10% CONFIDENCE LEVEL
							CONSORTIUM gTLD													CONSORTIUM gTLD													CONSORTIUM gTLD													CONSORTIUM gTLD													CONSORTIUM gTLD													CONSORTIUM gTLD
							Summary P&L													Summary P&L													Summary P&L													Summary P&L													Summary P&L													Summary P&L
							Year 1													Year 2													Year 3													Year 4													Year 5
							1	2	3	4	5	6	7	8	9	10	11	12	Year 1	1	2	3	4	5	6	7	8	9	10	11	12	Year 2	1	2	3	4	5	6	7	8	9	10	11	12	Year 3	1	2	3	4	5	6	7	8	9	10	11	12	Year 4	1	2	3	4	5	6	7	8	9	10	11	12	Year 5		Year 1		Year 2		Year 3		Year 4		Year 5		Total
													<---------SUNRISE PERIOD---------->
New Registrations							-	-	-	-	-	-	571,429	428,571	QUIET	1,200,000	800,000	500,000	3,500,000	400,000	424,000	449,440	476,406	504,990	535,289	545,995	556,915	568,053	579,414	591,002	602,822	6,234,326	614,878	627,176	639,720	652,514	665,564	678,875	685,664	692,521	699,446	706,440	713,504	720,639	8,096,941	727,845	735,123	742,474	749,899	757,398	764,972	772,622	780,348	788,151	796,033	803,993	812,033	9,230,891	820,153	828,355	836,639	845,005	853,455	861,990	870,610	879,316	888,109	896,990	905,960	915,020	10,401,602		3,500,000		6,234,326		8,096,941		9,230,891		10,401,602		37,463,760
Revenue							$               -	$                -	$                -	$                -	$                 -	$                 -	$        279,286	$        488,750	$        488,750	$     1,075,250	$     1,466,250	$     1,710,625	$     5,508,911	$     1,900,649	$     2,103,772	$     2,323,435	$     2,544,779	$     2,783,926	$     3,040,757	$     3,303,779	$     3,571,908	$     3,845,236	$     4,123,859	$     4,407,872	$     4,697,371	$     38,647,343	$     4,992,661	$     5,293,856	$     5,601,075	$     5,914,439	$     6,234,069	$     6,560,092	$     6,889,318	$     7,221,777	$     7,557,501	$     7,896,520	$     8,813,867	$     8,967,907	$     81,943,082	$     9,173,320	$     9,478,058	$     9,845,739	$    10,217,672	$    10,593,934	$    10,974,604	$    11,359,766	$    11,739,247	$    12,122,573	$    12,509,784	$    12,900,921	$    13,296,024	$  134,211,642	$      13,695,133	$    14,098,290	$    14,505,537	$      14,916,915	$      15,217,467	$      15,560,569	$      15,936,681	$      16,323,428	$      16,712,126	$      17,102,679	$      17,494,984	$      17,888,929	$    189,452,739		$     5,508,911		$     38,647,343		$     81,943,082		$    134,211,642		$    189,452,739		$   449,763,717
Operating Expenses:
Registry Operator							-	-	-	-	-	-	143,286	250,750	250,750	551,650	752,250	877,625	2,826,311	975,115	1,079,326	1,192,023	1,305,582	1,428,275	1,560,041	1,835,458	2,078,377	2,218,607	2,361,552	2,507,263	2,655,789	21,197,410	2,554,771	2,447,800	2,334,520	2,214,554	2,087,505	1,952,949	1,537,773	1,190,151	1,050,504	613,065	271,110	-	18,254,703	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-		2,826,311		21,197,410		18,254,703		-		-		42,278,424
Systems Development & Support							18,229	37,500	43,229	43,229	43,229	43,229	43,229	43,229	43,229	43,229	43,229	121,042	565,833	45,391	45,391	45,391	45,391	45,391	45,391	45,391	111,621	111,621	269,707	748,229	858,854	2,417,767	798,295	802,889	807,483	807,483	807,483	807,483	807,483	807,483	807,483	807,483	807,483	885,295	9,753,824	3,034,745	3,041,981	3,041,981	3,041,981	3,041,981	3,041,981	3,041,981	3,041,981	3,041,981	3,041,981	3,041,981	3,119,793	36,574,345	3,217,481	3,217,481	3,217,481	3,217,481	3,217,481	3,217,481	3,217,481	3,217,481	3,217,481	3,217,481	3,217,481	3,295,293	38,687,582		565,833		2,417,767		9,753,824		36,574,345		38,687,582		87,999,350
