PLC Business Plan (01.09.2010)

POWER-PLANT LEASE CORPORATION (“PLC”)
BUSINESS PLAN TO CREATE A JET ENGINE LEASING COMPANY
A. EXECUTIVE SUMMARY
Airline profit andlossis drivenby utilization of very expensivecapitalassets- passengerjetscosting$30 to$300M each.If these aircraft don’t fly, they don’t
generate enough revenue to cover their cost and earn profits for their owners.
Enginemaintenanceimpactsaircraftutilization.Modernturbofansareremovedfor performancerestorationorfulloverhaulatregularly scheduledintervals.
And sometimestheunexpectedhappens - birdstrikesandforeignobjectdamagecan causeunscheduledengineremovals.Engineoverhauls typically take 60
to 90 days and cost US$1.5M to US$12M or more depending on model and scope of work.
Airlines cannotaffordtogroundmulti-milliondollarpassengerjets for60 to 90 daysforengine maintenance. To mitigate this risk, they often invest in spare
engines to replace installed engines in the shop for repair. This is a financial burden and consumes cash - spare engines cost US$8M to US$20M each
depending on model and thrust rating. Airlines typically maintain a 10% ratio of spare to installed engines.
PLC’sBusinessPlanfocuses on a financialinstrumentcalled a “Sale-Leaseback”. PLCwill purchaseanairline’s spareengines and lease them back for 5 years
at an agreed monthly rental. For the airline this transaction raises cash and reduces balance sheet debt without sacrificing spare engine support for their
fleets. When the lease expires, PLC will sell the engines intact or disassemble them for sale as spare parts. Used serviceable jet engine parts usually sell for
75% of new part price.
Strong,stableandpredictablejet engineresidualvalue drivesPLC’s Financial Model. This modelprojects 10 sale-leaseback transactions in YR 1 of operation,
4 each in YRS 2-5, with additional transactions in YRS 6-10. (See Section C – FINANCIAL MODEL below)
B. FOCUS ON V2500-A5 & CFM56-5/7 AERO ENGINES
PLC’s Business Plan focuses on IAE V2500-A5 and CFM56-5/7 engines. These engines are fitted on Airbus A320 and Boeing B737 narrow-body aircraft
families. The world’s commercial aircraft fleet will double by 2028 - from 14,000 to 28,000 aircraft. 70% of that growth will be A320 and B737. This
equipment will be the backbone of commercial aviation for the foreseeable future.
InternationalAero Engines ("IAE") was founded in 1983 as a multi-national collaboration between industry leaders Pratt & Whitney, Rolls Royce, Japanese
Aero Engine Corporation and MTU Aero Engines. Today the venture produces the V2500-A5 turbofan which competes with the CFM56-5B on Airbus A320

aircraft family. The V2500 is the 3rd
most successful engine program in commercial aviation history with 3,600 engines flying with 190 airlines world-wide.
Another 1,400 engines are contracted for delivery in 2011-2015. The current standard is the V2500-A5 "Select-One" with variants producing 22,000 to
33,000 lbs. thrust depending on aircraft application. V2500 engines will remain in service for another 20-25 years.
CFM International ("CFMI") was founded in 1974 as a multi-national collaboration between industry leaders General Electric and the French company
SNECMA. Today the venture produces the CFM56-5B turbofan which is 1 of 2 engines available on the Airbus A320 aircraft family. CFMI also produces the
CFM56-7B turbofan which is the exclusive power-plant for the competing Boeing B737NG family (B737-700, -800 and - 900). The CFM56 is the most
successfulengineprogramincommercial aviationhistory withmore than10,000 series 5B andseries 7B enginesflyingwith 260 airlines world-wide.Another
2,500 engines are contracted for delivery in 2011-2015. The current standards are the CFM56-5B4 and CFM56-7B with variants producing 19,000 to 33,000
lbs. thrust depending on aircraft application
C. FINANCIAL MODEL
1. Capital Requirements
PLC - REVISED 10 YR PLAN WITH ANNUAL
DIVIDEND
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10
Engine SLB's 10 4 4 4 4 10 8 7 8 8
Engines sold 0 0 0 0 0 (10) (4) (4) (4) (4)
Engines in portfolio 10 14 18 22 26 26 30 33 37 41
Purchase price (ea.) 8,970,000 8,970,000 8,970,000 8,970,000 8,970,000 8,970,000 8,970,000 8,970,000 8,970,000 8,970,000
Capital Required 89,700,000 35,880,000 35,880,000 35,880,000 35,880,000 89,700,000 71,760,000 62,790,000 71,760,000 71,760,000
Lease term - months 60 60 60 60 60 60 60 60 60 60
Annual depreciation 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%
Book value @ lease end (ea.) 6,054,750 6,054,750 6,054,750 6,054,750 6,054,750 6,054,750 6,054,750 6,054,750 6,054,750 6,054,750
Residual value @ lease end (ea.) 5,865,000 5,865,000 5,865,000 5,865,000 5,865,000 5,865,000 5,865,000 5,865,000 5,865,000 5,865,000

