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ABC Company IncAssumptions

A graphical overview of this financial model is provided below.

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 through 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Revenue categories Expense categoriesRevenue 1 Expense 1

Revenue 2 Expense 2

Revenue 3 Expense 3

Revenue 4 Expense 4

Revenue 5 Expense 5

Proportion of new customer activity include 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Revenue 1 100% 100% 100% 100% 100%

Revenue 2 100% 100% 100% 100% 100%

Revenue 3 100% 100% 100% 100% 100%

Revenue 4 100% 100% 100% 100% 100%

Revenue 5 100% 100% 100% 100% 100%

ASSUMPTIO NS

OperatingExpense 1

Expense 2

Expense 3Expense 4

Expense 5

Past one year

REVENUE

SUMMARY

FINANCIAL

FORECAST

HISTORICAL

FINANCIAL

Non-recurring

+ recurring

= Total revenu e

- Direct cost

= Gross profit

- Operating Exp

= Profitability

- Capital Exp= Cashflow

COMBINEDFINANCIAL

Past one year

and

next five years

MEZZANINE

AND IPO

ANALYSIS

Valuation

Shareholder

cashflows

IRR

NPAT

EP S

Non-recurring+ Recurring

= Total r evenueLess direct

=Gross profit

Expense 5

Expense 4

Expense 3

Expense 2

OPERATING ANDCAPITAL EXPENSES

Expense 1

Revenue 1()

REVENUE

Products/services

Business a ctivity

Revenue 2()

Revenue 3()

Revenue 4()

Revenue 5()

Timeframe Half years

Two year forecastOne year historical

Bolded items refer to worksheets within the model

Confidential Assumptions Page 1

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ABC Company IncAssumptions (Revenue 1)

Placements 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Revenue 1

Item 1 0 0 5 5 5

Item 2 0 0 5 5 5

Item 3 0 0 5 5 5Item 4 0 0 5 5 5

Non-recurring revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $5 $5 $5 $5 $5

Item 2 $5 $5 $5 $5 $5

Item 3 $5 $5 $5 $5 $5

Item 4 $5 $5 $5 $5 $5

Recurring revenue

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Direct cost (non-recurring)

Item 1 20% 20% 20% 20% 20%

Item 2 20% 20% 20% 20% 20%

Item 3 20% 20% 20% 20% 20%

Item 4 20% 20% 20% 20% 20%

Direct cost (recurring)

Item 1 20% 20% 20% 20% 20%

Item 2 20% 20% 20% 20% 20%

Item 3 20% 20% 20% 20% 20%

Item 4 20% 20% 20% 20% 20%

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ABC Company IncAssumptions (Revenue 2)

New members 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 0 5 5 5 5

Item 2 0 5 5 5 5

Item 3 0 5 5 5 5

Item 4 0 0 0 0 0

Non-recurring revenue

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Recurring revenue

Item 1 $5 $5 $5 $5 $5

Item 2 $5 $5 $5 $5 $5

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Direct cost (non-recurring)Item 1 20% 20% 20% 20% 20%

Item 2 0% 0% 0% 0% 0%

Item 3 0% 0% 0% 0% 0%

Item 4 0% 0% 0% 0% 0%

Direct cost (recurring)

Item 1 20% 20% 20% 20% 20%

Item 2 0% 0% 0% 0% 0%

Item 3 0% 0% 0% 0% 0%

Item 4 0% 0% 0% 0% 0%

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ABC Company IncAssumptions (Revenue 3)

2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

New

Item 1 0 5 5 5 5

Item 2 0 0 5 5 5

Item 3 0 0 5 5 5

Item 4 0 0 5 5 5

Item 5 0 0 5 5 5

Non-recurring revenue

Item 1 $5 $5 $5 $5 $5

Item 2 $10 $10 $10 $10 $10

Item 3 $10 $10 $10 $10 $10

Item 4 $10 $10 $10 $10 $10

Item 5 $10 $10 $10 $10 $10

Recurring revenue

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Item 5 $0 $0 $0 $0 $0

Direct cost (non-recurring) %

Item 1 20% 20% 20% 20% 20%

Item 2 20% 20% 20% 20% 20%

Item 3 20% 20% 20% 20% 20%

Item 4 20% 20% 20% 20% 20%

Item 5 0% 0% 0% 0% 0%

Direct cost (recurring) %

Item 1 20% 20% 20% 20% 20%

Item 2 20% 20% 20% 20% 20%

Item 3 20% 20% 20% 20% 20%

Item 4 20% 20% 20% 20% 20%

Item 5 0% 0% 0% 0% 0%

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ABC Company IncAssumptions (Revenue 4)

2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Business activity

Item 1 0 0 100 200 300

Item 2 0 0 20 30 40Item 3 0 0 5 10 25

Item 4 0 0 5 5 5

Non-recurring revenue

Item 1 $5 $5 $5 $5 $5

Item 2 $5 $5 $5 $5 $5

Item 3 $5 $5 $5 $5 $5

Item 4 $5 $5 $5 $5 $5

Recurring revenue

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Direct cost (non-recurring)Item 1 60% 60% 60% 60% 60%

Item 2 90% 90% 90% 90% 90%

Item 3 90% 90% 90% 90% 90%

Item 4 90% 90% 90% 90% 90%

Direct cost (recurring)

