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MYTHIC Cable Project

(Myanmar-Thailand)
MYTHIC FINANCIAL HIGHLIGHTS -- SUMMARY FOR INVESTORS

SUMMARY HIGHLIGHTS FOR INVESTORS

Equity Investment $ 36 mil.


Debt Financing $ 40 mil.

5-yr Cum Revenue (start $ 177 mil.


10-yr Cum Revenue (star $ 825 mil.
20-yr Cum Rev (startng $ 3,048 mil.

10-yr Cum FCF $ 237 mil.


20-yr Cum FCF $ 829 mil.
Payback Period (yrs) 6

P&L MODEL HIGHLIGHTS


YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

in $USD Millions 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Sales (Turnover) - - 8.8 28.4 53.4 86.1 91.7 113.6 130.4 146.3 166.8 194.1 234.0 244.3 248.6 248.6 244.2
Gross profit - - 5.0 17.2 33.4 56.5 61.4 79.0 91.4 101.0 111.2 123.7 141.0 134.2 124.2 111.9 98.6
SG&A 1.8 2.1 3.1 2.7 2.8 2.9 2.9 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9
EBITDA (2.2) (2.8) 0.9 11.8 26.7 48.0 52.5 68.9 80.3 89.0 98.1 109.1 124.2 116.7 106.4 93.9 80.7
EBIT (2.2) (2.8) (1.6) 8.9 23.9 45.2 49.6 66.0 77.5 86.2 95.2 106.2 121.3 113.8 103.4 90.9 77.6
EBT (2.2) (3.0) (4.3) 5.8 21.1 42.9 48.0 65.1 77.2 86.2 95.2 106.2 121.3 113.8 103.4 90.9 77.6
Net profit (2.2) (3.0) (4.3) 5.8 21.1 42.9 48.0 54.0 64.0 71.5 79.0 88.1 100.7 94.5 85.8 75.5 64.4

Gross margin 57% 60% 63% 66% 67% 70% 70% 69% 67% 64% 60% 55% 50% 45% 40%
EBITDA margin 11% 41% 50% 56% 57% 61% 62% 61% 59% 56% 53% 48% 43% 38% 33%
EBIT margin 31% 45% 52% 54% 58% 59% 59% 57% 55% 52% 47% 42% 37% 32%
Net profit margin 20% 40% 50% 52% 48% 49% 49% 47% 45% 43% 39% 35% 30% 26%

376698715.xls 2 HIGHLIGHTS
16 17 18 19

2032 2033 2034 2035 Total

229.5 209.8 192.0 177.7 3,048.2


74.7 61.2 52.7 41.5 1,519.8
4.1 4.2 4.3 4.4 69.9
57.4 44.7 36.9 26.2 1,267.5
54.3 41.6 33.7 23.0 1,211.6
54.3 41.6 33.7 23.0 1,197.7
45.1 34.5 28.0 19.1 1,012.5

33% 29% 27% 23% 48%


25% 21% 19% 15% 39%
24% 20% 18% 13% 38%
20% 16% 15% 11% 31%

376698715.xls 3 HIGHLIGHTS
376698715.xls 4 FINANCING DETAIL

CAMPANA GROUP PTE LTD FINANCING DETAIL -- CAPITAL EXPENDITURES, AND SOURCES & USES OF CASH

USES OF CASH 72,638,567 SOURCES OF CASH 75,100,000

EXPECTED COMPLETED
USE AMOUNT SOURCE AMOUNT FUNDING DATE DATE

CONSTRUCTION OF MYTHIC CABLE (marine & terrestrial) EQUITY FINANCING 35,100,000


Project Management & Support 1,332,464 3.0%
Submersible Plant - Myanmar Waters (Kyauktan) 3,036,846 6.8% Seed Financing Round (closed) 2,100,000 - 1,000,000 23-Feb-15
Submersible Plant - Thailand Waters 651,062 1.5% Loxley&AIT Holding Company 6,000,000 12-Apr-16
Submersible Plant - Malaysian Waters 0 0.0% Global Grand Group 8,000,000 12-Apr-16
Submersible Plant - Internatonal Waters 14,899,008 33.5% Round B investor 20,000,000 1-Aug-16
Marine Installaton & Services - Myanmar Waters (Kyauktan) 4,077,133 9.2% 36,100,000
Marine Installaton & Services - Thailand Waters 1,896,733 4.3%
Marine Installaton & Services - Malaysian Waters 0 0.0%
Marine Installaton & Services - Internatonal Waters 13,960,617 31.4% DEBT FINANCING* 40,000,000
Land Cable & Earth - Myanmar (Kyauktan) 1,650,347 3.7%
Land Cable & Earth - Thailand 179,420 0.4% 1st Draw-down 15,000,000 1-Oct-16
Land Cable & Earth - Malaysia 0 0.0% 2nd Draw-down 12,000,000 1-Dec-16
Terminal Equipment - Myanmar (Kyauktan) 1,322,680 3.0% 3rd Draw-down 6,000,000 1-Jan-17
Terminal Equipment - Thailand 1,229,061 2.8% 4th Draw-down 4,000,000 1-Mar-17
Terminal Equipment - Malaysia 0 0.0% 5th Draw-down 3,000,000 1-May-17
Terminal Equipment - NOC 203,120 0.5% 40,000,000
SUBTOTAL 44,438,492 100.0%
Freight and insurance 103,568
CONSTRUCTION SUBTOTAL 44,542,060
MYTHIC Optons (PLI, PLB, Spares, Backhaul Equip.) 1,600,000
Marine route upgrades (stubbed BU and pre-lay shore end) 2,746,507
Constr. of Cable Landing Staton (Myanmar) 3,000,000
Constr. of terr. fiber fronthaul (Myanmar) 3,500,000
Constr. of terr. fiber backhaul (Myanmar) + NOC + Equip. 2,000,000
PoP colocaton huts + Equip 1,000,000
Perfromance bond of IGW 1,000,000
Constructon contngency 4,000,000
Op. costs & cash outlays for Campana untl RFS 3,500,000
Downpayment of capacity purchases 3,000,000 Term Loan Interest rate (max) 8.0%
Singapore office setup inlcudes license and data center setup 250,000 Loan Term 7 years
One -tme fees, interests expenses and financing charges 1,500,000
Share buyback 1,000,000
Revolver Interest rate 8.0%
Total 72,638,567
376698715.xls 5 FINANCING DETAIL

Capex / PP&E (inlcudes constructon contngency) 62,388,567


Downpayment of capacity purchases 3,000,000
Refundable lGW bond 1,000,000
Opex untl RFS 3,500,000
Share buyback 1,000,000
Items already on Income Statement 1,750,000
Total 72,638,567
FINANCIAL MODEL ASSUMPTIONS*
*Disclaimer. All informaton and data presented here represents best and most current
available informaton and analysis by Campana executves, staff, and consultants.
All such informaton and analysis is subject to change and refinement.

