GSN / FUN Technologies Status Update
October 2007
Liberty Media and FUN Technologies Inc.
Required Return and Implied Incremental Value
• On March 10, 2006, Liberty Media purchased 53% of FUN
Technologies for an aggregate cash consideration US$194.5M at
transaction date
• On June 21, 2007, Liberty Media made an offer to purchase all of
the remaining shares of FUN (TSX: FUN / AIM: FUN) for the cash
purchase price of GBP 1.635 per share (4% premium over June 21
closing price) or total investment of~ $97M
Investment Rationale
Cross-Promotion /
New Content
Reduce Customer
Acquisition/
Retention Costs
Expand Audience
Base for Liberty’s
Programming Assets
• Promotion of FUN’s games and websites to drive
users from Liberty’s entertainment
properties/affiliates
• Create interactive games platform and expand
participation TV leveraging Liberty’s distribution
reach
• Tap into GSN/Starz household reach to build user
base and minimize FUN’s rising customer
acquisition costs (due to attempts to build scale to
cover development costs – i.e. increased cost of
prizes, events, marketing)
• Partner with Liberty’s advertisers to share
marketing and promotional costs
• Leverage FUN Sports (skews younger male) and
Casual Gaming assets (skews younger female) to
create new content targeted at these
demographics
• Increase advertising directed at younger audience
• FUN is expected to achieve ~$12M in cost synergies through full ownership
by Liberty (i.e. overhead in head office, FunSports integration)
• Without incremental synergies with GSN, Liberty would achieve a negative
return over 6 years on its cumulative investment in FUN Technologies
Projected Cash Flows (Includes Synergies from Liberty Buy-Out)
($ in thousands)
FY Ended December 31,
2007E
2008E
2009E
2006E
Total Revenue
Recurring EBIT
Free Cash Flow
$47,092
(25,320)
($4,514)
Liberty Investment
Net Cash Flow
$74,440
(14,596)
$11,741
9.1%
(194,500)
(97,021)
($196,802)
($85,281)
IRR
2010E
2011E
$91,500 $115,450 $149,558 $194,343
12,686
11,131
28,120
50,077
$19,511
8.2% $38,739
23.2% $55,048
28.8% $76,127
33.0%
$19,511
$38,739
$55,048
$76,127
(10.1%)
Source: CIBC Equity Research (6/25/07)
IRR Sensitivity of Incremental Synergies w/ GSN
Additional
Cost Savings
Investment Detail
Revenue Enhancement
20.0%
40.0%
60.0%
0.0%
0.0%
80.0%
100.0%
0.0%
(10.1%)
(6.6%)
(3.3%)
(0.4%)
2.4%
5.0%
2.5%
(8.7%)
(5.3%)
(2.1%)
0.8%
3.5%
6.1%
5.0%
(7.4%)
(4.0%)
(0.9%)
1.9%
4.6%
7.1%
7.5%
(6.1%)
(2.8%)
0.2%
3.0%
5.6%
8.1%
10.0%
(4.8%)
(1.6%)
1.4%
4.1%
6.7%
9.1%
page 12
Valuation Considerations
FUN
•
SPE currently assuming fantasy league is not included
– Drives up valuation, not necessarily integral to FUN/GSN strategy
– Liberty willing to separate
•
Liberty’s recent valuation of $230mm for all of FUN, included $180mm for casual games
– The casual games web business ($180mm)
– The fantasy sports league ($40mm)
– A sports info business of minimal to declining value ($10mm)
•
Liberty likely to claim the “right” valuation is $300mm, with $240mm for casual games
– Midpoint to its two investment valuations
– Implied valuation to games business of $240mm (80% of total)
GSN
•
Liberty also claims it previously stated GSN had a value of $600mm (vs our $700mm estimate)
Implications
•
A combined entity therefore suggests an SPE contribution of $90mm -$240mm
– In-kind contribution – SPE contributes $180mm - $240mm of assets to match FUN contribution
– Cash – SPE pays Liberty $90-$120mm in cash for ½ of FUN, which is then combined with GSN
– Hybrid -- SPE contributes a mix of cash and assets (e.g., $60mm cash to buy a portion of FUN and
$80mm of in-kind assets)
– Fantasy league inclusion would add $20 - $40 in cost to SPE, depending on purchase approach
•
Going forward EBIT and cash impact TBD, based on venture business plan
•
Other alternatives
– Accept minority position of between 31.5% (300/950) and 37.6% (350/930), or higher if other assets
put in
– Block combination of entities
– Sell GSN stake
2
Potential Value of SPE Contributed Assets
Value to:(1)
Category
Contribution
Conservative Scenario
Ad Inventory
:10 spot each night on WOF and
Jeopardy! for 3 years
GSN/FUN
Op. Cost
for SPE
MRP for
SPE
GSN values at rate Card
SPE values at actual rates
Incremental ad unit beyond MRP
There is a KingWorld fee waiver
GSN and SPE both deduct agency fees
$8.6
$6.1
$0.0
Economics
-
Mobile Games
Exclusive rights to WOF and
Jeopardy! Mobile games for 3 years
- Both parties generate same revenue and
EBIT
$13.9
$13.9
$13.9
Online Games
Exclusive rights to WOF, Jeopardy!
