Operating Assumptions
                         
Model's Start Date 01/04/14  
   
Model Step Quarter USD 000s Inflation, % pa  
   
Currency  USD  Average Check per Customer, USD 50  3.0%  
   
Corporate Tax Rate, %                       -   [1] Pre-launch Development Costs 1 200  3.0%  
   
Units  000s  Launch costs 350  3.0%  
   
New Customers Acquired per Quarter, 000s 1 Regular Marketing per Quarter 80  3.0%  
Customer Retention Rate  
    (1-Churn), % per annum 80% Overheads  per Quarter 25  3.0%  
   
Direct Margin per Customer / User, % 60% Consulting  per Quarter                   -   0.0%  
   
Quarters to Launch 6 Outsourcing  per Quarter                   -   0.0%  
                         
Cash Flow Graph, USD 000s Valuation Dashboard
Exit Valuation Driver   Customer   Total Project Return
   
Exit Driver Value 1.75x  ->> IRR  0.0%  
   
Break-even achieved in 11 Quarters Payback achieved in NA Quarters  
   
Total Funding Required, USD 000s 1 814  Founders' Return
   
Founders' Capital Pre-Deal, USD 000s                   -   ->> IRR  0.0%  
   
   
Investor Deal Date 01 Jan 15 Investor Return  
   
Co Valuation at Deal USD 000s                   -   ->> IRR  0.0%  
   
Investor Invesment, USD 000s                   -   ->> Funding?                   -    
   
Implied Share Sold, % Capitalisation 0%  
             
Timeline and named variables
Period Start Date     Date_BoP     01 Apr 14 01 Jul 14 01 Oct 14 01 Jan 15 01 Apr 15 01 Jul 15 01 Oct 15 01 Jan 16 01 Apr 16 01 Jul 16 01 Oct 16 01 Jan 17 01 Apr 17 01 Jul 17 01 Oct 17 01 Jan 18 01 Apr 18 01 Jul 18 01 Oct 18 01 Jan 19  
Period End Date Date_EoP 31 Mar 14 30 Jun 14 30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16 31 Dec 16 31 Mar 17 30 Jun 17 30 Sep 17 31 Dec 17 31 Mar 18 30 Jun 18 30 Sep 18 31 Dec 18 31 Mar 19  
     
Month Counter Month_Count 3  6  9  12  15  18  21  24  27  30  33  36  39  42  45  48  51  54  57  60   
Quarter Counter Quarter_Count 1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20   
Year Counter Year_Count 1  1  1  1  2  2  2  2  3  3  3  3  4  4  4  4  5  5  5  5   
Number of Periods Flag Nperiod 4    
Launch Date Launch_Date 01 Oct 15    
Currency FX USD    
Corporate Tax Rate CTR 0.0%    
Units     X   000s                                          
Customers, Revenues and Gross Profit 30 Jun 14 30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16 31 Dec 16 31 Mar 17 30 Jun 17 30 Sep 17 31 Dec 17 31 Mar 18 30 Jun 18 30 Sep 18 31 Dec 18 31 Mar 19
Customers BoP     000s                       -                     -                     -                     -                     -                     -                     -   1  2  3  4  4  5  6  6  7  8  8  9  9   
Additions 000s 1                    -                     -                     -                     -                     -                     -   1  1  1  1  1  1  1  1  1  1  1  1  1  1   
Churn 000s                     20.0%                   -                     -                     -                     -                     -                     -                    (0)                  (0)                  (0)                  (0)                  (0)                  (0)                  (0)                  (0)                  (0)                  (0)                  (0)                  (0)                  (0)                  (1)  
Customers EoP 000s                   -                     -                     -                     -                     -                     -   1  2  3  4  4  5  6  6  7  8  8  9  9  10   
     
Average Customers 000s                   -                     -                     -                     -                     -                     -   0  1  2  3  4  5  5  6  7  7  8  8  9  9   
Average Price USD 50                    -                     -                     -                     -                     -                     -   53  53  53  54  54  55  55  55  56  56  56  57  57  58   
Annual Growth Rate % pa 3.0% 0.8% 1.5% 2.3% 3.0% 3.8% 4.5% 5.3% 6.0% 6.8% 7.5% 8.3% 9.0% 9.8% 10.5% 11.3% 12.0% 12.8% 13.5% 14.3% 15.0%  
Revenue USD 000s                   -                     -                     -                     -                     -                     -   25  74  122  168  212  254  295  335  373  410  446  480  514  546   
COGS USD 000s                     40.0%                   -                     -                     -                     -                     -                     -                   (10)                 (30)                 (49)                 (67)                 (85)               (102)               (118)               (134)               (149)               (164)               (178)               (192)               (205)               (218)  
Gross Profit     USD 000s                       -                     -                     -                     -                     -                     -   15  45  73  101  127  153  177  201  224  246  268  288  308  327   
Other Costs Calculations   30 Jun 14 30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16 31 Dec 16 31 Mar 17 30 Jun 17 30 Sep 17 31 Dec 17 31 Mar 18 30 Jun 18 30 Sep 18 31 Dec 18 31 Mar 19
 Overheads      USD 000s   25                    -                     -                     -                     -                     -                     -   (26) (27) (27) (27) (27) (27) (27) (28) (28) (28) (28) (28) (29) (29)  
Annual Growth Rate % pa 3.0% 0.8% 1.5% 2.3% 3.0% 3.8% 4.5% 5.3% 6.0% 6.8% 7.5% 8.3% 9.0% 9.8% 10.5% 11.3% 12.0% 12.8% 13.5% 14.3% 15.0%  
     
