PLAN 3.0 FINAL INTEGRADO

Inversión $5.3B + Tecnologías + Tesorería Optimizada

✓✓ APROBADO PARA IMPLEMENTACIÓN INMEDIATA

Diciembre 2, 2025 | Estado: GO

NÚMEROS FINALES

TIR Unlevered
12.7-14.4%
↑ +120 bps vs Base Plan

NOI Year 10

$724M

↑ +$103M vs Base

Interest Income Y1-4

$302M

↑ New Treasury Strategy

Total Return Y10
$12.45B+
↑ +$1.05B Upside

Payback Period

5-6 Years

↓ -1 Year vs Base

Risk Score

8.4/10

STRONG / PROCEED

PLAN ESTRUCTURAL: $5,275M

Componente	Capex	Timeline	Tecnología	NOI Y10
Parques Industriales	$2,500M	Y1-4 complete	Base	$470M
Vivienda Institucional	$1,000M	Y2-3 (prefab)	Prefab Housing	$86M
Land Banking	$500M	Q2 2026 blitz	IA Geoespacial	$30M+
Energía + Agua	$1,000M	Y2-4	VPP Software Y3-4	$25M
Contingency (5%)	$275M	Reserve	—	$0
TOTAL	$5,275M	Y1-5	$43-61M tech	$724M

TECNOLOGÍAS INTEGRADAS

1. IA GEOESPACIAL 40-60x ROI

Status: ✓✓ EXECUTE THIS WEEK | Risk: Low
Upside: $200-300M | Capex: $5-6M

Benefits:

Off-market gem identification: $200-300M appreciation
Risk detection: Avoid $50-100M in hazards
Competitive speed: 6 months ahead of competition
Infrastructure foresight: Highway/expansion predictions

Timeline: Q4 2025 platform selection → Q1 2026 training → Q2-Q4 2026 land blitz

2. PREFAB HOUSING 12-15x ROI

Status: ✓✓ EXECUTE Q1 2026 | Risk: Medium
Upside: $480-560M | Capex: $30-45M

Benefits:

Velocity: 40-50% construction acceleration (18-24M → 12-15M)
Cost control: Material waste 30% → 2-3% ($80-100M savings)
Quality: BMW-standard tolerances
Rental premium: $700 → $800/month (+$100M NOI)
Time acceleration: +$250-300M NPV (earlier occupancy)

Timeline: Q1 2026 factory design → Q2 2026 construction → Q3 2026 pilot ramp

3. VPP SOFTWARE 6-10x ROI

Status: ✓ PHASED (Y1 soft commit, Y3-4 deployment) | Risk: Low
Upside: $50-80M | Capex: $8-10M

Benefits:

Load balancing: Tesla + solar sync ($5-10M/year)
Battery arbitrage: Optimal charge/discharge ($2-30M/year)
Predictive maintenance: Panel monitoring ($1-2M/year)

4. BIM 6D + SMART CONTRACTS DEFERRED

Status: ⚠️ POSTPONED to Y4+ | Savings: $25-35M

Rationale: Immature technology, high execution risk (40% failure rate), benefits overstated. Use proven BIM 3D/4D methods in Phase 1, revisit Year 4.

TREASURY MANAGEMENT: $4.8B T-BILLS LADDER

🚨 KEY DISCOVERY: Capital available for treasury is NOT $389M but $4.8B average because capital deploys gradually over 4 years.

Interest Income Projection

Year	Avg Balance	T-Bill Yield	Annual Interest	Instruments
Y1	$4,300M	3.75%	$161M	3-6M T-Bills
Y2	$2,500M	3.75%	$94M	6-12M T-Bills
Y3	$1,000M	3.75%	$38M	12-24M T-Bills
Y4	$229M	3.75%	$9M	Money Market
TOTAL	$2,007M avg	3.75%	$302M	Ladder

Key Advantages

Safety: 100% US Treasury (sovereign risk = zero)
Liquidity: Maturities every 3-6 months
Income: $302M over 4 years (pure upside)
Flexibility: Can pull capital if capex accelerates
Compliance: Zero concentration risk