SOURCES AND USES OF CASH

USES
Capex / PP&E (inlcudes constructon contngency) 62,388,567
Downpayment of capacity purchases 3,000,000
Refundable IGW license bond 1,000,000
Opex untl RFS 3,500,000
Share buyback 1,000,000
Items already on Income Statement 1,750,000

Total Uses 72,638,567

SOURCES
Debt (max) 40,000,000 53% of total investment
Equity 36,100,000 47% of total investment

Total Sources 76,100,000

Debt Financing Assumptons

Term Loan Interest rate 8.0%


Loan Term 7 years
Revolver Interest rate 8.0%

Tax Assumptons

Singapore Income Tax 17.0%


Myanmar Commercial Tax ( Like a VAT, imposed on rev.) 5.0%
Myanmar Income Tax 25.0% Note: Myanmar Investment Commission (3/2016) held on 30-1-2016, company is under 3 years
MIC tax holiday 5 years

Cost of Service Assumptons

MIC fee 0.0% of revenue


License fee 2.0% of revenue

Operatng Expense Assumptons

Marine Maint. Contracts 500,000 per year


Terrestrial Myanmar Maint. Contracts 30,000 per year
Insurance premium 3.0% of outstanding loan
General insurance 1.0% of revenue

376698715.xls 6 ASSUMPTIONS
Depreciaton Assumptons

Depreciaton schedule 15 years

376698715.xls 7 ASSUMPTIONS
REVENUE & BACKHAUL COST FORECAST

Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

REVENUE 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total

Lease Rev Growth Rates 381.5% 130.8% 92.7% 9.7% 34.5% 19.7% 15.6% 17.4% 19.7% 24.1% 5.0% 2.0% 0.0% -2.0% -4.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0%

Lease Rev ($ mil.) 2.7 13.0 30.0 57.8 63.4 85.3 102.1 118.0 138.5 165.8 205.7 216.0 220.3 220.3 215.9 207.3 196.9 187.1 177.7 168.8 160.4 152.4 3,105.3
IRU Rev ($ mil.) 57.2 87.3 74.8 46.0 - 265.3
O&M Rev ($ mil.) 2.3 5.8 8.8 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 8.3 4.8 1.8 - - - - 159.2
Pre-sales Discount ($ mil.) (4.2) (4.2)

CASH REVENUE ($ mil.) - 58.0 106.1 113.6 114.4 74.0 95.9 112.7 128.6 149.1 176.4 216.3 226.6 230.9 230.9 226.5 215.6 201.7 188.9 177.7 168.8 160.4 152.4 3,525.5
CASH FLOWS ADJ. ($ mil.) - 49.2 77.7 60.2 28.3 (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (13.9) (8.1) (3.1) - - - - (4.2)
IRUs
INCOME STMT REV ($ mil.) - =8.8
$ 28.4 53.4 86.1 91.7 113.6 130.4 146.3 166.8 194.1 234.0 244.3 248.6 248.6 244.2 229.5 209.8 192.0 177.7 168.8 160.4 152.4 3,529.7
INCLD. TRANSIT COST MARK-UP 265.
3M
SALES AMORTIZATION TABLE

Cash Sales (IRU) to be - 57.2 87.3 74.8 46.0 - - - - - - - - - - - - - - - - - - 265.3


spread out over 15 years
2016 - - - - - - - - - - - - - - -
2017 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8
2018 5.8 5.8 5.8 5.8 5.8 5.8 5.8 5.8 5.8 5.8 5.8 5.8 5.8 5.8 5.8
2019 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0
2020 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1
2021 - - - - - - - - - - - - - - -
2022 - - - - - - - - - - - - - - -
2023 - - - - - - - - - - - - - - -
2024 - - - - - - - - - - - - - - -
2025 - - - - - - - - - - - - - -
2026 - - - - - - - - - - - - -
2027 - - - - - - - - - - - -
2028 - - - - - - - - - - -
2029 - - - - - - - - - -
2030 - - - - - - - - -
2031 - - - - - - - -
2032 - - - - - - -
2033 - - - - - -
2034 - - - - -
2035 - - - -
2036 - - -
2037 - -
2038 -

Amortzed Sales - - 3.8 9.6 14.6 17.7 17.7 17.7 17.7 17.7 17.7 17.7 17.7 17.7 17.7 17.7 17.7 13.9 8.1 3.1 - - - - 265.3
Lease (Cash) Sales - - 2.7 13.0 30.0 57.8 63.4 85.3 102.1 118.0 138.5 165.8 205.7 216.0 220.3 220.3 215.9 207.3 196.9 187.1 177.7 168.8 160.4 152.4 3,105.3
O&M (Cash) Sales - - 2.3 5.8 8.8 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 8.3 4.8 1.8 - - - - 159.2
INCOME STMT REV - - 8.8 28.4 53.4 86.1 91.7 113.6 130.4 146.3 166.8 194.1 234.0 244.3 248.6 248.6 244.2 229.5 209.8 192.0 177.7 168.8 160.4 152.4 3,529.7

O&M (4%) Cost Relatng to IRUs -


charged over 15 years
2016 - - - - - - - - - - - - - - -
2017 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3
2018 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5
2019 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

376698715.xls 8 REV & BH Assump


2020 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8
2021 - - - - - - - - - - - - - - -
2022 - - - - - - - - - - - - - - -
2023 - - - - - - - - - - - - - - -
2024 - - - - - - - - - - - - - - -
2025 - - - - - - - - - - - - - -
2026 - - - - - - - - - - - - -
2027 - - - - - - - - - - - -
2028 - - - - - - - - - - -
2029 - - - - - - - - - -
2030 - - - - - - - - -
2031 - - - - - - - -
2032 - - - - - - -
2033 - - - - - -
2034 - - - - -
2035 - - - -
2036 - - -
2037 - -
2038 -
O&M Total Revenue - 2.3 5.8 8.8 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.6 8.3 4.8 1.8 - - - - 159.2

BACKHAUL & TRANSIT COST 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total

BH Lease Cost as % of Cash Rev 11.1% 10.7% 10.9% 11.2% 10.3% 9.5% 10.2% 12.5% 16.2% 20.4% 25.1% 31.2% 36.8% 42.4% 47.7% 56.0% 59.1% 60.5% 64.3% 59.7% 51.6% 44.5%
BH IRU Cost as % of Cash Rev 58.8% 69.8% 75.3% 77.2% 73.0%

BH Lease (cum. cash) Cost 0.3 1.4 3.3 6.5 6.5 8.1 10.4 14.7 22.5 33.9 51.6 67.4 81.2 93.5 102.9 116.1 116.4 113.1 114.2 100.8 82.7 67.7 1,215.1
BH IRU Contracts (incr. cash) Cost 33.7 61.0 56.3 35.5 - 186.4
BH (cash) COST - 34.0 62.4 59.6 42.0 6.5 8.1 10.4 14.7 22.5 33.9 51.6 67.4 81.2 93.5 102.9 116.1 116.4 113.1 114.2 100.8 82.7 67.7 1,401.6

Mult-yr BH IRU Pmt Terms? - 33.7 61.0 56.3 35.5 - 186.4


2016 - -
2017 33.7 33.7
2018 61.0 61.0
2019 56.3 56.3
2020 35.5 35.5
2021 - -
ALT CASH TIMING - 33.7 61.0 56.3 35.5 - - - 186.4

ALT BH CASH COST - 34.0 62.4 59.6 42.0 6.5 8.1 10.4 14.7 22.5 33.9 51.6 67.4 81.2 93.5 102.9 116.1 116.4 113.1 114.2 100.8 82.7 67.7 1,401.6

Cumulative Cpacity (Gbps) 122.0 263.3 215.2 251.0 386.2 642.2 838.6 1,286.3 2,059.7 2,919.7 5,069.9
Cost (Mbps/month) 20.84 29.26 61.97 75.31 49.07 31.97 27.24 21.09 16.95 15.87 12.62

376698715.xls 9 REV & BH Assump


SG&A EXPENSE DETAIL (in USD)

Jan '15 Feb '15 Mar '15 Apr '15 May '15 Jun '15 Jul '15 Aug '15 Sep '15 Oct '15 Nov '15 Dec '15 Jan '16 Feb '16 Mar '16 Apr '16 May '16 Jun '16 Jul '16 Aug '16 Sep '16 Oct '16 Nov '16 Dec '16 2015 2016

