$0.10 for KS fees (ten percent) $0.20 for deliverable rewards (twenty percent) $0.70 for producing what you raised funds for (seventy percent)

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1 Kickstarter budget plan for Dream Out Loud. Project Scope: To produce a broadcast quality film about U2 s fans, exploring their connection to the music, the band and each other. The film is to be shot and edited in 4K. I expect to interview more than 100 U2 fans while filming in San Francisco, Los Angeles, Boston, Philadelphia, Washington DC, and Dublin. I estimate 20 production days and 40 days of post-production. The funding goal is to raise $40, on Kickstarter. The secondary goal is to get to $60,000 to include more filming in the additional cities of Houston, Dallas, Chicago and Paris. Part 1. A Kickstarter campaign cost breakdown: Many people forget to factor in Kickstarter s fees for hosting campaigns, which are, on average, about 10% of the funds raised. There is also a 10% loss factor due to issues with pledges that cannot be collected because credit cards are not charged until the campaign is closed, there can be problems with declined cards after the fact. Fortunately, KS does not deduct those losses from the project goal. So, if we get to exactly $40k, but lose an amount that puts us below the goal, they still fund the project. They base it on pledges made, not collected. Another thing that many people do not factor into a KS budget is fulfillment - the cost to make and deliver the rewards for contributors pledges. A good rule of thumb is to try to keep the percentages per pledge dollar as follows: For every $1 raised $0.10 for KS fees (ten percent) $0.20 for deliverable rewards (twenty percent) $0.70 for producing what you raised funds for (seventy percent) Now, let s apply this to our $40,000 budget for Dream Out Loud. If we meet our initial goal of $40,000.00, we will probably only have about $36,000 to begin with, based on the KS 10% average loss. Next, we will have to pay the KS fee, which will be approximately $3600, leaving us with $32,400. Total pledged: $40,000 less 10% loss factor: -$4000 less 10% KS fee: -$3600 Total KS Award: $32,400 Next, we need to deduct 20% of that for KS reward manufacturing and delivering, which is $6480. Deducting that brings our budget to $25,920. We have not even shot 1 frame of video yet, and over $14,000 is spent. Crazy, isn t it? It adds up very quickly. KS award: $32,400 less fulfillment $-6480 Total working budget: $25,920

2 Part 2. Pre-Production For Dream Out Loud, there will be a great deal of logistics. To interview 100 people or more, it takes a lot of scheduling. We need to contact venues, secure permission to film, arrange and book travel, and obtain insurance and permits. Pre-production for this film will take 30 days, and that schedule needs to be made as fluid as possible to allow for changes. Typically in production, you have a line producer working to arrange all of this. This person usually works on a flat project fee for a film of this nature. Line Producers will typically cost $ per week, but on a month schedule there can usually be some negotiating. For a film like this I would expect a fee of $3000 for pre-production line producing. Part 3. Principle Photography Production Now, let s get into actual film production. I film everything in 4K. For this film, I would use a Black Magic URSA mini 4.6k EF camera as the A Unit Camera, and a Panasonic DVX200 as a B Unit camera. For the A package camera, I will use a 50mm prime lens for interviews, and a variety of lenses if we get to film inside a show. The B Unit camera has a Leica fixed lens. Most venues will grant us permission to film if we provide production insurance (which is typically required for any crew consisting of more than 1 person). Estimates for 15 days of location filming in 5 cities (San Francisco, LA, Boston, Philadelphia and Washington, DC) add up to $1000. That brings our total down to $24,920. Now, let s look at what this would cost at industry standard professional rates. Pre-production: $3000 (negotiated flat project fee for line producer) Above the line costs Above the line costs are for the managerial crew that typically work the whole way through. For a project like this, you would be looking at a Director and a Producer. The Director is in charge of telling the story visually, while the producer is in charge of finding and hiring the talent, crew, and all other elements needed to tell the story. For this type of project, a Director and Producer would normally work for a flat production fee. This project would probably take 4 months time for both a Director and Producer, as they usually work from pre-production all the way through final delivery. Their pay is typically based on their experience, and the more experience they have the more expensive they are. For our purposes lets choose mid-level estimates. Producer: $6000 Director: $10,000 Total Pre-production and above the line costs: $19,000

