AR GrowthCommercial Finance Business: Pro Forma Financial Statements

Balance Sheet
($) 6/31/2010 7/31/2010 8/31/2010 9/30/2010 10/31/2010 11/30/2010 12/31/2010 1/31/2011 2/28/2011 3/31/2011 4/30/2011 5/31/2011 6/30/2011 2011
ASSETS

CURRENT ASSETS
Cash and Equivalents - 503,868 1,173,402 1,317,909 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Excess Cash Investment 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Investments:
Credit Card Securitizations - 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Argentine Securities 84,500,000 54,500,000 44,500,000 29,500,000 30,340,944 30,893,490 30,977,931 31,544,440 32,152,030 32,228,466 32,750,606 33,373,273 33,469,883 33,469,883
Total Investments (Current) 84,500,000 74,500,000 64,500,000 49,500,000 50,340,944 50,893,490 50,977,931 51,544,440 52,152,030 52,228,466 52,750,606 53,373,273 53,469,883 53,469,883

Total Current Assets 85,000,000 75,503,868 66,173,402 51,317,909 51,840,944 52,393,490 52,477,931 53,044,440 53,652,030 53,728,466 54,250,606 54,873,273 54,969,883 54,969,883

NON-CURRENT ASSETS
Partners Investment
Land 11,600,000 11,600,000 11,600,000 11,600,000 11,600,000 11,600,000 11,600,000 11,600,000 11,600,000 11,600,000 11,600,000 11,600,000 11,600,000 11,600,000
Euroymayor (15%) 6,750,000 6,750,000 6,750,000 6,750,000 6,750,000 6,750,000 6,750,000 6,750,000 6,750,000 6,750,000 6,750,000 6,750,000 6,750,000 6,750,000
Nexo (15%) 1,650,000 1,650,000 1,650,000 1,650,000 1,650,000 1,650,000 1,650,000 1,650,000 1,650,000 1,650,000 1,650,000 1,650,000 1,650,000 1,650,000
Total Partners Investment 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Investments:
Real Estate Project 1 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
Real Estate Project 2 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
Real Estate Project 3 - 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000
Real Estate Project 4 - - 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000
Real Estate Project 5 - - - 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000
Real Estate Project 6 - - - - - - - - - - - - - -
Real Estate Project 7 - - - - - - - - - - - - - -
Total Investments 10,000,000 20,000,000 30,000,000 45,000,000 45,000,000 45,000,000 45,000,000 45,000,000 45,000,000 45,000,000 45,000,000 45,000,000 45,000,000 45,000,000

Total Non-Current Assets 30,000,000 40,000,000 50,000,000 65,000,000 65,000,000 65,000,000 65,000,000 65,000,000 65,000,000 65,000,000 65,000,000 65,000,000 65,000,000 65,000,000

Total Assets 115,000,000 115,503,868 116,173,402 116,317,909 116,840,944 117,393,490 117,477,931 118,044,440 118,652,030 118,728,466 119,250,606 119,873,273 119,969,883 119,969,883

LIABILITIES

Debt Balance 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000
Total Liabilities 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000

EQUITY

Retained Earnings (5,000,000) (4,496,132) (3,826,598) (3,682,091) (3,159,056) (2,606,510) (2,522,069) (1,955,560) (1,347,970) (1,271,534) (749,394) (126,727) (30,117) (30,117)
Additional Paid-in Capital 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Total Equity 15,000,000 15,503,868 16,173,402 16,317,909 16,840,944 17,393,490 17,477,931 18,044,440 18,652,030 18,728,466 19,250,606 19,873,273 19,969,883 19,969,883

Total Liabilities and Equity 115,000,000 115,503,868 116,173,402 116,317,909 116,840,944 117,393,490 117,477,931 118,044,440 118,652,030 118,728,466 119,250,606 119,873,273 119,969,883 119,969,883
 AR GrowthCommercial Finance Business: Pro Forma Financial Statements

Income Statement
($) 6/31/2010 7/31/2010 8/31/2010 9/30/2010 10/31/2010 11/30/2010 12/31/2010 1/31/2011 2/28/2011 3/31/2011 4/30/2011 5/31/2011 6/30/2011 2011
Revenue:
Dividend Income
Fee Income
Management Fees 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 600,000
Interest Income:
Credit Card Securitizations - 233,333 233,333 233,333 233,333 233,333 233,333 233,333 233,333 233,333 233,333 233,333 2,566,667
Argentine Securities Income 1,056,250 681,250 556,250 368,750 379,262 386,169 387,224 394,305 401,900 402,856 409,383 417,166 5,840,765
Real Estate Project 1 58,333 58,333 58,333 58,333 58,333 58,333 58,333 58,333 58,333 58,333 58,333 58,333 700,000
Real Estate Project 2 58,333 58,333 58,333 58,333 58,333 58,333 58,333 58,333 58,333 58,333 58,333 58,333 700,000
Real Estate Project 3 - 116,667 116,667 116,667 116,667 116,667 116,667 116,667 116,667 116,667 116,667 116,667 1,283,333
Real Estate Project 4 - 116,667 116,667 116,667 116,667 116,667 116,667 116,667 116,667 116,667 116,667 116,667 1,283,333
Real Estate Project 5 - - 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 1,750,000
Real Estate Project 6 - - - - - - - - - - - - -
Land Income 135,333 135,333 135,333 135,333 135,333 135,333 135,333 135,333 135,333 135,333 135,333 135,333 1,624,000
Excess Cash Int. Income 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000
Total Revenue 1,360,750 1,452,417 1,502,417 1,314,917 1,325,428 1,332,335 1,333,391 1,340,472 1,348,067 1,349,022 1,355,549 1,363,333 16,378,098

Expenses:
Transaction Expenses 5,000,000
Salaries 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 420,000
Office Rent 168 168 168 168 168 168 168 168 168 168 168 168 2,015
Telephone 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Travel Flights 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000
Lodging Expense 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 33,600
Entertainment (Meals) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Transfer Agent Fees 248 248 248 248 248 248 248 248 248 248 248 248 2,970
PR/Marketing Exp. 10,000 6,000 6,000 10,000 6,000 6,000 10,000 6,000 6,000 10,000 6,000 6,000 88,000
Delaware Franchise tax (est) 15,000 15,000
Miscellaneous 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
Insurance (D&O) 55,000 - 55,000
Legal Fees (Normal) 20,000 5,000 5,000 10,000 5,000 5,000 10,000 5,000 5,000 20,000 5,000 5,000 100,000
Accounting and Tax Fees (Normal) 25,000 25,000 25,000 75,000 150,000
Registration Expenses 25,000 50,000 50,000 25,000 25,000 25,000 - - - - - - 200,000
Total Expenses: 5,000,000 190,215 116,215 116,215 125,215 106,215 91,215 100,215 66,215 66,215 160,215 66,215 66,215 1,270,585

Operating Income (EBIT) (5,000,000) 1,170,535 1,336,201 1,386,201 1,189,701 1,219,213 1,241,120 1,233,175 1,274,257 1,281,852 1,188,807 1,289,334 1,297,117 15,107,513

Interest Expense - 666,667 666,667 666,667 666,667 666,667 666,667 666,667 666,667 666,667 666,667 666,667 666,667 8,000,000
Taxes - - - 575,028 - - 490,012 - - 538,749 - - 533,840 2,137,629

Net Income (5,000,000) 503,868 669,535 144,507 523,035 552,546 84,441 566,509 607,590 76,436 522,140 622,667 96,610 4,969,883
 AR GrowthCommercial Finance Business: Pro Forma Financial Statements

Cash Flows
($) 6/31/2010 7/31/2010 8/31/2010 9/30/2010 10/31/2010 11/30/2010 12/31/2010 1/31/2011 2/28/2011 3/31/2011 4/30/2011 5/31/2011 6/30/2011 2011
CASH FROM OPERATIONS
Net Income (5,000,000) 503,868 669,535 144,507 523,035 552,546 84,441 566,509 607,590 76,436 522,140 622,667 96,610 4,969,883
Total Cash from Operations (5,000,000) 503,868 669,535 144,507 523,035 552,546 84,441 566,509 607,590 76,436 522,140 622,667 96,610 4,969,883

CASH FROM INVESTMENTS

Credit Card Securitizations - (20,000,000) - - - - - - - - - - - (20,000,000)
Argentine Securities Income (84,500,000) 30,000,000 10,000,000 15,000,000 (840,944) (552,546) (84,441) (566,509) (607,590) (76,436) (522,140) (622,667) (96,610) 51,030,117
Real Estate Project 1 (5,000,000) - - - - - - - - - - - - -
Real Estate Project 2 (5,000,000) - - - - - - - - - - - - -
Real Estate Project 3 - (10,000,000) - - - - - - - - - - - (10,000,000)
Real Estate Project 4 - - (10,000,000) - - - - - - - - - - (10,000,000)
Real Estate Project 5 - - - (15,000,000) - - - - - - - - - (15,000,000)
Real Estate Project 6 - - - - - - - - - - - - - -
Real Estate Project 7 - - - - - - - - - - - - - -
Excess Cash Investment (500,000) - - - - - - - - - - - - -
Total Transaction Investments (95,000,000) - - - (840,944) (552,546) (84,441) (566,509) (607,590) (76,436) (522,140) (622,667) (96,610) (3,969,883)

Partners Equity Infusion Investment (20,000,000) - - - - - - - - - - - - -

Total Cash from Investments (115,000,000) - - - (840,944) (552,546) (84,441) (566,509) (607,590) (76,436) (522,140) (622,667) (96,610) (3,969,883)

CASH FROM FINANCING

Loan Proceeds 100,000,000 - - - - - - - - - - - - -
Equity Infusion 20,000,000 - - - - - - - - - - - - -
Amount Converted to Common - - - - - - - - - - - - - -
Total Cash from Financing 120,000,000 - - - - - - - - - - - - -

Net change in Cash - 503,868 669,535 144,507 (317,909) - - - - - - - - 1,000,000

Beginning Cash - - 503,868 1,173,402 1,317,909 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 -
Ending Cash - 503,868 1,173,402 1,317,909 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
 AR GrowthCommercial Finance Business: DCF Analysis

Discounted Cash Flow Analysis

2011 2012 2013 2014 Perp.
Revenue 16,378,098 16,971,052 16,737,993 17,611,877
Expenses (1,270,585) (1,070,585) (1,070,585) (1,070,585)
Interest Expense (8,000,000) (8,000,000) (8,000,000) (8,000,000)
EBT 7,107,513 7,900,466 7,667,407 8,541,292
Taxes (2,137,629) (2,415,163) (2,333,593) (2,639,452)
NOPAT 4,969,883 5,485,303 5,333,815 5,901,840

D&A 0 0 0 0
Net Capex 0 0 0 0
Change in Working Capital 0 0 0 0
Free Cash Flow 4,969,883 5,485,303 5,333,815 5,901,840 5,901,840

