Private Equity-Venture Capital Fund VALUATION MODEL & BUSINESS PLAN. A Real Estate Fund case by Manuel Lacarte

Fund AAA Business Valuation 11/04/2011

The accompanying material (the “Material”) is being provided to certain persons (the “Recipients”) on the basis that such Material has been prepared by THE FUND ("THE FUND") and is being provided to each of the Recipients for informational purposes only and THE FUND accepts no duty of care to such persons with regard to the Material. None of the Recipients is entitled to rely on such Material for any purpose, including without limitation, providing any professional advice to any person or making any decision relating to or in connection with the transaction to which the Material relates and no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by THE FUND or any of its affiliates or any of their respective employees or agents (the “FUND Parties”) in relation thereto.

THE FUND and each of the FUND Parties expressly disclaim any and all liability which may arise from the Material having been provided to any of the Recipients or for any consequence whatsoever should any such Recipient rely upon any Material. Each Recipient is deemed to have waived any claim for liability against THE FUND or any of the FUND Parties that may otherwise arise out of or in connection with the provision of the Material. The Material remains the full property of THE FUND and may not be released to any third party without the prior written permission of THE FUND .

Fund AAA

Project Title

COST STRUCTURE

BASIC ASSUMPTIONS Firs year considered # years considered RPI Personnel Social Security contribution ( Company cost) Annual Increasing costs assumption collections period current payments period

2008 6 years 3,00% 28,00% 3,00% 30 days 30 days

Terms 12 monts from the founding 6 years 2 years 4 years 1 years CAPITAL Total Commited Capital Initial Drawndown Initial Drawndown Partial Drawndowns ("Capital Call 1") Partial Drawndowns ("Capital Call 2") Partial Drawndowns ("Capital Call 3") Partial Drawndowns ("Capital Call 4")

year 2009 year 2010 year 2011 year 2012

50.000.000 27,00% 13.500.000 27,00% 25,00% 21,00% 0,00%

Total funds invested in new assets Supplementary financial needs

49.000.000 0

0,00% 1,80% 1,00 x 15,00%

Leverage ratio objective Leverage ratio average (2008-2012) Max % covered with debt (in every single investment) Expiry date

15,00% 1,52 x

fees & expenses

prospective investments and realizations (% on amount invested)

Realizations deinvestments ( % on amount deinvested) Legal expenses Annual Auditors Board remuneration 0 Euros / member / year # members of the board office expenses Cost office space Comucicatios supllies Other Operat. expenses Insurance Office furniture Representatión Other

2010 25.095.656 25.095.656

Gains from Deinvestments Dividends (assets in portfolio) Other income Total Income

2011 25.095.656 25.095.656

2012 25.095.656 25.095.656

Formation expenses Legal expenses Patents Otros Intangible fixed assets deferred expenses Intercalarios Tangible fixed assets lands&buildings, real state HW & SW specific furniture & fittings

Eur 000

60.000 50.000 40.000 30.000 20.000

84.000 3.600 5.400 7.200 1.500 1.000 24.000 3.000

year 2009

3.000 12.000 12.250.000

12.250.000

12.290.000 12.290.000

12.250.000 24.540.000

12.250.000 36.790.000

40,00%

25.000

30,00%

20.000

20,00%

15.000

10,00%

10.000

0,00%

5.000

-10,00%

-20,00% 3

2009

Investments

2010

2011

Deinvestments (cost)

2012

GAINS

2013

-30,00% -40,00%

-15.000 2008

Line of credit Short term year 2,90% 2,50% 0,40% 0,20%

Euribor Spread Total amount disposed

38,95%

-20.000

-50,00% -60,00%

Shareholder´s Cash Flows

IRR

Año 2008 E 25.000 0 12.265.000 -6.800 78.315 307.155 12.668.670

Año 2009 E 25.000 0 24.515.000 -13.600 75.411 1.673.984 26.275.795

Año 2010 E 25.000 0 24.515.000 -20.400 9.641 7.581.767 32.111.009

Equity Current Liabilities Long term Creditors TOTAL LIABILITIES

12.668.003 667 0 12.668.670

25.050.108 687 1.225.000 26.275.795

28.656.112 707 3.454.190 32.111.009

0,00% 13,05%

4,66% 12,65%

10,76% 12,12%

Ratio Analysis Leverage ratio WACC

Building / land ratio

2009 1/4

2010 1/2

2011 2/3

Fund `s RESULTS FINANCIAL RATIOS Lverage Ratio (average) WACC ROE ROCE ROA Net Debt/Equity Net Debt/EBITDA

(%) (%) (%) (%) (%) (times) (times)

