zona libre outlet.com silicon valley business angel program

ZONA LIBRE OUTLET CORPORATION • ZONALIBREOUTLET.COM

Panama, Republic of Panama. +1 (507) 213-3300 • United States of America (989) 272-6262 • [email protected]

______________________________________________________________________________________________________________________________ ZONA LIBRE OUTLET CORPORATION is a subsidiary company of PGS Corporate Multinational Group Panamá

pgsmulticorp.com • thepanamabusiness.com • panamacompanysale.com • panamataxitransport.com • carolinatroncoso.com • glassguard.com • uni-2.org

OUTLET.APP® THE NEW WAY TO INTER-‐CONNECT WHOLESALERS ONLINE, ALL OVER THE WORLD.

www.zonalibreoultet.com: design especially for Duty Free overstock inventories to disappear. Panama’s Duty Free Zone is a 40-year-old monster housing over 3000 wholesalers and considered the second largest Duty Free Zone in the world (After Hong Kong). For all this time, they have managed and operated a 50 year old traditional way of business that did 30,792,557,000 in sales in 2012 (14,650,788,000 in importations and 16,141,769,000 in re-exportations- http://logistics.gatech.pa/en/) and continues growing every year supplying the never ending Latin American and USA markets (being the USA, Colombia and Venezuela it’s primary buyers) and expanding even farther every year, into the growing Latin American markets and Europe. As Retail Online Sales occupy today a very high percentage of all around retail sales all over the world, and companies like eBay and Amazon have thrived and grown this markets so dramatically, we are firm believers, that Manufacturers and Wholesalers will have to eventually establish the same online connection tactics, to be able to stay afloat in business, keep their operating costs down and survive what seems to be a non stop worldwide recession, that is not getting better as we speak. That is why; we have started ahead of time in Latin America, and developed the first ever online connection between the Panama’s 3000 Duty Free Zone Wholesalers and the rest of the Wholesale world, so that millions of retailers can keep flooding their local stores and find available merchandizes at available prices. This we believe is the way to keep our economies thriving, while we introduce thousands of new worldwide wholesalers to the Panama Duty Free Zone (Zona Libre de Colón, as it is called in Spanish). zonalibreoutlet.com is the new way for wholesalers all over the world to have access, right from their desktop computers, tablets, mobile phones or mobile devices, to millions of products from 3000 different Wholesalers, operating for over 40 years, in Panama’s Duty Free Zone.

OUR BEGINNINGS STAGE 1: ZonaLibreOutlet.com will begin with Panama’s Duty Free Zone, targeting initially outlet merchandize this wholesalers want to sell fast and dispose off, to make space for new incoming orders and up to date merchandize. This has not only facilitated the introduction of the idea to the great majority of the wholesalers in the Duty Free, but will also help us provide a constant flow of low priced inventories to thousands of potential buyers that, because of pricing, transportation and handling costs, have never been able to buy wholesale from Panama’s Duty Free Zone. We are targeting the mid size local businesses in every country, with estimated purchases between 50 and 60 thousand dollars at a time and have developed for them, (beside the online system for purchases) all the logistics they need locally to pack, handle, consolidate, ship and even insure their purchases, all in one single click of the mouse. STAGE 2: In our second stage of the program, after Panama’s Duty Free Wholesalers feel comfortable with this new idea and see their leftover inventories disappear quickly, we will move into offering their more than 300,000 actual first line actual buyers, an already running and working system to cut down costs and travel expenses, and buy now directly online thru us. It is a simpler buyer market to approach and attract to our system, as they are already long time customers of the Duty Free.

OUR EXPANSION STAGE 3: In our third stage, we find and offer usage licenses to people all over the world, to do exactly the same we have done with Panama’s Duty Free Zone, thru our servers, but in their local markets. We will offer local businessmen, who have knowledge and connections between local manufacturers and Wholesalers, the opportunity to use our online system to interconnect, the same way we have done with Panama’s Free Zone to the rest of the world wholesalers, their local markets, as we share a percentage of their total online sales while handling all their markets online buy-sell transactions. They will do the legwork as we will complement them with the online system and connection for it all to run as clockwork. STAGE 4: In our forth stage, we will offer other Free Zones around the world to incorporate all their sells into our system, as we again handle all their purchases for a set percentage and manage all their internet sales, permitting the expansion of these businesses into a world wide market of mid size wholesalers that otherwise, would have not been able to purchase from them. We will close the wholesale circle as we also offer large manufacturers to offer their goods directly on line to their actual customers and be able to either reduce purchase costs or offer lower prices, as they are able to cut down expenses for their actual customers.