Perpetual Growth Rate: 0%

WACC Assumptions
Perpetuity growth rate 0.00%
Tax Rate 35.00%
Pre-tax cost of debt 13.00%
Cost of equity 30.00%
Debt / Capital 80.00%
Equity / Capital 20.00%
WACC 12.76%

WACC 12.26% 12.76% 13.26%

Terminal Value 48,138,986 46,252,662 44,508,594
PV of Terminal Value 27,000,496 25,372,391 23,881,472
PV of Free Cash Flows 16,266,022 16,092,470 15,921,914

Total Enterprise Value 43,266,518 41,464,861 39,803,386

Total Equity Value 43,266,518 41,464,861 39,803,386

Average Equity Value 41,511,588

Implied Net Income Multiple 8.35

 AR GrowthCommercial Finance Business: Valuation

Market Comparable Methodology Discounted Cash Flow Methodology

Enterprise Value / EBITDA Equity Value

Market Average -5.70 With WACC=0.1226 43,266,518
ARGW EBITDA 15,107,513 With WACC=0.1276 41,464,861
Implied ARGW Enterprise Value (86,110,834) With WACC=0.1326 39,803,386
Implied ARGW Equity Value (185,110,834) Average 41,511,588

Price / Book Value Implied Equity Value 41,511,588

Market Average 1.31
ARGW Book Value 19,969,883 Asset Approach Methodology
ARGW Shares Outstanding 70,000,000
ARGW Book Value per Share 0.29
Implied ARGW Price per Share 0.37 (N/A)
Implied ARGW Equity Value 26,206,702

P/E Multiple
Market Average -4.39 Implied Equity Value N/A
ARGW Shares Outstanding 70,000,000
ARGW EPS 0.07
Implied ARGW Price per Share (0.31)
Implied ARGW Equity Value (21,797,685)

Implied Equity Value 26,206,702

Market Comp Value 26,206,702

DCF Value 41,511,588
Asset-Based Value N/A

Averaged Equity Value of ARGW 33,859,145

(Present Value in 2010)
 AR GrowthNexo: Financial Projections ($Dollars)

Nexo Emprendimientos S.A.

Balance Sheet (as of Sep. 30)
Actual Projections
($Dollars) 2008 2009 2010 2011 2012 2013 2014
ASSETS

CURRENT ASSETS
Cash - 9,965 606,828 Err:511 Err:511 Err:511 Err:511
Investments - 579,578 - - - - -
Commercial Credit - 5,838,731 4,259,864 Err:511 Err:511 #VALUE! #VALUE!
Other Credit - 695,991 - - - - -
Total Current Assets - 7,124,265 4,866,692 Err:511 Err:511 Err:511 Err:511

NON-CURRENT ASSETS
Investments - 213,817 2,365,890 4,175,404 4,175,404 4,175,404 4,175,404
Commercial Credit - 412,550 238,440 #NAME? #NAME? #NAME? #NAME?
Other Credit - 1,433,613 2,567,231 Err:511 Err:511 Err:511 Err:511
Bienes de Uso - 672,058 2,364,919 2,237,079 2,112,404 #VALUE! #VALUE!
Intangible Assets - 192,335 - - - - -
Total Non-Current Assets - 2,924,373 7,536,480 #NAME? #NAME? #NAME? #NAME?

Llave de Negocio - 1,696,012 - - - - -

Total Assets - 11,744,650 12,403,172 Err:511 Err:511 Err:511 Err:511

LIABILITIES

CURRENT LIABILITIES
Commercial Debt - 1,283,366 4,212,862 5,435,360 5,141,342 4,820,179 4,820,179
Fiscal Debt - 383,780 38,661 Err:511 Err:511 #VALUE! #VALUE!
Social Debt - 714,228 - (148,777) 158,489 #VALUE! #VALUE!
Bank Debt - 3,330,505 - - - - -
Other Debt - 45,103 - - - - -
Total Current Liabilities - 5,756,983 4,251,523 Err:511 Err:511 #VALUE! #VALUE!

NON-CURRENT LIABILITIES
Social Debt - - - - - - -
Bank Debt - 3,482,531 1,577,423 Err:511 Err:511 Err:511 Err:511
Total Non-Current Liabilities - 3,482,531 1,577,423 Err:511 Err:511 Err:511 Err:511

Total Liabilities - 9,239,514 5,828,946 Err:511 Err:511 #VALUE! #VALUE!

Total Equity - 2,505,135 6,574,226 Err:511 Err:511 #VALUE! #VALUE!

Total Liabilities & Equity - 11,744,649 12,403,172 Err:511 Err:511 #VALUE! #VALUE!
 AR GrowthNexo: Financial Projections ($Dollars)

Income Statement
Actual * Projections
($Dollars) 2008 2009 2010 2011 2012 2013 2014

Net Sales - 4,180,250 3,652,267 Err:511 Err:511 Err:511 #VALUE!

COGS - (2,552,828) - - - - -
Gross Sales - 1,627,422 3,652,267 Err:511 Err:511 Err:511 #VALUE!

Operating Income/Expenses
Administrative - (2,513,853) (3,373,525) Err:511 Err:511 Err:511 #VALUE!
Commercialization - (1,704,097) (1,245,725) Err:511 Err:511 Err:511 #VALUE!
Other Expenses - (31,940) (555,439) (72,033) - - -
Results of Investments in Related Entitie - 305,756 - - - - -
Results from Assets - 64,090 (188,327) (171,429) (124,675) #VALUE! #VALUE!
Results from Liabilities - (680,637) 805,772 Err:511 Err:511 Err:511 Err:511
Other Income (/Loss) - (80,441) 98,968 Err:511 Err:511 Err:511 #VALUE!

Earnings before Taxes (3,013,700) (806,009) Err:511 Err:511 Err:511 #VALUE!

Taxes - 1,130,091 286,108 Err:511 Err:511 Err:511 #VALUE!

Net Income (1,883,609) (519,901) Err:511 Err:511 Err:511 #VALUE!

Cash Flow Statement (Summarized)

Actual Projections
($Dollars) 2008 2009 2010 2011 2012 2013 2014

Beginning Cash Balance - 76,909 1,346,555 606,828 Err:511 Err:511 Err:511

Change in Cash - 512,634 (739,727) Err:511 Err:511 Err:511 Err:511
Ending Cash Balance - 589,543 606,828 Err:511 Err:511 Err:511 Err:511

* Actual figures in Income Statement (for fiscal year 2009) are based off given 3-month figures as of quarter ended. No seasonality assumed.
 AR GrowthEuromayor: Financial Projections ($Pesos)

Euromayor S.A. de Inversiones

Balance Sheet
Actual Projections
($Pesos) 2008 2009 2010 2011 2012 2013 2014
ASSETS

CURRENT ASSETS
Cash 3,150,104 4,722,428 8,034,056 11,511,264 15,162,334 18,995,957 23,021,261
Other Investments 7,564,132 8,051,396 8,453,966 8,876,664 9,320,497 9,786,522 10,275,848
Accounts Receivable 35,122,612 38,203,440 45,844,128 68,766,192 82,519,430 99,023,316 118,827,980
Other Accounts Receivable 29,279,815 32,710,209 39,252,251 58,878,376 70,654,051 84,784,862 101,741,834
Bienes de Cambio 80,763,621 70,028,190 70,028,190 70,028,190 70,028,190 70,028,190 70,028,190
Other Current Assets 1,403,482 3,505,692 3,505,692 3,505,692 3,505,692 3,505,692 3,505,692
Total Current Assets 157,283,766 157,221,355 175,118,282 221,566,379 251,190,195 286,124,539 327,400,805

NON-CURRENT ASSETS
Trade Receivables 14,889,366 7,546,629 9,055,955 13,583,932 16,300,719 19,560,862 23,473,035
Other Accounts Receivable 29,861,246 35,849,831 43,019,797 64,529,696 77,435,635 92,922,762 111,507,314
Bienes de Cambio 161,555,047 126,013,759 126,013,759 126,013,759 126,013,759 126,013,759 126,013,759
Participaciones Permanentes 11,312,859 9,755,936 9,755,936 9,755,936 9,755,936 9,755,936 9,755,936
Other Investments 2,988,580 - - - - - -
Bienes de Uso 1,295,283 1,534,871 1,534,871 1,534,871 1,534,871 1,534,871 1,534,871
Intangible Assets 3,427,727 4,783,592 4,783,592 4,783,592 4,783,592 4,783,592 4,783,592
Valor Llave de Negocio 44,322,226 28,641,281 28,641,281 28,641,281 28,641,281 28,641,281 28,641,281
Total Non-Current Assets 269,652,334 214,125,899 222,805,191 248,843,067 264,465,793 283,213,063 305,709,788

TOTAL ASSETS 426,936,100 371,347,254 397,923,473 470,409,446 515,655,988 569,337,602 633,110,593

LIABILITIES

CURRENT LIABILITIES
Accounts Payable 12,864,759 18,866,476 22,639,771 33,959,657 40,751,588 48,901,906 58,682,287
Loans 21,352,404 17,253,147 17,253,147 17,253,147 17,253,147 17,253,147 17,253,147
Payables Payroll & Social Security Taxes 873,125 712,864 712,864 712,864 712,864 712,864 712,864
Payables Taxes 5,577,925 7,314,433 7,314,433 7,314,433 7,314,433 7,314,433 7,314,433
Client Prepayments 85,840,861 76,710,324 76,710,324 76,710,324 76,710,324 76,710,324 76,710,324
Other Current Liabilities 42,165,230 39,277,900 39,277,900 39,277,900 39,277,900 39,277,900 39,277,900
Previsiones 100,429 170,564 170,564 170,564 170,564 170,564 170,564
Total Current Liabilities 168,774,733 160,305,708 164,079,003 175,398,889 182,190,820 190,341,138 200,121,519

NON-CURRENT LIABILITIES
Loans 50,865,223 38,908,170 38,908,170 38,908,170 38,908,170 38,908,170 38,908,170
Payables Taxes 1,632,067 2,976,800 2,976,800 2,976,800 2,976,800 2,976,800 2,976,800
Client Prepayments 99,884,734 57,784,634 57,784,634 57,784,634 57,784,634 57,784,634 57,784,634
Other Long-term Liabilities 71,216,334 66,232,938 75,120,826 115,233,311 128,360,231 143,431,765 160,802,797
Previsiones 6,279,709 6,283,286 6,283,286 6,283,286 6,283,286 6,283,286 6,283,286
Total Non-Current Liabilities 229,878,067 172,185,828 181,073,716 221,186,201 234,313,121 249,384,655 266,755,687

Total Liabilities 398,652,800 332,491,536 345,152,719 396,585,089 416,503,941 439,725,793 466,877,206

Third Parties' Investment in Subsidiaries 1,463,646 4,289,609 4,289,609 4,289,609 4,289,609 4,289,609 4,289,609

