Red Fin Fictitious Model

Five-Year Projections (Made-Up Numbers)
Introduction to Redfin-Based Financial Model

This model is not Redfin's financial model. It is a model based on Redfin's model but with made-up numbers; the only numbers that are
not made-up are those that have already been disclosed on Guy Kawasaki's blog. Redfin's actual model is more aggressive in some
ways, less aggressive in many others. This model was prepared by someone with no background in finance, and so may be flawed in
many respects.
The model reflects the oddities of Redfin's business: we are an online real estate brokerage, using technology to lower our customer
acquisition costs and to automate paperwork, but we employ licensed agents to offer clients advice and negotiate deal terms. In a
typical real estate transaction, our clients earn a $10,000 refund.
Shameless plug: if you find this model useful, please express your gratitude by telling everyone you know about Redfin. We
have no marketing budget to speak of, and compete against marketing behemoths like Century 21. Unlike other venture-funded real
estate sites, our search site offers direct access to the MLS broker databases for a complete view of inventory, and when we broker a
deal, our agents are paid customer satisfaction bonuses, not commissions. Having completed over 1,000 transactions in our first year of
service, we have the highest customer satisfaction rate in the industry. Enjoy the model!
Six-Year Projections
Markets Entered
Total Number of Markets
2007
2008
2009
2010
2011
6
6
3
9
2
11
2
13
2
15
Offers Revenue
Listings Revenue
New Service #1 Revenue
New Service #2 Revenue
Total Revenues
Growth Rate
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Total Variable Costs

Field Margin Contribution
Field Margin Percentage
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Headquarters Costs
Headquarters Costs as % of Revenue
Total Operating Costs
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Net Operating Income

Margin
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1 of 40
Six Year Projections: Revenues vs. Expenses

$12
$10
Total Revenues
Total Expenses
$8
$6
$4
$2
$0
2007
2 of 40
2008
2009
2010
2011
Six Year Projections: Revenues vs. Variable Costs

$12
$10
Total Revenues
Total Variable Costs
Field Margin Contribution
$8
$6
$4
$2
$0
2007
3 of 40
2008
2009
2010
2011
Monthly Financials (Made-Up Numbers)
Metric
# of Markets
Offers Signed
Listings Signed
New Service Transactions
Headcount
Jan-07
2
#VALUE!
#VALUE!
0
#VALUE!
Feb-07
4
#VALUE!
#VALUE!
1
#VALUE!
Mar-07
4
#VALUE!
#VALUE!
1
#VALUE!
Apr-07
4
#VALUE!
#VALUE!
1
#VALUE!
May-07
5
#VALUE!
#VALUE!
1
#VALUE!
Jun-07
6
#VALUE!
#VALUE!
1
#VALUE!
Jul-07
6
#VALUE!
#VALUE!
1
#VALUE!
Aug-07
6
#VALUE!
#VALUE!
1
#VALUE!
Sep-07
6
#VALUE!
#VALUE!
1
#VALUE!
Oct-07
6
#VALUE!
#VALUE!
1
#VALUE!
Nov-07
6
#VALUE!
#VALUE!
1
#VALUE!
Dec-07
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Offers per Market

Listings per Market
New Svc. Transactions per Market
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
Revenues
Offers Closed
Listings Closed
New Service Closed
Total Revenue
Jan-07
#VALUE!
#VALUE!
$0
#VALUE!
Feb-07
#VALUE!
#VALUE!
$10,000
#VALUE!
Mar-07
#VALUE!
#VALUE!
$10,000
#VALUE!
Apr-07
#VALUE!
#VALUE!
$10,000
#VALUE!
May-07
#VALUE!
#VALUE!
$10,000
#VALUE!
Jun-07
#VALUE!
#VALUE!
$10,000
#VALUE!
Jul-07
#VALUE!
#VALUE!
$10,000
#VALUE!
Aug-07
#VALUE!
#VALUE!
$10,000
#VALUE!
Sep-07
#VALUE!
#VALUE!
$10,000
#VALUE!
Oct-07
#VALUE!
#VALUE!
$10,000
#VALUE!
Nov-07
#VALUE!
#VALUE!
$10,000
#VALUE!
Dec-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Operating Costs
Payroll
Payroll Taxes
Benefits
Contractors
Recruiting Fees
Rent
Data Expenses
Market Expansion Costs
Insurance
Office Expenses
Travel & Entertainment
Company Events
Office Telephone & Broadband
Server Hosting & Broadband
Marketing Programs
Legal Services
Accounting Services
IT Services
Net Operating Costs
Jan-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$200
#VALUE!
#VALUE!
$0
#VALUE!
$5,000
$160
$12,700
$3,750
$1,000
#VALUE!
#VALUE!
Feb-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$400
#VALUE!
#VALUE!
$0
#VALUE!
$5,000
$370
$12,900
$3,750
$1,000
#VALUE!
#VALUE!
Mar-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$10,000
$400
#VALUE!
#VALUE!
$0
#VALUE!
$5,000
$390
$12,900
$3,750
$1,000
#VALUE!
#VALUE!
Apr-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$10,000
$400
#VALUE!
#VALUE!
$0
#VALUE!
$5,000
$400
$12,900
$3,750
$1,000
#VALUE!
#VALUE!
May-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$500
#VALUE!
#VALUE!
$0
#VALUE!
$5,000
$550
$13,000
$3,750
$1,000
#VALUE!
#VALUE!
Jun-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$600
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$5,000
$675
$13,100
$3,750
$1,000
#VALUE!
#VALUE!
Jul-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$600
#VALUE!
#VALUE!
$0
#VALUE!
$5,000
$675
$13,100
$3,750
$1,000
#VALUE!
#VALUE!
Aug-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$600
#VALUE!
#VALUE!
$0
#VALUE!
$5,000
$675
$13,100
$3,750
$1,000
#VALUE!
#VALUE!
Sep-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$600
#VALUE!
#VALUE!
$0
#VALUE!
$5,000
$645
$13,100
$3,750
$1,000
#VALUE!
#VALUE!
Oct-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$600
#VALUE!
#VALUE!
$0
#VALUE!
$5,000
$600
$13,100
$3,750
$1,000
#VALUE!
#VALUE!
Nov-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$600
#VALUE!
#VALUE!
$0
#VALUE!
$5,000
$555
$13,100
$3,750
$1,000
#VALUE!
#VALUE!
Dec-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$600
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$5,000
$540
$13,100
$3,750
$1,000
#VALUE!
#VALUE!
Other Income/Expense
Interest Income/(Expense)
Depreciation
Net Income
Jan-07
#VALUE!
#VALUE!
#VALUE!
Feb-07
#VALUE!
#VALUE!
#VALUE!
Mar-07
#VALUE!
#VALUE!
#VALUE!
Apr-07
#VALUE!
#VALUE!
#VALUE!
May-07
#VALUE!
#VALUE!
#VALUE!
Jun-07
#VALUE!
#VALUE!
#VALUE!
Jul-07
#VALUE!
#VALUE!
#VALUE!
Aug-07
#VALUE!
#VALUE!
#VALUE!
Sep-07
#VALUE!
#VALUE!
#VALUE!
Oct-07
#VALUE!
#VALUE!
#VALUE!
Nov-07
#VALUE!
#VALUE!
#VALUE!
Dec-07
#VALUE!
#VALUE!
#VALUE!
4 of 40
Capital Expenses
Office Move
Telephone System & Software
Office Servers
Network Expansion
CRM & ERP Systems
Production Servers & Equipment
Development Lab Equipment
Employee Set Up: Computers, Desk
Total Capital Expenses
$0
$10,000
$2,500
#VALUE!
#VALUE!
Feb-07
$0
$0
$40,000
$0
$0
$10,000
$2,500
#VALUE!
#VALUE!
Mar-07
$0
$0
$0
$0
$30,000
$10,000
$2,500
#VALUE!
#VALUE!
Apr-07
$0
$60,000
$0
$0
$0
$10,000
$2,500
#VALUE!
#VALUE!
May-07
$0
$0
$0
$0
$0
$10,000
$2,500
#VALUE!
#VALUE!
Jun-07
$0
$0
$0
$0
$0
$10,000
$2,500
#VALUE!
#VALUE!
Jul-07
$0
$0
$0
$30,000
$0
$10,000
$2,500
#VALUE!
#VALUE!
Aug-07
$100,000
$0
$0
$0
$0
$10,000
$2,500
#VALUE!
#VALUE!
Sep-07
$0
$0
$0
$0
$0
$10,000
$2,500
#VALUE!
#VALUE!
Oct-07
$0
$0
$0
$30,000
$0
$10,000
$3,333
#VALUE!
#VALUE!
Nov-07
$0
$0
$0
$0
$0
$10,000
$3,333
#VALUE!
#VALUE!
Dec-07
$0
$0
$0
$0
$0
$10,000
$3,333
#VALUE!
#VALUE!
Financing & Cash Balance

