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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 .
Project Title                                                         Fund AAA                                                                  COST STRUCTURE                                                                               FINANCIAL STRUCTURE                                                                        BALANCE SHEET FIGURES

                                                                                                                                               Fees                                                                                                 Long Term Loan                                                                           Año 2008 E             Año 2009 E      Año 2010 E
                                                                                                        Suscription fee (on total committed capital.)                                              0,00%         Leverage ratio objective                                                        33,00%       Formation expenses                    25.000                 25.000         25.000
                                     BASIC ASSUMPTIONS
                                                                                                        Management Fee (on real assets value)                                                      1,80%         Leverage ratio average (2008-2012)                                              25,83%       Intangible fixed assets                    0                      0              0
Firs year considered                                                                         2008       Revaluation of fixed assets rate                                                            1,00 x       Max % covered with debt (in every single investment)                            40,00%       Tangible fixed assets             12.265.000            24.515.000      24.515.000
# years considered                                                                         6 years      Success Fee ("Carried Interest")                                                           15,00%        Expiry date                                                                     5 years      Depreciation                          -6.800                -13.600        -20.400
RPI                                                                                         3,00%        Apply succes fee on "return on investment by investment performance"
                                                                                                                                                                                                                                                                                                              Current Assets                        78.315                 75.411          9.641
Personnel Social Security contribution ( Company cost)                                     28,00%                                                                                                                                                       Suscription        Other          Availability        cash                                 307.155              1.673.984      7.581.767
Annual Increasing costs assumption                                                          3,00%       Hurdle Rate                                                                                15,00%        fees & expenses                          0,50%            0,00%            0,00%                     TOTAL ASSESTS             12.668.670            26.275.795      32.111.009
collections period                                                                         30 days      Lowest multiple on Invested (objective)                                                     1,52 x
current payments period                                                                    30 days                                       Other expenses                                                          interest rate considered                                                         5,20%       Equity                            12.668.003             25.050.108      28.656.112
                                                                                                                                                                                                 Euros / year                                Euribor (Swap 6 años)                                4,00%       Current Liabilities                      667                    687             707
                                                                                                        Fund Manager (Salary)                                                                      60.000                                                  Spread                                 1,20%       Long term Creditors                        0              1.225.000       3.454.190
                                  Basics of the Fund`s structure
                                                                                                        Fund Manager (bonus)                                                                        30%                                                                                                         TOTAL LIABILITIES               12.668.670             26.275.795      32.111.009
                                                 Terms                                                  Travel expenses                                                                            12.000                                   Average Debit Balance        2.665.588
Definitive closing                                                     12 monts from the founding       prospective investments and realizations (% on amount invested)                            3,00%                                                                                                      Ratio Analysis
Term of the fund                                                                           6 years      Realizations deinvestments ( % on amount deinvested)                                       1,50%                                       Line of credit Short term                                      Leverage ratio                         0,00%                  4,66%          10,76%
Extension (if decided)                                                                    2 years       Legal expenses                                                                             10.000        Year 1st. Disposal                                                                year       WACC                                  13,05%                 12,65%          12,12%
Investment period                                                                         4 years       Annual Auditors                                                                             5.000        interest rate considered                                                         2,90%
Investment period extension (if decided)                                                  1 years       Board remuneration            0 Euros / member / year                                         0                                       Euribor                                             2,50%
                                                                                                                                                                                                                                                                                                                                            Building / land ratio
                                            CAPITAL                                                     # members of the board                                                                        9                                       Spread                                              0,40%
Total Commited Capital                                                                 50.000.000       office expenses                                                                                          Suscriiption fee                                                                 0,20%                                         2009                   2010             2011
Initial Drawndown                                                                         27,00%                   Cost office space                                                               84.000                                   Total amount disposed               0                             Building / land ratio              1/4                    1/2              2/3
Initial Drawndown                                                                      13.500.000                     Comucicatios                                                                  3.600
Partial Drawndowns ("Capital Call 1")                            year 2009          27,00%                                   supllies                                                               5.400
                                                                                                                                                                                                                                                                                                                                             Fund `s RESULTS
Partial Drawndowns ("Capital Call 2")                            year 2010          25,00%                   Other Operat. expenses                                                                 7.200
                                                                                                                                                                                                                                                FINANCIAL RATIOS
Partial Drawndowns ("Capital Call 3")                            year 2011          21,00%                                Insurance                                                                 1.500                                                                                                     Fund`s net IRR                                                              38,95%
Partial Drawndowns ("Capital Call 4")                            year 2012           0,00%                          Office furniture                                                                1.000        Lverage Ratio (average)                              (%)                   25,83%            Shareholder´s NPV           13,05%                                       21.465.517
                                                                                                                     Representatión                                                                24.000        WACC                                                 (%)                   11,18%
Total funds invested in new assets                                                      49.000.000      Other                                                                                       3.000        ROE                                                  (%)                  221,64%            Cash taken back                                                        149.382.625
Supplementary financial needs                                                                    0                                                                                                               ROCE                                                 (%)                   59,93%            Gross Gains of the Fund                                                100.382.625
                                                                                                                                                                                                                 ROA                                                  (%)                   74,20%
                                                                                                                                                   INVESTMENTS
                                                                                                                                                                                                                 Net Debt/Equity                                      (times)                -0,22
                                  REVENUE ASSUMPTIONS                                                                                                                                                                                                                                                                                              WACC
                                                                                                                                                                                                                 Net Debt/EBITDA                                      (times)                -0,04
Amount per investment average                 3,06% s/ commited capital            1.532.000            Formation expenses                        year 2008               year 2009              year 2010                                                                                                    Coste del Equity (Ke)
# investments / year. (Objective)                                                      8,0              Legal expenses                             25.000                                                                                                                                                     Prime rate (German Bond 10 years )                                       4,25%
Maximum # investments in portfolio (objective)                                         33               Patents                                                                                                                                                                                               Risk premiun (sector)                                                    8,00%
                                                                                                                                                                                                                                              OPERATIONAL RATIOS
IRR average per investment                                                          45,00%              Otros                                                                                                                                                                                                 Beta of Sector                                                            1,10
average period to deinvest ( 2-5 years)                                             3 years             Intangible fixed assets                                                                                  EBITDA/Revenues                                                               81,49%                 Equity Cost (Ke)                                                13,05%
multiple on invested capital (per investment)                                        3,05 x             deferred expenses                                                                                        EBIT/Revenues                                                                 81,45%
Dividends (assets in portfolio)                                                      0,00%              Intercalarios                                                                                            Gross Margin (EBI/Revenues)                                                   81,31%         Debt Cost Pre-Tax                                                        4,37%
interest rate for cash allocation                                                    2,50%              Tangible fixed assets                                                                                    Net Margin (EAI/Revenues)                                                     52,85%                          Euribor                                                 4,00%
                                                                                                        lands&buildings, real state                 3.000                                                                                                                                                                      Spread                                                  1,20%
                                                    2010            2011             2012               HW & SW specific                           12.000                                                                                                                                                                         Tax                                                 16,00%
                                                                                                                                                                                                                                                    TAX INPUTS
Gains from Deinvestments                         25.095.656      25.095.656       25.095.656            furniture & fittings                     12.250.000               12.250.000             12.250.000                                                                                                   Lerage rate avarage (2008-2012)                                         25,83%
Dividends (assets in portfolio)                       -               -                -                                                                                                                         Input V.A.T. rate                                                               19,00%
Other income                                          -               -                -                                      TOTAL                 12.290.000                  12.250.000          12.250.000   Output V.A.T. rate                                                              19,00%                                   WACC                                        10,81%
Total Income                                     25.095.656      25.095.656       25.095.656                                Cumulative              12.290.000                  24.540.000          36.790.000   Corporation Tax rate                                                            16,00%                                 WACC average                                  11,18%

                                                                                                 Cash Flow
                              BUSINESS SUMMARY                                                  miles de euros
                                                                                                                                        Internal Rate of Return                                         IRR                                                                                     Net Wealth evolution
                                       Eur 000                                                                                                Fund AAA
                                                                                                                                                                                                                                        year 2008                                                       year 2010                                                   year 2012
                                                                                                     35.000                                                                                           50,00%
 60.000
                                                                                                     30.000                                                                                           40,00%
                                                                                                                                                                                                                                                                                                     Debt                                                   Debt
 50.000                                                                                              25.000                                                                                           30,00%                             Debt                                                       6,10%
                                                                                                                                                                                                                                        0,00%                                                                                                              14,26%
                                                                                                     20.000                                                                                           20,00%                                                                                                                                                                        Net Assets
 40.000                                                                                                                                                                                                                                                                                                                                                                              37,32%
                                                                                                     15.000                                                                                           10,00%
                                                                                                                                                                                                                                                                                                                         Net Assets
                                                                                                     10.000                                                                                           0,00%                                                                                                               43,30%
 30.000
                                                                                                                                                                                                                                                        Net Assets
                                                                                                      5.000                                                                                           -10,00%           Equity                           49,23%
                                                                                                                                                                                                                       50,77%
 20.000                                                                                                  0                                                                                            -20,00%                                                                         Equity
                                                                                                     -5.000       1            2            3            4            5            6         7        -30,00%                                                                        50,60%                                                             Equity
 10.000                                                                                                                                                                                                                                                                                                                                                48,42%
                                                                                                 -10.000                                                                                              -40,00%

      0                                                                                          -15.000                                                                               38,95%         -50,00%
             2008          2009          2010            2011        2012        2013            -20.000                                                                                              -60,00%

