Limerick Gazette

Limerick Gazette®Carefully Archiving Limerick’s 20th Century Cultural HistoryStrategic Commercialisation Plan Gerard J. Hannan 15136604 Supervisor: Dr Yvonne Costin Including 9/1/2016 Section 1: Business Plan Section 2: Project Plan

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANLIMERICK GAZETTE “Carefully Archiving Limerick’s 20th Century Cultural History” STRATEGIC COMMERCIALISATION PLAN Prepared By Gerard J. Hannan Founder & CEO. September 1st 2016. 1

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANContentsDEDICATION ...............................................................................................................................4LIMERICK GAZETTE: PITCH ........................................................................................................5PART ONE: BUSINESS PLAN ......................................................................................................101. EXECUTIVE SUMMARY...................................................................................................122. OPPORTUNITY................................................................................................................163. EXECUTION....................................................................................................................204. MILESTONES & METRICS...............................................................................................235. COMPANY ......................................................................................................................256. TEAM .............................................................................................................................277. FINANCIAL PLAN ...........................................................................................................288. FINANCING.....................................................................................................................319. STATEMENTS .................................................................................................................3410. BUSINESS PLAN APPENDIX ............................................................................................37PART TWO: PROJECT PLAN .......................................................................................................4911. PROJECT PLAN INTRODUCTION ......................................................................................5012. PROJECT OBJECTIVES.....................................................................................................5913. HISTORY & STATUS .......................................................................................................6814. PESTLE ANALYSIS .......................................................................................................7715. REVENUE STREAMS .....................................................................................................10016. MEMBER ACQUISITION ................................................................................................127 2

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN17. PROJECT DEVELOPMENT..............................................................................................12918. PROJECT EVOLUTION ...................................................................................................13219. INDUSTRY & MARKETPLACE ANALYSIS ......................................................................13720. MARKETING STRATEGY ...............................................................................................15321. MANAGEMENT STRATEGY ...........................................................................................16522. FINANCIAL SUMMARY .................................................................................................16723. CONCLUSION ...............................................................................................................171PART THREE: RESEARCH ........................................................................................................17424. RESEARCH ...................................................................................................................175PART FOUR: APPENDIXES .......................................................................................................255APPENDIX 1. E-GAZETTE SAMPLE ILLUSTRATIONS............................................................256APPENDIX 2. PROJECT EVOLUTION ....................................................................................269PART FIVE: REFERENCES ........................................................................................................272FIGURES .................................................................................................................................. 273BIBLIOGRAPHY .......................................................................................................................276INDEX .....................................................................................................................................280 3

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANDEDICATION In August 2016 we asked the Limerick Diaspora to take a selfie showing an OK sign to signal to home that “All is OK”. We did this because the following document is full of facts, results, figures, findings, statistics, graphs, charts and digits and behind all of this number crunching are real people anxious to hear from and respond to their much loved native city and home. All 12,000+ Limerick Gazette members so far are not “data” but people who deserve to be seen and heard. In these pages are a mere handful of an estimated 3.2 Million of them, most of whom we aim to help to find our group, their neighbours, family and friends. This document is dedicated to the people of Limerick worldwide who share our dream. I am eternally grateful. Thank you so much. Gerard J. Hannan August 2016 4

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANLimerick Gazette: Pitch FIGURE 1: PITCH FIGURE 2: CONCEPT OVERVIEW FIGURE 3: PROBLEM SOLVING 5

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN FIGURE 4: PROBLEM SOLUTION FIGURE 5: TARGET MARKET FIGURE 6: COMPETITIVE LANDSCAPE 6

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN FIGURE 7: FUNDING NEEDED FIGURE 8: SALES CHANNELS FIGURE 9: MARKETING ACTIVITIES 7

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN FIGURE 10: FINANCIAL PROJECTIONS FIGURE 11: PROJECT MILESTONES FIGURE 12: KEY ROLE 8

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN FIGURE 13: PROJECT SUPPLIERS 9

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN LIMERICK GAZETTEPart One: Business Plan 10

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN CONFIDENTIAL LIMERICK GAZETTECAREFULLY ARCHIVING LIMERICK'S 20TH CENTURY CULTURAL HISTORY BUSINESS PLAN PREPARED SEPTEMBER 2016 CONTACT INFORMATION GERARD HANNAN [email protected] 0858125659 WWW.LIMERICKGAZETTE.COM WESTGATE HOUSE, MICHAEL STREET LIMERICK, V94H9A0, IRELAND 11

M Table of ContentsEXECUTIVE SUMMARY .......................................................................................................................................... 12 Opportunity ...................................................................................................................................................... 12 Expectations ..................................................................................................................................................... 14OPPORTUNITY ....................................................................................................................................................... 16 Problem & Solution.......................................................................................................................................... 16 Target Market .................................................................................................................................................. 17 Competition...................................................................................................................................................... 18EXECUTION........................................................................................................................................................... 20 Marketing & Sales ........................................................................................................................................... 20 Operations........................................................................................................................................................ 21 Milestones & Metrics ....................................................................................................................................... 23COMPANY.............................................................................................................................................................. 25 Overview .......................................................................................................................................................... 25 Team................................................................................................................................................................. 27FINANCIAL PLAN .................................................................................................................................................. 28 Forecast ........................................................................................................................................................... 28 Financing ......................................................................................................................................................... 31 Statements ........................................................................................................................................................ 34APPENDIX ............................................................................................................................................................. 37 Profit and Loss Statement ................................................................................................................................ 37 Balance Sheet................................................................................................................................................... 41 Cash Flow Statement........................................................................................................................................ 45 11

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN 1. Executive Summary OPPORTUNITY Ch 1: Section 1 PROBLEM3.25 Million People all over the world have associations and are friends of Limerick and in arecent survey conducted by the Global Limerick Network (GLN) they expressed a desire tohave a greater source of online communication with the region and its people and perceivedthe current lack of such a service as being a major problem. Ch 1: Section 2 SOLUTIONLimerick Gazette offers a solution to this problem. It is primarily owned and run as an existingseed year, home based, non-profit enterprise by sole trader, historian and online entrepreneurGerard J. Hannan.Limerick Gazette is primarily a B2C, quintuple constituent, internet archive of Limerickimages, writing, art, audio and video. All of the archives content is crowd-sourced and suppliedby members of its 5 Facebook portals, Limerick History Gazette, Limerick Writers Gazette,Limerick Artists Gazette, Limerick Audio Gazette and Limerick Video Gazette.It already consists of a growing collection, over 10,000 items of its target 50000+ items, of20th century unpublished Limerick images, an online collection of art with submissions forexhibition by local artists, a 24/7 automated audio stream of Limerick programming, a Videogallery hosting content by amateur Limerick filmmakers and online journal of new andunpublished Limerick writings and poetry. Limerick Gazette can be the online source ofcommunication for the Limerick Diaspora which successfully fills the void that has beenidentified by GLN. 12

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN Ch 1: Section 3 MARKETLimerick Gazette aims to take its new service to market on January 1st 2017. The target marketis the already identified rapidly expanding online global network of 3.5 million people with aconnection to the region and has already, in a matter of a few months, attracted 6.00% of these1,950,000 potential members and now has initiated social media marketing strategies to attracteven more. Ch 1: Section 4 COMPETITIONAs Limerick Gazette is the exclusive publisher of this unique Image Archive there is noimmediate competition but there are numerous historical archives which can have aninsignificant effect on the project. These consist of four Irish based competitors but none ofthese diminish the project’s competitive advantage in any way.Limerick Gazette’s uniqueness among internet archives, is that none make the same offeringas is available to and demanded by our members. Local, national and internationalcompetitors offer restricted access to royalty free or paid images of Limerick with only one ofthese offering in excess of 1,000 images. Limerick Gazette will deliver 20,000.In our competitive analysis we have demonstrated how we offer five unique services which ournearest competitors fail to offer. Furthermore, all of the competitor sites, with no exceptions,offer free access to previously published, densely watermarked, recurrent and frequently seenLimerick images.Branding is one of the most important aspects of Limerick Gazette and an effective brandstrategy gives the project a major edge in increasing revenues. Limerick Gazette brand,designed and built exclusively by the existing members, tells new members what they canexpect from the products and services of the project and furthermore differentiates the offeringsfrom those of competitors. 13

