ABCDEFGHIJKLMNOPQRSTUVWXYZAAABACADAEAFAGAHAIAJAKALAMANAOAPAQARASATAUAVAWAXAYAZBABBBCBDBEBFBGBHBIBJBKBLBMBNBOBPBQBRBSBTBUBVBWBXBYBZCACBCCCDCECFCGCHCICJCKCLCMCNCO
1
2
3
4
Monetise after 5k free subs case
MonthMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthYearMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthYearMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthYearMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthYearMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthMonthYear
5
Time period12345678910111211314151617181920212223242252627282930313233343536337383940414243444546474844950515253545556575859605
6
7
Case # selected:2
8
Case selected:
Monetise after 5k free subs
9
Cases:
10
1
Monetise from start
11
2
Monetise after 5k free subs
12
13
Revenue build
14
15
Period End Free subs1013172229374863821061381791792152583103724465356427719251,1101,3321,5981,5981,7581,9332,1272,3392,5732,8313,1143,4253,7684,1454,5595,0155,0155,2665,5295,8056,0966,4006,7207,0567,4097,7808,1698,5779,0069,0069,2319,4629,6999,94110,19010,44410,70510,97311,24711,52911,81712,11212,112
16
Avg Free subs121519253343567294122159621972372843414094915897068481,0171,2211,4657091,6781,8462,0302,2332,4562,7022,9723,2703,5973,9564,3524,7873,1325,1405,3975,6675,9516,2486,5606,8887,2337,5957,9748,3738,7926,9859,1199,3479,5809,82010,06510,31710,57510,83911,11011,38811,67311,96410,612
17
% growth mom30%30%30%30%30%30%30%30%30%30%30%20%20%20%20%20%20%20%20%20%20%20%20%792%10%10%10%10%10%10%10%10%10%10%10%10%214%5%5%5%5%5%5%5%5%5%5%5%5%80%3%3%3%3%3%3%3%3%3%3%3%3%34%
18
% growth yoy2051%1885%1732%1591%1461%1341%1230%1128%1034%946%866%792%792%717%649%587%530%477%429%385%344%307%273%242%214%214%200%186%173%161%149%137%127%116%106%97%88%80%80%75%71%67%63%59%55%52%48%45%41%38%34%34%
19
20
Monetise from start case15%15%15%15%15%15%15%15%15%15%15%10%10%10%10%10%10%10%10%10%10%10%10%5%5%5%5%5%5%5%5%5%5%5%5%3%3%3%3%3%3%3%3%3%3%3%3%1%1%1%1%1%1%1%1%1%1%1%1%
21
Monetise after 5k free subs case
30%30%30%30%30%30%30%30%30%30%30%20%20%20%20%20%20%20%20%20%20%20%20%10%10%10%10%10%10%10%10%10%10%10%10%5%5%5%5%5%5%5%5%5%5%5%5%3%3%3%3%3%3%3%3%3%3%3%3%
22
23
Free to paid conversion rate0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%
24
ppt change mom0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%3.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%3.0%2.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%2.0%
25
ppt change yoy0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%
26
27
Monetise from start case3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.0%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%4.5%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%
28
Monetise after 5k free subs case
0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%3.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%
29
30
Period End Paid subs000000000000000000000000000000000000000158166174183192202212222233245257270270462473485497509522535549562576591606606
31
Avg Paid subs0000000000000000000000000000000000000079162170179187197207217228239251264210366467479491503516529542556569584598531
32
% growth mom#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!5%5%5%5%5%5%5%5%5%5%5%#DIV/0!71%2%2%2%2%3%2%2%2%3%2%2%124%
33
% growth yoy#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!192%185%178%172%165%159%153%147%141%135%130%124%124%
34
35
Avg rev per sub$5$5$5$5$5$5$5$5$5$5$5$5$60$5$5$5$5$5$5$5$5$5$5$5$5$60$5$5$5$5$5$5$5$5$5$5$5$5$60$5$5$5$5$5$5$5$5$5$5$5$5$60$5$5$5$5$5$5$5$5$5$5$5$5$60
36
% growth mom0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
37
% growth yoy0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
38
39
Monetise from start case$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5
40
Monetise after 5k free subs case
$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5$5
41
42
Subscription rev$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$790$829$871$914$960$1,008$1,058$1,111$1,167$1,225$1,287$1,351$12,572$2,308$2,366$2,425$2,485$2,547$2,611$2,676$2,743$2,812$2,882$2,954$3,028$31,837
43
% growth mom#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!5%5%5%5%5%5%5%5%5%5%5%#DIV/0!71%2%2%3%2%3%2%2%2%3%2%3%153%
44
% growth yoy#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!192%185%178%172%165%159%153%147%141%135%130%124%153%
45
46
Number of ads00000000000000000000000000000000000000044444444444444444444444444
47
change mom000000000000000000000000000000000000040000000000040000000000000
48
change yoy0000000000000000000000000044444444444440000000000000
49
50
Monetise from start case444444444444444444444444444444444444444444444444444444444444
51
Monetise after 5k free subs case
000000000000000000000000000000000000444444444444444444444444
52
53
CPM (cost per 1k subs)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$30$30$30$30$30$30$30$30$30$30$30$30$30$40$40$40$40$40$40$40$40$40$40$40$40$40
54
$ change mom$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$30$0$0$0$0$0$0$0$0$0$0$0$30$10$0$0$0$0$0$0$0$0$0$0$0$10
55