and Rock 'N' Roll Jeopardy! Online
games for 3 years
- Both parties generate same revenue and
EBIT
- Includes online digital revenues as well
as retail revenue
$2.1
$2.1
$2.1
Game Show
License
Credit against anticipated license
fees for next 3 years
- Assumes $1MM in licenses per year
based on historical average
$2.2
$2.2
$0.0
$26.8
$24.3
$16.0
GSN values at rate Card
SPE values at actual rates
Incremental ad unit beyond MRP
There is a KingWorld fee waiver
GSN and SPE both deduct agency fees
$12.5
$8.9
$0.0
Total
Aggressive Scenario
Ad Inventory
:10 spot each night on WOF and
Jeopardy! for 5 years
-
Mobile Games
Exclusive rights to WOF and
Jeopardy! Mobile games for 5 years
- Both parties generate same revenue and
EBIT
$20.9
$20.9
$20.9
Online Games
Exclusive rights to WOF, Jeopardy!
and Rock 'N' Roll Jeopardy! Online
games for 5 years
- Both parties generate same revenue and
EBIT
- Includes online digital revenues as well
as retail revenue
$3.2
$3.2
$3.2
Game Show
License
Provide an "all you can eat" license
for next 5 years
- Assumes license fees are at full market
rate for all shows for GSN/FUN value
- Op cost equals 5 years at GSN current
run-rate
$22.5
$3.2
$0.0
Syndicated
Show
Create Power of 10 First-Run
Syndicated Show
- Assumes profit before overhead
- Show remains on the air for 5 seasons
- $15.46 W25-54 CPM / 1.8HH Rating
$20.2
$20.2
$0.0
$79.3
$56.4
$24.0
Total
(1) All cash flows at discounted to present value; 16.5% discount rate for both parties.
3
Impact of Cash Contributions vs. In-kind Contributions
In-kind contribution of $80MM would lead to 43% ownership
Merger without Sony Contribution
Liberty Share of GSN
$300
Liberty Share of FUN
$200
Sub-total
$500
38%
25%
63%
Sony Share of GSN
Combined Value
38%
100%
$300
$800
Merger with Sony Contribution
Liberty Share of GSN
$300
Liberty Share of FUN
$200
Sub-total
$500
34%
23%
57%
Sony Share of GSN
Sony Contributed Assets
Sub-total
$300
$80
$380
34%
9%
43%
Combined Value of NEWCO
$880
100%
In-kind of $80MM + $60MM cash (for a portion of FUN) leads to 50% overall ownership
Merger without Sony Contribution
Liberty Share of GSN
$300
Liberty Share of FUN
$200
Sub-total
$500
38%
25%
63%
Sony Share of GSN
Combined Value
38%
100%
$300
$800
Merger with Contribution + Cash of FUN
Liberty Share of GSN
$300
34%
Liberty Share of FUN
140
16%
Sub-total
$440
50%
Sony Share of GSN
Sony Contributed Assets
Sony Share of FUN
Sub-total
$300
80
60
$440
34%
9%
7%
50%
Combined Value of NEWCO
$880
100%
Acquiring half of FUN for $100MM would lead to 50% ownership
Merger without Sony Contribution
Liberty Share of GSN
$300
Liberty Share of FUN
$200
Sub-total
$500
38%
25%
63%
Sony Share of GSN
Combined Value
38%
100%
$300
$800
Merger after Sony Buys 50% of FUN
Liberty Share of GSN
$300
Liberty Share of FUN
$100
Sub-total
$400
38%
13%
50%
Sony Share of GSN
Sony Share of FUN
Sub-total
$300
$100
$400
38%
13%
50%
Combined Value of NEWCO
$800
100%
4
Next Steps
• GSN forecasts
– With and without FUN combination
• FUN valuation and forecasts
• Potential additional sources of value
– Allow GSN to air Wheel of Fortune and Jeopardy! Episodes 2 years after
broadcast and in better time-periods)
• EBIT and gain estimates, vs. current MRP
• Assess value of digital gameshow rights via other avenues
(e.g., JV with game publisher)
• Agree on proposal to Liberty
– Assets to contribute, plus cash
– Sale alternative price
– Timing/GSN plan approval pending…?
