ABC Company Limited

Assumptions

A graphical overview of this financial model is provided below.

ASSUMPTIO NS REVENUE REVENUE MEZZANIN E

Revenue 1 SUMMARY AND IPO
Ti me fra me () ANALYSIS
Half years
Two year forecast
One y ear historical Revenue 2 Non-recurring Valuation
() + Recurring Shareholder
= Total revenue cashflows
Revenue 3 Less direct IRR
() =Gross profit
NP AT
P roducts/services
EP S
Revenue 4
()
FINANCIAL
Revenue 5 FO REC AST
() Non-recurring
B usiness activity COMBINED
+ recurring
= Total revenue FINANC IAL
- Direct cost
Operating OPERATING AND = Gross profit
Expense 1 CAPITAL EXP ENSES - Operating Exp
Expense 2 = P rofitability
Expense 3 Expense 1 - Capital Exp P ast one year
Expense 4 = Cashflow
Expense 2 and
Expense 5
next five years
Expense 3
HISTORICAL
Expense 4 FINANCIAL
Expense 5 P ast one year

Bolde d items refer to worksheets within the model

NOTES
The default currency is the Australian Dollar
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 througho 2008/09 2009/10 2010/11 2011/12 2012/13

Revenue categories Expense categories

Product 1 Finance and administration
Product 2 Sales and marketing
Product 3 Research and development
Service 1 Staff
Service 2 Overhead

Proportion of new customer activity include 2008/09 2009/10 2010/11 2011/12 2012/13
Product 1 100% 100% 100% 100% 100%
Product 2 100% 100% 100% 100% 100%
Product 3 100% 100% 100% 100% 100%
Service 1 100% 100% 100% 100% 100%
Service 2 100% 100% 100% 100% 100%

Confidential Assumptions Page 1

ABC Company Limited
Assumptions (Product 1)
Business activity new customers 2008/09 2009/10 2010/11 2011/12 2012/13
United States 1 2 3 4 5
Europe 1 2 3 4 5
Asia 1 1 5 5 5
Rest of the world 1 1 5 5 5

Non-recurring revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $5 $5 $5 $5
Europe $5 $5 $5 $5 $5
Asia $5 $5 $5 $5 $5
Rest of the world $0 $0 $0 $0 $0

Recurring revenue
United States $0 $0 $0 $0 $0
Europe $0 $0 $0 $0 $0
Asia $0 $0 $0 $0 $0
Rest of the world $0 $0 $0 $0 $0

Direct cost (non-recurring)

United States 20% 20% 20% 20% 20%
Europe 20% 20% 20% 20% 20%
Asia 20% 20% 20% 20% 20%
Rest of the world 20% 20% 20% 20% 20%

Direct cost (recurring)

United States 20% 20% 20% 20% 20%
Europe 20% 20% 20% 20% 20%
Asia 20% 20% 20% 20% 20%
Rest of the world 20% 20% 20% 20% 20%

Confidential Assumptions Page 2

ABC Company Limited
Assumptions (Product 2)
Business activity new customers 2008/09 2009/10 2010/11 2011/12 2012/13
United States 1 5 5 5 5
Europe 1 5 5 5 5
Asia 1 5 5 5 5
Rest of the world 1 5 4 4 4

Non-recurring revenue
United States $1 $1 $1 $1 $1
Europe $1 $1 $1 $1 $1
Asia $1 $1 $1 $1 $1
Rest of the world $1 $1 $1 $1 $1

Recurring revenue
United States $5 $5 $5 $5 $5
Europe $5 $5 $5 $5 $5
Asia $1 $1 $1 $1 $1
Rest of the world $1 $1 $1 $1 $1

Direct cost (non-recurring)

United States 20% 20% 20% 20% 20%
Europe 20% 20% 20% 20% 20%
Asia 20% 20% 20% 20% 20%
Rest of the world 20% 20% 20% 20% 20%

Direct cost (recurring)

United States 20% 20% 20% 20% 20%
Europe 20% 20% 20% 20% 20%
Asia 20% 20% 20% 20% 20%
Rest of the world 20% 20% 20% 20% 20%

Confidential Assumptions Page 3

ABC Company Limited
Assumptions (Product 3)
2008/09 2009/10 2010/11 2011/12 2012/13
Business activity new customers
United States 1 1 1 1 1
Europe 1 1 1 1 1
Asia 1 1 1 1 1
Rest of the world 1 1 2 3 4

Non-recurring revenue
United States $5 $5 $5 $5 $5
Europe $10 $10 $10 $10 $10
Asia $10 $10 $10 $10 $10
Rest of the world $10 $10 $10 $10 $10

Recurring revenue
United States $1 $1 $1 $1 $1
Europe $1 $1 $1 $1 $1
Asia $1 $1 $1 $1 $1
Rest of the world $1 $1 $1 $1 $1

Direct cost (non-recurring) %

United States 20% 20% 20% 20% 20%
Europe 20% 20% 20% 20% 20%
Asia 20% 20% 20% 20% 20%
Rest of the world 20% 20% 20% 20% 20%

Direct cost (recurring) %

United States 20% 20% 20% 20% 20%
Europe 20% 20% 20% 20% 20%
Asia 20% 20% 20% 20% 20%
Rest of the world 20% 20% 20% 20% 20%

Confidential Assumptions Page 4

ABC Company Limited
Assumptions (Service 1)

Business activity new customers 2008/09 2009/10 2010/11 2011/12 2012/13

United States 1 1 1 1 1
Europe 1 1 1 1 1
Asia 1 1 1 1 1
Rest of the world 1 1 1 1 1

Non-recurring revenue
United States $5 $5 $5 $5 $5
Europe $5 $5 $5 $5 $5
Asia $5 $5 $5 $5 $5
Rest of the world $5 $5 $5 $5 $5

Recurring revenue
United States $1 $1 $1 $1 $1
Europe $1 $1 $1 $1 $1
Asia $1 $1 $1 $1 $1
Rest of the world $1 $1 $1 $1 $1

Direct cost (non-recurring)

United States 60% 60% 60% 60% 60%
Europe 90% 90% 90% 90% 90%
Asia 90% 90% 90% 90% 90%
Rest of the world 90% 90% 90% 90% 90%

