3.8 The increases in the costs to both projects are set out in Figures 7 to 12 (pages 38 to 45) and explained below. The costs below are expressed in real terms to make them easier to understand and do not show present values so do not include the time value of money. The impact of this is explained in paragraph 3.16 below. The numbers reflect what happened in the specific circumstances of these projects and cannot be used to draw value-for-money conclusions on the termination of these or other PFI projects.