unit                              Value
Base date of indeces/Date of project
calculations                              Date                                 5/09/2012

Project implementation beginning date     Date                                 1/10/2012
Projected date of beginning of
production/sales                          Date                                 1/09/2013
Lifetime of the project                   Years                                        25
Local currency                            Currency                          x1000 BYR
Foreign currency                          Currency                          EUR
Current exchange rate                     Local Currency/Foreign Currency         10.667
Discount rate                             % per year                              12.0%
Income tax                                % of net income                           0.0%

Tax to be paid in advance using 75% of
previous year's tax bill as an estimate   %                                          0.0%
VAT % on consumables                      %                                         20.0%
VAT % on fixed assets                     %                                         20.0%
VAT % on subsidies received               %                                          0.0%

1.b. Time-based basic information
Description                               Unit                                              12/31/2011
Number of period for the project                                                                     -1
CPI Local Currency (inflation)            %                                                     0.00%
CPI Foreign currency (inflation)          %                                                     0.00%
Local Currency/Foreign currency           Yearly average                                         10.40
iness plan - Currency of the project, the date of calculation adopted by the currency exchange rates, inflation and discount rates used.




                   31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019
                            0          1          2          3          4          5          6          7
                       0.00%     15.00%     13.00%     13.00%     12.00%     12.00%     11.00%     11.00%
                       0.00%      2.50%      2.50%      2.50%      2.50%      2.50%      2.50%      2.50%
                        10.40      11.67      12.86      14.18      15.50      16.93      18.34      19.86
es, inflation and discount rates used.




                    31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025 31/12/2026 31/12/2027
                             8          9         10         11         12         13         14         15
                       10.00%      9.00%      8.00%      7.00%      6.00%      6.00%      6.00%      6.00%
                        2.50%      2.50%      2.50%      2.50%      2.50%      2.50%      2.50%      2.50%
                         21.31      22.66      23.88      24.92      25.78      26.66      27.57      28.51
31/12/2028 31/12/2029 31/12/2030 31/12/2031 31/12/2032 31/12/2033 31/12/2034 31/12/2035
        16         17         18         19         20         21         22         23
    6.00%      6.00%      6.00%      6.00%      6.00%      6.00%      6.00%      6.00%
    2.50%      2.50%      2.50%      2.50%      2.50%      2.50%      2.50%      2.50%
     29.48      30.49      31.53      32.61      33.72      34.87      36.06      37.29
30/12/2036 30/12/2037
        24         25
    6.00%      6.00%
    2.50%      2.50%
     38.57      39.88
2-2-Sales Price                              Sales Price: The selling price of products sold and / or planned during the implemention of the project.
Description                                  Unit            Total       12/31/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016
Number of period for the project                                                  -1           0           1           2          3            4

Tariffs according to customer and commodity
Heat
Annual % increase in price for heat             %                               0%         26%         19%         18%         13%          10%
Price for heat - excluding inflation            x1000 BYR/Gcal                  79          99         118         139         157          173
Annual % increase in price for heat - including
inflation                                       %                               0%         26%         34%         31%         26%          22%
Price for heat - including inflation            x1000 BYR/Gcal                  79          99         133         174         219          267
Electricity
Annual % increase in price for electricity      %                               0%         20%         10%         10%         10%          10%
Price for electricity - excluding inflation     x1000 BYR/MWh                  604         725         797         877         965        1,061
Annual % increase in price for electricity -
including inflation                             %                               0%         20%         25%          23%         23%         22%
Price for electricity - including inflation     x1000 BYR/MWh                  604         725         906        1,114       1,371       1,672
Hot water
Annual % increase in price for hot water        %                               0%         26%         19%         18%         13%          10%
Price for hot water - excluding inflation       x1000 BYR/Gcal                  79          99         118         139         157          173
Annual % increase in price for hot water -
including inflation                             %                               0%         26%         34%         31%         26%          22%
Price for hot water - including inflation       x1000 BYR/Gcal                  79          99         133         174         219          267
Water
Annual % increase in price for water            %                               0%          0%          0%          0%           0%          0%
Price for water - excluding inflation           x1000 BYR/m3                     8           8           8           8            8           8
Annual % increase in price for water -
including inflation                             %                               0%          0%         15%         13%         13%          12%
Price for water - including inflation           x1000 BYR/m3                     8           8           9          10          12           13


Subsidies rates from central government
Subsidy for Heat - %                         %                               150%         150%        150%        140%        130%        120%
Subsidy for Heat - total per unit            x1000 BYR/Gcal                   118          148         199         243         285         320

Subsidy for electricity - %                  %                                  0%          0%           0%          0%          0%          0%
Subsidy for electricity - total per unit     x1000 BYR/MWh                     -           -            -           -           -           -

Subsidy for hot water - %                    %                                  0%          0%        150%        140%        130%        120%
Subsidy for hot water - total per unit     x1000 BYR/Gcal        -      -        199       243         285         320

Subsidy for water - %                      %                      0%     0%        0%        0%          0%          0%
Subsidy for water - total per unit         x1000 BYR/m3          -      -         -         -           -           -

Revenue on apartments sold
Price per apartment sold                   x1000 BYR/apartment   -      -     832,026   940,189   1,062,414   1,189,904

Capital investment funds from residents
Cost to residents per year per unit area   x1000 BYR/m2          -     4.74      5.45      6.16       6.96        7.80
Area of apartments                         m2                    -      -      18,000    18,000     18,000      18,000
on of the project.
              31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025 31/12/2026 31/12/2027 31/12/2028
                       5          6          7          8          9         10         11         12         13         14         15         16



                  10%        10%         10%        10%        10%        10%        10%        10%        10%        10%        10%          0%
                  190        209         230        253        278        306        337        370        407        448        493         493

                  22%        21%         21%        20%        19%        18%        17%         16%        16%        16%        16%         6%
                  326        394         477        572        681        804        940       1,091      1,265      1,468      1,703      1,805

                   10%        10%        10%        10%         0%         0%         0%          0%         0%         0%         0%         0%
                 1,167      1,284      1,412      1,554      1,554      1,554      1,554       1,554      1,554      1,554      1,554      1,554

                   22%        21%        21%        20%         9%         8%         7%          6%         6%         6%         6%         6%
                 2,040      2,469      2,987      3,584      3,907      4,219      4,515       4,786      5,073      5,377      5,700      6,042

                  10%        10%         10%        10%        10%        10%        10%        10%        10%        10%        10%          0%
                  190        209         230        253        278        306        337        370        407        448        493         493

                  22%        21%         21%        20%        19%        18%        17%         16%        16%        16%        16%         6%
                  326        394         477        572        681        804        940       1,091      1,265      1,468      1,703      1,805

                   0%         0%          0%         0%         0%         0%         0%         0%         0%         0%          0%         0%
                    8          8           8          8          8          8          8          8          8          8           8          8

                  12%        11%         11%        10%         9%         8%         7%         6%         6%         6%          6%         6%
                   15         16          18         20         22         24         25         27         28         30          32         34



                 110%       100%         90%        80%        70%        60%        50%        40%        30%        20%        10%          0%
                  358        394         429        458        477        482        470        436        380        294        170         -

                    0%         0%         0%         0%         0%         0%          0%         0%         0%         0%         0%         0%
                   -          -          -          -          -          -           -          -          -          -          -          -

                 110%       100%         90%        80%        70%        60%        50%        40%        30%        20%        10%          0%
     358         394         429         458         477         482         470         436         380         294         170          -

       0%          0%          0%          0%          0%          0%          0%          0%          0%          0%          0%          0%
      -           -           -           -           -           -           -           -           -           -           -           -


1,332,692   1,479,288   1,642,010   1,806,211   1,968,770   2,126,272   2,275,111   2,411,617   2,556,314   2,709,693   2,872,275   3,044,611


    8.73        9.69       10.76       11.83       12.90       13.93       14.91       15.80       16.75       17.75       18.82       19.95
  18,000      18,000      18,000      18,000      18,000      18,000      18,000      18,000      18,000      18,000      18,000      18,000
31/12/2029 31/12/2030 31/12/2031 31/12/2032 31/12/2033 31/12/2034 31/12/2035 30/12/2036 30/12/2037
        17         18         19         20         21         22         23         24         25



      0%         0%          0%         0%         0%         0%         0%         0%         0%
     493        493         493        493        493        493        493        493        493

       6%         6%         6%         6%         6%         6%         6%         6%         6%
    1,913      2,028      2,150      2,279      2,415      2,560      2,714      2,877      3,049

       0%         0%         0%         0%         0%         0%         0%         0%         0%
    1,554      1,554      1,554      1,554      1,554      1,554      1,554      1,554      1,554

       6%         6%         6%         6%         6%         6%         6%         6%         6%
    6,404      6,789      7,196      7,628      8,085      8,571      9,085      9,630     10,208

      0%         0%          0%         0%         0%         0%         0%         0%         0%
     493        493         493        493        493        493        493        493        493

       6%         6%         6%         6%         6%         6%         6%         6%         6%
    1,913      2,028      2,150      2,279      2,415      2,560      2,714      2,877      3,049

      0%         0%         0%          0%         0%         0%         0%         0%         0%
       8          8          8           8          8          8          8          8          8

      6%         6%         6%          6%         6%         6%         6%         6%         6%
      36         38         40          43         45         48         51         54         57



       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%
      -           -           -           -           -           -           -           -           -


3,227,288   3,420,925   3,626,181   3,843,751   4,074,376   4,318,839   4,577,969   4,852,648   5,143,806


   21.14       22.41       23.76       25.18       26.69       28.29       29.99       31.79       33.70
  18,000      18,000      18,000      18,000      18,000      18,000      18,000      18,000      18,000
2-3-Production                            Production: Shows the production capacity and the amount that is utilized, as
Description                               Unit            Total                 12/31/2011
Number of period for the project                                                         -1
Projected energy savings
Heat
Number of apartment buildings covered     #                              250             -
Baseline sales per apartment building     Gcal                         7,500             -
Total baseline demand for apartment
buildings                                 Gcal                       75,000              -
Projected savings                         %                                               0%
Projected demand per apartment building
with measures                             Gcal                         3,840             -
Total projected demand from apartment
buildings with measures                   Gcal                       38,400              -
Total projected savings                   Gcal                       36,600              -
Electricity
Number of apartment buildings covered     #                             250              -
Baseline sales per apartment building     MWh                           -                -
Total baseline demand for apartment
buildings                                 MWh                            -               -
Projected savings                         %                              -                0%
Projected demand per apartment building
with measures                             MWh                            -               -
Total projected demand from apartment
buildings with measures                   MWh                            -               -
Total projected savings                   MWh                            -               -
Hot water
Number of apartment buildings covered     #                                              -
Baseline sales per apartment building     Gcal                         2,475             -
Total baseline demand for apartment
buildings                                 Gcal                       24,750              -
Projected savings                         %                               7               0%
Projected demand per apartment building
with measures                             Gcal                         1,752             -
Total projected demand from apartment
buildings with measures                   Gcal                       17,523              -
Total projected savings                   Gcal                        7,227              -
Water
Number of apartment buildings covered     #                                              -
Baseline sales per apartment building     m3                             -               -
Total baseline demand for apartment
buildings                                 m3                             -               -
Projected savings                         %                              -                0%
Projected demand per apartment building
with measures                             m3                             -               -
Total projected demand from apartment
buildings with measures                   m3                             -               -
Total projected savings                   m3                             -               -

Revenue on apartments sold
Number of new apartments per building     #                                   6          -
Total new apartments to be sold           #                                  60          -
n capacity and the amount that is utilized, as well as production and sales to consumers
                   31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019
                            0             1            2          3            4         5    6          7


                        -           10         10         10         10         10          10         10
                        -          300        300        300        300        300         300        300

                        -        3,000      3,000      3,000       3,000      3,000      3,000      3,000
                         0%        20%        50%        50%         50%        50%        50%        50%

                        -          240        150        150        150        150         150        150

                        -        2,400      1,500      1,500       1,500      1,500      1,500      1,500
                        -          600      1,500      1,500       1,500      1,500      1,500      1,500

                        -              10         10         10          10         10         10         10
                        -          -          -          -           -          -          -          -

                        -          -          -          -           -          -          -          -
                         0%         0%         0%         0%          0%         0%         0%         0%

                        -          -          -          -           -          -          -          -

                        -          -          -          -           -          -          -          -
                        -          -          -          -           -          -          -          -

                        -              10         10         10          10         10         10         10
                        -              99         99         99          99         99         99         99

                        -          990        990        990        990        990        990         990
                         0%        10%        30%        30%        30%        30%        30%         30%

                        -              89         69         69          69         69         69         69

                        -          891        693        693        693        693         693        693
                        -           99        297        297        297        297         297        297

                        -          -          -          -           -          -          -          -
                        -          -          -          -           -          -          -          -

                        -          -          -          -           -          -          -          -
                         0%         0%         0%         0%          0%         0%         0%         0%

                        -          -          -          -           -          -          -          -

                        -          -          -          -           -          -          -          -
                        -          -          -          -           -          -          -          -


                        -          -               2          2           2     -          -          -
                        -          -              20         20          20     -          -          -
31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025 31/12/2026 31/12/2027
         8          9         10         11         12         13         14         15


      10         10          10         10         10         10         10         10
     300        300         300        300        300        300        300        300

    3,000      3,000      3,000      3,000      3,000      3,000      3,000      3,000
      50%        50%        50%        50%        50%        50%        50%        50%

     150        150         150        150        150        150        150        150

    1,500      1,500      1,500      1,500      1,500      1,500      1,500      1,500
    1,500      1,500      1,500      1,500      1,500      1,500      1,500      1,500

          10         10         10         10         10         10         10         10
      -          -          -          -          -          -          -          -

      -          -          -          -          -          -          -          -
       0%         0%         0%         0%         0%         0%         0%         0%

      -          -          -          -          -          -          -          -

      -          -          -          -          -          -          -          -
      -          -          -          -          -          -          -          -

          10         10         10         10         10         10         10         10
          99         99         99         99         99         99         99         99

     990        990        990        990         990        990        990        990
     30%        30%        30%        30%         30%        30%        30%        30%

          69         69         69         69         69         69         69         69

     693        693         693        693        693        693        693        693
     297        297         297        297        297        297        297        297

      -          -          -          -          -          -          -          -
      -          -          -          -          -          -          -          -

      -          -          -          -          -          -          -          -
       0%         0%         0%         0%         0%         0%         0%         0%

      -          -          -          -          -          -          -          -

      -          -          -          -          -          -          -          -
      -          -          -          -          -          -          -          -


      -          -          -          -          -          -          -          -
      -          -          -          -          -          -          -          -
31/12/2028 31/12/2029 31/12/2030 31/12/2031 31/12/2032 31/12/2033 31/12/2034 31/12/2035
        16         17         18         19         20         21         22         23


      10         10          10         10         10         10         10         10
     300        300         300        300        300        300        300        300

    3,000      3,000      3,000      3,000      3,000      3,000      3,000      3,000
      50%        50%        50%        50%        50%        50%        50%        50%

     150        150         150        150        150        150        150        150

    1,500      1,500      1,500      1,500      1,500      1,500      1,500      1,500
    1,500      1,500      1,500      1,500      1,500      1,500      1,500      1,500

          10         10         10         10         10         10         10         10
      -          -          -          -          -          -          -          -

      -          -          -          -          -          -          -          -
       0%         0%         0%         0%         0%         0%         0%         0%

      -          -          -          -          -          -          -          -

      -          -          -          -          -          -          -          -
      -          -          -          -          -          -          -          -

          10         10         10         10         10         10         10         10
          99         99         99         99         99         99         99         99

     990        990        990        990         990        990        990        990
     30%        30%        30%        30%         30%        30%        30%        30%

          69         69         69         69         69         69         69         69

     693        693         693        693        693        693        693        693
     297        297         297        297        297        297        297        297

      -          -          -          -          -          -          -          -
      -          -          -          -          -          -          -          -

      -          -          -          -          -          -          -          -
       0%         0%         0%         0%         0%         0%         0%         0%

      -          -          -          -          -          -          -          -

      -          -          -          -          -          -          -          -
      -          -          -          -          -          -          -          -


      -          -          -          -          -          -          -          -
      -          -          -          -          -          -          -          -
30/12/2036 30/12/2037
        24         25


       10         10
      300        300

    3,000      3,000
      50%        50%

      150        150

    1,500      1,500
    1,500      1,500

          10         10
      -          -

      -          -
       0%         0%

      -          -

      -          -
      -          -

          10         10
          99         99

     990         990
     30%         30%

          69         69

      693        693
      297        297

      -          -
      -          -

      -          -
       0%         0%

      -          -

      -          -
      -          -


      -          -
      -          -
2-4-Revenue                               Revenue: Shows the proceeds from the sale of products
Description                               Unit           Total               31/12/2011
Number of period for the project                                                      -1

Subsidies received from Central
Government
Heat                                      x1000 BYR          16,187,602             -
Electricity                               x1000 BYR                 -               -
Hot water                                 x1000 BYR           5,341,909             -
Water                                     x1000 BYR                 -               -
Subsidies requested in total (excl VAT)   x1000 BYR          21,529,511             -
Total VAT billed on subsidies             x1000 BYR                 -               -

Capital investment funds from residents
Total income from residents for capital
investments (excl. VAT)                   x1000 BYR           7,940,609             -
Total VAT billed for capital investment
funds                                     x1000 BYR           1,588,122             -

Projected bad debt expenses
Heat                                      x1000 BYR                -                -
Electricity                               x1000 BYR                -                -
Hot water                                 x1000 BYR                -                -
Water                                     x1000 BYR                -                -
Capital investment funds from residents   x1000 BYR            238,218              -
Total projected bad debt expenses         x1000 BYR            238,218              -

Total VAT not collected from bad debt
expenses                                  x1000 BYR             47,644              -

Total revenue from ongoing receivables
(excl VAT)                                x1000 BYR          25,358,868             -

Revenue on apartments sold                x1000 BYR          63,850,141             -
Total taxes on apartments sold            x1000 BYR           3,192,507             -
from the sale of products
                    31/12/2012   31/12/2013   31/12/2014   31/12/2015   31/12/2016   31/12/2017   31/12/2018
                             0            1            2            3            4            5            6



                          -        596,739      729,613       853,647      961,338   1,075,096    1,182,606
                          -            -            -             -            -           -            -
                          -        196,924      240,772       281,703      317,241     354,782      390,260
                          -            -            -             -            -           -            -
                          -        793,663      970,385     1,135,350    1,278,579   1,429,878    1,572,865
                          -            -            -             -            -           -            -



                          -         98,118      110,873      125,287      140,321      157,160      174,447

                          -         19,624       22,175       25,057       28,064       31,432       34,889


                          -            -             -            -            -           -            -
                          -            -             -            -            -           -            -
                          -            -             -            -            -           -            -
                          -            -             -            -            -           -            -
                          -          2,944         3,326        3,759        4,210       4,715        5,233
                          -          2,944         3,326        3,759        4,210       4,715        5,233


                          -            589          665          752          842          943        1,047


                          -        888,837     1,077,932    1,256,879    1,414,691   1,582,323    1,742,079

                          -            -      18,803,788   21,248,280   23,798,074         -            -
                          -            -         940,189    1,062,414    1,189,904         -            -
31/12/2019   31/12/2020   31/12/2021   31/12/2022   31/12/2023   31/12/2024   31/12/2025
         7            8            9           10           11           12           13



1,287,857    1,373,715    1,430,380    1,446,727    1,410,559    1,308,999    1,138,829
      -            -            -            -            -            -            -
  424,993      453,326      472,025      477,420      465,485      431,970      375,814
      -            -            -            -            -            -            -
1,712,850    1,827,040    1,902,406    1,924,148    1,876,044    1,740,969    1,514,643
      -            -            -            -            -            -            -



  193,637      213,000      232,170      250,744      268,296      284,394      301,457

   38,727       42,600       46,434       50,149       53,659       56,879       60,291


      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
    5,809        6,390        6,965        7,522        8,049        8,532        9,044
    5,809        6,390        6,965        7,522        8,049        8,532        9,044


    1,162        1,278        1,393        1,504        1,610        1,706        1,809


1,900,678    2,033,651    2,127,611    2,167,369    2,136,291    2,016,831    1,807,057

      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
31/12/2026   31/12/2027   31/12/2028   31/12/2029   31/12/2030   31/12/2031   31/12/2032
        14           15           16           17           18           19           20



  880,695      510,803          -            -            -            -            -
      -            -            -            -            -            -            -
  290,629      168,565          -            -            -            -            -
      -            -            -            -            -            -            -
1,171,324      679,368          -            -            -            -            -
      -            -            -            -            -            -            -



  319,545      338,718      359,041      380,583      403,418      427,623      453,281

   63,909       67,744       71,808       76,117       80,684       85,525       90,656


      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
    9,586       10,162       10,771       11,417       12,103       12,829       13,598
    9,586       10,162       10,771       11,417       12,103       12,829       13,598


    1,917        2,032        2,154        2,283        2,421        2,566        2,720


1,481,282    1,007,924      348,269      369,166      391,316      414,794      439,682

      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
31/12/2033   31/12/2034   31/12/2035   30/12/2036   30/12/2037
        21           22           23           24           25



      -            -            -            -            -
      -            -            -            -            -
      -            -            -            -            -
      -            -            -            -            -
      -            -            -            -            -
      -            -            -            -            -



  480,477      509,306      539,864      572,256      606,592

   96,095      101,861      107,973      114,451      121,318


      -            -            -            -            -
      -            -            -            -            -
      -            -            -            -            -
      -            -            -            -            -
   14,414       15,279       16,196       17,168       18,198
   14,414       15,279       16,196       17,168       18,198


    2,883        3,056        3,239        3,434        3,640


  466,063      494,027      523,668      555,089      588,394

      -            -            -            -            -
      -            -            -            -            -
2-5-Inputs                                        Inputs: Shows the volume and price of purchased inputs of materials, ene
Description                                       Unit            Total                     31/12/2011
Number of period for the project
Consumables
 Heat
Mark-down from retail price (%)                   %                                                0%

Subsidy for Heat - total per unit                 x1000 BYR/Gcal                                  118
Total projected demand from apartment
buildings with measures                           Gcal                   38,400                    -
Total cost in subsidies for heat for the
municipality                                      x1000 BYR           8,272,823                    -
 Electricity
Mark-down from retail price (%)                   %                                                0%
                                                  x1000
Subsidy for electricity - total per unit          BYR/MWh                                          -
Total projected demand from apartment
buildings with measures                           MWh                       -                      -
Total cost in subsidies for electricity for the
municipality                                      x1000 BYR                 -                      -
 Hot water
Mark-down from retail price (%)                   %                                                0%

Subsidy for hot water - total per unit            x1000 BYR/Gcal                                   -
Total projected demand from apartment
buildings with measures                           Gcal                   17,523                    -
Total cost for subsidies for hot water for the
municipality                                      x1000 BYR           3,778,721                    -
 Water
Mark-down from retail price (%)                   %                                                 0%
Subsidy for water - total per unit                x1000 BYR/m3                                     -
Total projected demand from apartment
buildings with measures                           m3                        -                      -
Total cost for subsidies for water for the
municipality                                      x1000 BYR                 -                      -
Total ongoing costs for subsidies for
inputs for the municipality                       x1000 BYR          12,051,543                    -

Total VAT on subsidies for inputs for the
municipality                                      x1000 BYR                 -                      -

 Maintenance and other ongoing costs
Total for maintenance costs for system            x1000 BYR                 -                      -
Total marketing costs                             x1000 BYR                 -                      -
Miscellaneous costs (set as % of Maintenance
costs)                                            x1000 BYR                 -                      -
Total for maintenance and other ongoing
costs                                             x1000 BYR                 -                      -


Total VAT on maintenance and other costs x1000 BYR                          -                      -
chased inputs of materials, energy, and maintenance costs
            31/12/2012 31/12/2013 31/12/2014 31/12/2015       31/12/2016   31/12/2017   31/12/2018   31/12/2019
                     0              1           2         3            4            5            6            7


                   0%          0%          0%           0%           0%           0%           0%           0%

                  148         199         243          285          320          358          394          429

                  -         2,400        1,500       1,500        1,500        1,500        1,500        1,500

                  -       477,391     364,806      426,823      480,669      537,548      591,303      643,929

                   0%          0%          0%           0%           0%           0%           0%           0%

                  -           -            -           -            -            -            -            -

                  -           -            -           -            -            -            -            -

                  -           -            -           -            -            -            -            -

                   0%          0%          0%           0%           0%           0%           0%           0%

                  -           199         243          285          320          358          394          429

                  -           891         693          693          693          693          693          693

                  -       177,231     168,541      197,192      222,069      248,347      273,182      297,495

                   0%          0%           0%          0%           0%           0%           0%           0%
                  -           -            -           -            -            -            -            -

                  -           -            -           -            -            -            -            -

                  -           -            -           -            -            -            -            -

                  -       654,622     533,347      624,016      702,738      785,895      864,485      941,424


