50% 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							-	-	-	-	-	-	400,000	300,000	QUIET	900,000	600,000	375,000	2,575,000	300,000	313,500	327,608	342,350	357,756	373,855	379,463	385,155	390,932	396,796	402,748	408,789	4,378,952	414,921	421,145	427,462	433,874	440,382	446,988	449,223	451,469	453,726	455,995	458,275	460,566	5,314,026	462,869	465,183	467,509	469,847	472,196	474,557	476,930	479,315	481,712	484,121	486,542	488,975	5,709,756	491,420	493,877	496,346	498,828	501,322	503,829	506,348	508,880	511,424	513,981	516,551	519,134	6,061,940		2,575,000		4,378,952		5,314,026		5,709,756		6,061,940		24,039,674
Revenue							$               -	$                -	$                -	$                -	$                 -	$                 -	$        195,500	$        342,125	$        342,125	$        782,000	$     1,075,250	$     1,258,531	$     3,995,531	$     1,401,323	$     1,551,671	$     1,711,789	$     1,870,488	$     2,039,591	$     2,218,719	$     2,401,307	$     2,586,547	$     2,774,475	$     2,965,128	$     3,158,543	$     3,354,756	$     28,034,338	$     3,553,912	$     3,756,056	$     3,961,231	$     4,169,484	$     4,380,861	$     4,595,409	$     4,810,991	$     5,027,610	$     5,245,272	$     5,463,982	$     6,114,993	$     6,192,061	$     57,271,864	$     6,306,171	$     6,493,265	$     6,723,881	$     6,955,909	$     7,189,367	$     7,424,275	$     7,660,652	$     7,893,147	$     8,126,831	$     8,361,710	$     8,597,792	$     8,835,083	$    90,568,082	$       9,073,589	$     9,313,316	$     9,554,271	$       9,796,460	$       9,910,516	$      10,068,945	$      10,260,972	$      10,462,900	$      10,664,113	$      10,864,528	$      11,064,063	$      11,262,626	$    122,296,299		$     3,995,531		$     28,034,338		$     57,271,864		$    90,568,082		$    122,296,299		$   302,166,114
Operating Expenses:
Registry Operator							-	-	-	-	-	-	100,300	175,525	175,525	401,200	551,650	645,681	2,049,881	718,940	796,075	878,222	959,642	1,046,399	1,138,299	1,330,308	1,499,094	1,595,510	1,693,323	1,792,553	1,893,219	15,341,584	1,817,603	1,738,641	1,656,182	1,570,070	1,480,141	1,386,225	1,096,274	854,090	757,986	439,190	192,681	-	12,989,084	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-		2,049,881		15,341,584		12,989,084		-		-		30,380,550
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	73,222	73,222	216,908	629,527	707,339	2,017,951	640,546	640,546	640,546	640,546	640,546	640,546	640,546	640,546	664,546	664,546	664,546	742,359	7,860,366	804,835	804,835	804,835	804,835	804,835	804,835	804,835	804,835	804,835	804,835	804,835	882,648	9,735,833	945,739	948,139	948,139	948,139	948,139	948,139	948,139	948,139	948,139	948,139	948,139	1,025,951	11,453,078		565,833		2,017,951		7,860,366		9,735,833		11,453,078		31,633,061
Customer Service							-	-	3,646	26,042	42,396	42,396	42,396	42,396	48,542	48,542	48,542	114,917	459,813	57,422	57,422	57,422	57,422	57,422	57,422	57,422	57,422	57,422	57,422	57,422	123,797	755,438	60,293	60,293	60,293	60,293	60,293	60,293	60,293	60,293	60,293	60,293	60,293	126,668	789,891	63,308	63,308	63,308	63,308	63,308	63,308	63,308	63,308	63,308	63,308	63,308	129,683	826,066	66,473	66,473	66,473	66,473	66,473	66,473	66,473	66,473	66,473	66,473	66,473	132,848	864,051		459,813		755,438		789,891		826,066		864,051		3,695,258