$ change yoy$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$30$30$30$30$30$30$30$30$30$30$30$30$30$10$10$10$10$10$10$10$10$10$10$10$10$10
56
57
Monetise from start case$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$10$20$20$20$20$20$20$20$20$20$20$20$20$30$30$30$30$30$30$30$30$30$30$30$30
58
Monetise after 5k free subs case
$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$30$30$30$30$30$30$30$30$30$30$30$30$40$40$40$40$40$40$40$40$40$40$40$40
59
60
Ad rev$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$632$663$697$731$768$806$847$889$934$980$1,029$1,081$10,058$1,477$1,514$1,552$1,591$1,630$1,671$1,713$1,756$1,800$1,845$1,891$1,938$20,376
61
% growth mom#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!5%5%5%5%5%5%5%5%5%5%5%#DIV/0!37%3%2%2%2%3%2%2%2%2%3%2%103%
62
% growth yoy#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!134%128%123%117%112%107%102%97%93%88%84%79%103%
63
64
Other rev (consulting etc)$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$10$10$10$10$10$10$10$10$10$10$10$10$120$20$20$20$20$20$20$20$20$20$20$20$20$240
65
% growth mom#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!0%0%0%0%0%0%0%0%0%0%0%#DIV/0!100%0%0%0%0%0%0%0%0%0%0%0%100%
66
% growth yoy#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!100%100%100%100%100%100%100%100%100%100%100%100%100%
67
68
Total rev$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$1,432$1,503$1,577$1,656$1,738$1,825$1,915$2,011$2,111$2,216$2,326$2,442$22,750$3,805$3,899$3,996$4,096$4,198$4,302$4,409$4,519$4,631$4,747$4,865$4,986$52,453
69
% growth mom#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!5%5%5%5%5%5%5%5%5%5%5%#DIV/0!56%2%2%2%2%2%2%2%2%2%2%2%131%
70
% growth yoy#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!166%159%153%147%142%136%130%125%119%114%109%104%131%
71
72
Cost build
73
74
Variable costs (email, txn fee etc)
$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$215$225$237$248$261$274$287$302$317$332$349$366$3,412$571$585$599$614$630$645$661$678$695$712$730$748$7,868
75
% of rev15%15%15%15%15%15%15%15%15%15%15%15%#DIV/0!15%15%15%15%15%15%15%15%15%15%15%15%#DIV/0!15%15%15%15%15%15%15%15%15%15%15%15%#DIV/0!15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%
76
% growth mom#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!5%5%5%5%5%5%5%5%5%5%5%#DIV/0!56%2%2%2%2%2%2%2%2%2%2%2%131%
77
% growth yoy#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!166%159%153%147%142%136%130%125%119%114%109%104%131%
78
79
Fixed costs (domain, other etc)
$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$10$10$10$10$10$10$10$10$10$10$10$10$120$20$20$20$20$20$20$20$20$20$20$20$20$240
80
% of rev#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!1%1%1%1%1%1%1%0%0%0%0%0%1%1%1%1%0%0%0%0%0%0%0%0%0%0%
81
% growth mom#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!0%0%0%0%0%0%0%0%0%0%0%#DIV/0!100%0%0%0%0%0%0%0%0%0%0%0%100%
82
% growth yoy#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!100%100%100%100%100%100%100%100%100%100%100%100%100%
83
84
Total costs$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$225$235$247$258$271$284$297$312$327$342$359$376$3,532$591$605$619$634$650$665$681$698$715$732$750$768$8,108
85
% of rev#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!16%16%16%16%16%16%16%15%15%15%15%15%16%16%16%16%15%15%15%15%15%15%15%15%15%15%
86
% growth mom#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!5%5%5%5%5%5%5%5%5%5%5%#DIV/0!57%2%2%2%2%2%2%2%2%2%2%2%130%
87
% growth yoy#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!163%157%151%146%140%135%129%124%119%114%109%104%130%
88
89
Pretax profit$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$1,207$1,267$1,331$1,397$1,467$1,541$1,618$1,699$1,784$1,873$1,967$2,065$19,217$3,214$3,295$3,377$3,461$3,548$3,637$3,728$3,821$3,917$4,015$4,115$4,218$44,345
90
% of rev#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!84%84%84%84%84%84%84%85%85%85%85%85%84%84%84%84%85%85%85%85%85%85%85%85%85%85%
91
% growth mom#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!5%5%5%5%5%5%5%5%5%5%5%#DIV/0!56%3%3%3%3%3%3%3%3%3%3%3%131%
92
% growth yoy#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!166%160%154%148%142%136%130%125%120%114%109%104%131%
93
94
Taxes$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$362$380$399$419$440$462$485$510$535$562$590$620$5,765$964$988$1,013$1,038$1,064$1,091$1,118$1,146$1,175$1,204$1,235$1,265$13,304
95
Tax rate30%30%30%30%30%30%30%30%30%30%30%30%#DIV/0!30%30%30%30%30%30%30%30%30%30%30%30%#DIV/0!30%30%30%30%30%30%30%30%30%30%30%30%#DIV/0!30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%30%
96
97
Post-tax profit$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$845$887$932$978$1,027$1,079$1,133$1,189$1,249$1,311$1,377$1,446$13,452$2,250$2,306$2,364$2,423$2,484$2,546$2,609$2,675$2,742$2,810$2,881$2,953$31,042
98
% of rev#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%59%
99
% growth mom#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!5%5%5%5%5%5%5%5%5%5%5%#DIV/0!56%3%3%3%3%3%3%3%3%3%3%3%131%
100
% growth yoy#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!166%160%154%148%142%136%130%125%120%114%109%104%131%