EQUITY
Total Equity 26,819,654 34,566,109 48,481,145 69,534,747 94,862,437 125,322,200 161,943,778

TOTAL LIABILITIES & EQUITY 426,936,100 371,347,254 397,923,473 470,409,446 515,655,988 569,337,602 633,110,593
 AR GrowthEuromayor: Financial Projections ($Pesos)

Income Statement
Actual Projections
($Pesos) 2008 2009 2010 2011 2012 2013 2014

Net Sales 17,428,946 169,124,071 202,948,885 304,423,328 365,307,993 438,369,592 526,043,510

Growth 870% 20% 50% 20% 20% 20%
COGS (17,250,369) (116,188,373) (139,426,048) (209,139,071) (250,966,886) (301,160,263) (361,392,315)
Gross Income 178,577 52,935,698 63,522,838 95,284,256 114,341,108 137,209,329 164,651,195
Gross Margin 1% 31% 31% 31% 31% 31% 31%

OPERATING INCOME/EXPENSES
Resultado neto por aplicación del método del gr 5,313,655 2,793,918 3,352,702 5,029,052 6,034,863 7,241,835 8,690,203
Long-term Investment Results 4,114,951 1,460,243 1,752,292 2,628,437 3,154,125 3,784,950 4,541,940
Depreciación llave de negocio (1,953,134) (16,004,594) (19,205,513) (28,808,269) (34,569,923) (41,483,908) (49,780,689)
Earned Interest by Financing of Operations 2,561,385 852,826 1,023,391 1,535,087 1,842,104 2,210,525 2,652,630
Commercialization expenses (4,074,045) (6,061,527) (7,273,832) (10,910,749) (13,092,898) (15,711,478) (18,853,774)
Administrative expenses (16,072,048) (19,992,296) (23,990,755) (35,986,133) (43,183,359) (51,820,031) (62,184,037)
Other Income (/Loss) (1,296,954) (2,337,424) (2,804,909) (4,207,363) (5,048,836) (6,058,603) (7,270,324)

Operating Income (11,227,613) 13,646,844 16,376,213 24,564,320 29,477,183 35,372,620 42,447,144

Margin -64% 8% 8% 8% 8% 8% 8%

FINANCIAL RESULTS FROM ASSETS

Holding of titles (142,061) 1,709,086 1,794,540 1,884,267 1,978,481 2,077,405 2,181,275
Holding of credits (1,534,613) (138,358) (145,276) (152,540) (160,167) (168,175) (176,584)
Exchange Differences 4,345,323 7,440,250 7,812,263 8,202,876 8,613,019 9,043,670 9,495,854
Total from Assets 2,668,649 9,010,978 9,461,527 9,934,603 10,431,333 10,952,900 11,500,545

FINANCIAL RESULTS FROM LIABILITIES

Resultado por tenencia del pasivo por obras a rea - (1,004,292) (1,054,507) (1,107,232) (1,162,594) (1,220,723) (1,281,759)
Exchange Differences (9,109,467) (8,444,958) (8,867,206) (9,310,566) (9,776,095) (10,264,899) (10,778,144)
Total from Liabilities (9,109,467) (9,449,250) (9,921,713) (10,417,798) (10,938,688) (11,485,622) (12,059,904)

Other income (/loss), net (1,698,329) 179,941 - - - - -

EBT (19,366,760) 13,388,513 15,916,028 24,081,125 28,969,829 34,839,898 41,887,785

Income Tax 3,606,403 (1,683,228) (2,000,992) (3,027,522) (3,642,139) (4,380,135) (5,266,208)

Tax Rate 19% 13% 13% 13% 13% 13% 13%
Participation of third-parties in Subsidiaries 1,674,425 (3,958,830) - - - - -

Net Income (14,085,932) 7,746,455 13,915,036 21,053,602 25,327,690 30,459,763 36,621,578

Cash Flow Statement

Actual Projections
($Pesos) 2008 2009 2010 2011 2012 2013 2014

Beginning Cash 12,399,098 4,405,199 7,559,130 10,870,758 14,347,966 17,999,036 21,832,659

Net Change in Cash (7,993,899) 3,153,931 3,311,628 3,477,209 3,651,069 3,833,623 4,025,304
Ending Cash 4,405,199 7,559,130 10,870,758 14,347,966 17,999,036 21,832,659 25,857,963
 AR GrowthEuromayor: Financial Projections ($Dollars)

Euromayor S.A. de Inversiones

Balance Sheet
Actual Projections
($Dollars) 2008 2009 2010 2011 2012 2013
ASSETS

CURRENT ASSETS
Cash 818,209 1,226,605 2,086,768 2,989,939 3,938,269 4,934,015
Other Investments 1,964,710 2,091,272 2,195,835 2,305,627 2,420,908 2,541,954
Accounts Receivable 9,122,756 9,922,971 11,907,566 17,861,349 21,433,618 25,720,342
Other Accounts Receivable 7,605,147 8,496,158 10,195,390 15,293,085 18,351,702 22,022,042
Bienes de Cambio 20,977,564 18,189,140 18,189,140 18,189,140 18,189,140 18,189,140
Other Current Assets 364,541 910,569 910,569 910,569 910,569 910,569
Total Current Assets 40,852,926 40,836,716 45,485,268 57,549,709 65,244,206 74,318,062

NON-CURRENT ASSETS
Trade Receivables 3,867,368 1,960,163 2,352,196 3,528,294 4,233,953 5,080,743
Other Accounts Receivable 7,756,168 9,311,644 11,173,973 16,760,960 20,113,152 24,135,782
Bienes de Cambio 41,962,350 32,730,846 32,730,846 32,730,846 32,730,846 32,730,846
Participaciones Permanentes 2,938,405 2,534,009 2,534,009 2,534,009 2,534,009 2,534,009
Other Investments 776,255 - - - - -
Bienes de Uso 336,437 398,668 398,668 398,668 398,668 398,668
Intangible Assets 890,319 1,242,491 1,242,491 1,242,491 1,242,491 1,242,491
Valor Llave de Negocio 11,512,266 7,439,294 7,439,294 7,439,294 7,439,294 7,439,294
Total Non-Current Assets 70,039,567 55,617,117 57,871,478 64,634,563 68,692,414 73,561,835

TOTAL ASSETS 110,892,494 96,453,832 103,356,746 122,184,272 133,936,620 147,879,897

LIABILITIES

CURRENT LIABILITIES
Accounts Payable 3,341,496 4,900,383 5,880,460 8,820,690 10,584,828 12,701,794
Loans 5,546,079 4,481,337 4,481,337 4,481,337 4,481,337 4,481,337
Payables Payroll & Social Security Taxes 226,786 185,159 185,159 185,159 185,159 185,159
Payables Taxes 1,448,812 1,899,853 1,899,853 1,899,853 1,899,853 1,899,853
Client Prepayments 22,296,328 19,924,759 19,924,759 19,924,759 19,924,759 19,924,759
Other Current Liabilities 10,952,008 10,202,052 10,202,052 10,202,052 10,202,052 10,202,052
Previsiones 26,085 44,302 44,302 44,302 44,302 44,302
Total Current Liabilities 43,837,593 41,637,846 42,617,923 45,558,153 47,322,291 49,439,257

NON-CURRENT LIABILITIES
Loans 13,211,746 10,106,018 10,106,018 10,106,018 10,106,018 10,106,018
Payables Taxes 423,914 773,195 773,195 773,195 773,195 773,195
Client Prepayments 25,944,087 15,008,996 15,008,996 15,008,996 15,008,996 15,008,996
Other Long-term Liabilities 18,497,749 17,203,361 19,511,903 29,930,730 33,340,320 37,255,004
Previsiones 1,631,093 1,632,022 1,632,022 1,632,022 1,632,022 1,632,022
Total Non-Current Liabilities 59,708,589 44,723,592 47,032,134 57,450,961 60,860,551 64,775,235

Total Liabilities 103,546,182 86,361,438 89,650,057 103,009,114 108,182,842 114,214,492

Third Parties' Investment in Subsidiaries 380,168 1,114,184 1,114,184 1,114,184 1,114,184 1,114,184

EQUITY
Total Equity 6,966,144 8,978,210 12,592,505 18,060,973 24,639,594 32,551,221

TOTAL LIABILITIES & EQUITY 110,892,494 96,453,832 103,356,746 122,184,272 133,936,620 147,879,897
 AR GrowthEuromayor: Financial Projections ($Dollars)

Income Statement
Actual Projections
($Dollars) 2008 2009 2010 2011 2012 2013

Net Sales 4,526,999 43,928,330 52,713,996 79,070,994 94,885,193 113,862,232

COGS (4,480,615) (30,178,798) (36,214,558) (54,321,837) (65,186,204) (78,223,445)
Gross Income 46,384 13,749,532 16,499,438 24,749,158 29,698,989 35,638,787

OPERATING INCOME/EXPENSES
Resultado neto por aplicación del método del gra 1,380,170 725,693 870,832 1,306,247 1,567,497 1,880,996
Long-term Investment Results 1,068,818 379,284 455,141 682,711 819,253 983,104
Depreciación llave de negocio (507,308) (4,157,037) (4,988,445) (7,482,667) (8,979,201) (10,775,041)
Earned Interest by Financing of Operations 665,295 221,513 265,816 398,724 478,469 574,162
Commercialization expenses (1,058,194) (1,574,423) (1,889,307) (2,833,961) (3,400,753) (4,080,903)
Administrative expenses (4,174,558) (5,192,804) (6,231,365) (9,347,047) (11,216,457) (13,459,748)
Other Income (/Loss) (336,871) (607,123) (728,548) (1,092,822) (1,311,386) (1,573,663)

Operating Income (2,916,263) 3,544,635 4,253,562 6,380,343 7,656,411 9,187,693

FINANCIAL RESULTS FROM ASSETS

Holding of titles (36,899) 443,918 466,114 489,420 513,891 539,586
Holding of credits (398,601) (35,937) (37,734) (39,621) (41,602) (43,682)
Exchange Differences 1,128,655 1,932,532 2,029,159 2,130,617 2,237,148 2,349,005
Total from Assets 693,156 2,340,514 2,457,539 2,580,416 2,709,437 2,844,909

FINANCIAL RESULTS FROM LIABILITIES

Resultado por tenencia del pasivo por obras a real - (260,855) (273,898) (287,593) (301,972) (317,071)
Exchange Differences (2,366,095) (2,193,496) (2,303,170) (2,418,329) (2,539,245) (2,666,208)
Total from Liabilities (2,366,095) (2,454,351) (2,577,068) (2,705,922) (2,841,218) (2,983,279)

Other income (/loss), net (441,124) 46,738 - - - -

EBT (5,030,327) 3,477,536 4,134,033 6,254,837 7,524,631 9,049,324

Income Tax 936,728 (437,202) (519,738) (786,369) (946,010) (1,137,697)

