90% CONFIDENCE LEVEL

Year 1

Year 2

Year 3

Year 4

Year 5

CAPITAL EXPENDITURES

New Hires (Excluding Sys Dev and R&D)

New Hires (Sys Dev and R&D)

Non-Sys Dev Buildout & Set Up per N

�$�� 3,500

�$�� -��

�$� 14,000

�$� 17,500

�$ 24,500

�$�� -��

�$ 10,500

�$�� -��

�$�� 3,500

�$�� -��

Sys Dev Buildout & Set Up per New Hi

�$�� 10,000

�$�� -��

�$� 20,000

�$�� -��

�$ 10,000

�$�� -��

Operating System Software/Financial Reporting & Acct

$100,000

$150,000

$25,000

Network Infrastructure & LAN

$50,000

$150,000

$25,000

Billing and Receiveables Software

$25,000

Other

Total Capex

�$175,000

�$334,000

�$� 87,500

�$ 24,500

�$�� -��

�$ 10,500

�$�� -��

�$�� 3,500

�$ 13,500

�$�� -��

WATERFALL - DEPRECIATION EXPENSE

Depreciation Period in Months (Asset Lif

Month # (Assets are Assumed to go into service One Month Following Purchase)

�� 1

�� 2

�� 3

�� 4

�� 5

�� 6

�� 7

�� 8

�� 9

�� 10

�� 11

�� 12

�� 13

�� 14

�� 15

�� 16

�� 17

�� 18

�� 19

�� 20

�� 21

�� 22

�� 23

�� 24

�� 25

�� 26

�� 27

�� 28

�� 29

�� 30

�� 31

�� 32

�� 33

�� 34

�� 35

�� 36

�� 37

�� 38

�� 39

�� 40

�� 41

�� 42

�� 43

�� 44

�� 45

�� 46

�� 47

�� 48

�� 49

�� 50

�� 51

�� 52

�� 53

�� 54

�� 55

�� 56

�� 57

�� 58

�� 59

Year 1� Month 1

�� 4,861

�� -��

Year 1� Month 2

�� 9,278

�� -��

Year 1� Month 3

�� 2,431

�� -��

Year 1� Month 4

�� 681

�� -��

Year 1� Month 5

�� 681

�� -��

Year 1� Month 6

�� -��

Year 1� Month 7

�� -��

Year 1� Month 8

�� -��

Year 1� Month 9

�� 292

�� -��

Year 1� Month 10

�� -��

Year 1� Month 11

�� -��

Year 1� Month 12

�� -��

Year 2� Month 1

�� -��

Year 2� Month 2

�� -��

Year 2� Month 3

�� 97

�� -��

Year 2� Month 4

�� 375

�� -��

Year 2� Month 5

�� -��

Year 2� Month 6

�� -��

Year 2� Month 7

�� -��

Year 2� Month 8

�� -��

Year 2� Month 9

�� -��

Year 2� Month 10

�� -��

Year 2� Month 11

�� -��

Year 2� Month 12

�� -��

Year 3� Month 1

�� -��

Year 3� Month 2

�� -��

Year 3� Month 3

�� -��

Year 3� Month 4

�� -��

Year 3� Month 5

�� -��

Year 3� Month 6

�� -��

Year 3� Month 7

�� -��

Year 3� Month 8

�� -��

Year 3� Month 9

�� -��

Year 3� Month 10

�� -��

Year 3� Month 11

�� -��

Year 3� Month 12

�� -��

Year 4� Month 1

�� -��

Year 4� Month 2

�� -��

Year 4� Month 3

�� -��

Year 4� Month 4

�� -��

Year 4� Month 5

�� -��

Year 4� Month 6

�� -��

Year 4� Month 7

�� -��

Year 4� Month 8

�� -��

Year 4� Month 9

�� -��

Year 4� Month 10

�� -��

Year 4� Month 11

�� -��

Year 4� Month 12

�� -��

Year 5� Month 1

�� -��

Year 5� Month 2

�� -��

Year 5� Month 3

�� -��

Year 5� Month 4

�� -��

Year 5� Month 5

�� -��

Year 5� Month 6

�� -��

Year 5� Month 7

�� -��

Year 5� Month 8

�� -��

Year 5� Month 9

�� -��

Year 5� Month 10

�� -��

Year 5� Month 11

�� -��

Year 5� Month 12

Total Depreciation Expense

�� -��

�� 4,861

�� 14,139

�� 16,569

�� 17,250

�� 17,931

�� 18,222

�� 18,319

�� 18,694

�� 13,833

�� 4,556

�� 2,125

�� 1,444

�� 764

�� 472

�� 375

�� -��

Accumulated Depreciation

�� -��

�� 4,861

�� 19,000

�� 35,569

�� 52,819

�� 70,750

�� 88,681

� 106,611

� 124,542

� 142,764

� 160,986

� 179,208

� 197,431

� 215,653

� 233,875

� 252,194

� 270,889

� 289,583

� 308,278

� 326,972

� 345,667

� 364,361

�� 383,056

� 401,750

� 420,444

� 439,139

� 457,833

� 476,528

� 495,222

� 513,917

� 532,611

� 551,306

� 570,000

� 588,694

� 607,389

� 626,083

�� 644,778

� 658,611

� 663,167

� 665,292

� 666,736

� 667,500

� 668,264

� 669,028

� 669,792

� 670,264

� 670,736

� 671,208

�� 671,681

� 672,153

� 672,625

� 673,000