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN Ch 1: Section 5 WHY NOW?Limerick Gazette is best understood as a digital time-capsule and the current state oftechnological advancement has created the perfect opportunity to construct the archive.There can be no doubt that a revolution in access to historical records is taking place.Genealogy has become web centric with researchers and general users now realising that thecombination of the computer with historical data has simplified and enhanced the historyproject and, for Irish websites such as My Heritage, Find My Past, Ancestry andRootsIreland.ie has proved to be a most worthy endeavour.Historical research now offers opportunities for projects such as Limerick Gazette but, to date,few entrepreneurs in Ireland have availed of the opportunities a project of this nature canprovide. EXPECTATIONS Ch 1: Section 6 FORECASTAs a non-profit enterprise Limerick Gazette are projecting only minimum sales of €15k inyears 1 through 5 which will sustain running costs for the duration of its first 5 year life cycle.This assumes we can serve 120 customers per month (1.04% of existing members) with anaverage price of €10.00 per customer. The creator/curator Gerard J. Hannan will draw onlyminimal salary, starting in month 1, so we can reinvest any profits into growing the business.Software and Hardware for construction and development of the archive will be the biggestexpenses, followed by smaller allotments for marketing, maintenance, and software monthlysubscription fees estimated at less than €100.00 per month. If Limerick Gazette decides topursue events, exhibitions, or more aggressive marketing strategies, our earning potentialshould jump way up. For year 1, though, we are focused on achieving and beating our minimumtargets. 14

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN Ch 1: Section 7 FINANCIAL HIGHLIGHTS BY YEAR FIGURE 14: FINANCIAL HIGHLIGHTS BY YEAR Ch 1: Section 8 FINANCING NEEDEDLimerick Gazette. We are financing our business ourselves with ongoing expenses beingfunded by the founder. No salary is being extracted. At the moment these minimumexpenses amount to €100.00 per month. However, most of the work is being carried out onbasic equipment and there is a dire need for new more effective equipment, including hardwareand software, which is priced at €5,000.00 15

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN 2. Opportunity PROBLEM & SOLUTION Ch 2: Section 1 PROBLEM WORTH SOLVINGMeeting the needs and demands of the Limerick Diaspora for greater communication with theirnative region is of primary importance to Limerick Gazette. This can be achieved by moredeeply engaging not only with the city but, more importantly, with old neighbors, family andfriends through the use of family pictures, images of past neighborhood events and deceasedfriends and relatives. By having access and seeing these images the members engage more witheach other and old friendships are being restored and greater lines of communication arecreated between those at home and those abroad.A limitless portion of unseen imagery is now part and parcel of our environment but the fact isthat this development is relatively new and did not exist in the 20th century. But today’sphotography enthusiasts have at their fingertips the technology necessary to share historicallyand socially significant high quality images that have been buried away in bedroom wardrobesor family albums for a long time. Limerick Gazette has already proved that people are perfectlywilling to share most of these personal images if they are assured that such images are treatedwith respect and used because of their historical significance and not as a means of financialprofiteering.Furthermore, there can be no doubt that a revolution in access to historical records is takingplace. Genealogy has become web centric with researchers and general users now realising thatthe combination of the computer with historical data has simplified and enhanced the historyproject and, for Irish websites such as My Heritage, Find My Past, Ancestry andRootsIreland.ie has proved to be a most worthy entrepreneurial endeavor.However, while the style and nature of the project is unique Limerick Gazette does have fourIrish “semi-competitors” but, fortunately, none of these deteriorate the project’s competitiveadvantage in any significant way. This competitive advantage is frequently referencedthroughout this document but basically is “free access to members to a collection of 16

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANunpublished Limerick images” and will be a major determining factor contributing to LimerickGazette’s future success.The distinct competitive advantage of the image archive combined with advanced searchfeatures, removal of water marks from images and less complicated downloading procedures,discounted product purchasing among other tools and services will encourage members to optfor full engagement with the project. Ch 2: Section 2 OUR SOLUTIONWith its distinct competitive advantage offering access to an archive of 20,000 unpublishedimages, which have been enhanced, indexed by name, location, year, decade in a searchablearchive. A freely available permanent exhibition of works by Limerick Artists in an easilyaccessible online gallery, a collection of Limerick writings and poetry and a permanent archiveof Limerick video and audio Limerick Diaspora will have unrivaled access to previouslyunseen and unheard communication with the region.This target market is rapidly expanding online and the global network of 3.5 million peoplewith a connection to the city, county and region have acknowledged the need for a worldwidenetwork through which they can communicate with each other. 82% of GLN surveyrespondents indicated their desire to receive future communication from Limerick, includingitems of historical and cultural interest. Limerick Gazette targets this growing demand. Ch 2: Section 3 TARGET MARKETLimerick Gazette target market is the rapidly expanding online global network of 3.5 millionpeople with a connection to the city, county and region. Limerick City and County Council,supported by GLN, recently researched and acknowledged the need for a worldwide networkthrough which Limerick people will facilitate the connection of the Irish Diaspora.A key part of the process was an online survey where notably, 82% of survey respondentsindicated their desire to receive future communication from Limerick, including items ofhistorical and cultural interest. Limerick Gazette targets this growing demand. 17

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANIn view of the fact that Limerick Gazette has already attracted, with no marketing strategy otherthan a presence on social media, a membership in excess of 11,300 (6.00% of total Limerickpopulation) it is therefore fair to draw the conclusion that 6.00% of the Limerick Diasporawould be attracted to the project and thus provides Limerick Gazette with a target market of1,950,000 potential members.When it comes to purchasing goods 85% of the target market only purchase goods/services ontheir computer and not by Smartphone or Tablet. For this reason Limerick Gazette has ensuredthat its mobile friendly website is now fully operational and accessible, in a speedy and userfriendly fashion, on all mobile devices.Every action taken by Limerick Gazette on social networks will be part of a larger socialmedia marketing strategy to attract this target market segment. This means that every post,reply, like, and comment will all be guided by a plan that is driving toward Limerick Gazette’sprimary goal. With this in mind it is necessary to create a comprehensive social media strategy. COMPETITION Ch 2: Section 4 CURRENT ALTERNATIVESLimerick Gazette is unique amongst internet archives as it is the only one to publish 20,000previously unpublished images of Limerick in the 20th century. There are some minorcompetitors at local, national and international level but none of these make the same offeringas is available to and demanded by members of Limerick Gazette.Limerick Gazette local, national and international competitors offer restricted access to royaltyfree or paid images of Limerick with only one of these offering in excess of 1,000 images.These local, national and international competitors offer restricted access to royalty free or paidimages of Limerick with only one of them offering in excess of 1,000 images. Ch 2: Section 5 OUR ADVANTAGESWhile the content and nature of the project is unique Limerick Gazette does have four Irish“semi-competitors” but, fortunately, none of these deteriorate the project’s competitive 18