Participation of third-parties in Subsidiaries 434,916 (1,028,268) - - - -

Net Income (3,658,684) 2,012,066 3,614,295 5,468,468 6,578,621 7,911,627

Cash Flow Statement

Actual Projections
($Dollars) 2008 2009 2010 2011 2012 2013

Beginning Cash 3,220,545 1,144,208 1,963,410 2,823,573 3,726,745 4,675,074

Net Change in Cash (2,076,337) 819,203 860,163 903,171 948,330 995,746
Ending Cash 1,144,208 1,963,410 2,823,573 3,726,745 4,675,074 5,670,820
 AR GrowthEuromayor: Financial Projections ($Dollars)

2014

5,979,548
2,669,051
30,864,410
26,426,450
18,189,140
910,569
85,039,170

6,096,892
28,962,939
32,730,846
2,534,009
-
398,668
1,242,491
7,439,294
79,405,140

164,444,310

15,242,152
4,481,337
185,159
1,899,853
19,924,759
10,202,052
44,302
51,979,615

10,106,018
773,195
15,008,996
41,766,960
1,632,022
69,287,191

121,266,807

1,114,184

42,063,319

164,444,310
 AR GrowthEuromayor: Financial Projections ($Dollars)

2014

136,634,678
(93,868,134)
42,766,544

2,257,195
1,179,725
(12,930,049)
688,995
(4,897,084)
(16,151,698)
(1,888,396)

11,025,232

566,565
(45,866)
2,466,456
2,987,155

(332,925)
(2,799,518)
(3,132,442)

10,879,944

(1,367,846)
-

9,512,098

2014

5,670,820
1,045,534
6,716,354
 AR GrowthEuromayor: DCF Analysis

Discounted Cash Flow Analysis

2010 2011 2012 2013 2014 Perp.
Revenue 52,713,996 79,070,994 94,885,193 113,862,232 136,634,678
COGS (36,214,558) (54,321,837) (65,186,204) (78,223,445) (93,868,134)
Operating Income/Expenses (12,245,877) (18,368,815) (22,042,578) (26,451,093) (31,741,312)
Other Income/Expenses (119,529) (125,505) (131,780) (138,369) (145,288)
EBT 4,134,033 6,254,837 7,524,631 9,049,324 10,879,944
Taxes (519,738) (786,369) (946,010) (1,137,697) (1,367,846)
NOPAT 3,614,295 5,468,468 6,578,621 7,911,627 9,512,098

D&A 0 0 0 0 0
Net Capex 0 0 0 0 0
Change in Working Capital 0 0 0 0 0
Free Cash Flow 3,614,295 5,468,468 6,578,621 7,911,627 9,512,098 9,797,461

Perpetual Growth Rate: 3%

WACC Assumptions
Perpetuity growth rate 3.00%
Tax Rate 35.00%
Pre-tax cost of debt 13.00%
Cost of equity 30.00%
Debt / Capital 80.00%
Equity / Capital 20.00%
WACC 12.76%

WACC 12.26% 12.76% 13.26%

Terminal Value 105,804,114 100,383,821 95,491,822
PV of Terminal Value 52,863,063 48,835,239 45,238,358
PV of Free Cash Flows 22,525,675 22,206,405 21,893,853

Total Enterprise Value 75,388,739 71,041,644 67,132,211

Less LT Debt (44,723,592) (44,723,592) (44,723,592)

Plus Cash Balance 1,226,605 1,226,605 1,226,605

Total Equity Value 31,891,752 27,544,657 23,635,224

Average Equity Value 27,690,544

Implied Net Income Multiple 13.76

 NEXO EMPRENDIMIENTOS
LOCAL BONDS FUNDING NAR: 16% PRICE PER CREDIT CARDS ADQUIRED: 100 All figures are in u$

SHORT TERM BANKING FUNDING NAR: 18%

Jun-11 Jun-12 Jun-13 Jun-14

Number of Más CC statements: 0 -9 -10 -14

Number of Nexo CC statements: 50,000 50,000 #REF! #REF!
Number of Nexo Mastercad CC statements: 0 0 0 0
Total Statements: 50,000 49,991 #REF! #REF!

Outstanding loan amount (K future): 47,725 623,098 #VALUE! #VALUE!

Outstanding lease amount (K future): 262,972 61,457 0 0
Credit card loan portfolio: Err:511 Err:511 #VALUE! #VALUE!

Total portfolio: Err:511 Err:511 #VALUE! #VALUE!

Income for the period: Err:511 Err:511 Err:511 #VALUE!

Profit/loss for the period after taxes: Err:511 Err:511 Err:511 Err:511

Pre-existing Liabilities - Total Balance: 5,231,534 4,948,542 4,639,423 4,639,423

Total Assets: Err:511 Err:511 Err:511 Err:511

Total Liabilities: Err:511 Err:511 #VALUE! #VALUE!
Shareholders' Equity: Err:511 Err:511 Err:511 Err:511

Credit Cards Market Value: 4,000,000 3,999,820 #REF! #REF!

Earnings / Shareholders Equity: Err:511 Err:511 Err:511 Err:511

Leverage: Err:511 Err:511 #VALUE! #VALUE!
ROE: Err:511 Err:511 Err:511 Err:511

Outstanding ON: 0 0 0 0
Long Term Debt: 0 0 0 0
Funding through principal: 0 0 0 0
Additional funding (superavit): Err:511 Err:511 Err:511 Err:511
Total Funding: Err:511 Err:511 Err:511 Err:511

Total Funding / Total Portfolio: Err:511 Err:511 Err:511 Err:511

Printed on: 03/15/2021 14:54:10 514421650.xls Page 15 of 56

 NEXO EMPRENDIMIENTOS
16%
LOCAL BONDS FUNDING NAR:UNIT PRICE PER CREDIT CARDS ADQUIRED: 400 In Pesos

SHORT TERM BANKING FUNDING NAR: 18%

Jun-11 Jun-12 Jun-13 Jun-14

Number of Más CC statements: 0 -9 -10 -14

Number of Nexo CC statements: 50,000 50,000 #REF! #REF!
Number of Nexo Mastercad CC statements: 0 0 0 0
Total Statements: 50,000 49,991 #REF! #REF!

Outstanding loan amount (K future): 190,900 2,492,391 #VALUE! #VALUE!

Outstanding lease amount (K future): 1,051,886 245,827 0 0
Credit card loan portfolio: Err:511 Err:511 #VALUE! #VALUE!

Total portfolio: Err:511 Err:511 #VALUE! #VALUE!

Income for the period: Err:511 Err:511 Err:511 #VALUE!

Profit/loss for the period after taxes: Err:511 Err:511 Err:511 Err:511

Pre-existing Liabilities - Total Balance: 20,926,134 19,794,167 18,557,690 18,557,690

Total Assets: Err:511 Err:511 Err:511 Err:511

Total Liabilities: Err:511 Err:511 #VALUE! #VALUE!
Shareholders' Equity: Err:511 Err:511 Err:511 Err:511

Earnings / Shareholders Equity: Err:511 Err:511 Err:511 Err:511

Leverage: Err:511 Err:511 #VALUE! #VALUE!
ROE: Err:511 Err:511 Err:511 Err:511

Outstanding ON: 0 0 0 0
Long Term Debt: 0 0 0 0
Funding through principal: 0 0 0 0
Additional funding (superavit): Err:511 Err:511 Err:511 Err:511
Total Funding: Err:511 Err:511 Err:511 Err:511

Total Funding / Total Portfolio: Err:511 Err:511 Err:511 Err:511

Fecha de impresión: 03/15/2021 - 14:54:10 514421650.xls - Página 16 de 56 -

 AREA ADMINISTRACION Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11

FLUJO DE FONDOS ORDINARIO

Nexo Servicios - Administración -47,250 -47,250 -74,499 -91,605 -92,048 -92,048 -90,846 -91,092 -91,092 -91,092 -91,092 -91,092

SATSA 62,588 55,672 63,463 62,588 55,672 63,463 63,463 63,463 63,463 63,463 63,463 63,463

SIGESS 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740

Total Flujo de Fondos Mensual 63,078 56,162 36,704 18,723 11,363 19,154 20,357 20,111 20,111 20,111 20,111 20,111
Total Flujo de Fondos Acum. desde Jul-10 63,078 119,240 155,944 174,667 186,030 205,184 225,542 245,652 265,763 285,874 305,984 326,095

Acumulado del ejercicio 326,095

RESULTADOS ECONOMICOS ORDINARIOS

Nexo Servicios - Administración -95,203 -95,203 -93,655 -92,046 -92,048 -92,048 -91,091 -91,092 -91,092 -91,092 -91,092 -91,092

SATSA 59,990 53,948 59,990 59,990 53,948 59,990 59,990 59,990 59,990 59,990 59,990 59,990

SIGESS 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740

Total Resultado Económico Mensual 12,526 6,485 14,075 15,684 9,640 15,681 16,639 16,637 16,637 16,637 16,637 16,637
Total Resultado Económico Acum. desde Jul-10 12,526 19,011 33,086 48,770 58,410 74,091 90,730 107,368 124,005 140,643 157,280 173,918

Acumulado del ejercicio 173,918

RESULTADOS ECONOMICOS NO ORDINARIO

Nexo Servicios - Administración - -21,750 -21,638 -21,524 -21,410 -21,295 -21,180 -21,063 -20,945 -20,827 -20,708 -20,587
(impacto intereses refinanciaciòn AFIP)

Total Resultado Económico Acum. desde Jul-10 - -21,750 -43,388 -64,912 -86,322 -107,618 -128,797 -149,860 -170,805 -191,632 -212,340 -232,927

Acumulado del ejercicio -232,927

FLUJOS DE FONDOS NO ORDINARIOS

Nexo Servicios - Administración -479,885 -641,736 -136,736 -61,736 49,264 53,264 -46,736 -26,736 -26,736 -26,736 -26,736 -26,736
(impacto total deudas atrasadas)

Total Flujo de Fondos Acum. desde Jul-10 -479,885 -1,121,621 -1,258,357 -1,320,093 -1,270,829 -1,217,565 -1,264,301 -1,291,037 -1,317,773 -1,344,509 -1,371,245 -1,397,981

Acumulado del ejercicio -1,397,981

Fecha de impresión: 03/15/2021

 AREA ADMINISTRACION Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12

FLUJO DE FONDOS ORDINARIO

Nexo Servicios - Administración -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092

SATSA 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463

SIGESS 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740

Total Flujo de Fondos Mensual 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111
Total Flujo de Fondos Acum. desde Jul-10 346,206 366,316 386,427 406,537 426,648 446,759 466,869 486,980 507,091 527,201 547,312 567,423

Acumulado del ejercicio 241,328

RESULTADOS ECONOMICOS ORDINARIOS

Nexo Servicios - Administración -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092

SATSA 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990

SIGESS 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740

Total Resultado Económico Mensual 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637
Total Resultado Económico Acum. desde Jul-10 190,555 207,192 223,830 240,467 257,105 273,742 290,380 307,017 323,655 340,292 356,930 373,567