SINGAPORE SALARIES

Singapore Salaries Subtotal 150,000 150,000 158,000 158,000 158,000 158,000 128,000 139,750 142,750 142,750 142,750 142,750 139,475 139,475 151,475 151,475 151,475 151,475 151,475 151,475 151,475 151,475 151,475 151,475 1,210,000 1,542,000
growth 0% 5% 0% 0% 0% -23% 8% 2% 0% 0% 0% -2% 0% 8% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Singapore Overhead
Executve Benefits (20%) 9,000 9,000 17,400 17,400 17,400 17,400 30,900 32,250 32,250 32,250 32,250 32,250 31,268 31,268 31,268 31,268 31,268 31,268 31,268 31,268 31,268 31,268 31,268 31,268 279,750 116,000
Employee benefits (15%) 0 0 0 0 0 0 0 1,813 2,563 2,563 2,563 2,563 2,563 2,563 5,563 5,563 5,563 5,563 5,563 5,563 5,563 5,563 5,563 5,563 12,063 22,800
Company car 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 20,000 28,000
Office lease 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 50,000 63,000
Office equipment lease 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 25,000 35,000
Insurance 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,000 0
Singapore permits 0
Supplies 300 300 300 300 300 500 500 500 500 500 500 500 500 500 500 500 500 1,500 6,000
Miscellaneous 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 3,750 24,000
Other Expenses 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 15,000 20,000
Telecoms and Utlites 28,000

Singapore Overhead Subtotal 9,000 9,000 17,400 17,400 17,400 17,400 30,900 58,113 58,863 58,863 58,863 58,863 58,080 58,080 61,080 61,080 61,080 61,080 61,080 61,080 61,080 61,080 61,080 61,080 412,063 342,800
0% 93% 0% 0% 0% 78% 88% 1% 0% 0% 0% -1% 0% 5% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Singapore SG&A ($ mil.) $ 0.16 M $ 0.16 M $ 0.18 M $ 0.18 M $ 0.18 M $ 0.18 M $ 0.16 M $ 0.20 M $ 0.20 M $ 0.20 M $ 0.20 M $ 0.20 M $ 0.20 M $ 0.20 M $ 0.21 M $ 0.21 M $ 0.21 M $ 0.21 M $ 0.21 M $ 0.21 M $ 0.21 M $ 0.21 M $ 0.21 M $ 0.21 M $ 1.62 M $ 1.88 M

MYANMAR SALARIES

Myanmar Salaries Subtotal 1,000 1,000 2,350 2,350 2,950 3,150 4,000 4,000 6,300 6,300 6,300 6,300 7,150 7,150 7,150 8,150 8,150 8,650 9,100 9,550 10,000 10,000 10,450 10,450 46,000 80,500

MYANMAR OVERHEAD
Executve Benefits (30%) 300 300 300 300 300 300 300 300 750 750 750 750 990 990 990 990 990 990 990 990 990 990 990 990 5,400 10,080
Employee benefits (25%) 0 0 338 338 488 538 750 750 950 950 950 950 963 963 963 1,213 1,213 1,338 1,450 1,563 1,675 1,675 1,788 1,788 0 7,000 11,725
Company car 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 12,000
Office lease 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 48,000
Office equipment lease 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350 3,850 4,200
Insurance 180 180 180 180 180 180 180 180 180 180 180 180 180 180 180 180 180 180 180 180 180 1,620 2,160
Supplies 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 7,000 12,000
Miscellaneous 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 7,000 24,000
Other Expenses 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 14,000 36,000
Myanmar Overhead Subtotal 5,300 5,650 5,988 6,168 6,318 10,368 10,580 10,580 11,230 11,230 11,230 11,230 11,483 11,483 11,483 11,733 11,733 11,858 11,970 12,083 12,195 12,195 12,308 12,308 105,870 160,165

Myanmar SG&A ($ mil.) $ 0.01 M $ 0.01 M $ 0.01 M $ 0.01 M $ 0.01 M $ 0.01 M $ 0.01 M $ 0.01 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.02 M $ 0.15 M $ 0.24 M

SG&A ($ mil.) $ 0.17 M $ 0.17 M $ 0.18 M $ 0.18 M $ 0.18 M $ 0.19 M $ 0.17 M $ 0.21 M $ 0.22 M $ 0.22 M $ 0.22 M $ 0.22 M $ 0.22 M $ 0.22 M $ 0.23 M $ 0.23 M $ 0.23 M $ 0.23 M $ 0.23 M $ 0.23 M $ 0.23 M $ 0.23 M $ 0.24 M $ 0.24 M $ 1.77 M $ 2.13 M

376698715.xls 10 SG&A
376698715.xls 11 SG&A
CAMPANA GROUP PTE.LTD -- P&L STATEMENT

Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

in USD Millions 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total

Telecom revenue - - - 8.8 28.4 53.4 86.1 91.7 113.6 130.4 146.3 166.8 194.1 234.0 244.3 248.6 248.6 244.2 229.5 209.8 192.0 177.7 168.8 160.4 152.4 3,529.7
O&G revenue - - - - - - - - - - - - - - - - - - - - - - - - - -
Other revenue - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL REVENUE - - - 8.8 28.4 53.4 86.1 91.7 113.6 130.4 146.3 166.8 194.1 234.0 244.3 248.6 248.6 244.2 229.5 209.8 192.0 177.7 168.8 160.4 152.4 3,529.7
COST OF SALES
Backhaul Cost - - - 2.5 7.7 13.3 18.9 19.0 20.5 22.8 27.1 34.9 46.3 64.0 79.8 93.6 105.9 115.3 126.3 122.5 115.5 114.2 100.8 82.7 67.7 1,401.6
Sales Commissions - - - 0.6 1.5 2.9 4.6 5.0 6.1 7.0 7.9 9.0 10.5 12.6 13.2 13.4 13.4 13.2 12.4 11.3 10.4 9.6 9.1 8.7 8.2 190.7
MIC Fee - - - - - - - - - - - - - - - - - - - - - - - - - -
License Fee - - - 0.2 0.6 1.1 1.7 1.8 2.3 2.6 2.9 3.3 3.9 4.7 4.9 5.0 5.0 4.9 4.6 4.2 3.8 3.6 3.4 3.2 3.0 70.6
Commercial Tax ( Like a VAT 5% on R - - - 0.4 1.4 2.7 4.3 4.6 5.7 6.5 7.3 8.3 9.7 11.7 12.2 12.4 12.4 12.2 11.5 10.5 9.6 8.9 8.4 8.0 7.6 176.5
TOTAL COST - - - 3.8 11.2 20.0 29.6 30.3 34.6 39.0 45.3 55.6 70.4 93.0 110.1 124.4 136.7 145.6 154.7 148.5 139.3 136.3 121.7 102.6 86.6 1,839.4

GROSS PROFIT - - - 5.0 17.2 33.4 56.5 61.4 79.0 91.4 101.0 111.2 123.7 141.0 134.2 124.2 111.9 98.6 74.7 61.2 52.7 41.5 47.1 57.8 65.7 1,690.4

OPERATING EXPENSES
SG&A 1.8 2.1 3.1 2.7 2.8 2.9 2.9 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 4.1 4.2 4.3 4.4 4.6 4.7 4.9 84.1
Infrastructure 0.2 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.7 11.4
Marine Maint. Contracts 0.3 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 13.1
Terrestrial Myanmar Maint. 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.05 0.8
General Insurance 0.1 0.3 0.5 0.9 0.9 1.1 1.3 1.5 1.7 1.9 2.3 2.4 2.5 2.5 2.4 2.3 2.1 1.9 1.8 1.7 1.6 1.5 35.3
Constructon and Survey Expenses 0.1 0.1
Legal, Debt Placement, Other 0.3 0.5 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2.2
Other Expense (training school) - - - - 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 8.6
Other Expense (4% reserve) - - - - 1.1 2.1 3.4 3.7 4.5 5.2 5.9 6.7 7.8 9.4 9.8 9.9 9.9 9.8 9.2 8.4 7.7 7.1 6.8 6.4 6.1 140.8
TOTAL OPER. EXPENSES - 2.2 2.8 4.1 5.4 6.7 8.5 8.9 10.1 11.1 12.0 13.1 14.6 16.8 17.4 17.8 18.0 17.9 17.3 16.5 15.8 15.2 15.0 14.7 14.5 296.5

