Spreadsheet: richard_shapiro__32653__2002 Plan Budget Pack -  Reg Affairs FINAL
Sheet:  PL Expense Analysis

 | August Ytd run rate | Annualised August Ytd run rate |  | Description of Aug YTD costs |  | 2002 |  | 2002vs2001 | % of saving
 |  |  |  |  |  |  |  |  |  |  | COMMENTS
 |  |  |  | Total Gross Margin
 |  |  |  | Salaries & Wages |  |  |  |  |  |  | 2001 included [NAME] salary until March and rent until July (his family stayed to finsih schooling)
 |  |  |  | Expat Costs ($303k) |  |  |  |  |  |  | 2001 Expat Rent / salaries and Tax totalled $303k
 |  |  |  | P.Hennemeyers German apartment ($8k) |  |  |  |  |  |  | 2001 average headcount of 21 reduced to 19 in July
 |  |  |  | Other salary and wages ($1,512) |  |  |  |  |  |  | 2002 headcount budgeted for 10 (a reduction of 9)
 |  |  |  |  |  |  |  |  |  |  | 2002 has no expats and 2001 Expat tax to be paid in April 2002 will be accrued in 2001.
 |  |  |  | Travel & Entertainment
 |  |  |  | Misc Travel  ($230k) |  |  |  |  |  |  | 2001 included many flights to the US for [NAME]. This will not occur in 2002
 |  |  |  | Entertainment & Meals ($9k) |  |  |  |  |  |  | In 2002 reduced headcount will mean reduced travel
 |  |  |  | Client Entertainment ($18k) |  |  |  |  |  |  | A 2002 Travel policy for Reg Affairs is to be introduced by [NAME]
 |  |  |  | Office Expenses
 |  |  |  | Temp Accomodation ($8k) |  |  |  |  |  |  | 2002 includes $1.5k for the Christmas party.
 |  |  |  | Office Expenses ($5k)
 |  |  |  | Consultancy |  | -527000
 |  |  |  | Outside Services ($[NAME]) |  |  |  |  |  |  | See Consultancy /Legal & Subscriptions summary (page 4)
 |  |  |  | Recruitment Fees ($76k) |  |  |  |  |  |  | 2002 no planned recruitments
 |  |  |  | Professional Costs ($9k)
 | -255710 | -383565 |  | Audit & Legal (tax, reg)
 |  |  |  | General Legal advice  ($255k) |  |  |  |  |  |  | See Consultancy /Legal & Subscriptions summary (page 4)
 |  |  |  | Occupancy Costs (rent & utilities) |  |  |  |  |  |  | 2001 includes $36k for Amsterdam office rental (6k per month) & $60k Brussels ($8k per month)
 |  |  |  | Amsterdam Office ($36k) |  |  |  |  |  |  | 2002 Amsterdam office lease costs are budgeted for by Amsterdam Office support
 |  |  |  | Brussels Office ($60k)
 |  |  |  | Other Utilites ($12k)
 |  |  |  | General & Admin
 |  |  |  | Annual Subscriptions ($117k) not Annualised |  |  |  |  |  |  | See Consultancy /Legal & Subscriptions summary (page 4)
 |  |  |  | Training ($35k) |  |  |  |  |  |  | 2002 Several Subscriptions Cancelled
 |  |  |  |  |  |  |  |  |  |  | 2002 Training reduced due to reduced headcount
 |  |  |  | Mobile Phones/Land Lines/Telerate
 |  |  |  | Land lines ($2.6k) |  |  |  |  |  |  | 2002 Reduction in heads mean reduced phone costs
 |  |  |  | Mobile Phones (24.2k) |  |  |  |  |  |  | 2002 Brussels office will need a $45k data line.
 |  |  |  |  |  |  |  |  |  |  | (not been included -assume coverred by IT budget)
 |  |  |  | Taxes Other Than Income
 |  |  |  | TOTAL G&A
 |  |  |  | Depreciation & Amortisation
 |  |  |  | Other Expenses
 |  |  |  | TOTAL DIRECT COST
 |  |  |  | Corp Allocations |  |  |  |  |  |  | $100k increase in fee from [NAME] group.
 |  |  |  |  |  |  |  |  |  |  | Whole amount is under review as to whether this is Reg Affairs or General cost and not specific to Reg Affairs
 |  |  |  | INCOME BEFORE INTEREST & TAX