Financial Plan

The statements incorporate two rounds of venture capital investments of $2.6 million total, plus access
to additional $1.4 million for cash flow purposes. The statements do not include any funds raised
during the proposed IPO. Any revenues from advertising, affinity, consulting, and partnership programs
were omitted. Year-end is December 31.

10.1 Projected Cash Flow

The following chart shows monthly cash balance and cash flow. The table shows the expected cash
flow for the first twelve months of operation, with yearly estimates thereafter. Capital expenditures
include computer equipment and technology & software investment:

Computer Equipment: represents 20% of the current fixed corporate costs.

In 2000, it represents $80,000 from the fixed corporate costs.

Technology & Software Investment: represents 50% of the current fixed

technology costs. In 2000, it represents the $1.3 million of the fixed
technology costs.

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PRO FORMA CASH FLOW

YEAR 1

YEAR 2

YEAR 3

Cash Sales

$0

$4,758,000

$14,859,600

Cash from Receivables

$0

$14,274,000

$44,578,800

SUBTOTAL CASH FROM OPERATIONS

$0

$19,032,000

$59,438,400

Sales Tax, VAT, HST/GST Received

$0

$0

$0

New Current Borrowing

$0

$0

$0

New Other Liabilities (interest-free)

$0

$0

$0

New Long-term Liabilities

$0

$0

$0

Sales of Other Current Assets

$0

$0

$0

Cash Received

Cash from Operations

Additional Cash Received

Sales of Long-term Assets

$0

$0

$0

New Investment Received

$4,110,000

$0

$0

$4,110,000

$19,032,000

$59,438,400

Year 1

Year 2

Year 3

$200,000

$1,960,000

$4,105,000

$2,149,150

$11,445,858

$26,737,688

$2,349,150

$13,405,858

$30,842,688

Sales Tax, VAT, HST/GST Paid Out

$0

$0

$0

Principal Repayment of Current Borrowing

$0

$0

$0

Other Liabilities Principal Repayment

$0

$0

$0

Long-term Liabilities Principal Repayment

$0

$0

$0

Purchase Other Current Assets

$0

$0

$0

$1,380,000

$323,544

$653,822

SUBTOTAL CASH RECEIVED

Expenditures

Expenditures from Operations

Cash Spending

Bill Payments

SUBTOTAL SPENT ON OPERATIONS

Additional Cash Spent

Purchase Long-term Assets

Dividends

$0

$0

$0

$3,729,150

$13,729,402

$31,496,510

Net Cash Flow

$380,850

$5,302,598

$27,941,890

Cash Balance

$427,850

$5,730,448

$33,672,338

SUBTOTAL CASH SPENT

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10.2 Break-even Analysis

The following table shows our estimated monthly break-even point to be approximately $222,000

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BREAK-EVEN ANALYSIS

Monthly Revenue Break-even

$222,417

Assumptions:

Average Percent Variable Cost

0%

Estimated Monthly Fixed Cost

$222,417

10.3 Important Assumptions

The table below contains assumptions important to the financial success of the company.

GENERAL ASSUMPTIONS

YEAR 1

YEAR 2

YEAR 3

Current Interest Rate

10.00%

10.00%

10.00%

Long-term Interest Rate

10.00%

10.00%

10.00%

Plan Month

Tax Rate

25.42%

25.00%

25.42%

Other

10.4 Projected Profit and Loss

The table below shows the profit and loss statement for NoHassleReturn.com. The itemized costs for
fixed technology, corporate and advertising are reflected in the sales and marketing row in the table:

Fixed Technology Costs: represents a percentage of revenues allocation for all

fixed computer and Internet-related developments and charges. In 2000,

$800,000 is allocated for the proprietary software development, $300,000 for
the website design, and $200,000 for systems integration.

Fixed Corporate Costs: represent a percentage of revenues allocation for all

fixed corporate cost associated with office related charges. In 2000, $200,000
is allocated for initial sales force hire, $50,000 is allocated for hiring and
training expenses, and another $150,000 is allocated for the office setup and
purchase/lease of necessary computer equipment and infrastructure.

Advertising: represents a percentage of revenues allocation for advertising in

all media. In 2000, $250,000 is allocated for the industrial marketing

campaign. In the subsequent years, the much larger budgets include
allocations for TV advertising.