Sales & Marketing							300,000	319,271	332,813	432,813	632,813	732,813	1,482,813	1,482,813	2,490,625	4,990,625	4,890,625	4,848,750	22,936,771	1,692,167	1,692,167	1,692,167	1,692,167	1,692,167	1,692,167	1,692,167	1,692,167	1,692,167	1,692,167	1,692,167	1,750,292	20,364,134	1,462,550	1,462,550	1,462,550	1,462,550	1,462,550	1,462,550	1,462,550	1,462,550	1,462,550	1,462,550	1,462,550	1,520,675	17,608,727	1,309,701	1,309,701	1,309,701	1,309,701	1,309,701	1,309,701	1,309,701	1,309,701	1,309,701	1,309,701	1,309,701	1,367,826	15,774,543	1,244,515	1,244,515	1,244,515	1,244,515	1,244,515	1,244,515	1,244,515	1,244,515	1,244,515	1,244,515	1,244,515	1,302,640	14,992,306		22,936,771		20,364,134		17,608,727		15,774,543		14,992,306		91,676,480
General & Administrative							224,373	254,524	270,495	320,583	342,150	243,350	291,350	279,350	245,969	353,969	317,969	411,282	3,555,366	295,880	297,565	306,222	319,455	321,378	327,792	328,492	329,202	329,923	330,655	357,828	478,894	4,023,284	372,809	373,617	374,437	375,269	376,114	376,971	377,261	377,553	377,846	378,140	378,436	499,046	4,637,498	402,356	402,668	402,982	403,298	403,615	403,933	404,254	404,576	404,899	405,224	405,551	526,192	4,969,549	428,858	429,203	429,550	429,898	430,248	430,600	430,954	431,309	431,666	432,025	432,386	553,061	5,289,760		3,555,366		4,023,284		4,637,498		4,969,549		5,289,760		22,475,457
R&D							-	-	-	-	-	-	1,955	3,421	3,421	7,820	10,753	12,585	39,955	39,955	14,013	15,517	28,055	29,642	70,708	72,500	74,326	76,178	78,057	79,964	81,898	660,814	86,376	333,172	88,367	90,389	92,440	94,523	96,637	98,782	100,938	103,104	105,281	107,468	1,397,477	116,619	117,390	628,188	118,531	120,402	122,708	125,029	127,363	129,712	132,076	134,401	136,738	2,009,159	141,860	144,221	146,594	963,924	148,979	151,376	153,786	156,208	157,348	158,932	160,853	162,872	2,646,952		39,955		660,814		1,397,477		2,009,159		2,646,952		6,754,356
Operating Expenses							542,602	611,294	650,182	822,666	1,060,588	1,061,788	1,962,043	2,026,734	3,007,311	5,845,385	5,862,768	6,154,257	29,607,619	2,849,755	2,902,633	2,994,941	3,102,132	3,192,399	3,331,779	3,526,279	3,725,433	3,824,422	4,068,532	4,609,461	5,035,439	43,163,205	4,440,177	4,608,818	4,282,375	4,199,117	4,112,085	4,021,109	3,733,561	3,493,814	3,424,159	3,107,824	2,863,788	2,996,216	45,283,043	2,696,819	2,697,902	3,209,014	2,699,673	2,701,861	2,704,486	2,707,127	2,709,783	2,712,456	2,715,145	2,717,796	3,043,087	33,315,150	2,827,445	2,832,551	2,835,270	3,652,949	2,838,354	2,841,103	2,843,866	2,846,644	2,848,141	2,850,085	2,852,366	3,177,373	35,246,147		29,607,619		43,163,205		45,283,043		33,315,150		35,246,147		186,615,163
EBITDA							(542,602)	(611,294)	(650,182)	(822,666)	(1,060,588)	(1,061,788)	(1,766,543)	(1,684,609)	(2,665,186)	(5,063,385)	(4,787,518)	(4,895,725)	(25,612,087)	(1,448,432)	(1,350,962)	(1,283,152)	(1,231,644)	(1,152,808)	(1,113,060)	(1,124,973)	(1,138,886)	(1,049,946)	(1,103,404)	(1,450,918)	(1,680,683)	(15,128,867)	(886,265)	(852,763)	(321,144)	(29,632)	268,777	574,301	1,077,429	1,533,796	1,821,113	2,356,158	3,251,206	3,195,846	11,988,821	3,609,352	3,795,363	3,514,866	4,256,236	4,487,505	4,719,789	4,953,526	5,183,364	5,414,375	5,646,566	5,879,996	5,791,996	57,252,932	6,246,143	6,480,765	6,719,000	6,143,512	7,072,162	7,227,842	7,417,106	7,616,257	7,815,971	8,014,444	8,211,697	8,085,254	87,050,152		(25,612,087)		(15,128,867)		11,988,821		57,252,932		87,050,152		115,550,951
Depreciation & Amortization							-	5,139	14,417	16,569	17,347	18,125	18,125	18,125	18,125	18,417	18,417	18,417	181,222	18,417	18,708	18,708	18,806	19,278	19,278	20,667	20,667	20,667	20,667	20,667	29,000	245,528	29,000	29,000	29,000	29,000	29,000	29,000	29,000	29,000	29,000	29,000	29,000	29,000	348,000	29,000	26,639	17,361	15,208	14,431	13,653	13,653	13,653	13,653	13,361	13,361	13,361	197,333	13,361	15,847	15,847	15,750	15,278	15,278	13,889	13,889	13,889	13,889	13,889	5,556	166,361		181,222		245,528		348,000		197,333		166,361		1,138,444