Cash Balance
Jan-07
#VALUE!
Feb-07
#VALUE!
Mar-07
#VALUE!
Apr-07
#VALUE!
May-07
#VALUE!
Jun-07
#VALUE!
Jul-07
#VALUE!
Aug-07
#VALUE!
Sep-07
#VALUE!
Oct-07
#VALUE!
Nov-07
#VALUE!
Dec-07
#VALUE!
Ratio Analysis
Revenue per Headcount
Revenue per REOPS Employee
Revenue per Agent
Revenue per Market
Expenses per Headcount
Expenses per Market
EBITDA per Headcount
EBITDA per Market
Labor $ per Closed Transaction
Marketing $ per Closed Transaction
All Other $ per Closed Transaction
Profit per Closed Transaction
Jan-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
5 of 40
Jan-07
$0
$0
$0
Metric
# of Markets
Offers Signed
Listings Signed
New Service Transactions
Headcount
Jan-08
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2007
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Offers per Market

Listings per Market
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Revenues
Offers Closed
Listings Closed
New Service Closed
Total Revenue
Jan-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2007
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Operating Costs
Payroll
Payroll Taxes
Benefits
Contractors
Recruiting Fees
Rent
Data Expenses
Market Expansion Costs
Insurance
Office Expenses
Travel & Entertainment
Company Events
Office Telephone & Broadband
Server Hosting & Broadband
Marketing Programs
Legal Services
Accounting Services
IT Services
Net Operating Costs
Jan-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$600
#VALUE!
#VALUE!
$0
#VALUE!
$10,000
$480
$13,100
$5,000
$1,000
#VALUE!
#VALUE!
Feb-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$600
#VALUE!
#VALUE!
$0
#VALUE!
$10,000
$510
$13,100
$5,000
$1,000
#VALUE!
#VALUE!
Mar-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$600
#VALUE!
#VALUE!
$0
#VALUE!
$10,000
$570
$13,100
$5,000
$1,000
#VALUE!
#VALUE!
Apr-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$30,000
$600
#VALUE!
#VALUE!
$0
#VALUE!
$10,000
$600
$13,100
$5,000
$1,000
#VALUE!
#VALUE!
May-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$600
#VALUE!
#VALUE!
$0
#VALUE!
$10,000
$675
$13,100
$5,000
$1,000
#VALUE!
#VALUE!
Jun-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$900
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$10,000
$1,050
$13,400
$5,000
$1,000
#VALUE!
#VALUE!
Jul-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$900
#VALUE!
#VALUE!
$0
#VALUE!
$10,000
$1,050
$13,400
$5,000
$1,000
#VALUE!
#VALUE!
Aug-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$900
#VALUE!
#VALUE!
$0
#VALUE!
$10,000
$1,050
$13,400
$5,000
$1,000
#VALUE!
#VALUE!
Sep-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$900
#VALUE!
#VALUE!
$0
#VALUE!
$10,000
$990
$13,400
$5,000
$1,000
#VALUE!
#VALUE!
Oct-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$900
#VALUE!
#VALUE!
$0
#VALUE!
$10,000
$900
$13,400
$5,000
$1,000
#VALUE!
#VALUE!
Nov-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,000
$900
#VALUE!
#VALUE!
$0
#VALUE!
$10,000
$810
$13,400
$5,000
$1,000
#VALUE!
#VALUE!
Dec-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,000
$900
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$10,000
$740
$13,400
$5,000
$1,000
#VALUE!
#VALUE!
2007
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$20,000
$6,100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$60,000
$6,235
$156,100
$45,000
$12,000
#VALUE!
#VALUE!
2008
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$46,000
$9,300
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$120,000
$9,425
$159,300
$60,000
$12,000
#VALUE!
#VALUE!
Interest Income/(Expense)
Depreciation
Net Income
Jan-08
#VALUE!
#VALUE!
#VALUE!
Feb-08
#VALUE!
#VALUE!
#VALUE!
Mar-08
#VALUE!
#VALUE!
#VALUE!
Apr-08
#VALUE!
#VALUE!
#VALUE!
May-08
#VALUE!
#VALUE!
#VALUE!
Jun-08
#VALUE!
#VALUE!
#VALUE!
Jul-08
#VALUE!
#VALUE!
#VALUE!
Aug-08
#VALUE!
#VALUE!
#VALUE!
Sep-08
#VALUE!
#VALUE!
#VALUE!
Oct-08
#VALUE!
#VALUE!
#VALUE!
Nov-08
#VALUE!
#VALUE!
#VALUE!
Dec-08
#VALUE!
#VALUE!
#VALUE!
2007
#VALUE!
#VALUE!
#VALUE!
2008
#VALUE!
#VALUE!
#VALUE!
6 of 40
Capital Expenses
Office Move
Telephone System & Software
Office Servers
Network Expansion
CRM & ERP Systems
Production Servers & Equipment
Development Lab Equipment
Employee Set Up: Computers, Desk
Jan-08
$0
$0
$0
$30,000
$0
$15,000
$3,333
#VALUE!
#VALUE!
Feb-08
$0
$0
$0
$0
$0
$15,000
$3,333
#VALUE!
#VALUE!
Mar-08
$0
$0
$0
$0
$0
$15,000
$3,333
#VALUE!
#VALUE!
Apr-08
$0
$0
$0
$30,000
$0
$15,000
$3,333
#VALUE!
#VALUE!
May-08
$0
$0
$0
$0
$0
$15,000
$3,333
#VALUE!
#VALUE!
Jun-08
$0
$0
$0
$0
$0
$15,000
$3,333
#VALUE!
#VALUE!
Jul-08
$0
$0
$0
$30,000
$0
$15,000
$3,333
#VALUE!
#VALUE!
Aug-08
$0
$0
$0
$0
$0
$15,000
$3,333
#VALUE!
#VALUE!
Sep-08
$0
$0
$0
$0
$0
$15,000
$3,333
#VALUE!
#VALUE!
Oct-08
$0
$0
$0
$30,000
$0
$15,000
$3,333
#VALUE!
#VALUE!
Nov-08
$0
$0
$0
$0
$0
$15,000
$3,333
#VALUE!
#VALUE!
Dec-08
$0
$0
$0
$0
$0
$15,000
$3,333
#VALUE!
#VALUE!
2007
$100,000
$60,000
$40,000
$60,000
$30,000
$120,000
$32,500
#VALUE!
#VALUE!
2008
$0
$0
$0
$120,000
$0
$180,000
$40,000
#VALUE!
#VALUE!