2. Equity & Debt
3. MonthlyExpenses
DIVIDEND
Equity - % 25.0% 8.6% 12.1% 16.1% 20.8% 10.4% 36.0% 19.7% 19.7% 22.6%
Equity - $ 22,425,000 3,073,243 4,341,013 5,793,362 7,457,163 9,363,202 25,856,240 12,369,583 14,149,503 16,183,678
Debt - % 75.0% 91.4% 87.9% 83.9% 79.2% 89.6% 64.0% 80.3% 80.3% 77.4%
Debt - $ 67,275,000 32,806,757 31,538,987 30,086,638 28,422,837 80,336,798 45,903,760 50,420,417 57,610,497 55,576,322
Cost of debt - % 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%
Monthly debt service - $ (816,231) (398,036) (382,655) (365,034) (344,847) (974,707) (556,939) (611,739) (698,974) (674,294)
Early debt pay-off after 60 MOS - $ (40,255,253) (19,630,536) (18,871,942) (18,002,902) (17,007,336) (48,071,025) (27,467,372) (30,169,999) (34,472,317) (33,255,131)
DIVIDEND
Monthly debt payment YR 1 - 5 (816,231) (816,231) (816,231) (816,231) (816,231)
Monthly debt payment YR 7 - 11 (556,939) (556,939) (556,939) (556,939)
Monthly debt payment YR 8 - 12 (611,739) (611,739) (611,739)
Monthly debt payment YR 9 - 13 (698,974) (698,974)
Monthly debt payment YR 10 - 14 (674,294)
Monthly overhead (100,000) (140,000) (180,000) (220,000) (260,000) (260,000) (300,000) (330,000) (370,000) (410,000)
Engine maintenance cost 0 0 0 0 0 0 0 0 0 0
Total monthly cost - $ (916,231) (1,354,268) (1,776,923) (2,181,957) (2,566,804) (2,725,280) (2,924,183) (3,183,266) (3,557,207) (3,926,654)

4. Monthly Income and Profit
5. Annual Income, Income from Engine Sales, Debt Service, Overhead, Early Debt Retirement, Profit, Dividend and Equity Re-Investment
DIVIDEND
Monthly lease factor 0.93% 0.93% 0.93% 0.93% 0.93% 0.93% 0.93% 0.93% 0.93% 0.93%
Monthly rental rate 83,421 83,421 83,421 83,421 83,421 83,421 83,421 83,421 83,421 83,421
Monthly rental income 834,210 1,167,894 1,501,578 1,835,262 2,168,946 2,168,946 2,502,630 2,752,893 3,086,577 3,420,261
Flight hours per month 250 250 250 250 250 250 250 250 250 250
Monthly hourly reserves ($150 / EFH) 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500
Total monthly hourly reserves 375,000 525,000 675,000 825,000 975,000 975,000 1,125,000 1,237,500 1,387,500 1,537,500
Flight cycles per month 125 125 125 125 125 125 125 125 125 125
Monthly cyclic reserves ($120 / cycle) 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Total monthly cyclic reserves 150,000 210,000 270,000 330,000 390,000 390,000 450,000 495,000 555,000 615,000
Total monthly income - $ 1,359,210 1,902,894 2,446,578 2,990,262 3,533,946 3,533,946 4,077,630 4,485,393 5,029,077 5,572,761
Monthly gross profit - $ 442,979 548,626 669,655 808,305 967,142 808,666 1,153,447 1,302,127 1,471,870 1,646,107
DIVIDEND
Annual income - $ 16,310,520 22,834,728 29,358,936 35,883,144 42,407,352 42,407,352 48,931,560 53,824,716 60,348,924 66,873,132
Income from engine sale - $ 0 0 0 0 0 58,650,000 23,460,000 23,460,000 23,460,000 23,460,000
Annual Debt Service (9,794,777) (14,571,215) (19,163,074) (23,543,481) (27,681,650) (29,583,358) (31,490,192) (34,239,198) (38,246,482) (42,199,843)
Annual cost - $ (1,200,000) (1,680,000) (2,160,000) (2,640,000) (3,120,000) (3,120,000) (3,600,000) (3,960,000) (4,440,000) (4,920,000)
Pay-off after 60 MOS - $ (40,255,253) (19,630,536) (18,871,942) (18,002,902) (17,007,336)
Annual gross profit - $ 5,315,743 6,583,513 8,035,862 9,699,663 11,605,702 28,098,740 17,670,832 20,213,576 23,119,540 26,205,954
dividend - $ (2,242,500) (2,242,500) (2,242,500) (2,242,500) (2,242,500) (2,242,500) (5,301,250) (6,064,073) (6,935,862) (7,861,786)
Remainin profits for reinvestment - $ 3,073,243 4,341,013 5,793,362 7,457,163 9,363,202 25,856,240 12,369,583 14,149,503 16,183,678 18,344,168
Equity 22,425,000
6 yr cumulative net profits after payment of dividend 55,884,224 $69,339,224 including payment of dividend
Total 78,309,224

