Now 1-times-revenues for the 28-Oct-09 04:45 pm proportional revenues of the following companies:

Internet Capital owns 64% of ICGCommerce. Revenues in 2009 will be about 88 million = 56.3 million proportional revenues.

Internet Capital owns 32% of Metastorm. Revenues in 2009 will be about 80 million = 25.6 million proportional revenues.

Internet Capital owns 34% of Starcite. Revenues in 2009 will be about 54 million = 17.3 million proportional revenues.

Internet Capital owns 31% of Freeeborders. Revenues in 2009 will be about 40 million = 12.4 million proportional revenues.

Internet Capital owns 50% of Channelintelligence (after buy of Vcommerce). Revenues in 2009 will be about 30 million (after buy of Vcommerce) = 15 million proportional revenues.

Internet Capital owns 35% of Whitefence. Revenues in 2009 will be about 26 million = 9.1 million proportional revenues.

Internet Capital owns 81% of Investorforce. Revenues in 2009 will be about 4 million = 3.2 million proportional revenues.

Internet Capital owns 30% of Clickequations. Reveneus in 2009 will be about 2 million = 0.6 million proportinal revenues.

Internet Capital owns about 40% (estimate) of Acquirgy. Revenues in 2009 will be about 6 million = 2.4 million proportional revenues.

Internet Capital owns 9% of Anthem Venture, an incubator like Internet Capital. An estimate of proportional revenues is very difficult. My very conserative estimate are proportional revenues of 1 million.

Estimate for additonal some smaller companies is 0.3 proportional revenues.



The addition of all proportional reveneus from the not public core companies and the other companies is after my estimate = 144.2 million.

And now let us complete our math: Market-cap of today = 260 million. Cash/securities is about 135 million today. If we subtract the 135 million cash/securites from the market-cap of 260 million = 125 million for proprortional revenues of 144.2 milion. That are only 0.9-times-revenues.