                  -           -            -           -            -            -            -            -


                  -           -            -           -            -            -            -            -
                  -           -            -           -            -            -            -            -

                  -           -            -           -            -            -            -            -

                  -           -            -           -            -            -            -            -


                  -           -            -           -            -            -            -            -
31/12/2020   31/12/2021   31/12/2022   31/12/2023   31/12/2024   31/12/2025   31/12/2026
         8            9           10           11           12           13           14


       0%           0%           0%           0%           0%           0%           0%

      458          477          482          470          436          380          294

    1,500        1,500        1,500        1,500        1,500        1,500        1,500

  686,857      715,190      723,364      705,280      654,500      569,415      440,347

       0%           0%           0%           0%           0%           0%           0%

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

       0%           0%           0%           0%           0%           0%           0%

      458          477          482          470          436          380          294

      693          693          693          693          693          693          693

  317,328      330,418      334,194      325,839      302,379      263,070      203,440

       0%           0%           0%           0%           0%           0%           0%
      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

1,004,185    1,045,608    1,057,558    1,031,119      956,878      832,484      643,788


      -            -            -            -            -            -            -


      -            -            -            -            -            -            -
      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -


      -            -            -            -            -            -            -
31/12/2027   31/12/2028   31/12/2029   31/12/2030   31/12/2031   31/12/2032   31/12/2033
        15           16           17           18           19           20           21


       0%           0%           0%           0%           0%           0%           0%

      170          -            -            -            -            -            -

    1,500        1,500        1,500        1,500        1,500        1,500        1,500

  255,401          -            -            -            -            -            -

       0%           0%           0%           0%           0%           0%           0%

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

       0%           0%           0%           0%           0%           0%           0%

      170          -            -            -            -            -            -

      693          693          693          693          693          693          693

  117,995          -            -            -            -            -            -

       0%           0%           0%           0%           0%           0%           0%
      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

  373,397          -            -            -            -            -            -


      -            -            -            -            -            -            -


      -            -            -            -            -            -            -
      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -


      -            -            -            -            -            -            -
31/12/2034   31/12/2035   30/12/2036   30/12/2037
        22           23           24           25


       0%           0%           0%           0%

      -            -            -            -

    1,500        1,500        1,500        1,500

      -            -            -            -

       0%           0%           0%           0%

      -            -            -            -

      -            -            -            -

      -            -            -            -

       0%           0%           0%           0%

      -            -            -            -

      693          693          693          693

      -            -            -            -

       0%           0%           0%           0%
      -            -            -            -

      -            -            -            -

      -            -            -            -

      -            -            -            -


      -            -            -            -


      -            -            -            -
      -            -            -            -

      -            -            -            -

      -            -            -            -


      -            -            -            -
2-6-Energy needs                               Own energy: Shows the need for energy resources to meet their own needs
Description                                    Unit            Total
Number of period for the project
Heat
Number of apartment buildings covered          #
Baseline sales per apartment building          Gcal                        7,500
Projected savings                              %
Projected demand per apartment building with
measures                                       Gcal
Total projected demand from apartment
buildings with measures                        Gcal                       38,400
Total projected savings                        Gcal                       36,600
Electricity
Number of apartment buildings covered          #
Baseline sales per apartment building          MWh                           -
Projected savings                              %
Projected demand per apartment building with
measures                                       MWh
Total projected demand from apartment
buildings with measures                        MWh                           -
Total projected savings                        MWh                           -
Hot water
Number of apartment buildings covered          #
Baseline sales per apartment building          Gcal                        2,475
Projected savings                              %
Projected demand per apartment building with
measures                                       Gcal
Total projected demand from apartment
buildings with measures                        Gcal                       17,523
Total projected savings                        Gcal                        7,227
Water
Number of apartment buildings covered          #
Baseline sales per apartment building          m3                            -
Projected savings                              %
Projected demand per apartment building with
measures                                       m3
Total projected demand from apartment
buildings with measures                        m3                            -
Total projected savings                        m3                            -
eed for energy resources to meet their own needs.
                           31/12/2011       31/12/2012   31/12/2013   31/12/2014   31/12/2015
                                   -1                0            1            2            3

                                  -                -            10           10           10
                                  -                -          300          300          300
                                0.0%             0.0%        20.0%        50.0%        50.0%

                                  -                -           240          150         150

                                  -                -         2,400        1,500        1,500
                                  -                -           600        1,500        1,500

                                  -                -            10           10           10
                                  -                -            -            -            -
                                0.0%             0.0%         0.0%         0.0%         0.0%

                                  -                -            -            -            -

                                  -                -            -            -            -
                                  -                -            -            -            -

                                  -                -            10           10           10
                                  -                -            99           99           99
                                0.0%             0.0%        10.0%        30.0%        30.0%

                                  -                -            89           69           69

                                  -                -           891          693         693
                                  -                -            99          297         297

                                  -                -            -            -            -
                                  -                -            -            -            -
                                0.0%             0.0%         0.0%         0.0%         0.0%

                                  -                -            -            -            -

                                  -                -            -            -            -
                                  -                -            -            -            -
31/12/2016   31/12/2017   31/12/2018   31/12/2019   31/12/2020
         4            5            6            7            8

       10           10           10           10           10
     300          300          300          300          300
    50.0%        50.0%        50.0%        50.0%        50.0%

     150          150          150          150          150

    1,500        1,500        1,500        1,500        1,500
    1,500        1,500        1,500        1,500        1,500

       10           10           10           10           10
       -            -            -            -            -
     0.0%         0.0%         0.0%         0.0%         0.0%

       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -

       10           10           10           10           10
       99           99           99           99           99
    30.0%        30.0%        30.0%        30.0%        30.0%

       69           69           69           69           69

     693          693          693          693          693
     297          297          297          297          297

       -            -            -            -            -
       -            -            -            -            -
     0.0%         0.0%         0.0%         0.0%         0.0%

       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -
31/12/2021   31/12/2022   31/12/2023   31/12/2024   31/12/2025
         9           10           11           12           13

       10           10           10           10           10
     300          300          300          300          300
    50.0%        50.0%        50.0%        50.0%        50.0%

     150          150          150          150          150

    1,500        1,500        1,500        1,500        1,500
    1,500        1,500        1,500        1,500        1,500

       10           10           10           10           10
       -            -            -            -            -
     0.0%         0.0%         0.0%         0.0%         0.0%

       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -

       10           10           10           10           10
       99           99           99           99           99
    30.0%        30.0%        30.0%        30.0%        30.0%

       69           69           69           69           69

     693          693          693          693          693
     297          297          297          297          297

       -            -            -            -            -
       -            -            -            -            -
     0.0%         0.0%         0.0%         0.0%         0.0%

       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -
31/12/2026   31/12/2027   31/12/2028   31/12/2029   31/12/2030
        14           15           16           17           18

       10           10           10           10           10
     300          300          300          300          300
    50.0%        50.0%        50.0%        50.0%        50.0%

     150          150          150          150          150

    1,500        1,500        1,500        1,500        1,500
    1,500        1,500        1,500        1,500        1,500

       10           10           10           10           10
       -            -            -            -            -
     0.0%         0.0%         0.0%         0.0%         0.0%

       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -

       10           10           10           10           10
       99           99           99           99           99
    30.0%        30.0%        30.0%        30.0%        30.0%

       69           69           69           69           69

     693          693          693          693          693
     297          297          297          297          297

       -            -            -            -            -
       -            -            -            -            -
     0.0%         0.0%         0.0%         0.0%         0.0%

       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -
31/12/2031   31/12/2032   31/12/2033   31/12/2034   31/12/2035
        19           20           21           22           23

       10           10           10           10           10
     300          300          300          300          300
    50.0%        50.0%        50.0%        50.0%        50.0%

     150          150          150          150          150

    1,500        1,500        1,500        1,500        1,500
    1,500        1,500        1,500        1,500        1,500

       10           10           10           10           10
       -            -            -            -            -
     0.0%         0.0%         0.0%         0.0%         0.0%

       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -

       10           10           10           10           10
       99           99           99           99           99
    30.0%        30.0%        30.0%        30.0%        30.0%

       69           69           69           69           69

     693          693          693          693          693
     297          297          297          297          297

       -            -            -            -            -
       -            -            -            -            -
     0.0%         0.0%         0.0%         0.0%         0.0%

       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -
30/12/2036   30/12/2037
        24           25

       10           10
     300          300
    50.0%        50.0%

     150          150

    1,500        1,500
    1,500        1,500

       10           10
       -            -
     0.0%         0.0%

       -            -

       -            -
       -            -

       10           10
       99           99
    30.0%        30.0%

       69           69

     693          693
     297          297

       -            -
       -            -
     0.0%         0.0%

       -            -

       -            -
       -            -
2-7-HR                                         HR: Shows the supply of of human resources needed.
Description                                    Unit         Total                   31/12/2011
Number of period for the project                                                            -1
Labour & Management Costs
                                           0   x1000 BYR             -                    -
                                           0   x1000 BYR             -                    -
                                           0   x1000 BYR             -                    -
                                           0   x1000 BYR             -                    -
                                           0   x1000 BYR             -                    -
                                           0   x1000 BYR             -                    -
Total cost for salaries                        x1000 BYR             -                    -
Social security payments                       x1000 BYR             -                    -
Total wages costs                              x1000 BYR             -                    -

# of existing jobs at the company              # of people           -                    -
# of newly created jobs from the project       # of people               -                    0
urces needed.
            31/12/2012    31/12/2013    31/12/2014    31/12/2015    31/12/2016    31/12/2017    31/12/2018
                     0             1             2             3             4             5             6

                  -             -             -             -             -             -             -
                  -             -             -             -             -             -             -
                  -             -             -             -             -             -             -
                  -             -             -             -             -             -             -
                  -             -             -             -             -             -             -
                  -             -             -             -             -             -             -
                  -             -             -             -             -             -             -
                  -             -             -             -             -             -             -
                  -             -             -             -             -             -             -

                  -             -             -             -             -             -             -
                      0             0             0             0             0             0             0
31/12/2019    31/12/2020    31/12/2021    31/12/2022    31/12/2023    31/12/2024
         7             8             9            10            11            12

      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -

      -             -             -             -             -             -
          0             0             0             0             0             0
31/12/2025    31/12/2026    31/12/2027    31/12/2028    31/12/2029    31/12/2030
        13            14            15            16            17            18

      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -

      -             -             -             -             -             -
          0             0             0             0             0             0
31/12/2031    31/12/2032    31/12/2033    31/12/2034    31/12/2035    30/12/2036
        19            20            21            22            23            24

      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -

      -             -             -             -             -             -
          0             0             0             0             0             0
30/12/2037
        25

      -
      -
      -
      -
      -
      -
      -
      -
      -

      -
          0
2-8-Depreciation                                          Depreciation: Shows the replacement, and the residual value of d
Description                                               Unit          Total                    31/12/2011
Number of period for the project                                                                          -1
Depreciation
Gross Value at the beginning of the period
Transferred assets/ existing assets                       x1000 BYR                                     -
Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR                                     -
Improvement of windows and ventilation systems            x1000 BYR                                     -
Improvement of heating systems and accompanying
measures                                                  x1000 BYR                                     -
Construction of new apartments on the roofs               x1000 BYR                                     -
                                                      0   x1000 BYR                                     -
                                                      0   x1000 BYR                                     -
                                                      0   x1000 BYR                                     -
                                                      0   x1000 BYR                                     -
Capital expenditures contingencies                        x1000 BYR                                     -
Total                                                     x1000 BYR                                     -

Additions during the period from external financing
Transferred assets/ existing assets                       x1000 BYR               -                     -
Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR         7,679,296                   -
Improvement of windows and ventilation systems            x1000 BYR         7,380,728                   -
Improvement of heating systems and accompanying
measures                                                  x1000 BYR        6,727,250                    -
Construction of new apartments on the roofs               x1000 BYR       22,080,690                    -
                                                      0   x1000 BYR              -                      -
                                                      0   x1000 BYR              -                      -
                                                      0   x1000 BYR              -                      -
                                                      0   x1000 BYR              -                      -
Capital expenditures contingencies                        x1000 BYR        6,580,195                    -
Total                                                     x1000 BYR       50,448,159                    -
Self-Financed Fixed Assets (Replacements & Write-
offs)
Transferred assets/ existing assets                       x1000 BYR               -                     -
Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR               -                     -
Improvement of windows and ventilation systems            x1000 BYR               -                     -
Improvement of heating systems and accompanying
measures                                                  x1000 BYR               -                     -
Construction of new apartments on the roofs               x1000 BYR               -                     -
                                                      0   x1000 BYR               -                     -
                                                      0   x1000 BYR               -                     -
                                                      0   x1000 BYR               -                     -
                                                      0   x1000 BYR               -                     -
Capital expenditures contingencies                        x1000 BYR               -                     -
Total                                                     x1000 BYR               -                     -
Gross Value at the end of the period
Transferred assets/ existing assets                       x1000 BYR                                     -
Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR                                     -
Improvement of windows and ventilation systems            x1000 BYR                                     -
Improvement of heating systems and accompanying
measures                                                  x1000 BYR                                     -
Construction of new apartments on the roofs              x1000 BYR                -
                                                     0   x1000 BYR                -
                                                     0   x1000 BYR                -
                                                     0   x1000 BYR                -
                                                     0   x1000 BYR                -
Capital expenditures contingencies                       x1000 BYR                -
Total                                                    x1000 BYR                -
Depreciation charge
Transferred assets/ existing assets                      x1000 BYR          -     -
Improvement of insulation of the building envelope
(without windows)                                        x1000 BYR    5,759,472   -
Improvement of windows and ventilation systems           x1000 BYR    5,535,546   -
Improvement of heating systems and accompanying
measures                                                 x1000 BYR    7,568,156   -
Construction of new apartments on the roofs              x1000 BYR    1,472,046   -
                                                     0   x1000 BYR          -     -
                                                     0   x1000 BYR          -     -
                                                     0   x1000 BYR          -     -
                                                     0   x1000 BYR          -     -
Capital expenditures contingencies                       x1000 BYR    5,264,156   -
Total                                                    x1000 BYR   25,599,376   -
Accumulated Depreciation
Transferred assets/ existing assets                      x1000 BYR                -
Improvement of insulation of the building envelope
(without windows)                                        x1000 BYR                -
Improvement of windows and ventilation systems           x1000 BYR                -
Improvement of heating systems and accompanying
measures                                                 x1000 BYR                -
Construction of new apartments on the roofs              x1000 BYR                -
                                                     0   x1000 BYR                -
                                                     0   x1000 BYR                -
                                                     0   x1000 BYR                -
                                                     0   x1000 BYR                -
Capital expenditures contingencies                       x1000 BYR                -
Total                                                    x1000 BYR                -
Total amount of goods purchased with VAT
included for which input VAT is paid                     x1000 BYR   50,448,159   -

Total VAT on fixed assets                                x1000 BYR   10,089,632   -

Intangible Assets
Project Implementation Unit                              x1000 BYR    2,026,730   -
Detailed engineering designs                             x1000 BYR    2,133,400   -
Start-up Costs (including Working Capital)               x1000 BYR          -     -
Project development costs                                x1000 BYR    1,066,700   -
Total associated costs for investment                    x1000 BYR    5,226,830   -

Cumulative intangible assets/associated costs for
investment
Project Implementation Unit                              x1000 BYR                -
Detailed engineering designs                             x1000 BYR                -
Start-up Costs (including Working Capital)               x1000 BYR                -
Project development costs                                x1000 BYR                -
Total associated costs for investment                    x1000 BYR                -
nd the residual value of depreciable fixed assets and intangible assets.
              31/12/2012      31/12/2013     31/12/2014    31/12/2015      31/12/2016   31/12/2017   31/12/2018
                        0               1             2              3              4            5            6


                     -              -              -              -               -            -            -

                     -              -        7,679,296      7,679,296       7,679,296    7,679,296    7,679,296
                     -              -        7,380,728      7,380,728       7,380,728    7,380,728    7,380,728

                     -              -        6,727,250      6,727,250       6,727,250    6,727,250    6,727,250
                     -              -       22,080,690     22,080,690      22,080,690   22,080,690   22,080,690
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -        6,580,195      6,580,195       6,580,195    6,580,195    6,580,195
                     -              -       50,448,159     50,448,159      50,448,159   50,448,159   50,448,159


                     -              -              -              -               -            -            -

                     -        7,679,296            -              -               -            -            -
                     -        7,380,728            -              -               -            -            -

                     -        6,727,250            -              -               -            -            -
                     -       22,080,690            -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -        6,580,195            -              -               -            -            -
                     -       50,448,159            -              -               -            -            -


                     -              -              -              -               -            -            -

                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -

                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -
                     -              -              -              -               -            -            -

                     -              -              -              -               -            -            -

                     -        7,679,296      7,679,296      7,679,296       7,679,296    7,679,296    7,679,296
                     -        7,380,728      7,380,728      7,380,728       7,380,728    7,380,728    7,380,728

                     -        6,727,250      6,727,250      6,727,250       6,727,250    6,727,250    6,727,250
      -     22,080,690   22,080,690   22,080,690   22,080,690   22,080,690   22,080,690
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -      6,580,195    6,580,195    6,580,195    6,580,195    6,580,195    6,580,195
      -     50,448,159   50,448,159   50,448,159   50,448,159   50,448,159   50,448,159

      -            -            -            -            -            -            -

      -       230,379      230,379      230,379      230,379      230,379      230,379
      -       221,422      221,422      221,422      221,422      221,422      221,422

      -        302,726      302,726      302,726      302,726     302,726      302,726
      -        368,012      368,012      368,012      368,012         -            -
      -            -            -            -            -           -            -
      -            -            -            -            -           -            -
      -            -            -            -            -           -            -
      -            -            -            -            -           -            -
      -        210,566      210,566      210,566      210,566     210,566      210,566
      -      1,333,105    1,333,105    1,333,105    1,333,105     965,093      965,093

      -            -            -            -            -            -            -

      -       230,379      460,758      691,137      921,516     1,151,894    1,382,273
      -       221,422      442,844      664,266      885,687     1,107,109    1,328,531

      -        302,726      605,453      908,179    1,210,905    1,513,631    1,816,358
      -        368,012      736,023    1,104,035    1,472,046    1,472,046    1,472,046
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -        210,566      421,132      631,699      842,265    1,052,831    1,263,397
      -      1,333,105    2,666,209    3,999,314    5,332,419    6,297,512    7,262,605

      -     50,448,159          -            -            -            -            -

      -     10,089,632          -            -            -            -            -


2,026,730          -            -            -            -            -            -
2,133,400          -            -            -            -            -            -
      -            -            -            -            -            -            -
1,066,700          -            -            -            -            -            -
5,226,830          -            -            -            -            -            -



2,026,730    2,026,730    2,026,730    2,026,730    2,026,730    2,026,730    2,026,730
2,133,400    2,133,400    2,133,400    2,133,400    2,133,400    2,133,400    2,133,400
      -            -            -            -            -            -            -
1,066,700    1,066,700    1,066,700    1,066,700    1,066,700    1,066,700    1,066,700
5,226,830    5,226,830    5,226,830    5,226,830    5,226,830    5,226,830    5,226,830
31/12/2019   31/12/2020   31/12/2021   31/12/2022   31/12/2023   31/12/2024   31/12/2025
         7            8            9           10           11           12           13


       -            -            -            -            -            -            -

 7,679,296    7,679,296    7,679,296    7,679,296    7,679,296    7,679,296    7,679,296
 7,380,728    7,380,728    7,380,728    7,380,728    7,380,728    7,380,728    7,380,728

 6,727,250    6,727,250    6,727,250    6,727,250    6,727,250    6,727,250    6,727,250
22,080,690   22,080,690   22,080,690   22,080,690   22,080,690   22,080,690   22,080,690
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
 6,580,195    6,580,195    6,580,195    6,580,195    6,580,195    6,580,195    6,580,195
50,448,159   50,448,159   50,448,159   50,448,159   50,448,159   50,448,159   50,448,159


       -            -            -            -            -            -            -

       -            -            -            -            -            -            -
       -            -            -            -            -            -            -

       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -


       -            -            -            -            -            -            -

       -            -            -            -            -            -            -
       -            -            -            -            -            -            -

       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -

       -            -            -            -            -            -            -

 7,679,296    7,679,296    7,679,296    7,679,296    7,679,296    7,679,296    7,679,296
 7,380,728    7,380,728    7,380,728    7,380,728    7,380,728    7,380,728    7,380,728

 6,727,250    6,727,250    6,727,250    6,727,250    6,727,250    6,727,250    6,727,250
22,080,690   22,080,690   22,080,690   22,080,690   22,080,690   22,080,690   22,080,690
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
 6,580,195    6,580,195    6,580,195    6,580,195    6,580,195    6,580,195    6,580,195
50,448,159   50,448,159   50,448,159   50,448,159   50,448,159   50,448,159   50,448,159

       -            -            -            -            -            -            -

  230,379      230,379      230,379      230,379      230,379      230,379      230,379
  221,422      221,422      221,422      221,422      221,422      221,422      221,422

  302,726      302,726      302,726      302,726      302,726      302,726      302,726
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
  210,566      210,566      210,566      210,566      210,566      210,566      210,566
  965,093      965,093      965,093      965,093      965,093      965,093      965,093

       -            -            -            -            -            -            -

 1,612,652    1,843,031    2,073,410    2,303,789    2,534,168    2,764,547    2,994,925
 1,549,953    1,771,375    1,992,797    2,214,218    2,435,640    2,657,062    2,878,484

 2,119,084    2,421,810    2,724,536    3,027,263    3,329,989    3,632,715    3,935,441
 1,472,046    1,472,046    1,472,046    1,472,046    1,472,046    1,472,046    1,472,046
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
 1,473,964    1,684,530    1,895,096    2,105,662    2,316,229    2,526,795    2,737,361
 8,227,699    9,192,792   10,157,885   11,122,978   12,088,071   13,053,165   14,018,258

       -            -            -            -            -            -            -

       -            -            -            -            -            -            -


       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -



 2,026,730    2,026,730    2,026,730    2,026,730    2,026,730    2,026,730    2,026,730
 2,133,400    2,133,400    2,133,400    2,133,400    2,133,400    2,133,400    2,133,400
       -            -            -            -            -            -            -
 1,066,700    1,066,700    1,066,700    1,066,700    1,066,700    1,066,700    1,066,700
 5,226,830    5,226,830    5,226,830    5,226,830    5,226,830    5,226,830    5,226,830
31/12/2026   31/12/2027   31/12/2028   31/12/2029   31/12/2030   31/12/2031   31/12/2032
        14           15           16           17           18           19           20


       -            -            -            -            -            -            -

 7,679,296    7,679,296    7,679,296    7,679,296    7,679,296    7,679,296    7,679,296
 7,380,728    7,380,728    7,380,728    7,380,728    7,380,728    7,380,728    7,380,728

 6,727,250    6,727,250    6,727,250    6,727,250    6,727,250    6,727,250    6,727,250
22,080,690   22,080,690   22,080,690   22,080,690   22,080,690   22,080,690   22,080,690
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
 6,580,195    6,580,195    6,580,195    6,580,195    6,580,195    6,580,195    6,580,195
50,448,159   50,448,159   50,448,159   50,448,159   50,448,159   50,448,159   50,448,159


       -            -            -            -            -            -            -

       -            -            -            -            -            -            -
       -            -            -            -            -            -            -

       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -


       -            -            -            -            -            -            -

       -            -            -            -            -            -            -
       -            -            -            -            -            -            -

       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -

       -            -            -            -            -            -            -

 7,679,296    7,679,296    7,679,296    7,679,296    7,679,296    7,679,296    7,679,296
 7,380,728    7,380,728    7,380,728    7,380,728    7,380,728    7,380,728    7,380,728

 6,727,250    6,727,250    6,727,250    6,727,250    6,727,250    6,727,250    6,727,250
22,080,690   22,080,690   22,080,690   22,080,690   22,080,690   22,080,690   22,080,690
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
 6,580,195    6,580,195    6,580,195    6,580,195    6,580,195    6,580,195    6,580,195
50,448,159   50,448,159   50,448,159   50,448,159   50,448,159   50,448,159   50,448,159

       -            -            -            -            -            -            -

  230,379      230,379      230,379      230,379      230,379      230,379      230,379
  221,422      221,422      221,422      221,422      221,422      221,422      221,422

  302,726      302,726      302,726      302,726      302,726      302,726      302,726
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
  210,566      210,566      210,566      210,566      210,566      210,566      210,566
  965,093      965,093      965,093      965,093      965,093      965,093      965,093

       -            -            -            -            -            -            -

 3,225,304    3,455,683    3,686,062    3,916,441    4,146,820    4,377,199    4,607,578
 3,099,906    3,321,328    3,542,750    3,764,171    3,985,593    4,207,015    4,428,437

