Holderbank / Lafarge's price 0.0 0.0 0.0 12.9 30.1 47.3 64.5 81.7 98.9 116.1 133.3 150.5 $120 145.0 170.0 187.2 202.4 215.6 226.8 236.0 243.2 248.4 251.6 252.8 252.0 0.0 0.0 12.2 28.4 44.6 60.8 77.0 93.2 109.4 125.6 141.8 158.0 $115 145.0 163.2 179.4 193.6 205.8 216.0 224.2 230.4 234.6 236.8 237.0 235.2 0.0 11.4 26.6 41.8 57.0 72.2 87.4 102.6 117.8 133.0 148.2 163.4 $110 139.2 156.4 171.6 184.8 196.0 205.2 212.4 217.6 220.8 222.0 221.2 218.4 10.7 24.9 39.1 53.3 67.5 81.7 95.9 110.1 124.3 138.5 152.7 166.9 $105 133.4 149.6 163.8 176.0 186.2 194.4 200.6 204.8 207.0 207.2 205.4 201.6 23.1 36.3 49.5 62.7 75.9 89.1 102.3 115.5 128.7 141.9 155.1 168.3 $100 127.6 142.8 156.0 167.2 176.4 183.6 188.8 192.0 193.2 192.4 189.6 184.8 33.6 45.8 58.0 70.2 82.4 94.6 106.8 119.0 131.2 143.4 155.6 167.8 $95 121.8 136.0 148.2 158.4 166.6 172.8 177.0 179.2 179.4 177.6 173.8 168.0 42.0 53.2 64.4 75.6 86.8 98.0 109.2 120.4 131.6 142.8 154.0 165.2 $90 116.0 129.2 140.4 149.6 156.8 162.0 165.2 166.4 165.6 162.8 158.0 151.2 48.5 58.7 68.9 79.1 89.3 99.5 109.7 119.9 130.1 140.3 150.5 160.7 $85 110.2 122.4 132.6 140.8 147.0 151.2 153.4 153.6 151.8 148.0 142.2 134.4 52.9 62.1 71.3 80.5 89.7 98.9 108.1 117.3 126.5 135.7 144.9 154.1 $80 104.4 115.6 124.8 132.0 137.2 140.4 141.6 140.8 138.0 133.2 126.4 117.6 55.4 63.6 71.8 80.0 88.2 96.4 104.6 112.8 121.0 129.2 137.4 145.6 $75 98.6 108.8 117.0 123.2 127.4 129.6 129.8 128.0 124.2 118.4 110.6 100.8 55.8 63.0 70.2 77.4 84.6 91.8 99.0 106.2 113.4 120.6 127.8 135.0 $70 92.8 102.0 109.2 114.4 117.6 118.8 118.0 115.2 110.4 103.6 94.8 84.0 54.3 60.5 66.7 72.9 79.1 85.3 91.5 97.7 103.9 110.1 116.3 122.5 $65 87.0 95.2 101.4 105.6 107.8 108.0 106.2 102.4 96.6 88.8 79.0 67.2 Vencemos' $65 $70 $75 $80 $85 $90 $95 $100 $105 $110 $115 $120 price 2 The bottom figure in each cell represents Vencemos' EBITDA in millions of US$ and the top figure represents Holderbank/Lafarge's EBITDA (e.g. at a price of $65 for both, Vencemos' EBITDA is 87 million and CMA/MSC's EBITDA is 54 million)