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANadvantage which basically is “free access to members to a collection of unpublished images”which will be a major determining factor contributing to Limerick Gazette’s future success.To sustain this competitive advantage it will be necessary to ensure that the service offered byLimerick Gazette is difficult to imitate, within its own region, and to do this Limerick Gazettethrough the use of new technologies and software have simplified the process of website andarchive construction and has produced the current website which clearly demonstrates that theproject in its present format has successfully applied these technologies and verified its existingability, skill and experience in software applications to turn ideas into reality. Limerick Gazetteaims to implement proactive strategies to help members of the community as such policies reapbenefits in terms of favorable publicity and recognition.Even though Limerick Gazette is a non-profit enterprise as with any other business it must payits costs. Limerick Gazette will avail of its unique competitive advantage to encouragemembers to “support” the project by purchasing the Limerick e-Gazette and other digitalproducts from the e-Store which will be the primary message of all our marketing strategies.The distinct competitive advantage of the image archive combined with advanced searchfeatures, removal of water marks from images and less complicated downloading procedures,discounted product purchasing among other tools and services will encourage members to optfor premium membership. 19

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN 3. Execution MARKETING & SALES Ch 3: Section 1 MARKETING PLANCurrent statistics suggest that Limerick Gazette will ultimately be attractive to a mass-marketwhich will help in its aim at acquiring as many premium subscribers as possible and long-termfuture marketing efforts will reflect this reality.The rapidly increasing membership of Limerick History Gazette on Facebook in its first fewmonths of existence proves an enthusiastic public appeal for the project and augurs well for thefuture. Limerick Gazette is optimistic that it will continue to grow in the forthcoming years andestimates that by the completion of year 5, implementing its proposed marketing strategies,will have fully penetrated its primary targeted market segment of 364,000 Irish women in the45+ age group which in turn will attract thousands more members of the secondary targetgroups.Existing, although unfunded and basic, social media, marketing strategies have been rewardedin view of the fact that more than 10,000 images were uploaded, with consent for inclusion inthe forthcoming archive, all accomplished within the seed year of Limerick Gazette’sexistence. It will be necessary to encourage and enthuse greater member engagement into thefuture and Limerick Gazette’s five year marketing plan, 2017 to 2021, is designed to not onlyaccomplish this task but also to increase sales and brand awareness.Strategies include enhancing social media presence with the addition of interconnectedLimerick Gazette social platforms including Twitter, Instagram and LinkedIn, securingcelebrity endorsement, blogging outreach strategies, monthly theme based promotional videoson YouTube and Vimeo and issuing of a monthly newsletter to all signed up members, 20

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN Ch 3: Section 2 SALES PLANEven though Limerick Gazette is a non-profit enterprise as with any other business it must payits costs. Limerick Gazette will avail of its unique competitive advantage to encouragemembers to “support” the project by purchasing the Limerick e-Gazette and other digitalproducts from the e-Store which will be the primary message of all our marketing strategies.On the consumer-facing side, we are set up to take credit/debit and paypal (and other digitalpurchasing tools) payments, using iPads, laptops and handheld devices with a virtual point-of-sale solution. All of our customers will only have the option of credit card purchasing, so it’sworth the sub-3% transaction fee to offer that convenience.However these facts do not eliminate the need for a PC/Laptop friendly website because currentresearch suggests that when it comes to purchasing goods 85% of the target market onlypurchase goods/services on their computer and not by Smartphone or Tablet. For this reasonLimerick Gazette has ensured that its mobile friendly website is now fully operational andaccessible, in a speedy and user friendly fashion, on all mobile devices.In our own survey when members were asked would they purchase digital goods from theLimerick Gazette e-Store 135 (80.36%) of 168 respondents confirmed they would buy one ormore branded products in order to support Limerick Gazette if they became available on theweb-store. OPERATIONS Ch 3: Section 3 LOCATIONS & FACILITIESLimerick Gazette currently operates out of a city center address at Westgate House, MichaelStreet, Limerick. As Limerick Gazette is an unfunded home based online startup projectowned and run by entrepreneur, Gerard J. Hannan it is necessary to use this address to keepcosts at a minimum. However, there are no plans to change this address as the enterprise doesnot require additional office space or a high street location. 21

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN Ch 3: Section 4 TECHNOLOGYWith the passage of time as the Internet served more functions and became more popular,Internet archiving as a service, such as that now offered by Limerick Gazette, rose in popularity.Consumers continue to look to the Internet for services previously conducted with physicalmedia. Therefore, the increased adoption of the Internet is an opportunity for the archivingindustry. The percentage of services online is expected to increase in the future. Increased useof smart phones, tablets and computers has also worked in favour of the online archivingindustry.Specialist software is available, some of which can be downloaded free of charge such as ICA-AtoM a web based open source software, Microsoft Access database application designed forcollection management, including cataloguing and other resources. Through the use of newtechnologies and software that have simplified the process of website and archive constructionthe ability to create and sustain a quality service such as that proposed by Limerick Gazette hasbecome far more achievable than technology has heretofore supported. Limerick Gazette hasidentified new distinctive competencies to assist in this process which enhance cost effectivedata storage, data archiving, effective communication systems and brand establishingmarketing strategies.Limerick Gazette believes that the time is right, as the technology is now in place, to launchthe project and avail of the many opportunities that have now presented themselves for thefuture success of the enterprise. Ch 3: Section 5 EQUIPMENT & TOOLSBeing that Limerick Gazette is an online project the set up costs were minimal as the CEOdonated all of his time free of charge. However, some preliminary investment was necessaryand the CEO has already invested a minimal amount in assets (less than €1000.00) but there isplenty of room for expansion and further investment. As a start-up project there are nosubstantial fixed assets, nor, as it happens, will there ever be any great need for elaborate orexpensive equipment to deliver the service. All of the most essential equipment andtechnologies are openly available as \"off-the-shelf\" purchases and the costs of these have beenestimated to reach €5,000.00. 22

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN4. Milestones & Metrics Ch 4: Section 1 MILESTONES TABLEMilestone Due Date Who's Responsible Details Limerick GazetteLaunch Limerick Gazette January 01, 2017 Limerick Gazette Official Launching ofWebsite Limerick Gazette Limerick Gazette Website.Launch Limerick e-Gazette January 01, 2017 Limerick Gazette Official publication ofIssues 1 & 2 Volume 1 (of 10): Issues 1 & 2 (of 100) of Limerick e- Gazette Digital Magazine.Complete Image Gazette & January 01, 2018 Completion of gathering,Launch Audio / Video editing, uploading andGazette indexing of 8760 hour audio/video of Limerick in the 20th century. Commencement of State 3 of the project to gather and upload 10,000 Limerick paintings/prints to Online Art gallery.Complete Audio & Video January 01, 2019 Full completion ofGazette / Launch ArtistsGazette gathering, editing, uploading and indexing of audio/videos of Limerick in the 20th century. Commencement of State 3 of the project to gather and upload 10,000 Limerick paintings/prints to Online Art gallery.Complete Artists Gazette / January 01, 2020 Completion of gathering,Commence Writers & Poets editing, uploading andGazette indexing of 10,000 paintings (images) by Limerick artists. Commencement of Stage 4/5 of the project to gather and upload 10,000 Limerick writings to Limerick Writers & Poets Gazette(s) 23

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN Ch 4: Section 2 KEY METRICSLimerick Gazette's focus right now is on the most basic metrics: membership accumulation,image and other archive content materials gathering and archive building. The process ofaccomplishing these tasks is being slowed down by the absence of proper equipment whichresults in making the task time-expensive.Other objectives are to increase media awareness and use of promotional tools. A one yearimplementation plan from January 1st 2017 to December 1st 2017 has been prepared to showwhen the proposed activities will be done. Evaluation methods and metrics are implemented toenable measurement of the success of marketing promotions in attracting new subscribers andimproving brand awareness. 24

