What_It_Costs_Not_To_Follow_On_Blank.xlsx  (the book's own figures, Appendix F)

Sheet 1, column B:
   B5   Your co-investment cheque                           10
   B6   Company equity value at entry                       400
   B7   Programme capital                                   100
   B8   Deals in the programme                              10
   B9   Probability a deal raises a follow-on               0.4
   B10  Follow-on round: pre-money                          200
   B11  Follow-on round: new money                          100
   B12  Exit equity, deals that never raise                 800
   B13  Exit equity, deals that needed rescue               700
   B14  Return on reserve capital while idle                1.09
   B15  Your alternative use of a marginal dollar           2
   B16  Pay-to-play: participating preference on new money  100
   B17  Pay-to-play: non-participants' units multiplied by  0.5
   B18  Reserve policy, share of the programme              0.15

Result: dilution value-neutral on the day, a 600 break-even under plain dilution and 250 under
pay-to-play, and a 15 per cent reserve worth +0.019 and +0.285 turns of programme multiple.
For plain dilution with no penalty, enter 0 on row 16 and 1 on row 17.
