Vanguard Synfuels - BioFuel P&L Calculator							Refresh to insure latest software updates						100,000					-0.45	8%	7,500	-0.01	1.00%
12		CAPEX					REVENUE								150,000					-0.40	10%	10,000	-0.02	1.50%
		CAPTIAL COSTS:					Product	Quantity			Per Unit		Totals Per Year
		Engineering		25000000 10,000 15,000 20,000 25,000 30,000 40,000 50,000 75,000 100,000 250,000 300,000 350,000 400,000 500,000 600,000 800,000 900,000 1,250,000 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 2,750,000 3,000,000 3,250,000 3,500,000 3,750,000 4,000,000 4,250,000 4,500,000 4,750,000 5,000,000 5,250,000 5,500,000 5,750,000 6,000,000 6,250,000 6,500,000 6,750,000 7,000,000 7,250,000 7,500,000 7,750,000 8,000,000			Nameplate	2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 11,000,000 12,000,000 13,000,000 14,000,000 15,000,000 16,000,000 17,000,000 18,000,000 19,000,000 20,000,000 21,000,000 23,000,000 24,000,000 26,000,000 27,000,000 28,000,000 29,000,000 30,000,000 40,000,000 45,000,000 50,000,000							200,000					-0.35	15%	15,000	-0.03	2.00%
		Permitting		25000000 10,000 15,000 20,000 25,000 30,000 40,000 50,000 75,000 100,000 250,000 300,000 350,000 400,000 500,000 600,000 800,000 900,000 1,250,000 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 2,750,000 3,000,000 3,250,000 3,500,000 3,750,000 4,000,000 4,250,000 4,500,000 4,750,000 5,000,000 5,250,000 5,500,000 5,750,000 6,000,000 6,250,000 6,500,000 6,750,000 7,000,000 7,250,000 7,500,000 7,750,000 8,000,000			Bio-Oil		From Market Rates:			/gal. fob			250,000					-0.30	20%	20,000	-0.04	2.50%
		Other		25000000 10,000 15,000 20,000 25,000 30,000 40,000 50,000 75,000 100,000 250,000 300,000 350,000 400,000 500,000 600,000 800,000 900,000 1,250,000 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 2,750,000 3,000,000 3,250,000 3,500,000 3,750,000 4,000,000 4,250,000 4,500,000 4,750,000 5,000,000 5,250,000 5,500,000 5,750,000 6,000,000 6,250,000 6,500,000 6,750,000 7,000,000 7,250,000 7,500,000 7,750,000 8,000,000			$1 Credit %	0.00% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9.00% 10.00% 10.50% 11.00% 11.50% 12.50% 13.00% 14.00% 14.50% 15.00% 15.50% 16.00% 16.50% 17.00% 17.50% 18.00% 18.50% 19.00% 19.50% 20.00% 20.50% 21.00% 21.50% 22.00% 22.50% 23.00% 23.50% 24.00% 24.50% 25.00% 25.50% 26.00% 26.50% 27.00% 27.50% 28.00% 28.50% 29.00% 29.50% 30.00% 30.50% 31.00% 31.50% 32.00% 32.50% 33.00% 33.50% 34.00%				/gal
		Construction Management		25000000 10,000 15,000 20,000 25,000 30,000 40,000 50,000 75,000 100,000 250,000 300,000 350,000 400,000 500,000 600,000 800,000 900,000 1,250,000 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 2,750,000 3,000,000 3,250,000 3,500,000 3,750,000 4,000,000 4,250,000 4,500,000 4,750,000 5,000,000 5,250,000 5,500,000 5,750,000 6,000,000 6,250,000 6,500,000 6,750,000 7,000,000 7,250,000 7,500,000 7,750,000 8,000,000			By-Products (lbs)		From Market Rates:			/lb. fob			300,000					-0.25	25%	25,000	-0.05	3.00%
