Cover
Notice
Directory
Definitions
Glossary
Slide Show
Executive Summary:
-Overview
-Administration
-Success Factors
Market Opportunity
Change Technology
Market Dynamics
Timing
Administration
Structure
Strategy
Subscriptions
Administration
Economics
Operations
Business
model
Overview
Infrastructure
Culture
Economics
People
Investment
Process
Overview
Dealflow
Initial screen
Target research
Verification & documentation
Monitor & advice
Exit
Listed investments
Decision making process
Appendicies
Business Model
*Example
Deal Flow Reports
*Initial
Screen Template
*Environmental
And Social Guidelines
*Strategic
Review Templates
*Financial
Review Template
*Due
Diligence Checklist
*Diagnostic
Tool – Questionnaire and Illustrative Graphs
*Outline of Investment Committee
Report
*EVCA
Valuation Guidelines
*Proforma
Fund Projections
*Parallel
Analysis Decision Making Model
*Memorandum
and Articles of Association
*Securities
Law Matters
*Taxation
Market & Geopolitics
*Summary
Findings of Global Economic Outlook (UNEP)
*Conclusions
of World Resources Institute Global Resources Analysis
*The
Future of the Global Environment – Analysis by UNEP/RIVM
:
Example Fund Details
information dated 2004
Proforma Fund Projections
Please contact GRI Equity for additional documentation. Thank you.
NOT TO BE RELIED UPON. Please read the notice of Risks and Conflicts of Interest. Actual Performance Will Differ From Projections. While expectations may or may not be exceeded, a rigorous investment management process implemented perfectly will still result in error. (All outcomes are beyond the probability threshold.) However, the investment management process that GRI Equity uses is intended to manage and reduce risk and to provide a framework for managing change during the tenor of Holdings.
| Holding Company Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yr1 |
Yr2 |
Yr3 |
Yr4 |
Yr5 |
Yr6 |
Yr7 |
Yr8 |
Yr9 |
Yr10 |
| Investor Cash Flow |
(30,000) |
0 |
0 |
0 |
0 |
0 |
0 |
20,000 |
30,000 |
30,000 |
34,000 |
| Investor IRR |
17% |
|
|
|
|
|
|
|
|
|
|
| Listed Portfolio Value |
|
24,036 |
17,947 |
12,060 |
9,005 |
10,086 |
11,296 |
12,652 |
14,170 |
15,870 |
0 |
| UnListed Portfolio Value |
|
0 |
8,413 |
19,097 |
30,887 |
44,853 |
62,712 |
53,256 |
36,000 |
14,679 |
0 |
| Total Portfolio Value |
|
24,036 |
26,360 |
31,157 |
39,892 |
54,939 |
74,008 |
65,907 |
50,169 |
30,549 |
0 |
| Cash (Investment Pipeline Capital) |
|
10,044 |
11,193 |
11,409 |
9,519 |
5,990 |
5,322 |
10,777 |
9,368 |
4,917 |
2,708 |
| Portfolio plus cash |
|
34,080 |
37,552 |
42,566 |
49,412 |
60,929 |
79,331 |
76,685 |
59,537 |
35,467 |
2,708 |
| Assets |
|
34,577 |
38,049 |
43,063 |
49,909 |
61,425 |
79,828 |
77,181 |
60,034 |
35,963 |
3,205 |