OUR BELIEVE We strongly believe that by starting our online project interconnecting Panama’s Duty Free Zone to the rest of the world’s wholesalers, we will start the trend that will forever change traditional wholesale business all around the world. We know that it was a inevitable trend that was soon to happen and decided to go ahead and take the first step toward the implementation of an online sale-purchase system, utilizing the second largest Duty Free Zone in the world and it’s wholesalers. We are certain that this initial step will be not only a perfect as a learning ground, but also, very profitable and prosperous, as millions of dollars of online business will derive from connecting 3000 Panama Wholesalers with thousands of small businesses all over the world and further more, the over 300,000 actual customers this Duty Free Zone has built over the past 40 years of continuous operations.

OUR INVESTMENT We have invested over 1.5 million dollars and three years of our live to develop this system, convince Panama wholesalers to change the way they have been doing business for the past 40 years, develop a logistic platform that can easily interconnect with our software and prepare the local market to accept the changes this online system will bring. Our software has been patented in Panama as the first-ever interconnection software between local and international wholesalers and is now protected by law against copycats and infringers.

OUR NEEDS We need investment of additional capital to further develop this idea, market and spread thru the Internet. We spent most of our savings to study, develop and implement the idea, while creating the platform for it all to happen and get it online (which will happen by August 2013). We estimate we need U.S.$.350,000.00 initial Marketing Capital and around U.S.$.40,000.00 per month for the first 12 months of operation to sustain the local and international operations of our system. This amount includes all personnel working in Panama and abroad (approximately 8 to 10 tops) with out including initial marketing budget (basically for direct marketing in Colombia, Venezuela and the USA initially) as presently this three countries provide 70 to 75% of Panama’s Duty Free Zone Purchases and invoiced over 23 billion dollars in sales in 2012. We know that internet marketing costs can rise into the millions of dollars and will be glad to find someone to believe in our idea and invest these amounts, but will be content with finding someone to help us initially, taste the market with us and then experience the same rush we are experiencing as we see this turn into the next trend of Internet Wholesale buying.

OUR OFFERING We are prepare to share our company and give stock options to anyone who is willing to invest and can believe in our system as deeply as we believe in it. We are open to all offers and proposals and will gladly talk to anyone that has interest in investing with us. We are incorporated under Panama Law as Zona Libre Outlet Corporation who’s Board of Directors the two companies that created and financed the system (Margot Cluster Corporation as President and Legal Representative and Hayabusa Commercial Corporation as Secretary). We can leave the same setup and transfer an agreed percentage of the stock from our Panamanian Company to the new investor, which will permit any foreigner investment to be absolutely Tax Free and protected under Panama’s Legislation law of anonymity. We are most definitely open to all proposals and will consider each and every one of them.

OUR NEXT STEP We are developing a digital money system (patpty.com) directly intended to provide worldwide wholesalers a direct for of payment of their purchases in our ZonaLibreOutlet.com website. This system, which will be like a PayPal but only for Panama wholesale purchases (larger amounts), will connect the wholesaler’s offshore bank with our bank, permitting a secure and direct online transaction form point to point, with out the complications and costs of a middle man for the financial transaction. Panama is well known as the world’s Banking Capital and these system and legislation are being prepared, to make this possible. With incoming venture capital, we will be able to move faster to make this available to the general wholesaler in less than six months and offer this secure and comfortable way of paying for wholesale purchases (again, estimated between 50 to 60 thousands per purchase) directly on our website. We are sure this new area of business will represent another interesting source of income for our company and help us reach even farther than we have expected. We look forward to a Venture Capital investor who has previously invested in this areas of money transfers over the internet, as eventually, we would like to create our own digital money system to pay for purchases and give even smaller businesses the opportunity to by from us by just going to their local bank and opening an account they can connect with ours.





OUR CORPORATE GROUP PGS Corporate Multinational Group started in the USA back 25 years ago, while our CEO and Founder moved to the USA, as a result of the invasion to Panama in 1989. We stared as a company offering Panama’s products and services to the USA and have branched out thru the world doing the same, ever since. Today, we operate in many different areas of Panama’s booming economy and sustain continuous operations thru the internet (pgsmulticorp.com), offering Panama’s most important products & services, to the over 2 million incoming Panama tourists. Our latest venture, ZonaLibreOutlet.com is a life long dream of our CEO, financed personally by him and created and developed by a team of Panamanian programmers working closely with our CEO. We have position ourselves as business and pleasure facilitators and mediators for the most important products and services Panama has to offer and outsource dozens of local Professionals to back up our daily operations, in each area of business we go into. Experts with total knowledge of the market and with decades of experience and well recognized in the community, as successful, law-abiding companies and individuals. From Lawyers to Lobbyist to tourism experts to Doctors and professional Real Estate Licensees, we cover it all with the best of the best in each product or service we offer. Over 25 years of operation in five different continents, has taught us a valuable lesson in a wide variety of countries with all kind of different conditions. From operating a security franchise in Morocco to developing new markets for multinational companies in Panama, we have done our share and learnt market ways everywhere we have operated (either physically or over the Internet). PGS is now ready to move full force into Internet operations and is working diligently to achieve that goal. We hereby give you all the information you need so you can get to know our operations and our CEO, as you check our corporate website. We look forward towards hearing from you and your opinions and considerations to our proposal to invest in our idea of changing forever the way wholesale business is done al over the world. Thank you for the time you spent reading our proposal. Please contact me directly at [email protected], [email protected] or [email protected] or call me direct in my Cell: 00 (507) 6552-9494, I will be more than glad to answer all your questions regarding our newest Internet venture. We are more than happy to provide you with a user/password to access our preliminary Website and do a live demonstration for you.