Acumulado del ejercicio 199,650

RESULTADOS ECONOMICOS NO ORDINARIO

Nexo Servicios - Administración -20,466 -20,344 -20,221 -20,097 -19,973 -19,847 -19,720 -19,593 -19,464 -19,334 -19,204 -19,072
(impacto intereses refinanciaciòn AFIP)

Total Resultado Económico Acum. desde Jul-10 -253,393 -273,738 -293,959 -314,056 -334,029 -353,876 -373,596 -393,189 -412,653 -431,987 -451,191 -470,264

Acumulado del ejercicio -237,337

FLUJOS DE FONDOS NO ORDINARIOS

Nexo Servicios - Administración -56,736 -56,736 -56,736 -56,736 -56,736 -56,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736
(impacto total deudas atrasadas)

Total Flujo de Fondos Acum. desde Jul-10 -1,454,717 -1,511,453 -1,568,189 -1,624,925 -1,681,661 -1,738,397 -1,775,133 -1,811,869 -1,848,604 -1,885,340 -1,922,076 -1,958,812

Acumulado del ejercicio -560,832

Fecha de impresión: 03/15/2021

 AREA ADMINISTRACION Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13

FLUJO DE FONDOS ORDINARIO

Nexo Servicios - Administración -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092

SATSA 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463

SIGESS 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740

Total Flujo de Fondos Mensual 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111
Total Flujo de Fondos Acum. desde Jul-10 587,533 607,644 627,755 647,865 667,976 688,087 708,197 728,308 748,419 768,529 788,640 808,751

Acumulado del ejercicio 241,328

RESULTADOS ECONOMICOS ORDINARIOS

Nexo Servicios - Administración -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092

SATSA 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990

SIGESS 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740

Total Resultado Económico Mensual 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637
Total Resultado Económico Acum. desde Jul-10 390,205 406,842 423,479 440,117 456,754 473,392 490,029 506,667 523,304 539,942 556,579 573,217

Acumulado del ejercicio 199,650

RESULTADOS ECONOMICOS NO ORDINARIO

Nexo Servicios - Administración -18,940 -18,807 -18,672 -18,537 -18,400 -18,263 -18,124 -17,984 -17,844 -17,702 -17,559 -17,416
(impacto intereses refinanciaciòn AFIP)

Total Resultado Económico Acum. desde Jul-10 -489,204 -508,010 -526,682 -545,219 -563,619 -581,882 -600,006 -617,990 -635,834 -653,536 -671,095 -688,511

Acumulado del ejercicio -218,247

FLUJOS DE FONDOS NO ORDINARIOS

Nexo Servicios - Administración -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736
(impacto total deudas atrasadas)

Total Flujo de Fondos Acum. desde Jul-10 -1,995,548 -2,032,284 -2,069,020 -2,105,756 -2,142,492 -2,179,228 -2,215,964 -2,252,700 -2,289,436 -2,326,172 -2,362,908 -2,399,644

Acumulado del ejercicio -440,832

Fecha de impresión: 03/15/2021

 AREA ADMINISTRACION Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14

FLUJO DE FONDOS ORDINARIO

Nexo Servicios - Administración -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092

SATSA 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463 63,463

SIGESS 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740

Total Flujo de Fondos Mensual 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111 20,111
Total Flujo de Fondos Acum. desde Jul-10 828,861 848,972 869,083 889,193 909,304 929,415 949,525 969,636 989,747 1,009,857 1,029,968 1,050,079

Acumulado del ejercicio 241,328

RESULTADOS ECONOMICOS ORDINARIOS

Nexo Servicios - Administración -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092 -91,092

SATSA 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990 59,990

SIGESS 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740 47,740

Total Resultado Económico Mensual 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637 16,637
Total Resultado Económico Acum. desde Jul-10 589,854 606,492 623,129 639,766 656,404 673,041 689,679 706,316 722,954 739,591 756,229 772,866

Acumulado del ejercicio 199,650

RESULTADOS ECONOMICOS NO ORDINARIO

Nexo Servicios - Administración -17,271 -17,125 -16,978 -16,829 -16,680 -16,530 -16,378 -16,225 -16,072 -15,917 -15,760 -15,603
(impacto intereses refinanciaciòn AFIP)

Total Resultado Económico Acum. desde Jul-10 -705,782 -722,906 -739,884 -756,713 -773,393 -789,923 -806,301 -822,526 -838,598 -854,515 -870,275 -885,878

Acumulado del ejercicio -197,367

FLUJOS DE FONDOS NO ORDINARIOS

Nexo Servicios - Administración -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736 -36,736
(impacto total deudas atrasadas)

Total Flujo de Fondos Acum. desde Jul-10 -2,436,380 -2,473,116 -2,509,852 -2,546,588 -2,583,324 -2,620,060 -2,656,796 -2,693,532 -2,730,268 -2,767,004 -2,803,740 -2,840,476

Acumulado del ejercicio -440,832

Fecha de impresión: 03/15/2021

 RESUMEN DE DATOS E INDICADORES

Mar-10
Jun-11 Jun-12 Jun-13 Jun-14
Jun-10

NEXO SERVICIOS NO COMERCIAL

Ingresos por ventas: 1,074,068 4,675,632 4,690,632 4,690,632 4,690,632

Resultados: -809,451 -1,339,683 -1,330,443 -1,311,353 -1,290,473

Flujo de fondos: -907,554 -991,007 -1,093,106 -1,093,106 -1,093,106

UNIDOS AFJP

Ingresos por ventas: 0 0 0 0 0

Resultados: -260,388 -501,600 -501,600 -501,600 -501,600

Flujo de fondos: -216,388 -2,129,231 -1,165,631 -1,165,631 -1,165,631

Otras compañías

Ingresos por ventas: 0 0

Resultados: -211,000 -300,000

Flujo de fondos: -432,000 -730,520

TOTAL DE COMPAÑÍAS

Ingresos por ventas: 1,074,068 4,675,632 4,690,632 4,690,632 4,690,632

Resultados: -1,280,840 -2,141,283 -1,832,043 -1,812,953 -1,792,073

Flujo de fondos: -1,555,943 -3,850,757 -2,258,737 -2,258,737 -2,258,737

Archivo: 514421650.xls Fecha de impresión: 03/15/2021 - Página 21 de 56

 RESUMEN DE DATOS E INDICADORES

Mar-10
Jun-11 Jun-12 Jun-13 Jun-14
Jun-10

NEXO EMPRENDIMIENTOS + NEXO SERVICIOS COMERCIAL

Ingresos por ventas: 16,809,626 Err:511 Err:511 Err:511 #VALUE!

Resultados: 445,228 Err:511 Err:511 Err:511 Err:511

Flujo de fondos: -1,280,535 Err:511 Err:511 Err:511 Err:511

Archivo: 514421650.xls Fecha de impresión: 03/15/2021 - Página 22 de 56

 RESUMEN DE DATOS E INDICADORES

Mar-10
Jun-11 Jun-12 Jun-13 Jun-14
Jun-10

NEXO SERVICIOS - COMERCIAL

AREA DE NEGOCIO ARGENCARD

Tarjetas comercializadas: 5,699 4,317 10,752 10,752 10,752

Consumo sujeto a comisión: 13,346,183 413,333 0 0 0

Comisión por ventas: 455,928 0 0 0 0

Comisión por consumo: 40,039 1,240 0 0 0
Total ingresos: 495,967 1,240 0 0 0

Gastos directos: 115,166 0 0 0 0

Margen bruto: 380,801 1,240 0 0 0

AREA DE NEGOCIO CLARO

Unidades comercializadas: 1,340 1,317 0 0 0

Comisión por ventas: 137,640 254,796 0 0 0

Comisión por consumo: 8,056 45,264 0 0 0
Ingresos por ventas: 145,696 258,663 0 0 0

Gastos directos: 93,792 60,000 0 0 0

Margen bruto: 51,904 198,663 0 0 0

AREA DE NEGOCIO DIRECT TV

Unidades comercializadas: 82 196 0 0 0

Ingresos por ventas: 28,700 100,488 0 0 0

Gastos directos: 11,808 74,435 0 0 0

Margen bruto: 16,892 26,052 0 0 0

AREA DE NEGOCIO POLIZAS DE SEGURO

Montos comercializados: 8,550,000 0 0 0 0

Ingresos por ventas: 513,000 0 0 0 0

Gastos directos: 384,750 0 0 0 0

Margen bruto: 128,250 0 0 0 0

AREA DE NEGOCIO INMOBILIARIO

Montos comercializadas (u$s): 0 240,000 0 0 0

Ingresos por ventas: 0 56,880 0 0 0

Gastos directos: 0 0 0 0 0

Margen bruto: 0 56,880 0 0 0

TOTAL AREAS DE NEGOCIO

Total ingresos 1,183,363 417,271 0 0 0

Total gastos directos: 605,516 134,435 0 0 0
Total margen bruto: 577,847 282,836 0 0 0

Gastos generales: 1,677,331 261,324 228,161 228,161 228,161

Resultados netos: -1,099,485 21,512 -228,161 -228,161 -228,161

Flujo de fondos: -1,349,267 275,986 -228,161 -228,161 -228,161

200,000
Resultados y Flujos mensuales
150,000

100,000

50,000

0 Row 374
0 10 0 11 11 11 1 11 1 12 12 12 2 12 2 13 13 y 13 3 13 3 Row1375
4 14 4
l1 p v1 n ar ay l1 p v1 n ar ay l1 p v1 n ar l1 p v1 n ar ay
1
Ju Se No Ja M M Ju Se No Ja M M Ju Se No Ja M M
a Ju Se No Ja M M
-50,000

Archivo: 514421650.xls Fecha de impresión: 03/15/2021 - Página 23 de 56

 ABRIL MAYO JUNIO ACUMULADO ABR-JUN ACUMULADO
NXE NXS Huellas Patrulla Unidos Acresa TOTAL NXE NXS Huellas Patrulla Unidos Acresa TOTAL NXE NXS Huellas Patrulla Unidos Acresa TOTAL NXE NXS Huellas Patrulla Unidos Acresa ABR-JUN

