[sheet: Cover]

Field	Value
Workbook Title	PTC Credit Calculation and Transfer Economics Model — Ridgeway Wind Project
Prepared By	Garrett Simmons, Working Associate, Calderwood & Harkness LLP
Matter Number	1016-00008
Billing Code	09417.00001
Date Prepared	March 2026
Client	Dunmore Energy Holdings Ltd.
Project Company	Ridgeway Wind Energy LLC (Delaware file no. 7603517)
Project	Ridgeway Wind Project — 250 MW onshore wind, Custer County, Montana
Prospective Buyer	Pinnacle Atlantic Partners LP (Delaware file no. 7255043)
Applicable IRC Sections	§§ 45, 6418
Applicable Treasury Regulations	Treas. Reg. §§ 1.45-1 through 1.45-13; 1.6418-1 through 1.6418-5
Proposed Governing Law	New York
Status	DRAFT — Scoping Phase Only; Not for Distribution
Disclaimer	This model is prepared for internal scoping purposes only and does not constitute tax advice. All figures are estimates based on P50 energy production assumptions and are subject to change. Inflation adjustments are illustrative.
Independent Engineer	Meridian Technical Advisors LLC (Dr. Paul Marlowe Commerce Bank, PE)
Tax Advisor	Grayson Birch & Co. LLP (Howard Ellison)
Counterparty Counsel	Hargrove, Liddell & Strauss LLP (Nathaniel Strauss)
Escrow Agent (Proposed)	Commonwealth Fiduciary Trust Company
Recapture Insurer (Proposed)	Northfield Specialty Insurance Co.
Insurance Broker	Corbin Hale & Associates Inc. (Steven Rask)

[sheet: Key Assumptions]

Category	Assumption	Value	Source / Reference
Project	Project Name	Ridgeway Wind Project
Project	Location	~28,000 acres, 14 miles NE of Miles City, Custer County, Montana
Project	Nameplate Capacity (MW)	250	83 × 3.0 MW turbines + 1 × 1.0 MW substation backup
Project	Net Capacity Factor (P50)	38.2%	Meridian Technical Advisors LLC energy estimate
Project	Annual Hours	8760
Project	Estimated Annual Generation (kWh)	836,220,000	250 MW × 8,760 hrs × 0.382
Project	Commercial Operations Date (COD)	November 14, 2025	COD certification by Meridian
Project	PTC Eligibility Period	10 taxable years (TY2025–TY2034)	IRC § 45
Project	Total Project Cost	$412,000,000
Project	Debt (Construction-to-Term Loan, Redstone Capital Bank)	$288,400,000	70% LTC
Project	Equity (Dunmore Renewables Inc.)	$123,600,000	30% LTC
Project	Outstanding Loan Principal (Mar. 1, 2026)	$271,600,000	Per amortization schedule
Project	PPA Counterparty	Great Plains Municipal Power Authority	PPA dated June 12, 2023
Project	PPA Price	$38.50/MWh	Fixed for 20 years
Project	MISO Queue Position	J-1147	GIA with NorthStar Transmission Holdings LLC, Sept. 3, 2024
Credit Rate	Base PTC Rate (2025, inflation-adjusted)	$0.0055/kWh	IRC § 45(a), as adjusted
Credit Rate	Bonus Credit Multiplier	5x	Prevailing wage + apprenticeship requirements satisfied per IRC § 45(b)(6)
Credit Rate	Adjusted Base PTC Rate	$0.0275/kWh	$0.0055 × 5
Credit Rate	Energy Community Bonus	10%	IRC § 45(b)(11)(B); Custer County qualifies — historical fossil fuel employment census tract
Credit Rate	Effective PTC Rate	$0.03025/kWh	$0.0275 × 1.10
Inflation	Assumed Annual Inflation Escalator	2.5%	Illustrative assumption for IRC § 45(e)(2) adjustment; actual per IRS published guidance
Transfer	Transfer Mechanism	IRC § 6418 direct transfer election
Transfer	Transfer Price	$0.92 per $1.00 of credit	Pinnacle Atlantic Partners LP indicative term sheet
Transfer	Indemnity Holdback Percentage	15%	Of each annual transfer payment

