FishboneForecastActualLeaseAccessCost/CarInsuranceCar Cost/MemberParkingMaintenanceContribution Margin/MemberMembers/CarFuelHours Used/MonthUtilization RateTotal Contribution Margin per MonthMonthly feeMonthly feeUses/MemberHourly Usage Member$/HourRevenues/MemberHours/UseMonthly Usage$/MileMiles/UseUses/MemberDaily Usage Member$/HourHours/Use$/MileMiles/Use

Monthly Interest$/MemberI rate (monthly)

# MembersBeginning MembersNew Members (sept)Attrition

Fishbone Values1Lease366.67400.004400/12 Page 15, 4800/12 Page 112Access41.6741.67500/12 Page 153Cost/CarInsurance141.67141.671700/12 Page 154Car Cost/Member723.33778.16Parking50.0062.50600/12 Page 15, 750/12 Page 11539.4567.14Maintenance33.3333.33400/12 Page 156Contribution Margin/MemberMembers/CarFuel90.0099.001080/12 Page 15, 10% higher Page 11718.3311.59891.0026.10220/12 P. 155,088/439 P. 20Hours Used/Month16.0019.004x4 Page 15, Page 209Utilization Rate40.0%30.6%Page 510Total Contribution Margin per MonthMonthly fee116.256.25Monthly fee6.256.2575/12 Note B Exb 8B1215,469.234,437.4113Uses/Member1.29218/169.6 Page 2014Hourly Usage Member$/Hour5.347,220.5/1,351 Page 2015Revenues/Member54.99Hours/Use6.201,351/218 Page 2016130.4593.24Monthly Usage$/Mile0.392,106/5,341 Page 2017123.286.34Miles/Use24.505,341/218 Page 2018(92,928+232,320)19(12*220)Uses/Member0.69117/169.6 Page 2020Daily Usage Member$/Hour2.755,148/1,872 Page 202131.35Hours/Use16.001,872/117 Page 2022$/Mile0.02169.6/10,998 Page 2023Miles/Use94.0010,998/117 Page 202425Monthly Interest$/Member300.00300.002610.65I rate (monthly)0.330.372728# MembersBeginning Members141.00141.00Exb 8A29170.00170.00New Members (sept)101.00101.00Exb 8A30Exb 8A31Attrition0.010.02321.692.96141.00141.0033

Fishbone Order

Lease1.002.002.00Access3.003.003.00Cost/CarInsurance4.004.004.00Car Cost/Member9.009.00Parking5.006.006.0017.0018.00Maintenance7.007.007.00Contribution Margin/MemberMembers/CarFuel8.009.009.0015.0016.0027.0027.001516.00Hours Used/Month16.0016.0016.00Utilization Rate16.0016.00Total Contribution Margin per monthMonthly fee1919.00Monthly fee19.0019.0019.002929.00Uses/Member19.0019.00Hourly Usage Member$/Hour19.0019.00Revenues/Member21.00Hours/Use19.0019.002626.00Monthly Usage$/Mile19.0019.002323.00Miles/Use19.0019.002323Uses/Member20.0020.00Daily Usage Member$/Hour20.0020.0022.00Hours/Use20.0020.00$/Mile20.0020.00Miles/Use20.0020.00

Monthly Interest$/Member24.0024.002525.00I rate (monthly)24.0024.00

# MembersBeginning Members28.0028.0028.002828.00New Members (sept)28.0028.0028.0028.00Attrition28.0028.002828.0028.0028.00

Valuation AdjAssumptionYear 0Year 1Year 2Year 3Year 4Year 5Beginning Members0.04408569081,180Attrition0.150.066128.4136.2177Ending members4408569081,1801,196New Members440482180.4408.2193Avg # of Members2206488821,0441,188

Uses/Member1.29$/Mile0.39Miles/Use24.5032,78296,558131,426155,566177,023$/Hour5.34Hours/Use6.20112,395331,053450,600533,363606,931TOTAL Hourly Usage145,177427,611582,026688,929783,954$/Mile0.02Miles/Use94.004,91914,48919,72123,34326,562$/Hour2.75Hours/Use16.00149,309439,784598,595708,541806,271TOTAL Monthly Usage154,228454,273618,316731,884832,833Application Fee (per new member)2511,00012,0504,51010,2054,825Annual Fees (per avg member)7516,50048,60066,15078,30089,100Security Deposits (Avg Balance)300.0066,000194,400264,600313,200356,400Interest income (On Avg. sec dep. Balance)0.37%2437159741,1531,312TOTAL Other Revenues27,74361,36571,63489,65895,237TOTAL REVENUES327,148943,2491,271,9761,510,4711,712,024