| Investors Equity |
|
34,370 |
37,712 |
42,560 |
49,187 |
60,371 |
78,242 |
75,411 |
58,455 |
34,871 |
3,010 |
| Staff Equity |
|
109 |
239 |
404 |
623 |
956 |
1,487 |
1,672 |
1,481 |
994 |
95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Commitments |
30,000 |
US$ thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Statement |
|
Yr1 |
Yr2 |
Yr3 |
Yr4 |
Yr5 |
Yr6 |
Yr7 |
Yr8 |
Yr9 |
Yr10 |
| Revenues |
|
220 |
221 |
222 |
223 |
224 |
225 |
226 |
227 |
228 |
229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Management Fee |
|
588 |
588 |
588 |
588 |
588 |
588 |
588 |
588 |
588 |
588 |
| Investment costs |
|
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
| Administration |
|
300 |
300 |
300 |
300 |
300 |
300 |
300 |
300 |
300 |
300 |
| Total Costs |
|
987 |
987 |
987 |
987 |
987 |
987 |
987 |
987 |
987 |
987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Profit |
|
(767) |
(766) |
(765) |
(764) |
(763) |
(762) |
(761) |
(760) |
(759) |
(758) |
| Dividend |
|
0 |
0 |
0 |
0 |
0 |
0 |
20,000 |
30,000 |
30,000 |
34,000 |
| Retained Earnings |
|
(767) |
(766) |
(765) |
(764) |
(763) |
(762) |
(20,761) |
(30,760) |
(30,759) |
(34,758) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investor Cash Flow |
(30,000) |
0 |
0 |
0 |
0 |
0 |
0 |
20,000 |
30,000 |
30,000 |
34,000 |
| Investor IRR |
17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance Sheet |
Yr 0 |
|
|
|
|
|
|
|
|
|
|
| Cash |
30,000 |
10,044 |
11,193 |
11,409 |
9,519 |
5,990 |
5,322 |
10,777 |
9,368 |
4,917 |
2,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Listed Porfolio Cost |
|
21,461 |
14,307 |
8,584 |
5,723 |
5,723 |
5,723 |
5,723 |
5,723 |
5,723 |
0 |
| Listed Portfolio Appreciation |
|
2,575 |
3,640 |
3,476 |
3,282 |
4,363 |
5,573 |
6,929 |
8,447 |
10,147 |
0 |
| Listed Portfolio Value |
|
24,036 |
17,947 |
12,060 |
9,005 |
10,086 |
11,296 |
12,652 |
14,170 |
15,870 |
0 |
| Unlisted Portfolio Cost |
|
0 |
7,154 |
14,307 |
20,030 |
22,892 |
22,892 |
15,738 |
8,584 |
2,861 |
0 |
| Gains Retained and reinvested |
|
0 |
858 |
2,678 |
4,996 |
6,637 |
6,637 |
5,778 |
3,958 |
1,641 |
0 |
| Unlisted Portfolio Appreciation |
|
0 |
401 |
2,111 |
5,861 |
15,325 |
33,184 |
31,739 |
23,457 |
10,177 |
0 |
| UnListed Portfolio Value |
|
0 |
8,413 |
19,097 |
30,887 |
44,853 |
62,712 |
53,256 |
36,000 |
14,679 |
0 |
| Portfolio Cost |
|
21,461 |
21,461 |
22,892 |
25,753 |
28,614 |
28,614 |
21,461 |
14,307 |
8,584 |
0 |
| PortfolioAppreciation |
|
2,575 |
4,899 |
8,266 |
14,139 |
26,324 |
45,394 |
44,446 |
35,862 |
21,965 |
0 |
| Portfolio |
0 |
24,036 |
26,360 |
31,157 |
39,892 |
54,939 |
74,008 |
65,907 |
50,169 |
30,549 |
0 |
| Current Assets |
0 |
247 |
247 |
247 |
247 |
247 |
247 |
247 |
247 |
247 |
247 |