Direct cost (recurring)

United States 60% 60% 60% 60% 60%
Europe 90% 90% 90% 90% 90%
Asia 90% 90% 90% 90% 90%
Rest of the world 90% 90% 90% 90% 90%

Confidential Assumptions Page 5

ABC Company Limited
Assumptions (Service 2)
Business activity new customers 2008/09 2009/10 2010/11 2011/12 2012/13
United States 1 1 1 1 1
Europe 1 1 1 1 1
Asia 1 1 1 1 1
Rest of the world 1 1 1 1 1

Non-recurring revenue
United States $5 $5 $5 $5 $5
Europe $5 $5 $5 $5 $5
Asia $5 $5 $5 $5 $5
Rest of the world $5 $5 $5 $5 $5

Recurring revenue
United States $1 $1 $1 $1 $1
Europe $1 $1 $1 $1 $1
Asia $1 $1 $1 $1 $1
Rest of the world $1 $1 $1 $1 $1

Direct cost (non-recurring)

United States 20% 20% 20% 20% 20%
Europe 20% 20% 20% 20% 20%
Asia 20% 20% 20% 20% 20%
Rest of the world 20% 20% 20% 20% 20%

Direct cost (recurring)

United States 20% 20% 20% 20% 20%
Europe 20% 20% 20% 20% 20%
Asia 20% 20% 20% 20% 20%
Rest of the world 20% 20% 20% 20% 20%

Confidential Assumptions Page 6

ABC Company Limited
Assumptions (continued)
2008/09 2009/10 2010/11 2011/12 2012/13
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 $100,000
Depreciation 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

ABC Company Limited
Forecast annual business activity with each revenue category

Projected activity 2008/09 2009/10 2010/11 2011/12 2012/13

Product 1
United States 1 2 3 4 5
Europe 1 2 3 4 5
Asia 1 1 5 5 5
Rest of the world 1 1 5 5 5
Total 4 6 16 18 20

Product 2
United States 1 5 5 5 5
Europe 1 5 5 5 5
Asia 1 5 5 5 5
Rest of the world 1 5 4 4 4
Total 4 20 19 19 19

Product 3
United States 1 1 1 1 1
Europe 1 1 1 1 1
Asia 1 1 1 1 1
Rest of the world 1 1 2 3 4
Total 4 4 5 6 7

Service 1
United States 1 1 1 1 1
Europe 1 1 1 1 1
Asia 1 1 1 25 50
Rest of the world 1 1 1 20 50
Total 4 4 4 47 102

Service 2
United States 1 1 1 1 1
Europe 1 1 1 1 1
Asia 1 1 1 1 1
Rest of the world - - - - -
Total 3 3 3 3 3

Total 2008/09 2009/10 2010/11 2011/12 2012/13

Product 1 4 6 16 18 20
Product 2 4 20 19 19 19
Product 3 4 4 5 6 7
Service 1 4 4 4 47 102
Service 2 3 3 3 3 3
Total 19 37 47 93 151

Confidential Market forecast: Page 8 of 43

ABC Company Limited
Forecast accumulated business activty within each revenue category

Product 1 99/2000 2008/09 2009/10 2010/11 2011/12 2012/13

United States - 1 3 6 10 15
Europe - 1 3 6 10 15
Asia - 1 2 7 12 17
Rest of the world - 1 2 7 12 17
Total - 4 10 26 44 64

Product 2 99/2000 2008/09 2009/10 2010/11 2011/12 2012/13

United States - 1 6 11 16 21
Europe - 1 6 11 16 21
Asia - 1 6 11 16 21
Rest of the world - 1 6 10 14 18
Total - 4 24 43 62 81

Product 3 99/2000 2008/09 2009/10 2010/11 2011/12 2012/13

United States - 1 2 3 4 5
Europe - 1 2 3 4 5
Asia - 1 1 1 1 1
Rest of the world - 1 1 2 3 4
Total - 4 6 9 12 15

Service 1 99/2000 2008/09 2009/10 2010/11 2011/12 2012/13

United States - 1 2 3 4 5
Europe - 1 2 3 4 5
Asia - 1 2 3 28 78
Rest of the world - 1 2 3 23 73
Total - 4 8 12 59 161

Service 2 99/2000 2008/09 2009/10 2010/11 2011/12 2012/13

United States 1 2 3 4 5
Europe 1 2 3 4 5
Asia 1 2 3 4 5
Rest of the world - - - - -
Total - 3 6 9 12 15

Customer base 1999/2000 2008/09 2009/10 2010/11 2011/12 2012/13

Product 1 - 4 10 26 44 64
Product 2 - 4 24 43 62 81
Product 3 - 4 6 9 12 15
Service 1 - 4 8 12 59 161
Service 2 - 3 6 9 12 15
Total - 19 54 99 189 336

Confidential Market forecast: Page 9 of 43

ABC Company Limited
Financial model summary (USD)

FINANCIAL 2008/09 2009/10 2010/11 2011/12 2012/13

Gross revenue $112 $224 $357 $760 $1,288

Net revenue
Product 1 $12 $32 $76 $128 $188
Product 2 $13 $74 $120 $167 $214
Product 3 $31 $34 $45 $56 $67
Service 1 $4 $5 $6 $32 $70
Service 2 $14 $17 $19 $22 $24
Total net revenue $75 $162 $266 $405 $564
Other Income $0 $0 $0 $0 $0
Total Revenue $75 $162 $266 $405 $564
Less Operating Expenses
Finance and administration $0 $0 $0 $0 $0
Sales and marketing $0 $0 $0 $0 $0
Research and development $0 $0 $0 $0 $0
Staff $0 $0 $0 $0 $0
Overhead $0 $0 $0 $0 $0
Total operating expenses $0 $0 $0 $0 $0
EBITDA $75 $162 $266 $405 $564

Operating profit before tax $75 $162 $266 $405 $564

Net profit after tax $75 $162 $186 $283 $395
Less capital expenditure $0 $0 $0 $0 $0
Net cashflow before financing $75 $162 $186 $283 $395
Finance inflows $0 $0 ($81) ($93) ($142)
Net cashflow after financing $75 $162 $105 $190 $253