Contribution Margin/Member26.10

Variable Costs / CarBeginning Cars0.0387478102Ending Cars11.59387478102103Avg # of Cars19567690103Lease costs (car/year) - 4,800 - 91,113 - 268,370 - 365,281 - 432,374 - 492,011Access equp. (car/year) - 500 - 9,491 - 27,955 - 38,050 - 45,039 - 51,251Insurance (car/year) - 1,700 - 32,269 - 95,048 - 129,370 - 153,132 - 174,254Parking (car/year) - 750 - 14,236 - 41,933 - 57,075 - 67,558 - 76,877Maintenance (car/year) - 400 - 7,592 - 22,362 - 30,437 - 36,028 - 40,997Fuel (car/year) - 1,188 - 22,551 - 66,422 - 90,407 - 107,012 - 121,773TOTAL VARIABLE COSTS - 177,252 - 522,089 - 710,621 - 841,143 - 957,163

Fixed Costs - Corp. LevelCorporate Insurance - 800 - 800 - 800 - 800 - 800Reservation System - 2,895 - 3,160 - 12,000 - 6,000 - 7,000Administration - Corp. - 100,000 - 100,000 - 100,000 - 100,000 - 100,000Benefits20% - 20,000 - 20,000 - 20,000 - 20,000 - 20,000Office Space0.00.0 - 5,000 - 5,000 - 5,000Office Equipmen. & Supplies - 1,000 - 1,000 - 1,000 - 1,000 - 1,000Phone - 1,200 - 1,800 - 1,800 - 1,800 - 2,500TOTAL CORP. OVERHEAD - 125,895 - 126,760 - 140,600 - 134,600 - 136,3000.7%10.9%-4.3%1.3%Fixed Costs - Per OfficeBilling (member/year)24 - 5,280 - 15,552 - 21,168 - 25,056 - 28,512Administration - local - 24,000 - 24,000 - 24,000 - 24,000 - 24,000Benefits20% - 4,800 - 24,780 - 24,780 - 24,780 - 24,780Office Space0.00.0 - 5,000 - 5,000 - 5,000Office equip. & supply - 1,000 - 1,000 - 1,000 - 1,000 - 1,000Telephone and Datalines - 1,200 - 1,800 - 1,800 - 1,800 - 2,500Marketing - 10,000 - 12,000 - 12,000 - 12,000 - 12,000Background checks (per new member)20 - 8,800 - 9,640 - 3,608 - 8,164 - 3,860TOTAL BOSTON OVERHEAD - 55,080 - 88,772 - 93,356 - 101,800 - 101,65261.2%5.2%9.0%-0.1%

TOTAL OVERHEAD COSTS - 180,975 - 215,532 - 233,956 - 236,400 - 237,952

Net Income Before Taxes - 338,946 - 436,770 - 503,151 - 523,214 - 547,461

WACC13%TOTAL REVENUES [Thousands]0.03279431,2721,5101,712PV Revenues3,801.5TOTAL VARIABLE COSTS [Thousands]0.0 - 177 - 522 - 711 - 841 - 957PV Variable Costs - 2,113.8TOTAL CORP. OVERHEAD [Thousands]0.0 - 126 - 127 - 141 - 135 - 136PV Corp. Overhead - 468.3TOTAL OFFICE OVERHEAD [Thousands]0.0 - 55 - 89 - 93 - 102 - 102PV Office Overhead - 303.1FCF [Thousands]0.0 - 31206327433517NPV916.3NPV(WACC=13%, 1 Office)$916

FCF

NPV x City

Aux1Year 1Year 2Year 3Year 4Year 5Variable Costs177522711841957TOTAL VARIABLE COSTS [Thousands]Corp. Overhead Costs126127141135136TOTAL CORP. OVERHEAD [Thousands]Office Overhead Costs558993102102TOTAL OFFICE OVERHEAD [Thousands]FCF31(206)(327)(433)(517)FCF [Thousands]# OfficesNPV FCF Year 1FCF Year 2FCF Year 3FCF Year 4FCF Year 510$62,6525,720.715,667.920,900.124,668.727,844.78$50,2154,601.712,559.616,748.219,761.922,303.06$37,7793,482.89,451.412,596.314,855.116,761.34$25,3422,363.86,343.28,444.49,948.311,219.72$12,9051,244.93,235.04,292.55,041.45,678.01$6,687685.41,680.92,216.62,588.02,907.1Year 1Year 2Year 3Year 4Year 5TOTAL REVENUES [Thousands]327943127215101712TOTAL VARIABLE COSTS [Thousands]177522711841957TOTAL CORP. OVERHEAD [Thousands]126127141135136TOTAL OFFICE OVERHEAD [Thousands]558993102102FCF [Thousands]31-206-327-433-517

Exhibit 5AssumptionYear 1Year 2Year 3Year 4Year 5Trips/member/month4Miles/trip22Hours/trip4

