Ann: Strong Financial Results for Q3 of 2018 Appendix 4C, page-50

A few facts to ponder:
• Forecast 3330 stores under contract by March 2019 via known agreements
• Existing large contracts and store roll-outs with KFC, Pizza Hut, Dominos...
• Initiated store roll-outs with Burger King and many second tier US chains...
• Major presence in US, Canada, Australia/NZ, Singapore, Cyprus, Israel...
• About to go massive in India - over 1,000 stores
• 3330 stores @ $200 per month = ARR of $8 mill
• Reasonable multiple of hyper fast growth business = x15 (Wisetech = x24)
• Stretch multiple = x20
• Suggests MC 15 x $8 mill = $120 mill
• Or MC 20 x $8mill - $160 mill
• Equates to roughly 50-75+ cents SP
• Always the possibility that more contracts can be added between now and March 2019