| Management Company |
0 |
250 |
250 |
250 |
250 |
250 |
250 |
250 |
250 |
250 |
250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
30,000 |
34,577 |
38,049 |
43,063 |
49,909 |
61,425 |
79,828 |
77,181 |
60,034 |
35,963 |
3,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Liabilities |
0 |
99 |
99 |
99 |
99 |
99 |
99 |
99 |
99 |
99 |
99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investors Capital |
30,000 |
30,000 |
30,000 |
30,000 |
30,000 |
30,000 |
30,000 |
30,000 |
30,000 |
30,000 |
30,000 |
| Staff Shares |
|
95 |
190 |
285 |
380 |
475 |
570 |
665 |
760 |
855 |
950 |
| Shareholders Capital |
30,000 |
30,095 |
30,190 |
30,285 |
30,380 |
30,475 |
30,570 |
30,665 |
30,760 |
30,855 |
30,950 |
| Ratio Staff/Paid in Capital |
|
0.32% |
0.63% |
0.94% |
1.25% |
1.56% |
1.86% |
2.17% |
2.47% |
2.77% |
3.07% |
| Retained Earnings |
0 |
(767) |
(1,534) |
(2,299) |
(3,063) |
(3,826) |
(4,589) |
(25,350) |
(56,110) |
(86,869) |
(121,628) |
| Realised gains |
|
2,575 |
4,395 |
6,713 |
8,354 |
8,354 |
8,354 |
27,321 |
49,424 |
69,914 |
93,783 |
| Accummulated Gains |
0 |
2,575 |
4,899 |
8,266 |
14,139 |
26,324 |
45,394 |
44,446 |
35,862 |
21,965 |
0 |
| Shareholders Equity |
30,000 |
34,478 |
37,950 |
42,964 |
49,810 |
61,327 |
79,729 |
77,083 |
59,935 |
35,865 |
3,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities |
30,000 |
34,577 |
38,049 |
43,063 |
49,909 |
61,425 |
79,828 |
77,181 |
60,034 |
35,963 |
3,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
| Profit |
|
(767) |
(766) |
(765) |
(764) |
(763) |
(762) |
(761) |
(760) |
(759) |
(758) |
| Dividends |
|
0 |
0 |
0 |
0 |
0 |
0 |
20,000 |
30,000 |
30,000 |
34,000 |
| Increase in Current Assets |
|
247 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Increase in Current Liabilities |
|
99 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Investment in Mgmt Co |
|
250 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Investors Capital |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Staff Shares |
|
95 |
95 |
95 |
95 |
95 |
95 |
95 |
95 |
95 |
95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Investments |
|
21,461 |
0 |
1,431 |
2,861 |
2,861 |
0 |
(7,154) |
(7,154) |
(5,723) |
(8,584) |
| Realised Gains |
|
2,575 |
1,820 |
2,317 |
1,641 |
0 |
0 |
18,968 |
22,102 |
20,490 |
23,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in Cash |
|
(19,956) |
1,149 |
216 |
(1,890) |
(3,530) |
(667) |
5,455 |
(1,409) |
(4,451) |
(2,209) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
| PORTFOLIO |
|
Yr1 |
Yr2 |
Yr3 |
Yr4 |
Yr5 |
Yr6 |
Yr7 |
Yr8 |
Yr9 |
Yr10 |
| Cash Invested |
|
30,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Operating Costs |
|
987 |
987 |
987 |
987 |
987 |
987 |
987 |