EBIT							(542,602)	(616,433)	(664,599)	(839,236)	(1,077,935)	(1,079,913)	(1,784,668)	(1,702,734)	(2,683,311)	(5,081,802)	(4,805,934)	(4,914,142)	(25,793,310)	(1,466,849)	(1,369,670)	(1,301,860)	(1,250,449)	(1,172,085)	(1,132,338)	(1,145,639)	(1,159,553)	(1,070,613)	(1,124,070)	(1,471,584)	(1,709,683)	(15,374,395)	(915,265)	(881,763)	(350,144)	(58,632)	239,777	545,301	1,048,429	1,504,796	1,792,113	2,327,158	3,222,206	3,166,846	11,640,821	3,580,352	3,768,724	3,497,505	4,241,027	4,473,075	4,706,136	4,939,873	5,169,711	5,400,722	5,633,204	5,866,635	5,778,635	57,055,599	6,232,782	6,464,918	6,703,153	6,127,762	7,056,884	7,212,564	7,403,217	7,602,368	7,802,082	8,000,555	8,197,808	8,079,698	86,883,791		(25,793,310)		(15,374,395)		11,640,821		57,055,599		86,883,791		114,412,507
																			-													-													-													-													-		-		-		-		-		-		-
Interest							-	6,313	4,952	3,900	2,755	1,325	-	13,579	21,935	17,816	25,724	25,201	123,500	21,666	20,006	21,101	22,387	23,818	25,465	27,200	27,317	26,174	26,827	26,699	24,358	293,016	23,224	24,750	28,160	31,674	35,473	39,213	42,818	46,053	48,956	51,628	53,905	66,820	492,672	75,674	81,408	86,402	91,448	96,112	101,183	106,296	111,459	116,543	121,549	126,476	131,325	1,245,875	135,995	140,364	144,915	149,390	153,849	165,606	175,307	182,992	189,920	196,873	203,857	210,879	2,049,947		123,500		293,016		492,672		1,245,875		2,049,947		4,205,010
																																																																									-		-		-		-		-		-
Pretax Consortium Profit (Before Rebates)							(542,602)	(622,746)	(669,551)	(843,136)	(1,080,690)	(1,081,238)	(1,784,668)	(1,716,313)	(2,705,246)	(5,099,617)	(4,831,658)	(4,939,343)	(25,916,809)	(1,488,515)	(1,389,676)	(1,322,961)	(1,272,836)	(1,195,903)	(1,157,803)	(1,172,840)	(1,186,869)	(1,096,787)	(1,150,897)	(1,498,284)	(1,734,041)	(15,667,411)	(938,490)	(906,512)	(378,304)	(90,306)	204,304	506,088	1,005,612	1,458,743	1,743,158	2,275,530	3,168,301	3,100,025	11,148,150	3,504,677	3,687,316	3,411,103	4,149,579	4,376,963	4,604,953	4,833,577	5,058,252	5,284,179	5,511,656	5,740,159	5,647,310	55,809,724	6,096,787	6,324,553	6,558,238	5,978,371	6,903,036	7,046,958	7,227,910	7,419,376	7,612,162	7,803,682	7,993,951	7,868,819	84,833,844		(25,916,809)		(15,667,411)		11,148,150		55,809,724		84,833,844		110,207,497
Rebates							-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51,076	126,522	251,403	364,686	435,789	568,883	792,075	775,006	3,365,440	876,169	921,829	852,776	1,037,395	1,094,241	1,151,238	1,208,394	1,264,563	1,321,045	1,377,914	1,435,040	1,411,827	13,952,431	1,524,197	1,581,138	1,639,559	1,494,593	1,725,759	1,761,740	1,806,977	1,854,844	1,903,041	1,950,921	1,998,488	1,967,205	21,208,461		-		-		3,365,440		13,952,431		21,208,461		38,526,332
Pretax Consortium Profit							(542,602)	(622,746)	(669,551)	(843,136)	(1,080,690)	(1,081,238)	(1,784,668)	(1,716,313)	(2,705,246)	(5,099,617)	(4,831,658)	(4,939,343)	(25,916,809)	(1,488,515)	(1,389,676)	(1,322,961)	(1,272,836)	(1,195,903)	(1,157,803)	(1,172,840)	(1,186,869)	(1,096,787)	(1,150,897)	(1,498,284)	(1,734,041)	(15,667,411)	(938,490)	(906,512)	(378,304)	(90,306)	153,228	379,566	754,209	1,094,057	1,307,368	1,706,648	2,376,226	2,325,019	7,782,709	2,628,508	2,765,487	2,558,327	3,112,184	3,282,722	3,453,715	3,625,183	3,793,689	3,963,134	4,133,742	4,305,119	4,235,482	41,857,293	4,572,590	4,743,415	4,918,678	4,483,779	5,177,277	5,285,219	5,420,932	5,564,532	5,709,122	5,852,762	5,995,463	5,901,614	63,625,383		(25,916,809)		(15,667,411)		7,782,709		41,857,293		63,625,383		71,681,165
