Ann: More leading Australian organisations join the RFN platform, page-64

Difficult to estimate quarter on quarter revenue, given that we have no knowledge of the commercial terms set with each and every client. My guess is between 250k and 400k this quarter, and likely towards the lower end of the scale. Guess only.

However, based on the information we have been provided with to date, we can make reasonable attempts at estimating the annualised revenue for Reffind. My estimates for annualised revenue based on assumption of current client total/mix has a worst case at $2.1mil, average case at $2.49mil, and best case at $3.06mil. Assumptions below:

- Total clients number 100 (FSB report dated 19/10/2015 stated ~80 current clients, ~20 clients signed on since based on market announcements)
- Split of client enterprise size based on investor update Dec-15 (34% <500, 43% 501-5000; 23% 5000+)
- Worst case assumes each client has only taken on 1 product in 1 location
- Average case assumes clients in <500 bracket have only taken on 1 product in 1 location, while, on average, clients in other brackets have taken on 1.1 products in 1.1 locations
- Best case assumes that, on average, clients in <500 bracket have taken on 1.1 products in 1 location, clients in 501-5000 bracket have taken on 1.2 products in 1.1 locations, and clients in 5000+ bracket have taken on 1.3 products in 1.2 locations

Very basic and conservative assumptions, but gives a rough idea of how this could play out for Reffind.