Monte Carlo AutomobileStrategic Investment Summary

Monte Carlo Automobile

symbolises the values of extreme success,

luxury and pleasure

and highly exclusive is unique

Monte Carlo Automobile Brand

Culture of extravagance,

extreme success,luxurious comfort and pleasure

PeopleFulvio Maria Ballabio, together with a number of former Formula 1 drivers, European aristocracy, diplomats and other exclusive personalities form and support the exclusive environment surrounding Monte Carlo Automobile.

Monte Carlo Automobile is officially endorsed endorsed by the Sovereign Prince Albert II of

Monaco.

EventsAn Exclusive Monte Carlo Automobile Club will be organizing high-class events surrounded by legend and exclusivity. A place where a happy few HNWIs will socialize with other likeminded people.

MCA Exclusive Club will focus on creation of unique experience for the invited.

During the Offshore GP from Italy

in Stressa, Monte Carlo Automobile

received the “Green light” and

endorsement from the FiA for the

Monte Carlo Automobile “Tri-Fuel” car

development.

The FiA endorsement will include the

organization of a dedicated “Monte

Carlo Automobile Mono Car Challenge

Cup” championship in 2011.

This championship is separately

financed by “Gentleman drivers/

sponsors” who will buy a championship

seat like for all other FiA competitions.

The races will be held over 8 to 10 venues

(Middle East, India, US, Europe,…) across

the world and will become the major

and exclusive marketing platform for

the MCA brand.

As a counterpart for a “supply contract”

of the racing cars, MCA will “receive”

the major sponsorship of the event

and will develop this championship as

the unique promotion tool of the MCA

Club.

During those weekends’ very limited

and selected new clients, licensing

partners and media will be invited to

experience the exclusive MCA brand.

The “limited guests” will be able to

try the MCA ALA 50 and/or to get a

seat next to a “famous” racing pilot to

experience the “Brand Power”.

Other parallel happenings focused on

the luxury and exclusivity pleasure

attributes of the brand such as “fashion

defiles and Gala evenings” will take

place.

Those events will be financed with the

Marketing Budget of MCA and will be

the materialization of the Monte Carlo

Exclusive Club.

Monte Carlo Automobile Challenge Cup

TeamThe technical team is led by Fulvio Maria Ballabio, a former world champion in offshore power boat racing and Formula 1 driver.

The project is driven by a management team comprising the most renowned specialists in car manufacturing, brand and company value creation.

Technical Team

Fulvio Maria Ballabio

Hands-on engineer

Former F1 driver

World champion off-shore in 1987

Member of the Spirit Hart F1 team with friend

co-pilot Emerson Fittipaldi

Developer of the Centenaire and of the new ALA

50

Chairman and Chief Visionary Officer of MCA

                   

Roberto Rossetti

Ex R&D Fiat/Alfa Romeo

Homologation expert

Expertise in Electronics

Patented the first electrical car back in the 80es

Chief engineer MCA

Giorgio Lumini

Former Chief preparator / tuner of Honda raging

team

Tuning Engineer MCA

Guglielmo Bellasi team

9 staff

Former F1 pilot

First manufacturer of carbon fiber cars

Works for Maserati,Toyota and other major

racing teams

External support from FIA: ing. Bonifacio

FiA Alternative Energies Commission

ACI CSAI Vice President SC Energie Alternative

Management Team

Giancarlo d’Elia

An international manager with a sound track record

Had top management mandate in several

international corporations 

Founder and CFO of Xeon International

Will be in charge of the general and financial

management of the project

Marta Vassileva

Marta scored with branding strategies on upper

markets

Master in Marketing and Communication at the

Solvay Business School

Marta will be responsible for the Branding & PR

Yves Duponselle

An expert in business internationalization and

organic growth development with a consolidated

experience in consumer industry.

Developed and implemented double digit growth

strategies within Fortune 500 corporation

Founder and CEO of Xeon International

Will be in charge of the international marketing &

sales strategy

Robert Juarez

A licensing professional

Robert spent his professional career developing

business worldwide within Fortune 500 corporations

Consolidated PlanK EUR

Total 2009

Total 2010

Growth 2009-2010

Total 2011

Growth 2010-2011

Total 2012

Growth2011-2012

Total 2013

Growth2012-2013

1. MCA Car RevenuesNumber of Fuel cars sold 1 2 5 5 4

Suggested Retail Price per Fuel car 890 890 890 890 890

Revenues from sales of Fuel cars 890 1 780 100,0% 4 450 150,0% 4 450 0,0% 3 560 -20,0%