Customer Service							-	-	3,646	26,042	47,396	47,396	47,396	47,396	53,542	53,542	53,542	125,917	505,813	62,672	62,672	62,672	62,672	62,672	62,672	62,672	62,672	62,672	62,672	62,672	135,047	824,438	65,805	65,805	65,805	65,805	65,805	65,805	65,805	65,805	65,805	65,805	65,805	138,180	862,041	69,096	69,096	69,096	69,096	69,096	69,096	69,096	69,096	69,096	69,096	69,096	141,471	901,524	72,551	72,551	72,551	72,551	72,551	72,551	72,551	72,551	72,551	72,551	72,551	144,926	942,981		505,813		824,438		862,041		901,524		942,981		4,036,796
Sales & Marketing							300,000	319,271	339,583	439,583	639,583	739,583	1,489,583	1,489,583	2,497,396	4,997,396	4,897,396	4,863,646	23,012,604	1,699,277	1,699,277	1,699,277	1,699,277	1,699,277	1,699,277	1,699,277	1,699,277	1,699,277	1,699,277	1,699,277	1,765,527	20,457,572	1,470,015	1,470,015	1,470,015	1,470,015	1,470,015	1,470,015	1,470,015	1,470,015	1,470,015	1,470,015	1,470,015	1,536,265	17,706,430	1,317,540	1,317,540	1,317,540	1,317,540	1,317,540	1,317,540	1,317,540	1,317,540	1,317,540	1,317,540	1,317,540	1,383,790	15,876,725	1,252,745	1,252,745	1,252,745	1,252,745	1,252,745	1,252,745	1,252,745	1,252,745	1,252,745	1,252,745	1,252,745	1,318,995	15,099,191		23,012,604		20,457,572		17,706,430		15,876,725		15,099,191		92,152,521
General & Administrative							224,461	255,136	272,593	323,381	347,569	248,769	317,341	300,198	251,651	395,651	347,651	431,963	3,716,364	314,328	317,323	327,482	342,503	346,070	354,694	356,030	357,393	358,783	360,201	390,702	517,332	4,342,843	414,028	416,601	419,206	420,867	422,561	424,288	425,169	426,059	426,958	427,866	428,783	550,021	5,202,408	460,255	462,223	463,215	464,218	465,230	466,252	467,285	468,328	469,381	470,445	471,520	592,917	5,721,270	503,121	504,273	505,436	506,610	507,796	508,994	510,204	511,427	512,661	513,908	515,167	636,751	6,236,348		3,716,364		4,342,843		5,202,408		5,721,270		6,236,348		25,219,233
R&D							-	-	-	-	-	-	2,738	4,792	4,792	10,542	14,375	16,771	54,009	18,688	20,719	22,873	36,093	38,513	80,453	83,069	85,737	88,459	91,236	94,068	96,956	756,863	102,418	105,423	108,489	111,615	114,804	118,057	121,343	124,661	128,013	131,398	140,567	142,103	1,448,891	146,794	149,838	153,510	157,226	160,984	164,786	168,634	172,424	176,253	180,121	184,028	187,974	2,002,573	194,734	198,761	202,829	206,938	209,939	213,365	217,121	220,984	224,866	228,767	232,685	236,619	2,587,609		54,009		756,863		1,448,891		2,002,573		2,587,609		6,849,944
Operating Expenses							542,690	611,907	659,051	832,235	1,077,778	1,078,978	2,043,573	2,135,948	3,101,359	6,052,009	6,108,443	6,436,963	30,680,933	3,115,470	3,224,708	3,349,718	3,491,518	3,620,198	3,802,527	4,081,897	4,395,078	4,539,419	4,844,645	5,502,211	6,029,505	49,996,893	5,405,333	5,308,534	5,205,518	5,090,339	4,968,173	4,838,598	4,427,588	4,084,174	3,948,778	3,515,632	3,183,763	3,251,865	53,228,297	5,028,431	5,040,677	5,045,342	5,050,059	5,054,830	5,059,655	5,064,535	5,069,368	5,074,250	5,079,182	5,084,163	5,425,945	61,076,436	5,240,632	5,245,810	5,251,041	5,256,324	5,260,511	5,265,136	5,270,102	5,275,187	5,280,303	5,285,451	5,290,628	5,632,584	63,553,710		30,680,933		49,996,893		53,228,297		61,076,436		63,553,710		258,536,269
EBITDA							(542,690)	(611,907)	(659,051)	(832,235)	(1,077,778)	(1,078,978)	(1,764,287)	(1,647,198)	(2,612,609)	(4,976,759)	(4,642,193)	(4,726,338)	(25,172,022)	(1,214,821)	(1,120,936)	(1,026,282)	(946,739)	(836,271)	(761,770)	(778,118)	(823,170)	(694,183)	(720,785)	(1,094,339)	(1,332,134)	(11,349,549)	(412,673)	(14,678)	395,558	824,099	1,265,896	1,721,494	2,461,730	3,137,603	3,608,723	4,380,888	5,630,104	5,716,042	28,714,785	4,144,889	4,437,381	4,800,397	5,167,613	5,539,104	5,914,950	6,295,232	6,669,879	7,048,322	7,430,602	7,816,758	7,870,079	73,135,206	8,454,501	8,852,480	9,254,496	9,660,591	9,956,955	10,295,433	10,666,579	11,048,241	11,431,823	11,817,228	12,204,356	12,256,345	125,899,028		(25,172,022)		(11,349,549)		28,714,785		73,135,206		125,899,028		191,227,448