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN 5. Company OVERVIEW Ch 5: Section 1 OWNERSHIP & STRUCTURELimerick Gazette is a home based online startup project owned and run by solopreneur,historian and media specialist Gerard J. Hannan. Limerick Gazette has already designed andwill market its own website to the local and international online Limerick community. TheProject’s flagship service is the provision of a developing collection of previously unpublished20th Century Limerick images, writings, audio and video to the fast growing online local,national and international Limerick community.By December 2021 Limerick Gazette will be a completed online archive consisting of acollection of content which has been selected by the Creator, Curator and CEO Gerard J.Hannan. These crowd-sourced materials are supplied by the activities of individuals primarilythrough social media then these contributions are assessed in terms of quality before selectionfor inclusion as part of the online digital archive collection filed, indexed and stored on bothinternal and external servers.This is the first online venture for Limerick Gazette founder and owner who, in 2014,successfully completed a Liberal Arts Degree in History and Media at MIC/UL and currentlyis completing a Master’s Degree in International Entrepreneurship Management at KBS/UL.Hannan owned and ran his own successful project for many years which included journalism,web development, publishing and broadcasting operations.Hannan’s academic career, for over 5 years, demonstrates his enthusiasm for the project in thatit has been focused on history, media and entrepreneurship in order to develop this idea furtherand bring it to final completion. Hannan aims to complete a software development course atUL in 2016/17 which will add to his ability as a suitable curator of an internet archive ofhistorical importance.At this stage of the project the focus for Limerick Gazette is on matching the projectopportunity with the skills, experience and passions of the owner whose current focal points 25

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANinclude: deciding on the project structure, researching new resources to accomplish thetechnological requirements of the project and developing the website. Ch 5: Section 2 COMPANY HISTORYLimerick Gazette was created on Facebook in September 2015 by Historian Gerard J. Hannanwith the objective of gathering 20,000 unpublished images of Limerick in the 20th Century.The purpose is to create a non-profit but self-funding online image, art, audio, video and textualarchive for use by historians and the idea was embraced by the general public quickly engagingwith the project and submitting images and other materials for inclusion in the archive.By January 2016 Limerick Gazette had recruited in excess of 5,000 registered globalmembers and recruited a further 6,000 by July 1st 2016 (averaging 1,000 new members everymonth), with 7,017 (86.14 %) actively engaging, by adding new images. Members post imagesknowing that they will be featured in the archive. Therefore, the Facebook portal has becomea crowd-sourcing tool for image gathering and the current plan is to encourage members tocontinue to post images into the future and teach of these will be reviewed for selection andinclusion in the final archive. The project is proving successful with images being the mostpopular of all forms of engagement and the archive now containing (as of August 1st 2016) inexcess of 10,000 images of which an estimated 80% of these are useable in the final archive.By March 2015 the idea had expanded to include paintings, poetry, and writings, audio andvisual content. With such a high potential content the need was quickly identified to host theever expanding archive on an independent website where the content no longer is under thecontrol of Facebook or any other unassociated company. The Facebook terms of service clearlystates that any images posted on the Facebook portal is automatically copyrighted to Facebookfor the duration of its presence on their site so the removal of donated images and transferenceof them to the website archive is essential.For these reasons Limerick Gazette made the decision to transfer all donated materials to itsown website and the concept of the Limerick Gazette archive was born. To date LimerickGazette has gathered in excess of 11,500 Members on its Facebook portal which it hopes tomigrate to its internet website during the first quarter of 2017 after the official launch. Memberswill have to be encouraged to do this and the effort will take management expertise andnumerous strategies to accomplish. 26

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN 6. Team Ch 6: Section 1 MANAGEMENT TEAMFounder and CEO Gerard J. Hannan is most influenced by the unique management style of JeffBezos of Amazon, namely, “to build the project through experimentation”. By creating amember centric website Limerick Gazette encourages a highly productive environment formembers to engage and participate in the success of the project. Hannan believes thatexperimentation and perpetual reinvention and openness to change are key to innovation whichis why Limerick Gazette transformed from an image archive to an art hub in the first fewmonths of existence. Members wanted this to happen and it did. Ch 6: Section 2 ADVISORSOutside of Gerard Hannan, the opinions we trust the most belongs to Gerard J. Meehan(Solicitors) and Brendan J. Dennehy (Auditors), the advisers whose generous help and donatedbusiness advice has helped the archive to reach its present form. Gerard Meehan has acted as alegal consultant and over the course of his 30-year career he worked as a Lecturer inCommercial and European Law at the University of Limerick before establishing his own legalpractice in the city. His business advice and strategic mind has been a huge help to us from theoutset.On the accounts side, we are fortunate to have close relationships with very experiencedauditors and accountants in Limerick, Brendan Dennehy and his son Nigel Dennehy, who havebeen in the auditing business in Limerick for many years. Their enormous knowledge andfamiliarity with the problems and issues of SMEs, which form a major part of their clientbase, make them a great informal advisory resource for Limerick Gazette going forward. 27

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN 7. Financial Plan FORECAST Ch 7: Section 1 KEY ASSUMPTIONSOver its proposed 5 year Life Cycle from 2017 to 2021 Limerick Gazette as a project will bechanging. With the passage of time, the company will go through various stages of the projectlife cycle and must anticipate future focuses, challenges and financing sources in order tosucceed. The key factor to consider at this early stage is the possible future of the archive, notonly as an enterprise but its benefits into the long term future and for future generations ofLimerick people who, if and when the project succeeds, will have unlimited free access to afinancially self-sustaining completed archive that accurately reflects the creations, thoughts,feelings, sound and vision, not from the perceived perspective of journalists, historians andmedia, but of the ordinary people of Limerick in the 20th century.Limerick Gazette aims to generate funding to sustain it through its first five years. Starting this“not for profit” enterprise which will benefit the community in the City and across the worldmay render the Limerick Gazette project eligible for numerous grants and subsidies tocomplete the task in the given time period.Limerick Gazette must aim for immediate profitability in order to survive. Therevenue objective consists of increasing sales by 5% each month over a 5 year period January2017 to December 2021. Expense objectives involve decreasing costs by at least 1% eachmonth in the same period. Maintaining profitability can only be achieved by ensuring thatrevenue stays ahead of the costs during the project 5 year life-cycle. Limerick Gazette willfocus on controlling costs and maintaining the profit margin on products and services sold onthe website.Obviously there are a lot of elements to the website and the completion of all of these willrequire diligent obedience to the project management plan aiming for full and absolutecompletion within the first five year life cycle. Limerick Gazette is not in a financial positionto carry out the necessary work at a faster rate. All seed and start-up funds have comeexclusively from the limited income of the CEO. Limerick Gazette has not yet fully established 28

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANitself as a reputable archive in the Internet archive industry and this can only be trulyaccomplished by a more rapid uploading and indexing of the complete 20,000 images that giveLimerick Gazette its unique competitive advantage. Successful completion of this element ofthe project will furthermore inspire greater encouragement for members to participate in theproject.From research figures it is obvious that it is necessary for Limerick Gazette, in order tofinancially succeed in the first 5 year period, must secure a total of 21 sales at the average price€57.89 per month. Therefore, if membership projections do not prove accurate and the rate ofprogression remains constant at an average of 10% per month it will be necessary to sell to atotal of 0.01% of members to break even.As Limerick Gazette’s estimated market penetration rate is currently at 5% but it only requires0.01% the probability of a successful enterprise and this conclusion is based on the assumptionthat. as cited, if the number of customers required to earn a profit is greater than the estimatedmarket penetration, the business will likely fail. Clearly as the figures suggest, LimerickGazette is firmly on the road to success. Ch 7: Section 2 REVENUE BY MONTH FIGURE 15: REVENUE BY MONTH 29

