Gasoline Station September 14th, 2018

Confidential

Executive Summary
Financial Projections Financial Overview 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F
USD
Revenues USD 0 4'821'740 5'843'949 5'961'412 6'065'976 6'172'489
7000,000 Revenues EBITDA Sales Growth % USD NA NA 21.2% 2.0% 1.8% 1.8%

6000,000 COGS USD 0 -3'799'620 -4'605'139 -4'697'703 -4'786'855 -4'877'746

6065,976
Gross Profit USD 0 1'022'120 1'238'809 1'263'710 1'279'121 1'294'743

5961,412
5843,949
Margin % NA 21.2% 21.2% 21.2% 21.1% 21.0%
5000,000
Taxes on gasoline sales USD 0 -168'872 -204'673 -208'787 -212'983 -217'264
4821,740

4000,000 Payment Processing Costs USD 0 -79'792 -96'708 -98'652 -100'524 -102'433
Employee costs USD -100'000 -272'700 -275'427 -278'181 -280'963 -283'773
Rent USD 0 -50'500 -51'005 -51'515 -52'030 -52'551
3000,000
OPEX USD -18'000 -376'843 -385'481 -362'776 -368'651 -374'630
EBITDA USD -118'000 73'413 225'515 263'799 263'970 264'093
2000,000 EBITDA Margin % NA 1.5% 3.9% 4.4% 4.4% 4.3%
225,515

263,799

263,970
1000,000 Net Income USD -118'000 24'310 131'894 160'710 160'935 161'120
73,413

Net Income Margin % NA 0.5% 2.3% 2.7% 2.7% 2.6%

,0

(118,000)

,0 Cash USD 200'000 200'000 200'000 357'538 518'031 679'002

2018 F 2019 F 2020 F 2021 F 2022 F Financial Debt USD 0 200'000 180'000 160'000 140'000 120'000
(1000,000) Equity USD 600'000 1'157'675 1'310'173 1'470'883 1'631'818 1'792'939
Check 0 0 0 0 0 0

Gasoline Sales Volume Gasoline Sales 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F
Gallons sold per year Gallon Gallons sold per year Gallon 0 1'100'000 1'320'000 1'333'200 1'346'532 1'359'997
1500,000 1,320,000 1,333,200 1,346,532 1,359,997 Gallons sold per month Gallon 91'667 110'000 111'100 112'211 113'333
1,100,000
1000,000 Growth % 20.0% 1.0% 1.0% 1.0%
Avg. Purchase per vehicle Gallon/vehicle 10 10 10 10 10 10
500,000
0 No of Vehicle purchases # 0 110'000 132'000 133'320 134'653 136'000
,0
Vehicle purchases/Day # 0 301 362 365 369 373
2018 F 2019 F 2020 F 2021 F 2022 F 2023 F

Profit Margins Key Financial Ratios 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F
25.0% % Gross Profit Margin % NA 21.2% 21.2% 21.2% 21.1% 21.0%
EBITDA Margin % NA 1.5% 3.9% 4.4% 4.4% 4.3%
21.2% 21.2% 21.2% 21.1% 21.0% Net Income Margin % NA 0.5% 2.3% 2.7% 2.7% 2.6%
20.0%
Sales Growth % NA NA 21.2% 2.0% 1.8% 1.8%
Net Income Growth % NA -120.6% 442.6% 21.8% 0.1% 0.1%
15.0%
Debt / EBITDA x 0.0x 2.7x 0.8x 0.6x 0.5x 0.5x
EBIT / Interest x NA NA 23.0x 30.8x 34.5x 39.4x
10.0% Current Ratio x NA 3.9x 3.9x 4.2x 4.6x 5.0x

Debt to Equity % 0% 16% 12% 10% 7% 6%

4.4% 4.4% 4.3% Total Assets Turnover x 0.0x 2.9x 3.1x 3.0x 2.8x 2.7x
5.0% 3.9%
2.7% 2.7% Gross Profit
2.6%Margin
2.3%
1.5%
0.5% EBITDA Margin ROA % -19.7% 1.5% 7.1% 8.0% 7.4% 7.0%
0.0%
0.0% Net Income Margin
ROCE -29.5% 2.1% 10.7% 13.0% 13.2% 13.4%
2018 F 2019 F 2020 F 2021 F 2022 F 2023 F ROE % -19.7% 2.1% 10.1% 10.9% 9.9% 9.0%

Profit Generation Profit Generation 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F
7000,000 Revenues EBITDA
Gross Profit Gas 0 222'200 269'306 274'719 280'241 285'874
6000,000
Gross Profit Non-Gas 0 799'920 969'503 988'990 998'880 1'008'869
6065,976
5961,412
5843,949

5000,000 Cost of operations -118'000 -948'707 -1'013'294 -999'910 -1'015'151 -1'030'650

4821,740

4000,000 EBITDA -118'000 73'413 225'515 263'799 263'970 264'093

3000,000 Check 0 0 0 -0 -0 0
225,515

263,799

263,970
73,413

2000,000
(118,000)

1000,000 Gross Profit Margin Gas NA 6.2% 6.2% 6.2% 6.2% 6.2%
,0

,0 Gross Profit Margin Non-Gas NA 65.5% 65.5% 65.5% 65.5% 65.5%

(1000,000) 2018 F 2019 F 2020 F 2021 F 2022 F Gross Profit Margin NA 21.2% 21.2% 21.2% 21.1% 21.0%

Economic Balance Sheet Economic Balance Sheet 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F

1500,000 Fixed Asset Net Working Capital (w/o Cash) Net Working Capital (w/o Cash) 0 792'615 960'649 979'958 997'147 1'014'656
Fixed Asset 400'000 365'060 329'524 293'386 256'641 219'281
1000,000 Capital Employed 400'000 1'157'675 1'290'173 1'273'345 1'253'787 1'233'937

500,000 Financial Debt 0 200'000 180'000 160'000 140'000 120'000

./.Cash -200'000 -200'000 -200'000 -357'538 -518'031 -679'002
Equity 600'000 1'157'675 1'310'173 1'470'883 1'631'818 1'792'939
,0
Invested Capital 400'000 1'157'675 1'290'173 1'273'345 1'253'787 1'233'937
2018 F 2019 F 2020 F 2021 F 2022 F 2023 F
Check 0 0 0 0 0 0

Sales Breakdown Sales by Product 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F
Gas
7,000,000
Regular Gas USD 0 1'722'050 2'087'125 2'129'076 2'171'870 2'215'525
Super USD 0 711'040 861'780 879'102 896'772 914'797
6,000,000 Diesel USD 0 1'166'550 1'413'859 1'442'277 1'471'267 1'500'839
TBD USD 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0
5,000,000 TBD USD 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0
4,000,000
TBD USD 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0
3,000,000
TBD USD 0 0 0 0 0 0
Supermarket USD 0 555'500 673'266 686'799 693'667 700'603
Repair Station USD 0 555'500 673'266 686'799 693'667 700'603
2,000,000 Car Wash USD 0 111'100 134'653 137'360 138'733 140'121
Total USD 0 4'821'740 5'843'949 5'961'412 6'065'976 6'172'489
Check 0 0 0 0 0 0
1,000,000
Full Time Employees (FTEs) 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F
Full Time Employees (FTEs)
0
2018 F 2019 F 2020 F 2021 F 2022 F 2023 F
C-Level Management # 1.0 1.0 1.0 1.0 1.0 1.0
Administration # 1.0 1.0 1.0 1.0 1.0 1.0
Regular Gas Super Diesel TBD TBD
Commercial # 0.0 2.0 2.0 2.0 2.0 2.0
TBD TBD TBD TBD TBD Technical # 0.0 3.0 3.0 3.0 3.0 3.0
TBD Supermarket Repair Station Car Wash Total # 2.0 7.0 7.0 7.0 7.0 7.0
Breakeven Analysis (Monthly Sales Volume) DCF Value WACC Calculation
USD
Discount rate % 5.5% Cost of Equity
400,000
Exit EV/EBITDA Multiple x 12.5x Interest Free Rate 3.0%
350,000 Exit Year Year 2023 Beta (levered) 1.0
Property Rented Equity Risk Premium 5.0%
300,000
Cost of Equity 8.0%
250,000 Project Metrics
NPV USD 1'672'597 Cost of Debt
200,000
Project IRR % 30.2% Interest (incl. Debt Premium) 4.0%
150,000 Levered IRR % 33.8% Tax Rate 25.0%
100,000
Cost of Debt 3.0%
Funding Required
50,000 Project Funding Required USD 1'251'365 Capital Structure
0
Buffer Adjustment USD 145'741 Debt 50.0%
Gallon Funding Required USD 1'397'106 Equity 50.0%

(12,973)

(17,973)
(2,973)

(7,973)
7,027

2,027
77,027

72,027

67,027

62,027

57,027

52,027

47,027

42,027

37,027

32,027

27,027

22,027

17,027

12,027
(50,000) Maximum Funding Criteria Equity WACC 5.5%
(100,000) Buffer % 10%
Funding Coverage Year(s) 3

Uses and Sources of Funds / Investor IRR

Uses and Sources of Funds IRR Uses of Funds Sources of Funds

1,600,000
Funds Uses Sources Operating costs USD 24'276 Mortgage USD 0
1,400,000
Operating costs 0 24'276 35.0% CAPEX USD 412'181 Debt Facility 2 USD 200'000
1,200,000
CAPEX 412'181 34.0% Net Working Capital USD 960'649 Debt Facility 3 USD 0
1,000,000
Net Working Capital9 60'649 33.0% NA USD 0 Equity USD 1'197'106
960,649
1,197,10
NA800,000 0 6 32.0%
Uses of Funds USD 1'397'106 Sources of Funds USD 1'397'106
Mortgage
600,000 0
31.0%
Debt Facility 2
400,000 200'000 33.8%
Debt Facility 3 412,181
200,000 0 0 30.0% Project Metrics
200,00
Equity 1'197'106 29.0% 30.2% Unlevered Levered
0 24,276 00
Uses Sources Investment USD 1'251'365 1'197'106
28.0%
Unlevered Levered Profit USD 2'608'591 3'142'057
Operating costs CAPEX
Proceeds USD 3'859'956 4'339'163
Net Working Capital NA
Multiple x 3.1x 3.6x
Mortgage Debt Facility 2
IRR % 30.2% 33.8%
Debt Facility 3 Equity
NPV USD 1'672'597

