Pessimistic Scenario

Cerveza Minerva S.A. de C.V.

Cash flow

2003 2004-1 2004-2

0 1-6 months 7-12 months
(-)Initial investment $ (4,177,500.00)
(+)Revenues (sales) $ - $ 306,000.00
(-)Cost of sales $ - $ (190,200.00)
(-)Operating expenses $ (402,000.00) $ (402,000.00)
(=)Cash flow before income taxes (EBITDA) $ (402,000.00) $ (286,200.00)
(-)Depreciation of assets $ (114,833.33) $ (114,833.33)
(=)Taxable cash flow $ (516,833.33) $ (401,033.33)
(-)Income tax $ (160,218.33) $ (124,320.33)
(-)IEPS tax $ -$ 76,500.00
(=) Cash flow after taxes $ (356,615.00) $ (353,213.00)
(+)Depreciation $ 114,833.33 $ 114,833.33
(-)Investment $ (4,177,500.00)
(-)Financing $ -$ -
(+)Gain on sale of assets $ -$ -
(=)Net cash flow $ (4,177,500.00) $ (241,781.67) $ (238,379.67)

VPN $ (4,671,861.87)
Semiannual rate 2.71%
IRR -29.92%
WACC
Wi Ki
DLP
Util. Retained
New issue of shares
Ac Pref
2005-1 2005-2 2006 2006 2007 2007

WACC 8,40%
12-18 months 19-24 months 25-30 months 31-36 months 37-42 months 25-48 months

$ 612,000.00 $ 918,000.00$ 1,224,000.00 $ 1,224,000.00$ 1,224,000.00 $ 1,224,000.00

$ (260,400.00) $(330,600.00) $ (400,800.00) $ (400,800.00) $ (400,800.00) $ (400,800.00)
$ (402,000.00) $(402,000.00) $ (402,000.00) $ (402,000.00) $ (402,000.00) $ (402,000.00)
$ (50,400.00) $ 185,400.00 $ 421,200.00 $ 421,200.00 $ 421,200.00 $ 421,200.00
$ (114,833.33) $(114,833.33) $ (114,833.33) $ (114,833.33) $ (111,500.00) $ (111,500.00)
$ (165,233.33) $ 70,566.67 $ 306,366.67 $ 306,366.67 $ 309,700.00 $ 309,700.00
$ (49,570.00) $ 21,170.00 $ 88,846.33 $ 88,846.33 $ 86,716.00 $ 86,716.00
$ 153,000.00 $ 229,500.00 $ 306,000.00 $ 306,000.00 $ 306,000.00 $ 306,000.00
$ (268,663.33) $ (180,103.33) $ (88,479.67) $ (88,479.67) $ (83,016.00) $ (83,016.00) $ 114,833.33
$ 114,833.33 $ 114,833.33 $ 114,833.33 $ 111,500.00 $ 111,500.00

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ (153,830.00) $ (65,270.00) $ 26,353.67 $ 26,353.67 $ 28,484.00 $ 28,484.00
 2008-1 2008-2 2009-1 2009-2
49-54 months 55-60 months 61-66 months 67-72 months

$ 1,224,000.00 $ 1,224,000.00 $ 1,224,000.00 $ 1,224,000.00

$ (400,800.00) $ (400,800.00) $ (400,800.00) $ (400,800.00)
$ (402,000.00) $ (402,000.00) $ (402,000.00) $ (402,000.00)
$ 421,200.00 $ 421,200.00 $ 421,200.00 $ 421,200.00
$ (99,000.00) $ (99,000.00) $ (99,000.00) $ (99,000.00)
$ 322,200.00 $ 322,200.00 $ 322,200.00 $ 322,200.00
$ 90,216.00 $ 90,216.00 $ 90,216.00 $ 90,216.00
$ 306,000.00 $ 306,000.00 $ 306,000.00 $ 306,000.00
$ (74,016.00) $ (74,016.00) $ (74,016.00) $ (74,016.00)
$ 99,000.00 $ 99,000.00 $ 99,000.00 $ 99,000.00

$ - $ - $ - $ -
$ - $ - $ - $ -
$ 24,984.00 $ 24,984.00 $ 24,984.00 $ 24,984.00
 Expected Scenario
Cerveza Minerva S.A. de C.V.
Cash flow

