Avg no. of students 2000Avg Rate 100.0

Month 1 2 3 4 5 6 7 8 9No. of employeesSales 2 2 2 4 4 4 6 6 6 Database 1 1 1 2 2 2 2 2 2Developer 1 1 1 2 2 2 2 2 2Support 1 1 1 1 1 1 1 1 1Total 5 5 5 9 9 9 11 11 11

No. of school tie-ups 1 1 1 2 2 2 4 4 4

No. of students 2,000 2,000 2,000 4,000 4,000 4,000 8,000 8,000 8,000

10 11 12 Total 13 14 15 16 17

6 6 6 6 6 6 6 6 2 2 2 2 2 2 2 22 2 2 2 2 2 2 21 1 1 1 1 1 1 1

11 11 11 11 11 11 11 11

4 6 6 8 8 8 10 10

8,000 12,000 12,000 16,000 16,000 16,000 20,000 20,000

18 19 20 21 22 23 24 25

6 8 8 8 8 8 8 10 2 2 2 2 2 2 2 22 3 3 3 3 3 3 31 2 2 2 2 2 2 2

11 15 15 15 15 15 15 17

10 12 12 12 14 14 14 16

20,000 24,000 24,000 24,000 28,000 28,000 28,000 32,000

26 27 28 29 30 31 32 33 34

10 10 10 10 10 10 10 10 10 2 2 2 2 2 2 2 2 23 3 3 3 3 3 3 3 32 2 2 2 2 2 2 2 2

17 17 17 17 17 17 17 17 17

16 16 18 18 18 20 20 20 22

32,000 32,000 36,000 36,000 36,000 40,000 40,000 40,000 44,000

35 36 37 38 39 40 41 42

10 10 12 12 12 12 12 12 2 2 3 3 3 3 3 33 3 4 4 4 4 4 42 2 3 3 3 3 3 3

17 17 22 22 22 22 22 22

22 22 22 22 22 24 24 24

44,000 44,000 44,000 44,000 44,000 48,000 48,000 48,000

2

43 44 45 46 47 48 49 50

12 12 12 12 12 12 14 14 3 3 3 3 3 3 4 44 4 4 4 4 4 5 53 3 3 3 3 3 4 4

22 22 22 22 22 22 27 27

26 26 26 28 28 28 30 30

52,000 52,000 52,000 56,000 56,000 56,000 60,000 60,000

51 52 53 54 55 56 57 58 59

14 14 14 14 14 14 14 14 14 4 4 4 4 4 4 4 4 45 5 5 5 5 5 5 5 54 4 4 4 4 4 4 4 4

27 27 27 27 27 27 27 27 27

30 32 32 32 34 34 34 36 36

60,000 64,000 64,000 64,000 68,000 68,000 68,000 72,000 72,000

60

14 454

27

36

72,000

1 2

Demo

No. of Schools 1 1No. of students 2000 2000

Total no. of employees 6 6Rate per student 100.00 100.00

Cash at Beginning 4,000,000 3,519,667

OperationsCash receipts from schools

Cash paid for

SMS Package (13,333) (13,333)

Internet Cost (7,000) (7,000)

(5,000) (5,000)

PAS School Employee salary (15,000) (15,000)

Other Employees Wage expenses (75,000) (75,000)

Office Rent (50,000) (50,000)

Office Supplies (10,000) (10,000)

Income taxes - -

(175,333) (175,333)

Investing ActivitiesCash paid for

(25,000) -

(20,000) -

Software Development Cost (200,000)

(245,000) -

Financing ActivitiesCash paid for

Debt/Loan Paid (60,000) (60,000)

(60,000) (60,000)

Net Increase in Cash (480,333) (235,333)

With 75% conversion from demo to Full service

General operating and administrative expenses

Net Cash Flow from Operations

Purchase of laptops and tabs for PAS employees in school

Purchase of other equipments and supplies for PAS employees in school

Net Cash Flow from Investing Activities

Net Cash Flow from Financing Activities

Cash at the end 3,519,667 3,284,333

3 4 5 6 7 8 9 10

Demo Demo+Paid

1 2 2 2 4 4 4 42000 4000 4000 4000 8000 8000 8000 8000

6 11 11 11 15 15 15 15100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

3,284,333 3,049,000 2,823,333 2,642,667 2,462,000 2,190,667 2,059,333 1,928,000

150,000 150,000 150,000 300,000 300,000 300,000 600,000

(13,333) (26,667) (26,667) (26,667) (53,333) (53,333) (53,333) (53,333)

(7,000) (9,000) (9,000) (9,000) (13,000) (13,000) (13,000) (13,000)

(5,000) (10,000) (10,000) (10,000) (20,000) (20,000) (20,000) (20,000)