                      Investments         Deinvestments (cost)         GAINS                                                 Shareholder´s Cash Flows                                  IRR
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                           2008         2009         2010          2011            2012          2013
    navigator`s address bar        Units           year 1       year 2       year 3        year 4          year 5        year 6
Share Capital

  Initial Drawndown                Euros           13.500.000
  Capital Call 1                   Euros                    -   13.500.000            -              -              -             -
  Capital Call 2                   Euros                    -            -   12.500.000              -              -             -
  Capital Call 3                   Euros                    -            -            -     10.500.000              -             -
  Capital Call 4                   Euros                    -            -            -              -              -             -
Capital Increase                   Euros           13.500.000   13.500.000   12.500.000     10.500.000              -             -

  Capital Reductions                                        -            -   12.250.000     12.250.000     12.250.000    12.250.000
Cumulative Capital                 Euros           13.500.000   27.000.000   27.250.000     25.500.000     13.250.000     1.000.000
  % drawndown                                         27,00%       54,00%       54,50%            51,00%      26,50%         2,00%

Shareholders

                          Commited Capital                                     Drawndowns chart
                                                                                   ( Euros)
                               %      ´000 Euros

  Investor 1                  6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 2                  6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 3                  6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 4                  6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 5                  6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 6                  6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 7                  6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 8                  6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 9                  6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 10                 6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 11                 6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 12                 6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 13                 6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 14                 6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  Investor 15                 6,67%    3.333         900.000       900.000      833.333       700.000               -             -
  TOTAL                       100%     50.000      13.500.000   13.500.000   12.500.000     10.500.000              -             -
Project Fund AAA -Revenues                                                                                                 Private & Confidential



                                                                     2008         2009         2010         2011         2012           2013
                                                                    year 1       year 2       year 3       year 4       year 5         year 6
Income fron Capital Invested

  Gains
     Amount per investment average                    1.532.000
     # investments / year. (Objective)                   8,00
     Maximum # investments in portfolio (objective)       32

      # investments / year                                           8,00         8,00         8,00         8,00            -              -
      Total investments. Cumulative                                    8           16           24           32            32             32
      Invested Capital                                            12.250.000   12.250.000   12.250.000   12.250.000         -              -
          % on Commited Capital                                     24,50%       24,50%       24,50%       24,50%        0,00%          0,00%
      Invested Capital. Cumulative                                12.250.000   24.500.000   36.750.000   49.000.000   49.000.000     49.000.000
          % on Commited Capital                                     24,50%       49,00%       73,50%       98,00%       98,00%         98,00%

      IRR average per investment                       45,00%
      average period to deinvest ( 2-5 years)          3 years
      multiple on invested capital (per investment)     3,05 x

      # Deinvestments / year                                           -            -            8            8             8              8
      Total Deinvestments. Cumulative                                  -            -            8           16            24             32
      Total Investments IN PORTFOLIO                                   8           16           16           16             8              -
          Deinvestments Cumul./Investments Cumul.                   0,00%        0,00%        33,33%       50,00%        75,00%        100,00%
      Deinvested Capital / year (cost)                                 -            -       12.250.000   12.250.000    12.250.000     12.250.000
      Deinvested Capital . Cumulative (cost)                           -            -       12.250.000   24.500.000    36.750.000     49.000.000
      Invested Capìtal IN PORTFOLIO                               12.250.000   24.500.000   24.500.000   24.500.000    12.250.000          -
      Deinvested Capital ( Cost+Gains)                                 -            -       37.345.656   37.345.656    37.345.656     37.345.656
      Deinvested Capital ( Cost+Gains). Cumulative                     -            -       37.345.656   74.691.313   112.036.969    149.382.625

      Gains / (loos)                                                  -            -        25.095.656   25.095.656   25.095.656     25.095.656
      Gains / (loos). Cumulative                                      -            -        25.095.656   50.191.313   75.286.969     100.382.625

  Dividends (assets in portfolio)
     % s/ invested capital                             0,00%
     Dividends reported                                               -            -            -            -             -              -

Total Income from capital invested                                    -            -        25.095.656   25.095.656   25.095.656     25.095.656

  Financial Income
     Cash return                                       2,50%
     Financial revenues                                             3.839       24.764       115.697      215.706      224.787        160.291
Project Fund AAA -Expenses                                                                                                                    Private & Confidential



                                                                                     2008         2009         2010         2011         2012              2013
                                                                                    year 1       year 2       year 3       year 4       year 5            year 6
Estructura de Comisiones

    Suscription fee
      % on total committed capital                                   0,00%            -
    Management Fee
      % on real assets value                                         1,80%
      Total Assets value in books                                                 12.668.670   26.275.795   32.111.009   34.205.492   20.582.964        4.533.205
      Revaluation of fixed assets rate                               1,00 x
      Portfolio Assets market value                                               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                                         228.036      701.000     1.278.999    1.894.697    2.265.191         2.346.788
       Total Management fee payments / year                                        228.036      472.964      577.998      615.699      370.493            81.598
          Total Management fee payments. Cumulative                                228.036      701.000     1.278.999    1.894.697    2.265.191         2.346.788

    Success fee ("Carried Interest")
    A) Succes fee on "return on global fund performance"
       "Hurdle Rate")                                               15,00%
       Lowest multiple on Invested (objective)                       1,52 x
       Gains to reach the hurdle rate                                                 -            -        6.380.719     6.380.719    6.380.719         6.380.719
          Gains to reach the hurdle rate. Cumulative                                  -            -        6.380.719    12.761.438   19.142.156        25.522.875
       Total Gains to reach the hurdle rate                       25.522.875
       % success fee                                               15,00%

       Total Success fee earning                                                      -            -            -            -            -             11.228.963
          Total success fee. Cumulative                                               -            -            -            -            -             11.228.963
       Total success fee payments (can be anticipated under certain conditions)       -            -            -        3.700.266    3.764.348          3.764.348
          Total success fee payments Cumulative                                       -            -            -        3.700.266    7.464.614         11.228.963

    B) Succes fee on "return on investment by investment performance"                                       3.068.436
       Gains to reach the hurdle rate per investment operation                        -            -         797.980      797.980      797.980           797.980
          Gains to reach the hurdle rate. Cumulative                                  -            -         797.980     1.595.961    2.393.942         3.191.922
Project Fund AAA -Expenses                                                                                Private & Confidential



                                                            2008     2009       2010        2011        2012           2013
                                                           year 1   year 2     year 3      year 4      year 5         year 6
  Unit gains per deinvestment                                -        -      3.068.436   3.068.436   3.068.436      3.068.436
  Total success fee earnings and payments                    -        -      2.723.213   2.723.213   2.723.213      2.723.213
     Total success fee earnings and payments. Cumulative     -        -      2.723.213   5.446.426   8.169.639      10.892.852
Project Fund AAA -Expenses                                                                                       Private & Confidential



                                                                   2008      2009      2010      2011      2012               2013
                                                                  year 1    year 2    year 3    year 4    year 5             year 6
Other expenses
 Personal
    Fund Manager
      Salary                                             60.000   60.000     61.800    63.654    65.564   67.531             69.556
      Bonus                                              30,00%              18.000    18.540    19.096   19.669             20.259
      Travel expenses                                    12.000   12.000     12.360    12.731    13.113   13.506             13.911
      Social security contribution                       28,00%   16.800     22.344    23.014    23.705   24.416             25.148
    Total Fund Manager                                            88.800    114.504   117.939   121.477   125.122           128.875

 Office expenses
    Cost office space                                    84.000    84.000    86.520    89.116    91.789   94.543             97.379
    Comunicatios                                         3.600     3.600     3.708     3.819     3.934     4.052             4.173
    supllies                                             5.400     5.400     5.562     5.729     5.901     6.078             6.260
    Other Operat. expenses                               7.200     7.200     7.416     7.638     7.868     8.104             8.347
    Insurance                                            1.500     1.500     1.545     1.591     1.639     1.688             1.739
    Office furniture                                     1.000     1.000     1.030     1.061     1.093     1.126             1.159
    Representatión                                       24.000    24.000    24.720    25.462    26.225   27.012             27.823
    Total Office expenses                                         126.700   130.501   134.416   138.449   142.602           146.880

 Realization Investments/Deinvestments
   % on amount invested                                  3,00%
   prospective investments and realizations                       367.500   367.500   367.500   367.500      -                 -
   % on amount deinvested                                1,50%
   Expenses associated with realizations deinvestments               -         -      560.185   560.185   560.185           560.185
   Total transactions expenses                                    367.500   367.500   927.685   927.685   560.185           560.185

 Formation expenses
   Total amount                                          25.000   25.000

 Other operating expenses
   Legal expenses                                        10.000   10.000    10.300    10.609    10.927    11.255             11.593
   Annual Auditors                                       5.000    5.000     5.150     5.305     5.464      5.628             5.796
Project Fund AAA -Expenses                                                       Private & Confidential



                                           2008     2009     2010     2011     2012           2013
                                          year 1   year 2   year 3   year 4   year 5         year 6
 Board remuneration                 0        -        -        -        -        -              -
 Other                            3.000   3.000    3.090    3.183    3.278     3.377         3.478
 Total Other operating expenses           18.000   18.540   19.096   19.669   20.259         20.867
Project Fund AAA - Financing                                                                          Private & Confidential