Estimated Stockholder Taxes							-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	61,291	151,826	301,684	437,623	522,947	682,659	950,490	930,008	4,038,528	1,051,403	1,106,195	1,023,331	1,244,874	1,313,089	1,381,486	1,450,073	1,517,476	1,585,254	1,653,497	1,722,048	1,694,193	16,742,917	1,829,036	1,897,366	1,967,471	1,793,511	2,070,911	2,114,087	2,168,373	2,225,813	2,283,649	2,341,105	2,398,185	2,360,646	25,450,153		-		-		4,038,528		16,742,917		25,450,153		46,231,599
Estimated Consortium Net Income							(542,602)	(622,746)	(669,551)	(843,136)	(1,080,690)	(1,081,238)	(1,784,668)	(1,716,313)	(2,705,246)	(5,099,617)	(4,831,658)	(4,939,343)	(25,916,809)	(1,488,515)	(1,389,676)	(1,322,961)	(1,272,836)	(1,195,903)	(1,157,803)	(1,172,840)	(1,186,869)	(1,096,787)	(1,150,897)	(1,498,284)	(1,734,041)	(15,667,411)	(938,490)	(906,512)	(378,304)	(90,306)	91,937	227,740	452,525	656,434	784,421	1,023,989	1,425,735	1,395,011	3,744,181	1,577,105	1,659,292	1,534,996	1,867,311	1,969,633	2,072,229	2,175,110	2,276,213	2,377,881	2,480,245	2,583,072	2,541,289	25,114,376	2,743,554	2,846,049	2,951,207	2,690,267	3,106,366	3,171,131	3,252,559	3,338,719	3,425,473	3,511,657	3,597,278	3,540,968	38,175,230		(25,916,809)		(15,667,411)		3,744,181		25,114,376		38,175,230		25,449,566
Cumulative Net Income							(542,602)	(1,165,348)	(1,834,900)	(2,678,035)	(3,758,726)	(4,839,964)	(6,624,632)	(8,340,945)	(11,046,191)	(16,145,809)	(20,977,467)	(25,916,809)	(25,916,809)	(27,405,324)	(28,795,000)	(30,117,960)	(31,390,797)	(32,586,700)	(33,744,502)	(34,917,342)	(36,104,211)	(37,200,998)	(38,351,896)	(39,850,179)	(41,584,221)	(41,584,221)	(42,522,710)	(43,429,223)	(43,807,526)	(43,897,833)	(43,805,896)	(43,578,156)	(43,125,631)	(42,469,196)	(41,684,775)	(40,660,787)	(39,235,051)	(37,840,040)	(37,840,040)	(36,262,935)	(34,603,643)	(33,068,646)	(31,201,336)	(29,231,702)	(27,159,473)	(24,984,364)	(22,708,151)	(20,330,270)	(17,850,025)	(15,266,953)	(12,725,664)	(12,725,664)	(9,982,110)	(7,136,061)	(4,184,854)	(1,494,587)	1,611,779	4,782,911	8,035,470	11,374,189	14,799,662	18,311,319	21,908,597	25,449,566	25,449,566		(25,916,809)		(41,584,221)		(37,840,040)		(12,725,664)		25,449,566		(92,617,168)
Net Cash*							4,328,838	(932,956)	(721,524)	(784,991)	(980,632)	(1,062,513)	9,465,335	5,729,370	(2,824,580)	5,422,674	(358,500)	(2,423,899)	14,856,621	(1,138,444)	750,885	881,770	981,250	1,129,429	1,190,174	79,653	(783,584)	448,008	(87,621)	(1,605,514)	(777,435)	1,068,572	1,045,906	2,338,416	2,409,838	2,604,682	2,564,600	2,472,108	2,218,209	1,990,581	1,832,190	1,561,787	8,856,181	6,071,288	35,965,784	3,931,625	3,424,540	3,460,023	3,197,977	3,477,478	3,506,128	3,540,283	3,486,205	3,432,372	3,378,627	3,325,303	3,202,370	41,362,931	2,995,997	3,120,590	3,068,437	3,057,286	8,062,033	6,652,339	5,269,459	4,750,881	4,767,526	4,789,184	4,815,195	4,771,335	56,120,261		14,856,621		1,068,572		35,965,784		41,362,931		56,120,261		149,374,168
																																																																							-		-		-		-		-
Cumulative Cash Balance*							4,328,838	3,395,882	2,674,358	1,889,367	908,735	(153,778)	9,311,556	15,040,926	12,216,346	17,639,020	17,280,520	14,856,621	14,856,621	13,718,177	14,469,062	15,350,832	16,332,082	17,461,511	18,651,685	18,731,338	17,947,754	18,395,762	18,308,141	16,702,627	15,925,192	15,925,192	16,971,098	19,309,515	21,719,352	24,324,034	26,888,634	29,360,741	31,578,950	33,569,530	35,401,720	36,963,507	45,819,688	51,890,976	51,890,976	55,822,601	59,247,141	62,707,164	65,905,142	69,382,620	72,888,748	76,429,031	79,915,236	83,347,608	86,726,235	90,051,537	93,253,907	93,253,907	96,249,904	99,370,494	102,438,931	105,496,217	113,558,250	120,210,589	125,480,048	130,230,929	134,998,455	139,787,639	144,602,833	149,374,168	149,374,168		14,856,621		15,925,192		51,890,976		93,253,907		149,374,168		325,300,865