Number of Tri-fuel cars sold 0 3 6 6 8

Suggested Retail Price per Tri-Fuel car 0 1 135 1 135 1 135 1 135

Revenues from sales of Tri-Fuel cars 0 3 405 n.a. 6 810 100,0% 6 810 0,0% 9 080 33,3%

Total Revenues 890 5 185 498,9% 11 260 121,6% 11 260 0,5% 12 640 12,1%

2. MCA Car Cost of Goods SoldNumber of Fuel cars produced 1 3 4 5 4

Production costs of Fuel car 513 513 463 463 463

Number of Tri-Fuel cars produced 1 3 6 7 8

Production costs of Tri-Fuel car 613 520 463 463 463

Total Cost of Goods Sold 513 2 616 409,9% 5 093 94,7% 5 093 0,0% 5 556 9,1%

Gross Profit 377 2 569 635,6% 6 167 150,0% 6 167 0,0% 7 084 15,9%

Gross profit/Sales 42,4% 49,5% 54,8% 54,8% 56,0%

3. MCA Car Cost of SalesDealer commission (15% from sales) 134 778 1 689 1 689 1 896

Marketing investments (test drives, web-site, corporate identity, collaterals, etc.)

60 320 433,3% 525 64,1% 450 -14,3% 450 0,0%

Show room in Monte Carlo 0 104 104 104 104

Total Cost of Sales 194 1 202 498,9% 2 318 121,6% 2 243 0,5% 2 450 12,1%

4. MCA Car Indirect ExpensesPersonnel costs 71 412 301,9% 451 9,6% 576 27,7% 356 -38,2%

General Management fees 30 126 320,0% 132 5,0% 139 5,0% 146 5,0%

Value Creation Team 0 180 200 11,1% 240 20,0% 0 n.a.

Employees’ department 62 66 5,0% 69 5,0% 135 95,7% 141 5,0%

Workers’ department/Technical support 10 40 300,0% 50 25,0% 63 25,0% 69 10,0%

General & Administrative costs 97 102 5,0% 107 5,0% 112 5,0% 118 5,0%

Homologation costs 100 204 12 13 13

Total Indirect Expenses 220 717 217,6% 570 5,1% 701 4,7% 487 -17,9%

EBITDA from MCA Car -36 650 -660,7% 3 279 404,5% 3 223 -1,7% 4 147 29,0%

EBITDA/Car Sales -4,1% 12,5% 29,1% 28,6% 32,8%

1. MCA Licensing RevenuesPartner Sales of licensed goods 0 945 2 766 6 810 7 485

Guaranteed minimum royalty 0 60 360 360 360

Running royalty 0 85 189 253 314

Total Revenues 0 145 549 613 674

2. Cost of SalesLuxury Lifestyle Magazines 0 27 18 15 15

PR 0 27 18 15 15

Luxury Exhibitions 0 54 35 30 30

MCA Exclusive Club/Events 0 162 105 90 90

Total Cost of Sales 0 270 175 150 150

3. Indirect ExpensesLicensing (35% from the royalties) 0 51 192 215 236

General Management fees 0 60 60 60 60

Employees’ department 0 0 0 0 0

Workers’ department 0 0 0 0 0

General & Admin. costs 10 20 20 20 20

Total Indirect Expenses 10 131 272 295 316

EBITDA from MCA Licensing -10 -256 102 168 208

EBITDA/Revenues from royalties -176% 18,5% 27,5% 30,9%

Overall MCA EBITDA -126 394 413,1% 3 381 757,7% 3 391 0,3% 4 365 28,7%

Taxes 0 80 1 582 1 017 1 309

NET PROFIT -126 314 1 798 2 374 3 055

Working capital

Changes in working capital 800 513 -463 463 0

Cash flow from operations -926 -199 78,5% 2 261 1234,5% 1 911 15,5% 3 055 59,9%

Investments -820

Free Cash Flow -1 746 -1 389 20,4% 2 261 262,8% 1 411 -37,6% 2 555 81,1%

WACC (annual) 18,00%

Discount factor 0,959

Discounted free cash flow -806

Terminal value

22 536Net present value 10 471

Internal Rate of Return 56,9%

Internal Rate of Return (annual) 11,9%

* First Round Investors have the advantage to benefit from a low valuation Second Round Investor will pay a higher price