Gustavo Troncoso PGS CORPORATE MULTINATIONAL GROUP www.youtube.com/watch?v=gj704CscAjQ www.panamacompanysale.com www.panamataxitransport.com www.thepanamabusiness.com www.intertravelpanama.com www.carolinatroncoso.com www.zonalibreoutlet.com www.pgsmulticorp.com www.glassguard.com www.paypty.com www.uni-2.org

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REVENUEYears 1 to 5(US$)Revenue Projections PER No. of SALES Year 1 Year 2 Year 3 Year 4 Year 5Wholesale Orders

Number of Sales per year (25K per sale) 2.000 2.500 3.000 3.500 5.000 Average income per sale 3.000 3.500 4.000 4.500 5.000

Total 6.000.000 8.750.000 12.000.000 15.750.000 25.000.000 Aditional Services

Shipping & Handling + Insurance x Sale 250,00 250 250 300 350 Number of Sales per year 2.000 2.500 3.000 3.500 5.000

Total 500.000 625.000 750.000 1.050.000 1.750.000

Net Revenue 6.500.000 9.375.000 12.750.000 16.800.000 26.750.000

Revenues by Months & Quarters(US$)

Months Year 1 Year 2 Year 3 Year 4 Year 5Month 1 0 468.750 Month 2 0 468.750 Month 3 0 656.250

Total 1st Quarter 0 1.593.750 2.000.000 3.000.000 5.000.000 Month 4 325.000 562.500 Month 5 520.000 656.250 Month 6 650.000 656.250

Total 2nd Quarter 1.495.000 1.875.000 2.500.000 4.000.000 6.000.000 Month 7 650.000 750.000 Month 8 780.000 937.500 Month 9 975.000 937.500

Total 3rd Quarter 2.405.000 2.625.000 2.500.000 4.500.000 7.000.000 Month 10 780.000 1.031.250 Month 11 845.000 1.125.000 Month 12 975.000 1.125.000

Total 4th Quarter 2.600.000 3.281.250 2.750.000 4.750.000 8.000.000 Total for year 6.500.000 9.375.000 9.750.000 16.250.000 26.000.000

Average Revenue by Month 541.667 781.250 1.062.500 1.400.000 2.229.167 by Quarter 1.625.000 2.343.750 3.187.500 4.200.000 6.687.500

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Cost of RevenuesYears 1 to 5(US.$)

Year 1 Year 2 Year 3 Year 4 Year 5

Revenue 6.500.000 9.375.000 12.750.000 16.800.000 26.750.000

Cost of Revenue

Sold ProductsAverage Costs per sale 20,00 14,00 11,00 10,00 9,00Subcontact Costs per sale 10,00 10,00 7,00 6,50 6,00

Total Direct Costs per sale 30,00 24,00 18,00 16,50 15,00Unit Sales 2.000 2.500 3.000 3.500 5.000 Total Direct Costs 60.000 60.000 54.000 57.750 75.000

Labor Costs 257.400 368.560 491.400 731.250 982.800 Total Direct Costs 317.400 428.560 545.400 789.000 1.057.800

Service BService Personnel Costs 0 0 0 0 0

Other ExpensesSalary Expenses 0 53.820 107.640 161.460 215.280 Depreciation 4.571 13.857 29.571 51.000 82.429 Facility costs (rent, energy) 50.000 75.000 100.000 125.000 150.000 Server Costs 25.000 35.000 45.000 50.000 55.000

All other costs % of Revenue 5% 325.000 468.750 637.500 840.000 1.337.500 Total Cost of Revenues 721.971 1.074.987 1.465.111 2.016.460 2.898.009

% of Revenue 11,1% 11,5% 11,5% 12,0% 10,8%

Allocation of Cost of Revenue between:Variable 642.400 897.310 1.182.900 1.629.000 2.395.300 Fixed 79.571 177.677 282.211 387.460 502.709

Total 721.971 1.074.987 1.465.111 2.016.460 2.898.009

Cost of Revenues by Months & Quarters($)

Year 1 Year 2 Year 3 Year 4 Year 5Month 1 0 53.749 0 0 0 Month 2 0 53.749 0 0 0 Month 3 0 75.249 0 0 0

Total 1st Quarter 0 182.748 229.821 360.082 541.684 Month 4 36.099 64.499 0 0 0 Month 5 57.758 75.249 0 0 0 Month 6 72.197 75.249 0 0 0

