Tucows Inc. Registry Operations
	Pro Forma Income Statement
	Jan 2001 - Dec 2004
	Month																																																											Total	Total	Total	Total
	Year			Jan-01	Feb-01	Mar-01	Apr-01	May-01	Jun-01	Jul-01	Aug-01	Sep-01	Oct-01	Nov-01	Dec-01	Total-01		Jan-02	Feb-02	Mar-02	Apr-02	May-02	Jun-02	Jul-02	Aug-02	Sep-02	Oct-02	Nov-02	Dec-02	Total-02		Jan-03	Feb-03	Mar-03	Apr-03	May-03	Jun-03	Jul-03	Aug-03	Sep-03	Oct-03	Nov-03	Dec-03	Total-03		Jan-04	Feb-04	Mar-04	Apr-04	May-04	Jun-04	Jul-04	Aug-04	Sep-04	Oct-04	Nov-04	Dec-04	Total-04		2001	2002	2003	2004
	Registrations
		New		37,500	37,500	56,300	56,300	75,000	75,000	56,300	56,300	75,000	75,000	56,300	93,800	750,300		43,100	43,100	64,700	64,700	86,300	86,300	64,700	64,700	86,300	86,300	64,700	107,800	862,700		49,600	49,600	74,400	74,400	99,200	99,200	74,400	74,400	99,200	99,200	74,400	124,000	992,000		57,000	57,000	85,500	85,500	114,100	114,100	85,500	85,500	114,100	114,100	85,500	142,600	1,140,500		750,300	862,700	992,000	1,140,500
		Renewals & Transfers		-	-	-	-	-	-	-	-	-	-	-	-	-		33,000	33,000	49,500	49,500	66,000	66,000	49,500	49,500	66,000	66,000	49,500	82,500	660,000		67,000	67,000	100,500	100,500	134,000	134,000	100,500	100,500	134,000	134,000	100,500	167,500	1,340,000		102,600	102,600	153,900	153,900	205,200	205,200	153,900	153,900	205,200	205,200	153,900	256,500	2,052,000		-	660,000	1,340,000	2,052,000
	Total Registrations			37,500	37,500	56,300	56,300	75,000	75,000	56,300	56,300	75,000	75,000	56,300	93,800	750,300		76,100	76,100	114,200	114,200	152,300	152,300	114,200	114,200	152,300	152,300	114,200	190,300	1,522,700		116,600	116,600	174,900	174,900	233,200	233,200	174,900	174,900	233,200	233,200	174,900	291,500	2,332,000		159,600	159,600	239,400	239,400	319,300	319,300	239,400	239,400	319,300	319,300	239,400	399,100	3,192,500		750,300	1,522,700	2,332,000	3,192,500
	Revenue
		New Registrations		225,000	225,000	337,800	337,800	450,000	450,000	337,800	337,800	450,000	450,000	337,800	562,800	4,501,800		237,050	237,050	355,850	355,850	474,650	474,650	355,850	355,850	474,650	474,650	355,850	592,900	4,744,850		248,000	248,000	372,000	372,000	496,000	496,000	372,000	372,000	496,000	496,000	372,000	620,000	4,960,000		256,500	256,500	384,750	384,750	513,450	513,450	384,750	384,750	513,450	513,450	384,750	641,700	5,132,250		4,501,800	4,744,850	4,960,000	5,132,250
		Renewals and Transfers		-	-	-	-	-	-	-	-	-	-	-	-	-		181,500	181,500	272,250	272,250	363,000	363,000	272,250	272,250	363,000	363,000	272,250	453,750	3,630,000		335,000	335,000	502,500	502,500	670,000	670,000	502,500	502,500	670,000	670,000	502,500	837,500	6,700,000		461,700	461,700	692,550	692,550	923,400	923,400	692,550	692,550	923,400	923,400	692,550	1,154,250	9,234,000		-	3,630,000	6,700,000	9,234,000
		Registrar Fees		45,000	30,000	15,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	117,000		9,000	9,000	9,000	9,000	9,000	9,000	9,000	6,000	6,000	6,000	6,000	6,000	93,000		9,000	9,000	9,000	9,000	9,000	9,000	9,000	6,000	6,000	6,000	6,000	6,000	93,000		9,000	9,000	9,000	9,000	9,000	9,000	9,000	6,000	6,000	6,000	6,000	6,000	93,000		117,000	93,000	93,000	93,000
				270,000	255,000	352,800	340,800	453,000	453,000	340,800	340,800	453,000	453,000	340,800	565,800	4,618,800		427,550	427,550	637,100	637,100	846,650	846,650	637,100	634,100	843,650	843,650	634,100	1,052,650	8,467,850		592,000	592,000	883,500	883,500	1,175,000	1,175,000	883,500	880,500	1,172,000	1,172,000	880,500	1,463,500	11,753,000		727,200	727,200	1,086,300	1,086,300	1,445,850	1,445,850	1,086,300	1,083,300	1,442,850	1,442,850	1,083,300	1,801,950	14,459,250		4,618,800	8,467,850	11,753,000	14,459,250
	Cost of Goods Sold
