Variable Fijo unidades vendidasaño 1 980,000,000.00 784,000,000.00 196,000,000.00 3500000año 2 1,024,100,000.00 860,244,000.00 204,820,000.00 3675000año 3 1,070,184,500.00 970,871,378.40 214,036,900.00 3969000año 4 1,118,342,802.50 1,116,016,649.47 223,668,560.50 4365900año 5 1,168,668,228.61 1,253,705,337.16 233,733,645.72 4693343año 6 1,221,258,298.90 1,408,381,309.90 244,251,659.78 5045344año 7 1,276,214,922.35 1,582,140,412.35 255,242,984.47 5423745año 8 1,333,644,593.86 1,777,337,023.83 266,728,918.77 5830526año 9 1,393,658,600.58 1,996,615,835.79 278,731,720.12 6267815año 10 1,456,373,237.61 2,242,948,272.92 291,274,647.52 6737901

manodeVariable Fijo unidades vendidas

año 1 370000000 296,000,000.00 74,000,000.00 3500000año 2 386650000 324,786,000.00 77,330,000.00 3675000año 3 404049250 366,553,479.60 80,809,850.00 3969000año 4 422231466 421,353,224.80 84,446,293.25 4365900año 5 441231882 473,337,729.34 88,246,376.45 4693343año 6 461087317 531,735,800.68 92,217,463.39 5045344año 7 481836246 597,338,727.11 96,367,249.24 5423745año 8 503518877 671,035,406.95 100,703,775.45 5830526año 9 526177227 753,824,346.17 105,235,445.35 6267815año 10 549855202 846,827,409.16 109,971,040.39 6737901

Depreciacion edificacionesVA $800,000,000.00VS $50,000,000.00

Vactivo depre depre acumi Vliaño 0 $800,000,000.00 0 0 $800,000,000.00año 1 $800,000,000.00 $37,500,000.00 $37,500,000.00 $762,500,000.00año 2 $800,000,000.00 $37,500,000.00 $75,000,000.00 $725,000,000.00año 3 $800,000,000.00 $37,500,000.00 $112,500,000.00 $687,500,000.00año 4 $800,000,000.00 $37,500,000.00 $150,000,000.00 $650,000,000.00año 5 $800,000,000.00 $37,500,000.00 $187,500,000.00 $612,500,000.00año 6 $800,000,000.00 $37,500,000.00 $225,000,000.00 $575,000,000.00año 7 $800,000,000.00 $37,500,000.00 $262,500,000.00 $537,500,000.00año 8 $800,000,000.00 $37,500,000.00 $300,000,000.00 $500,000,000.00año 9 $800,000,000.00 $37,500,000.00 $337,500,000.00 $462,500,000.00año 10 $800,000,000.00 $37,500,000.00 $375,000,000.00 $425,000,000.00año 11 $800,000,000.00 $37,500,000.00 $412,500,000.00 $387,500,000.00año 12 $800,000,000.00 $37,500,000.00 $450,000,000.00 $350,000,000.00año 13 $800,000,000.00 $37,500,000.00 $487,500,000.00 $312,500,000.00año 14 $800,000,000.00 $37,500,000.00 $525,000,000.00 $275,000,000.00año 15 $800,000,000.00 $37,500,000.00 $562,500,000.00 $237,500,000.00año 16 $800,000,000.00 $37,500,000.00 $600,000,000.00 $200,000,000.00año 17 $800,000,000.00 $37,500,000.00 $637,500,000.00 $162,500,000.00año 18 $800,000,000.00 $37,500,000.00 $675,000,000.00 $125,000,000.00año 19 $800,000,000.00 $37,500,000.00 $712,500,000.00 $87,500,000.00año 20 $800,000,000.00 $37,500,000.00 $750,000,000.00 $50,000,000.00