Sales & Marketing: represents a percentage of revenues allocation for

marketing and selling activities, including commissions paid on sales. In 2000,

$200,000 is allocated for the initial sales and marketing related activities.

Research and Development: represents a percentage of revenues allocation

for R&D activities. In 2000, $200,000 is allocated for testing and fine-tuning of
the computer systems and programs.

General & Administrative: represents a percentage of revenues allocation for

expenses associated with running a corporation. In 2000, $20,000 is expensed

against the initial set-up, legal and accounting fees, etc.

Depreciation: represents a depreciation on all capital investment; straight-

line depreciation over 20 years.

PRO FORMA PROFIT AND LOSS

YEAR 1

YEAR 2

YEAR 3

Sales

$0

$19,032,000

$59,438,400

Direct Cost of Sales

$0

$0

$0

Other

$0

$0

$0

TOTAL COST OF SALES

$0

$0

$0

Gross Margin

$0

$19,032,000

$59,438,400

0.00%

100.00%

100.00%

$200,000

$1,960,000

$4,105,000

$2,170,000

$9,355,520

$16,379,882

$69,000

$85,177

$117,868

Gross Margin %

Expenses

Payroll

Sales and Marketing and Other Expenses

Depreciation

Research & Development

$200,000

$951,600

$1,783,152

$30,000

$294,000

$615,750

$0

$0

$0

$2,669,000

$12,646,297

$23,001,652

Profit Before Interest and Taxes

($2,669,000)

$6,385,703

$36,436,748

EBITDA

($2,600,000)

$6,470,880

$36,554,616

Interest Expense

$0

$0

$0

Taxes Incurred

$0

$1,596,426

$9,261,007

($2,669,000)

$4,789,277

$27,175,741

0.00%

25.16%

45.72%

YEAR 2

YEAR 3

Payroll Taxes

Other

Total Operating Expenses

Net Profit

Net Profit/Sales

10.5 Projected Balance Sheet

The Balance Sheet shows solid growth in both sales and net worth.

PRO FORMA BALANCE SHEET

YEAR 1

Assets

Current Assets

Cash

$427,850

$5,730,448

$33,672,338

Accounts Receivable

$0

$0

$0

Other Current Assets

$0

$0

$0

$427,850

$5,730,448

$33,672,338

$1,380,000

$1,703,544

$2,357,366

$69,000

$154,177

$272,045

TOTAL LONG-TERM ASSETS

$1,311,000

$1,549,367

$2,085,321

TOTAL ASSETS

$1,738,850

$7,279,815

$35,757,659

Year 1

Year 2

Year 3

$250,850

$1,002,538

$2,304,640

$0

$0

$0

TOTAL CURRENT ASSETS

Long-term Assets

Long-term Assets

Accumulated Depreciation

Liabilities and Capital

Current Liabilities

Accounts Payable

Current Borrowing

Other Current Liabilities

$0

$0

$0

$250,850

$1,002,538

$2,304,640

$0

$0

$0

$250,850

$1,002,538

$2,304,640

$4,160,000

$4,160,000

$4,160,000

($3,000)

($2,672,000)

$2,117,277

($2,669,000)

$4,789,277

$27,175,741

TOTAL CAPITAL

$1,488,000

$6,277,277

$33,453,018

TOTAL LIABILITIES AND CAPITAL

$1,738,850

$7,279,815

$35,757,659

$1,488,000

$6,277,277

$33,453,018

SUBTOTAL CURRENT LIABILITIES

Long-term Liabilities

TOTAL LIABILITIES

Paid-in Capital

Retained Earnings

Earnings

Net Worth

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10.6 Business Ratios

The following table presents important business ratios for the business services industry, as determined
by the Standard Industry Classification (SIC) Index code 7389, Business Services, nec (not elsewhere
classified).