EBITDA - (2.2) (2.8) 0.9 11.8 26.7 48.0 52.5 68.9 80.3 89.0 98.1 109.1 124.2 116.7 106.4 93.9 80.7 57.4 44.7 36.9 26.2 32.1 43.0 51.2 1,393.8
Depreciaton Expense - - 2.5 2.8 2.8 2.8 2.8 2.9 2.9 2.9 2.9 2.9 2.9 2.9 3.0 3.0 3.1 3.1 3.1 3.2 3.3 3.3 3.5 4.0 66.6

EBIT - (2.2) (2.8) (1.6) 8.9 23.9 45.2 49.6 66.0 77.5 86.2 95.2 106.2 121.3 113.8 103.4 90.9 77.6 54.3 41.6 33.7 23.0 28.8 39.5 47.2 1,327.2
Interest Expense (Income) - - 0.1 2.7 3.1 2.8 2.3 1.7 1.0 0.3 - - - - - - - - - - - - - - - 13.9

EBT - (2.2) (3.0) (4.3) 5.8 21.1 42.9 48.0 65.1 77.2 86.2 95.2 106.2 121.3 113.8 103.4 90.9 77.6 54.3 41.6 33.7 23.0 28.8 39.5 47.2 1,313.3
TOTAL Tax Expense - - - - - - - - 11.1 13.1 14.6 16.2 18.0 20.6 19.3 17.6 15.5 13.2 9.2 7.1 5.7 3.9 4.9 6.7 8.0 204.8
NET INCOME AFTER TAX - (2.2) (3.0) (4.3) 5.8 21.1 42.9 48.0 54.0 64.0 71.5 79.0 88.1 100.7 94.5 85.8 75.5 64.4 45.1 34.5 28.0 19.1 23.9 32.8 39.2 1,108.5

Gross margin Tax


57.1% 60.5% 62.6% 65.6% 66.9% 69.5% 70.1% 69.1% 66.7% 63.7% 60.2% 54.9% 50.0% 45.0% 40.4% 32.6% 29.2% 27.4% 23.3% 27.9% 36.0% 43.1% 47.9%
EBITDA margin Exem
10.7% 41.4% 50.0% 55.8% 57.2% 60.6% 61.6% 60.9% 58.8% 56.2% 53.1% 47.8% 42.8% 37.8% 33.0% 25.0% 21.3% 19.2% 14.8% 19.0% 26.8% 33.6% 39.5%
EBIT margin pton 31.4% 44.7% 52.5% 54.1% 58.1% 59.4% 58.9% 57.1% 54.7% 51.8% 46.6% 41.6% 36.6% 31.8% 23.7% 19.8% 17.5% 12.9% 17.1% 24.7% 31.0% 37.6%
SG&A/Revenue Perio
35.1% 9.5% 5.2% 3.3% 3.2% 2.7% 2.4% 2.2% 2.0% 1.8% 1.5% 1.5% 1.5% 1.5% 1.6% 1.8% 2.0% 2.2% 2.5% 2.7% 2.9% 3.2% 2.4%
Net profit margin d 20.4% 39.5% 49.8% 52.3% 47.5% 49.1% 48.9% 47.4% 45.4% 43.0% 38.7% 34.5% 30.4% 26.4% 19.7% 16.5% 14.6% 10.7% 14.2% 20.5% 25.7% 31.4%

TAX CALCULATIONS
NOL Created 0.00 (2.2) (3.0) (4.3) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (9.4)
EBT after NOL 0.00 0.00 0.00 0.00 0.0 17.5 42.9 48.0 65.1 77.2 86.2 95.2 106.2 121.3 113.8 103.4 90.9 77.6 54.3 41.6 33.7 23.0 28.8 39.5 47.2
NOL Balance 0.00 (2.2) (5.1) (9.4) (3.6) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tax Rate @ 17% in Singapore 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%
Tax Expense 0.00 0.00 0.00 0.00 0.00 0.0 0.0 0.0 11.1 13.1 14.6 16.2 18.0 20.6 19.3 17.6 15.5 13.2 9.2 7.1 5.7 3.9 4.9 6.7 8.0

376698715.xls 12 P&L
CAMPANA GROUP PTE.LTD -- P&L STATEMENT 0.5

Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

in USD Millions 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total

TOTAL REVENUE - - - 3.5 11.4 21.4 34.4 36.7 45.4 52.2 58.5 66.7 77.6 93.6 97.7 99.4 99.4 97.7 91.8 83.9 76.8 71.1 67.5 64.2 60.9 1,411.9

COST OF SALES
Backhaul Cost - - - 1.8 5.4 9.3 13.2 13.3 14.4 16.0 19.0 24.4 32.4 44.8 55.9 65.5 63.5 57.7 50.5 49.0 46.2 45.7 40.3 33.1 27.1 728.5
Sales Commissions - - - 0.2 0.6 1.2 1.9 2.0 2.5 2.8 3.2 3.6 4.2 5.1 5.3 5.4 5.4 5.3 5.0 4.5 4.1 3.8 3.6 3.5 3.3 76.3
MIC Fee - - - - - - - - - - - - - - - - - - - - - - - - - -
License Fee - - - - - - - - - - - - - - - - - - - - - - - - - ### -
Commercial Tax - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL COS - - - 2.0 6.0 10.5 15.1 15.2 16.8 18.8 22.2 28.0 36.6 49.9 61.1 70.9 68.9 62.9 55.5 53.5 50.3 49.5 44.0 36.6 30.4 804.8

GROSS PROFIT - - - 1.5 5.4 10.9 19.3 21.4 28.6 33.3 36.4 38.7 41.0 43.7 36.6 28.6 30.5 34.7 36.3 30.4 26.4 21.6 23.6 27.6 30.6 607.1

OPERATING EXPENSES
SG&A 1.6 1.9 2.8 2.4 2.5 2.5 2.6 2.7 2.8 2.9 3.0 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 4.0 4.1 4.2 4.3 75.1
Infrastructure 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6
Marine Maint. Contracts 0.3 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 13.1
Terrestrial Myanmar Maint. - - - - - - - - - - - - - - - - - - - - - - -
General Insurance 0.1 0.3 0.5 0.9 0.9 1.1 1.3 1.5 1.7 1.9 2.3 2.4 2.5 2.5 2.4 2.3 2.1 1.9 1.8 1.7 1.6 1.5 35.3
Constructon and Survey Expenses 0.1 0.3 0.4
Legal, Debt Placement, Other 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2.0
TOTAL OPER. EXPENSES - 2.0 2.4 3.3 3.3 3.6 4.0 4.2 4.5 4.7 5.0 5.3 5.7 6.2 6.4 6.5 6.6 6.7 6.7 6.6 6.5 6.5 6.6 6.6 6.7 126.4

EBITDA - (2.0) (2.4) (1.8) 2.1 7.3 15.3 17.3 24.2 28.6 31.4 33.4 35.4 37.6 30.2 22.0 23.9 28.0 29.7 23.8 19.9 15.0 17.0 21.0 23.9 480.7

Depreciaton Expense - - 2.0 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.4 2.4 2.5 2.5 2.6 2.6 2.7 2.8 3.2 53.3

EBIT - (2.0) (2.4) (3.8) (0.2) 5.0 13.1 15.0 21.9 26.3 29.1 31.1 33.0 35.2 27.9 19.7 21.5 25.6 27.2 21.3 17.3 12.4 14.3 18.2 20.7 427.4

Interest Expense (Income) - - 0.1 2.0 2.3 2.1 1.7 1.2 0.7 0.2 - - - - - - - - - - - - - - - 10.4

Other Expense (training school) - - - - 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 8.6
Other Expense (4% reserve) - - - - 0.5 0.9 1.4 1.5 1.8 2.1 2.3 2.7 3.1 3.7 3.9 4.0 4.0 3.9 3.7 3.4 3.1 2.8 2.7 2.6 2.4 56.3

EBT - (2.0) (2.5) (5.9) (3.3) 1.8 9.7 12.0 19.0 23.7 26.4 28.1 29.6 31.1 23.5 15.3 17.1 21.2 23.1 17.4 13.8 9.1 11.1 15.1 17.7 352.0