0.30		ICANN		11,250	11,250	16,890	16,890	22,500	22,500	16,890	16,890	22,500	22,500	16,890	28,140	225,090		22,830	22,830	34,260	34,260	45,690	45,690	34,260	34,260	45,690	45,690	34,260	57,090	456,810		34,980	34,980	52,470	52,470	69,960	69,960	52,470	52,470	69,960	69,960	52,470	87,450	699,600		47,880	47,880	71,820	71,820	95,790	95,790	71,820	71,820	95,790	95,790	71,820	119,730	957,750		225,090	456,810	699,600	957,750
		Sponsor		131,250	131,250	197,050	197,050	262,500	262,500	197,050	197,050	262,500	262,500	197,050	328,300	2,626,050		247,325	247,325	371,150	371,150	494,975	494,975	371,150	371,150	494,975	494,975	371,150	618,475	4,948,775		349,800	349,800	524,700	524,700	699,600	699,600	524,700	524,700	699,600	699,600	524,700	874,500	6,996,000		438,900	438,900	658,350	658,350	878,075	878,075	658,350	658,350	878,075	878,075	658,350	1,097,525	8,779,375		2,626,050	4,948,775	6,996,000	8,779,375
	Total Cost of Goods Sold			142,500	142,500	213,940	213,940	285,000	285,000	213,940	213,940	285,000	285,000	213,940	356,440	2,851,140		270,155	270,155	405,410	405,410	540,665	540,665	405,410	405,410	540,665	540,665	405,410	675,565	5,405,585		384,780	384,780	577,170	577,170	769,560	769,560	577,170	577,170	769,560	769,560	577,170	961,950	7,695,600		486,780	486,780	730,170	730,170	973,865	973,865	730,170	730,170	973,865	973,865	730,170	1,217,255	9,737,125		2,851,140	5,405,585	7,695,600	9,737,125
	Gross Profit			127,500	112,500	138,860	126,860	168,000	168,000	126,860	126,860	168,000	168,000	126,860	209,360	1,767,660		157,395	157,395	231,690	231,690	305,985	305,985	231,690	228,690	302,985	302,985	228,690	377,085	3,062,265		207,220	207,220	306,330	306,330	405,440	405,440	306,330	303,330	402,440	402,440	303,330	501,550	4,057,400		240,420	240,420	356,130	356,130	471,985	471,985	356,130	353,130	468,985	468,985	353,130	584,695	4,722,125		1,767,660	3,062,265	4,057,400	4,722,125
	Gross Margin			47%	44%	39%	37%	37%	37%	37%	37%	37%	37%	37%	37%	38%		37%	37%	36%	36%	36%	36%	36%	36%	36%	36%	36%	36%	36%		35%	35%	35%	35%	35%	35%	35%	34%	34%	34%	34%	34%	35%		33%	33%	33%	33%	33%	33%	33%	33%	33%	33%	33%	32%	33%		38%	36%	35%	33%
	Operating Expenses
		Amortization		10,000	10,000	10,000	10,000	10,000	10,000	14,200	14,200	14,200	14,200	14,200	14,200	145,200		18,400	18,400	18,400	18,400	21,100	21,100	21,100	21,100	25,300	25,300	25,300	25,300	259,200		29,500	29,500	29,500	29,500	33,600	33,600	33,600	33,600	36,400	36,400	36,400	36,400	398,000		36,400	36,400	36,400	39,200	39,200	39,200	39,200	39,200	42,000	42,000	42,000	42,000	473,200		145,200	259,200	398,000	473,200
3.25%		Bank Charges		8,800	8,300	11,500	11,100	14,700	14,700	11,100	11,100	14,700	14,700	11,100	18,400	150,200		13,900	13,900	20,700	20,700	27,500	27,500	20,700	20,600	27,400	27,400	20,600	34,200	275,100		19,200	19,200	28,700	28,700	38,200	38,200	28,700	28,600	38,100	38,100	28,600	47,600	381,900		23,600	23,600	35,300	35,300	47,000	47,000	35,300	35,200	46,900	46,900	35,200	58,600	469,900		150,200	275,100	381,900	469,900
		Insurance		1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	18,000		2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	24,000		2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	30,000		3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	36,000		18,000	24,000	30,000	36,000
		Marketing		-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-
		Office Supplies		750	750	750	750	750	750	750	750	750	750	750	750	9,000		1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	12,000		1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	15,000		1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	18,000		9,000	12,000	15,000	18,000
		Premises		-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-
