Energomera Insurance Company

Business Plan

OWNERS

Alexandr Akimenko Oleg KotovPage 2 of 25

I.Table of Contents

I.Table of Contents....................................................................................................................................2

II.Executive Summary................................................................................................................................3

III.Business Description..............................................................................................................................5

IV.Business Environment Analysis............................................................................................................8

V.Marketing Plan.......................................................................................................................................10

VI.Operational Plan....................................................................................................................................12

VII. Financial Plan.........................................................................................................................................15

XI.Appendices.............................................................................................................................................23Page 3 of 25

II.Executive Summary

Energomera Insurance Company is JSC Energomera Corporation captive company. It will be formed as an open joint-stock company. This plan is written as a guide for financing, start-up and management of this new business and will also serve as the basis for measurement. The following is a summary of the main points of this plan.

Energomera Insurance Company is a start-up provided insurance services for JSC Energomera Corporation and small business companies.Attracting of the new client provided by efficient marketing plane which was made by top managers of the company and some specialists and experts who was engaged to analyze market situation and create marketing plan.The keys to success for Energomera Insurance Company are quality of business services and products, personal contact, timely and accurate service, development of one-to-one relationships, and a reputation of honesty and integrity.Energomera Insurance Company has efficient structure. It is not many employee in the company, so it is very efficient-controlled organization.

1.1 Objectives

The main objectives Energomera Insurance Company are:

Profit - to create enough prosperity for the owner and employees to have a secure and comfortable lifestyle.

Growth - to grow the business at a rate that is both challenging and manageable.

Assistance - to assist in JSC Energomera Corporation further growth.

1.2 Mission

Energomera Insurance Company is dedicated to providing insurance products and business services that provide high quality, protection, and value pricing. We wish to establish a successful cooperation with our mother company that respects its interests and goals.

1.3 Keys to SuccessPage 4 of 25

The keys to the success Energomera Insurance Company are:

A high quality of business services and insurance products that are affordable, available and understandable.

Personal contact and service that meets or exceeds the expectations of our clients.

Services and products that are delivered with accuracy and timeliness.

Relationships with our clients that fosters renewal business.

A reputation in the community for it's honesty and integrity.

In conclusion, as shown in the highlights chart below, this plan projects rapid growth over the next three years with a profit forecasted in the second year of operation and continuing into future years of operation. Based on the realistic sales projections and conservative forecasts, Energomera Insurance Company will achieve profitability in the second year of operation. Monthly profitability is first achieved in the next year, but due to reserve funds accumulation and developing a customer base, the first year of operations reflect a loss. After the second year of operation, the reserve fund will reach 324 million rubles. The amount of insurance payments is assumed to be 150 million rubles Net profit will reach 104 million rubles. Implementing this plan, will ensure that Energomera Insurance Company becomes a profitable venture.

400000

350000

300000

250000

200000

150000

100000

50000

0

-50000Year 1Year 2Year 3

Yearly netprofit, thousand rubles

Gross margin, thousand rubles

Reserves, thousand rublesPage 5 of 25

III. Business Description

Energomera Insurance Company is a start-up company located in Stavropol, Stavropol Region. Captive Energomera provides insurance services for JSC Energomera Corporation and small business organizations.

Company Ownership

Energomera Insurance Company is open joint-stock company. Authorised capital of the Company divided into shares 90% of which are owned by JSC Energomera Corporation. 10% of the shares divided between 3 top Managers of the company.

Start-up Summary

Energomera Insurance Company start-up costs include different kinds of expenses.

Marketing Services costs include research and analysing of the market and business environment; different kinds of promotion and positioning.Website Development: professionally developed business website on the Internet. Business Cards: the printing of business cards with company logo.Brochures: development and printing of brochures for marketing the business.

Exhibitions one of the most important part of our promotion. Thats why organizing of the impressive pavilion is important part of costs.Office inventory. Other costs

Services

Energomera Insurance Company provides insurance services for:

its mother company - JSC Energomera Corporation; small business companies of the Stavropol Region.Page 6 of 25

Depending of the companies Energomera Insurance Company provides:

For JSC Energomera Corporation we insure Actives of the company, production lines, some trade actions and trade contracts with suppliers and customers, different kinds of risks.

For small business our main insurance services are insure of trade actions and trade contracts with suppliers and customers and some kind of risks.

In the future we intend to offer the following services:

Making of the concrete recommendations to deal with risks.

