Tiger Services, Inc. has received five Term Sheets from different VC firms, all of which have different structures Tiger Management has prepared projections which indicate a high and low range for the EXIT VALUE for the entire Company in five years. The high range is $38mm and the low range is $20mm.

Please calculate the value that would be received by the VC firms under both the high and low range of exit values:

$4,000,000 Participating Preferred convertible into 40% no cap

$4,000,000 Convertible Preferred - conv. into 40%

$4,000,000 Participating Preferred conv. into 40% with 2.0x cap

$4,000,000 Participating Preferred conv. into 40% with 4.0x cap