Total 2nd Quarter 166.053 214.997 287.277 480.110 650.021 Month 7 72.197 85.999 0 0 0 Month 8 86.637 107.499 0 0 0 Month 9 108.296 107.499 0 0 0

Total 3rd Quarter 267.129 300.996 287.277 540.123 758.357 Month 10 86.637 118.249 0 0 0 Month 11 93.856 128.998 0 0 0 Month 12 108.296 128.998 0 0 0

Total 4th Quarter 288.789 376.246 316.004 570.130 866.694 Total for year 721.971 1.074.987 1.120.379 1.950.445 2.816.756

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Operating ExpensesYears 1 to 5(US.$)


Net Revenues 6.500.000 9.375.000 12.750.000 16.800.000 26.750.000

Personnel & Initial MarketingProgrammers

Salaries and Benefits 124.722 167.544 239.616 304.200 421.200 Commissions % of Revenue 6% 390.000 562.500 765.000 1.008.000 1.605.000 Initial Direct Marketing Campaign 50.000

All other expenses % of Revenue 3% 195.000 281.250 382.500 504.000 802.500 Total Sales and Marketing 759.722 1.011.294 1.387.116 1.816.200 2.828.700 % of Revenue 11,7% 10,8% 10,9% 10,8% 10,6%

Fix Marketing & DevelopmentExpenses

Salaries and Benefits 35.100 64.350 72.540 80.730 93.600 Marketing Budget 250.000 300.000 400.000 500.000 600.000

All other expenses % of Revenue 3% 195.000 281.250 382.500 504.000 802.500 Total Marketing & Development 480.100 645.600 855.040 1.084.730 1.496.100 % of Revenue 7,4% 6,9% 6,7% 6,5% 5,6%

Administration & LogisticPersonnel

Salaries and Benefits 257.400 368.550 491.400 731.250 982.800 Depreciation 6.667 20.000 40.000 60.000 80.000 Rent and Utilities 20.000 20.000 100.000 110.000 200.000

All other expenses % of Revenue 2% 130.000 187.500 255.000 336.000 535.000

Total Administration & Logistic 414.067 596.050 886.400 1.237.250 1.797.800 % of Revenue 6,4% 6,4% 7,0% 7,4% 6,7%

Total Operating Expenses 1.653.889 2.252.944 3.128.556 4.138.180 6.122.600 % of Revenue 25,4% 24,0% 24,5% 24,6% 22,9%

Allocation of Operating Expenses between:Vaiable 910.000 1.312.500 1.785.000 2.352.000 3.745.000 Fixed 743.889 940.444 1.343.556 1.786.180 2.377.600

Total 1.653.889 2.252.944 3.128.556 4.138.180 6.122.600

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Personel & Initial Marketing by Months & Quarters($)





Total 4th Quarter 303.889 353.953 299.182 513.509 845.966 Total for year 759.722 1.011.294 1.060.736 1.756.741 2.749.391

Fix Marketing & Development by Months & Quarters($)





Total 4th Quarter 192.040 225.960 184.420 306.694 447.432 Total for year 480.100 645.600 653.854 1.049.218 1.454.153

Administrative & Logistics by Months & Quarters($)





Total 4th Quarter 165.627 208.618 191.184 349.818 537.660 Total for year 414.067 596.050 677.835 1.196.745 1.747.394

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PersonnelYears 1 to 5(US.$)


Net Revenues 6.500.000 9.375.000 12.750.000 16.800.000 26.750.000

Operations and Programing

Tech Support (3) Panama 25.000 25.000 30.000 40.000 50.000 Programmer & Designer (2) Panama 50.000 40.000 60.000 80.000 100.000 Secretary (1) Panama 10.000 35.000 50.000 70.000 130.000 Inventory Verification Personnel (3) Colon 21.600 43.200 64.800 70.000 80.000

Total Salary 106.600 143.200 204.800 260.000 360.000 CSS BenefitsPercent (%) 17% 17% 17% 17% 17%

Total benefit costs 18.122 24.344 34.816 44.200 61.200 Total O & P Compensation 124.722 167.544 239.616 304.200 421.200 % of Revenue 1,9% 1,8% 1,9% 1,8% 1,6%

Managing PersonnelGeneral Manager (Colon) 18.000 35.000 40.000 45.000 50.000 Field Manager (Colon) 12.000 20.000 22.000 24.000 30.000

Total Salary 30.000 55.000 62.000 69.000 80.000 CSS BenefitsPercent (%) 17% 17% 17% 17% 17%

Total benefit costs 5.100 9.350 10.540 11.730 13.600 Total O & L Compensation 35.100 64.350 72.540 80.730 93.600 % of Revenue 0,5% 0,7% 0,6% 0,5% 0,3%

AdministrationCEO Chief Executive Officer (G) 120.000 150.000 200.000 300.000 400.000 CPO Chief Programing Officer (R) 85.000 150.000 200.000 300.000 400.000 Accounting 15.000 15.000 20.000 25.000 40.000

