Athleta DCF and VC Model V1 Draft

ATHLETA COR PORATION HISTORICAL AND COMMON-SIZE INCOME STATEMENTS

FiscalYearsEndedMay31, 1999 $000 MerchandiseSales

$000

1999

$000

2000 %

8,998

17,214

109.8

116.9

639

1,342

7.6

8.3

1,634

9,637

242 1,392

18,556

117.4

1,937

7,700

2001

%

106

e&'rns Net Sales

2001

1,528

Shiin!"nc#e Total Gross Sales

FiscalYearsEndedMay31,

2000

4,213

120.0 9.4

125.2

17.4

%

129.4

25.2

29.4

14,343

100.0

100.0

100.0

Cost of Goods Sold

770

4,351

8,222

55.3

56.5

57.3

Gross Profit

622

3,348

6,121

44.7

43.5

42.7

Operating Epenses!

(dinis&ra&i#n E)ense

146

424

El#yen&E)ense

698

10.5

5.5

4.9

462

1,185

2,482

33.2

15.4

F'l*illen&E)ense

90

380

1,069

6.5

4.9

7.5

Mar+e&in!E)ense

736

2,197

4,151

52.9

28.5

28.9

1,434

4, 187

8, 399

103.1

#&al -era&in! E)enses

Operating In"o#e

812/

839/

2,279/

17.3

54.4

58.4/

10.9/

58.6 15.9/

Ot$er Epenses %In"o#e&!

erecia&i#n(#r&.

31

57

"n&eres&E)ense -&her"ncE). #&al -&her E)enses "nc#e/ re&a)"nc#e

844/

7

.008/ 0

2,380/

646/ 0.307/

1,891/ 0.205/

0.1/

1.2

60.6/

489

0.3

0.2

2.3

286

837/

0.2

0.2/

101 932/

0.5

0.3

17/

93

0.7

43

19

31

e& "nc#e

2.2

17

3/

"nc#e a)es redi&/

So'r"e! Co#pan( Do"'#ents

75

4

0.7

12.1/

0.5

60.1/

16.6/

3.7

8.4/

3.4

13.2/

ATHLETA CORPORATION HISTORICAL AND COMM ON-SIZE )ALANCE SHEETS (s #* May 31, 1999

(s #* May 31, 2000

$000

2001

$000

1999

2000

$000

2001

% #* r#ss Sales r#ss Sales e*#re e&'rns 1,634

9,637

18,556

ASSETS

'rren& (sse&s hec+in!Sain!s

517

96

(cc#'n&seceiale

-&her'rren&(sse&s #&al'rren&(sse&s #&alFi)ed(sse&s

31.6

1 .0

0 .7

150

233

0.3

1 .6

1 .3

349

1,517

2,476

21.3

15.7

13.3

244

606

597

14.9

6 .3

3 .2

30

80

46

1.9

0.8

0.2

1,145

2,449

3,484

190

249

444

"nen&#ries reaida&al#!

