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ABC Company Inc

Assumptions
A graphical overview of this financial model is provided below.
ASSUMPTIO NS
Ti me fra me
• Half years
•Two year forecast
•One y ear historical

REVENUE

REVENUE
SUMMARY

Revenue 1
()

Revenue 2

Non-recurring
+ Recurring
= Total revenue
Less direct
=Gross profit

()

Revenue 3
P roducts/services

()

MEZZANIN E
AND IPO
ANALYSIS
Valuation
Shareholder
cashflows
IRR
NP AT
EP S

Revenue 4
()

FINANC IAL
FO REC AST

Revenue 5
B usiness activity

Operating
•Expense
•Expense
•Expense
•Expense
•Expense

1
2
3
4
5

()

Non-recurring
+ recurring
= Total revenue
- Direct cost
= Gross profit
- Operating Exp
= P rofitability
- Capital Exp
= Cashflow

OPERATING AND
CAPITAL EXP ENSES
Expense 1
Expense 2
Expense 3
Expense 4

HISTORICAL
FINANCIAL

Expense 5

P ast one year

COMBINED
FINANC IAL

P ast one year
and
next five years

Bolde d items refer to worksheets within the model

NOTES
The default currency is the United States.
The key objective of the model is to produce ten graphs summarising key financials/drivers
There are five revenue categories (listed below)
All assumptions underlying this model are contained within the "Assumption" worksheet
The assumptions underlying each market segment are grouped on each of the following pages.
The key business drivers within each market segment are used to drive this dynamic model
Time periods (reproduced throughout model)
2000/2001

2001/2002

Revenue categories

Expense categories

Revenue 1
Revenue 2
Revenue 3
Revenue 4
Revenue 5

Expense 1
Expense 2
Expense 3
Expense 4
Expense 5

Proportion of new customer activity included as revenue
2000/2001
for period
Revenue 1
100%
Revenue 2
100%
Revenue 3
100%
Revenue 4
100%
Revenue 5
100%

Confidential

2001/2002
100%
100%
100%
100%
100%

Assumptions

2002/2003

2002/2003
100%
100%
100%
100%
100%

2003/2004

2003/2004
100%
100%
100%
100%
100%

2004/2005

2004/2005
100%
100%
100%
100%
100%

Page 1

ABC Company Inc
Assumptions (Revenue 1)
Placements
Revenue 1
Item 1
Item 2
Item 3
Item 4

2000/2001

Non-recurring revenue
Item 1
Item 2
Item 3
Item 4

2000/2001

2001/2002
0
0
0
0

2002/2003
0
0
0
0

5
5
5
5

5
5
5
5

$5
$5
$5
$5

$5
$5
$5
$5

2004/2005
$5
$5
$5
$5

$0
$0
$0
$0

$0
$0
$0
$0

$0
$0
$0
$0

$0
$0
$0
$0

$0
$0
$0
$0

Direct cost (non-recurring)
Item 1
Item 2
Item 3
Item 4

20%
20%
20%
20%

20%
20%
20%
20%

20%
20%
20%
20%

20%
20%
20%
20%

20%
20%
20%
20%

Direct cost (recurring)
Item 1
Item 2
Item 3
Item 4

20%
20%
20%
20%

20%
20%
20%
20%

20%
20%
20%
20%

20%
20%
20%
20%

20%
20%
20%
20%

Assumptions

2003/2004

5
5
5
5

$5
$5
$5
$5

Confidential

2002/2003

2004/2005

$5
$5
$5
$5

Recurring revenue
Item 1
Item 2
Item 3
Item 4

2001/2002

2003/2004

Page 2

ABC Company Inc
Assumptions (Revenue 2)
New members
Item 1
Item 2
Item 3
Item 4

2000/2001

2001/2002
0
0
0
0

2002/2003
5
5
5
0

2003/2004
5
5
5
0

2004/2005
5
5
5
0

5
5
5
0

Non-recurring revenue
Item 1
Item 2
Item 3
Item 4

$0
$0
$0
$0

$0
$0
$0
$0

$0
$0
$0
$0

$0
$0
$0
$0

$0
$0
$0
$0

Recurring revenue
Item 1
Item 2
Item 3
Item 4

$5
$5
$0
$0

$5
$5
$0
$0

$5
$5
$0
$0

$5
$5
$0
$0

$5
$5
$0
$0

Direct cost (non-recurring)
Item 1
Item 2
Item 3
Item 4

20%
0%
0%
0%

20%
0%
0%
0%

20%
0%
0%
0%

20%
0%
0%
0%

20%
0%
0%
0%

Direct cost (recurring)
Item 1
Item 2
Item 3
Item 4

20%
0%
0%
0%

20%
0%
0%
0%

20%
0%
0%
0%

20%
0%
0%
0%

20%
0%
0%
0%

Confidential

Assumptions

Page 3

ABC Company Inc
Assumptions (Revenue 3)
2000/2001
New
Item 1
Item 2
Item 3
Item 4
Item 5
Non-recurring revenue
Item 1
Item 2
Item 3
Item 4
Item 5