25,83% 11,18% 221,64% 59,93% 74,20% -0,22 -0,04

81,49% 81,45% 81,31% 52,85% TAX INPUTS

Input V.A.T. rate Output V.A.T. rate Corporation Tax rate

Fund`s net IRR Shareholder´s NPV

38,95% 21.465.517

13,05%

Cash taken back Gross Gains of the Fund

149.382.625 100.382.625 WACC

Coste del Equity (Ke) Prime rate (German Bond 10 years ) Risk premiun (sector) Beta of Sector Equity Cost (Ke)

4,25% 8,00% 1,10 13,05%

Debt Cost Pre-Tax Euribor Spread Tax Lerage rate avarage (2008-2012)

4,37% 4,00% 1,20% 16,00% 25,83%

19,00% 19,00% 16,00%

WACC WACC average

10,81% 11,18%

Net Wealth evolution

IRR

50,00%

Formation expenses Intangible fixed assets Tangible fixed assets Depreciation Current Assets cash TOTAL ASSESTS

2.665.588

Year 1st. Disposal interest rate considered

12.250.000

-10.000

Average Debit Balance

EBITDA/Revenues EBIT/Revenues Gross Margin (EBI/Revenues) Net Margin (EAI/Revenues)

30.000

5,20% 4,00% 1,20%

Euribor (Swap 6 años) Spread

year 2010

Internal Rate of Return Fund AAA

Availability 0,00%

Suscriiption fee

35.000

-5.000 10.000

Other 0,00%

OPERATIONAL RATIOS

TOTAL Cumulative Cash Flow miles de euros

BUSINESS SUMMARY

year 2008 25.000

Suscription 0,50%

interest rate considered Euros / year 60.000 30% 12.000 3,00% 1,50% 10.000 5.000 0 9

INVESTMENTS

1.532.000 8,0 33 45,00% 3 years 3,05 x 0,00% 2,50%

33,00% 25,83% 40,00% 5 years

Apply succes fee on "return on investment by investment performance"

Hurdle Rate Lowest multiple on Invested (objective) Other expenses

REVENUE ASSUMPTIONS Amount per investment average 3,06% s/ commited capital # investments / year. (Objective) Maximum # investments in portfolio (objective) IRR average per investment average period to deinvest ( 2-5 years) multiple on invested capital (per investment) Dividends (assets in portfolio) interest rate for cash allocation

BALANCE SHEET FIGURES

Long Term Loan

Fund Manager (Salary) Fund Manager (bonus) Travel expenses

Basics of the Fund`s structure

Definitive closing Term of the fund Extension (if decided) Investment period Investment period extension (if decided)

FINANCIAL STRUCTURE

Fees Suscription fee (on total committed capital.) Management Fee (on real assets value) Revaluation of fixed assets rate Success Fee ("Carried Interest")

year 2010

year 2008

year 2012

Debt 6,10%

Debt 0,00%

Debt 14,26% Net Assets 37,32%

Net Assets 43,30% Equity 50,77%

Net Assets 49,23% Equity 50,60%

Equity 48,42%

Project Fund AAA - Capital

Private & Confidential

Working EXCEL version available to download ($ 25) at: http//www.payloadz.com/go/sip?id=1432878 Copy & paste on your navigator`s address bar

Units

2008 year 1

2009 year 2

2010 year 3

2011 year 4

2012 year 5

2013 year 6

Capital Call 1 Capital Call 2 Capital Call 3 Capital Call 4

Euros Euros Euros Euros Euros

13.500.000 -

12.500.000 -

10.500.000 -

Capital Increase

Euros

13.500.000

12.500.000

10.500.000

12.250.000

13.500.000

27.000.000

27.250.000

25.500.000

13.250.000

1.000.000

27,00%

54,00%

54,50%

51,00%

26,50%

2,00%

Share Capital

Initial Drawndown

Capital Reductions Cumulative Capital

Euros

% drawndown Shareholders Commited Capital

Drawndowns chart ( Euros)

Â´000 Euros

Investor 1 Investor 2 Investor 3 Investor 4 Investor 5 Investor 6 Investor 7 Investor 8 Investor 9 Investor 10 Investor 11 Investor 12 Investor 13 Investor 14 Investor 15

6,67% 6,67% 6,67% 6,67% 6,67% 6,67% 6,67% 6,67% 6,67% 6,67% 6,67% 6,67% 6,67% 6,67% 6,67%

3.333 3.333 3.333 3.333 3.333 3.333 3.333 3.333 3.333 3.333 3.333 3.333 3.333 3.333 3.333

900.000 900.000 900.000 900.000 900.000 900.000 900.000 900.000 900.000 900.000 900.000 900.000 900.000 900.000 900.000

833.333 833.333 833.333 833.333 833.333 833.333 833.333 833.333 833.333 833.333 833.333 833.333 833.333 833.333 833.333

700.000 700.000 700.000 700.000 700.000 700.000 700.000 700.000 700.000 700.000 700.000 700.000 700.000 700.000 700.000

