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---------- Forwarded message ----------
From: GMAIL <rubioparis@gmail.com>
Date: Mon, Mar 17, 2014 at 12:37 PM
Subject: Fw: American Well: Castlight Health IPO
To: Paul Rowan <perowan@gmail.com>


FYI

------ Forwarded Message ------
From: "GMAIL" <rubioparis@gmail.com>
To:
Sent: 3/17/2014 5:33:05 PM
Subject: American Well: Castlight Health IPO


Dear partners and friends,

As some of you may already know, Castlight Health ( CSLT US) had a very
succesful IPO last Friday. CSLT operates in the same industry as AW,
offering a cloud solution to reduce healthcare costs aimed at self funded
employers. The business models of CSTL and AW are quite different yet they
provide the first "listed" comparable for the new batch of companies that
are trying to tackle healthcare ever rising costs with technology
solutions.

CSTL listing attracted a lot of interest. Initially, they offered 11.1M
shares at a range of 9$-11$. The range was revised early last week to
13$-15$. The deal was priced above the range at 16 USD and closed at 39.8
USD. Total shares outstanding after offering 86.6M shares, which yields a
valuation of north of 3B USD.

Below you may find the revenue forecast provided by CSTL during the IPO
roadshow along with AW revenue forecast.

*Castlight Health *


USD

2014

2015

2016

Revenues

37M

73M

124M

EBITDA

-74M

-62M

-44M

*AmericanWell ( Cash Basis)*


USD

2014

2015

2016

Revenues

26.3 M

67.2 M

179.1M

EBITDA

-24M

-14M

48.6M

*American Well EBITDA line will most probably remain in the black for the
next 3 years are funds are reinvested to aggressively grow market share.*


You may also find attache CSTL prospectus for those who wish to learn more
about its business model. I believe that AW business model is more valuable
and in theory it deserves a premium to CSTL valuation. This comparable
implies a much higher potential valuation for AW in this current
environment than the current offering at 45 USD post-money valuation of
530M USD. I will not waste time arguing whether the current multiple of
CSLT is reasonable or not. As you may read below CSLT is the most expensive
IPO lately.


What I know is that the market is paying a big premium to participate in
companies that are providing solutions to reduce healthcare costs and
create efficiencies applying technological innovations.

Should you have any questions please do not hesitate to contact me

Regards,

Gonzalo


Gonzalo Rubio Paris

Swiss Mobile: +41 78 78 54 54 4
French Mobile: +33 6 10 93 46 72
Skype: rubioparis
www.kazaio.co