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%	55%	58%	58%	57%	57%	56%	55%	51%	46%	42%	38%	34%	30%	23%	17%	14%	8%	3%	0%	23%	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%		23%		0%		0%		10%
Sales & Marketing							0%	0%	0%	0%	0%	0%	758%	433%	728%	638%	455%	385%	574%	121%	109%	99%	90%	83%	76%	70%	65%	61%	57%	54%	52%	73%	41%	39%	37%	35%	33%	32%	30%	29%	28%	27%	24%	25%	31%	21%	20%	19%	19%	18%	18%	17%	17%	16%	16%	15%	15%	17%	14%	13%	13%	13%	13%	12%	12%	12%	12%	11%	11%	12%	12%		574%		73%		31%		17%		12%		30%
G&A							0%	0%	0%	0%	0%	0%	149%	82%	72%	45%	30%	33%	89%	21%	19%	18%	17%	16%	15%	14%	13%	12%	11%	11%	14%	14%	10%	10%	9%	9%	9%	8%	8%	8%	7%	7%	6%	8%	8%	6%	6%	6%	6%	6%	5%	5%	5%	5%	5%	5%	6%	5%	5%	5%	4%	4%	4%	4%	4%	4%	4%	4%	4%	5%	4%		89%		14%		8%		5%		4%		7%
S,G&A							0%	0%	0%	0%	0%	0%	908%	515%	800%	683%	484%	418%	663%	142%	128%	117%	108%	99%	91%	84%	78%	73%	68%	65%	66%	87%	52%	49%	46%	44%	42%	40%	38%	37%	35%	34%	30%	33%	39%	27%	26%	25%	25%	24%	23%	22%	22%	21%	21%	20%	21%	23%	18%	18%	18%	17%	17%	17%	16%	16%	16%	15%	15%	16%	17%		663%		87%		39%		23%		17%		38%
R&D							0%	0%	0%	0%	0%	0%	1%	1%	1%	1%	1%	1%	1%	3%	1%	1%	1%	1%	3%	3%	3%	3%	3%	3%	2%	2%	2%	9%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	9%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	10%	2%	2%	1%	1%	1%	1%	1%	1%	2%		1%		2%		2%		2%		2%		2%
																																																																		-		-		-		-		-
Gross Margin Equivalent							0%	0%	0%	0%	0%	0%	27%	36%	36%	43%	45%	39%	35%	45%	46%	46%	46%	46%	47%	43%	39%	40%	36%	23%	22%	38%	31%	37%	42%	47%	52%	56%	64%	70%	73%	80%	86%	88%	64%	87%	88%	88%	88%	89%	89%	89%	90%	90%	90%	91%	90%	89%	90%	90%	90%	90%	90%	91%	91%	91%	91%	91%	91%	91%	91%		35%		38%		64%		89%		91%		21%
Net Income							0%	0%	0%	0%	0%	0%	-913%	-502%	-791%	-652%	-449%	-392%	-649%	-106%	-90%	-77%	-68%	-59%	-52%	-49%	-46%	-40%	-39%	-47%	-52%	-56%	-26%	-24%	-10%	-2%	2%	5%	9%	13%	15%	19%	23%	23%	7%	25%	26%	23%	27%	27%	28%	28%	29%	29%	30%	30%	29%	28%	30%	31%	31%	27%	31%	31%	32%	32%	32%	32%	33%	31%	31%		-649%		-56%		7%		28%		31%		8%
*Cash flows include financing flows.
							gTLD CONSORTIUM													gTLD CONSORTIUM													gTLD CONSORTIUM													gTLD CONSORTIUM													gTLD CONSORTIUM													gTLD CONSORTIUM
							Balance Sheet													Balance Sheet													Balance Sheet													Balance Sheet													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							$4,328,838	$3,395,882	$2,674,358	$1,889,367	$908,735	($153,778)	$9,311,556	$15,040,926	$12,216,346	$17,639,020	$17,280,520	$14,856,621	$14,856,621	$13,718,177	$14,469,062	$15,350,832	$16,332,082	$17,461,511	$18,651,685	$18,731,338	$17,947,754	$18,395,762	$18,308,141	$16,702,627	$15,925,192	$15,925,192	$16,971,098	$19,309,515	$21,719,352	$24,324,034	$26,888,634	$29,360,741	$31,578,950	$33,569,530	$35,401,720	$36,963,507	$45,819,688	$51,890,976	$51,890,976	$55,822,601	$59,247,141	$62,707,164	$65,905,142	$69,382,620	$72,888,748	$76,429,031	$79,915,236	$83,347,608	$86,726,235	$90,051,537	$93,253,907	$93,253,907	$96,249,904	$99,370,494	$102,438,931	$105,496,217	$113,558,250	$120,210,589	$125,480,048	$130,230,929	$134,998,455	$139,787,639	$144,602,833	$149,374,168	$149,374,168		$14,856,621		$15,925,192		$51,890,976		$93,253,907		$149,374,168		149,374,168