5
Appendix A:
GSN / FUN Overview
6
FUN Technologies Inc. (TSX: FUN / AIM: FUN)
Company Overview
• FUN Technologies, which is 51% owned by Liberty Media
Corporation, is a leading online casual gaming provider with fullservice offerings in the sectors of skill-based games and fantasy
sports
• Provides private-label gaming systems and services to some of the
world’s largest online entertainment groups, including AOL, MSN
and NASCAR.com
• Two business divisions: FUN Games and FUN Sports
• FUN Games division is comprised of wholly owned skill-gaming
subsidiaries, SkillJam and WorldWinner, as well as Octopi,
FUN’s mobile and online multiplayer game developer
• FUN Sports provides content, games and fantasy sports
leagues, real-time sports statistics, as well as NASCAR-related
and other fantasy sports games to consumers and corporate
partners
Investment Detail – Liberty Media and the “New FUN”
Product Offering Overview
• Leading site for fee-based skill games, offerings include pay-forplay/subscription products such as online games, tournaments, and
downloadable deluxe games
• Games: Zuma, Bejeweled 2, Solitaire, Lingo, Bookworm
• 2006E Revenue: $16.3M
• User Metrics: 567K monthly uniques, Avg. 20 pages and 15 min. per
unique visit, 58% Female, 16% under age 35, 70% under age 50
• Avg of 350K games played daily, hosts 10M+ games with millions in
awards and prizes in five categories: Card, Word, Arcade, Strategy
and Sports
• 2006E Revenue: $9.6M
• User Metrics: 1.4M monthly uniques, Avg. 79 pages and 55 min. per
unique visit, 60% Female, 13% under 25, 82% under 45
• Developer specializing in mobile and web-based multiplayer games
(blowfish, bowling, shuffleboard)
• Clients include Nokia, Paramount, Sony Ericsson, T-Mobile, SBC,
Nike, Pepsi, Adidas and Blockbuster.
• Consistently among the nation's most-visited sports sites
• One-stop shop for fantasy players; games, league mgmt tools, live
stats, and comprehensive fantasy sports
• Provides turn key fantasy sports products to AOL.com, NASCAR.com,
PGA.com, NFLPA.com, and NBA.com
• 2006E Revenue: $15.5M
• User Metrics: 470K monthly uniques, Avg. 59 pages and 49 min. per
unique visit, 74% Male, 42% under 35, 80% under 50
• On March 10, 2006, FUN Technologies plc (“Old FUN”) and FUN
Technologies Inc. (“New FUN”) announced the completion of the
Scheme of Arrangement (the “Scheme”) involving Liberty Media
• Provides real-time information on the Internet, including live odds,
major line move alerts, urgent messages, injury reports and statistical
reports
• 2006E Revenue: $9.5M
• Old FUN has become the wholly-owned subsidiary of New FUN and
Liberty indirectly owns approximately 51% of the outstanding
common shares in New FUN on a fully-diluted basis
• Leading fantasy sports operator, has operated games for USA
TODAY, Sports Weekly, The Hockey News, The Golf Channel and
The Sporting News, MSNBC, Snap and The Lottery Channel
• Offers baseball, football, basketball, hockey, golf and auto racing
games that can be played via phone, mail, email, fax and the Internet
• As part of the transaction, Liberty invested US$50 M in the Company
implying a current valuation of US$98 million
• One of oldest and largest providers of predominantly fee-based
fantasy sports games (NASCAR race challenges, College Football
full-season and College Basketball Tournament challenge)
• Subscription based games also provide easy access for free play
page 7
FUN Technologies plc (TSX: FUN / AIM: FUN)
Financial Performance
Key Developments
($ in millions)
2004A
FY Ended December 31,
2005A
2006E
2007E
Revenue
Growth Rate
$1,886
NA
$25,158
1233.9%
$47,146
87.4%
$62,462
32.5%
Gross Profit
Margin
$1,130
59.9%
$19,072
75.8%
$28,315
60.1%
$34,895
55.9%
EBITDA
Margin %
Growth Rate
($4,563)
(241.9%)
NA
$552
2.2%
112.1%
($6,173)
(13.1%)
(1218.3%)
$9,104
14.6%
247.5%
EBIT
Margin %
($5,962)
(316.1%)
($12,420)
(49.4%)
($28,179)
(59.8%)
($10,216)
(16.4%)
Net Income
Margin %
($5,080)
(269.4%)
($3,950)
(15.7%)
($4,613)
(9.8%)
$5,152
8.2%
Source: Projections per Canaccord Adams and CIBC Equity Research
Toronto Stock Exchange Performance (1/24/2006 to Present)
June 2002
• Originally founded as CES Software plc
December 2003
• Listed on the Alternative Investment Market (AIM) of the LSE
July 2004
• Acquired SkillJam Technologies Corporation for US$8 million
October 2004
• Listed on the Toronto Stock Exchange (TSX)
• Announced £20 million (C$46 million) financing increasing to C$55
January 2005
• Changed company name to FUN Technologies plc
February 2005
• Acquired Don Best Sports for US$47 million
June 2005
• Acquired all the assets of Fanball Interactive, LLC
January 2006
• Acquired all the assets of Octopi, Inc., a company focused on webbased and mobile gaming
March 2006
• Liberty Media Corporation acquired 51%; reconstituted as FUN
Technologies Inc.