Item 1 60% 60% 60% 60% 60%

Item 2 90% 90% 90% 90% 90%

Item 3 90% 90% 90% 90% 90%

Item 4 90% 90% 90% 90% 90%

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ABC Company IncAssumptions (Revenue 5)

Business service activity 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 0 0 5 5 5

Item 2 0 0 5 5 5

Item 3 0 0 5 5 5Item 4 0 0 5 5 5

Item 5 0 0 5 5 5

Non-recurring revenue

Item 1 $5 $5 $5 $5 $5

Item 2 $5 $5 $5 $5 $5

Item 3 $5 $5 $5 $5 $5

Item 4 $5 $5 $5 $5 $5

Item 5 $5 $5 $5 $5 $5

Recurring revenue

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Item 5 $0 $0 $0 $0 $0

Direct cost (non-recurring)

Item 1 20% 20% 20% 20% 20%

Item 2 0% 0% 0% 0% 0%

Item 3 20% 20% 20% 20% 20%

Item 4 100% 100% 100% 100% 100%

Item 5 100% 100% 100% 100% 100%

Direct cost (recurring)

Item 1 20% 20% 20% 20% 20%

Item 2 0% 0% 0% 0% 0%

Item 3 20% 20% 20% 20% 20%

Item 4 98% 98% 98% 98% 98%

Item 5 60% 60% 60% 60% 60%

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ABC Company IncAssumptions (continued)

2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Working capital requirements

Debtors as a % of sales 5% 5% 5% 5% 5%

Creditors as a % of sales 5% 5% 5% 5% 5%

Corporate

Marketing $0 $100,000 $100,000 $100,000 $100,000Depreciation on capital expenditure 33.0% 33.0% 33.0% 33.0% 33.0%

Interest rate received 5.0% 5.0% 5.0% 5.0% 5.0%

Interest rate payable (short term debt) 9.0% 9.0% 9.0% 9.0% 9.0%

Corporate tax rate 30% 30% 30% 30% 30%

Effective corporate tax rate 30% 30% 30% 30% 30%

Dividend policy (% of last year NPAT) 0% 50% 50% 50% 50%

Confidential Assumptions Page 7

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ABC Company IncForecast annual business activity with each revenue category

Projected activity 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Revenue 1Item 1 - - 5 5 5

Item 2 - - 5 5 5Item 3 - - 5 5 5

Item 4 - - 5 5 5

Total - - 20 20 20

Revenue 2Item 1 - 5 5 5 5

Item 2 - 5 5 5 5

Item 3 - 5 5 5 5

Item 4 - - - - -

Total - 15 15 15 15

Revenue 3Item 1 - 5 5 5 5

Item 2 - - 5 5 5

Item 3 - - 5 5 5

Item 4 - - 5 5 5

Item 5 - - 5 5 5

Total - 5 25 25 25

Revenue 4Item 1 - - 100 200 300

Item 2 - - 20 30 40

Item 3 - - 5 25 50

Item 4 - - 5 20 50

Total - - 130 275 440

Revenue 5

Item 1 - - 5 5 5

Item 2 - - 5 5 5

Item 3 - - 5 5 5

Item 4 - - 5 5 5

Item 5 - - - - -

Total - - 20 20 20

Total 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Revenue 1 - - 20 20 20

Revenue 2 - 15 15 15 15Revenue 3 - 5 25 25 25

Revenue 4 - - 130 275 440

Revenue 5 - - 20 20 20

Total - 20 210 355 520

Confidential Market forecast: Page 8 of 45

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ABC Company IncForecast accumulated business activty within each revenue category

Revenue 1 99/2000 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 - - - 5 10 15

Item 2 - - - 5 10 15

Item 3 - - - 5 10 15

Item 4 - - - 5 10 15Total - - - 20 40 60

Revenue 2 99/2000 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 - - 5 10 15 20

Item 2 - - 5 10 15 20

Item 3 - - 5 10 15 20

Item 4 - - - - - -

Total - - 15 30 45 60

Revenue 3 99/2000 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 - - 5 10 15 20

Item 2 - - - 5 10 15

Item 3 - - - 5 10 15Item 5 - - - 5 10 15

Total - - 5 25 45 65

Revenue 4 99/2000 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 - - - 100 300 600

Item 2 - - - 20 50 90

Item 3 - - - 5 30 80

Item 4 - - - 5 25 75

Total - - - 130 405 845

Revenue 5 99/2000 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 - - 5 10 15

Item 2 - - 5 10 15

Item 3 - - 5 10 15

Item 4 - - 5 10 15

Item 5 - - - - -

Total - - - 20 40 60

Customer base 1999/200 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Revenue 1 - - - 20 40 60

Revenue 2 - - 15 30 45 60

Revenue 3 - - 5 25 45 65

Revenue 4 - - - 130 405 845

Revenue 5 - - - 20 40 60

Total - - 20 225 575 1,090

Confidential Market forecast: Page 9 of 45

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ABC Company IncFinancial model summary ($US)

