1 2

Setting and Macro

1Q 2022 2Q 2022

Start date 1/1/2022

Planning step 3 mon 3 3
Period number 1 2
Begin date 1/1/2022 4/1/2022
End date 3/31/2022 6/30/2022
Period title 1Q 2022 2Q 2022

Currency and Inflation 1Q 2022 2Q 2022

Currency Name rub '000

Inflation, Annual % 4% 4%
Price Index, to the previous period Times 1 1.01
Price Index, to the beginning of the project Times 1 1.01

Tax Rates 1Q 2022 2Q 2022

Income Tax Rate 20.0% 20.0%

Property Tax Rate 2.2% 2.2%
Social Insurance Rate 30.0% 30.0%
 3 4 5 6 7 8 9 10
3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

3 3 3 3 3 3 3 3
3 4 5 6 7 8 9 10
7/1/2022 10/1/2022 1/1/2023 4/1/2023 7/1/2023 10/1/2023 1/1/2024 4/1/2024
9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024
3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

4% 4% 4% 4% 4% 4% 4% 4%
1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01
1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%

2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2%
30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
 11 12 13 14 15 16 17 18
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

3 3 3 3 3 3 3 3
11 12 13 14 15 16 17 18
7/1/2024 10/1/2024 1/1/2025 4/1/2025 7/1/2025 10/1/2025 1/1/2026 4/1/2026
9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

4% 4% 4% 4% 4% 4% 4% 4%
1.01 1.01 1.01 1.01 1.01 1.01 1.01 1.01
1.10 1.11 1.12 1.14 1.15 1.16 1.17 1.18

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%

2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2%
30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
 19 20
3Q 2026 4Q 2026

3 3
19 20
7/1/2026 10/1/2026
9/30/2026 12/31/2026
3Q 2026 4Q 2026

3Q 2026 4Q 2026

4% 4%
1.01 1.01
1.19 1.20

3Q 2026 4Q 2026

20.0% 20.0%
2.2% 2.2%
30.0% 30.0%
 1 2
Project Assumptions
1Q 2022 2Q 2022

Sales 1Q 2022 2Q 2022

Capacity / Utilization Rate % 0% 0%

Caramel Candies
Capacity / Utilization Rate 2000 Tons 0% 0%
Unit Sales Tons 0 0
Unit Price, per ton 115 rub '000 115 116.133142
Sales rub '000 0 0

Nougat / Fruit Bars

Capacity / Utilization Rate 1200 Tons 0% 0%
Unit Sales 0 0
Unit Price, per ton 175 rub '000 175 177
Sales rub '000 0 0

Total:
Revenue in the Income Statement rub '000 0 0

Raw Materials 1Q 2022 2Q 2022

Caramel Candies
Unit Sales Tons 0 0
Sugar
Usage per ton 0.53 tons 0 0
Price per ton 35 rub '000 35.000 35.345
Cost $ 0 0
Glucose Syrup
Usage per ton 0.53 tons 0 0
Price per ton 26 rub '000 26.000 26.256
Cost $ 0 0
Color and Flavour Additives
Usage per ton 0.05 tons 0 0
Price per ton 383 rub '000 383.000 386.774
Cost $ 0 0

Nougat / Fruit Bars

Unit Sales Tons 0 0
Sugar
Usage per ton 0.2 tons 0 0
Price per ton 35 rub '000 35.000 35.345
Cost $ 0 0
Glucose Syrup
Usage per ton 0.26 tons 0 0
Price per ton 23 rub '000 23.000 23.227
 Cost $ 0 0
Color and Flavour Additives
Usage per ton 0.03 tons 0 0
Price per ton 384 rub '000 384.000 387.784
Cost $ 0 0
Glasze
Usage per ton 0.09 tons 0 0
Price per ton 110 rub '000 110.000 111.084
Cost $ 0 0
Fillings (Nuts etc.)
Usage per ton 0.5 tons 0 0
Price per ton 120 rub '000 120.000 121.182
Cost $ 0 0

Total:
Raw Materials in Income Statement rub '000 $ 0 0

Operating Expenses 1Q 2022 2Q 2022

Production Expenses rub '000 0 0

Expense Rate % 0% 0%
Rent of the manufacturing building 18750 rub '000 0 0
Repairs and maintenance 12000 rub '000 0 0
Utility 8000 rub '000 0 0
Energy 4000 rub '000 0 0
Other Production Expenses 3500 rub '000 0 0

Commercial Expenses rub '000 0 0

Expense Rate % 0% 0%
Advertising 1600 rub '000 0 0
Logistics 8 per ton 0 0

Administration Expenses rub '000 0 0

Expense Rate % 0% 0%
Office Expenses 1600 rub '000 0 0
IT and communications 2000 rub '000 0 0
Other Admistrative expenses 5000 rub '000 0 0