                                             2008         2009          2010          2011          2012           2013
                                            year 1       year 2        year 3        year 4        year 5         year 6
Leverage Assumptions
Fondos Propios
  Share Capital                             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)            -             -              -
  Retained earnings                          (831.997)   (1.117.895)     1.949.892            -             -              -
  Total Equity                              12.668.003   25.050.108    28.656.112    28.239.487    15.900.000      1.200.000

Leverage ratio objective           33,00%

Financiación de Operaciones
   Investments in real state                12.250.000   12.250.000    12.250.000    12.250.000             -              -
      % de buildings (no land)                   0,00%       25,00%        50,00%        65,00%         0,00%          0,00%
   Investments covered with debt                     -    3.062.500     6.125.000     7.962.500             -              -
   Resort to bank debt              40%              -    1.225.000     2.450.000     3.185.000             -              -
   Payments Chart
      Loan year 1                                                  -             -             -             -             -
      Loan year 2                                                        (220.810)     (232.292)     (244.372)     (257.079)
      Loan year 3                                                                      (441.620)     (464.585)     (488.743)
      loan year 4                                                                                    (574.107)     (603.960)

  Bank debt debit Balance                            -    1.225.000     3.454.190      5.965.277    4.682.214      3.332.432
  Leverage                                       0,00%        4,66%        10,76%        17,44%        22,75%        73,52%

  Financial expenses                                 -       31.850       121.659       244.906       276.835        208.381
Project Fund AAA - P & L                                                                                                       Private & Confidential



                                             Euros
                                                        2008             2009             2010             2011             2012             2013
                                             Total
                                                        year 1           year 2           year 3           year 4           year 5           year 6
 Revenues

     Gains from deinvestment operations   100.382.625                -                -    25.095.656       25.095.656       25.095.656       25.095.656
     Dividends (assets in portfolio)           -                     -                -                -                -                -                -
     Other revenues                            -                     -                -                -                -                -                -
 Total Ordinary revenues                  100.382.625                -                -    25.095.656       25.095.656       25.095.656       25.095.656
 % Growth                                                                             -                -            0,00%            0,00%            0,00%


 Expenses
     Suscription fee                           -                     -                -                -                -                -                -
     Management Fee                        2.346.788       228.036          472.964           577.998         615.699          370.493           81.598
     Success Fee ("Carried Interest")     10.892.852                 -                -     2.723.213        2.723.213        2.723.213        2.723.213
     Transactions expenses                 3.710.739       367.500          367.500           927.685         927.685          560.185          560.185
     Other Operating expenses              116.431          18.000           18.540              19.096        19.669           20.259           20.867
     Personnel                             696.717          88.800          114.504           117.939         121.477          125.122          128.875
     Office expenses                       819.548         126.700          130.501           134.416         138.449          142.602          146.880
                                               -                     -                -                -                -                -                -
 Total Expenses                           18.583.076       829.036         1.104.009        4.500.347        4.546.191        3.941.874        3.661.618
 % on revenues                              18,51%                   -                -          17,93%           18,12%           15,71%           14,59%

 EBITDA                                   81.799.549      (829.036)      (1.104.009)       20.595.309       20.549.465       21.153.782       21.434.039
 % on revenues                              81,49%                   -                -          82,07%           81,88%           84,29%           85,41%

     Depreciation                           35.200               6.800            6.800            6.800            6.800            6.800            1.200

 EBIT                                     81.764.349      (835.836)      (1.110.809)       20.588.509       20.542.665       21.146.982       21.432.839
 % on revenues                              81,45%                   -                -          82,04%           81,86%           84,27%           85,40%


 Financial Income
     Financialrevenues                     745.084               3.839       24.764           115.697         215.706          224.787          160.291
     Financial expenses                    (883.631)                 -      (31.850)        (121.659)        (244.906)        (276.835)        (208.381)
     Other financial expenses                  -                     -             -                -                -                -                -
 Total Financial Income                    (138.546)             3.839       (7.086)           (5.962)        (29.200)         (52.048)         (48.090)

 ORDINARY PROFIT                          81.625.803      (831.997)      (1.117.895)       20.582.547       20.513.465       21.094.935       21.384.749
 % on revenues                              81,31%                   -                -          82,02%           81,74%           84,06%           85,21%


 extraordinary revenues                        -                     -                -                -                -                -                -
 extraordinary expenses                        -                     -                -                -                -                -                -
 Total Extraordinary items                     -                     -                -                -                -                -                -

 PROFIT BEFORE TAXATION                   81.625.803      (831.997)      (1.117.895)       20.582.547       20.513.465       21.094.935       21.384.749
 % on revenues                              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
 % on revenues                              52,85%                   -                -          56,03%           53,13%           54,64%           55,39%
Project Fund AAA - Cash Flow                                                                                                                      Private & Confidential


                                                    Euros
                                                                 2008              2009          2010             2011             2012            2013            2014
                                                   TOTAL
                                                                year 1            year 2         year 3          year 4           year 5           year 6         year 7

   Net Earning Bef. Div. FREE EARNINGS           53.056.772       (831.997)       (1.117.895)    14.061.118      13.333.752       13.711.707       13.900.087               -
   Depreciation                                    35.200               6.800          6.800            6.800            6.800            6.800           1.200             -
   Increase/decrease Payable V.A.T.                   -             (77.995)           4.647         73.348                  -                -               -             -
   Increase/decrease Working Capital
       Debtors                                        -                  (320)        (1.744)        (7.578)         (8.334)              (757)           5.375       13.358
       Creditors                                      -                   667              20             21               21               22              23         (773)
                                                      -

Operation Cash Flow                              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)         (25.000)                -               -                -                -               -             -
   Tangible fixed assets                           (15.000)         (15.000)                -               -                -                -               -             -
   Real State Investments (core)                 (49.000.000)   (12.250.000)     (12.250.000)   (12.250.000)    (12.250.000)                  -               -             -
   Deinvestments                                 49.000.000                  -              -    12.250.000      12.250.000       12.250.000       12.250.000               -

Investments Cash Flow                              (40.000)     (12.290.000)     (12.250.000)               -                -    12.250.000       12.250.000               -

Cash Flow before Financial Activities            53.051.972     (13.192.845)     (13.358.171)    14.133.708      13.332.239       25.967.773       26.156.684         12.585



   Shared Capital
       Increase                                  50.000.000      13.500.000       13.500.000     12.500.000      10.500.000                   -               -             -
       Reductions                                (49.000.000)                -              -   (12.250.000)    (12.250.000)     (12.250.000)     (12.250.000)              -
   supplementary drawndowns
       Increase                                       -                      -              -               -                -                -               -             -
       Reductions                                     -                      -              -               -                -                -               -             -
   Long Term Financial facilities
       Increase / (Reduction)                         -                      -     1.225.000      2.229.190       2.511.087       (1.283.063)      (1.349.782)    (3.332.432)
   Success Fee Advance Payments                       -                      -              -               -                -                -               -             -
   Fund Liquidation                              (1.195.200)                                                                                                      (1.195.200)

Financial Activities Cash Flow                    (195.200)      13.500.000       14.725.000      2.479.190         761.087      (13.533.063)     (13.599.782)    (4.527.632)

CASH FLOW BEFORE DIVIDENDS                       52.856.772         307.155        1.366.829     16.612.898      14.093.326       12.434.710       12.556.902     (4.515.047)

   payment of Dividends                          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)     (13.500.000)    10.455.114      13.750.377       26.051.194       28.600.087      1.195.200

SHAREHOLDER´S IRR                       38,95%

Initial CASH                                          -                      -       307.155      1.673.984       7.581.767        9.674.717        8.308.232      4.515.047

   CASH Increase /Reduction                      (1.195.200)        307.155        1.366.829      5.907.784       2.092.950       (1.366.485)      (3.793.185)    (4.515.047)

final CASH                                       (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                2009             2010            2011            2012            2013            2014
                                                              Year 1              Year 2           Year 3          Year 4          Year 5          Year 6          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


Share capital
    Increase                              (50.000.000)          (13.500.000)       (13.500.000)     (12.500.000)   (10.500.000)                -               -               -
    Reduction                             49.000.000                         -                 -     12.250.000     12.250.000      12.250.000      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)       (13.500.000)      10.455.114     13.750.377      26.051.194      28.600.087      1.195.200

                                                         Shareholder`s TIR        38,95%
                                                         Shareholder`s NPV       21.465.517


Annual free earnings Cumulative)
Dividend 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
Tesorería 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


pay-out                                                                  0%                   0%            100%            100%            100%            100%            100%
Project Fund AAA - Balance Sheets                                                                                                                          Private & Confidential



                                                 Euros
                                              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

Fixed Assets                                      12.283.200           24.526.400           24.519.600            24.512.800         12.256.000                 4.800               4.800
Formation expenses                                       25.000               25.000               25.000               25.000           25.000                25.000           25.000
Intangible fixed assets                                       -                    -                    -                    -                 -                    -                   -
Tangible fixed assets                             12.265.000           24.515.000           24.515.000            24.515.000         12.265.000                15.000           15.000
Deferred expenses                                     (6.800)            (13.600)              (20.400)             (27.200)            (34.000)          (35.200)             (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                                         -                    -                    -                    -                 -                    -                   -

Cash                                                 307.155            1.673.984            7.581.767             9.674.717          8.308.232          4.515.047                      -