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	$1,091,500	$1,809,825	$1,634,300	$3,914,650	$5,150,700	$5,622,331	$5,622,331	$5,797,242	$5,935,240	$6,033,126	$6,093,516	$6,113,051	$6,088,653	$8,248,955	$9,667,430	$9,236,702	$11,380,632	$12,558,067	$12,989,084	$12,989,084	$11,171,481	$9,432,840	$7,776,659	$6,206,589	$4,726,447	$3,340,222	$2,243,948	$1,389,858	$631,872	$192,681	$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		$5,622,331		$12,989,084		$0		$0		$0		0
Other Current Assets							$0	$0	$0	$0	$0	$0	$5,750	$10,063	$10,063	$23,000	$31,625	$37,016	$37,016	$41,328	$45,835	$50,544	$55,465	$60,608	$65,982	$71,437	$76,974	$82,593	$88,297	$94,087	$99,963	$99,963	$105,928	$111,982	$118,126	$124,363	$130,694	$137,119	$143,577	$150,067	$156,589	$163,144	$182,669	$184,977	$184,977	$188,397	$194,005	$200,920	$207,877	$214,877	$221,920	$229,007	$235,978	$242,984	$250,027	$257,105	$264,219	$264,219	$271,370	$278,558	$285,783	$293,044	$296,461	$301,210	$306,967	$313,020	$319,052	$325,060	$331,042	$336,994	$336,994		$37,016		$99,963		$184,977		$264,219		$336,994		336,994
Total Current Assets							$4,328,838	$3,395,882	$2,674,358	$1,889,367	$908,735	($153,778)	$10,408,806	$16,860,813	$13,860,709	$21,576,670	$22,462,845	$20,515,968	$20,515,968	$19,556,747	$20,450,136	$21,434,502	$22,481,063	$23,635,170	$24,806,319	$27,051,730	$27,692,158	$27,715,057	$29,777,071	$29,354,781	$29,014,240	$29,014,240	$28,248,507	$28,854,336	$29,614,137	$30,654,986	$31,745,775	$32,838,083	$33,966,475	$35,109,455	$36,190,181	$37,319,332	$46,002,357	$52,075,954	$52,075,954	$56,010,998	$59,441,147	$62,908,084	$66,113,019	$69,597,496	$73,110,667	$76,658,038	$80,151,214	$83,590,592	$86,976,261	$90,308,642	$93,518,127	$93,518,127	$96,521,275	$99,649,052	$102,724,713	$105,789,261	$113,854,711	$120,511,799	$125,787,014	$130,543,949	$135,317,507	$140,112,699	$144,933,875	$149,711,163	$149,711,163		$20,515,968		$29,014,240		$52,075,954		$93,518,127		$149,711,163		149,711,163
Fixed Assets:
Plant, Property, & Equipment							$185,000	$519,000	$596,500	$624,500	$652,500	$652,500	$652,500	$652,500	$663,000	$663,000	$663,000	$663,000	$663,000	$673,500	$673,500	$677,000	$694,000	$694,000	$744,000	$744,000	$744,000	$744,000	$744,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,044,000	$1,144,000	$1,144,000	$1,144,000	$1,144,000	$1,144,000	$1,144,000	$1,144,000	$1,144,000	$1,144,000	$1,144,000	$1,144,000	$1,144,000	$1,144,000	$1,244,000	$1,244,000	$1,244,000	$1,244,000	$1,244,000	$1,244,000	$1,244,000	$1,244,000	$1,244,000	$1,244,000	$1,244,000	$1,244,000	$1,244,000		$663,000		$1,044,000		$1,044,000		$1,144,000		$1,244,000		1,244,000
Accumulated Depreciation							$0	($5,139)	($19,556)	($36,125)	($53,472)	($71,597)	($89,722)	($107,847)	($125,972)	($144,389)	($162,806)	($181,222)	($181,222)	($199,639)	($218,347)	($237,056)	($255,861)	($275,139)	($294,417)	($315,083)	($335,750)	($356,417)	($377,083)	($397,750)	($426,750)	($426,750)	($455,750)	($484,750)	($513,750)	($542,750)	($571,750)	($600,750)	($629,750)	($658,750)	($687,750)	($716,750)	($745,750)	($774,750)	($774,750)	($803,750)	($830,389)	($847,750)	($862,958)	($877,389)	($891,042)	($904,694)	($918,347)	($932,000)	($945,361)	($958,722)	($972,083)	($972,083)	($985,444)	($1,001,292)	($1,017,139)	($1,032,889)	($1,048,167)	($1,063,444)	($1,077,333)	($1,091,222)	($1,105,111)	($1,119,000)	($1,132,889)	($1,138,444)	($1,138,444)		($181,222)		($426,750)		($774,750)		($972,083)		($1,138,444)		(1,138,444)