987 |
987 |
987 |
| Change in Mgmt Co & NWC |
|
398 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Available Cash |
|
28,614 |
(987) |
(987) |
(987) |
(987) |
(987) |
(987) |
(987) |
(987) |
(987) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Starting Portfolio |
|
28,614 |
(987) |
(987) |
(987) |
(987) |
(987) |
(987) |
(987) |
(987) |
(987) |
|
|
|
|
75% |
67% |
60% |
67% |
|
|
|
|
|
| Listed Portfolio % |
|
100% |
75% |
50% |
30% |
20% |
|
|
|
|
|
| Listed Portfolio Cost |
|
28,614 |
21,461 |
14,307 |
8,584 |
5,723 |
5,723 |
5,723 |
5,723 |
5,723 |
5,723 |
| Retained Unrealised Appreciation |
|
0 |
2,575 |
3,640 |
3,476 |
3,282 |
4,363 |
5,573 |
6,929 |
8,447 |
10,147 |
| Listed Portfolio Value Starting |
|
28,614 |
24,036 |
17,947 |
12,060 |
9,005 |
10,086 |
11,296 |
12,652 |
14,170 |
15,870 |
| Marginal Portfolio Cost |
|
28,614 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Rate of Net Appreciation |
12% |
12% |
12% |
12% |
12% |
12% |
12% |
12% |
12% |
12% |
12% |
| Appreciation for the year |
|
3,434 |
2,884 |
2,154 |
1,447 |
1,081 |
1,210 |
1,356 |
1,518 |
1,700 |
1,904 |
| Listed Portfolio Value before liquidation |
|
32,048 |
26,921 |
20,101 |
13,508 |
10,086 |
11,296 |
12,652 |
14,170 |
15,870 |
17,774 |
| Listed Portfolio Cost |
|
28,614 |
21,461 |
14,307 |
8,584 |
5,723 |
5,723 |
5,723 |
5,723 |
5,723 |
5,723 |
| Accummulated Appreciation |
|
3,434 |
5,460 |
5,793 |
4,923 |
4,363 |
5,573 |
6,929 |
8,447 |
10,147 |
12,052 |
| Divestments at end of year |
|
8,012 |
8,974 |
8,040 |
4,503 |
- |
- |
- |
- |
- |
17,774 |
| Divestment of Principal |
|
7,154 |
7,154 |
5,723 |
2,861 |
- |
- |
- |
- |
- |
5,723 |
| Principal retained |
|
21,461 |
14,307 |
8,584 |
5,723 |
5,723 |
5,723 |
5,723 |
5,723 |
5,723 |
- |
| Realised Gain |
|
858 |
1,820 |
2,317 |
1,641 |
- |
- |
- |
- |
- |
12,052 |
| Appreciation Retained |
|
2,575 |
3,640 |
3,476 |
3,282 |
4,363 |
5,573 |
6,929 |
8,447 |
10,147 |
- |
| Closing/Starting Portfolio |
|
24,036 |
17,947 |
12,060 |
9,005 |
10,086 |
11,296 |
12,652 |
14,170 |
15,870 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unlisted Portfolio % |
|
0% |
25% |
50% |
70% |
80% |
|
|
|
|
|
| Marginal Portfolio Cost |
|
|
8,012 |
8,974 |
8,040 |
4,503 |
|
|
|
|
|
| Capital Invested |
|
|
7,154 |
7,154 |
5,723 |
2,861 |
|
|
|
|
|
| Gains reinvested |
|
|
858 |
1,820 |
2,317 |
1,641 |
|
|
|
|
|
| Unlisted Portfolio Cost |
|
- |
8,012 |
16,986 |
25,026 |
29,528 |
|
|
|
|
|
| Accummulated Capital Invested |
|
|
7,154 |
14,307 |
20,030 |
22,892 |
22,892 |
22,892 |
15,738 |
8,584 |
2,861 |
| Accummulated Gains reinvested |
|
|
858 |
2,678 |
4,996 |
6,637 |
6,637 |
6,637 |
5,778 |
3,958 |
1,641 |
| Appreciation on Capital |
|
|
358 |
1,484 |
3,140 |