NEW CUSTOMER
ACTIVITY 2008/09 2009/10 2010/11 2011/12 2012/13
Product 1
United States 1 2 3 4 5
Europe 1 2 3 4 5
Asia 1 1 5 5 5
Rest of the world 1 1 5 5 5

Customer base
United States 1 6 11 16 21
Europe 1 6 11 16 21
Asia 1 6 11 16 21

Product 3
United States 1 1 1 1 1
Europe 1 1 1 1 1
Asia 1 1 1 1 1
Rest of the world 1 1 2 3 4

Service 1
United States 1 1 1 1 1
Europe 1 1 1 1 1
Asia 1 1 1 25 50
Rest of the world 1 1 1 20 50

Confidential Summary financial Page 10

Service 2
United States 1 1 1 1 1
Europe 1 1 1 1 1
Asia 1 1 1 1 1
Rest of the world 0 0 0 0 0

Confidential Summary financial Page 11

ABC Company Limited
Operating and capital expenditure

Operating expenditure 2008/09 2009/10 2010/11 2011/12 2012/13

Finance and administration $0 $0 $0 $0 $0
Sales and marketing $0 $0 $0 $0 $0
Research and development $0 $0 $0 $0 $0
Staff $0 $0 $0 $0 $0
Overhead $0 $0 $0 $0 $0
Total $0 $0 $0 $0 $0

Capital Expenditure 2008/09 2009/10 2010/11 2011/12 2012/13

Finance and administration $0 $0 $0 $0 $0
Sales and marketing $0 $0 $0 $0 $0
Research and development $0 $0 $0 $0 $0
Staff $0 $0 $0 $0 $0
Overhead $0 $0 $0 $0 $0
Total $0 $0 $0 $0 $0

Working Capital 2008/09 2009/10 2010/11 2011/12 2012/13

Trade
Sales ($US) $112 $224 $357 $760 $1,288
% 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 12

ABC Company Limited
Operating and capital expenditure

Finance and administration 2008/09 2009/10 2010/11 2011/12 2012/13

Operating expenditure

Total $0 $0 $0 $0 $0

Capital expenditure

Total $0 $0 $0 $0 $0

Confidential Operating and capital expenses Page 13

ABC Company Limited
Operating and capital expenditure
Sales and marketing 2008/09 2009/10 2010/11 2011/12 2012/13

Operating expenditure

Total $0 $0 $0 $0 $0

Capital expenditure

Total $0 $0 $0 $0 $0

Confidential Operating and capital expenses Page 14

ABC Company Limited
Operating and capital expenditure

Research and development 2008/09 2009/10 2010/11 2011/12 2012/13

Operating expenditure

Total $0 $0 $0 $0 $0

Capital expenditure

Total $0 $0 $0 $0 $0

Confidential Operating and capital expenses Page 15

ABC Company Limited
Operating and capital expenditure

Staff 2008/09 2009/10 2010/11 2011/12 2012/13

Operating expenditure

Total $0 $0 $0 $0 $0

Capital expenditure

Total $0 $0 $0 $0 $0

Confidential Operating and capital expenses Page 16

ABC Company Limited
Operating and capital expenditure

Overhead 2008/09 2009/10 2010/11 2011/12 2012/13

Operating expenditure

Total $0 $0 $0 $0 $0

Capital expenditure

Total $0 $0 $0 $0 $0

Confidential Operating and capital expenses Page 17

ABC Company Limited
Graphical summary
Financial

Gr oss r evenue Gross margin

$1,400 100%
$1,200
80%
$1,000
$800 60%
$600 40%
$400
$200 20%
$0 0%
2008/09 2009/10 2010/11 2011/12 2012/13 2008/09 2009/10 2010/11 2011/12 2012/13
Product 1 Product 2 Product 3 Product 1 Product 2 Product 3
Service 1 Service 2 Service 1 Service 2 Average

Net revenue Operating expenditure

$1,000,000 $1
Overhead
$1 Staff
$1 Research and
development
$0 Sales and
marketing
$0
$0 Finance and
2008/09 2009/10 2010/11 2011/12 2012/13 $0 administration
2008/09

2009/10

2010/11

2011/12

2012/13

Product 1 Product 2 Product 3

Service 1 Service 2

EBITDA Net cashflow

$600 $564 $450
$395
$500 $400
$405
$400 $350
$266 $300 $283
$300
$200 $162 $250
$200 $186
$100 $75 $162
$150
$0 $75
$100
2009/10

2010/11

2011/12

2012/13
2008/09

$50
$0
2008/09 2009/10 2010/11 2011/12 2012/13
ABC Company Limited
Graphical summary
Business activity

Membership base (Goverment) Membership base (Industry)

25 25

20 20

15 15

10 21 21
10
16
16
5 11
5 11
6
1 6
-
- 1
99/2000 2008/09 2009/10 2010/11 2011/12 2012/13
99/2000 2008/09 2009/10 2010/11 2011/12 2012/13

Membership base (Retail) Capital expenditure

25
$1,000,000
20 $500,000

15 $0
/09 /10 /11 /12 /13
10 21 008 009 0 10 011 012
2 2 2 2 2
16
11 Finance and administration
5
6 Sales and marketing
1 Research and development
-
Staff
99/2000 2008/09 2009/10 2010/11 2011/12 2012/13 Overhead

Employees by job function Customers

45
$12 40
35
$10 21
30
$8 25 16
20 Europe
$6 15 11 United States
10 6 21
16
$4 5 11
11 6
- -
$2
99/2 200 200 201 201 201
$0 000 8/09 9/10 0/11 1/12 2/13
ABC Company Limited
ABC Company Limited
Graphical summary
70
2008/09 2009/10 2010/11 2011/12 2012/13
60 6 6
50 5 55 5 55 5 55 5 55
5 5
40
30 4 4
20
3 3
10
- 2 2
11
1 1
99/2000 2008/09 2009/10 2010/11 2011/12 2012/13
- -
United States Europe
2008/09 2009/10 2010/11 2011/12 2012/13
Asia Rest of the world
United States Europe Asia
16
500
14
12
10
8 Rest of the world
Rest of the world
6 Asia
Asia
4 Europe
Europe
2 United States
United States
-
-
99/2 200 200 201 201 201
000 8/09 9/10 0/11 1/12 2/13
99/2 200 200 201 201 201
000 8/09 9/10 0/11 1/12 2/13
16
14
12
10
8 Rest of the world
6 Asia
4 Europe
2 United States
-