CONSOLIDATED FINANCIALS

Métrica	Base Plan 3.0	Final Plan 3.0	Delta
Total Capex	$5,275M	$5,318M	+$43-61M
NOI Y5	$467M	$517M	+$50M
NOI Y10	$621M	$724M	+$103M
Interest Income Y1-4	$0	+$302M	+$302M
TIR Unlevered	11.5-12.8%	12.7-14.4%	+120bps
Total Return Y10	$11.4B	$12.45B+	+$1.05B
Payback Period	6-7 years	5-6 years	-1 year
Multiple	2.16x	2.35x	+0.19x

TIR Improvement Breakdown

Base TIR: 11.5-12.8%
+ Technology: +110bps
- IA Geoespacial: +40bps
- Prefab Housing: +50bps
- VPP Software: +20bps
+ Treasury Management: +50bps
- Interest income: +$302M
- Better capital deployment
FINAL TIR: 12.7-14.4% (+160bps)

RISK MANAGEMENT

Overall Risk Scorecard

Risk Category	Score	Assessment
Execution Risk	8.5/10	Proven technologies, experienced team
Market Risk	8/10	Strong corporate anchor tenants
Technology Risk	8/10	3 proven, 1 deferred until Y4
Capital Risk	9/10	Conservative leverage (100% equity Y1-5)
Refinancing Risk	8/10	Strong DSCR 2.0-3.0x
Treasury Risk	10/10	100% US Treasury = zero risk
OVERALL	8.4/10	STRONG / PROCEED

IMPLEMENTATION TIMELINE

Phase 1: APPROVAL (DEC 2-8)

Board approval + budget allocation | All 3 initiatives approved

Phase 2: INITIATION (DEC 9 - Q1 2026)

IA + Prefab team mobilization | Execute Treasury Ladder ($4.8B T-Bills)

Phase 3: ACTIVATION (Q1-Q2 2026)

IA platform operational | Prefab factory planning started

Phase 4: SCALE-UP (Q2-Q4 2026)

Land blitz (500-600 hectáreas) | Prefab factory construction

Phase 5: EXECUTION (2027)

Housing construction ramp | Energy deployment | VPP pilot

Phase 6: STABILIZATION (2028)

Asset stabilization (95%+ occupancy) | Refinancing closes

EXIT STRATEGY & VALUE REALIZATION

Scenario	Asset Value	Equity Value	Multiple	IRR
Conservative (Y10)	$9.5B (9x)	$7.2B	1.37x	12.7%
Optimistic (Y10)	$12.5B (17x)	$10.2B	1.94x	14.4%
Extended Hold (Y12)	$14.0B (19x)	$11.7B	2.22x	15.2%
IPO Path (Y8-10)	$11-13B	$9-11B	1.71-2.09x	13.5-15%

Year 5-6: Refinancing Flexibility

Option A: Maintain debt, distribute capital (recommended)
Option B: Do nothing, service from NOI
Option C: Further refinance at higher LTV

Year 8-10: Exit Decision

Option A: Sale to strategic buyer
Option B: IPO (if >14% IRR)
Option C: REIT conversion
Option D: Hold and take dividends

BOARD ACTIONS REQUIRED

RESOLUTION: APPROVE PLAN 3.0 FINAL

                Plan 3.0 Final incorporates technology integration, corrected treasury management, and consolidated financial projections achieving 12.7-14.4% TIR with 8.4/10 risk score.
            

ACTION ITEMS:

✓ APPROVE Plan 3.0 Final with all integrated components
✓ AUTHORIZE CEO to mobilize IA Geoespacial team (THIS WEEK)
✓ AUTHORIZE COO to commence Prefab Housing factory planning (Q1 2026)
✓ AUTHORIZE CFO to execute Treasury Ladder ($4.8B T-Bills, Q4 2025)
✓ AUTHORIZE CFO to hire Treasury Manager for ongoing oversight
✓ AUTHORIZE CFO to defer BIM 6D decision to Year 4 gate (save $25-35M)
✓ AUTHORIZE total capex commitment: $5,318M over 5 years
✓ AUTHORIZE land banking budget: $500M with IA-informed blitz Q2 2026
✓ AUTHORIZE refinancing target: 40% LTV, Year 5, $2.8B debt @ SOFR+225bps
✓ AUTHORIZE quarterly reporting: Finance committee receives treasury updates