Future Valuation, page-29

Hi Kristian333, my calculations are based on my own speculation regarding the monthly subscriber fees payable to TV2 by SOL and PGAS. I would like to think that 30c (USD$0.23) would be the minimum we would collect per subscriber. We don't have a lot of information at this stage though, so I'm basing these estimates on information already provided by TV2 to get some idea of a ballpark figure.

We simply don't know how many ISPs they anticipate signing up over 12 months to forecast US$1.5M+/month (AU$2M+) revenue at the end of the first year. But based on the forecast revenue and using an estimate of 5000 subscribers per ISP as was stated in the announcement, we can calculate the following:

400 ISPs = AU$1 / subscriber
600 ISPs = AU$0.67 / subscriber
800 ISPs = AU$0.50 / subscriber

800 ISPs would be 20% penetration of the 4000 ISPs existing across Brazil. It's hard for me to imagine that they would estimate revenues based on more than 20% share of total market after the first 12 months. Just my thoughts though.