• Acquired WorldWinner Inc. for US$23 million
April 2006
• Acquired all the assets of Fantasy Sports, Inc
May 2006 – September 2006
• Partnered with GSN to televise first-ever worldwide web games
championship (awarded million dollar grand prize)
August 2006
• Acquired CDM Sports
November 2006
• Launched SCRABBLE Cubes to have all-time highest number of
cash players competing in tournaments on Worldwinner site
.
page 8
GSN and FUN Combined Potential Value
•
Expand GSN
Audience Base
Reduce Customer
Acquisition/Retention
Costs for FUN
Cross-Promotion /
New Content
•
FUN Sports assets skew towards younger males
– Leverage asset to create new GSN content targeted at this demographic
– Increase advertising directed at younger audience (GSN watcher median age: 50)
FUN Casual Gaming assets (Solitaire, Bejeweled, etc.) skew toward female gamers
– Leverage asset to create new GSN content targeted at younger females demographic
– Further develop advertising directed at female audience
•
FUN Technologies faces rising customer acquisition costs as it attempts to build scale to
cover development costs – i.e. increased cost of prizes, events, marketing
•
Tap into GSN’s reach of 60 million households to build user base while minimizing
customer acquisition costs
•
Partner with GSN advertisers to share marketing and promotional costs
•
Promotion of FUN’s games and websites on GSN programming and advertising and
GSN programs on FUN’s sites and events
Create interactive games platform leveraging GSN distribution reach
•
page 9
Potential Incremental Value
Audience Reach/Demographics
Current CPM
Potential CPM
Incremental Value
• ~60M households
• Median Age: ~50 years old
• 60% Female, 40% Male
• $4.00
• 10% Increase
to $4.40
• CY06E Ad Revenue: $64M
• Pro Forma Ad Revenue: $71M
• Incremental Revenue: $6.4M
Total Incremental Value
Revenues
Ad Revenue
Affiliate Revenue
Participation Revenue
Online Revenue
Other Revenue
Launch Support
Online Revenue Share
Total Net Revenue
EBITDA
GSN CY06
Forecast
$
$
$
Adjustments
64,091 $
61,297
726
801
1,384
(11,634)
(313)
116,352
15,982
$
6,409
-
Pro Forma CY06
(Inc. Value)
$
$
6,409
$
Comments
70,500 10% increase based on higher CPMs (more attractive
61,297 demographics leveraging FUN content and audience)
726
801
1,384
(11,634)
(313)
122,761
22,391
Outstanding Questions:
Confirm GSN’s current CPM
What would be incremental increase in CPM should GSN leverage FUN content to change demographic profile?
