Use the following information for the next four questions:

(From 8.2:)

					Pre Series A				Post-Series A
Security					# Shares		%		# Shares		%
Common-Founders					15,000,000		83.3%		15,000,000		62.5%
Common-Employee Stock Pool					3,000,000		16.7%		3,000,000		12.5%
Issued					600,000		3.3%		600,000		2.5%
Unissued					2,400,000		13.3%		2,400,000		10.0%
Series A Preferred					0		0.0%		6,000,000		25.0%
Total					18,000,000		100.0%		24,000,000		100.0%

9.1 Suppose that it is one year after EBVs investment in Newco (using the CP structure from Exercise 8.2, above), and Talltree makes a Series B investment for 6M shares of Newco at $0.2 per share.

Following the Series B investment, what percentage of Newco (fully diluted) would be controlled by EBV? Consider the following cases:

Case I: Series A has no antidilution protection.

Case II: Series A has full-ratchet antidilution protection.

Case III: Series A has broad-base weighted-average antidilution protection.

Case IV: Series A has narrow-base weighted-average antidilution protection.