Total:
Production Expenses rub '000 0 0
Commercial Expenses rub '000 0 0
Administration Expenses rub '000 0 0
Total Operating Expenses rub '000 0 0

Personnel 1Q 2022 2Q 2022

Production Personnel
Caramel Candies Line 22 persons 0 0
salary: per month and total cost 55 rub '000 P 0 0
Nougat Line 30 persons 0 0
salary: per month and total cost 55 rub '000 P 0 0
Technology and maintenance 12 persons 0 0
salary: per month and total cost 60 rub '000 P 0 0
Other Production stuff 20 persons 0 0
salary: per month and total cost 50 rub '000 P 0 0

Commercial Personnel

Sales 30 persons 0 0
salary: per month and total cost 80 rub '000 C 0 0
Logistics 15 persons 0 0
salary: per month and total cost 50 rub '000 C 0 0

Administration Personnel

Management 6 persons 0 0
salary: per month and total cost 120 rub '000 A 0 0
Accounting and planning 12 persons 0 0
salary: per month and total cost 50 rub '000 A 0 0
Security 20 persons 0 0
salary: per month and total cost 30 rub '000 A 0 0

Total:
Salaries of Production Staff rub '000 P 0 0
Salaries of Commercial Staff rub '000 C 0 0
Salaries of Administrative Staff rub '000 A 0 0
Social Insurance rub '000 0 0
Total Salary and Wage expenses rub '000 0 0

CAPEX 1Q 2022 2Q 2022

Total
Caramel candies Production line 400000 rub '000 250000 150000
Nougat Production line 600000 rub '000 200000 400000
Other equipement and transport 80000 rub '000 80000

Total CAPEX rub '000 450000 630000

Recognize as fixed assets from period 3
Investments in progress rub '000 450000 1080000
Gross book value rub '000 0 0
Depreciation (items in years) 10 rub '000 0 0
Accumulated depreciation rub '000 0 0
Net book value rub '000 0 0
Working Capital 1Q 2022 2Q 2022

Days
Raw materials and Components 15 rub '000 0 0
Finished goods 10 rub '000 0 0
Accounts receivable 30 rub '000 0 0

Accounts payable to suppliers 21 rub '000 0 0

Net Working Capital rub '000 0 0

Change in Net Working Capital rub '000 0 0

Tax Payments 1Q 2022 2Q 2022

Fixed Assets rub '000 0 0

Property tax rate % 0 0
Property Tax rub '000 0 0

Taxable profit rub '000 -1,282 -17,469

Prior period losses rub '000 1,282 18,751
Tax rate % 0 0
Income Tax rub '000 0 0

Financing 1Q 2022 2Q 2022

Owner's contribution rub '000 400000 0

Shareholder's capital rub '000 400000 400000

Investment Loan

Debt Sculpting
required debt rub '000 0 647469
cash available for repayment rub '000 0 0
max repayment based on DSCR rub '000 0 0
Proceeds (0) or repayment (1) 0 0

Proceeds from loan disbursment rub '000 51,282 647,469

Repayment of principal rub '000 0 0
Outstanding debt at the beginning of priod rub '000 51,282 698,751
Outstanding debt at the end of period rub '000 51,282 698,751
Interest rate % 10% 10%
Interest expense rub '000 0 17,469

Cash flow status:

Cash at the end of period rub '000 00 00
DSCR times - -
 3 4 5 6 7 8 9 10
3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

100% 100% 100% 100% 100% 100% 100% 100%

100% 100% 100% 100% 100% 100% 100% 100%

2000 2000 2000 2000 2000 2000 2000 2000
117.277449 118.433031 119.6 120.778467 121.968547 123.170352 124.384 125.609606
234,555 236,866 239,200 241,557 243,937 246,341 248,768 251,219

100% 100% 100% 100% 100% 100% 100% 100%

1200 1200 1200 1200 1200 1200 1200 1200
178 180 182 184 186 187 189 191
214,159 216,269 218,400 220,552 222,725 224,920 227,136 229,374

448,714 453,135 457,600 462,109 466,662 471,260 475,904 480,593

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

2000 2000 2000 2000 2000 2000 2000 2000

1060 1060 1060 1060 1060 1060 1060 1060

35.693 36.045 36.400 36.759 37.121 37.487 37.856 38.229
37835 38208 38584 38964 39348 39736 40127 40523

1060 1060 1060 1060 1060 1060 1060 1060

26.515 26.776 27.040 27.306 27.575 27.847 28.122 28.399
28106 28383 28662 28945 29230 29518 29809 30103

100 100 100 100 100 100 100 100

390.585 394.433 398.320 402.245 406.208 410.211 414.253 418.335
39058 39443 39832 40224 40621 41021 41425 41833

1200 1200 1200 1200 1200 1200 1200 1200

240 240 240 240 240 240 240 240

35.693 36.045 36.400 36.759 37.121 37.487 37.856 38.229
8566 8651 8736 8822 8909 8997 9085 9175