Control of the recommended actions execution and making adjustments. Risk management system in the company.

Our principles of risk management:

create value

be an integral part of organizational processes be part of decision making explicitly address uncertainty be systematic and structuredbe based on the best available information be tailoredtake into account human factors be transparent and inclusivebe dynamic, iterative and responsive to change

be capable of continual improvement and enhancement

Business Philosophy:

Efficiency of work. Energomera Insurance Company should make profit not only for itself, but for every client.New technologies. Using of the new technologies should make Energomera Insurance Company work faster. Economic. Only economic methods of making business.Range of options. All clients can choose different kinds of services. Gain of work. Good work good payment.Original. Original and innovation area of work and methods of work. Market. Market oriented work.Page 7 of 25

Ease of work. Only ease atmosphere of work can create efficient nice impression. Risks. Risks one of the main factor which we consider every day.Actual. All our work must be interesting for the market.

The most important strength of Energomera Insurance Company is situation when this company is only one company in Stavropol Region which main specialty and alignment is small business (now we dont speak about JSC Energomera Corporation).

Even if new companies choose the same business, Energomera Insurance Company would have a big advantage time.

Energomera Insurance Company top managers are one of the best specialists. And their skill would play great role in Energomera Insurance Company business.Page 8 of 25

IV. Business Environment Analysis

JSC Energomera Corporation is our mother company which is the main sphere of our activity.

Joint-Stock Company Energomera Corporation was founded in January, 1994, in the south of Russia in Stavropol. Today there are more than 6000 people working at enterprises. The Corporation consists of top-rated Russian enterprises: measuring equipment factory Energomera, electronic materials factory Monocrystal and, finally, electro-technical factory Energomera.

Product portfolio includes complete model range of electronic devices and energy measuring systems, service and metrology equipment, equipment for electrochemical protection of underground pipelines from corrosion. It has gained the leading positions in Russia in terms of sales revenue and technical level of the products.

Here are its main financial results of activity:

Results of Activity, thousand rubles RevenueGross margin % from revenueOperating income % from revenue EBITDA% from revenue

Net profit per ordinary share, rub

4 728 911 1 481 493 31 ,3874 623 18,41 143 892 24,20,48

Basic Data of Consolidated Balance Sheet, thousand rubles

Non-current assets Fixed assets Intangible assets Current assetsFunds and their equivalents Total assetsShareholders' of the parent company capital

Total: commitment, taking into account the minority interestTotal: loans and credits, including short-term 3 344 315 2 526 253 811 887 4 186 927 402 043 7 531 242 2 859 013 4 672 229

4 077 667Page 9 of 25

Insurance market of Stavropol Region is in a complex contradictory development reflecting and reacting to all the processes occurring both in politics and economy of the region and Russia.

In the 1991 as a result of de-monopolization of the insurance business the number of insurance companies branches increased, insurance services market was created. Reinsurance and investment activities of insurance companies have developed. At the same time, it is worth noting that the de-monopolization was carried out without a clear program of market development, without sufficient prorated insurance legislation and government regulation. In this regard, currently the regional insurance market is characterized by a number of problems:

minor of the capital in insurance companies; low degree of their self-organization;weak insurance culture of the potential consumers; low purchasing power of people and companies.

Stavropol Region has high percent of the compulsory insurance in the structure of insurance payments 72.3%.

Insurance companies realize their activities by 41 thousand of agreements, three quarters of which were concluded with companies.

About 50% of insured generally not satisfied with the quality of services of their insurance company. In basically, this dissatisfaction is associated with bureaucracy and a large number of documents that must be completed, as well as the excessive length of proceedings. Two other fairly significant factor of dissatisfaction with insurers - partial payment of insurance money and lack exactly those services that are needed to insured.

The level of awareness about insurance is low: less than half insurance services to assess their knowledge in this area as satisfactory.

When choosing an insurance company for the insured the most important criteria are the personal recommendations, the duration of the company in the market, clarity insurance conditions, reliability and known company.Page 10 of 25

V.Marketing Plan

The main aim of our company is to keep financial resources of the JSC Energomera Corporation in the company. Another aim is to attract new clients from small business in our region. So we have two markets: JSC Energomera Corporation and small businesses in Stavropol Region.

All in all small business market in Stavropol Region is 12.7 thousands companies. But we are interesting more in manufacturing industry. And this market is much more smaller 1.7 thousands companies. If we could attract a third of this companies it would be a great success.