2001/2002
0
0
0
0
0

2002/2003
5
0
0
0
0

2003/2004
5
5
5
5
5

2004/2005
5
5
5
5
5

5
5
5
5
5

$5
$10
$10
$10
$10

$5
$10
$10
$10
$10

$5
$10
$10
$10
$10

$5
$10
$10
$10
$10

$5
$10
$10
$10
$10

$0
$0
$0
$0
$0

$0
$0
$0
$0
$0

$0
$0
$0
$0
$0

$0
$0
$0
$0
$0

$0
$0
$0
$0
$0

Direct cost (non-recurring) %
Item 1
Item 2
Item 3
Item 4
Item 5

20%
20%
20%
20%
0%

20%
20%
20%
20%
0%

20%
20%
20%
20%
0%

20%
20%
20%
20%
0%

20%
20%
20%
20%
0%

Direct cost (recurring) %
Item 1
Item 2
Item 3
Item 4
Item 5

20%
20%
20%
20%
0%

20%
20%
20%
20%
0%

20%
20%
20%
20%
0%

20%
20%
20%
20%
0%

20%
20%
20%
20%
0%

Recurring revenue
Item 1
Item 2
Item 3
Item 4
Item 5

Confidential

Assumptions

Page 4

ABC Company Inc Assumptions (Revenue 4) 2000/2001 Business activity Item 1 Item 2 Item 3 Item 4 2001/2002 0 0 0 0 2002/2003 0 0 0 0 2003/2004 2004/2005 100 20 5 5 200 30 10 5 300 40 25 5 Non-recurring revenue Item 1 Item 2 Item 3 Item 4 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 Recurring revenue Item 1 Item 2 Item 3 Item 4 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Direct cost (non-recurring) Item 1 Item 2 Item 3 Item 4 60% 90% 90% 90% 60% 90% 90% 90% 60% 90% 90% 90% 60% 90% 90% 90% 60% 90% 90% 90% Direct cost (recurring) Item 1 Item 2 Item 3 Item 4 60% 90% 90% 90% 60% 90% 90% 90% 60% 90% 90% 90% 60% 90% 90% 90% 60% 90% 90% 90% Confidential Assumptions Page 5 .

ABC Company Inc Assumptions (Revenue 5) Business service activity Item 1 Item 2 Item 3 Item 4 Item 5 2000/2001 2001/2002 0 0 0 0 0 2002/2003 0 0 0 0 0 2003/2004 5 5 5 5 5 2004/2005 5 5 5 5 5 5 5 5 5 5 Non-recurring revenue Item 1 Item 2 Item 3 Item 4 Item 5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 Recurring revenue Item 1 Item 2 Item 3 Item 4 Item 5 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Direct cost (non-recurring) Item 1 Item 2 Item 3 Item 4 Item 5 Direct cost (recurring) Item 1 Item 2 Item 3 Item 4 Item 5 Confidential 20% 0% 20% 100% 100% 20% 0% 20% 100% 100% 20% 0% 20% 100% 100% 20% 0% 20% 100% 100% 20% 0% 20% 100% 100% 20% 0% 20% 98% 60% 20% 0% 20% 98% 60% 20% 0% 20% 98% 60% 20% 0% 20% 98% 60% 20% 0% 20% 98% 60% Assumptions Page 6 .

0% 5.000 33.000 33.0% 9.0% 9.0% 9.0% 30% 30% 50% $100.0% 9.0% 30% 30% 50% $100.0% 5.0% 30% 30% 0% $100.0% 9.000 33.0% 30% 30% 50% $100.0% 5.0% 5.ABC Company Inc Assumptions (continued) Working capital requirements Debtors as a % of sales Creditors as a % of sales Corporate Marketing Depreciation on capital expenditure Interest rate received Interest rate payable (short term debt) Corporate tax rate Effective corporate tax rate Dividend policy (% of last year NPAT) Confidential 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% $0 33.0% 5.000 33.0% 30% 30% 50% Assumptions Page 7 .

ABC Company Inc Forecast annual business activity with each revenue category Projected activity Revenue 1 Item Item Item Item 2000/2001 1 2 3 4 2001/2002 - Total - 2002/2003 2003/2004 2004/2005 5 5 5 5 20 5 5 5 5 20 5 5 5 5 20 5 5 5 5 5 5 5 5 5 Revenue 2 Item Item Item Item 1 2 3 4 - Total 5 5 5 - - - - - 15 15 15 15 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 25 25 25 100 20 5 5 200 30 25 20 300 40 50 50 130 275 440 Revenue 3 Item Item Item Item Item 1 2 3 4 5 - Total - - Revenue 4 Item Item Item Item 1 2 3 4 - Total - - - Revenue 5 Item 1 - - 5 5 5 Item 2 - - 5 5 5 Item 3 - - 5 5 5 Item 4 - - 5 5 Item 5 - - Total Total - - Total - - - 20 20 20 2001/2002 2002/2003 2003/2004 2004/2005 15 5 - 20 15 25 130 20 20 15 25 275 20 20 15 25 440 20 20 210 355 520 - 2000/2001 Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 5 - Confidential Market forecast: Page 8 of 45 .

090 - 2000/2001 1 2 3 4 5 - 2001/2002 - Total Customer base - - - 1999/2000 2000/2001 Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 - Total - - - - Confidential Market forecast: Page 9 of 45 .ABC Company Inc Forecast accumulated business activty within each revenue category Revenue 1 Item Item Item Item 99/2000 1 2 3 4 Total Revenue 2 Item Item Item Item Revenue 4 2000/2001 20 40 60 2001/2002 2002/2003 2003/2004 2004/2005 5 5 5 - 10 10 10 - 15 15 15 - 20 20 20 - 15 30 45 60 2001/2002 2002/2003 2003/2004 2004/2005 5 10 5 5 5 15 10 10 10 20 15 15 15 5 25 45 65 2001/2002 2002/2003 2003/2004 2004/2005 - 2000/2001 - Revenue 5 15 15 15 15 - - 99/2000 Total Item Item Item Item Item - 1 2 3 4 2004/2005 10 10 10 10 - - Total 2003/2004 5 5 5 5 - 99/2000 1 2 3 5 2002/2003 - - 2000/2001 - - 2001/2002 - - 99/2000 Revenue 3 Item Item Item Item - 1 2 3 4 Total Item Item Item Item 2000/2001 - - - - 99/2000 100 20 5 5 300 50 30 25 600 90 80 75 130 405 845 2002/2003 2003/2004 2004/2005 5 5 5 5 - 10 10 10 10 - 15 15 15 15 - 20 40 60 2001/2002 2002/2003 2003/2004 2004/2005 15 5 - 20 30 25 130 20 40 45 45 405 40 60 60 65 845 60 20 225 575 1.