Sensitivity Analysis

IRR Unlevered
Unlevered 30.2% IRR Unlevered Gasoline Sales Volume
Levered 33.8% Gas Prices
Selected 30.2% USD/Gallon 30.2% 120% 110% 100% 90% 80%
3.93 120% 21.0% 15.3% 8.2% -1.6% -17.9%
Scaling Factors Sensitivity Deviation 3.60 110% 32.3% 26.8% 20.1% 11.5% -0.7%
Gasoline Sales Volume 100% Step 10.0% 3.27 100% 41.8% 36.5% 30.2% 22.5% 12.2%
Gas Prices 100% 2.95 90% 50.7% 45.5% 39.4% 32.1% 22.9%
Profit Markup 100% 2.62 80% 59.4% 54.2% 48.2% 41.2% 32.5%
Non Gas Revenues 100%
Employee Costs 100% IRR Unlevered Profit Markup
Direct Costs Non Gas % 100% USD/Gallon 0.24 0.22 0.20 0.18 0.16
Tax Rate on Gasoline Sales 100% Non Gas Revenues 30.2% 120% 110% 100% 90% 80%
Payment Process Costs 100% USD/Gallon 120% 57.4% 54.3% 51.2% 47.9% 44.5%
Rent 100% 110% 48.5% 45.1% 41.5% 37.8% 33.9%
Initial CAPEX 100% 100% 38.3% 34.4% 30.2% 25.7% 20.8%
Set scaling factors to 100% to make the model and sensitivity analysis work correctly 90% 26.2% 21.2% 15.7% 9.1% 2.4%
80% 9.5% 2.7% -5.5% -16.4% 0.0%

IRR Unlevered Unlevered 30.2%Min Distance

27.2% Max
33.2% IRR Unlevered Employee Costs
%
Unlevered 30.2% 27.2% 6.0% 33.2% Direct Costs Non Gas % 30.2% 120% 110% 100% 90% 80%
Gasoline Sales Volume 12.2% 41.8% 41.5% 120% -1.6% 5.4% 11.4% 17.7% 23.0%
Gasoline Sales Volume 12.2%
Gas Prices 29.6%
8.2% 41.8% 48.2% 38.0% 110% 10.4% 16.6% 21.9% 26.8% 31.3%
Gas Prices 8.2% 40.1% 48.2% 34.5% 100% 20.8% 25.7% 30.2% 34.5% 38.6%
Profit Markup 20.8% 38.3%
Profit Markup 20.8% 17.5% 38.3% 31.1% 90% 29.2% 33.4% 37.5% 41.4% 45.3%
Non Gas Revenues Non Gas Revenues -5.5% -5.5% 56.6% 51.2% 51.2% 27.6% 80% 36.4% 40.3% 44.1% 47.8% 51.4%
Employee Costs 20.8%
Employee Costs
17.8% 38.6%
20.8% 38.6%
Direct Costs Non Gas % 11.4% 32.7% 44.1% IRR Unlevered Tax Rate on Gasoline Sales
Dire ctSales
Tax Rate on Gasoline Costs Non Gas %
23.7% 11.4%
12.3% 36.1%44.1% 6.0% 5.5% 5.0% 4.5% 4.0%
Payment Process
Tax Costs 27.2%
Rate on Gasoline Sales 5.8%
23.7% 33.0%
36.1% Payment Process Costs 30.2% 120% 110% 100% 90% 80%
Rent 28.7% 3.0% 31.7% 3.6% 120% 20.3% 23.9% 27.2% 30.4% 33.4%
Payment Process Costs 27.2% 33.0%
Initial CAPEX 28.2% 4.3% 32.5% 3.3% 110% 22.1% 25.5% 28.7% 31.8% 34.7%
Rent 28.7% 31.7% 3.0% 100% 23.7% 27.1% 30.2% 33.2% 36.1%
Initial CAPEX
2.7% 90% 25.3% 28.6% 31.6% 34.6% 37.4%
28.2% 32.5%
2.4% 80% 26.9% 30.0% 33.0% 35.9% 38.6%
-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

IRR Unlevered Rent

USD/sq. ft 6.00 5.50 5.00 4.50 4.00
Initial CAPEX 30.2% 120% 110% 100% 90% 80%
USD 480'000 120% 26.7% 27.5% 28.2% 28.9% 29.6%
Important 440'000 110% 27.7% 28.4% 29.2% 29.9% 30.6%
To avoid slow performance of the model, update data tables only when needed. In your 400'000 100% 28.7% 29.4% 30.2% 31.0% 31.7%
Preferences set Calculations "Automatic except for Data Tables" 360'000 90% 29.7% 30.5% 31.3% 32.1% 32.8%
Change Calculations to "Automatic" once you wish to update the data tables. 320'000 80% 30.9% 31.7% 32.5% 33.2% 34.0%

Equity Financing Structure and Valuation Equity Financing

1,400,000
Pre-Money Valuation 133'012 Target Equity Stake % Equity Value
Funding Injected 133'012 1'197'106 Founders Cash + Sweat Equity 10% Pre-Money Valuation USD 133'012
1,200,000
Post-Money Valuation1'330'118 Investors Cash 90% Funding Injected USD 1'197'106
1,000,000 Total 100% Post-Money Valuation USD 1'330'118
800,000
10% 1197'106 1,330,11 Founders Pre-Money Valuation USD 133'012
600,000 8 Invested to date USD 100'000 Premium % 33%
400,000 New cash injected USD 30'000
Cumulative cash invested USD 130'000
200,000
133,012 Profit Sharing
0
90% Item Total Investors Founders
Pre-Money Valuation

Post-Money Valuation
Funding Injected

New Incl. Todade

Investment USD 1'197'106 1'167'106 30'000 130'000 -
Profit USD 3'142'057 2'738'140 403'916 303'916
Proceeds USD 4'339'163 3'905'246 433'916 433'916 -
Founders Investors Equity Multiple x 3.6x 3.3x 14.5x 3.3x -
Investor IRR % 33.8% 31.5% 73.9% 28.1% -
Assumptions

General Assumptions Sales Assumptions Staff Costs (incl. Social Insurance)

Currency USD Gasoline Sales Split C-Level Management USD/year 60'000
First year Year 2018 Regular Gas % 50% Administration USD/year 40'000
Sales Price Inflation % 1.0% Super % 20% Commercial USD/year 40'000
Cost Inflation % 1.0% Diesel % 30% Technical USD/year 30'000
Weight unit lbs TBD % 0%
Volume Unit I Gallon TBD % 0% Rental Value
Volume Unit II liter TBD % 0% Leasable area sq. ft 10'000
Ratio liter/Gallon 3.79 TBD % 0% Market Rent USD/sq. ft 5
Area unit sq. ft TBD % 0%
TBD % 0% OPEX
Initial CAPEX TBD % 0% Marketing 2019 % of Sales 2.0%
Land USD 500'000 TBD % 0% Marketing 2020 % of Sales 1.0%
Building USD 1'500'000 Total % 100% Marketing 2021 % of Sales 0.5%
Traveling & Entertainment % of Sales 0.5%
Land + Building (if owned) USD 0 Other Revenues Property Tax USD/year 20'000
Equipment USD 300'000 Supermarket USD/Gallon 0.50 Utilities USD/year 20'000
Vehicles USD 20'000 Repair Station USD/Gallon 0.50 Maintenance USD/year 5'000
Fixtures and Furniture USD 40'000 Car Wash USD/Gallon 0.10 Other G&A % of Sales 0.5%
Computers, Printers & SW USD 40'000 IT % of Sales 0.5%
Total USD 400'000 Pricing Assumptions Legal & Accounting USD/year 6'000
Regular Gas USD/Gallon 3.10 Regulatory USD/year 0
Ongoing CAPEX Super USD/Gallon 3.20 Other USD/year 0
Land USD NA Diesel USD/Gallon 3.50 Insurance % of Sales 1.0%
Building USD 0 TBD USD/Gallon 0.00 Royalty Fee % of Sales 2.0%
Equipment USD 1'000 TBD USD/Gallon 0.00 Contingencies USD/year 12'000
Vehicles USD 1'000 TBD USD/Gallon 0.00
Fixtures and Furniture USD 2'000 TBD USD/Gallon 0.00 Financing
Computers, Printers & SW USD 2'000 TBD USD/Gallon 0.00 Loan to Value
TBD USD/Gallon 0.00 Mortgage % 65.0%
Depreciation TBD USD/Gallon 0.00
Land Years TBD USD/Gallon 0.00 Interest rates
Building Years 30 Mortgage % 3.00%
Equipment Years 10 Direct Cost Assumptions Debt Facility 2 % 4.00%
Vehicles Years 10 Profit Markup USD/Gallon 0.20 Debt Facility 3 % 5.00%
Fixtures and Furniture Years 10
Computers, Printers & SW Years 8 Gas
Regular Gas USD/Gallon 2.90
Net Working Capital Super USD/Gallon 3.00
Accounts Receivables Days Sales 30 Diesel USD/Gallon 3.30
Inventory Days COGS 30 TBD USD/Gallon 0.00
Other Current Assets Days Sales 0 TBD USD/Gallon 0.00
Payables Days COGS 30 TBD USD/Gallon 0.00
Other Current Liabilities Days COGS 0 TBD USD/Gallon 0.00
TBD USD/Gallon 0.00
Other TBD USD/Gallon 0.00
Tax rate % 25% TBD USD/Gallon 0.00
Dividend payout ratio % 0% TBD USD/Gallon 0.00
Minimum Cash on BS USD 200'000
Non-Gas
Supermarket % of Sales 40%
Model Checks Auto Repair % of Sales 30%
Sales Breakdown 0 Car Wash % of Sales 30%
Balance Sheet 0
Cash Flow Statement 0 Taxes
EBITDA Summary 0 Taxes on gasoline sales % of Sales 5%
Economic Balance Sheet 0
Profit Sharing 0 Payment Processing
Sales subject to Processing Fees
% of Sales 70.0%
Sales w/o Processing Fees % of Sales 30.0%
Payment Processing Costs % of Sales 3.0%

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Gasoline Station September 14th, 2018
Confidential

Sales Volume Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
100.00% 100.00% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 100.00%
Gasoline Sales Volume
Gallons sold per year Gallon 0 1'100'000 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 1'320'000 1'333'200 1'346'532 1'359'997 1'359'997 1'359'997 1'359'997 1'359'997 1'359'997
Growth % 0% 0% 20% 1% 1% 1% 1% 1% 1% 1% 1%
Avg. Purchase per vehicle Gallon/vehicle 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10
No of Vehicle purchases # 0 110'000 9'167 9'167 9'167 9'167 9'167 9'167 9'167 9'167 9'167 9'167 9'167 9'167 132'000 133'320 134'653 136'000 136'000 136'000 136'000 136'000 136'000
Vehicle purchases/Day # 0 301 362 365 369 373 373 373 373 373 373

Gasoline Sales by Type

Regular Gas % 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
Super % 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%
Diesel % 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%
TBD % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
TBD % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
TBD % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
TBD % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
TBD % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
TBD % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
TBD % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
TBD % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Total % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Sales Volume by Type