Transfer	Holdback Release Period	36 months	From date of each escrow deposit
Transfer	Escrow Agent	Commonwealth Fiduciary Trust Company
Transfer	IRS Registration	Pending — IRS Energy Credits Online portal, Treas. Reg. § 1.6418-4	To be filed for TY2025
Transfer	Payment Timing	Lump-sum within 30 days after the later of pre-filing registration and annual true-up date
Buyer	Buyer	Pinnacle Atlantic Partners LP
Buyer	Avg. Annual Federal Income Tax (3-yr)	~$480,000,000	Sufficient to absorb credits
Buyer	Prior § 6418 Credit Purchases (Cumulative)	~$1,200,000,000
Seller Entity	Owner Chain	DEH (Cayman, CR-284319) → Dunmore Renewables Inc. (DE, 7491826) → Ridgeway Wind Energy LLC (DE, 7603517)
Seller Entity	Callum Dunmore Equity Interest in DEH	68%	Majority shareholder

[sheet: Annual PTC Calculation]

Taxable Year	Year Number	Nameplate Capacity MW	Net Capacity Factor P50	Annual Hours	Est. Annual Generation kWh	Base PTC Rate $/kWh	Bonus Multiplier	Adjusted Base Rate $/kWh	Energy Community Bonus %	Effective PTC Rate $/kWh	Inflation Adjustment Factor	Inflation-Adjusted Effective Rate $/kWh	Annual PTC $	Cumulative PTC $
TY2025	1	250	0.382	8760	836220000	0.0055	5	0.0275	0.1	0.03025	1	0.03025	25295655	25295655
TY2026	2	250	0.382	8760	836220000	0.0055	5	0.0275	0.1	0.03025	1.025	0.031006	25928047	51223702
TY2027	3	250	0.382	8760	836220000	0.0055	5	0.0275	0.1	0.03025	1.0506	0.031781	26576248	77799950
TY2028	4	250	0.382	8760	836220000	0.0055	5	0.0275	0.1	0.03025	1.0769	0.032576	27240654	105040604
TY2029	5	250	0.382	8760	836220000	0.0055	5	0.0275	0.1	0.03025	1.1038	0.03339	27921671	132962275
TY2030	6	250	0.382	8760	836220000	0.0055	5	0.0275	0.1	0.03025	1.1314	0.034225	28619713	161581988
TY2031	7	250	0.382	8760	836220000	0.0055	5	0.0275	0.1	0.03025	1.1597	0.035081	29335206	190917194
TY2032	8	250	0.382	8760	836220000	0.0055	5	0.0275	0.1	0.03025	1.1887	0.035958	30068586	220985780
TY2033	9	250	0.382	8760	836220000	0.0055	5	0.0275	0.1	0.03025	1.2184	0.036857	30820301	251806081
TY2034	10	250	0.382	8760	836220000	0.0055	5	0.0275	0.1	0.03025	1.2489	0.037778	31590808	283396889
TOTAL	283396889

[sheet: Transfer Consideration]

Taxable Year	Year Number	Annual PTC $	Transfer Price per $1.00 Credit	Gross Transfer Consideration $	Indemnity Holdback %	Holdback Amount $	Net Cash to Seller at Closing $	Cumulative Gross Consideration $	Cumulative Holdback Escrowed $	Cumulative Net Cash to Seller $
TY2025	1	25295655	0.92	23271803	0.15	3490770	19781033	23271803	3490770	19781033
TY2026	2	25928047	0.92	23853803	0.15	3578070	20275733	47125606	7068840	40056766
TY2027	3	26576248	0.92	24450148	0.15	3667522	20782626	71575754	10736362	60839392
TY2028	4	27240654	0.92	25061402	0.15	3759210	21302192	96637156	14495572	82141584
TY2029	5	27921671	0.92	25687937	0.15	3853191	21834746	122325093	18348763	103976330
TY2030	6	28619713	0.92	26330136	0.15	3949520	22380616	148655229	22298283	126356946
TY2031	7	29335206	0.92	26988390	0.15	4048258	22940132	175643619	26346541	149297078
TY2032	8	30068586	0.92	27663099	0.15	4149465	23513634	203306718	30496006	172810712
TY2033	9	30820301	0.92	28354677	0.15	4253202	24101475	231661395	34749208	196912187
TY2034	10	31590808	0.92	29063543	0.15	4359531	24704012	260724938	39108739	221616199
TOTAL	283396889	260724938	39108739	221616199