Cash Balance
Jan-08
#VALUE!
Feb-08
#VALUE!
Mar-08
#VALUE!
Apr-08
#VALUE!
May-08
#VALUE!
Jun-08
#VALUE!
Jul-08
#VALUE!
Aug-08
#VALUE!
Sep-08
#VALUE!
Oct-08
#VALUE!
Nov-08
#VALUE!
Dec-08
#VALUE!
2007
#VALUE!
2008
#VALUE!
Ratio Analysis
Revenue per Headcount
Revenue per REOPS Employee
Revenue per Agent
Revenue per Market
Expenses per Headcount
Expenses per Market
EBITDA per Headcount
EBITDA per Market
Labor $ per Closed Transaction
Marketing $ per Closed Transaction
All Other $ per Closed Transaction
Profit per Closed Transaction
Jan-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2007
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
7 of 40
Quarterly Projections (Made-Up Numbers)
Operating Costs
# of Markets
Total Revenue
Headcount
Headcount Costs
Data Expenses
Marketing Program Expenses
Office Expenses
Net Operating Costs
Q1 2007
4
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$920
#VALUE!
#VALUE!
#VALUE!
Q2 2007
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,625
#VALUE!
#VALUE!
#VALUE!
Q3 2007
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,995
#VALUE!
#VALUE!
#VALUE!
Q4 2007
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,695
#VALUE!
#VALUE!
#VALUE!
Q1 2008
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,560
#VALUE!
#VALUE!
#VALUE!
Q2 2008
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$2,325
#VALUE!
#VALUE!
#VALUE!
Q3 2008
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$3,090
#VALUE!
#VALUE!
#VALUE!
Q4 2008
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$2,450
#VALUE!
#VALUE!
#VALUE!
Other Inc/Exp & Capital Expenses

Q1 2007
#VALUE!
#VALUE!
Q2 2007
#VALUE!
#VALUE!
Q3 2007
#VALUE!
#VALUE!
Q4 2007
#VALUE!
#VALUE!
Q1 2008
#VALUE!
#VALUE!
Q2 2008
#VALUE!
#VALUE!
Q3 2008
#VALUE!
#VALUE!
Q4 2008
#VALUE!
#VALUE!