Depreciation & Amortization							-	5,139	14,417	16,667	17,444	18,417	18,417	18,417	18,417	18,708	18,708	18,708	183,458	18,708	19,000	19,000	19,097	19,569	19,569	20,958	20,958	20,958	20,958	20,958	29,292	249,028	30,681	30,958	31,236	31,514	31,514	31,514	31,514	31,514	31,514	31,514	31,514	31,514	376,500	31,514	30,264	21,264	19,014	18,236	17,264	17,264	17,264	17,264	16,972	16,972	16,972	240,264	16,972	20,569	20,569	20,472	20,000	20,000	18,611	18,611	18,611	18,611	18,611	10,278	221,917		183,458		249,028		376,500		240,264		221,917		1,271,167
EBIT							(542,690)	(617,046)	(673,468)	(848,902)	(1,095,222)	(1,097,394)	(1,782,704)	(1,665,615)	(2,631,026)	(4,995,468)	(4,660,901)	(4,745,047)	(25,355,481)	(1,233,530)	(1,139,936)	(1,045,282)	(965,836)	(855,841)	(781,339)	(799,077)	(844,129)	(715,141)	(741,744)	(1,115,297)	(1,361,425)	(11,598,577)	(443,353)	(45,636)	364,321	792,585	1,234,382	1,689,980	2,430,216	3,106,089	3,577,209	4,349,374	5,598,590	5,684,528	28,338,285	4,113,376	4,407,117	4,779,133	5,148,599	5,520,868	5,897,686	6,277,968	6,652,615	7,031,058	7,413,630	7,799,786	7,853,107	72,894,942	8,437,529	8,831,910	9,233,927	9,640,119	9,936,955	10,275,433	10,647,968	11,029,630	11,413,212	11,798,617	12,185,745	12,246,067	125,677,112		(25,355,481)		(11,598,577)		28,338,285		72,894,942		125,677,112		189,956,281
																			-													-													-													-													-		-		-		-		-		-		-
Interest							-	6,313	4,952	3,885	2,727	1,265	-	20,279	33,318	28,865	41,350	43,177	186,130	41,043	40,593	43,118	45,961	49,109	52,644	56,453	57,947	57,638	59,931	61,399	60,196	626,032	60,520	64,487	71,304	78,084	84,747	91,275	97,662	103,564	109,036	114,242	118,943	137,839	1,131,702	151,373	159,437	166,471	173,639	180,950	188,422	196,074	203,925	211,735	219,505	227,235	234,926	2,313,693	242,474	249,691	257,182	264,638	272,062	291,623	307,183	319,728	331,183	342,800	354,593	366,577	3,599,735		186,130		626,032		1,131,702		2,313,693		3,599,735		7,857,292
																																																																									-		-		-		-		-		-
Pretax Consortium Profit (Before Rebates)							(542,690)	(623,359)	(678,420)	(852,787)	(1,097,949)	(1,098,659)	(1,782,704)	(1,685,893)	(2,664,344)	(5,024,332)	(4,702,251)	(4,788,224)	(25,541,610)	(1,274,573)	(1,180,530)	(1,088,400)	(1,011,797)	(904,950)	(833,983)	(855,530)	(902,075)	(772,779)	(801,675)	(1,176,696)	(1,421,622)	(12,224,609)	(503,873)	(110,123)	293,017	714,501	1,149,635	1,598,705	2,332,554	3,002,525	3,468,173	4,235,133	5,479,647	5,546,689	27,206,583	3,962,002	4,247,681	4,612,662	4,974,960	5,339,918	5,709,263	6,081,894	6,448,689	6,819,323	7,194,125	7,572,551	7,618,180	70,581,249	8,195,055	8,582,219	8,976,745	9,375,480	9,664,893	9,983,810	10,340,785	10,709,903	11,082,028	11,455,817	11,831,152	11,879,490	122,077,377		(25,541,610)		(12,224,609)		27,206,583		70,581,249		122,077,377		182,098,989
Rebates							-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	73,254	178,625	287,409	399,676	583,138	750,631	867,043	1,058,783	1,369,912	1,386,672	6,955,145	990,501	1,061,920	1,153,166	1,243,740	1,334,980	1,427,316	1,520,473	1,612,172	1,704,831	1,798,531	1,893,138	1,904,545	17,645,312	2,048,764	2,145,555	2,244,186	2,343,870	2,416,223	2,495,952	2,585,196	2,677,476	2,770,507	2,863,954	2,957,788	2,969,872	30,519,344		-		-		6,955,145		17,645,312		30,519,344		55,119,801
Pretax Consortium Profit							(542,690)	(623,359)	(678,420)	(852,787)	(1,097,949)	(1,098,659)	(1,782,704)	(1,685,893)	(2,664,344)	(5,024,332)	(4,702,251)	(4,788,224)	(25,541,610)	(1,274,573)	(1,180,530)	(1,088,400)	(1,011,797)	(904,950)	(833,983)	(855,530)	(902,075)	(772,779)	(801,675)	(1,176,696)	(1,421,622)	(12,224,609)	(503,873)	(110,123)	219,763	535,876	862,226	1,199,029	1,749,415	2,251,894	2,601,130	3,176,349	4,109,735	4,160,017	20,251,438	2,971,502	3,185,760	3,459,497	3,731,220	4,004,939	4,281,948	4,561,420	4,836,517	5,114,492	5,395,594	5,679,413	5,713,635	52,935,937	6,146,291	6,436,664	6,732,559	7,031,610	7,248,670	7,487,857	7,755,589	8,032,427	8,311,521	8,591,863	8,873,364	8,909,617	91,558,033		(25,541,610)		(12,224,609)		20,251,438		52,935,937		91,558,033		126,979,188
