1. Reuters Traditional Excel Valuation Models Information Producers and Updaters Broker’s analysts Valuatum Database Valuatum Server Application Service Provider Valuatum Valuatum Valuatum Platform – Functional Architecture Application Interface Company Valuation Models Parameter Query Tool Research Library Standard Queries as HTML pagesInformation End Users Broker’s Clients Investors Retail Clients Estimates (updated when changes) Price Information (updated daily) Platform Interface

2. Sitemap HTML-sivutJava-sovellus Rankings Res. library Researches Main-pageMain-page Company overviews overview quartal division graphs Queries Models Res. library

3. Daily Updater Process DailyUpdater process 1. Load Old Model Object from DB 2. Fetch current stock price and put to object 3. Recalculate model 4. Save New Model Object to DB 5. Save New Variable Data to DB 6. Delete Old Model Object from DB (7. Proceed to next model object) Stock Price 1. 2. 3. Old Model Object New Model Object Database Model Objects 4.5. Delete Old Model Object 6. Variable data is produced daily, thus historical values are stored also. However there is only the latest model object of the day.

4. Database Model Objects Database Interface Sheet Excel2DB update process 1.Activate ”Update to Database” -macro in Excel it creates a text-file (exceldata.txt) from data and calls startcopy.bat from your local computer, which in turn calls for java classes from server 2. Load Default Model Object (Blank) from DB 3. Input data from Excel’s DB Interface to object 4. Fetch current stock price from DB and put to object 5. Calculate model (output-figures) 6. Save New Model Object to DB 7. Save New Variable Data to DB 8. Delete Old Model Object from DB Old model is not actually deleted immediately but its status is only made obsolate (non-visible), old obsolate models are deleted once a day by a server process Stock Price 1. Activate macro 2. Load calculator Blank Model Object New Model Object 5. Calculation Delete Old Model Object 8. Excel Model 3. Input data 4. Obtain price 6. Save model 7. Save variabledata

5. Database Model Objects Load model -process IN the future 1.Only variabledata ( ~0.02 MB) is loaded over the internet 2.Variabledata is inputted in the Blank model object (blank model object stored at user´s PC) 3.Model is calculated Blank Model Object New Model Object 3. Calculation Clients PC 1. Zipped calculator ~2 MB loaded over the internet 1. Only the necessary variabledata ~0.02 MB loaded over the internet 2. Unzipping 3. Opening Clients PC Opened Model Object 2. Inputting data NOW the process is: 1.Zipped calculator ( ~2 MB) is loaded over the internet to the client´s PC. 2.The serialized modelobject is unzipped with client´s PC 3.The model is opened (during the opening some other data is fetched from DB like userinterface, analyst information, target price etc.)