312 312 312 312 312 312 312 312

23.455 23.687 23.920 24.156 24.394 24.634 24.877 25.122
 7318 7390 7463 7537 7611 7686 7762 7838

36 36 36 36 36 36 36 36
391.605 395.463 399.360 403.295 407.269 411.282 415.334 419.427
14098 14237 14377 14519 14662 14806 14952 15099

108 108 108 108 108 108 108 108

112.178 113.284 114.400 115.527 116.666 117.815 118.976 120.148
12115 12235 12355 12477 12600 12724 12849 12976

600 600 600 600 600 600 600 600

122.376 123.582 124.800 126.030 127.272 128.526 129.792 131.071
73426 74149 74880 75618 76363 77115 77875 78643

220,522 222,695 224,890 227,106 229,343 231,603 233,885 236,190

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

47,166 47,631 48,100 48,574 49,053 49,536 50,024 50,517

100% 100% 100% 100% 100% 100% 100% 100%
19,121 19,310 19,500 19,692 19,886 20,082 20,280 20,480
12,238 12,358 12,480 12,603 12,727 12,853 12,979 13,107
8,158 8,239 8,320 8,402 8,485 8,568 8,653 8,738
4,079 4,119 4,160 4,201 4,242 4,284 4,326 4,369
3,569 3,604 3,640 3,676 3,712 3,749 3,786 3,823

27,739 28,012 28,288 28,567 28,848 29,132 29,420 29,709

100% 100% 100% 100% 100% 100% 100% 100%
1,632 1,648 1,664 1,680 1,697 1,714 1,731 1,748
26107 26364 26624 26886 27151 27419 27689 27962

8,770 8,857 8,944 9,032 9,121 9,211 9,302 9,393

100% 100% 100% 100% 100% 100% 100% 100%
1,632 1,648 1,664 1,680 1,697 1,714 1,731 1,748
2,040 2,060 2,080 2,100 2,121 2,142 2,163 2,185
5,099 5,149 5,200 5,251 5,303 5,355 5,408 5,461

47,166 47,631 48,100 48,574 49,053 49,536 50,024 50,517

27,739 28,012 28,288 28,567 28,848 29,132 29,420 29,709
8,770 8,857 8,944 9,032 9,121 9,211 9,302 9,393
83,675 84,499 85,332 86,173 87,022 87,879 88,745 89,620

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

 22 22 22 22 22 22 22 22
3,702 3,738 3,775 3,812 3,850 3,888 3,926 3,965
30 30 30 30 30 30 30 30
5,048 5,098 5,148 5,199 5,250 5,302 5,354 5,407
12 12 12 12 12 12 12 12
2,203 2,224 2,246 2,269 2,291 2,313 2,336 2,359
20 20 20 20 20 20 20 20
3,059 3,090 3,120 3,151 3,182 3,213 3,245 3,277

30 30 30 30 30 30 30 30
7,343 7,415 7,488 7,562 7,636 7,712 7,788 7,864
15 15 15 15 15 15 15 15
2,295 2,317 2,340 2,363 2,386 2,410 2,434 2,458

6 6 6 6 6 6 6 6
2,203 2,224 2,246 2,269 2,291 2,313 2,336 2,359
12 12 12 12 12 12 12 12
1,836 1,854 1,872 1,890 1,909 1,928 1,947 1,966
20 20 20 20 20 20 20 20
1,836 1,854 1,872 1,890 1,909 1,928 1,947 1,966

14,012 14,150 14,290 14,430 14,573 14,716 14,861 15,008

9,637 9,732 9,828 9,925 10,023 10,121 10,221 10,322
5,874 5,932 5,990 6,049 6,109 6,169 6,230 6,291
8,857 8,944 9,032 9,121 9,211 9,302 9,394 9,486
38,380 38,758 39,140 39,526 39,916 40,309 40,706 41,107

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

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
1080000 1080000 1080000 1080000 1080000 1080000 1080000 1080000
27000 27000 27000 27000 27000 27000 27000 27000
27000 54000 81000 108000 135000 162000 189000 216000
1053000 1026000 999000 972000 945000 918000 891000 864000
3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

36,754 37,116 37,482 37,851 38,224 38,601 38,981 39,365

38,064 38,439 38,818 39,200 39,587 39,977 40,371 40,769
149,571 151,045 152,533 154,036 155,554 157,087 158,635 160,198

70,979 71,679 72,385 73,098 73,819 74,546 75,280 76,022

153,410 154,921 156,448 157,989 159,546 161,118 162,706 164,309

153,410 1,512 1,527 1,542 1,557 1,572 1,588 1,603

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

526,500 1,039,500 1,012,500 985,500 958,500 931,500 904,500 877,500

0 0 0 0 0 0 0 0
2,896 5,717 5,569 5,420 5,272 5,123 4,975 4,826

56,842 55,066 57,268 59,518 61,817 64,165 66,565 69,017

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
7,618 11,013 11,454 11,904 12,363 12,833 13,313 13,803