TOTAL

100%

50.000

13.500.000

12.500.000

10.500.000

Project Fund AAA -Revenues

Private & Confidential

2008 year 1

2009 year 2

2010 year 3

2011 year 4

2012 year 5

2013 year 6

8,00 8 12.250.000 24,50% 12.250.000 24,50%

8,00 16 12.250.000 24,50% 24.500.000 49,00%

8,00 24 12.250.000 24,50% 36.750.000 73,50%

8,00 32 12.250.000 24,50% 49.000.000 98,00%

32 0,00% 49.000.000 98,00%

8 0,00% 12.250.000 -

16 0,00% 24.500.000 -

8 8 16 33,33% 12.250.000 12.250.000 24.500.000 37.345.656 37.345.656

8 16 16 50,00% 12.250.000 24.500.000 24.500.000 37.345.656 74.691.313

8 24 8 75,00% 12.250.000 36.750.000 12.250.000 37.345.656 112.036.969

8 32 100,00% 12.250.000 49.000.000 37.345.656 149.382.625

Gains / (loos)

25.095.656

Gains / (loos). Cumulative

25.095.656

50.191.313

75.286.969

100.382.625

25.095.656

3.839

24.764

115.697

215.706

224.787

160.291

Income fron Capital Invested Gains Amount per investment average # investments / year. (Objective) Maximum # investments in portfolio (objective)

1.532.000 8,00 32

# investments / year Total investments. Cumulative Invested Capital % on Commited Capital Invested Capital. Cumulative % on Commited Capital IRR average per investment average period to deinvest ( 2-5 years) multiple on invested capital (per investment)

45,00% 3 years 3,05 x

# Deinvestments / year Total Deinvestments. Cumulative Total Investments IN PORTFOLIO Deinvestments Cumul./Investments Cumul. Deinvested Capital / year (cost) Deinvested Capital . Cumulative (cost) Invested CapĂŹtal IN PORTFOLIO Deinvested Capital ( Cost+Gains) Deinvested Capital ( Cost+Gains). Cumulative

Dividends (assets in portfolio) % s/ invested capital Dividends reported

0,00%

Total Income from capital invested Financial Income Cash return Financial revenues

2,50%

Project Fund AAA -Expenses

Private & Confidential

2008 year 1

2009 year 2

2010 year 3

2011 year 4

2012 year 5

2013 year 6

12.668.670

26.275.795

32.111.009

34.205.492

20.582.964

4.533.205

12.668.670

26.275.795

32.111.009

34.205.492

20.582.964

4.533.205

Total Management fee / year

228.036

472.964

577.998

615.699

370.493

81.598

Total Management fee. Cumulative Total Management fee payments / year

228.036 228.036

701.000 472.964

1.278.999 577.998

1.894.697 615.699

2.265.191 370.493

2.346.788 81.598

228.036

701.000

1.278.999

1.894.697

2.265.191

2.346.788

6.380.719 6.380.719

6.380.719 12.761.438

6.380.719 19.142.156

6.380.719 25.522.875

Estructura de Comisiones Suscription fee % on total committed capital Management Fee % on real assets value Total Assets value in books Revaluation of fixed assets rate Portfolio Assets market value

0,00%

1,80% 1,00 x

Total Management fee payments. Cumulative Success fee ("Carried Interest") A) Succes fee on "return on global fund performance" "Hurdle Rate") Lowest multiple on Invested (objective) Gains to reach the hurdle rate Gains to reach the hurdle rate. Cumulative Total Gains to reach the hurdle rate % success fee

15,00% 1,52 x

25.522.875 15,00%

Total Success fee earning

11.228.963

Total success fee. Cumulative Total success fee payments (can be anticipated under certain conditions)

3.700.266

3.764.348

11.228.963 3.764.348

3.700.266

7.464.614

11.228.963

3.068.436 797.980 797.980

797.980 1.595.961

797.980 2.393.942

797.980 3.191.922

Total success fee payments Cumulative B) Succes fee on "return on investment by investment performance" Gains to reach the hurdle rate per investment operation Gains to reach the hurdle rate. Cumulative

Project Fund AAA -Expenses

Unit gains per deinvestment Total success fee earnings and payments Total success fee earnings and payments. Cumulative

