Costo Promedio Ponderado de Capital

Empresa: Mensual Tecnofil Tecnofil S.A. 1 Nov-07 WACC WACC mensual Tasa de interes de la deuda (M.E.)* 10.02% 0.80% 9.48%

Estructura de Capital de la empresa Fuente: Tecnofil S.A. Tecnofil S.A. Tecnofil S.A. Mes Nov-07 Nov-07

Deuda Patrimonio Tasa impositiva Costo Oportunidad del Capital

70.35% 29.65% 29.00% 17.83% 4.17% 2.03% 4.80% 2.42

Fecha Pas Damodaran

Nov-07 Peru January 2007 January 2007

T-Bill (10 aos) Riesgo Pais (Peru) Riesgo de mercado (USA) Beta apalancado

Beta Apalancado Sector => Tire & Rubber Beta desapalancada de la industria 0.90

2.42

http://pages.stern.nyu.edu/~adamodar/ Date of last update January 2007

Market United States

Number of firms 7661

Data source Value Line

Mes Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07

Pas Tipo Industria Argentina Advertising Australia Aerospace/Defense Austria Air Transport Bahamas Apparel Bahrain Auto & Truck Barbados Auto Parts Belgium Bank Belize Bank (Canadian) Bermuda Bank (Foreign) Bolivia Bank (Midwest) Bosnia and Herzegovina Beverage (Alcoholic) Botswana Beverage (Soft Drink) Brazil Biotechnology Bulgaria Building Materials Canada Cable TV Cayman islands Canadian Energy Chile Cement & Aggregates China Chemical (Basic) Colombia Chemical (Diversified) Costa Chemical (Specialty) Croatia Coal Cuba Computer Software/Svcs Cyprus Computers/Peripherals Czech Republic Diversified Co. Denmark Drug Dominican Republic E-Commerce Ecuador Educational Services Egypt Electric Util. (Central) El Salvador Electric Utility (East) Estonia Electric Utility (West) Fiji Islands Electrical Equipment Finland Electronics France Entertainment Germany Entertainment Tech Greece Environmental Guatemala Financial Svcs. (Div.) Honduras Food Processing Hong Kong Food Wholesalers Hungary Foreign Electronics Iceland Furn/Home Furnishings India Grocery Indonesia Healthcare Information Ireland Home Appliance Isle of Man Homebuilding Israel Hotel/Gaming

Italy Household Products Jamaica Human Resources Japan Industrial Services Jordan Information Services Kazakhstan Insurance (Life) Korea Insurance (Prop/Cas.) Kuwait Internet Latvia Investment Co. Lebanon Investment Co.(Foreign) Liechtenstein Machinery Lithuania Manuf. Housing/RV Luxembourg Maritime Macao Medical Services Malaysia Medical Supplies Malta Metal Fabricating Mauritius Metals & Mining (Div.) Mexico Natural Gas (Distrib.) Moldova Natural Gas (Div.) Monaco Newspaper Mongolia Office Equip/Supplies Morocco Oilfield Svcs/Equip. Netherlands Packaging & Container New Zealand Paper/Forest Products Nicaragua Petroleum (Integrated) Norway Petroleum (Producing) Oman Pharmacy Services Pakistan Power Panama Precious Metals Papua & New Guinea Precision Instrument Paraguay Publishing Peru R.E.I.T. Philippines Railroad Poland Recreation Portugal Restaurant Qatar Retail (Special Lines) Romania Retail Automotive Russia Retail Building Supply Saudi Arabia Retail Store Singapore Securities Brokerage Slovakia Semiconductor Slovenia Semiconductor Equip South Africa Shoe Spain Steel (General) Suriname Steel (Integrated) Sweden Telecom. Equipment Switzerland Telecom. Services Taiwan Thrift Thailand Tire & Rubber Trinidad & Tobago Tobacco Tunisia Toiletries/Cosmetics Turkey Trucking Turkmenistan Utility (Foreign)

Ukraine Water Utility United Arab Emirates W ireless Networking UK Other US Uruguay Venezuela Vietnam