		Roads, Rail etc.		25000000 10,000 15,000 20,000 25,000 30,000 40,000 50,000 75,000 100,000 250,000 300,000 350,000 400,000 500,000 600,000 800,000 900,000 1,250,000 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 2,750,000 3,000,000 3,250,000 3,500,000 3,750,000 4,000,000 4,250,000 4,500,000 4,750,000 5,000,000 5,250,000 5,500,000 5,750,000 6,000,000 6,250,000 6,500,000 6,750,000 7,000,000 7,250,000 7,500,000 7,750,000 8,000,000				Total Revenue							400,000					-0.20	30%	30,000	-0.06	3.50%
		Plant Processing Equipment		25000000 10,000 15,000 20,000 25,000 30,000 40,000 50,000 75,000 100,000 250,000 300,000 350,000 400,000 500,000 600,000 800,000 900,000 1,250,000 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 2,750,000 3,000,000 3,250,000 3,500,000 3,750,000 4,000,000 4,250,000 4,500,000 4,750,000 5,000,000 5,250,000 5,500,000 5,750,000 6,000,000 6,250,000 6,500,000 6,750,000 7,000,000 7,250,000 7,500,000 7,750,000 8,000,000			EXPENSES								500,000					-0.15		35,000	-0.07	4.00%
		PLC & Controls		25000000 10,000 15,000 20,000 25,000 30,000 40,000 50,000 75,000 100,000 250,000 300,000 350,000 400,000 500,000 600,000 800,000 900,000 1,250,000 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 2,750,000 3,000,000 3,250,000 3,500,000 3,750,000 4,000,000 4,250,000 4,500,000 4,750,000 5,000,000 5,250,000 5,500,000 5,750,000 6,000,000 6,250,000 6,500,000 6,750,000 7,000,000 7,250,000 7,500,000 7,750,000 8,000,000			Dept.	Item	Unit $ Cost	Usage	$ Per Gallon	Sub Totals	Per Year		600,000					-0.10		40,000	-0.08	4.50%
		Sub Total Plant Equip.					Feedstock 4	Woody Biomass/ton (inc ship.)	22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60	90.00					700,000					-0.05		45,000	-0.09	5.00%
		Tanks, piping, pumps & labor:					Shipping	Shipping to Plant	0.00 0.01 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060 0.065 0.070 0.075 0.080 0.085 0.090 0.100 0.105 0.110 0.115 0.125 0.130 0.140 0.145 0.150 0.155 0.160 0.165 0.170 0.175 0.180 0.185 0.190 0.195 0.200 0.205 0.210 0.215 0.220 0.225 0.230 0.235 0.240 0.245 0.250 0.255 0.260 0.265 0.270 0.275 0.280 0.285 0.290 0.295 0.300 0.305 0.310 0.315 0.320 0.325 0.330 0.335 0.340 0.345 0.350 0.355 0.360 0.365 0.370 0.375 0.380 0.385 0.390 0.395 0.400 0.405 0.410 0.415 0.420 0.425 0.430 0.435 0.440 0.445 0.450 0.455 0.460 0.465 0.470 0.475 0.480 0.485 0.490 0.495 0.500 0.485 0.490 0.495 0.500	100%					800,000					-0.03		50,000	-0.1	5.50%
		Methanol Tank		25000000 10,000 15,000 20,000 25,000 30,000 40,000 50,000 75,000 100,000 250,000 300,000 350,000 400,000 500,000 600,000 800,000 900,000 1,250,000 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 2,750,000 3,000,000 3,250,000 3,500,000 3,750,000 4,000,000 4,250,000 4,500,000 4,750,000 5,000,000 5,250,000 5,500,000 5,750,000 6,000,000 6,250,000 6,500,000 6,750,000 7,000,000 7,250,000 7,500,000 7,750,000 8,000,000			Production	Utilities (approx. $0.085/kWh)	0.00 0.01 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060 0.065 0.070 0.075 0.080 0.085 0.090 0.100 0.105 0.110 0.115 0.125 0.130 0.140 0.145 0.150 0.155 0.160 0.165 0.170 0.175 0.180 0.185 0.190 0.195 0.200 0.205 0.210 0.215 0.220 0.225 0.230 0.235 0.240 0.245 0.250 0.255 0.260 0.265 0.270 0.275 0.280 0.285 0.290 0.295 0.300 0.305 0.310 0.315 0.320 0.325 0.330 0.335 0.340 0.345 0.350 0.355 0.360 0.365 0.370 0.375 0.380 0.385 0.390 0.395 0.400 0.405 0.410 0.415 0.420 0.425 0.430 0.435 0.440 0.445 0.450 0.455 0.460 0.465 0.470 0.475 0.480 0.485 0.490 0.495 0.500 0.485 0.490 0.495 0.500	60%										0.00			0.11	6.00%
