valoración de empresas

2005 2006 2007 2008 2009

Stability Services ISS 0.00 0.00 0.00 0.00 0.00Commercial Space Station 0.00 0.00 0.00 0.00 0.00Commercial Lunar Space Services 0.00 0.00 0.00 0.00 0.00Catapulta 0.00 0.00 0.00 0.00 0.00

Sales 0.00 0.00 0.00 0.00 0.00Discounts & Returns 0.00 0.00 0.00 0.00 0.00

Sales (Net) 0.00 0.00 0.00 0.00 0.00Personnel 0.00 0.00 0.00 0.00 0.00General op expenses 0.00 0.00 0.00 0.00 0.00Ground Equipment 0.00 0.00 0.00 0.00 0.00Commercial Space Station 0.00 0.00 0.00 0.00 0.00 Fuel Stability Services ISS 0.00 0.00 0.00 0.00 0.00Fuel Commercial Space Station 0.00 0.00 0.00 0.00 0.00Fuel Commercial Space Tug Services 0.00 0.00 0.00 0.00 0.00

Cost of Goods Sold Command and Control ops 0.00 0.00 0.00 0.00 0.00

Gross Profit 0.00 0.00 0.00 0.00 0.00

Payroll expense 0.63 1.98 2.45 2.65 2.22Professional Fees 0.11 0.34 0.30 0.33 0.26Other general and administrative expense 0.12 1.04 1.41 1.58 1.13General operating expenses 0.00 0.00 0.00 0.00 0.00General operating expenses 0.00 0.00 0.00 0.00 0.00 Personnel costs 0.00 0.00 0.00 0.00 0.00Laboratory supplies 0.00 0.00 0.00 0.00 0.00RF sub system 0.00 0.00 0.00 0.00 0.00Magnet sub system 0.00 0.00 0.00 0.00 0.00Structural sub system 0.00 0.00 0.00 0.00 0.00Thermal management sub system 0.00 0.00 0.00 0.00 0.00Cryo cooler sub system 0.00 0.00 0.00 0.00 0.00Sub system integration & controls 0.00 0.00 0.00 0.00 0.00VF200-01 Development 0.00 0.00 0.00 0.00 0.00RF sub system 0.00 0.00 0.00 0.00 0.00Magnet sub system 0.00 0.00 0.00 0.00 0.00Structural sub system 0.00 0.00 0.00 0.00 0.00Thermal management sub system 0.00 0.00 0.00 0.00 0.00Cryo cooler sub system 0.00 0.00 0.00 0.00 0.00Sub system integration & controls 0.00 0.00 0.00 0.00 0.00

VF200-02 Development 0.00 0.00 0.00 0.00 0.00Propulsion Test Platform 0.00 0.00 0.00 0.00 0.00System Integration 0.00 0.00 0.00 0.00 0.00Solar Array Stability Services ISS 0.00 0.00 0.00 0.00 0.00Solar Array 0.00 0.00 0.00 0.00 0.00Space Tug Development 0.00 0.00 0.00 0.00 0.00Space Tug Launch 0.00 0.00 0.00 0.00 0.00Royalties expenses 0.00 0.00 0.00 0.00 0.00

SG & A Expense 0.86 3.36 4.16 4.56 3.61Royalties expenses 0.00 0.00 0.00 0.00 0.00

Amortisation Expense 0.00 0.00 0.00 0.00 0.00Depreciation Expense 0.01 0.11 0.50 1.25 1.12Operating Gain/Loss due to Exchange 0.00 0.00 0.00 0.00 0.00

Operating Profit -0.87 -3.47 -4.66 -5.81 -4.73

Monetary Correction 0.00 0.00 0.00 0.00 0.00Other Revenues & Gains 0.00 0.00 0.00 0.00 0.00Monetary Adj: Income Statement 0.00 0.00 0.00 0.00 0.00Financial Gain/Loss due to Exchange 0.00 0.00 0.00 0.00 0.00Gain on Sale of Assets 0.00 0.00 0.00 0.00 0.00Other Expenses & Losses 0.00 0.00 0.00 0.00 0.00Dividends from Investments: Cost 0.00 0.00 0.00 0.00 0.00