Total Fixed Assets							$185,000	$513,861	$576,944	$588,375	$599,028	$580,903	$562,778	$544,653	$537,028	$518,611	$500,194	$481,778	$481,778	$473,861	$455,153	$439,944	$438,139	$418,861	$449,583	$428,917	$408,250	$387,583	$366,917	$646,250	$617,250	$617,250	$588,250	$559,250	$530,250	$501,250	$472,250	$443,250	$414,250	$385,250	$356,250	$327,250	$298,250	$269,250	$269,250	$340,250	$313,611	$296,250	$281,042	$266,611	$252,958	$239,306	$225,653	$212,000	$198,639	$185,278	$171,917	$171,917	$258,556	$242,708	$226,861	$211,111	$195,833	$180,556	$166,667	$152,778	$138,889	$125,000	$111,111	$105,556	$105,556		$481,778		$617,250		$269,250		$171,917		$105,556		105,556
Total Assets							$4,513,838	$3,909,743	$3,251,303	$2,477,742	$1,507,762	$427,124	$10,971,584	$17,405,466	$14,397,737	$22,095,281	$22,963,039	$20,997,745	$20,997,745	$20,030,608	$20,905,289	$21,874,446	$22,919,202	$24,054,031	$25,255,903	$27,480,646	$28,100,408	$28,102,641	$30,143,988	$30,001,031	$29,631,490	$29,631,490	$28,836,757	$29,413,586	$30,144,387	$31,156,236	$32,218,025	$33,281,333	$34,380,725	$35,494,705	$36,546,431	$37,646,582	$46,300,607	$52,345,204	$52,345,204	$56,351,248	$59,754,758	$63,204,334	$66,394,060	$69,864,108	$73,363,626	$76,897,343	$80,376,866	$83,802,592	$87,174,900	$90,493,920	$93,690,043	$93,690,043	$96,779,830	$99,891,761	$102,951,574	$106,000,372	$114,050,545	$120,692,354	$125,953,681	$130,696,727	$135,456,396	$140,237,699	$145,044,986	$149,816,718	$149,816,718		$20,997,745		$29,631,490		$52,345,204		$93,690,043		$149,816,718		149,816,718
Current Liabilities:
Accounts Payable							266,440	285,092	296,202	365,778	476,488	477,088	1,472,966	1,318,724	1,358,365	4,005,340	3,491,881	3,169,383	$3,169,383	1,448,020	1,456,003	1,480,497	1,510,094	1,534,800	1,572,024	2,761,624	2,476,372	1,601,265	2,938,806	2,560,546	2,314,294	$2,314,294	971,969	1,095,771	973,779	975,205	976,654	978,124	979,326	980,544	981,768	982,999	984,235	1,060,756	$1,060,756	942,314	942,856	1,198,412	943,741	944,835	946,148	947,468	948,796	950,132	951,477	952,803	1,029,415	$1,029,415	954,127	955,480	956,839	1,365,679	958,381	959,756	961,137	962,526	963,275	964,246	965,387	1,041,857	$1,041,857		$3,169,383		$2,314,294		$1,060,756		$1,029,415		$1,041,857		1,041,857
Unearned Revenue							-	-	-	-	-	-	11,327,500	19,627,625	19,285,500	29,422,750	35,627,000	38,918,156	$38,918,156	41,156,583	43,408,451	45,671,366	47,954,439	50,255,322	52,572,399	54,774,927	56,861,273	58,829,781	60,678,780	62,406,577	64,011,453	$64,011,453	65,491,571	66,845,057	68,070,008	69,164,500	70,126,573	70,954,246	71,593,453	72,043,291	72,302,849	72,371,226	79,578,754	84,149,510	$84,149,510	86,693,472	88,431,539	90,083,649	91,653,778	93,146,098	94,565,032	95,915,232	97,110,243	98,149,745	99,033,421	99,760,966	100,332,073	$100,332,073	100,746,443	101,003,784	101,103,806	101,046,237	106,393,923	109,858,478	111,860,107	113,256,991	114,584,407	115,847,073	117,049,960	118,198,301	$118,198,301		$38,918,156		$64,011,453		$84,149,510		$100,332,073		$118,198,301		118,198,301
Other Current Liabilities							$0	$0	$0	$0	$0	$0	$5,750	$10,063	$10,063	$23,000	$31,625	$37,016	$37,016	$41,328	$45,835	$50,544	$55,465	$60,608	$65,982	$71,437	$76,974	$82,593	$88,297	$94,087	$99,963	$99,963	$105,928	$111,982	$118,126	$124,363	$130,694	$137,119	$143,577	$150,067	$156,589	$163,144	$182,669	$184,977	$184,977	$188,397	$194,005	$200,920	$207,877	$214,877	$221,920	$229,007	$235,978	$242,984	$250,027	$257,105	$264,219	$264,219	$271,370	$278,558	$285,783	$293,044	$296,461	$301,210	$306,967	$313,020	$319,052	$325,060	$331,042	$336,994	$336,994		$37,016		$99,963		$184,977		$264,219		$336,994		336,994