Regular Gas Gallon 0 550'000 45'833 45'833 45'833 45'833 45'833 45'833 45'833 45'833 45'833 45'833 45'833 45'833 660'000 666'600 673'266 679'999 679'999 679'999 679'999 679'999 679'999
Super Gallon 0 220'000 18'333 18'333 18'333 18'333 18'333 18'333 18'333 18'333 18'333 18'333 18'333 18'333 264'000 266'640 269'306 271'999 271'999 271'999 271'999 271'999 271'999
Diesel Gallon 0 330'000 27'500 27'500 27'500 27'500 27'500 27'500 27'500 27'500 27'500 27'500 27'500 27'500 396'000 399'960 403'960 407'999 407'999 407'999 407'999 407'999 407'999
TBD Gallon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD Gallon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD Gallon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD Gallon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD Gallon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD Gallon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD Gallon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD Gallon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Gallon 0 1'100'000 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 1'320'000 1'333'200 1'346'532 1'359'997 1'359'997 1'359'997 1'359'997 1'359'997 1'359'997

Sales Price Assumptions Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
Sales Price Inflation % 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%

Price Per Gallon

Regular Gas USD/Gallon 3.10 3.13 3.13 3.13 3.13 3.13 3.13 3.13 3.13 3.13 3.13 3.13 3.13 3.13 3.16 3.19 3.23 3.26 3.29 3.32 3.36 3.39 3.42
Super USD/Gallon 3.20 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.26 3.30 3.33 3.36 3.40 3.43 3.47 3.50 3.53
Diesel USD/Gallon 3.50 3.54 3.54 3.54 3.54 3.54 3.54 3.54 3.54 3.54 3.54 3.54 3.54 3.54 3.57 3.61 3.64 3.68 3.72 3.75 3.79 3.83 3.87
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Average Price USD/Gallon 0.00 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.31 3.34 3.37 3.41 3.44 3.47 3.51 3.54 3.58

Revenue per Gallon

Supermarket USD/Gallon 0.50 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.52 0.52 0.52 0.52 0.52 0.52 0.52 0.52
Repair Station USD/Gallon 0.50 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.52 0.52 0.52 0.52 0.52 0.52 0.52 0.52
Car Wash USD/Gallon 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Total Revenue USD/Gallon 0.00 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.12 1.13 1.13 1.13 1.13 1.13 1.13 1.13 1.13

Sales Breakdown Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

Sales Breakdown
Gas
Regular Gas USD 0 1'722'050 143'504 143'504 143'504 143'504 143'504 143'504 143'504 143'504 143'504 143'504 143'504 143'504 2'087'125 2'129'076 2'171'870 2'215'525 2'237'680 2'260'057 2'282'657 2'305'484 2'328'539
Super USD 0 711'040 59'253 59'253 59'253 59'253 59'253 59'253 59'253 59'253 59'253 59'253 59'253 59'253 861'780 879'102 896'772 914'797 923'945 933'185 942'517 951'942 961'461
Diesel USD 0 1'166'550 97'213 97'213 97'213 97'213 97'213 97'213 97'213 97'213 97'213 97'213 97'213 97'213 1'413'859 1'442'277 1'471'267 1'500'839 1'515'848 1'531'006 1'546'316 1'561'779 1'577'397
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Subtotal USD 0 3'599'640 299'970 299'970 299'970 299'970 299'970 299'970 299'970 299'970 299'970 299'970 299'970 299'970 4'362'764 4'450'455 4'539'909 4'631'162 4'677'473 4'724'248 4'771'490 4'819'205 4'867'397

Non-Gas
Supermarket USD 0 555'500 46'292 46'292 46'292 46'292 46'292 46'292 46'292 46'292 46'292 46'292 46'292 46'292 673'266 686'799 693'667 700'603 700'603 700'603 700'603 700'603 700'603
Repair Station USD 0 555'500 46'292 46'292 46'292 46'292 46'292 46'292 46'292 46'292 46'292 46'292 46'292 46'292 673'266 686'799 693'667 700'603 700'603 700'603 700'603 700'603 700'603
Car Wash USD 0 111'100 9'258 9'258 9'258 9'258 9'258 9'258 9'258 9'258 9'258 9'258 9'258 9'258 134'653 137'360 138'733 140'121 140'121 140'121 140'121 140'121 140'121
Subtotal USD 0 1'222'100 101'842 101'842 101'842 101'842 101'842 101'842 101'842 101'842 101'842 101'842 101'842 101'842 1'481'185 1'510'957 1'526'067 1'541'327 1'541'327 1'541'327 1'541'327 1'541'327 1'541'327

Total Revenue USD 0 4'821'740 401'812 401'812 401'812 401'812 401'812 401'812 401'812 401'812 401'812 401'812 401'812 401'812 5'843'949 5'961'412 6'065'976 6'172'489 6'218'800 6'265'575 6'312'818 6'360'533 6'408'725
Revenue Growth % NA NA 21% 2% 2% 2% 1% 1% 1% 1% 1%

Sales Breakdown Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

Sales Breakdown
Gas
Regular Gas % NA 35.7% 35.7% 35.7% 35.7% 35.7% 35.7% 35.7% 35.7% 35.7% 35.7% 35.7% 35.7% 35.7% 35.7% 35.7% 35.8% 35.9% 36.0% 36.1% 36.2% 36.2% 36.3%
Super % NA 14.7% 14.7% 14.7% 14.7% 14.7% 14.7% 14.7% 14.7% 14.7% 14.7% 14.7% 14.7% 14.7% 14.7% 14.7% 14.8% 14.8% 14.9% 14.9% 14.9% 15.0% 15.0%
Diesel % NA 24.2% 24.2% 24.2% 24.2% 24.2% 24.2% 24.2% 24.2% 24.2% 24.2% 24.2% 24.2% 24.2% 24.2% 24.2% 24.3% 24.3% 24.4% 24.4% 24.5% 24.6% 24.6%
TBD % NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
TBD % NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
TBD % NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
TBD % NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
TBD % NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
TBD % NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
TBD % NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
TBD % NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Subtotal % NA 74.7% 74.7% 74.7% 74.7% 74.7% 74.7% 74.7% 74.7% 74.7% 74.7% 74.7% 74.7% 74.7% 74.7% 74.7% 74.8% 75.0% 75.2% 75.4% 75.6% 75.8% 75.9%

Non-Gas
Supermarket % NA 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.4% 11.4% 11.3% 11.2% 11.1% 11.0% 10.9%
Repair Station % NA 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.4% 11.4% 11.3% 11.2% 11.1% 11.0% 10.9%
Car Wash % NA 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.2% 2.2% 2.2% 2.2%
Subtotal % NA 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 25.3% 25.2% 25.0% 24.8% 24.6% 24.4% 24.2% 24.1%

Total Revenue % NA 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
NA 0%

Direct Cost Breakdown Unit 2017 A 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
Cost Inflation % 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Index % 100.0% 101.0% 102.0% 103.0% 104.1% 105.1% 106.2% 107.2% 108.3% 109.4% 110.5%

Gas
Regular Gas USD/Gallon 2.90 2.93 2.93 2.93 2.93 2.93 2.93 2.93 2.93 2.93 2.93 2.93 2.93 2.93 2.96 2.99 3.02 3.05 3.08 3.11 3.14 3.17 3.20
Super USD/Gallon 3.00 3.03 3.03 3.03 3.03 3.03 3.03 3.03 3.03 3.03 3.03 3.03 3.03 3.03 3.06 3.09 3.12 3.15 3.18 3.22 3.25 3.28 3.31
Diesel USD/Gallon 3.30 3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.33 3.37 3.40 3.43 3.47 3.50 3.54 3.57 3.61 3.65
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TBD USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Gas
Regular Gas USD 0 1'610'950 134'246 134'246 134'246 134'246 134'246 134'246 134'246 134'246 134'246 134'246 134'246 134'246 1'952'471 1'991'716 2'031'750 2'072'588 2'093'314 2'114'247 2'135'389 2'156'743 2'178'311
Super USD 0 666'600 55'550 55'550 55'550 55'550 55'550 55'550 55'550 55'550 55'550 55'550 55'550 55'550 807'919 824'158 840'724 857'623 866'199 874'861 883'609 892'445 901'370
Diesel USD 0 1'099'890 91'658 91'658 91'658 91'658 91'658 91'658 91'658 91'658 91'658 91'658 91'658 91'658 1'333'067 1'359'861 1'387'195 1'415'077 1'429'228 1'443'520 1'457'955 1'472'535 1'487'260
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Subtotal USD 0 3'377'440 281'453 281'453 281'453 281'453 281'453 281'453 281'453 281'453 281'453 281'453 281'453 281'453 4'093'457 4'175'736 4'259'668 4'345'287 4'388'740 4'432'628 4'476'954 4'521'723 4'566'941

Non-Gas
Supermarket USD 0 222'200 18'517 18'517 18'517 18'517 18'517 18'517 18'517 18'517 18'517 18'517 18'517 18'517 269'306 274'719 277'467 280'241 280'241 280'241 280'241 280'241 280'241
Repair Station USD 0 166'650 13'888 13'888 13'888 13'888 13'888 13'888 13'888 13'888 13'888 13'888 13'888 13'888 201'980 206'040 208'100 210'181 210'181 210'181 210'181 210'181 210'181
Car Wash USD 0 33'330 2'778 2'778 2'778 2'778 2'778 2'778 2'778 2'778 2'778 2'778 2'778 2'778 40'396 41'208 41'620 42'036 42'036 42'036 42'036 42'036 42'036
Subtotal USD 0 422'180 35'182 35'182 35'182 35'182 35'182 35'182 35'182 35'182 35'182 35'182 35'182 35'182 511'682 521'967 527'187 532'459 532'459 532'459 532'459 532'459 532'459

Cost of Sales USD 0 3'799'620 316'635 316'635 316'635 316'635 316'635 316'635 316'635 316'635 316'635 316'635 316'635 316'635 4'605'139 4'697'703 4'786'855 4'877'746 4'921'199 4'965'086 5'009'412 5'054'182 5'099'399
Cost of Sales % % NA 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 79% 80%

Contribution Margin Breakdown Unit 2017 A 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

Gross Profit Margin

Gas
Regular Gas USD/Gallon 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.22 0.22 0.22
Super USD/Gallon 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.22 0.22 0.22
Diesel USD/Gallon 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.22 0.22 0.22
TBD USD/Gallon 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.22 0.22 0.22
TBD USD/Gallon 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.22 0.22 0.22
TBD USD/Gallon 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.22 0.22 0.22
TBD USD/Gallon 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.22 0.22 0.22
TBD USD/Gallon 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.22 0.22 0.22
TBD USD/Gallon 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.22 0.22 0.22
TBD USD/Gallon 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.22 0.22 0.22
TBD USD/Gallon 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21 0.22 0.22 0.22