Earnings Before Interest & Taxes -0.87 -3.47 -4.66 -5.81 -4.73

Interest on Marketable Securities 0.00 0.00 0.00 0.10 0.00Interest on Excess Mkt. Securities 0.00 0.00 0.00 0.00 0.00Interest on L-T Funding Asset 0.00 0.00 0.00 0.00 0.00Other Interest Income 0.00 0.00 0.00 0.00 0.00

Total Interest Income 0.00 0.00 0.00 0.10 0.00

Interest on Line of Credit 0.00 0.00 0.00 0.00 0.00Interest - LOC 0.00 0.00 0.00 0.00 0.00Interest on Notes Payable Non bank account 0.00 0.00 0.00 0.00 0.00Interest on Notes Payable 0.00 0.00 0.00 0.00 0.00

Interest on Notes Payable 0.00 0.00 0.00 0.00 0.00Interest on L-T Debt: Debentures 0.00 0.00 0.00 0.00 0.00Long-Term Deb Bank #1: Mezzanine 0.00 0.00 0.00 0.00 0.00Interest on L-T Debt Bank #2: Convertible 0.00 0.00 0.00 0.00 0.00Interest on L-T Debt BID: I.I.C 0.00 0.00 0.00 0.00 0.00

Interest on L-T Debt 0.01 0.02 0.05 0.00 0.23

Interest on L-T Debt: Scheduled 0.01 0.02 0.05 0.00 0.23Non-Cash Int. on L-T Debt: Debentures 0.00 0.00 0.00 0.00 0.00Long-Term Deb Bank #1: Mezzanine 0.00 0.00 0.00 0.00 0.00Non-Cash Int. on L-T Debt Bank #2: Convertible 0.00 0.00 0.00 0.00 0.00Non-Cash Int. on L-T Debt BID: I.I.C 0.00 0.00 0.00 0.00 0.00Non-Cash Int. on L-T Debt Bank #3: Revolving 0.00 0.00 0.00 0.00 0.00

Non-Cash Int. on L-T Debt: Scheduled 0.00 0.00 0.00 0.00 0.00Interest on Long-Term Debt: Excess 0.00 0.00 0.00 0.00 0.00

Other non operating expenses 0.00 0.00 0.00 0.00 0.00Capital raise commision: Equity 0.00 0.00 0.00 0.00 0.00Capital raise commision: Debt 0.00 0.00 0.00 0.00 0.00Capital raise commision Debt Convertible N/A 0.00 0.00 0.00 0.00

Other non operating expenses 0.00 0.00 0.00 0.00 0.00

Interest Expense 0.01 0.02 0.05 0.00 0.23Interest Capitalized 0.00 0.00 0.00 0.00 0.00

Total Interest Expense 0.01 0.02 0.05 0.00 0.23

Earnings Before Taxes (0.88) (3.49) (4.71) (5.71) (4.96)

Current Provision for Income Taxes (Excl. NOL) 0.00 0.00 0.00 0.00 0.00Tax Refund 0.00 0.00 0.00 0.00 0.00

Current Provision for Income Taxes 0.00 0.00 0.00 0.00 0.00Deferred Provision for Income Taxes 0.00 0.00 0.00 0.00 0.00

Provision for Income Taxes 0.00 0.00 0.00 0.00 0.00Other Taxes 0.00 0.00 0.00 0.00 0.00

Total Taxes 0.00 0.00 0.00 0.00 0.00

Income After Taxes (0.88) (3.49) (4.71) (5.71) (4.96)

Earnings from Invests: Equity 0.00 0.00 0.00 0.00 0.00Minority Interest in Income 0.00 0.00 0.00 0.00 0.00Extraordinary Items 0.00 0.00 0.00 0.00 0.00