Total Current Liabilities							$266,440	$285,092	$296,202	$365,778	$476,488	$477,088	$12,806,216	$20,956,411	$20,653,928	$33,451,090	$39,150,506	$42,124,555	$42,124,555	$42,645,932	$44,910,289	$47,202,406	$49,519,999	$51,850,731	$54,210,405	$57,607,988	$59,414,619	$60,513,639	$63,705,883	$65,061,210	$66,425,710	$66,425,710	$66,569,467	$68,052,809	$69,161,913	$70,264,069	$71,233,921	$72,069,489	$72,716,355	$73,173,901	$73,441,206	$73,517,369	$80,745,658	$85,395,243	$85,395,243	$87,824,183	$89,568,401	$91,482,981	$92,805,396	$94,305,810	$95,733,099	$97,091,707	$98,295,017	$99,342,862	$100,234,925	$100,970,873	$101,625,707	$101,625,707	$101,971,940	$102,237,821	$102,346,428	$102,704,959	$107,648,765	$111,119,444	$113,128,211	$114,532,537	$115,866,734	$117,136,380	$118,346,389	$119,577,152	$119,577,152		$42,124,555		$66,425,710		$85,395,243		$101,625,707		$119,577,152		119,577,152
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							(542,602)	(1,165,348)	(1,834,900)	(2,678,035)	(3,758,726)	(4,839,964)	(6,624,632)	(8,340,945)	(11,046,191)	(16,145,809)	(20,977,467)	(25,916,809)	($25,916,809)	(27,405,324)	(28,795,000)	(30,117,960)	(31,390,797)	(32,586,700)	(33,744,502)	(34,917,342)	(36,104,211)	(37,200,998)	(38,351,896)	(39,850,179)	(41,584,221)	($41,584,221)	(42,522,710)	(43,429,223)	(43,807,526)	(43,897,833)	(43,805,896)	(43,578,156)	(43,125,631)	(42,469,196)	(41,684,775)	(40,660,787)	(39,235,051)	(37,840,040)	($37,840,040)	(36,262,935)	(34,603,643)	(33,068,646)	(31,201,336)	(29,231,702)	(27,159,473)	(24,984,364)	(22,708,151)	(20,330,270)	(17,850,025)	(15,266,953)	(12,725,664)	($12,725,664)	(9,982,110)	(7,136,061)	(4,184,854)	(1,494,587)	1,611,779	4,782,911	8,035,470	11,374,189	14,799,662	18,311,319	21,908,597	25,449,566	$25,449,566		($25,916,809)		($41,584,221)		($37,840,040)		($12,725,664)		$25,449,566		25,449,566
Total Owner Equity							$4,247,398	$3,624,652	$2,955,100	$2,111,965	$1,031,274	($49,964)	($1,834,632)	($3,550,945)	($6,256,191)	($11,355,809)	($16,187,467)	($21,126,809)	($21,126,809)	($22,615,324)	($24,005,000)	($25,327,960)	($26,600,797)	($27,796,700)	($28,954,502)	($30,127,342)	($31,314,211)	($32,410,998)	($33,561,896)	($35,060,179)	($36,794,221)	($36,794,221)	($37,732,710)	($38,639,223)	($39,017,526)	($39,107,833)	($39,015,896)	($38,788,156)	($38,335,631)	($37,679,196)	($36,894,775)	($35,870,787)	($34,445,051)	($33,050,040)	($33,050,040)	($31,472,935)	($29,813,643)	($28,278,646)	($26,411,336)	($24,441,702)	($22,369,473)	($20,194,364)	($17,918,151)	($15,540,270)	($13,060,025)	($10,476,953)	($7,935,664)	($7,935,664)	($5,192,110)	($2,346,061)	$605,146	$3,295,413	$6,401,779	$9,572,911	$12,825,470	$16,164,189	$19,589,662	$23,101,319	$26,698,597	$30,239,566	$30,239,566		($21,126,809)		($36,794,221)		($33,050,040)		($7,935,664)		$30,239,566		30,239,566
																																																																									-		-		-		-		-
Total Equity & Liabilities							$4,513,838	$3,909,743	$3,251,303	$2,477,742	$1,507,762	$427,124	$10,971,584	$17,405,466	$14,397,737	$22,095,281	$22,963,039	$20,997,745	$20,997,745	$20,030,608	$20,905,289	$21,874,446	$22,919,202	$24,054,031	$25,255,903	$27,480,646	$28,100,408	$28,102,641	$30,143,988	$30,001,031	$29,631,490	$29,631,490	$28,836,757	$29,413,586	$30,144,387	$31,156,236	$32,218,025	$33,281,333	$34,380,725	$35,494,705	$36,546,431	$37,646,582	$46,300,607	$52,345,204	$52,345,204	$56,351,248	$59,754,758	$63,204,334	$66,394,060	$69,864,108	$73,363,626	$76,897,343	$80,376,866	$83,802,592	$87,174,900	$90,493,920	$93,690,043	$93,690,043	$96,779,830	$99,891,761	$102,951,574	$106,000,372	$114,050,545	$120,692,354	$125,953,681	$130,696,727	$135,456,396	$140,237,699	$145,044,986	$149,816,718	$149,816,718		$20,997,745		$29,631,490		$52,345,204		$93,690,043		$149,816,718		149,816,718
Balance Sheet Assumptions - Working Capital
Accounts Receivable							-	-	-	-	-	-	-	-	-