Total Salary 220.000 315.000 420.000 625.000 840.000 BenefitsPercent (%) 17% 17% 17% 17% 17%

Total benefit costs 37.400 53.550 71.400 106.250 142.800 Total G & A Compensation 257.400 368.550 491.400 731.250 982.800 % of Revenue 4,0% 3,9% 3,9% 4,4% 3,7%

Cost of RevenueLogistics Personnel

Control Manager (Order Transportation) Colon 12.000 24.000 36.000 48.000 Shipping Control Personnel (Orders) Colon 12.000 24.000 36.000 48.000 Logistics Personnel (Photo Inventories) Colon 12.000 24.000 36.000 48.000 Secretary (Asistant) Colon 10.000 20.000 30.000 40.000 Other personnel

Total Salary 0 46.000 92.000 138.000 184.000 BenefitsPercent (%) 17% 17% 17% 17%

Total benefit costs 7.820 15.640 23.460 31.280 Total Salary Costs 0 53.820 107.640 161.460 215.280

Total PersonnelNumber of employees 12 20 40 50 60 Average wages per employee 21.450 18.428 12.285 14.625 16.380

Total wages 257.400 368.560 491.400 731.250 982.800 BenefitsPercent (%)

Total benefit costs 0 0 0 0 0 Total Wage Costs 257.400 368.560 491.400 731.250 982.800

Service PersonnelNumber of employeesSalary per employee

Total salaries 0 0 0 0 0 BenefitsPercent (%)

Total benefit costs 0 0 0 0 0 Total Salary Costs 0 0 0 0 0

Total COR's Compensation 257.400 422.380 599.040 892.710 1.198.080 % of Revenue 4,0% 4,5% 4,7% 5,3% 4,5%

Total Salary & Wages 356.600 559.200 778.800 1.092.000 1.464.000 Total Benefits 60.622 95.064 132.396 185.640 248.880 Total Compensation 417.222 600.444 803.556 1.116.180 1.497.600 % of Revenue 6,4% 6,4% 6,3% 6,6% 5,6%

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Extraordinary IncomeYears 1 to 5(US.$) Sponsorships


Sponsorship Income COMPUTER STORE SPONSORSHIP 250.000 500.000 ELECTRONICS STORE SPONSORSHIP 250.000 500.000 DEPARTMENT STORE SPONSORSHIP 250.000 500.000

Total 750.000 0 0 1.500.000 0 Start-up expenses

SPONSHORSHIP REPAYMENT & Commission 10% 75.000 375.000 187.500 337.500 Office Relocation 50.000 100.000 150.000

New Computer Equipment 25.000 50.000 75.000 Total 150.000 375.000 337.500 337.500 225.000

Total Extraordinary Income/(Expense) 600.000 -375.000 -337.500 1.162.500 -225.000

Extraordinary Income and Expense by Months & Quarters($)

Year 1 Year 2 Year 3 Year 4 Year 5Month 1 0 Month 2 0 Month 3

Total 1st Quarter 0 0 0 0 0 Month 4Month 5Month 6

Total 2nd Quarter 0 0 0 0 0 Month 7Month 8Month 9

Total 3rd Quarter 0 0 0 0 0 Month 10Month 11Month 12

Total 4th Quarter 0 0 0 0 0 Total for year 0 0 0 0 0

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TaxesYears 1 to 5(US.$)


Net Revenues 6.500.000 9.375.000 12.750.000 16.800.000 26.750.000

Income Tax 0,03 0,03 0,03 0,03 0,03

Net Earnings Before Taxes 4.724.140 5.612.069 7.770.833 11.762.860 17.490.391 Cumulative 4.724.140 10.336.209 18.107.041 29.869.901 47.360.293

Taxes -141.724 -168.362 -233.125 -352.886 -524.712 Percent of Revenues -2,2% -1,8% -1,8% -2,1% -2,0%

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Property and EquipmentYears 1 to 5($)

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5Purchased

Net Revenues Assets 6.500.000 9.375.000 12.750.000 16.800.000 26.750.000

Capital ExpendituresComputers, Software & Office Equipment 20.000 40.000 60.000 80.000 100.000 Server space rental 25.000 30.000 40.000 80.000 150.000 Other 10.000 50.000 100.000 100.000 100.000

Total Capital Expenditures 0 55.000 120.000 200.000 260.000 350.000 % of Revenue 0,8% 1,3% 1,6% 1,5% 1,3%

Depreciation Computers, Sofware & Office Equipment (allocated to General & Administrative Expenses) Depreciation Rate: Years 1 3 3 3 3 3 Year 0 0 0 0 0 0 Year 1 6.667 6.667 6.667 0 0 Year 2 13.333 13.333 13.333 0 Year 3 20.000 20.000 20.000 Year 4 26.667 26.667 Year 5 33.333