Tax Expense - - - - - - - 2.4 4.8 5.9 6.6 7.0 7.4 7.8 5.9 3.8 4.3 5.3 5.8 4.4 3.4 2.3 2.8 3.8 4.4 88.0

NET INCOME - (2.0) (2.5) (5.9) (3.3) 1.8 9.7 9.5 14.3 17.8 19.8 21.0 22.2 23.3 17.7 11.4 12.8 15.9 17.3 13.1 10.3 6.8 8.3 11.3 13.3 264.0

Gross margin 42.4% 47.2% 50.9% 56.2% 58.4% 63.0% 63.9% 62.1% 58.0% 52.8% 46.7% 37.4% 28.7% 30.7% 35.6% 39.6% 36.2% 34.4% 30.3% 34.9% 43.0% 50.1% 43.0%
EBITDA margin 18.1% 34.0% 44.5% 47.1% 53.2% 54.9% 53.6% 50.1% 45.6% 40.2% 30.9% 22.2% 24.0% 28.7% 32.3% 28.3% 25.9% 21.1% 25.2% 32.7% 39.2% 34.0%
EBIT margin 23.4% 37.9% 40.9% 48.1% 50.5% 49.7% 46.6% 42.6% 37.7% 28.5% 19.8% 21.6% 26.2% 29.6% 25.3% 22.6% 17.5% 21.2% 28.3% 34.0% 30.3%
SG&A/Revenue 79.8% 21.1% 11.6% 7.4% 7.1% 5.9% 5.3% 4.9% 4.4% 3.9% 3.3% 3.3% 3.3% 3.4% 3.6% 4.0% 4.5% 5.0% 5.6% 6.0% 6.6% 7.1% 5.3%
Net profit margin 8.3% 28.1% 26.0% 31.4% 34.1% 33.8% 31.5% 28.6% 24.9% 18.1% 11.5% 12.9% 16.3% 18.8% 15.6% 13.5% 9.6% 12.3% 17.6% 21.8% 18.7%

376698715.xls 13 P & L (SG)


CAMPANA MYTHIC COMPANY LIMITED -- P&L STATEMENT

Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

in USD Millions 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total

TOTAL REVENUE - - - 5.3 17.0 32.0 51.7 55.0 68.2 78.2 87.8 100.1 116.5 140.4 146.6 149.2 149.2 146.5 137.7 125.9 115.2 106.6 101.3 96.2 91.4 2,117.8

COST OF SALES
Backhaul Cost - - - 0.8 2.3 4.0 5.7 5.7 6.2 6.9 8.1 10.5 13.9 19.2 23.9 28.1 42.4 57.7 75.8 73.5 69.3 68.5 60.5 49.6 40.6 673.0
Sales Commissions - - - 0.4 0.9 1.7 2.8 3.0 3.7 4.2 4.7 5.4 6.3 7.6 7.9 8.1 8.1 7.9 7.4 6.8 6.2 5.8 5.5 5.2 4.9 114.4
MIC Fee - - - - - - - - - - - - - - - - - - - - - - - - - -
License Fee - - - 0.1 0.3 0.6 1.0 1.1 1.4 1.6 1.8 2.0 2.3 2.8 2.9 3.0 3.0 2.9 2.8 2.5 2.3 2.1 2.0 1.9 1.8 42.4
Commercial Tax - - - - - - - - 3.4 3.9 4.4 5.0 5.8 7.0 7.3 7.5 7.5 7.3 6.9 6.3 5.8 5.3 5.1 4.8 4.6 97.8
TOTAL COS - - - 1.2 3.6 6.4 9.5 9.8 14.6 16.6 19.0 22.9 28.3 36.6 42.1 46.6 60.8 75.8 92.8 89.1 83.6 81.8 73.0 61.6 52.0 927.7

GROSS PROFIT - - - 4.0 13.5 25.7 42.2 45.3 53.5 61.7 68.8 77.2 88.1 103.8 104.5 102.6 88.3 70.7 44.8 36.7 31.6 24.9 28.3 34.7 39.4 1,190.2

OPERATING EXPENSES
SG&A 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 9.0
Infrastructure 0.2 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 10.9
Marine Maint. Contracts - - - - - - - - - - - - - - - - - - - - - - -
Terrestrial Myanmar Maint. 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.05 0.8
General Insurance - - - - - - - - - - - - - - - - - - - - - - - - -
Constructon and Survey Expenses - - - - - - - - - - - - - - - - - - - - - - - - -
Legal, Debt Placement, Other - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL OPER. EXPENSES - 0.2 0.5 0.8 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.1 1.1 1.1 1.2 1.2 20.6

EBITDA - (0.2) (0.5) 3.3 12.8 25.0 41.4 44.5 52.8 60.9 67.9 76.4 87.3 102.9 103.6 101.7 87.4 69.7 43.8 35.7 30.5 23.8 27.1 33.5 38.2 1,169.5

Depreciaton Expense - - 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.8 13.3

EBIT - (0.2) (0.5) 2.8 12.2 24.4 40.9 44.0 52.2 60.3 67.4 75.8 86.7 102.3 103.0 101.1 86.8 69.1 43.2 35.1 29.9 23.1 26.5 32.8 37.4 1,156.2

Interest Expense (Income) - - 0.0 0.7 0.8 0.7 0.6 0.4 0.2 0.1 - - - - - - - - - - - - - - - 3.5

Other Expense (training school) - - - - 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 8.6
Other Expense (4% reserve) - - - - 0.7 1.3 2.1 2.2 2.7 3.1 3.5 4.0 4.7 5.6 5.9 6.0 6.0 5.9 5.5 5.0 4.6 4.3 4.1 3.8 3.7 84.5

EBT - (0.2) (0.5) 2.1 10.5 22.1 37.9 41.0 48.9 56.8 63.5 71.4 81.6 96.3 96.7 94.7 80.4 62.8 37.3 29.6 24.8 18.4 21.9 28.4 33.2 1,059.6

Tax Expense - - - 0.4 2.6 5.5 9.5 10.3 12.2 14.2 15.9 17.9 20.4 24.1 24.2 23.7 20.1 15.7 9.3 7.4 6.2 4.6 5.5 7.1 8.3 264.9

NET INCOME - (0.2) (0.5) 1.7 7.8 16.6 28.4 30.8 36.7 42.6 47.6 53.6 61.2 72.2 72.5 71.0 60.3 47.1 27.9 22.2 18.6 13.8 16.4 21.3 24.9 794.7

Gross margin 76.6% 79.0% 80.1% 81.6% 82.3% 78.6% 78.8% 78.3% 77.1% 75.7% 73.9% 71.3% 68.8% 59.2% 48.2% 32.6% 29.2% 27.4% 23.3% 27.9% 36.0% 43.1% 56.2%
EBITDA margin 62.1% 75.1% 77.9% 80.2% 80.9% 77.4% 77.8% 77.4% 76.3% 74.9% 73.3% 70.6% 68.2% 58.6% 47.6% 31.8% 28.4% 26.5% 22.3% 26.8% 34.8% 41.8% 55.2%
EBIT margin 52.5% 71.7% 76.2% 79.1% 79.9% 76.6% 77.1% 76.8% 75.7% 74.4% 72.9% 70.2% 67.8% 58.2% 47.2% 31.4% 27.9% 25.9% 21.7% 26.1% 34.1% 41.0% 54.6%
SG&A/Revenue 5.3% 1.7% 0.9% 0.6% 0.6% 0.5% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.4% 0.4% 0.4% 0.5% 0.5% 0.6% 0.4%
Net profit margin 32.8% 46.0% 51.8% 55.1% 55.9% 53.8% 54.4% 54.3% 53.5% 52.6% 51.5% 49.5% 47.6% 40.4% 32.1% 20.3% 17.6% 16.1% 12.9% 16.2% 22.2% 27.3% 37.5%

TAX CALCULATIONS
NOL Created 0.00 (0.15) (0.50) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.7)
EBT after NOL 0.00 0.00 0.00 1.44 10.47 22.12 37.92 41.01 48.92 56.78 63.50 71.42 81.65 96.32 96.69 94.68 80.36 62.79 37.26 29.58 24.79 18.36 21.90 28.42 33.24
NOL Balance 0.00 (0.15) (0.65) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tax Rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0%
Tax Expense 0.00 0.00 0.00 0.36 2.62 5.53 9.48 10.25 12.23 14.19 15.88 17.85 20.41 24.08 24.17 23.67 20.09 15.70 9.31 7.39 6.20 4.59 5.48 7.10 8.31

376698715.xls 14 P & L (MM)


Pays for service rendered on
behalf. Attracts 3.5%
Provide service withholding tax.