D. VALIDATING EXPENSE AND REVENUE ASSUMPTIONS
BusinessPlanExpenseandRevenueassumptionsarebased on aero-enginevaluedatafromtheInternationalBureauof Aviation (“IBA”) Engine Values Book
(“EVB”) (Version10). Foundedin the UK in 1988, IBA is a leading aviation consultancy completely independent from aviation financing institutions, leasing
companies, manufacturers and suppliers. The company provides independent valuations of aviation assets (primarily aircraft and engines) that help
investors manage risk by providing a clear understanding of asset base value, market value and future value. IBA maintains an extensive database of
aircraft and engine values. Certified appraisers ensure these values are accurate and reflect changing market conditions. The company updates this data
every 6 months.
1. EXEPENSE - $8.970M Engine Acquisition Cost
PLC’s Business Plan assumes an acquisition cost of $8.970M per engine.
Commercial List Price for new, zero-time V2500-A5 spare engines (January 2010 economics) is as follows:
 V2533-A5 (A321) $10,114,500
 V2530-A5 (A321) $9,696,500
 V2527-A5 (A320) $9,003,500
 V2524-A5 (A319) $7,922,200
 V2522-A5 (A319) $7,436,000
These engine variants have 100% common hardware. The only difference is the Computer Data Entry Plug ("DEP") that instructs the engine to produce the
thrust required for the specific aircraft application (30K or 33K thrust for A321, 27K thrust for A320, 24K or 22K thrust for A319). Thus a V2533-A5 with a
multi-rating DEP can be fitted on an A321, A320 or A319 by simply adjusting the DEP setting. This provides maximum flexibility for airlines that operates all
three aircraft types.
PLC will purchase and lease-back V2500-A5 / CFM56-5 / CFM56-7 variants at rated at 33K thrust with a multi-rating DEP. Airlines typically receive a 15%
discount from the engine manufactures list price. Based on average manufactures list price of $10.550M, new spare engines in inventory at airlines would
have been purchased for approximately $8.970M.
2. EXPENSE - Zero Engine Maintenance Cost in the First 5 Years of Operation
PLC’s Business Plan assumes zero engine maintenance expense in the first 5 years of operation.