Beginning Members0.04408569081,180Attrition0.150.066128.4136.2177Ending members4408569081,1801,196New Members440482180.4408.2193Avg # of Members2206488821,0441,188

Application Fee (per new member)2511,00012,0504,51010,2054,825Annual Fees (per avg member)7516,50048,60066,15078,30089,100Per mile charge0.492,928273,715372,557440,986501,811Per hour charge5.5232,320684,288931,3921,102,4641,254,528Security Deposits (Avg Balance)30066,000194,400264,600313,200356,400Interest income (On Avg. sec dep. Balance)4%2,6407,77610,58412,52814,256TOTAL REVENUE355,3881,026,4291,385,1931,644,4831,864,520

CostsVariable Costs / CarBeginning Cars0.024485066Ending Cars2448506666Avg # of Cars1236495866Lease costs (car/year) - 4,400 - 52,800 - 158,400 - 215,600 - 255,200 - 290,400Access equp. (car/year) - 500 - 6,000 - 18,000 - 24,500 - 29,000 - 33,000Fuel (car/year) - 1,080 - 12,960 - 38,880 - 52,920 - 62,640 - 71,280Insurance (car/year) - 1,700 - 20,400 - 61,200 - 83,300 - 98,600 - 112,200Maintenance (car/year) - 400 - 4,800 - 14,400 - 19,600 - 23,200 - 26,400Parking (car/year) - 600 - 7,200 - 21,600 - 29,400 - 34,800 - 39,600TOTAL VARIABLE COSTS - 104,160 - 312,480 - 425,320 - 503,440 - 572,880

Fixed Costs - Corp. LevelCorporate Insurance - 800 - 800 - 800 - 800 - 800Reservation System - 2,895 - 3,160 - 12,000 - 6,000 - 7,000Administration - Corp. - 100,000 - 100,000 - 100,000 - 100,000 - 100,000Benefits20% - 20,000 - 20,000 - 20,000 - 20,000 - 20,000Office Space0.00.0 - 5,000 - 5,000 - 5,000Office Equipmen. & Supplies - 1,000 - 1,000 - 1,000 - 1,000 - 1,000Phone - 1,200 - 1,800 - 1,800 - 1,800 - 2,500TOTAL CORP. OVERHEAD - 125,895 - 126,760 - 140,600 - 134,600 - 136,300

Fixed Costs - Boston OfficeBilling (member/year)24 - 5,280 - 15,552 - 21,168 - 25,056 - 28,512Administration - local - 24,000 - 24,000 - 24,000 - 24,000 - 24,000Benefits20% - 4,800 - 24,780 - 24,780 - 24,780 - 24,780Office Space0.00.0 - 5,000 - 5,000 - 5,000Office equip. & supply - 1,000 - 1,000 - 1,000 - 1,000 - 1,000Telephone and Datalines - 1,200 - 1,800 - 1,800 - 1,800 - 2,500Marketing - 10,000 - 12,000 - 12,000 - 12,000 - 12,000Background checks (per new member)20 - 8,800 - 9,640 - 3,608 - 8,164 - 3,860TOTAL BOSTON OVERHEAD - 55,080 - 88,772 - 93,356 - 101,800 - 101,65261.2%5.2%9.0%-0.1%

TOTAL OVERHEAD COSTS - 180,975 - 215,532 - 233,956 - 236,400 - 237,952

Net Income Before Taxes70,253498,417725,917904,6431,053,688

Exhibit 8bSeptemberOverhead ExpensesBoston14,000Corporate30,000

Application & MembershipBeginning members141Applications112Application Aproved105New members101Attrition3Ending Members239Total "member days"5,088Application fees2,800Annual member fees received7,575Annual member fees Booked1,512

DepositsDeposits recceived in September42,300Total Deposits balance month end71,700Average deposit balance42,090Interest earned on total deposits155

UsageAvailable "car days"439Total Trips taken (uses)335Hour uses218Daily uses117Total miles driven16,339Mile Driven - hourly uses5,341Mile Driven - daily uses10,998Total Hours used3,223Hours Driven - hourly uses1,351Hours Driven - daily uses1,872Trips - night & weekend %60%Hours of uses - night & weekend %53%

RevenueTotal Miles billed5,765Miles billed - hourly uses5,341Miles billed - daily uses424Total hours billed2,287Hours billed - hourly uses1,351Hours billed - daily uses936Total miles billed2,276Miles revenue - hourly uses2,106Miles revenue - daily uses170Total hours revenue12,369Hourly revenue - hourly uses7,221Hourly revenue - daily uses5,148Total usage revenue14,645Revenue from hourly usage9,327Revenue from daily usage5,318

Exhibit 8aNew MembersAttritionEnding MembersBeta14014June20034July49380Ausgust643141September1013239