FINANCIAL 2000/2001 2001/2002 2002/2003 2003/2004

Gross revenue $0 $75 $1,175 $2,050

Net revenue

Revenue 1 $0 $0 $80 $160Revenue 2 $0 $45 $90 $135

Revenue 3 $0 $20 $190 $190

Revenue 4 $0 $0 $215 $438

Revenue 5 $0 $0 $65 $65

Total net revenue $0 $65 $640 $988

Other Income $0 $0 $0 $0

Total Revenue $0 $65 $640 $988

Less Operating Expenses

Expense 1 $0 $0 $0 $0

Expense 2 $0 $0 $0 $0

Expense 3 $0 $0 $0 $0

Expense 4 $0 $0 $0 $0

Expense 5 $0 $0 $0 $0Total operating expenses $0 $0 $0 $0

EBITDA $0 $65 $640 $988

Operating profit before tax $0 $65 $640 $988

Net profit after tax $0 $65 $448 $691

Net cashflow before financing $0 $65 $448 $691

BUSINESS ACTIVITY 2000/2001 2001/2002 2002/2003 2003/2004

Revenue 1

Item 1 - - 5 5

Item 2 - - 5 5

Item 3 - - 5 5Item 4 - - 5 5

Membership base

Retail customers 0 5 10 15

Industrial customers 0 5 10 15

Government customers 0 5 10 15

Revenue 3

Item 1 0 5 5 5

Item 2 0 0 5 5

Item 3 0 0 5 5

Item 4 0 0 5 5

Item 5 0 0 5 5

Revenue 4

Item 1 0 0 100 200

Item 2 0 0 20 30

Item 3 0 0 5 25

Item 4 0 0 5 20

Revenue 5

Item 1 0 0 5 5

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Item 2 0 0 5 5

Item 3 0 0 5 5

Item 4 0 0 5 5

Item 5 0 0 0 0

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2004/2005

$3,025

$240$180

$190

$670

$65

$1,345

$0

$1,345

$0

$0

$0

$0

$0$0

$1,345

$1,345

$942

$942

2004/2005

5

5

55

20

20

20

5

5

5

5

5

300

40

50

50

5

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5

5

5

0

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ABC Company IncOperating and capital expenditure

Operating expenditure 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Expense 1 $0 $0 $0 $0 $0

Expense 2 $0 $0 $0 $0 $0

Expense 3 $0 $0 $0 $0 $0

Expense 4 $0 $0 $0 $0 $0

Expense 5 $0 $0 $0 $0 $0Total $0 $0 $0 $0 $0

Capital Expenditure 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Expense 1 $0 $0 $0 $0 $0

Expense 2 $0 $0 $0 $0 $0

Expense 3 $0 $0 $0 $0 $0

Expense 4 $0 $0 $0 $0 $0

Expense 5 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Working Capital 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Trade

Sales ($US) $0 $75 $1,175 $2,050 $3,025

% Debtors 5.0% 5.0% 5.0% 5.0% 5.0%

% Creditors 5.0% 5.0% 5.0% 5.0% 5.0%Working capital required (trade) $0 $0 $0 $0 $0

Current working capital $0 $0 $0 $0 $0

Working capital required $0 $0 $0 $0 $0

Confidential Operating and capital expenses Page 14

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ABC Company Inc

Operating and capital expenditure

Expense 1 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Operating expenditure

Total $0 $0 $0 $0 $0

Capital expenditure

Total $0 $0 $0 $0 $0

Confidential Operating and capital expenses Page 15

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ABC Company IncOperating and capital expenditure

Expense 2 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Operating expenditure

Total $0 $0 $0 $0 $0

Capital expenditure

Total $0 $0 $0 $0 $0

Confidential Operating and capital expenses Page 16

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ABC Company IncOperating and capital expenditure

Expense 3 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Operating expenditure

Total $0 $0 $0 $0 $0

Capital expenditure

Total $0 $0 $0 $0 $0

Confidential Operating and capital expenses Page 17

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ABC Company Inc

Operating and capital expenditure

Expense 4 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Operating expenditure

Total $0 $0 $0 $0 $0

Capital expenditure

Total $0 $0 $0 $0 $0

Confidential Operating and capital expenses Page 18

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ABC Company Inc

Operating and capital expenditure

Expense 5 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Operating expenditure

Total $0 $0 $0 $0 $0

Capital expenditure

Total $0 $0 $0 $0 $0

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ABC Company IncGraphical summary

Financial

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

2000/2001

2001/2002

2002/2003

2003/2004

2004/2005

EBITDA

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m$0.0m

$0.0mGross revenue

Revenue 5

Revenue 4

Revenue 3

Revenue 2

Revenue 1

$0m

$1m

Net revenue

Revenue 5

Revenue 4

Revenue 3

Revenue 2

Revenue 1

0%10%20%30%40%50%60%70%80%90%

100%Gross margin

Revenue 1

Revenue 2

Revenue 3

Revenue 4

Revenue 5

Average

$0.0m

$0.1m

2000/2001

2001/2002

2002/2003

2003/2004

2004/2005

Operating expenditure

Expense 5

Expense 4

Expense 3

Expense 2

Expense 1

$0.0m$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0mNet cashflow

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ABC Company IncGraphical summary