Estimated Stockholder Taxes							-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	87,905	214,350	344,891	479,612	699,766	900,757	1,040,452	1,270,540	1,643,894	1,664,007	8,346,174	1,188,601	1,274,304	1,383,799	1,492,488	1,601,975	1,712,779	1,824,568	1,934,607	2,045,797	2,158,238	2,271,765	2,285,454	21,174,375	2,458,517	2,574,666	2,693,023	2,812,644	2,899,468	2,995,143	3,102,235	3,212,971	3,324,608	3,436,745	3,549,346	3,563,847	36,623,213		-		-		8,346,174		21,174,375		36,623,213		66,143,762
Estimated Consortium Net Income							(542,690)	(623,359)	(678,420)	(852,787)	(1,097,949)	(1,098,659)	(1,782,704)	(1,685,893)	(2,664,344)	(5,024,332)	(4,702,251)	(4,788,224)	(25,541,610)	(1,274,573)	(1,180,530)	(1,088,400)	(1,011,797)	(904,950)	(833,983)	(855,530)	(902,075)	(772,779)	(801,675)	(1,176,696)	(1,421,622)	(12,224,609)	(503,873)	(110,123)	131,858	321,526	517,336	719,417	1,049,649	1,351,136	1,560,678	1,905,810	2,465,841	2,496,010	11,905,264	1,782,901	1,911,456	2,075,698	2,238,732	2,402,963	2,569,169	2,736,852	2,901,910	3,068,695	3,237,356	3,407,648	3,428,181	31,761,562	3,687,775	3,861,999	4,039,535	4,218,966	4,349,202	4,492,714	4,653,353	4,819,456	4,986,913	5,155,118	5,324,018	5,345,770	54,934,820		(25,541,610)		(12,224,609)		11,905,264		31,761,562		54,934,820		60,835,427
Cumulative Net Income							(542,690)	(1,166,048)	(1,844,468)	(2,697,255)	(3,795,203)	(4,893,863)	(6,676,566)	(8,362,460)	(11,026,804)	(16,051,136)	(20,753,387)	(25,541,610)	(25,541,610)	(26,816,183)	(27,996,712)	(29,085,112)	(30,096,909)	(31,001,859)	(31,835,843)	(32,691,372)	(33,593,447)	(34,366,227)	(35,167,902)	(36,344,598)	(37,766,220)	(37,766,220)	(38,270,093)	(38,380,216)	(38,248,358)	(37,926,832)	(37,409,497)	(36,690,079)	(35,640,430)	(34,289,294)	(32,728,616)	(30,822,807)	(28,356,965)	(25,860,955)	(25,860,955)	(24,078,054)	(22,166,598)	(20,090,900)	(17,852,168)	(15,449,205)	(12,880,036)	(10,143,184)	(7,241,274)	(4,172,579)	(935,222)	2,472,426	5,900,607	5,900,607	9,588,382	13,450,380	17,489,916	21,708,882	26,058,084	30,550,798	35,204,151	40,023,608	45,010,520	50,165,638	55,489,656	60,835,427	60,835,427		(25,541,610)		(37,766,220)		(25,860,955)		5,900,607		60,835,427		(22,432,751)
Net Cash*							4,328,794	(933,306)	(731,570)	(794,195)	(1,002,316)	(1,079,643)	14,117,784	8,941,234	(3,053,908)	8,561,201	1,253,041	(1,463,563)	28,143,555	(308,223)	1,731,133	1,949,710	2,158,408	2,424,299	2,611,725	1,024,194	(211,589)	1,572,581	1,006,599	(824,974)	221,772	13,355,635	2,720,404	4,674,848	4,648,783	4,569,048	4,476,493	4,379,477	4,047,234	3,751,820	3,569,997	3,223,513	12,957,060	9,281,040	62,299,718	5,529,085	4,823,692	4,914,948	5,013,287	5,124,025	5,247,000	5,383,646	5,355,333	5,327,633	5,300,470	5,274,174	5,175,657	62,468,950	4,949,149	5,136,180	5,113,031	5,090,664	13,413,304	10,669,615	8,601,983	7,855,472	7,965,650	8,086,312	8,218,123	8,284,246	93,383,727		28,143,555		13,355,635		62,299,718		62,468,950		93,383,727		259,651,584
																																																																							-		-		-		-		-
Cumulative Cash Balance*							4,328,794	3,395,489	2,663,919	1,869,724	867,408	(212,235)	13,905,549	22,846,783	19,792,876	28,354,077	29,607,118	28,143,555	28,143,555	27,835,332	29,566,465	31,516,175	33,674,583	36,098,882	38,710,607	39,734,801	39,523,212	41,095,793	42,102,392	41,277,417	41,499,190	41,499,190	44,219,594	48,894,442	53,543,224	58,112,273	62,588,766	66,968,242	71,015,477	74,767,297	78,337,294	81,560,808	94,517,868	103,798,907	103,798,907	109,327,993	114,151,685	119,066,633	124,079,920	129,203,946	134,450,945	139,834,591	145,189,924	150,517,557	155,818,027	161,092,201	166,267,857	166,267,857	171,217,006	176,353,186	181,466,217	186,556,881	199,970,185	210,639,800	219,241,782	227,097,254	235,062,904	243,149,216	251,367,338	259,651,584	259,651,584		28,143,555		41,499,190		103,798,907		166,267,857		259,651,584		599,361,093