depreciacion equiposva $450,000,000.00vs $0.00

vactivo depre depre acu vlibros digitoaño 0 $450,000,000.00 0 0 450000000 0año 1 $450,000,000.00 8181818.181818 8181818.1818182 441818181.8182 1año 2 $450,000,000.00 16363636.36364 24545454.545455 425454545.4545 2año 3 $450,000,000.00 24545454.54545 49090909.090909 400909090.9091 3año 4 $450,000,000.00 32727272.72727 81818181.818182 368181818.1818 4año 5 $450,000,000.00 40909090.90909 122727272.72727 327272727.2727 5año 6 $450,000,000.00 49090909.09091 171818181.81818 278181818.1818 6año 7 $450,000,000.00 57272727.27273 229090909.09091 220909090.9091 7año 8 $450,000,000.00 65454545.45455 294545454.54545 155454545.4545 8año 9 $450,000,000.00 73636363.63636 368181818.18182 81818181.81818 9año 10 $450,000,000.00 81818181.81818 450000000 0 10

55depreciacion laboratoriosva $360,000,000.00vs $0.00

año 0 $360,000,000.00 0 0 $360,000,000.00año 1 $360,000,000.00 $72,000,000.00 $72,000,000.00 $288,000,000.00

año 2 $360,000,000.00 $72,000,000.00 $144,000,000.00 $216,000,000.00año 3 $360,000,000.00 $72,000,000.00 $216,000,000.00 $144,000,000.00año 4 $360,000,000.00 $72,000,000.00 $288,000,000.00 $72,000,000.00año 5 $360,000,000.00 $72,000,000.00 $360,000,000.00 $0.00

licenciasaño 0 $0.00año 1 $3,500,000.00año 2 $3,500,000.00año 3 $3,500,000.00año 4 $3,500,000.00año 5 $3,500,000.00año 6 $3,500,000.00año 7 $3,500,000.00año 8 $3,500,000.00año 9 $3,500,000.00año 10 $3,500,000.00

200511388

pygaño 1 año 2

uniades vendidas $3,500,000.00 $3,675,000.00 precio por unidad $950.00 $992.75

ventas netas $3,325,000,000.00 $3,648,356,250.00 costo de ventas $0.00 utilidad bruta $1,975,000,000.00 $2,181,176,250.00 gastos operacionales $1,350,000,000.00 $1,467,180,000.00

mano de obra V $296,000,000.00 $324,786,000.00 mano de obra F $74,000,000.00 $77,330,000.00 materiales V $784,000,000.00 $860,244,000.00 materiales f $196,000,000.00 $204,820,000.00 gastos de A&V $300,000,000.00 $313,500,000.00 depreciacion y amortizacion $121,181,818.18 $129,363,636.36

utilidad operacional $1,553,818,181.82 $1,738,312,613.64 otros ingresosotros egresosutilidad antes de impuestos $1,553,818,181.82 $1,738,312,613.64 impuestos $536,067,272.73 $599,717,851.70 utilidad neta $1,017,750,909.09 $1,138,594,761.93 reservas $0.00 utilidad en ejercicio $1,017,750,909.09 $1,138,594,761.93

año 3 año 4 año 5 año 6 año 7

$3,969,000.00 $4,365,900.00 $4,693,343.00 $5,045,344.00 $5,423,745.00 $1,037.42 $1,084.11 $1,132.89 $1,183.87 $1,237.15

$4,117,534,863.75 $4,733,106,325.88 $5,317,053,885.28 $5,973,045,733.94 $6,709,970,498.80

$2,488,743,105.75 $2,891,258,041.11 $3,271,830,879.81 $3,700,430,587.14 $4,183,030,911.48 $1,628,791,758.00 $1,841,848,284.77 $2,045,223,005.47 $2,272,615,146.80 $2,526,939,587.32

$366,553,479.60 $421,353,224.80 $473,337,729.34 $531,735,800.68 $597,338,727.11 $77,330,000.00 $80,809,850.00 $84,446,293.25 $88,246,376.45 $92,217,463.39

$970,871,378.40 $1,116,016,649.47 $1,253,705,337.16 $1,408,381,309.90 $1,582,140,412.35 $214,036,900.00 $223,668,560.50 $233,733,645.72 $244,251,659.78 $255,242,984.47 $327,607,500.00 $342,349,837.50 $357,755,580.19 $373,854,581.30 $390,678,037.45 $137,545,454.55 $145,727,272.73 $153,909,090.91 $90,090,909.09 $98,272,727.27