CUADRO 49

INDICADORES DE RIESGO PARA PASES EMERGENTES: ndice de Bon DIFERENCIAL DE RENDIMIENTOS CONTRA BONOS DEL TESORO DE ES

RISK INDICATORS FOR EMERGING COUNTRIES: Emerging Market Bond

Fecha Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Ene. Feb. Mar. Abr. May. Jun. Jul. Ago. Set. Oct. Nov. Dic. 2007 Ene. Feb. Mar. Abr. May. Jun. Jul. Ago. Set. Oct. Nov. Nota: Var % Anual Acumulada Mensual 1 2

Diferencial de rendimientos del ndice de bonos de mercados emerge Per 6/ 193 141 182 190 170 172 160 140 138 149 147 131 Argentina 460 382 349 332 343 383 362 325 332 302 292 250 Brasil 283 239 229 234 245 262 239 218 229 217 220 207 Colombia 209 169 170 173 188 231 228 196 206 179 176 168

Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07

123 127 132 118 110 104 129 169 156 139 172

203 207 220 235 278 290 355 461 427 371 395

192 183 187 155 148 147 169 201 191 170 209

165 163 171 142 131 108 136 186 181 161 194

17.1 30.9 24.0 3

35.4 57.6 6.4 4

-5.1 1.1 22.7 5

10.3 15.6 20.8 6

FUENTE: http://www.bcrp.gob.pe/bcr/dmdocuments/Estadistica/Cuadr

SES EMERGENTES: ndice de Bonos de Mercados Emergentes (EMBI + ) NTRA BONOS DEL TESORO DE ESTADOS UNIDOS DE AMRICA (EUA) 2/ (En puntos bsicos) 3/

OUNTRIES: Emerging Market Bond Index (EMBI+) 1/ Stripped Spread (In basis points)

Tasa de Inters / I LATIN EMBI+ Pases 259 224 218 214 218 241 219 203 218 208 207 198 EMBI+ Pases Emergentes 228 202 196 190 195 223 207 190 200 192 192 181 Tesoro de EUA 5 aos 4.3 4.6 4.7 4.9 5.0 5.1 5.0 4.8 4.7 4.7 4.6 4.5

ice de bonos de mercados emergentes (EMBI+) Ecuador 623 569 560 513 488 517 503 494 580 560 528 724 Mxico 121 111 123 130 132 150 120 111 115 112 114 106 Venezuela 282 241 219 187 189 223 211 202 230 224 228 206

904 746 695 611 625 630 714 702 660 599 616

102 104 108 91 80 83 101 123 112 108 135

207 209 220 218 243 286 318 418 434 378 460

189 185 191 170 171 176 203 248 239 215 253

171 170 180 160 158 159 183 224 216 195 231

4.7 4.7 4.5 4.6 4.7 5.0 4.9 4.4 4.2 4.2 3.7

16.5 -15.0 2.8 7

17.9 27.6 25.0 8

101.8 123.5 21.5 9 10

22.2 27.8 18.0 11

20.2 27.6 18.4 12 13

-19.6 -18.8 -12.4 14

ocuments/Estadistica/Cuadros/Semanales/NC_049.xls

Tasa de Inters / Interest Rate Tesoro de EUA 10 aos 4.4 4.6 4.7 5.0 5.1 5.1 5.1 4.9 4.7 4.7 4.6 4.6 Tesoro de EUA 30 aos 4.6 4.6 4.7 5.1 5.2 5.2 5.1 5.0 4.9 4.9 4.7 4.7 Date Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. 2007 Jan. Feb. Mar. Apr. May. Jun. July. Aug. Sep. Oct . Nov. 1 to 27 Note: % chg Year-to-Year Cumulative Month-to-Month 17

