TNAG-1659-FCO40-2307-Hong-Kong-roads-and-traffic-legislation-1987 — Page 5

IRR

NPV @ 5%.

$M

Base case (no royalty)

7.6%

455

Sensitivity tests

1. Royalty at 6%

6.9%

334

2. Royalty at 12%

6.3%

218

3. Traffic flow down 10%

6.5%

258

4. Traffic flow up 10%

8.5%

654

5. Construction costs up 20%

6.2%

235

6. Operating costs up 15%

7.4%

418

7. Royalty at 6%, traffic flow down 10%

and operating costs up 15%

5.7%

113