The Initial Valuation is specially designed for companies with a stable business, as it is based on the historical figures of the company and on the assumption that a similar trend will continue in the future. If the company you wish to value shows a year-on-year variation in sales or profits over the last few years, we suggest you ask for a Complete Valuation instead. An Initial Valuation performed on a company with an uneven track record may produce unreliable results.

1. P R E L I M I N A R Y V A L U A T I O N [XYZ Company] January 2010 New York - London - São Paulo - Madrid

2. INDEX

3. 2. Financial Hypothesis Introduction – Company Description XYZ is a company founded in 1984 and specialized in sale of toys of all kinds, bicycles, childcare articles, sporting articles, trophies, jewellery, gift items, tales and children’s books, electronic games, and youthful and sports wear. The XYZ’s business model fits within the sector of retail. From the standpoint of XYZ, this is a sector with low entry barriers that have had a slightly positive trend in the last years. The client believes that XYZ has got a very high brand recognition in its market segment and that the company is not very sensitive to economic cycles. XYZ Note: Information provided by XYZ COMPANY.

4. 2. Financial Hypothesis Main EBITDA and EBIT1 Hypothesis The operating margin before amortizations, interest and taxes (EBITDA) is one of the more significant operating magnitudes. It is defined as the result obtained when resting the sum of direct costs and indirect costs (excluding amortizations, financial and extraordinary expenses and taxes) to sales. XYZ’s EBITDA goes under a decrease principally due to a slightly increase in the operating expenses as it has been explained before. For the forecast of fixed assets’ amortization it has been calculated, according to the analysis carried out by e-Valora and the information provided by the client, an amortization average period of 25 years for the historical fixed assets and of 10 years for the rest of the fixed assets on the balance sheet at December 31st 2008. For the new fixed assets, not real estate, it has been fixed an amortization average period of 10 years. The operating margin before interest and taxes (EBIT) of XYZ goes through a similar trend to the one of the EBITDA in the estimated period. After a decrease of the amortizations in the past years, the new fixed asset investment makes the amortizations increase and because of that, there is a lower operating profit. As a result of the balance between sale and costs increases, the impact on EBIT is quite more significant that in EBITDA (-2.9% vs -7.2% TACC 2009-2013 respectively). Amortization Trend EBITDA and EBIT Trend Note 1: EBITDA refers to operating profit before amortizations; and EBIT refers to operating profit (earnings before interest and taxes).

5. 3. Valuation Methodology Introduction In order to carry out the valuation of XYZ, e-Valuation has used contrasted valuation methodologies and generally accepted by market analysts. The application of each of these methodologies, Discounted Cash Flow (DCF) and Trading Comparable Companies, results in a specific valuation range estimated for XYZ. To arrive at this valuation range for the company, a specific valuation range is primarily calculated for each methodology, and each valuation is subsequently weighted under e-Valuation’s criteria. We believe that the use of these methods improves the reliability of the valuation obtained, since they are complementary methods, and allows us contrasting the results of each one (including basic assumptions used). In the case of the DCF, the baseline information for the realization of the forecasts is principally based on e-Valuation estimates. This information has enabled the elaboration of a qualitative and quantitative analysis of the current situation and expected future development of XYZ. If the strategy followed by the Company in the future varies from the one that has been submitted, or if the information provided to e-Valuation has got discrepancies with reality, our view about the value of XYZ would vary accordingly. Each of the methodologies previously named uses the information of XYZ in different ways, providing complementary views of the business value.

7. Trading comparable method has been weighted with only 20% because companies with a high level of comparability to XYZ have not been found, since they are also manufacturers and/or sell in bulk amounts and have got a much larger size, and their geographical markets of action are not confined to Spain.

10. Founded in November 2000 by a professional team coming from Banesto and UBS, e-Valuation has valued more than 700 companies. From companies with an invoicing lower than 1 million euros up to enterprises that invoiced more than 500 million euros, from start-ups to companies with an experience of 80 years in the market, including services as well as industrial companies.

