National Railroad Passenger Corporation

Lease Financing
a) Without Taxes
Time Period
(In USD Mn)

0
Lease
Payments
After Tax
Lease
Payments
Residual
Value
Total Cash
Flow
-0.20
-3.76
-7.97
-10.02
-10.32
-8.62
-10.36
-9.83
-10.37
-0.20
-3.76
-7.97
-10.02
-10.32
-8.62
-10.36
-9.83
-10.37
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-0.20
-3.76
-7.97
-10.02
-10.32
-8.62
-10.36
-9.83
-10.37
-220.28
NPV
(In USD Mn)
b) With Taxes
Time Period
Lease
Payments
Tax Shield
After Tax
Lease
Payments
Residual
Value
Total Cash
Flow
-0.20
-0.08
-3.76
-1.43
-7.97
-3.03
-10.02
-3.81
-0.12
-2.33
-4.94
-6.21
-6.40
-5.34
-6.42
-6.09
-6.43
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-0.12
-2.33
-4.94
-6.21
-6.40
-5.34
-6.42
-6.09
-6.43
NPV
-10.32
-8.62
-10.36
-9.83
-10.37
-3.92
-3.28
-3.94
-3.74
-3.94
173.90
Lease Financing
(In USD
Mn)
a) Without Taxes
Time Period
Lease
Payments
After Tax
Lease
Payments
Residual
Value
Total Cash
Flow
10
11
12
13
14
15
16
17
18
19
-8.61
-10.42
-9.68
-10.44
-8.58
-11.60
-7.34
-11.47
-9.48
-15.79
-8.61
-10.42
-9.68
-10.44
-8.58
-11.60
-7.34
-11.47
-9.48
-15.79
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-8.61
-10.42
-9.68
-10.44
-8.58
-11.60
-7.34
-11.47
-9.48
-15.79
(In USD
Mn)
b) With Taxes
Time Period
Lease
Payments
Tax Shield
After Tax
Lease
Payments
Residual
Value
Total Cash
Flow
10
11
12
13
14
15
16
17
18
19
-8.61
-3.27
-10.42
-3.96
-9.68
-3.68
-10.44
-3.97
-8.58
-3.26
-11.60
-4.41
-7.34
-2.79
-11.47
-4.36
-9.48
-3.60
-15.79
-6.00
-5.34
-6.46
-6.00
-6.47
-5.32
-7.19
-4.55
-7.11
-5.88
-9.79
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-5.34
-6.46
-6.00
-6.47
-5.32
-7.19
-4.55
-7.11
-5.88
-9.79
Lease Financing
(In USD
Mn)
a) Without Taxes
Time Period
Lease
Payments
After Tax
Lease
Payments
Residual Value
Total Cash
Flow
20
21
22
23
24
25
26
27
28
-7.77
-20.22
-5.07
-15.87
-4.12
-22.81
-3.34
-23.65
-2.66
-7.77
0.00
-20.22
0.00
-5.07
0.00
-15.87
0.00
-4.12
0.00
-22.81
0.00
-3.34
0.00
-23.65
0.00
-2.66
0.00
-7.77
-20.22
-5.07
-15.87
-4.12
-22.81
-3.34
-23.65
-2.66
(In USD
Mn)
b) With Taxes
Time Period
Lease
Payments
Tax Shield
After Tax
Lease
Payments
Residual Value
Total Cash
Flow
20
21
22
23
24
25
26
27
28
-7.77
-20.22
-5.07
-15.87
-4.12
-22.81
-3.34
-23.65
-2.66
-2.95
-7.68
-1.93
-6.03
-1.57
-8.67
-1.27
-8.99
-1.01
-4.82
-12.54
-3.14
-9.84
-2.55
-14.14
-2.07
-14.66
-1.65
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-4.82
-12.54
-3.14
-9.84
-2.55
-14.14
-2.07
-14.66
-1.65
Lease Financing
a) Without Taxes
Time Period
Lease
Payments
After Tax Lease
Payments
Residual Value
Total Cash Flow
(In USD Mn)