RATIO ANALYSIS

YEAR 1

YEAR 2

YEAR 3

INDUSTRY
PROFILE

0.00%

0.00%

212.31%

8.79%

Accounts Receivable

0.00%

0.00%

0.00%

28.12%

Other Current Assets

0.00%

0.00%

0.00%

44.18%

Total Current Assets

24.61%

78.72%

94.17%

76.27%

Long-term Assets

75.39%

21.28%

5.83%

23.73%

100.00%

100.00%

100.00%

100.00%

14.43%

13.77%

6.45%

38.61%

0.00%

0.00%

0.00%

13.60%

14.43%

13.77%

6.45%

52.21%

Sales Growth

Percent of Total Assets

TOTAL ASSETS

Current Liabilities

Long-term Liabilities

Total Liabilities

NET WORTH

85.57%

86.23%

93.55%

47.79%

100.00%

100.00%

100.00%

100.00%

Gross Margin

0.00%

100.00%

100.00%

100.00%

Selling, General & Administrative

Expenses

0.00%

74.84%

54.02%

82.68%

Advertising Expenses

0.00%

1.00%

0.50%

1.66%

Profit Before Interest and Taxes

0.00%

33.55%

61.30%

1.37%

Current

1.71

5.72

14.61

1.59

Quick

1.71

5.72

14.61

1.22

14.43%

13.77%

6.45%

60.22%

Pre-tax Return on Net Worth

-179.37%

101.73%

108.92%

3.09%

Pre-tax Return on Assets

-153.49%

87.72%

101.90%

7.76%

Additional Ratios

Year 1

Year 2

Year 3

Net Profit Margin

0.00%

25.16%

45.72%

Percent of Sales

Sales

Main Ratios

Total Debt to Total Assets

n.a

Return on Equity

-179.37%

76.30%

81.24%

n.a

0.00

0.00

0.00

n.a

n.a

9.57

12.17

12.17

n.a

27

19

22

n.a

0.00

2.61

1.66

n.a

Debt to Net Worth

0.17

0.16

0.07

n.a

Current Liab. to Liab.

1.00

1.00

1.00

n.a

$177,000

$4,727,910

$31,367,69
7

n.a

0.00

0.00

0.00

n.a

Activity Ratios

Accounts Receivable Turnover

Collection Days

Accounts Payable Turnover

Payment Days

Total Asset Turnover

Debt Ratios

Liquidity Ratios

Net Working Capital

Interest Coverage

Additional Ratios

Assets to Sales

n.a.

0.38

0.60

n.a

Current Debt/Total Assets

14%

14%

6%

n.a

Acid Test

1.71

5.72

14.61

n.a

Sales/Net Worth

0.00

3.03

1.78

n.a

Dividend Payout

0.00

0.00

0.00

n.a

PERSONNEL PLAN

MONTH
1

MONTH
2

MONTH
3

MONTH
4

MONTH
5

MONTH
6

MONTH
7

MONTH
8

MONTH
9

MONTH
10

MONTH
11

All
Department
s

0%

$16,666

$16,666

$16,666

$16,666

$16,667

$16,667

$16,667

$16,667

$16,667

$16,667

$16,667

Other

0%

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$16,666

$16,666

$16,666

$16,666

$16,667

$16,667

$16,667

$16,667

$16,667

$16,667

$16,667

TOTAL
PEOPLE

Total Payroll

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SALES FORECAST

MONT
H1

MONT
H2

MONT
H3

MONT
H4

MONT
H5

MONT
H6

MONT
H7

MONT
H8

MONT
H9

MONT
H 10

MONT
H 11

MONT
H 12

Sales

1st
Program
Revenue
s

0
%

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

2nd
Program
Revenue
s

0
%

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

TOTAL
SALES

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Direct
Cost of
Sales

Month
1

Month
2

Month
3

Month
4

Month
5

Month
6

Month
7

Month
8

Month
9

Month
10

Month
11

Month
12

1st
Program
Revenue
s

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

2nd
Program
Revenue
s

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Subtotal
Direct
Cost of
Sales