                              TOTAL ASSETS        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                                     13.500.000           27.000.000           27.250.000            25.500.000         13.250.000          1.000.000            1.000.000
Share premium                                                 -                    -                    -                    -                 -                    -                   -
Legal Reserves                                                -                    -         1.406.112             2.739.487          2.650.000           200.000              200.000
Voluntary Reserves                                            -         (831.997)           (1.949.892)                      -                 -                    -                   -
Retained earnings                                  (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                    -
Other creditors

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                      -

                          TOTAL LIABILITIES       12.668.670           26.275.795           32.111.009            34.205.492         20.582.964          4.533.205                  4.800

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                                                                                                                                                                      Private & Confidential

                                                                             Total Inversión por año                    12.290.000             12.250.000    12.250.000    12.250.000           0          0             0
                                                                                        Formation expenses                   25.000                      0             0             0          0          0             0
                                                                                      Intangible fixed assets                     0                      0             0             0          0          0             0
                                                                                       Tangible fixed assets             12.265.000             12.250.000    12.250.000    12.250.000          0          0             0

Years of analysis                 6                                                                             Detail of amout per investment / yerar
                                                                                                                        2008                  2009           2010          2011          2012       2013         2014
                Item          Price Unit.       Un.   Amount        Year icorp.       term deprc      Test                 1                     2             3             4            5           6           7
Investnents year 2008
Formation expenses                                                                                     OK                          0                     0            0             0           0          0             0
Legal expenses                        25.000      1       25.000                  1                    OK                     25.000                     0            0             0           0          0             0
Patents                                    0      1            0                  1                    OK                          0                     0            0             0           0          0             0
Others                                     0      1            0                  1                    OK                          0                     0            0             0           0          0             0
Intangible fixed assets
deferred expenses                           0     1            0                  1                    OK                           0                    0            0             0           0          0             0
Intercalarios                               0     1            0                  1                    OK                           0                    0            0             0           0          0             0
Tangible fixed assets
lands&buildings, real state      12.250.000       1    12.250.000                 1                    OK                12.250.000                      0            0             0           0          0             0
HW & SW specific                      3.000       1         3.000                 1                    OK                     3.000                      0            0             0           0          0             0
furniture & fittings                 12.000       1        12.000                 1                    OK                    12.000                      0            0             0           0          0             0
                                                  1             0                 1                    OK                         0                      0            0             0           0          0             0
                                                                                                       OK                         0                      0            0             0           0          0             0
Investnents year 2009
Formation expenses                                                                                     OK                           0                    0            0             0           0          0             0
Legal expenses                              0     1            0                  2                    OK                           0                    0            0             0           0          0             0
Patents                                     0     1            0                  2                    OK                           0                    0            0             0           0          0             0
Others                                      0     1            0                  2                    OK                           0                    0            0             0           0          0             0
Intangible fixed assets
deferred expenses                           0     1            0                  2                    OK                           0                    0            0             0           0          0             0
Intercalarios                               0     1            0                  2                    OK                           0                    0            0             0           0          0             0
Tangible fixed assets
lands&buildings, real state      12.250.000       1    12.250.000                 2                    OK                           0           12.250.000            0             0           0          0             0
HW & SW specific                          0       1             0                 2                    OK                           0                    0            0             0           0          0             0
furniture & fittings                      0       1             0                 2                    OK                           0                    0            0             0           0          0             0
                                                  1             0                 2                    OK                           0                    0            0             0           0          0             0
                                                                                                       OK                           0                    0            0             0           0          0             0
Investnents year 2010
Formation expenses                                                                                     OK                           0                    0            0             0           0          0             0
Legal expenses                              0     1            0                  3                    OK                           0                    0            0             0           0          0             0
Patents                                     0     1            0                  3                    OK                           0                    0            0             0           0          0             0
Others                                      0     1            0                  3                    OK                           0                    0            0             0           0          0             0
Intangible fixed assets
deferred expenses                           0     1            0                  3                    OK                           0                    0            0             0           0          0             0
Intercalarios                               0     1            0                  3                    OK                           0                    0            0             0           0          0             0
Tangible fixed assets
lands&buildings, real state      12.250.000       1    12.250.000                 3                    OK                           0                    0    12.250.000            0           0          0             0
HW & SW specific                          0       1             0                 3                    OK                           0                    0             0            0           0          0             0
Project Fund AAA - Investments                                                                                                                                                                     Private & Confidential

                                                                            Total Inversión por año                    12.290.000             12.250.000    12.250.000    12.250.000           0          0             0
                                                                                       Formation expenses                   25.000                      0             0             0          0          0             0
                                                                                     Intangible fixed assets                     0                      0             0             0          0          0             0
                                                                                      Tangible fixed assets             12.265.000             12.250.000    12.250.000    12.250.000          0          0             0

Years of analysis                 6                                                                            Detail of amout per investment / yerar
                                                                                                                       2008                  2009           2010          2011          2012       2013         2014
                Item          Price Unit.     Un.    Amount        Year icorp.       term deprc      Test                 1                     2             3             4            5           6           7
furniture & fittings                        0    1            0                  3                   OK                            0                    0            0             0           0          0             0
                                                 1            0                  3                   OK                            0                    0            0             0           0          0             0
                                                                                                     OK                            0                    0            0             0           0          0             0
Investnents year 2011
Formation expenses                                                                                    OK                           0                    0            0             0           0          0             0
Legal expenses                                   1            0                  4                    OK                           0                    0            0             0           0          0             0
Patents                                          1            0                  4                    OK                           0                    0            0             0           0          0             0
Others                                           1            0                  4                    OK                           0                    0            0             0           0          0             0
Intangible fixed assets
deferred expenses                                1            0                  4                    OK                           0                    0            0             0           0          0             0
Intercalarios                                    1            0                  4                    OK                           0                    0            0             0           0          0             0
Tangible fixed assets
lands&buildings, real state      12.250.000      1    12.250.000                 4                    OK                           0                    0            0     12.250.000          0          0             0
HW & SW specific                                 1             0                 4                    OK                           0                    0            0              0          0          0             0
furniture & fittings                             1             0                 4                    OK                           0                    0            0              0          0          0             0
                                                 1             0                 4                    OK                           0                    0            0              0          0          0             0
                                                                                                      OK                           0                    0            0              0          0          0             0
Project Fund AAA - Investments                                                                                                                                                                         Private & Confidential

                                                                                Total Inversión por año                    12.290.000             12.250.000    12.250.000    12.250.000           0          0             0
                                                                                           Formation expenses                   25.000                      0             0             0          0          0             0
                                                                                         Intangible fixed assets                     0                      0             0             0          0          0             0
                                                                                          Tangible fixed assets             12.265.000             12.250.000    12.250.000    12.250.000          0          0             0

Years of analysis                    6                                                                             Detail of amout per investment / yerar
                                                                                                                           2008                  2009           2010          2011          2012       2013         2014
                Item           Price Unit.         Un.    Amount       Year icorp.       term deprc      Test                 1                     2             3             4            5           6           7
Investnents year 2012
Formation expenses                                                                                        OK                           0                    0            0             0           0          0             0
Legal expenses                                       1             0                 5                    OK                           0                    0            0             0           0          0             0
Patents                                              1             0                 5                    OK                           0                    0            0             0           0          0             0
Others                                               1             0                 5                    OK                           0                    0            0             0           0          0             0
Intangible fixed assets
deferred expenses                                    1             0                 5                    OK                           0                    0            0             0           0          0             0
Intercalarios                                        1             0                 5                    OK                           0                    0            0             0           0          0             0
Tangible fixed assets
lands&buildings, real state                   0      1             0                 5                    OK                           0                    0            0             0           0          0             0
HW & SW specific                                     1             0                 5                    OK                           0                    0            0             0           0          0             0
furniture & fittings                                 1             0                 5                    OK                           0                    0            0             0           0          0             0
                                                     1             0                 5                    OK                           0                    0            0             0           0          0             0
                                                                                                          OK                           0                    0            0             0           0          0             0
Investnents year 2013
Formation expenses                                                                                        OK                           0                    0            0             0           0          0             0
Legal expenses                                       1             0                 6                    OK                           0                    0            0             0           0          0             0
Patents                                              1             0                 6                    OK                           0                    0            0             0           0          0             0
Others                                               1             0                 6                    OK                           0                    0            0             0           0          0             0
Intangible fixed assets
deferred expenses                                    1             0                 6                    OK                           0                    0            0             0           0          0             0
Intercalarios                                        1             0                 6                    OK                           0                    0            0             0           0          0             0
Tangible fixed assets
lands&buildings, real state                   0      1             0                 6                    OK                           0                    0            0             0           0          0             0
HW & SW specific                                     1             0                 6                    OK                           0                    0            0             0           0          0             0
furniture & fittings                                 1             0                 6                    OK                           0                    0            0             0           0          0             0
                                                     1             0                 6                    OK                           0                    0            0             0           0          0             0
                                                                                                          OK                           0                    0            0             0           0          0             0

                              RPI anual constant   3,0%
Project Fund AAA - Depreciations                                                                                                                                                                                                                  Private & Confidential

                                                                                 Total depreciation per year               6.800           6.800           6.800          6.800              6.800          1.200          1.200          1.200          1.200          1.200

                                                                               accelerated depreciation rates
                                                                                             Investments year 2005        40,00%          30,00%          20,00%         10,00%
                                                                                             Investments year 2006                        40,00%          30,00%         20,00%          10,00%
     do not aplly accelerated depreciation
                                                                                             Investments year 2007                                        40,00%         30,00%          20,00%         10,00%
                                                                                             Investments year 2008                                                       40,00%          30,00%         20,00%         10,00%
                                                                                             Investments year 2009                                                                       40,00%         30,00%         20,00%         10,00%
                                                                                             Investments year 2010                                                                                      40,00%         30,00%         20,00%         10,00%

