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QUESTION #5 Cost of hardware and software Upfront expenses Sale Residual value end of years Initial W/C capital investment Tax Rate Cost of capital discount rate 33% Tax depreciation 3 year MACRS based on cost of the hardware/software Year 1 Year 2 Year 3 Year 4 7% PERIOD AUM Basis point fees of AUM Total Fees Revenge Expenses as a % of Revenue Expenses Depreciation Residual Value Taxable income Less Taxes After Tax Income Depreciation Working capital recovery After-Tax Cash Flow NPV QUESTION #5 Cost of hardware and software Upfront expenses Sale Residual value end of years Initial W/C capital investment Tax Rate Cost of capital discount rate 33% Tax depreciation 3 year MACRS based on cost of the hardware/software Year 1 Year 2 Year 3 Year 4 7% PERIOD AUM Basis point fees of AUM Total Fees Revenge Expenses as a % of Revenue Expenses Depreciation Residual Value Taxable income Less Taxes After Tax Income Depreciation Working capital recovery After-Tax Cash Flow NPV