4.8 4.7 4.6 4.7 4.7 5.1 5.0 4.7 4.5 4.5 4.2

4.8 4.8 4.7 4.9 4.9 5.2 5.1 4.9 4.8 4.8 4.5

-9.2 -8.6 -7.8 15

-3.0 -3.0 -4.9 16

Estimating Country Risk Premi

Enter the current risk premium for a mature equity market Do you want to use current US corporate spreads(C) or country bond spreads (H) The US corporate spreads come from a deeper market, but the country bond spreads may be a more direct measure of country risk. To update the spreads go to the bottom of the spreadsheet. Do you want to adjust the country risk premium for the additional volatility of the equity market? If no, use the country risk premium from the columns below If yes, you can adjust the country risk premium for the relative volatility of the equity market below: Enter the country risk premium from default spread = Enter the standard deviation in the equity market in the country = Enter the standard deviation in the long term bond issued by the country = The adjusted country risk premium for your country is =
4.80% C

Yes

5.50% 61% 35% 9.59%

Country Argentina Australia Austria Bahamas Bahrain Peru Philippines Poland United Arab Emirates UK US Uruguay Venezuela Vietnam Fuente:

Long-Term Rating B3 Aaa Aaa A1 Baa1 Baa3 B1 A2 A1 Aaa Aaa B3 B1 Ba3

Adj. Default Spread 600 0 0 60 110 135 400 80 60 0 0 600 400 360

http://pages.stern.nyu.edu/~adamodar/pc/datasets/ctryprem.xls

ting Country Risk Premiums

I use the risk premium for the United States for this estimate The historical spreads represent an average over 5 years

Yes or No

Use annualized historical volatility Use annualized historical volatility

Total Risk Premium 13.80% 4.80% 4.80% 5.70% 6.45% 6.83% 10.80% 6.00% 5.70% 4.80% 4.80% 13.80% 10.80% 10.20%

Country Risk Premium 9.00% 0.00% 0.00% 0.90% 1.65% 2.03% 6.00% 1.20% 0.90% 0.00% 0.00% 9.00% 6.00% 5.40%

Has to be sorted in ascending order Default spread in Rating basis points A1 60

A2 A3 Aa1

80 90 50

tasets/ctryprem.xls

Industry Name

Number of Firms

Average Beta

Market D/E Ratio

Tax Rate

Unlevered Beta

Advertising Aerospace/Defense Air Transport Apparel Auto & Truck Auto Parts Internet Investment Co. Investment Co.(Foreign) Machinery Manuf. Housing/RV Maritime Medical Services Medical Supplies Metal Fabricating Metals & Mining (Div.) Natural Gas (Distrib.) Natural Gas (Div.) Newspaper Office Equip/Supplies Oilfield Svcs/Equip.
Market

36 73 56 64 31 64 329 20 15 139 19 46 186 279 37 82 30 34 18 26 110

7661

0.99 0.92 1.38 0.93 1.29 0.99 2.30 0.75 1.21 1.01 0.99 0.86 0.94 1.11 1.01 1.04 0.73 1.01 0.76 1.02 1.05 1.14

22.25% 20.81% 42.16% 13.39% 125.80% 52.49% 2.28% 103.83% 4.09% 31.26% 19.00% 60.09% 17.47% 6.47% 15.88% 8.74% 60.93% 40.33% 30.08% 24.34% 11.72%
32.11%

11.96% 21.77% 19.40% 21.60% 18.90% 18.93% 4.76% 0.00% 2.49% 20.52% 19.77% 5.91% 17.17% 13.16% 24.89% 7.81% 30.18% 22.04% 24.85% 29.99% 21.42% 16.40%

0.83 0.79 1.03 0.84 0.64 0.69 2.25 0.37 1.16 0.81 0.86 0.55 0.82 1.05 0.91 0.96 0.51 0.77 0.62 0.87 0.96
0.90

Fuente: http://pages.stern.nyu.edu/~adamodar/pc/datasets/betas.xls

Cash/Firm Value

Unlevered Beta corrected for cash

6.85% 6.35% 11.95% 5.46% 11.63% 9.69% 8.55% 5.64% 2.53% 4.62% 11.03% 4.39% 11.80% 6.74% 3.46% 3.22% 2.60% 3.91% 1.53% 6.01% 4.33%
7.53%

0.89 0.84 1.17 0.89 0.72 0.77 2.46 0.39 1.19 0.84 0.96 0.58 0.93 1.12 0.94 0.99 0.52 0.80 0.63 0.93 1.01
0.98