(15,000) (30,000) (30,000) (30,000) (60,000) (60,000) (60,000) (60,000)

(75,000) (135,000) (135,000) (135,000) (165,000) (165,000) (165,000) (165,000)

(50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000)

(10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000)

- - - - - - - -

(175,333) (120,667) (120,667) (120,667) (71,333) (71,333) (71,333) 228,667

- (25,000) - - (50,000) - - -

- (20,000) - - (40,000) - - -

(50,000)

- (45,000) - - (140,000) - - -

(60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000)

(60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000)

(235,333) (225,667) (180,667) (180,667) (271,333) (131,333) (131,333) 168,667

3,049,000 2,823,333 2,642,667 2,462,000 2,190,667 2,059,333 1,928,000 2,096,667

11 12 13 14 15 16 17

Demo+Paid Total year 16 6 8 8 8 10 10

12000 12000 16000 16000 16000 20000 2000017 17 19 19 19 21 21

100.00 100.00 100.00 100.00 100.00 100.00 100.00 2,096,667 2,104,667 2,500,000 2,202,667 2,050,000 2,257,333 2,464,667 2,811,333

600,000 600,000 3,150,000 900,000 900,000 900,000 1,200,000 1,200,000

(80,000) (80,000) (493,333) (106,667) (106,667) (106,667) (133,333) (133,333)

(17,000) (17,000) (134,000) (21,000) (21,000) (21,000) (25,000) (25,000)

(30,000) (30,000) (185,000) (40,000) (40,000) (40,000) (50,000) (50,000)

(90,000) (90,000) (555,000) (120,000) (120,000) (120,000) (150,000) (150,000)

(165,000) (165,000) (1,620,000) (165,000) (165,000) (165,000) (165,000) (165,000)

(50,000) (50,000) (600,000) (50,000) (50,000) (50,000) (50,000) (50,000)

(10,000) (10,000) (120,000) (10,000) (10,000) (10,000) (10,000) (10,000)

- - - (120,000) (120,000) (120,000) (120,000) (120,000)

158,000 158,000 (557,333) 267,333 267,333 267,333 496,667 496,667

(50,000) - (150,000) (200,000) - - (50,000) -

(40,000) - (120,000) (160,000) - - (40,000) -

(250,000)

(90,000) - (520,000)

(360,000) - - (90,000) -

(60,000) (60,000) (720,000) (60,000) (60,000) (60,000) (60,000) (60,000)

(60,000) (60,000) (720,000)

(60,000) (60,000) (60,000) (60,000) (60,000)

8,000 98,000 (1,797,333) (152,667) 207,333 207,333 346,667 436,667

2,104,667 2,202,667 2,050,000 2,257,333 2,464,667 2,811,333 3,248,000

18 19 20 21 22 23 24

Total Year 210 12 12 12 14 14 14

20000 24000 24000 24000 28000 28000 2800021 27 27 27 29 29 29

100.00 100.00 100.00 100.00 100.00 100.00 100.00 3,248,000 3,684,667 4,000,667 4,606,667 5,212,667 5,958,000 6,793,333 7,628,667

1,200,000 1,500,000 1,500,000 1,500,000 1,800,000 1,800,000 1,800,000 16,200,000

(133,333) (160,000) (160,000) (160,000) (186,667) (186,667) (186,667) (1,760,000) (25,000) (29,000) (29,000) (29,000) (33,000) (33,000) (33,000) (324,000)

(50,000) (60,000) (60,000) (60,000) (70,000) (70,000) (70,000) (660,000) (150,000) (180,000) (180,000) (180,000) (210,000) (210,000) (210,000) (1,980,000) (165,000) (225,000) (225,000) (225,000) (225,000) (225,000) (225,000) (2,340,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (50,000) (600,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (120,000) (120,000) (120,000) (120,000) (120,000) (120,000) (120,000) (120,000) (1,440,000)

496,667 666,000 666,000 666,000 895,333 895,333 895,333 6,976,000

- (50,000) - - (50,000) - - (350,000)

- (40,000) - - (40,000) - - (280,000) (200,000) (200,000)

- (290,000) - - (90,000) - - (830,000)

(60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (720,000)

(60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (720,000)

436,667 316,000 606,000 606,000 745,333 835,333 835,333 5,426,000

3,684,667 4,000,667 4,606,667 5,212,667 5,958,000 6,793,333 7,628,667

Total Year 3 Total year 4 Total Year 5

21,022,667 41,202,667 68,430,667

30,600,000 42,300,000 55,800,000

(3,040,000) (4,000,000) (5,280,000) (516,000) (660,000) (852,000)

(1,140,000) (1,500,000) (1,980,000) (3,420,000) (4,500,000) (5,940,000) (3,060,000) (3,960,000) (4,860,000) (600,000) (600,000) (600,000) (120,000) (120,000) (120,000) (3,600,000) (4,800,000) (6,600,000)