Gross Profit
Gas
Regular Gas USD 0 111'100 9'258 9'258 9'258 9'258 9'258 9'258 9'258 9'258 9'258 9'258 9'258 9'258 134'653 137'360 140'121 142'937 144'366 145'810 147'268 148'741 150'228
Super USD 0 44'440 3'703 3'703 3'703 3'703 3'703 3'703 3'703 3'703 3'703 3'703 3'703 3'703 53'861 54'944 56'048 57'175 57'747 58'324 58'907 59'496 60'091
Diesel USD 0 66'660 5'555 5'555 5'555 5'555 5'555 5'555 5'555 5'555 5'555 5'555 5'555 5'555 80'792 82'416 84'072 85'762 86'620 87'486 88'361 89'245 90'137
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TBD USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Subtotal USD 0 222'200 18'517 18'517 18'517 18'517 18'517 18'517 18'517 18'517 18'517 18'517 18'517 18'517 269'306 274'719 280'241 285'874 288'733 291'620 294'536 297'482 300'457

Non-Gas
Supermarket USD 0 333'300 27'775 27'775 27'775 27'775 27'775 27'775 27'775 27'775 27'775 27'775 27'775 27'775 403'960 412'079 416'200 420'362 420'362 420'362 420'362 420'362 420'362
Other USD 0 388'850 32'404 32'404 32'404 32'404 32'404 32'404 32'404 32'404 32'404 32'404 32'404 32'404 471'286 480'759 485'567 490'422 490'422 490'422 490'422 490'422 490'422
Other USD 0 77'770 6'481 6'481 6'481 6'481 6'481 6'481 6'481 6'481 6'481 6'481 6'481 6'481 94'257 96'152 97'113 98'084 98'084 98'084 98'084 98'084 98'084
Subtotal USD 0 799'920 66'660 66'660 66'660 66'660 66'660 66'660 66'660 66'660 66'660 66'660 66'660 66'660 969'503 988'990 998'880 1'008'869 1'008'869 1'008'869 1'008'869 1'008'869 1'008'869

Gross Profit USD 0 1'022'120 85'177 85'177 85'177 85'177 85'177 85'177 85'177 85'177 85'177 85'177 85'177 85'177 1'238'809 1'263'710 1'279'121 1'294'743 1'297'602 1'300'489 1'303'405 1'306'351 1'309'325
Check 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gross Profit Margin % NA 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 20%

Gross Profit Margin %

Gas
Regular Gas % NA 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
Super % NA 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
Diesel % NA 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
TBD % NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
TBD % NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
TBD % NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
TBD % NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
TBD % NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
TBD % NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
TBD % NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
TBD % NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Subtotal USD NA 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6%

Non-Gas
Supermarket USD NA 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60%
Other USD NA 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70%
Other USD NA 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70%
Subtotal USD NA 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65%

Total USD NA 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 20%

Taxes on Gasoline Sales Unit 2017 A 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

Taxes on gasoline sales % 5.0% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%

Taxes on gasoline sales USD 0 168'872 14'073 14'073 14'073 14'073 14'073 14'073 14'073 14'073 14'073 14'073 14'073 14'073 204'673 208'787 212'983 217'264 219'437 221'631 223'848 226'086 228'347

Payment Processing Costs Unit 2017 A 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

Sales subject to Processing Fees % 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70%
Sales w/o Processing Fees % 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%

Sales subject to Processing Fees USD 0 2'659'734 221'645 221'645 221'645 221'645 221'645 221'645 221'645 221'645 221'645 221'645 221'645 221'645 3'223'598 3'288'392 3'350'798 3'414'422 3'444'839 3'475'560 3'506'589 3'537'927 3'569'579
Sales w/o Processing Fees USD 0 1'139'886 94'991 94'991 94'991 94'991 94'991 94'991 94'991 94'991 94'991 94'991 94'991 94'991 1'381'542 1'409'311 1'436'056 1'463'324 1'476'360 1'489'526 1'502'824 1'516'255 1'529'820

Payment Processing Costs % 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Payment Processing Costs USD 0 79'792 6'649 6'649 6'649 6'649 6'649 6'649 6'649 6'649 6'649 6'649 6'649 6'649 96'708 98'652 100'524 102'433 103'345 104'267 105'198 106'138 107'087

Employee Costs Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
100.00% 100.00% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 100.00%
Staff
C-Level Management # 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Administration # 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Commercial # 0.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Technical # 0.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0
FTE # 2.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0

Average Yearly Salaries (with Social Security Benefits)

C-Level Management USD 60'000 60'600 5'050 5'050 5'050 5'050 5'050 5'050 5'050 5'050 5'050 5'050 5'050 5'050 61'206 61'818 62'436 63'061 63'691 64'328 64'971 65'621 66'277
Administration USD 40'000 40'400 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 40'804 41'212 41'624 42'040 42'461 42'885 43'314 43'747 44'185
Commercial USD 40'000 40'400 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 40'804 41'212 41'624 42'040 42'461 42'885 43'314 43'747 44'185
Technical USD 30'000 30'300 2'525 2'525 2'525 2'525 2'525 2'525 2'525 2'525 2'525 2'525 2'525 2'525 30'603 30'909 31'218 31'530 31'846 32'164 32'486 32'811 33'139

Employee costs (incl. Social Charges)

C-Level Management USD 60'000 60'600 5'050 5'050 5'050 5'050 5'050 5'050 5'050 5'050 5'050 5'050 5'050 5'050 61'206 61'818 62'436 63'061 63'691 64'328 64'971 65'621 66'277
Administration USD 40'000 40'400 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 3'367 40'804 41'212 41'624 42'040 42'461 42'885 43'314 43'747 44'185
Commercial USD 0 80'800 6'733 6'733 6'733 6'733 6'733 6'733 6'733 6'733 6'733 6'733 6'733 6'733 81'608 82'424 83'248 84'081 84'922 85'771 86'629 87'495 88'370
Technical USD 0 90'900 7'575 7'575 7'575 7'575 7'575 7'575 7'575 7'575 7'575 7'575 7'575 7'575 91'809 92'727 93'654 94'591 95'537 96'492 97'457 98'432 99'416
Total USD 100'000 272'700 22'725 22'725 22'725 22'725 22'725 22'725 22'725 22'725 22'725 22'725 22'725 22'725 275'427 278'181 280'963 283'773 286'610 289'477 292'371 295'295 298'248

Rent Unit 2017 A 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
100.00% 100.00% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 100.00%

Property Rented
Rent USD/sq. ft 5.1 5.1 5.2 5.2 5.3 5.3 5.4 5.4 5.5 5.5
Rent USD 0 50'500 4'208 4'208 4'208 4'208 4'208 4'208 4'208 4'208 4'208 4'208 4'208 4'208 51'005 51'515 52'030 52'551 53'076 53'607 54'143 54'684 55'231

Operating Costs Unit 2017 A 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

Assumptions
Marketing % 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.0% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
Traveling & Entertainment % 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
Rented area sq. ft 10'000 10'000 10'000 10'000 10'000 10'000 10'000 10'000 10'000 10'000
Property Tax USD/year 20'200 1'683 1'683 1'683 1'683 1'683 1'683 1'683 1'683 1'683 1'683 1'683 1'683 20'402 20'606 20'812 21'020 21'230 21'443 21'657 21'874 22'092
Utilities USD/year 20'000 1'667 1'667 1'667 1'667 1'667 1'667 1'667 1'667 1'667 1'667 1'667 1'667 20'200 20'402 20'606 20'812 21'020 21'230 21'443 21'657 21'874
Maintenance USD/year 5'050 421 421 421 421 421 421 421 421 421 421 421 421 5'101 5'152 5'203 5'255 5'308 5'361 5'414 5'468 5'523
Other G&A costs % of Sales 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
IT Costs per Month % of Sales 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
Legal & Accounting USD/year 6'000 6'060 505 505 505 505 505 505 505 505 505 505 505 505 6'121 6'182 6'244 6'306 6'369 6'433 6'497 6'562 6'628
Regulatory USD/year 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other USD/year 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Insurance % of Sales 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Royalty Fee % of Sales 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
OPEX USD 12'000 12'120 1'010 1'010 1'010 1'010 1'010 1'010 1'010 1'010 1'010 1'010 1'010 1'010 12'241 12'364 12'487 12'612 12'738 12'866 12'994 13'124 13'255

Operating Costs
Marketing USD 0 96'435 8'036 8'036 8'036 8'036 8'036 8'036 8'036 8'036 8'036 8'036 8'036 8'036 58'439 29'807 30'330 30'862 31'094 31'328 31'564 31'803 32'044
Traveling & Entertainment USD 0 24'109 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 29'220 29'807 30'330 30'862 31'094 31'328 31'564 31'803 32'044
Property tax USD 0 20'200 1'683 1'683 1'683 1'683 1'683 1'683 1'683 1'683 1'683 1'683 1'683 1'683 20'402 20'606 20'812 21'020 21'230 21'443 21'657 21'874 22'092
Utilities USD 0 20'000 1'667 1'667 1'667 1'667 1'667 1'667 1'667 1'667 1'667 1'667 1'667 1'667 20'200 20'402 20'606 20'812 21'020 21'230 21'443 21'657 21'874
Maintenance USD 0 5'050 421 421 421 421 421 421 421 421 421 421 421 421 5'101 5'152 5'203 5'255 5'308 5'361 5'414 5'468 5'523
Other G&A costs USD 0 24'109 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 29'220 29'807 30'330 30'862 31'094 31'328 31'564 31'803 32'044
IT USD 0 24'109 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 2'009 29'220 29'807 30'330 30'862 31'094 31'328 31'564 31'803 32'044
Legal & Accounting USD 6'000 6'060 505 505 505 505 505 505 505 505 505 505 505 505 6'121 6'182 6'244 6'306 6'369 6'433 6'497 6'562 6'628
Regulatory USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Insurance USD 0 48'217 4'018 4'018 4'018 4'018 4'018 4'018 4'018 4'018 4'018 4'018 4'018 4'018 58'439 59'614 60'660 61'725 62'188 62'656 63'128 63'605 64'087
Royalty Fee USD 0 96'435 8'036 8'036 8'036 8'036 8'036 8'036 8'036 8'036 8'036 8'036 8'036 8'036 116'879 119'228 121'320 123'450 124'376 125'312 126'256 127'211 128'174
Contingencies USD 12'000 12'120 1'010 1'010 1'010 1'010 1'010 1'010 1'010 1'010 1'010 1'010 1'010 1'010 12'241 12'364 12'487 12'612 12'738 12'866 12'994 13'124 13'255
Operating Costs USD 18'000 376'843 31'404 31'404 31'404 31'404 31'404 31'404 31'404 31'404 31'404 31'404 31'404 31'404 385'481 362'776 368'651 374'630 377'606 380'611 383'646 386'712 389'809