11. e-Valuation has got a professional team with a wide experience un investment banking, coming from entities such as Bank of America or Rothschild, that have worked in corporate transactions (companies’ purchase, sale and merger) from all economic services for an aggregated value higher than 2,000 million of euros.

12. e-Valuation works with absolutely independence to banks, investment funds and public entities, which allows offering independent financial advisory services and without being influenced by outside interests.

13. e-Valuation has got ISO 9001 Certification in Corporate Finances Advisory and Companies’ Valuation Services, as well as Chamber Trust - Seal, the trust mark granted by Madrid Chamber of Commerce.

14. It has got offices in:

15. e-Valuation Financial Services North America 14 Wall Street, 20th Floor New York City, New York 10005 United States

16. e-Valuation Financial Services Sourth America Brickell Avenue , 11t th Floor Miami ,3313 United States

18. Enclosure III. Information Provided by XYZ Company Information Provided to e-Valora by XYZ

20. Tangible Assets or Tangible Fixed Asset: Physical assets (such as machinery, property, etc).

21. Amortization: Accounting procedure that gradually reduces the cost of value of an asset, tangible or intangible, (e.g. investments in research & development), through periodic charges to the profit and loss account in order to fix the costs during its estimated profitable life.

22. Trading Comparable Companies: Business value obtained through methods that compare the company to be valued to similar enterprises, dividing the market value of the last ones by a financial magnitude of the companies’ profit and loss account (such as net income, net sales, etc). When multiplying by the same enterprise’s magnitude of the company to be valued, we will obtain its approximate value.

23. EBIT: Earnings Before Interest and Taxes.

24. Balance Sheet: Statement of a company’s financial position at a given point in time. Lists the assets of a company and how they have been financed. Total assets is liabilities plus shareholders’ equity.

25. Cost of Supplies: Cost related to the production, supply, transport and storage of raw materials and the materials used in the production process. In this section can also be included the cost of outsourcing services to provide the customer.

26. Profit and Loss Account: Financial statement that shows the expenses and revenues generated during a period of time.

27. Weighted Average Cost of Capital: Calculated as the cost of equity * (equity value / firm value) + cost of debt * (net debt / firm value) * (1- corporate tax). It is a discount rate typically used to discount future free cash flows to the moment of valuation.

28. Discounted Cash Flows (DCF): Company’s valuation method based on the idea the value of a company is related to what it is able to generate in the future. It is calculated as the future cash flows of a company, discounted back to present value using an appropriate discount rate

30. Automotive

31. Aviation

32. Biotechnology

33. Brokerage and Financial Services

34. Building Materials Manufacturer

35. Business Services

36. Construction and Contracts

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39. Consulting, Audit and Advisory

40. Ecological and Recycling

41. Editorial

42. Education and Training

43. Electronics

44. Engineering and Machinery

45. Entertainment and Leisure

46. Forestry

47. Healthcare

48. Insurance

49. Internet

50. Local TV

51. Logistics

52. Media

53. Metallurgy

54. Quality Consulting

55. New Techonlogies

56. Other Building Specilialists

57. Outsourcing Services

58. Production and Distribution

59. Public Administration

60. Rail

61. Recreation

62. Renewable Energies

63. Restaurant

64. Retail

65. Software and Data Security

66. Sports

67. Steel

68. Technology

69. Telecommunicaciones

70. Textiles

71. Transportation and Logistics

72. Quemical Industry NOTE: For confidentiality reasons the name of customers is not mentioned.

73. Enclosure VII. Contact Details www.evalora.com e-ValuationFinancialServicesNorth Americae-ValuationFinancialServicesNorthernEurope 14 Wall Street, 20th FloorOneCanadaSquare, 29th Floor, CanaryWharf New York City, New York 10005 London E14 5DY UnitedStatesUnitedKingdom e-ValuationFinancialServicesLatinAmericae-ValuationFinancialServicesSouthernEurope BickellAvenue ,11º Floor Miami 33131 c/ José Ortega y Gasset, 42 UnitedStates Madrid, Madrid 28006 Spain