2003 2004-1 2004-2

0 1-6 months 7-12 months
(-)Initial investment $ (4,177,500.00)
(+)Revenues (sales) $ - $ 612,000.00
(-)Cost of sales $ - $ (260,400.00)
(-)Operating expenses $ (402,000.00) $ (402,000.00)
(=)Cash flow before income taxes (EBITDA) $ (402,000.00) $ (50,400.00)
(-)Depreciation of assets $ (114,833.33) $ (114,833.33)
(=)Taxable cash flow $ (516,833.33) $ (165,233.33)
(-)Income tax $ (160,218.33) $ (51,222.33)
(-)IEPS tax $ - $ 153,000.00
(=) Cash flow after taxes $ (356,615.00) $ (267,011.00)
(+)Depreciation $ 114,833.33 $ 114,833.33
(-)Investment $ (4,177,500.00)
(-)Financing $ -$ -
(+)Gain on sale of assets $ -$ -
(=)Net cash flow $ (4,177,500.00) $ (241,781.67) $ (152,177.67)

VPN $ (467,357.99)
Semiannual rate 2.71%
IRR 1.43%
WACC
Wi Ki
DLP
Util. Retained
New issue of shares
Ac Pref

WACC 8,40%
 2005-1 2005-2 2006 2006 2007 2007
12-18 months 19-24 months 25-30 months 31-36 months 37-42 months 25-48 months

$ 918,000.00 $ 1,836,000.00 $ 2,754,000.00 $ 2,754,000.00 $ 2,754,000.00 $ 2,754,000.00

$ (330,600.00) $ (541,200.00) $ (751,800.00) $ (751,800.00) $ (751,800.00) $ (751,800.00)
$ (402,000.00) $ (402,000.00) $ (402,000.00) $ (402,000.00) $ (402,000.00) $ (402,000.00)
$ 185,400.00 $ 892,800.00 $ 1,600,200.00 $ 1,600,200.00 $ 1,600,200.00 $ 1,600,200.00
$ (114,833.33) $ (114,833.33) $ (114,833.33) $ (114,833.33) $ (111,500.00) $ (111,500.00)
$ 70,566.67 $ 777,966.67 $ 1,485,366.67 $ 1,485,366.67 $ 1,488,700.00 $1,488,700.00
$ 21,170.00 $ 233,390.00 $ 430,756.33 $ 430,756.33 $ 416,836.00 $ 416,836.00
$ 229,500.00 $ 459,000.00 $ 688,500.00 $ 688,500.00 $ 688,500.00 $ 688,500.00
$ (180,103.33) $ 85,576.67 $ 366,110.33 $ 366,110.33 $ 383,364.00 $ 383,364.00
$ 114,833.33 $ 114,833.33 $ 114,833.33 $ 114,833.33 $ 111,500.00 $ 111,500.00

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ (65,270.00) $ 200,410.00 $ 480,943.67 $ 480,943.67 $ 494,864.00 $ 494,864.00
 2008-1 2008-2 2009-1 2009-2
49-54 months 55-60 months 61-66 months 67-72 months

$ 3,672,000.00 $ 3,672,000.00 $ 3,672,000.00 $ 3,672,000.00

$ (962,400.00) $ (962,400.00) $ (962,400.00) $ (962,400.00)
$ (402,000.00) $ (402,000.00) $ (402,000.00) $ (402,000.00)
$ 2,307,600.00 $ 2,307,600.00 $ 2,307,600.00 $ 2,307,600.00
$ (99,000.00) $ (99,000.00) $ (99,000.00) $ (99,000.00)
$ 2,208,600.00 $ 2,208,600.00 $ 2,208,600.00 $ 2,208,600.00
$ 618,408.00 $ 618,408.00 $ 618,408.00 $ 618,408.00
$ 918,000.00 $ 918,000.00 $ 918,000.00 $ 918,000.00
$ 672,192.00 $ 672,192.00 $ 672,192.00 $ 672,192.00
$ 99,000.00 $ 99,000.00 $ 99,000.00 $ 99,000.00

$ - $ - $ - $ -
$ - $ - $ - $ -
$ 771,192.00 $ 771,192.00 $ 771,192.00 $ 771,192.00
 Optimistic Scenario
Cerveza Minerva S.A. de C.V.
Cash flow