Industry average utilization for A320 and B737 aircraft is 1,500 flight cycles and 3,000 flight hours per year, (1 cycle = 1 take-off and landing) PLC engines
will accumulate 7,500 flight cycles and 15,000 flight hours in the first 5 years of operation. The Business Pan projects zero engine maintenance expense in 5
years because IAE and CFM fleet reliability statistics indicate their new engines fly more than 7,500 cycles and 15,000 without requiring a performance
restoration shop visit.
IBA’s Engine Values Book supports this assumption:
 EVB – pg. 4.4: Mean-Time-Between-Overhaul ("MTBO") for the V2527-A5 variant is 8,305 flight cycles and 17,441 flight hours using an hour / cycle
ratio of 2.10.
 EVB – pg. 1.12: MTBO for the CFM56-5B variant is 10,000 flight cycles and 18,000 flight hours using an hour / cycle ratio of 1.8.
 EVB – pg. 1.22: MTBO for the CFM56-7B variant is 18,000 flight hours and 9,000 cycles based on a Fleet Average Flight Hour/Cycle Ratio of 2.0.
PLC’ssale-leasebackagreementtransfersline-maintenance risk-and-responsibility to the lessee. The airline will perform all routine line- maintenance tasks.
The airline must return the engine with an FAA 8130 tag indicating the engine is in Serviceable condition and airworthy for continued operation.
3. EXPENSE - 8% P/A Cost of Capital
PLC’s Business Plan assumes 8% Cost of Capital. The US government 10 year benchmark bond is currently less than 2.7% pa, whilst 3 month Libor is 0.31%
pa. We believe that 8% pa represents a generous risk premium for lenders as this rate contains a margin of 5.3% above the 10 year US government bond
rate.
4. EXPENSE - $1,140,000 P/A Overhead
PLC’s Business Plan assumes an annual overhead of $1,140,000, itemized as follows:
 Salaries $690,000 P/A (3 executives & 1 secretary)
 Housing/Office: $100,000 P/A
 Cars / Office Equip: $20,000 P/A ($100K amortized over 5 yrs.)
 Business Travel: $330,000 P/A (30 flights / 150 travel days)

5. REVENUE - $83,744 Monthly Lease Rental
PLC's Business Plan assumes each engine will generate a monthly lease rental of $83,744 based on a lease factor of 0.93%.
 EVB pg. 4.4: The Typical Current Rental Rate for the V2527-A5 variant is as high as $90,000 per month and as low as $65,000 per month. PLC
engines should command the higher rental as they will be brand new on delivery (zero hours and cycles).
 EVB pg. 1.12: The Typical Current Rental Rate for the CFM56-5B variant is as high as $95,000 per month and as low as $65,000 per month. PLC
engines should command the higher rental as they will be brand new on delivery (zero hours and cycles).
 EVB pg. 1.22: The Typical Current Rental Rate for the CFM56-7B variant is (also) as high as $95,000 per month and as low as $65,000. PLC engines
should command the higher rentals
6. REVENUE - $37,500 Monthly Maintenance Reserve - Flight Hours
PLC's Business Plan assumes each engine will generate a monthly maintenance reserve of $37,500 for flight hours.
This is basedon (1) A320 / B737 utilization of 3,000 flighthoursper yearor 250 flighthoursper monthand (2) a maintenance reserve rate of $150 per flight
hour. Multiplying 250 flight hours by $150 yields $37,500 in monthly maintenance reserves.
7. REVENUE - $15,000 per Engine Monthly Maintenance Reserve / Fight Cycles
PLC's Business Plan assumes each engine will generate a monthly maintenance reserve of $15,000 for flight cycles.
This is basedon (1) A320 / B737 utilization of 1,500 flightcycles per year or 125 flight cycles per monthand(2) a maintenancereserve rate of $120 per flight
cycle. Multiplying 125 flight cycles by $120 yields $15,000 in monthly maintenance reserves.
These maintenance reserves are treated as Revenue for the following reasons:
 PLC’s business model avoids engine maintenance during the first 5 years.

 PLC’slease agreementtransfersallline maintenancerisk-and-responsibilitytothelessee. It is industry standardpracticethatwhilean engine is in an
operators' possession, the operator must maintain the engine in good working condition, performing all daily and periodic checks. The airline will
perform,(andpay for),all routine line maintenance tasks. The airline must also return the engine with a US FAA 8130 tag indicating the engine is in
serviceable condition and airworthy for continued operation.
 PLC will sell the engines at the end of Year 5, well before the forst performance restoration visit is required, (on average required at 18,000 flight
hours and 10,000 cycles see IBA Engine Values Book, page 1.12).
PLC’sBusinessPlanproposesastart-upof 10 enginesin YR1 withan organicgrowthprogram to26 enginesby YR5 end.The total net profits generated from
operations alone during the first 5 years equate to approximately $78mn.
8. REVENUE - $5.865M Engine Residual Value after 5 Years
PLC’s Business Plan assumes each engine will have a residual value of $5.865M after 5 years.
 EVB pg. 4.5: The "Base Value"forthe V2527-A5 "Select-One"variantwill be:
o $6.81M in 2015
o $6.88M in 2016
o $6.88M in 2017
o $6.81M in 2018
o $6.64M in 2019
 EVB pg.1.12: The "Base Value"forthe CFM56-5B variantwill be:
o $7.34M in 2015
o $7.15M in 2016
o $6.80M in 2017
o $6.25M in 2018
o $5.63M in 2019
 EVB pg.1.22: The “Base Value”for the CFM56-7B variantwill be:
o $7.40M in 2015
o $7.21M in 2016