Business activity

$0.0m

$0.5m

$1.0mCapital expenditure

Expense 5

Expense 4

Expense 3

Expense 2

Expense 1

- -

5

10

15

20

-

5

10

15

20

25 Membership base (Goverment)

- -

5

10

15

20

-

5

10

15

20

25 Membership base (Industry)

- -

5

10

15

20

-

5

10

15

20

25Membership base (Retail)

0

5

10

15

20

25

30

35

1999/2000H1 (build)H2 (deploy)H3 (operate)H4 (expand)H5

Employees by job function

Corporate

Marketing

Sales andsupport

Applications &content

Technologyinfrastructure

- - 5

1015

20

- -

5

10

15

20

-

51015202530354045

Customers

Item 2 Item 1

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ABC Company IncGraphical summary

-

10

20

30

40

50

60

70Item 4

Item 3

Item 2

Item 1-

5 5 5 5

-

5 5 5 5

-

5 5 5 5

-

1

2

3

45

6

-

1

2

3

45

6

Item 1 Item 2 Item 3

-

10

20

30

40

50

60

70

Item 5

Item 3

Item 2

Item 1

-

500

1,000

Item 4

Item 3

Item 2

Item 1

-

10

20

30

40

50

60

70

Item 5

Item 4

Item 3

Item 2

Item 1

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ABC Company IncRevenue summary

$0.0m

$0.1m

2000/2001

2001/2002

2002/2003

2003/2004

2004/2005

Item 4

Item 3

Item 2

Item 1US$0.0m

US$0.1m

Item 4

Item 3

Item 2

Item 1

$0.0m$0.0m$0.0m$0.0m$0.0m$0.0m$0.0m$0.0m$0.0m$0.0m$0.0m

Item 3

Item 2

Item 1$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

Item 3

Item 2

Item 1

$0.0m

$0.1mItem 5

Item 4

Item 3

Item 2

Item 1

$0.0m

$0.1m

Item 5

Item 4

Item 3

Item 2

Item 1

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ABC Company IncGraphical summary

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

Item 4

Item 3

Item 2

Item 1 US$0.0m

US$0.5m

2000/2001

2002/2003

2004/2005

Item 4

Item 3

Item 2

Item 1

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

Item 5

Item 4

Item 3

Item 2

Item 1$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0m

$0.0mItem 5

Item 4

Item 3

Item 2

Item 1

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ABC Company IncFinancial Forecast 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

GROSS REVENUE

Non-recurring gross revenue

Revenue 1 $0 $0 $100 $200 $300

Revenue 2 $0 $0 $0 $0 $0

Revenue 3 $0 $25 $225 $225 $225

Revenue 4 $0 $0 $650 $1,375 $2,200

Revenue 5 $0 $0 $100 $100 $100

$0 $25 $1,075 $1,900 $2,825

Recurring gross revenue

Revenue 1 $0 $0 $0 $0 $0

Revenue 2 $0 $50 $100 $150 $200

Revenue 3 $0 $0 $0 $0 $0

Revenue 4 $0 $0 $0 $0 $0

Revenue 5 $0 $0 $0 $0 $0

$0 $50 $100 $150 $200

Total gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Revenue 1 $0 $0 $100 $200 $300

Revenue 2 $0 $50 $100 $150 $200

Revenue 3 $0 $25 $225 $225 $225

Revenue 4 $0 $0 $650 $1,375 $2,200

Revenue 5 $0 $0 $100 $100 $100

Total gross revenue $0 $75 $1,175 $2,050 $3,025

LESS DIRECT COST

Direct cost (non-recurring)

Revenue 1 $0 $0 $20 $40 $60

Revenue 2 $0 $0 $0 $0 $0

Revenue 3 $0 $5 $35 $35 $35

Revenue 4 $0 $0 $435 $938 $1,530

Revenue 5 $0 $0 $35 $35 $35$0 $5 $525 $1,048 $1,660

Direct costs (recurring)

Revenue 1 $0 $0 $0 $0 $0

Revenue 2 $0 $50 $100 $150 $200

Revenue 3 $0 $0 $0 $0 $0

Revenue 4 $0 $0 $0 $0 $0

Revenue 5 $0 $0 $0 $0 $0

$0 $50 $100 $150 $200

Direct costs (Total)

Revenue 1 $0 $0 $20 $40 $60

Revenue 2 $0 $5 $10 $15 $20

Revenue 3 $0 $5 $35 $35 $35

Revenue 4 $0 $0 $435 $938 $1,530

Revenue 5 $0 $0 $35 $35 $35TOTAL DIRECT COSTS $0 $10 $535 $1,063 $1,680

Confidential Financial Forecast Page 25

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ABC Company Inc

Financial Forecast 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

NET REVENUE

Net revenue (non-recurring)

Revenue 1 $0 $0 $80 $160 $240

Revenue 2 $0 $0 $0 $0 $0

Revenue 3 $0 $20 $190 $190 $190

Revenue 4 $0 $0 $215 $438 $670

Revenue 5 $0 $0 $65 $65 $65

$0 $20 $550 $853 $1,165

Net revenue (recurring)

Revenue 1 $0 $0 $0 $0 $0

Revenue 2 $0 $0 $0 $0 $0

Revenue 3 $0 $0 $0 $0 $0

Revenue 4 $0 $0 $0 $0 $0

Revenue 5 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0

Net revenue (Total)