ABC Company Inc Financial model summary ($US) FINANCIAL Gross revenue 2000/2001 2001/2002 $0 $75 Net revenue Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 Total net revenue Other Income Total Revenue Less Operating Expenses Expense 1 Expense 2 Expense 3 Expense 4 Expense 5 Total operating expenses EBITDA 2003/2004 $2.175 - - 2003/2004 5 5 5 5 5 5 5 5 Membership base Retail customers Industrial customers Government customers 0 0 0 5 5 5 10 10 10 15 15 15 Revenue 3 Item 1 Item 2 Item 3 Item 4 Item 5 0 0 0 0 0 5 0 0 0 0 5 5 5 5 5 5 5 5 5 5 Revenue 4 Item 1 Item 2 Item 3 Item 4 0 0 0 0 0 0 0 0 100 20 5 5 200 30 25 20 Revenue 5 Item 1 0 0 5 5 Confidential Summary financial Page 10 .050 $0 $0 $0 $0 $0 $0 $0 $0 $0 $45 $20 $0 $0 $65 $0 $65 $80 $90 $190 $215 $65 $640 $0 $640 $160 $135 $190 $438 $65 $988 $0 $988 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $65 $0 $0 $0 $0 $0 $0 $640 $0 $0 $0 $0 $0 $0 $988 $0 $0 $0 $65 $65 $65 $640 $448 $448 $988 $691 $691 2000/2001 2001/2002 2002/2003 Operating profit before tax Net profit after tax Net cashflow before financing BUSINESS ACTIVITY Revenue 1 Item 1 Item 2 Item 3 Item 4 2002/2003 $1.

Item 2 Item 3 Item 4 Item 5 Confidential 0 0 0 0 Summary financial 0 0 0 0 5 5 5 0 5 5 5 0 Page 11 .

2004/2005 $3.345 $0 $1.025 $240 $180 $190 $670 $65 $1.345 $1.345 $0 $0 $0 $0 $0 $0 $1.345 $942 $942 2004/2005 5 5 5 5 20 20 20 5 5 5 5 5 300 40 50 50 5 Confidential Summary financial Page 12 .

5 5 5 0 Confidential Summary financial Page 13 .

175 5.0% $0 $0 $0 $1.0% 5.025 5.0% 5.0% $0 $0 $0 $75 5.0% 5.0% $0 $0 $0 $3.ABC Company Inc Operating and capital expenditure Operating expenditure Expense 1 Expense 2 Expense 3 Expense 4 Expense 5 Total Capital Expenditure Expense 1 Expense 2 Expense 3 Expense 4 Expense 5 2000/2001 Total Working Capital Trade Sales ($US) % Debtors % Creditors Working capital required (trade) Current working capital Working capital required Confidential 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 $0 2002/2003 $0 $0 $0 $0 $0 $0 2002/2003 $0 $0 $0 $0 $0 $0 2003/2004 $0 $0 $0 $0 $0 $0 2003/2004 $0 $0 $0 $0 $0 $0 2004/2005 $0 $0 $0 $0 $0 $0 2004/2005 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 $0 5.0% 5.0% $0 $0 $0 $2.0% $0 $0 $0 Operating and capital expenses Page 14 .050 5.0% 5.

ABC Company Inc Operating and capital expenditure Expense 1 Operating expenditure 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 Total $0 $0 $0 $0 $0 Total $0 $0 $0 $0 $0 Capital expenditure Confidential Operating and capital expenses Page 15 .

ABC Company Inc Operating and capital expenditure Expense 2 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 Operating expenditure Total $0 $0 $0 $0 $0 Total $0 $0 $0 $0 $0 Capital expenditure Confidential Operating and capital expenses Page 16 .

ABC Company Inc Operating and capital expenditure Expense 3 Operating expenditure 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 Total $0 $0 $0 $0 $0 Total $0 $0 $0 $0 $0 Capital expenditure Confidential Operating and capital expenses Page 17 .

ABC Company Inc Operating and capital expenditure Expense 4 Operating expenditure 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 Total $0 $0 $0 $0 $0 Total $0 $0 $0 $0 $0 Capital expenditure Confidential Operating and capital expenses Page 18 .

ABC Company Inc Operating and capital expenditure Expense 5 Operating expenditure 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 Total $0 $0 $0 $0 $0 Total $0 $0 $0 $0 $0 Capital expenditure Confidential Operating and capital expenses Page 19 .

ABC Company Inc Graphical summary Financial $0.0m $0.0m $0.0m Revenue 4 $0.0m $0.0m 2004/2005 2003/2004 2002/2003 2001/2002 2000/2001 $0.0m $0.0m $0.0m $0.1m $1m Revenue 5 Expense 5 Revenue 4 Expense 4 Revenue 3 Expense 3 Revenue 2 EBITDA $0.0m Revenue 5 $0.0m $0.0m $0.0m Revenue 2 $0.0m $0.0m $0.0m $0.0m $0.0m Gross margin 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 Average Revenue 1 Net revenue Operating expenditure $0.0m $0.0m Gross revenue $0.0m $0.0m $0.0m $0.0m .0m 2004/2005 2003/2004 2002/2003 $0.0m Expense 1 Net cashflow $0.0m $0.0m Revenue 3 $0.0m 2001/2002 Revenue 1 2000/2001 $0m Expense 2 $0.0m $0.

5m 10 Expense 3 20 15 5 5 - 35 Expense 2 10 - $0.ABC Company Inc Graphical summary Business activity Membership base (Industry) 25 Membership base (Goverment) 25 20 20 20 15 15 15 10 10 10 5 20 15 5 5 10 5 - - - - - - Membership base (Retail) 25 Capital expenditure $1.0m 20 Expense 5 15 Expense 4 $0.0m - Employees by job function 30 25 Corporate 20 Marketing 15 Sales and support 10 5 Applications & content 0 1999/2000 H1 (build) H2 (deploy) H3 (operate) H4 (expand) H5 Technology infrastructure 45 40 35 30 25 20 15 10 5 - Expense 1 Customers 20 15 Item 2 10 - - 5 5 10 15 20 Item 1 .