 4,238,168    4,540,894    4,843,620    5,146,346    5,449,073    5,751,799    6,054,525
 1,472,046    1,472,046    1,472,046    1,472,046    1,472,046    1,472,046    1,472,046
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
 2,947,927    3,158,493    3,369,060    3,579,626    3,790,192    4,000,758    4,211,325
14,983,351   15,948,444   16,913,537   17,878,631   18,843,724   19,808,817   20,773,910

       -            -            -            -            -            -            -

       -            -            -            -            -            -            -


       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -



 2,026,730    2,026,730    2,026,730    2,026,730    2,026,730    2,026,730    2,026,730
 2,133,400    2,133,400    2,133,400    2,133,400    2,133,400    2,133,400    2,133,400
       -            -            -            -            -            -            -
 1,066,700    1,066,700    1,066,700    1,066,700    1,066,700    1,066,700    1,066,700
 5,226,830    5,226,830    5,226,830    5,226,830    5,226,830    5,226,830    5,226,830
31/12/2033   31/12/2034   31/12/2035   30/12/2036   30/12/2037
        21           22           23           24           25


       -            -            -            -            -

 7,679,296    7,679,296    7,679,296    7,679,296    7,679,296
 7,380,728    7,380,728    7,380,728    7,380,728    7,380,728

 6,727,250    6,727,250    6,727,250    6,727,250    6,727,250
22,080,690   22,080,690   22,080,690   22,080,690   22,080,690
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
 6,580,195    6,580,195    6,580,195    6,580,195    6,580,195
50,448,159   50,448,159   50,448,159   50,448,159   50,448,159


       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -


       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -

       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -

       -            -            -            -            -

 7,679,296    7,679,296    7,679,296    7,679,296    7,679,296
 7,380,728    7,380,728    7,380,728    7,380,728    7,380,728

 6,727,250    6,727,250    6,727,250    6,727,250    6,727,250
22,080,690   22,080,690   22,080,690   22,080,690   22,080,690
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
 6,580,195    6,580,195    6,580,195    6,580,195    6,580,195
50,448,159   50,448,159   50,448,159   50,448,159   50,448,159

       -            -            -            -            -

  230,379      230,379      230,379      230,379      230,379
  221,422      221,422      221,422      221,422      221,422

  302,726      302,726      302,726      302,726      302,726
      -            -            -            -            -
      -            -            -            -            -
      -            -            -            -            -
      -            -            -            -            -
      -            -            -            -            -
  210,566      210,566      210,566      210,566      210,566
  965,093      965,093      965,093      965,093      965,093

       -            -            -            -            -

 4,837,956    5,068,335    5,298,714    5,529,093    5,759,472
 4,649,859    4,871,281    5,092,702    5,314,124    5,535,546

 6,357,251    6,659,978    6,962,704    7,265,430    7,568,156
 1,472,046    1,472,046    1,472,046    1,472,046    1,472,046
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
 4,421,891    4,632,457    4,843,023    5,053,590    5,264,156
21,739,004   22,704,097   23,669,190   24,634,283   25,599,376

       -            -            -            -            -

       -            -            -            -            -


       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -
       -            -            -            -            -



 2,026,730    2,026,730    2,026,730    2,026,730    2,026,730
 2,133,400    2,133,400    2,133,400    2,133,400    2,133,400
       -            -            -            -            -
 1,066,700    1,066,700    1,066,700    1,066,700    1,066,700
 5,226,830    5,226,830    5,226,830    5,226,830    5,226,830
2-9-Costs&Rev Sum                                      Costs & Rev Summary: Summarizes and reflects all the costs and revenue
Description                                            Unit         Total                     31/12/2011
Number of period for the project
Subsidies received from Central Government
Heat                                                   x1000 BYR         16,187,602                    -
Electricity                                            x1000 BYR                -                      -
Hot water                                              x1000 BYR          5,341,909                    -
Water                                                  x1000 BYR                -                      -
Subsidies requested in total (excl VAT)                x1000 BYR         21,529,511                    -
Total VAT billed on subsidies                          x1000 BYR                -                      -
Total revenue on utilities from subsidies              x1000 BYR         21,529,511                    -

                                                    (excl. BYR
Total income from residents for capital investmentsx1000 VAT)             7,940,609                    -
Total VAT billed for capital investment funds      x1000 BYR              1,588,122                    -
Total revenue on capital investment funds          x1000 BYR              9,528,731                    -

Revenue on apartments sold                             x1000 BYR         63,850,141                    -
Total taxes on apartments sold                         x1000 BYR          3,192,507                    -
Total revenue on apartments sold                       x1000 BYR         67,042,648                    -

Total revenue for municipality                         x1000 BYR         93,320,261                    -

Operating expenses
Total ongoing costs for subsidies for inputs for the
municipality                                           x1000 BYR         12,051,543                        -
Total for maintenance and other ongoing costs          x1000 BYR                -                      -
Total cost for salaries                                x1000 BYR                -                          -
Social security payments                               x1000 BYR                -                          -
Total Operational expenses and Maintenance
costs                                                  x1000 BYR         12,051,543                    -
Total VAT paid for ongoing expenses                    x1000 BYR                -                      -

Bad debts
Total projected bad debt expenses                      x1000 BYR            238,218                        -

Total VAT not collected from bad debt expenses         x1000 BYR             47,644                        -
and reflects all the costs and revenues in the previous tables.
                         31/12/2012      31/12/2013       31/12/2014   31/12/2015   31/12/2016   31/12/2017
                                   0               1               2            3            4            5

                              -            596,739         729,613        853,647      961,338   1,075,096
                              -                -               -              -            -           -
                              -            196,924         240,772        281,703      317,241     354,782
                              -                -               -              -            -           -
                              -            793,663         970,385      1,135,350    1,278,579   1,429,878
                              -                -               -              -            -           -
                              -            793,663         970,385      1,135,350    1,278,579   1,429,878

                              -             98,118         110,873       125,287      140,321      157,160
                              -             19,624          22,175        25,057       28,064       31,432
                              -            117,742         133,048       150,344      168,386      188,592

                              -                -        18,803,788     21,248,280   23,798,074         -
                              -                -           940,189      1,062,414    1,189,904         -
                              -                -        19,743,977     22,310,694   24,987,977         -

                              -            891,781      19,885,046     22,508,917   25,216,974   1,587,037



                                  -       654,622          533,347       624,016      702,738      785,895
                              -               -                -             -            -            -
                                  -             -                -             -            -            -
                                  -             -                -             -            -            -

                              -            654,622         533,347       624,016      702,738      785,895
                              -                -               -             -            -            -


                                  -          2,944           3,326         3,759        4,210        4,715

                                  -            589             665           752          842         943
31/12/2018   31/12/2019   31/12/2020   31/12/2021   31/12/2022   31/12/2023
         6            7            8            9           10           11

1,182,606    1,287,857    1,373,715    1,430,380    1,446,727    1,410,559
      -            -            -            -            -            -
  390,260      424,993      453,326      472,025      477,420      465,485
      -            -            -            -            -            -
1,572,865    1,712,850    1,827,040    1,902,406    1,924,148    1,876,044
      -            -            -            -            -            -
1,572,865    1,712,850    1,827,040    1,902,406    1,924,148    1,876,044

  174,447      193,637      213,000      232,170      250,744      268,296
   34,889       38,727       42,600       46,434       50,149       53,659
  209,337      232,364      255,600      278,604      300,893      321,955

      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -

1,747,313    1,906,487    2,040,041    2,134,576    2,174,892    2,144,340



  864,485      941,424    1,004,185    1,045,608    1,057,558    1,031,119
      -            -            -            -            -            -
        -            -            -            -            -            -
        -            -            -            -            -            -

  864,485      941,424    1,004,185    1,045,608    1,057,558    1,031,119
      -            -            -            -            -            -


    5,233        5,809        6,390        6,965        7,522        8,049

    1,047        1,162        1,278        1,393        1,504        1,610
31/12/2024   31/12/2025   31/12/2026   31/12/2027   31/12/2028    31/12/2029
        12           13           14           15           16            17

1,308,999    1,138,829      880,695      510,803          -             -
      -            -            -            -            -             -
  431,970      375,814      290,629      168,565          -             -
      -            -            -            -            -             -
1,740,969    1,514,643    1,171,324      679,368          -             -
      -            -            -            -            -             -
1,740,969    1,514,643    1,171,324      679,368          -             -

  284,394      301,457      319,545      338,718      359,041       380,583
   56,879       60,291       63,909       67,744       71,808        76,117
  341,273      361,749      383,454      406,461      430,849       456,700

      -            -            -            -            -             -
      -            -            -            -            -             -
      -            -            -            -            -             -

2,025,363    1,816,100    1,490,869    1,018,085      359,041       380,583



  956,878      832,484      643,788      373,397              -             -
      -            -            -            -            -             -
        -            -            -            -              -             -
        -            -            -            -              -             -

  956,878      832,484      643,788      373,397          -             -
      -            -            -            -            -             -


    8,532        9,044        9,586       10,162       10,771       11,417

    1,706        1,809        1,917        2,032        2,154         2,283
31/12/2030    31/12/2031    31/12/2032    31/12/2033    31/12/2034    31/12/2035
        18            19            20            21            22            23

      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -

  403,418       427,623       453,281       480,477       509,306       539,864
   80,684        85,525        90,656        96,095       101,861       107,973
  484,102       513,148       543,937       576,573       611,167       647,837

      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -

  403,418       427,623       453,281       480,477       509,306       539,864



          -             -             -             -             -             -
      -             -             -             -             -             -
          -             -             -             -             -             -
          -             -             -             -             -             -

      -             -             -             -             -             -
      -             -             -             -             -             -


   12,103        12,829        13,598        14,414        15,279        16,196

    2,421         2,566         2,720         2,883         3,056         3,239
30/12/2036    30/12/2037
        24            25

      -             -
      -             -
      -             -
      -             -
      -             -
      -             -
      -             -

  572,256       606,592
  114,451       121,318
  686,707       727,910

      -             -
      -             -
      -             -

  572,256       606,592



          -             -
      -             -
          -             -
          -             -

      -             -
      -             -


   17,168        18,198

    3,434         3,640
2-10-WC                                                Working Capital: Calculates the need for working capital throughout the
Description                                            Unit              Total                   31/12/2011
Number of period for the project
Number of days in Period                               Days                                           365
Assets
Accounts receivable
Subsidies requested in total (excl VAT)                x1000 BYR                                       -
Accounts Receivable Days on Hand - subsidies           Days                                                61
Account Receivables - subsidies                        x1000 BYR                                       -
Total income from residents for capital investments
(excl. VAT)                                            x1000 BYR                                       -
Accounts Receivable Days on Hand - capital
investment funds                                       Days                                                30
Account Receivables - capital investment funds         x1000 BYR                                       -

Accounts Payable
Accounts Payable - subsidies for inputs
Total ongoing costs for subsidies for inputs for the
municipality                                           x1000 BYR                                       -
Accounts Payable - Subsidies - Days on Hand            Days                                                30
Accounts Payable - Subsidies for inputs                x1000 BYR                                       -
Accounts Payable - Labor
Total cost for salaries                                x1000 BYR                                       -
Accounts Payable - Labour - Days on Hand               Days                                                30
Accounts Payable - Labor                               x1000 BYR                                       -
Accounts Payables FA
Fixed Assets Expenses                                  x1000 BYR                                       -
Accounts Paybable - Fixed Assets - Days on Hand        Days                                            -
Total Payables - Fixed Assets                          x1000 BYR                                       -

WC Needs
Total WC Needs                                         x1000 BYR                                       -

Change in WC Needs                                     x1000 BYR                                       -
ed for working capital throughout the project
                      31/12/2012    31/12/2013       31/12/2014     31/12/2015     31/12/2016     31/12/2017
                               0              1               2              3              4              5
                             366           365              365            365            366            365


                            -          793,663         970,385      1,135,350      1,278,579      1,429,878
                                61          61              61             61             61             61
                            -          132,277         161,731        189,225        212,514        238,313

                            -          117,742         133,048        150,344        168,386        188,592

                                30           30             30             30             30             30
                            -             9,812         11,087         12,529         13,994         15,716




                            -          654,622         533,347        624,016        702,738        785,895
                                30          30              30             30             30             30
                            -           54,552          44,446         52,001         58,401         65,491

                            -               -              -              -              -              -
                                30              30             30             30             30             30
                            -               -              -              -              -              -

                            -        50,448,159            -              -              -              -
                            -               -              -              -              -              -
                            -               -              -              -              -              -


                            -           87,537         128,373        149,752        168,107        188,538

                            -           87,537          40,836         21,380         18,354         20,431
31/12/2018     31/12/2019     31/12/2020     31/12/2021     31/12/2022     31/12/2023     31/12/2024
         6              7              8              9             10             11             12
       365            365            366            365            365            365            366


1,572,865      1,712,850      1,827,040      1,902,406      1,924,148      1,876,044      1,740,969
       61             61             61             61             61             61             61
  262,144        285,475        303,675        317,068        320,691        312,674        289,369

  209,337        232,364        255,600        278,604        300,893        321,955        341,273

       30             30             30             30             30             30             30
   17,445         19,364         21,242         23,217         25,074         26,830         28,362




  864,485        941,424      1,004,185      1,045,608      1,057,558      1,031,119        956,878
       30             30             30             30             30             30             30
   72,040         78,452         83,453         87,134         88,130         85,927         79,522

      -              -              -              -              -              -              -
          30             30             30             30             30             30             30
      -              -              -              -              -              -              -

      -              -              -              -              -              -              -
      -              -              -              -              -              -              -
      -              -              -              -              -              -              -


  207,549        226,387        241,463        253,151        257,636        253,577        238,208

   19,011         18,838         15,076         11,688          4,485         -4,059        -15,369
31/12/2025     31/12/2026     31/12/2027     31/12/2028     31/12/2029     31/12/2030     31/12/2031
        13             14             15             16             17             18             19
       365            365            365            366            365            365            365


1,514,643      1,171,324        679,368            -              -              -              -
       61             61             61                61             61             61             61
  252,440        195,221        113,228            -              -              -              -

  361,749        383,454        406,461        430,849        456,700        484,102        513,148

       30             30             30             30             30             30             30
   30,146         31,954         33,872         35,806         38,058         40,342         42,762




  832,484        643,788        373,397            -              -              -              -
       30             30             30                30             30             30             30
   69,374         53,649         31,116            -              -              -              -

      -              -              -              -              -              -              -
          30             30             30             30             30             30             30
      -              -              -              -              -              -              -

      -              -              -              -              -              -              -
      -              -              -              -              -              -              -
      -              -              -              -              -              -              -


  213,213        173,526        115,983         35,806         38,058         40,342         42,762

  -24,996        -39,686        -57,543        -80,177          2,252          2,283          2,421
31/12/2032     31/12/2033     31/12/2034     31/12/2035     30/12/2036     30/12/2037
        20             21             22             23             24             25
       366            365            365            365            365            365


      -              -              -              -              -              -
          61             61             61             61             61             61
      -              -              -              -              -              -

  543,937        576,573        611,167        647,837        686,707        727,910

       30             30             30             30             30             30
   45,204         48,048         50,931         53,986         57,226         60,659




      -              -              -              -              -              -
          30             30             30             30             30             30
      -              -              -              -              -              -

      -              -              -              -              -              -
          30             30             30             30             30             30
      -              -              -              -              -              -

      -              -              -              -              -              -
      -              -              -              -              -              -
      -              -              -              -              -              -


   45,204         48,048         50,931         53,986         57,226         60,659

    2,442          2,844          2,883          3,056          3,239          3,434
2-11-Funds                                                Funding: Includes information on the investment of funds inflated
Description                                               Unit         Total
Number of period for the project

Funding Match
Investment Programme Summary
 Transferred assets/ existing assets                      x1000 BYR                  -
 Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR           7,679,296
 Improvement of windows and ventilation systems           x1000 BYR           7,380,728
 Improvement of heating systems and accompanying
measures                                                  x1000 BYR           6,727,250
 Construction of new apartments on the roofs              x1000 BYR          22,080,690
                                                      -   x1000 BYR                  -
                                                      -   x1000 BYR                  -
                                                      -   x1000 BYR                  -
                                                      -   x1000 BYR                  -
Capital expenditures contingencies                        x1000 BYR           6,580,195
Total VAT on fixed assets                                 x1000 BYR          10,089,632
Total Investment in Fixed Assets                          x1000 BYR          60,537,791

Project Implementation Unit                               x1000 BYR           2,026,730
Detailed engineering designs                              x1000 BYR           2,133,400
Start-up Costs (including Working Capital)                x1000 BYR                  -
Project development costs                                 x1000 BYR           1,066,700
Total associated costs for investment                     x1000 BYR           5,226,830

Total associated costs for investment minus start-up
Costs                                                x1000 BYR                5,226,830

Capitalised interest                                      x1000 BYR           2,108,566
Capitalised fees                                          x1000 BYR             485,502
Capitalised interests and fees                            x1000 BYR           2,594,068

Total to be funded                                        x1000 BYR         68,358,689
Of which in money                                         x1000 BYR         68,358,689

Funded by
Equity investments                                                                        %
Investor #1 - Municipality                                x1000 BYR          17,912,224        26.2%
Investor #2 - Ministry of Energy                          x1000 BYR          21,752,028        31.8%
Investor # 3                                              x1000 BYR                  -          0.0%
Investor # 4                                              x1000 BYR                  -          0.0%
Capital grants and subsidies
Capital grant/ subsidy 1                                  x1000 BYR                  -          0.0%
Capital grant/ subsidy 2                                  x1000 BYR                  -          0.0%
Loans
Loan #1 - International finance loan                      x1000 BYR         28,694,437         42.0%
Loan #2                                                   x1000 BYR                  -          0.0%
Loan #3                                                   x1000 BYR                  -          0.0%
Total                                                     x1000 BYR         68,358,689          100%
Of which in money                                         x1000 BYR         68,358,689
Check difference                                          x1000 BYR                 -
Funding from project sponsor in cash                      x1000 BYR         21,752,028

Investment Costs Inflated
Investor #1 - Municipality
Transferred assets/ existing assets                       x1000 BYR                  -
 Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR              -
 Improvement of windows and ventilation systems           x1000 BYR              -
 Improvement of heating systems and accompanying
measures                                                  x1000 BYR           -
 Construction of new apartments on the roofs              x1000 BYR   11,040,345
                                                      -   x1000 BYR           -
                                                      -   x1000 BYR           -
                                                      -   x1000 BYR           -
                                                      -   x1000 BYR           -
Capital expenditures contingencies                        x1000 BYR    1,645,049
Total VAT on fixed assets                                 x1000 BYR           -
Project Implementation Unit                               x1000 BYR    2,026,730
Detailed engineering designs                              x1000 BYR    2,133,400
Start-up Costs (including Working Capital)                x1000 BYR           -
Project development costs                                 x1000 BYR    1,066,700
Total inflated costs excluding Capitalised Interest and
Fees                                                    x1000 BYR     17,912,224
Of Which Non-cash transfer (transfer in kind of fixed
assets)                                                 x1000 BYR            -

 Investor #2 - Ministry of Energy
 Transferred assets/ existing assets                      x1000 BYR          -
 Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR          -
 Improvement of windows and ventilation systems           x1000 BYR          -
 Improvement of heating systems and accompanying
measures                                                  x1000 BYR    6,727,250
 Construction of new apartments on the roofs              x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
Capital expenditures contingencies                        x1000 BYR    4,935,146
Total VAT on fixed assets                                 x1000 BYR   10,089,632
Project Implementation Unit                               x1000 BYR          -
Detailed engineering designs                              x1000 BYR          -
Start-up Costs (including Working Capital)                x1000 BYR          -
Project development costs                                 x1000 BYR          -
Total inflated costs excluding Capitalised Interest and
Fees                                                    x1000 BYR     21,752,028
Of Which Non-cash transfer (transfer in kind of fixed
assets)                                                 x1000 BYR            -

 Investor # 3
 Transferred assets/ existing assets                      x1000 BYR          -
 Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR          -
 Improvement of windows and ventilation systems           x1000 BYR          -
 Improvement of heating systems and accompanying
measures                                                  x1000 BYR          -
 Construction of new apartments on the roofs              x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
Capital expenditures contingencies                        x1000 BYR          -
Total VAT on fixed assets                                 x1000 BYR          -
Project Implementation Unit                               x1000 BYR          -
Detailed engineering designs                              x1000 BYR   -
Start-up Costs (including Working Capital)                x1000 BYR   -
Project development costs                                 x1000 BYR   -
Total inflated costs excluding Capitalised Interest and
Fees                                                      x1000 BYR   -
Of Which Non-cash transfer (transfer in kind of fixed
assets)                                                   x1000 BYR   -

 Investor # 4
 Transferred assets/ existing assets                      x1000 BYR   -
 Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR   -
 Improvement of windows and ventilation systems           x1000 BYR   -
 Improvement of heating systems and accompanying
measures                                                  x1000 BYR   -
 Construction of new apartments on the roofs              x1000 BYR   -
                                                      -   x1000 BYR   -
                                                      -   x1000 BYR   -
                                                      -   x1000 BYR   -
                                                      -   x1000 BYR   -
Capital expenditures contingencies                        x1000 BYR   -
Total VAT on fixed assets                                 x1000 BYR   -
Project Implementation Unit                               x1000 BYR   -
Detailed engineering designs                              x1000 BYR   -
Start-up Costs (including Working Capital)                x1000 BYR   -
Project development costs                                 x1000 BYR   -
Total inflated costs excluding Capitalised Interest and
Fees                                                    x1000 BYR     -
Of Which Non-cash transfer (transfer in kind of fixed
assets)                                                 x1000 BYR     -

 Capital grant/ subsidy 1
 Transferred assets/ existing assets                      x1000 BYR   -
 Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR   -
 Improvement of windows and ventilation systems           x1000 BYR   -
 Improvement of heating systems and accompanying
measures                                                  x1000 BYR   -
 Construction of new apartments on the roofs              x1000 BYR   -
                                                      -   x1000 BYR   -
                                                      -   x1000 BYR   -
                                                      -   x1000 BYR   -
                                                      -   x1000 BYR   -
Capital expenditures contingencies                        x1000 BYR   -
Total VAT on fixed assets                                 x1000 BYR   -
Project Implementation Unit                               x1000 BYR   -
Detailed engineering designs                              x1000 BYR   -
Start-up Costs (including Working Capital)                x1000 BYR   -
Project development costs                                 x1000 BYR   -
Total inflated costs excluding Capitalised Interest and
Fees                                                    x1000 BYR     -
Of Which Non-cash transfer (transfer in kind of fixed
assets)                                                 x1000 BYR     -

 Capital grant/ subsidy 2
 Transferred assets/ existing assets                      x1000 BYR   -
 Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR   -
 Improvement of windows and ventilation systems           x1000 BYR   -
Improvement of heating systems and accompanying
measures                                                  x1000 BYR          -
Construction of new apartments on the roofs               x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
Capital expenditures contingencies                        x1000 BYR          -
Total VAT on fixed assets                                 x1000 BYR          -
Project Implementation Unit                               x1000 BYR          -
Detailed engineering designs                              x1000 BYR          -
Start-up Costs (including Working Capital)                x1000 BYR          -
Project development costs                                 x1000 BYR          -
Total inflated costs excluding Capitalised Interest and
Fees                                                    x1000 BYR            -
Of Which Non-cash transfer (transfer in kind of fixed
assets)                                                 x1000 BYR            -

 Loan #1 - International finance loan
 Transferred assets/ existing assets                      x1000 BYR          -
 Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR    7,679,296
 Improvement of windows and ventilation systems           x1000 BYR    7,380,728
 Improvement of heating systems and accompanying
measures                                                  x1000 BYR          -
 Construction of new apartments on the roofs              x1000 BYR   11,040,345
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
Capital expenditures contingencies                        x1000 BYR          -
Total VAT on fixed assets                                 x1000 BYR          -
Project Implementation Unit                               x1000 BYR          -
Detailed engineering designs                              x1000 BYR          -
Start-up Costs (including Working Capital)                x1000 BYR          -
Project development costs                                 x1000 BYR          -
Total inflated costs excluding Capitalised Interest and
Fees                                                    x1000 BYR     26,100,369
Total inflated costs including Capitalised Interest and
Fees                                                    x1000 BYR     28,694,437
Of Which Non-cash transfer (transfer in kind of fixed
assets)                                                 x1000 BYR            -

 Loan #2
 Transferred assets/ existing assets                      x1000 BYR          -
 Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR          -
 Improvement of windows and ventilation systems           x1000 BYR          -
 Improvement of heating systems and accompanying
measures                                                  x1000 BYR          -
 Construction of new apartments on the roofs              x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
                                                      -   x1000 BYR          -
Capital expenditures contingencies                        x1000 BYR          -
Total VAT on fixed assets                                 x1000 BYR          -
Project Implementation Unit                               x1000 BYR          -
Detailed engineering designs                              x1000 BYR          -
Start-up Costs (including Working Capital)                x1000 BYR   -
Project development costs                                 x1000 BYR   -
Total inflated costs excluding Capitalised Interest and
Fees                                                      x1000 BYR   -
Total inflated costs including Capitalised Interest and
Fees                                                      x1000 BYR   -
Of Which Non-cash transfer (transfer in kind of fixed
assets)                                                   x1000 BYR   -