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

0 0 0 0 0 0 0 0
400000 400000 400000 400000 400000 400000 400000 400000

77186 0 0 0 0 0 0 0
0 69541 100935 132616 164586 196846 229397 262241
0 39895 41392 42926 44500 46113 47767 49462
0 1 1 1 1 1 1 1

77,186 0 0 0 0 0 0 0
0 39,895 41,392 42,926 44,500 46,113 47,767 49,462
775,937 775,937 736,042 694,650 651,724 607,224 561,111 513,344
775,937 736,042 694,650 651,724 607,224 561,111 513,344 463,881
10% 10% 10% 10% 10% 10% 10% 10%
19,398 19,398 18,401 17,366 16,293 15,181 14,028 12,834

00 29,647 59,543 89,689 120,086 150,733 181,630 212,778

- 1.50 1.50 1.50 1.50 1.50 1.50 1.50
 11 12 13 14 15 16 17 18
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

100% 100% 100% 100% 100% 100% 100% 100%

100% 100% 100% 100% 100% 100% 100% 100%

2000 2000 2000 2000 2000 2000 2000 2000
126.847289 128.097167 129.35936 130.63399 131.92118 133.221053 134.533734 135.85935
253,695 256,194 258,719 261,268 263,842 266,442 269,067 271,719

100% 100% 100% 100% 100% 100% 100% 100%

1200 1200 1200 1200 1200 1200 1200 1200
193 195 197 199 201 203 205 207
231,634 233,917 236,221 238,549 240,900 243,273 245,670 248,091

485,329 490,111 494,940 499,817 504,742 509,715 514,738 519,810

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

2000 2000 2000 2000 2000 2000 2000 2000

1060 1060 1060 1060 1060 1060 1060 1060

38.606 38.986 39.370 39.758 40.150 40.546 40.945 41.348
40922 41325 41732 42144 42559 42978 43402 43829

1060 1060 1060 1060 1060 1060 1060 1060

28.679 28.961 29.246 29.535 29.826 30.120 30.416 30.716
30399 30699 31001 31307 31615 31927 32241 32559

100 100 100 100 100 100 100 100

422.457 426.619 430.823 435.068 439.355 443.684 448.056 452.471
42246 42662 43082 43507 43935 44368 44806 45247

1200 1200 1200 1200 1200 1200 1200 1200

240 240 240 240 240 240 240 240

38.606 38.986 39.370 39.758 40.150 40.546 40.945 41.348
9265 9357 9449 9542 9636 9731 9827 9924

312 312 312 312 312 312 312 312

25.369 25.619 25.872 26.127 26.384 26.644 26.907 27.172
 7915 7993 8072 8152 8232 8313 8395 8478

36 36 36 36 36 36 36 36
423.560 427.733 431.948 436.204 440.502 444.842 449.226 453.652
15248 15398 15550 15703 15858 16014 16172 16331

108 108 108 108 108 108 108 108

121.332 122.528 123.735 124.954 126.185 127.429 128.684 129.952
13104 13233 13363 13495 13628 13762 13898 14035

600 600 600 600 600 600 600 600

132.362 133.667 134.984 136.314 137.657 139.013 140.383 141.766
79417 80200 80990 81788 82594 83408 84230 85060

238,517 240,867 243,241 245,637 248,058 250,502 252,970 255,463

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

51,015 51,517 52,025 52,538 53,055 53,578 54,106 54,639

100% 100% 100% 100% 100% 100% 100% 100%
20,682 20,885 21,091 21,299 21,509 21,721 21,935 22,151
13,236 13,367 13,498 13,631 13,766 13,901 14,038 14,177
8,824 8,911 8,999 9,088 9,177 9,268 9,359 9,451
4,412 4,456 4,499 4,544 4,589 4,634 4,679 4,726
3,861 3,899 3,937 3,976 4,015 4,055 4,095 4,135

30,002 30,298 30,596 30,898 31,202 31,510 31,820 32,134

100% 100% 100% 100% 100% 100% 100% 100%
1,765 1,782 1,800 1,818 1,835 1,854 1,872 1,890
28237 28516 28797 29080 29367 29656 29948 30243

9,486 9,579 9,674 9,769 9,865 9,963 10,061 10,160

100% 100% 100% 100% 100% 100% 100% 100%
1,765 1,782 1,800 1,818 1,835 1,854 1,872 1,890
2,206 2,228 2,250 2,272 2,294 2,317 2,340 2,363
5,515 5,569 5,624 5,680 5,736 5,792 5,849 5,907

51,015 51,517 52,025 52,538 53,055 53,578 54,106 54,639

30,002 30,298 30,596 30,898 31,202 31,510 31,820 32,134
9,486 9,579 9,674 9,769 9,865 9,963 10,061 10,160
90,503 91,395 92,295 93,205 94,123 95,050 95,987 96,933