ABC Company Inc Graphical summary 70 60 50 40 30 Item 4 Item 3 Item 2 20 10 6 555 5 555 555 6 5 4 4 3 3 2 2 1 Item 1 555 1 --- - - - Item 1 70 60 50 40 30 20 10 - Item 4 Item 5 500 Item 2 Item 2 70 40 30 20 10 - Item 3 Item 3 Item 1 50 Item 3 1.000 - 60 Item 2 Item 5 Item 4 Item 3 Item 2 Item 1 Item 1 .

1m 2004/2005 2003/2004 2002/2003 2001/2002 2000/2001 $0.0m $0.0m $0.0m $0.0m $0.1m US$0.0m $0.0m Item 2 $0.0m $0.0m Item 2 $0.0m $0.0m Item 1 Item 1 $0.1m $0.0m Item 1 $0.0m $0.ABC Company Inc Revenue summary $0.0m Item 1 $0.0m Item 3 $0.0m $0.1m Item 5 Item 5 Item 4 Item 4 Item 3 Item 3 Item 2 $0.0m $0.0m Item 3 Item 2 Item 1 .0m $0.0m Item 4 Item 4 Item 3 Item 3 Item 2 Item 2 Item 1 US$0.0m $0.0m $0.

0m $0.0m $0.0m $0.0m Item 5 Item 4 $0.0m $0.0m $0.0m $0.ABC Company Inc Graphical summary $0.5m Item 4 Item 3 Item 3 $0.0m $0.0m Item 1 Item 5 Item 4 Item 3 Item 2 Item 1 .0m $0.0m Item 2 US$0.0m $0.0m Item 3 $0.0m Item 2 $0.0m $0.0m $0.0m Item 4 US$0.0m Item 2 2002/2003 $0.0m Item 1 $0.0m 2004/2005 Item 1 2000/2001 $0.0m $0.0m $0.

175 2003/2004 $200 $150 $225 $1.900 $300 $0 $225 $2.375 $100 $1.660 $0 $0 $0 $0 $0 $0 $0 $50 $0 $0 $0 $50 $0 $100 $0 $0 $0 $100 $0 $150 $0 $0 $0 $150 $0 $200 $0 $0 $0 $200 $0 $0 $0 $0 $0 $0 $0 $5 $5 $0 $0 $10 $20 $10 $35 $435 $35 $535 $40 $15 $35 $938 $35 $1.050 2004/2005 $300 $200 $225 $2.530 $35 $1.825 $0 $0 $0 $0 $0 $0 $0 $50 $0 $0 $0 $50 $0 $100 $0 $0 $0 $100 $0 $150 $0 $0 $0 $150 $0 $200 $0 $0 $0 $200 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $0 $50 $25 $0 $0 $75 2002/2003 $100 $100 $225 $650 $100 $1.680 Financial Forecast Page 25 .530 $35 $1.063 $60 $20 $35 $1.075 $200 $0 $225 $1.ABC Company Inc Financial Forecast GROSS REVENUE Non-recurring gross revenue Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 Recurring gross revenue Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 Total gross revenue Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 Total gross revenue LESS DIRECT COST Direct cost (non-recurring) Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 Direct costs (recurring) Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 Direct costs (Total) Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 TOTAL DIRECT COSTS Confidential 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 $0 $0 $0 $0 $0 $0 $0 $0 $25 $0 $0 $25 $100 $0 $225 $650 $100 $1.200 $100 $3.375 $100 $2.025 $0 $0 $0 $0 $0 $0 $0 $0 $5 $0 $0 $5 $20 $0 $35 $435 $35 $525 $40 $0 $35 $938 $35 $1.048 $60 $0 $35 $1.200 $100 $2.

345 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $65 $640 $988 $1.345 Existing Depreciation and amortisation Additional depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Depreciation and Amortisation EBIT $0 $0 $0 $65 $0 $640 $0 $988 $0 $1.345 $0 $0 $0 $0 $0 $0 $65 $640 $988 $1.ABC Company Inc Financial Forecast NET REVENUE Net revenue (non-recurring) Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 $0 $0 $0 $0 $0 $0 $0 $0 $20 $0 $0 $20 $80 $0 $190 $215 $65 $550 $160 $0 $190 $438 $65 $853 $240 $0 $190 $670 $65 $1.345 $0 $0 $0 $65 Interest received Interest paid Finance lease charges Net interest EBT Income Taxation NPAT Confidential Financial Forecast ($192) $448 ($296) $691 ($404) $942 Page 26 .165 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $45 $20 $0 $0 $65 $80 $90 $190 $215 $65 $640 $160 $135 $190 $438 $65 $988 $240 $180 $190 $670 $65 $1.345 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total operating expenses $0 $0 $0 $0 $0 EBITDA Net revenue (recurring) Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 Net revenue (Total) Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 TOTAL NET REVENUE OTHER INCOME Other income Total other income TOTAL REVENUE Less Operating Expenses Expense 1 Expense 2 Expense 3 Expense 4 Expense 5 $0 $65 $640 $988 $1.

ABC Company Inc Financial Forecast NPAT 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 $0 $65 $448 $691 $942 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $65 $448 $691 $942 Capital expenditure Working capital Expense 1 Expense 2 Expense 3 Expense 4 Expense 5 Total capital expenditure Net cashflow after capital expenditure Financing activities Equity funds raised Dividends $0 $0 $0 ($33) ($224) ($346) Net financing activities $0 $0 ($33) ($224) ($346) Net cashflow after financing $0 $65 $416 $467 $596 Confidential Financial Forecast Page 27 .