Private & Confidential

2008 year 1

2009 year 2

2010 year 3

2011 year 4

2012 year 5

2013 year 6

3.068.436

2.723.213

5.446.426

8.169.639

10.892.852

Project Fund AAA -Expenses

Private & Confidential

2008 year 1

2009 year 2

2010 year 3

2011 year 4

2012 year 5

2013 year 6

60.000 30,00% 12.000 28,00%

60.000 12.000 16.800 88.800

61.800 18.000 12.360 22.344 114.504

63.654 18.540 12.731 23.014 117.939

65.564 19.096 13.113 23.705 121.477

67.531 19.669 13.506 24.416 125.122

69.556 20.259 13.911 25.148 128.875

84.000 3.600 5.400 7.200 1.500 1.000 24.000

84.000 3.600 5.400 7.200 1.500 1.000 24.000 126.700

86.520 3.708 5.562 7.416 1.545 1.030 24.720 130.501

89.116 3.819 5.729 7.638 1.591 1.061 25.462 134.416

91.789 3.934 5.901 7.868 1.639 1.093 26.225 138.449

94.543 4.052 6.078 8.104 1.688 1.126 27.012 142.602

97.379 4.173 6.260 8.347 1.739 1.159 27.823 146.880

367.500

560.185 927.685

560.185 560.185

10.300 5.150

10.609 5.305

10.927 5.464

11.255 5.628

11.593 5.796

Other expenses Personal Fund Manager Salary Bonus Travel expenses Social security contribution Total Fund Manager Office expenses Cost office space Comunicatios supllies Other Operat. expenses Insurance Office furniture Representati贸n Total Office expenses Realization Investments/Deinvestments % on amount invested prospective investments and realizations % on amount deinvested Expenses associated with realizations deinvestments Total transactions expenses

3,00% 1,50%

Formation expenses Total amount

25.000

Other operating expenses Legal expenses Annual Auditors

10.000 5.000

Project Fund AAA -Expenses

Board remuneration Other Total Other operating expenses

Private & Confidential

0 3.000

2008 year 1

2009 year 2

2010 year 3

2011 year 4

2012 year 5

2013 year 6

3.000 18.000

3.090 18.540

3.183 19.096

3.278 19.669

3.377 20.259

3.478 20.867

Project Fund AAA - Financing

Private & Confidential

2008 year 1

2009 year 2

2010 year 3

2011 year 4

2012 year 5

2013 year 6

13.500.000

27.000.000

27.250.000

25.500.000

13.250.000

1.000.000

(831.997) 12.668.003

(831.997) (1.117.895) 25.050.108

1.406.112 (1.949.892) 1.949.892 28.656.112

2.739.487 28.239.487

2.650.000 15.900.000

200.000 1.200.000

12.250.000 0,00% -

12.250.000 25,00% 3.062.500 1.225.000

12.250.000 50,00% 6.125.000 2.450.000

12.250.000 65,00% 7.962.500 3.185.000

0,00% -

(220.810)

(232.292) (441.620)

(244.372) (464.585) (574.107)

(257.079) (488.743) (603.960)

1.225.000

3.454.190

5.965.277

4.682.214

3.332.432

0,00%

4,66%

10,76%

17,44%

22,75%

73,52%

31.850

121.659

244.906

276.835

208.381

Leverage Assumptions Fondos Propios Share Capital Share premium Legal Reserves Voluntary Reserves Retained earnings Total Equity

Leverage ratio objective Financiaci贸n de Operaciones Investments in real state % de buildings (no land) Investments covered with debt Resort to bank debt Payments Chart Loan year 1 Loan year 2 Loan year 3 loan year 4 Bank debt debit Balance Leverage Financial expenses

33,00%

40%

Project Fund AAA - P & L

Private & Confidential

Euros Total

2008

2009

2010

2011

2012

2013

year 1

year 2

year 3

year 4

year 5

year 6

Revenues Gains from deinvestment operations Dividends (assets in portfolio) Other revenues Total Ordinary revenues

100.382.625

25.095.656

100.382.625

25.095.656

0,00%

% Growth

Expenses Suscription fee

228.036

472.964

577.998

615.699

370.493

81.598

2.723.213

367.500

927.685

560.185

18.000

18.540

19.096

19.669

20.259

20.867

696.717

88.800

114.504

117.939

121.477

125.122

128.875

819.548

126.700

130.501

134.416

138.449

142.602

146.880

829.036

1.104.009

4.500.347

4.546.191

3.941.874

3.661.618

Management Fee

2.346.788

Success Fee ("Carried Interest")

10.892.852

Transactions expenses

3.710.739

Other Operating expenses

116.431

Personnel Office expenses

Total Expenses % on revenues

EBITDA % on revenues

Depreciation EBIT % on revenues

18.583.076 18,51%

81.799.549

17,93%

18,12%

15,71%

14,59%

(829.036)

(1.104.009)

20.595.309

20.549.465

21.153.782

21.434.039

81,49%

82,07%

81,88%

84,29%

85,41%

35.200

6.800

1.200

81.764.349

(835.836)

(1.110.809)

20.588.509

20.542.665

21.146.982

21.432.839

81,45%

82,04%

81,86%

84,27%

85,40%

745.084

Financial Income Financialrevenues

3.839

24.764

115.697

215.706

224.787

160.291

(883.631) -

(31.850) -

(121.659) -

(244.906) -

(276.835) -

(208.381) -

Total Financial Income

(138.546)