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

 22 22 22 22 22 22 22 22
4,004 4,043 4,083 4,123 4,164 4,205 4,247 4,288
30 30 30 30 30 30 30 30
5,460 5,514 5,568 5,623 5,678 5,734 5,791 5,848
12 12 12 12 12 12 12 12
2,383 2,406 2,430 2,454 2,478 2,502 2,527 2,552
20 20 20 20 20 20 20 20
3,309 3,342 3,375 3,408 3,441 3,475 3,510 3,544

30 30 30 30 30 30 30 30
7,942 8,020 8,099 8,179 8,259 8,341 8,423 8,506
15 15 15 15 15 15 15 15
2,482 2,506 2,531 2,556 2,581 2,606 2,632 2,658

6 6 6 6 6 6 6 6
2,383 2,406 2,430 2,454 2,478 2,502 2,527 2,552
12 12 12 12 12 12 12 12
1,985 2,005 2,025 2,045 2,065 2,085 2,106 2,126
20 20 20 20 20 20 20 20
1,985 2,005 2,025 2,045 2,065 2,085 2,106 2,126

15,155 15,305 15,456 15,608 15,762 15,917 16,074 16,232

10,424 10,526 10,630 10,735 10,840 10,947 11,055 11,164
6,353 6,416 6,479 6,543 6,608 6,673 6,738 6,805
9,580 9,674 9,769 9,866 9,963 10,061 10,160 10,260
41,512 41,921 42,334 42,751 43,173 43,598 44,028 44,461

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

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
1080000 1080000 1080000 1080000 1080000 1080000 1080000 1080000
27000 27000 27000 27000 27000 27000 27000 27000
243000 270000 297000 324000 351000 378000 405000 432000
837000 810000 783000 756000 729000 702000 675000 648000
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

39,753 40,145 40,540 40,940 41,343 41,750 42,162 42,577

41,170 41,576 41,986 42,399 42,817 43,239 43,665 44,095
161,776 163,370 164,980 166,606 168,247 169,905 171,579 173,270

76,771 77,528 78,292 79,063 79,842 80,629 81,423 82,226

165,928 167,563 169,214 170,881 172,565 174,265 175,983 177,717

1,619 1,635 1,651 1,667 1,684 1,700 1,717 1,734

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

850,500 823,500 796,500 769,500 742,500 715,500 688,500 661,500

0 0 0 0 0 0 0 0
4,678 4,529 4,381 4,232 4,084 3,935 3,787 3,638

71,522 74,082 76,697 79,369 82,100 84,889 87,740 90,652

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
14,304 14,816 15,339 15,874 16,420 16,978 17,548 18,130

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

0 0 0 0 0 0 0 0
400000 400000 400000 400000 400000 400000 400000 400000

0 0 0 0 0 0 0 0
295377 328807 362532 396554 430872 465487 500401 535615
51200 52981 54807 56678 58595 60561 62574 64638
1 1 1 1 1 1 1 1

0 0 0 0 0 0 0 0
51,200 52,981 54,807 56,678 58,595 60,561 62,574 64,638
463,881 412,681 359,700 304,893 248,215 189,620 129,059 66,485
412,681 359,700 304,893 248,215 189,620 129,059 66,485 1,847
10% 10% 10% 10% 10% 10% 10% 10%
11,597 10,317 8,993 7,622 6,205 4,740 3,226 1,662

244,177 275,826 307,726 339,876 372,276 404,927 437,827 470,977

1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50
 19 20
3Q 2026 4Q 2026

3Q 2026 4Q 2026

100% 100%

100% 100%
2000 2000
137.198027 138.549895
274,396 277,100

100% 100%
1200 1200
209 211
250,536 253,004

524,932 530,104

3Q 2026 4Q 2026

2000 2000

1060 1060
41.756 42.167
44261 44697

1060 1060
31.019 31.324
32880 33204

100 100
456.929 461.431
45693 46143

1200 1200

240 240
41.756 42.167
10021 10120

312 312
27.440 27.710
 8561 8646

36 36
458.122 462.636
16492 16655

108 108
131.233 132.526
14173 14313

600 600
143.163 144.574
85898 86744

257,980 260,522

3Q 2026 4Q 2026

55,177 55,721
100% 100%
22,369 22,590
14,316 14,457
9,544 9,638
4,772 4,819
4,176 4,217