Net Income -0.88 -3.49 -4.71 -5.71 -4.96

2010 2011 2012 2013 2014 2015 2016 2017 2018

0.00 0.00 0.00 0.00 80.00 160.00 160.00 160.00 160.000.00 0.00 0.00 0.00 0.00 0.00 80.00 160.00 160.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 152.400.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 80.00 160.00 240.00 320.00 472.400.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 80.00 160.00 240.00 320.00 472.400.00 0.00 0.00 0.00 0.25 0.75 0.75 0.75 0.500.00 0.00 0.00 0.00 0.75 1.25 1.25 1.25 2.500.00 0.00 0.00 0.00 2.00 2.50 0.00 0.00 7.000.00 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 13.52 13.11 12.72 12.330.00 0.00 0.00 0.00 0.00 0.00 0.00 13.52 13.110.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23.32

0.00 0.00 0.00 0.00 3.00 18.02 15.11 28.23 58.76

0.00 0.00 0.00 0.00 77.00 141.99 224.89 291.77 413.64

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.001.47 1.52 1.56 1.61 1.66 1.71 1.76 1.81 1.871.47 1.52 1.56 1.61 1.66 1.71 1.76 1.81 1.87 2.28 3.65 3.19 3.35 3.52 3.70 3.88 4.07 4.280.20 1.03 0.53 0.59 0.64 0.70 0.77 0.84 0.920.00 6.25 0.60 0.50 0.00 0.00 0.00 0.00 0.000.01 4.24 0.60 0.25 0.00 0.00 0.00 0.00 0.000.00 0.15 0.10 0.02 0.00 0.00 0.00 0.00 0.000.00 2.25 0.10 0.10 0.00 0.00 0.00 0.00 0.000.00 4.00 0.50 0.40 0.00 0.00 0.00 0.00 0.000.00 1.05 0.20 0.10 0.00 0.00 0.00 0.00 0.000.01 17.94 2.10 1.37 0.00 0.00 0.00 0.00 0.000.00 2.50 0.30 0.30 0.00 0.00 0.00 0.00 0.000.00 0.50 0.80 0.40 0.00 0.00 0.00 0.00 0.000.00 0.05 0.02 0.05 0.00 0.00 0.00 0.00 0.000.00 0.13 0.06 0.04 0.00 0.00 0.00 0.00 0.000.00 0.38 0.80 0.40 0.00 0.00 0.00 0.00 0.000.00 0.23 0.20 0.20 0.00 0.00 0.00 0.00 0.00

0.00 3.78 2.18 1.39 0.00 0.00 0.00 0.00 0.000.00 2.35 0.90 0.90 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 25.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 75.00 75.00 45.00 0.000.00 0.00 0.00 0.00 0.00 0.00 38.00 0.00 0.000.00 0.00 0.00 0.00 4.00 8.00 12.00 16.00 23.62

3.96 30.26 10.47 9.20 9.82 114.11 131.41 67.73 30.690.00 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 0.001.21 1.21 1.25 1.27 1.29 8.59 24.91 30.44 30.460.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-5.17 -31.47 -11.72 -10.47 65.89 19.29 68.57 193.60 352.49

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-5.17 -31.47 -11.72 -10.47 65.89 19.29 68.57 193.60 352.49

0.00 0.00 0.00 0.00 0.85 0.00 0.00 0.05 8.080.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.85 0.00 0.00 0.05 8.08

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.86 1.59 1.96 0.00 0.11 8.55 0.00 0.00

0.00 0.86 1.59 1.96 0.00 0.11 8.55 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 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 0.000.00 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 0.000.60 3.60 2.20 1.30 0.00 0.00 0.00 0.00 0.000.00 0.14 0.12 0.06 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.60 3.74 2.32 1.36 0.00 0.00 0.00 0.00 0.00

0.60 4.60 3.91 3.32 0.00 0.11 8.55 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.60 4.60 3.91 3.32 0.00 0.11 8.55 0.00 0.00