Cash Balance
Q1 2007
#VALUE!
Q2 2007
#VALUE!
Q3 2007
#VALUE!
Q4 2007
#VALUE!
Q1 2008
#VALUE!
Q2 2008
#VALUE!
Q3 2008
#VALUE!
Q4 2008
#VALUE!
8 of 40
Market-by-Market Profit Loss (Made-Up Numbers)
Market
Seasonality Adjustment
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Market #1 New Svs. Pers.
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
9 of 40
Jan-07
-40%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$60
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
-30%
1
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$70
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
-10%
1
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$90
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
0%
1
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
25%
1
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
25%
1
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
25%
1
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
25%
1
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
15%
1
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
0%
1
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
-15%
1
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
-20%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
10 of 40
Jan-08
-40%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$60
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
-30%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$70
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
-10%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$90
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
0%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
25%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
25%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
25%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
25%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
15%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
0%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
-15%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
-20%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
$3,000
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2007
0%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,200
$1,200
#VALUE!
$1,200
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,200
$1,200
$36,000
$1,200
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
0%
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,200
$1,200
#VALUE!
$1,200
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,200
$1,200
$36,000
$1,200
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Jumbo)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
11 of 40
Jan-07
-40%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
-30%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$70
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$130
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
-10%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$90
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$110
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$75
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$75
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$75
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$75
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
-15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
-20%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$120
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Jumbo)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
12 of 40
Jan-08
-40%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$60
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$140
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
-30%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$70
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$130
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
-10%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$90
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$110
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$75
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$75
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$75
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$75
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
-15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
-20%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2007
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,100
$1,100
#VALUE!
$1,140
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,100
$1,100
#VALUE!
$1,060
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,200
$1,200
#VALUE!
$1,200
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,200
$1,200
#VALUE!
$1,160
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
13 of 40
Jan-07
-40%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
-30%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
-10%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
-15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
-20%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
14 of 40
Jan-08
-40%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$60
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$60
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
-30%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$70
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$70
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
-10%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$90
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$90
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
-15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
-20%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2007
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$800
$800
#VALUE!
$880
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$700
$700
#VALUE!
$755
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,200
$1,200
#VALUE!
$1,200
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$1,200
$1,200
#VALUE!
$1,200
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
15 of 40
Jan-07
-40%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
-30%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
-10%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
$0
$0
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
15%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
-15%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
-20%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Large)
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
16 of 40
Jan-08
-40%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
-30%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
-10%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
-15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
-20%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2007
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$700
$700
#VALUE!
$755
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$700
$700
#VALUE!
$755
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
(Medium) New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
17 of 40
Jan-07
-40%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
-30%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
-10%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
15%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
-15%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
-20%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
18 of 40
Jan-08
-40%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
-30%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
-10%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
0%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
25%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
25%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$125
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$115
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$100
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
-15%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$85
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
-20%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$100
$100
#VALUE!
$80
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2007
0%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
0%
1
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$700
$700
#VALUE!
$755
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
19 of 40
Jan-07
-40%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
-30%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
-10%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
15%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
-15%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
-20%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
20 of 40
Jan-08
-40%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
-30%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
-10%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
0%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
25%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
25%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
25%
0
#VALUE!
#VALUE!
#VALUE!
0
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
15%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
-15%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
-20%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2007
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
21 of 40
Jan-07
-40%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
-30%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
-10%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
15%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
-15%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
-20%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
Margin
22 of 40
Jan-08
-40%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
-30%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
-10%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
25%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
15%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
-15%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
-20%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2007
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
0%
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
$0
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
National Map
National
National Data
Costs Taxed
Support
to Each
Reg. Dir.
Market
Personnel
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
New Svs. Pers.
Totals
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
23 of 40
Jan-07
-40%
$10,000
1
1
$10,575
2
#VALUE!
#VALUE!
#VALUE!
0
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$200
$200
#VALUE!
$160
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
-30%
$6,850
$10,000
1
1
$10,575
4
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$400
$400
#VALUE!
$370
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
-10%
$6,850
$10,000
1
1
$10,575
4
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$400
$400
#VALUE!
$390
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
0%
$6,850
$10,000
1
1
$10,575
4
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$400
$400
#VALUE!
$400
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
25%
$6,850
$10,000
1
2
$15,863
5
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$500
$500
#VALUE!
$550
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
25%
$6,850
$10,000
1
2
$15,863
6
#VALUE!
#VALUE!
#VALUE!
1
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$675
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
25%
$6,850
$10,000
1
2
$15,863
6
#VALUE!
#VALUE!
#VALUE!
1
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$675
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
25%
$6,850
$10,000
1
2
$15,863
6
#VALUE!
#VALUE!
#VALUE!
1
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$675
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
15%
$6,850
$10,000
1
2
$15,863
6
#VALUE!
#VALUE!
#VALUE!
1
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$645
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
0%
$6,850
$10,000
1
2
$15,863
6
#VALUE!
#VALUE!
#VALUE!
1
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$600
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
-15%
$10,000
$10,000
1
2
$15,863
6
#VALUE!
#VALUE!
#VALUE!
1
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$555
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
-20%
$10,000
$10,000
1
2
$15,863
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$540
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Market
National Map
National
National Data
Costs Taxed
Support
to Each
Reg. Dir.
Market
Personnel
Live
Prod. Equ.
Offers
Listings
New Svs.
Broker
Manager
Agents
TC
Assistants
New Svs. Pers.
Totals
New Svs. Pers.
Data
Insurance
Legal
Rent
Marketing
Personnel
Total Costs
Revenues
Profit
24 of 40
Jan-08
-40%
$10,000
$10,000
2
2
$21,150
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$480
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
-30%
$10,000
$10,000
2
2
$21,150
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$510
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
-10%
$10,000
$10,000
2
2
$21,150
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$570
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
0%
$10,000
$10,000
2
2
$21,150
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$600
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
25%
$10,000
$10,000
2
2
$21,150
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$600
$600
#VALUE!
$675
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
25%
$10,000
$10,000
2
2
$21,150
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$900
$900
#VALUE!
$1,050
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
25%
$10,000
$10,000
2
2
$21,150
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$900
$900
#VALUE!
$1,050
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
25%
$10,000
$10,000
2
2
$21,150
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$900
$900
#VALUE!
$1,050
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
15%
$10,000
$10,000
2
2
$21,150
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$900
$900
#VALUE!
$990
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
0%
$10,000
$10,000
2
2
$21,150
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$900
$900
#VALUE!
$900
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
-15%
$10,000
$10,000
2
2
$21,150
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$900
$900
#VALUE!
$810
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
-20%
$10,000
$10,000
2
2
$21,150
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$900
$900
#VALUE!
$740
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2007
0%
$81,650
$120,000
1
2
$169,200
6
#VALUE!
#VALUE!
#VALUE!
#VALUE!
1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,100
$6,100
#VALUE!
$6,235
#VALUE!
#VALUE!
#VALUE!
#VALUE!
2008
0%
$120,000
$120,000
2
2
$253,800
9
#VALUE!
#VALUE!
#VALUE!
#VALUE!
0
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$9,300
$9,300
#VALUE!
$9,425
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Charts: Headcount, Revenues, Earnings, Cash
Headcount
12
10
Marketing
Bus. Dev.
REOPS
R&D
G&A
Feb-07
Apr-07
Jun-07
Aug-07
Oct-07
Dec-07
Feb-08
Apr-08
Jun-08
Aug-08
Oct-08
Dec-08
Jan-07
Mar-07
May-07
Jul-07
Sep-07
Nov-07
Jan-08
Mar-08
May-08
Jul-08
Sep-08
Nov-08
25 of 40
Revenue, Operating Expenses, Capital Expenses

$200,000
$180,000
$160,000
Revenue
Operating Expenses
Capital Expenses
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$0
Nov-06
Jan-07
Mar-07
May-07
Jul-07
Sep-07
Nov-07
Jan-08
Mar-08
May-08
Jul-08
Sep-08
Nov-08
Oct-06
Dec-06
Feb-07
Apr-07
Jun-07
Aug-07
Oct-07
Dec-07
Feb-08
Apr-08
Jun-08
Aug-08
Oct-08
Dec-08
26 of 40
Net Income Contribution by Market