99/2 200 200 201 201 201

000 8/09 9/10 0/11 1/12 2/13
ABC Company Limited
Revenue summary
$100,000
$100,000

Rest of the
world Rest of the world
Asia Asia
Europe Europe
United States United States

$0 $0
200 200 201 201 201 200 200 201 201 201
8/0 9/1 0/1 1/1 2/1 8/0 9/1 0/1 1/1 2/1
9 0 1 2 3 9 0 1 2 3

$100,000
$100,000

$0
$0 2008/0 2009/1 2010/1 2011/1 2012/1
2008/09 2009/10 2010/11 2011/12 2012/13 9 0 1 2 3

United States Europe United States Europe

Asia Rest of the world Asia Rest of the world

$300
$250
$250
$200
$200

$150 $150

$100 $100
$50
$50
$0
2008/09 2009/10 2010/11 2011/12 2012/13 $0
United States Europe Asia 2008/09 2009/10 2010/11 2011/12 2012/13
United States Europe Asia
ABC Company Limited
Graphical summary

$800
$700 $500,000
$600
$500
$400 Rest of the
$300 world
$200 Asia
$100 Europe
$0 United States
2008/09 2009/10 2010/11 2011/12 2012/13
$0
United States Europe
200 200 201 201 201
Asia Rest of the world 8/09 9/10 0/11 1/12 2/13

$35
$30
$30
$25
$25
$20
$20
Rest of the world $15
$15 Asia
$10
$10 Europe
United States $5
$5 $0
$0 2008/09 2009/10 2010/11 2011/12 2012/13
2008 2009 2010 2011 2012 United States Europe
/09 /10 /11 /12 /13
Asia Rest of the world
ABC Company Limited
Financial Forecast 2008/09 2009/10 2010/11 2011/12 2012/13

GROSS REVENUE
Non-recurring gross revenue
Product 1 $15 $40 $95 $160 $235
Product 2 $4 $20 $19 $19 $19
Product 3 $35 $35 $45 $55 $65
Service 1 $20 $20 $20 $235 $510
Service 2 $15 $15 $15 $15 $15
$89 $130 $194 $484 $844

Recurring gross revenue

Product 1 $0 $0 $0 $0 $0
Product 2 $12 $72 $131 $190 $249
Product 3 $4 $8 $11 $15 $19
Service 1 $4 $8 $12 $59 $161
Service 2 $3 $6 $9 $12 $15
$23 $94 $163 $276 $444

Total gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

Product 1 $15 $40 $95 $160 $235
Product 2 $16 $92 $150 $209 $268
Product 3 $39 $43 $56 $70 $84
Service 1 $24 $28 $32 $294 $671
Service 2 $18 $21 $24 $27 $30
Total gross revenue $112 $224 $357 $760 $1,288

LESS DIRECT COST

Direct cost (non-recurring)
Product 1 $3 $8 $19 $32 $47
Product 2 $4 $20 $19 $19 $19
Product 3 $7 $7 $9 $11 $13
Service 1 $17 $17 $17 $210 $458
Service 2 $3 $3 $3 $3 $3
$34 $55 $67 $275 $540
Direct costs (recurring)
Product 1 $0 $0 $0 $0 $0
Product 2 $12 $72 $131 $190 $249
Product 3 $1 $2 $2 $3 $4
Service 1 $3 $7 $10 $52 $143
Service 2 $1 $1 $2 $2 $3
$17 $81 $145 $247 $399
Direct costs (Total)
Product 1 $3 $8 $19 $32 $47
Product 2 $3 $18 $30 $42 $54
Product 3 $8 $9 $11 $14 $17
Service 1 $20 $23 $26 $262 $601
Service 2 $4 $4 $5 $5 $6
TOTAL DIRECT COSTS $37 $62 $91 $355 $724

Confidential Financial Forecast Page 23

ABC Company Limited
Financial Forecast 2008/09 2009/10 2010/11 2011/12 2012/13

NET REVENUE
Net revenue (non-recurring)
Product 1 $12 $32 $76 $128 $188
Product 2 $0 $0 $0 $0 $0
Product 3 $28 $28 $36 $44 $52
Service 1 $4 $4 $4 $25 $53
Service 2 $12 $12 $12 $12 $12
$56 $76 $128 $209 $305
Net revenue (recurring)
Product 1 $0 $0 $0 $0 $0
Product 2 $0 $0 $0 $0 $0
Product 3 $3 $6 $9 $12 $15
Service 1 $1 $1 $2 $7 $18
Service 2 $2 $5 $7 $10 $12
$6 $13 $18 $29 $45
Net revenue (Total)
Product 1 $12 $32 $76 $128 $188
Product 2 $13 $74 $120 $167 $214
Product 3 $31 $34 $45 $56 $67
Service 1 $4 $5 $6 $32 $70
Service 2 $14 $17 $19 $22 $24
TOTAL NET REVENUE $75 $162 $266 $405 $564

OTHER INCOME
Other income
Total other income $0 $0 $0 $0 $0

TOTAL REVENUE $75 $162 $266 $405 $564

Less Operating Expenses

Finance and administration $0 $0 $0 $0 $0
Sales and marketing $0 $0 $0 $0 $0
Research and development $0 $0 $0 $0 $0
Staff $0 $0 $0 $0 $0
Overhead $0 $0 $0 $0 $0
Total operating expenses $0 $0 $0 $0 $0

EBITDA $75 $162 $266 $405 $564

Existing Depreciation and amortisation $0 $0 $0 $0 $0
Additional depreciation $0 $0 $0 $0 $0
Depreciation and Amortisation $0 $0 $0 $0 $0
EBIT $75 $162 $266 $405 $564
Interest 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 $75 $162 $266 $405 $564
Income Taxation $0 $0 ($80) ($121) ($169)
NPAT $75 $162 $186 $283 $395