		Feedstock Tanks		25000000 10,000 15,000 20,000 25,000 30,000 40,000 50,000 75,000 100,000 250,000 300,000 350,000 400,000 500,000 600,000 800,000 900,000 1,250,000 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 2,750,000 3,000,000 3,250,000 3,500,000 3,750,000 4,000,000 4,250,000 4,500,000 4,750,000 5,000,000 5,250,000 5,500,000 5,750,000 6,000,000 6,250,000 6,500,000 6,750,000 7,000,000 7,250,000 7,500,000 7,750,000 8,000,000				Labor/g (approx. $0.05/g)	0.00 0.01 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060 0.065 0.070 0.075 0.080 0.085 0.090 0.100 0.105 0.110 0.115 0.125 0.130 0.140 0.145 0.150 0.155 0.160 0.165 0.170 0.175 0.180 0.185 0.190 0.195 0.200 0.205 0.210 0.215 0.220 0.225 0.230 0.235 0.240 0.245 0.250 0.255 0.260 0.265 0.270 0.275 0.280 0.285 0.290 0.295 0.300 0.305 0.310 0.315 0.320 0.325 0.330 0.335 0.340 0.345 0.350 0.355 0.360 0.365 0.370 0.375 0.380 0.385 0.390 0.395 0.400 0.405 0.410 0.415 0.420 0.425 0.430 0.435 0.440 0.445 0.450 0.455 0.460 0.465 0.470 0.475 0.480 0.485 0.490 0.495 0.500 0.485 0.490 0.495 0.500	100%					900,000					0.01		60,000	-0.12	6.50%
		Biodiesel Tanks		25000000 10,000 15,000 20,000 25,000 30,000 40,000 50,000 75,000 100,000 250,000 300,000 350,000 400,000 500,000 600,000 800,000 900,000 1,250,000 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 2,750,000 3,000,000 3,250,000 3,500,000 3,750,000 4,000,000 4,250,000 4,500,000 4,750,000 5,000,000 5,250,000 5,500,000 5,750,000 6,000,000 6,250,000 6,500,000 6,750,000 7,000,000 7,250,000 7,500,000 7,750,000 8,000,000				Maintenance (approx. $0.01/g)	0.00 0.01 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060 0.065 0.070 0.075 0.080 0.085 0.090 0.100 0.105 0.110 0.115 0.125 0.130 0.140 0.145 0.150 0.155 0.160 0.165 0.170 0.175 0.180 0.185 0.190 0.195 0.200 0.205 0.210 0.215 0.220 0.225 0.230 0.235 0.240 0.245 0.250 0.255 0.260 0.265 0.270 0.275 0.280 0.285 0.290 0.295 0.300 0.305 0.310 0.315 0.320 0.325 0.330 0.335 0.340 0.345 0.350 0.355 0.360 0.365 0.370 0.375 0.380 0.385 0.390 0.395 0.400 0.405 0.410 0.415 0.420 0.425 0.430 0.435 0.440 0.445 0.450 0.455 0.460 0.465 0.470 0.475 0.480 0.485 0.490 0.495 0.500 0.485 0.490 0.495 0.500	100%					1,000,000					0.02		70,000	-0.13	7.00%
		Sub Total Tankage					Chemicals 5	Methanol/g Get quote	0.00 1.00 1.10 1.15 1.20 1.25 1.30 1.35 1.40 1.45 1.50 1.55 1.60 1.65 1.70 1.75 1.80 1.85 1.90 1.95 2.00 2.05 2.10 2.15 2.20 2.25 2.30 2.35 2.40 2.45 2.50	1.00% 2.00% 2.50% 3.00% 3.25% 3.50% 3.75% 4.00% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25% 6.50% 6.75% 7.00% 7.25% 7.50% 7.75% 8.00% 8.25% 8.50% 8.75% 9.00% 9.25% 9.50% 9.75% 10.00% 10.50% 11.00% 11.50% 12.00% 12.50% 13.00%					1,500,000					0.03		80,000	-0.14	7.50%
		Total Capital Cost						Methylate (approx. $0.50/lb)	0.00 0.35 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.10	20%					2,000,000					0.04		90,000	-0.15	8.00%
