VENTURE CAPITAL-PRIVATE EQUITY VALUATION MODEL FO

Private&ConfidentialNewLOCKBusinessPlan&Valuationmodel11April2011NewLOCK-InputsPrivate&ConfidentialWorkingEXCELversionavailabletodownload($25)at:http//=1432881UnitsMonth1Month2Month3Month4Month5Month6Month7Month8Month9Month10Month11Month12year1year2year3year4year5RevenuesAssumptionsCountrymarketUnitsUnit1.0001.0361.0741.1131.1531.1951.2381.2831.3291.3781.4271.47914.70519.55523.00325.30327.328%Growth%3,6%3,6%3,6%3,6%3,6%3,6%3,6%3,6%3,6%3,6%3,6%38,0%33,0%17,6%10,0%8,0%%Europeanmarket%4,3%4,5%4,8%4,8%4,8%CumulativeunitsUnit33.39634.43235.50636.61937.77238.96640.20441.48742.81744.19445.62247.10147.10166.65689.659114.962142.290%growth%3,1%3,1%3,1%3,1%3,2%3,2%3,2%3,2%3,2%3,2%3,2%45,4%41,5%34,5%28,2%23,8%EuropeanmarketUnitsUnit23.50024.30225.13225.99026.87727.79428.74329.72430.73931.78832.87333.995341.457438.267483.723532.095574.663%Growth%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%30,5%28,4%10,4%10,0%8,0%CumulativeunitsUnit793.910818.212843.344869.334896.210924.005952.748982.4721.013.2101.044.9991.077.8721.111.8671.111.8671.550.1342.033.8572.565.9523.140.615%growth%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,2%44,3%39,4%31,2%26,2%22,4%Europeanmarket(excludingthecountry)UnitsUnit22.50023.26624.05824.87725.72426.59927.50528.44129.40930.41131.44632.516326.752418.712460.720506.792547.335%Growth%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%3,4%30,2%28,1%10,0%10,0%8,0%CumulativeunitsUnit760.514783.780807.838832.715858.439885.038912.543940.984970.3941.000.8041.032.2501.064.7661.064.7661.483.4781.944.1982.450.9902.998.325%growth%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,1%3,2%44,3%39,3%31,1%26,1%22,3%PenetratiónCountry%-------------2,00%5,00%8,00%11,00%UnitsCountryUnit-------------1.3354.4839.19715.652PentraciónEuropeanmarket(excl.country)%-------------0,20%0,70%1,30%2,00%UnitsEuropeanmarket(excl.country)Unit-------------2.92413.60931.86359.967TotalUnitsUnit-------------4.25918.09241.06075.618PriceCountryEuro959595959595959595959595959595959595PriceEuropeanmarket(excludingcountry)Euro959595959595959595959595959595959595CountryDistributor`sMargin%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%EuropeanmarketDistributor`sMargin(excl.Country)%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%40,0%GrossrevenueCountryEuro000s-------------1274268741.487%Growth%------------235,8%105,2%70,2%GrossrevenueEuropeanmarket(excl.Country)Euro000s-------------2781.2933.0275.697%Growth%------------365,5%134,1%88,2%GrossrevenueEuro000s-------------4051.7193.9017.184%Growth------------324,8%126,9%84,2%NetrevenueCountryEuro000s-------------76256524892%Growth%------------235,8%105,2%70,2%NetrevenueEuropeanmarket(excl.Country)Euro000s-------------1677761.8163.418%Growth%------------365,5%134,1%88,2%NetrevenueEuro000s-------------2431.0312.3404.310%Growth%------------324,8%126,9%84,2%Averagecollectionperioddays75DebtorsEuro000s-------------43215488898Inflatión%3,0%CostofsalesAssumptionsPriceCD+Package+others(perunit)Euro33,003,003,003,003,003,003,003,003,003,003,003,003,003,093,183,283,38TotalcostofSalesEuro000s-------------1358135255Copy&pasteonyournavigator`saddressbarNewLOCK-InputsPrivate&ConfidentialWorkingEXCELversionavailabletodownload($25)at:http//=1432881UnitsMonth1Month2Month3Month4Month5Month6Month7Month8Month9Month10Month11Month12year1year2year3year4year5Copy&pasteonyournavigator`saddressbarOperatinalandGeneralExpensesAssumptionsOperationalandGeneralexpensesGeneralManagerSalaryEuro000s909,09,09,09,09,09,09,09,09,09,09,09,0108,0115,6123,6132,3141,6BonusEuro000s50,0%-54,057,861,866,2#peopleUnits111111111111111OfficepersonnelSalaryEuro000s202,02,02,02,02,02,02,02,02,02,02,02,024,025,727,529,431,5BonusEuro000s15,0%-3,63,94,14,4#peopleUnits111111111111111TotalPersonnelEuro000sBoardofdirectors#5RemuneratiónEuro000s156,36,36,36,36,36,36,36,36,36,36,36,375,077,379,682,084,4CostofficespaceEuro000s3,03,03,03,03,03,03,03,03,03,03,03,03,036,037,138,239,340,5Fiscal&accountantadvisorsEuro000s0,80,80,80,80,80,80,80,80,80,80,80,80,89,09,39,59,810,1LegalexpensesEuro000s1,01,01,01,01,01,01,01,01,01,01,01,01,012,012,412,713,113,5ITRentingEuro000s0,0750,40,50,60,60,60,70,70,70,70,70,70,77,410,213,413,814,2OtherEuro000s0,30,30,30,30,30,30,30,30,30,30,30,30,33,63,73,83,94,1SupliesEuro000s0,30,30,30,30,30,30,30,30,30,30,30,30,33,63,73,83,94,1ComunicationsEuro000s1,01,01,01,01,01,01,01,01,01,01,01,01,012,012,412,713,113,5Materials(courier,stationary,etc)Euro000s1,01,01,01,01,01,01,01,01,01,01,01,01,012,012,412,713,113,5TravelexpensesEuro000s1,51,51,51,51,51,51,51,51,51,51,51,51,518,018,519,119,720,3InsuranceEuro000s2,50,40,40,40,40,40,40,40,40,40,40,40,45,05,02,62,72,7CapitalIncreaselegalexpensesEuro000s1,0%-------------8,0---OtherexpensesEuro000s1,51,51,51,51,51,51,51,51,51,51,51,51,518,018,519,119,720,3TotalOperationalandGeneralexpensesEuro000s17,417,517,617,617,617,717,717,717,717,717,717,7211,6228,4227,3234,1241,1%onTotalnetrevenues%---