Depreciation & Amortization Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

Depreciation Expense USD 0 41'000 3'417 3'417 3'417 3'417 3'417 3'417 3'417 3'417 3'417 3'417 3'417 3'417 41'657 42'320 42'989 43'666 44'349 45'039 45'736 41'440 41'898
Per Gallon Analysis Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

Volume sold Gallon 0 1'100'000 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 1'320'000 1'333'200 1'346'532 1'359'997 1'359'997 1'359'997 1'359'997 1'359'997 1'359'997

Revenues
Gas USD/Gallon NA 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.27 3.31 3.34 3.37 3.41 3.44 3.47 3.51 3.54 3.58
Non-Gas USD/Gallon NA 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.11 1.12 1.13 1.13 1.13 1.13 1.13 1.13 1.13 1.13
Total Revenues USD/Gallon 0.00 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.38 4.43 4.47 4.50 4.54 4.57 4.61 4.64 4.68 4.71

Direct Costs Gas USD/Gallon NA 3.07 3.07 3.07 3.07 3.07 3.07 3.07 3.07 3.07 3.07 3.07 3.07 3.07 3.10 3.13 3.16 3.20 3.23 3.26 3.29 3.32 3.36
Direct Costs Non-Gas USD/Gallon NA 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.38 0.39 0.39 0.39 0.39 0.39 0.39 0.39 0.39 0.39
Taxes on gasoline sales USD/Gallon NA 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.17 0.17
Payment Processing Costs USD/Gallon NA 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.08 0.08 0.08 0.08 0.08 0.08
Employee Costs USD/Gallon NA 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.22 0.22
Rent USD/Gallon NA 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Operating Costs USD/Gallon NA 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.29 0.27 0.27 0.28 0.28 0.28 0.28 0.28 0.29
Total Costs USD/Gallon 0.00 4.32 4.32 4.32 4.32 4.32 4.32 4.32 4.32 4.32 4.32 4.32 4.32 4.32 4.26 4.27 4.31 4.34 4.38 4.42 4.46 4.50 4.54

EBITDA USD/Gallon 0.00 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.17 0.20 0.20 0.19 0.19 0.18 0.18 0.17 0.17
Check USD/Gallon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Fixed Assets Assumptions Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
Gross Fixed Assets
Land USD 0 0 0 0 0 0 0 0 0 0 0
Building USD 0 0 0 0 0 0 0 0 0 0 0
Equipment USD 300'000 301'010 302'030 303'060 304'101 305'152 306'214 307'286 308'369 309'462 310'567
Vehicles USD 20'000 21'010 22'030 23'060 24'101 25'152 26'214 27'286 28'369 29'462 30'567
Fixtures and Furniture USD 40'000 42'020 44'060 46'121 48'202 50'304 52'427 54'571 56'737 58'924 61'134
Computers, Printers & SW USD 40'000 42'020 44'060 46'121 48'202 50'304 52'427 54'571 56'737 58'924 61'134
Total Gross Fixed Assets USD 400'000 406'060 412'181 418'362 424'606 430'912 437'281 443'714 450'211 456'773 463'401

Property Rented

CAPEX
Land USD 0 0 0 0 0 0 0 0 0 0 0
Building USD 0 0 0 0 0 0 0 0 0 0 0
Equipment USD 300'000 1'010 1'020 1'030 1'041 1'051 1'062 1'072 1'083 1'094 1'105
Vehicles USD 20'000 1'010 1'020 1'030 1'041 1'051 1'062 1'072 1'083 1'094 1'105
Fixtures and Furniture USD 40'000 2'020 2'040 2'061 2'081 2'102 2'123 2'144 2'166 2'187 2'209
Computers, Printers & SW USD 40'000 2'020 2'040 2'061 2'081 2'102 2'123 2'144 2'166 2'187 2'209
Total Planned Additions USD 400'000 6'060 6'121 6'182 6'244 6'306 6'369 6'433 6'497 6'562 6'628
Depreciation Assumptions Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

Land
Depreciation - Land USD 0 0 0 0 0 0 0 0 0 0 0

Building 30 Years
Net Assets existed USD 0 0 0 0 0 0 0 0 0 0 0 0
Additions 2018 USD 0 0 0 0 0 0 0 0 0 0 0
Additions 2019 USD 0 0 0 0 0 0 0 0 0 0
Additions 2020 USD 0 0 0 0 0 0 0 0 0
Additions 2021 USD 0 0 0 0 0 0 0 0
Additions 2022 USD 0 0 0 0 0 0 0
Additions 2023 USD 0 0 0 0 0 0
Additions 2024 USD 0 0 0 0 0
Additions 2025 USD 0 0 0 0
Additions 2026 USD 0 0 0
Additions 2027 USD 0 0
Depreciation - Building USD 0 0 0 0 0 0 0 0 0 0 0

Equipment 10 Years
Net Assets existed USD 0 0 0 0 0 0 0 0 0 0 0 0
Additions 2018 USD 300'000 30'000 30'000 30'000 30'000 30'000 30'000 30'000 30'000 30'000 30'000
Additions 2019 USD 1'010 101 101 101 101 101 101 101 101 101
Additions 2020 USD 1'020 102 102 102 102 102 102 102 102
Additions 2021 USD 1'030 103 103 103 103 103 103 103
Additions 2022 USD 1'041 104 104 104 104 104 104
Additions 2023 USD 1'051 105 105 105 105 105
Additions 2024 USD 1'062 106 106 106 106
Additions 2025 USD 1'072 107 107 107
Additions 2026 USD 1'083 108 108
Additions 2027 USD 1'094 109
Depreciation - Equipment USD 0 30'000 30'101 30'203 30'306 30'410 30'515 30'621 30'729 30'837 30'946

Vehicles 10 Years
Net Assets existed USD 0 0 0 0 0 0 0 0 0 0 0 0
Additions 2018 USD 20'000 2'000 2'000 2'000 2'000 2'000 2'000 2'000 2'000 2'000 2'000
Additions 2019 USD 1'010 101 101 101 101 101 101 101 101 101
Additions 2020 USD 1'020 102 102 102 102 102 102 102 102
Additions 2021 USD 1'030 103 103 103 103 103 103 103
Additions 2022 USD 1'041 104 104 104 104 104 104
Additions 2023 USD 1'051 105 105 105 105 105
Additions 2024 USD 1'062 106 106 106 106
Additions 2025 USD 1'072 107 107 107
Additions 2026 USD 1'083 108 108
Additions 2027 USD 1'094 109
Depreciation - Vehicles USD 0 2'000 2'101 2'203 2'306 2'410 2'515 2'621 2'729 2'837 2'946

Fixtures and Furniture 10 Years

Net Assets existed USD 0 0 0 0 0 0 0 0 0 0 0 0
Additions 2018 USD 40'000 4'000 4'000 4'000 4'000 4'000 4'000 4'000 4'000 4'000 4'000
Additions 2019 USD 2'020 202 202 202 202 202 202 202 202 202
Additions 2020 USD 2'040 204 204 204 204 204 204 204 204
Additions 2021 USD 2'061 206 206 206 206 206 206 206
Additions 2022 USD 2'081 208 208 208 208 208 208
Additions 2023 USD 2'102 210 210 210 210 210
Additions 2024 USD 2'123 212 212 212 212
Additions 2025 USD 2'144 214 214 214
Additions 2026 USD 2'166 217 217
Additions 2027 USD 2'187 219
Depreciation - Fixtures and Furniture USD 0 4'000 4'202 4'406 4'612 4'820 5'030 5'243 5'457 5'674 5'892

Computers, Printers & SW 8 Years

Net Assets existed USD 0 0 0 0 0 0 0 0 0 0 0 0
Additions 2018 USD 40'000 5'000 5'000 5'000 5'000 5'000 5'000 5'000 5'000 0 0
Additions 2019 USD 2'020 253 253 253 253 253 253 253 253 0
Additions 2020 USD 2'040 255 255 255 255 255 255 255 255
Additions 2021 USD 2'061 258 258 258 258 258 258 258
Additions 2022 USD 2'081 260 260 260 260 260 260
Additions 2023 USD 2'102 263 263 263 263 263
Additions 2024 USD 2'123 265 265 265 265
Additions 2025 USD 2'144 268 268 268
Additions 2026 USD 2'166 271 271
Additions 2027 USD 2'187 273
Depreciation - Computers, Printers & SW
USD 0 5'000 5'253 5'508 5'765 6'025 6'288 6'553 6'821 2'092 2'113
Fixed Asset Schedule Unit 2017 A 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

Depreciation - Summary
Land USD 0 0 0 0 0 0 0 0 0 0 0
Building USD 0 0 0 0 0 0 0 0 0 0 0
Equipment USD 0 30'000 30'101 30'203 30'306 30'410 30'515 30'621 30'729 30'837 30'946
Vehicles USD 0 2'000 2'101 2'203 2'306 2'410 2'515 2'621 2'729 2'837 2'946
Fixtures and Furniture USD 0 4'000 4'202 4'406 4'612 4'820 5'030 5'243 5'457 5'674 5'892
Computers, Printers & SW USD 0 5'000 5'253 5'508 5'765 6'025 6'288 6'553 6'821 2'092 2'113
Depreciation USD 0 0 41'000 41'657 42'320 42'989 43'666 44'349 45'039 45'736 41'440 41'898

Accumulated Depreciation
Land USD 0 0 0 0 0 0 0 0 0 0 0 0
Building USD 0 0 0 0 0 0 0 0 0 0 0 0
Equipment USD 0 0 30'000 60'101 90'304 120'610 151'020 181'535 212'157 242'885 273'722 304'668
Vehicles USD 0 0 2'000 4'101 6'304 8'610 11'020 13'535 16'157 18'885 21'722 24'668
Fixtures and Furniture USD 0 0 4'000 8'202 12'608 17'220 22'040 27'071 32'313 37'771 43'444 49'337
Computers, Printers & SW USD 0 0 5'000 10'253 15'760 21'525 27'550 33'838 40'392 47'213 49'305 51'418
Accumulated Depreciation USD 0 0 41'000 82'657 124'976 167'965 211'631 255'980 301'019 346'754 388'194 430'092

Net Book Value

Land USD 0 0 0 0 0 0 0 0 0 0 0 0
Building USD 0 0 0 0 0 0 0 0 0 0 0 0
Equipment USD 0 300'000 271'010 241'929 212'756 183'491 154'132 124'678 95'129 65'483 35'740 5'898
Vehicles USD 0 20'000 19'010 17'929 16'756 15'491 14'132 12'678 11'129 9'483 7'740 5'898
Fixtures and Furniture USD 0 40'000 38'020 35'858 33'513 30'982 28'264 25'356 22'258 18'967 15'480 11'797
Computers, Printers & SW USD 0 40'000 37'020 33'808 30'361 26'677 22'754 18'589 14'180 9'524 9'619 9'715
Net Book Value USD 0 400'000 365'060 329'524 293'386 256'641 219'281 181'301 142'695 103'457 68'579 33'309