		Accounting & Legal		1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	12,000		1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	15,000		1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	18,000		1,750	1,750	1,750	1,750	1,750	1,750	1,750	1,750	1,750	1,750	1,750	1,750	21,000		12,000	15,000	18,000	21,000
		Salaries & Benefits		23,800	23,800	27,500	27,500	27,500	27,500	27,500	27,500	37,800	37,800	38,900	38,900	366,000		40,900	40,900	40,900	40,900	40,900	40,900	40,900	40,900	40,900	40,900	42,800	42,800	494,600		45,100	45,100	45,100	45,100	45,100	45,100	45,100	45,100	45,100	45,100	47,500	47,500	546,000		49,900	49,900	49,900	49,900	49,900	49,900	49,900	49,900	49,900	49,900	52,300	52,300	603,600		366,000	494,600	546,000	603,600
		Telecommunications		3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	36,000		5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	60,000		7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	84,000		7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	84,000		36,000	60,000	84,000	84,000
		System Maintenance		3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	36,000		5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	60,000		7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	84,000		7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	84,000		36,000	60,000	84,000	84,000
		Research & Development		10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	10,000	120,000		15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	180,000		15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	180,000		15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	15,000	180,000		120,000	180,000	180,000	180,000
		Miscellaneous		750	750	750	750	750	750	750	750	750	750	750	750	9,000		1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	12,000		1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	15,000		1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	18,000		9,000	12,000	15,000	18,000
	Total Operating Expenses			62,600	62,100	69,000	68,600	72,200	72,200	72,800	72,800	86,700	86,700	84,200	91,500	901,400		103,450	103,450	110,250	110,250	119,750	119,750	112,950	112,850	123,850	123,850	118,950	132,550	1,391,900		129,300	129,300	138,800	138,800	152,400	152,400	142,900	142,800	155,100	155,100	148,000	167,000	1,751,900		146,650	146,650	158,350	161,150	172,850	172,850	161,150	161,050	175,550	175,550	166,250	189,650	1,987,700		901,400	1,391,900	1,751,900	1,987,700
	Income Before Taxes			64,900	50,400	69,860	58,260	95,800	95,800	54,060	54,060	81,300	81,300	42,660	117,860	866,260		53,945	53,945	121,440	121,440	186,235	186,235	118,740	115,840	179,135	179,135	109,740	244,535	1,670,365		77,920	77,920	167,530	167,530	253,040	253,040	163,430	160,530	247,340	247,340	155,330	334,550	2,305,500		93,770	93,770	197,780	194,980	299,135	299,135	194,980	192,080	293,435	293,435	186,880	395,045	2,734,425		866,260	1,670,365	2,305,500	2,734,425
-	Taxes			-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-
	Net Income			64,900	50,400	69,860	58,260	95,800	95,800	54,060	54,060	81,300	81,300	42,660	117,860	866,260		53,945	53,945	121,440	121,440	186,235	186,235	118,740	115,840	179,135	179,135	109,740	244,535	1,670,365		77,920	77,920	167,530	167,530	253,040	253,040	163,430	160,530	247,340	247,340	155,330	334,550	2,305,500		93,770	93,770	197,780	194,980	299,135	299,135	194,980	192,080	293,435	293,435	186,880	395,045	2,734,425		866,260	1,670,365	2,305,500	2,734,425
																																																												19%	20%	20%	19%
	Tucows Inc. Registry Operations
	Pro Forma Cash Flow Statement
	Jan 2001 - Dec 2004
	Month