132

5

70.1

25.4

11.6

18.8

2.6

2.4

-&her (sse&s S&ar&:#s&s

30

23

e*erreda)es #&al-&her(sse&s

#&al(sse&s

15

1.9

0.2

0.1

11

297

787

0.7

3.1

41

320

802

2.5

3.3

4.2 4.3

1,376

3,018

4,730

84.2

3 1.3

2 5.5

LIA)ILITIES

'rren& ;iaili&ies (cc#'n&sayale

334

1 ,309

(ccr'edE)enses

2 ,342

30

'rren& #r&i#n #* ;#n!<&er e&

<

#n.e&

878

esere *#r Sales e&'rns and (ll#=ances

< 9

#&al'rren& ;iaili&ies

372

13.6

278

<

<

-&her'rren&;iaili&ies

20.4

148

101

1 .5 <

<

220

261

8

<

1 .5

<

115

2,562

12.6

1.8

0.6

<

2.3

0.5

3,096

0.5

9.1

1.4

0.1

22.8

<

26.6

16.7

;#n! er ;iaili&ies ;#n! er e&, ne& #* c'rren& #r&i#n

<

<

37

<

<

0.2

-&her;#n!er;iaili&ies

14

7

<

0.9

0.1

<

#&al;#n!er;iaili&ies

14

7

37

0.9

0.1

0.2

386

2,569

3,133

23.6

#&al;iaili&ies

2 6.7

1 6.9

E*+IT,

Shareh#lders> E?'i&y Series(

769

7 69

Series@

1,097

Series 

<

Series  (cc''la&ede*ici& ##nS&#c+ #&alShareh#lders>E?'i&y

#&al ;iaili&ies and Shareh#lders> E?'i&y


<

8.0

<

877/

1,523/

449

1,376

3,018

< < 53.7/

< 1 ,597

4,730

11.3

<

3,414/

1 0.7 0.8

<

0

5

990

1 2.5

<

2,095 2

4.1

67.1

154

<

<

47.1 1,988

<

<

(ddi&i#nal aid in ai&al < Series @ Aarr.

7 69 1,201

<

0.0 15.8/

0.0 18.4/

0.0

60.6

84.2

4.7

31.3

8.6

25.5

ATHLETA CORPORATION HISTORICAL STATEMENTS O CASH LO.

Fiscal Years Ended May 31, 1999

2000

2001

$000

$000

$000

837/

646/

1,891/

Cas$ lo/ fro# Operating A"ti0ities

e& ;#ss (dB's&en&s &# ec#ncile e& ;#ss &# ne& cash chan!e *r# -era&in! (c&ii&ies erecia&i#nand(#r&iCa&i#n

38

57

e*erred a)es

11/

75

286/

490/

e& "ncrease/ ecrease in -era&in! (sse&s (cc#'n&s eceiale "nen&#ries reaida&al#! #s&s -&her 'rren& (sse&s

5/

145/

83/

316/

1,168/

959/

362/

9

108/ 24/

50/

e& "ncrease ecrease/ in -era&in! ;iaili&ies

34

<

<

(cc#'n&s ayale

237

975

(ccr'ed E)enses

30

118

esere*#rSalesande&'rns(ll#=ances

2

e& ash han!e *r# -era&in! (c&ii&ies

< 1 ,033 180

218

995/

41

1,288/

2,051/

Cas$ lo/ fro# In0esting A"ti0ities

'rchases#*r#er&y,lan&,E?'ien& is'rseen&s*#r-r!.#s&s

50/ 9/

109/

145/

<

e& ash han!e *r# "nes&in! (c&ii&ies

<

59/

109/

145/

Cas$ lo/ fro# inan"ing A"ti0ities

r#ceeds*r#e&ai&al;eases r#ceeds*r#"ss'ance#*E?'i&y -&herashFl#=*r#Financin!(c&ii&ies

3/

ashandE?'ialen&s,@e!innin!#*Year

ashandE?'ialen&s,End#*Year

39/

105

25/

e& ash han!e *r# Financin! (c&ii&ies "ncreaseecrease/inashandE?'ialen&s

871

1,317

<

1,289 236

281

517

2,265 5 976

2,232

421/

517

96

36

96

132


ATHLETA CO RPORATION PRO1ECTED AND COMMON-SIZE INCOME STATEMENTS

ProjectedFiscalYearsEndingMay31, 2003

2002

Merchandise Sales Shiin! "nc#e Total Sales

Net Sales

Cost of Goods Sold

ProjectedFiscalYearsEndingMay31,

2005

2006

2007

2003

2002

2004

2005

$000

$000

$000

$000

$000

%

%

%

%

24,022 1,896

29,493 2,419

38,342 2,858

54,033 4,323

89,253 7,140

109,588 8,767

121.7 9.6

120.2 9.9

121.3 9.0

122.7 9.8

31,912

6,188

41,200

7,373

58,355

9,585

96,393

14,319

118,355

23,206

131.4

28,493

130.4

31.4

131.4

30.0

132.4

30.3

24,539

31,614

44,036

73,187

89,862

100.0

100.0

100.0

100.0

10,713

12,371

15,228

20,257

32,202

38,641

54.3

50.4

48.2

46.0

9,018

12,168

16,386

23,780

40,985

51,221

45.7

49.6

133.4

32.5

19,731

r#ss r#*i&

200

$000

25,918

e&'rns

2004

51.8

54.0

Operating Epenses!