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

MONT
H 11

MONT
H 12

GENERAL ASSUMPTIONS

MONT
H1

MONT
H2

MONT
H3

MONT
H4

MONT
H5

MONT
H6

MONT
H7

MONT
H8

MONT
H9

MONT
H 10

Plan
Month

10

11

12

Current
Interes
t Rate

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

Longterm
Interes
t Rate

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

Tax
Rate

30.00%

25.00%

25.00%

25.00%

25.00%

25.00%

25.00%

25.00%

25.00%

25.00%

25.00%

25.00%

Other

PRO FORMA PROFIT AND LOSS

MONTH

MONTH

MONTH

MONTH

MONTH

MONTH

MONTH

MONTH

MONTH

MONTH

MONTH

MONTH

10

11

12

Sales

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Direct Cost

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Other

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

TOTAL

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Payroll

$16,666

$16,666

$16,666

$16,666

$16,667

$16,667

$16,667

$16,667

$16,667

$16,667

$16,667

$16,667

Sales and

$20,500

$46,000

$86,000 $121,500 $237,000 $237,000 $237,000 $237,000 $237,000 $237,000 $237,000

$237,000

of Sales

COST OF
SALES

Gross
Margin

Gross
Margin %

Expenses

Marketing

and Other
Expenses

Depreciatio

$500

$1,500

$3,000

$4,000

$7,500

$7,500

$7,500

$7,500

$7,500

$7,500

$7,500

$7,500

$5,000

$10,000

$10,000

$15,000

$20,000

$20,000

$20,000

$20,000

$20,000

$20,000

$20,000

$20,000

$2,500

$2,500

$2,500

$2,500

$2,500

$2,500

$2,500

$2,500

$2,500

$2,500

$2,500

$2,500

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$45,166

$76,666 $118,166 $159,666 $283,667 $283,667 $283,667 $283,667 $283,667 $283,667 $283,667

$283,667

($45,16

($76,66

($118,16

($159,66

($283,66

($283,66

($283,66

($283,66

($283,66

($283,66

($283,66

($283,66

6)

6)

6)

6)

7)

7)

7)

7)

7)

7)

7)

7)

($44,66

($75,16

($115,16

($155,66

($276,16

($276,16

($276,16

($276,16

($276,16

($276,16

($276,16

($276,16

6)

6)

6)

6)

7)

7)

7)

7)

7)

7)

7)

7)

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

($45,16

($76,66

($118,16

($159,66

($283,66

($283,66

($283,66

($283,66

($283,66

($283,66

($283,66

($283,66

6)

6)

6)

6)

7)

7)

7)

7)

7)

7)

7)

7)

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

MONTH

MONTH

11

12

Research &
Developme
nt

Payroll

15

Taxes

Other

Total
Operating
Expenses

Profit
Before
Interest
and Taxes

EBITDA

Interest
Expense

Taxes
Incurred

Net Profit

Net
Profit/Sale
s

PRO FORMA CASH FLOW

Cash
Received

MONTH

MONTH

MONTH MONTH 4 MONTH 5

3

MONTH 6 MONTH 7 MONTH 8 MONTH 9 MONTH 10

Cash from
Operations

Cash Sales

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Cash from

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0 $600,000

$0

$0

$110,000 $2,000,000

$0

$0

$0 $1,400,000

$0

$0

$0 $600,00

$0

$0 $110,000 $2,000,00

$0

$0

$0 $1,400,00

$0

$0

Month 11

Month 12

Receivables

SUBTOTAL
CASH FROM
OPERATION
S

Additional
Cash
Received

Sales Tax,
VAT, HST/GST

0.00
%

Received

New Current
Borrowing

New Other
Liabilities
(interest-free)

New Longterm
Liabilities

Sales of Other
Current
Assets

Sales of
Long-term
Assets

New
Investment
Received

SUBTOTAL
CASH

RECEIVED

Expenditures

Expenditures
from

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Operations

Cash

$16,666

$16,666

$16,666

$16,666

$16,667

$16,667

$16,667

$16,667

$16,667

$16,667

$16,667

$16,667

$933

$29,017

$59,833

$99,850

$143,017

$259,500

$259,500

$259,500

$259,500

$259,500

$259,500

$259,500

Spending

Bill Payments

SUBTOTAL

$17,599 $45,683 $76,499 $116,516 $159,684

$276,167 $276,167 $276,167 $276,167

$276,167 $276,167 $276,167

SPENT ON
OPERATION
S

Additional
Cash Spent

Sales Tax,

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$3,000

$10,000

$17,000

$150,000

$150,000

$150,000

$150,000

$150,000

$150,000

$150,000

$150,000

$150,000

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

VAT, HST/GST
Paid Out

Principal
Repayment of
Current
Borrowing

Other
Liabilities
Principal
Repayment

Long-term
Liabilities
Principal
Repayment

Purchase
Other Current
Assets

Purchase
Long-term
Assets

Dividends

SUBTOTAL

$20,599 $55,683 $93,499 $266,516 $309,684

$426,167 $426,167 $426,167 $426,167

$426,167 $426,167 $426,167

($20,599 $544,317 ($93,499 ($266,516 ($199,684 $1,573,833 ($426,167 ($426,167 ($426,167