Assumptions            

Guaranteed minimum royalty 20% of the licensee

turnover paid up-front  

Running royalty 9% of the licensee turnover paid on

quarterly basis

Threshold licensee’s revenues, 1st contract €300 K

Threshold licensee’s revenues, 2nd contract €1,800 K        

Term of 1st license contract 2 years        

Term of 2nd license contract 3 years        

Return on fixed assets (quarterly) 10.4%          

Fixed Assets 500          

Tax rate 30% WACC (annual) 18%          

Number of periods per year 4          

Free Cash Flow growth rate during

intermediate period from 2013 to 2017 5%          

Terminal growth (annually) 2%          

Terminal growth (quarterly) 0.50%

Car - Revenues

The sales objectives for the car have

been set at 5 pcs in 2010 and reaching

12 pcs in 2013

The sales mix is based on 2 different

motorisations (Fuel and Tri-Fuel) with

a progressive increase towards the Tri-

Fuel model

The Diesel version can be realized

and can be sold in replacement of

the existing mix but has not been

considered in order to avoid too high

entry steps for first round investors

The cars will be allocated by continent

(25% in US; 25% in Europe; 25% in

Russia and 25% in India and China)

to support the MCA shortage and

collector Strategy  

The sales plan has not included the

sales of the racing version for FiA

Alternatives Energies cup

The sales of the car can be easily

increased but has been kept on a

conservative base to reduce entry

levels for the first investors

K EURTotal 2009

Total 2010

Growth 2009-2010

Total 2011

Growth 2010-2011

Total 2012

Growth2011-2012

Total 2013

Growth2012-2013

1. MCA Car Revenues

Number of Fuel cars sold 1 2 5 5 4

Suggested Retail Price per Fuel car 890 890 890 890 890

Revenues from sales of Fuel cars 890 1 780 100,0% 4 450 150,0% 4 450 0,0% 3 560 -20,0%

Number of Tri-fuel cars sold 0 3 6 6 8

Suggested Retail Price per Tri-Fuel car 0 1 135 1 135 1 135 1 135

Revenues from sales of Tri-Fuel cars 0 3 405 n.a. 6 810 100,0% 6 810 0,0% 9 080 33,3%

Total Revenues 890 5 185 498,9% 11 260 121,6% 11 260 0,5% 12 640 12,1%

The current production site has the capacity

of 12 new cars a year            

An additional production site has not been

considered in this business plan but can be

auto financed from 2012 on    

Satelite assembly sites (Russia, USA,…) have

not been considered at this time and can be

auto financed from 2012 on  

The production capacity is foreseen to ramp

up in 2011 and to stabilize in 2012 and 2013        

The Fuel and Tri-Fuel models will be based

on the Audi/ Lanborghini V8 engine but

branded MCA      

The Diesel version will be based on the award

winning Peugeot “Le Mans “engine          

All cars (Except Diesel version) will be

functioning with the F-1 KERS (Kinetic Energy

Recovery System)      

All cars will be in full carbon fiber frames

and equipped with MCA proprietary Gear

Box technology      

Car - Cost of Goods Sold

K EURTotal 2009

Total 2010

Growth 2009-2010

Total 2011

Growth 2010-2011

Total 2012

Growth2011-2012

Total 2013

Growth2012-2013

2. MCA Car Cost of Goods Sold

Number of Fuel cars produced 1 3 4 5 4

Production costs of Fuel car 513 513 463 463 463

Number of Tri-Fuel cars produced 1 3 6 7 8

Production costs of Tri-Fuel car 613 520 463 463 463

Total Cost of Goods Sold 513 2 616 409,9% 5 093 94,7% 5 093 0,0% 5 556 9,1%

Gross Profit 377 2 569 635,6% 6 167 150,0% 6 167 0,0% 7 084 15,9%

Gross profit/Sales 42,4% 49,5% 54,8% 54,8% 56,0%

Superior interior finish will be guaranteed

and will include amongs others:            

1. Interior design signed by Prada or MOMO

Design

2. Integrated Black Box data registraton

3. Sattelite Anti-Theft tracker

4. Invisible shield technology coating for

Bullet proof windows

5. Touch surface technology for control

buttons

6. ECIE Engineering internal and external

lighting

7. Clarion full multi media solution with

rear view cameras

8. Frank Müller / Cartier watch

9. Polarized sun shading system

The cars will be equipped with the MCA

proprietary “Dual Position” suspension

system (High and Low) - Patent possible.

The car tuning will be taken care by

former Honda Racing tuning engineer.

The engineering of the car will be

supervised by Ing. Rossetti and FiA Ingr.