Confidential Financial Forecast Page 24

ABC Company Limited
Financial Forecast 2008/09 2009/10 2010/11 2011/12 2012/13

NPAT $75 $162 $186 $283 $395

Capital expenditure
Working capital $0 $0 $0 $0 $0
Finance and administration $0 $0 $0 $0 $0
Sales and marketing $0 $0 $0 $0 $0
Research and development $0 $0 $0 $0 $0
Staff $0 $0 $0 $0 $0
Overhead $0 $0 $0 $0 $0
Total capital expenditure $0 $0 $0 $0 $0

Net cashflow after capital expendit $75 $162 $186 $283 $395

Financing activities
Equity funds raised $0
Dividends $0 $0 ($81) ($93) ($142)
Net financing activities $0 $0 ($81) ($93) ($142)

Net cashflow after financing $75 $162 $105 $190 $253

Confidential Financial Forecast Page 25

ABC Company Limited
Revenue and direct cost summary

Gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

Product 1 $15 $40 $95 $160 $235
Product 2 $16 $92 $150 $209 $268
Product 3 $39 $43 $56 $70 $84
Service 1 $24 $28 $32 $294 $671
Service 2 $18 $21 $24 $27 $30
Total $112 $224 $357 $760 $1,288

Direct cost 2008/09 2009/10 2010/11 2011/12 2012/13

Product 1 $3 $8 $19 $32 $47
Product 2 $3 $3 $3 $3 $3
Product 3 $8 $9 $11 $14 $17
Service 1 $20 $23 $26 $262 $601
Service 2 $4 $4 $5 $5 $6
Total $37 $47 $65 $317 $674

Net revenue 2008/09 2009/10 2010/11 2011/12 2012/13

Product 1 $12 $32 $76 $128 $188
Product 2 $13 $13 $13 $13 $13
Product 3 $31 $34 $45 $56 $67
Service 1 $4 $5 $6 $32 $70
Service 2 $14 $17 $19 $22 $24
Total $75 $101 $158 $251 $362

Non-recurring revenue 2008/09 2009/10 2010/11 2011/12 2012/13

Product 1 $15 $40 $95 $160 $235
Product 2 $4 $20 $19 $19 $19
Product 3 $35 $35 $45 $55 $65
Service 1 $20 $20 $20 $235 $510
Service 2 $15 $15 $15 $15 $15
Total $89 $130 $194 $484 $844

Recurring revenue 2008/09 2009/10 2010/11 2011/12 2012/13

Product 1 $0 $0 $0 $0 $0
Product 2 $12 $72 $131 $190 $249
Product 3 $4 $8 $11 $15 $19
Service 1 $4 $8 $12 $59 $161
Service 2 $3 $6 $9 $12 $15
Total $23 $94 $163 $276 $444

Gross margin 2008/09 2009/10 2010/11 2011/12 2012/13

Product 1 80% 80% 80% 80% 80%
Product 2 80% 97% 98% 98% 99%
Product 3 80% 80% 80% 80% 80%
Service 1 18% 18% 18% 11% 10%
Service 2 80% 80% 80% 80% 80%
Average 67% 79% 82% 58% 48%

Confidential Revenue summary Page 26

ABC Company Limited
Profit and Loss Statement
(Historical)

Revenue H2 1999 H1 2000 1999/2000

Sales $0 $0 $0
Total sales $0 $0 $0

Other income
Other 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

Finance and administration $0
Sales and marketing $0
Research and development $0
Staff $0
Overhead $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 $0
Net profit after tax $0 $0 $0

Less capital expenditure

Finance and administration
Sales and marketing
Research and development
Staff
Overhead
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 27

ABC Company Limited
Product 1
Summary

Total revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $15 $30 $50 $75
Europe $5 $15 $30 $50 $75
Asia $5 $10 $35 $60 $85
Rest of the world $0 $0 $0 $0 $0
Total $15 $40 $95 $160 $235

Direct cost 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $3 $6 $10 $15
Europe $1 $3 $6 $10 $15
Asia $1 $2 $7 $12 $17
Rest of the world $0 $0 $0 $0 $0
Total $3 $8 $19 $32 $47

Net revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $4 $12 $24 $40 $60
Europe $4 $12 $24 $40 $60
Asia $4 $8 $28 $48 $68
Rest of the world $0 $0 $0 $0 $0
Total $12 $32 $76 $128 $188

Non-recurring Gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $15 $30 $50 $75
Europe $5 $15 $30 $50 $75
Asia $5 $10 $35 $60 $85
Rest of the world $0 $0 $0 $0 $0
Total $15 $40 $95 $160 $235

Recurring Gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $0 $0 $0 $0 $0
Europe $0 $0 $0 $0 $0
Asia $0 $0 $0 $0 $0
Rest of the world $0 $0 $0 $0 $0
Total $0 $0 $0 $0 $0

Direct cost (non-recurring) 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $3 $6 $10 $15
Europe $1 $3 $6 $10 $15
Asia $1 $2 $7 $12 $17
Rest of the world $0 $0 $0 $0 $0
Total $3 $8 $19 $32 $47

Direct cost (recurring) 2008/09 2009/10 2010/11 2011/12 2012/13

United States $0 $0 $0 $0 $0
Europe $0 $0 $0 $0 $0
Asia $0 $0 $0 $0 $0
Rest of the world $0 $0 $0 $0 $0
Total $0 $0 $0 $0 $0

Confidential Revenue 1 Page 28

ABC Company Limited
Product 1
Revenue by submarket segment
2008/09 2009/10 2010/11 2011/12 2012/13
United States
Non-recurring revenue 5 15 30 50 75
Recurring revenue - - - - -
Total 5 15 30 50 75

Europe
Non-recurring revenue 5 15 30 50 75
Recurring revenue - - - - -
Total 5 15 30 50 75

Asia
Non-recurring revenue 5 10 35 60 85
Recurring revenue - - - - -
Total 5 10 35 60 85