		Loan Term (months)		24 36 48 60 72 84 100 120 180 240				Magnesol (approx. $0.04/lb)	0.00 0.01 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060 0.065 0.070 0.075 0.080 0.085 0.090 0.100 0.105 0.110 0.115 0.125 0.130 0.140 0.145 0.150 0.155 0.160 0.165 0.170 0.175 0.180 0.185 0.190 0.195 0.200 0.205 0.210 0.215 0.220 0.225 0.230 0.235 0.240 0.245 0.250 0.255 0.260 0.265 0.270 0.275 0.280 0.285 0.290 0.295 0.300 0.305 0.310 0.315 0.320 0.325 0.330 0.335 0.340 0.345 0.350 0.355 0.360 0.365 0.370 0.375 0.380 0.385 0.390 0.395 0.400 0.405 0.410 0.415 0.420 0.425 0.430 0.435 0.440 0.445 0.450 0.455 0.460 0.465 0.470 0.475 0.480 0.485 0.490 0.495 0.500 0.485 0.490 0.495 0.500	100%					3,000,000					0.05		100,000	-0.2	8.50%
		Interest (APR %)/mo		1.00% 2.00% 2.50% 3.00% 3.25% 3.50% 3.75% 4.00% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25% 6.50% 6.75% 7.00% 7.25% 7.50% 7.75% 8.00% 8.25% 8.50% 8.75% 9.00% 9.25% 9.50% 9.75% 10.00%				Acid (approx. $0.40/g)	0.00 0.35 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.10 1.15 1.20	20%					4,000,000					0.06		125,000	-0.21	9.00%
		Principal Payment/mo						Pretreat Loss (approx. $0.015/g)	0 .005 .0075 .01 .02 .03 .04 .05 .06 .07 .08 .09 .10 .11 .12 .13 .14 .15 .16 .17 .18 .19 .20 .21 .22 .23 .24 .25	100%					5,000,000					0.07		150,000	-0.24	9.50%
		Interest Payment/mo¹						Lab Analysis (approx. $5,000/mo)	1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 7,000 8,000 9,000 10,000 12,500 15,000 20,000 25,000 30,000 40,000	100%					7,500,000					0.08		200,000	-0.25	10.00%
		Total Monthly Payment					Management	Marketing/g (approx. $0.010/g)	0.0050 0.008 0.01 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060 0.065 0.070	100%					10,000,000					0.09		250,000	-0.26	10.50%
		Capital Cost per Gal./mo						G&A/g (approx. $0.05/g)	0.00 0.01 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060 0.065 0.070 0.075 0.080 0.085 0.090 0.100 0.105 0.110 0.115 0.125 0.130 0.140 0.145 0.150 0.155 0.160 0.165 0.170 0.175 0.180 0.185 0.190 0.195 0.200 0.205 0.210 0.215 0.220 0.225 0.230 0.235 0.240 0.245 0.250 0.255 0.260 0.265 0.270 0.275 0.280 0.285 0.290 0.295 0.300 0.305 0.310 0.315 0.320 0.325 0.330 0.335 0.340 0.345 0.350 0.355 0.360 0.365 0.370 0.375 0.380 0.385 0.390 0.395 0.400 0.405 0.410 0.415 0.420 0.425 0.430 0.435 0.440 0.445 0.450 0.455 0.460 0.465 0.470 0.475 0.480 0.485 0.490 0.495 0.500 0.485 0.490 0.495 0.500	100%					15,000,000				0			300,000	-0.27	11.00%
							CAPEX	CAPEX Cost recovery/g		100%									0.13				-0.5	11.50%
		MARKET RATES:						Sub Total Costs											0.135					12.00%
		Bio-Oil per gallon	Get quote	0.00 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.11 1.20 1.25 1.30 1.35 1.40 1.50 1.60 1.70 1.80 1.90 1.95 2.00 2.05 2.10 2.15 2.2 2.25 2.3 2.35 2.4 2.45 2.5 2.55 2.6 2.65 2.7 2.75 2.8 2.85 2.9 2.95 3 3.05 3.1 3.15 3.2 3.25 3.3 3.35 3.4 3.45 3.5 3.55 3.6 3.65 3.7 3.75 3.85 3.95 4.00 4.05 4.10 4.15 4.20 4.25 4.30 4.35 4.40 4.45 4.50				Total Revenue											0.14					12.50%
		By product per lb.²	Get quote	0.020 0.025 0.035 0.000 0.045 0.050 0.055 0.060 0.065 0.070 0.075 0.080 0.085 0.090 0.095 0.100				EBITDA											0.145					13.00%
