"ARBITRAGE" PROFORMA P / L REVENUE FOREIGN SALES Foreign Sales Closed Foreign Sales Remaining Total Foreign Sales DOMESTIC (net) NY TAX CREDIT Low High 4.387.000 3.465.000 7,852,000 2,250,000 1.950,000 4,387,000 4,422.000 8,809,000 4,250,000 1.950.000 Total Revenue 12,052,000 15,009,000 Less Production Loans Less Costs Marketing Fee Distribution Expenses Foreign Sales Fee (some already paid from deposits) Guild Residuals Foreign Withholding Tax Collection I Accounting Fees (6,694,875) 7.5% 5.6% 1.0% 0.6% 5,357,125 (75,000) (80.000) (309,141) (565,712) (78.520) (43.186) 8.314,125 (75,000) (80.000) (380,916) (731,304) (88.090) (48,450) (1,151.559) (1403.75°; Total Revenue net of Sales Costs 4,205,566 6,910,366 Equity Investment (3.200 000) O.200,001. Gross Profit 1,005,566 3,710,366 Equity Preferred Return 25% i 800.000 I Net Profit 205,566 2,910,366 EFTA_R1_02008749 EFTA02685312