Debt Schedule Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Year Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

EBITDA USD -118'000 73'413 225'515 263'799 263'970 264'093 257'527 250'897 244'199 237'435 230'603

Mortgage
Interest % 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Installments % NA 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Opening Balance USD 0 0 0 0 0 0 0 0 0 0 0
Drawdowns USD 0 0 0 0 0 0 0 0 0 0 0
Debt Repayment Installments USD 0 0 0 0 0 0 0 0 0 0
Ending Balance USD 0 0 0 0 0 0 0 0 0 0 0
Debt/EBITDA x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest Expense USD 0 0 0 0 0 0 0 0 0 0 0

Debt Facility 2
Interest % 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Debt Repayment Installments % 0.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Opening Balance USD 0 0 200'000 180'000 160'000 140'000 120'000 100'000 80'000 60'000 40'000
Drawdowns USD 0 200'000 0 0 0 0 0 0 0 0 0
Debt Repayment Installments USD 0 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000
Ending Balance USD 0 200'000 180'000 160'000 140'000 120'000 100'000 80'000 60'000 40'000 20'000
Debt/EBITDA x 0.0x 2.7x 0.8x 0.6x 0.5x 0.5x 0.4x 0.3x 0.2x 0.2x 0.1x
Interest Expense USD 0 0 -8'000 -7'200 -6'400 -5'600 -4'800 -4'000 -3'200 -2'400 -1'600

Debt Facility 3
Interest % 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Debt Repayment Installments % 0.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Opening Balance USD 0 0 0 0 0 0 0 0 0 0 0
Drawdowns USD 0 0 0 0 0 0 0 0 0 0 0
Debt Repayment Installments USD 0 0 0 0 0 0 0 0 0 0
Ending Balance USD 0 0 0 0 0 0 0 0 0 0 0
Debt/EBITDA 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest Expense USD 0 0 0 0 0 0 0 0 0 0 0

Total Debt Summary

Drawdowns USD 0 200'000 0 0 0 0 0 0 0 0 0
Debt Repayment Installments USD 0 0 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000
Ending Balance USD 0 200'000 180'000 160'000 140'000 120'000 100'000 80'000 60'000 40'000 20'000
Debt/EBITDA x 0.0x 2.7x 0.8x 0.6x 0.5x 0.5x 0.4x 0.3x 0.2x 0.2x 0.1x
Interest Expense USD 0 0 -8'000 -7'200 -6'400 -5'600 -4'800 -4'000 -3'200 -2'400 -1'600

Short Term Debt USD 0 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 0
Long-Term Debt USD 0 180'000 160'000 140'000 120'000 100'000 80'000 60'000 40'000 20'000 20'000

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Gasoline Station September 14th, 2018
Confidential

Income Statement Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F

Sales USD 0 4'821'740 5'843'949 5'961'412 6'065'976 6'172'489 6'218'800 6'265'575 6'312'818 6'360'533 6'408'725
Sales Growth % % NA NA 21.2% 2.0% 1.8% 1.8% 0.8% 0.8% 0.8% 0.8% 0.8%

Cost of Sales USD 0 -3'799'620 -4'605'139 -4'697'703 -4'786'855 -4'877'746 -4'921'199 -4'965'086 -5'009'412 -5'054'182 -5'099'399
Gross Profit USD 0 1'022'120 1'238'809 1'263'710 1'279'121 1'294'743 1'297'602 1'300'489 1'303'405 1'306'351 1'309'325
Gross Profit Margin % NA 21.2% 21.2% 21.2% 21.1% 21.0% 20.9% 20.8% 20.6% 20.5% 20.4%

Taxes on gasoline sales USD 0 -168'872 -204'673 -208'787 -212'983 -217'264 -219'437 -221'631 -223'848 -226'086 -228'347
Payment Processing Costs USD 0 -79'792 -96'708 -98'652 -100'524 -102'433 -103'345 -104'267 -105'198 -106'138 -107'087
Employee costs USD -100'000 -272'700 -275'427 -278'181 -280'963 -283'773 -286'610 -289'477 -292'371 -295'295 -298'248
Rent USD 0 -50'500 -51'005 -51'515 -52'030 -52'551 -53'076 -53'607 -54'143 -54'684 -55'231
OPEX USD -18'000 -376'843 -385'481 -362'776 -368'651 -374'630 -377'606 -380'611 -383'646 -386'712 -389'809
EBITDA USD -118'000 73'413 225'515 263'799 263'970 264'093 257'527 250'897 244'199 237'435 230'603
EBITDA Margin % NA 1.5% 3.9% 4.4% 4.4% 4.3% 4.1% 4.0% 3.9% 3.7% 3.6%

Depreciation USD 0 -41'000 -41'657 -42'320 -42'989 -43'666 -44'349 -45'039 -45'736 -41'440 -41'898
EBIT USD -118'000 32'413 183'859 221'480 220'981 220'427 213'179 205'858 198'464 195'996 188'705
EBIT Margin % NA 0.7% 3.1% 3.7% 3.6% 3.6% 3.4% 3.3% 3.1% 3.1% 2.9%

Other Income (Expense) USD

Interest Expense USD 0 0 -8'000 -7'200 -6'400 -5'600 -4'800 -4'000 -3'200 -2'400 -1'600
Income Before Tax USD -118'000 32'413 175'859 214'280 214'581 214'827 208'379 201'858 195'264 193'596 187'105

Income Tax USD 0 -8'103 -43'965 -53'570 -53'645 -53'707 -52'095 -50'464 -48'816 -48'399 -46'776
Net Income USD -118'000 24'310 131'894 160'710 160'935 161'120 156'284 151'393 146'448 145'197 140'329
Net Income Margin % NA 0.5% 2.3% 2.7% 2.7% 2.6% 2.5% 2.4% 2.3% 2.3% 2.2%
Balance Sheet Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F

Cash USD 200'000 200'000 200'000 357'538 518'031 679'002 845'653 1'007'963 1'165'883 1'318'114 1'430'521
Accounts Receivables USD 0 396'307 480'325 489'979 498'573 507'328 511'134 514'979 518'862 522'783 526'744
Inventory USD 0 312'298 378'505 386'113 393'440 400'911 404'482 408'089 411'733 415'412 419'129
Other Current Assets USD 0 396'307 480'325 489'979 498'573 507'328 511'134 514'979 518'862 522'783 526'744
Total Current Assets USD 200'000 1'304'912 1'539'154 1'723'609 1'908'618 2'094'568 2'272'403 2'446'010 2'615'339 2'779'093 2'903'138

Fixed Assets (Net) USD 400'000 365'060 329'524 293'386 256'641 219'281 181'301 142'695 103'457 68'579 68'579
Total Non-current Assets USD 400'000 365'060 329'524 293'386 256'641 219'281 181'301 142'695 103'457 68'579 68'579

Total Assets USD 600'000 1'669'972 1'868'678 2'016'995 2'165'258 2'313'849 2'453'705 2'588'705 2'718'796 2'847'672 2'971'718

Accounts Payables USD 0 312'298 378'505 386'113 393'440 400'911 404'482 408'089 411'733 415'412 419'129
Other Current Liabilities USD 0 0 0 0 0 0 0 0 0 0 0
Short Term Debt USD 0 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 0
Total Current Liabilities USD 0 332'298 398'505 406'113 413'440 420'911 424'482 428'089 431'733 435'412 419'129

Long Term Debt USD 0 180'000 160'000 140'000 120'000 100'000 80'000 60'000 40'000 20'000 20'000
Total Non-current Liabilities USD 0 180'000 160'000 140'000 120'000 100'000 80'000 60'000 40'000 20'000 20'000

Total Liabilities USD 0 512'298 558'505 546'113 533'440 520'911 504'482 488'089 471'733 455'412 439'129

Capital USD 718'000 1'251'365 1'271'970 1'271'970 1'271'970 1'271'970 1'271'970 1'271'970 1'271'970 1'271'970 1'271'970
Reserves USD 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings USD -118'000 -93'690 38'204 198'913 359'849 520'969 677'253 828'646 975'094 1'120'291 1'260'620
Total Shareholders' Equity USD 600'000 1'157'675 1'310'173 1'470'883 1'631'818 1'792'939 1'949'223 2'100'616 2'247'064 2'392'260 2'532'589

Total Liabilities and Shareholders' Equity USD 600'000 1'669'972 1'868'678 2'016'995 2'165'258 2'313'849 2'453'705 2'588'705 2'718'796 2'847'672 2'971'718
Check - - - - - - - - - - -
Cash Flow Statement Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F

Net Profit USD -118'000 24'310 131'894 160'710 160'935 161'120 156'284 151'393 146'448 145'197 140'329
Addback interest USD 0 0 8'000 7'200 6'400 5'600 4'800 4'000 3'200 2'400 1'600
Depreciation USD 0 41'000 41'657 42'320 42'989 43'666 44'349 45'039 45'736 41'440 41'898
Accounts Receivables USD 0 -396'307 -84'017 -9'655 -8'594 -8'754 (3'806) (3'844) (3'883) (3'922) (3'961)
Inventory USD 0 -312'298 -66'207 -7'608 -7'328 -7'471 (3'571) (3'607) (3'643) (3'680) (3'716)
Other Current Assets USD 0 -396'307 -84'017 -9'655 -8'594 -8'754 (3'806) (3'844) (3'883) (3'922) (3'961)
Accounts Payables USD 0 312'298 66'207 7'608 7'328 7'471 3'571 3'607 3'643 3'680 3'716
Other Current Liabilities USD 0 0 0 0 0 0 - - - - -
Net Cash Flow from Operating Activities USD (118'000) (727'305) 13'516 190'920 193'136 192'877 197'820 192'743 187'617 181'193 175'905

CAPEX USD -400'000 -6'060 -6'121 -6'182 -6'244 -6'306 -6'369 -6'433 -6'497 -6'562 -41'898
Net Cash Flow from Investing Activities USD -400'000 -6'060 -6'121 -6'182 -6'244 -6'306 -6'369 -6'433 -6'497 -6'562 -41'898

Change in Financial Debt USD 0 200'000 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000 -20'000
Interest USD 0 0 -8'000 -7'200 -6'400 -5'600 -4'800 -4'000 -3'200 -2'400 -1'600
Change in Nominal Capital and Reserves USD 718'000 533'365 20'604 0 0 0 0 0 0 0 0
Dividends USD 0 0 0 0 0 0 0 0 0 0 0
Net Cash Flow from Financing Activities USD 718'000 733'365 -7'396 -27'200 -26'400 -25'600 (24'800) (24'000) (23'200) (22'400) (21'600)

Net (Decrease) Increase in Cash USD 200'000 0 0 157'538 160'493 160'971 166'651 162'310 157'920 152'231 112'407
Cash at Beginning Balance USD 0 200'000 200'000 200'000 357'538 518'031 679'002 845'653 1'007'963 1'165'883 1'318'114
Cash at Closing Balance USD 200'000 200'000 200'000 357'538 518'031 679'002 845'653 1'007'963 1'165'883 1'318'114 1'430'521
Check - - - - - - - - - - -
Financial Analysis Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F