(5.77) (36.07) (15.63) (13.79) 66.73 19.18 60.02 193.66 360.57

0.00 0.00 0.00 0.00 22.69 6.52 20.41 65.84 122.590.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 22.69 6.52 20.41 65.84 122.590.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 22.69 6.52 20.41 65.84 122.590.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 22.69 6.52 20.41 65.84 122.59

(5.77) (36.07) (15.63) (13.79) 44.04 12.66 39.61 127.81 237.98

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-5.77 -36.07 -15.63 -13.79 44.04 12.66 39.61 127.81 237.98

2019 2020

160.00 160.00160.00 160.00390.40 348.00

0.00 0.00

710.40 668.000.00 0.00

710.40 668.000.53 0.552.63 2.760.00 0.000.00 0.00

11.96 11.6112.72 12.3346.64 44.30

74.47 71.55

635.93 596.45

0.00 0.000.00 0.000.00 0.001.92 1.981.92 1.98 4.49 4.721.01 1.100.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

35.52 33.40

42.94 41.200.00 0.00

0.00 0.0030.49 30.510.00 0.00

562.50 524.74

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

562.50 524.74

20.51 32.430.00 0.000.00 0.000.00 0.00

20.51 32.43

0.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.00

0.00 0.000.00 0.00

0.00 0.00

583.01 557.17

198.22 189.440.00 0.00

198.22 189.440.00 0.00

198.22 189.440.00 0.00

198.22 189.44

384.79 367.73

0.00 0.000.00 0.000.00 0.00

384.79 367.73

Balance Sheet for Ad Adstra RocketDecember 31Millions of Dollars

Pre Operating Period Operating Period2007 2008 2009 2010 2011 2012 2013 2014 2015

ASSETS Cash 2.10 0.21 0.08 0.38 0.40 0.40 0.40 0.40 0.50 Marketable Securities - - - - 1.39 - - - 78.26 Net Accounts Receivable 0.01 0.06 0.00 0.02 - - - - - Prepaid Expenses 0.03 - 0.02 0.01 - - - - - Other Current Assets 0.23 0.13 0.07 - - - - - - Total Current Assets 2.37 0.41 0.17 0.42 1.79 0.40 0.40 0.40 ###### 78.76

Gross Fixed Assets Actual Assets 5.53 5.86 6.04 6.26 6.04 6.04 6.04 6.04 6.04 Laboratories - - - - 0.47 1.66 2.39 3.13 3.89 VF200-01 Development - - - - 0.20 0.20 7.10 8.11 8.11 VF200-02 Development - - - - - - 5.08 6.31 6.31 Propulsion Test Platform - - - - - 5.00 5.35 5.45 5.45 System Integration - - - - - 1.95 2.61 3.06 3.06 Solar Array - - - - - - - - - Space Tug Development - - - - - - - - - Space Tug Launch - - - - - - - - - Sub total 5.53 5.86 6.04 6.26 6.71 14.85 28.57 32.10 32.86 Accumulated Depreciation 0.62 1.83 2.95 4.12 5.37 6.59 7.85 9.13 12.72 Net Fixed Assets 4.91 4.03 3.09 2.14 1.34 8.26 20.72 22.97 20.14 Other non-current assets 0.12 0.10 0.11 0.07 0.16 0.16 0.16 0.16 - Total Non-Current Assets 5.03 4.13 3.19 2.22 1.50 8.42 20.88 23.13 20.14

TOTAL ASSETS 7.40 4.54 3.36 2.63 3.29 8.82 21.28 23.53 98.90

LIABILITIES Accounts Payable 0.41 0.53 1.06 1.15 - - - - - Line of Credit - - 0.60 0.69 - - - - - Notes Payable - Debentures 6.00 6.00 6.00 - - - - - - Interest Payable - - 1.00 0.07 - - - - - Other current liabilites 0.37 0.08 0.06 0.03 - - - - - Total Current Liabilities 6.78 6.61 8.72 1.94 - - - - -

Long-Term Debt Bank - - - - - 3.00 15.10 18.19 - Other non-current liabilities 0.63 0.86 0.14 0.12 0.12 0.12 0.12 0.12 - Total Non-Current Liabilities 0.63 0.86 0.14 0.12 0.12 3.12 15.22 18.31 -