175 2002/2003 $20 $0 $35 $435 $35 $525 2002/2003 $80 $0 $190 $215 $65 $550 2002/2003 $100 $0 $225 $650 $100 $1.200 $100 $2.200 $100 $3.075 2002/2003 $0 $100 $0 $0 $0 $100 2002/2003 80% 100% 84% 33% 65% 55% 2003/2004 $200 $150 $225 $1.375 $100 $1.375 $100 $2.165 2004/2005 $300 $0 $225 $2.530 $35 $1.048 2003/2004 $160 $0 $190 $438 $65 $853 2003/2004 $200 $0 $225 $1.ABC Company Inc Revenue and direct cost summary Gross revenue 2000/2001 Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 $0 $0 $0 $0 $0 $0 Total Direct cost $0 $0 $0 $0 $0 $0 Total Net revenue $0 $0 $0 $0 $0 $0 Total Non-recurring revenue $0 $0 $0 $0 $0 $0 Total Recurring revenue $0 $0 $0 $0 $0 $0 Total Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 Average Confidential 2000/2001 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2001/2002 $0 $0 $25 $0 $0 $25 2000/2001 Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 2001/2002 $0 $0 $20 $0 $0 $20 2000/2001 Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 2001/2002 $0 $0 $5 $0 $0 $5 2000/2001 Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 Gross margin $0 $50 $25 $0 $0 $75 2000/2001 Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 2001/2002 2001/2002 $0 $50 $0 $0 $0 $50 2001/2002 #DIV/0! 100% 80% #DIV/0! #DIV/0! 93% Revenue summary 2002/2003 $100 $100 $225 $650 $100 $1.660 2004/2005 $240 $0 $190 $670 $65 $1.825 2004/2005 $0 $200 $0 $0 $0 $200 2004/2005 80% 100% 84% 30% 65% 45% Page 28 .025 2004/2005 $60 $0 $35 $1.050 2003/2004 $40 $0 $35 $938 $35 $1.900 2003/2004 $0 $150 $0 $0 $0 $150 2003/2004 80% 100% 84% 32% 65% 49% 2004/2005 $300 $200 $225 $2.

ABC Company Inc Profit and Loss Statement (Historical) Revenue Sales H2 1999 H1 2000 1999/2000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Revenue $0 $0 $0 Less Direct cost $0 $0 $0 Net revenue $0 $0 $0 Total sales Other income Other income Total other income Less Operating Expenses Expense 1 Expense 2 Expense 3 Expense 4 Expense 5 Total Operating Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Less capital expenditure Expense 1 Expense 2 Expense 3 Expense 4 Expense 5 Total capital expenditure $0 $0 $0 Net cashflow $0 $0 $0 Equity finance $0 $0 $0 Net cashflow after finance $0 $0 $0 Earnings before Depn.Int and tax Depreciation Amortisation Depreciation and amortisation Earnings before interest and tax Interested received Interest paid Finance lease charges Net interest Operating profit before tax Income Taxation Net profit after tax Confidential Historical financial Page 29 .

ABC Company Inc Revenue 1 Summary Total revenue Item Item Item Item 2000/2001 1 2 3 4 Total Direct cost Item Item Item Item Total Net revenue Item Item Item Item Total Non-recurring Gross revenue Item Item Item Item 1 2 3 4 Total Recurring Gross revenue Item Item Item Item 1 2 3 4 Total 2003/2004 2004/2005 $25 $25 $25 $25 $50 $50 $50 $50 $75 $75 $75 $75 $0 $0 $100 $200 $300 2001/2002 2002/2003 2003/2004 2004/2005 $0 $0 $0 $0 $0 $0 $0 $0 $5 $5 $5 $5 $10 $10 $10 $10 $15 $15 $15 $15 $0 $0 $20 $40 $60 2000/2001 1 2 3 4 2002/2003 $0 $0 $0 $0 2000/2001 1 2 3 4 2001/2002 $0 $0 $0 $0 2001/2002 2002/2003 2003/2004 2004/2005 $0 $0 $0 $0 $0 $0 $0 $0 $20 $20 $20 $20 $40 $40 $40 $40 $60 $60 $60 $60 $0 $0 $80 $160 $240 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 $0 $0 $0 $0 $0 $0 $0 $0 $25 $25 $25 $25 $50 $50 $50 $50 $75 $75 $75 $75 $0 $0 $100 $200 $300 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Direct cost (non-recurring) Item 1 Item 2 Item 3 Item 4 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 2002/2003 $5 $5 $5 $5 $20 2003/2004 $10 $10 $10 $10 $40 2004/2005 $15 $15 $15 $15 $60 Direct cost (recurring) Item 1 Item 2 Item 3 Item 4 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 2002/2003 $0 $0 $0 $0 $0 2003/2004 $0 $0 $0 $0 $0 2004/2005 $0 $0 $0 $0 $0 Confidential Revenue 1 Page 30 .

ABC Company Inc Revenue 1 Revenue by submarket segment 2000/2001 2001/2002 - - 2002/2003 2003/2004 2004/2005 Item 1 Non-recurring revenue Recurring revenue Total - - 25 - 50 - 75 - 25 50 75 25 - 50 - 75 - 25 50 75 25 - 50 - 75 - 25 50 75 Item 2 Non-recurring revenue Recurring revenue - Total - - - Item 3 Non-recurring revenue Recurring revenue - Total - - - Item 4 Non-recurring revenue Recurring revenue - - 25 25 50 50 75 75 - - 100 - 200 - 300 - 100 200 300 Total Non-recurring revenue Recurring revenue required (man days per subscription) Confidential - - Revenue 1 Page 31 .