	Year			Jan-01	Feb-01	Mar-01	Apr-01	May-01	Jun-01	Jul-01	Aug-01	Sep-01	Oct-01	Nov-01	Dec-01	Total-01		Jan-02	Feb-02	Mar-02	Apr-02	May-02	Jun-02	Jul-02	Aug-02	Sep-02	Oct-02	Nov-02	Dec-02	Total-02		Jan-03	Feb-03	Mar-03	Apr-03	May-03	Jun-03	Jul-03	Aug-03	Sep-03	Oct-03	Nov-03	Dec-03	Total-03		Jan-04	Feb-04	Mar-04	Apr-04	May-04	Jun-04	Jul-04	Aug-04	Sep-04	Oct-04	Nov-04	Dec-04	Total-04		2001	2002	2003	2004
	Cash Receipts
		New Registrations		-	225,000	225,000	337,800	337,800	450,000	450,000	337,800	337,800	450,000	450,000	337,800	3,939,000		562,800	237,050	237,050	355,850	355,850	474,650	474,650	355,850	355,850	474,650	474,650	355,850	4,714,750		592,900	248,000	248,000	372,000	372,000	496,000	496,000	372,000	372,000	496,000	496,000	372,000	4,932,900		620,000	256,500	256,500	384,750	384,750	513,450	513,450	384,750	384,750	513,450	513,450	384,750	5,110,550		3,939,000	4,714,750	4,932,900	5,110,550
		Renewals and Transfers		-	-	-	-	-	-	-	-	-	-	-	-	-		-	181,500	181,500	272,250	272,250	363,000	363,000	272,250	272,250	363,000	363,000	272,250	3,176,250		453,750	335,000	335,000	502,500	502,500	670,000	670,000	502,500	502,500	670,000	670,000	502,500	6,316,250		837,500	461,700	461,700	692,550	692,550	923,400	923,400	692,550	692,550	923,400	923,400	692,550	8,917,250		-	3,176,250	6,316,250	8,917,250
		Registrar Fees		-	45,000	30,000	15,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	114,000		3,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	6,000	6,000	6,000	6,000	90,000		6,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	6,000	6,000	6,000	6,000	93,000		6,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	6,000	6,000	6,000	6,000	93,000		114,000	90,000	93,000	93,000
	Cash Receipts			-	270,000	255,000	352,800	340,800	453,000	453,000	340,800	340,800	453,000	453,000	340,800	4,053,000		565,800	427,550	427,550	637,100	637,100	846,650	846,650	637,100	634,100	843,650	843,650	634,100	7,981,000		1,052,650	592,000	592,000	883,500	883,500	1,175,000	1,175,000	883,500	880,500	1,172,000	1,172,000	880,500	11,342,150		1,463,500	727,200	727,200	1,086,300	1,086,300	1,445,850	1,445,850	1,086,300	1,083,300	1,442,850	1,442,850	1,083,300	14,120,800		4,053,000	7,981,000	11,342,150	14,120,800
	Disbursements
		ICANN		-	11,250	11,250	16,890	16,890	22,500	22,500	16,890	16,890	22,500	22,500	16,890	196,950		28,140	22,830	22,830	34,260	34,260	45,690	45,690	34,260	34,260	45,690	45,690	34,260	427,860		57,090	34,980	34,980	52,470	52,470	69,960	69,960	52,470	52,470	69,960	69,960	52,470	669,240		87,450	47,880	47,880	71,820	71,820	95,790	95,790	71,820	71,820	95,790	95,790	71,820	925,470		196,950	427,860	669,240	925,470			2,219,520	2,219,520
		Sponsor		-	131,250	131,250	197,050	197,050	262,500	262,500	197,050	197,050	262,500	262,500	197,050	2,297,750		328,300	247,325	247,325	371,150	371,150	494,975	494,975	371,150	371,150	494,975	494,975	371,150	4,658,600		618,475	349,800	349,800	524,700	524,700	699,600	699,600	524,700	524,700	699,600	699,600	524,700	6,739,975		874,500	438,900	438,900	658,350	658,350	878,075	878,075	658,350	658,350	878,075	878,075	658,350	8,556,350		2,297,750	4,658,600	6,739,975	8,556,350			22,252,675	22,252,675
		Bank Charges		8,800	8,300	11,500	11,100	14,700	14,700	11,100	11,100	14,700	14,700	11,100	18,400	150,200		13,900	13,900	20,700	20,700	27,500	27,500	20,700	20,600	27,400	27,400	20,600	34,200	275,100		19,200	19,200	28,700	28,700	38,200	38,200	28,700	28,600	38,100	38,100	28,600	47,600	381,900		23,600	23,600	35,300	35,300	47,000	47,000	35,300	35,200	46,900	46,900	35,200	58,600	469,900		150,200	275,100	381,900	469,900			1,277,100	1,277,100
		Insurance		1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	18,000		2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	24,000		2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	30,000		3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	36,000		18,000	24,000	30,000	36,000			108,000