SALDO INICIAL 0 0 0 0
Cobranzas del mes 5,200,000 612,378 5,812,378 5,100,000 704,774 5,804,774 5,000,000 787,974 5,787,974 15,300,000 2,105,126 0 0 0 0 17,405,126
Pagos comercios -3,000,000 -3,000,000 -2,900,000 -2,900,000 -2,900,000 -2,900,000 -8,800,000 0 0 0 0 0 -8,800,000
Cajeros -220,000 -220,000 -220,000 -220,000 -220,000 -220,000 -660,000 0 0 0 0 0 -660,000
Impuestos y servicios por caja -75,000 -75,000 -75,000 -75,000 -75,000 -75,000 -225,000 0 0 0 0 0 -225,000
Gastos inicios juicios -50,000 -50,000 -50,000 -50,000 -30,000 -30,000 -130,000 0 0 0 0 0 -130,000
Remuneraciones -480,000 -509,290 0 0 -989,290 -450,000 -549,540 -10,000 -1,009,540 -450,000 -429,358 -10,000 -889,358 -1,380,000 -1,488,188 0 0 -20,000 0 -2,888,188
Cs.Sociales -230,000 -186,224 -32,000 0 -448,224 -215,000 -203,280 -17,000 -5,000 -440,280 -215,000 -209,220 -17,000 -5,000 -446,220 -660,000 -598,724 -66,000 0 -10,000 0 -1,334,724
Retenciones -255,000 -255,000 -255,000 -255,000 -255,000 -255,000 -765,000 0 0 0 0 0 -765,000
Impuestos del mes -227,000 -47,388 0 -35,469 -309,858 -227,000 -35,848 0 -262,848 -227,000 -49,322 -35,469 -311,791 -681,000 -132,558 0 0 -70,938 0 -884,496
Proveedores con caída ordinaria -560,000 -322,522 -32,000 -5,000 -27,850 -4,000 -951,372 -540,000 -370,846 -22,000 -5,000 -26,800 -4,000 -968,646 -540,000 -304,533 -3,000 -5,000 -26,800 -4,000 -883,333 -1,640,000 -997,900 -57,000 -15,000 -81,450 -12,000 -2,803,350
Impacto adicional plan comercial -88,064 -88,064 -467,700 -467,700 -1,985,200 -1,985,200 -2,540,964 0 0 0 0 0 -2,540,964
TOTAL OPERATIVO 14,936 -453,045 -64,000 -5,000 -63,319 -4,000 -574,429 -299,700 -454,740 -39,000 -5,000 -41,800 -4,000 -844,240 -1,897,200 -204,459 -20,000 -5,000 -77,269 -4,000 -2,207,928 -2,181,964 -1,112,244 -123,000 -15,000 -182,388 -12,000 -3,626,597
Soc Cosmopolita Devoto - Vieja - Cheque-29,300 -29,300 -29,300 -29,300 -29,300 -29,300 -87,900 0 0 0 0 0 -87,900
Nexo Servicios - Vieja - Cheque -69,000 -69,000 -87,000 -87,000 -17,000 -17,000 -173,000 0 0 0 0 0 -173,000
Fid Inmob Nva Cba - Vieja - Cheques -179,000 -179,000 -112,000 -112,000 -565,000 -565,000 -856,000 0 0 0 0 0 -856,000
OCA - Vieja - Cheques -82,000 -82,000 -82,000 -82,000 -82,000 -82,000 -246,000 0 0 0 0 0 -246,000
AMS - Vieja -420,000 -420,000 -420,000 -420,000 -487,000 -487,000 -1,327,000 0 0 0 0 0 -1,327,000
SMP - Vieja -13,000 -13,000 -13,000 -13,000 -13,000 -13,000 -39,000 0 0 0 0 0 -39,000
Freile - Vieja - Cheques -129,000 -129,000 -122,000 -122,000 -99,000 -99,000 -350,000 0 0 0 0 0 -350,000
Planes AFIP Cargas Sociales - Vieja -109,000 -109,000 -110,000 -110,000 -74,500 -74,500 -293,500 0 0 0 0 0 -293,500
Planes AFIP IVA - Vieja -30,000 -30,000 -30,000 -30,000 -30,000 -30,000 -90,000 0 0 0 0 0 -90,000
Mutual de Unión 0 0 0 0 0 0 0 0 0 0
Trayectoria (mutuo 15%) -64,000 -64,000 0 0 -64,000 0 0 0 0 0 -64,000
Profuturo Vida (mutuo 15%) 0 -290,000 -290,000 0 -290,000 0 0 0 0 0 -290,000
Caja de Jubilación Santa Fe -12,000 -12,000 -12,000 -12,000 -12,000 -12,000 -36,000 0 0 0 0 0 -36,000
Mutuales -31,669 -31,669 -154,669 -154,669 -251,336 -251,336 0 -437,673 0 0 0 0 -437,673
Fundación de la Cuenca -40,000 -40,000 -40,000 -40,000 -40,000 -40,000 -120,000 0 0 0 0 0 -120,000
Mutual de Ramona 0 0 0 0 0 0 0 0 0 0
Fondos Freile 0 0 0 0 0 0 0 0 0 0
Fondos Atletico -204,000 -204,000 0 0 -204,000 0 0 0 0 0 -204,000
SUBTOTAL DEUDAS FINANCIERAS-1,380,300 -31,669 0 0 0 0 -1,411,969 -1,347,300 -154,669 0 0 0 0 -1,501,969 -1,448,800 -251,336 0 0 0 0 -1,700,136 -4,176,400 -437,673 0 0 0 0 -4,614,073
Anses 0 0 0 0 0 0 0 0 0 0
Cobranzas atrasadas 145,300 145,300 217,950 217,950 217,950 217,950 0 581,200 0 0 0 0 581,200
Acuerdos de desvinculación -249,750 -433,600 -35,000 -12,000 -730,350 -69,000 -77,000 -35,000 -23,000 -204,000 -64,000 -31,300 -30,000 -19,000 -144,300 -382,750 -541,900 -100,000 0 -54,000 0 -1,078,650
Impuestos meses anteriores 0 0 0 0 0 0 0 0 0 0 0
Cargas Sociales anteriores -50,000 0 0 -50,000 0 0 0 0 -50,000 0 0 0 0 0 -50,000
Estimación juicios 0 -10,000 0 -10,000 -10,000 0 -10,000 -10,000 0 -10,000 0 0 0 -30,000 0 0 -30,000
Proveedores con caída atrasada 0 0 -96,000 -96,000 -600,000 -76,000 -676,000 -250,300 -64,000 -314,300 0 -850,300 0 0 -236,000 0 -1,086,300
SUBTOTAL OTROS -299,750 -288,300 -35,000 -10,000 -108,000 0 -741,050 -69,000 -459,050 -35,000 -10,000 -99,000 0 -672,050 -64,000 -63,650 -30,000 -10,000 -83,000 0 -250,650 -432,750 -811,000 -100,000 -30,000 -290,000 0 -1,663,750

TOTAL GENERAL -1,665,114 -773,014 -99,000 -15,000 -171,319 -4,000 -2,727,448 -1,716,000 ### -74,000 -15,000 -140,800 -4,000 -3,018,259 -3,410,000 -519,444 -50,000 -15,000 -160,269 -4,000 -4,158,714 -6,791,114 -2,360,918 -223,000 -45,000 -472,388 -12,000 -9,904,420

PAGOS POSPUESTOS DEL MES (NE + NL)

Cargas Sociales 220,000
IVA 150,000
Caja Jubilacion Santa Fe 50,000
Débitos de tarjetas (PROF:RET / USR)

PAGOS POSPUESTOS DE MESES -1,284,000 -1,284,000 -943,000

PROF.C.S.VIDA -291,000 -291,000 -291,000

FIDEIC. NVA.CORDOBA -134,000 -134,000 0
USR (MUTUOS) -386,000 -386,000 -386,000
DEBITOS TARJETA PROF.RET./ -153,000 -153,000 -153,000
USR x Expensas (Desde Set09) -48,000 -48,000 -48,000
Cheque a AMS p/devolución fonde -207,000 -207,000 0
Seguro Retiro La Estrella -65,000 -65,000 -65,000
 EFECTO SECURITIZACION

Capital inicial: 1,000,000

Cantidad de Cuotas 24
TNA: 50%
Monto cuota: 66,711

Flujo nominal del préstamo: 1,601,059

TNA a descontar: 22%

Cuota a descontar: 66,711
Valor Actual: 1,285,913

Resultado: 285,913
 SUPUESTOS Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

Nuevos Resúmenes Tarjetas Nexo 300 300 300 300 300 500 500 500

Cantidad de Tarjetas Banco Municipal - - - - - - - - - - -

Monto de Préstamos que me quedo (pesos) - - 3,600,000 3,600,000 3,600,000

Monto de Préstamos que Securitizo (pesos) - - 1,800,000 2,150,000 2,500,000 - - - - - -

Monto de Préstamos Totales (pesos) - - 1,800,000 2,150,000 2,500,000 - - - 3,600,000 3,600,000 3,600,000

Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Acumulado Promedio

Resultado sin cesión: Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511
Resultado neto de la cesión: - - - 438,548 523,821 609,094 1,571,463 261,910
Resultado mensual total: Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511

RESULTADO DE LA SIMULACION

Resultado sin la securitización Jun-11 Jun-12 Jun-13 Jun-14

Profit/loss for the period: Err:511 Err:511 Err:511 Err:511

Total Funding extra Kevin: Err:511 Err:511 Err:511 Err:511

Annual: Err:511 Err:511 Err:511 Err:511
Total Funding: Err:511 Err:511 Err:511 Err:511

Total Funding / Total Portfolio: Err:511 Err:511 Err:511 Err:511

Portfolio Err:511 Err:511 #VALUE! #VALUE!

Efecto Securitizar Jun-11 Jun-12 Jun-13 Jun-14

Total Nuevos Préstamos a descontar (u$s) 1,612,500 9,000,000 12,000,000 15,000,000

Resultado neto securitización (u$s): 392,866 1,495,239 1,993,652 2,492,065

Resultado (u$s) Err:511 Err:511 Err:511 Err:511

 Crecimiento lineal

750 750 750 750 750

0 0 0 0 0

0 0 500000 500000 1000000

1500000 1500000 2000000 2000000 2500000

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 Crecimiento lineal

750

1000000

2500000

Page 28
Crecimiento con mas prestamos priopios para fondeo 0

750 750 750 750 750

0 0 0 0 0

0 0 1071507.81 1071507.81 2143015.621

1500000 1500000 2000000 2000000 2500000

Page 29
 Crecimiento con mas prestamos priopios para fondeo 0

750

2143015.621

2500000

Page 30
 Crecimiento con enero casi nulo

750 750 750 750 750

0 0 0 0 0

0 0 1030319.047 1030319.047 2060638.094

500000 1500000 2000000 2000000 2500000

Page 31
 Crecimiento con enero casi nulo

750

2060638.094

3000000

Page 32
Crecimiento gradual prestamos con Kevin Febrero

750 750 750 750 750

0 0 0 0 0

0 0 1000000 1000000 1500000

500000 1500000 2000000 2500000 2500000

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 Crecimiento gradual prestamos con Kevin Febrero