7,955 |
14,790 |
12,611 |
8,292 |
3,110 |
- |
| Accummulated appreciation on Capital |
|
|
358 |
1,842 |
4,982 |
12,937 |
27,727 |
33,185 |
34,324 |
31,711 |
28,849 |
| Appreciation on Gains |
|
|
43 |
226 |
610 |
1,508 |
3,070 |
4,053 |
3,707 |
1,783 |
- |
| Accumulated Appreciation on Gains |
|
|
43 |
269 |
879 |
2,387 |
5,457 |
8,652 |
10,539 |
10,005 |
8,364 |
| Total Appreciation |
|
0 |
401 |
1,711 |
3,750 |
9,463 |
17,859 |
16,664 |
12,000 |
4,893 |
0 |
| Accummulated total appreciation |
|
0 |
401 |
2,111 |
5,861 |
15,325 |
33,184 |
31,739 |
23,457 |
10,177 |
0 |
| Divestments |
|
0 |
0 |
0 |
0 |
0 |
0 |
26,121 |
29,256 |
26,213 |
14,679 |
| Divestment of Principal |
|
0 |
0 |
0 |
0 |
0 |
0 |
7,154 |
7,154 |
5,723 |
2,861 |
| Principal retained |
|
0 |
7,154 |
14,307 |
20,030 |
22,892 |
22,892 |
15,738 |
8,584 |
2,861 |
0 |
| Divestment of Gain |
|
0 |
0 |
0 |
0 |
0 |
0 |
858 |
1,820 |
2,317 |
1,641 |
| Gains Retained |
|
0 |
858 |
2,678 |
4,996 |
6,637 |
6,637 |
5,778 |
3,958 |
1,641 |
0 |
| Realised Appreciation |
|
0 |
0 |
0 |
0 |
0 |
0 |
18,109 |
20,282 |
18,173 |
10,177 |
| Appreciation Retained |
|
0 |
401 |
2,111 |
5,861 |
15,325 |
33,184 |
31,739 |
23,457 |
10,177 |
0 |
| UnListed Portfolio Value |
|
0 |
8,413 |
19,097 |
30,887 |
44,853 |
62,712 |
53,256 |
36,000 |
14,679 |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Ending Portfolio |
|
24,036 |
26,360 |
31,157 |
39,892 |
54,939 |
74,008 |
65,907 |
50,169 |
30,549 |
0 |
| Investments |
|
28,614 |
8,012 |
8,974 |
8,040 |
4,503 |
0 |
0 |
0 |
0 |
0 |
| Divestments |
|
8,012 |
8,012 |
8,974 |
8,040 |
4,503 |
0 |
26,121 |
29,256 |
26,213 |
32,454 |
| Net Investments |
|
20,602 |
0 |
0 |
0 |
0 |
0 |
-26,121 |
-29,256 |
-26,213 |
-32,454 |
| Net Accumulated Investments |
|
20,602 |
20,602 |
20,602 |
20,602 |
20,602 |
20,602 |
-5,519 |
-34,775 |
-60,988 |
-93,442 |
| Appreciation/Depreciation |
|
3,434 |
3,285 |
3,864 |
5,197 |
10,544 |
19,070 |
18,020 |
13,518 |
6,594 |
1,904 |
| Accummulated Appreciation |
|
3,434 |
6,719 |
10,583 |
15,780 |
26,324 |
45,394 |
63,414 |
76,932 |
83,525 |
85,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unlisted Portfolio |
|
Yr1 |
Yr2 |
Yr3 |
Yr4 |
Yr5 |
Yr6 |
Yr7 |
Yr8 |
Yr9 |
Yr10 |
| Deal size |
3000 |
|
2,671 |
2,991 |
2,680 |
1,501 |
|
|
|
|
|
| Deals per year |
3 |
|
2.67 |
2.99 |
2.68 |
1.50 |
|
10 holdings of about $ 3 million each. |
|
|
|
| Appreciation Rate (unlisted) |
|
|
|
5% |
15% |
20% |
50% |
50% |
|
|
|
| IRR |
27% |
|
1 |
1.05 |
1.21 |
1.45 |
2.17 |
3.26 |
|
|
|
|
|
|
|
(1.00) |
0.00 |
0.00 |
0.00 |
0.00 |
3.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Starting Balance |
29,528 |
Yr1 |
Yr2 |
Yr3 |
Yr4 |
Yr5 |
Yr6 |
Yr7 |
Yr8 |
Yr9 |
Yr10 |
| Investments Yr 2 |