3 Below the line production crew costs To tell this story, I estimate interviewing around 100 people and I have it broken down in the following manner: 15 days of interview production with a quality crew consisting of 1 camera operator, 1 audio engineer and 1 production assistant. Camera Operator = $500/day Audio Engineer = $300/day PA = $200/day TOTAL CREW = $1,000/day Fifteen days of A unit filming is at least $15, Second unit b-roll camera is estimated at 5 days of filming at $300 per day, for a total of $1500. NOTE: It is difficult to negotiate better rates because we are only offering 1-2 days max work in each city, using local crews in each city to avoid additional travel costs. Now, let s assume we get to film inside a show and interview key crew members. For this crew, you would need 2 A camera setups, an audio person, a PA, and a DP/Grip. The second camera package, operator, and DP/Grip would add $750 to our existing $1000 crew, so these additional days would cost $1750 each. Assuming we would do this over 3 days (because it is unlikely that everyone will be available on the same), the total cost for the crew interviews and show footage would be $5250. So just to film the principle photography for this film would cost: $21,750. Interview filming: $15,000 B: roll filming $1500 Crew shoot days $5250 Total Principle photography: $21,750 Part 4. Post-Production Now, let s consider post production. Because of the high quality RAW footage from the A unit cameras, a basic Final Cut Pro X system just will not cut it. We need a system that can handle the 4k RAW files from the Black Magic camera. We need approximately 30TB of high-speed storage space, and a system running DaVinci Resolve, Avid and/or Premiere Pro. To go through the hundreds of hours of footage and edit it into a minute feature length master film, it will take at least 40 days of editing on a system as I described above. For post-production, you can usually negotiate a package deal, but it is based on rate card rates. These types of systems usually go for around $500 for a 10-hour day. Expect a negotiated rate of probably between $15,000 and $20,000 for all the post work to do a feature of this size.

4 Part 5. Total Production costs Total pre production cost: $3,000 Total above the line cost: $16,000 Total Principle Photography: $21,750 Total Post Production: $15,000 Total film production cost: $55,750 Overages estimate (15%) $5500 Total project production: $61,250 So, adding the $21,750 to the low figure of $15,000 for post production, brings the total to $36,750 just for production and post-production. With films of this size, you must also account for some overages - a rule of thumb is to add a 15% overage in the production and post production cost into the budget for unexpected expenses. Adding in the pre production and above the line costs gets us to a total project production cost of $61250, not including travel. As a rule of thumb, when writing a budget for travel this far out you should figure $500 per round trip flight, (unless the flights are regional, which these are not), $50 per day for a car (rental estimates will vary, but there are added fees and gas), and $150 per night for a hotel. Sometimes it s higher and sometimes it s lower, but I cannot get exact figures on those items until they are actually booked. For our purposes our travel costs would only be based on the director traveling. After looking online at prices for flights, hotels and rental cars to get to the shows outlined in the film (San Francisco, Los Angeles, Texas, Chicago, Boston, Philadelphia and Washington, DC), I estimate travel costs to be $8800. Dublin and Paris would add in $5600 more. So, total for travel would come to $14, So let s recap a true broadcast budget estimate to make this film in 4K. Total project production cost: $61,250 Travel costs: $14,400 TOTAL $75,650 The total would be $75,650 before KS fulfillment, before KS loss, and before KS fees. That is what it would cost if I approached an independent film production company and requested a bid for this project. Some bids might be lower, some higher, but you could expect to have to spend around 75K to produce Dream Out Loud. How do I know this? I have worked professionally in film production for almost 25 years. Its how I make my living. Obviously, I would not ask the U2 fan base to support such a large project cost. I don t believe the U2 fan community could support the cost of a film based on those real-world figures they are just too high. But, I am not someone who takes no for an answer. Tell me it cannot be done, and I will show you how to do it.

5 Part 6. How to Dream Out Loud After careful study of the fan-base, and my experience doing 7 KS films about Hawaiian musicians (another passion of mine), I came up with a budget based on raising $40,000, which I believe is achievable in our community. A secondary goal of $60,000 is possible - less likely, but worth trying for. So now the next question is, how can I do it for so much less? Well, never underestimate the value of passion and experience. I own a Black Magic URSA mini 4.6k with the lenses, and I own a second unit camera as well. I own audio gear, and I own the type of edit system needed to edit this film. I can shoot and edit most of it myself. Additional crew would be needed, but much less. So, for me to make this film, bypassing the budget above and just doing it because I love U2 and I love U2 fans, the numbers look more like this: Total working budget: $25,900 (based on page 1 breakdown) Flight to San Francisco, May 15, 2017 $ Rental Car (return in LA) $ Hotel Rooms ($150 per night) $ Flight From LA to Texas: $ Texas car $ Texas Hotel $1, Flight from Texas to Chicago $ Chicago car $ Chicago hotel $1, Flight from Chicago to Philadelphia $ Rental car (drive to DC) $ Hotels Philly & DC $ US Tour costs: $8, Flight from DC to Dublin July 20 (RT) $1, flight to Paris from Dublin $ Transit Dublin and Paris $ Hotel Rooms Dublin & Paris ($300 per night) $ Europe Tour costs: $5, Additional Crew Costs DP, Audio & PA for U2 interviews $1500 per day total, 5 days $7, Overage estimate: $4000 TOTAL COST: $25,900

6 Part 7. Conclusion As outlined above, this is how we can make a film with an estimated cost of $75,650 for a total KS project budget of $40,000. The more we can raise, the more I will shoot. The thing to really think about is that this is OUR story as U2 fans. It needs to be made by us. I can donate my equipment, my time, my knowledge and experience, but I need the help of the fan-base to give us the resources we need to actually make this happen. If we do, it will be historic. The more that fans get involved, the better the film can be. I need fans to take ownership of this with me, and run with it. Together, we can do so much more than an individual can achieve, and we can show the world how unique and special the U2 tribe is. I really believe we can do this.