32,450 32,770
100% 100%
1,909 1,928
30541 30842

10,260 10,361
100% 100%
1,909 1,928
2,386 2,410
5,965 6,024

55,177 55,721
32,450 32,770
10,260 10,361
97,888 98,852

3Q 2026 4Q 2026
 22 22
4,331 4,373
30 30
5,905 5,964
12 12
2,577 2,602
20 20
3,579 3,614

30 30
8,590 8,674
15 15
2,684 2,711

6 6
2,577 2,602
12 12
2,147 2,169
20 20
2,147 2,169

16,392 16,554
11,274 11,385
6,872 6,940
10,361 10,464
44,900 45,342

3Q 2026 4Q 2026

0 0
0 0
0 0

0 0

0 0
1080000 1080000
27000 27000
459000 486000
621000 594000
3Q 2026 4Q 2026

42,997 43,420
44,530 44,968
174,977 176,701

83,036 83,854

179,468 181,236
1,751 1,768

3Q 2026 4Q 2026

634,500 607,500
0 0
3,490 3,341

93,628 95,046
0 0
0 0
18,726 19,009

3Q 2026 4Q 2026

0 0
400000 400000

0 0
571129 670550
66752 67513
1 1

0 0
1,847 0
1,847 0
0 0
10% 10%
46 0

569,281 670,550
52.92 -
 1 2
Financial Reports
1Q 2022 2Q 2022

Income Statement 1Q 2022 2Q 2022

Revenue rub '000 0 0

Raw Materials rub '000 0 0
Operating Expenses rub '000 0 0
Wage Expenses rub '000 0 0
Property Tax rub '000 0 0
EBITDA rub '000 0 0

Depreciation rub '000 0 0

EBIT rub '000 0 0
Interest Expense rub '000 0 -17,469
Income before Tax rub '000 0 -17,469
Income Tax rub '000 0 0
Net Income rub '000 0 -17,469

Cash Flow Statement 1Q 2022 2Q 2022

Net Income rub '000 -1,282 -17,469

Depreciation rub '000 0 0
Change in Net Working Capital rub '000 0 0
Cash flow from Operating Activities rub '000 0 -17,469

Cash paid for equipment rub '000 -450,000 -630,000

Cash flow from Investing Activities rub '000 -450,000 -630,000

Equity inflow rub '000 400,000 0

Proceeds from borrowing rub '000 51,282 647,469
Repayment of debt rub '000 0 0
Cash flow from Financing Activities rub '000 451,282 647,469

Change in Cash rub '000 0 0

Cash at the beginning of period rub '000 0 0
Cash at the end of period rub '000 00 00

Balance Sheet 1Q 2022 2Q 2022

Equipment and other assets rub '000 0 0

Capital work in progress rub '000 450,000 1,080,000
Total Fixed assets rub '000 450,000 1,080,000

Raw materials and components rub '000 0 0

Finished goods rub '000 0 0
Accounts receivable rub '000 0 0
Cash rub '000 0 0
Total Current assets rub '000 0 0

TOTAL ASSETS rub '000 450,000 1,080,000

Owner's Equity rub '000 400,000 400,000

Retained Earnings rub '000 -1,282 -18,751
Total Equity rub '000 398,718 381,249

Loans rub '000 51,282 698,751

Accounts Payable rub '000 0 0

TOTAL LIABILITIES AND EQUITY 450,000 1,080,000

Check 0 0
 3 4 5 6 7 8 9 10
3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

448,714 453,135 457,600 462,109 466,662 471,260 475,904 480,593

-220,522 -222,695 -224,890 -227,106 -229,343 -231,603 -233,885 -236,190
-83,675 -84,499 -85,332 -86,173 -87,022 -87,879 -88,745 -89,620
-38,380 -38,758 -39,140 -39,526 -39,916 -40,309 -40,706 -41,107
-2,896 -5,717 -5,569 -5,420 -5,272 -5,123 -4,975 -4,826
103,240 101,465 102,669 103,884 105,110 106,346 107,593 108,850

-27,000 -27,000 -27,000 -27,000 -27,000 -27,000 -27,000 -27,000

76,240 74,465 75,669 76,884 78,110 79,346 80,593 81,850
-19,398 -19,398 -18,401 -17,366 -16,293 -15,181 -14,028 -12,834
56,842 55,066 57,268 59,518 61,817 64,165 66,565 69,017
-7,618 -11,013 -11,454 -11,904 -12,363 -12,833 -13,313 -13,803
49,224 44,053 45,815 47,614 49,453 51,332 53,252 55,213

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

49,224 44,053 45,815 47,614 49,453 51,332 53,252 55,213

27,000 27,000 27,000 27,000 27,000 27,000 27,000 27,000
-153,410 -1,512 -1,527 -1,542 -1,557 -1,572 -1,588 -1,603
-77,186 69,541 71,288 73,073 74,897 76,760 78,664 80,610

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0
77,186 0 0 0 0 0 0 0
0 -39,895 -41,392 -42,926 -44,500 -46,113 -47,767 -49,462
77,186 -39,895 -41,392 -42,926 -44,500 -46,113 -47,767 -49,462