3.839

(7.086)

(5.962)

(29.200)

(52.048)

(48.090)

ORDINARY PROFIT

81.625.803

Financial expenses Other financial expenses

(831.997)

(1.117.895)

20.582.547

20.513.465

21.094.935

21.384.749

81,31%

82,02%

81,74%

84,06%

85,21%

extraordinary revenues extraordinary expenses

Total Extraordinary items

21.384.749

% on revenues

PROFIT BEFORE TAXATION

(831.997)

(1.117.895)

20.582.547

20.513.465

21.094.935

81,31%

82,02%

81,74%

84,06%

85,21%

Corporation Tax

28.569.031

6.521.429

7.179.713

7.383.227

7.484.662

PROFIT AFTER TAXES

53.056.772

(831.997)

(1.117.895)

14.061.118

13.333.752

13.711.707

13.900.087

56,03%

53,13%

54,64%

55,39%

% on revenues

81.625.803

52,85%

Project Fund AAA - Cash Flow

Private & Confidential

Euros 2008

2009

2010

2011

2012

2013

2014

year 1

year 2

year 3

year 4

year 5

year 6

year 7

(831.997)

(1.117.895)

14.061.118

13.333.752

13.711.707

13.900.087

6.800

1.200

(77.995)

4.647

73.348

Debtors

(320)

(1.744)

(7.578)

(8.334)

(757)

5.375

13.358

Creditors

667

(773)

53.091.972

(902.845)

(1.108.171)

14.133.708

13.332.239

13.717.773

13.906.684

12.585

Formation expenses

(25.000)

Tangible fixed assets

(15.000)

(12.250.000)

12.250.000

(40.000)

(12.290.000)

(12.250.000)

12.250.000

53.051.972

(13.192.845)

(13.358.171)

14.133.708

13.332.239

25.967.773

26.156.684

12.585

50.000.000

TOTAL

Net Earning Bef. Div. FREE EARNINGS Depreciation

53.056.772 35.200

Increase/decrease Payable V.A.T. Increase/decrease Working Capital

Operation Cash Flow

Real State Investments (core)

(49.000.000)

Deinvestments

49.000.000

Investments Cash Flow Cash Flow before Financial Activities

Shared Capital Increase

13.500.000

12.500.000

10.500.000

(49.000.000)

(12.250.000)

Increase

Reductions

1.225.000

2.229.190

2.511.087

(1.283.063)

(1.349.782)

(3.332.432)

Reductions supplementary drawndowns

Long Term Financial facilities Increase / (Reduction) Success Fee Advance Payments Fund Liquidation

(1.195.200)

Financial Activities Cash Flow

(195.200)

CASH FLOW BEFORE DIVIDENDS payment of Dividends SHAREHOLDER´S CASH FLOW SHAREHOLDER´S IRR Initial CASH CASH Increase /Reduction final CASH

(1.195.200)

13.500.000

14.725.000

2.479.190

761.087

(13.533.063)

(13.599.782)

(4.527.632)

52.856.772

307.155

1.366.829

16.612.898

14.093.326

12.434.710

12.556.902

(4.515.047)

54.051.972

10.705.114

12.000.377

13.801.194

16.350.087

1.195.200

53.051.972

(13.500.000)

10.455.114

13.750.377

26.051.194

28.600.087

1.195.200

38,95% -

307.155

1.673.984

7.581.767

9.674.717

8.308.232

4.515.047

(1.195.200)

307.155

1.366.829

5.907.784

2.092.950

(1.366.485)

(3.793.185)

(4.515.047)

(1.195.200)

307.155

1.673.984

7.581.767

9.674.717

8.308.232

4.515.047

Project Fund AAA -Shareholder`s CF

Private & Confidential

Euros TOTAL

2008 Year 1

2009 Year 2

2010 Year 3

2011 Year 4

2012 Year 5

2013 Year 6

2014 Year 7

FREE EARNINGS . Cumulative

52.856.772

(831.997)

(1.949.892)

10.705.114

22.705.491

36.506.685

52.856.772

cumulative CASH-FLOW

53.051.972

(13.192.845)

(25.326.016)

(8.963.118)

6.880.208

31.564.918

56.371.819

53.051.972

(50.000.000)

Share capital Increase

(13.500.000)

(12.500.000)

(10.500.000)

49.000.000

12.250.000

Share premiun

Increase by charge reserves

Increase by aditional contributions

Dividends payd

54.051.972

10.705.114

12.000.377

13.801.194

16.350.087

1.195.200

SHAREHOLDER`S CASH FLOW

53.051.972

(13.500.000)