Rest of the world

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

Total
Non-recurring revenue 15 40 95 160 235
Recurring revenue - - - - -
(man days per subscription) 15 40 95 160 235

Confidential Revenue 1 Page 29

ABC Company Limited
Product 1
Non-recurring and recurring revenue

Non-recurring revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $15 $30 $50 $75
Europe $5 $15 $30 $50 $75
Asia $5 $10 $35 $60 $85
Rest of the world $0 $0 $0 $0 $0
Total $15 $40 $95 $160 $235

Recurring revenue
United States $0 $0 $0 $0 $0
Europe $0 $0 $0 $0 $0
Asia $0 $0 $0 $0 $0
Rest of the world $0 $0 $0 $0 $0
Total $0 $0 $0 $0 $0

Total
United States $5 $15 $30 $50 $75
Europe $5 $15 $30 $50 $75
Asia $5 $10 $35 $60 $85
Rest of the world $0 $0 $0 $0 $0
Total $15 $40 $95 $160 $235
Direct cost A$ (non-recurring)
United States $1 $3 $6 $10 $15
Europe $1 $3 $6 $10 $15
Asia $1 $2 $7 $12 $17
Rest of the world $0 $0 $0 $0 $0
Total $3 $8 $19 $32 $47

Direct cost A$ (recurring)

United States $0 $0 $0 $0 $0
Europe $0 $0 $0 $0 $0
Asia $0 $0 $0 $0 $0
Rest of the world $0 $0 $0 $0 $0
Total $0 $0 $0 $0 $0

Confidential Revenue 1 Page 30

ABC Company Limited
Product 2
Summary

Gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $6 $35 $60 $85 $110
Europe $6 $35 $60 $85 $110
Asia $2 $11 $16 $21 $26
Rest of the world $2 $11 $14 $18 $22
Total $16 $92 $150 $209 $268

Direct cost 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $7 $12 $17 $22
Europe $1 $7 $12 $17 $22
Asia $0 $2 $3 $4 $5
Rest of the world $0 $2 $3 $4 $4
Total $3 $18 $30 $42 $54

Net revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $28 $48 $68 $88
Europe $5 $28 $48 $68 $88
Asia $2 $9 $13 $17 $21
Rest of the world $2 $9 $11 $14 $18
Total $13 $74 $120 $167 $214

Non-recurring revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $5 $5 $5 $5
Europe $1 $5 $5 $5 $5
Asia $1 $5 $5 $5 $5
Rest of the world $1 $5 $4 $4 $4
Total $4 $20 $19 $19 $19

Recurring revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $30 $55 $80 $105
Europe $5 $30 $55 $80 $105
Asia $1 $6 $11 $16 $21
Rest of the world $1 $6 $10 $14 $18
Total $12 $72 $131 $190 $249

Direct cost (non-recurring)

United States $0 $1 $1 $1 $1
Europe $0 $1 $1 $1 $1
Asia $0 $1 $1 $1 $1
Rest of the world $0 $1 $1 $1 $1
Total $1 $4 $4 $4 $4

Direct cost (recurring)

United States $1 $6 $11 $16 $21
Europe $1 $6 $11 $16 $21
Asia $0 $1 $2 $3 $4
Rest of the world $0 $1 $2 $3 $4
Total $2 $14 $26 $38 $50

Confidential Revenue 2 Page 31

ABC Company Limited
Product 2
Revenue by submarket segment
2008/09 2009/10 2010/11 2011/12 2012/13
United States
Non-recurring revenue 1 5 5 5 5
Recurring revenue 5 30 55 80 105
Total 6 35 60 85 110

Europe
Non-recurring revenue 1 5 5 5 5
Recurring revenue 5 30 55 80 105
Total 6 35 60 85 110

Asia
Non-recurring revenue 1 5 5 5 5
Recurring revenue 1 6 11 16 21
Total 2 11 16 21 26

Rest of the world

Non-recurring revenue 1 5 4 4 4
Recurring revenue 1 6 10 14 18
2 11 14 18 22

Total
Non-recurring revenue 4 20 19 19 19
Recurring revenue 12 72 131 190 249
16 92 150 209 268

Confidential Revenue 2 Page 32

ABC Company Limited
Product 2
Non-recurring and recurring revenue

Non-recurring revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $5 $5 $5 $5
Europe $1 $5 $5 $5 $5
Asia $1 $5 $5 $5 $5
Rest of the world $1 $5 $4 $4 $4
Total $4 $20 $19 $19 $19

Recurring revenue
United States $5 $30 $55 $80 $105
Europe $5 $30 $55 $80 $105
Asia $1 $6 $11 $16 $21
Rest of the world $1 $6 $10 $14 $18
Total $12 $72 $131 $190 $249

Total
United States $6 $35 $60 $85 $110
Europe $6 $35 $60 $85 $110
Asia $2 $11 $16 $21 $26
Rest of the world $2 $11 $14 $18 $22
Total $16 $92 $150 $209 $268

Direct cost (non-recurring)

United States $0 $1 $1 $1 $1
Europe $0 $1 $1 $1 $1
Asia $0 $1 $1 $1 $1
Rest of the world $0 $1 $1 $1 $1
Total $1 $4 $4 $4 $4

Direct cost (recurring)

United States $1 $6 $11 $16 $21
Europe $1 $6 $11 $16 $21
Asia $0 $1 $2 $3 $4
Rest of the world $0 $1 $2 $3 $4
Total $2 $14 $26 $38 $50

Confidential Revenue 2 Page 33

ABC Company Limited
Product 3
Summary

Total revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $6 $7 $8 $9 $10
Europe $11 $12 $13 $14 $15
Asia $11 $12 $12 $12 $12
Rest of the world $11 $12 $23 $35 $47
Total $39 $43 $56 $70 $84

Direct cost 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $1 $2 $2 $2
Europe $2 $2 $3 $3 $3
Asia $2 $2 $2 $2 $2
Rest of the world $2 $2 $5 $7 $9
Total $8 $9 $11 $14 $17

Net revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $6 $6 $7 $8
Europe $9 $10 $10 $11 $12
Asia $9 $10 $10 $10 $10
Rest of the world $9 $10 $18 $28 $38
Total $31 $34 $45 $56 $67