0 29,647 29,896 30,146 30,397 30,647 30,897 31,148

0 0 29,647 59,543 89,689 120,086 150,733 181,630
00 29,647 59,543 89,689 120,086 150,733 181,630 212,778

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

1,053,000 1,026,000 999,000 972,000 945,000 918,000 891,000 864,000

0 0 0 0 0 0 0 0
1,053,000 1,026,000 999,000 972,000 945,000 918,000 891,000 864,000

36,754 37,116 37,482 37,851 38,224 38,601 38,981 39,365

38,064 38,439 38,818 39,200 39,587 39,977 40,371 40,769
 149,571 151,045 152,533 154,036 155,554 157,087 158,635 160,198
0 29,647 59,543 89,689 120,086 150,733 181,630 212,778
224,389 256,247 288,376 320,777 353,451 386,397 419,616 453,109

1,277,389 1,282,247 1,287,376 1,292,777 1,298,451 1,304,397 1,310,616 1,317,109

400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000

30,473 74,526 120,340 167,955 217,408 268,740 321,992 377,206
430,473 474,526 520,340 567,955 617,408 668,740 721,992 777,206

775,937 736,042 694,650 651,724 607,224 561,111 513,344 463,881

70,979 71,679 72,385 73,098 73,819 74,546 75,280 76,022

1,277,389 1,282,247 1,287,376 1,292,777 1,298,451 1,304,397 1,310,616 1,317,109

0 0 0 0 0 0 0 0
 11 12 13 14 15 16 17 18
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

485,329 490,111 494,940 499,817 504,742 509,715 514,738 519,810

-238,517 -240,867 -243,241 -245,637 -248,058 -250,502 -252,970 -255,463
-90,503 -91,395 -92,295 -93,205 -94,123 -95,050 -95,987 -96,933
-41,512 -41,921 -42,334 -42,751 -43,173 -43,598 -44,028 -44,461
-4,678 -4,529 -4,381 -4,232 -4,084 -3,935 -3,787 -3,638
110,119 111,399 112,689 113,992 115,305 116,630 117,966 119,314

-27,000 -27,000 -27,000 -27,000 -27,000 -27,000 -27,000 -27,000

83,119 84,399 85,689 86,992 88,305 89,630 90,966 92,314
-11,597 -10,317 -8,993 -7,622 -6,205 -4,740 -3,226 -1,662
71,522 74,082 76,697 79,369 82,100 84,889 87,740 90,652
-14,304 -14,816 -15,339 -15,874 -16,420 -16,978 -17,548 -18,130
57,218 59,265 61,358 63,495 65,680 67,911 70,192 72,522

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

57,218 59,265 61,358 63,495 65,680 67,911 70,192 72,522

27,000 27,000 27,000 27,000 27,000 27,000 27,000 27,000
-1,619 -1,635 -1,651 -1,667 -1,684 -1,700 -1,717 -1,734
82,599 84,630 86,707 88,828 90,996 93,211 95,475 97,788

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
-51,200 -52,981 -54,807 -56,678 -58,595 -60,561 -62,574 -64,638
-51,200 -52,981 -54,807 -56,678 -58,595 -60,561 -62,574 -64,638

31,399 31,649 31,900 32,150 32,400 32,651 32,900 33,150

212,778 244,177 275,826 307,726 339,876 372,276 404,927 437,827
244,177 275,826 307,726 339,876 372,276 404,927 437,827 470,977

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

837,000 810,000 783,000 756,000 729,000 702,000 675,000 648,000

0 0 0 0 0 0 0 0
837,000 810,000 783,000 756,000 729,000 702,000 675,000 648,000

39,753 40,145 40,540 40,940 41,343 41,750 42,162 42,577

41,170 41,576 41,986 42,399 42,817 43,239 43,665 44,095
 161,776 163,370 164,980 166,606 168,247 169,905 171,579 173,270
244,177 275,826 307,726 339,876 372,276 404,927 437,827 470,977
486,876 520,917 555,231 589,820 624,683 659,821 695,233 730,919

1,323,876 1,330,917 1,338,231 1,345,820 1,353,683 1,361,821 1,370,233 1,378,919

400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000

434,424 493,689 555,046 618,542 684,221 752,133 822,325 894,847
834,424 893,689 955,046 1,018,542 1,084,221 1,152,133 1,222,325 1,294,847

412,681 359,700 304,893 248,215 189,620 129,059 66,485 1,847

76,771 77,528 78,292 79,063 79,842 80,629 81,423 82,226

1,323,876 1,330,917 1,338,231 1,345,820 1,353,683 1,361,821 1,370,233 1,378,919

0 0 0 0 0 0 0 0
 19 20
3Q 2026 4Q 2026

3Q 2026 4Q 2026

524,932 530,104
-257,980 -260,522
-97,888 -98,852
-44,900 -45,342
-3,490 -3,341
120,674 122,046