And we have big chance to achieve this aim because niche of the insurance in the small business is not very developed in Stavropol region.

The main idea of our marketing strategy to attract new client.

Product of our company is insurance services of business sales, cargo, equipment and responsibility of contract members.

If we draw attention on the today situation on the market, we can see that many companies make many deals with big risk. If one side of the contract havent done conditions of contract, it is a big problem to restore rights of another.

But if client came in our company, made a contract and choose interesting for him services, we would help him to restore all his rights.

How our company would attract clients?

We must say that our business is quite new for our region and many potential clients know nothing about it. Thats why direct marketing is the most efficient way to attract clients. More than that for the initial period we can ourselves invite those client whom we are interested in.

Another way to attract clients is to take part in different conferences and fairs. Only when we could explain all pluses for our clients we can attract them to trust our company.

And one of the main systems which would help us to contact with our clients would be website of our company. Full information about our business, different economic articles, including articles of our managers, system question-answer and more would be available for our clients and people who are interested in.

SWOT-AnalysisPage 11 of 25

If we speak about different sides of our business we must say some words about Strengths and Weaknesses.

As we said one of the main strength of Energomera Insurance Company is its new services in Stavropol Region. Thats why at the beginning our company would be only one insurance company with same specialty.

Another strength is that every time we have a constant client JSC Energomera Corporation. Thats why we would have a real profit always.

Energomera Insurance Company is not very big. Thats why it is efficient and well controlled.

What about weaknesses? The main weakness is that Energomera Insurance Company is a new company and we should do big work to attract new clients.

But Energomera Insurance Company has real opportunities to open new services if it would be necessary. Real opportunities of growth are other strengths.

Main threats of our company depend mainly on the economic and political situation. Different crises or new laws can make big organization problem.

Calculation of expenses on marketing campaign

#Type of marketing

1 Web-site 2 Brochures3 Business cards 4 ExhibitionsTOTAL: Quantity per year, pcs.1

200 10004 Price, rub

40 000 112

15 000 Costs, rub

40 000 2 200 2 810 60 000105 010Page 12 of 25

VI. Operational Plan

Location

The office of Energomera Insurance Company will be situated in the Stavropol business centre. Required space is going to be 192 m2. There is going to be 3 private offices for chief officers, 3 rooms for managers, 1 reception room, 1 canteen, 1 WC and 1 pantry. The estimated rent cost is 78 000 rubles per month, maintenance is 10 000 rubles per month, the business hours from 9 a.m. to 7 p.m. 5 day business week.

Legal Environment

Licensing and bonding requirements:

documents confirming state registration; approved charter of the company;decision of founders on firm establishing; business plan;documents confirming payment of at least 50% of the share capital of the firm; evidence of payment of state taxes;layout of insurance reserves;

rules for the types of insurance according to the insurance laws and the general conditions of the validity of deals.

samples of insurance contracts and certificates

Personnel

Organizational structurePage 13 of 25

Chief Executive Officer

Chief Accounting OfficerChief Financial OfficerOffice Manager (agent) Sales Manager (agent) (2)

Assistant Manager (agent) Marketing Manager Assistant Manager (agent)

Chief Executive Officer - Ivan Kovalev. Ivan Kovalev was graduated from Moscow State University in 1985, where he studied Economics. He has 20 years experience in insurance sphere. Before his appointment to Energomera Insurance Company he was chief operating officer in Capital Insurance Company and prior to that he held positions with Max Insurance Company of chief financial officer.

Chief Accounting Officer Oleg Kotov. Oleg Kotov was graduated from from Moscow State University in 1998, where he studied Economics. Before his appointment to Energomera Insurance Company he was chief accounting officer in JSC Energomera Corporation.

Chief Financial Officer Alexandr Akimenko. Alexandr Akimenko was graduated from Moscow State University in 1998, where he studied Economics. He has 9 year experience in financial sphere. He worked as a head of department in the Ministry of Finance.

