Ann: Back to school market update - February 2018, page-23

I can't say this is certainly correct but its my view:

- $3m recurring includes individual paying subscribers revenue as well as some Linewize revenue. If we look at the half yearly we see there are 30,000 paying subscriber accounts incl 5k int'l accounts. Excl the international thats around $1.5m annual subscription. Add around $1m from total of Linewize plus subscribers signed up during January and plus other (eg US school zone revenue) I think we start to get close to the $3m recurring.

- $4m contracted refers imo to mandated partner schools, ie those that have agreed to ensure a certain $ payment level to FZO. I expect this is over various terms as some schools may have only signed for 1 year, some for 3 years etc.

Again that's my view, I could be incorrect.

Cdchi1