As Percent of Revenue (Accrual)
Cost of Revenue							0%	0%	0%	0%	0%	0%	51%	51%	51%	51%	51%	51%	51%	51%	51%	51%	51%	51%	51%	56%	58%	58%	57%	57%	57%	55%	51%	46%	42%	37%	33%	30%	22%	16%	14%	8%	3%	0%	22%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%		51%		55%		22%		0%		0%		9%
Sales & Marketing							0%	0%	0%	0%	0%	0%	533%	305%	511%	465%	334%	284%	418%	89%	81%	73%	67%	61%	56%	51%	48%	44%	41%	39%	38%	53%	29%	28%	26%	25%	24%	22%	21%	20%	19%	19%	17%	17%	22%	14%	14%	13%	13%	12%	12%	12%	11%	11%	11%	10%	10%	12%	9%	9%	9%	8%	8%	8%	8%	8%	7%	7%	7%	7%	8%		418%		53%		22%		12%		8%		20%
G&A							0%	0%	0%	0%	0%	0%	114%	61%	51%	37%	24%	25%	67%	17%	15%	14%	13%	12%	12%	11%	10%	9%	9%	9%	11%	11%	8%	8%	7%	7%	7%	6%	6%	6%	6%	5%	5%	6%	6%	5%	5%	5%	5%	4%	4%	4%	4%	4%	4%	4%	4%	4%	4%	4%	3%	3%	3%	3%	3%	3%	3%	3%	3%	4%	3%		67%		11%		6%		4%		3%		6%
S,G&A							0%	0%	0%	0%	0%	0%	647%	366%	562%	502%	358%	310%	485%	106%	96%	87%	80%	73%	68%	62%	58%	54%	50%	47%	49%	64%	38%	36%	34%	32%	30%	29%	28%	26%	25%	24%	22%	23%	28%	19%	19%	18%	17%	17%	16%	16%	15%	15%	14%	14%	15%	16%	13%	12%	12%	12%	12%	11%	11%	11%	11%	10%	10%	11%	11%		485%		64%		28%		16%		11%		26%
R&D							0%	0%	0%	0%	0%	0%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	3%	3%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%		1%		2%		2%		1%		1%		2%
																																																																		-		-		-		-		-
Gross Margin Equivalent							0%	0%	0%	0%	0%	0%	33%	40%	40%	45%	46%	42%	38%	46%	47%	47%	47%	47%	47%	43%	39%	39%	36%	26%	25%	39%	33%	39%	44%	49%	54%	58%	66%	72%	75%	82%	88%	90%	66%	67%	68%	69%	70%	71%	72%	73%	74%	75%	76%	76%	77%	73%	77%	77%	78%	78%	79%	79%	80%	80%	81%	81%	82%	82%	80%		38%		39%		66%		73%		80%		29%
Net Income							0%	0%	0%	0%	0%	0%	-638%	-345%	-545%	-467%	-321%	-280%	-464%	-67%	-56%	-47%	-40%	-33%	-27%	-26%	-25%	-20%	-19%	-27%	-30%	-32%	-10%	-2%	2%	5%	8%	11%	15%	19%	21%	24%	28%	28%	15%	19%	20%	21%	22%	23%	23%	24%	25%	25%	26%	26%	26%	24%	27%	27%	28%	28%	29%	29%	29%	30%	30%	30%	30%	30%	29%		-464%		-32%		15%		24%		29%		14%
*Cash flows include financing flows.
							gTLD CONSORTIUM													gTLD CONSORTIUM													gTLD CONSORTIUM													gTLD CONSORTIUM
							Balance Sheet													Balance Sheet													Balance Sheet													Balance Sheet													gTLD CONSORTIUM													gTLD CONSORTIUM
																																																											Balance Sheet													Balance Sheet
gTLD BALANCE SHEET
							Year 1													Year 2													Year 3													Year 4													Year 5
							1	2	3	4	5	6	7	8	9	10	11	12	Year 1	1	2	3	4	5	6	7	8	9	10	11	12	Year 2	1	2	3	4	5	6	7	8	9	10	11	12	Year 3	1	2	3	4	5	6	7	8	9	10	11	12	Year 4	1	2	3	4	5	6	7	8	9	10	11	12	Year 5		Year 1		Year 2		Year 3		Year 4		Year 5		Total
Current Assets:
Cash							$4,328,794	$3,395,489	$2,663,919	$1,869,724	$867,408	($212,235)	$13,905,549	$22,846,783	$19,792,876	$28,354,077	$29,607,118	$28,143,555	$28,143,555	$27,835,332	$29,566,465	$31,516,175	$33,674,583	$36,098,882	$38,710,607	$39,734,801	$39,523,212	$41,095,793	$42,102,392	$41,277,417	$41,499,190	$41,499,190	$44,219,594	$48,894,442	$53,543,224	$58,112,273	$62,588,766	$66,968,242	$71,015,477	$74,767,297	$78,337,294	$81,560,808	$94,517,868	$103,798,907	$103,798,907	$109,327,993	$114,151,685	$119,066,633	$124,079,920	$129,203,946	$134,450,945	$139,834,591	$145,189,924	$150,517,557	$155,818,027	$161,092,201	$166,267,857	$166,267,857	$171,217,006	$176,353,186	$181,466,217	$186,556,881	$199,970,185	$210,639,800	$219,241,782	$227,097,254	$235,062,904	$243,149,216	$251,367,338	$259,651,584	$259,651,584		$28,143,555		$41,499,190		$103,798,907		$166,267,857		$259,651,584		259,651,584
Accounts Receivable							$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		-