 Loan #3
 Transferred assets/ existing assets                      x1000 BYR   -
 Improvement of insulation of the building envelope
(without windows)                                         x1000 BYR   -
 Improvement of windows and ventilation systems           x1000 BYR   -
 Improvement of heating systems and accompanying
measures                                                  x1000 BYR   -
 Construction of new apartments on the roofs              x1000 BYR   -
                                                      -   x1000 BYR   -
                                                      -   x1000 BYR   -
                                                      -   x1000 BYR   -
                                                      -   x1000 BYR   -
Capital expenditures contingencies                        x1000 BYR   -
Total VAT on fixed assets                                 x1000 BYR   -
Project Implementation Unit                               x1000 BYR   -
Detailed engineering designs                              x1000 BYR   -
Start-up Costs (including Working Capital)                x1000 BYR   -
Project development costs                                 x1000 BYR   -
Total inflated costs excluding Capitalised Interest and
Fees                                                    x1000 BYR     -
Total inflated costs including Capitalised Interest and
Fees                                                    x1000 BYR     -
Of Which Non-cash transfer (transfer in kind of fixed
assets)                                                 x1000 BYR     -

Start-up Costs Calculation:

O&M during construction period                            x1000 BYR   -
Contingencies on Construction Costs                       x1000 BYR   -
Working Capital Needs During Construction Period          x1000 BYR   -
Total Start-Up Costs During Construction Period           x1000 BYR   -
ation on the investment of funds inflated over time (purchase of equipment, construction and installation works, customs fees and duties, etc
                    31/12/2011     31/12/2012     31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018
                                            0              1           2           3           4           5           6



                           -             -              -           -           -           -           -           -

                           -             -        7,679,296         -           -           -           -           -
                           -             -        7,380,728         -           -           -           -           -

                           -             -        6,727,250         -           -           -           -           -
                           -             -       22,080,690         -           -           -           -           -
                           -             -              -           -           -           -           -           -
                           -             -              -           -           -           -           -           -
                           -             -              -           -           -           -           -           -
                           -             -              -           -           -           -           -           -
                           -             -        6,580,195         -           -           -           -           -
                           -             -       10,089,632         -           -           -           -           -
                           -             -       60,537,791         -           -           -           -           -

                           -       2,026,730            -           -           -           -           -           -
                           -       2,133,400            -           -           -           -           -           -
                           -             -              -           -           -           -           -           -
                           -       1,066,700            -           -           -           -           -           -
                           -       5,226,830            -           -           -           -           -           -


                           -       5,226,830            -           -           -           -           -           -

                               -         -        2,108,566             -           -           -           -           -
                               -    228,800         256,702             -           -           -           -           -
                           -        228,800       2,365,268         -           -           -           -           -

                           -       5,455,630     62,903,059         -           -           -           -           -
                           -       5,455,630     62,903,059         -           -           -           -           -



                           -       5,226,830     12,685,394         -           -           -           -           -
                           -             -       21,752,028         -           -           -           -           -
                           -             -              -           -           -           -           -           -
                           -             -              -           -           -           -           -           -

                               -             -              -           -           -           -           -           -
                               -             -              -           -           -           -           -           -

                           -         228,800     28,465,637         -           -           -           -           -
                           -             -              -           -           -           -           -           -
                           -             -              -           -           -           -           -           -
                           -       5,455,630     62,903,059         -           -           -           -           -
                           -       5,455,630     62,903,059         -           -           -           -           -
                           -             -              -           -           -           -           -           -
                           -             -       21,752,028         -           -           -           -           -



                           -             -              -           -           -           -           -           -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -

-         -            -     -   -   -   -   -
-         -     11,040,345   -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -      1,645,049   -   -   -   -   -
-         -            -     -   -   -   -   -
-   2,026,730          -     -   -   -   -   -
-   2,133,400          -     -   -   -   -   -
-         -            -     -   -   -   -   -
-   1,066,700          -     -   -   -   -   -

-   5,226,830   12,685,394   -   -   -   -   -

-         -            -     -   -   -   -   -


-         -            -     -   -   -   -   -

-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -

-         -      6,727,250   -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -      4,935,146   -   -   -   -   -
-         -     10,089,632   -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -

-         -     21,752,028   -   -   -   -   -

-         -            -     -   -   -   -   -


-         -            -     -   -   -   -   -

-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -

-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-         -            -     -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -


-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -


-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -


-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -

-       -            -     -   -   -   -   -

-       -            -     -   -   -   -   -


-       -            -     -   -   -   -   -

-       -      7,679,296   -   -   -   -   -
-       -      7,380,728   -   -   -   -   -

-       -            -     -   -   -   -   -
-       -     11,040,345   -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -

-       -     26,100,369   -   -   -   -   -

-   228,800   28,465,637   -   -   -   -   -

-       -            -     -   -   -   -   -


-       -            -     -   -   -   -   -

-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -

-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-       -            -     -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -


-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -

-   -   -   -   -   -   -   -



-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
-   -   -   -   -   -   -   -
on works, customs fees and duties, etc.) as well as the source of the funds to pay for them.
                   31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025 31/12/2026
                            7             8           9          10           11          12 13         14



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31/12/2027 31/12/2028 31/12/2029 31/12/2030 31/12/2031 31/12/2032 31/12/2033 31/12/2034
        15         16         17         18         19         20         21         22



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31/12/2035 30/12/2036 30/12/2037
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2-12-Loan overview                         Loan overview: Shows the calculation of the amounts of loans for the project in
Loans

Loan #1 - International finance loan
Committed amount                           EUR                                         2,200,000
Amount of funds - local currency           x1000 BYR                                  23,467,400
Committed amount - foreign currency
equivalent                                 EUR                                         2,200,000
Font End Fees                              % per year                                      1.00%
Commitment Fees                            % per year                                      1.00%
Interests due                              % per year                                      8.00%
First drawdown                             Date                                       01/06/2013
Start of repayment                         Date                                       30/12/2014
Term of the loan                           Years                                                5
Number of repayments                       Number                                               5
Repayment profile (equal or annuity)                                                      Annuity
Capitalised interests?                                                                       Yes
Capitalised fees?                                                                            Yes
Short-term loan interest rate              % per year                                      0.00%
% of next debt service to be funded from
Debt Service Reserve Account               %                                             100.00%

Loan #2
Committed amount                           x1000 BYR                                         -
Amount of funds - local currency           x1000 BYR                                         -
Committed amount - foreign currency
equivalent                                 EUR                                               -
Font End Fees                              % per year                                     0.00%
Commitment Fees                            % per year                                     0.00%
Interests due                              % per year                                    15.00%
First drawdown                             Date                                       01/01/2013
Start of repayment                         Date                                       01/01/2014
Term of the loan                           Years                                               7
Number of repayments                       Number                                              7
Repayment profile (equal or annuity)                                                     Annuity
Capitalised interests?                                                                      Yes
Capitalised fees?                                                                           Yes
Short-term loan interest rate              % per year                                     0.00%
% of next debt service to be funded from
Debt Service Reserve Account               %                                             100.00%

Loan #3
Committed amount                                        FALSE                                -
Amount of funds - local currency           x1000 BYR                                         -
Committed amount - foreign currency
equivalent                                 EUR                                               -
Font End Fees                              % per year                                     0.00%
Commitment Fees                            % per year                                     0.00%
Interests due                              % per year                                     0.00%
First drawdown                             Date                                       00/01/1900
Start of repayment                         Date                                       00/01/1900
Term of the loan                           Years                                             -
Number of repayments                       Number                                            -
Repayment profile (equal or annuity)       1=equal, 2=annuity                            Annuity
Capitalised interests?                     1=yes, 2=no                                        No
Capitalised fees?                          1=yes, 2=no                                        No
Short-term loan interest rate              % per year                                     0.00%
% of next debt service to be funded from
Debt Service Reserve Account               %                                               0.00%
n of the amounts of loans for the project in general terms
2-13-Investors & Grants                Investors and grants overview: Shows the calculation for the amounts of
Description                            Unit              Total
Number of period for the project

Equity investments
Equity - brought forward               x1000 BYR
Investor #1 - Municipality             x1000 BYR             17,912,224
Investor #2 - Ministry of Energy       x1000 BYR             21,752,028
Investor # 3                           x1000 BYR                    -
Investor # 4                           x1000 BYR                    -
Equity - carried forward               x1000 BYR

Capital grants and subsidies
Capital grant/ subsidy 1               x1000 BYR                    -
Capital grant/ subsidy 2               x1000 BYR                    -
Total grants and subsidies             x1000 BYR                    -

Dividends, IRR and NPV for investors
Investor #1 - Municipality             x1000 BYR             26,811,606
IRR                                                  4%
NPV                                         -11,098,749
Investor #2 - Ministry of Energy       x1000 BYR             22,977,334
IRR                                                  3%
NPV                                         -13,421,401
Investor # 3                           x1000 BYR                    -
IRR                                         #NUM!
NPV                                                 -
Investor # 4                           x1000 BYR                    -
IRR                                         #NUM!
NPV                                                 -
ew: Shows the calculation for the amounts of investments and grants as well as the payback/dividends expected
                  31/12/2011 31/12/2012      31/12/2013    31/12/2014   31/12/2015      31/12/2016    31/12/2017
                           -1          0              1             2              3             4             5


                         -           -       5,226,830    39,664,252    39,664,252    39,664,252     39,664,252
                         -     5,226,830    12,685,394           -             -             -              -
                         -           -      21,752,028           -             -             -              -
                         -           -             -             -             -             -              -
                         -           -             -             -             -             -              -
                         -     5,226,830    39,664,252    39,664,252    39,664,252    39,664,252     39,664,252


                         -           -             -             -              -             -             -
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                         -    -5,226,830   -12,685,394           -              -             -             -


                         -           -     -21,752,028           -              -             -             -


                         -           -             -             -              -             -             -


                         -           -             -             -              -             -             -
31/12/2018   31/12/2019   31/12/2020   31/12/2021   31/12/2022   31/12/2023   31/12/2024
         6            7            8            9           10           11           12


39,664,252   39,664,252   39,664,252   39,664,252   39,664,252   39,664,252   39,664,252
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39,664,252   39,664,252   39,664,252   39,664,252   39,664,252   39,664,252   39,664,252


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31/12/2025   31/12/2026   31/12/2027   31/12/2028   31/12/2029   31/12/2030   31/12/2031
        13           14           15           16           17           18           19


39,664,252   39,664,252   39,664,252   39,664,252   39,664,252   39,664,252   39,664,252
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39,664,252   39,664,252   39,664,252   39,664,252   39,664,252   39,664,252   39,664,252


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       -            -            -            -            -            -            -
31/12/2032   31/12/2033   31/12/2034   31/12/2035   30/12/2036   30/12/2037
        20           21           22           23           24           25


39,664,252   39,664,252   39,664,252   39,664,252   39,664,252   39,664,252
       -            -            -            -            -            -
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39,664,252   39,664,252   39,664,252   39,664,252   39,664,252   39,664,252


       -            -            -            -            -            -
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       -            -            -            -            -     44,723,829


       -            -            -            -            -     44,729,362


       -            -            -            -            -            -


       -            -            -            -            -            -
2-14-1-Loan 1                          Loan 1: Outlines the sources of funding for the project and payments to be mad
Description                            Unit               Total                 31/12/2011 31/12/2012
Number of period for the project                                                         -1           0



Loan #1 - International finance loan
Loan repayment?                        (1=yes;0=No)                  5               -            -
Drawdown schedule                      x1000 BYR            26,100,369               -            -
Committed amount                       x1000 BYR            23,467,400

Balance brought forward                x1000 BYR                                     -            -
Drawdown                               x1000 BYR            26,100,369               -            -
Capitalised interest                   x1000 BYR             2,108,566               -            -
Capitalised fees                       x1000 BYR               485,502               -        228,800
Principle repayment                    x1000 BYR           -38,824,199               -            -
Foreign exchange loss                  x1000 BYR            10,129,761               -            -
Balance carried forward                x1000 BYR                                     -        228,800

Capitalised interests?                 x1000 BYR                                     -            -
Capitalised fees?                      x1000 BYR                                     -            -

Principle repayment                    x1000 BYR            38,824,199               -            -
Annuity calculation                    x1000 BYR            47,970,171               -            -

Interests due                          x1000 BYR            11,254,538               -            -

Font End Fees                          x1000 BYR               256,702               -            -
Commitment Fees                        x1000 BYR               228,800               -        228,800
Total fees due                         x1000 BYR               485,502               -        228,800

Interest paid on long-term loans       x1000 BYR             9,145,972               -            -
Fees paid for long-term loans          x1000 BYR                   -                 -            -
Principle repaid on long-term loans    x1000 BYR            38,824,199               -            -
 Total debt service for the period      x1000 BYR           47,970,171               -            -

Foreign Currency (if applicable)
Loan repayment?                        (1=yes;0=No)                  5               -            -
Drawdown schedule                      EUR                   2,236,863               -            -
Committed amount                       EUR                   2,200,000

Balance brought forward                EUR                                           -            -
Drawdown                               EUR                    2,236,863              -            -
Capitalised interest                   EUR                      180,709              -            -
Capitalised fees                       EUR                       44,000              -         22,000
Principle repayment                    EUR                   -2,461,572              -            -
Balance carried forward                EUR                                           -         22,000

Capitalised interests?                 EUR                                           -            -
Capitalised fees?                      EUR                                           -            -

Principle repayment                    EUR                                           -            -
Annuity calculation                    EUR                                           -            -

Interests due                          EUR                     801,720               -            -
Font End Fees                         EUR     22,000    -      -
Commitment Fees                       EUR     22,000    -   22,000
Total fees due                        EUR     44,000    -   22,000

Interest paid on long-term loans      EUR     621,011   -      -
Fees paid for long-term loans         EUR         -     -      -
Principle repaid on long-term loans   EUR   2,461,572   -      -
 Total debt service for the period    EUR   3,082,583   -      -
ct and payments to be made on loan #1 - which is a local currency loan
             31/12/2013    31/12/2014     31/12/2015      31/12/2016      31/12/2017      31/12/2018     31/12/2019
                         1              2              3              4              5               6             7




                     -                  1              1              1              1               1         -
              26,100,369            -              -              -              -               -             -


                 228,800     28,722,340     26,267,188     22,531,596     17,036,139       9,665,532           -
              26,100,369            -              -              -              -               -             -
               2,108,566            -              -              -              -               -             -
                 256,702            -              -              -              -               -             -
                     -       -5,397,440     -6,426,377     -7,583,751     -8,949,567     -10,467,064           -
                  27,902      2,942,288      2,690,785      2,088,294      1,578,959         801,532           -
              28,722,340     26,267,188     22,531,596     17,036,139      9,665,532             -             -

                     -                  1              1              1              1               1         -
                     -                  1              1              1              1               1         -

                     -        5,397,440      6,426,377      7,583,751      8,949,567     10,467,064            -
                     -        7,930,611      8,743,015      9,553,343     10,438,774     11,304,429            -

               2,108,566      2,533,170      2,316,638      1,969,591      1,489,208        837,365            -

                256,702             -              -              -              -               -             -
                    -               -              -              -              -               -             -
                256,702             -              -              -              -               -             -

                     -        2,533,170      2,316,638      1,969,591      1,489,208        837,365            -
                     -              -              -              -              -              -              -
                     -        5,397,440      6,426,377      7,583,751      8,949,567     10,467,064            -
                     -        7,930,611      8,743,015      9,553,343     10,438,774     11,304,429            -



                     -                  1              1              1              1               1         -
               2,236,863            -              -              -              -               -             -


                  22,000      2,461,572      2,041,981      1,588,823      1,099,412        570,849            -
               2,236,863            -              -              -              -              -              -
                 180,709            -              -              -              -              -              -
                  22,000            -              -              -              -              -              -
                     -         -419,591       -453,158       -489,411       -528,564       -570,849            -
               2,461,572      2,041,981      1,588,823      1,099,412        570,849            -              -

                     -                  1              1              1              1               1         -
                     -                  1              1              1              1               1         -

                     -         419,591        453,158        489,411        528,564         570,849            -
                     -         616,517        616,517        616,517        616,517         616,517            -

                180,709        196,926        163,358        127,106         87,953          45,668            -
22,000       -         -         -         -         -     -
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22,000       -         -         -         -         -     -

   -     196,926   163,358   127,106    87,953    45,668   -
   -         -         -         -         -         -     -
   -     419,591   453,158   489,411   528,564   570,849   -
   -     616,517   616,517   616,517   616,517   616,517   -
31/12/2020    31/12/2021    31/12/2022     31/12/2023 31/12/2024 31/12/2025 31/12/2026 31/12/2027
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2-14-2-Loan 2                         Loan 2: Outlines the sources of funding for the project and payments to be made
Description                           Unit               Total                31/12/2011 31/12/2012
Number of period for the project                                                       -1          0

Loan #2
Loan repayment?                       (1=yes;0=No)                    7            -           -
Drawdown schedule                     x1000 BYR                   -                -           -
Committed amount                      x1000 BYR                   -

Balance brought forward               x1000 BYR                                    -           -
Drawdown                              x1000 BYR                   -                -           -
Capitalised interest                  x1000 BYR                   -                -           -
Capitalised fees                      x1000 BYR                   -                -           -
Principle repayment                   x1000 BYR                   -                -           -
Foreign exchange loss                 x1000 BYR                   -                -           -
Balance carried forward               x1000 BYR                                    -           -

Capitalised interests?                (1=No, 0=Yes)                                -           -
Capitalised fees?                     (1=No, 0=Yes)                                -           -

Principle repayment                   x1000 BYR                   -                -           -
Annuity calculation                   x1000 BYR                   -                -           -

Interests due                         x1000 BYR                   -                -           -

Font End Fees                         x1000 BYR                   -                -           -
Commitment Fees                       x1000 BYR                   -                -           -
Total fees due                        x1000 BYR                   -                -           -

Interest paid on long-term loans      x1000 BYR                   -                -           -
Fees paid for long-term loans         x1000 BYR                   -                -           -
Principle repaid on long-term loans   x1000 BYR                   -                -           -
 Total debt service for the period     x1000 BYR                  -                -           -

Foreign Currency (if applicable)
Loan repayment?                       (1=yes;0=No)                    7            -           -
Drawdown schedule                     EUR                         -                -           -
Committed amount                      EUR                         -

Balance brought forward               EUR                                          -           -
Drawdown                              EUR                         -                -           -
Capitalised interest                  EUR                         -                -           -
Capitalised fees                      EUR                         -                -           -
Principle repayment                   EUR                         -                -           -
Balance carried forward               EUR                                          -           -

Capitalised interests?                EUR                                          -           -
Capitalised fees?                     EUR                                          -           -

Principle repayment                   EUR                                          -           -
Annuity calculation                   EUR                                          -           -

Interests due                         EUR                         -                -           -
Font End Fees                         EUR   -   -   -
Commitment Fees                       EUR   -   -   -
Total fees due                        EUR   -   -   -

Interest paid on long-term loans      EUR   -   -   -
Fees paid for long-term loans         EUR   -   -   -
Principle repaid on long-term loans   EUR   -   -   -
 Total debt service for the period    EUR   -   -   -
ect and payments to be made on loan #2 - which is a local currency loan
             31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017        31/12/2018    31/12/2019    31/12/2020
                       1           2           3           4           5             6             7             8



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2-14-3-Loan 3                         Loan 3: Outlines the sources of funding for the project and payments to be made on loan
Description                           Unit            Total                  31/12/2011 31/12/2012
Number of period for the project                                                        -1          0

Loan #3
Loan repayment?                       (1=yes;0=No)            -                     -           -
Drawdown schedule                     x1000 BYR               -                     -           -
Committed amount                      x1000 BYR               -

Balance brought forward               x1000 BYR                                     -           -
Drawdown                              x1000 BYR               -                     -           -
Capitalised interest                  x1000 BYR               -                     -           -
Capitalised fees                      x1000 BYR               -                     -           -
Principle repayment                   x1000 BYR               -                     -           -
Foreign exchange loss                 x1000 BYR
Balance carried forward               x1000 BYR                                     -           -

Capitalised interests?                (1=No, 0=Yes)                                     1           1
Capitalised fees?                     (1=No, 0=Yes)                                     1           1

Principle repayment                   x1000 BYR               -                     -           -
Annuity calculation                   x1000 BYR               -                     -           -

Interests due                         x1000 BYR               -                     -           -

Font End Fees                         x1000 BYR               -                     -           -
Commitment Fees                       x1000 BYR               -                     -           -
Total fees due                        x1000 BYR               -                     -           -

Interest paid on long-term loans      x1000 BYR               -                     -           -
Fees paid for long-term loans         x1000 BYR               -                     -           -
Principle repaid on long-term loans   x1000 BYR               -                     -           -
Total debt service for the period     x1000 BYR               -                     -           -

Foreign Currency (if applicable)
Loan repayment?                       (1=yes;0=No)            -                     -           -
Drawdown schedule                     EUR                     -                     -           -
Committed amount                      EUR                     -

Balance brought forward               EUR                                           -           -
Drawdown                              EUR                     -                     -           -
Capitalised interest                  EUR                     -                     -           -
Capitalised fees                      EUR                     -                     -           -
Principle repayment                   EUR                     -                     -           -
Balance carried forward               EUR                                           -           -

Capitalised interests?                EUR                                               1           1
Capitalised fees?                     EUR                                               1           1

Principle repayment                   EUR                                           -           -
Annuity calculation                   EUR                                           -           -

Interests due                         EUR                     -                     -           -

Font End Fees                         EUR                     -                     -           -
Commitment Fees                       EUR                     -                     -           -
Total fees due                        EUR   -   -   -

Interest paid on long-term loans      EUR   -   -   -
Fees paid for long-term loans         EUR   -   -   -
Principle repaid on long-term loans   EUR   -   -   -
Total debt service for the period     EUR   -   -   -
he project and payments to be made on loan #3 - which is a local currency loan
                    31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020
                                1           2            3           4               5       6       7       8



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30/12/2037
          25



      -
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          1
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          1
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2-15-Debt                                Debt: Shows the types of loans and credit history shows the current organiza
Description                              Unit             Total                       31/12/2011
Number of period for the project                                                                 -1

Loans for the project

Total
Drawdown schedule                        x1000 BYR           26,100,369                      -
Committed amount                         x1000 BYR           23,467,400
Balance brought forward                  x1000 BYR          104,451,595                      -
Font End Fees                            x1000 BYR              256,702                      -
Commitment Fees                          x1000 BYR              228,800                      -
Capitalised fees                         x1000 BYR              485,502                      -
Interests due                            x1000 BYR           11,254,538                      -
Capitalised interest                     x1000 BYR            2,108,566                      -
Annuity calculation                      x1000 BYR           47,970,171                      -

Actual payments
Fees paid for long-term loans            x1000 BYR                  -                        -
Interest paid on long-term loans         x1000 BYR            9,145,972                      -
Principle repayment                      x1000 BYR           38,824,199                      -
Total debt service for the period        x1000 BYR           47,970,171                      -
Balance carried forward                  x1000 BYR          104,451,595                      -
Foreign exchange loss                    x1000 BYR           10,129,761                      -

Other existing long-term loans, loans
Drawdown schedule                        x1000 BYR                   -
Balance brought forward                  x1000 BYR                   -
Fees to be paid                          x1000 BYR                   -
Interests paid                           x1000 BYR                   -
Principle repayment                      x1000 BYR                   -
Total debt service for the period        x1000 BYR                   -                       -
Debt at end of year                      x1000 BYR                                           -

Interests & Overdrafts

Interest rate on cash balance            %                                                5.00%
Interest rate on overdraft               %                                               12.00%

Cash balance at the start
Cash brought forward                     x1000 BYR                                           -
Debt Reserve Account                     x1000 BYR                                           -
Cash balance at the start                x1000 BYR                                           -
Interest on cash balance                 x1000 BYR            26,949,018                     -

Overdrafts                               x1000 BYR                   -                       -
Interest on overdrafts                   x1000 BYR                   -                       -
Principle repaid on overdrafts           x1000 BYR                                           -

Total interests on cash and overdrafts   x1000 BYR            26,949,018                     -
ory shows the current organization.
            31/12/2012     31/12/2013     31/12/2014     31/12/2015     31/12/2016     31/12/2017     31/12/2018
                       0              1              2              3              4              5              6




                   -       26,100,369            -              -              -              -              -

                  -           228,800     28,722,340     26,267,188     22,531,596     17,036,139      9,665,532
                  -           256,702            -              -              -              -              -
              228,800             -              -              -              -              -              -
              228,800         256,702            -              -              -              -              -
                  -         2,108,566      2,533,170      2,316,638      1,969,591      1,489,208        837,365
                  -         2,108,566            -              -              -              -              -
                  -               -        7,930,611      8,743,015      9,553,343     10,438,774     11,304,429