What are comparable channels and corresponding CPMs with audience similar to what GSN audience would look like? (i.e. G4)
page 10
Appendix B:
Financial Calculations
11
Ad Inventory Value
Ad Inventory
Pricing
WOF :10 Weeknight
WOF :10 Weekend
Jeopardy! :10 Weeknight
Jeopardy! :10 Weekend
Rate Card
$8,747
$2,913
$7,485
$1,970
Actuals
$7,174
$2,413
$4,295
$1,145
Values at Rate Card ($MM)
Gross Value
15% Agency Commision
Net Value
36% to King World
Cash Flow
3 Yr. DCF
5 Yr. DCF
1
$4.56
($0.68)
$3.88
2
$4.56
($0.68)
$3.88
3
$4.56
($0.68)
$3.88
$3.88
$3.88
$3.88
1
$3.23
($0.48)
$2.74
2
$3.23
($0.48)
$2.74
3
$3.23
($0.48)
$2.74
$2.74
$2.74
$2.74
Year
4
5
6
$4.56
$4.56
$4.56
($0.68)
($0.68)
($0.68)
$3.88
$3.88
$3.88
WILL NOT BE INCLUDED
$3.88
$3.88
$3.88
7
$4.56
($0.68)
$3.88
8
$4.56
($0.68)
$3.88
9
$4.56
($0.68)
$3.88
10
$4.56
($0.68)
$3.88
$3.88
$3.88
$3.88
$3.88
7
$3.23
($0.48)
$2.74
8
$3.23
($0.48)
$2.74
9
$3.23
($0.48)
$2.74
10
$3.23
($0.48)
$2.74
$2.74
$2.74
$2.74
$2.74
$8.63
$12.55
Values at Actual Rates ($MM)
Gross Value
15% Agency Commision
Net Value
36% to King World
Cash Flow
3 Yr. DCF
5 Yr. DCF
Year
4
5
6
$3.23
$3.23
$3.23
($0.48)
($0.48)
($0.48)
$2.74
$2.74
$2.74
WILL NOT BE INCLUDED
$2.74
$2.74
$2.74
$6.11
$8.88
12
Game / License Values
Mobile Games
Online Games
Year
Revenues
WOF Deluxe
WOF for Prizes
Jeopardy
Intl WOF
Intl Jeopardy
Total Revenue
Costs
Development
Porting
Backfill
Total Costs
Cash Flow
Year
1
$4.8
0.6
1.1
0.8
0.1
$7.4
2
$5.0
0.6
1.2
0.8
0.1
$7.7
3
$5.3
0.7
1.2
0.8
0.1
$8.0
4
$5.6
0.7
1.3
0.8
0.1
$8.4
5
$5.8
0.7
1.3
0.8
0.1
$8.8
0.3
1.0
0.1
1.4
0.3
1.1
0.1
1.4
0.3
1.1
0.1
1.5
0.3
1.2
0.1
1.6
0.4
1.2
0.1
1.7
$6.0
$6.2
$6.5
$6.8
$7.1
Revenues
Online Games (1)
Encore Retail
Total Revenue
Costs
Development
Total Costs
Cash Flow
1
$0.8
0.3
$1.1
2
$0.8
0.3
$1.2
3
$0.9
0.3
$1.2
4
$0.9
0.3
$1.3
5
$1.0
0.4
$1.3
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
$0.9
$0.9
$1.0
$1.0
$1.1
3 Yr. DCF
$2.1
5 Yr. DCF
$3.2
(1) Includes Wheel of Fortune, Jeopardy! and Rock 'N' Roll Jeopardy!
3 Yr. DCF
$13.9
5 Yr. DCF
$20.9
Game Show License
Historical GSN License fees
2001
$3.75
2002
$0.44
PV of 3 years at average
PV of 5 year at average
2003
$0.01
2004
N/A
2005
$1.78
2006
$0.02
2007
$0.02
$2.23
$3.24
13
Power of 10 – Half-Hour Strip Series (Greenlight Model)
($ IN THOUSANDS)
Assumptions
Cash License Fees
Per broadcast wk.