10.455.114

13.750.377

26.051.194

28.600.087

1.195.200

Reduction

Shareholder`s TIR

38,95%

Shareholder`s NPV

21.465.517

Annual earnings( Cumulative) Dividendfree genereted

52.856.772

(831.997)-

(1.117.895)-

12.655.006 10.705.114

12.000.377 22.705.491

13.801.194 36.506.685

16.350.087 52.856.772

Shareholder`s Cash para dividendos TesorerĂa disponible

53.051.972 86.112.875

(13.500.000) 307.155

(27.000.000) 1.673.984

(16.544.886) 18.286.882

(2.794.509) 21.675.094

23.256.685 22.109.427

51.856.772 20.865.134

53.051.972 1.195.200

100%

pay-out

Project Fund AAA - Balance Sheets

Private & Confidential

Euros

Fixed Assets

December-08

December-09

December-10

December-11

December-12

December-13

December-14

year 1

year 2

year 3

year 4

year 5

year 6

year 7

12.283.200

24.526.400

24.519.600

24.512.800

12.256.000

4.800

25.000

12.265.000

24.515.000

12.265.000

15.000

Deferred expenses

(6.800)

(13.600)

(20.400)

(27.200)

(34.000)

(35.200)

Current Assets

78.315

75.411

9.641

17.976

18.732

13.358

The Treasury receivable for V.A.T.

77.995

73.348

Trade debtors

320

2.064

9.641

17.976

18.732

13.358

Advance fees

Shor-term investments

307.155

1.673.984

7.581.767

9.674.717

8.308.232

4.515.047

12.668.670

26.275.795

32.111.009

34.205.492

20.582.964

4.533.205

4.800

Capital and Reserves

12.668.003

25.050.108

28.656.112

28.239.487

15.900.000

1.200.000

4.800

Share Capital

1.000.000

Formation expenses Intangible fixed assets Tangible fixed assets

Cash TOTAL ASSETS

13.500.000

27.000.000

27.250.000

25.500.000

13.250.000

1.000.000

Share premium

Legal Reserves

1.406.112

2.739.487

2.650.000

200.000

Voluntary Reserves

(831.997)

(1.949.892)

(831.997)

(1.117.895)

1.949.892

(1.195.200)

Current liabilities

667

687

707

728

750

773

Trade creditors

667

687

707

728

750

773

Long-term creditors

1.225.000

3.454.190

5.965.277

4.682.214

3.332.432

Other loans

The treasury for Taxes

Bank debt

1.225.000

3.454.190

5.965.277

4.682.214

3.332.432

12.668.670

26.275.795

32.111.009

34.205.492

20.582.964

4.533.205

4.800

Retained earnings

Other creditors

TOTAL LIABILITIES Checking OK Leverage ratio

0,00%

4,66%

10,76%

17,44%

22,75%

73,52%

0,00%

WACC

13,05%

12,65%

12,12%

11,54%

11,07%

6,67%

13,05%

ROE

-6,57%

-4,46%

49,07%

47,22%

86,24%

1158,34%

0,00%

Project Fund AAA - Investments

Years of analysis

Item

Private & Confidential Total Inversi贸n por a帽o

12.290.000

12.250.000

Formation expenses Intangible fixed assets Tangible fixed assets

25.000 0 12.265.000

0 0 12.250.000

0 0 0

Price Unit.

Un.

Amount

Year icorp.

term deprc

Test

Detail of amout per investment / yerar 2008 2009 1 2

2010 3

2011 4

2012 5

2013 6

2014 7

Investnents year 2008 Formation expenses Legal expenses Patents Others Intangible fixed assets deferred expenses Intercalarios Tangible fixed assets lands&buildings, real state HW & SW specific furniture & fittings

25.000 0 0

1 1 1

25.000 0 0

1 1 1

OK OK OK OK

0 25.000 0 0

0 0 0 0

0 0

1 1

0 0

1 1

OK OK

0 0

12.250.000 3.000 12.000

1 1 1 1

12.250.000 3.000 12.000 0

1 1 1 1

OK OK OK OK OK

12.250.000 3.000 12.000 0 0

0 0 0 0 0

0 0 0

1 1 1

0 0 0

2 2 2

OK OK OK OK

0 0 0 0

0 0

1 1

0 0

2 2

OK OK

0 0

12.250.000 0 0

1 1 1 1

12.250.000 0 0 0

2 2 2 2

OK OK OK OK OK

0 0 0 0 0

12.250.000 0 0 0 0

0 0 0 0 0

0 0 0

1 1 1

0 0 0

3 3 3

OK OK OK OK

0 0 0 0

0 0

1 1

0 0

3 3

OK OK

0 0

12.250.000 0

1 1

12.250.000 0

3 3

OK OK

0 0

12.250.000 0

0 0

Investnents year 2009 Formation expenses Legal expenses Patents Others Intangible fixed assets deferred expenses Intercalarios Tangible fixed assets lands&buildings, real state HW & SW specific furniture & fittings

Investnents year 2010 Formation expenses Legal expenses Patents Others Intangible fixed assets deferred expenses Intercalarios Tangible fixed assets lands&buildings, real state HW & SW specific

Project Fund AAA - Investments

Years of analysis

Item furniture & fittings

Private & Confidential Total Inversi贸n por a帽o

12.290.000

12.250.000

Formation expenses Intangible fixed assets Tangible fixed assets

25.000 0 12.265.000

0 0 12.250.000

0 0 0

Price Unit.