$12
$10
$8
$6
Market #14 (Medium)

Market #13 (Medium)
Market #12 (Medium)
Market #11 (Medium)
Market #10 (Medium)
Market #9 (Medium)
Market #8 (Large)
Market #7 (Large)
Market #6 (Large)
Market #5 (Large)
Market #4 (Jumbo)
Market #3 (Large)
Market #2 (Large)
Market #1 (Large)
$4
$2
$0
Nov-06
Jan-07
Mar-07
May-07
Jul-07
Sep-07
Nov-07
Jan-08
Mar-08
May-08
Jul-08
Sep-08
Nov-08
Oct-06
Dec-06
Feb-07
Apr-07
Jun-07
Aug-07
Oct-07
Dec-07
Feb-08
Apr-08
Jun-08
Aug-08
Oct-08
Dec-08
27 of 40
Revenues by Month & Market

$200,000
$180,000
$160,000
$140,000
$120,000
$100,000
$80,000
Market #14 (Medium)

Market #13 (Medium)
Market #12 (Medium)
Market #11 (Medium)
Market #10 (Medium)
Market #9 (Medium)
Market #8 (Large)
Market #7 (Large)
Market #6 (Large)
Market #5 (Large)
Market #4 (Jumbo)
Market #3 (Large)
Market #2 (Large)
Market #1 (Large)
$60,000
$40,000
$20,000
$0
Nov-06
Jan-07
Mar-07
May-07
Jul-07
Sep-07
Nov-07
Jan-08
Mar-08
May-08
Jul-08
Sep-08
Nov-08
Oct-06
Dec-06
Feb-07
Apr-07
Jun-07
Aug-07
Oct-07
Dec-07
Feb-08
Apr-08
Jun-08
Aug-08
Oct-08
Dec-08
28 of 40
Cash Balance
$12
$10
$8
$6
$4
$2
$0
Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
29 of 40
Revenue by Segment
$12,000
$10,000
New Service Closed

Listings Closed
Offers Closed
$8,000
$6,000
$4,000
$2,000
$0
30 of 40
Per Market Listings, Offers, New Services