Pre-Paid Expense							$0	$0	$0	$0	$0	$0	$1,559,287	$2,585,464	$2,334,714	$5,358,464	$6,989,814	$7,601,939	$7,601,939	$7,818,624	$8,002,605	$8,149,688	$8,263,558	$8,339,900	$8,374,754	$11,537,518	$13,647,038	$13,120,945	$16,025,757	$17,639,384	$18,254,703	$18,254,703	$15,699,932	$13,252,132	$10,917,612	$8,703,058	$6,615,553	$4,662,604	$3,124,831	$1,934,680	$884,175	$271,110	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)	($0)		$7,601,939		$18,254,703		($0)		($0)		($0)		(0)
Other Current Assets							$0	$0	$0	$0	$0	$0	$8,214	$14,375	$14,375	$31,625	$43,125	$50,313	$50,313	$56,063	$62,158	$68,618	$75,467	$82,726	$90,421	$98,269	$106,275	$114,441	$122,770	$131,265	$139,931	$139,931	$148,770	$157,785	$166,981	$176,361	$185,929	$195,688	$205,544	$215,499	$225,554	$235,709	$263,215	$267,824	$267,824	$273,975	$283,105	$294,123	$305,268	$316,543	$327,951	$339,493	$350,864	$362,351	$373,954	$385,675	$397,514	$397,514	$409,474	$421,555	$433,758	$446,085	$455,088	$465,366	$476,635	$488,223	$499,869	$511,571	$523,325	$535,128	$535,128		$50,313		$139,931		$267,824		$397,514		$535,128		535,128
Total Current Assets							$4,328,794	$3,395,489	$2,663,919	$1,869,724	$867,408	($212,235)	$15,473,050	$25,446,622	$22,141,965	$33,744,166	$36,640,057	$35,795,806	$35,795,806	$35,710,018	$37,631,228	$39,734,482	$42,013,607	$44,521,508	$47,175,781	$51,370,589	$53,276,525	$54,331,179	$58,250,918	$59,048,067	$59,893,824	$59,893,824	$60,068,296	$62,304,359	$64,627,818	$66,991,692	$69,390,248	$71,826,534	$74,345,851	$76,917,476	$79,447,024	$82,067,627	$94,781,083	$104,066,732	$104,066,732	$109,601,967	$114,434,790	$119,360,756	$124,385,189	$129,520,489	$134,778,896	$140,174,084	$145,540,788	$150,879,908	$156,191,981	$161,477,875	$166,665,372	$166,665,372	$171,626,480	$176,774,741	$181,899,975	$187,002,966	$200,425,273	$211,105,166	$219,718,417	$227,585,477	$235,562,773	$243,660,787	$251,890,663	$260,186,712	$260,186,712		$35,795,806		$59,893,824		$104,066,732		$166,665,372		$260,186,712		260,186,712
Fixed Assets:
Plant, Property, & Equipment							$185,000	$519,000	$600,000	$628,000	$663,000	$663,000	$663,000	$663,000	$673,500	$673,500	$673,500	$673,500	$673,500	$684,000	$684,000	$687,500	$704,500	$704,500	$754,500	$754,500	$754,500	$754,500	$754,500	$1,054,500	$1,104,500	$1,104,500	$1,114,500	$1,124,500	$1,134,500	$1,134,500	$1,134,500	$1,134,500	$1,134,500	$1,134,500	$1,134,500	$1,134,500	$1,134,500	$1,134,500	$1,134,500	$1,274,500	$1,284,500	$1,284,500	$1,284,500	$1,284,500	$1,284,500	$1,284,500	$1,284,500	$1,284,500	$1,284,500	$1,284,500	$1,284,500	$1,284,500	$1,424,500	$1,424,500	$1,424,500	$1,424,500	$1,424,500	$1,424,500	$1,424,500	$1,424,500	$1,424,500	$1,424,500	$1,424,500	$1,424,500	$1,424,500		$673,500		$1,104,500		$1,134,500		$1,284,500		$1,424,500		1,424,500
Accumulated Depreciation							$0	($5,139)	($19,556)	($36,222)	($53,667)	($72,083)	($90,500)	($108,917)	($127,333)	($146,042)	($164,750)	($183,458)	($183,458)	($202,167)	($221,167)	($240,167)	($259,264)	($278,833)	($298,403)	($319,361)	($340,319)	($361,278)	($382,236)	($403,194)	($432,486)	($432,486)	($463,167)	($494,125)	($525,361)	($556,875)	($588,389)	($619,903)	($651,417)	($682,931)	($714,444)	($745,958)	($777,472)	($808,986)	($808,986)	($840,500)	($870,764)	($892,028)	($911,042)	($929,278)	($946,542)	($963,806)	($981,069)	($998,333)	($1,015,306)	($1,032,278)	($1,049,250)	($1,049,250)	($1,066,222)	($1,086,792)	($1,107,361)	($1,127,833)	($1,147,833)	($1,167,833)	($1,186,444)	($1,205,056)	($1,223,667)	($1,242,278)	($1,260,889)	($1,271,167)	($1,271,167)		($183,458)		($432,486)		($808,986)		($1,049,250)		($1,271,167)		(1,271,167)