 Consulting      USD 000s                             -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Annual Growth Rate     % pa                             -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
                                                     
 Outsourcing      USD 000s                             -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Annual Growth Rate     % pa                             -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
     
Regular Marketing Costs USD 000s 80                    -                     -                     -                     -                     -                     -   (84) (85) (85) (86) (87) (87) (88) (88) (89) (90) (90) (91) (91) (92)  
Annual Growth Rate % pa 3.0% 0.8% 1.5% 2.3% 3.0% 3.8% 4.5% 5.3% 6.0% 6.8% 7.5% 8.3% 9.0% 9.8% 10.5% 11.3% 12.0% 12.8% 13.5% 14.3% 15.0%  
     
Pre Launch Costs USD 000s 1 200  (202) (203) (205) (206) (208) (209)                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Annual Growth Rate % pa 3.0% 0.8% 1.5% 2.3% 3.0% 3.8% 4.5% 5.3% 6.0% 6.8% 7.5% 8.3% 9.0% 9.8% 10.5% 11.3% 12.0% 12.8% 13.5% 14.3% 15.0%  
     
Launch Costs USD 000s 350                    -                     -                     -                     -                     -                     -   (368)                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Annual Growth Rate     % pa   3.0% 0.8% 1.5% 2.3% 3.0% 3.8% 4.5% 5.3% 6.0% 6.8% 7.5% 8.3% 9.0% 9.8% 10.5% 11.3% 12.0% 12.8% 13.5% 14.3% 15.0%  
Taxable Income Calculation   30 Jun 14 30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16 31 Dec 16 31 Mar 17 30 Jun 17 30 Sep 17 31 Dec 17 31 Mar 18 30 Jun 18 30 Sep 18 31 Dec 18 31 Mar 19
EBT     USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Manual Tax Adjustments   USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Total Taxable Income     USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Corporate Tax Rate     %                             -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Corporate Tax - Actual Cash Payments   USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Book Value for Corporate Tax   USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
                                                     
Accumulated Tax Shield - BoP   USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Tax Shield Created     USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Tax Shield Used     USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Accumulated Tax Shield - EoP   USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Project Cash Flows and IRR         30 Jun 14 30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16 31 Dec 16 31 Mar 17 30 Jun 17 30 Sep 17 31 Dec 17 31 Mar 18 30 Jun 18 30 Sep 18 31 Dec 18 31 Mar 19
Cash Flow USD 000s (202) (203) (205) (206) (208) (209) (464) (67) (39) (12) 13  38  62  85  107  129  149  169  188  207   
Cumulative Cash Flow USD 000s (202) (405) (609) (815) (1 023) (1 232) (1 695) (1 762) (1 801) (1 814) (1 800) (1 762) (1 700) (1 615) (1 508) (1 379) (1 230) (1 061) (873) (667)  
Exit Value  Customer  1.75x  USD 000s                   -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -   17   
Cash Flow Plus Exit Value USD 000s (202) (203) (205) (206) (208) (209) (464) (67) (39) (12) 13  38  62  85  107  129  149  169  188  224   
Peak Funding USD 000s (1 814)    
Payback Quarters NA                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Break-even Quarters 11                    -                     -                     -                     -                     -                     -                     -                     -                     -                     -   1  1  1  1  1  1  1  1  1  1   
IRR of project     % pa   0.0%                                          
Founders and Investor Returns Calculations   30 Jun 14 30 Sep 14 31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16 31 Dec 16 31 Mar 17 30 Jun 17 30 Sep 17 31 Dec 17 31 Mar 18 30 Jun 18 30 Sep 18 31 Dec 18 31 Mar 19
Company Valuation at Deal   USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Investor Invesment     USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Implied Share Sold     % capitalisation                                              
Founders' Capital Required Pre-Deal   USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Co's Surplus Cash Pre-Deal   USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Co's BoP Cash Post Deal   USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Cash from Operation     USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Co's Cash EoP     USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
                                                     
Investor's Cash Flow     USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Investor's Cash Flow Plus Exit Value   USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Investor's IRR     % pa   NA                                            
                                                     
Founders' Cash Flow     USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Founders' Cash Flow Plus Exit Value   USD 000s                       -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -                     -    
Founders' IRR     % pa   NA                                            
  >> End of Sheet                                                    
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