Campana MYTHIC
Co Ltd (Myanmar) 3

4
2

Make pay
Make payment

Tax Saving o
applied (25%
Provide service
tax managem
1
(17%) ---> U
project tme
Customers

Process Flow

1 IRU services, Telecom Revenues

2 Payment made by local(Myanmar) customers to Mythic, this is to be recorded at

3 Technological and advisory services provided by Singapore Group to Mythics

4 Payment made by Mythic to Campana Singapore , with subject to 3.5% whthhold

4 Pay Group Tax @ 17% due to DTA


Pays 17% income tax less 3.5%
withholding tax

Campana Group 5
Pte Ltd IRAS
(Singapore)

Make payment

Make payment

Tax Saving on previous tax rate


applied (25%) and under this new
tax management tax rate applied
(17%) ---> USD 75 M over 24 Years
project tme line

, this is to be recorded at Campana Group Singapore as Revenue

ore Group to Mythics

subject to 3.5% whthholdng Tax


BALANCE SHEET

Year 0 1 2 3 4 5 6 7 8 9

in USD Millions 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

ASSETS 100% 2% 79% 139% 133% 111% 97% 89% 85%

Cash & Equivalents - (0.1) 0.6 20.4 43.8 70.1 106.4 139.3 174.9 222.8
Accounts Receivable - - - 1.4 4.7 8.8 14.2 15.1 18.7 21.4
Inventory - - - - - - - - - -
IGW Bond - - 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
BH IRU Pre-paid Expense - - - 31.4 86.1 132.3 155.4 143.0 130.5 118.1
Other current Asset - - - - 1.1 3.3 6.7 10.4 14.9 20.1
Total Current Asset - (0.1) 1.6 54.3 136.6 215.4 283.6 308.7 340.1 383.4
PP&E - - 55.3 59.9 57.0 54.2 51.5 48.8 46.0 43.4
TOTAL ASSETS - (0.1) 57.0 114.1 193.7 269.6 335.1 357.5 386.1 426.8

LIABILITIES
Short term Debt - - - - - - - - - -
IRU & Pre-sales Pre-payments - - - 49.2 126.8 187.0 215.3 197.6 179.9 162.3
Accounts Payable - - 0.3 0.9 1.6 2.3 2.3 2.7 3.0
Current Porton of Long term Debt - - 1.0 4.5 6.0 6.5 8.0 8.0 6.0 -
Other current liabilites - - - - - - - - - -
Total Current Liabilities - - 1.0 54.0 133.7 195.1 225.6 208.0 188.6 165.3
Long term Debt - - 26.0 34.5 28.5 22.0 14.0 6.0 - -
TOTAL LIABILITIES - - 27.0 88.5 162.2 217.1 239.6 214.0 188.6 165.3
-
Paid-up share capital - 2.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1
Retain Earning - (2.2) (5.1) (9.4) (3.6) 17.5 60.4 108.4 162.4 226.4
SHAREHOLDERS' EQUITY - (0.1) 30.0 25.7 31.5 52.6 95.5 143.5 197.5 261.5
TOTAL Liabilities & SH. EQUITY - (0.1) 57.0 114.1 193.7 269.6 335.1 357.5 386.1 426.8

check - - - - - - - - - -
BALANCE SHEET METRICS
Days Sales Outstanding 60 60 60 60 60 60 60 60 60 60
Inventory Turns (annualized) - - - - - - - - -
Days Payables Outstanding 30 30 30 30 30 30 30 30 30 30
Days in Period 365 365 365 365 365 365 365 365 365 365
10 11 12 13 14 15 16 17 18 19 20 21 22

2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85% 85%

283.7 350.9 425.3 509.2 591.0 664.8 728.7 782.4 820.6 850.4 875.2 892.3 912.7
24.0 27.4 31.9 38.5 40.2 40.9 40.9 40.1 37.7 34.5 31.6 29.2 27.8
- - - - - - - - - - - - -
1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
105.7 93.2 80.8 68.4 56.0 43.5 31.1 18.7 8.5 2.4 0.0 0.0 0.0
26.0 32.7 40.4 49.8 59.6 69.5 79.5 89.2 98.4 106.8 114.5 121.6 128.3
440.4 505.2 579.4 666.9 747.7 819.7 881.2 931.4 966.2 995.1 1,022.2 1,044.0 1,069.8
40.7 38.0 35.4 32.7 30.0 27.4 24.7 21.9 19.1 16.2 13.3 10.3 7.2
481.1 543.2 614.8 699.6 777.7 847.0 905.8 953.3 985.3 1,011.3 1,035.5 1,054.3 1,077.0

- - - - - - - - - - - - -
144.6 126.9 109.2 91.5 73.8 56.1 38.5 20.8 6.9 (1.2) (4.2) (4.2) (4.2)
3.5 4.3 5.5 7.3 8.6 9.8 10.8 11.6 12.3 11.9 11.1 10.9 9.7
- - - - - - - - - - - - -
- - - - - - - - - - - - -
148.1 131.2 114.7 98.8 82.5 66.0 49.3 32.3 19.2 10.7 6.9 6.7 5.5
- - - - - - - - - - - - -
148.1 131.2 114.7 98.8 82.5 66.0 49.3 32.3 19.2 10.7 6.9 6.7 5.5

35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1
298.0 376.9 465.1 565.7 660.2 746.0 821.4 885.9 931.0 965.5 993.5 1,012.5 1,036.4
333.1 412.0 500.2 600.8 695.3 781.1 856.5 921.0 966.1 1,000.6 1,028.6 1,047.6 1,071.5
481.1 543.2 614.8 699.6 777.7 847.0 905.8 953.3 985.3 1,011.3 1,035.5 1,054.3 1,077.0

- - - - - - - - - - - - -

60 60 60 60 60 60 60 60 60 60 60 60 60
- - - - - - - - - - - - -
30 30 30 30 30 30 30 30 30 30 30 30 30
365 365 365 365 365 365 365 365 365 365 365 365 365
23 24

2037 2038 NOTES / COMMENTS

85% 86%

942.2 979.3
26.4 25.0
- -
1.0 1.0
0.0 0.0
134.7 140.8
1,104.3 1,146.2
4.0 0.0
1,108.3 1,146.2