0.3

0.25
Listings per Market
Offers per Market

0.2
0.15
0.1
0.05
0
31 of 40
Two-Year Staffing Plan (Made-Up Numbers)
Position
BD Manager
Director of BD
Bookkeeper
CEO
CFO
Controller
Financial Analyst
General Counsel
HR Director
IT Support Specialist
Office Assistant
Office Assistant #2
Operations Manager
Communications Analyst
Director, Marketing
Director, Marketing
Writer
Customer Marketing Analyst
Local Marketing, East
Local Marketing, West
Senior Communications Mgr
VP of Marketing
CTO
Development Manager
Development Manager
Director, Product Management
Intern #1
Intern #2
Intern #4
Intern #5
Manager, Commerce
Principal Engineer
Product Manager
Product Manager, Commerce
Product Manager, Search
QA Lead
SDE I
SDE I
SDE I
SDE I
SDE I
SDE I
SDE I
SDE II
SDE II
SDE II
SDE II
SDE II
SDE II
SDE II
SDE III
SDE III
SDE III
SDE III
SDE III
SDE III
Senior Product Manager
Senior UI Designer
Site Operations Manager
STE I
STE I
STE II
STE II
STE III
STE III
STE III
UI Designer
32 of 40
Last Name
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Department
Bus. Dev.
Bus. Dev.
G&A
G&A
G&A
G&A
G&A
G&A
G&A
G&A
G&A
G&A
G&A
Marketing
Marketing
Marketing
Marketing
Marketing
Marketing
Marketing
Marketing
Marketing
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
Salary
Bonus Options Start Date
$50,000 $25,000
10,000
Jan-07
$50,000 $25,000
10,000
Feb-07
$50,000 $25,000
10,000
Mar-07
$50,000 $25,000
10,000
Apr-07
$50,000 $25,000
10,000
May-07
$50,000 $25,000
10,000
Jun-07
$50,000 $25,000
10,000
Jul-07
$50,000 $25,000
10,000
Aug-07
$50,000 $25,000
10,000
Sep-07
$50,000 $25,000
10,000
Oct-07
$50,000 $25,000
10,000
Nov-07
$50,000 $25,000
10,000
Dec-07
$50,000 $25,000
10,000
Jan-08
$50,000 $25,000
10,000
Dec-06
$50,000 $25,000
10,000
Feb-07
$50,000 $25,000
10,000
Mar-07
$50,000 $25,000
10,000
Apr-07
$50,000 $25,000
10,000
Apr-06
$50,000 $25,000
10,000
May-07
$50,000 $25,000
10,000
Jun-07
$50,000 $25,000
10,000
Aug-07
$50,000 $25,000
10,000
Sep-07
$50,000 $25,000
10,000
Jan-06
$50,000 $25,000
10,000
Feb-06
$50,000 $25,000
10,000
Mar-06
$50,000 $25,000
10,000
Apr-06
$50,000 $25,000
10,000
May-06
$50,000 $25,000
10,000
Jun-06
$50,000 $25,000
10,000
Jul-06
$50,000 $25,000
10,000
Aug-06
$50,000 $25,000
10,000
Sep-06
$50,000 $25,000
10,000
Oct-06
$50,000 $25,000
10,000
Nov-06
$50,000 $25,000
10,000
Dec-06
$50,000 $25,000
10,000
Jan-07
$50,000 $25,000
10,000
Feb-07
$50,000 $25,000
10,000
Mar-07
$50,000 $25,000
10,000
Apr-07
$50,000 $25,000
10,000
May-07
$50,000 $25,000
10,000
Jun-07
$50,000 $25,000
10,000
Jul-07
$50,000 $25,000
10,000
Aug-07
$50,000 $25,000
10,000
Sep-07
$50,000 $25,000
10,000
Oct-07
$50,000 $25,000
10,000
Nov-07
$50,000 $25,000
10,000
Dec-07
$50,000 $25,000
10,000
Jan-08
$50,000 $25,000
10,000
Feb-08
$50,000 $25,000
10,000
Mar-08
$50,000 $25,000
10,000
Apr-08
$50,000 $25,000
10,000
May-08
$50,000 $25,000
10,000
Jun-08
$50,000 $25,000
10,000
Jul-08
$50,000 $25,000
10,000
Aug-08
$50,000 $25,000
10,000
Sep-08
$50,000 $25,000
10,000
Oct-08
$50,000 $25,000
10,000
Nov-08
$50,000 $25,000
10,000
Dec-08
$50,000 $25,000
10,000
Jan-09
$50,000 $25,000
10,000
Feb-09
$50,000 $25,000
10,000
Mar-09
$50,000 $25,000
10,000
Apr-09
$50,000 $25,000
10,000
May-09
$50,000 $25,000
10,000
Jun-09
$50,000 $25,000
10,000
Jul-09
$50,000 $25,000
10,000
Aug-09
$50,000 $25,000
10,000
Sep-09
$50,000 $25,000
10,000
Oct-09
Jan-07
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$6,188
$0
$0
$0
$6,188
$0
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Feb-07
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$6,188
$6,188
$0
$0
$6,188
$0
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Mar-07
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$6,188
$6,188
$6,188
$0
$6,188
$0
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Apr-07
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
May-07
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Jun-07
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Jul-07
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$5,938
$0
$0
$0
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$5,938
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Aug-07
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$5,938
$5,938
$0
$0
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$5,938
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$5,938
$5,938
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sep-07
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$5,938
$5,938
$5,938
$0
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$5,938
$5,938
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$5,938
$5,938
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Oct-07
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$5,938
$5,938
$5,938
$5,938
$0
$0
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$5,938
$5,938
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$5,938
$5,938
$5,938
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Nov-07
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Dec-07
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Position
BD Manager
Director of BD
Bookkeeper
CEO
CFO
Controller
Financial Analyst
General Counsel
HR Director
IT Support Specialist
Office Assistant
Office Assistant #2
Operations Manager
Communications Analyst
Director, Marketing
Director, Marketing
Writer
Customer Marketing Analyst
Local Marketing, East
Local Marketing, West
Senior Communications Mgr
VP of Marketing
CTO
Development Manager
Development Manager
Director, Product Management
Intern #1
Intern #2
Intern #4
Intern #5
Manager, Commerce
Principal Engineer
Product Manager
Product Manager, Commerce
Product Manager, Search
QA Lead
SDE I
SDE I
SDE I
SDE I
SDE I
SDE I
SDE I
SDE II
SDE II
SDE II
SDE II
SDE II
SDE II
SDE II
SDE III
SDE III
SDE III
SDE III
SDE III
SDE III
Senior UI Designer
Site Operations Manager
STE I
STE I
STE II
STE II
STE III
STE III
STE III
UI Designer
33 of 40
Last Name
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Department
Bus. Dev.
Bus. Dev.
G&A
G&A
G&A
G&A
G&A
G&A
G&A
G&A
G&A
G&A
G&A
Marketing
Marketing
Marketing
Marketing
Marketing
Marketing
Marketing
Marketing
Marketing
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
R&D
Salary
###
$50,000 $25,000
10,000
Jan-07
###
$50,000 $25,000
10,000
Feb-07
###
$50,000 $25,000
10,000
Mar-07
###
$50,000 $25,000
10,000
Apr-07
###
$50,000 $25,000
10,000
May-07
###
$50,000 $25,000
10,000
Jun-07
###
$50,000 $25,000
10,000
Jul-07
###
$50,000 $25,000
10,000
Aug-07
###
$50,000 $25,000
10,000
Sep-07
###
$50,000 $25,000
10,000
Oct-07
###
$50,000 $25,000
10,000
Nov-07
###
$50,000 $25,000
10,000
Dec-07
###
$50,000 $25,000
10,000
Jan-08
###
$50,000 $25,000
10,000
Dec-06
###
$50,000 $25,000
10,000
Feb-07
###
$50,000 $25,000
10,000
Mar-07
###
$50,000 $25,000
10,000
Apr-07
###
$50,000 $25,000
10,000
Apr-06
###
$50,000 $25,000
10,000
May-07
###
$50,000 $25,000
10,000
Jun-07
###
$50,000 $25,000
10,000
Aug-07
###
$50,000 $25,000
10,000
Sep-07
###
$50,000 $25,000
10,000
Jan-06
###
$50,000 $25,000
10,000
Feb-06
###
$50,000 $25,000
10,000
Mar-06
###
$50,000 $25,000
10,000
Apr-06
###
$50,000 $25,000
10,000
May-06
###
$50,000 $25,000
10,000
Jun-06
###
$50,000 $25,000
10,000
Jul-06
###
$50,000 $25,000
10,000
Aug-06
###
$50,000 $25,000
10,000
Sep-06
###
$50,000 $25,000
10,000
Oct-06
###
$50,000 $25,000
10,000
Nov-06
###
$50,000 $25,000
10,000
Dec-06
###
$50,000 $25,000
10,000
Jan-07
###
$50,000 $25,000
10,000
Feb-07
###
$50,000 $25,000
10,000
Mar-07
###
$50,000 $25,000
10,000
Apr-07
###
$50,000 $25,000
10,000
May-07
###
$50,000 $25,000
10,000
Jun-07
###
$50,000 $25,000
10,000
Jul-07
###
$50,000 $25,000
10,000
Aug-07
###
$50,000 $25,000
10,000
Sep-07
###
$50,000 $25,000
10,000
Oct-07
###
$50,000 $25,000
10,000
Nov-07
###
$50,000 $25,000
10,000
Dec-07
###
$50,000 $25,000
10,000
Jan-08
###
$50,000 $25,000
10,000
Feb-08
###
$50,000 $25,000
10,000
Mar-08
###
$50,000 $25,000
10,000
Apr-08
###
$50,000 $25,000
10,000
May-08
###
$50,000 $25,000
10,000
Jun-08
###
$50,000 $25,000
10,000
Jul-08
###
$50,000 $25,000
10,000
Aug-08
###
$50,000 $25,000
10,000
Sep-08
###
$50,000 $25,000
10,000
Oct-08
###
$50,000 $25,000
10,000
Nov-08
###
$50,000 $25,000
10,000
Dec-08
###
$50,000 $25,000
10,000
Jan-09
###
$50,000 $25,000
10,000
Feb-09
###
$50,000 $25,000
10,000
Mar-09
###
$50,000 $25,000
10,000
Apr-09
###
$50,000 $25,000
10,000
May-09
###
$50,000 $25,000
10,000
Jun-09
###
$50,000 $25,000
10,000
Jul-09
###
$50,000 $25,000
10,000
Aug-09
###
$50,000 $25,000
10,000
Sep-09
###
$50,000 $25,000
10,000
Oct-09
###
Jan-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Feb-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Mar-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Apr-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
May-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Jun-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Jul-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Aug-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sep-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$0
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Oct-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$0
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Nov-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$0
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Dec-08
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,188
$6,188
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$0
$0
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$6,438
$0
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$6,188
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Position
Agent #1
Agent #10
Agent #11
Agent #12
Agent #13
Agent #14
Agent #15
Agent #2
Agent #3
Agent #4
Agent #5
Agent #6
Agent #7
Agent #8
Agent #9
Broker #1
Broker #2
CSR #1
CSR #2
CSR #3
CSR #4
Field Agent #10
Field Agent #3
Field Agent #4
Field Agent #5
Field Agent #6
Field Agent #7
Field Agent #8
Field Agent #9
Field Operations VP
Market Manager #2
Market Manager #3
Market Manager #4
Market Manager #5
Market Manager #6
Market Manager #7
Regional Director #1
TC Lead #1
TC Lead #2
TC Lead #3
TC Lead #4
TC Lead #5
Transaction Coordinator #1
34 of 40
Last Name
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Department
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
Salary
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000
Nov-05
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000
Dec-10
$50,000 $50,000
10,000
Dec-10
$50,000 $50,000
10,000
Apr-08
$50,000 $50,000
10,000
Jan-07
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $25,000
10,000
Oct-06
$50,000 $50,000
10,000
Apr-06
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000
Jan-06
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000
Jan-07
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
$50,000 $50,000
10,000 #VALUE!
Jan-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
$0
$0
$0
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,188
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
#VALUE!
#VALUE!
Feb-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
$0
$0
$0
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,188
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
Mar-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
$0
$0
$0
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,188
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
Apr-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,188
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
May-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,188
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
Jun-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,188
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
Jul-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,188
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
Aug-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,188
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
Sep-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,188
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
Oct-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,188
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$7,958
#VALUE!
#VALUE!
#VALUE!
Nov-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Dec-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Position
Agent #1
Agent #10
Agent #11
Agent #12
Agent #13
Agent #14
Agent #15
Agent #2
Agent #3
Agent #4
Agent #5
Agent #6
Agent #7
Agent #8
Agent #9
Broker #1
Broker #2
CSR #1
CSR #2
CSR #3
CSR #4
Field Agent #10
Field Agent #3
Field Agent #4
Field Agent #5
Field Agent #6
Field Agent #7
Field Agent #8
Field Agent #9
Field Operations VP
Market Manager #2
Market Manager #3
Market Manager #4
Market Manager #5
Market Manager #6
Market Manager #7
TC Lead #1
TC Lead #2
TC Lead #3
TC Lead #4
TC Lead #5
35 of 40
Last Name
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Smith
Department
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
REOPS
Salary
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000
Nov-05
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000
Dec-10
###
$50,000 $50,000
10,000
Dec-10
###
$50,000 $50,000
10,000
Apr-08
###
$50,000 $50,000
10,000
Jan-07
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $25,000
10,000
Oct-06
###
$50,000 $50,000
10,000
Apr-06
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000
Jan-06
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000
Jan-07
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
$50,000 $50,000
10,000 #VALUE!
###
Jan-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Feb-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Mar-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$0
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Apr-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$7,958
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
May-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$7,958
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Jun-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$7,958
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Jul-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$7,958
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Aug-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$7,958
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Sep-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$7,958
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Oct-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$7,958
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Nov-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$7,958
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Dec-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$0
#VALUE!
$0
$0
$7,958
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$6,438
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
$8,208
#VALUE!
#VALUE!
#VALUE!
Position
Last Name
Department
Totals
Salary
Payroll & Bonus