Total Liabilities 7.41 7.47 8.86 2.06 0.12 3.12 15.22 18.31 -

EQUITY Common Stock (Par Value) - 0.02 0.02 0.20 0.20 0.20 0.20 ### 0.20

Additional Paid in Capital 9.08 11.84 14.24 24.94 42.65 82.65 98.65 111.65 111.65 Retained Earnings (9.08) (14.79) (19.75) (24.57) (39.68) (77.15) (92.79) (106.62) (12.94) Total Equity (0.00) (2.93) (5.50) 0.56 3.17 5.70 6.06 5.23 98.91

TOTAL LIABILITIES & EQUITY 7.40 4.54 3.36 2.63 3.29 8.82 21.28 23.54 98.91 ( 0) ( 0) ( 0) 0 - - - ( 0)######( 0)

Operating Period2016 2017 2018 2019 2020

0.50 0.50 0.50 0.50 0.50 161.24 145.45 252.58 524.96 944.26 - - - - - - - - - - - - - - - 161.74 145.95 253.08 525.46 944.76

6.04 6.04 6.04 6.04 6.04 4.68 5.49 6.33 7.19 8.08 8.11 8.11 8.11 8.11 8.11 6.31 6.31 6.31 6.31 6.31 5.45 5.45 5.45 5.45 5.45 3.06 3.06 3.06 3.06 3.06 25.00 25.00 25.00 25.00 25.00

### 150.00 205.00 205.00 205.00 - 38.00 38.00 38.00 38.00 83.65 247.46 303.30 304.16 305.05 21.34 46.28 76.74 107.23 137.75 62.31 201.18 226.56 196.93 167.30 - - - - - 62.31 201.18 226.56 196.93 167.30

224.05 347.13 479.64 722.39 1,112.06

- - - - - ### - - - - ### - - - - ### - - - - ### - - - -

- - - - -

- - - - - ### - - - -

- - - - -

- - - - -

0.20 0.20 0.20 0.20 0.20

111.65 111.65 111.65 111.65 111.65 112.20 235.29 367.78 610.54 1,000.21 224.05 347.14 479.63 722.39 1,112.06

224.05 347.14 479.63 722.39 1,112.06 - ( 0) 0 - -

Income Statement for Ad Adstra RocketYear ended December 31Millions of Dollars

Pre Operating Period Operating Period2007 2008 2009 2010 2011 2012 2013 2014 2015

SalesStability Services ISS - - - - - - - - 160.00 Commercial Space Station - - - - - - - - - Commercial Space Tug Services - - - - - - - - - Sub total - - - - - - - - 160.00 Cost of Goods Sold Personnel - - - - - - - - 0.25 General Operating Costs - - - - - - - - 0.75 Ground Equipment - - - - - - - - 2.00 Fuel Stability Services ISS - - - - - - - - - Fuel Commercial Space Station - - - - - - - - - Fuel Commercial Space Tug Services - - - - - - - - - Sub total - - - - - - - - 3.00

Gross Profit - - - - - - - - 157.00

General & Admnistrative ExpensesPayroll expense 2.45 2.65 2.22 2.29 - - - - - Professional Fees 0.30 0.33 0.26 0.12 - - - - - Other general and administrative expense 1.92 2.83 2.25 2.66 - - - - - General operating expenses - - - - 2.30 1.52 1.56 1.61 1.66 Personnel costs - - - - 2.99 3.65 3.19 3.35 3.51 Laboratory supplies - - - - 0.97 1.03 0.53 0.58 0.64 VF200-01 Development - - - - 3.93 17.94 2.10 1.37 - VF200-02 Development - - - - - 3.78 2.18 1.39 - Propulsion Test Platform - - - - 0.28 2.35 0.90 0.90 - System Integration - - - - 0.99 1.75 0.65 0.45 Solar Array - - - - - - - - - Space Tug Development - - - - - - - - - Space Tug Launch - - - - - - - - - Royalties expenses - - - - - - - - 8.00 Sub total 4.66 5.81 4.73 5.07 11.46 32.02 11.11 9.65 13.81 Depreciation Expense - - - - 1.21 1.22 1.26 1.28 3.59