Period of depreciation                        6                                                                Depreciation amount per investment /year
                                                                                                                    2008              2009              2010           2011           2012           2013           2014           2015           2016           2017
              Item                    Price Unit.          Un.   Amount        Year icorp.     term deprc Test        1                 2                 3              4              5             6               7             8              9              10
Investnents year 2008
Formation expenses
Legal expenses                                    25.000     1       25.000               1               5 OK             5.000            5.000              5.000          5.000          5.000              0              0              0              0              0
Patents                                                0     1            0               1               5 OK                 0                0                  0              0              0              0              0              0              0              0
Others                                                 0     1            0               1               5 OK                 0                0                  0              0              0              0              0              0              0              0
Intangible fixed assets
deferred expenses                                     0      1            0               1               5 OK                 0               0                  0              0               0              0              0              0              0              0
Intercalarios                                         0      1            0               1               5 OK                 0               0                  0              0               0              0              0              0              0              0
Tangible fixed assets
lands&buildings, real state                  12.250.000      1    12.250.000              1               0 #                  0                0                  0              0              0              0              0              0              0              0
HW & SW specific                                  3.000      1         3.000              1               5 OK               600              600                600            600            600              0              0              0              0              0
furniture & fittings                             12.000      1        12.000              1              10 OK             1.200            1.200              1.200          1.200          1.200          1.200          1.200          1.200          1.200          1.200
0                                                     0      1             0              1               5 OK                 0                0                  0              0              0              0              0              0              0              0
                                                                                                            OK
Investnents year 2009
Formation expenses
Legal expenses                                        0      1            0               2               5 OK                 0               0                  0              0               0              0              0              0              0              0
Patents                                               0      1            0               2               5 OK                 0               0                  0              0               0              0              0              0              0              0
Others                                                0      1            0               2               5 OK                 0               0                  0              0               0              0              0              0              0              0
Intangible fixed assets
deferred expenses                                     0      1            0               2               5 OK                 0               0                  0              0               0              0              0              0              0              0
Intercalarios                                         0      1            0               2               5 OK                 0               0                  0              0               0              0              0              0              0              0
Tangible fixed assets
lands&buildings, real state                  12.250.000      1    12.250.000              2               0 #                  0               0                  0              0               0              0              0              0              0              0
HW & SW specific                                      0      1             0              2               0 OK                 0               0                  0              0               0              0              0              0              0              0
furniture & fittings                                  0      1             0              2               0 OK                 0               0                  0              0               0              0              0              0              0              0
0                                                     0      1             0              2               0 OK                 0               0                  0              0               0              0              0              0              0              0
                                0                     0      0             0              0                 OK                 0               0                  0              0               0              0              0              0              0              0
Investnents year 2010
Formation expenses
Legal expenses                                        0      1            0               3               5 OK                 0               0                  0              0               0              0              0              0              0              0
Patents                                               0      1            0               3               5 OK                 0               0                  0              0               0              0              0              0              0              0
Others                                                0      1            0               3               5 OK                 0               0                  0              0               0              0              0              0              0              0
Intangible fixed assets
deferred expenses                                     0      1            0               3               5 OK                 0               0                  0              0               0              0              0              0              0              0
Intercalarios                                         0      1            0               3               5 OK                 0               0                  0              0               0              0              0              0              0              0
Tangible fixed assets
lands&buildings, real state                  12.250.000      1    12.250.000              3               0 #                  0               0                  0              0               0              0              0              0              0              0
HW & SW specific                                      0      1             0              3               0 OK                 0               0                  0              0               0              0              0              0              0              0
furniture & fittings                                  0      1             0              3               0 OK                 0               0                  0              0               0              0              0              0              0              0
Project Fund AAA - Depreciations                                                                                                                                                                                                 Private & Confidential

                                                                            Total depreciation per year            6.800          6.800           6.800      6.800          6.800          1.200          1.200          1.200          1.200          1.200

                                                                          accelerated depreciation rates
                                                                                     Investments year 2005       40,00%          30,00%          20,00%     10,00%
                                                                                     Investments year 2006                       40,00%          30,00%     20,00%      10,00%
     do not aplly accelerated depreciation
                                                                                     Investments year 2007                                       40,00%     30,00%      20,00%         10,00%
                                                                                     Investments year 2008                                                  40,00%      30,00%         20,00%         10,00%
                                                                                     Investments year 2009                                                              40,00%         30,00%         20,00%         10,00%
                                                                                     Investments year 2010                                                                             40,00%         30,00%         20,00%         10,00%

Period of depreciation                       6                                                        Depreciation amount per investment /year
                                                                                                           2008              2009              2010       2011       2012           2013           2014           2015           2016           2017
              Item                    Price Unit.     Un.    Amount       Year icorp. term deprc Test        1                 2                 3          4          5             6               7             8              9              10
0                                                   0    1            0              3          0 OK                 0                0               0          0              0              0              0              0              0              0
                                0                   0    0            0              0            OK                 0                0               0          0              0              0              0              0              0              0
Private Equity.Venture Capital Fund VALUATION MODEL & BUSINESS PLAN. A Real Estate Fund case
Private Equity.Venture Capital Fund VALUATION MODEL & BUSINESS PLAN. A Real Estate Fund case
Private Equity.Venture Capital Fund VALUATION MODEL & BUSINESS PLAN. A Real Estate Fund case
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Private Equity.Venture Capital Fund VALUATION MODEL & BUSINESS PLAN. A Real Estate Fund case