Economic Balanced Sheet

Net Working Capital (w/o Cash) USD 0 792'615 960'649 979'958 997'147 1'014'656 1'022'269 1'029'958 1'037'723 1'045'567 1'053'489
Fixed Asset USD 400'000 365'060 329'524 293'386 256'641 219'281 181'301 142'695 103'457 68'579 68'579
Capital Employed USD 400'000 1'157'675 1'290'173 1'273'345 1'253'787 1'233'937 1'203'570 1'172'653 1'141'180 1'114'146 1'122'068

Financial Debt USD 0 200'000 180'000 160'000 140'000 120'000 100'000 80'000 60'000 40'000 20'000
./.Cash USD -200'000 -200'000 -200'000 -357'538 -518'031 -679'002 -845'653 -1'007'963 -1'165'883 -1'318'114 -1'430'521
Equity USD 600'000 1'157'675 1'310'173 1'470'883 1'631'818 1'792'939 1'949'223 2'100'616 2'247'064 2'392'260 2'532'589
Invested Capital USD 400'000 1'157'675 1'290'173 1'273'345 1'253'787 1'233'937 1'203'570 1'172'653 1'141'180 1'114'146 1'122'068
Check - - - - - - - - - - -
Effective Tax Rate % 0.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0%
NOPLAT USD -118'000 24'310 137'894 166'110 165'735 165'320 159'884 154'393 148'848 146'997 141'529

Growth Indicators
Sales Growth % NA NA 21.2% 2.0% 1.8% 1.8% 0.8% 0.8% 0.8% 0.8% 0.8%
Operating Income (EBIT) Growth % NA -127.5% 467.2% 20.5% -0.2% -0.3% -3.3% -3.4% -3.6% -1.2% -3.7%
Net Income Growth % NA -120.6% 442.6% 21.8% 0.1% 0.1% -3.0% -3.1% -3.3% -0.9% -3.4%
Total Assets Growth % NA 178.3% 11.9% 7.9% 7.4% 6.9% 6.0% 5.5% 5.0% 4.7% 4.4%

Liquidity analysis
Current Ratio x NA 3.9x 3.9x 4.2x 4.6x 5.0x 5.4x 5.7x 6.1x 6.4x 6.9x
Quick Ratio x NA 3.0x 2.9x 3.3x 3.7x 4.0x 4.4x 4.8x 5.1x 5.4x 5.9x
Cash Ratio x NA 0.6x 0.5x 0.9x 1.3x 1.6x 2.0x 2.4x 2.7x 3.0x 3.4x
Days in Receivable Days 30 30 30 30 30 30 30 30 30 30 30
Days in Inventory Days 30 30 30 30 30 30 30 30 30 30 30
Days Other Current Assets Days 0 0 0 0 0 0 0 0 0 0 0
Days Accounts Payable Days 0 30 30 30 30 30 30 30 30 30 30
Days Other Current Liabilities Days 0 0 0 0 0 0 0 0 0 0 0

Cash Conversion Cycle Days NA 30 30 30 30 30 30 30 30 30 30

Leverage Analysis
Debt / EBITDA x 0.0x 2.7x 0.8x 0.6x 0.5x 0.5x 0.4x 0.3x 0.2x 0.2x 0.1x
EBIT / Interest x NA NA 23.0x 30.8x 34.5x 39.4x 44.4x 51.5x 62.0x 81.7x 117.9x
Debt to Equity % 0% 16% 12% 10% 7% 6% 4% 3% 2% 1% 1%
Debt to Total Assets % 0% 11% 9% 7% 6% 4% 3% 2% 1% 1% 1%

Efficiency Analysis
Total Assets Turnover x 0.0 2.9 3.1 3.0 2.8 2.7 2.5 2.4 2.3 2.2 2.2
Fixed Assets Turnover x 0.0 13.2 17.7 20.3 23.6 28.1 34.3 43.9 61.0 92.7 93.4

Return Analysis
ROCE % -29.5% 2.1% 10.7% 13.0% 13.2% 13.4% 13.3% 13.2% 13.0% 13.2% 12.6%
ROA % -19.7% 1.5% 7.1% 8.0% 7.4% 7.0% 6.4% 5.8% 5.4% 5.1% 4.7%
ROE % -19.7% 2.1% 10.1% 10.9% 9.9% 9.0% 8.0% 7.2% 6.5% 6.1% 5.5%
Project IRR / DCF Valuation (FCFF) Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Date 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28

Discount rate (WACC) % 5.5%

Exit EV / EBITDA Multiple x 12.5x
Exit Year 2023

EBIT (118'000) 32'413 183'859 221'480 220'981 220'427 - - - - -

Adjusted Tax - (8'103) (45'965) (55'370) (55'245) (55'107) - - - - -
Addback Depreciation - 41'000 41'657 42'320 42'989 43'666 - - - - -
Change in NWC - (792'615) (168'034) (19'309) (17'189) (17'509) - - - - -
CAPEX (400'000) (6'060) (6'121) (6'182) (6'244) (6'306) - - - - -
Total USD (518'000) (733'365) 5'396 182'938 185'293 185'171 - - - - -
Terminal Value USD - - - - - 3'301'159 - - - - -
Free Cash Flow to Firm (FCFF) USD (518'000) (733'365) 5'396 182'938 185'293 3'486'330 - - - - -
Cumulative FCFF USD (518'000) (1'251'365) (1'245'970) (1'063'031) (877'739) 2'608'591 2'608'591 2'608'591 2'608'591 2'608'591 2'608'591
PV Factors x 0.948 0.898 0.852 0.807 0.765 0.725 0.687 0.652 0.618 0.585 0.555
PV of Projected FCF USD (490'995) (658'894) 4'595 147'671 141'774 2'528'446 - - - - -

EBITDA Breakeven Year 2019 2'019 2'020 2'021 2'022 2'023 2'024 2'025 2'026 2'027 2'028
Funding Required USD 1'251'365

Investment USD 1'251'365

Profit USD 2'608'591
Proceeds USD 3'859'956
Equity Multiple x 3.1x
Unlevered IRR % 30.2%
NPV USD 1'672'597
Free Cash Flow to Equity (FCFE) Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Date 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28

FCFF USD (518'000) (733'365) 5'396 182'938 185'293 3'486'330 - - - - -

Interest USD - - (8'000) (7'200) (6'400) (5'600) - - - - -
Change in Debt Financing USD - 200'000 (20'000) (20'000) (20'000) (20'000) - - - - -
Addback adjusted taxes USD - 8'103 45'965 55'370 55'245 55'107 - - - - -
./. Effective Taxes USD - (8'103) (43'965) (53'570) (53'645) (53'707) - - - - -
Funding Buffer USD (125'137)
Net Debt (Cash - Financial Debt) USD - - - - - 559'002 - - - - -
Free Cash Flow to Equity (FCFE) USD (643'137) (533'365) (20'604) 157'538 160'493 4'021'132 - - - - -
Cumulated USD (643'137) (1'176'502) (1'197'106) (1'039'568) (879'075) 3'142'057 3'142'057 3'142'057 3'142'057 3'142'057 3'142'057

Equity Investment USD 1'197'106

Profit USD 3'142'057
Proceeds USD 4'339'163
Equity Multiple x 3.6x
Levered IRR % 33.8%

Funding Required Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Period Years 1 2 3 4 5 6 7 8 9 10 11
Project Funding required USD 518'000 1'251'365 1'245'970 1'063'031 877'739 - - - - - -
Project Funding required USD 1'251'365
Buffer % 10.0%
Buffer USD 125'137
Project Funding required USD 1'251'365

Equity Funding required USD 643'137 1'176'502 1'197'106 1'039'568 879'075 - - - - - -

Equity Funding required USD 1'197'106

Criteria Equity
Time x 0 0 3 0 0 0 0 0 0 0 0
Time Period Funding Covers Years 3

Uses of Funds
Cumulative
Operating Costs USD 118'000 1'066'707 2'080'001 3'079'912 4'095'063 5'125'713 6'165'788 7'215'380 8'274'586 9'343'502 10'422'224
CAPEX USD 400'000 406'060 412'181 418'362 424'606 430'912 430'912 430'912 430'912 430'912 430'912
Net Working Capital USD 0 792'615 960'649 979'958 997'147 1'014'656 1'014'656 1'014'656 1'014'656 1'014'656 1'014'656

Year of Funding Required

Operating Costs USD 24'276 0 0 24'276 0 0 0 0 0 0 0 0
CAPEX USD 412'181 0 0 412'181 0 0 0 0 0 0 0 0
Net Working Capital USD 960'649 0 0 960'649 0 0 0 0 0 0 0 0
Total USD 1'397'106 0 0 1'397'106 0 0 0 0 0 0 0 0

Sources of Funds
Cumulative
Mortgage USD 0 0 0 0 0 0 0 0 0 0 0
Debt Facility 2 USD 0 200'000 200'000 200'000 200'000 200'000 200'000 200'000 200'000 200'000 200'000
Debt Facility 3 USD 0 0 0 0 0 0 0 0 0 0 0
Equity USD 643'137 1'176'502 1'197'106 1'039'568 879'075 0 0 0 0 0 0

Year of Funding Required

Mortgage USD 0 0 0 0 0 0 0 0 0 0 0 0
Debt Facility 2 USD 200'000 0 0 200'000 0 0 0 0 0 0 0 0
Debt Facility 3 USD 0 0 0 0 0 0 0 0 0 0 0 0
Equity USD 1'197'106 0 0 1'197'106 0 0 0 0 0 0 0 0
Total USD 1'397'106 0 0 1'397'106 0 0 0 0 0 0 0 0

Equity Stakes Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Founders % 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Investors % 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%
Total % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Cash Invested Todate New Total

Founders USD 100'000 30'000 130'000
Investors USD 1'167'106 1'167'106
Total USD 0 1'197'106 1'297'106

Founders Cash Flows Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Equity Stake % 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Investment USD -30'000
Levered Cash Flows USD - - - 15'754 16'049 402'113 - - - - -
Founders Cash Flows USD (30'000) - - 15'754 16'049 402'113 - - - - -
Cumulated USD (30'000) (30'000) (30'000) (14'246) 1'803 403'916 403'916 403'916 403'916 403'916 403'916
Founders Cash Flows incl. Todate USD (130'000) - - 15'754 16'049 402'113 - - - - -
Cumulated incl. Todate USD (130'000) (130'000) (130'000) (114'246) (98'197) 303'916 303'916 303'916 303'916 303'916 303'916

New Incl. Todate

Investment USD 30'000 130'000
Profit USD 403'916 303'916
Proceeds USD 433'916 433'916
Equity Multiple x 14.5x 3.3x
Investor IRR % 73.9% 28.1%