2003 2004-1 2004-2

0 1-6 months 7-12 months
(-)Initial investment $ (4,177,500.00)
(+)Revenues (sales) $ - $ 918,000.00
(-)Cost of sales $ - $ (330,600.00)
(-)Operating expenses $ (402,000.00) $ (402,000.00)
(=)Cash flow before income taxes (EBITDA) $ (402,000.00) $ 185,400.00
(-)Depreciation of assets $ (114,833.33) $ (114,833.33)
(=)Taxable cash flow $ (516,833.33) $ 70,566.67
(-)Income tax $ (160,218.33) $ 21,875.67
(-)IEPS tax $ - $ 229,500.00
(=) Cash flow after taxes $ (356,615.00) $ (180,809.00)
(+)Depreciation $ 114,833.33 $ 114,833.33
(-)Investment $ (4,177,500.00)
(-)Financing $ -$ -
(+)Gain on sale of assets $ -$ -
(=)Net cash flow $ (4,177,500.00) $ (241,781.67) $ (65,975.67)

VPN $ 7,405,837.42
Semiannual rate 2.71%
IRR 16.37%
WACC
Wi Ki
DLP
Util. Retained
New issue of shares
Ac Pref

WACC 8,40%
$ 1,836,000.00 $ 3,672,000.00 $ 6,120,000.00 $ 6,120,000.00 $ 6,120,000.00 $ 6,120,000.00
$ (541,200.00) $ (962,400.00) $ (1,524,000.00) $ (1,524,000.00) $ (1,524,000.00) $ (1,524,000.00)
$ (402,000.00) $ (402,000.00) $ (402,000.00) $ (402,000.00) $ (402,000.00) $ (402,000.00)
$ 892,800.00 $ 2,307,600.00 $ 4,194,000.00 $ 4,194,000.00 $ 4,194,000.00 $ 4,194,000.00
$ (114,833.33)
2005-1 $ (114,833.33)
2005-2 $ (114,833.33) 2006 $ (114,833.33)
2006 $ (111,500.00)
2007 $ (111,500.00)
2007
$ 777,966.67 $ 2,192,766.67
12-18 months 19-24 $ 4,079,166.67
months 25-30 months 31-36$months
4,079,166.67 $ 4,082,500.00
37-42 months $ 4,082,500.00
25-48 months
$ 233,390.00 $ 657,830.00 $ 1,182,958.33 $ 1,182,958.33 $ 1,143,100.00 $ 1,143,100.00
$ 459,000.00 $ 918,000.00 $ 1,530,000.00 $ 1,530,000.00 $ 1,530,000.00 $ 1,530,000.00
$ 85,576.67 $ 616,936.67 $ 1,366,208.33 $ 1,366,208.33 $ 1,409,400.00 $ 1,409,400.00
$ 114,833.33 $ 114,833.33 $ 114,833.33 $ 114,833.33 $ 111,500.00 $ 111,500.00

$ - $ - $ - $ - $ - $ -
$ - $ - $ - $ - $ - $ -
$ 200,410.00 $ 731,770.00 $ 1,481,041.67 $ 1,481,041.67 $ 1,520,900.00 $ 1,520,900.00
$ 7,650,000.00 $ 7,650,000.00 $ 7,650,000.00 $ 7,650,000.00
$ (1,875,000.00) $ (1,875,000.00) $ (1,875,000.00) $ (1,875,000.00)
$ (402,000.00) $ (402,000.00) $ (402,000.00) $ (402,000.00)
$ 5,373,000.00 $ 5,373,000.00 $ 5,373,000.00 $ 5,373,000.00
$ (99,000.00) $ (99,000.00) $ (99,000.00) $ (99,000.00)
$ 5,274,000.00 $ 5,274,000.00 $ 5,274,000.00 $ 5,274,000.00
$ 1,476,720.00 $ 1,476,720.00 $ 1,476,720.00 $ 1,476,720.00
$ 1,912,500.00 $ 1,912,500.00 $ 1,912,500.00 $ 1,912,500.00
$ 1,884,780.00 $ 1,884,780.00 $ 1,884,780.00 $ 1,884,780.00
$ 99,000.00 $ 99,000.00 $ 99,000.00 $ 99,000.00

$ - $ - $ - $ -
$ - $ - $ - $ -
2008-1 2008-2 2009-1 2009-2
49-54 months 55-60 months 61-66 months 67-72 months

$ 1,983,780.00 $ 1,983,780.00 $ 1,983,780.00 $ 1,983,780.00