Non-recurring Gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $5 $5 $5 $5
Europe $10 $10 $10 $10 $10
Asia $10 $10 $10 $10 $10
Rest of the world $10 $10 $20 $30 $40
Total $35 $35 $45 $55 $65

Recurring Gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $2 $3 $4 $5
Europe $1 $2 $3 $4 $5
Asia $1 $2 $2 $2 $2
Rest of the world $1 $2 $3 $5 $7
Total $4 $8 $11 $15 $19

Direct cost (non-recurring) 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $1 $1 $1 $1
Europe $2 $2 $2 $2 $2
Asia $2 $2 $2 $2 $2
Rest of the world $2 $2 $4 $6 $8
Total $7 $7 $9 $11 $13

Direct cost (recurring) 2008/09 2009/10 2010/11 2011/12 2012/13

United States $0 $0 $1 $1 $1
Europe $0 $0 $1 $1 $1
Asia $0 $0 $0 $0 $0
Rest of the world $0 $0 $1 $1 $1
Total $1 $2 $2 $3 $4

Confidential Revenue 3 Page 34

ABC Company Limited
Product 3
Revenue by submarket segment
2008/09 2009/10 2010/11 2011/12 2012/13
United States
Non-recurring revenue 5 5 5 5 5
Recurring revenue 1 2 3 4 5
Total 6 7 8 9 10

Europe
Non-recurring revenue 10 10 10 10 10
Recurring revenue 1 2 3 4 5
Total 11 12 13 14 15

Asia
Non-recurring revenue 10 10 10 10 10
Recurring revenue 1 2 2 2 2
Total 11 12 12 12 12

Rest of the world

Non-recurring revenue 10 10 20 30 40
Recurring revenue 1 2 3 5 7
11 12 23 35 47

Total
Non-recurring revenue 35 35 45 55 65
Recurring revenue 4 8 11 15 19
39 43 56 70 84

Confidential Revenue 3 Page 35

ABC Company Limited
Product 3
Non-recurring and recurring revenue

Non-recurring revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $5 $5 $5 $5
Europe $10 $10 $10 $10 $10
Asia $10 $10 $10 $10 $10
Rest of the world $10 $10 $20 $30 $40
Total $35 $35 $45 $55 $65

Recurring revenue
United States $1 $2 $3 $4 $5
Europe $1 $2 $3 $4 $5
Asia $1 $2 $2 $2 $2
Rest of the world $1 $2 $3 $5 $7
Total $4 $8 $11 $15 $19

Total
United States $6 $7 $8 $9 $10
Europe $11 $12 $13 $14 $15
Asia $11 $12 $12 $12 $12
Rest of the world $11 $12 $23 $35 $47
Total $39 $43 $56 $70 $84

Direct cost A$ (non-recurring)

United States $1 $1 $1 $1 $1
Europe $2 $2 $2 $2 $2
Asia $2 $2 $2 $2 $2
Rest of the world $2 $2 $4 $6 $8
Total $7 $7 $9 $11 $13

Direct cost A$ (recurring)

United States $0 $0 $1 $1 $1
Europe $0 $0 $1 $1 $1
Asia $0 $0 $0 $0 $0
Rest of the world $0 $0 $1 $1 $1
Total $1 $2 $2 $3 $4

Confidential Revenue 3 Page 36

ABC Company Limited
Service 1
Summary

Gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $6 $7 $8 $9 $10
Europe $6 $7 $8 $9 $10
Asia $6 $7 $8 $153 $328
Rest of the world $6 $7 $8 $123 $323
Total $24 $28 $32 $294 $671

Direct cost 2008/09 2009/10 2010/11 2011/12 2012/13

United States $4 $4 $5 $5 $6
Europe $5 $6 $7 $8 $9
Asia $5 $6 $7 $138 $295
Rest of the world $5 $6 $7 $111 $291
Total $20 $23 $26 $262 $601

Net revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $2 $3 $3 $4 $4
Europe $1 $1 $1 $1 $1
Asia $1 $1 $1 $15 $33
Rest of the world $1 $1 $1 $12 $32
Total $4 $5 $6 $32 $70

Non-recurring Gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $5 $5 $5 $5
Europe $5 $5 $5 $5 $5
Asia $5 $5 $5 $125 $250
Rest of the world $5 $5 $5 $100 $250
Total $20 $20 $20 $235 $510

Recurring Gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $2 $3 $4 $5
Europe $1 $2 $3 $4 $5
Asia $1 $2 $3 $28 $78
Rest of the world $1 $2 $3 $23 $73
Total $4 $8 $12 $59 $161

Direct cost (non-recurring) 2008/09 2009/10 2010/11 2011/12 2012/13

United States $3 $3 $3 $3 $3
Europe $5 $5 $5 $5 $5
Asia $5 $5 $5 $113 $225
Rest of the world $5 $5 $5 $90 $225
Total $17 $17 $17 $210 $458

Direct cost (recurring) 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $1 $2 $2 $3
Europe $1 $2 $3 $4 $5
Asia $1 $2 $3 $25 $70
Rest of the world $1 $2 $3 $21 $66
Total $3 $7 $10 $52 $143

Confidential Revenue 4 Page 37

ABC Company Limited
Service 1
Revenue by submarket segment
2008/09 2009/10 2010/11 2011/12 2012/13
United States
Non-recurring revenue 5 5 5 5 5
Recurring revenue 1 2 3 4 5
Total 6 7 8 9 10

Europe
Non-recurring revenue 5 5 5 5 5
Recurring revenue 1 2 3 4 5
Total 6 7 8 9 10

Asia
Non-recurring revenue 5 5 5 125 250
Recurring revenue 1 2 3 28 78
Total 6 7 8 153 328

Rest of the world

Non-recurring revenue 5 5 5 100 250
Recurring revenue 1 2 3 23 73
6 7 8 123 323

Total
Non-recurring revenue 20 20 20 235 510
Recurring revenue 4 8 12 59 161
Total 24 28 32 294 671