750

1500000

3000000

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 Original

750 750 750 750 750

0 0 0 0 0

1160264.316 1160264.316 1160264.316 1160264.316 1160264.316

2000000 2000000 2000000 2000000 2000000

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 Original

750

1160264.316

2000000

Page 36
 Cantidad de Resúmenes 12,000 Ingresos por cargo emisión de resúmen: 180,000
Cargo por emisión de resumen: 15 Ingresos por arancel a comercios: 252,000
Compras por resumen: 500
Arancel a comercio: 4.20% Ingresos por financiación saldo impago: 49,333
Otros ingresos (% s/facturación): 1% Otros ingresos: 80,000
Ingresos por interés préstamos: 75,000
Resumen promedio: 667 Ingresos por cargos nuevos préstamos: 135,000

% Saldo impago de resúmen: 20% Ingresos por cesión: 857,738

TNA saldo impago de resúmen: 37%

Stock Préstamos: 1,500,000

Nuevos préstamos para quedarse: -
Préstamos originados para ceder: 3,000,000
TNA préstamos: 60%
Cargo por originación: 4.50%

Remuneraciones: 530,000
Gastos Administración: 850,000

Total gastos mensuales: 1,380,000 Total ingresos mensuales: 1,629,071

Resultado mensual: 249,071

 RESULTADO ECONOMICO -828,115 -353,466 -481,569 -579,638 0 -684,719 -653,806 -762,963 -797,489 -688,980 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511

RESULTADO ECONOMICO OPERATIVO Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11
Ingreso por emsión de resúmen + renov. + reimp. + cargo nuevos.prést.: 112,508 108,750 154,081 152,888 147,585 264,677 112,485 106,509 101,211 103,866 141,908 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511
Otros (incluye seg.de vida): 143,302 138,305 133,587 131,384 128,398 130,157 63,187 58,402 64,727 61,918 113,154 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511
Sueldos y Cs.Sociales SIN SIGESS: -466,385 -470,000 -224,881 -243,912 -243,912 -346,834 -540,631 -532,582 -626,482 -1,062,032 -647,510 -733,240 -980,000 -1,061,587 -1,061,587 -1,064,645 -1,111,308 -1,273,808
Gastos administración y comercialización (SIN SIGESS) -742,825 -486,511 -569,971 -530,688 -530,688 -552,299 -763,637 -704,517 -680,053 -715,156 -726,165 -885,442 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511
Amortizaciones Bs Uso e Intangibles -60,000 -60,000 -60,000 -60,000 -60,000 -60,000 -60,000 -60,000 -60,000 -60,000 -60,000 -60,000 -60,000 -60,000 -60,000 -40,000 -40,000 -40,000
Arancel a comercios: 135,009 117,716 143,181 143,856 145,607 151,711 166,069 151,789 151,591 145,461 205,821 348,050 222,496 223,455 235,617 240,468 248,128 248,128
Intereses cobrados por saldo impago del resumen: 136,179 135,940 - - - - - - - 44,324 - - Err:511 Err:511 Err:511 Err:511 Err:511 Err:511
Ingreso por cargo fijo a adelantos en efectivo: - - - - - - - - - 9,880 - 0 0 0 0 0 0 0
Intereses cobrados por financiación adelantos en efectivo: - - - - - - - - - 16,377 - 0 0 0 0 0 0 0
Intereses cobrados por financiación por préstamos: - - 0 0 0 0 0 0 0 188,251 0 0 0 0 0 0 0 0
Intereses devengados por deuda alternativa al aporte de capital: - - - - - - - - - - - - -
Intereses pagados por ON´s: - - - - - - - - - - - - - - - - -
Cargos por emisión de ON´s: - - - - - - - - - - - - - - - - - -
Intereses pagados/cobrados por posición financiera operativa: - 25,956 42,771 49,801 - - 10,782 563 - - - Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511
Impuestos diferenciales ajustados: - 10,341 12,215 10,723 8,333 4,899 -2,212 5,600 32,546 12,369 15,754 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511
Amortización por compra de tarjetas en bloque: - - - - - - - - - - - -
Previsión por incobrables: -720,000 -595,309 -102,305 -70,000 -230,253 -217,220 -214,585 -190,004 -183,841 -111,795 -179,718 -176,655 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511
Resultado operativo mensual: -778,812 -350,937 -348,986 -688,008 -761,794 -1,028,228 -981,283 -1,149,837 -1,203,574 -1,037,264 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511

Intereses por pasivos financieros anteriores al 30-Abr-11:

Resultado Neto antes del Impuesto a las Ganancias -1,274,024 -543,793 -740,876 -891,751 -825,794 -1,053,413 -1,005,856 -1,173,790 -1,226,907 -1,059,969 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511

Impuesto a las Ganancias - 35% del mes 35% 445,908 190,328 259,307 312,113 - 368,695 352,050 410,826 429,417 370,989 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511
Impuesto a las Ganancias del ejercicio -577,242 - - - - - - - - - - - Err:511

Resultado mensual -828,115 -353,466 -481,569 -579,638 - -684,719 -653,806 -762,963 -797,489 -688,980 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511

VPP Leasing 65,754 51,020 49,627 50,374 53,828 50,508 51,448 50,589 57,497 51,551 49,448 48,328

Resultado total mensual -618,965 -602,786 -713,336 -747,116 -635,152 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511 Err:511

RESULTADO TOTAL ACUMULADO -618,965 -1,221,751 -216,655 -564,301 -1,566,148 -1,595,141 -2,031,688 -4,004,381 Err:511 Err:511 Err:511 Err:511

03/15/2021 14:54:10 514421650.xls / NEXO EMP CONSOLIDADO Página 38 de 56

 NEXO EMPRENDIMIENTOS
Compra Cartera 1: Si Precio compra: 200 % Contado: 0%
Compra Cartera 2: No Plazo de pago saldo de precio: 24

Monetary figures are

in k us$ Jun-11 Jun-12 Jun-13 Jun-14

Number of Nexo CC statements: 50,000 69,950 #VALUE! #VALUE!

Outstanding loan amount (K future): 979 610 #VALUE! #VALUE!

Credit card loan portfolio: 4,196 Err:511 #VALUE! #VALUE!

Total portfolio: 5,175 Err:511 #VALUE! #VALUE!

Securitized loans: 2,699 9,000 12,000 15,000

Income for the period: 3,377 Err:511 Err:511 #VALUE!

Profit/loss for the period after taxes: -1,364 Err:511 Err:511 #VALUE!

Pre-existing financial liabilities: -6,961 -2,032 -469 -89

Total Assets: 13,526 Err:511 #VALUE! #VALUE!

Total Liabilities: 8,963 Err:511 #VALUE! #VALUE!
Shareholders' Equity: 4,564 Err:511 Err:511 Err:511

Credit Cards Market Value: 10,000 13,990 #VALUE! #VALUE!

Income / Shareholders Equity: 0.74 Err:511 Err:511 #VALUE!

Earnings / Shareholders Equity: -0.30 Err:511 Err:511 #VALUE!
Leverage: 2.0x Err:511 #VALUE! #VALUE!
ROE: -23% Err:511 Err:511 Err:511

Outstanding ON: 0 0 0
Accumulated funding (superavit): Err:511 Err:511 Err:511
Total Funding: Err:511 Err:511 Err:511

Total Funding / Total Portfolio: Err:511 Err:511 Err:511

Jun-12 Jun-13 Jun-14

Préstamos por mes CON cesión (pesos): 3,000,000 4,000,000 5,000,000

Préstamos por mes SIN ceder (pesos): - - -

Cantidad de resúmenes propios por mes: 500 750 750

Printed on: 03/15/2021 14:54:10 514421650.xls Page 39 of 56

 NEXO EMPRENDIMIENTOS

Monetary figures are

in k us$
Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16

Number of Nexo CC statements: 50,000 50,000 #REF! #REF! #REF! #REF!

Outstanding loan amount (K future): 979 610 #VALUE! #VALUE! #VALUE! #VALUE!
Credit card loan portfolio: 4,196 17,687 #VALUE! #VALUE! #VALUE! #VALUE!

Total portfolio: 5,175 18,297 #VALUE! #VALUE! #VALUE! #VALUE!

Securitized loans: 2,699 0 0 #REF! #REF! #REF!

Income for the period: 3,377 5,574 #REF! #REF! #REF! #REF!

Profit/loss for the period after taxes: -1,364 0 0 #REF! #REF! #REF!

Shareholders' Equity: 4,564 4,564 4,564 #REF! #REF! #REF!

Credit Cards Market Value: 10,000 10,000 #REF! #REF! #REF! #REF!

Income / Shareholders Equity: 0.74 1.22 #REF! #REF! #REF! #REF!

Earnings / Shareholders Equity: -0.30 0.00 0.00 #REF! #REF! #REF!
ROE: -23% 0% 0% #REF! #REF! #REF!

Outstanding ON: 0 #VALUE! #VALUE! #VALUE! #VALUE!

Accumulated funding (superavit): 12,427 #VALUE! #VALUE! #VALUE! #VALUE!
Total Funding: 12,427 #VALUE! #VALUE! #VALUE! #VALUE!

Total Funding / Total Portfolio: 68% #VALUE! #VALUE! #VALUE! #VALUE!

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CASO BASE

700

0.01

120

0.45

Page 41
CASO BASE

25

0.045

Page 42
CASO BASE

12

100
10

Page 43
 CASO BASE

750

Page 44
CASO BASE

700

Page 45
 CASO BASE

700

Page 46
 RESUMEN DE DATOS E INDICADORES - PROYECCIONES

CON CAPITALIZACIÓN

Jun-11 Jun-12 Jun-13 Jun-14

Cantidad de resúmenes Tarjeta más: 0 0 -1 -5

Cantidad de resúmenes Tarjeta Nexo: 50,000 50,000 #REF! #REF!
Total resúmenes: 50,000 50,000 #REF! #REF!

Necesidades de financiamiento: Err:511 Err:511 Err:511 Err:511

Cantidad de préstamos vigentes: 0 0 -1 -5

Monto de préstamos vigentes (K futuro): 190,900 2,492,391 #VALUE! #VALUE!

Cartera de crédito de tarjetas: Err:511 Err:511 #VALUE! #VALUE!

Total cartera: Err:511 Err:511 #VALUE! #VALUE!

Patrimonio neto: Err:511 Err:511 Err:511 Err:511

Resultado operativo del periodo: Err:511 Err:511 Err:511 #VALUE!