(dinis&ra&i#n E)ense

767

El#yen& E)ense

713

1,012

3,641

4,181

F'l*illen& E)ense

934

Mar+e&in! E)ense

4,655

#&al -era&in! E)enses -era&in! "nc#e

1,497

2,562

2,696 13,174

3.9 15,277

2.9

3.2

18.5

3.4

17.0

3

5,742

8,147

1,109

70 6

1,321

2,196

2,247

4.7

4.5

2.2

3.0

5,530

7,223

9,468

15,369

18,422

23.6

22.5

22.8

21.5

9,997

11,532

14,683

20,433

33,300

38,641

979/

6 36

1,703

3,347

7,685

50.7

12,581

18.2

47.0

5.0/

18.5

46.4

2.6

46.4

5.4

7.6

10

Ot$er Epenses %In"o#e&!

erecia&i#n  (#r&. "n&eres&E)ense -&her"ncE). #&al -&her E)enses "nc#e/ re&a) "nc#e

111

172

330

<

0.3

77

123

196

0.1/

3 267

"nc#e a)es/ redi&

251

e& "nc#e

842/

1,436 0.276/

106/

355

0.6

61

3

461

0.5

51

175

.230/ 0

814

32

3

1,093/

462

<

114

0.230/


264

<

396/

1,040

439 2,907 0.370/

636 7,049 0.370/

1,076/

1,832

1,071 11,510

0.7 < 0.0

0.7

0.8 < 0.0

0.6

16.6/

 5.5/

3.4

1.3

0. < 0.0

0.7

0.8

1.9

5.4

0.4/

1.2/

0.370/

2,608/

4,441

4,259/

7,251

13.2/

4.3/

1.4

4.2

ATHLETA CORPORATION PRO1ECTED AND COMMON-SIZE )ALANCE SHEETS r#Bec&edFiscalYearsEndedMay31,

2002

2003

$000

$000

2004

r#Bec&edF

2005

$000

2006

$000

2007

$000

2002

2003

$000 25,918

ASSETS

31,912

41,200

'rren& (sse&s hec+in!Sain!s

1,807

2,207

(cc#'n&seceiale

2,592

336

"nen&#ries

5,129

413

3,589

4,031

7.0

6.9

1,485

1.3

9,697

6.3 1.3

11,636

13.8

12.6

2,338

2,805

3.4

3 .7

88

114

181

218

8,891

13,546

20,583

28,588

1,320

1,518

2,464

1,175

1,534

-&her'rren&(sse&s

62

61

6,679

7,887

478

980

6,100

12,444 1,210

1,471

885

#&alFi)ed(sse&s

732

4,141

reaida&al#!