Total Depreciation 6.667 20.000 40.000 60.000 80.000

Depreciation on purchased Equipment (allocated to Cost of Revenue) Depreciation Rate: Years 1 7 7 7 7 7 Year 0 0 0 0 0 0 Year 1 3.571 3.571 3.571 3.571 3.571 Year 2 4.286 4.286 4.286 4.286 Year 3 5.714 5.714 5.714 Year 4 11.429 11.429 Year 5 21.429


Depreciation Other (allocated to Cost of Revenue) Depreciation Rate: Years 1 10 10 10 10 10 Year 0 0 0 0 0 0 Year 1 1.000 1.000 1.000 1.000 1.000 Year 2 5.000 5.000 5.000 5.000 Year 3 10.000 10.000 10.000 Year 4 10.000 10.000 Year 5 10.000


Total Depreciation 11.238 33.857 69.571 111.000 162.429 % of Revenue 0,2% 0,4% 0,5% 0,7% 0,6%

Property & Equipment Gross Asset Value 0 55.000 175.000 375.000 635.000 985.000 Accumulated Depreciation 11.238 45.095 114.667 225.667 388.095

Net Property and Equipment 0 43.762 129.905 260.333 409.333 596.905 % of Revenue 0,7% 1,4% 2,0% 2,4% 2,2%

Capital Expenditures by Months & Quarters($)

Year 1 Year 2 Year 3 Year 4 Year 5Month 1 50.000 100.000 Month 2 100.000 100.000 Month 3 50.000

Total 1st Quarter 200.000 200.000 100.000 200.000 200.000 Month 4 40.000 Month 5Month 6 100.000

Total 2nd Quarter 40.000 100.000 200.000 200.000 200.000 Month 7 40.000 Month 8Month 9 100.000

Total 3rd Quarter 40.000 100.000 100.000 100.000 200.000 Month 10Month 11Month 12 100.000

Total 4th Quarter 0 100.000 150.000 150.000 150.000 Total for year 280.000 500.000 550.000 650.000 750.000

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Income StatementYears 1 to 5($)


NET REVENUES 6.500.000 9.375.000 12.750.000 16.800.000 26.750.000

COST OF REVENUE 721.971 1.074.987 1.465.111 2.016.460 2.898.009 % of Revenues 11,1% 11,5% 11,5% 12,0% 10,8%

GROSS PROFIT 5.778.029 8.300.013 11.284.889 14.783.540 23.851.991 % of Revenues 88,9% 88,5% 88,5% 88,0% 89,2%

OPERATING EXPENSES Sales & Marketing 759.722 1.011.294 1.387.116 1.816.200 2.828.700 Research & Development 480.100 645.600 855.040 1.084.730 1.496.100 General and Administration 414.067 596.050 886.400 1.237.250 1.797.800 Total Operating Expenses 1.653.889 2.252.944 3.128.556 4.138.180 6.122.600 % of Revenues 25% 24% 25% 25% 23%

EARNINGS FROM OPERATIONS 4.124.140 6.047.069 8.156.333 10.645.360 17.729.391

EXTRAORDINARY INCOME / (EXPENSE) 600.000 -375.000 -337.500 1.162.500 -225.000

EARNINGS BEFORE INTEREST & TAXES 4.724.140 5.672.069 7.818.833 11.807.860 17.504.391

INTEREST INCOME / (EXPENSE) 0 -60.000 -48.000 -45.000 -14.000

NET EARNINGS BEFORE TAXES 4.724.140 5.612.069 7.770.833 11.762.860 17.490.391

TAXES -141.724 -168.362 -233.125 -352.886 -524.712

NET EARNINGS 4.582.416 5.443.707 7.537.708 11.409.974 16.965.680 % of Revenues 70,5% 58,1% 59,1% 67,9% 63,4%

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Income Statements5 Years by Months & Quarters(US.$.)

0Income Statement Year 1Year 1 by Months Total Annual

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 12 Months Projection

NET REVENUES 0 0 0 325.000 520.000 650.000 650.000 780.000 975.000 780.000 845.000 975.000 6.500.000 6.500.000

COST OF REVENUE 0 0 0 36.099 57.758 72.197 72.197 86.637 108.296 86.637 93.856 108.296 721.971 721.971

GROSS PROFIT 0 0 0 288.901 462.242 577.803 577.803 693.363 866.704 693.363 751.144 866.704 5.778.029 5.778.029

OPERATING EXPENSES Personnel & Initial Marketing 0 0 0 37.986 60.778 75.972 75.972 91.167 113.958 91.167 98.764 113.958 759.722 759.722 Fix Marketing & Development 0 0 0 24.005 38.408 48.010 48.010 57.612 72.015 57.612 62.413 72.015 480.100 480.100 Administration & Logistics 0 0 0 20.703 33.125 41.407 41.407 49.688 62.110 49.688 53.829 62.110 414.067 414.067 Total Operating Expenses 0 0 0 82.694 132.311 165.389 165.389 198.467 248.083 198.467 215.006 248.083 1.653.889 1.653.889