Calculations of annual payroll of the staff of Energomera Insurance Company

# Post

1 CEO 2 CAO 3 CFO4 Office Manager

5 Marketing Manager 6 Sales Manager7 Assistant Manager

Total: Category

Chief Chief Chief Employee Employee EmployeeSpecialist Number of staff units1

1 1 2 1 1 29 Monthly wage, rub 45 000

40 000 40 000 25 000 20 000 20 000 15 000205 000 Annual payroll, rub

540 000 480 000 480 000 600 000 240 000 240 000 360 0002 940 000

Bonuses

TOTAL: 30% of Annual Payroll882 000

3 822 000Page 14 of 25

Inventory

Calculations of depreciation deduction per year

Name of equipmentCost, rub Standard period of usage, years Quantity of equipment, pcs. Depreciation deduction per year, rub

Apple iMac 21' 55 600 5 6 66 720 Apple MakBook Pro 15' 50 000 4 2 25 000 hp 2015 11 550 8 1 1 443 Lighting system 20 000 10 1 2 000 Office furniture 20 000 10 7 14 000 Canteen furniture 80 000 10 1 8 000 TOTAL: 117 163The aggregate value of property of the firm will be 685150 rubles.

Risk assessment

Risk assessment in insurance activity

Risk factor

Natural disasters

Armed conflicts

Failure of conditions of contacts by contactors Strikes

Insufficient information to form a business plan Changing the tax codeTOTAL Probability

0,25

0,20 0,15

0,10

0,15

0,15

1 Time loss (person-days)40

80 15

100

180

100 Expected damage, rub*

44 000

88 000 16 500

110 000

198 000

110 000 Damage, taking into account the probability, rub11 000

17 600 2 475

11 000

29 700

16 500

88 275 Actions to reduce damage

Creation of equalization paymentsExpansion of services

Penalties in contracts with contractors

Penalties in contracts with supporting firms Informational system improvement

Creation of equalization payments

* expected damage was calculated according to the average daily labor productivity (1100 rub)Page 15 of 25

VII. Financial Plan

The most important part of our plan is calculation of insurance premiums of JSC Energomera Corporation. These premiums will be the base of our insurance and financial activity. After the identification of potential risks we assessed them as to their potential severity of loss and to the probability of occurrence. The table below is combined project of calculations of expected damages and insurance payments for the first year.

# Groups of risk factorsInsurance rates Time loss (person-days) Expected physical damage, thousand rubles Expected damage, thousand rubles * Damage, taking into account the probability and insurance rates, thousand rubles

1 Industry risks:0,50%3 000-249000012 450

supply and demand fluctuations;sales and profit decline;competitors' positions' strengthen;2 Country and regional risks

3 Financial risks:currency risks;changing of interest rate;inflation;timeliness of consumers payments;4 Legal risks:imperfection of Russian legal system;imperfection of judicial remedies;unreasonable actions of state institutions;5 Production risks spoilage;production breaks; 6 Property risks

7 Life insurance

TOTAL:

0,50% 4 400 1,90% 4 500

0,50%3 500

1,90%1 100

1,50%1 900

1,00%2 200

--

-

4 184 000

2 526 253

-

3 652 000 18 260 3 735 000 70 965

2 905 00014 525

5 097 00096 843

4 103 253 61 548 1 826 000 18 260292 851

* Expected damage was taken according to the average daily labor productivity (830 rub) and expected physical damage.Page 16 of 25

To ensure that the implementation of insurance obligations of insurance company on such terms and conditions established by the legislation of the Russian Federation, we will form the following insurance reserves:

1. Life insurance reserve

2. Unearned premiums reserve 3. Losses reserve

Insurance reserves formed according to the methods of forming insurance reserves, regulated by Federal Service for Insurance Supervision. Reserves are determined on the basis of information on the flow of insurance premiums, pay structures and other indicators of the insurance company.

Insurance reserves structure for the first year (in thousand rubles):

ost item:

Life insurance reserve

59337

Unearned premiums reserve77656 Losses reserve 156976 TOTAL: 293969

12-Month Profit and Loss Projection

Based on the realistic sales projections and conservative forecasts, Energomera Insurance Company will achieve profitability in the second year of operation. Monthly profitability is first achieved in the next year, but due to reserve funds accumulation and developing a customer base, the first year of operations reflect a loss.

Net Profit Monthly, thousand rubles

0

-500

-1000

-1500

-2000Page 17 of 25

Gross Margin Monthly, thousand rubles

0

-500

-1000

-1500

Three-Year Profit Projection

After the second year of operation, the reserve fund will increase on 10% and reach 324 million rubles. The amount of insurance payments is assumed to be 150 million rubles Net profit will reach 104 million rubles.

In the second year of operation, the reserve fund will increase on 11% and reach 360 million rubles. The amount of insurance payments is assumed to be 165 million rubles Net profit will reach 104 million rubles.