29
30
31
32
33
34
35
36
37
38
-24.06
-1.96
-20.02
-6.07
-6.29
-12.29
-21.39
-6.55
-18.11
-8.61
-24.06
0.00
-24.06
-1.96
0.00
-1.96
-20.02
0.00
-20.02
-6.07
0.00
-6.07
-6.29
0.00
-6.29
-12.29
0.00
-12.29
-21.39
0.00
-21.39
-6.55
0.00
-6.55
-18.11
0.00
-18.11
-8.61
0.00
-8.61
(In USD Mn)
b) With Taxes
Time Period
29
30
31
32
33
34
35
36
37
38
Lease Payments
-24.06
-1.96
-20.02
-6.07
-6.29
-12.29
-21.39
-6.55
-18.11
-8.61
Tax Shield
After Tax Lease
Payments
-9.14
-0.74
-7.61
-2.31
-2.39
-4.67
-8.13
-2.49
-6.88
-3.27
-14.92
-1.22
-12.41
-3.76
-3.90
-7.62
-13.26
-4.06
-11.23
-5.34
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-14.92
-1.22
-12.41
-3.76
-3.90
-7.62
-13.26
-4.06
-11.23
-5.34
Residual Value
Total Cash Flow
Lease Financing
a) Without Taxes
Time Period
Lease
Payments
After Tax
Lease
Payments
Residual
Value
Total Cash
Flow
(In USD Mn)

39
40
41
42
-13.47
-8.86
-6.65
-2.04
-13.47
-8.86
-6.65
-2.04
0.00
0.00
0.00
0.00
-13.47
-8.86
-6.65
-2.04
b) With
Taxes
Time Period
Lease
Payments
Tax Shield
After Tax
Lease
Payments
Residual
Value
Total Cash
Flow
(In USD Mn)

39
40
-13.47
-8.86
-5.12
41
42
-6.65
-2.04
-3.37
-2.53
-0.78
-8.35
-5.49
-4.12
-1.26
0.00
0.00
0.00
0.00
-8.35
-5.49
-4.12
-1.26
Debt Financing
a) Without Taxes
Time Period
Debt
Purchase of
Equipment
(In USD Mn)

0
267.90
267.90
Principal Repayment
Interest Expense
Interest Tax Shields
Depreciation Tax
Shields
Residual Value
Total Cash Flows
10
11
-3.26
-9.04
0.00
-3.37
-8.93
0.00
-3.49
-8.82
0.00
-3.60
-8.70
0.00
-3.72
-8.58
0.00
-3.85
-8.45
0.00
-3.98
-8.32
0.00
-4.11
-8.19
0.00
-4.25
-8.05
0.00
-4.40
-7.91
0.00
-4.55
-7.76
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
-12.30
-12.30
-12.30
-12.30
-12.30
-12.30
-12.30
-12.30
-12.30
-12.30
-12.30
NPV
b) With Taxes
Time Period
-260.26
(In USD Mn)

1
10
11
Principal Repayment
-3.26
-3.37
-3.49
-3.6
-3.72
-3.85
-3.98
-4.11
-4.25
-4.4
-4.55
Interest Expense
-9.04
3.44
-8.93
3.39
-8.82
3.35
-8.7
3.31
-8.58
3.26
-8.45
3.21
-8.32
3.16
-8.19
3.11
-8.05
3.06
-7.91
3
-7.76
2.95
7.27
7.27
12.47
12.47
8.9
8.9
6.36
6.36
4.55
4.55
4.55
-1.59
-1.64
3.51
NPV
3.47
-0.14
171.51
-0.19
-2.78
-2.83
-4.7
-4.75
-4.81
Debt
Purchase of
Equipment

Depreciation Tax
Shields
0
267.9
-267.9
Residual Value
Total Cash Flows
Debt Financing
a) Without Taxes
Time Period
(In USD Mn)

12
13
14
15
16
17
18
19
20
21
22
23
Debt
Purchase of
Equipment
Principal
Repayment
Interest Expense
Depreciation Tax
Shields
Residual Value
Total Cash Flows
-4.7
-7.6
0.00
-4.86
-7.45
0.00
-5.02
-7.28
0.00
-5.19
-7.11
0.00
-5.37
-6.94
0.00
-5.55
-6.76
0.00
-5.73
-6.57
0.00
-5.93
-6.38
0.00
-6.13
-6.18
0.00
-6.33
-5.97
0.00
-6.55
-5.75
0.00
-6.77
-5.53
0.00
0.00
0.00
-12.30
0.00
0.00
-12.30
(In USD Mn)
0.00
0.00
-12.30
0.00
0.00
-12.30
0.00
0.00
-12.30
0.00
0.00
-12.30
0.00
0.00
-12.30
0.00
0.00
-12.30
0.00
0.00
-12.30
0.00
0.00
-12.30
0.00
0.00
-12.30
0.00
0.00
-12.30
12
13
14
15
16
17
18
19
20
21
22
23
-4.7
-4.86
-5.02
-5.19
-5.37
-5.55
-5.73
-5.93
-6.13
-6.33
-6.55
-6.77
-7.6
2.89
-7.45
2.83
-7.28
2.77
-7.11
2.7
-6.94
2.64
-6.76
2.57
-6.57
2.5
-6.38
2.42
-6.18
2.35
-5.97
2.27
-5.75
2.19
-5.53
2.1
4.55
2.27
2.27
-4.87
-7.21
-7.27
-9.6
-9.67
-9.74
-9.81
-9.88
-9.96
-10.03
-10.12
-10.2
b) With Taxes
Time Period
Debt
Purchase of
Equipment
Principal
Repayment
Interest Expense
Depreciation Tax
Shields
Residual Value
Total Cash Flows
Debt Financing
a) Without Taxes
Time Period
(In USD Mn)