EARNINGS FROM OPERATIONS 0 0 0 206.207 329.931 412.414 412.414 494.897 618.621 494.897 536.138 618.621 4.124.140 4.124.140

EXTRAORDINARY INCOME / (EXPENSE) 0 0 0 0 0 0 0 0 0 0 0 0 0 600.000

EARNINGS BEFORE INTEREST & TAXES 0 0 0 206.207 329.931 412.414 412.414 494.897 618.621 494.897 536.138 618.621 4.124.140 4.724.140

INTEREST INCOME / (EXPENSE) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

NET EARNINGS BEFORE TAXES 0 0 0 206.207 329.931 412.414 412.414 494.897 618.621 494.897 536.138 618.621 4.124.140 4.724.140

TAXES 0 0 0 -6.186 -9.898 -12.372 -12.372 -14.847 -18.559 -14.847 -16.084 -18.559 -123.724 -141.724

NET EARNINGS 0 0 0 200.021 320.033 400.042 400.042 480.050 600.062 480.050 520.054 600.062 4.000.416 4.582.416

0Income Statement Year 2Year 2 by Months Total Annual

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 12 Months Projection

NET REVENUES 468.750 468.750 656.250 562.500 656.250 656.250 750.000 937.500 937.500 1.031.250 1.125.000 1.125.000 9.375.000 9.375.000

COST OF REVENUE 53.749 53.749 75.249 64.499 75.249 75.249 85.999 107.499 107.499 118.249 128.998 128.998 1.074.987 1.074.987

GROSS PROFIT 415.001 415.001 581.001 498.001 581.001 581.001 664.001 830.001 830.001 913.001 996.002 996.002 8.300.013 8.300.013

OPERATING EXPENSES Personnel & Initial Marketing 50.565 50.565 70.791 60.678 70.791 70.791 80.904 101.129 101.129 111.242 121.355 121.355 1.011.294 1.011.294 Fix Marketing & Development 32.280 32.280 45.192 38.736 45.192 45.192 51.648 64.560 64.560 71.016 77.472 77.472 645.600 645.600 Administration & Logistics 29.803 29.803 41.724 35.763 41.724 41.724 47.684 59.605 59.605 65.566 71.526 71.526 596.050 596.050 Total Operating Expenses 112.647 112.647 157.706 135.177 157.706 157.706 180.236 225.294 225.294 247.824 270.353 270.353 2.252.944 2.252.944

EARNINGS FROM OPERATIONS 302.353 302.353 423.295 362.824 423.295 423.295 483.766 604.707 604.707 665.178 725.648 725.648 6.047.069 6.047.069

EXTRAORDINARY INCOME / (EXPENSE) 0 0 0 0 0 0 0 0 0 0 0 0 0 -375.000

EARNINGS BEFORE INTEREST & TAXES 302.353 302.353 423.295 362.824 423.295 423.295 483.766 604.707 604.707 665.178 725.648 725.648 6.047.069 5.672.069

INTEREST INCOME / (EXPENSE) -5.000 -5.000 -5.000 -5.000 -5.000 -5.000 -5.000 -5.000 -5.000 -5.000 -5.000 -5.000 -60.000 -60.000

NET EARNINGS BEFORE TAXES 297.353 297.353 418.295 357.824 418.295 418.295 478.766 599.707 599.707 660.178 720.648 720.648 5.987.069 5.612.069

TAXES -8.921 -8.921 -12.549 -10.735 -12.549 -12.549 -14.363 -17.991 -17.991 -19.805 -21.619 -21.619 -179.612 -168.362

NET EARNINGS 288.433 288.433 405.746 347.089 405.746 405.746 464.403 581.716 581.716 640.372 699.029 699.029 5.807.457 5.443.707

0Income StatementYears 3, 4 & 5 by Quarters

Year 51st Qtr 2nd Qrtr 3rd Qrtr 4th Qrtr Total 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

NET REVENUES 2.000.000 2.500.000 2.500.000 2.750.000 9.750.000 3.000.000 4.000.000 4.500.000 4.750.000 16.250.000 5.000.000 6.000.000 7.000.000 8.000.000

COST OF REVENUE 229.821 287.277 287.277 316.004 1.120.379 360.082 480.110 540.123 570.130 1.950.445 541.684 650.021 758.357 866.694

GROSS PROFIT 1.770.179 2.212.723 2.212.723 2.433.996 8.629.621 2.639.918 3.519.890 3.959.877 4.179.870 14.299.555 4.458.316 5.349.979 6.241.643 7.133.306