[sheet: Indemnity Holdback Schedule]

Taxable Year of Credit	Holdback Deposit Date (approx.)	Holdback Deposit Amount $	Release Eligibility Date (36 months from deposit)	TY2025 Holdback Balance $	TY2026 Holdback Balance $	TY2027 Holdback Balance $	TY2028 Holdback Balance $	TY2029 Holdback Balance $	TY2030 Holdback Balance $	TY2031 Holdback Balance $	TY2032 Holdback Balance $	TY2033 Holdback Balance $	TY2034 Holdback Balance $	TY2035 Holdback Balance $	TY2036 Holdback Balance $	TY2037 Holdback Balance $	Total Escrow Outstanding at Year-End $
TY2025	Q2 2026	3490770	Q2 2029	3490770	3490770	3490770	0	0	0	0	0	0	0	0	0	0
TY2026	Q2 2027	3578070	Q2 2030	0	3578070	3578070	3578070	0	0	0	0	0	0	0	0	0
TY2027	Q2 2028	3667522	Q2 2031	0	0	3667522	3667522	3667522	0	0	0	0	0	0	0	0
TY2028	Q2 2029	3759210	Q2 2032	0	0	0	3759210	3759210	3759210	0	0	0	0	0	0	0
TY2029	Q2 2030	3853191	Q2 2033	0	0	0	0	3853191	3853191	3853191	0	0	0	0	0	0
TY2030	Q2 2031	3949520	Q2 2034	0	0	0	0	0	3949520	3949520	3949520	0	0	0	0	0
TY2031	Q2 2032	4048258	Q2 2035	0	0	0	0	0	0	4048258	4048258	4048258	0	0	0	0
TY2032	Q2 2033	4149465	Q2 2036	0	0	0	0	0	0	0	4149465	4149465	4149465	0	0	0
TY2033	Q2 2034	4253202	Q2 2037	0	0	0	0	0	0	0	0	4253202	4253202	4253202	0	0
TY2034	Q2 2035	4359531	Q2 2038	0	0	0	0	0	0	0	0	0	4359531	4359531	4359531	0
TOTAL OUTSTANDING	39108739	3490770	7068840	10736362	11004802	11279923	11561921	11850969	12147243	12450925	12762198	8612733	4359531	0
Notes:	All holdback funds held by Commonwealth Fiduciary Trust Company per escrow agreement. Holdback secures recapture and disallowance indemnities under proposed Transfer Agreement. Recapture insurance from Northfield Specialty Insurance Co. (brokered by Corbin Hale & Associates Inc. / Steven Rask) intended as additional backstop.

[sheet: Sensitivity Analysis]

Metric	$0.88 per $1.00	$0.90 per $1.00	$0.92 per $1.00	$0.94 per $1.00
Transfer Price ($ per $1.00 credit)	0.88	0.9	0.92	0.94

--- NOMINAL (No Inflation Adjustment) ---

Annual PTC (Year 1, nominal)	25295655	25295655	25295655	25295655
10-Year Aggregate PTC (nominal)	253000000	253000000	253000000	253000000
Year 1 Gross Transfer Consideration	22260176	22766090	23271803	23777916
10-Year Aggregate Gross Consideration (nominal)	222640000	227700000	232760000	237820000
Year 1 Holdback (15%)	3339026	3414913	3490770	3566687
10-Year Aggregate Holdback (nominal)	33396000	34155000	34914000	35673000
Year 1 Net Cash to Seller	18921150	19351177	19781033	20211229
10-Year Aggregate Net Cash (nominal)	189244000	193545000	197846000	202147000
Discount to Face Value (total)	12.0%	10.0%	8.0%	6.0%

