Flender/Flender Gear Units/Helical gear reducer H2
4 1/9 1/9 1/9 1/9 1/9 1/9 VJ Land (Manzanas) 8,6 5,1 8,1 1,5 1,5 1,5 Dolono Land (Manzanas) 2,4

8,2 8,2 9,4 9,4 9,4 rotal Land (Manzanas) 1,1 1,3 1,3 2,0 2,0 2,0 ,gricultural Yield (Tons/Man:-ana) 3.2 4.8 5.5

5.5 5.5 5.5 Dane Harvested (Tons) 2,6 2,9 4,6 5,3, 5,3 5,3 .,ane Purchased (Tons) 8,7 3,2 4,6 4,6 4,6

4,6 Fotat Cane (Tons) 3,4 5,2 8,3 1,0,0 1,0,0 1,0,0 industrial Yield (Quintals/Ton) 2.2 2.2 2.2 2.2 2.2 2.2 Sugar

Produced (Quintals) 7,7 1,2,5 1,8,6 2,3,0 2,3,0 2,3,0 Average Personnel 1,8 1,7 1,5 1,5 1,5 1,5 Field Cost Per Ton ($US) $2.3 $2.3 $1.5 $1.6 $1.6 $1.6 Cash Operat. Cost Per Quintal ($US) $2.4 $1.2 $1.4 $1.6 $1.6 $1.6 1/9 1/9 1/9 1/9 1/9 1/9 REVENUES 1 7 1,3 1,5 1,5 1,5 OPERATING COSTS Field Costs Factory Costs Administrative Costs Depreciation 5,6 2,1 1,5 4,3 7,2 2,6 1,3 5,7 8,2 3,9 1,3 1,1 8,2 3,9 1,3 1,8 8,2 3,9 1,3"1 1,2 Total 1,7 1,9 1,6 1,3 1,7 PROFIT BEFORE TAX ( 3,4 4,8 4,1 4,8 TAX 2,2 1,6 1,3 1,1 1,7 PROFIT AFTER TAX (3, 2,7 3,5 2,9 2,0 DEPRECIATION (+) 4,3 5,7 1,1 1,8 1,2 CAPITAL EXPENDITURES (-) 1,0 3,3 4,3 1,0 1,0 NCREAS IN NETWORKING CAPITAL (-) 6,8 1,2 9,5 0 0 CASH FLOW BEFORE LEVERAGE (1, (1, (8, 3,8 3,3 NET PRESENT VALUE FLENDER GRAFFENSTADEN 1% 4,7 TERMINAL VALUE * 1,2 NET PRESENT VALUE FLENDER GRAFFENSTADEN 1% 9,1 FIRM VALUE BEFORE LEVERAGE 9,9 Sensitivity Analysis of Firm Value Before Leverage Discount Rate 1% 1% 2% Average 9/9 6.9 5,9 2,5 1,6 Sugar Price Hist. 7.0 1,6 9,9 6,1 +5% 8.0 1,5 1,9 8,1 The termial value is the greater of zero and the 1/9 cash flow divided by the discount rate. Ingenio Victoria de Julio Cash Flow Projections (Cordobas) jVJ Land (Manzanas) Polono Land (Manzans) Total Land (Manzanas) ricultural Yield (Tons/Manzana) Cane Harvested (Tons) Cnne Purchased (Tons) Total Cane (Tons) Industrial Yield (Quintals/Ton) Bugar Produced (Quintals) Average Personnel REVENUES Sugar Molasses Electric Generation Total FIELD COSTS Salares & Benefits Purchase of Cane Materials Agrnch