From: To: jeff <[email protected]> Subject: Fwd: Latest Models Date: Tue, 08 Aug 2017 11:29:51 +0000 Attachments: ImageOne_Financial_Model_AM_actuals_v 1 .xlsx; ImageOne_Financial_Model_AM_revfinancials_vl.xlsx Begin forwarded message: From: Pendleton King <a> Subject: Fwd: Latest Models Date: February 4, 2016 at 2:11:50 AM GMT+3 To: "Lana P."1 Pen King Managing Partner PIO Ventures Begin forwarded message: From: Aveek Majumdar < Date: May 12, 2015 at 3:06:52 PM EDT To: Mahon Brindisi "Chan, Tony" "<- C Cc: Kunal Kain < Subject: Latest Models Hello everyone: Just wanted to loop you in on the latest ImageOne models. I have two: , Nurbek Turdukulov I) _actuals is based off of the company's internal accounting system (I think it's QuickBooks). It has missing data there for the latest year, but there is much more granular information presented about COGS. Additionally, all the company's definition of current performance is based off of their actuals. 2) _revfinancials is based off of the company's reviewed financial statements. There are materials differences from actuals (as high as —15% in 2011, but dropping to a few % by 2014). These numbers have been reviewed by an auditor, but are difference (per the firm) due to orders being shifted around between Q4 and Q1 of concurrent years. The reviewed financial statements suggest that 2014 revenue and EBITDA are higher than the performance that the company itself claims it has achieved, and is valuing itself off of. EFTA00650947