Bonifacio

From 2010 on a cost reduction program

will be obtained based on optimized

procurement strategy

MCA can deposit 2 Patents (Optional)

Car - Technical Specifications and Cost

Monte Carlo Automobile Car

global cost

Component description

Selected supplier/s

Remarks / Technical Specs

Cost range (€)

Engine variants:

All engines will be branded Monte Carlo Automobile

Fuel version

(based on GT version)

Adapted to MCA 180 000

Tri-fuel

Basis engine transformed

in tri-fuel with MCA proprietary

technology

230 000

Diesel

Engine used by Peugeot / Renault

F1 Porsche Cayenne

350 000

Frame:

On board electronic systems:describe electronic

philosophy & technology principle

Multimedia system & concept

Central cell in carbon fiberFront frame

and deformable honeycomb

150 000

MCA by

Double Din 7” Display

dvd / gps / usb gate cd / mp3 / radio / TV tuner / reading

engine data

3 000

Dashboard technology

5 000

Air 10 000

Rear View Camera

350

Black Box 8 000

Satellite Anti Theft

Programmable 10 000

Monte Carlo Automobile Car

global cost

Component description

Selected supplier/s

Remarks / Technical Specs

Cost range (€)

Interior design elements:

Dashboard

*

Designers shortlisted 20 000

Watch

*

*

*

14 000

Seats

6 000

Carpet type 2 500

Buttons & other operating devices

Touch Button Technology 1 000

Internal lighting 5 000

Sun shades Polarized Lenses 2 000

Steering wheelMOMO only if MOMO design

version1 000

Pedals 5 000

Central locking system

Electronic provider for F1 cars 1 000

Airbags 10-unit system 7 000

Gear box technology

MCA proprietary based on X TRAC

version

Automatic + steering wheel

commandsX TRAC supplies

F1 cars

2 500

Monte Carlo Automobile

Car global cost

Component description

Selected supplier/s

Remarks / Technical Specs

Cost range (€)

External elements:

Tyres19” Front - 20”

Rear2 000

Rims 3 000

Windows/Glass type

Coated with bullet proof

invisible shield technology

4 000

Side mirrors MCA hand-madecarbon fiber

delivered with body

External lights delivered with body

Indicators delivered with body

Brakes systemBrake systems

specialists6 000

Exhaust pipe MCA ProprietaryDeveloped with

the engine650

Roof Cellar Solar Panel

to be defined Optional

* brands selected to be confirmed

Projected Total Costs2009-2010

Fuel Version 513 000

Tri-Fuel Version 613 000

Diesel 678 350

Tri-Fuel Engines are using 3 types of Fuel : Gasoline, bioethanol E85 and GPL prophane liquid gas

Manpower costs

Assembling 25 000

Engineering 35 000

Tuning 38 000

Other costs: 12 000

Car - Other Technical Specifications

Monte Carlo Automobile

Engine variantscc/power

Maximum powerhp

Compression ratio

Max. Torque Coolant AspirationCatalytic

converterOther

Fuel version 4400 cc 580 cv @ 7000 g/m650 cv with kers

12,5:1 600 Nm@4800>5800 g/m

water/glycolradiators water oil

twin turbowith 2

intercooler

three way/Euro 4

KERS

Tri-fuel 4400 cc 630 cv @ 7100 g/m700 cv with Kers

12,5:1 640 Nm@4600>5600 g/m

idem twin turbowith 2

intercooler

three way/Euro 4

KERS

Diesel 5500 cc 700 cv @ 6800 g/mby Mecachrome

14,0:1 1000Nm/ 3500>5000 g/m

idem twin turbo with 2

intercooler

FAP/ three way E5 n/a

all models: differenziale elettronico con sistema del controllo di trazione.

Gear box(all models) MCA elettronico, doppia frizione e preselezione delle marce. Doppia modalita di comando ,automatico e al volante tramite leve

Brake (all models)

ABS di tipo adattativo anteriori dischi autoventilanti con pinza a otto pistoncini posteriori dischi con freno di stazionamento a comando elettrico

Monte Carlo Automobile Colour codes

Supplier: Colour description Basic color variants Optional cololur variants

Interior Recaro Gavina LeatherPolar white, Night Black, Colonial Brown, Blue

SharkOn demand

Exterior Lechler Type of paintBlue Cote D’azur, Old English White, British

Racing Green, Carbon LookOn demand

Monte Carlo Automobile Patents Description Description Benefit

Patent 1I.F.A.S.