24
25
26
27
28
29
30
31
32
33
34
35
-7.48
-4.83
0.00
-7.73
-4.57
0.00
-7.99
-4.31
0.00
-8.26
-4.04
0.00
-8.54
-3.76
0.00
-8.83
-3.48
0.00
-9.13
-3.18
0.00
-9.43
-2.87
0.00
-9.75
-2.55
0.00
-10.08
-2.22
0.00
0.00
0.00
-12.30
-12.30 12.30
(In USD Mn)
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
-12.30
-12.30
-12.30
-12.30
-12.30
-12.30
-12.30
-12.30
-12.30
Debt
Purchase of
Equipment
Principal
Repayment
Interest Expense
Depreciation Tax
Shields
Residual Value
Total Cash Flows
b) With Taxes
-7
-5.31
0.00
-7.23
-5.07
0.00
0.00
0.00
0.00
0.00
Time Period
24
25
26
27
28
29
30
31
32
33
34
35
Debt
Purchase of
Equipment
Principal
Repayment
-7
-7.23
-7.48
-7.73
-7.99
-8.26
-8.54
-8.83
-9.13
-9.43
-9.75
-10.08
-5.31
2.02
-5.07
1.93
-4.83
1.83
-4.57
1.74
-4.31
1.64
-4.04
1.54
-3.76
1.43
-3.48
1.32
-3.18
1.21
-2.87
1.09
-2.55
0.97
-2.22
0.84
-10.38 10.47
-10.57
-10.66
-10.77
-10.87
-10.98
-11.1
-11.21
-11.33
-11.46
Interest Expense
Depreciation Tax
Shields
Residual Value
Total Cash Flows
-10.29
Debt Financing
a) Without Taxes
Time Period
(In USD Mn)

36
37
38
39
40
41
42
11.51
-0.79
0.00
-11.9
-0.4
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-12.30
-12.30
-12.30
43
44
45
46
47
Debt
Purchase of
Equipment
Principal
Repayment
Interest Expense
Depreciation Tax
Shields
-10.42
-1.88
0.00
-10.77
-1.53
0.00
-11.14
-1.17
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Residual Value
-12.30
Total Cash Flows

b) With Taxes
Time Period
36
0.00
0.00
12.30
-12.30
-12.30
(In USD Mn)
37
38
39
40
41
Debt
Purchase of
Equipment
Principal
Repayment
-10.42
-10.77
-11.14
11.51
-11.9
Interest Expense
-1.88
-1.53
-1.17
-0.79
-0.4

Depreciation Tax
Shields
0.71
0.58
0.44
0.3
0.15
Residual Value
Total Cash Flows
-11.59
-11.72
-11.86
-12
-12.15
42
43
44
45
46
47
Debt Financing
a) Without Taxes
Time Period
(In USD Mn)

48
49
50
Debt
Purchase of
Equipment
Principal
Repayment
Interest Expense
Depreciation Tax
Shields
40.19
40.19
Residual Value
Total Cash Flows
(In USD Mn)
b) With Taxes
Time Period
48
49
50
Debt
Purchase of
Equipment
Principal
Repayment
Interest Expense
Depreciation Tax
Shields
Residual Value
Total Cash Flows
40.19
40.19

National Railroad Passenger Corporation

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National Railroad Passenger Corporation

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Lease Financing

(In USD Mn)

(In USD Mn)

(In USD Mn)

(In USD Mn)

(In USD Mn)

(In USD Mn)

(In USD Mn)

(In USD Mn)

Interest Tax Shields

(In USD Mn)

(In USD Mn)

(In USD Mn)

Total Cash Flows

Interest Tax Shields

(In USD Mn)

(In USD Mn)

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