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN Ch 7: Section 3 EXPENSES BY MONTH FIGURE 16: EXPENSES BY MONTH Ch 7: Section 4 NET PROFIT (OR LOSS) BY YEAR FIGURE 17: NET PROFIT (OR LOSS) BY YEAR 30

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN 8. Financing Ch 8: Section 1 USE OF FUNDSLimerick Gazette is seeking an investment of €75,000 in 5 moieties over 5 years (€15,000 PerAnnum) which finances an annual salary for the CEO and hosting, maintenance and set upcosts and in exchange for which the self-funding Archive will be gifted to the region orinvesting institution upon completion in December 2021.However, suffice to state at this point that the sought funding is already available in the formsof New Enterprise Allowance Schemes and Grants and Limerick Gazette would be perfectlysatisfied to proceed with construction of the archive, as a home based non-profit enterprise,into the future until the completion of the project in December 2021 whereupon it is proposedthat the Archive will be gifted, depending on private or government funding via institution orlocal government, to the people of Limerick, both locally and internationally, for generationsto come.The funding required will provide a safety net to ensure the completion of the project whichcan be monitored over the 5 year period (which is why the funding is sought in 5 moieties)because Limerick Gazette will establish 11 revenue streams as the project progresses.The biggest expense will be the purchase in year 1 of hardware and software for use to constructand maintain the website and archive itself. We will pay €5,000.00 for 2 x 21.5-inch iMac withRetina 4K display which are the most efficient PC's for our purposes in that they also includeessential quad-core processors, image editing suites, video and audio editing suites andsufficient memory capacity for offline storage of archive materials.The capital sum of €75,000.00 over 5 years sought in this proposal is Limerick Gazette firstand only required round of financing. However there has been some personal investment interms of time, effort and funds. Preliminary funding has been used to train the founder inInternational Entrepreneurship Management, to develop and expand the Project’s website,learn and implement new software products, and execute the Project’s range of online services.Limerick Gazette intends to raise funds, through it revenue streams, to develop additionalservices, build out its marketing function, and with some Limerick based companies such as 31

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANMicro Ireland successfully bring a new range of new and branded digital products and servicesto the international market. Ch 8: Section 2 SOURCES OF FUNDSLimerick Gazette aims to be a self-funding project after its first five year lifecycle. WhileLimerick Gazette is a non-profit endeavor it is, of course, necessary to generate somefunding to finance the construction, maintenance and future of the archive.There will always be a need for an Archive Curator if Limerick Gazette is to survive long intothe future and such an individual must be paid a livable wage and have sufficient funds to covermaintenance and upgrading costs as new technologies come into place into the future. In orderto ensure that systems are in place to do this Limerick Gazette has identified 10 possiblerevenue streams.By setting the revenue stream targets low the business can eventually sustain itself but it wouldtake the full 5 years to complete both the project and to establish all revenue streams to thepoint where the business can break even which is the purpose of this, or any other, non-profitorganisation. Projections for all revenue streams assume a minimum monthly income of€1200.00. The total turnover in the 5 year period is €75,000.00.There are certain factors that emerge by analysis of these potential revenue streams. Forexample, the most effective way of implementing differentiation between Basic and Premiummembership plans is with the inclusion of Advertising on the former and no advertising on thelatter. Basic membership will offer unrestricted ad-driven access to the image archive andpremium members will also have no-ads unrestricted access to all services on the site.Furthermore, Google AdSense, offers a small revenue stream to Limerick Gazette and deservesfurther consideration as to whether the existence of such advertising would compromise theenjoyment factor for members. As a stand-alone revenue stream it is not a lucrative proposition.However, as membership increases with Google AdSense in place, the monthly commissionbecomes something more reasonable and sufficient to pay, for example, annual webhostingcosts. Modest projections suggest Google Ads could generate €1200.00 per annum with anannualAlso, Limerick Gazette has determined that there is a considerable demand for variations ofthe Logo images to varying degrees and would therefore make an interesting range of useable 32

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANicons for printing of merchandised materials such as t-shirts, baseball caps, keyrings, mugs andother items for sale from the online store. Irish companies such as PromoTex and C2O offercost-effective outsourcing of manufacturing and distribution services to clients and canautomate the task of manufacturing, distribution and supply of such goods on a commissionbasis.Limerick Gazette is not very optimistic about Crowdfunding in Ireland although askingindividuals for donations is one of the most common fundraising strategies used by startupssuch as Limerick Gazette. An online cooperation between PayPal® and Limerick Gazette wassetup on August 1st 2016 and a “Donate” button is placed on the Homepage on an experimentalbasis but this will not become functional until after the website is officially launched.Limerick Gazette has already set up an experimental but fully operational (but not yet trading)Online Digital Store offering a small range of products for sale to website members. Oneoffering is pre-ordering Limerick Gazette App for Tablet, iPhone, iPad and Android which iscurrently under development and will provide a 100% emulation of Limerick Gazette websitefor touchscreen technologies.Limerick Gazette also intends to use this document as a basis for funding to numerous venturecapital companies to which Limerick Gazette project falls within the remit for investment. 33

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN9. Statements Ch 9: Section 1 PROJECTED PROFIT & LOSSRevenue 2017 2018 2019 2020 2021 €15,180 €15,180 €15,180 €15,180 €15,180Direct Costs €15,180 €15,180 €15,180 €15,180 €15,180Gross Margin 100% 100% 100% 100% 100%Gross Margin %Operating €6,000 €6,000 €6,000 €6,000 €6,000Expenses €180 €180 €180 €180 €180 €600 Salary €300 Employee €600 €600 €600 €600 €240 Related €300 €300 €300 €300 €120 Expenses €240 €240 €240 €240 €120 Rent €120 €120 €120 €120 Electricity €120 €120 €120 €120 €7,560 Wi-Fi €7,560 €7,560 €7,560 €7,560 Stationary €7,620 Sundrys €7,620 €7,620 €7,620 €7,620Total Operating €500Expenses €500 €500 €500 €500 €890 €8,950Operating €890 €890 €890 €890 €6,230Income €8,950 €8,950 €8,950 €8,950 41% €6,230 €6,230 €6,230 €6,230Interest IncurredDepreciation and 41% 41% 41% 41%AmortizationIncome TaxesTotal ExpensesNet ProfitNet Profit / Sales 34

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN Ch 9: Section 2 PROJECTED BALANCE SHEETCash 2017 2018 2019 2020 2021Accounts €20,132 €39,235 €51,005 €62,775 €74,545ReceivableInventory €0 €0 €0 €0 €0Other CurrentAssets €20,132 €39,235 €51,005 €62,775 €74,545Total Current €5,000 €5,000 €5,000 €5,000 €5,000Assets (€500) €4,500 (€1,000) (€1,500) (€2,000) (€2,500)Long-Term Assets €4,000 €3,500 €3,000 €2,500Accumulated €24,632 €43,235 €54,505 €65,775 €77,045Depreciation €0Total Long-Term €0 €0 €0 €0Assets €222 €222 €222 €222 €222 €872 €873 €873 €873 €873Total Assets €1,094 €1,095 €1,095 €1,095 €1,095Accounts PayableIncome Taxes €1,094 €1,095 €1,095 €1,095 €1,095Payable €17,308 €29,680 €34,720 €39,760 €44,800Sales Taxes Payable €6,230 €6,230 €12,460 €18,690 €24,920Short-Term Debt €23,538 €6,230 €6,230 €6,230 €6,230Prepaid Revenue €24,632 €42,140 €53,410 €64,680 €75,950Total CurrentLiabilities €43,235 €54,505 €65,775 €77,045Long-Term DebtTotal LiabilitiesPaid-in CapitalRetained EarningsEarningsTotal Owner'sEquityTotal Liabilities& Equity 35