                  -               -              -              -              -              -              -
                  -               -        2,533,170      2,316,638      1,969,591      1,489,208        837,365
                  -               -        5,397,440      6,426,377      7,583,751      8,949,567     10,467,064
                  -               -        7,930,611      8,743,015      9,553,343     10,438,774     11,304,429
              228,800      28,722,340     26,267,188     22,531,596     17,036,139      9,665,532            -
                  -            27,902      2,942,288      2,690,785      2,088,294      1,578,959        801,532




                   -              -              -              -              -              -              -




                   -              -              -              -              -              -              -
                   -              -              -              -              -              -              -




                5.00%          5.00%          5.00%          5.00%          5.00%          5.00%          5.00%
               12.00%         12.00%         12.00%         12.00%         12.00%         12.00%         12.00%


                   -              -             -         2,829,420     15,738,767     31,083,493     22,661,663
                   -              -         165,712       8,743,015      9,553,343     10,438,774     11,304,429
                   -              -         165,712      11,572,434     25,292,110     41,522,267     33,966,092
                   -              -           8,286         578,622      1,264,605      2,076,113      1,698,305

                   -              -              -              -              -              -              -
                   -              -              -              -              -              -              -
                   -              -              -              -              -              -              -

                   -              -            8,286       578,622       1,264,605      2,076,113      1,698,305
31/12/2019     31/12/2020     31/12/2021     31/12/2022      31/12/2023      31/12/2024      31/12/2025
           7              8              9              10              11              12              13




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       -              -              -              -               -               -               -




    5.00%          5.00%          5.00%          5.00%           5.00%           5.00%           5.00%
   12.00%         12.00%         12.00%         12.00%          12.00%          12.00%          12.00%


25,252,394     27,492,995     29,923,356     32,534,880      35,315,595      38,242,655      41,285,281
       -              -              -              -               -               -               -
25,252,394     27,492,995     29,923,356     32,534,880      35,315,595      38,242,655      41,285,281
 1,262,620      1,374,650      1,496,168      1,626,744       1,765,780       1,912,133       2,064,264

       -              -              -              -               -               -               -
       -              -              -              -               -               -               -
       -              -              -              -               -               -               -

 1,262,620      1,374,650      1,496,168      1,626,744       1,765,780       1,912,133       2,064,264
31/12/2026      31/12/2027      31/12/2028 31/12/2029 31/12/2030 31/12/2031 31/12/2032 31/12/2033
           14              15              16             17             18             19             20             21




       -               -               -              -              -              -              -              -

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       -               -               -              -              -              -              -              -




       -               -               -              -              -              -              -              -
       -               -               -              -              -              -              -              -




    5.00%           5.00%           5.00%          5.00%          5.00%          5.00%          5.00%          5.00%
   12.00%          12.00%          12.00%         12.00%         12.00%         12.00%         12.00%         12.00%


44,407,596      47,567,149      50,703,287      ########       ########       ########       ########       ########
       -               -               -              -              -              -              -              -
44,407,596      47,567,149      50,703,287      ########       ########       ########       ########       ########
 2,220,380       2,378,357       2,535,164      2,686,828      2,843,206      3,008,731      3,183,935      3,369,390

       -               -               -              -              -              -              -              -
       -               -               -              -              -              -              -              -
       -               -               -              -              -              -              -              -

 2,220,380       2,378,357       2,535,164      2,686,828      2,843,206      3,008,731      3,183,935      3,369,390
31/12/2034 31/12/2035 30/12/2036 30/12/2037
          22             23             24             25




      -              -              -              -

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    5.00%         5.00%          5.00%          5.00%
   12.00%        12.00%         12.00%         12.00%


########       ########       ########       ########
      -              -              -              -
########       ########       ########       ########
3,565,681      3,773,463      3,993,403      4,226,217

      -              -              -              -
      -              -              -              -
      -              -              -              -

3,565,681      3,773,463      3,993,403      4,226,217
2-16-P&L                                  Profit and Loss: The reduction of revenue, taxes on it, cost, definition of profit before
Description                               Unit          Total                                31/12/2011
Number of period for the project                                                                     -1

Subsidies requested in total (excl VAT)   x1000 BYR             21,529,511                          -
Total income from residents for capital
investments (excl. VAT)                   x1000 BYR              7,940,609                          -
Revenue on apartments sold                x1000 BYR             63,850,141                          -
Total cost for salaries                   x1000 BYR                    -                            -
Social security payments                  x1000 BYR                    -                            -
Total ongoing costs for subsidies for
inputs for the municipality               x1000 BYR             -12,051,543                         -
Total for maintenance and other ongoing
costs                                     x1000 BYR                    -                            -
 Gross Profit                             x1000 BYR             81,268,717                          -

Total projected bad debt expenses         x1000 BYR                -238,218                         -
Depreciation charge                       x1000 BYR             -25,599,376                         -
 Net Operating Profit                     x1000 BYR              55,431,123                         -

Interests due                             x1000 BYR             -11,254,538                         -
Interest on overdrafts                    x1000 BYR                     -                           -
Total fees due                            x1000 BYR                -485,502                         -
Foreign exchange loss                     x1000 BYR             -10,129,761                         -
Interest on cash balance                  x1000 BYR              54,913,044                         -
 Profit Before Tax                        x1000 BYR              88,474,365                         -

Tax due                                   x1000 BYR                    -                            -
 Profit after Tax                         x1000 BYR             88,474,365                          -

Retained Profit Brought Forward           x1000 BYR                                                 -
 Dividends
Investor #1 - Municipality                x1000 BYR             -44,723,829                         -
Investor #2 - Ministry of Energy          x1000 BYR             -44,729,362                         -
Investor # 3                              x1000 BYR                     -                           -
Investor # 4                              x1000 BYR                     -                           -
Cash to dividends                         x1000 BYR             -89,453,191                         -
 Retained Profit Carried Forward          x1000 BYR                                                 -
, taxes on it, cost, definition of profit before tax, tax on profits and, finally, the calculation of net income and its distribution, as well as the calculati
                     31/12/2012         31/12/2013         31/12/2014         31/12/2015        31/12/2016         31/12/2017
                              0                  1                  2                  3                 4                  5

                             -             793,663            970,385         1,135,350          1,278,579          1,429,878

                             -              98,118           110,873            125,287            140,321            157,160
                             -                 -          18,803,788         21,248,280         23,798,074                -
                             -                 -                 -                  -                  -                  -
                             -                 -                 -                  -                  -                  -

                             -            -654,622           -533,347           -624,016          -702,738           -785,895

                             -                 -                 -                  -                  -                  -
                             -             237,158        19,351,699         21,884,901         24,514,236            801,142

                             -              -2,944            -3,326             -3,759             -4,210             -4,715
                             -          -1,333,105        -1,333,105         -1,333,105         -1,333,105           -965,093
                             -          -1,098,890        18,015,268         20,548,038         23,176,922           -168,666

                            -           -2,108,566        -2,533,170         -2,316,638         -1,969,591         -1,489,208
                            -                  -                 -                  -                  -                  -
                       -228,800           -256,702               -                  -                  -                  -
                            -              -27,902        -2,942,288         -2,690,785         -2,088,294         -1,578,959
                            -                  -               8,286            578,622          1,264,605          2,076,113
                       -228,800         -3,492,061        12,548,095         16,119,237         20,383,642         -1,160,719

                            -                  -                 -                  -                  -                  -
                       -228,800         -3,492,061        12,548,095         16,119,237         20,383,642         -1,160,719

                             -            -228,800         -3,720,861         8,827,234         24,946,471         45,330,113

                            -                  -                  -                 -                  -                  -
                            -                  -                  -                 -                  -                  -
                            -                  -                  -                 -                  -                  -
                            -                  -                  -                 -                  -                  -
                            -                  -                  -                 -                  -                  -
                       -228,800         -3,720,861          8,827,234        24,946,471         45,330,113         44,169,393
ome and its distribution, as well as the calculation of net income is provided.
                         31/12/2018        31/12/2019        31/12/2020           31/12/2021   31/12/2022   31/12/2023
                                  6                 7                 8                    9           10           11

                          1,572,865         1,712,850        1,827,040            1,902,406     1,924,148    1,876,044

                            174,447          193,637           213,000              232,170      250,744      268,296
                                -                -                 -                    -            -            -
                                -                -                 -                    -            -            -
                                -                -                 -                    -            -            -

                           -864,485          -941,424        -1,004,185           -1,045,608   -1,057,558   -1,031,119

                                -                -                 -                    -             -            -
                            882,828          965,063         1,035,855            1,088,968     1,117,334    1,113,221

                             -5,233            -5,809            -6,390              -6,965        -7,522       -8,049
                           -965,093          -965,093          -965,093            -965,093      -965,093     -965,093
                            -87,499            -5,839            64,372             116,910       144,718      140,079

                           -837,365               -                -                    -             -            -
                                -                 -                -                    -             -            -
                                -                 -                -                    -             -            -
                           -801,532               -                -                    -             -            -
                          1,698,305         1,262,620        1,374,650            1,496,168     1,626,744    1,765,780
                            -28,091         1,256,781        1,439,022            1,613,078     1,771,462    1,905,859

                                -                 -                -                    -             -            -
                            -28,091         1,256,781        1,439,022            1,613,078     1,771,462    1,905,859

                        44,169,393        44,141,302        45,398,083        46,837,105       48,450,182   50,221,644

                               -                 -                 -                 -                -            -
                               -                 -                 -                 -                -            -
                               -                 -                 -                 -                -            -
                               -                 -                 -                 -                -            -
                               -                 -                 -                 -                -            -
                        44,141,302        45,398,083        46,837,105        48,450,182       50,221,644   52,127,503
31/12/2024   31/12/2025   31/12/2026   31/12/2027   31/12/2028   31/12/2029
        12           13           14           15           16           17

 1,740,969    1,514,643    1,171,324     679,368           -            -

  284,394      301,457      319,545      338,718      359,041      380,583
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -

  -956,878     -832,484     -643,788     -373,397          -            -

       -           -            -            -            -            -
 1,068,484     983,616      847,081      644,688      359,041      380,583

    -8,532       -9,044       -9,586      -10,162      -10,771      -11,417
  -965,093     -965,093     -965,093     -965,093     -965,093     -965,093
    94,859        9,479     -127,599     -330,566     -616,824     -595,928

       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -
 1,912,133    2,064,264    2,220,380    2,378,357    2,535,164    2,686,828
 2,006,992    2,073,743    2,092,781    2,047,791    1,918,341    2,090,900

       -            -            -            -            -            -
 2,006,992    2,073,743    2,092,781    2,047,791    1,918,341    2,090,900

52,127,503   54,134,495   56,208,238   58,301,020   60,348,811   62,267,151

       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -
54,134,495   56,208,238   58,301,020   60,348,811   62,267,151   64,358,051
31/12/2030   31/12/2031   31/12/2032   31/12/2033   31/12/2034   31/12/2035
        18           19           20           21           22           23

       -            -            -            -            -            -

  403,418      427,623      453,281      480,477      509,306      539,864
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -

       -            -            -            -            -            -

      -            -            -            -            -            -
  403,418      427,623      453,281      480,477      509,306      539,864

   -12,103      -12,829      -13,598      -14,414      -15,279      -16,196
  -965,093     -965,093     -965,093     -965,093     -965,093     -965,093
  -573,778     -550,299     -525,411     -499,030     -471,066     -441,425

       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -
 2,843,206    3,008,731    3,183,935    3,369,390    3,565,681    3,773,463
 2,269,429    2,458,433    2,658,523    2,870,360    3,094,615    3,332,038

       -            -            -            -            -            -
 2,269,429    2,458,433    2,658,523    2,870,360    3,094,615    3,332,038

64,358,051   66,627,480   69,085,912   71,744,436   74,614,796   77,709,411

       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -
66,627,480   69,085,912   71,744,436   74,614,796   77,709,411   81,041,449
30/12/2036    30/12/2037
        24            25

       -             -

  572,256       606,592
      -             -
      -             -
      -             -

       -             -

      -             -
  572,256       606,592

   -17,168      -18,198
  -965,093     -965,093
  -410,005     -376,699

       -            -
       -            -
       -            -
       -            -
 3,993,403    4,226,217
 3,583,399    3,849,517

       -            -
 3,583,399    3,849,517

81,041,449   84,624,847

       -     -44,723,829
       -     -44,729,362
       -             -
       -             -
       -     -89,453,191
84,624,847      -978,826
2-16-P&L                                       Profit and Loss: The reduction of revenue, taxes on it, cost, definition of profit be
Description                                    Unit            Total                        31/12/2011 31/12/2012
Number of period for the project                           0                    0                   -1          0

Subsidies requested in total (excl VAT)        x1000 BYR                 21,530                   -             -
Total income from residents for capital
investments (excl. VAT)                        x1000 BYR                  7,941                   -             -
Revenue on apartments sold                     x1000 BYR                 63,850                   -             -
Total cost for salaries                        x1000 BYR                    -                     -             -
Social security payments                       x1000 BYR                    -                     -             -
Total ongoing costs for subsidies for inputs
for the municipality                           x1000 BYR                -12,052                   -             -
Total for maintenance and other ongoing
costs                                          x1000 BYR                    -                     -             -
 Gross Profit                                  x1000 BYR                 81,269                   -             -

Total projected bad debt expenses              x1000 BYR                   -238                   -             -
Depreciation charge                            x1000 BYR                -25,599                   -             -
 Net Operating Profit                          x1000 BYR                 55,431                   -             -

Interests due                                  x1000 BYR                -11,255                   -             -
Interest on overdrafts                         x1000 BYR                    -                     -             -
Total fees due                                 x1000 BYR                   -486                   -            -229
Foreign exchange loss                          x1000 BYR                -10,130                   -             -
Interest on cash balance                       x1000 BYR                 54,913                   -             -
 Profit Before Tax                             x1000 BYR                 88,474                   -            -229

Tax due                                        x1000 BYR                    -                     -             -
 Profit after Tax                              x1000 BYR                 88,474                   -            -229

Retained Profit Brought Forward                x1000 BYR                                          -             -
 Dividends
Investor #1 - Municipality                     x1000 BYR                -44,724                   -             -
Investor #2 - Ministry of Energy               x1000 BYR                -44,729                   -             -
Investor # 3                                   x1000 BYR                    -                     -             -
Investor # 4                                   x1000 BYR                    -                     -             -
Cash to dividends                              x1000 BYR                -89,453                   -             -
 Retained Profit Carried Forward               x1000 BYR                                          -            -229




                                                                                             Profit Before Tax (x1,00
                                                                             25,000

                                                                             20,000

                                                                             15,000

                                                                             10,000

                                                                              5,000

                                                                                    0
                                                                                        0    1    2   3    4    5     6
                                                                              -5,000
Profit Before Tax
cost, definition of profit before tax, tax on profits and, finally, the calculation of net income and its distribution, as well as the calculati
                  31/12/2013             31/12/2014          31/12/2015    31/12/2016       31/12/2017        31/12/2018
                           1                      2                   3             4                5                 6

                          794                   970                1,135       1,279             1,430              1,573

                               98                111                 125         140               157               174
                           -                  18,804              21,248      23,798               -                 -
                           -                     -                   -           -                 -                 -
                           -                     -                   -           -                 -                 -

                          -655                  -533                -624        -703              -786               -864

                          -                      -                   -           -                 -                 -
                          237                 19,352              21,885      24,514               801               883

                          -3                      -3                  -4          -4                -5                 -5
                      -1,333                  -1,333              -1,333      -1,333              -965               -965
                      -1,099                  18,015              20,548      23,177              -169                -87

                      -2,109                  -2,533              -2,317      -1,970            -1,489               -837
                         -                       -                   -           -                 -                  -
                        -257                     -                   -           -                 -                  -
                         -28                  -2,942              -2,691      -2,088            -1,579               -802
                         -                         8                 579       1,265             2,076              1,698
                      -3,492                  12,548              16,119      20,384            -1,161                -28

                         -                       -                   -           -                 -                  -
                      -3,492                  12,548              16,119      20,384            -1,161                -28

                          -229                -3,721               8,827      24,946            45,330            44,169

                         -                       -                   -           -                 -                 -
                         -                       -                   -           -                 -                 -
                         -                       -                   -           -                 -                 -
                         -                       -                   -           -                 -                 -
                         -                       -                   -           -                 -                 -
                      -3,721                   8,827              24,946      45,330            44,169            44,141




Before Tax (x1,000,000 BYR)




             6   7    8        9    10   11   12   13   14   15
Profit Before Tax
ribution, as well as the calculation of net income is provided.
                  31/12/2019        31/12/2020        31/12/2021   31/12/2022   31/12/2023   31/12/2024
                           7                 8                 9           10           11           12

                       1,713             1,827             1,902       1,924        1,876        1,741

                         194               213               232         251          268          284
                         -                 -                 -           -            -            -
                         -                 -                 -           -            -            -
                         -                 -                 -           -            -            -

                        -941            -1,004            -1,046      -1,058       -1,031         -957

                         -                 -                 -           -            -            -
                         965             1,036             1,089       1,117        1,113        1,068

                          -6                -6                -7          -8           -8           -9
                        -965              -965              -965        -965         -965         -965
                          -6                64               117         145          140           95

                         -                 -                 -           -            -            -
                         -                 -                 -           -            -            -
                         -                 -                 -           -            -            -
                         -                 -                 -           -            -            -
                       1,263             1,375             1,496       1,627        1,766        1,912
                       1,257             1,439             1,613       1,771        1,906        2,007

                         -                 -                 -           -            -            -
                       1,257             1,439             1,613       1,771        1,906        2,007

                      44,141            45,398            46,837      48,450       50,222       52,128

                         -                 -                 -           -            -            -
                         -                 -                 -           -            -            -
                         -                 -                 -           -            -            -
                         -                 -                 -           -            -            -
                         -                 -                 -           -            -            -
                      45,398            46,837            48,450      50,222       52,128       54,134
31/12/2025   31/12/2026   31/12/2027   31/12/2028   31/12/2029   31/12/2030
        13           14           15           16           17           18

    1,515        1,171          679          -            -            -

      301          320          339          359          381          403
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -

     -832         -644         -373          -            -            -

      -            -            -            -            -            -
      984          847          645          359          381          403

       -9          -10          -10          -11          -11          -12
     -965         -965         -965         -965         -965         -965
        9         -128         -331         -617         -596         -574

      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
    2,064        2,220        2,378        2,535        2,687        2,843
    2,074        2,093        2,048        1,918        2,091        2,269

      -            -            -            -            -            -
    2,074        2,093        2,048        1,918        2,091        2,269

   54,134       56,208       58,301       60,349       62,267       64,358

      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
   56,208       58,301       60,349       62,267       64,358       66,627
31/12/2031   31/12/2032   31/12/2033   31/12/2034   31/12/2035   30/12/2036   30/12/2037
        19           20           21           22           23           24           25

      -            -            -            -            -            -            -

      428          453          480          509          540          572          607
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -
      428          453          480          509          540          572          607

      -13          -14          -14          -15          -16          -17          -18
     -965         -965         -965         -965         -965         -965         -965
     -550         -525         -499         -471         -441         -410         -377

      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
    3,009        3,184        3,369        3,566        3,773        3,993        4,226
    2,458        2,659        2,870        3,095        3,332        3,583        3,850

      -            -            -            -            -            -            -
    2,458        2,659        2,870        3,095        3,332        3,583        3,850

   66,627       69,086       71,744       74,615       77,709       81,041       84,625

      -            -            -            -            -            -        -44,724
      -            -            -            -            -            -        -44,729
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -        -89,453
   69,086       71,744       74,615       77,709       81,041       84,625         -979
2-17-Tax                                      Taxes: Calculates and shows in detail all taxes to be paid out of revenue and pr
Description                                   Unit           Total                             31/12/2011
Number of period for the project
VAT payable (recoverable) - fixed assets      x1000 BYR           -10,089,632                        -

VAT payable (recoverable) - operating costs   x1000 BYR                   -                          -
VAT received (assessed)                       x1000 BYR             1,588,122                        -
VAT deductible                                x1000 BYR               -47,644                        -
Total VAT assessed (recoverable) during
the period                                    x1000 BYR                                              -
Total VAT recoverable - beginning of period   x1000 BYR                                              -
Total VAT recoverable - end of the period     x1000 BYR                                              -
Total balance of VAT to be paid
(assessed)                                    x1000 BYR                   -                          -

Total taxes on apartments sold                x1000 BYR            -3,192,507                        -

Social security payments                      x1000 BYR                   -                          -

Total taxable profit and loss                 x1000 BYR           88,474,365                         -
Loss at beginning of period                   x1000 BYR           -6,299,191                         -
Total taxable profit and loss                 x1000 BYR           82,175,174                         -
Tax due                                       x1000 BYR                  -                           -
Tax paid in advance                           x1000 BYR                  -                           -
Balance of tax paid                           x1000 BYR                  -                           -
Total tax paid on profits                     x1000 BYR                  -                           -
Tax (creditor/debtor)                         x1000 BYR                  -                           -
l taxes to be paid out of revenue and profit, including VAT and income taxes
                      31/12/2012    31/12/2013       31/12/2014    31/12/2015    31/12/2016   31/12/2017
                               0                1             2             3             4            5
                             -     -10,089,632              -             -             -            -

                           -              -              -              -              -            -
                           -           19,624         22,175         25,057         28,064       31,432
                           -             -589           -665           -752           -842         -943

                           -      -10,070,597         21,509          24,306         27,222       30,489
                           -              -      -10,070,597     -10,049,087    -10,024,782   -9,997,560
                           -      -10,070,597    -10,049,087     -10,024,782     -9,997,560   -9,967,071

                           -              -               -              -              -           -

                           -              -         -940,189      -1,062,414     -1,189,904         -

                           -              -               -              -              -           -

                      -228,800     -3,492,061     12,548,095     16,119,237     20,383,642    -1,160,719
                           -         -228,800     -3,720,861            -              -             -
                      -228,800     -3,720,861      8,827,234     16,119,237     20,383,642    -1,160,719
                           -              -              -              -              -             -
                           -              -              -              -              -             -
                           -              -              -              -              -             -
                           -              -              -              -              -             -
                           -              -              -              -              -             -
31/12/2018   31/12/2019   31/12/2020   31/12/2021   31/12/2022    31/12/2023
         6            7            8            9            10            11
       -            -            -            -            -             -

      -            -            -            -            -             -
   34,889       38,727       42,600       46,434       50,149        53,659
   -1,047       -1,162       -1,278       -1,393       -1,504        -1,610

    33,843       37,566       41,322       45,041       48,644        52,049
-9,967,071   -9,933,228   -9,895,662   -9,854,340   -9,809,299    -9,760,655
-9,933,228   -9,895,662   -9,854,340   -9,809,299   -9,760,655    -9,708,605

      -            -            -            -             -             -

      -            -            -            -             -             -

      -            -            -            -             -             -

   -28,091    1,256,781   1,439,022    1,613,078    1,771,462     1,905,859
-1,160,719   -1,188,810         -            -            -             -
-1,188,810       67,970   1,439,022    1,613,078    1,771,462     1,905,859
       -            -           -            -            -             -
       -            -           -            -            -             -
       -            -           -            -            -             -
       -            -           -            -            -             -
       -            -           -            -            -             -
31/12/2024    31/12/2025    31/12/2026    31/12/2027    31/12/2028    31/12/2029    31/12/2030
         12            13            14            15            16            17            18
       -             -             -             -             -             -             -

      -             -             -             -             -             -             -
   56,879        60,291        63,909        67,744        71,808        76,117        80,684
   -1,706        -1,809        -1,917        -2,032        -2,154        -2,283        -2,421

    55,172        58,483        61,992        65,711        69,654        73,833        78,263
-9,708,605    -9,653,433    -9,594,950    -9,532,958    -9,467,247    -9,397,593    -9,323,760
-9,653,433    -9,594,950    -9,532,958    -9,467,247    -9,397,593    -9,323,760    -9,245,497

       -             -             -             -             -             -             -

       -             -             -             -             -             -             -

       -             -             -             -             -             -             -

2,006,992     2,073,743     2,092,781     2,047,791     1,918,341     2,090,900     2,269,429
      -             -             -             -             -             -             -
2,006,992     2,073,743     2,092,781     2,047,791     1,918,341     2,090,900     2,269,429
      -             -             -             -             -             -             -
      -             -             -             -             -             -             -
      -             -             -             -             -             -             -
      -             -             -             -             -             -             -
      -             -             -             -             -             -             -
31/12/2031    31/12/2032    31/12/2033    31/12/2034    31/12/2035    30/12/2036    30/12/2037
         19            20            21            22            23            24            25
       -             -             -             -             -             -             -

      -             -             -             -             -             -             -
   85,525        90,656        96,095       101,861       107,973       114,451       121,318
   -2,566        -2,720        -2,883        -3,056        -3,239        -3,434        -3,640