Operating Profit (4.66) (5.81) (4.73) (5.07) (12.67) (33.24) (12.37) ( 10.93) 139.60

Interest Income 0.21 0.02 0.00 0.00 - - - - 2.35 Interest Expenses -0.27 -0.29 -0.31 -0.05 - 0.19 1.43 1.55 - Other income 0.01 0.38 0.07 0.30 - - - - - Capital raise commission (Equity) - - - - 1.50 4.00 1.60 1.30 - Capital raise commision (Debt) - - - - - 0.05 0.24 0.06 - Sub total -0.05 0.10 -0.23 0.25 1.50 4.24 3.27 2.91 -2.35

Earnings Before Taxes (4.61) (5.91) (4.50) (5.32) (14.17) (37.48) (15.64) (13.84) 141.95 Income Taxes - - - - - - - - 48.26

Net Income (4.61) (5.91) (4.50) (5.32) (14.17) (37.48) (15.64) (13.84) 93.69

Income Statement for Ad Adstra RocketYear ended December 31Millions of Dollars

Operating Period2016 2017 2018 2019 2020

160.00 160.00 160.00 160.00 160.00 160.00 160.00 160.00 160.00 160.00 - - - 152.40 390.40 320.00 320.00 320.00 472.40 710.40

0.75 0.75 0.75 0.50 0.53 1.25 1.25 1.25 2.50 2.63 2.50 - - 7.00 - - 13.52 13.11 12.72 12.33 - - 13.52 13.11 12.72 - - - 23.32 46.64 4.50 15.52 28.63 59.15 74.85

315.50 304.48 291.37 413.25 635.55

- - - - - - - - - - - - - - - 1.71 1.76 1.81 1.87 1.92 3.69 3.87 4.07 4.27 4.48 0.71 0.78 0.86 0.94 1.04 - - - - - - - - - - - - - - -

25.00 - - - - 75.00 75.00 45.00 - - - - - - - 16.00 16.00 16.00 23.62 35.52 122.11 97.41 67.74 30.70 42.96 8.62 24.94 30.47 30.49 30.52

184.77 182.13 193.16 352.06 562.07

4.84 4.36 7.58 15.75 28.33 - - - - - - - - - - - - - - - - - - - -

-4.84 -4.36 -7.58 -15.75 -28.33

189.61 186.49 200.74 367.81 590.40 64.47 63.41 68.26 125.06 200.74

125.14 123.08 132.48 242.75 389.66

Funds Flow for Ad Adstra RocketDecember 31Millions of Dollars

Pre Operating Period2011 2012 2013 2014

IncomesStability Services ISSCommercial Space StationCommercial Space Tug ServicesTotal incomes 0.00 0.00 0.00 0.00

CostsDevelopment costs 0.00 0.00 0.00 0.00 Operation costs 12.67 33.24 12.37 10.93 Miscellaneous cost 0.00 0.00 0.00 0.00 Royalties 0.00 0.00 0.00 0.00 Total Costs 12.67 33.24 12.37 10.93

Operating Profit (12.67) (33.24) (12.37) (10.93)

Income taxes - - - -

Net Operating Profit (12.67) (33.24) (12.37) (10.93)

CAPEXLaboratories 0.32 1.19 0.72 0.74 VF200-01 Development 0.20 - 6.90 1.01 VF200-02 Development - - 5.08 1.23 Propulsion Test Platform - 5.00 0.35 0.10 System Integration - 0.20 - 0.01 Solar Array - - - - Space Tug Development - - - - Space Tug Launch - - - -

Total CAPEX 0.52 6.39 13.05 3.09 Cash Flow from Operations (13.19) (39.63) (25.42) (14.02)

Financial Expense 1.50 4.24 3.27 2.91 Interest Expense (0.07) - - - Interest Income - - - - Net Cash Provided 1.43 4.24 3.27 2.91