Total Fixed Assets							$185,000	$513,861	$580,444	$591,778	$609,333	$590,917	$572,500	$554,083	$546,167	$527,458	$508,750	$490,042	$490,042	$481,833	$462,833	$447,333	$445,236	$425,667	$456,097	$435,139	$414,181	$393,222	$372,264	$651,306	$672,014	$672,014	$651,333	$630,375	$609,139	$577,625	$546,111	$514,597	$483,083	$451,569	$420,056	$388,542	$357,028	$325,514	$325,514	$434,000	$413,736	$392,472	$373,458	$355,222	$337,958	$320,694	$303,431	$286,167	$269,194	$252,222	$235,250	$235,250	$358,278	$337,708	$317,139	$296,667	$276,667	$256,667	$238,056	$219,444	$200,833	$182,222	$163,611	$153,333	$153,333		$490,042		$672,014		$325,514		$235,250		$153,333		153,333
Total Assets							$4,513,794	$3,909,350	$3,244,363	$2,461,502	$1,476,741	$378,682	$16,045,550	$26,000,706	$22,688,131	$34,271,624	$37,148,807	$36,285,848	$36,285,848	$36,191,852	$38,094,061	$40,181,815	$42,458,843	$44,947,175	$47,631,878	$51,805,728	$53,690,706	$54,724,401	$58,623,182	$59,699,372	$60,565,838	$60,565,838	$60,719,629	$62,934,734	$65,236,957	$67,569,317	$69,936,359	$72,341,131	$74,828,935	$77,369,045	$79,867,079	$82,456,168	$95,138,111	$104,392,246	$104,392,246	$110,035,967	$114,848,526	$119,753,228	$124,758,647	$129,875,711	$135,116,854	$140,494,779	$145,844,219	$151,166,074	$156,461,175	$161,730,098	$166,900,622	$166,900,622	$171,984,758	$177,112,449	$182,217,114	$187,299,633	$200,701,939	$211,361,833	$219,956,473	$227,804,922	$235,763,607	$243,843,009	$252,054,274	$260,340,046	$260,340,046		$36,285,848		$60,565,838		$104,392,246		$166,900,622		$260,340,046		260,340,046
Current Liabilities:
Accounts Payable							266,484	285,398	298,831	368,756	481,944	482,544	1,744,486	1,524,118	1,364,638	4,477,213	3,809,230	3,374,078	$3,374,078	1,598,469	1,636,737	1,679,188	1,728,231	1,773,808	1,833,727	3,537,368	3,134,221	1,888,585	3,677,608	3,162,371	2,828,314	$2,828,314	1,012,739	1,016,600	1,020,507	1,022,900	1,025,342	1,027,832	1,029,915	1,032,020	1,034,145	1,036,291	1,041,334	1,121,140	$1,121,140	1,008,101	1,012,295	1,014,628	1,016,986	1,019,372	1,021,784	1,024,224	1,026,641	1,029,082	1,031,548	1,034,038	1,115,129	$1,115,129	1,048,805	1,051,394	1,054,009	1,056,651	1,058,744	1,061,057	1,063,540	1,066,082	1,068,640	1,071,214	1,073,803	1,154,981	$1,154,981		$3,374,078		$2,828,314		$1,121,140		$1,115,129		$1,154,981		1,154,981
Unearned Revenue							-	-	-	-	-	-	16,182,155	28,039,464	27,550,714	41,034,464	49,274,214	53,629,839	$53,629,839	56,582,190	59,622,599	62,751,994	65,987,211	69,330,076	72,783,713	76,104,218	79,289,082	82,335,749	85,241,630	88,004,090	90,620,456	$90,620,456	93,087,803	95,403,160	97,563,488	99,565,675	101,406,561	103,082,920	104,512,420	105,692,654	106,621,182	107,295,545	117,488,265	124,163,511	$124,163,511	128,133,271	131,024,092	133,843,419	136,600,316	139,304,516	141,966,473	144,597,410	147,034,943	149,278,004	151,325,547	153,176,517	154,829,876	$154,829,876	156,284,589	157,539,639	158,594,017	159,446,710	168,491,719	174,649,734	178,581,025	181,599,750	184,561,200	187,475,110	190,351,932	193,202,886	$193,202,886		$53,629,839		$90,620,456		$124,163,511		$154,829,876		$193,202,886		193,202,886
Other Current Liabilities							$0	$0	$0	$0	$0	$0	$5,476	$9,583	$9,583	$21,083	$28,750	$33,542	$33,542	$37,375	$41,438	$45,745	$50,311	$55,151	$60,280	$65,513	$70,850	$76,294	$81,846	$87,510	$93,287	$93,287	$99,180	$105,190	$111,321	$117,574	$123,953	$130,458	$137,029	$143,666	$150,369	$157,139	$175,477	$178,550	$178,550	$182,650	$188,736	$196,082	$203,512	$211,029	$218,634	$226,329	$233,909	$241,567	$249,303	$257,116	$265,009	$265,009	$272,983	$281,036	$289,172	$297,390	$303,392	$310,244	$317,757	$325,482	$333,246	$341,047	$348,883	$356,752	$356,752		$33,542		$93,287		$178,550		$265,009		$356,752		356,752