Payroll Taxes
Benefits
Recruiting Fees
Headcount
G&A
R&D
REOPS
Bus. Dev.
Marketing
Total
Payroll by Department
G&A
R&D
REOPS
Bus. Dev.
Marketing
Total
Payroll by Department, %
G&A
R&D
REOPS
Bus. Dev.
Marketing
Total
36 of 40
Bonus
Options
Start Date
Jan-07
Jan-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
Feb-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
Mar-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
Apr-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
May-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
Jun-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
Jul-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
Aug-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
Sep-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
Oct-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
Nov-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
Dec-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jan-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jan-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jan-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-07
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Position
Last Name
Department
Totals
Salary
Payroll & Bonus

Payroll Taxes
Benefits
Recruiting Fees
Headcount
G&A
R&D
REOPS
Bus. Dev.
Marketing
Total
Payroll by Department
G&A
R&D
REOPS
Bus. Dev.
Marketing
Total
Payroll by Department, %
G&A
R&D
REOPS
Bus. Dev.
Marketing
Total
37 of 40
Bonus
Options
Start Date
###
###
###
###
###
###
Jan-08
Jan-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
Feb-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
Mar-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
Apr-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
May-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
Jun-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
Jul-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
Aug-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
Sep-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
Oct-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
Nov-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
Dec-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
###
###
###
###
###
###
###
Jan-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
###
###
###
###
###
###
###
Jan-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
###
###
###
###
###
###
###
Jan-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Feb-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Mar-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Apr-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
May-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jun-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Jul-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Aug-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Sep-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Oct-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Nov-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Dec-08
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Assumptions (Made-Up Numbers)
Sample Model Only; Made-Up Numbers

Variable
Medium
Starting number of agents
1
Minimum # of agents
1
Tax records cost per month
$100
MLS dues per field employee per month
$100
$100
Per-Market Costs Parcel cost per market per month
Local marketing costs per month
$100
MLS data integration costs per month
$100
Insurance costs per month
$100
Legal costs per month
$100
Offers per month signed at maturity
30
Listings signed per month at maturity
5
Revenue
Annual growth rate once a market reaches maturity
10%
Months to ramp to maturity
9
Category
Category
Variable
Signed to closed ratio, offers & listings
Average offer revenue per property
Average listing revenue per property
Revenues
Average revenue per new service #1
Attach rate for new service #1 on closed offers
New service #1 start date
Starting capital (October 2006)
Annual interest rate on capital
Financial Metrics Number of months in which capital investments depreciate
Amount raised series C
Date of series C raise
Market #2 Launch
Market #3 Launch
Market #4 Launch
Market #5 Launch
Market #6 Launch
Market #7 Launch
Market #8 Launch
Expansion
Market #9 Launch
Market #10 Launch
Market #11 Launch
Market #12 Launch
Market #13 Launch
Market #14 Launch
Market expansion one-time costs
38 of 40
Value
50%
$5,000
$5,000
$10,000
10%
1-Jan-10
$5,000,000
4%
36
$12,000,000
1-Jul-07
31-May-06
1-Feb-07
1-Feb-07
1-May-07
1-Jun-07
1-Jun-08
1-Jun-08
1-Jun-08
1-Jun-09
1-Jun-09
1-Jun-09
10-Jan-10
10-Jan-10
$10,000
Large
1
2
$100
$100
$100
$100
$100
$100
$100
40
10
20%
12
Jumbo
2
3
$100
$100
$100
$100
$100
$100
$100
50
15
30%
15
Productivity
Compensation
39 of 40
Maximum number of markets per regional director