ABC Company Inc Revenue 1 Non-recurring and recurring revenue Non-recurring revenue Item Item Item Item 1 2 3 4 Total 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 $0 $0 $0 $0 $0 $0 $0 $0 $25 $25 $25 $25 $50 $50 $50 $50 $75 $75 $75 $75 $0 $0 $100 $200 $300 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $25 $25 $25 $25 $50 $50 $50 $50 $75 $75 $75 $75 $0 $0 $100 $200 $300 $0 $0 $0 $0 $0 $0 $0 $0 $5 $5 $5 $5 $10 $10 $10 $10 $15 $15 $15 $15 $0 $0 $20 $40 $60 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Recurring revenue Item Item Item Item 1 2 3 4 Total Total Item Item Item Item 1 2 3 4 Total Direct cost A$ (non-recurring) Item Item Item Item 1 2 3 4 Total Direct cost A$ (recurring) Item Item Item Item 1 2 3 4 Total Confidential Revenue 1 Page 32 .

ABC Company Inc Revenue 2 Summary Gross revenue Item 1 Item 2 Item 3 Item 4 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $25 $25 $0 $0 $50 2002/2003 $50 $50 $0 $0 $100 2003/2004 $75 $75 $0 $0 $150 2004/2005 $100 $100 $0 $0 $200 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $5 $0 $0 $0 $5 2002/2003 $10 $0 $0 $0 $10 2003/2004 $15 $0 $0 $0 $15 2004/2005 $20 $0 $0 $0 $20 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $20 $25 $0 $0 $45 2002/2003 $40 $50 $0 $0 $90 2003/2004 $60 $75 $0 $0 $135 2004/2005 $80 $100 $0 $0 $180 Non-recurring revenue Item 1 Item 2 Item 3 Item 4 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 2002/2003 $0 $0 $0 $0 $0 2003/2004 $0 $0 $0 $0 $0 2004/2005 $0 $0 $0 $0 $0 Recurring revenue Item 1 Item 2 Item 3 Item 4 2000/2001 $0 $0 $0 $0 $0 2001/2002 $25 $25 $0 $0 $50 2002/2003 $50 $50 $0 $0 $100 2003/2004 $75 $75 $0 $0 $150 2004/2005 $100 $100 $0 $0 $200 Direct cost Item 1 Item 2 Item 3 Item 4 Net revenue Item 1 Item 2 Item 3 Item 4 Total Direct cost (non-recurring) Item 1 Item 2 Item 3 Item 4 Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Direct cost (recurring) Item 1 Item 2 Item 3 Item 4 Total $0 $0 $0 $0 $0 $5 $0 $0 $0 $5 $10 $0 $0 $0 $10 $15 $0 $0 $0 $15 $20 $0 $0 $0 $20 Confidential Revenue 2 Page 33 .

ABC Company Inc Revenue 2 Revenue by submarket segment 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 Item 1 Non-recurring revenue Recurring revenue - Total - 25 50 75 100 25 50 75 100 25 50 75 100 25 50 75 100 - - - Item 2 Non-recurring revenue Recurring revenue - Total - Item 3 Non-recurring revenue Recurring revenue - Total - - - - - - Item 4 Non-recurring revenue Recurring revenue - - - - - - 50 100 150 200 50 100 150 200 Total Non-recurring revenue Recurring revenue - Confidential Revenue 2 Page 34 .

ABC Company Inc Revenue 2 Non-recurring and recurring revenue Non-recurring revenue Item 1 Item 2 Item 3 Item 4 Total Recurring revenue Item 1 Item 2 Item 3 Item 4 2000/2001 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 2002/2003 $0 $0 $0 $0 $0 2003/2004 $0 $0 $0 $0 $0 2004/2005 $0 $0 $0 $0 $0 Total $0 $0 $0 $0 $0 $25 $25 $0 $0 $50 $50 $50 $0 $0 $100 $75 $75 $0 $0 $150 $100 $100 $0 $0 $200 Total $0 $0 $0 $0 $0 $25 $25 $0 $0 $50 $50 $50 $0 $0 $100 $75 $75 $0 $0 $150 $100 $100 $0 $0 $200 Direct cost (non-recurring) Item 1 Item 2 Item 3 Item 4 Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Direct cost (recurring) Item 1 Item 2 Item 3 Item 4 Total $0 $0 $0 $0 $0 $5 $0 $0 $0 $5 $10 $0 $0 $0 $10 $15 $0 $0 $0 $15 $20 $0 $0 $0 $20 Total Item 1 Item 2 Item 3 Item 4 Confidential Revenue 2 Page 35 .

ABC Company Inc Revenue 3 Summary Total revenue Item 1 Item 2 Item 3 Item 4 Item 5 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $25 $0 $0 $0 $0 $25 2002/2003 $25 $50 $50 $50 $50 $225 2003/2004 $25 $50 $50 $50 $50 $225 2004/2005 $25 $50 $50 $50 $50 $225 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $5 $0 $0 $0 $0 $5 2002/2003 $5 $10 $10 $10 $0 $35 2003/2004 $5 $10 $10 $10 $0 $35 2004/2005 $5 $10 $10 $10 $0 $35 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $20 $0 $0 $0 $0 $20 2002/2003 $20 $40 $40 $40 $50 $190 2003/2004 $20 $40 $40 $40 $50 $190 2004/2005 $20 $40 $40 $40 $50 $190 Non-recurring Gross revenue Item 1 Item 2 Item 3 Item 4 Item 5 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $25 $0 $0 $0 $0 $25 2002/2003 $25 $50 $50 $50 $50 $225 2003/2004 $25 $50 $50 $50 $50 $225 2004/2005 $25 $50 $50 $50 $50 $225 Recurring Gross revenue Item 1 Item 2 Item 3 Item 4 Item 5 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 $0 2002/2003 $0 $0 $0 $0 $0 $0 2003/2004 $0 $0 $0 $0 $0 $0 2004/2005 $0 $0 $0 $0 $0 $0 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $5 $0 $0 $0 $0 $5 2002/2003 $5 $10 $10 $10 $0 $35 2003/2004 $5 $10 $10 $10 $0 $35 2004/2005 $5 $10 $10 $10 $0 $35 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 $0 2002/2003 $0 $0 $0 $0 $0 $0 2003/2004 $0 $0 $0 $0 $0 $0 2004/2005 $0 $0 $0 $0 $0 $0 Direct cost Item 1 Item 2 Item 3 Item 4 Item 5 Net revenue Item 1 Item 2 Item 3 Item 4 Item 5 Direct cost (non-recurring) Item 1 Item 2 Item 3 Item 4 Item 5 Direct cost (recurring) Item 1 Item 2 Item 3 Item 4 Item 5 Confidential Revenue 3 Page 36 .