    82,959        87,936        93,213        98,805       104,734       111,018       117,679
-9,245,497    -9,162,538    -9,074,602    -8,981,389    -8,882,584    -8,777,850    -8,666,832
-9,162,538    -9,074,602    -8,981,389    -8,882,584    -8,777,850    -8,666,832    -8,549,154

       -             -             -             -             -             -             -

       -             -             -             -             -             -             -

       -             -             -             -             -             -             -

2,458,433     2,658,523     2,870,360     3,094,615     3,332,038     3,583,399     3,849,517
      -             -             -             -             -             -             -
2,458,433     2,658,523     2,870,360     3,094,615     3,332,038     3,583,399     3,849,517
      -             -             -             -             -             -             -
      -             -             -             -             -             -             -
      -             -             -             -             -             -             -
      -             -             -             -             -             -             -
      -             -             -             -             -             -             -
2-18-CF                                             Cash flow: Summarizes expenses and revenues during the period as w
Description                                         Unit         Total                     31/12/2011
Number of period for the project

 Subsidies requested in total (excl VAT)            x1000 BYR        21,529,511                   -
 Total income from residents for capital
investments (excl. VAT)                             x1000 BYR         7,940,609                   -
 Revenue on apartments sold                         x1000 BYR        63,850,141                   -
 VAT received (assessed)                            x1000 BYR         1,588,122                   -
 Total projected bad debt expenses                  x1000 BYR         (238,218)                   -

 Total VAT not collected from bad debt expenses     x1000 BYR           (47,644)                  -
 Total cost for salaries                            x1000 BYR                  0                  -
 Social security payments                           x1000 BYR                  0                  -
 Total ongoing costs for subsidies for inputs for
the municipality                                    x1000 BYR       (12,051,543)                  -

Total for maintenance and other ongoing costs       x1000 BYR                  0                  -
Total balance of VAT to be paid (assessed)          x1000 BYR                  0                  -
Change in WC Needs                                  x1000 BYR           (60,659)                  -
Operating Cash Flow                                 x1000 BYR        82,510,318                   -

 Additions during the period from external
financing                                           x1000 BYR       (50,448,159)                  -
 Self-Financed Fixed Assets (Replacements &
Write-offs)                                         x1000 BYR                  0                  -
 Total VAT on fixed assets                          x1000 BYR       (10,089,632)                  -
 Total associated costs for investment minus start-
up Costs                                            x1000 BYR        (5,226,830)                  -
 Investing Cash Flow                                x1000 BYR       (65,764,621)                  -

Pre-Finance Pre-Tax Cash Flow                       x1000 BYR        16,745,697                   -
Total tax paid on profits                           x1000 BYR                 0                   -
Pre-Finance Post-Tax Cash Flow                      x1000 BYR        16,745,697                   -

Equity investments
Investor #1 - Municipality                          x1000 BYR        17,912,224                   -
Investor #2 - Ministry of Energy                    x1000 BYR        21,752,028                   -
Investor # 3                                        x1000 BYR                 0                   -
Investor # 4                                        x1000 BYR                 0                   -
Total equity injections                             x1000 BYR        39,664,252                   -

Capital grants and subsidies
Capital grant/ subsidy 1                            x1000 BYR                 0                   -
Capital grant/ subsidy 2                            x1000 BYR                 0                   -
Total grants and subsidies                          x1000 BYR                 0                   -

Loans
Loan #1 - International finance loan                x1000 BYR        28,694,437                   -
Loan #2                                             x1000 BYR                 0                   -
Loan #3                                             x1000 BYR                 0                   -
Total loans                                         x1000 BYR        28,694,437                   -

Interest paid on long-term loans                    x1000 BYR       (11,254,538)                  -
Fees paid for long-term loans                       x1000 BYR          (485,502)                  -
Principle repayment                         x1000 BYR   (38,824,199)   -
Interest on cash balance                    x1000 BYR     54,913,044   -
Interest on overdrafts                      x1000 BYR              0   -
Total Financing Cash-Flow                   x1000 BYR     72,707,494   -

Post-Finance Post Tax Cash Flow             x1000 BYR    89,453,191    -

Cash brought forward                        x1000 BYR                  -
Transfer (to)/from Debt Reserve             x1000 BYR                  -
Dividends Paid                              x1000 BYR                  -
Cash Carried Forward                        x1000 BYR                  -

Cash Cascade

Cash Available for Distribution             x1000 BYR                  -
Cash (to)/from Debt Reserve Account         x1000 BYR                  -

Cash Available after Debt Reserve Account   x1000 BYR                  -
Cash (to) dividend                          x1000 BYR                  -
Cash available after dividends              x1000 BYR                  -

Debt Reserve Account
Target at end                               x1000 BYR                  -
Balance at start                            x1000 BYR                  -
Transfer to(from)                           x1000 BYR                  -
Balance at end                              x1000 BYR                  -

Max dividend allowed                        x1000 BYR                  -

Debt Service for the Company                x1000 BYR                  -
nues during the period as well as presents the annual net worth of the project
               31/12/2012       31/12/2013      31/12/2014      31/12/2015       31/12/2016   31/12/2017
                         0               1                2               3               4            5

                       -          793,663         970,385        1,135,350        1,278,579   1,429,878

                       -           98,118          110,873         125,287          140,321     157,160
                       -              -         18,803,788      21,248,280       23,798,074         -
                       -           19,624           22,175          25,057           28,064      31,432
                       -           -2,944           -3,326          -3,759           -4,210      -4,715

                       -              -589            -665            -752            -842         -943
                       -               -               -               -               -            -
                       -               -               -               -               -            -

                       -         -654,622         -533,347        -624,016         -702,738    -785,895

                       -              -                -               -                -           -
                       -              -                -               -                -           -
                       -          -87,537          -40,836         -21,380          -18,354     -20,431
                       -          165,712       19,329,047      21,884,069       24,518,895     806,485


                       -       -50,448,159             -               -                -           -

                       -               -               -               -                -           -
                       -       -10,089,632             -               -                -           -

                -5,226,830             -               -               -                -           -
                -5,226,830     -60,537,791             -               -                -           -

                -5,226,830     -60,372,078      19,329,047      21,884,069       24,518,895     806,485
                       -               -               -               -                -           -
                -5,226,830     -60,372,078      19,329,047      21,884,069       24,518,895     806,485


                5,226,830      12,685,394              -               -                -           -
                      -        21,752,028              -               -                -           -
                      -               -                -               -                -           -
                      -               -                -               -                -           -
                5,226,830      34,437,422              -               -                -           -


                       -               -               -               -                -           -
                       -               -               -               -                -           -
                       -               -               -               -                -           -


                  228,800      28,465,637              -               -                -           -
                      -               -                -               -                -           -
                      -               -                -               -                -           -
                  228,800      28,465,637              -               -                -           -

                      -         -2,108,566      -2,533,170      -2,316,638       -1,969,591   -1,489,208
                 -228,800         -256,702             -               -                -            -
      -            -     -5,397,440   -6,426,377   -7,583,751   -8,949,567
      -            -          8,286      578,622    1,264,605    2,076,113
      -            -            -            -            -            -
5,226,830   60,537,791   -7,922,325   -8,164,393   -8,288,737   -8,362,661

      -       165,712    11,406,722   13,719,676   16,230,157   -7,556,176

      -            -            -      2,829,420   15,738,767   31,083,493
      -       -165,712   -8,577,302     -810,328     -885,432     -865,654
      -            -            -            -            -            -
      -            -      2,829,420   15,738,767   31,083,493   22,661,663



      -        165,712   11,406,722   16,549,095   31,968,925   23,527,317
      -       -165,712   -8,577,302     -810,328     -885,432     -865,654

      -            -      2,829,420   15,738,767   31,083,493   22,661,663
      -            -            -            -            -            -
      -            -      2,829,420   15,738,767   31,083,493   22,661,663


      -      7,930,611    8,743,015    9,553,343   10,438,774   11,304,429
      -            -        165,712    8,743,015    9,553,343   10,438,774
      -        165,712    8,577,302      810,328      885,432      865,654
      -        165,712    8,743,015    9,553,343   10,438,774   11,304,429

      -            -            -     24,946,471   45,330,113   44,169,393

      -            -      7,930,611    8,743,015    9,553,343   10,438,774
31/12/2018   31/12/2019   31/12/2020   31/12/2021   31/12/2022   31/12/2023
         6            7            8            9           10           11

1,572,865    1,712,850    1,827,040    1,902,406    1,924,148    1,876,044

  174,447      193,637      213,000      232,170      250,744      268,296
      -            -            -            -            -            -
   34,889       38,727       42,600       46,434       50,149       53,659
   -5,233       -5,809       -6,390       -6,965       -7,522       -8,049

   -1,047       -1,162        -1,278       -1,393       -1,504       -1,610
      -            -             -            -            -            -
      -            -             -            -            -            -

 -864,485     -941,424    -1,004,185   -1,045,608   -1,057,558   -1,031,119

      -            -            -            -            -            -
      -            -            -            -            -            -
  -19,011      -18,838      -15,076      -11,688       -4,485        4,059
  892,427      977,981    1,055,711    1,115,357    1,153,971    1,161,280


      -            -            -            -            -            -

      -            -            -            -            -            -
      -            -            -            -            -            -

      -            -            -            -            -            -
      -            -            -            -            -            -

  892,427      977,981    1,055,711    1,115,357    1,153,971    1,161,280
      -            -            -            -            -            -
  892,427      977,981    1,055,711    1,115,357    1,153,971    1,161,280


      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -


      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -


      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
                   -
 -837,365          -            -            -            -            -
      -            -            -            -            -            -
-10,467,064          -            -            -            -            -
  1,698,305    1,262,620    1,374,650    1,496,168    1,626,744    1,765,780
        -            -            -            -            -            -
 -9,606,124    1,262,620    1,374,650    1,496,168    1,626,744    1,765,780

 -8,713,698    2,240,601    2,430,361    2,611,524    2,780,715    2,927,060

22,661,663    25,252,394   27,492,995   29,923,356   32,534,880   35,315,595
11,304,429           -            -            -            -            -
       -             -            -            -            -            -
25,252,394    27,492,995   29,923,356   32,534,880   35,315,595   38,242,655



13,947,965    27,492,995   29,923,356   32,534,880   35,315,595   38,242,655
11,304,429           -            -            -            -            -

25,252,394    27,492,995   29,923,356   32,534,880   35,315,595   38,242,655
       -             -            -            -            -            -
25,252,394    27,492,995   29,923,356   32,534,880   35,315,595   38,242,655


        -            -            -            -            -            -
 11,304,429          -            -            -            -            -
-11,304,429          -            -            -            -            -
        -            -            -            -            -            -

44,141,302    45,398,083   46,837,105   48,450,182   50,221,644   52,127,503

11,304,429           -            -            -            -            -
31/12/2024   31/12/2025   31/12/2026   31/12/2027   31/12/2028   31/12/2029
        12           13           14           15           16           17

1,740,969    1,514,643    1,171,324      679,368          -            -

  284,394      301,457      319,545      338,718      359,041      380,583
      -            -            -            -            -            -
   56,879       60,291       63,909       67,744       71,808       76,117
   -8,532       -9,044       -9,586      -10,162      -10,771      -11,417

   -1,706       -1,809       -1,917       -2,032       -2,154       -2,283
      -            -            -            -            -            -
      -            -            -            -            -            -

 -956,878     -832,484     -643,788     -373,397          -            -

      -            -            -            -            -            -
      -            -            -            -            -            -
   15,369       24,996       39,686       57,543       80,177       -2,252
1,130,493    1,058,051      939,173      757,781      498,101      440,746


      -            -            -            -            -            -

      -            -            -            -            -            -
      -            -            -            -            -            -

      -            -            -            -            -            -
      -            -            -            -            -            -

1,130,493    1,058,051      939,173      757,781      498,101      440,746
      -            -            -            -            -            -
1,130,493    1,058,051      939,173      757,781      498,101      440,746


      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -


      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -


      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -
      -            -            -            -            -            -

      -            -            -            -            -            -
      -            -            -            -            -            -
       -            -            -            -            -            -
 1,912,133    2,064,264    2,220,380    2,378,357    2,535,164    2,686,828
       -            -            -            -            -            -
 1,912,133    2,064,264    2,220,380    2,378,357    2,535,164    2,686,828

 3,042,626    3,122,315    3,159,552    3,136,138    3,033,265    3,127,574

38,242,655   41,285,281   44,407,596   47,567,149   50,703,287   53,736,552
       -            -            -            -            -            -
       -            -            -            -            -            -
41,285,281   44,407,596   47,567,149   50,703,287   53,736,552   56,864,126



41,285,281   44,407,596   47,567,149   50,703,287   53,736,552   56,864,126
       -            -            -            -            -            -

41,285,281   44,407,596   47,567,149   50,703,287   53,736,552   56,864,126
       -            -            -            -            -            -
41,285,281   44,407,596   47,567,149   50,703,287   53,736,552   56,864,126


       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -
       -            -            -            -            -            -

54,134,495   56,208,238   58,301,020   60,348,811   62,267,151   64,358,051

       -            -            -            -            -            -
31/12/2030   31/12/2031   31/12/2032   31/12/2033   31/12/2034   31/12/2035   30/12/2036
        18           19           20           21           22           23           24

      -            -            -            -            -            -            -

  403,418      427,623      453,281      480,477      509,306      539,864      572,256
      -            -            -            -            -            -            -
   80,684       85,525       90,656       96,095      101,861      107,973      114,451
  -12,103      -12,829      -13,598      -14,414      -15,279      -16,196      -17,168

   -2,421       -2,566       -2,720       -2,883       -3,056       -3,239       -3,434
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -

      -            -            -            -            -            -            -

      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
   -2,283       -2,421       -2,442       -2,844       -2,883       -3,056       -3,239
  467,295      495,333      525,177      556,432      589,949      625,346      662,867


      -            -            -            -            -            -            -

      -            -            -            -            -            -            -
      -            -            -            -            -            -            -

      -            -            -            -            -            -            -
      -            -            -            -            -            -            -

  467,295      495,333      525,177      556,432      589,949      625,346      662,867
      -            -            -            -            -            -            -
  467,295      495,333      525,177      556,432      589,949      625,346      662,867


      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -


      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -


      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -

      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
       -            -            -            -            -            -            -
 2,843,206    3,008,731    3,183,935    3,369,390    3,565,681    3,773,463    3,993,403
       -            -            -            -            -            -            -
 2,843,206    3,008,731    3,183,935    3,369,390    3,565,681    3,773,463    3,993,403

 3,310,501    3,504,064    3,709,111    3,925,822    4,155,631    4,398,809    4,656,270

56,864,126   60,174,627   63,678,692   67,387,803   71,313,625   75,469,256   79,868,065
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
60,174,627   63,678,692   67,387,803   71,313,625   75,469,256   79,868,065   84,524,335



60,174,627   63,678,692   67,387,803   71,313,625   75,469,256   79,868,065   84,524,335
       -            -            -            -            -            -            -

60,174,627   63,678,692   67,387,803   71,313,625   75,469,256   79,868,065   84,524,335
       -            -            -            -            -            -            -
60,174,627   63,678,692   67,387,803   71,313,625   75,469,256   79,868,065   84,524,335


       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -
       -            -            -            -            -            -            -

66,627,480   69,085,912   71,744,436   74,614,796   77,709,411   81,041,449   84,624,847

       -            -            -            -            -            -            -
30/12/2037
        25

      -

  606,592
      -
  121,318
  -18,198

   -3,640
      -
      -

      -

      -
      -
   -3,434
  702,639


      -

      -
      -

      -
      -

  702,639
      -
  702,639


      -
      -
      -
      -
      -


      -
      -
      -


      -
      -
      -
      -

      -
      -
       -
 4,226,217
       -
 4,226,217

 4,928,856

 84,524,335
        -
-89,453,191
        -



89,453,191
       -

 89,453,191
-89,453,191
        -


        -
        -
        -
        -

89,453,191

        -
2-19-BS                               Balance Sheet: Shows the company's/project's value at any given time
Description                           Unit      Total           31/12/2011 31/12/2012 31/12/2013
Number of period for the project                                                       0             1

Assets
Gross Fixed Assets                    x1000 BYR                         -            -     50,448,159
Accumulated Depreciation              x1000 BYR                         -            -     -1,333,105
Net Fixed Assets                      x1000 BYR                         -            -     49,115,054

Post-Finance Post Tax Cash Flow          x1000 BYR                      -            -        165,712
Cash brought forward                     x1000 BYR                      -            -            -
Accounts receivable                      x1000 BYR                      -            -        142,089
Debt Reserve Account                     x1000 BYR                      -            -            -
Total VAT recoverable - end of the periodx1000 BYR                      -            -     10,070,597
Tax Debtor                               x1000 BYR                      -            -            -
Total Current Assets                     x1000 BYR                      -            -     10,378,398

Intangible Assets                     x1000 BYR                         -     5,226,830     5,226,830

Total Assets                          x1000 BYR                         -     5,226,830    64,720,283

Shareholders Funds and Liabilities
Loans due <1 year                     x1000 BYR                         -            -      4,895,908
Accounts Payable                      x1000 BYR                         -            -         54,552
Tax Creditor                          x1000 BYR                         -            -            -
Total Current Liabilities             x1000 BYR                         -            -      4,950,460

Creditors due> 1 year                 x1000 BYR                         -       228,800    23,826,432
Total Long-term Liabilities           x1000 BYR                         -       228,800    23,826,432

Owned equity
Share capital                         x1000 BYR                         -     5,226,830    39,664,252
Grants                                x1000 BYR                         -           -             -
Cash to dividends                     x1000 BYR                         -           -             -
Retained Profit Carried Forward       x1000 BYR                         -      -228,800    -3,720,861
Total Shareholder's funds             x1000 BYR                         -     4,998,030    35,943,391

Total Shareholders' Funds and
Liabilities                           x1000 BYR                         -     5,226,830    64,720,283

Balance sheet check                   x1000 BYR                         -            -            -
any given time
              31/12/2014   31/12/2015    31/12/2016   31/12/2017   31/12/2018   31/12/2019   31/12/2020
                       2            3             4            5            6            7            8


            50,448,159     50,448,159    50,448,159   50,448,159   50,448,159   50,448,159   50,448,159
            -2,666,209     -3,999,314    -5,332,419   -6,297,512   -7,262,605   -8,227,699   -9,192,792
            47,781,950     46,448,845    45,115,740   44,150,647   43,185,554   42,220,461   41,255,367

            11,406,722     13,719,676    16,230,157   -7,556,176   -8,713,698    2,240,601    2,430,361
                   -        2,829,420    15,738,767   31,083,493   22,661,663   25,252,394   27,492,995
               172,818        201,754       226,508      254,029      279,589      304,839      324,917
               165,712      8,743,015     9,553,343   10,438,774   11,304,429          -            -
            10,049,087     10,024,782     9,997,560    9,967,071    9,933,228    9,895,662    9,854,340
                   -              -             -            -            -            -            -
            21,794,340     35,518,645    51,746,335   44,187,191   35,465,210   37,693,496   40,102,612

             5,226,830      5,226,830     5,226,830    5,226,830    5,226,830    5,226,830    5,226,830

            74,803,119     87,194,320   102,088,905   93,564,668   83,877,594   85,140,786   86,584,810


             5,829,235      6,940,487     8,190,452    9,665,532         -            -            -
                44,446         52,001        58,401       65,491      72,040       78,452       83,453
                   -              -             -            -           -            -            -
             5,873,681      6,992,488     8,248,853    9,731,023      72,040       78,452       83,453

            20,437,953     15,591,110     8,845,688          -            -            -            -
            20,437,953     15,591,110     8,845,688          -            -            -            -


            39,664,252     39,664,252    39,664,252   39,664,252   39,664,252   39,664,252   39,664,252
                   -              -             -            -            -            -            -
                   -              -             -            -            -            -            -
             8,827,234     24,946,471    45,330,113   44,169,393   44,141,302   45,398,083   46,837,105
            48,491,486     64,610,723    84,994,364   83,833,645   83,805,554   85,062,334   86,501,356


            74,803,119     87,194,320   102,088,905   93,564,668   83,877,594   85,140,786   86,584,810

                    -             -             -            -            -            -            -
 31/12/2021    31/12/2022    31/12/2023    31/12/2024    31/12/2025    31/12/2026    31/12/2027
          9            10            11            12            13            14            15


 50,448,159    50,448,159    50,448,159    50,448,159    50,448,159    50,448,159    50,448,159
-10,157,885   -11,122,978   -12,088,071   -13,053,165   -14,018,258   -14,983,351   -15,948,444
 40,290,274    39,325,181    38,360,088    37,394,995    36,429,901    35,464,808    34,499,715

 2,611,524     2,780,715     2,927,060     3,042,626     3,122,315     3,159,552      3,136,138
29,923,356    32,534,880    35,315,595    38,242,655    41,285,281    44,407,596     47,567,149
   340,285       345,766       339,504       317,730       282,586       227,175        147,100
       -             -             -             -             -             -              -
 9,809,299     9,760,655     9,708,605     9,653,433     9,594,950     9,532,958      9,467,247
       -             -             -             -             -             -              -
42,684,464    45,422,015    48,290,764    51,256,444    54,285,132    57,327,282     60,317,634

 5,226,830     5,226,830     5,226,830     5,226,830     5,226,830     5,226,830      5,226,830

88,201,568    89,974,026    91,877,681    93,878,269    95,941,864    98,018,920    100,044,179


       -             -             -             -             -             -             -
    87,134        88,130        85,927        79,522        69,374        53,649        31,116
       -             -             -             -             -             -             -
    87,134        88,130        85,927        79,522        69,374        53,649        31,116

        -             -             -             -             -             -             -
        -             -             -             -             -             -             -


39,664,252    39,664,252    39,664,252    39,664,252    39,664,252    39,664,252     39,664,252
       -             -             -             -             -             -              -
       -             -             -             -             -             -              -
48,450,182    50,221,644    52,127,503    54,134,495    56,208,238    58,301,020     60,348,811
88,114,434    89,885,896    91,791,755    93,798,747    95,872,490    97,965,271    100,013,062


88,201,568    89,974,026    91,877,681    93,878,269    95,941,864    98,018,920    100,044,179

        -             -             -             -             -             -             -
 31/12/2028    31/12/2029    31/12/2030    31/12/2031    31/12/2032    31/12/2033    31/12/2034
         16            17            18            19            20            21            22


 50,448,159    50,448,159    50,448,159    50,448,159    50,448,159    50,448,159    50,448,159
-16,913,537   -17,878,631   -18,843,724   -19,808,817   -20,773,910   -21,739,004   -22,704,097
 33,534,622    32,569,528    31,604,435    30,639,342    29,674,249    28,709,156    27,744,062

  3,033,265     3,127,574     3,310,501     3,504,064     3,709,111     3,925,822     4,155,631
 50,703,287    53,736,552    56,864,126    60,174,627    63,678,692    67,387,803    71,313,625
     35,806        38,058        40,342        42,762        45,204        48,048        50,931
        -             -             -             -             -             -             -
  9,397,593     9,323,760     9,245,497     9,162,538     9,074,602     8,981,389     8,882,584
        -             -             -             -             -             -             -
 63,169,951    66,225,945    69,460,466    72,883,992    76,507,609    80,343,062    84,402,770

  5,226,830     5,226,830     5,226,830     5,226,830     5,226,830     5,226,830     5,226,830

101,931,403   104,022,303   106,291,732   108,750,164   111,408,688   114,279,048   117,373,663


        -             -             -             -             -             -             -
        -             -             -             -             -             -             -
        -             -             -             -             -             -             -
        -             -             -             -             -             -             -

        -             -             -             -             -             -             -
        -             -             -             -             -             -             -


 39,664,252    39,664,252    39,664,252    39,664,252    39,664,252    39,664,252    39,664,252
        -             -             -             -             -             -             -
        -             -             -             -             -             -             -
 62,267,151    64,358,051    66,627,480    69,085,912    71,744,436    74,614,796    77,709,411
101,931,403   104,022,303   106,291,732   108,750,164   111,408,688   114,279,048   117,373,663


101,931,403   104,022,303   106,291,732   108,750,164   111,408,688   114,279,048   117,373,663

        -             -             -             -             -             -             -
 31/12/2035    30/12/2036    30/12/2037
         23            24            25


 50,448,159    50,448,159    50,448,159
-23,669,190   -24,634,283   -25,599,376
 26,778,969    25,813,876    24,848,783

  4,398,809     4,656,270     4,928,856
 75,469,256    79,868,065    84,524,335
     53,986        57,226        60,659
        -             -             -
  8,777,850     8,666,832     8,549,154
        -             -             -
 88,699,901    93,248,393    98,063,004

  5,226,830     5,226,830     5,226,830

120,705,701   124,289,099   128,138,617


        -             -             -
        -             -             -
        -             -             -
        -             -             -

        -             -             -
        -             -             -


 39,664,252    39,664,252    39,664,252
        -             -             -
        -             -      89,453,191
 81,041,449    84,624,847      -978,826
120,705,701   124,289,099   128,138,617