#&al'rren&(sse&s

7,157

537

1,320

0.2

3

0 .2

25.8

0

24.7

1.8

3.1

-&her (sse&s S&ar& : #s&s

<

<

e*erreda)es #&al-&her(sse&s #&al(sse&s

<

<

<

<

<

<

<

<

980

898

589

269

<

<

3.8

2.8

980

898

589

269

<

<

3.8

2.8

8,137

9,764

10,800

15,135

22,101

31,052

31.4

< 1

3 0.6

2

LIA)ILITIES

'rren& ;iaili&ies (cc#'n&sayale

2,927

(ccr'edE)enses

3,149 235

;ine#*redi&

<

esere *#r Sales e&'rns and (ll#=ances

#&al 'rren& ;iaili&ies

4,897 364

990

261

-&her'rren&;iaili&ies

3,308 251

440

330

114

86

3,538

4,806

6,271 684 770

330

7,389 1,088 1,210

539

55 4,497

11.3

9.9

1,306 1,375

0.8

<

825

3.1

990

110

132

165

7,000

9,526

11,225

8.0

0.9

1

1.0

1.0

0.4

0.3

13.7

15.1

0

;#n! er ;iaili&ies ;#n!er e&, ne& #* c'rren& #r&i#n

<

<

<

<

<

<

<

<

<

-&her;#n!er;iaili&ies

<

<

<

<

<

<

<

<

#&al;#n!er;iaili&ies

<

<

<

<

<

<

<

<

3,538

4,806

4,497

7,000

9,526

11,225

#&al;iaili&ies

13.7

15.1

E*+IT,

Shareh#lders> E?'i&y Series(

769

769

769

769

769

769

3.0

2 .4

1,988

1,988

1,988

1,988

1,988

1,988

Series

154

154

154

154

154

154

Series

2,095

2,095

2,095

2,095

2,095

2,095

8.1

6 .6

SeriesE

3,850

3,850

3,850

3,850

3,850

3,850

14.9

12.1

(dd. aid in ai&al < Series @ Aarr. (cc''la&ede*ici& ##nS&#c+ #&al Shareh#lders> E?'i&y #&al ;ia. and Shareh#lders> E?'i&y


0

0

4,263/

3,904/

5

5

0 2,559/ 5

0 727/ 5

0 3,714 5

7.7

1.9

Series@

6 .2

0.6

0 10,965 5

4

0.5

0.0 16.4/ 0.0

0. 5

0.0  12.2/ 0.0

4,599

4,958

6,303

8,135

12,575

19,827

17.7

8,137

9,764

10,800

15,135

22,101

31,052

31.4

0.0 15.5 30.6

ATHLETA CORPORATION PRO1ECTED STATEMENTS O CASH LO. r#Bec&ed Fiscal Years Endin! May 31, 2002

2003

2004

2005

2006

2007

$000

$000

$000

$000

$000

$000

Cas$ lo/ fro# Operating A"ti0ities

e& "nc#e ;#ss/

(84!

35

1,345

1,832 "

"

(dB's&en&s &# ec#ncile e& "nc#e &# han!e Fr# -era&in! (c&ii&ies erecia&i#n and (#r&iCa&i#n e*erred a)es

111

171

264

330

83

30

31

"

"

(cc#'n&s eceiale

103! (

(77!

"nen&#ries

1,113! (

(442!

reaid a&al#! #s&s

(288!

(20!

-&her 'rren& (sse&s

(7!

1

(cc#'n&s ayale

585

221

(ccr'ed E)enses

(14!

15

7,251 "

"

(14!

e& "ncrease/ ecrease in -era&in! (sse&s

4,441 "

(110!

"

462

814

26

" (124!

"

"

"

"

"

(16!

(477!

(276!

(1,5!

(3,57!

(1,3!

(867!

(467!

(27!

(35!

(26!

63

(67!

(36!

15

1,58

1,374

1,118

320

404

e& "ncrease ecrease/ in -era&in! ;iaili&ies

"

esere *#r Sales and e&'rns (ll#=ances

6

-&her;iaili&ies e& ash han!e *r# -era&in! (c&ii&ies

113 "

15/

28/

(1,886!

83

20 31/

55

1,53

218

286

165 22

2,537

33

2,248

6,881

Cas$ lo/ fro# In0esting A"ti0ities

'rchases #* r#er&y, lan&,  E?'ien&

139/

673/

604/

330/

660/

1,760/

Cas$ lo/ fro# inan"ing A"ti0ities

r#ceeds *r# e&  ai&al ;eases r#ceeds *r# "ss'ance #* E?'i&y -&her ash Fl#= *r# Financin! (c&ii&ies e& ash han!e *r# Financin! (c&ii&ies "ncrease ecrease/ in ash and E?'ialen&s

ash and E?'ialen&s, @e!innin! #* Year

ash and E?'ialen&s, End #* Year


(151!