  • 1. 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 .
  • 2. Project Title Fund AAA COST STRUCTURE FINANCIAL STRUCTURE BALANCE SHEET FIGURES Fees Long Term Loan Año 2008 E Año 2009 E Año 2010 E Suscription fee (on total committed capital.) 0,00% Leverage ratio objective 33,00% Formation expenses 25.000 25.000 25.000 BASIC ASSUMPTIONS Management Fee (on real assets value) 1,80% Leverage ratio average (2008-2012) 25,83% Intangible fixed assets 0 0 0 Firs year considered 2008 Revaluation of fixed assets rate 1,00 x Max % covered with debt (in every single investment) 40,00% Tangible fixed assets 12.265.000 24.515.000 24.515.000 # years considered 6 years Success Fee ("Carried Interest") 15,00% Expiry date 5 years Depreciation -6.800 -13.600 -20.400 RPI 3,00% Apply succes fee on "return on investment by investment performance" Current Assets 78.315 75.411 9.641 Personnel Social Security contribution ( Company cost) 28,00% Suscription Other Availability cash 307.155 1.673.984 7.581.767 Annual Increasing costs assumption 3,00% Hurdle Rate 15,00% fees & expenses 0,50% 0,00% 0,00% TOTAL ASSESTS 12.668.670 26.275.795 32.111.009 collections period 30 days Lowest multiple on Invested (objective) 1,52 x current payments period 30 days Other expenses interest rate considered 5,20% Equity 12.668.003 25.050.108 28.656.112 Euros / year Euribor (Swap 6 años) 4,00% Current Liabilities 667 687 707 Fund Manager (Salary) 60.000 Spread 1,20% Long term Creditors 0 1.225.000 3.454.190 Basics of the Fund`s structure Fund Manager (bonus) 30% TOTAL LIABILITIES 12.668.670 26.275.795 32.111.009 Terms Travel expenses 12.000 Average Debit Balance 2.665.588 Definitive closing 12 monts from the founding prospective investments and realizations (% on amount invested) 3,00% Ratio Analysis Term of the fund 6 years Realizations deinvestments ( % on amount deinvested) 1,50% Line of credit Short term Leverage ratio 0,00% 4,66% 10,76% Extension (if decided) 2 years Legal expenses 10.000 Year 1st. Disposal year WACC 13,05% 12,65% 12,12% Investment period 4 years Annual Auditors 5.000 interest rate considered 2,90% Investment period extension (if decided) 1 years Board remuneration 0 Euros / member / year 0 Euribor 2,50% Building / land ratio CAPITAL # members of the board 9 Spread 0,40% Total Commited Capital 50.000.000 office expenses Suscriiption fee 0,20% 2009 2010 2011 Initial Drawndown 27,00% Cost office space 84.000 Total amount disposed 0 Building / land ratio 1/4 1/2 2/3 Initial Drawndown 13.500.000 Comucicatios 3.600 Partial Drawndowns ("Capital Call 1") year 2009 27,00% supllies 5.400 Fund `s RESULTS Partial Drawndowns ("Capital Call 2") year 2010 25,00% Other Operat. expenses 7.200 FINANCIAL RATIOS Partial Drawndowns ("Capital Call 3") year 2011 21,00% Insurance 1.500 Fund`s net IRR 38,95% Partial Drawndowns ("Capital Call 4") year 2012 0,00% Office furniture 1.000 Lverage Ratio (average) (%) 25,83% Shareholder´s NPV 13,05% 21.465.517 Representatión 24.000 WACC (%) 11,18% Total funds invested in new assets 49.000.000 Other 3.000 ROE (%) 221,64% Cash taken back 149.382.625 Supplementary financial needs 0 ROCE (%) 59,93% Gross Gains of the Fund 100.382.625 ROA (%) 74,20% INVESTMENTS Net Debt/Equity (times) -0,22 REVENUE ASSUMPTIONS WACC Net Debt/EBITDA (times) -0,04 Amount per investment average 3,06% s/ commited capital 1.532.000 Formation expenses year 2008 year 2009 year 2010 Coste del Equity (Ke) # investments / year. (Objective) 8,0 Legal expenses 25.000 Prime rate (German Bond 10 years ) 4,25% Maximum # investments in portfolio (objective) 33 Patents Risk premiun (sector) 8,00% OPERATIONAL RATIOS IRR average per investment 45,00% Otros Beta of Sector 1,10 average period to deinvest ( 2-5 years) 3 years Intangible fixed assets EBITDA/Revenues 81,49% Equity Cost (Ke) 13,05% multiple on invested capital (per investment) 3,05 x deferred expenses EBIT/Revenues 81,45% Dividends (assets in portfolio) 0,00% Intercalarios Gross Margin (EBI/Revenues) 81,31% Debt Cost Pre-Tax 4,37% interest rate for cash allocation 2,50% Tangible fixed assets Net Margin (EAI/Revenues) 52,85% Euribor 4,00% lands&buildings, real state 3.000 Spread 1,20% 2010 2011 2012 HW & SW specific 12.000 Tax 16,00% TAX INPUTS Gains from Deinvestments 25.095.656 25.095.656 25.095.656 furniture & fittings 12.250.000 12.250.000 12.250.000 Lerage rate avarage (2008-2012) 25,83% Dividends (assets in portfolio) - - - Input V.A.T. rate 19,00% Other income - - - TOTAL 12.290.000 12.250.000 12.250.000 Output V.A.T. rate 19,00% WACC 10,81% Total Income 25.095.656 25.095.656 25.095.656 Cumulative 12.290.000 24.540.000 36.790.000 Corporation Tax rate 16,00% WACC average 11,18% Cash Flow BUSINESS SUMMARY miles de euros Internal Rate of Return IRR Net Wealth evolution Eur 000 Fund AAA year 2008 year 2010 year 2012 35.000 50,00% 60.000 30.000 40,00% Debt Debt 50.000 25.000 30,00% Debt 6,10% 0,00% 14,26% 20.000 20,00% Net Assets 40.000 37,32% 15.000 10,00% Net Assets 10.000 0,00% 43,30% 30.000 Net Assets 5.000 -10,00% Equity 49,23% 50,77% 20.000 0 -20,00% Equity -5.000 1 2 3 4 5 6 7 -30,00% 50,60% Equity 10.000 48,42% -10.000 -40,00% 0 -15.000 38,95% -50,00% 2008 2009 2010 2011 2012 2013 -20.000 -60,00% Investments Deinvestments (cost) GAINS Shareholder´s Cash Flows IRR
  • 3. 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 2008 2009 2010 2011 2012 2013 navigator`s address bar Units year 1 year 2 year 3 year 4 year 5 year 6 Share Capital Initial Drawndown Euros 13.500.000 Capital Call 1 Euros - 13.500.000 - - - - Capital Call 2 Euros - - 12.500.000 - - - Capital Call 3 Euros - - - 10.500.000 - - Capital Call 4 Euros - - - - - - Capital Increase Euros 13.500.000 13.500.000 12.500.000 10.500.000 - - Capital Reductions - - 12.250.000 12.250.000 12.250.000 12.250.000 Cumulative Capital Euros 13.500.000 27.000.000 27.250.000 25.500.000 13.250.000 1.000.000 % drawndown 27,00% 54,00% 54,50% 51,00% 26,50% 2,00% Shareholders Commited Capital Drawndowns chart ( Euros) % ´000 Euros Investor 1 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 2 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 3 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 4 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 5 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 6 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 7 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 8 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 9 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 10 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 11 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 12 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 13 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 14 6,67% 3.333 900.000 900.000 833.333 700.000 - - Investor 15 6,67% 3.333 900.000 900.000 833.333 700.000 - - TOTAL 100% 50.000 13.500.000 13.500.000 12.500.000 10.500.000 - -
  • 4. Project Fund AAA -Revenues Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6 Income fron Capital Invested Gains Amount per investment average 1.532.000 # investments / year. (Objective) 8,00 Maximum # investments in portfolio (objective) 32 # investments / year 8,00 8,00 8,00 8,00 - - Total investments. Cumulative 8 16 24 32 32 32 Invested Capital 12.250.000 12.250.000 12.250.000 12.250.000 - - % on Commited Capital 24,50% 24,50% 24,50% 24,50% 0,00% 0,00% Invested Capital. Cumulative 12.250.000 24.500.000 36.750.000 49.000.000 49.000.000 49.000.000 % on Commited Capital 24,50% 49,00% 73,50% 98,00% 98,00% 98,00% IRR average per investment 45,00% average period to deinvest ( 2-5 years) 3 years multiple on invested capital (per investment) 3,05 x # Deinvestments / year - - 8 8 8 8 Total Deinvestments. Cumulative - - 8 16 24 32 Total Investments IN PORTFOLIO 8 16 16 16 8 - Deinvestments Cumul./Investments Cumul. 0,00% 0,00% 33,33% 50,00% 75,00% 100,00% Deinvested Capital / year (cost) - - 12.250.000 12.250.000 12.250.000 12.250.000 Deinvested Capital . Cumulative (cost) - - 12.250.000 24.500.000 36.750.000 49.000.000 Invested Capìtal IN PORTFOLIO 12.250.000 24.500.000 24.500.000 24.500.000 12.250.000 - Deinvested Capital ( Cost+Gains) - - 37.345.656 37.345.656 37.345.656 37.345.656 Deinvested Capital ( Cost+Gains). Cumulative - - 37.345.656 74.691.313 112.036.969 149.382.625 Gains / (loos) - - 25.095.656 25.095.656 25.095.656 25.095.656 Gains / (loos). Cumulative - - 25.095.656 50.191.313 75.286.969 100.382.625 Dividends (assets in portfolio) % s/ invested capital 0,00% Dividends reported - - - - - - Total Income from capital invested - - 25.095.656 25.095.656 25.095.656 25.095.656 Financial Income Cash return 2,50% Financial revenues 3.839 24.764 115.697 215.706 224.787 160.291