$2,023,590,151.20 $2,403,180,930.88 $2,760,166,208.72 $3,236,485,096.76 $3,694,080,146.76

$2,023,590,151.20 $2,403,180,930.88 $2,760,166,208.72 $3,236,485,096.76 $3,694,080,146.76 $698,138,602.17 $829,097,421.15 $952,257,342.01 $1,116,587,358.38 $1,274,457,650.63

$1,325,451,549.04 $1,574,083,509.73 $1,807,908,866.71 $2,119,897,738.38 $2,419,622,496.13

$1,325,451,549.04 $1,574,083,509.73 $1,807,908,866.71 $2,119,897,738.38 $2,419,622,496.13

año 8 año 9 año 10

$5,830,526.00 $6,267,815.00 $6,737,901.00 $1,292.82 $1,351.00 $1,411.79

$7,537,813,270.69 $8,467,790,375.01 $9,512,503,836.06

$4,726,344,671.90 $5,337,914,697.48 $6,026,218,061.10 $2,811,468,598.79 $3,129,875,677.53 $3,486,285,774.96

$671,035,406.95 $753,824,346.17 $846,827,409.16 $96,367,249.24 $100,703,775.45 $105,235,445.35

$1,777,337,023.83 $1,996,615,835.79 $2,242,948,272.92 $266,728,918.77 $278,731,720.12 $291,274,647.52 $408,258,549.14 $426,630,183.85 $445,828,542.12 $106,454,545.45 $114,636,363.64 $122,818,181.82

$4,211,631,577.31 $4,796,648,150.00 $5,457,571,337.16

$4,211,631,577.31 $4,796,648,150.00 $5,457,571,337.16 $1,453,012,894.17 $1,654,843,611.75 $1,882,862,111.32 $2,758,618,683.14 $3,141,804,538.25 $3,574,709,225.84

$2,758,618,683.14 $3,141,804,538.25 $3,574,709,225.84

EBITDAGastos +Depreciaciones y AmortizacionesEBIT (+) Depreciacion -Impuestos Operativos (EBIT*35%) +/-Variación en capital de trabajo

-Inversiones en CAPEXFLUJO DE CAJA LIBRE

año 0 ANO 1 ANO 21,975,000,000 2,181,176,250

300,000,000 313,500,000121,181,818 129,363,636

1,553,818,182 1,738,312,614 121,181,818 129,363,636

536,067,273 599,717,852 $216,125,000 $237,143,156

-2360000000 3,325,000,000 323,356,250-2360000000 (1,969,942,273) 1,181,745,305

30%

FCLANO 3 ANO 4 ANO 5 ANO 6

2,488,743,106 2,891,258,041 3,271,830,880 3,700,430,587327,607,500 342,349,837 357,755,580 373,854,581137,545,455 145,727,273 153,909,091 90,090,909

2,023,590,151 2,403,180,931 2,760,166,209 3,236,485,097 137,545,455 145,727,273 153,909,091 90,090,909

698,138,602 829,097,421 952,257,342 1,116,587,358 $267,639,766 $307,651,911 $345,608,503 $388,247,973

469,178,614 615,571,462 583,947,559 655,991,849 1,261,458,156 1,411,891,232 1,723,478,901 1,942,244,772

ANO 7 ANO 8 ANO 9 ANO 10

4,183,030,911 4,726,344,672 5,337,914,697 6,026,218,061390,678,037 408,258,549 426,630,184 445,828,542

98,272,727 106,454,545 114,636,364 122,818,182 3,694,080,147 4,211,631,577 4,796,648,150 5,457,571,337

98,272,727 106,454,545 114,636,364 122,818,182 1,274,457,651 1,453,012,894 1,654,843,612 1,882,862,111

$436,148,082 $489,957,863 $550,406,374 $618,312,749 736,924,765 827,842,772 929,977,104 1,044,713,461

2,217,118,541 2,527,188,319 2,876,870,172 3,271,126,696

29% NA/SV

Periodo Saldo Amortización0 $ 300,000,000 $ 01 $ 300,000,000 $ 02 $ 300,000,000 $ 03 $ 300,000,000 $ 04 $ 225,000,000 $ 75,000,0005 $ 225,000,000 $ 06 $ 225,000,000 $ 07 $ 225,000,000 $ 08 $ 150,000,000 $ 75,000,0009 $ 150,000,000 $ 0