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANCh 9: Section 3 PROJECTED CASH FLOW STATEMENT 2017 2018 2019 2020 2021 €6,230Net Cash Flow €6,230 €6,230 €6,230 €6,230from Operations €500 €500 €500 €500 €500 €0 €0 €0 Net Profit €0 €0 €0 €0 €0 Depreciation and €222 €0 €0 €0 €0 Amortization €872 €1 €0 €0 €0 €0 €0 Change in €7,824 €6,731 €6,730 Accounts €6,730 €6,730 Receivable €5,040 Change in €5,040 Inventory €62,775 €11,770 Change in €74,545 Accounts Payable Change in Income Tax Payable Change in Sales Tax Payable Change in Prepaid RevenueNet Cash Flowfrom OperationsInvesting & (€5,000) €12,372 €5,040 €5,040Financing €17,308 €12,372 €5,040 €5,040 Assets Purchased €12,308 €20,132 €39,235 €51,005 or Sold €0 €19,103 €11,770 €11,770 €39,235 €51,005 €62,775 Investments €20,132 Received €20,132 Change in Long- Term Debt Change in Short- Term Debt Dividends & DistributionsNet Cash Flowfrom Investing &FinancingCash at Beginningof PeriodNet Change in CashCash at End ofPeriod 36

10. Business Plan Appendix PROFIT AND LOSS STATEMENTCh 10: Section 1 PROFIT AND LOSS STATEMENT (WITH MONTHLY DETAIL)2017 Jan '17 Feb '17 Mar '17 Apr '17 May '17 Jun '17 Jul '17 Aug '17 Sep '17 Oct '17 Nov '17 Dec '17Revenue €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265Direct €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265Costs 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%Gross Margin €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500Gross €15 €15 €15 €15 €15 €15 €15 €15 €15 €15 €15 €15Margin % €50 €50 €50 €50 €50 €50 €50 €50 €50 €50 €50 €50Operating €25 €25 €25 €25 €25 €25 €25 €25 €25 €25 €25 €25Expenses €20 €20 €20 €20 €20 €20 €20 €20 €20 €20 €20 €20 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 Salary €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 Employee €630 €630 €630 €630 €630 €630 €630 €630 €630 €630 €630 €630 Related Expenses Rent Electricity Wi-Fi Stationary SundrysTotalOperatingExpensesOperating €635 €635 €635 €635 €635 €635 €635 €635 €635 €635 €635 €635IncomeInterest €42 €41 €42 €42 €41 €42 €42 €41 €42 €42 €41 €42Incurred €74 €74 €75 €74 €74 €74 €74 €74 €75 €74 €74 €74 €746 €745 €747 €746 €745 €746 €746 €745 €747 €746 €745 €746Depreciation €519 €520 €518 €519 €520 €519 €519 €520 €518 €519 €520 €519and 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41%AmortizationIncome TaxesTotalExpensesNet ProfitNet Profit /Sales

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN2018 Jan '18 Feb '18 Mar '18 Apr '18 May '18 Jun '18 Jul '18 Aug '18 Sep '18 Oct '18 Nov '18 Dec '18Revenue €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265Direct €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265Costs 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%Gross Margin €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500Gross €15 €15 €15 €15 €15 €15 €15 €15 €15 €15 €15 €15Margin % €50 €50 €50 €50 €50 €50 €50 €50 €50 €50 €50 €50Operating €25 €25 €25 €25 €25 €25 €25 €25 €25 €25 €25 €25Expenses €20 €20 €20 €20 €20 €20 €20 €20 €20 €20 €20 €20 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 Salary €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 Employee €630 €630 €630 €630 €630 €630 €630 €630 €630 €630 €630 €630 Related Expenses Rent Electricity Wi-Fi Stationary SundrysTotalOperatingExpensesOperating €635 €635 €635 €635 €635 €635 €635 €635 €635 €635 €635 €635IncomeInterest €42 €41 €42 €42 €41 €42 €42 €41 €42 €42 €41 €42Incurred €74 €74 €75 €74 €74 €74 €74 €74 €75 €74 €74 €74 €746 €745 €747 €746 €745 €746 €746 €745 €747 €746 €745 €746Depreciation €519 €520 €518 €519 €520 €519 €519 €520 €518 €519 €520 €519and 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41%AmortizationIncome TaxesTotalExpensesNet ProfitNet Profit /Sales 38

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN2019 Jan '19 Feb '19 Mar '19 Apr '19 May '19 Jun '19 Jul '19 Aug '19 Sep '19 Oct '19 Nov '19 Dec '19Revenue €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265Direct €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265 €1,265Costs 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%Gross Margin €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500Gross €15 €15 €15 €15 €15 €15 €15 €15 €15 €15 €15 €15Margin % €50 €50 €50 €50 €50 €50 €50 €50 €50 €50 €50 €50Operating €25 €25 €25 €25 €25 €25 €25 €25 €25 €25 €25 €25Expenses €20 €20 €20 €20 €20 €20 €20 €20 €20 €20 €20 €20 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 Salary €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 €10 Employee €630 €630 €630 €630 €630 €630 €630 €630 €630 €630 €630 €630 Related Expenses Rent Electricity Wi-Fi Stationary SundrysTotalOperatingExpensesOperating €635 €635 €635 €635 €635 €635 €635 €635 €635 €635 €635 €635IncomeInterest €42 €41 €42 €42 €41 €42 €42 €41 €42 €42 €41 €42Incurred €74 €74 €75 €74 €74 €74 €74 €74 €75 €74 €74 €74 €746 €745 €747 €746 €745 €746 €746 €745 €747 €746 €745 €746Depreciation €519 €520 €518 €519 €520 €519 €519 €520 €518 €519 €520 €519and 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41%AmortizationIncome TaxesTotalExpensesNet ProfitNet Profit /Sales 39

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANRevenue 2017 2018 2019 2020 2021 €15,180 €15,180 €15,180 €15,180 €15,180Direct Costs €15,180 €15,180 €15,180 €15,180 €15,180Gross Margin 100% 100% 100% 100% 100%Gross Margin %Operating Expenses €6,000 €6,000 €6,000 €6,000 €6,000 €180 €180 €180 €180 €180 Salary €600 €600 €600 €600 €600 Employee Related €300 €300 €300 €300 €300 Expenses €240 €240 €240 €240 €240 Rent €120 €120 €120 €120 €120 Electricity €120 €120 €120 €120 €120 Wi-Fi Stationary €7,560 €7,560 €7,560 €7,560 €7,560 SundrysTotal Operating €7,620 €7,620 €7,620 €7,620 €7,620Expenses €500 €500 €500 €500 €500Operating Income €890 €890 €890 €890 €890 €8,950 €8,950 €8,950 €8,950 €8,950Interest Incurred €6,230 €6,230 €6,230 €6,230 €6,230Depreciation and Amortization 41% 41% 41% 41% 41%Income TaxesTotal ExpensesNet ProfitNet Profit / Sales 40