OPERATING EXPENSES Personnel & Initial Marketing 217.587 271.984 271.984 299.182 1.060.736 324.321 432.429 486.482 513.509 1.756.741 528.729 634.475 740.221 845.966 Fix Marketing & Development 134.124 167.655 167.655 184.420 653.854 193.702 258.269 290.553 306.694 1.049.218 279.645 335.574 391.503 447.432 Administration & Logistics 139.043 173.804 173.804 191.184 677.835 220.938 294.583 331.406 349.818 1.196.745 336.037 403.245 470.452 537.660 Total Operating Expenses 490.754 613.442 613.442 674.787 2.392.425 738.961 985.281 1.108.441 1.170.021 4.002.704 1.144.411 1.373.293 1.602.176 1.831.058

EARNINGS FROM OPERATIONS 1.279.425 1.599.281 1.599.281 1.759.209 6.237.195 1.900.957 2.534.610 2.851.436 3.009.849 10.296.851 3.313.905 3.976.686 4.639.467 5.302.248

EXTRAORDINARY INCOME / (EXPENSE) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

EARNINGS BEFORE INTEREST & TAXES 1.279.425 1.599.281 1.599.281 1.759.209 6.237.195 1.900.957 2.534.610 2.851.436 3.009.849 10.296.851 3.313.905 3.976.686 4.639.467 5.302.248

INTEREST INCOME / (EXPENSE) -12.000 -12.000 -12.000 -12.000 -48.000 -11.250 -11.250 -11.250 -11.250 -45.000 -3.500 -3.500 -3.500 -3.500

NET EARNINGS BEFORE TAXES 1.267.425 1.587.281 1.587.281 1.747.209 6.189.195 1.889.707 2.523.360 2.840.186 2.998.599 10.251.851 3.310.405 3.973.186 4.635.967 5.298.748

TAXES -38.023 -47.618 -47.618 -52.416 -185.676 -56.691 -75.701 -85.206 -89.958 -307.556 -99.312 -119.196 -139.079 -158.962

NET EARNINGS 1.229.402 1.539.662 1.539.662 1.694.793 6.003.520 1.833.016 2.447.659 2.754.980 2.908.641 9.944.296 3.211.093 3.853.990 4.496.888 5.139.785

Cumulative Net Earning Before Taxes Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12Year 1 0 0 0 206.207 536.138 948.552 1.360.966 1.855.863 2.474.484 2.969.381 3.505.519 4.124.140 Year 2 4.421.493 4.718.847 5.137.142 5.494.966 5.913.261 6.331.555 6.810.321 7.410.028 8.009.735 8.669.912 9.390.560 10.111.209

Cumulative Net Earning Before Taxes Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4

11.378.633 12.965.914 14.553.195 16.300.404 18.190.111 20.713.471 23.553.657 26.552.255 29.862.660 33.835.846 38.471.813 43.770.561

Interest Income/(Expense) Total Year Per Month/QtrYear 1 0 0 Year 2 -60.000 -5.000 Year 3 -48.000 -12.000 Year 4 -45.000 -11.250 Year 5 -14.000 -3.500

Year 5

Year 3 Year 4

Year 3 Year 4

of 11

SummaryYears 1 to 5

Year 1 Year 2 Year 3 Year 4 Year 5Summary Financials (US.$)

Revenue 6.500.000 9.375.000 12.750.000 16.800.000 26.750.000 Gross Profit 5.778.029 8.300.013 11.284.889 14.783.540 23.851.991 EBIT 4.724.140 5.672.069 7.818.833 11.807.860 17.504.391 EBITDA 4.735.378 5.705.926 7.888.404 11.918.860 17.666.820 Net Earnings 4.582.416 5.443.707 7.537.708 11.409.974 16.965.680 Net Cash from Operating Activities 3.663.634 5.341.084 7.980.779 11.016.974 16.309.108 Capital Expenditures 55.000 120.000 200.000 260.000 350.000 Interest Income/(Expense) 0 -60.000 -48.000 -45.000 -14.000 Dividends 0 0 0 0 50.000 Cash 5.108.634 11.329.718 19.010.497 29.767.471 45.476.579 Total Equity 5.082.416 10.526.122 18.063.830 29.473.804 46.389.484 Total Debt 0 500.000 400.000 300.000 200.000

Growth Revenue Growth Rate - CAGR: 44% 36% 32% 59% Net Earnings Growth Rate - CAGR: 18,8% 38,5% 51,4% 48,7%

Ratios Current Ratio 6,3 9,7 17,8 16,1 15,8 Debt to Capital (LT Debt + Equity) 0,0 0,0 0,0 0,0 0,0

ProfitabilityGross Profit % 88,9% 88,5% 88,5% 88,0% 89,2%Operating Expenses % 25,4% 24,0% 24,5% 24,6% 22,9%Net Earnings % 70,5% 58,1% 59,1% 67,9% 63,4%

ReturnsReturn on Assets 63,5% 39,3% 35,8% 34,4% 33,1%Return on Equity 75,3% 45,3% 38,5% 36,8% 35,4%Return on Capital (LT Debt + Equity) 75,3% 43,5% 37,8% 36,5% 35,3%

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