"

3,850

(0!

" 1 3,699

330

440

"

"

" 990 990

440 550/

165 "

<

<

<

330

440

165

1,675

401

385

2,537

2,028

5,286

132

1,807

2,207

2,592

5,129

7,157

1,807

2,207

2,592

5,129

7,157

12,444

Exhibit6

SpecialtyRetailComparison

&'ercro'ie AnT naylor -ildren.sPlace /a$ /cci /y'oree #imite 'a(ley Paciic#near Talbots iany oo, nc )ans ales

)30*14 $41.90 )33*20 )14*2 )2*16 )14*55 $16.99 $1".1& )24*26 $34.0& )35*24 )28*50 $11."9 )40*08

305 134 01 1200 360 437 "396 11%% 804 104 5275 21 16 1411

Fi9e"Year EP# /rot2001 %ate 20+ )1*65 0! $1.34 25+ )1*73 15+ )0*14 11+ )2*60 12+ )0*16 1%! $0.%% 0! $0." 25+ )0*1 1&! $.00 18+ )1*17 20+ )1*23 0! $0.94 15+ )2*76

Athletic *oot+ear Retailers Finisine Foot ocer Footstar TheSportsA,thority

)18*10 )15*88 )30*5 $11.4

448 232 633 3%3

10+ 14+ 14+ -/

#$ecialty %etailers

ig-est oest Mid"range &9erage /eian

Financial $rojection or &t-leta in 200 -oiceolti$lier $lied E
#-are Price &$ril 4, 2002

)41*0 )11*42 )26*66 )22*22 )17*07

Maret a$itlai=ation

)7,36*00 )216*00 )3,806*00 )2,101*83 )1,256*00

E:;& Mlti$le EP# Mlti$le 12,581 7,251 )7*65 )1*85 6,242 143,3 120,01 120,01

)0*20 )0*15 )0*18 )0*1 )0*20

)0*70 )0*8 )2*26 $0.3 )2*00 )0*32 )1*16 )1*03 )0*1

EP# Mlti$le 2002E 15* 0." 15*4 33*4 36*1 27*2 1%.& 1.9 21*4 14.9 27*8 1*4 3.4 12*3

20*4 14*0 11*1 19.0 )23*40 )14*0 )1*15 )1*73 $19.%&

EP# Mlti$le 2003E 13*4 1".% 12*3 1*8 27*3 21*3 1&.% 1%.& 17*3 1.9 23*5 16*3 14." 11*3

E:;& Mlti$le 2001 *1 10.% 8*2 12*0 14*2 12*1 6.& 1.% 10*7 %." 15*4 10*6 4." 6*0

E:;& Mlti$le 2002E 7*8 9.4 6*6 7*4 14*0 8*4 6.% 10.% 8*5 ".% 14*0 *1 ".4 5*7

17*8 12*3 *7 16.3

*5 6*4 5*4 %.&

7*6 5*8 4*7 ".&

)18*50 )12*0 )15*70 )16*00 $16.0&

)12*80 )4*70 )8*75 )8*67 $%.60

)10*80 )6*80 )8*80 )8*28 $".6&

Based on the women's apparel

Based on the women's apparel Based on the sports apparel Based on the women's apparel and speciality products Based on the women's accessories Based on speciality products, especially directed towards sports

Based on the sports apparel

enture Capital Valuation with 5 rounds of nancing Exit Value Assumptions EBITDA projections at exit Earnings projections at exit %ar&et'EBITDA(ultiple -riceearnings(ultiple 0eigth on sales projection Exit 2alue projection 3EBITDA4

$!"5# $"!5 )*5 .)#5 5,1 $.*"!!