5
Maximum signed offers or listngs per agent per month 2007
100
Maximum signed offers or listngs per agent per month 2008
100
Maximum signed offers or listings per TC per month 2007
100
Maximum signed offers or listings per TC per month 2008
100
Maximum signed offers or listings per field agent per month
100
Minimum monthly signed offers or listngs before hiring TC
50
Minimum monthly signed offers or listings before hiring field agent
50
Minimum # of units before hiring new service #1 personnel
50
Maximum # of units per new service #1 personnel
100
Minimum # of units before hiring local new service #1 personnel 100
Maximum # of units per new service #1 personnel
100
Monthly benefits cost per employee
$600
Payroll tax rate
12.50%
Quarterly bonus pay-out rate
85%
Semi-annual company meeting cost, per REOPS employee
$350
Agent base salary
$50,000
Agent annual bonus
$50,000
Customer service representative salary
$50,000
Customer service representative stock
10,000
Agent option grant
10,000
Transaction coordinator base salary
$50,000
Transaction coordinator annual bonus
$50,000
Transaction coordinator option grant
10,000
Transaction coordinator lead base salary
$50,000
Transaction coordinator lead base bonus
$50,000
Transaction coordinator lead option grant
10,000
Market manager base salary
$50,000
Market manager annual bonus
$50,000
Market manager option grant
10,000
Minimum # of REOPS employees per market manager
5
New service #1 employee base salary
$50,000
New service #1 annual bonus
$50,000
New service #1 option grant
10,000
Broker salary
$50,000
REOPS field agent salary
$50,000
REOPS field agent bonus
$50,000
REOPS field agent option grant
10,000
Regional director salary
$50,000
Regional director bonus
$50,000
Regional director option grant
10,000
12-month salary increase
6%
Start date cutoff for salary adjustment
1-Jul-07
Date of next adjustment
31-Oct-07
National map costs

National data costs
Recruiting fee, as percentage of salary
Percentage of candidates for which fee is paid
Amount paid to contractors, as percentage of payroll
Amount paid per employee for PC, desk, equipment
1st year monthly rent, HQ & Bay Area non-REOPS staff
2nd year monthly rent, HQ & Bay Area non-REOPS staff
Office rent per field employee
HQ monthly legal fees
Office Costs
Monthly hosting costs, year one
Monthly hosting costs, year two and beyond
Annual accounting costs, including audit, year one
Annual accounting costs, including audit, year two and beyond
Monthly IT services costs
Monthly travel cost per field, marketing employee
Monthly office expense per employee, per month
Monthly telephone cost per employee, per month
Date of office move
Cost of moving: leasehold improvement (capitalized)
Office Move
Cost of moving: movers (expense)
Cost of moving: deposit/last months rent (deposit)
Service #2 revenue per market
Service #2 costs per market
Year-over-year field efficiency improvement
Percentage of revenue increases spent on marketing
Five-Year Growth
Annual growth in headquarters costs
Assumptions
Maturity + 1 growth
Maturity + 2 growth
Maturity + 3 growth
Maturity + 4 growth
Data Costs
40 of 40
$10,000
$10,000
20%
35%
5%
$6,500
$9,500
$18,000
$125
$12,500
$5,000
$10,000
$45,000
$60,000
$1,000
$300
$400
$125
1-Aug-07
$100,000
$10,000
$30,000
$50,000
$30,000
0%
35%
25%
40%
30%
20%
15%

Red Fin Fictitious Model

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Red Fin Fictitious Model

Uploaded by

Copyright:

Available Formats

Five-Year Projections (Made-Up Numbers)

Introduction to Redfin-Based Financial Model

Total Variable Costs

Net Operating Income

Five-Year Projections (Made-Up Numbers)

Six Year Projections: Revenues vs. Expenses

Five-Year Projections (Made-Up Numbers)

Six Year Projections: Revenues vs. Variable Costs

Total Variable Costs

Field Margin Contribution

Monthly Financials (Made-Up Numbers)

Offers per Market

Monthly Financials (Made-Up Numbers)

Financing & Cash Balance

Monthly Financials (Made-Up Numbers)

Offers per Market

Monthly Financials (Made-Up Numbers)

Financing & Cash Balance

Quarterly Projections (Made-Up Numbers)

Other Inc/Exp & Capital Expenses

Financing & Cash Balance

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Market-by-Market Profit Loss (Made-Up Numbers)

Charts: Headcount, Revenues, Earnings, Cash

Charts: Headcount, Revenues, Earnings, Cash

Revenue, Operating Expenses, Capital Expenses

Charts: Headcount, Revenues, Earnings, Cash

Net Income Contribution by Market

Market #14 (Medium)

Charts: Headcount, Revenues, Earnings, Cash

Revenues by Month & Market

Market #14 (Medium)

Charts: Headcount, Revenues, Earnings, Cash

Charts: Headcount, Revenues, Earnings, Cash

New Service Closed

Charts: Headcount, Revenues, Earnings, Cash

Per Market Listings, Offers, New Services

New Svc. Transactions per Market

Offers per Market

Two-Year Staffing Plan (Made-Up Numbers)

Two-Year Staffing Plan (Made-Up Numbers)

Two-Year Staffing Plan (Made-Up Numbers)

Two-Year Staffing Plan (Made-Up Numbers)

Two-Year Staffing Plan (Made-Up Numbers)

Payroll & Bonus

Two-Year Staffing Plan (Made-Up Numbers)

Payroll & Bonus

Assumptions (Made-Up Numbers)

Sample Model Only; Made-Up Numbers

Assumptions (Made-Up Numbers)