3. Exhibit 1 is Julie's spreadsheet analysis of what she considers relevant choices. Using these, what would you recommend as a financing package?

The objects of a financier are, then, to secure an ample revenue; to impose it with judgment and equality; to employ it economically; and, when necessity obliges him to make use of credit, to secure its foundations in that instance, and for ever, by the clearness and candor of his proceedings, the exactness of his calculations, and the solidity of his funds.

Although it was still August, Julie Harbjerg bent over against the first chill of autumn and hurried up Copenhagen's Strget-the historic cobblestoned pedes- trian street that begins at the City Hall and extends through the heart of the old city. She tried to keep her mind clear so that she could properly evaluate the various financing proposals that had been discussed in previous weeks with the many bankers who had visited Copenhagen. As assistant treasurer (international) for Tirstrup BioMechanics of Denmark, Julie was responsible for the initial assessment of financing proposals for Tirstrup's international investments.