Inital shares assumption +oundershares ",,,",,, /ptionpool *,,",,,

Exit 2alue projection 3Earnings4 Esti(ated exit 2alue

666 $!,",. 1998 1998 2001 2001 Dealassumptions Round1 Round2 Round3 Round4 In2est(ent $*. $",. $5 $!",.5 Ti(e to next round'exit  ! ,  Discount rate 551 551 551 551 Cash7on7cash(ultiple389round4 )55 !), ),, )55 Valuation and shares -ost7(one92aluation -re7(one92aluation -ricepershare ;/ld; shares
Round 1 $"!5. $., $,),,,: "*,,",,, !"5!".:

Round 2 Round 3 Round 4 $:",. $"# $."5: $".5! $":! $"# $,),,,5 $,),, $,),, "!".: *"!".. *"5*,",5 !":!",,* :5",.5 "#:"#!,

"!".: *"!"..

*"5*,",5

#":."#*5

Division of shares +ounder shares /ptionpool In2estor shares 3st round4 In2estor shares 3!nd round4 In2estorshares3:ndround4 In2estorshares3thround4 In2estorshares35thround4

",,,",,, *,,",,, !"5!".:
Division of onership /wnershipoffounders /wnership of stoc& option pool /wnership of in2estors 3st roun

!):1 )5.1 *),1

5)5*1 .):1 :.)1

5)!1 .)51 :#):1

).1 )1 !.).!1

/wnership of in2estors 3!nd roun /wnershipofin2estors3:ndroun /wnershipofin2estors3throun /wnershipofin2estors35throun

:5).#1
:5)!1 !),*1
!)5:1 )*1 !)##1
",,,",,, *,,",,, !"5!".: !":!",,*
",,,",,, ",,,",,, *,,",,, *,,",,, !"5!".: !"5!".: !":!",,* !":!",,* :5",.5 :5",.5
D!" #E$%&D Ter(inal Value Calculation =rowth >ate 3g4 5,1 Discount rate 551 %ultiplier 3?g4'3r7g4 :, @ast period cash ows *5 Ter(inal 2alue 666 Discounted Ter(inal 2al "5.)!

2002 Round ' $:"#5, 5 551 #).5 Round ' $:"!: $."5: $,),, #":."#*5 :":":#

Discounting free cash ows Discount rate for initial 551 Date3endof9ear4 !,,! !,,: !,, !,,5 ears to discount  ! :  Discountfactor 551 551 551 551 /perating cash ow 3:)!4 #), 666 3!),4 Discounted 2alue of cas 7#*)! !,),#. 7:), 7):.#5 <-Vofcashows 7!:)#** DC+ without cost of eui "::5), Discounting cost of capital Beginningof9ear !,,!
"5"!:

",,,",,, *,,",,, !"5!".: !":!",,* :5",.5 "#:"#!, :":":#

#).1 5),1 !):1 .)*:1 )51 5)*1 !#)*#1

2001 EBIT TA Depreciation ' A(ortiFation
:#

!,,! !,,: !,, 3..4 *:* ",: 7!:1 !:1 !#1  ! !* :", :",#  ":.5

3",.4 3*,4 ": 3:.4 3*:4 3*,4 ((( 48)10 ((( ,).,

!,,* 5 551 666 )*

!,, * 551 666 #)*

!,,5 !,,* !,, :": "*#5 666 :1 :1 :1 ::, *! # *"5* 666 666 !"5 "5! *":,5 3::,4 3**,4 3"*,4 ((( ((( ((( ,)., ),# )!

Venture Capital Valuation Gingle round of nancing Deal assumptions In2est(ent Ti(e to next round'exit Discount rate Cash7on7cash (ultiple 389 round4

$!",,,",,,  ,1 ,)5

Inital shares assumption +oundershares /ption pool

",,,",,, *,,",,,

Exit Value Assumptions Gales projections at exit Earnings projections at exit -ricesales(ultiple -riceearnings(ultiple 0eigth gi2en to sales 8ased projection Gales 8ased exit 2alue projection Earnings 8ased exit 2alue projection Esti(atedexit2alue

$,,",,,",,, $!",,,",,, !),, 5 5,1 $!,,",,,",,, $#,",,,",,, $.,",,,",,,

Valuation and shares -ost7(one92aluation -re7(one92aluation -rice per share ;/ld; shares
$#",!"!5* $*",!"!5* $:) "*,,",,, :"#"5 "#"5