- -
(4.2) (4.2)
8.2 6.9
- -
- -
3.9 2.6
- -
3.9 2.6

35.1 35.1
1,069.3 1,108.5
1,104.4 1,143.6
1,108.3 1,146.2

- - OK

60 60
- -
30 30
365 365
STATEMENT OF CASH FLOWS
Year 1 2

USD' Million 2015 2016 2017 2018

Net Income (2.2) (3.0) (4.3) 5.8


Depreciaton - - 2.5 2.8
IRU & Pre-sales Adjustment - - 49.2 77.7
BH Cost IRU Pre-paid Expense Adj. - - (31.4) (54.7)
Change in A/R - - (1.4) (3.2)
Change in Inventory - - - -
Other current Asset - - - (1.1)
Change in A/P - - 0.3 0.6
Other current liabilites - - - -
IGW Bond - (1.0) - -
CF FROM OPERATIONS (2.2) (4.0) 14.8 27.9
Capitalized Constructon Cost (55.3) (7.1)
Terminal Equipment Upgrades - - - -
CF FROM CAPITAL INVESTMENTS - (55.3) (7.1) -
Equity injecton 2.1 33.0
Long-term debt received 27.0 13.0
Long-term debt repayment - - (1.0) (4.5)
Revolver drawing/(repayment) - - - -
CF FROM FINANCING 2.1 60.0 12.0 (4.5)
NET CASH FLOWS (0.1) 0.7 19.8 23.4
Beginning Cash - (0.1) 0.6 20.4
Ending Cash (0.1) 0.6 20.4 43.8

check - - - -
3 4 5 6 7 8

2019 2020 2021 2022 2023 2024

21.1 42.9 48.0 54.0 64.0 71.5


2.8 2.8 2.8 2.9 2.9 2.9
60.2 28.3 (17.7) (17.7) (17.7) (17.7)
(46.2) (23.1) 12.4 12.4 12.4 12.4
(4.1) (5.4) (0.9) (3.6) (2.8) (2.6)
- - - - - -
(2.1) (3.4) (3.7) (4.5) (5.2) (5.9)
0.7 0.7 0.1 0.3 0.3 0.5
- - - - - -
- - - - - -
32.3 42.9 41.0 43.8 54.0 61.2

- (0.1) (0.1) (0.1) (0.2) (0.2)


- (0.1) (0.1) (0.1) (0.2) (0.2)

(6.0) (6.5) (8.0) (8.0) (6.0) -


- - - - - -
(6.0) (6.5) (8.0) (8.0) (6.0) -
26.3 36.3 32.9 35.7 47.8 61.0
43.8 70.1 106.4 139.3 174.9 222.8
70.1 106.4 139.3 174.9 222.8 283.7

- - - - - -
9 10 11 12 13

2025 2026 2027 2028 2029

79.0 88.1 100.7 94.5 85.8


2.9 2.9 2.9 2.9 3.0
(17.7) (17.7) (17.7) (17.7) (17.7)
12.4 12.4 12.4 12.4 12.4
(3.4) (4.5) (6.6) (1.7) (0.7)
- - - - -
(6.7) (7.8) (9.4) (9.8) (9.9)
0.8 1.2 1.8 1.4 1.2
- - - - -
- - - - -
67.4 74.7 84.2 82.1 74.1

(0.2) (0.3) (0.3) (0.3) (0.3)


(0.2) (0.3) (0.3) (0.3) (0.3)

- - - - -
- - - - -
0 0 0 0 0
67.2 74.4 83.9 81.8 73.8
283.7 350.9 425.3 509.2 591.0
350.9 425.3 509.2 591.0 664.8

- - - - -
14 15 16 17 18

2030 2031 2032 2033 2034

75.5 64.4 45.1 34.5 28.0


3.0 3.1 3.1 3.1 3.2
(17.7) (17.7) (13.9) (8.1) (3.1)
12.4 12.4 10.2 6.1 2.4
- 0.7 2.4 3.2 2.9
- - - - -
(9.9) (9.8) (9.2) (8.4) (7.7)
1.0 0.7 0.8 (0.5) (0.7)
- - - - -
- - - - -
64.3 53.9 38.5 30.1 25.0

(0.3) (0.3) (0.3) (0.3) (0.2)


(0.3) (0.3) (0.3) (0.3) (0.2)

- - - - -
- - - - -
0 0 0 0 0
64.0 53.6 38.2 29.8 24.7
664.8 728.7 782.4 820.6 850.4
728.7 782.4 820.6 850.4 875.2

- - - - -
19 20 21 22

2035 2036 2037 2038

19.1 23.9 32.8 39.2 ok


3.3 3.3 3.5 4.0 ok
- - - - ok
- - - -
2.3 1.5 1.4 1.3
- - - -
(7.1) (6.8) (6.4) (6.1)
(0.2) (1.2) (1.6) (1.3)
- - - -
- - - -
17.3 20.8 29.7 37.1

(0.2) (0.3) (0.2) -


(0.2) (0.3) (0.2) -

- - - -
- - - -
0 0 0 0
17.1 20.5 29.5 37.1
875.2 892.3 912.7 942.2
892.3 912.7 942.2 979.3

- - - - ok
BALANCE SHEET

Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

in USD Millions 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038

ASSETS
Cash & Equivalents - 0.1 1.1 19.3 23.1 41.0 55.1 67.2 84.8 111.4 148.1 187.6 226.6 266.5 316.7 365.7 410.9 452.1 496.7 538.7 577.0 605.6 632.9 663.1 697.4
4% Sales Reserve - - - - - - - - - - - - - - - - - - - - - - - - -
Accounts Receivable - - - 8.8 28.4 53.4 86.1 91.7 113.6 130.4 146.3 166.8 194.1 234.0 244.3 248.6 248.6 244.2 229.5 209.8 192.0 177.7 168.8 160.4 152.4
PP&E - Net - - 55.3 59.9 57.0 54.2 51.5 48.8 46.0 43.4 40.7 38.0 35.4 32.7 30.0 27.4 24.7 21.9 19.1 16.2 13.3 10.3 7.2 4.0 0.0
IGW Bond - - 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
BH IRU Pre-paid Expense - - - 31.4 86.1 132.3 155.4 143.0 130.5 118.1 105.7 93.2 80.8 68.4 56.0 43.5 31.1 18.7 8.5 2.4 0.0
TOTAL ASSETS - 0.1 57.4 120.4 195.6 281.9 349.0 351.6 375.9 404.2 441.7 486.6 537.9 602.6 647.9 686.2 716.2 737.8 754.7 768.1 783.2 794.5 809.9 828.4 850.7

LIABILITIES
Short term Debt
IRU & Pre-sales Pre-payments - - - 49.2 126.8 187.0 215.3 197.6 179.9 162.3 144.6 126.9 109.2 91.5 73.8 56.1 38.5 20.8 6.9 (1.2) (1.1) 0.0 0.0 0.0 0.0
Accounts Payable - 0.2 0.5 6.5 8.8 11.6 14.5 18.1 22.2 26.7 31.8 32.7 29.1 25.3 21.0 16.6 12.0 7.2 9.5 11.5 10.1 10.5 10.9 10.8 10.8
Long term Debt - - 27.0 39.0 34.5 28.5 22.0 14.0 6.0 - - - - - - - - - - - - - - - -
TOTAL LIABILITIES - 0.2 27.5 94.7 170.1 227.1 251.8 229.8 208.2 188.9 176.3 159.6 138.3 116.8 94.9 72.8 50.5 28.0 16.4 10.3 9.0 10.5 10.9 10.8 10.8

SHAREHOLDERS' EQUITY (0.1) 30.0 25.7 31.5 52.6 95.5 143.5 197.5 261.5 333.1 412.0 500.2 600.8 695.3 781.1 856.5 921.0 966.1 1,000.6 1,028.6 1,047.6 1,071.5 1,104.4 1,143.6
Share capital 2.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.1
Retained Earnings (2.2) (5.1) (9.4) (3.6) 17.5 60.4 108.4 162.4 226.4 298.0 376.9 465.1 565.7 660.2 746.0 821.4 885.9 931.0 965.5 993.5 1,012.5 1,036.4 1,069.3 1,108.5

TOTAL LIABILITIES & SH. EQUITY 0.1 57.4 120.4 201.6 279.7 347.3 373.2 405.7 450.5 509.4 571.7 638.4 717.6 790.1 853.8 907.0 949.0 982.5 1,010.9 1,037.6 1,058.2 1,082.4 1,115.2 1,154.4

376698715.xls 25 BAL SHEET


STATEMENT OF CASH FLOWS
Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
USD' Million 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 TOTAL