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN BALANCE SHEET Ch 10: Section 2 BALANCE SHEET (WITH MONTHLY DETAIL)2017 Jan '17 Feb '17 Mar '17 Apr '17 May '17 Jun '17 Jul '17 Aug '17 Sep '17 Oct '17 Nov '17 Dec '17 (€340) €1,820 €3,980 €5,044 €7,204 €9,364 €10,429 €12,589 €14,749 €15,813 €17,972 €20,132Cash €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0AccountsReceivable (€340) €1,820 €3,980 €5,044 €7,204 €9,364 €10,429 €12,589 €14,749 €15,813 €17,972 €20,132InventoryOther CurrentAssetsTotalCurrentAssetsLong-Term €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000Assets (€42) (€83) (€125) (€167) (€208) (€250) (€292) (€333) (€375) (€417) (€458) (€500) €4,875 €4,833 €4,792 €4,750 €4,708 €4,667 €4,625 €4,583 €4,542 €4,500Accumulated €4,958 €4,917DepreciationTotalLong-TermAssetsTotal €4,618 €6,737 €8,855 €9,877 €11,996 €14,114 €15,137 €17,256 €19,374 €20,396 €22,514 €24,632AssetsAccounts €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0Payable €74 €148 €223 €74 €148 €222 €74 €148 €223 €74 €148 €222 €291 €582 €873 €291 €582 €873 €291 €582 €873 €291 €581 €872Income TaxesPayable €365 €730 €1,096 €365 €730 €1,095 €365 €730 €1,096 €365 €729 €1,094Sales TaxesPayableShort-TermDebtPrepaidRevenueTotalCurrentLiabilitiesLong-TermDebtTotal €365 €730 €1,096 €365 €730 €1,095 €365 €730 €1,096 €365 €729 €1,094LiabilitiesPaid-in €3,734 €4,968 €6,202 €7,436 €8,670 €9,904 €11,138 €12,372 €13,606 €14,840 €16,074 €17,308Capital €519 €1,039 €1,557 €2,076 €2,596 €3,115 €3,634 €4,154 €4,672 €5,191 €5,711 €6,230RetainedEarnings €4,253 €6,007 €7,759 €9,512 €11,266 €13,019 €14,772 €16,526 €18,278 €20,031 €21,785 €23,538EarningsTotalOwner'sEquityTotal €4,618 €6,737 €8,855 €9,877 €11,996 €14,114 €15,137 €17,256 €19,374 €20,396 €22,514 €24,632Liabilities& Equity 41

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN2018 Jan '18 Feb '18 Mar '18 Apr '18 May '18 Jun '18 Jul '18 Aug '18 Sep '18 Oct '18 Nov '18 Dec '18 €21,217 €23,174 €24,909 €25,770 €27,727 €29,684 €30,546 €32,503 €34,460 €35,321 €37,278 €39,235Cash €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0AccountsReceivable €21,217 €23,174 €24,909 €25,770 €27,727 €29,684 €30,546 €32,503 €34,460 €35,321 €37,278 €39,235InventoryOther CurrentAssetsTotalCurrentAssetsLong-Term €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000Assets (€542) (€583) (€625) (€667) (€708) (€750) (€792) (€833) (€875) (€917) €4,458 €4,417 €4,375 €4,333 €4,292 €4,250 €4,208 €4,167 €4,125 €4,083 (€958) (€1,000)AccumulatedDepreciation €4,042 €4,000TotalLong-TermAssetsTotal €25,675 €27,591 €29,284 €30,103 €32,019 €33,934 €34,754 €36,670 €38,585 €39,404 €41,320 €43,235AssetsAccounts €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0Payable €296 €370 €223 €74 €148 €222 €74 €148 €223 €74 €148 €222 €291 €582 €873 €291 €582 €873 €291 €582 €873 €291 €582 €873Income TaxesPayable €587 €952 €1,096 €365 €730 €1,095 €365 €730 €1,096 €365 €730 €1,095Sales TaxesPayableShort-TermDebtPrepaidRevenueTotalCurrentLiabilitiesLong-TermDebtTotal €587 €952 €1,096 €365 €730 €1,095 €365 €730 €1,096 €365 €730 €1,095LiabilitiesPaid-in €18,339 €19,370 €20,401 €21,432 €22,463 €23,494 €24,525 €25,556 €26,587 €27,618 €28,649 €29,680Capital €6,230 €6,230 €6,230 €6,230 €6,230 €6,230 €6,230 €6,230 €6,230 €6,230 €6,230 €6,230Retained €519 €1,039 €1,557 €2,076 €2,596 €3,115 €3,634 €4,154 €4,672 €5,191 €5,711 €6,230Earnings €25,088 €26,639 €28,188 €29,738 €31,289 €32,839 €34,389 €35,940 €37,489 €39,039 €40,590 €42,140EarningsTotalOwner'sEquityTotal €25,675 €27,591 €29,284 €30,103 €32,019 €33,934 €34,754 €36,670 €38,585 €39,404 €41,320 €43,235Liabilities& Equity 42

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN2019 Jan '19 Feb '19 Mar '19 Apr '19 May '19 Jun '19 Jul '19 Aug '19 Sep '19 Oct '19 Nov '19 Dec '19 €39,708 €41,054 €42,178 €42,428 €43,774 €45,120 €45,370 €46,716 €48,062 €48,313 €49,659 €51,005Cash €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0AccountsReceivable €39,708 €41,054 €42,178 €42,428 €43,774 €45,120 €45,370 €46,716 €48,062 €48,313 €49,659 €51,005InventoryOther CurrentAssetsTotalCurrentAssetsLong-Term €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000 €5,000Assets (€1,042) (€1,083) (€1,125) (€1,167) (€1,208) (€1,250) (€1,292) (€1,333) (€1,375) (€1,417) (€1,458) (€1,500) €3,958 €3,917 €3,875 €3,833 €3,792 €3,750 €3,708 €3,667 €3,625 €3,583 €3,542 €3,500AccumulatedDepreciationTotalLong-TermAssetsTotal €43,666 €44,971 €46,053 €46,261 €47,566 €48,870 €49,078 €50,383 €51,687 €51,896 €53,201 €54,505AssetsAccounts €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0Payable €296 €370 €223 €74 €148 €222 €74 €148 €223 €74 €148 €222 €291 €582 €873 €291 €582 €873 €290 €581 €872 €291 €582 €873Income TaxesPayable €587 €952 €1,096 €365 €730 €1,095 €364 €729 €1,095 €365 €730 €1,095Sales TaxesPayableShort-TermDebtPrepaidRevenueTotalCurrentLiabilitiesLong-TermDebtTotal €587 €952 €1,096 €365 €730 €1,095 €364 €729 €1,095 €365 €730 €1,095LiabilitiesPaid-in €30,100 €30,520 €30,940 €31,360 €31,780 €32,200 €32,620 €33,040 €33,460 €33,880 €34,300 €34,720Capital €12,460 €12,460 €12,460 €12,460 €12,460 €12,460 €12,460 €12,460 €12,460 €12,460 €12,460 €12,460Retained €519 €1,039 €1,557 €2,076 €2,596 €3,115 €3,634 €4,154 €4,672 €5,191 €5,711 €6,230Earnings €43,079 €44,019 €44,957 €45,896 €46,836 €47,775 €48,714 €49,654 €50,592 €51,531 €52,471 €53,410EarningsTotalOwner'sEquityTotal €43,666 €44,971 €46,053 €46,261 €47,566 €48,870 €49,078 €50,383 €51,687 €51,896 €53,201 €54,505Liabilities& Equity 43