  • 5. Project Fund AAA -Expenses Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6 Estructura de Comisiones Suscription fee % on total committed capital 0,00% - Management Fee % on real assets value 1,80% Total Assets value in books 12.668.670 26.275.795 32.111.009 34.205.492 20.582.964 4.533.205 Revaluation of fixed assets rate 1,00 x Portfolio Assets market value 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 228.036 701.000 1.278.999 1.894.697 2.265.191 2.346.788 Total Management fee payments / year 228.036 472.964 577.998 615.699 370.493 81.598 Total Management fee payments. Cumulative 228.036 701.000 1.278.999 1.894.697 2.265.191 2.346.788 Success fee ("Carried Interest") A) Succes fee on "return on global fund performance" "Hurdle Rate") 15,00% Lowest multiple on Invested (objective) 1,52 x Gains to reach the hurdle rate - - 6.380.719 6.380.719 6.380.719 6.380.719 Gains to reach the hurdle rate. Cumulative - - 6.380.719 12.761.438 19.142.156 25.522.875 Total Gains to reach the hurdle rate 25.522.875 % success fee 15,00% Total Success fee earning - - - - - 11.228.963 Total success fee. Cumulative - - - - - 11.228.963 Total success fee payments (can be anticipated under certain conditions) - - - 3.700.266 3.764.348 3.764.348 Total success fee payments Cumulative - - - 3.700.266 7.464.614 11.228.963 B) Succes fee on "return on investment by investment performance" 3.068.436 Gains to reach the hurdle rate per investment operation - - 797.980 797.980 797.980 797.980 Gains to reach the hurdle rate. Cumulative - - 797.980 1.595.961 2.393.942 3.191.922
  • 6. Project Fund AAA -Expenses Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6 Unit gains per deinvestment - - 3.068.436 3.068.436 3.068.436 3.068.436 Total success fee earnings and payments - - 2.723.213 2.723.213 2.723.213 2.723.213 Total success fee earnings and payments. Cumulative - - 2.723.213 5.446.426 8.169.639 10.892.852
  • 7. Project Fund AAA -Expenses Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6 Other expenses Personal Fund Manager Salary 60.000 60.000 61.800 63.654 65.564 67.531 69.556 Bonus 30,00% 18.000 18.540 19.096 19.669 20.259 Travel expenses 12.000 12.000 12.360 12.731 13.113 13.506 13.911 Social security contribution 28,00% 16.800 22.344 23.014 23.705 24.416 25.148 Total Fund Manager 88.800 114.504 117.939 121.477 125.122 128.875 Office expenses Cost office space 84.000 84.000 86.520 89.116 91.789 94.543 97.379 Comunicatios 3.600 3.600 3.708 3.819 3.934 4.052 4.173 supllies 5.400 5.400 5.562 5.729 5.901 6.078 6.260 Other Operat. expenses 7.200 7.200 7.416 7.638 7.868 8.104 8.347 Insurance 1.500 1.500 1.545 1.591 1.639 1.688 1.739 Office furniture 1.000 1.000 1.030 1.061 1.093 1.126 1.159 Representatión 24.000 24.000 24.720 25.462 26.225 27.012 27.823 Total Office expenses 126.700 130.501 134.416 138.449 142.602 146.880 Realization Investments/Deinvestments % on amount invested 3,00% prospective investments and realizations 367.500 367.500 367.500 367.500 - - % on amount deinvested 1,50% Expenses associated with realizations deinvestments - - 560.185 560.185 560.185 560.185 Total transactions expenses 367.500 367.500 927.685 927.685 560.185 560.185 Formation expenses Total amount 25.000 25.000 Other operating expenses Legal expenses 10.000 10.000 10.300 10.609 10.927 11.255 11.593 Annual Auditors 5.000 5.000 5.150 5.305 5.464 5.628 5.796
  • 8. Project Fund AAA -Expenses Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6 Board remuneration 0 - - - - - - Other 3.000 3.000 3.090 3.183 3.278 3.377 3.478 Total Other operating expenses 18.000 18.540 19.096 19.669 20.259 20.867
  • 9. Project Fund AAA - Financing Private & Confidential 2008 2009 2010 2011 2012 2013 year 1 year 2 year 3 year 4 year 5 year 6 Leverage Assumptions Fondos Propios Share Capital 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) - - - Retained earnings (831.997) (1.117.895) 1.949.892 - - - Total Equity 12.668.003 25.050.108 28.656.112 28.239.487 15.900.000 1.200.000 Leverage ratio objective 33,00% Financiación de Operaciones Investments in real state 12.250.000 12.250.000 12.250.000 12.250.000 - - % de buildings (no land) 0,00% 25,00% 50,00% 65,00% 0,00% 0,00% Investments covered with debt - 3.062.500 6.125.000 7.962.500 - - Resort to bank debt 40% - 1.225.000 2.450.000 3.185.000 - - Payments Chart Loan year 1 - - - - - Loan year 2 (220.810) (232.292) (244.372) (257.079) Loan year 3 (441.620) (464.585) (488.743) loan year 4 (574.107) (603.960) Bank debt debit Balance - 1.225.000 3.454.190 5.965.277 4.682.214 3.332.432 Leverage 0,00% 4,66% 10,76% 17,44% 22,75% 73,52% Financial expenses - 31.850 121.659 244.906 276.835 208.381
  • 10. Project Fund AAA - P & L Private & Confidential Euros 2008 2009 2010 2011 2012 2013 Total year 1 year 2 year 3 year 4 year 5 year 6 Revenues Gains from deinvestment operations 100.382.625 - - 25.095.656 25.095.656 25.095.656 25.095.656 Dividends (assets in portfolio) - - - - - - - Other revenues - - - - - - - Total Ordinary revenues 100.382.625 - - 25.095.656 25.095.656 25.095.656 25.095.656 % Growth - - 0,00% 0,00% 0,00% Expenses Suscription fee - - - - - - - Management Fee 2.346.788 228.036 472.964 577.998 615.699 370.493 81.598 Success Fee ("Carried Interest") 10.892.852 - - 2.723.213 2.723.213 2.723.213 2.723.213 Transactions expenses 3.710.739 367.500 367.500 927.685 927.685 560.185 560.185 Other Operating expenses 116.431 18.000 18.540 19.096 19.669 20.259 20.867 Personnel 696.717 88.800 114.504 117.939 121.477 125.122 128.875 Office expenses 819.548 126.700 130.501 134.416 138.449 142.602 146.880 - - - - - - - Total Expenses 18.583.076 829.036 1.104.009 4.500.347 4.546.191 3.941.874 3.661.618 % on revenues 18,51% - - 17,93% 18,12% 15,71% 14,59% EBITDA 81.799.549 (829.036) (1.104.009) 20.595.309 20.549.465 21.153.782 21.434.039 % on revenues 81,49% - - 82,07% 81,88% 84,29% 85,41% Depreciation 35.200 6.800 6.800 6.800 6.800 6.800 1.200 EBIT 81.764.349 (835.836) (1.110.809) 20.588.509 20.542.665 21.146.982 21.432.839 % on revenues 81,45% - - 82,04% 81,86% 84,27% 85,40% Financial Income Financialrevenues 745.084 3.839 24.764 115.697 215.706 224.787 160.291 Financial expenses (883.631) - (31.850) (121.659) (244.906) (276.835) (208.381) Other financial expenses - - - - - - - Total Financial Income (138.546) 3.839 (7.086) (5.962) (29.200) (52.048) (48.090) ORDINARY PROFIT 81.625.803 (831.997) (1.117.895) 20.582.547 20.513.465 21.094.935 21.384.749 % on revenues 81,31% - - 82,02% 81,74% 84,06% 85,21% extraordinary revenues - - - - - - - extraordinary expenses - - - - - - - Total Extraordinary items - - - - - - - PROFIT BEFORE TAXATION 81.625.803 (831.997) (1.117.895) 20.582.547 20.513.465 21.094.935 21.384.749 % on revenues 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 % on revenues 52,85% - - 56,03% 53,13% 54,64% 55,39%
  • 11. Project Fund AAA - Cash Flow Private & Confidential Euros 2008 2009 2010 2011 2012 2013 2014 TOTAL year 1 year 2 year 3 year 4 year 5 year 6 year 7 Net Earning Bef. Div. FREE EARNINGS 53.056.772 (831.997) (1.117.895) 14.061.118 13.333.752 13.711.707 13.900.087 - Depreciation 35.200 6.800 6.800 6.800 6.800 6.800 1.200 - Increase/decrease Payable V.A.T. - (77.995) 4.647 73.348 - - - - Increase/decrease Working Capital Debtors - (320) (1.744) (7.578) (8.334) (757) 5.375 13.358 Creditors - 667 20 21 21 22 23 (773) - Operation Cash Flow 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) (25.000) - - - - - - Tangible fixed assets (15.000) (15.000) - - - - - - Real State Investments (core) (49.000.000) (12.250.000) (12.250.000) (12.250.000) (12.250.000) - - - Deinvestments 49.000.000 - - 12.250.000 12.250.000 12.250.000 12.250.000 - Investments Cash Flow (40.000) (12.290.000) (12.250.000) - - 12.250.000 12.250.000 - Cash Flow before Financial Activities 53.051.972 (13.192.845) (13.358.171) 14.133.708 13.332.239 25.967.773 26.156.684 12.585 Shared Capital Increase 50.000.000 13.500.000 13.500.000 12.500.000 10.500.000 - - - Reductions (49.000.000) - - (12.250.000) (12.250.000) (12.250.000) (12.250.000) - supplementary drawndowns Increase - - - - - - - - Reductions - - - - - - - - Long Term Financial facilities Increase / (Reduction) - - 1.225.000 2.229.190 2.511.087 (1.283.063) (1.349.782) (3.332.432) Success Fee Advance Payments - - - - - - - - Fund Liquidation (1.195.200) (1.195.200) Financial Activities Cash Flow (195.200) 13.500.000 14.725.000 2.479.190 761.087 (13.533.063) (13.599.782) (4.527.632) CASH FLOW BEFORE DIVIDENDS 52.856.772 307.155 1.366.829 16.612.898 14.093.326 12.434.710 12.556.902 (4.515.047) payment of Dividends 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) (13.500.000) 10.455.114 13.750.377 26.051.194 28.600.087 1.195.200 SHAREHOLDER´S IRR 38,95% Initial CASH - - 307.155 1.673.984 7.581.767 9.674.717 8.308.232 4.515.047 CASH Increase /Reduction (1.195.200) 307.155 1.366.829 5.907.784 2.092.950 (1.366.485) (3.793.185) (4.515.047) final CASH (1.195.200) 307.155 1.673.984 7.581.767 9.674.717 8.308.232 4.515.047 -
  • 12. Project Fund AAA -Shareholder`s CF Private & Confidential Euros TOTAL 2008 2009 2010 2011 2012 2013 2014 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 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 Share capital Increase (50.000.000) (13.500.000) (13.500.000) (12.500.000) (10.500.000) - - - Reduction 49.000.000 - - 12.250.000 12.250.000 12.250.000 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) (13.500.000) 10.455.114 13.750.377 26.051.194 28.600.087 1.195.200 Shareholder`s TIR 38,95% Shareholder`s NPV 21.465.517 Annual free earnings Cumulative) Dividend 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 Tesorería 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 pay-out 0% 0% 100% 100% 100% 100% 100%
