Ann: Response to TMT Analytics Report, page-62

I have a hard copy of the report still.

I think that the conservative nature of the forecasts, as compared to GMV's forecasts, seems to be based on a couple of factors.

Firstly, I do not think it has taken into consideration the India/Taiwan as GMV still needed to negotiate some terms (this contract is US$90m first year).

Secondly, it is also possible they have spread the Shandong deal of $67.5m over 5 years, as opposed to first year.

Given that the silverlake distribution is back ended (only 100,000 first year and 250,000 second year), you can see why the numbers were much lower than expected, as the India/Taiwan deal (90m first year) and Shandong ($67.5m first year) are the largest contracts we have in first few years.