o $6.85M in 2017
o $6.30M in 2018
o $5.67M in 2019
Residual value is critical because it determines how much revenue is collected from engine re-sale at lease expiration. This Plan uses engine re-sale revenue
for early retirement of outstanding debt - ie at month 60 of the 120 month loan amortization schedule.
Engine re-sale revenue allows PLC to significantly improve operating profits starting in YR 6. For added conservatism, PLC’s business model uses a residual
value 15% below projected asset value. Current IBA data suggests this to be 20% -26% below current market values. (See page 7 below).
Base Valueis "IBA'sopinionof the underlyingeconomicvalueof an enginein an open,unrestricted,stablemarketenvironmentwithareasonablebalance of
supply and demand and assumes full consideration of its highest, best use. In most cases, the "base value" of an engine assumes its physical condition is
average for an engine of its type and age, and its maintenance time status is at mid-life, mid-time".
It should benotedthatPLC will purchase100% newandunusedenginesonly.The engines will fly approximately 7,500 cycles in 5 years. At lease expiry, their
Life Limited Parts ("LLP's") will have 12,500 cycles remaining, which is 25% more than mid-life. PLC could therefore justify using residual values equal-to or
higher-thanIBA BaseValuesatlease expiry.However,forconservatismattime of preparationthefinancialprojectionsPLCused85% of the ASCEND residual
valuefor a "half-life"engine(i.e.$6.90M less 15% = $5.856M). This conservatismprotectsthebusinesscase if engine market demand unexpectedly declines
in the coming years - considered highly unlikely given the size of the world-wide fleet, the backlog of engines on order, and the projected growth of the
narrowbodiedsector.The ASCENDvalueis basedona specific "online program"estimatinglow risk engine values based on hours and cycles, while the IBA
evaluations are based on a generic half-life (10,000 cycle engine) scenario.
See below for a comparison of how ASCEND and IBA residual values correlate with PLC Business Plan residual values:
Engine Type Purchase Price
IBA Half Life / Mid
Life Value
(10,000 cycles)
ASCEND Half Life /
Mid Life Value
(10,000 cycles)
ResidualValuePLC
Business Plan
(7,500 cycles)
V2500-A5 Select
One
$8.597M $6.81M $6.90M $5.865M

9. REVENUE - Immediate Engine Re-sale at Lease Expiration
PLC’s Business Plan assumes PLC will be able to re-sell each engine immediately after lease expiry. This assumption is justified by industry data indicating
strong demand for CFM56 and V2500 engines for at least another 20 years.
 The CFM56 is the most successful engine program in commercial aviation history with more than 10,000 engines in service and another 2,500 on
firm backlog.
 The V2500 is the 3rd
most successful engine program in commercial aviation history with more than 3,600 engines in service and another 1,400 on
firm backlog.
 The A320 / B737 narrow-body aircraft segment will continue growing dramatically. Specifically, data from Airbus Industries says the world-wide
commercial aircraftfleet is projectedto doubleby 2028 - from14,000 to 28,000 aircraft.70% of thatgrowthwill be narrow-body sector dominated
by the A320 and B737. So these aircraft, and their engines, will continue to be the backbone of commercial aviation for the foreseeable future.