Revenue 1 $0 $0 $80 $160 $240

Revenue 2 $0 $45 $90 $135 $180

Revenue 3 $0 $20 $190 $190 $190

Revenue 4 $0 $0 $215 $438 $670Revenue 5 $0 $0 $65 $65 $65

TOTAL NET REVENUE $0 $65 $640 $988 $1,345

OTHER INCOMEOther income

Total other income $0 $0 $0 $0 $0

TOTAL REVENUE $0 $65 $640 $988 $1,345

Less Operating ExpensesExpense 1 $0 $0 $0 $0 $0

Expense 2 $0 $0 $0 $0 $0

Expense 3 $0 $0 $0 $0 $0

Expense 4 $0 $0 $0 $0 $0

Expense 5 $0 $0 $0 $0 $0

Total operating expenses $0 $0 $0 $0 $0

EBITDA $0 $65 $640 $988 $1,345Existing Depreciation and amortisation $0 $0 $0 $0 $0

Additional depreciation $0 $0 $0 $0 $0

Depreciation and Amortisation $0 $0 $0 $0 $0

EBIT $0 $65 $640 $988 $1,345Interest received $0 $0 $0 $0 $0

Interest paid $0 $0 $0 $0 $0

Finance lease charges $0 $0 $0 $0 $0

Net interest $0 $0 $0 $0 $0

EBT $0 $65 $640 $988 $1,345Income Taxation $0 $0 ($192) ($296) ($404)

NPAT $0 $65 $448 $691 $942

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ABC Company IncFinancial Forecast 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

NPAT $0 $65 $448 $691 $942

Capital expenditureWorking capital $0 $0 $0 $0 $0

Expense 1 $0 $0 $0 $0 $0Expense 2 $0 $0 $0 $0 $0

Expense 3 $0 $0 $0 $0 $0

Expense 4 $0 $0 $0 $0 $0

Expense 5 $0 $0 $0 $0 $0

Total capital expenditure $0 $0 $0 $0 $0

Net cashflow after capital expendit $0 $65 $448 $691 $942

Financing activitiesEquity funds raised $0

Dividends $0 $0 ($33) ($224) ($346)

Net financing activities $0 $0 ($33) ($224) ($346)

Net cashflow after financing $0 $65 $416 $467 $596

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ABC Company IncRevenue and direct cost summary

Gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Revenue 1 $0 $0 $100 $200 $300

Revenue 2 $0 $50 $100 $150 $200

Revenue 3 $0 $25 $225 $225 $225

Revenue 4 $0 $0 $650 $1,375 $2,200Revenue 5 $0 $0 $100 $100 $100

Total $0 $75 $1,175 $2,050 $3,025

Direct cost 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Revenue 1 $0 $0 $20 $40 $60

Revenue 2 $0 $0 $0 $0 $0

Revenue 3 $0 $5 $35 $35 $35

Revenue 4 $0 $0 $435 $938 $1,530

Revenue 5 $0 $0 $35 $35 $35

Total $0 $5 $525 $1,048 $1,660

Net revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Revenue 1 $0 $0 $80 $160 $240

Revenue 2 $0 $0 $0 $0 $0Revenue 3 $0 $20 $190 $190 $190

Revenue 4 $0 $0 $215 $438 $670

Revenue 5 $0 $0 $65 $65 $65

Total $0 $20 $550 $853 $1,165

Non-recurring revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Revenue 1 $0 $0 $100 $200 $300

Revenue 2 $0 $0 $0 $0 $0

Revenue 3 $0 $25 $225 $225 $225

Revenue 4 $0 $0 $650 $1,375 $2,200

Revenue 5 $0 $0 $100 $100 $100

Total $0 $25 $1,075 $1,900 $2,825

Recurring revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Revenue 1 $0 $0 $0 $0 $0Revenue 2 $0 $50 $100 $150 $200

Revenue 3 $0 $0 $0 $0 $0

Revenue 4 $0 $0 $0 $0 $0

Revenue 5 $0 $0 $0 $0 $0

Total $0 $50 $100 $150 $200

Gross margin 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Revenue 1 #DIV/0! #DIV/0! 80% 80% 80%

Revenue 2 #DIV/0! 100% 100% 100% 100%

Revenue 3 #DIV/0! 80% 84% 84% 84%

Revenue 4 #DIV/0! #DIV/0! 33% 32% 30%

Revenue 5 #DIV/0! #DIV/0! 65% 65% 65%

Average #DIV/0! 93% 55% 49% 45%

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ABC Company IncProfit and Loss Statement

(Historical)

Revenue H2 1999 H1 2000 1999/2000

Sales $0 $0 $0

Total sales $0 $0 $0

Other incomeOther income $0 $0 $0

Total other income $0 $0 $0

Total Revenue $0 $0 $0

Less Direct cost $0 $0 $0

Net revenue $0 $0 $0

Less Operating Expenses

Expense 1 $0

Expense 2 $0

Expense 3 $0

Expense 4 $0Expense 5 $0

Total Operating Expenses $0 $0 $0

Earnings before Depn,Int and tax $0 $0 $0

Depreciation

Amortisation

Depreciation and amortisation $0 $0 $0

Earnings before interest and tax $0 $0 $0

Interested received $0 $0 $0

Interest paid $0 $0 $0

Finance lease charges

Net interest $0 $0 $0

Operating profit before tax $0 $0 $0

Income Taxation $0 $0 $0Net profit after tax $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