Confidential Revenue 4 Page 38

ABC Company Limited
Service 1
Recurring and Non-recurring revenue

Non-recurring revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $5 $5 $5 $5
Europe $5 $5 $5 $5 $5
Asia $5 $5 $5 $125 $250
Rest of the world $5 $5 $5 $100 $250
Total $20 $20 $20 $235 $510

Recurring revenue
United States $1 $2 $3 $4 $5
Europe $1 $2 $3 $4 $5
Asia $1 $2 $3 $28 $78
Rest of the world $1 $2 $3 $23 $73
Total $4 $8 $12 $59 $161

Total
United States $6 $7 $8 $9 $10
Europe $6 $7 $8 $9 $10
Asia $6 $7 $8 $153 $328
Rest of the world $6 $7 $8 $123 $323
Total $24 $28 $32 $294 $671

Direct cost A$ (non-recurring)

United States $3 $3 $3 $3 $3
Europe $5 $5 $5 $5 $5
Asia $5 $5 $5 $113 $225
Rest of the world $5 $5 $5 $90 $225
Total $17 $17 $17 $210 $458

Direct cost A$ (recurring)

United States $1 $1 $2 $2 $3
Europe $1 $2 $3 $4 $5
Asia $1 $2 $3 $25 $70
Rest of the world $1 $2 $3 $21 $66
Total $3 $7 $10 $52 $143

Confidential Revenue 4 Page 39

ABC Company Limited
Service 2
Summary

Total revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $6 $7 $8 $9 $10
Europe $6 $7 $8 $9 $10
Asia $6 $7 $8 $9 $10
Rest of the world $0 $0 $0 $0 $0
Total $18 $21 $24 $27 $30

Direct cost 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $1 $2 $2 $2
Europe $1 $1 $2 $2 $2
Asia $1 $1 $2 $2 $2
Rest of the world $0 $0 $0 $0 $0
Total $4 $4 $5 $5 $6

Net revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $6 $6 $7 $8
Europe $5 $6 $6 $7 $8
Asia $5 $6 $6 $7 $8
Rest of the world $0 $0 $0 $0 $0
Total $14 $17 $19 $22 $24

Non-recurring Gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $5 $5 $5 $5
Europe $5 $5 $5 $5 $5
Asia $5 $5 $5 $5 $5
Rest of the world $0 $0 $0 $0 $0
Total $15 $15 $15 $15 $15

Recurring Gross revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $2 $3 $4 $5
Europe $1 $2 $3 $4 $5
Asia $1 $2 $3 $4 $5
Rest of the world $0 $0 $0 $0 $0
Total $3 $6 $9 $12 $15

Direct cost (non-recurring) 2008/09 2009/10 2010/11 2011/12 2012/13

United States $1 $1 $1 $1 $1
Europe $1 $1 $1 $1 $1
Asia $1 $1 $1 $1 $1
Rest of the world $0 $0 $0 $0 $0
Total $3 $3 $3 $3 $3

Direct cost (recurring) 2008/09 2009/10 2010/11 2011/12 2012/13

United States $0 $0 $1 $1 $1
Europe $0 $0 $1 $1 $1
Asia $0 $0 $1 $1 $1
Rest of the world $0 $0 $0 $0 $0
Total $1 $1 $2 $2 $3

Confidential Revenue 5 Page 40

ABC Company Limited
Service 2
Revenue by submarket segment

2008/09 2009/10 2010/11 2011/12 2012/13

United States
Non-recurring revenue 5 5 5 5 5
Recurring revenue 1 2 3 4 5
Total 6 7 8 9 10

Europe
Non-recurring revenue 5 5 5 5 5
Recurring revenue 1 2 3 4 5
Total 6 7 8 9 10

Asia
Non-recurring revenue 5 5 5 5 5
Recurring revenue 1 2 3 4 5
Total 6 7 8 9 10

Rest of the world

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

Total
Non-recurring revenue 15 15 15 15 15
Recurring revenue 3 6 9 12 15
Total 18 21 24 27 30

Confidential Revenue 5 Page 41

ABC Company Limited
Service 2
Non-recurring and recurring revenue

Non-recurring revenue 2008/09 2009/10 2010/11 2011/12 2012/13

United States $5 $5 $5 $5 $5
Europe $5 $5 $5 $5 $5
Asia $5 $5 $5 $5 $5
Rest of the world $0 $0 $0 $0 $0
Total $15 $15 $15 $15 $15

Recurring revenue
United States $1 $2 $3 $4 $5
Europe $1 $2 $3 $4 $5
Asia $1 $2 $3 $4 $5
Rest of the world $0 $0 $0 $0 $0
Total $3 $6 $9 $12 $15

Total
United States $6 $7 $8 $9 $10
Europe $6 $7 $8 $9 $10
Asia $6 $7 $8 $9 $10
Rest of the world $0 $0 $0 $0 $0
Total $18 $21 $24 $27 $30

Direct cost (non-recurring)

United States $1 $1 $1 $1 $1
Europe $1 $1 $1 $1 $1
Asia $1 $1 $1 $1 $1
Rest of the world $0 $0 $0 $0 $0
Total $3 $3 $3 $3 $3

Direct cost (recurring)

United States $0 $0 $1 $1 $1
Europe $0 $0 $1 $1 $1
Asia $0 $0 $1 $1 $1
Rest of the world $0 $0 $0 $0 $0
Total $1 $1 $2 $2 $3

Confidential Revenue 5 Page 42

ABC Company Limited
Venture capital and IPO analysis
2008/09 2009/10 2010/11 2011/12 2012/13
Sales $112 $224 $357 $760 $1,288
EBDIT $75 $162 $266 $405 $564
EBIT $75 $162 $266 $405 $564
NPAT $75 $162 $186 $283 $395
Net 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) 75 162 266 405 395
Value at issue 0 2,238 0 0 0 #VALUE!
Number of shares issued #DIV/0! - - - #VALUE!
Dilution of all existing shareholders #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE!
Issue price per share #DIV/0! No issue No issue No issue #VALUE!
Issued shares post IPO #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Existing shares sold #DIV/0!

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! #VALUE!
Shares issued during year #DIV/0! - - - #VALUE!
Issued shares end of year #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Confidential Mezzanine and IPO analysis Page 43