--- WITH 2.5% ILLUSTRATIVE INFLATION ---

10-Year Aggregate PTC (inflation-adj.)	283396889	283396889	283396889	283396889
10-Year Aggregate Gross Consideration (inflation-adj.)	249389262	255057200	260724938	266392876
10-Year Aggregate Holdback (inflation-adj.)	37408389	38258580	39108739	39958931
10-Year Aggregate Net Cash (inflation-adj.)	211980873	216798620	221616199	226433945
Buyer's Implied Savings per $1.00 of Credit	0.12	0.1	0.08	0.06

--- BUYER CAPACITY CHECK ---

Pinnacle Avg. Annual Fed. Income Tax	480000000	480000000	480000000	480000000
Year 1 PTC as % of Buyer's Avg. Tax	5.3%	5.3%	5.3%	5.3%
Buyer Headroom (Avg. Tax − Year 1 PTC)	454704345	454704345	454704345	454704345
Buyer Prior § 6418 Purchases (Cumulative)	~$1,200,000,000	~$1,200,000,000	~$1,200,000,000	~$1,200,000,000

[sheet: Cover]
Field | Value
Workbook Title | PTC Credit Calculation and Transfer Economics Model — Ridgeway Wind Project
Prepared By | Garrett Simmons, Working Associate, Calderwood & Harkness LLP
Matter Number | 1016-00008
Billing Code | 09417.00001
Date Prepared | March 2026
Client | Dunmore Energy Holdings Ltd.
Project Company | Ridgeway Wind Energy LLC (Delaware file no. 7603517)
Project | Ridgeway Wind Project — 250 MW onshore wind, Custer County, Montana
Prospective Buyer | Pinnacle Atlantic Partners LP (Delaware file no. 7255043)
Applicable IRC Sections | §§ 45, 6418
Applicable Treasury Regulations | Treas. Reg. §§ 1.45-1 through 1.45-13; 1.6418-1 through 1.6418-5
Proposed Governing Law | New York
Status | DRAFT — Scoping Phase Only; Not for Distribution
Disclaimer | This model is prepared for internal scoping purposes only and does not constitute tax advice. All figures are estimates based on P50 energy production assumptions and are subject to change. Inflation adjustments are illustrative.
Independent Engineer | Meridian Technical Advisors LLC (Dr. Paul Marlowe Commerce Bank, PE)
Tax Advisor | Grayson Birch & Co. LLP (Howard Ellison)
Counterparty Counsel | Hargrove, Liddell & Strauss LLP (Nathaniel Strauss)
Escrow Agent (Proposed) | Commonwealth Fiduciary Trust Company
Recapture Insurer (Proposed) | Northfield Specialty Insurance Co.
Insurance Broker | Corbin Hale & Associates Inc. (Steven Rask)
[sheet: Key Assumptions]
Category | Assumption | Value | Source / Reference
Project | Project Name | Ridgeway Wind Project
Project | Location | ~28,000 acres, 14 miles NE of Miles City, Custer County, Montana
Project | Nameplate Capacity (MW) | 250 | 83 × 3.0 MW turbines + 1 × 1.0 MW substation backup
Project | Net Capacity Factor (P50) | 38.2% | Meridian Technical Advisors LLC energy estimate
Project | Annual Hours | 8760
Project | Estimated Annual Generation (kWh) | 836,220,000 | 250 MW × 8,760 hrs × 0.382
Project | Commercial Operations Date (COD) | November 14, 2025 | COD certification by Meridian
Project | PTC Eligibility Period | 10 taxable years (TY2025–TY2034) | IRC § 45
Project | Total Project Cost | $412,000,000
Project | Debt (Construction-to-Term Loan, Redstone Capital Bank) | $288,400,000 | 70% LTC