Investor Cash Flows Unit 2018 F 2019 F 2020 F 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F
Equity stake % 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%
Investment USD -613'137 -533'365 -20'604 0 0 0 0 0 0 0 0
Levered Cash Flows USD - - - 141'785 144'443 3'619'019 - - - - -
Levered Cash Flows USD (613'137) (533'365) (20'604) 141'785 144'443 3'619'019 - - - - -
Cumulated USD (613'137) (1'146'502) (1'167'106) (1'025'322) (880'878) 2'738'140 2'738'140 2'738'140 2'738'140 2'738'140 2'738'140

Investment USD 1'167'106

Profit USD 2'738'140
Proceeds USD 3'905'246
Equity Multiple x 3.3x
Investor IRR % 31.5%

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Gasoline Station September 14th, 2018
Confidential

Monthly Budget 2018 F 2019 F 2020 F 2021 F

Unit Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Volume Gallon - - - - - - - - - - - - - 1'100'000 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 91'667 1'320'000 110'000 110'000 110'000 110'000 110'000 110'000 110'000 110'000 110'000 110'000 110'000 110'000 1'333'200

Sales USD 0 0 0 0 0 0 0 0 0 0 0 0 0 4'821'740 401'812 401'812 401'812 401'812 401'812 401'812 401'812 401'812 401'812 401'812 401'812 401'812 5'843'949 486'996 486'996 486'996 486'996 486'996 486'996 486'996 486'996 486'996 486'996 486'996 486'996 5'961'412
Sales Growth % % NA NA 21.2% 2.0%

Cost of Sales USD 0 0 0 0 0 0 0 0 0 0 0 0 0 -3'799'620 -316'635 -316'635 -316'635 -316'635 -316'635 -316'635 -316'635 -316'635 -316'635 -316'635 -316'635 -316'635 -4'605'139 -383'762 -383'762 -383'762 -383'762 -383'762 -383'762 -383'762 -383'762 -383'762 -383'762 -383'762 -383'762 -4'697'703
Gross Profit USD 0 0 0 0 0 0 0 0 0 0 0 0 0 1'022'120 85'177 85'177 85'177 85'177 85'177 85'177 85'177 85'177 85'177 85'177 85'177 85'177 1'238'809 103'234 103'234 103'234 103'234 103'234 103'234 103'234 103'234 103'234 103'234 103'234 103'234 1'263'710
Gross Profit Margin % NA NA NA NA NA NA NA NA NA NA NA NA NA 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2% 21.2%

Taxes on gasoline sales USD 0 0 0 0 0 0 0 0 0 0 0 0 0 -168'872 -14'073 -14'073 -14'073 -14'073 -14'073 -14'073 -14'073 -14'073 -14'073 -14'073 -14'073 -14'073 -204'673 -17'056 -17'056 -17'056 -17'056 -17'056 -17'056 -17'056 -17'056 -17'056 -17'056 -17'056 -17'056 -208'787
Payment Processing Costs USD 0 0 0 0 0 0 0 0 0 0 0 0 0 -79'792 -6'649 -6'649 -6'649 -6'649 -6'649 -6'649 -6'649 -6'649 -6'649 -6'649 -6'649 -6'649 -96'708 -8'059 -8'059 -8'059 -8'059 -8'059 -8'059 -8'059 -8'059 -8'059 -8'059 -8'059 -8'059 -98'652
Employee costs USD -100'000 -8'333 -8'333 -8'333 -8'333 -8'333 -8'333 -8'333 -8'333 -8'333 -8'333 -8'333 -8'333 -272'700 -22'725 -22'725 -22'725 -22'725 -22'725 -22'725 -22'725 -22'725 -22'725 -22'725 -22'725 -22'725 -275'427 -22'952 -22'952 -22'952 -22'952 -22'952 -22'952 -22'952 -22'952 -22'952 -22'952 -22'952 -22'952 -278'181
Rent USD 0 0 0 0 0 0 0 0 0 0 0 0 0 -50'500 -4'208 -4'208 -4'208 -4'208 -4'208 -4'208 -4'208 -4'208 -4'208 -4'208 -4'208 -4'208 -51'005 -4'250 -4'250 -4'250 -4'250 -4'250 -4'250 -4'250 -4'250 -4'250 -4'250 -4'250 -4'250 -51'515
OPEX USD -18'000 -1'500 -1'500 -1'500 -1'500 -1'500 -1'500 -1'500 -1'500 -1'500 -1'500 -1'500 -1'500 -376'843 -31'404 -31'404 -31'404 -31'404 -31'404 -31'404 -31'404 -31'404 -31'404 -31'404 -31'404 -31'404 -385'481 -32'123 -32'123 -32'123 -32'123 -32'123 -32'123 -32'123 -32'123 -32'123 -32'123 -32'123 -32'123 -362'776
EBITDA USD -118'000 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 73'413 6'118 6'118 6'118 6'118 6'118 6'118 6'118 6'118 6'118 6'118 6'118 6'118 225'515 18'793 18'793 18'793 18'793 18'793 18'793 18'793 18'793 18'793 18'793 18'793 18'793 263'799
EBITDA Margin % NA NA NA NA NA NA NA NA NA NA NA NA NA 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 4.4%

Depreciation USD 0 0 0 0 0 0 0 0 0 0 0 0 0 -41'000 -3'417 -3'417 -3'417 -3'417 -3'417 -3'417 -3'417 -3'417 -3'417 -3'417 -3'417 -3'417 -41'657 -3'471 -3'471 -3'471 -3'471 -3'471 -3'471 -3'471 -3'471 -3'471 -3'471 -3'471 -3'471 -42'320
EBIT USD -118'000 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 32'413 2'701 2'701 2'701 2'701 2'701 2'701 2'701 2'701 2'701 2'701 2'701 2'701 183'859 15'322 15'322 15'322 15'322 15'322 15'322 15'322 15'322 15'322 15'322 15'322 15'322 221'480
EBIT Margin % NA NA NA NA NA NA NA NA NA NA NA NA NA 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.7%

Other Income (Expense) USD

Interest Expense USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -8'000 -667 -667 -667 -667 -667 -667 -667 -667 -667 -667 -667 -667 -7'200
Income Before Tax USD -118'000 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 32'413 2'701 2'701 2'701 2'701 2'701 2'701 2'701 2'701 2'701 2'701 2'701 2'701 175'859 14'655 14'655 14'655 14'655 14'655 14'655 14'655 14'655 14'655 14'655 14'655 14'655 214'280

Income Tax USD 0 0 0 0 0 0 0 0 0 0 0 0 0 -8'103 -675 -675 -675 -675 -675 -675 -675 -675 -675 -675 -675 -675 -43'965 -3'664 -3'664 -3'664 -3'664 -3'664 -3'664 -3'664 -3'664 -3'664 -3'664 -3'664 -3'664 -53'570
Net Income USD -118'000 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 -9'833 24'310 2'026 2'026 2'026 2'026 2'026 2'026 2'026 2'026 2'026 2'026 2'026 2'026 131'894 10'991 10'991 10'991 10'991 10'991 10'991 10'991 10'991 10'991 10'991 10'991 10'991 160'710
Net Income Margin % NA NA NA NA NA NA NA NA NA NA NA NA NA 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.7%

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Gasoline Station September 14th, 2018
Confidential

Breakeven Analysis
Unit

Cost Structure
USD/year USD/month % of Sales USD/Gallon Step -5'000

Assumptions Per Year Per Month

Average Sales Price 3.27 Sales Volume Revenues Variable Costs I Variable Costs II Variable Costs Profit ContributionFixed Costs EBITDA
Other revenue 1.11 Gallon Gallon USD USD USD USD USD USD USD
Total Revenues 4.38
924'320 77'027 337'639 266'066 39'359 305'425 32'214 32'214 -0
Variable Costs I 864'320 72'027 315'722 248'795 36'804 285'599 30'123 32'214 -2'091
Direct Costs Gas USD/Gallon 3.07 804'320 67'027 293'805 231'524 34'249 265'773 28'032 32'214 -4'182
Direct Costs Non-Gas USD/Gallon 0.38 744'320 62'027 271'888 214'253 31'694 245'947 25'941 32'214 -6'273
Subtotal I USD/Gallon 3.45 684'320 57'027 249'971 196'982 29'139 226'121 23'850 32'214 -8'364
624'320 52'027 228'054 179'711 26'585 206'295 21'759 32'214 -10'456
Variable Costs II 564'320 47'027 206'137 162'440 24'030 186'469 19'668 32'214 -12'547
Taxes on gasoline sales 5.0% 504'320 42'027 184'220 145'169 21'475 166'643 17'576 32'214 -14'638
% of sales 74.7% 0.15 444'320 37'027 162'303 127'898 18'920 146'817 15'485 32'214 -16'729
Payments subject to Processing Costs 70.0% 384'320 32'027 140'386 110'627 16'365 126'992 13'394 32'214 -18'820
Payment Processing Costs 3.0% 0.07 324'320 27'027 118'469 93'356 13'810 107'166 11'303 32'214 -20'911
Marketing 2.0% 0.09 264'320 22'027 96'552 76'085 11'255 87'340 9'212 32'214 -23'002
Traveling & Entertainment 0.5% 0.02 204'320 17'027 74'635 58'814 8'700 67'514 7'121 32'214 -25'093
Other G&A costs 0.5% 0.02 144'320 12'027 52'718 41'543 6'145 47'688 5'030 32'214 -27'184
IT 0.5% 0.02 84'320 7'027 30'801 24'272 3'590 27'862 2'939 32'214 -29'275
Insurance 1.0% 0.04 24'320 2'027 8'884 7'001 1'036 8'036 848 32'214 -31'367
Royalty Fee 2.0% 0.09 -35'680 -2'973 -13'033 -10'270 -1'519 -11'790 -1'243 32'214 -33'458
Subtotal II 8.6% 0.51 -95'680 -7'973 -34'950 -27'541 -4'074 -31'616 -3'335 32'214 -35'549
-155'680 -12'973 -56'867 -44'812 -6'629 -51'441 -5'426 32'214 -37'640
Variable Costs 3.97 -215'680 -17'973 -78'784 -62'083 -9'184 -71'267 -7'517 32'214 -39'731

Profit Contribution 0.42

Fixed Costs
Employee costs 272'700 22'725 0.30
Rent 50'500 4'208 0.05
Property tax 20'200 1'683 0.02
Utilities 20'000 1'667 0.02
Maintenance 5'050 421 0.01
Legal & Accounting 6'000 500 0.01
Regulatory 0 0 0.00
Other 0 0 0.00
Contingencies 12'120 1'010 0.01
Subtotal II 386'570 32'214 0.42

Breakeven Volume (Gallon) 924'320 77'027

EBITDA 0.00

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