Net Profit Yearly, thousand rubles

140000 120000 100000 80000 60000 40000 20000 0-20000Year 1Year 2Year 3Page 18 of 25

Gross Margin Yearly, thousand rubles

200000

150000

100000

50000

0

-50000Year 1Year 2Year 3

Reserve Funds Yearly, thousand rubles

400000 350000 300000 250000 200000 150000 100000 50000 0Year 1Year 2Year 3

Losses reserve

Unearned premiums reserve

Life insurance reserve

#Indicators

1Income from insurance premiums

1.1. Insurance premiums from Energomera Corporation

1.2. Insurance premiums from local companies Year 1

293 969 000

292 851 000

1 118 000 Year 2

324 372 100

322 136 100

2 236 000 Year 3

359 939 710

354 349 710

5 590 000Page 19 of 25

2Expenses

2.1. Insurance payments 2.2. Rent payments2.3. Depreciation

2.4. Salaries and bonuses 2.5. Marketing2.6. Other costs

Total Operating Expenses

-

936 000 117 163 3 822 000 105 000 36 0005 016 163

150 000 000 945 360 117 1634 204 200 105 000 7 736 000163 107 723

165 000 000 954 813 117 1634 624 620 105 000 36 000170 837 596

3Reserves

3.1. Life insurance reserve

3.2. Unearned premiums reserve 3.3. Losses reserve4Taxes 4.1. Social tax4.2. Property tax 4.3. Profits tax5Gross margin 5.1Gross margin,% 6Net profit6.1Net profit, % 293 969 000 59 337 000 77 656 000 156 976 000 1 351 4031 337 700 13 7030 -5 016 163-2% -6 367 566-2% 324 372 100 65 473 799 85 687 401 173 210 899 27 657 428 1 471 470 13 70326 172 255 130 861 277 40%103 203 848

32% 359 939 710 72 653 043 95 083 080 192 203 585 32 339 220 1 618 617 13 70330 706 900 153 534 503 43%121 195 282

34%

Projected Cash Flow

Start-up costs come to 69 million rubles of which 62 million rubles are Authorised capital which will be on 90% financed by JSC Energomera Corporation and on 10% by the Energomera Insurance Company top managers. 7 million rubles will be borrowed from bank.Page 20 of 25

Cash

7000 6000 5000 40003000Net Cash Flow, thousand rubles 2000Cash Balance, thousand rubles 10000 -1000 -2000

Cash received

Income from insurance premiums

Insurance premiums from Energomera CorporationInsurance premiums from local companies

Subtotal cash received ExpendituresExpenditures from Operations Cash spendingBill payments

Reserve Accumulations Additional Cash Spent TaxesPrincipal Payment of Current borrowing Other Liabilities Principal Repayment Long-Term Liabilities Principal Repayment Purchase Other Current AssetsPurchase Long-term Assets DividendsSubtotal Cash Spent Net Cash FlowCash Balance Year 1

293 969 000 292 851 000

1 118 000 293 969 000

5 016 163 293 969 000 01 351 403 0 0 0 0 0 0300 336 566 -6 367 566632 434 Year 2

324 372 100 322 136 100

2 236 000 324 372 100

155 407 723 30 403 100 027 657 428 0 07 700 000 0 0 0221 168 251 103 203 848103 836 282 Year 3

359 939 710 354 349 710

5 590 000 359 939 710

170 837 596 35 567 610 032 339 220 0 0 0 0 0 0238 744 427 121 195 282225 031 565Page 21 of 25

Balance Sheet for the first year

Assets

Current Assets CashAccounts Receivable Other Current Assets Total Current Assets

Long-term Assets DepreciationTotal Long term Assets Total Assets

Liabilities and Capital Current LiabilitiesAccounts Payable Current BorrowingsOther Current Borrowings Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities

Authorised capital

Retained Earnings (Reserves) EarningsTotal Capital

Total Liabilities and Capital

369866687 0 0369866687

685150 117163 802313 370669000

6367566 0 0

7700000 14067566

62000000 293969000 632434 356601434370669000

Break-Even Analysis

Break-Even Point is 25 761 503 rublesPage 22 of 25

70000

60000

50000

40000

30000

20000

10000

0

Fixed Costs, thousand rubles

VariableCosts, thousand rublesPage 23 of 25

VIII.Appendices

Pro Forma Profit and Loss

#IndicatorsMonth 1Month 2Month 3Month 4Month 5Month 6Month 7Month 8Month 9MonthMonthMonthTOTAL: 101112