Project | Equity (Dunmore Renewables Inc.) | $123,600,000 | 30% LTC
Project | Outstanding Loan Principal (Mar. 1, 2026) | $271,600,000 | Per amortization schedule
Project | PPA Counterparty | Great Plains Municipal Power Authority | PPA dated June 12, 2023
Project | PPA Price | $38.50/MWh | Fixed for 20 years
Project | MISO Queue Position | J-1147 | GIA with NorthStar Transmission Holdings LLC, Sept. 3, 2024
Credit Rate | Base PTC Rate (2025, inflation-adjusted) | $0.0055/kWh | IRC § 45(a), as adjusted
Credit Rate | Bonus Credit Multiplier | 5x | Prevailing wage + apprenticeship requirements satisfied per IRC § 45(b)(6)
Credit Rate | Adjusted Base PTC Rate | $0.0275/kWh | $0.0055 × 5
Credit Rate | Energy Community Bonus | 10% | IRC § 45(b)(11)(B); Custer County qualifies — historical fossil fuel employment census tract
Credit Rate | Effective PTC Rate | $0.03025/kWh | $0.0275 × 1.10
Inflation | Assumed Annual Inflation Escalator | 2.5% | Illustrative assumption for IRC § 45(e)(2) adjustment; actual per IRS published guidance
Transfer | Transfer Mechanism | IRC § 6418 direct transfer election
Transfer | Transfer Price | $0.92 per $1.00 of credit | Pinnacle Atlantic Partners LP indicative term sheet
Transfer | Indemnity Holdback Percentage | 15% | Of each annual transfer payment
Transfer | Holdback Release Period | 36 months | From date of each escrow deposit
Transfer | Escrow Agent | Commonwealth Fiduciary Trust Company
Transfer | IRS Registration | Pending — IRS Energy Credits Online portal, Treas. Reg. § 1.6418-4 | To be filed for TY2025
Transfer | Payment Timing | Lump-sum within 30 days after the later of pre-filing registration and annual true-up date
Buyer | Buyer | Pinnacle Atlantic Partners LP
Buyer | Avg. Annual Federal Income Tax (3-yr) | ~$480,000,000 | Sufficient to absorb credits
Buyer | Prior § 6418 Credit Purchases (Cumulative) | ~$1,200,000,000
Seller Entity | Owner Chain | DEH (Cayman, CR-284319) → Dunmore Renewables Inc. (DE, 7491826) → Ridgeway Wind Energy LLC (DE, 7603517)
Seller Entity | Callum Dunmore Equity Interest in DEH | 68% | Majority shareholder
[sheet: Annual PTC Calculation]
Taxable Year | Year Number | Nameplate Capacity MW | Net Capacity Factor P50 | Annual Hours | Est. Annual Generation kWh | Base PTC Rate $/kWh | Bonus Multiplier | Adjusted Base Rate $/kWh | Energy Community Bonus % | Effective PTC Rate $/kWh | Inflation Adjustment Factor | Inflation-Adjusted Effective Rate $/kWh | Annual PTC $ | Cumulative PTC $
TY2025 | 1 | 250 | 0.382 | 8760 | 836220000 | 0.0055 | 5 | 0.0275 | 0.1 | 0.03025 | 1 | 0.03025 | 25295655 | 25295655
TY2026 | 2 | 250 | 0.382 | 8760 | 836220000 | 0.0055 | 5 | 0.0275 | 0.1 | 0.03025 | 1.025 | 0.031006 | 25928047 | 51223702
TY2027 | 3 | 250 | 0.382 | 8760 | 836220000 | 0.0055 | 5 | 0.0275 | 0.1 | 0.03025 | 1.0506 | 0.031781 | 26576248 | 77799950
TY2028 | 4 | 250 | 0.382 | 8760 | 836220000 | 0.0055 | 5 | 0.0275 | 0.1 | 0.03025 | 1.0769 | 0.032576 | 27240654 | 105040604
TY2029 | 5 | 250 | 0.382 | 8760 | 836220000 | 0.0055 | 5 | 0.0275 | 0.1 | 0.03025 | 1.1038 | 0.03339 | 27921671 | 132962275