Total Current Liabilities							$266,484	$285,398	$298,831	$368,756	$481,944	$482,544	$17,932,117	$29,573,166	$28,924,935	$45,532,760	$53,112,194	$57,037,458	$57,037,458	$58,218,034	$61,300,773	$64,476,927	$67,765,753	$71,159,034	$74,677,721	$79,707,100	$82,494,153	$84,300,628	$89,001,084	$91,253,971	$93,542,057	$93,542,057	$94,199,721	$96,524,950	$98,695,315	$100,706,150	$102,555,855	$104,241,210	$105,679,365	$106,868,339	$107,805,695	$108,488,975	$118,705,076	$125,463,201	$125,463,201	$129,324,022	$132,225,124	$135,054,128	$137,820,815	$140,534,916	$143,206,890	$145,847,963	$148,295,493	$150,548,653	$152,606,397	$154,467,672	$156,210,014	$156,210,014	$157,606,376	$158,872,069	$159,937,199	$160,800,751	$169,853,856	$176,021,034	$179,962,322	$182,991,314	$185,963,086	$188,887,371	$191,774,618	$194,714,619	$194,714,619		$57,037,458		$93,542,057		$125,463,201		$156,210,014		$194,714,619		194,714,619
Long-Term Liabilities:
Bank Loans							$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		-
Other Long-Term Liabilities							$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		-
Total Long-Term Liabilities							$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		-
Owner Equity:
Equity Contributions
Retained Earnings / (Loss) - After Tax							(542,690)	(1,166,048)	(1,844,468)	(2,697,255)	(3,795,203)	(4,893,863)	(6,676,566)	(8,362,460)	(11,026,804)	(16,051,136)	(20,753,387)	(25,541,610)	($25,541,610)	(26,816,183)	(27,996,712)	(29,085,112)	(30,096,909)	(31,001,859)	(31,835,843)	(32,691,372)	(33,593,447)	(34,366,227)	(35,167,902)	(36,344,598)	(37,766,220)	($37,766,220)	(38,270,093)	(38,380,216)	(38,248,358)	(37,926,832)	(37,409,497)	(36,690,079)	(35,640,430)	(34,289,294)	(32,728,616)	(30,822,807)	(28,356,965)	(25,860,955)	($25,860,955)	(24,078,054)	(22,166,598)	(20,090,900)	(17,852,168)	(15,449,205)	(12,880,036)	(10,143,184)	(7,241,274)	(4,172,579)	(935,222)	2,472,426	5,900,607	$5,900,607	9,588,382	13,450,380	17,489,916	21,708,882	26,058,084	30,550,798	35,204,151	40,023,608	45,010,520	50,165,638	55,489,656	60,835,427	$60,835,427		($25,541,610)		($37,766,220)		($25,860,955)		$5,900,607		$60,835,427		60,835,427
Total Owner Equity							$4,247,310	$3,623,952	$2,945,532	$2,092,745	$994,797	($103,863)	($1,886,566)	($3,572,460)	($6,236,804)	($11,261,136)	($15,963,387)	($20,751,610)	($20,751,610)	($22,026,183)	($23,206,712)	($24,295,112)	($25,306,909)	($26,211,859)	($27,045,843)	($27,901,372)	($28,803,447)	($29,576,227)	($30,377,902)	($31,554,598)	($32,976,220)	($32,976,220)	($33,480,093)	($33,590,216)	($33,458,358)	($33,136,832)	($32,619,497)	($31,900,079)	($30,850,430)	($29,499,294)	($27,938,616)	($26,032,807)	($23,566,965)	($21,070,955)	($21,070,955)	($19,288,054)	($17,376,598)	($15,300,900)	($13,062,168)	($10,659,205)	($8,090,036)	($5,353,184)	($2,451,274)	$617,421	$3,854,778	$7,262,426	$10,690,607	$10,690,607	$14,378,382	$18,240,380	$22,279,916	$26,498,882	$30,848,084	$35,340,798	$39,994,151	$44,813,608	$49,800,520	$54,955,638	$60,279,656	$65,625,427	$65,625,427		($20,751,610)		($32,976,220)		($21,070,955)		$10,690,607		$65,625,427		65,625,427
																																																																									-		-		-		-		-
Total Equity & Liabilities							$4,513,794	$3,909,350	$3,244,363	$2,461,502	$1,476,741	$378,682	$16,045,550	$26,000,706	$22,688,131	$34,271,624	$37,148,807	$36,285,848	$36,285,848	$36,191,852	$38,094,061	$40,181,815	$42,458,843	$44,947,175	$47,631,878	$51,805,728	$53,690,706	$54,724,401	$58,623,182	$59,699,372	$60,565,838	$60,565,838	$60,719,629	$62,934,734	$65,236,957	$67,569,317	$69,936,359	$72,341,131	$74,828,935	$77,369,045	$79,867,079	$82,456,168	$95,138,111	$104,392,246	$104,392,246	$110,035,967	$114,848,526	$119,753,228	$124,758,647	$129,875,711	$135,116,854	$140,494,779	$145,844,219	$151,166,074	$156,461,175	$161,730,098	$166,900,622	$166,900,622	$171,984,758	$177,112,449	$182,217,114	$187,299,633	$200,701,939	$211,361,833	$219,956,473	$227,804,922	$235,763,607	$243,843,009	$252,054,274	$260,340,046	$260,340,046		$36,285,848		$60,565,838		$104,392,246		$166,900,622		$260,340,046		260,340,046
Balance Sheet Assumptions - Working Capital
Accounts Receivable							-	-	-	-	-	-	-	-