Resultado final acumulado: Err:511 Err:511 Err:511 Err:511

Tasa de financiamiento:
Tasa promedio de los préstamos: 43% 43% 43% 43%
Plazo promedio de la cartera generada del mes: 54 54 54 54

Saldo pasivos prexistentes al 31-Ene-10: 20,926,134 19,794,167 18,557,690 18,557,690

Saldo pasivos Rentier al 31-Ene-10: - - - -

12 12
Evolución de la cartera
10
(millones de pesos)
10
Compra de carteras Tarjetas Personales Prendarios
8
8

6
6

4
4 Financiamiento requerido
(millones de pesos) 2
2
0
0 1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10

12
12
10
Resultado mensual
(miles de pesos) 10

8
8

6 6

4 4 Pasivos preexistentes
(Sin Rentier - En Millones de pesos)
2 2

0
0 1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10
Supuestos básicos:

Cantidad de tarjetas de crédito nuevas mensuales con resumen: 700 desde Ago-10 (progresivo desde Mar-10)
Cantidad de envíos de tarjetas Nexo Más. 20,000 desde May-10 hasta Feb-11 (10 meses iguales)

Cantidad de préstamos personales a 12 meses: 1,000 de $3000 c/u desde Set-10 a TNA 50% (progresivo desde Mar-10)
Cantidad de préstamos prendarios a 36 meses: 10 de $20,000 c/u desde Jun-10 a TNA 45%
Cantidad de préstamos prendarios a 48 meses: 10 de $20,000 c/u desde Jun-10 a TNA 45%

Compras de cartera: - en Dic-10 a 24 meses a TNA 28% neta de anulación de

costos de generación habituales
Compras de cartera: - en Dic-11 a 24 meses a TNA 28% neta de anulación de
costos de generación habituales
Compras de cartera: - en Dic-12 a 24 meses a TNA 28% neta de anulación de
costos de generación habituales
Compras de cartera: - en Dic-13 a 24 meses a TNA 28% neta de anulación de
costos de generación habituales

Compras de cartera: - en Jun-14 a 24 meses a TNA 28% neta de anulación de

costos de generación habituales

Capitalización significa: Capitalización de deudas mantenidas con compañías vinculadas. Condiciones a definir.
NS ADMINISTRATIVO - ECONOMICO Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11

NS ADMINIST. - FINANC.ORDINARIO Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11

Fecha de impresión: 03/15/2021

NS ADMINISTRATIVO - ECONOMICO Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12

NS ADMINIST. - FINANC.ORDINARIO Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12

Fecha de impresión: 03/15/2021

NS ADMINISTRATIVO - ECONOMICO Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

NS ADMINIST. - FINANC.ORDINARIO Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

Fecha de impresión: 03/15/2021

NS ADMINISTRATIVO - ECONOMICO Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14

NS ADMINIST. - FINANC.ORDINARIO Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14

Fecha de impresión: 03/15/2021

 AR GrowthNexo: DCF Valuation Analysis

Discounted Cash Flow Analysis

2010 2011 2012 2013 2014 Perp.
Revenue 3,652,267 Err:511 Err:511 Err:511 #VALUE!
COGS - - - - -
Expenses (4,458,276) Err:511 Err:511 Err:511 #VALUE!
EBT (806,009) Err:511 Err:511 Err:511 #VALUE!
Taxes 286,108 Err:511 Err:511 Err:511 #VALUE!
NOPAT (519,901) Err:511 Err:511 Err:511 #VALUE!

D&A 0 0 0 0 0
Net Capex 0 0 0 0 0
Change in Working Capital 0 0 0 0 0
Free Cash Flow (519,901) Err:511 Err:511 Err:511 #VALUE! #VALUE!

Perpetual Growth Rate: 3%

WACC Assumptions
Perpetuity growth rate 3.00%
Tax Rate 35.00%
Pre-tax cost of debt 13.00%
Cost of equity 30.00%
Debt / Capital 72.00%
Equity / Capital 28.00%
WACC 14.48%

WACC 13.98% 14.48% 14.98%

Terminal Value #VALUE! #VALUE! #VALUE!
PV of Terminal Value #VALUE! #VALUE! #VALUE!
PV of Free Cash Flows Err:511 Err:511 Err:511

Total Enterprise Value #VALUE! #VALUE! #VALUE!

Less LT Debt (6,813,036) (6,813,036) (6,813,036)

Plus Cash Balance 9,965 9,965 9,965

Total Equity Value #VALUE! #VALUE! #VALUE!

Average Equity Value #VALUE!

Implied Revenue Multiple #VALUE!

 AR GrowthNexo: Financial Projections ($Pesos)

Nexo Emprendimientos S.A.

Balance Sheet (as of Jun. 30)
Projections
($Pesos) 2010 2011 2012 2013 2014
ASSETS

CURRENT ASSETS
Cash 2,336,288 Err:511 Err:511 Err:511 Err:511
Investments
Commercial Credit 16,400,477 Err:511 Err:511 #VALUE! #VALUE!
Other Credit
Total Current Assets 18,736,765 Err:511 Err:511 #VALUE! #VALUE!

NON-CURRENT ASSETS
Investments 9,108,676 16,075,307 16,075,307 16,075,307 16,075,307
Commercial Credit 917,994 #NAME? #NAME? #NAME? #NAME?
Other Credit 9,883,839 Err:511 Err:511 Err:511 Err:511
Bienes de Uso 9,104,940 8,612,755 8,132,755 #VALUE! #VALUE!
Intangible Assets
Total Non-Current Assets 29,015,449 #NAME? #NAME? #NAME? #NAME?

Llave de Negocio

Total Assets 47,752,214 Err:511 Err:511 #VALUE! #VALUE!

Control - Err:511 Err:511 Err:511 Err:511
LIABILITIES

CURRENT LIABILITIES
Commercial Debt 16,219,518 20,926,134 19,794,167 18,557,690 18,557,690
Fiscal Debt 148,845 Err:511 Err:511 #VALUE! #VALUE!
Social Debt - (572,791) 610,181 #VALUE! #VALUE!
Bank Debt
Financial - - - - -
Total Current Liabilities 16,368,363 Err:511 Err:511 #VALUE! #VALUE!

NON-CURRENT LIABILITIES
Social Debt
Financial & Interholding Debt 6,073,080 Err:511 Err:511 Err:511 Err:511
Total Non-Current Liabilities 6,073,080 Err:511 Err:511 Err:511 Err:511

Total Liabilities 22,441,443 Err:511 Err:511 #VALUE! #VALUE!

Control 573,714 Err:511 Err:511 #VALUE! #VALUE!
Total Equity 25,310,771 Err:511 Err:511 #VALUE! #VALUE!
Control 573,714 Err:511 Err:511 #VALUE! #VALUE!
Total Liabilities & Equity 47,752,214 Err:511 Err:511 #VALUE! #VALUE!
Working Capital 2,368,402 Err:511 Err:511 #VALUE! #VALUE!
 AR GrowthNexo: Financial Projections ($Pesos)

Income Statement
Projections
($Pesos) 2010 (4Months) 2011 2012 2013 2014

Net Sales 14,061,228 Err:511 Err:511 Err:511 #VALUE!

COGS
Gross Sales 14,061,228 Err:511 Err:511 Err:511 #VALUE!

Operating Income/Expenses
Administrative (12,988,072) Err:511 Err:511 Err:511 #VALUE!
Commercialization (4,796,040) Err:511 Err:511 Err:511 #VALUE!
Other Expenses (2,138,442) (277,328) - - -
Results of Investments in Related Entities
Results from Assets (725,059) (660,000) (480,000) #VALUE! #VALUE!
Results from Liabilities 3,102,223 Err:511 Err:511 Err:511 Err:511
Other Income (/Loss) 381,027 Err:511 Err:511 Err:511 #VALUE!

Earnings before Taxes (3,103,135) Err:511 Err:511 #VALUE! #VALUE!

Taxes 1,101,515 Err:511 Err:511 Err:511 #VALUE!

Tax Rate 35.50% Err:511 Err:511 Err:511 #VALUE!

Net Income (2,001,620) Err:511 Err:511 #VALUE! #VALUE!

Cash Flow Statement (Summarized)

Projections
($Pesos) 2010 2011 2012 2013 2014

Beginning Cash Balance 5,184,238 2,336,288 Err:511 Err:511 Err:511

Change in Cash (2,847,950) Err:511 Err:511 Err:511 Err:511
Ending Cash Balance 2,336,288 Err:511 Err:511 Err:511 Err:511

* Actual figures in Income Statement (for fiscal year 2009) are based off given 3-month figures as of quarter ended. No seasonality assumed.
 AR GrowthValuation Summary

ARGW (Commercial Finance Business)

Net Income Multiple 8.35 <-- from DCF Analysis
(in $Dollars) 2010 2011 2012 2013 2014
$ Increase in Argentine Securities (51,030,117) 5,485,303 5,333,815 5,901,840
Revenue 16,378,098 16,971,052 16,737,993 17,611,877
EBITDA 15,107,513 15,900,466 15,667,407 16,541,292
EBIT 15,107,513 15,900,466 15,667,407 16,541,292
EBT 7,107,513 7,900,466 7,667,407 8,541,292
Net Income 4,969,883 5,485,303 5,333,815 5,901,840
Implied Equity Value 33,859,145 41,511,588 45,816,699 44,551,373 49,295,874

Nexo
Revenue Multiple 3.01 <-- from DCF Analysis
Option to Purchase (%) 58%
Option Strike Price 6,350,000
(in $Dollars) 2010 2011 2012 2013 2014
Revenue 3,652,267 Err:511 Err:511 Err:511 #VALUE!
EBT (806,009) Err:511 Err:511 Err:511 #VALUE!
Net Income (519,901) Err:511 Err:511 Err:511 #VALUE!
Book Value 6,574,226 Err:511 Err:511 Err:511 Err:511
Implied Equity Value 11,000,000 Err:511 Err:511 Err:511 #VALUE!
Implied 15% Equity Value 1,650,000 Err:511 Err:511 Err:511 #VALUE!
Option Value 30,000 Err:511 Err:511 Err:511 #VALUE!

Euromayor
Net Income Multiple 13.76 <-- from DCF Analysis
Option to Purchase (%) 55%
Option Strike Price 24,750,000
(in $Dollars) 2010 2011 2012 2013 2014
Revenue 52,713,996 79,070,994 94,885,193 113,862,232 136,634,678
Operating Income 4,253,562 6,380,343 7,656,411 9,187,693 11,025,232
EBT 4,134,033 6,254,837 7,524,631 9,049,324 10,879,944
Net Income 3,614,295 5,468,468 6,578,621 7,911,627 9,512,098
Implied Equity Value 27,690,544 75,258,385 90,536,575 108,881,727 130,907,803
Implied 15% Equity Value 4,153,582 11,288,758 13,580,486 16,332,259 19,636,170
Option Value - 16,642,112 25,045,116 35,134,950 47,249,291

Note: Blue figures are given

Note: Option Value calculated as (%OptionPurchase * EquityValue) - OptionStrikePrice

AR Growth Finance
(Commercial Finance Business + Nexo + Euromayor)
Shares Outstanding 20,000,000
Conversion Price 2.00
(in $Dollars) 2010 2011 2012 2013 2014
Total Equity Value 39,692,727 Err:511 Err:511 Err:511 #VALUE!
Value per Share 1.98 Err:511 Err:511 Err:511 #VALUE!
Implied P/E Ratio Err:511 Err:511 Err:511 #VALUE!
Gain on Conversion ($ per Share) 0.00 Err:511 Err:511 Err:511 #VALUE!
Gain on Conversion (%) 0% Err:511 Err:511 Err:511 #VALUE!