TY2030 | 6 | 250 | 0.382 | 8760 | 836220000 | 0.0055 | 5 | 0.0275 | 0.1 | 0.03025 | 1.1314 | 0.034225 | 28619713 | 161581988
TY2031 | 7 | 250 | 0.382 | 8760 | 836220000 | 0.0055 | 5 | 0.0275 | 0.1 | 0.03025 | 1.1597 | 0.035081 | 29335206 | 190917194
TY2032 | 8 | 250 | 0.382 | 8760 | 836220000 | 0.0055 | 5 | 0.0275 | 0.1 | 0.03025 | 1.1887 | 0.035958 | 30068586 | 220985780
TY2033 | 9 | 250 | 0.382 | 8760 | 836220000 | 0.0055 | 5 | 0.0275 | 0.1 | 0.03025 | 1.2184 | 0.036857 | 30820301 | 251806081
TY2034 | 10 | 250 | 0.382 | 8760 | 836220000 | 0.0055 | 5 | 0.0275 | 0.1 | 0.03025 | 1.2489 | 0.037778 | 31590808 | 283396889
TOTAL | 283396889
[sheet: Transfer Consideration]
Taxable Year | Year Number | Annual PTC $ | Transfer Price per $1.00 Credit | Gross Transfer Consideration $ | Indemnity Holdback % | Holdback Amount $ | Net Cash to Seller at Closing $ | Cumulative Gross Consideration $ | Cumulative Holdback Escrowed $ | Cumulative Net Cash to Seller $
TY2025 | 1 | 25295655 | 0.92 | 23271803 | 0.15 | 3490770 | 19781033 | 23271803 | 3490770 | 19781033
TY2026 | 2 | 25928047 | 0.92 | 23853803 | 0.15 | 3578070 | 20275733 | 47125606 | 7068840 | 40056766
TY2027 | 3 | 26576248 | 0.92 | 24450148 | 0.15 | 3667522 | 20782626 | 71575754 | 10736362 | 60839392
TY2028 | 4 | 27240654 | 0.92 | 25061402 | 0.15 | 3759210 | 21302192 | 96637156 | 14495572 | 82141584
TY2029 | 5 | 27921671 | 0.92 | 25687937 | 0.15 | 3853191 | 21834746 | 122325093 | 18348763 | 103976330
TY2030 | 6 | 28619713 | 0.92 | 26330136 | 0.15 | 3949520 | 22380616 | 148655229 | 22298283 | 126356946
TY2031 | 7 | 29335206 | 0.92 | 26988390 | 0.15 | 4048258 | 22940132 | 175643619 | 26346541 | 149297078
TY2032 | 8 | 30068586 | 0.92 | 27663099 | 0.15 | 4149465 | 23513634 | 203306718 | 30496006 | 172810712
TY2033 | 9 | 30820301 | 0.92 | 28354677 | 0.15 | 4253202 | 24101475 | 231661395 | 34749208 | 196912187
TY2034 | 10 | 31590808 | 0.92 | 29063543 | 0.15 | 4359531 | 24704012 | 260724938 | 39108739 | 221616199
TOTAL | 283396889 | 260724938 | 39108739 | 221616199
[sheet: Indemnity Holdback Schedule]
Taxable Year of Credit | Holdback Deposit Date (approx.) | Holdback Deposit Amount $ | Release Eligibility Date (36 months from deposit) | TY2025 Holdback Balance $ | TY2026 Holdback Balance $ | TY2027 Holdback Balance $ | TY2028 Holdback Balance $ | TY2029 Holdback Balance $ | TY2030 Holdback Balance $ | TY2031 Holdback Balance $ | TY2032 Holdback Balance $ | TY2033 Holdback Balance $ | TY2034 Holdback Balance $ | TY2035 Holdback Balance $ | TY2036 Holdback Balance $ | TY2037 Holdback Balance $ | Total Escrow Outstanding at Year-End $
TY2025 | Q2 2026 | 3490770 | Q2 2029 | 3490770 | 3490770 | 3490770 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
TY2026 | Q2 2027 | 3578070 | Q2 2030 | 0 | 3578070 | 3578070 | 3578070 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
TY2027 | Q2 2028 | 3667522 | Q2 2031 | 0 | 0 | 3667522 | 3667522 | 3667522 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