120,705,701   124,289,099   128,138,617

        -             -             -
2-19-BS                               Balance Sheet: Shows the company's/project's value at any given time
Description                           Unit      Total           31/12/2011 31/12/2012 31/12/2013
Number of period for the project                                         0             0             1

Assets
Gross Fixed Assets                    x1000 BYR                         -            -         50,448
Accumulated Depreciation              x1000 BYR                         -            -         -1,333
Net Fixed Assets                      x1000 BYR                         -            -         49,115

Post-Finance Post Tax Cash Flow          x1000 BYR                      -            -            166
Cash brought forward                     x1000 BYR                      -            -            -
Accounts receivable                      x1000 BYR                      -            -            142
Debt Reserve Account                     x1000 BYR                      -            -            -
Total VAT recoverable - end of the periodx1000 BYR                      -            -         10,071
Tax Debtor                               x1000 BYR                      -            -            -
Total Current Assets                     x1000 BYR                      -            -         10,378

Intangible Assets                     x1000 BYR                         -         5,227         5,227

Total Assets                          x1000 BYR                         -         5,227        64,720

Shareholders Funds and Liabilities
Creditors due <1 year                 x1000 BYR                         -            -          4,896
Accounts Payable                      x1000 BYR                         -            -              55
Tax Creditor                          x1000 BYR                         -            -            -
Total Current Liabilities             x1000 BYR                         -            -          4,950

Creditors due> 1 year                 x1000 BYR                         -           229        23,826
Total Long-term Liabilities           x1000 BYR                         -           229        23,826

Owned equity
Share capital                         x1000 BYR                         -         5,227        39,664
Grants                                x1000 BYR                         -           -             -
Cash to dividends                     x1000 BYR                         -           -             -
Retained Profit Carried Forward       x1000 BYR                         -          -229        -3,721
Total Shareholder's funds             x1000 BYR                         -         4,998        35,943

Total Shareholders' Funds and
Liabilities                           x1000 BYR                         -         5,227        64,720

Balance sheet check                   x1000 BYR                         -            -            -
any given time
              31/12/2014   31/12/2015   31/12/2016   31/12/2017   31/12/2018     31/12/2019     31/12/2020
                       2            3            4            5            6              7              8


                50,448        50,448       50,448       50,448       50,448         50,448         50,448
                -2,666        -3,999       -5,332       -6,298       -7,263         -8,228         -9,193
                47,782        46,449       45,116       44,151       43,186         42,220         41,255

                11,407        13,720       16,230       -7,556       -8,714          2,241          2,430
                   -           2,829       15,739       31,083       22,662         25,252         27,493
                   173           202          227          254          280            305            325
                   166         8,743        9,553       10,439       11,304            -              -
                10,049        10,025        9,998        9,967        9,933          9,896          9,854
                   -             -            -            -            -              -              -
                21,794        35,519       51,746       44,187       35,465         37,693         40,103

                  5,227        5,227        5,227        5,227        5,227          5,227          5,227

                74,803        87,194      102,089       93,565       83,878         85,141         86,585


                  5,829        6,940        8,190        9,666          -              -              -
                      44           52           58           65             72             78             83
                    -            -            -            -            -              -              -
                  5,874        6,992        8,249        9,731              72             78             83

                20,438        15,591        8,846          -            -              -              -
                20,438        15,591        8,846          -            -              -              -


                39,664        39,664       39,664       39,664       39,664         39,664         39,664
                   -             -            -            -            -              -              -
                   -             -            -            -            -              -              -
                 8,827        24,946       45,330       44,169       44,141         45,398         46,837
                48,491        64,611       84,994       83,834       83,806         85,062         86,501


                74,803        87,194      102,089       93,565       83,878         85,141         86,585

                    -            -            -            -            -              -              -
31/12/2021     31/12/2022     31/12/2023     31/12/2024     31/12/2025     31/12/2026     31/12/2027
         9             10             11             12             13             14             15


   50,448         50,448         50,448         50,448         50,448         50,448         50,448
  -10,158        -11,123        -12,088        -13,053        -14,018        -14,983        -15,948
   40,290         39,325         38,360         37,395         36,430         35,465         34,500

    2,612          2,781          2,927          3,043          3,122          3,160          3,136
   29,923         32,535         35,316         38,243         41,285         44,408         47,567
      340            346            340            318            283            227            147
      -              -              -              -              -              -              -
    9,809          9,761          9,709          9,653          9,595          9,533          9,467
      -              -              -              -              -              -              -
   42,684         45,422         48,291         51,256         54,285         57,327         60,318

    5,227          5,227          5,227          5,227          5,227          5,227          5,227

   88,202         89,974         91,878         93,878         95,942         98,019        100,044


      -              -              -              -              -              -              -
          87             88             86             80             69             54             31
      -              -              -              -              -              -              -
          87             88             86             80             69             54             31

      -              -              -              -              -              -              -
      -              -              -              -              -              -              -


   39,664         39,664         39,664         39,664         39,664         39,664         39,664
      -              -              -              -              -              -              -
      -              -              -              -              -              -              -
   48,450         50,222         52,128         54,134         56,208         58,301         60,349
   88,114         89,886         91,792         93,799         95,872         97,965        100,013


   88,202         89,974         91,878         93,878         95,942         98,019        100,044

      -              -              -              -              -              -              -
31/12/2028   31/12/2029   31/12/2030   31/12/2031   31/12/2032   31/12/2033   31/12/2034
        16           17           18           19           20           21           22


   50,448       50,448       50,448       50,448       50,448       50,448       50,448
  -16,914      -17,879      -18,844      -19,809      -20,774      -21,739      -22,704
   33,535       32,570       31,604       30,639       29,674       28,709       27,744

    3,033        3,128        3,311        3,504        3,709        3,926        4,156
   50,703       53,737       56,864       60,175       63,679       67,388       71,314
        36           38           40           43           45           48           51
      -            -            -            -            -            -            -
    9,398        9,324        9,245        9,163        9,075        8,981        8,883
      -            -            -            -            -            -            -
   63,170       66,226       69,460       72,884       76,508       80,343       84,403

    5,227        5,227        5,227        5,227        5,227        5,227        5,227

  101,931      104,022      106,292      108,750      111,409      114,279      117,374


      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -

      -            -            -            -            -            -            -
      -            -            -            -            -            -            -


   39,664       39,664       39,664       39,664       39,664       39,664       39,664
      -            -            -            -            -            -            -
      -            -            -            -            -            -            -
   62,267       64,358       66,627       69,086       71,744       74,615       77,709
  101,931      104,022      106,292      108,750      111,409      114,279      117,374


  101,931      104,022      106,292      108,750      111,409      114,279      117,374

      -            -            -            -            -            -            -
31/12/2035   30/12/2036   30/12/2037
        23           24           25


   50,448       50,448       50,448
  -23,669      -24,634      -25,599
   26,779       25,814       24,849

    4,399        4,656        4,929
   75,469       79,868       84,524
        54           57           61
      -            -            -
    8,778        8,667        8,549
      -            -            -
   88,700       93,248       98,063

    5,227        5,227        5,227

  120,706      124,289      128,139


      -            -            -
      -            -            -
      -            -            -
      -            -            -

      -            -            -
      -            -            -


   39,664       39,664       39,664
      -            -            -
      -            -         89,453
   81,041       84,625         -979
  120,706      124,289      128,139


  120,706      124,289      128,139

      -            -            -
2-20-KPI                                          Key Performance Indicators: Shows the cash flow of the project (without f
Description                                       Unit         Total                  12/31/2011
Number of period for the project
Outflows (one-off)

Capital items/Goods
Transferred assets/ existing assets               x1000 BYR                         -             -
Improvement of insulation of the building
envelope (without windows)                        x1000 BYR              -7,679,296               -

Improvement of windows and ventilation systems    x1000 BYR              -7,380,728               -
Improvement of heating systems and
accompanying measures                             x1000 BYR              -6,727,250               -
Construction of new apartments on the roofs       x1000 BYR             -22,080,690               -
                                              0   x1000 BYR                       -               -
                                              0   x1000 BYR                       -               -
                                              0   x1000 BYR                     -             -
                                              0   x1000 BYR                     -             -
Capital expenditures contingencies                x1000 BYR              -6,580,195           -
Total Investment in Fixed Assets                  x1000 BYR             -50,448,159           -

Revenue items
Project Implementation Unit                       x1000 BYR              -2,026,730           -
Detailed engineering designs                      x1000 BYR              -2,133,400           -
Start-up Costs (including Working Capital)        x1000 BYR                     -             -
Project development costs                         x1000 BYR              -1,066,700           -
Total VAT on fixed assets                         x1000 BYR             -10,089,632           -
Total associated costs for investment             x1000 BYR             -15,316,462           -

Total outflows (one-off)                          x1000 BYR             -65,764,621           -

Outflows (recurring)
Total cost for salaries                           x1000 BYR                     -             -
Social security payments                          x1000 BYR                     -             -
Heat                                              x1000 BYR              -8,272,823           -
Electricity                                       x1000 BYR                     -             -
Hot water                                         x1000 BYR              -3,778,721           -
Water                                             x1000 BYR                     -             -
Total for maintenance costs for system            x1000 BYR                     -             -
Total marketing costs                             x1000 BYR                     -             -
Miscellaneous costs (set as % of Maintenance
costs)                                            x1000 BYR                     -             -
Self-Financed Fixed Assets (Replacements &
Write-offs)                                       x1000 BYR                     -             -
VAT payable (recoverable) - operating costs       x1000 BYR                     -             -
Total balance of VAT to be paid (assessed)        x1000 BYR                     -             -
Total tax paid on profits                         x1000 BYR                     -             -
Interest on overdrafts                            x1000 BYR                     -             -
Total outflows (recurring)                        x1000 BYR             -12,051,543           -

Total cash outflows                               x1000 BYR             -77,816,164           -

Inflows
Heat                                              x1000 BYR             16,187,602            -
Electricity                                       x1000 BYR                    -              -
Hot water                                         x1000 BYR              5,341,909            -
Water                                             x1000 BYR                    -              -
Revenue on apartments sold                        x1000 BYR             63,850,141            -
VAT received (assessed)                           x1000 BYR              1,588,122            -
VAT deductible                               x1000 BYR         -47,644          -
Interest on cash balance                     x1000 BYR      54,913,044          -
Total inflows                                x1000 BYR     141,833,174          -

Total Net Cash Flows                         x1000 BYR      64,017,010          -

Cumulative Net Cash Flow                     x1000 BYR                          -

Simple payback period                        Years                   3                0
                                             Months               11.2              0.0

Discount rate                                %                   12.0%

Discounted present value of total cash
outflows                                     x1000 BYR     -64,544,523          -

Discounted present value of total cash inflows x1000 BYR    65,851,982          -
Discounted present value of cash flow          x1000 BYR     1,307,460          -

Discounted cumulative net cash flow                                             -

Discounted payback period                    Years                 20                 0
                                             Months                4.8              0.0

Simple payback period                        Months                  47
Discount rate                                %                  12.00%
Discounted payback period                    Months                 245
Net Present Value                            x1000 BYR       1,307,461
Internal Rate of Return                      %                  12.62%
Profitability Index                          #                   0.020
Return on Investment                         %                  82.27%
Return on Investment (discounted)            %                   1.68%

Debt reserve at the start of the period      x1000 BYR                          -
Cash at the beginning of the period          x1000 BYR                          -
Cash flow available                          x1000 BYR                          -
Total debt service for the period            x1000 BYR                          -
Interest paid on long-term loans             x1000 BYR                          -

Other indicators

Debt Service Coverage Ratio (DSCR) excluding
Debt Reserve and cash carried forward        Minimum              0.23    n/a
DSCR including the Debt Reserve              Minimum              1.23    n/a
DSCR including Debt Reserve and Cash brought
forward                                      Minimum              2.46    n/a

Breakeven ratio                              Minimum               0%     n/a
Return on sales,%                            Minimum              26%     n/a
hows the cash flow of the project (without financing) over time with specific categories and calculates the key performance indicators of the
                         31/12/2012         31/12/2013        31/12/2014         31/12/2015        31/12/2016
                                   0                 1                  2                 3                  4



                                    -                  -                 -                 -                 -

                                    -      -7,679,296                    -                 -                 -

                                    -      -7,380,728                    -                 -                 -

                                    -       -6,727,250                   -                 -                 -
                                    -     -22,080,690                    -                 -                 -
                                    -                 -                  -                 -                 -
                                    -                 -                  -                 -                 -
                                -                   -                -                 -                 -
                                -                   -                -                 -                 -
                                -            -6,580,195              -                 -                 -
                                -          -50,448,159               -                 -                 -


                         -2,026,730               -                  -                 -                 -
                         -2,133,400               -                  -                 -                 -
                                -                 -                  -                 -                 -
                         -1,066,700               -                  -                 -                 -
                                -         -10,089,632                -                 -                 -
                         -5,226,830       -10,089,632                -                 -                 -

                         -5,226,830       -60,537,791                -                 -                 -


                                                  -                 -                  -                 -
                                -                 -                 -                  -                 -
                                -            -477,391          -364,806           -426,823          -480,669
                                -                 -                 -                  -                 -
                                -            -177,231          -168,541           -197,192          -222,069
                                -                 -                 -                  -                 -
                                -                 -                 -                  -                 -
                                -                 -                 -                  -                 -

                                -                  -                 -                 -                 -

                                -                 -                 -                  -                 -
                                -                 -                 -                  -                 -
                                -                 -                 -                  -                 -
                                -                 -                 -                  -                 -
                                -                 -                 -                  -                 -
                                -            -654,622          -533,347           -624,016          -702,738

                         -5,226,830       -61,192,413          -533,347           -624,016          -702,738


                                -             596,739           729,613           853,647            961,338
                                -                 -                 -                 -                  -
                                -             196,924           240,772           281,703            317,241
                                -                 -                 -                 -                  -
                                -                 -          18,803,788        21,248,280         23,798,074
                                -              19,624            22,175            25,057             28,064
            -                     -589          -665          -752          -842
            -                      -           8,286       578,622     1,264,605
            -                  812,698    19,803,967    22,986,558    26,368,480

      -5,226,830            -60,379,716   19,270,621    22,362,542    25,665,743

      -5,226,830            -65,606,546   -46,335,925   -23,973,383    1,692,359

                  1                   1             1             1             0
                0.0                 0.0           0.0           0.0         -11.2




      -5,226,830            -54,636,083     -425,181      -444,162      -446,603

             -                  725,623   15,787,602    16,361,378    16,757,646
      -5,226,830            -53,910,461   15,362,421    15,917,216    16,311,043

      -5,226,830            -59,137,291   -43,774,870   -27,857,654   -11,546,611

                  1                   1             1             1             1
                0.0                 0.0           0.0           0.0           0.0




            -                      -         165,712     8,743,015     9,553,343
            -                      -             -       2,829,420    15,738,767
            -                  165,712    19,337,332    22,462,690    25,783,500
            -                      -       7,930,611     8,743,015     9,553,343
            -                      -       2,533,170     2,316,638     1,969,591




n/a                   n/a                        2.44          2.57          2.70
n/a                   n/a                        2.46          3.57          3.70

n/a                   n/a                        2.46          3.89          5.35

n/a                                72%           43%           42%           41%
n/a                                26%           97%           97%           97%
d calculates the key performance indicators of the project.
                           31/12/2017       31/12/2018        31/12/2019    31/12/2020    31/12/2021
                                    5                 6                7             8             9



                                     -                  -               -             -             -

                                     -                  -               -             -             -

                                     -                  -               -             -             -

                                     -                  -               -             -             -
                                     -                  -               -             -             -
                                     -                  -               -             -             -
                                     -                  -               -             -             -
                                 -                  -               -             -             -
                                 -                  -               -             -             -
                                 -                  -               -             -             -
                                 -                  -               -             -             -


                                 -                  -               -             -             -
                                 -                  -               -             -             -
                                 -                  -               -             -             -
                                 -                  -               -             -             -
                                 -                  -               -             -             -
                                 -                  -               -             -             -

                                 -                  -               -             -             -


                                 -                 -                -             -             -
                                 -                 -                -             -             -
                            -537,548          -591,303         -643,929      -686,857      -715,190
                                 -                 -                -             -             -
                            -248,347          -273,182         -297,495      -317,328      -330,418
                                 -                 -                -             -             -
                                 -                 -                -             -             -
                                 -                 -                -             -             -

                                 -                  -               -             -             -

                                 -                 -                -              -             -
                                 -                 -                -              -             -
                                 -                 -                -              -             -
                                 -                 -                -              -             -
                                 -                 -                -              -             -
                            -785,895          -864,485         -941,424     -1,004,185    -1,045,608

                            -785,895          -864,485         -941,424     -1,004,185    -1,045,608


                           1,075,096         1,182,606        1,287,857     1,373,715     1,430,380
                                 -                 -                -             -             -
                             354,782           390,260          424,993       453,326       472,025
                                 -                 -                -             -             -
                                 -                 -                -             -             -
                              31,432            34,889           38,727        42,600        46,434
      -943       -1,047           -1,162             -1,278             -1,393
 2,076,113    1,698,305        1,262,620          1,374,650          1,496,168
 3,536,480    3,305,013        3,013,036          3,243,012          3,443,615

 2,750,585    2,440,528        2,071,612          2,238,827          2,398,007

 4,442,944    6,883,472        8,955,084         11,193,911         13,591,917

         0            0                0                  0                  0
       0.0          0.0              0.0                0.0                0.0




  -445,938     -437,975         -425,852           -405,574           -377,057

 2,006,694    1,674,422        1,362,944          1,309,798          1,241,802
 1,560,756    1,236,447          937,092            904,225            864,745

-9,985,855   -8,749,408       -7,812,316         -6,908,091         -6,043,346

         1            1                1                  1                  1
       0.0          0.0              0.0                0.0                0.0




10,438,774   11,304,429              -                  -                  -
31,083,493   22,661,663       25,252,394         27,492,995         29,923,356
 2,882,599    2,590,731        2,240,601          2,430,361          2,611,524
10,438,774   11,304,429              -                  -                  -
 1,489,208      837,365              -                  -                  -




      0.28         0.23 n/a                n/a                n/a
      1.28         1.23 n/a                n/a                n/a

      4.25         3.23 n/a                n/a                n/a

     696%         685%              49%                48%                48%
      50%          50%              50%                50%                51%
31/12/2022    31/12/2023    31/12/2024    31/12/2025    31/12/2026
        10            11            12            13            14



          -             -             -             -             -

          -             -             -             -             -

          -             -             -             -             -

          -             -             -             -             -
          -             -             -             -             -
          -             -             -             -             -
          -             -             -             -             -
      -             -             -             -             -
      -             -             -             -             -
      -             -             -             -             -
      -             -             -             -             -


      -             -             -             -             -
      -             -             -             -             -
      -             -             -             -             -
      -             -             -             -             -
      -             -             -             -             -
      -             -             -             -             -

      -             -             -             -             -


      -             -             -             -             -
      -             -             -             -             -
 -723,364      -705,280      -654,500      -569,415      -440,347
      -             -             -             -             -
 -334,194      -325,839      -302,379      -263,070      -203,440
      -             -             -             -             -
      -             -             -             -             -
      -             -             -             -             -

      -             -             -             -             -

       -             -            -             -             -
       -             -            -             -             -
       -             -            -             -             -
       -             -            -             -             -
       -             -            -             -             -
-1,057,558    -1,031,119     -956,878      -832,484      -643,788

-1,057,558    -1,031,119     -956,878      -832,484      -643,788


1,446,727     1,410,559     1,308,999     1,138,829       880,695
      -             -             -             -             -
  477,420       465,485       431,970       375,814       290,629
      -             -             -             -             -
      -             -             -             -             -
   50,149        53,659        56,879        60,291        63,909
          -1,504             -1,610             -1,706             -1,809             -1,917
       1,626,744          1,765,780          1,912,133          2,064,264          2,220,380
       3,599,536          3,693,873          3,708,274          3,637,390          3,453,695

       2,541,978          2,662,754          2,751,396          2,804,905          2,809,908

      16,133,895         18,796,650         21,548,045         24,352,951         27,162,858

               0                  0                  0                  0                  0
             0.0                0.0                0.0                0.0                0.0




        -340,505           -296,422           -245,607           -190,784           -131,732

       1,158,954          1,061,900           951,822            833,596            706,694
         818,449            765,478           706,215            642,812            574,963

      -5,224,897         -4,459,419         -3,753,204         -3,110,392         -2,535,429

               1                  1                  1                  1                  1
             0.0                0.0                0.0                0.0                0.0




             -                  -                  -                  -                  -
      32,534,880         35,315,595         38,242,655         41,285,281         44,407,596
       2,780,715          2,927,060          3,042,626          3,122,315          3,159,552
             -                  -                  -                  -                  -
             -                  -                  -                  -                  -




n/a                n/a                n/a                n/a                n/a
n/a                n/a                n/a                n/a                n/a

n/a                n/a                n/a                n/a                n/a

            48%                47%                46%                45%                42%
            51%                52%                52%                54%                56%
31/12/2027    31/12/2028    31/12/2029    31/12/2030    31/12/2031    31/12/2032
        15            16            17            18            19            20



          -             -             -             -             -             -

          -             -             -             -             -             -

          -             -             -             -             -             -

          -             -             -             -             -             -
          -             -             -             -             -             -
          -             -             -             -             -             -
          -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -


      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -

      -             -             -             -             -             -


      -             -             -             -             -             -
      -             -             -             -             -             -
 -255,401           -             -             -             -             -
      -             -             -             -             -             -
 -117,995           -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
 -373,397           -             -             -             -             -

 -373,397           -             -             -             -             -


  510,803           -             -             -             -             -
      -             -             -             -             -             -
  168,565           -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
   67,744        71,808        76,117        80,684        85,525        90,656
          -2,032             -2,154                 -2,283                -2,421                -2,566                -2,720
       2,378,357          2,535,164              2,686,828             2,843,206             3,008,731             3,183,935
       3,123,436          2,604,818              2,760,661             2,921,469             3,091,690             3,271,871

       2,750,040          2,604,818              2,760,661             2,921,469             3,091,690             3,271,871

      29,912,898         32,517,716             35,278,377         38,199,846            41,291,536            44,563,407

               0                      0                      0                     0                     0                     0
             0.0                    0.0                    0.0                   0.0                   0.0                   0.0




         -68,218                -                      -                     -                     -                     -

        570,640            424,902                402,075               379,907               358,966               339,184
        502,422            424,902                402,075               379,907               358,966               339,184

      -2,033,007         -1,608,105             -1,206,031             -826,124              -467,158              -127,973

               1                      1                      1                     1                     1                     1
             0.0                    0.0                    0.0                   0.0                   0.0                   0.0




             -                  -                      -                  -                     -                     -
      47,567,149         50,703,287             53,736,552         56,864,126            60,174,627            63,678,692
       3,136,138          3,033,265              3,127,574          3,310,501             3,504,064             3,709,111
             -                  -                      -                  -                     -                     -
             -                  -                      -                  -                     -                     -




n/a                n/a                    n/a                    n/a                   n/a                   n/a
n/a                n/a                    n/a                    n/a                   n/a                   n/a

n/a                n/a                    n/a                    n/a                   n/a                   n/a

            35%                 0%                     0%                    0%                    0%                    0%
            62%                97%                    97%                   97%                   97%                   97%
31/12/2033    31/12/2034    31/12/2035    30/12/2036    30/12/2037
        21            22            23            24            25



          -             -             -             -             -

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      -             -             -             -             -
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      -             -             -             -             -
      -             -             -             -             -
      -             -             -             -             -
      -             -             -             -             -
      -             -             -             -             -
   96,095       101,861       107,973       114,451       121,318
         -2,883                -3,056                -3,239                -3,434                -3,640
      3,369,390             3,565,681             3,773,463             3,993,403             4,226,217
      3,462,603             3,664,487             3,878,196             4,104,421             4,343,896

      3,462,603             3,664,487             3,878,196             4,104,421             4,343,896

  48,026,010            51,690,497            55,568,693            59,673,114            64,017,010

                  0                     0                     0                     0                     0
                0.0                   0.0                   0.0                   0.0                   0.0




            -                     -                     -                     -                     -

       320,497               302,842               286,164               270,408               255,522
       320,497               302,842               286,164               270,408               255,522

       192,524               495,366               781,530              1,051,938             1,307,461

               0                        0                     0                     0                     0
            -4.8                      0.0                   0.0                   0.0                   0.0




         -                     -                     -                     -                     -
  67,387,803            71,313,625            75,469,256            79,868,065            84,524,335
   3,925,822             4,155,631             4,398,809             4,656,270             4,928,856
         -                     -                     -                     -                     -
         -                     -                     -                     -                     -




n/a                   n/a                   n/a                   n/a                   n/a
n/a                   n/a                   n/a                   n/a                   n/a

n/a                   n/a                   n/a                   n/a                   n/a