Confidential Historical financial Page 29

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ABC Company IncRevenue 1

Summary

Total revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 $0 $0 $25 $50 $75

Item 2 $0 $0 $25 $50 $75

Item 3 $0 $0 $25 $50 $75Item 4 $0 $0 $25 $50 $75

Total $0 $0 $100 $200 $300

Direct cost 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 $0 $0 $5 $10 $15

Item 2 $0 $0 $5 $10 $15

Item 3 $0 $0 $5 $10 $15

Item 4 $0 $0 $5 $10 $15

Total $0 $0 $20 $40 $60

Net revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 $0 $0 $20 $40 $60

Item 2 $0 $0 $20 $40 $60Item 3 $0 $0 $20 $40 $60

Item 4 $0 $0 $20 $40 $60

Total $0 $0 $80 $160 $240

Non-recurring Gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 $0 $0 $25 $50 $75

Item 2 $0 $0 $25 $50 $75

Item 3 $0 $0 $25 $50 $75

Item 4 $0 $0 $25 $50 $75

Total $0 $0 $100 $200 $300

Recurring Gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Direct cost (non-recurring) 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $5 $10 $15

Item 2 $0 $0 $5 $10 $15

Item 3 $0 $0 $5 $10 $15

Item 4 $0 $0 $5 $10 $15

Total $0 $0 $20 $40 $60

Direct cost (recurring) 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

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ABC Company Inc

Revenue 1Revenue by submarket segment

2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1Non-recurring revenue - - 25 50 75

Recurring revenue - - - - -

Total - - 25 50 75

Item 2Non-recurring revenue - - 25 50 75

Recurring revenue - - - - -

Total - - 25 50 75

Item 3Non-recurring revenue - - 25 50 75

Recurring revenue - - - - -

Total - - 25 50 75

Item 4Non-recurring revenue - - 25 50 75

Recurring revenue - - - - -

- - 25 50 75

TotalNon-recurring revenue - - 100 200 300

Recurring revenue - - - - -

man days per subscription) - - 100 200 300

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ABC Company IncRevenue 1

Non-recurring and recurring revenue

Non-recurring revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 $0 $0 $25 $50 $75

Item 2 $0 $0 $25 $50 $75

Item 3 $0 $0 $25 $50 $75

Item 4 $0 $0 $25 $50 $75

Total $0 $0 $100 $200 $300

Recurring revenueItem 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

TotalItem 1 $0 $0 $25 $50 $75

Item 2 $0 $0 $25 $50 $75Item 3 $0 $0 $25 $50 $75

Item 4 $0 $0 $25 $50 $75

Total $0 $0 $100 $200 $300

Direct cost A$ (non-recurring)Item 1 $0 $0 $5 $10 $15

Item 2 $0 $0 $5 $10 $15

Item 3 $0 $0 $5 $10 $15

Item 4 $0 $0 $5 $10 $15

Total $0 $0 $20 $40 $60

Direct cost A$ (recurring)

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

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ABC Company IncRevenue 2

Summary

Gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $25 $50 $75 $100

Item 2 $0 $25 $50 $75 $100Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $50 $100 $150 $200

Direct cost 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $5 $10 $15 $20

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $5 $10 $15 $20

Net revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 $0 $20 $40 $60 $80

Item 2 $0 $25 $50 $75 $100

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $45 $90 $135 $180

Non-recurring revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Recurring revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $25 $50 $75 $100

Item 2 $0 $25 $50 $75 $100

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $50 $100 $150 $200

Direct cost (non-recurring)

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Direct cost (recurring)

Item 1 $0 $5 $10 $15 $20

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $5 $10 $15 $20

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ABC Company Inc

Revenue 2Revenue by submarket segment

2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1Non-recurring revenue - - - - -

Recurring revenue - 25 50 75 100Total - 25 50 75 100

Item 2Non-recurring revenue - - - - -

Recurring revenue - 25 50 75 100

Total - 25 50 75 100

Item 3Non-recurring revenue - - - - -

Recurring revenue - - - - -

Total - - - - -

Item 4Non-recurring revenue - - - - -

Recurring revenue - - - - -

- - - - -

TotalNon-recurring revenue - - - - -

Recurring revenue - 50 100 150 200

- 50 100 150 200

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ABC Company IncRevenue 2

Non-recurring and recurring revenue

Non-recurring revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Recurring revenue

Item 1 $0 $25 $50 $75 $100

Item 2 $0 $25 $50 $75 $100

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $50 $100 $150 $200

TotalItem 1 $0 $25 $50 $75 $100

Item 2 $0 $25 $50 $75 $100

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $50 $100 $150 $200

Direct cost (non-recurring)

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Direct cost (recurring)