Double Wings Ground Effect Lower Wing stability

Internal Flow Air System Concave Effect Upper Wing street adherence

Patent 2 Dual Level Suspension SystemCar elevation system for bad roads and

garage entries70mm Elevation

Monte Carlo Automobile is a

high end automobile deliveringexclusivity and luxury

The cost of sales include the efforts required

for assuring the sales of the car        

The mix is concentrated on 3 major points:          

1. Attractive margins for dealers

2. Marketing budget to attract new clients

3. A show room in Monte Carlo          

The Marketing budget in 2010 will be used to

attend a limited number of car shows        

The Marketing budget from 2011 on will

exclusively be used to finance the event costs

of the FiA championship  

The show room in Monte Carlo will host 3

cars (One Centenaire; One ALA-50 and one

MCA Racing version)    

Cost of Sales is following the production

capacity and will be increased accordingly if

the production capacity will be increased

Car - Cost of Sales

K EURTotal 2009

Total 2010

Growth 2009-2010

Total 2011

Growth 2010-2011

Total 2012

Growth2011-2012

Total 2013

Growth2012-2013

3. MCA Car Cost of Sales

Dealer commission (15% from sales) 134 778 1 689 1 689 1 896

Marketing investments (test drives, web-site, corporate identity, collaterals, etc.)

60 320 433,3% 525 64,1% 450 -14,3% 450 0,0%

Show room in Monte Carlo 0 104 104 104 104

Total Cost of Sales 194 1 202 498,9% 2 318 121,6% 2 243 0,5% 2 450 12,1%

Car - Indirect CostK EUR

Total 2009

Total 2010

Growth 2009-2010

Total 2011

Growth 2010-2011

Total 2012

Growth2011-2012

Total 2013

Growth2012-2013

4. MCA Car Indirect Expenses

Personnel costs 71 412 301,9% 451 9,6% 576 27,7% 356 -38,2%

General Management fees 30 126 320,0% 132 5,0% 139 5,0% 146 5,0%

Value Creation Team 0 180 200 11,1% 240 20,0% 0 n.a.

Employees’ department 62 66 5,0% 69 5,0% 135 95,7% 141 5,0%

Workers’ department/Technical support 10 40 300,0% 50 25,0% 63 25,0% 69 10,0%

General & Administrative costs 97 102 5,0% 107 5,0% 112 5,0% 118 5,0%

Homologation costs 100 204 12 13 13

Total Indirect Expenses 220 717 217,6% 570 5,1% 701 4,7% 487 -17,9%

MCA Car related indirect expenses Details of cost positions

Personnel costs The following costs have been planned to cover:

General Management fees Managing director’s / Chief of R&D salary (Fulvio Maria Ballabio)

Value Creation Team

Xeon International’s regular management role covering the following sectors:

� General Company Management � Finance Management � Marketing & Sales Management � Licensing partners’ management

Employees’ departmentBased on headcount, 1 employee planned for 2009-2011Administrative employee ensuring assistant and coordination workA second employee planned from 2012

Workers’ department / Technical support Technical assistant full time

General & Administrative costs

� Legal expenses � Accounting fees � Office rent� Travel expenses� Bank related expenses

Homologation costs

In order to be street legal the cars need a street homologation.Due to the fact that Monte Carlo Automobile manufactures a limited amount of cars per yearthe homologation can be applied on an individual car basis at much lower cost than using the traditional car homologation procedure

DistributionMonaco will host the only showroom of Monte Carlo Automobile.

The access to MCA licensed goods will be limited to boutiques in New York, Monaco, London, Moscow, Shanghai and Dubai.

The Licensing strategy is to launch a MCA product

range that will mostly be used to create brand

awareness at zero cost for the MCA brand

The MCA Licensing revenues have been very much

undervalued

Current forecast counts with Partner sales of

licensing goods of €7,5 million however realistic

partner sales will amount around €50 million

generating €5 million of additional revenues for

MCA

The MCA Licensing range will develop gradually

on a step by step approach, starting with easy to

source articles and ending with more sophisticated

products All products can be considered: Fashion

Clothing, Exclusive Shoes, Limited Sportswear, Luxury

Accessories, Jewels, Boats, ...