ABC Company Inc Revenue 3 Revenue by submarket segment 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 Item 1 Non-recurring revenue Recurring revenue - Total - 25 - 25 - 25 - 25 - 25 25 25 25 - 50 - 50 - 50 - 50 50 50 50 - 50 - 50 - 50 50 50 Item 2 Non-recurring revenue Recurring revenue - Total - - Item 3 Non-recurring revenue Recurring revenue - Total - - - Item 4 Non-recurring revenue Recurring revenue - - 50 50 50 50 50 50 - - 50 50 50 50 50 50 - 25 - 225 - 225 - 225 - 25 225 225 225 Item 5 Non-recurring revenue Recurring revenue Total Non-recurring revenue Recurring revenue - Confidential Revenue 3 Page 37 .

ABC Company Inc Revenue 3 Non-recurring and recurring revenue Non-recurring revenue Item Item Item Item Item 1 2 3 4 5 Total 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 $0 $0 $0 $0 $0 $25 $0 $0 $0 $0 $25 $50 $50 $50 $50 $25 $50 $50 $50 $50 $25 $50 $50 $50 $50 $0 $25 $225 $225 $225 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $25 $0 $0 $0 $0 $25 $50 $50 $50 $50 $25 $50 $50 $50 $50 $25 $50 $50 $50 $50 $0 $25 $225 $225 $225 $0 $0 $0 $0 $0 $5 $0 $0 $0 $0 $5 $10 $10 $10 $0 $5 $10 $10 $10 $0 $5 $10 $10 $10 $0 $0 $5 $35 $35 $35 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Recurring revenue Item Item Item Item Item 1 2 3 4 5 Total Total Item Item Item Item Item 1 2 3 4 5 Total Direct cost A$ (non-recurring) Item Item Item Item Item 1 2 3 4 5 Total Direct cost A$ (recurring) Item Item Item Item Item 1 2 3 4 5 Total Confidential Revenue 3 Page 38 .

500 $200 $250 $250 $2.500 $200 $250 $250 $2.200 Recurring Gross revenue Item 1 Item 2 Item 3 Item 4 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 2002/2003 $0 $0 $0 $0 $0 2003/2004 $0 $0 $0 $0 $0 2004/2005 $0 $0 $0 $0 $0 Direct cost (non-recurring) Item 1 Item 2 Item 3 Item 4 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 2002/2003 $300 $90 $23 $23 $435 2003/2004 $600 $135 $113 $90 $938 2004/2005 $900 $180 $225 $225 $1.000 $150 $125 $100 $1.530 Direct cost (recurring) Item 1 Item 2 Item 3 Item 4 2000/2001 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 2002/2003 $0 $0 $0 $0 $0 2003/2004 $0 $0 $0 $0 $0 2004/2005 $0 $0 $0 $0 $0 Direct cost Item 1 Item 2 Item 3 Item 4 Net revenue Item 1 Item 2 Item 3 Item 4 Total Confidential Revenue 4 Page 39 .375 2004/2005 $1.530 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 2002/2003 $200 $10 $3 $3 $215 2003/2004 $400 $15 $13 $10 $438 2004/2005 $600 $20 $25 $25 $670 Non-recurring Gross revenue Item 1 Item 2 Item 3 Item 4 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 2002/2003 $500 $100 $25 $25 $650 2003/2004 $1.375 2004/2005 $1.ABC Company Inc Revenue 4 Summary Gross revenue Item 1 Item 2 Item 3 Item 4 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 2002/2003 $500 $100 $25 $25 $650 2003/2004 $1.000 $150 $125 $100 $1.200 Total 2000/2001 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 2002/2003 $300 $90 $23 $23 $435 2003/2004 $600 $135 $113 $90 $938 2004/2005 $900 $180 $225 $225 $1.

500 Total - - 100 100 150 150 200 200 - - 25 - 125 125 250 250 - - 25 100 100 250 250 - - 650 650 1.000 1.375 2.200 2.375 1.500 1.ABC Company Inc Revenue 4 Revenue by submarket segment 2000/2001 2001/2002 Total - - 500 500 1.200 Item 1 Non-recurring revenue Recurring revenue Item 2 Non-recurring revenue Recurring revenue Item 3 Non-recurring revenue Recurring revenue Total Item 4 Non-recurring revenue Recurring revenue Total Non-recurring revenue Recurring revenue Total Confidential Revenue 4 2002/2003 2003/2004 25 25 2004/2005 Page 40 .000 1.

500 $200 Total $0 $0 $0 $0 $0 $0 $25 $25 $650 $125 $100 $1.375 $1.200 Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $500 $100 $25 $25 $650 $1.200 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $300 $90 $23 $23 $435 $600 $135 $113 $90 $938 $900 $180 $225 $225 $1.000 $150 2004/2005 $1.000 $150 $125 $100 $1.500 $200 $250 $250 $2.375 $250 $250 $2.530 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Recurring revenue Item 1 Item 2 Item 3 Item 4 Total Item 1 Item 2 Item 3 Item 4 Direct cost A$ (non-recurring) Item 1 Item 2 Item 3 Item 4 Total Direct cost A$ (recurring) Item 1 Item 2 Item 3 Item 4 Total Confidential Revenue 4 Page 41 .ABC Company Inc Revenue 4 Recurring and Non-recurring revenue Non-recurring revenue Item 1 Item 2 Item 3 Item 4 2000/2001 $0 $0 2001/2002 $0 $0 2002/2003 $500 $100 2003/2004 $1.

