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Thisistheupdatedversionofthedocument.

Assumptionsontherevenuesandexpendituresevolution

Projectperiod

Thebusinessplanissetforaperiodof10years.Thislengthistheinvestmenthorizon.

InstalledCapacity

Theinstalledcapacityisprovidedbytheinitialinvestmentmadeinyear0(present).Thiscapacityisequalto20

MegaWatt(MW).Allofthiscapacityisinstalledinyear0.But,theutilizationrateoftheinstalledpanelswil

reach100%inthethirdyearonlyasshowninthetablebelow.in% Year1 Year2 Year3 Year4 Year5 Year6 Year7 Year8 Year9 Year10

UtilizationRate 0 75% 100% 100% 100% 100% 100% 100% 100% 100%

Production(inMwH)

Theproductiondependsontheinstalledcapacity,theirutilizationrate,thelengthofdailyproductioninhours

and the climateofthecountrywhere theproject isinstalled. The averageofproduction per day isabout 5

hours.TheproductionismeasuredinMegaWattHours.Foreachyear,theproductionisequaltotheinstalled

capacityinusetimesthenumberofsolardayperyeartimestheproductionhoursperday.

SolardayperyearProduction hours

perdayUtilizationrate Production

Year1 0 0 0% []

Year2 365 5 75% []

Year3to10 365 5 100% []

ElectricityPrice

SolarisOmniCocommercializestheproductionforaunitpriceof370AcesperMwH.Theclient,UniverseCity

Electricity,buys100%oftheSolarisOmniCoproduction.

Investment

Thenecessaryinvestmentwillbepaidatthebeginningoftheproject.

InitialInvestment,(notedI0)willcost2000000ACEsperMegaWattinstalled.Totalcapacity(20MW)isinstalled

inyear0.

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Fromthesecondyear,areplacementCAPEXofabout2000000ACEsperyearwillbenecessaryinorderto

replacethedefectivematerial.

ThetotalPP&Eofthecompanywillbelinearlydepreciatedalongaperiodof10years.

Capitalstructureandcostofcapital

Theinitialinvestmentwillbefinancedupto50%byequityandtheremaining50%bydebt.

Weightedaveragecostofcapital(WACC)isequalto10%

Costs

Maintenanceandothervariablecosts: 1.20AcesperMwH

Fixedcosts(overhead,): 350000Acesperyear

Corporatetaxes

20%ifearningisbetween0and500000Aces

25%ifearningisbetween500,001and1,500,000Aces 30%ifearningisover1500000

THUS,THETAXRATEISPROPORTIONALANDNOTPROGRESSIVE.

Thismeans,forexample,that:

-iftheearningsbeforetax(EBT)are1,000,000youhavetoapplytherateof25%on1,000,000.Duecorporatetaxes

arethus25%x1,000,000=250,000,andnetresultis1,000,000-250,000=750,000.

-ifearningsbeforetaxare2,000,000youhavetoapplytherateof30%on2,000,000.Duecorporatetaxesarethus

30%x2,000,000=600,000andnetresultis2,000,000-600,000=1,400,000

Incaseofaloss,thefirmbenefitsfromtaxsavings.Thetaxsavingsratecorrespondstothemarginaltaxrate

appliedtotheabsolutevalueoftheloss.Fore.g.,ifinyear1,thefirmloses2,100,000aces,thetaxsaving

is630,000.Itcanbededucedfromtaxesinyear2.Iftaxesinyeartwoarelessthan630,000theremaining

amountwillbededucedfromyear3taxes.Inthepreviousexample,iftaxesinyear2amountstoAces500000,

thefirmwillpay0taxes,andhavetheremaining130,000todeducefromitstaxesinyear3.

Debtconditions

Annualinterestrate: 5%

Methodsusedtocomputeloanpayments: Constantannuitypaidannually

Reimbursementperiod:10years

Firstannuitypaidattheendofyear1

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Workingcapital

TheoperatingprocessofSolarisOmniCo.needsadditionalfundingestimatedby20daysofsales(onabaseo

360dayperyear).

Longtermgrowth

Afteryear10,longtermgrowthis1%(perpetualgrowthrate)

Figures

Onemillioniswritten1000000

Onemillionandtwelvecentsis1000000.12