|
|
8,012 |
8,413 |
9,675 |
11,609 |
17,414 |
26,121 |
|
|
|
| Investments Yr 3 |
|
|
|
8,974 |
9,422 |
10,836 |
13,003 |
19,504 |
29,256 |
|
|
| Investments Yr 4 |
|
|
|
|
8,040 |
8,442 |
9,709 |
11,650 |
17,476 |
26,213 |
|
| Investments Yr 5 |
|
|
|
|
|
4,503 |
4,728 |
5,437 |
6,524 |
9,786 |
14,679 |
| Principal Investments Yr 2 |
|
|
7,154 |
7,511 |
8,638 |
10,366 |
15,548 |
23,323 |
|
|
|
| Investments Yr 3 |
|
|
|
7,154 |
7,511 |
8,638 |
10,366 |
15,548 |
23,323 |
|
|
| Investments Yr 4 |
|
|
|
|
5,723 |
6,009 |
6,910 |
8,292 |
12,439 |
18,658 |
|
| Investments Yr 5 |
|
|
|
|
|
2,861 |
3,005 |
3,455 |
4,146 |
6,219 |
9,329 |
| Gain Investments Yr 2 |
|
|
858 |
901 |
1,037 |
1,244 |
1,866 |
2,799 |
|
|
|
| Investments Yr 3 |
|
|
|
1,820 |
1,911 |
2,198 |
2,637 |
3,956 |
5,933 |
|
|
| Investments Yr 4 |
|
|
|
|
2,317 |
2,433 |
2,798 |
3,358 |
5,037 |
7,555 |
|
| Investments Yr 5 |
|
|
|
|
|
1,641 |
1,723 |
1,982 |
2,378 |
3,567 |
5,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Divestments |
|
|
|
|
|
|
|
26,121 |
29,256 |
26,213 |
14,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Appreciation of investments Yr 2 |
|
|
401 |
1,262 |
1,935 |
5,805 |
8,707 |
|
|
|
|
| Appreciation of investments Yr 3 |
|
|
|
449 |
1,413 |
2,167 |
6,501 |
9,752 |
|
|
|
| Appreciation of investments Yr 4 |
|
|
|
|
402 |
1,266 |
1,942 |
5,825 |
8,738 |
|
|
| Appreciation of investments Yr 5 |
|
|
|
|
|
225 |
709 |
1,087 |
3,262 |
4,893 |
|
| Total Appreciation |
|
|
401 |
1,711 |
3,750 |
9,463 |
17,859 |
16,664 |
12,000 |
4,893 |
0 |
|
|
|
|
401 |
2,111 |
5,861 |
15,325 |
33,184 |
49,849 |
61,848 |
66,741 |
66,741 |
| Principal Appreciation of investments Yr 2 |
|
|
358 |
1,127 |
1,728 |
5,183 |
7,774 |
|
|
|
|
| Appreciation of investments Yr 3 |
|
|
|
358 |
1,127 |
1,728 |
5,183 |
7,774 |
|
|
|
| Appreciation of investments Yr 4 |
|
|
|
|
286 |
901 |
1,382 |
4,146 |
6,219 |
|
|
| Appreciation of investments Yr 5 |
|
|
|
|
|
143 |
451 |
691 |
2,073 |
3,110 |
|
| Total Appreciation on Principal |
|
|
358 |
1,484 |
3,140 |
7,955 |
14,790 |
12,611 |
8,292 |
3,110 |
0 |
|
|
|
|
358 |
1,842 |
4,982 |
12,937 |
27,727 |
40,339 |
48,631 |
51,741 |
51,741 |
| Gain Appreciation of investments Yr 2 |
|
|
43 |
135 |
207 |
622 |
933 |
|
|
|
|
| Appreciation of investments Yr 3 |
|
|
|
91 |
287 |
440 |
1,319 |
1,978 |
|
|
|
| Appreciation of investments Yr 4 |
|
|
|
|
116 |
365 |
560 |
1,679 |
2,518 |
|
|
| Appreciation of investments Yr 5 |
|
|
|
|
|
82 |
258 |
396 |
1,189 |
1,783 |
|
| Total Appreciation on Gains |
|
|
43 |
226 |
610 |
1,508 |
3,070 |
4,053 |
3,707 |
1,783 |
0 |
|
|
|
|
43 |
269 |
879 |
2,387 |
5,457 |
9,510 |
13,217 |
15,001 |
15,001 |
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