Funding Surplus / (Deficit) 1.43 4.24 3.27 2.91 Change in Line of Credit (0.30) - - - Change in Long-Term Debt Bank - 3.00 12.10 3.09 Change Additional Paid in Capital 15.01 39.99 15.99 - Change in Common Stock 15.01 39.99 15.99 - Change in Marketable Securities 16.14 47.23 31.36 6.00


Operating Period2015 2016 2017 2018 2019 2020 2021

160.00 160.00 160.00 160.00 160.00 160.00 160.00 160.00 160.00 160.00 160.00 160.00 160.00

152.40 390.40 348.00 160.00 320.00 320.00 320.00 472.40 710.40 668.00

3.00 4.50 15.52 28.63 59.15 74.85 71.90 9.40 114.73 106.35 82.21 37.57 37.96 38.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.00 16.00 16.00 16.00 23.62 35.52 33.40

20.40 135.23 137.87 126.84 120.34 148.33 143.67

143.19 193.39 207.07 223.63 382.55 592.59 554.87

48.26 64.47 63.41 68.26 125.06 200.74 192.00

94.93 128.92 143.66 155.37 257.49 391.85 362.87

0.77 0.79 0.81 0.84 0.86 0.89 0.91 - - - - - - -

### - - - - - - ### - - - - - - ### - - - - - - ### - - - - - - ### 25.00 125.00 55.00 - - - ### 25.00 38.00 - - - -

0.77 50.79 163.81 55.84 0.86 0.89 0.91 94.16 78.13 (20.15) 99.53 256.63 390.96 361.96

- - - - - - - ### - - - - - -

2.39 4.84 4.36 7.58 15.75 28.33 40.40 2.39 4.84 4.36 7.58 15.75 28.33 40.40

2.39 4.84 4.36 7.58 15.75 28.33 40.40 - - - - - - -

(18.19) - - - - - - - - - - - - - - - - - - - -

(15.80) 4.84 4.36 7.58 15.75 28.33 40.40

AD ASTRA ROCKET COMPANYENTERPRISE VALUE(USD MILLION)

Free Discounted Present ValueYear Cash Flow factor Cash Flow

2015 94.16 0.86 80.64 2016 78.13 0.73 57.30 2017 (20.15) 0.63 (12.66)2018 99.53 0.54 53.54 2019 256.63 0.46 118.23 2020 390.96 0.39 154.26 2021 361.96 0.34 122.31

Present Value at December 31, 2014Free Cash FlowsTerminal Value

Operating Cash Flow 2021 361.96 Perpetuity Value 2,159.02

Enterprise Value

Summary valuation per year

Corporate AnnualYear Value Cash Flows

12/31/2014 2014 1,303.21 (14.02)12/31/2013 2013 1,289.19 (25.42)12/31/2012 2012 895.43 (39.63)12/31/2011 2011 599.96 (13.19)

Discount rate 16.77%40.0%

Tax 0.00%Accumulated G 7.0%Present Value

80.64 137.95 125.29 178.83 297.07 451.33 573.64

573.64 729.57

1,303.21 Como podrn notar los datos no son exactamente iguales, a los del documentoproducto de diferencias en las sumas que se consignan en el prospecto, no obstante la diferencia no es significativa.

NetPresent Value

1,289.19 895.43 599.96 415.36

Como podrn notar los datos no son exactamente iguales, a los del documento

CALCULO DEL COSTE DE LOS RECURSOS PROPIOS

Elementos o variables que se consideran para el clculo

Tasa libre de Riesgo: Prima por riesgo pasRentabilidad del mercadoBeta de mercadoPrima por industria

Tasa de descuento

FORMULA UTILIZADA

MtodoCAPM

4.86%0.00%4.50%

1.09 7%

16.77%


Pre Operating Period2012 2013 2014

IncomesAurora Research Operation on ISSDemostration mission (VF 200-02)Reboot Services to the ISS (VF 100-01)LEO Space Tug (VF 200-03)Total Incomes - - - ##

