One of the initial efforts in Phase V of the EDS Development Effort was the projection of the technical performance and economics of producing coal liquids using EDS technology. The balance of Phase V, which has included operation of the 200-ton per day Exxon Coal Liquefaction Pilot Plant, has produced data which is expected to have a major impact on the design and operation of a commercial EDS facility. In this study, MITRE performs an independent assessment of the Phase V development effort and projects its impact on projected yields, product quality, and cost of coal liquefaction produced from a commercial EDS facility.