E. INVESTMENT ANALYSIS
DIVIDEND
Key Balance Sheet Items Notes
Net Book Value Engines 62,696,771 88,312,729 109,917,777 127,198,496 139,818,286 Book value of engines treated same as debt
Total Debt 62,696,771 88,312,729 109,917,777 127,198,496 139,818,286
Total Equity at the end of each year 25,498,243 29,839,257 35,632,619 43,089,782 52,452,984 78,309,224
40.67% 33.79% 32.42% 33.88% 37.52%
Key Ratios Notes
Debt Service (Ebitda/total debt payments) 1.5 1.5 1.4 1.4 1.4 Strong debt cover- credit business w/ quality customers
Gearing (Total Debt/Equity as %) 246% 296% 308% 295% 267% Kept below 3 times. Reasonable for credit business
Dividend Cover (Gross profit / dividend) 2.4 2.9 3.6 4.3 5.2 Strong level of cover
Asset Cover (Engine value/debt as%) 138.1% 133.8% 135.0% 139.5% 146.8% Debt provider has good security protection
NOTE:
NOTE: 2. Asset cover ratio improves if engines are sold as spare parts.
Cash Returns up to Yr 6 to Investors pre-exit Totals Notes
Equity Invested (Yr 1) (22,425,000) (22,425,000)
5 years of dividends 2,242,500 2,242,500 2,242,500 2,242,500 2,242,500 11,212,500
Net cash flow before exit (11,212,500) Dividends repay half of initial investment by end Yr 5
Enterprise Valuation at Yr 6
Yr 6 Net Profit 28,098,740
less Net Engine Sale profit 18,394,747
Add Debt costs 6,240,000
EBITDA 15,943,994
Value @ 7 x Ebitda 111,607,956
Proposed Investor's Payout @ 56% 62,500,456
Enterprise Value P/E Book Value
111,607,956 11.5 142.52%
IRR to Investor with Yr 6 exit
Yr 0 Yr1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6
Investor Cash Flows (22,425,000) 2,242,500 2,242,500 2,242,500 2,242,500 2,242,500 62,500,456
Proposed IRR to Investor 25.0%
Total cash paid out by equity investor (22,425,000)
Total cash in to equity investor 73,712,956
Return multiple 3.29
1. Asset cover ratio assumes engines are sold intact.

F. RISK ANALYSIS
1. Airline Risk: What happens when there is a payment default?
If the customerdefaults,PLC will repossess the engine in accordance with US and International Law. To expedite the process, PLC will register ownership of
the asset in accordance with (1) The Convention on International Interests in Mobile Equipment and (2) The Protocol to the Convention on International
Interest in Mobile Equipment on Matters Specific to Aircraft Equipment ("The Cape Town Treaty"). This Treaty:
 Creates international standards for registration of ownership, security interests (liens), leases, and conditional sales contracts
 Specifies various legal remedies for default in financing agreements, including repossession
 Applies to aircraft that can carry at least 8 people or 2750 kilograms cargo, aircraft engines with thrust exceeding 1,750 lbs., and helicopters
carrying 5 or more passengers
The InternationalRegistry of Mobile Assets is located in Ireland and was established to record international property interests in the equipment covered by
the Cape Town Treaty. Mediation cases for leasing disputes are heard in the High Court of Ireland.
2. IPO: Why would this business lend itself to an IPO or Industry Disposal at the end of year 5? Why 7 times earnings?
PLC would lend itself to an IPO / Industry sale in YR 6 due to consistently positive earnings growth in YRS 1-5 and a strong likelihood of continued earnings
growth in YRS 6-10.
PLC would also be a relatively safeinvestmentbecauseit retains ownership of tangible cash generating assets with established residual values. While there
are many waystovaluePLC, andinvestmentanalystsmay suggestvarious methods, a multiple of 7 times prior year earnings is deemed a conservative and
completely acceptable valuation for the investment community in the current market climate.
3. How likely is a PLC trade sale? How much would PLC sell for?
If PLC performs as expected, major banks and aircraft leasing companies could be likely suitors. The valuation method would be the same as #2 above.

4. Is there a wind-down scenario?
Yes. PLC could stop investing in additional engines after YR 5. The portfolio would naturally wind itself down to zero engines by YR 10. At this point, the
company would be dissolved and proceeds disbursed to shareholders in accordance with their % shareholdings. Engines would be disposed of at lease
expiration, ie:
 engines acquired in YR1 would be sold at the end of YR 6
We have also shown the debt position would be at the end of each year, and the net remaining cash after disposal. Finally we have shown the net cash
balance generated at the each year after cost of operations and payment of annual dividend to the Equity Investor.
G. CONCLUSION
PLC's BusinessPlanis soundly based.Themanagementhas extensive aero-engine experience and furthermore the customers - and their needs - have been
identified. PLC is very confident the venture can succeed as projected.

PLC Business Plan (01.09.2010)

Empfohlen

Empfohlen

Weitere ähnliche Inhalte

Was ist angesagt?

Was ist angesagt? (19)

Ähnlich wie PLC Business Plan (01.09.2010)

Ähnlich wie PLC Business Plan (01.09.2010) (20)

Kürzlich hochgeladen

Kürzlich hochgeladen (20)

PLC Business Plan (01.09.2010)