Item 1 $0 $5 $10 $15 $20

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $5 $10 $15 $20

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ABC Company IncRevenue 3

Summary

Total revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $25 $25 $25 $25

Item 2 $0 $0 $50 $50 $50

Item 3 $0 $0 $50 $50 $50

Item 4 $0 $0 $50 $50 $50

Item 5 $0 $0 $50 $50 $50

Total $0 $25 $225 $225 $225

Direct cost 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $5 $5 $5 $5

Item 2 $0 $0 $10 $10 $10

Item 3 $0 $0 $10 $10 $10

Item 4 $0 $0 $10 $10 $10

Item 5 $0 $0 $0 $0 $0

Total $0 $5 $35 $35 $35

Net revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 $0 $20 $20 $20 $20

Item 2 $0 $0 $40 $40 $40

Item 3 $0 $0 $40 $40 $40

Item 4 $0 $0 $40 $40 $40

Item 5 $0 $0 $50 $50 $50

Total $0 $20 $190 $190 $190

Non-recurring Gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $25 $25 $25 $25

Item 2 $0 $0 $50 $50 $50

Item 3 $0 $0 $50 $50 $50

Item 4 $0 $0 $50 $50 $50

Item 5 $0 $0 $50 $50 $50

Total $0 $25 $225 $225 $225

Recurring Gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Direct cost (non-recurring) 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $5 $5 $5 $5

Item 2 $0 $0 $10 $10 $10

Item 3 $0 $0 $10 $10 $10

Item 4 $0 $0 $10 $10 $10

Item 5 $0 $0 $0 $0 $0

Total $0 $5 $35 $35 $35

Direct cost (recurring) 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

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ABC Company Inc

Revenue 3Revenue by submarket segment

2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1Non-recurring revenue - 25 25 25 25

Recurring revenue - - - - -Total - 25 25 25 25

Item 2Non-recurring revenue - - 50 50 50

Recurring revenue - - - - -

Total - - 50 50 50

Item 3Non-recurring revenue - - 50 50 50

Recurring revenue - - - - -

Total - - 50 50 50

Item 4Non-recurring revenue - - 50 50 50

Recurring revenue - - - - -

- - 50 50 50

Item 5Non-recurring revenue - - 50 50 50

Recurring revenue - - - - -

- - 50 50 50

TotalNon-recurring revenue - 25 225 225 225

Recurring revenue - - - - -

- 25 225 225 225

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ABC Company IncRevenue 3

Non-recurring and recurring revenue

Non-recurring revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 $0 $25 $25 $25 $25

Item 2 $0 $0 $50 $50 $50

Item 3 $0 $0 $50 $50 $50

Item 4 $0 $0 $50 $50 $50

Item 5 $0 $0 $50 $50 $50

Total $0 $25 $225 $225 $225

Recurring revenueItem 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

TotalItem 1 $0 $25 $25 $25 $25

Item 2 $0 $0 $50 $50 $50

Item 3 $0 $0 $50 $50 $50

Item 4 $0 $0 $50 $50 $50

Item 5 $0 $0 $50 $50 $50

Total $0 $25 $225 $225 $225

Direct cost A$ (non-recurring)Item 1 $0 $5 $5 $5 $5

Item 2 $0 $0 $10 $10 $10

Item 3 $0 $0 $10 $10 $10

Item 4 $0 $0 $10 $10 $10Item 5 $0 $0 $0 $0 $0

Total $0 $5 $35 $35 $35

Direct cost A$ (recurring)

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

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ABC Company IncRevenue 4

Summary

Gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $500 $1,000 $1,500

Item 2 $0 $0 $100 $150 $200

Item 3 $0 $0 $25 $125 $250

Item 4 $0 $0 $25 $100 $250

Total $0 $0 $650 $1,375 $2,200

Direct cost 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $300 $600 $900

Item 2 $0 $0 $90 $135 $180

Item 3 $0 $0 $23 $113 $225

Item 4 $0 $0 $23 $90 $225

Total $0 $0 $435 $938 $1,530

Net revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $200 $400 $600Item 2 $0 $0 $10 $15 $20

Item 3 $0 $0 $3 $13 $25

Item 4 $0 $0 $3 $10 $25

Total $0 $0 $215 $438 $670

Non-recurring Gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $500 $1,000 $1,500

Item 2 $0 $0 $100 $150 $200

Item 3 $0 $0 $25 $125 $250

Item 4 $0 $0 $25 $100 $250

Total $0 $0 $650 $1,375 $2,200

Recurring Gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Direct cost (non-recurring) 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $300 $600 $900

Item 2 $0 $0 $90 $135 $180

Item 3 $0 $0 $23 $113 $225

Item 4 $0 $0 $23 $90 $225

Total $0 $0 $435 $938 $1,530

Direct cost (recurring) 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

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ABC Company Inc

Revenue 4Revenue by submarket segment

2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1

Non-recurring revenue - - 500 1,000 1,500

Recurring revenue - - - - -

Total - - 500 1,000 1,500

Item 2

Non-recurring revenue - - 100 150 200

Recurring revenue - - - - -

Total - - 100 150 200

Item 3

Non-recurring revenue - - 25 125 250

Recurring revenue - - - - -

Total - - 25 125 250

Item 4Non-recurring revenue - - 25 100 250

Recurring revenue - - - - -

- - 25 100 250

Total

Non-recurring revenue - - 650 1,375 2,200

Recurring revenue - - - - -

Total - - 650 1,375 2,200

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ABC Company IncRevenue 4

Recurring and Non-recurring revenue

Non-recurring revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $500 $1,000 $1,500