Un. 0 1 1

Amount

Year icorp.

term deprc

Test OK OK OK

0 0

3 3

1 1 1

0 0 0

4 4 4

OK OK OK OK

1 1

0 0

4 4

1 1 1 1

12.250.000 0 0 0

4 4 4 4

Detail of amout per investment / yerar 2008 2009 1 2 0 0 0

2010 3

2011 4

2012 5

2013 6

2014 7

0 0 0

0 0 0 0

OK OK

0 0

OK OK OK OK OK

0 0 0 0 0

12.250.000 0 0 0 0

0 0 0 0 0

Investnents year 2011 Formation expenses Legal expenses Patents Others Intangible fixed assets deferred expenses Intercalarios Tangible fixed assets lands&buildings, real state HW & SW specific furniture & fittings

12.250.000

Project Fund AAA - Investments

Years of analysis

Item

Private & Confidential Total Inversi贸n por a帽o

12.290.000

12.250.000

Formation expenses Intangible fixed assets Tangible fixed assets

25.000 0 12.265.000

0 0 12.250.000

0 0 0

Price Unit.

Un.

Amount

Year icorp.

term deprc

Test

Detail of amout per investment / yerar 2008 2009 1 2

2010 3

2011 4

2012 5

2013 6

2014 7

Investnents year 2012 Formation expenses Legal expenses Patents Others Intangible fixed assets deferred expenses Intercalarios Tangible fixed assets lands&buildings, real state HW & SW specific furniture & fittings

1 1 1

0 0 0

5 5 5

OK OK OK OK

0 0 0 0

1 1

0 0

5 5

OK OK

0 0

1 1 1 1

0 0 0 0

5 5 5 5

OK OK OK OK OK

0 0 0 0 0

1 1 1

0 0 0

6 6 6

OK OK OK OK

0 0 0 0

1 1

0 0

6 6

OK OK

0 0

1 1 1 1

0 0 0 0

6 6 6 6

OK OK OK OK OK

0 0 0 0 0

RPI anual constant

3,0%

Investnents year 2013 Formation expenses Legal expenses Patents Others Intangible fixed assets deferred expenses Intercalarios Tangible fixed assets lands&buildings, real state HW & SW specific furniture & fittings

Project Fund AAA - Depreciations

Private & Confidential

Total depreciation per year

6.800

40,00%

30,00% 40,00%

20,00% 30,00% 40,00%

10,00% 20,00% 30,00% 40,00%

6.800

1.200

10,00% 20,00% 30,00% 40,00%

10,00% 20,00% 30,00%

10,00% 20,00%

10,00%

1.200

accelerated depreciation rates Investments year 2005 Investments year 2006 Investments year 2007 Investments year 2008 Investments year 2009 Investments year 2010

do not aplly accelerated depreciation

Period of depreciation

Item

Price Unit.

Un.

Amount

Year icorp.

Depreciation amount per investment /year 2008 2009 2010 term deprc Test 1 2 3

2011 4

10,00% 20,00% 30,00% 40,00%

2012 5

2013 6

2014 7

2015 8

2016 9

2017 10

25.000 0 0

1 1 1

25.000 0 0

1 1 1

5 OK 5 OK 5 OK

5.000 0 0

0 0 0

0 0

1 1

0 0

1 1

5 OK 5 OK

0 0

12.250.000 3.000 12.000 0

1 1 1 1

12.250.000 3.000 12.000 0

1 1 1 1

0 # 5 OK 10 OK 5 OK OK

0 600 1.200 0

0 0 1.200 0

0 0 0

1 1 1

0 0 0

2 2 2

5 OK 5 OK 5 OK

0 0 0

0 0

1 1

0 0

2 2

5 OK 5 OK

0 0

12.250.000 0 0 0 0

1 1 1 1 0

12.250.000 0 0 0 0

2 2 2 2 0

0 # 0 OK 0 OK 0 OK OK

0 0 0 0 0

0 0 0

1 1 1

0 0 0

3 3 3

5 OK 5 OK 5 OK

0 0 0

0 0

1 1

0 0

3 3

5 OK 5 OK

0 0

12.250.000 0 0

1 1 1

12.250.000 0 0

3 3 3

0 # 0 OK 0 OK

0 0 0

Investnents year 2010 Formation expenses Legal expenses Patents Others Intangible fixed assets deferred expenses Intercalarios Tangible fixed assets lands&buildings, real state HW & SW specific furniture & fittings

Project Fund AAA - Depreciations Total depreciation per year

Private & Confidential 6.800

6.800

40,00%

30,00% 40,00%

20,00% 30,00% 40,00%

10,00% 20,00% 30,00% 40,00%

6.800

1.200

10,00% 20,00% 30,00% 40,00%

10,00% 20,00% 30,00%

10,00% 20,00%

10,00%

1.200

accelerated depreciation rates Investments year 2005 Investments year 2006 Investments year 2007 Investments year 2008 Investments year 2009 Investments year 2010

do not aplly accelerated depreciation

Period of depreciation

Item

Price Unit.