1

Income from insurance

24414250

24439250

24449250

24482250

24495250

24492250

24505250

24526250 24539250

24529250

24544250

24552250

293969000

premiums

1.1.Insurance premiums24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 292851000 from JSC EnergomeraCorporation1.2.Insurance premiums1000035000450007800091000880001010001220001350001250001400001480001118000 from local companies2 Expenses

2.1.Insurance payments

2.2. Rent payments ---

780007800078000 --

7800078000 --

7800078000 --

7800078000 --

7800078000 --

78000936000

2.3. Depreciation

2.4. Salaries and bonuses 2.5. Marketing2.6. Other costs

2.7. Total Operating Expenses3 Reserves

3.1.Life insurance reserve

3.2. Unearned premiums reserve3.3. Losses reserve

4 Taxes 4.1.Social tax4.2. Property tax 4.3. Profits tax5 Gross margin

6 Net profit 9763,583 245000 8750 3000 344513,6

24414250 4927963 6449364

13036923 85750 857500 0-344514

-430264 9763,583 245000 8750 3000 344513,6

24439250 4933009 6455968

13050273 85750 857500 0-344514

-430264 9763,583 245000 8750 3000 344513,6

24449250 4935028 6458609

13055613 85750 857500 0-344514

-430264 9763,583 245000 8750 3000 344513,6

24482250 4941689 6467327

13073235 85750 857500 0-344514

-430264 9763,583 245000 8750 3000 344513,6

24495250 4944313 6470761

13080176 85750 857500 0-344514

-430264 9763,583 245000 8750 3000 344513,6

24492250 4943707 6469968

13078574 85750 857500 0-344514

-430264 9763,583 245000 8750 3000 344513,6

24505250 4946331 6473403

13085516 85750 857500 0-344514

-430264 9763,583 245000 8750 3000 344513,6

24526250 4950570 6478950

13096730 85750 857500 0-344514

-430264 9763,583 245000 8750 3000 344513,6

24539250 4953194 6482384

13103672 85750 857500 0-344514

-430264 9763,583 245000 8750 3000 344513,6

24529250 4951175 6479743

13098332 85750 857500 0-344514

-430264 9763,583 245000 8750 3000 344513,6

24544250 4954203 6483705

13106342 85750 857500 0-344514

-430264 9763,583 1127000 8750 3000 1226514

24552250 4955818 6485818

13110614 408153 394450 137030 -1226514-1634667 117 163 3 822 000 105000 36000 5016163

293969000 59337000 77656000

156976000 1351403 1337700 137030 -5016163-6367566Page 24 of 25

Pro Forma Cash Flow

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

Cash received

Income from insurance24414250 24439250 24449250 24482250 24495250 24492250 24505250 24526250 24539250245292502454425024552250 premiumsInsurance premiums from24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250244042502440425024404250 Energomera CorporationInsurance premiums from100003500045000780009100088000101000122000135000125000140000148000 local companiesSubtotal cash received24414250 24439250 24449250 24482250 24495250 24492250 24505250 24526250 24539250245292502454425024552250

Expenditures

Expenditures from Operations

Cash spending Bill paymentsReserve Accumulations Additional Cash Spent TaxesPrincipal Payment of Current borrowingOther Liabilities Principal RepaymentLong-Term Liabilities Principal Repayment Purchase Other Current AssetsPurchase Long-term Assets

Dividends

Subtotal Cash Spent Net Cash FlowCash Balance

344513,6 24414250 085750 0

0

0

0

0 024844514 -4302646569736

344513,6 24439250 085750 0

0

0

0

0 024869514 -4302646139473

344513,6 24449250 085750 0

0

0

0

0 024879514 -4302645709209

344513,6 24482250 085750 0

0

0

0

0 024912514 -4302645278946

344513,6 24495250 085750 0

0

0

0

0 024925514 -4302644848682

344513,6 24492250 085750 0

0

0

0

0 024922514 -4302644418419

344513,6 24505250 085750 0

0

0

0

0 024935514 -4302643988155

344513,6 24526250 085750 0

0

0

0

0 024956514 -4302643557891

344513,6 24539250 085750 0

0

0

0

0 024969514 -4302643127628

344513,6 24529250 085750 0

0

0

0

0 024959514 -4302642697364

344513,6 24544250 085750 0

0

0

0

0 024974514 -4302642267101

1226514 24552250 0408153 0

0

0

0

0 026186917 -1634667632434Page 25 of 25

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