-27,000 -27,000
93,674 95,046
-46 0
93,628 95,046
-18,726 -19,009
74,903 76,037

3Q 2026 4Q 2026

74,903 76,037
27,000 27,000
-1,751 -1,768
100,152 101,269

0 0
0 0

0 0
0 0
-1,847 0
-1,847 0

98,304 101,269
470,977 569,281
569,281 670,550

3Q 2026 4Q 2026

621,000 594,000
0 0
621,000 594,000

42,997 43,420
44,530 44,968
 174,977 176,701
569,281 670,550
831,785 935,640

1,452,785 1,529,640

400,000 400,000
969,749 1,045,786
1,369,749 1,445,786

0 0
83,036 83,854

1,452,785 1,529,640
0 0
 1 2
Financial Analysis
1Q 2022 2Q 2022

DCF ANALYSIS FOR EQUITY 1Q 2022 2Q 2022

FCFE rub '000 -400,000 0

Annual discount rate 20% % 20% 20%
Discount Index times 1.00 0.96
Discounted cash flow rub '000 -400,000 0
Accumulated doscounted cash flow rub '000 -400,000 -400,000

Net Present Value, NPV -11,783 rub '000

Internal Rate of Return, IRR 18.75% %

Net Assets 775,236 rub '000

Terminal Value, TV (Discounted net assets) 326,079 rub '000
NPV + TV (Based on Liquidation) 314,296 rub '000

DEBT RATIOS 1Q 2022 2Q 2022

EBITDA rub '000 0 0

Total Debt, TD rub '000 51,282 698,751
TD/EBITDA times - -

CFADS rub '000 -450,000 -630,000

Interest and Repayment of debt rub '000 1,282 17,469
Debt Service Coverage Ratio, DSCR times - -
Required DSCR 1.5 times

Issue of Equity 400,000 rub '000 400,000 0

Issue of Debt 775,937 rub '000 51,282 647,469
Equity share in capital 34% %
 3 4 5 6 7 8 9 10
3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

0 29,647 29,896 30,146 30,397 30,647 30,897 31,148

20% 20% 20% 20% 20% 20% 20% 20%
0.91 0.87 0.83 0.80 0.76 0.73 0.69 0.66
0 25,858 24,914 24,003 23,123 22,275 21,457 20,667
-400,000 -374,142 -349,229 -325,226 -302,103 -279,828 -258,371 -237,704

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024

103,240 101,465 102,669 103,884 105,110 106,346 107,593 108,850

775,937 736,042 694,650 651,724 607,224 561,111 513,344 463,881
7.52 7.25 6.77 6.27 5.78 5.28 4.77 4.26

-57,788 88,940 89,689 90,439 91,190 91,941 92,692 93,444

19,398 59,293 59,793 60,293 60,793 61,294 61,795 62,296
- 1.50 1.50 1.50 1.50 1.50 1.50 1.50

0 0 0 0 0 0 0 0
77,186 0 0 0 0 0 0 0
 11 12 13 14 15 16 17 18
3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

31,399 31,649 31,900 32,150 32,400 32,651 32,900 33,150

20% 20% 20% 20% 20% 20% 20% 20%
0.63 0.61 0.58 0.55 0.53 0.50 0.48 0.46
19,905 19,170 18,460 17,776 17,117 16,480 15,866 15,274
-217,800 -198,630 -180,169 -162,393 -145,277 -128,796 -112,930 -97,656

3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026

110,119 111,399 112,689 113,992 115,305 116,630 117,966 119,314

412,681 359,700 304,893 248,215 189,620 129,059 66,485 1,847
3.75 3.23 2.71 2.18 1.64 1.11 0.56 0.02

94,196 94,947 95,699 96,450 97,201 97,952 98,701 99,450

62,797 63,298 63,799 64,300 64,801 65,301 65,801 66,300
1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
 19 20
3Q 2026 4Q 2026

3Q 2026 4Q 2026

98,304 101,269
20% 20%
0.44 0.42
43,277 42,596
-54,379 -11,783

3Q 2026 4Q 2026

120,674 122,046
0 0
0.00 0.00

100,198 101,269
1,893 0
52.92 -

0 0
0 0
Start date 1/1/2022
Planning step 3 Months 3
Period number 1
Begin date 1/1/2022
End date 3/31/2022
Period title 1Q 2022
 3 3 3 3 3 3 3 3 3 3
2 3 4 5 6 7 8 9 10 11
4/1/2022 7/1/2022 ### 1/1/2023 4/1/2023 7/1/2023 ### 1/1/2024 4/1/2024 7/1/2024
### ### ### ### ### ### ### ### ### ###
2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024
 3 3 3 3 3 3 3 3 3
12 13 14 15 16 17 18 19 20
### 1/1/2025 4/1/2025 7/1/2025 ### 1/1/2026 4/1/2026 7/1/2026 ###
### ### ### ### ### ### ### ### ###
4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 4Q 2026