The licensing revenue model is based on guaranteed

minimums to be paid upfront by the licensee and

running royalties

Licensing - Revenues

K EURTotal 2009

Total 2010

Growth 2009-2010

Total 2011

Growth 2010-2011

Total 2012

Growth2011-2012

Total 2013

Growth2012-2013

1. MCA Licensing Revenues

Partner Sales of licensed goods 0 945 2 766 6 810 7 485

Guaranteed minimum royalty 0 60 360 360 360

Running royalty 0 85 189 253 314

Total Revenues 0 145 549 613 674

Goods & PricingThe exclusivity of the products will set the price level high. On the other hand, the price levels will guarantee exclusivity.

The Licensing goods will be promoted

in very exclusive Lifestyle Magazines

and through Public Relations

A budget has been foreseen to attend

the biggest licensing fairs to activate

new partners  

The majority of the Licensing cost of

sales budget will be used to finance

visits (Master licensee and his major

clients) to the FiA Alternatives

Energies Cup

The budget is subject to adaptation

to the licensing revenue results  The

“limited guests” will be able to try

the MCA ALA 50 and/or to get a seat

next to a “famous” racing pilot to

experience the “Brand Power”.

Other parallel happenings focused on

the luxury and exclusivity pleasure

attributes of the brand such as

“fashion defiles and Gala evenings

“will take place.

Those events will be financed with

the Marketing Budget of MCA and will

be the materialization of the Monte

Carlo Exclusive Club.

Licensing - Cost of Sales

K EURTotal 2009

Total 2010

Growth 2009-2010

Total 2011

Growth 2010-2011

Total 2012

Growth2011-2012

Total 2013

Growth2012-2013

2. Cost of Sales

Luxury Lifestyle Magazines 0 27 18 15 15

PR 0 27 18 15 15

Luxury Exhibitions 0 54 35 30 30

MCA Exclusive Club / Events 0 162 105 90 90

Total Cost of Sales 0 270 175 150 150

Licensing - Indirect Costs

K EURTotal 2009

Total 2010

Growth 2009-2010

Total 2011

Growth 2010-2011

Total 2012

Growth2011-2012

Total 2013

Growth2012-2013

3. Indirect Expenses

Licensing (35% from the royalties)

0 51 192 215 236

General Management fees

0 60 60 60 60

Employees’ department 0 0 0 0 0

Workers’ department 0 0 0 0 0

General & Admin. costs 10 20 20 20 20

Total Indirect Expenses 10 131 272 295 316

Monte Carlo Automobile - Licensing indirect expenses

Details of cost positionsThe following costs have been planned to cover:

Licensing (35% from the royalties)The management of the licensing agreements are usually calculated at 35% of the licensing revenues

General Management fees

A licensing professional working full time for Monte Carlo AutomobileMain tasks: setting up the MCA licensing program, selecting and recruiting the right licensees,Managing the llicense agreements,

Employees’ department No specific entry to date for dedicated licensing employees

Workers’ department No specific entry to date for dedicated licensing employees

General & Admin. costs� Legal expenses� Accounting fees� Rental Expenses

Conclusions & Requirements

The company to invest in is a limited

liability company registered in Monaco

The first valuation method “assets valuation

“evaluated the assets (including a brand

certification) of the company at €10 million

The second valuation “company

replacement cost” (how much the buyer

would need to invest in order to achieve

the same result) has been valued at €11,2

million

The third valuation “Discounted Cash

Flow” with conservative projections made

reached a value of €10,47million

The company needs a minimum of € 3,9

million initial cash injections

The current shareholders agreed to keep

75% of the equity in the company

The proposed price is set at €5.2 million for

49%

The company value is estimated at €22,5

million in 5 years

K EURTotal 2009

Total 2010

Growth 2009-2010

Total 2011

Growth 2010-2011

Total 2012

Growth2011-2012

Total 2013

Growth2012-2013

Taxes 0 80 1 582 1 017 1 309

NET PROFIT -126 314 1 798 2 374 3 055

Working capital

Changes in working capital 800 513 -463 463 0

Cash flow from operations -926 -199 78,5% 2 261 1234,5% 1 911 15,5% 3 055 59,9%

Investments -820

Free Cash Flow -1 746 -1 389 20,4% 2 261 262,8% 1 411 -37,6% 2 555 81,1%

WACC (annual) 18,00%

Discount factor 0,959

Discounted free cash flow -806

Terminal value

22 536 Net present value 10 471

Internal Rate of Return 56,9%

Internal Rate of Return (annual) 11,9%

Milestones

October November December

1. Visit of the premises

2. Presentation of detailed business plan

3. Frame of collaboration (Supervisory Board,….)

4. Negotiations & Letter of Intent

5. Contract proposal

6. Contract signatures and First Capital Call