10 $ 150,000,000 $ 011 $ 150,000,000 $ 012 $ 75,000,000 $ 75,000,00013 $ 75,000,000 $ 014 $ 75,000,000 $ 015 $ 75,000,000 $ 016 $ 0 $ 75,000,000

TIR

27%NA/AAPeriodo Saldo Amortización

0 $ 750,000,000 $ 01 $ 750,000,000 $ 02 $ 750,000,000 $ 03 $ 750,000,000 $ 04 $ 750,000,000 $ 05 $ 0 $ 750,000,000

TIR

22,5NA/AVPeriodo Saldo Amortización

0 $ 600,000,000 $ 01 $ 540,000,000 $ 60,000,0002 $ 480,000,000 $ 60,000,0003 $ 420,000,000 $ 60,000,0004 $ 360,000,000 $ 60,000,000

5 $ 300,000,000 $ 60,000,0006 $ 240,000,000 $ 60,000,0007 $ 180,000,000 $ 60,000,0008 $ 120,000,000 $ 60,000,0009 $ 60,000,000 $ 60,000,000

10 $ 0 $ 60,000,000

EquityMonto maximo 1077750000costo de la accion 6500dividendos primer a 170crecimiento 4.5%

Interés Ahorro Tributario FCD$ 0 $ 0 $ 300,000,000

$ 43,500,000 $ 0 -$ 43,500,000$ 43,500,000 $ 30,015,000 -$ 13,485,000$ 43,500,000 $ 0 -$ 43,500,000$ 43,500,000 $ 30,015,000 -$ 88,485,000$ 32,625,000 $ 0 -$ 32,625,000$ 32,625,000 $ 22,511,250 -$ 10,113,750$ 32,625,000 $ 0 -$ 32,625,000 Monto$ 32,625,000 $ 22,511,250 -$ 85,113,750 d1 300000000$ 21,750,000 $ 0 -$ 21,750,000 d2 417250000$ 21,750,000 $ 15,007,500 -$ 6,742,500 d3 600000000$ 21,750,000 $ 0 -$ 21,750,000 equity 1077750000$ 21,750,000 $ 15,007,500 -$ 81,742,500 total 2395000000$ 10,875,000 $ 0 -$ 10,875,000$ 10,875,000 $ 7,503,750 -$ 3,371,250$ 10,875,000 $ 0 -$ 10,875,000$ 10,875,000 $ 7,503,750 -$ 78,371,250

9.73%

Interés Ahorro Tributario FCD$ 202,500,000 $ 0 $ 547,500,000$ 202,500,000 $ 69,862,500 -$ 132,637,500$ 202,500,000 $ 69,862,500 -$ 132,637,500$ 202,500,000 $ 69,862,500 -$ 132,637,500$ 202,500,000 $ 69,862,500 -$ 132,637,500

$ 0 $ 69,862,500 -$ 680,137,500

24.23%

Interés Ahorro Tributario FCD$ 0 $ 0 $ 600,000,000

$ 121,500,000 $ 41,917,500 -$ 139,582,500$ 108,000,000 $ 37,260,000 -$ 130,740,000

$ 94,500,000 $ 32,602,500 -$ 121,897,500$ 81,000,000 $ 27,945,000 -$ 113,055,000 60000000

$ 67,500,000 $ 23,287,500 -$ 104,212,500$ 54,000,000 $ 18,630,000 -$ 95,370,000$ 40,500,000 $ 13,972,500 -$ 86,527,500$ 27,000,000 $ 9,315,000 -$ 77,685,000$ 13,500,000 $ 4,657,500 -$ 68,842,500

$ 0 $ 0 -$ 60,000,000

TIR 12.45%

Ke= 0.0711538461538 7.11%

Wi Ci WiCi0.12526096 0.0973 0.0121878914405

0.174217119 0.2423 0.042212807933190.250521921 0.1245 0.03118997912317

0.45 0.0711 0.031995

WACC 0.11758567849687WACCR 0.06945997942284

VPN -2360000000 $16,443,179,819.72 $14,083,179,819.72