            0%                    0%                    0%                    0%                    0%
           97%                   97%                   97%                   97%                   97%
2-20-KPI                                        Key Performance Indicators: Shows the cash flow of the project (witho
Description                                     Unit            Total                  12/31/2011
Number of period for the project                                                                0
Outflows (one-off)

Capital items/Goods
Transferred assets/ existing assets                x1000,000 BYR                -             -
Improvement of insulation of the building envelope
(without windows)                                  x1000,000 BYR              -7,679          -

Improvement of windows and ventilation systems x1000,000 BYR                  -7,381          -
Improvement of heating systems and
accompanying measures                           x1000,000 BYR                -6,727           -
Construction of new apartments on the roofs     x1000,000 BYR               -22,081           -
                                              0 x1000,000 BYR                   -             -
                                              0 x1000,000 BYR                   -             -
                                              0 x1000,000 BYR                   -             -
                                              0 x1000,000 BYR                   -             -
Capital expenditures contingencies              x1000,000 BYR                -6,580           -
Total Investment in Fixed Assets                x1000,000 BYR               -50,448           -

Revenue items
Project Implementation Unit                     x1000,000 BYR                -2,027           -
Detailed engineering designs                    x1000,000 BYR                -2,133           -
Start-up Costs (including Working Capital)      x1000,000 BYR                   -             -
Project development costs                       x1000,000 BYR                -1,067           -
Total VAT on fixed assets                        x1000,000 BYR              -10,090               -
Total associated costs for investment           x1000,000 BYR               -15,316           -

Total outflows (one-off)                        x1000,000 BYR               -65,765           -

Outflows (recurring)
 Total cost for salaries                        x1000,000 BYR                    -            -
 Social security payments                       x1000,000 BYR                    -            -
 Heat                                           x1000,000 BYR                 -8,273          -
 Electricity                                    x1000,000 BYR                    -            -
 Hot water                                      x1000,000 BYR                 -3,779          -
 Water                                          x1000,000 BYR                    -            -
Total for maintenance costs for system          x1000,000 BYR                    -            -
Total marketing costs                           x1000,000 BYR                    -            -
Miscellaneous costs (set as % of Maintenance
costs)                                          x1000,000 BYR                   -             -
Self-Financed Fixed Assets (Replacements &
Write-offs)                                     x1000,000 BYR                   -             -
VAT payable (recoverable) - operating costs     x1000,000 BYR                   -             -
Total balance of VAT to be paid (assessed)      x1000,000 BYR                   -             -
Total tax paid on profits                       x1000,000 BYR                   -             -
Interest on overdrafts                          x1000,000 BYR                   -             -
Total outflows (recurring)                      x1000,000 BYR               -12,052           -

Total cash outflows                             x1000,000 BYR               -77,816           -

Inflows
Heat                                            x1000,000 BYR                16,188           -
Electricity                                     x1000,000 BYR                   -             -
Hot water                                      x1000,000 BYR     5,342         -
Water                                          x1000,000 BYR       -           -
Revenue on apartments sold                     x1000,000 BYR    63,850         -
VAT received (assessed)                        x1000,000 BYR     1,588         -
VAT deductible                                 x1000,000 BYR       -48         -
Interest on cash balance                       x1000,000 BYR    54,913         -
Total inflows                                  x1000,000 BYR   141,833         -

Total Net Cash Flows                           x1000,000 BYR    64,017         -

Cumulative Net Cash Flow                       x1000,000 BYR   514,351         -

Simple payback period                          Years                 3               0
                                               Months             11.2             0.0

Discount rate                                  %                 12.0%

Discounted present value of total cash
outflows                                       x1000,000 BYR   -64,545         -

Discounted present value of total cash inflows x1000,000 BYR    65,852         -
Discounted present value of cash flow          x1000,000 BYR     1,307         -

Discounted cumulative net cash flow                                            -

Discounted payback period                      Years                20               0
                                               Months              4.8             0.0

Simple payback period                          Months               47
Discount rate                                  %               12.00%
Discounted payback period                      Months              245
Net Present Value                              x1000,000 BYR    1,307
Internal Rate of Return                        %               12.62%
Profitability Index                            #                0.020
Return on Investment                           %               82.27%
Return on Investment (discounted)              %                1.68%

Debt reserve at the start of the period        x1000,000 BYR       -           -
Cash at the beginning of the period            x1000,000 BYR       -           -
Cash flow available                            x1000,000 BYR       -           -
Total debt service for the period              x1000,000 BYR       -           -
Interest paid on long-term loans               x1000,000 BYR       -           -

Other indicators

Debt Service Coverage Ratio (DSCR) excluding
Debt Reserve and cash carried forward          Minimum            0.23   n/a
DSCR including the Debt Reserve                Minimum            1.23   n/a
DSCR including Debt Reserve and Cash brought
forward                                        Minimum            2.46   n/a

Breakeven ratio                                Minimum             0%    n/a
Return on sales,%                              Minimum            26%    n/a
cash flow of the project (without financing) over time with specific categories and calculates the key performance indicators of the
              31/12/2012     31/12/2013    31/12/2014    31/12/2015     31/12/2016    31/12/2017 31/12/2018
                       0              1              2             3             4              5            6




                    -             -              -             -             -              -            -

                    -          -7,679            -             -             -              -            -

                    -          -7,381            -             -             -              -            -

                    -          -6,727            -             -             -              -            -
                    -         -22,081            -             -             -              -            -
                    -             -              -             -             -              -            -
                    -             -              -             -             -              -            -
                    -             -              -             -             -              -            -
                    -             -              -             -             -              -            -
                    -          -6,580            -             -             -              -            -
                    -         -50,448            -             -             -              -            -


                 -2,027            -             -             -             -              -            -
                 -2,133            -             -             -             -              -            -
                    -              -             -             -             -              -            -
                 -1,067            -             -             -             -              -            -
                      -       -10,090                -             -             -              -            -
                 -5,227        -10,090           -             -             -              -            -

                 -5,227       -60,538            -             -             -              -            -


                    -             -              -             -             -             -             -
                    -             -              -             -             -             -             -
                    -            -477           -365          -427          -481          -538          -591
                    -             -              -             -             -             -             -
                    -            -177           -169          -197          -222          -248          -273
                    -             -              -             -             -             -             -
                    -             -              -             -             -             -             -
                    -             -              -             -             -             -             -

                    -             -              -             -             -              -            -

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                    -             -              -             -             -             -             -
                    -             -              -             -             -             -             -
                    -            -655           -533          -624          -703          -786          -864

                 -5,227       -61,192           -533          -624          -703          -786          -864


                    -             597           730            854           961         1,075         1,183
                    -             -             -              -             -             -             -
        -                  197       241       282               317                 355                 390
        -                  -         -         -                 -                   -                   -
        -                  -      18,804    21,248            23,798                 -                   -
        -                    20        22        25                28                  31                  35
        -                    -1        -1        -1                -1                  -1                  -1
        -                  -            8      579             1,265               2,076               1,698
        -                  813    19,804    22,987            26,368               3,536               3,305

      -5,227            -60,380   19,271    22,363            25,666               2,751               2,441

      -5,227            -65,607   -46,336   -23,973            1,692               4,443               6,883

              1               1         1         1                 0                      0                   0
            0.0             0.0       0.0       0.0             -11.2                    0.0                 0.0




      -5,227            -54,636     -425      -444              -447                -446                -438

         -                  726   15,788    16,361            16,758               2,007               1,674
      -5,227            -53,910   15,362    15,917            16,311               1,561               1,236

      -5,227            -59,137   -43,775   -27,858           -11,547              -9,986              -8,749

              1               1         1         1                    1                   1                   1
            0.0             0.0       0.0       0.0                  0.0                 0.0                 0.0
                                                          Cumulative Net Cash Flow of the project (x 1,000
                                                                                 BYR)
                                               40,000
                                               20,000
                                                      0
                                              -20,000     0      1         2   3     4         5   6     7         8
                                              -40,000
                                              -60,000
        -                  -         166     8,743            9,553         10,439          11,304
        -                  -         -        -80,000
                                             2,829          15,739          31,083          22,662
        -                  166    19,337    22,463          25,784           2,883           2,591
                                                          Total Net Cash Flows                  Cumulative Net Cash Flow
        -                  -       7,931     8,743            9,553         10,439          11,304
        -                  -       2,533     2,317        Discounted cumulative net cash flow 837
                                                              1,970          1,489




n/a               n/a               2.44      2.57              2.70                0.28                0.23
n/a               n/a               2.46      3.57              3.70                1.28                1.23

n/a               n/a               2.46      3.89              5.35                4.25                3.23

n/a                        72%       43%       42%               41%                696%                685%
n/a                        26%       97%       97%               97%                 50%                 50%
key performance indicators of the project.
             31/12/2019 31/12/2020        31/12/2021    31/12/2022    31/12/2023    31/12/2024    31/12/2025
                      7             8              9            10            11            12            13




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                     -            -             -             -             -             -             -


                    -             -             -             -             -             -             -
                    -             -             -             -             -             -             -
                   -644          -687          -715          -723          -705          -654          -569
                    -             -             -             -             -             -             -
                   -297          -317          -330          -334          -326          -302          -263
                    -             -             -             -             -             -             -
                    -             -             -             -             -             -             -
                    -             -             -             -             -             -             -

                     -            -             -             -             -             -             -

                    -             -             -             -             -             -             -
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                    -             -             -             -             -             -             -
                    -             -             -             -             -             -             -
                    -             -             -             -             -             -             -
                   -941        -1,004        -1,046        -1,058        -1,031          -957          -832

                   -941        -1,004        -1,046        -1,058        -1,031          -957          -832


                  1,288         1,374         1,430         1,447         1,411         1,309         1,139
                    -             -             -             -             -             -             -
                       425                 453                 472             477             465             432             376
                       -                   -                   -               -               -               -               -
                       -                   -                   -               -               -               -               -
                         39                  43                  46              50              54              57              60
                         -1                  -1                  -1              -2              -2              -2              -2
                     1,263               1,375               1,496           1,627           1,766           1,912           2,064
                     3,013               3,243               3,444           3,600           3,694           3,708           3,637

                     2,072               2,239               2,398           2,542           2,663           2,751           2,805

                     8,955           11,194              13,592             16,134          18,797          21,548          24,353

                          0                   0                   0               0               0               0               0
                        0.0                 0.0                 0.0             0.0             0.0             0.0             0.0




                      -426                -406                -377            -341            -296            -246            -191

                     1,363               1,310               1,242           1,159           1,062            952             834
                       937                 904                 865             818             765            706             643

                     -7,812          -6,908              -6,043             -5,225          -4,459          -3,753          -3,110

                          1                   1                   1               1               1               1               1
                        0.0                 0.0                 0.0             0.0             0.0             0.0             0.0
Flow of the project (x 1,000,000




          8      9     10     11    12     13     14    15



                    -              -                        -                  -               -               -               -
                25,252          27,493                   29,923             32,535          35,316          38,243          41,285
                  2,241          2,430                    2,612              2,781           2,927           3,043           3,122
       Cumulative Net Cash Flow
                    -              -                        -                  -               -               -               -
                    -              -                        -                  -               -               -               -




           n/a                n/a                 n/a                 n/a             n/a             n/a             n/a
           n/a                n/a                 n/a                 n/a             n/a             n/a             n/a

           n/a                n/a                 n/a                 n/a             n/a             n/a             n/a

                       49%                48%                 48%             48%             47%             46%             45%
                       50%                50%                 51%             51%             52%             52%             54%
31/12/2026    31/12/2027    31/12/2028    31/12/2029    31/12/2030    31/12/2031
        14            15            16            17            18            19




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      -             -             -             -             -             -
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      -             -             -             -             -             -

      -             -             -             -             -             -


      -             -             -             -             -             -
      -             -             -             -             -             -
     -440          -255           -             -             -             -
      -             -             -             -             -             -
     -203          -118           -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -

      -             -             -             -             -             -

      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
      -             -             -             -             -             -
     -644          -373           -             -             -             -

     -644          -373           -             -             -             -


      881           511           -             -             -             -
      -             -             -             -             -             -
         291             169             -                  -                  -                  -
         -               -               -                  -                  -                  -
         -               -               -                  -                  -                  -
           64              68             72                 76                 81                 86
           -2              -2             -2                 -2                 -2                 -3
       2,220           2,378           2,535              2,687              2,843              3,009
       3,454           3,123           2,605              2,761              2,921              3,092

       2,810           2,750           2,605              2,761              2,921              3,092

      27,163          29,913          32,518             35,278             38,200             41,292

            0               0                  0                  0                  0                  0
          0.0             0.0                0.0                0.0                0.0                0.0




        -132             -68             -                  -                  -                  -

        707             571             425                402                380                359
        575             502             425                402                380                359

      -2,535          -2,033          -1,608             -1,206               -826               -467

            1               1                  1                  1                  1                  1
          0.0             0.0                0.0                0.0                0.0                0.0




         -               -               -                  -                  -                  -
      44,408          47,567          50,703             53,737             56,864             60,175
       3,160           3,136           3,033              3,128              3,311              3,504
         -               -               -                  -                  -                  -
         -               -               -                  -                  -                  -




n/a             n/a             n/a                n/a                n/a                n/a
n/a             n/a             n/a                n/a                n/a                n/a

n/a             n/a             n/a                n/a                n/a                n/a

        42%             35%              0%                 0%                 0%                 0%
        56%             62%             97%                97%                97%                97%
31/12/2032    31/12/2033    31/12/2034    31/12/2035    30/12/2036    30/12/2037
        20            21            22            23            24            25




      -             -             -             -             -             -

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      -             -             -             -             -             -

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      -             -             -             -             -             -
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      -             -             -             -             -             -


      -             -             -             -             -             -
      -             -             -             -             -             -
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      -             -             -             -             -             -
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      -             -             -             -             -             -


      -             -             -             -             -             -
      -             -             -             -             -             -
         -                  -                  -                  -                  -                  -
         -                  -                  -                  -                  -                  -
         -                  -                  -                  -                  -                  -
          91                 96                102                108                114                121
          -3                 -3                  -3                 -3                 -3                 -4
       3,184              3,369              3,566              3,773              3,993              4,226
       3,272              3,463              3,664              3,878              4,104              4,344

       3,272              3,463              3,664              3,878              4,104              4,344

      44,563             48,026             51,690             55,569             59,673             64,017

               0                  0                  0                  0                  0                  0
             0.0                0.0                0.0                0.0                0.0                0.0




         -                  -                  -                  -                  -                  -

        339                320                303                286                270                256
        339                320                303                286                270                256

        -128               193                495                782               1,052              1,307

               1               0                     0                  0                  0                  0
             0.0            -4.8                   0.0                0.0                0.0                0.0




         -                  -                  -                  -                  -                  -
      63,679             67,388             71,314             75,469             79,868             84,524
       3,709              3,926              4,156              4,399              4,656              4,929
         -                  -                  -                  -                  -                  -
         -                  -                  -                  -                  -                  -




n/a                n/a                n/a                n/a                n/a                n/a
n/a                n/a                n/a                n/a                n/a                n/a

n/a                n/a                n/a                n/a                n/a                n/a

         0%                 0%                 0%                 0%                 0%                 0%
        97%                97%                97%                97%                97%                97%
2-21-Govt                                 Return on Public Support: Calculates the return on public support for the project i
Description                               Unit            Total                     12/31/2011 31/12/2012

Number of period for the project                                                                -1          0
Expenses
Equity investments                        x1000 BYR          21,752,028                     -           -
Subsidies requested in total (excl
VAT)                                      x1000 BYR          21,529,511                     -           -

Income from taxes
Total VAT on fixed assets                 x1000 BYR          10,089,632                     -           -
Total balance of VAT to be paid
(assessed)                                x1000 BYR                 -                       -           -
Total taxes on apartments sold            x1000 BYR           3,192,507                     -           -
Social security payments                  x1000 BYR                 -                       -           -
Total tax paid on profits                 x1000 BYR                 -                       -           -

Savings on subsidies
Projected rate of subsidies for heat on
top of retail household price -
business as usual                         %                                               150%        150%
Projected subsidies in absence of the
project for heat                          x1000 BYR          34,026,181                     -           -
Projected rate of subsidies for hot
water on top of household price -
business as usual                         %                                               150%        150%
Projected subsidies in absence of the
project for hot water                     x1000 BYR          11,228,640                     -           -
Savings on subsidies                      x1000 BYR          23,725,331                         2           2

Net return on public support (not
counting payback)                         x1000 BYR          15,255,421                     -           -
IRR for the Central Government            %                          9%
blic support for the project if it is implemented (including reduced subsidies, interest, and dividends earned).
               31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020

                         1             2             3             4             5             6             7             8

              21,752,028           -             -             -             -             -             -             -

                 793,663      970,385      1,135,350     1,278,579     1,429,878     1,572,865     1,712,850     1,827,040


              10,089,632           -             -             -             -             -             -             -

                     -            -              -             -             -             -             -             -
                     -        940,189      1,062,414     1,189,904           -             -             -             -
                     -            -              -             -             -             -             -             -
                     -            -              -             -             -             -             -             -




                    150%         150%          150%          150%          150%          140%          130%          120%

                 596,739      781,728       984,977      1,201,672     1,466,040     1,655,648     1,860,238     2,060,572


                    150%         150%          150%          150%          150%          140%          130%          120%

                 196,924      257,970       325,042       396,552       483,793       546,364       613,879       679,989
                       1       69,315       174,671       319,646       519,957       629,148       761,268       913,521


             -11,662,396     1,009,503     1,237,083     1,509,548      519,955       629,146       761,267       913,520
31/12/2021 31/12/2022 31/12/2023 31/12/2024 31/12/2025 31/12/2026 31/12/2027 31/12/2028

          9             10             11             12             13             14             15             16

      -             -              -              -              -              -              -              -

1,902,406     1,924,148      1,876,044      1,740,969      1,514,643      1,171,324       679,368             -


      -             -              -              -              -              -              -              -

      -             -              -              -              -              -              -              -
      -             -              -              -              -              -              -              -
      -             -              -              -              -              -              -              -
      -             -              -              -              -              -              -              -




    110%          100%            90%            80%            70%            60%            50%            40%

2,247,740     2,411,212      2,539,007      2,617,998      2,657,268      2,642,084      2,554,014      2,165,804


    110%          100%            90%            80%            70%            60%            50%            40%

  741,754       795,700        837,872        863,939        876,898        871,888        842,825        714,715
1,087,090     1,282,766      1,500,836      1,740,970      2,019,524      2,342,648      2,717,472      2,880,520


1,087,089     1,282,765      1,500,835      1,740,969      2,019,524      2,342,647      2,717,471      2,880,519
31/12/2029 31/12/2030 31/12/2031           31/12/2032     31/12/2033     31/12/2034     31/12/2035     30/12/2036

          17             18           19             20             21             22             23             24

      -              -            -              -              -              -              -              -

      -              -            -              -              -              -              -              -


      -              -            -              -              -              -              -              -

      -              -            -              -              -              -              -              -
      -              -            -              -              -              -              -              -
      -              -            -              -              -              -              -              -
      -              -            -              -              -              -              -              -




     30%            20%          10%              0%             0%             0%             0%             0%

1,721,814      1,216,749      644,877            -              -              -              -              -


     30%            20%          10%              0%             0%             0%             0%             0%

  568,199        401,527      212,809            -              -              -              -              -
2,290,013      1,618,276      857,686            -              -              -              -              -


2,290,013      1,618,276      857,686            -              -              -              -              -
30/12/2037

          25

      -

      -


      -

      -
      -
      -
      -




       0%

      -


       0%

      -
      -


      -
                                                                                                         ######




                                                                                                                                    ######
                                                   Nov-12




                                                                                                                                                               Nov-13
                                                            Dec-12




                                                                                                                                             Sep-13




                                                                                                                                                                        Dec-13
                                                                                       Mar-13
                                                                              Feb-13




                                                                                                                  Jun-13
                                                                     Jan-13




                                                                                                Apr-13
                                          Oct-12




                                                                                                                                                      Oct-13
                                                                                                                           Jul-13
Step #   Activity

         Detailed energy audits of the
1        10 buildings along with
         engineering designs
2        Finalization of permits
         Finalization of agreement on
3        continued subsidies with the
         Ministry of Energy
         Finalization of financial
4        agreements with bank and
         Ministry of Energy
         Finalization of contracts with
5        the Project Implementation
         Unit
         Finalization of construction
6
         contracts
         Implementation of EE
         measures and construction of
7
         new apartments for 10
         apartment buildings
         Completion of interior
8        renovation of apartment
         buildings and new apartments
         Detailed final energy audits
9        and inspections of the 10
         buildings
         Beginning of selling
10
         apartments
Outlay for energy-saving measures
Size of flat in m²                                                   60
Number of floors per building - existing                              5
Number of apartments per floor                                        6
Number of apartments in the building                                 30
Number of buildings to be renovated                                  10

                                                               Cost per apartment
                                                         EUR
A. Insulation of building envelope
A.1a Insulation of gables                                         € 314
A.1a Insulation of longitudinal walls                           € 1,309
A.2 Insulation of top-floor ceiling                               € 116
A.3 Insulation of cellar ceiling                                  € 313
A.4 Insulation of heating pipes                                    € 35
Total for insulation                                            € 2,087

B. Improvement of ventilation system/windows
B.1 Installation of double/triple pane windows                  € 1,819
B.2 Air supply valves in windows                                   € 19
B.3 Air extractor fans for roof                                   € 130
B.4 Air flaps in shaft                                             € 38
Total for improvement of ventilation system/windows             € 2,006

C. Improvement of heating system/accompanying measures
C.1 Modernization of heating system                               € 486
C.1.1 Heating pipes shut-off valves                                € 30
C.2 Conversion to 2-pipe heating
C.2.1 Thermostat valves dual pipe                                  € 95
C.2.2 Risers dual pipe                                            € 270
C.2.2 Connection of radiators dual pipe                            € 65
C.3 Consumption meters                                            € 100
C.4 Replacement of unsuitable radiators                           € 594
B.4 Renovation of stairwell                                       € 189
Total for improvement of heating system/accompanying
measures                                                        € 1,828

Total costs with conversion to dual-pipe heating                € 5,920

Addition of apartments
Cost per new apartment built
Number of new apartments per building
Total cost per building
Sale price of new apartments
Total number of new apartments
Total cost of new apartments

Total investment with new apartments included
Cost per apartment                     Cost per building
          x1000 BYR            EUR               x1000 BYR

                       3,348            € 9,417           100,454
                      13,961           € 39,265           418,839
                       1,239            € 3,485            37,169
                       3,336            € 9,381           100,070
                         374            € 1,053            11,232
                      22,259           € 62,601           667,765


                      19,406           € 54,578           582,185
                         202              € 567             6,048
                       1,382            € 3,888            41,473
                         403            € 1,134            12,096
                      21,393           € 60,167           641,802


                       5,184           € 14,580           155,525
                         317              € 891             9,504

                       1,008            € 2,835            30,241
                       2,880            € 8,100            86,403
                         691            € 1,944            20,737
                       1,067            € 3,000            32,001
                       6,336           € 17,820           190,086    160,005,000
                       2,016            € 5,670            60,482

                      19,499           € 54,840           584,978

                      63,152          € 177,608          1,894,546

                               EUR                 x1000 BYR
                                        € 30,000           320,010
                                               6                 6
                                       € 180,000         1,920,060
                                        € 72,000           768,024
                                              60                60
                                     € 1,800,000        19,200,600

                                      € 357,608          3,814,606
Activities to increase energy efficiency

                              Before refurbishment -
                              heat losses in kWh/m2 Before refurbishment - heat Energy-saving
Building components           annually               losses in Gcal/m2 annually measures
Exterior walls                                 100.0                    0.0860 8 cm outer insulation
                                                                                New windows (double
Windows (transmission)                          50.0                    0.0430 glazed)
                                                                                Ventilation only when
Windows (ventilation                                                            necessary, sealing
through unsealed joints)                        50.0                    0.0430 joints
Top floor ceiling                                                               10 cm of additional
improvements                                     8.0                    0.0069 insulation
Cellar ceiling                                   4.0                    0.0034 6 cm of insulation
Heating pipes                                    4.0                    0.0034 Insulation
Total heat energy loss                                                   0.186
Heat gain (solar and
internal)                                      -25.0                    -0.021
Heat demand                                    191.0                     0.164
Actual estimates

Average m2 per apartment                         60
Average heat demand per
apartment                                        10
                        Heat energy
After refurbishment -   loss in
heat losses in kWh/m2 Gcal/m2
annually                annually     Savings
                   22.1       0.0190     77.9%

                  15.7      0.0135      68.6%


                  20.5      0.0176      59.0%

                   2.4      0.0021      70.0%
                   1.1      0.0009      72.5%
                   2.0      0.0017      50.0%
                             0.055      70.5%

                 -25.0      -0.021
                  38.8       0.033      79.7%
                  95.5        0.082

				
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