$973,833 ($426,167 ($426,167

CASH SPENT

Net Cash Flow

Cash Balance

$26,401 $570,718 $477,219

$210,703

$11,019 $1,584,852 $1,158,68

$732,518

$306,351 $1,280,184

$854,017

$427,850

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PRO FORMA BALANCE SHEET

Assets

MONTH

MONTH

MONTH

MONTH

MONTH MONTH 6

MONTH 7

MONTH 8

$11,019 $1,584,85 $1,158,685

$732,518

MONTH 9 MONTH 10 MONTH 11 MONTH 12

Starting
Balance
s

Current
Assets

Cash

$47,00 $26,401 $570,718 $477,219 $210,703

0

Accounts

$306,351 $1,280,184

$854,017

$427,850

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$1,584,8 $1,158,68

$732,518

$306,351 $1,280,18

$854,017

$427,850

Receivable

Other
Current
Assets

TOTAL
CURRENT

$47,00

$26,40 $570,71 $477,21 $210,70 $11,019

$0

$3,000

$13,000

$0

$500

$2,000

52

$480,000

$630,000

$780,000

$24,000

$31,500

$39,000

ASSETS

Long-term
Assets

Long-term

$30,000 $180,000 $330,000

$930,000 $1,080,000 $1,230,000 $1,380,000

Assets

Accumulate
d
Depreciatio
n

$5,000

$9,000

$16,500

$46,500

$54,000

$61,500

$69,000

TOTAL

$0

$2,500 $11,000 $25,000 $171,00 $313,50 $456,000

LONG-

$598,500

$741,000

$883,500 $1,026,00 $1,168,50 $1,311,00

TERM
ASSETS

TOTAL
ASSETS

$47,00
0

$28,90 $581,71 $502,21 $381,70 $324,51

$2,040,8 $1,757,18 $1,473,51 $1,189,85 $2,306,18 $2,022,51 $1,738,85

52

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$0 $27,067

$56,550

$95,217 $134,367 $250,850

$250,850

$250,850

$250,850

$250,850

$250,850

$250,850

$250,850

Liabilities
and Capital

Current
Liabilities

Accounts
Payable

Current

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$27,06 $56,550 $95,217 $134,36 $250,85 $250,850

$250,850

$250,850

$250,850

$250,850

$250,850

$250,850

$0

$0

$0

$0

$0

$0

$0

$27,06 $56,550 $95,217 $134,36 $250,85 $250,850

$250,850

$250,850

$250,850

$250,850

$250,850

$250,850

Borrowing

Other
Current
Liabilities

SUBTOTAL

$0

CURRENT

$0

$0

LIABILITI
ES

Long-term

$0

$0

$0

$0

Liabilities

TOTAL

$0

LIABILITI

ES

Paid-in
Capital

Retained
Earnings

Earnings

$50,00 $50,000 $650,000 $650,000 $650,000 $760,000 $2,760,00 $2,760,000 $2,760,000 $2,760,000 $4,160,000 $4,160,000 $4,160,000
0

($3,000 ($3,000)

CAPITAL

($3,000)

($3,000)

($3,000)

($3,000)

($3,000)

($3,000)

($3,000)

($3,000)

($3,000)

($3,000)

$0 ($45,16 ($121,83 ($239,99 ($399,66 ($683,33 ($966,998 ($1,250,66 ($1,534,33 ($1,817,99 ($2,101,66 ($2,385,33 ($2,669,00
6)

TOTAL

($3,000)

$47,00
0

2)

8)

4)

1)

$1,834 $525,16 $407,00 $247,33 $73,669

8

5)

2)

$1,790,0 $1,506,33 $1,222,66

02

9)

6)

3)

0)

$939,001 $2,055,33 $1,771,66 $1,488,00

4

TOTAL
LIABILITI

$47,00
0

$28,90 $581,71 $502,21 $381,70 $324,51

1

$2,040,8 $1,757,18 $1,473,51 $1,189,85 $2,306,18 $2,022,51 $1,738,85

52

ES AND
CAPITAL

Net Worth

$47,00
0

$1,834 $525,168 $407,002 $247,336

$73,669 $1,790,00 $1,506,335 $1,222,668

2

$939,001 $2,055,334 $1,771,667 $1,488,000