15,104,000 22,160,000 29,568,000

(550,000) (700,000) (900,000)

(440,000) (560,000) (720,000) - - -

(990,000) (1,260,000) (1,620,000)

(720,000) (720,000) (720,000)

(720,000) (720,000) (720,000)

13,394,000 20,180,000 27,228,000

Year 1 Year 2

Income

3,150,000 16,200,000

Total Income 3,150,000 16,200,000

ExpensesSMS Package 493,333 1,760,000 Internet Cost 134,000 324,000

185,000 660,000 PAS School Employee salary 555,000 1,980,000 Other Employees' Wage expenses 1,620,000 2,340,000 Office Rent 600,000 600,000 Office Supplies 120,000 120,000 Income taxes - 1,440,000 Debt/Loan Payment 720,000 720,000

150,000 350,000

120,000 280,000 Software Development Cost 250,000 200,000

Total Expenses 4,947,333 10,774,000

Net Profit (1,797,333) 5,426,000 Profit% -57.1% 33.5%

EBITDA (1,797,333) 5,426,000

Depreciation 135,000 315,000

EBIT (1,932,333) 5,111,000

Tax - 1,533,300

Net Profit (1,932,333) 3,577,700

Profit% -61.3% 22.1%

Revenue with 75% conversion from Demo to Full Service

General operating and administrative expenses

Purchase of laptops and tabs for PAS employees in school

Purchase of other equipments and supplies for PAS employees in school

Year 3 Year 4 Year 5

30,600,000 42,300,000 55,800,000

30,600,000 42,300,000 55,800,000

3,040,000 4,000,000 5,280,000

516,000 660,000 852,000

1,140,000 1,500,000 1,980,000

3,420,000 4,500,000 5,940,000

3,060,000 3,960,000 4,860,000

600,000 600,000 600,000

120,000 120,000 120,000

3,600,000 4,800,000 6,600,000

720,000 720,000 720,000

550,000 700,000 900,000

440,000 560,000 720,000

- - -

17,206,000 22,120,000 28,572,000

13,394,000 20,180,000 27,228,000 43.8% 47.7% 48.8%

13,394,000 20,180,000 27,228,000

495,000 630,000 810,000

12,899,000 19,550,000 26,418,000

3,869,700 5,865,000 7,925,400

9,029,300 13,685,000 18,492,600

29.5% 32.4% 33.1%

# Students 1500 # StudentsRate = 66.7 Year 1 Year 2 Year 3 Year 4 Year 5 Rate = 66.7EBITDA (3,248,213) (2,229,950) (1,138,350) 40,575 661,950 EBITDADepreciation 135,000 315,000 495,000 630,000 810,000 Depreciation

EBIT (3,383,213) (2,544,950) (1,633,350) (589,425) (148,050) EBIT Tax - (763,485) (490,005) (176,828) (44,415) Tax

Net Profit (3,383,213) (1,781,465) (1,143,345) (412,598) (103,635) Net Profit Profit% -214.7% -22.0% -7.5% -1.9% -0.4% Profit%

# Students 1500 # StudentsRate = 100 Year 1 Year 2 Year 3 Year 4 Year 5 Rate = 100EBITDA (2,461,500) 1,816,000 6,504,000 10,605,000 14,598,000 EBITDADepreciation 135,000 315,000 495,000 630,000 810,000 Depreciation

EBIT (2,596,500) 1,501,000 6,009,000 9,975,000 13,788,000 EBIT Tax - 450,300 1,802,700 2,992,500 4,136,400 Tax

Net Profit (2,596,500) 1,050,700 4,206,300 6,982,500 9,651,600 Net Profit Profit% -109.9% 8.6% 18.3% 22.0% 23.1% Profit%

2000Year 1 Year 2 Year 3 Year 4 Year 5

(2,846,283) 31,400 3,204,200 6,094,100 8,646,600

135,000 315,000 495,000 630,000 810,000

(2,981,283) (283,600) 2,709,200 5,464,100 7,836,600

- (85,080) 812,760 1,639,230 2,350,980

(2,981,283) (198,520) 1,896,440 3,824,870 5,485,620

-141.9% -1.8% 9.3% 13.6% 14.7%

2000Year 1 Year 2 Year 3 Year 4 Year 5

(1,797,333) 5,426,000 13,394,000 20,180,000 27,228,000

135,000 315,000 495,000 630,000 810,000

(1,932,333) 5,111,000 12,899,000 19,550,000 26,418,000

- 1,533,300 3,869,700 5,865,000 7,925,400

(1,932,333) 3,577,700 9,029,300 13,685,000 18,492,600

-61.3% 22.1% 29.5% 32.4% 33.1%