0 0

Un. 0 1 0 0

Amount 0 0

Depreciation amount per investment /year 2008 2009 2010 Year icorp. term deprc Test 1 2 3 3 0 OK 0 0 0 OK 0 0

2011 4 0 0

10,00% 20,00% 30,00% 40,00%

2012 5 0 0

2013 6 0 0

2014 7 0 0

2015 8 0 0

2016 9 0 0

2017 10 0 0

0 0

Project Fund AAA - Depreciations

Private & Confidential

Total depreciation per year

6.800

40,00%

30,00% 40,00%

20,00% 30,00% 40,00%

10,00% 20,00% 30,00% 40,00%

6.800

1.200

10,00% 20,00% 30,00% 40,00%

10,00% 20,00% 30,00%

10,00% 20,00%

10,00%

1.200

accelerated depreciation rates Investments year 2005 Investments year 2006 Investments year 2007 Investments year 2008 Investments year 2009 Investments year 2010

do not aplly accelerated depreciation

Period of depreciation

Item

Price Unit.

Un.

Amount

Year icorp.

Depreciation amount per investment /year 2008 2009 2010 term deprc Test 1 2 3

2011 4

10,00% 20,00% 30,00% 40,00%

2012 5

2013 6

2014 7

2015 8

2016 9

2017 10

0 0 0

1 1 1

0 0 0

4 4 4

5 OK 5 OK 5 OK

0 0 0

0 0

1 1

0 0

4 4

5 OK 5 OK

0 0

12.250.000 0 0 0

1 1 1 1

12.250.000 0 0 0

4 4 4 4

0 # 0 OK 0 OK 0 OK OK

0 0 0 0 0

0 0 0

1 1 1

0 0 0

5 5 5

5 OK 5 OK 5 OK

0 0 0

0 0

1 1

0 0

5 5

5 OK 5 OK

0 0

0 0 0 0

1 1 1 1

0 0 0 0

5 5 5 5

0 0 0 0

OK OK OK OK OK

0 0 0 0 0

0 0 0

1 1 1

0 0 0

6 6 6

5 OK 5 OK 5 OK

0 0 0

0 0

1 1

0 0

6 6

5 OK 5 OK

0 0

0 0 0

1 1 1

0 0 0

6 6 6

0 OK 0 OK 0 OK

0 0 0

Project Fund AAA - Depreciations Total depreciation per year

Private & Confidential 6.800

6.800

40,00%

30,00% 40,00%

20,00% 30,00% 40,00%

10,00% 20,00% 30,00% 40,00%

6.800

1.200

10,00% 20,00% 30,00% 40,00%

10,00% 20,00% 30,00%

10,00% 20,00%

10,00%

1.200

accelerated depreciation rates Investments year 2005 Investments year 2006 Investments year 2007 Investments year 2008 Investments year 2009 Investments year 2010

do not aplly accelerated depreciation

Period of depreciation Item 0

6 Price Unit.

Un. 0 1

Amount 0

Depreciation amount per investment /year 2008 2009 2010 Year icorp. term deprc Test 1 2 3 6 0 OK 0 0

2011 4 0

10,00% 20,00% 30,00% 40,00%

2012 5 0

2013 6 0

2014 7 0

2015 8 0

2016 9 0

2017 10 0

Project Fund AAA - V.A.T. liquidations Euros

input V.A.T

2008

2009

2010

2011

2012

2013

2014

year 1

year 2

year 3

year 4

year 5

year 6

year 7

77.995

73.348

179.888

179.997

110.284

110.400

output V.A.T

4.768.175

balance to liquidate

77.995

73.348

cash generated or applied

(77.995)

4.647

73.348

cumulative

(77.995)

(73.348)

Project Fund AAA - V.A.T. liquidations Euros

input V.A.T

2008

2009

2010

2011

2012

2013

2014

year 1

year 2

year 3

year 4

year 5

year 6

year 7

77.995

73.348

179.888

179.997

110.284

110.400

output V.A.T

4.768.175

balance to liquidate

77.995

73.348

cash generated or applied

(77.995)

4.647

73.348

cumulative

(77.995)

(73.348)