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANCash 2017 2018 2019 2020 2021Accounts Receivable €20,132 €39,235 €51,005 €62,775 €74,545InventoryOther Current Assets €0 €0 €0 €0 €0Total Current Assets €20,132 €39,235 €51,005 €62,775 €74,545Long-Term Assets €5,000 €5,000 €5,000 €5,000 €5,000Accumulated Depreciation (€500)Total Long-Term Assets €4,500 (€1,000) (€1,500) (€2,000) (€2,500) €4,000 €3,500 €3,000 €2,500Total Assets €24,632 €43,235 €54,505 €65,775 €77,045 €0Accounts Payable €0 €0 €0 €0Income Taxes Payable €222 €222 €222 €222 €222Sales Taxes Payable €872 €873 €873 €873 €873Short-Term DebtPrepaid Revenue €1,094 €1,095 €1,095 €1,095 €1,095Total Current LiabilitiesLong-Term Debt €1,094 €1,095 €1,095 €1,095 €1,095 €17,308 €29,680 €34,720 €39,760 €44,800Total Liabilities €6,230 €12,460 €18,690 €24,920 €6,230 €6,230 €6,230 €6,230 €6,230Paid-in Capital €23,538 €42,140 €53,410 €64,680 €75,950Retained Earnings €24,632Earnings €43,235 €54,505 €65,775 €77,045Total Owner's EquityTotal Liabilities &Equity 44

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN CASH FLOW STATEMENTCh 10: Section 3 CASH FLOW STATEMENT (WITH MONTHLY DETAIL)2017 Jan '17 Feb '17 Mar '17 Apr '17 May '17 Jun '17 Jul '17 Aug '17 Sep '17 Oct '17 Nov '17 Dec '17 €519 €519 €520 €518 €519 €520 €519Net Cash €519 €520 €518 €519 €520 €42 €42 €41 €42 €42 €41 €42Flow from €41 €42 €42 €41 €0 €0 €0 €0 €0 €0 €0Operations €0 €0 €0 €0 €0 €0 €0 €74 €74 €75 €74 €74 Net Profit €291 (€148) €291 €291 (€149) €290 €291 (€582) (€582)Depreciation €42 €926 €926 €926 €925 €926and (€169) (€170)Amortization €1,234 €1,234 €1,234 €1,234 €1,234 €1,234 €1,234Change in €0 €0 €0 €0 €0 €1,234 €1,234 €1,234 €1,234 €1,234Accounts €7,204 €1,234 €10,429 €12,589 €1,234 €15,813 €17,972Receivable €2,160 €9,364 €2,160 €2,160 €14,749 €2,159 €2,160 €9,364 €1,065 €12,589 €14,749 €1,064 €17,972 €20,132Change in €10,429 €15,813InventoryChange in €0 €0 €0 €0 €0AccountsPayableChange in €74 €74 €75 (€149) €74Income TaxPayableChange in €291 €291 €291 (€582) €291Sales TaxPayableChange inPrepaidRevenueNet Cash €926 €926 €926 (€170) €926Flow fromOperationsInvesting &FinancingAssets (€5,000)Purchased orSoldInvestments €3,734 €1,234 €1,234 €1,234 €1,234ReceivedChange inLong-TermDebtChange inShort-TermDebtDividends &DistributionsNet Cash (€1,266) €1,234 €1,234 €1,234 €1,234Flow fromInvesting &FinancingCash at €0 (€340) €1,820 €3,980 €5,044Beginning ofPeriodNet Change in (€340) €2,160 €2,160 €1,064 €2,160CashCash at End (€340) €1,820 €3,980 €5,044 €7,204of Period 45

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN2018 Jan '18 Feb '18 Mar '18 Apr '18 May '18 Jun '18 Jul '18 Aug '18 Sep '18 Oct '18 Nov '18 Dec '18Net Cash €519 €520 €518 €519 €520 €519 €519 €520 €518 €519 €520 €519Flow fromOperations Net ProfitDepreciationand €42 €41 €42 €42 €41 €42 €42 €41 €42 €42 €41 €42AmortizationChange in €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0AccountsReceivableChange inInventoryChange in €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0AccountsPayableChange in €74 €74 (€147) (€149) €74 €74 (€148) €74 €75 (€149) €74 €74Income TaxPayableChange in (€581) €291 €291 (€582) €291 €291 (€582) €291 €291 (€582) €291 €291Sales TaxPayableChange inPrepaidRevenueNet Cash €54 €926 €704 (€170) €926 €926 (€169) €926 €926 (€170) €926 €926Flow fromOperationsInvesting &FinancingAssetsPurchased orSoldInvestments €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031ReceivedChange inLong-TermDebtChange inShort-TermDebtDividends &DistributionsNet Cash €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031 €1,031Flow fromInvesting &FinancingCash at €20,132 €21,217 €23,174 €24,909 €25,770 €27,727 €29,684 €30,546 €32,503 €34,460 €35,321 €37,278Beginning ofPeriodNet Change in €1,085 €1,957 €1,735 €861 €1,957 €1,957 €862 €1,957 €1,957 €861 €1,957 €1,957CashCash at End €21,217 €23,174 €24,909 €25,770 €27,727 €29,684 €30,546 €32,503 €34,460 €35,321 €37,278 €39,235of Period 46

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLAN2019 Jan '19 Feb '19 Mar '19 Apr '19 May '19 Jun '19 Jul '19 Aug '19 Sep '19 Oct '19 Nov '19 Dec '19Net Cash €519 €520 €518 €519 €520 €519 €519 €520 €518 €519 €520 €519Flow fromOperations Net ProfitDepreciationand €42 €41 €42 €42 €41 €42 €42 €41 €42 €42 €41 €42AmortizationChange in €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0AccountsReceivableChange inInventoryChange in €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0AccountsPayableChange in €74 €74 (€147) (€149) €74 €74 (€148) €74 €75 (€149) €74 €74Income TaxPayableChange in (€582) €291 €291 (€582) €291 €291 (€583) €291 €291 (€581) €291 €291Sales TaxPayableChange inPrepaidRevenueNet Cash €53 €926 €704 (€170) €926 €926 (€170) €926 €926 (€169) €926 €926Flow fromOperationsInvesting &FinancingAssetsPurchased orSoldInvestments €420 €420 €420 €420 €420 €420 €420 €420 €420 €420 €420 €420ReceivedChange inLong-TermDebtChange inShort-TermDebtDividends &DistributionsNet Cash €420 €420 €420 €420 €420 €420 €420 €420 €420 €420 €420 €420Flow fromInvesting &FinancingCash at €39,235 €39,708 €41,054 €42,178 €42,428 €43,774 €45,120 €45,370 €46,716 €48,062 €48,313 €49,659Beginning ofPeriodNet Change in €473 €1,346 €1,124 €250 €1,346 €1,346 €250 €1,346 €1,346 €251 €1,346 €1,346CashCash at End €39,708 €41,054 €42,178 €42,428 €43,774 €45,120 €45,370 €46,716 €48,062 €48,313 €49,659 €51,005of Period 47

LIMERICK GAZETTE: STRATEGIC COMMERCIALISATION PLANNet Cash Flow from 2017 2018 2019 2020 2021Operations €6,230 €6,230 €6,230 €6,230 €6,230 Net Profit €500 €500 €500 €500 €500 €0 €0 €0 €0 €0 Depreciation and Amortization €0 €0 €0 €0 €0 €222 €0 €0 €0 €0 Change in Accounts €872 €1 €0 €0 €0 Receivable €7,824 €6,731 €6,730 €6,730 €6,730 Change in Inventory (€5,000) €12,372 €5,040 €5,040 €5,040 Change in Accounts €17,308 Payable €12,372 €5,040 €5,040 €5,040 €12,308 €20,132 €39,235 €51,005 €62,775 Change in Income Tax €0 €19,103 €11,770 €11,770 €11,770 Payable €39,235 €51,005 €62,775 €74,545 €20,132 Change in Sales Tax €20,132 Payable Change in Prepaid RevenueNet Cash Flow fromOperationsInvesting & Financing Assets Purchased or Sold Investments Received Change in Long-Term Debt Change in Short-Term Debt Dividends & DistributionsNet Cash Flow fromInvesting & FinancingCash at Beginning of PeriodNet Change in CashCash at End of Period 48