Division of shares +oundershares /ption pool In2estor shares 3st round4

",,,",,, *,,",,, :"#"5

Division of onership /wnershipoffounders /wnership of stoc& option pool /wnership of in2estors 3st round4

!,)#.1 !)5:1 **)5#1

Ter(inal Value Calculation =rowth >ate 3g4 Discount rate %ultiplier 3?g4'3r7g4 @ast period cash ows Ter(inal 2alue Discounted Ter(inal 2alue Discounting free cash ows Discount rate for initial 9ears Date 3end of 9ear4 ears to discount Discount factor /perating cash ow Discounted 2alue of cash ows <-V of cash ows DC+ without cost of euit9 Discounting cost of capital Beginning of 9ear
Venture Capital Valuation with ! rounds of nancing D e a l a s s u mp t i o n s In2est(ent Ti(e to next round'exit Discountrate Cash7on7cash (ultiple 389 round4 Inital shares assumption +oundershares /ption pool

Exit Value Assumptions Galesprojectionsatexit Earnings projections at exit -ricesales(ultiple -riceearnings(ultiple 0eigth gi2en to sales 8ased project Gales 8ased exit 2alue projection Earnings 8ased exit 2alue projectio Esti(atedexit2alue

R o un d 1 R o u nd 2 Va lu a t io n a n d s h a r e s $",,,",,, 666 -ost7(one92aluation :  -re7(one9 2aluation ,1 ,1 -rice pershare !) :)# ;/ld; shares
R o un d 1 R o un d 2 666 666 666 666 $*). $.),5 "*,,",,, !"*"!, 5*"!, .".! !"*"!, !"5.*",:!

",,,",,, ",,,",,, *,,",,, *,,",,, 5*"!,
Division of onership /wnershipoffounders 5).51 /wnershipofstoc&optionpool !)51 /wnership of in2estors 3st roun !*)1 /wnership of in2estors 3!nd roun
5*"!, .".!

:#)5!1 !:)1 !!).1 *)#1

Venture Capital Valuation with : rounds of nancing D e a l a s s u mp t i o n s In2est(ent Ti(e to next round'exit Discount rate Cash7on7cash (ultiple 389 rou

R o u nd 1 R o un d 2 R o un d 3 $",,,",,, 666 $",,,",,, : ! ! ,1 ,1 ,1 !) ).* ).*

Va lu a t i o n a n d s h a r e s -ost7(one92aluation -re7(one92aluation -ricepershare ;/ld; shares

R o u nd 1 R o un d 2 R o un d 3 E x i t Va l u e A s s u m p t io n s 666 666 666 Galesprojectionsatexit 666 666 666 Earningsprojectionsatexit $):. $!,)!# $:.) -ricesales(ultiple "*,,",,, !"":! !"::#"*, -rice earnings (ultiple

5":! ."! ,,"*5 !"":! !"::#"*, !":."!55

Division of shares +ounder shares /ptionpool In2estor shares 3st round4 In2estor shares 3!nd round4 In2estorshares3:ndround4

",,,",,, ",,,",,, ",,,",,, *,,",,, *,,",,, *,,",,, 5":! 5":! 5":!
Division of onership /wnership of founders /wnership of stoc& option pool /wnership of in2estors 3st ro /wnership of in2estors 3!nd ro /wnershipof in2estors3:ndro

*),1 !#),!1 !5)!#1
!)*1 !5)**1 !:)51 #)1
),,1 !)*,1 !!).1 #),.1 ):1

I n it a l s h a r e s a s s u mp t i o n +oundershares ",,,",,, /ption pool *,,",,,

0eigth onsales projection Exit 2alue projection 3Gales4 Exit 2alue projection 3Earnings4 Esti(atedexit2alue

666 666 !),, 5 5,1 666 666 666

Athleta DCF and VC Model V1 Draft

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