TY2028 | Q2 2029 | 3759210 | Q2 2032 | 0 | 0 | 0 | 3759210 | 3759210 | 3759210 | 0 | 0 | 0 | 0 | 0 | 0 | 0
TY2029 | Q2 2030 | 3853191 | Q2 2033 | 0 | 0 | 0 | 0 | 3853191 | 3853191 | 3853191 | 0 | 0 | 0 | 0 | 0 | 0
TY2030 | Q2 2031 | 3949520 | Q2 2034 | 0 | 0 | 0 | 0 | 0 | 3949520 | 3949520 | 3949520 | 0 | 0 | 0 | 0 | 0
TY2031 | Q2 2032 | 4048258 | Q2 2035 | 0 | 0 | 0 | 0 | 0 | 0 | 4048258 | 4048258 | 4048258 | 0 | 0 | 0 | 0
TY2032 | Q2 2033 | 4149465 | Q2 2036 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4149465 | 4149465 | 4149465 | 0 | 0 | 0
TY2033 | Q2 2034 | 4253202 | Q2 2037 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4253202 | 4253202 | 4253202 | 0 | 0
TY2034 | Q2 2035 | 4359531 | Q2 2038 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4359531 | 4359531 | 4359531 | 0
TOTAL OUTSTANDING | 39108739 | 3490770 | 7068840 | 10736362 | 11004802 | 11279923 | 11561921 | 11850969 | 12147243 | 12450925 | 12762198 | 8612733 | 4359531 | 0
Notes: | All holdback funds held by Commonwealth Fiduciary Trust Company per escrow agreement. Holdback secures recapture and disallowance indemnities under proposed Transfer Agreement. Recapture insurance from Northfield Specialty Insurance Co. (brokered by Corbin Hale & Associates Inc. / Steven Rask) intended as additional backstop.
[sheet: Sensitivity Analysis]
Metric | $0.88 per $1.00 | $0.90 per $1.00 | $0.92 per $1.00 | $0.94 per $1.00
Transfer Price ($ per $1.00 credit) | 0.88 | 0.9 | 0.92 | 0.94
--- NOMINAL (No Inflation Adjustment) ---
Annual PTC (Year 1, nominal) | 25295655 | 25295655 | 25295655 | 25295655
10-Year Aggregate PTC (nominal) | 253000000 | 253000000 | 253000000 | 253000000
Year 1 Gross Transfer Consideration | 22260176 | 22766090 | 23271803 | 23777916
10-Year Aggregate Gross Consideration (nominal) | 222640000 | 227700000 | 232760000 | 237820000
Year 1 Holdback (15%) | 3339026 | 3414913 | 3490770 | 3566687
10-Year Aggregate Holdback (nominal) | 33396000 | 34155000 | 34914000 | 35673000
Year 1 Net Cash to Seller | 18921150 | 19351177 | 19781033 | 20211229
10-Year Aggregate Net Cash (nominal) | 189244000 | 193545000 | 197846000 | 202147000
Discount to Face Value (total) | 12.0% | 10.0% | 8.0% | 6.0%
--- WITH 2.5% ILLUSTRATIVE INFLATION ---
10-Year Aggregate PTC (inflation-adj.) | 283396889 | 283396889 | 283396889 | 283396889
10-Year Aggregate Gross Consideration (inflation-adj.) | 249389262 | 255057200 | 260724938 | 266392876
10-Year Aggregate Holdback (inflation-adj.) | 37408389 | 38258580 | 39108739 | 39958931
10-Year Aggregate Net Cash (inflation-adj.) | 211980873 | 216798620 | 221616199 | 226433945
Buyer's Implied Savings per $1.00 of Credit | 0.12 | 0.1 | 0.08 | 0.06
--- BUYER CAPACITY CHECK ---
Pinnacle Avg. Annual Fed. Income Tax | 480000000 | 480000000 | 480000000 | 480000000
Year 1 PTC as % of Buyer's Avg. Tax | 5.3% | 5.3% | 5.3% | 5.3%
Buyer Headroom (Avg. Tax − Year 1 PTC) | 454704345 | 454704345 | 454704345 | 454704345
Buyer Prior § 6418 Purchases (Cumulative) | ~$1,200,000,000 | ~$1,200,000,000 | ~$1,200,000,000 | ~$1,200,000,000

[sheet: Cover]

Record

Parties

Dates

Amounts