Item 2 $0 $0 $100 $150 $200

Item 3 $0 $0 $25 $125 $250

Item 4 $0 $0 $25 $100 $250

Total $0 $0 $650 $1,375 $2,200

Recurring revenue

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Total

Item 1 $0 $0 $500 $1,000 $1,500Item 2 $0 $0 $100 $150 $200

Item 3 $0 $0 $25 $125 $250

Item 4 $0 $0 $25 $100 $250

Total $0 $0 $650 $1,375 $2,200

Direct cost A$ (non-recurring)Item 1 $0 $0 $300 $600 $900

Item 2 $0 $0 $90 $135 $180

Item 3 $0 $0 $23 $113 $225

Item 4 $0 $0 $23 $90 $225

Total $0 $0 $435 $938 $1,530

Direct cost A$ (recurring)Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

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ABC Company IncRevenue 5

Summary

Total revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $25 $25 $25

Item 2 $0 $0 $25 $25 $25

Item 3 $0 $0 $25 $25 $25

Item 4 $0 $0 $25 $25 $25

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $100 $100 $100

Direct cost 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $5 $5 $5

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $5 $5 $5

Item 4 $0 $0 $25 $25 $25

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $35 $35 $35

Net revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $20 $20 $20

Item 2 $0 $0 $25 $25 $25

Item 3 $0 $0 $20 $20 $20

Item 4 $0 $0 $0 $0 $0

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $65 $65 $65

Non-recurring Gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $25 $25 $25

Item 2 $0 $0 $25 $25 $25

Item 3 $0 $0 $25 $25 $25

Item 4 $0 $0 $25 $25 $25Item 5 $0 $0 $0 $0 $0

Total $0 $0 $100 $100 $100

Recurring Gross revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Direct cost (non-recurring) 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005Item 1 $0 $0 $5 $5 $5

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $5 $5 $5

Item 4 $0 $0 $25 $25 $25

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $35 $35 $35

Direct cost (recurring) 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

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Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

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ABC Company IncRevenue 5

Revenue by submarket segment

2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1

Non-recurring revenue - - 25 25 25Recurring revenue - - - - -

Total - - 25 25 25

Item 2

Non-recurring revenue - - 25 25 25

Recurring revenue - - - - -

Total - - 25 25 25

Item 3

Non-recurring revenue - - 25 25 25

Recurring revenue - - - - -

Total - - 25 25 25

Item 4

Non-recurring revenue - - 25 25 25

Recurring revenue - - - - -

- - 25 25 25

Item 5

Non-recurring revenue - - - - -

Recurring revenue - - - - -

- - - - -

Total

Non-recurring revenue - - 100 100 100

Recurring revenue - - - - -

Total - - 100 100 100

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ABC Company IncRevenue 5Non-recurring and recurring revenue

Non-recurring revenue 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Item 1 $0 $0 $25 $25 $25

Item 2 $0 $0 $25 $25 $25

Item 3 $0 $0 $25 $25 $25Item 4 $0 $0 $25 $25 $25

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $100 $100 $100

Recurring revenue

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Total

Item 1 $0 $0 $25 $25 $25

Item 2 $0 $0 $25 $25 $25

Item 3 $0 $0 $25 $25 $25

Item 4 $0 $0 $25 $25 $25

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $100 $100 $100

Direct cost (non-recurring)

Item 1 $0 $0 $5 $5 $5

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $5 $5 $5

Item 4 $0 $0 $25 $25 $25Item 5 $0 $0 $0 $0 $0

Total $0 $0 $35 $35 $35

Direct cost (recurring)

Item 1 $0 $0 $0 $0 $0

Item 2 $0 $0 $0 $0 $0

Item 3 $0 $0 $0 $0 $0

Item 4 $0 $0 $0 $0 $0

Item 5 $0 $0 $0 $0 $0

Total $0 $0 $0 $0 $0

Confidential Revenue 5 Page 45

8/2/2019 Template Financial Forecast Model

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ABC Company IncVenture capital and IPO analysis

2000/2001 2001/2002 2002/2003 2003/2004 2004/2005

Sales $0 $75 $1,175 $2,050 $3,025

EBDIT $0 $65 $640 $988 $1,345

EBIT $0 $65 $640 $988 $1,345

NPAT $0 $65 $448 $691 $942Net Tangible Assets

Issued shares (begin of year) - #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Issued shares (end of year) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Venture capital finance

Amount invested $0

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! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Initial Public offering

IPO Valuation multiple - - - - 30.0

IPO Amount raised (new shares) - - - -

IPO Amount raised (sale of shares) -

IPO fixed fees -

Underwriting fee 0.0%

NPAT (this year) - 65 640 988 942

Value at issue 0 0 0 0 0 #REF!

Number of shares issued - - - - #REF!

Dilution of all existing shareholders #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Issue price per share No issue No issue No issue No issue #REF!

Issued shares post IPO #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Existing shares sold #VALUE!

IPO fees

Underwriting/management fee $0

Fixed fees $0

Total $0

Impact of successive funding rounds

Dilution of original shareholders #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Shares issued during year #DIV/0! - - - #REF!

Issued shares end of year #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!