AGENDA

OVERVIEW

MARKET

PERFORMANCE

HARVEST

TeamBusiness Model

Market Size PotentialMarket Share

ProjectionsProfitability & EfficiencyBurn Rates & LiquidityLeverage Ratios

Funding NeedsExit StrategyMilestones

RasmusSocial Media

ChristianBackend Developer

DanielFinance and Accounting

KristianPublic Relations

KasparBusiness Development

KwadwoEntrepreneurship

NicholasFront- & Backend Developer

OVERVIEW | Team

Resources

OVERVIEW | Business Model

Value Proposition

Online Courses

Market Segment

Students

Video

Tutoring

Q/A

Documents

Distribution

Online

Pricing Model

129 DKK

0M

5M

10M

15M

20M

‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10

Students taking at least one online courseTotal Enrollment

+23% +37%+21%

31%

69%Total StudentsTaking an online course

Online Enrollment

+13%

*US-Based numbers. Source; Seaman, J., & Elaine Allen, I. (2011). Going the Distance: Online Education in the United States, 2011.Babson College. New York: Babson Survey and Research Group.

6,2MPotentially taking at least

one online course

1KDKK/year spent on online

education on average

6,2BDKK Industry

20MStudents in EU

INDUSTRY | Market Size Potential

INDUSTRY | Market Share

0K

1K

10K

100K

13Q1 14Q1 15Q1 16Q1 17Q1

267K114K47K22K4K

NUMBER OFSALES

4,4%

DENMARKSCANDINAVIA

NORTHERN EUROPEEUROPE +US

Share ofDanish Market

2%

Share ofScandinavian Market

2,8%

Share ofNorthern European

Market

1,8%

Share ofEuropean Market

2,2%

Share ofEU+US Market

2013 2014 2015 2016 2017

PERFORMANCE | Projections

PERFORMANCE | Projections

PERFORMANCE | Projections

PERFORMANCE | Profitability & Efficiency

0M

13M

25M

38M

50M

2013 2014 2015 2016 2017-40 %

-30 %

-20 %

-10 %

0 %

10 %

20 %

30 %

40 %TurnoverEBITDA%

-15,7%

-31,4%

6,2%

25,6%

-27,7%

Gross Profit Margin 53,7 % 52,4 % 51,1 % 53,6 % 52,2 %

EBITDA Margin -27,7 % -15,7 % -31,4 % 6,2 % 25,6 %

EBT Margin -29,5 % -17,3 % -32 % 5,2 % 24,7 %

Sales-to-Assets Ratio 5,13 7,98 6,48 6,53 4,15

Return on Total Assets -151,2 % -137,7 % -207,3 % 33,7 % 102,4 %

Return on Equity -204,3 % -285,7 % -498,4 % 81,8 % 153,5 %

PERFORMANCE | Burn Rates & Liquidity

-3M

-2M

-1M

0M

1M

2M

3M

4M

2013 2014 2015 2016 2017

Monthly Cash Burn Monthly Cash Build Monthly Net Cash Build

-27,4K -87,2K -258K+228K

+1.139K

Cash Burn -1.082.781 -5.121.153 -11.549.474 -15.802.752 -30.302.615

Cash Build 753.926 4.074.527 8.456.506 18.543.028 43.967.412

Net Cash Build -328.855 -1.046.626 -3.092.968 2.740.276 13.664.798

Current Ratio 2,78 1,43 1,32 1,28 2,66

NWC-to-total-assets Ratio 0,46 0,22 0,19 0,16 0,55

PERFORMANCE | Leverage Ratio

0 %

5 %

10 %

15 %

20 %

2013 2014 2015 2016 2017

Long Term Debt/Total AssetsCurrent Liabilities/Total Assets

Total Debt/Total Assets 6,5 % 14,8 % 18,9 % 19,4 % 11 %

Equity Multiplier 1,35 2,08 2,4 2,43 1,5

Cur. Liabilities/Total Debt 100 % 100 % 100 % 87,9 % 89,4 %

6,5%

14,8%18,9%

19,4%

11%

HARVEST | Break Even

0M

13M

25M

38M

50M

2013 2014 2015 2016 2017

RevenueSurival Renvenue

Revenue 753.926 4.074.527 8.456.506 18.543.028 43.967.412

VCRR 0,46 0,48 0,49 0,46 0,48

CFC 613.421 2.773.133 6.971.805 8.788.120 11.699.080

Survival Revenues 1.143.124 5.294.916 13.647.731 16.399.226 22.401.911

Sensitivity 12 % 49 %

HARVEST | Funding Needs

Initial Funding Founders

Investment:Exp. pre-money:

3.000.00014.853.585

Round 1 Angel/Seed

Round 2 Series A

Round 3 Series B

Closed

Sep/13

May/14

Apr/15

Investment:Exp. pre-money:

1.000.00010.199.963

Investment:Exp. pre-money:

200.0007.799.200

Investment: 120.000

7,80DKK/Share

9,94DKK/Share

13,19DKK/Share

2,50%

8,93%

16,80%

HARVEST | Exit Strategy

2016 2017

MethodDCFP/E

Average

Value33,6M78,1M55,9M

Information Technology Services

Investor DCF P/E Average

Angel/Seed x3 x7 x5

Series A x2 x6 x4

Series B x2 x4 x3

Return to Investor

Source: Yahoo Finance

Potential AcquirersIndustry Players

MBO

Private Equity Funds

200K

HARVEST | Milestones

2013

Launch Denmark

2014 2015 2016

1M

Expansion to Scandinavian

markets

2017

3M

Expansion to Northern Europe

EXITEU and US

Markets

Sep/13 May/14 Apr/15