Broadcast Weeks
Barter Revenue (2 National / 5 Local)
Household Rating
Household CPM
Demo CPM (W 25-54)
CPM Growth
Units
Production Costs
Weekly Production Cost Incl. Host
Strip Weeks
Total Season
% Increase Assumed
5.0%
$275
52
14,300
$350
52
18,200
$500
52
26,000
$550
52
28,600
2.5
$4.02
$15.46
2.5
$4.02
$15.46
0.0%
2.5
$4.02
$15.46
0.0%
2.5
$4.02
$15.46
0.0%
2.5
$4.02
$15.46
0.0%
1,040
1,040
1,040
1,040
($446)
39
($17,404)
5.0%
($469)
39
($18,274)
5.0%
($492)
39
($19,188)
5.0%
($517)
39
($20,147)
5.0%
($90)
($95)
($99)
($104)
($109)
1
39
Number of weeks
Revenues
Cash License Fees
Net Ad Sales, Product Integration and Sponsorship
Sponsorship / Tradeouts
Promotional Fees
International Revenue
Total Revenues
$0
Costs
Production Costs
Start Up Cost ($800k), Presentation & Pilot ($1.0m)
Marketing
Residuals - Domestic
Releasing - Domestic Syndication (Standard Def. only)
Research/Other
Participations - 25% MAGR Davies 10/10/10
Total
Profit (Loss) before Overhead
3.5%
5.0%
2
39
Profit (Loss) after Overhead
Rate of Return Before Overhead
Rate of Return After Overhead
3
39
4
39
5
39
Total
195
13,000
10,260
2,565
25,825
14,300
10,385
2,596
27,281
18,200
10,482
2,621
31,303
26,000
10,589
2,647
39,236
28,600
9,978
2,495
41,073
100,100
51,694
12,924
164,718
(16,575)
(1,800)
(5,000)
(975)
(460)
(150)
(24,960)
(17,404)
(4,500)
(1,009)
(483)
(125)
(23,521)
(18,274)
(4,500)
(1,044)
(507)
(125)
(1,026)
(25,477)
(19,188)
(4,500)
(1,081)
(533)
(125)
(1,235)
(26,662)
(20,147)
(4,500)
(1,119)
(559)
(125)
(1,308)
(27,758)
(91,587)
(1,800)
(23,000)
(5,228)
(2,542)
(650)
(3,570)
(128,378)
865
Production Overhead (Capped @ 26 weeks)
980
($425)
39
($16,575)
Allocated Overhead (75% Rate capped @ 26 wks)
5 Yr. DCF
$250
52
13,000
3,760
5,826
12,575
13,314
36,340
(2,340)
(2,457)
(2,580)
(2,709)
(2,844)
(12,930)
(1,475)
1,303
3,247
9,866
10,470
23,410
71%
37%
$20.2
14
Game Show License (All You Can Eat)
Title
$1.98 BEAUTY SHOW, THE
$100,000 PYRAMID
$20,000 PYRAMID
$25,000 PYRAMID
ALL NEW DATING GAME, THE
BULLSEYE (1980)
CAMOUFLAGE
DATING GAME, THE (1965-PRESENT)
GONG SHOW, THE (1976 SERIES)
HOT POTATO
JEOPARDY
JOKER! JOKER!! JOKER!!!
JOKER'S WILD
NEW TREASURE HUNT, THE
NEWLYWED GAME, THE (1985 - 89)
NEWLYWED GAME, THE (1996 - 99)
PYRAMID (2002)
ROCK & ROLL JEOPARDY!
RUCKUS
RUSSIAN ROULETTE (SERIES)
THREE'S A CROWD (1979)
TIC TAC DOUGH
WHEEL OF FORTUNE
WHEEL OF FORTUNE 2000
Customer
GSN
GSN
GSN
GSN
GSN
GSN
A&E
GSN
GSN
GSN
GSN
GSN
GSN
GSN
GSN
GSN
ABC Family
GSN
GSN
TAI SENG
GSN
GSN
GSN
GSN
Total
1996
$810,000
2000
2001
$42,000
$1,080,000
$2,000
$408,500
$5,250
$540,000
2002
Year
2003
2004
2005
2006
$267
$267
2007
$273
$820
$273
$500
$500
$800
$273
$500
$2,750
$800
$800
$273
$273
$267
$267
$267
$10,370
$273
$273
$273
$820
$267
$800
$9,880
$273
$4,098
$8,195
$40,500
$703,500
$40,500
$703,500
$15,172
$26,271
$6,018,075
$7,882,743
$540,000
$3,500
$3,000
$540,000
$5,250
$3,750
$22,750
$783,000
$30,250
$30,250
$399,875
$131,375
$6,000
$1,000
$1,000
$851,250
$750
$2,894,118
$2,340,000
$710,700
$423,000
$525,000
$78,000
Minimum
$42,000
$540,000
Maximum
$42,000
$1,080,000
$408,500
$408,500
$540,000
$810,000
$710,700
$30,250
$30,250
$783,000
$30,250
$30,250
$423,000
$131,375
$2,340,000
$78,000
$851,250
$131,375
$2,894,118
$78,000
$8,125
$810,000
$540,000
$9,750
$40,500
$703,500
$3,375
$3,779,375
1
$6,950,409
2
$6,950,409
Year
3
$6,950,409
5 Year NPV
$1,500
$4,293,368
$2,361,125
4
$6,950,409
5
$6,950,409
$423,000
$1,775,700
$22,494,753
NOTE: Includes only dollar values >$30K.
15