CostsDevelopment costs 12.00 38.40 24.20 Operation costsMiscellaneous costRoyaltiesTotal Costs 12.00 38.40 24.20

Operating Profit (12.00) (38.40) (24.20)##Income taxes - - -

Net Operating Profit (12.00) (38.40) (24.20)##

CAPEXReboot Services to the ISS (VF 100-01)LEO Space Tug (VF 200-03)LaboratoriesVF200-01 DevelopmentVF200-02 DevelopmentPropulsion Test PlatformSystem IntegrationSpace Tug DevelopmentSpace Tug Launch

Total CAPEX - - - ##Cash Flow from Operations (12.00) (38.40) (24.20)#

Financial ExpenseInterest ExpenseInterest IncomeNet Cash Provided (12.00) (38.40) (24.20)#

Funding Surplus / (Deficit) (12.00) (38.40) (24.20)Change in Line of CreditChange in Long-Term Debt BankChange Additional Paid in CapitalChange in Common Stock - - -

Change in Marketable Securities ( 12.00) ( 38.40) (24.20)


Operating Period2015 2016 2017 2018 2019 2020 2021 2022

30.00 30.00 30.00 30.00 30.00 30.00 30.00 75.00 75.00

160.00 160.00 160.00 160.00 125.00 125.00 125.00 125.00

- 105.00 105.00 30.00 315.00 315.00 315.00 315.00

12.70 3.00 3.00 3.00 6.00 6.00 6.00 54.00 21.00 21.00 21.00 3.00 3.00 3.00 7.50 7.50 7.50 7.50 3.80 3.80 14.30 14.30 14.30 14.30

12.70 15.80 15.80 12.00 75.80 42.80 42.80 42.80

(12.70) 89.20 89.20 18.00 239.20 272.20 272.20 272.20 - 21.80 21.80 ( 0.30) 78.30 92.60 97.40 97.40

(12.70) 67.40 67.40 18.30 160.90 179.60 174.80 174.80

30.00 30.00 57.00 25.00 50.00 15.00

- 55.00 80.00 72.00 - - - - (12.70) 12.40 (12.60) (53.70) 160.90 179.60 174.80 174.80

(12.70) 12.40 (12.60) (53.70) 160.90 179.60 174.80 174.80

(12.70) 12.40 (12.60) (53.70) 160.90 179.60 174.80 174.80

- - - - - - -

(12.70) 12.40 (12.60) (53.70) 160.90 179.60 174.80 174.80

2023

30.00

160.00 125.00 315.00

21.00 7.50 14.30 42.80

272.20 97.40

174.80

- 174.80

174.80

174.80

174.80

AD ASTRA ROCKET COMPANYENTERPRISE VALUE(USD MILLION)

Free Discounted Present ValueYear Cash Flow factor Cash Flow

2016 12.40 0.83 10.33 2017 (12.60) 0.69 (8.75)2018 (53.70) 0.58 (31.08)2019 160.90 0.48 77.59 2020 179.60 0.40 72.18 2021 174.80 0.33 58.54 2022 174.80 0.28 48.78 2022 174.80 0.23 40.65

Present Value at December 31, 2015Free Cash FlowsFree Cash Flows 2015Terminal Value

Operating Cash Flow 2022 174.80 Perpetuity Value 1,438.74

Enterprise Value

Summary valuation per year

Corporate AnnualYear Value Cash Flows

12/31/2015 2015 603.10 (14.02)12/31/2014 2014 589.08 (25.42)12/31/2013 2013 465.48 (39.63)12/31/2012 2012 348.27 (13.19)

Discount rate 20.00%40.0%

Tax 0.00%Accumulated G 7.0%Present Value

10.31.6

-29.548.1

120.3178.8227.6268.3

268.3-12.7334.6

590.2

NetPresent Value

589.08 465.48 348.27 277.04

I_SB_S 2011-2021I_S 2011-2021CF 2011-2021FCF 2011Discount rateCF 2012-2023FCF 2012

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