ABC Company Inc Revenue 5 Summary Total revenue Item 1 Item 2 Item 3 Item 4 Item 5 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 $0 2002/2003 $25 $25 $25 $25 $0 $100 2003/2004 $25 $25 $25 $25 $0 $100 2004/2005 $25 $25 $25 $25 $0 $100 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 $0 2002/2003 $5 $0 $5 $25 $0 $35 2003/2004 $5 $0 $5 $25 $0 $35 2004/2005 $5 $0 $5 $25 $0 $35 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 $0 2002/2003 $20 $25 $20 $0 $0 $65 2003/2004 $20 $25 $20 $0 $0 $65 2004/2005 $20 $25 $20 $0 $0 $65 Non-recurring Gross revenue Item 1 Item 2 Item 3 Item 4 Item 5 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 $0 2002/2003 $25 $25 $25 $25 $0 $100 2003/2004 $25 $25 $25 $25 $0 $100 2004/2005 $25 $25 $25 $25 $0 $100 Recurring Gross revenue Item 1 Item 2 Item 3 Item 4 Item 5 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 $0 2002/2003 $0 $0 $0 $0 $0 $0 2003/2004 $0 $0 $0 $0 $0 $0 2004/2005 $0 $0 $0 $0 $0 $0 Direct cost (non-recurring) Item 1 Item 2 Item 3 Item 4 Item 5 Total 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 $0 2002/2003 $5 $0 $5 $25 $0 $35 2003/2004 $5 $0 $5 $25 $0 $35 2004/2005 $5 $0 $5 $25 $0 $35 Direct cost (recurring) Item 1 Item 2 2000/2001 $0 $0 2001/2002 $0 $0 2002/2003 $0 $0 2003/2004 $0 $0 2004/2005 $0 $0 Direct cost Item 1 Item 2 Item 3 Item 4 Item 5 Net revenue Item 1 Item 2 Item 3 Item 4 Item 5 Confidential Revenue 5 Page 42 .

Item 3 Item 4 Item 5 Total Confidential $0 $0 $0 $0 $0 $0 $0 $0 Revenue 5 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Page 43 .

ABC Company Inc Revenue 5 Revenue by submarket segment 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 Item 1 Non-recurring revenue Recurring revenue Total - - 25 25 25 25 25 25 Item 2 Non-recurring revenue Recurring revenue Total - - 25 25 25 25 25 25 - - 25 25 25 25 25 25 - - 25 25 25 25 25 25 - - - - - - - 100 100 100 100 100 100 Item 3 Non-recurring revenue Recurring revenue Total Item 4 Non-recurring revenue Recurring revenue Item 5 Non-recurring revenue Recurring revenue Total Non-recurring revenue Recurring revenue Total Confidential Revenue 5 Page 44 .

ABC Company Inc Revenue 5 Non-recurring and recurring revenue Non-recurring revenue Item 1 Item 2 Item 3 Item 4 Item 5 Total Recurring revenue Item 1 Item 2 Item 3 Item 4 Item 5 2000/2001 $0 $0 $0 $0 $0 $0 2001/2002 $0 $0 $0 $0 $0 $0 2002/2003 $25 $25 $25 $25 $0 $100 2003/2004 $25 $25 $25 $25 $0 $100 2004/2005 $25 $25 $25 $25 $0 $100 Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $25 $25 $25 $25 $0 $100 $25 $25 $25 $25 $0 $100 $25 $25 $25 $25 $0 $100 Direct cost (non-recurring) Item 1 Item 2 Item 3 Item 4 Item 5 Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $5 $0 $5 $25 $0 $35 $5 $0 $5 $25 $0 $35 $5 $0 $5 $25 $0 $35 Direct cost (recurring) Item 1 Item 2 Item 3 Item 4 Item 5 Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Item 1 Item 2 Item 3 Item 4 Item 5 Confidential Revenue 5 Page 45 .

175 $640 $640 $448 2003/2004 $2.ABC Company Inc Venture capital and IPO analysis 2000/2001 $0 $0 $0 $0 Sales EBDIT EBIT NPAT Net Tangible Assets Issued shares (begin of year) Issued shares (end of year) #DIV/0! 2001/2002 $75 $65 $65 $65 2002/2003 $1.345 $942 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Venture capital finance $0 - Amount invested Mezzanine Valuation Pre-mezzanine NPAT (last year) - Value at issue 0 Number of shares issued to investor #DIV/0! Dilution of existing shareholders #DIV/0! Issue price per share #DIV/0! Issued shares post mezzanine #DIV/0! Initial Public offering IPO Valuation multiple - IPO Amount raised (new shares) - - - 30.0% NPAT (this year) - Value at issue 0 Number of shares issued - Dilution of all existing shareholders #DIV/0! Issue price per share #DIV/0! Existing shares sold 640 988 0 0 0 #DIV/0! No issue Issued shares post IPO 65 0 #DIV/0! No issue #DIV/0! #DIV/0! No issue #DIV/0! 942 #REF! #REF! #DIV/0! No issue #DIV/0! #REF! #DIV/0! #VALUE! IPO fees Underwriting/management fee $0 Fixed fees $0 Total $0 Impact of successive funding rounds Dilution of original shareholders #DIV/0! Shares issued during year #DIV/0! Issued shares end of year #DIV/0! Confidential #DIV/0! #DIV/0! - #DIV/0! Mezzanine and IPO analysis #DIV/0! - #DIV/0! #DIV/0! - #DIV/0! #REF! #DIV/0! Page 45 .025 $1.345 $1.0 - - - - IPO Amount raised (sale of shares) - IPO fixed fees - Underwriting fee 0.050 $988 $988 $691 2004/2005 $3.