		RIN Value x 1.5	Get quote	0.00 0.35 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.10 1.15 1.20 1.25 1.30 1.35 1.40 1.45				% EBITDA Net Margin											0.15					13.50%
		Diesel #2 Retail	Get quote	0.00 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.11 1.20 1.25 1.30 1.35 1.40 1.50 1.60 1.70 1.80 1.90 1.95 2.00 2.05 2.10 2.15 2.2 2.25 2.3 2.35 2.4 2.45 2.5 2.55 2.6 2.65 2.7 2.75 2.8 2.85 2.9 2.95 3 3.05 3.1 3.15 3.2 3.25 3.3 3.35 3.4 3.45 3.5 3.55 3.6 3.65 3.7 3.75 3.85 3.95 4.00 4.05 4.10 4.15 4.20 4.25 4.30 4.35 4.40 4.45 4.50				ROI (Yr 1)											0.155
		¹ Avg. amount for loan term											Version 12-23-10						0.16					14.50%
				4 Includes credit wrap cost				1.00			Go to: Vanguard Synfuels Home Page								0.165					15.00%
				5 Or equal chemcial															0.17					15.50%
																			0.175					16.00%
																								16.50%
																			0.180					17.00%
																			0.185					17.50%
																			0.190					18.00%
																			0.195					18.50%
																			0.200					19.00%
																			0.205					19.50%
																			0.210					20.00%
																			0.215					20.50%
																			0.220					21.00%
																			0.225					22.00%
																			0.230					23.00%
																			0.235					24.00%
																			0.240					25.00%
																			0.245					26.00%
																			0.250					27.00%
																			0.255					28.00%
																			0.260					29.00%
																			0.265					30.00%
																			0.270					31.00%
																			0.275					32.00%
																			0.280					33.00%
																			0.285					34.00%
																			0.290					35.00%
																			0.295					36.00%
																			0.300					37.00%
																			0.305					38.00%
																			0.310					39.00%
																			0.315					40.00%
																			0.320					41.00%
																			0.325					42.00%
																			0.330					43.00%
																			0.335					44.00%
																	34.50%		0.340					45.00%
																	35.00%		0.345					46.00%
																	35.50%		0.350					47.00%
																	36.00%		0.355					48.00%
																	36.50%		0.360					49.00%
																	37.00%		0.365					50.00%
																	37.50%		0.370
																	38.00%		0.375
																	38.50%		0.380
																	39.00%		0.385
																	39.50%		0.390
																	40.00%		0.395
																	40.50%		0.400
																	41.00%		0.405
																	41.50%		0.415
																	42.00%		0.414
																	42.50%		0.420
																	43.00%		0.425
																	43.50%		0.430
																	44.00%		0.435
																	44.50%		0.440
																	45.00%		0.445
																	45.50%		0.450
																	46.00%		0.455
																	46.50%		0.460
																	47.00%		0.465
																	47.50%
																	48.00%
																	48.50%
																	49.00%
																	49.50%
																	50.00%
																	48.50%
																	49.00%
																	49.50%
																	50.00%