  • 13. Project Fund AAA - Balance Sheets Private & Confidential Euros 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 Fixed Assets 12.283.200 24.526.400 24.519.600 24.512.800 12.256.000 4.800 4.800 Formation expenses 25.000 25.000 25.000 25.000 25.000 25.000 25.000 Intangible fixed assets - - - - - - - Tangible fixed assets 12.265.000 24.515.000 24.515.000 24.515.000 12.265.000 15.000 15.000 Deferred expenses (6.800) (13.600) (20.400) (27.200) (34.000) (35.200) (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 - - - - - - - Cash 307.155 1.673.984 7.581.767 9.674.717 8.308.232 4.515.047 - TOTAL ASSETS 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 13.500.000 27.000.000 27.250.000 25.500.000 13.250.000 1.000.000 1.000.000 Share premium - - - - - - - Legal Reserves - - 1.406.112 2.739.487 2.650.000 200.000 200.000 Voluntary Reserves - (831.997) (1.949.892) - - - - Retained earnings (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 - Other creditors 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 - TOTAL LIABILITIES 12.668.670 26.275.795 32.111.009 34.205.492 20.582.964 4.533.205 4.800 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%
  • 14. Project Fund AAA - Investments Private & Confidential Total Inversión por año 12.290.000 12.250.000 12.250.000 12.250.000 0 0 0 Formation expenses 25.000 0 0 0 0 0 0 Intangible fixed assets 0 0 0 0 0 0 0 Tangible fixed assets 12.265.000 12.250.000 12.250.000 12.250.000 0 0 0 Years of analysis 6 Detail of amout per investment / yerar 2008 2009 2010 2011 2012 2013 2014 Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7 Investnents year 2008 Formation expenses OK 0 0 0 0 0 0 0 Legal expenses 25.000 1 25.000 1 OK 25.000 0 0 0 0 0 0 Patents 0 1 0 1 OK 0 0 0 0 0 0 0 Others 0 1 0 1 OK 0 0 0 0 0 0 0 Intangible fixed assets deferred expenses 0 1 0 1 OK 0 0 0 0 0 0 0 Intercalarios 0 1 0 1 OK 0 0 0 0 0 0 0 Tangible fixed assets lands&buildings, real state 12.250.000 1 12.250.000 1 OK 12.250.000 0 0 0 0 0 0 HW & SW specific 3.000 1 3.000 1 OK 3.000 0 0 0 0 0 0 furniture & fittings 12.000 1 12.000 1 OK 12.000 0 0 0 0 0 0 1 0 1 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0 Investnents year 2009 Formation expenses OK 0 0 0 0 0 0 0 Legal expenses 0 1 0 2 OK 0 0 0 0 0 0 0 Patents 0 1 0 2 OK 0 0 0 0 0 0 0 Others 0 1 0 2 OK 0 0 0 0 0 0 0 Intangible fixed assets deferred expenses 0 1 0 2 OK 0 0 0 0 0 0 0 Intercalarios 0 1 0 2 OK 0 0 0 0 0 0 0 Tangible fixed assets lands&buildings, real state 12.250.000 1 12.250.000 2 OK 0 12.250.000 0 0 0 0 0 HW & SW specific 0 1 0 2 OK 0 0 0 0 0 0 0 furniture & fittings 0 1 0 2 OK 0 0 0 0 0 0 0 1 0 2 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0 Investnents year 2010 Formation expenses OK 0 0 0 0 0 0 0 Legal expenses 0 1 0 3 OK 0 0 0 0 0 0 0 Patents 0 1 0 3 OK 0 0 0 0 0 0 0 Others 0 1 0 3 OK 0 0 0 0 0 0 0 Intangible fixed assets deferred expenses 0 1 0 3 OK 0 0 0 0 0 0 0 Intercalarios 0 1 0 3 OK 0 0 0 0 0 0 0 Tangible fixed assets lands&buildings, real state 12.250.000 1 12.250.000 3 OK 0 0 12.250.000 0 0 0 0 HW & SW specific 0 1 0 3 OK 0 0 0 0 0 0 0
  • 15. Project Fund AAA - Investments Private & Confidential Total Inversión por año 12.290.000 12.250.000 12.250.000 12.250.000 0 0 0 Formation expenses 25.000 0 0 0 0 0 0 Intangible fixed assets 0 0 0 0 0 0 0 Tangible fixed assets 12.265.000 12.250.000 12.250.000 12.250.000 0 0 0 Years of analysis 6 Detail of amout per investment / yerar 2008 2009 2010 2011 2012 2013 2014 Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7 furniture & fittings 0 1 0 3 OK 0 0 0 0 0 0 0 1 0 3 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0 Investnents year 2011 Formation expenses OK 0 0 0 0 0 0 0 Legal expenses 1 0 4 OK 0 0 0 0 0 0 0 Patents 1 0 4 OK 0 0 0 0 0 0 0 Others 1 0 4 OK 0 0 0 0 0 0 0 Intangible fixed assets deferred expenses 1 0 4 OK 0 0 0 0 0 0 0 Intercalarios 1 0 4 OK 0 0 0 0 0 0 0 Tangible fixed assets lands&buildings, real state 12.250.000 1 12.250.000 4 OK 0 0 0 12.250.000 0 0 0 HW & SW specific 1 0 4 OK 0 0 0 0 0 0 0 furniture & fittings 1 0 4 OK 0 0 0 0 0 0 0 1 0 4 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0
  • 16. Project Fund AAA - Investments Private & Confidential Total Inversión por año 12.290.000 12.250.000 12.250.000 12.250.000 0 0 0 Formation expenses 25.000 0 0 0 0 0 0 Intangible fixed assets 0 0 0 0 0 0 0 Tangible fixed assets 12.265.000 12.250.000 12.250.000 12.250.000 0 0 0 Years of analysis 6 Detail of amout per investment / yerar 2008 2009 2010 2011 2012 2013 2014 Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7 Investnents year 2012 Formation expenses OK 0 0 0 0 0 0 0 Legal expenses 1 0 5 OK 0 0 0 0 0 0 0 Patents 1 0 5 OK 0 0 0 0 0 0 0 Others 1 0 5 OK 0 0 0 0 0 0 0 Intangible fixed assets deferred expenses 1 0 5 OK 0 0 0 0 0 0 0 Intercalarios 1 0 5 OK 0 0 0 0 0 0 0 Tangible fixed assets lands&buildings, real state 0 1 0 5 OK 0 0 0 0 0 0 0 HW & SW specific 1 0 5 OK 0 0 0 0 0 0 0 furniture & fittings 1 0 5 OK 0 0 0 0 0 0 0 1 0 5 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0 Investnents year 2013 Formation expenses OK 0 0 0 0 0 0 0 Legal expenses 1 0 6 OK 0 0 0 0 0 0 0 Patents 1 0 6 OK 0 0 0 0 0 0 0 Others 1 0 6 OK 0 0 0 0 0 0 0 Intangible fixed assets deferred expenses 1 0 6 OK 0 0 0 0 0 0 0 Intercalarios 1 0 6 OK 0 0 0 0 0 0 0 Tangible fixed assets lands&buildings, real state 0 1 0 6 OK 0 0 0 0 0 0 0 HW & SW specific 1 0 6 OK 0 0 0 0 0 0 0 furniture & fittings 1 0 6 OK 0 0 0 0 0 0 0 1 0 6 OK 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0 RPI anual constant 3,0%
  • 17. Project Fund AAA - Depreciations Private & Confidential Total depreciation per year 6.800 6.800 6.800 6.800 6.800 1.200 1.200 1.200 1.200 1.200 accelerated depreciation rates Investments year 2005 40,00% 30,00% 20,00% 10,00% Investments year 2006 40,00% 30,00% 20,00% 10,00% do not aplly accelerated depreciation Investments year 2007 40,00% 30,00% 20,00% 10,00% Investments year 2008 40,00% 30,00% 20,00% 10,00% Investments year 2009 40,00% 30,00% 20,00% 10,00% Investments year 2010 40,00% 30,00% 20,00% 10,00% Period of depreciation 6 Depreciation amount per investment /year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7 8 9 10 Investnents year 2008 Formation expenses Legal expenses 25.000 1 25.000 1 5 OK 5.000 5.000 5.000 5.000 5.000 0 0 0 0 0 Patents 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0 Others 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0 Intangible fixed assets deferred expenses 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0 Intercalarios 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0 Tangible fixed assets lands&buildings, real state 12.250.000 1 12.250.000 1 0 # 0 0 0 0 0 0 0 0 0 0 HW & SW specific 3.000 1 3.000 1 5 OK 600 600 600 600 600 0 0 0 0 0 furniture & fittings 12.000 1 12.000 1 10 OK 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 0 0 1 0 1 5 OK 0 0 0 0 0 0 0 0 0 0 OK Investnents year 2009 Formation expenses Legal expenses 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0 Patents 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0 Others 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0 Intangible fixed assets deferred expenses 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0 Intercalarios 0 1 0 2 5 OK 0 0 0 0 0 0 0 0 0 0 Tangible fixed assets lands&buildings, real state 12.250.000 1 12.250.000 2 0 # 0 0 0 0 0 0 0 0 0 0 HW & SW specific 0 1 0 2 0 OK 0 0 0 0 0 0 0 0 0 0 furniture & fittings 0 1 0 2 0 OK 0 0 0 0 0 0 0 0 0 0 0 0 1 0 2 0 OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0 0 0 0 Investnents year 2010 Formation expenses Legal expenses 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0 Patents 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0 Others 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0 Intangible fixed assets deferred expenses 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0 Intercalarios 0 1 0 3 5 OK 0 0 0 0 0 0 0 0 0 0 Tangible fixed assets lands&buildings, real state 12.250.000 1 12.250.000 3 0 # 0 0 0 0 0 0 0 0 0 0 HW & SW specific 0 1 0 3 0 OK 0 0 0 0 0 0 0 0 0 0 furniture & fittings 0 1 0 3 0 OK 0 0 0 0 0 0 0 0 0 0
  • 18. Project Fund AAA - Depreciations Private & Confidential Total depreciation per year 6.800 6.800 6.800 6.800 6.800 1.200 1.200 1.200 1.200 1.200 accelerated depreciation rates Investments year 2005 40,00% 30,00% 20,00% 10,00% Investments year 2006 40,00% 30,00% 20,00% 10,00% do not aplly accelerated depreciation Investments year 2007 40,00% 30,00% 20,00% 10,00% Investments year 2008 40,00% 30,00% 20,00% 10,00% Investments year 2009 40,00% 30,00% 20,00% 10,00% Investments year 2010 40,00% 30,00% 20,00% 10,00% Period of depreciation 6 Depreciation amount per investment /year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Item Price Unit. Un. Amount Year icorp. term deprc Test 1 2 3 4 5 6 7 8 9 10 0 0 1 0 3 0 OK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OK 0 0 0 0 0 0 0 0 0 0