Net Income - (2.2) (3.0) (4.3) 5.8 21.1 42.9 48.0 54.0 64.0 71.5 79.0 88.1 100.7 94.5 85.8 75.5 64.4 45.1 34.5 28.0 19.1 23.9 32.8 39.2 1,108.5
Depreciaton - - - 2.5 2.8 2.8 2.8 2.8 2.9 2.9 2.9 2.9 2.9 2.9 2.9 3.0 3.0 3.1 3.1 3.1 3.2 3.3 3.3 3.5 4.0 66.6
IRU & Pre-sales Adjustment - - - 49.2 77.7 60.2 28.3 (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (17.7) (13.9) (8.1) (3.1) - - - - (4.2)
BH Cost IRU Pre-paid Expense Adj. - - - (31.4) (54.7) (46.2) (23.1) 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 10.2 6.1 2.4 - - - - -
Change in A/R - - - (8.8) (19.6) (25.0) (32.7) (5.6) (21.9) (16.8) (15.9) (20.5) (27.3) (39.9) (10.3) (4.3) - 4.4 14.7 19.7 17.8 14.3 8.9 8.4 8.0 (152.4)
Change in A/P - 0.2 0.3 6.1 2.3 2.9 2.9 3.6 4.1 4.5 5.1 1.0 (3.7) (3.8) (4.3) (4.4) (4.6) (4.8) 2.3 2.0 (1.4) 0.4 0.3 (0.0) (0.0) 10.8
Share buyback (1.0)
IGW Bond (1.0)
CF FROM OPERATIONS - (2.0) (4.7) 13.2 14.3 15.8 21.2 43.6 33.8 49.3 58.3 57.1 54.8 54.7 77.6 74.8 68.6 61.8 61.5 57.4 46.9 37.0 36.5 44.7 51.1 1,027.3

Capitalized Constructon Cost (55.3) (7.1) (62.4)


Terminal Equipment Upgrades - - - - - - (0.1) (0.1) (0.1) (0.2) (0.2) (0.2) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.2) (0.2) (0.3) (0.2) - (4.2)
CF FROM CAPITAL INVESTMENTS - - (55.3) (7.1) - - (0.1) (0.1) (0.1) (0.2) (0.2) (0.2) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.3) (0.2) (0.2) (0.3) (0.2) - (66.6)

Equity injecton 2.1 34.0 36.1


Long-term debt received - 27.0 13.0 - - - - - - - - - - - - - - - - - - - - - 40.0
Long-term debt repayment - - (1.0) (4.5) (6.0) (6.5) (8.0) (8.0) (6.0) - - (40.0)
Interest paid - (0.1) (2.7) (3.1) (2.8) (2.3) (1.7) (1.0) (0.3) - - - - - - - - - - - - - - - (13.9)
Revolver drawing/(repayment) - - - - - - - - - - - - - - - - - - - - - - - - -
CF FROM FINANCING 2.1 60.9 9.3 (7.6) (8.8) (8.8) (9.7) (9.0) (6.3) - - - - - - - - - - - - - - - 22.2

NET CASH FLOWS - 0.1 0.9 15.4 6.7 7.0 12.3 33.8 24.8 42.8 58.2 56.8 54.5 54.4 77.3 74.5 68.3 61.6 61.2 57.1 46.7 36.7 36.2 44.5 51.1 982.8

Beginning Cash - - 0.1 1.0 16.4 23.1 30.1 42.4 76.1 100.9 143.7 201.9 258.7 313.2 367.6 444.9 519.4 587.7 649.3 710.5 767.6 814.3 851.0 887.2 931.7
Net Cash Flows - 0.1 0.9 15.4 6.7 7.0 12.3 33.8 24.8 42.8 58.2 56.8 54.5 54.4 77.3 74.5 68.3 61.6 61.2 57.1 46.7 36.7 36.2 44.5 51.1
Ending Cash - 0.1 1.0 16.4 23.1 30.1 42.4 76.1 100.9 143.7 201.9 258.7 313.2 367.6 444.9 519.4 587.7 649.3 710.5 767.6 814.3 851.0 887.2 931.7 982.8

TERM LOAN
Beginning balance - - - 27.0 39.0 34.5 28.5 22.0 14.0 6.0 - - - - - - - - - - - - - - -
New loan 27.0 13.0 40.0
Loan Repayment - - - (1.0) (4.5) (6.0) (6.5) (8.0) (8.0) (6.0) (40.0)
Optonal repayment - - - - - - - - - - - - - - - - - - - - - - - - -
Ending Balance - - 27.0 39.0 34.5 28.5 22.0 14.0 6.0 - - - - - - - - - - - - - - - -

Interest rate 8.0% 8.3% 8.5% 8.8% 9.0% 9.3% 9.5% 9.8% 10.0% 10.3% 10.5% 10.8% 11.0% 11.3% 11.5% 11.8% 12.0% 12.3% 12.5% 12.8% 13.0% 13.3% 13.5%
Interest expense - - 0.1 2.7 3.1 2.8 2.3 1.7 1.0 0.3 - - - - - - - - - - - - - - - 13.9
Repayment proportion (%) 2.50% 11.25% 15.00% 16.25% 20.00% 20.00% 15.00%
10.00% 15.00% 15.00% 20.00% 20.00% 20.00%
REVOLVING LINE OF CREDIT 100% 100%
Beginning balance - - - - - - - - - - - - - - - - - - - - - - - - -
Drawings - - - - - - - - - - - - - - - - - - - - - - - - - -
Repayment - - - - - - - - - - - - - - - - - - - - - - - - - -
Ending Balance - - - - - - - - - - - - - - - - - - - - - - - - -

Interest rate 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
Interest expense - - - - - - - - - - - - - - - - - - - - - - - - - -

376698715.xls 26 Repay & Depre


CAMPANA GROUP PTE. LTD. -- 2016 MONTHLY CASH FLOWS PROJECTION
(all figures in USD)

Item Category Activity Supplier


Cashflow In OPENING BALANCE
1 Equity A1 LAH
2 EquityA2 GGG
3 Equity B New strategic investor(s)
4 Debt Draw-downs

TOTAL CASH INFLOWS

Cashflow Out
Project P1 Phase 1 down payment to ASN to begin project mgmt, ASN
1 permitting, & surveys BM0a
Project P1 ASN notficaton that procurement of Long Lead Time ASN
2 Items has started (not before CIF + 2 mos.) BM1
Project P1 Project management & quality plan submitted & ASN
3 approved by the Purchaser BM2
4 Project P1 System Design review completed BM3 ASN
5 Project P1 Final Route Survey approved by Campana BM4 ASN
6 Project P2 Phase 2 down payment BM0b
7 Project P2 Phase 2 Escrow
Project P2
BU upgrade and extra shore-ends + MYTHIC optons
8
9 Project P2 Cable and equipment manufacturing BM5-BM8
10 Project P2 Repeaters BM9-BM10
11 Project P2 Branching Units BM11
12 Project P2 TSE BM12-BM13
13 Project P2 System Assembly and Test BM14
14 Project P2 Marine and Land Cable Installaton BM15
15 Project P2 Provisional Acceptance BM16
16 Project P2 Final Acceptance BM17
17 Project Myanmar Constructon contngency
18 Project Myanmar Fronthaul contract TBD
19 Project Myanmar CLS construciton & BMH TBD
Project Myanmar Constr. of terr. fiber backhaul (Myanmar) + NOC +
20 Equip.
21 Project Myanmar PoP colocaton huts + Equip
22 Operatonal Internatonal Gateway Bond
23 Operatonal Downpayment of capacity purchase
24 Operatonal Campana Group + Campana MYTHIC
25 Operatonal Singapore office setup costs (inlcudes secondary NOC)
26 Operatonal Monthly interest payments for loan
27 Operatonal Legal fees
28 Operatonal Maintanence contracts + general insurance
29 Operatonal Share buyback

ASN CASH OUTFLOWS


TOTAL PROJECT CASH OUTFLOWS
TOTAL CASH OUTFLOWS
NET CASHFLOW
ENDING BALANCE
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16
10,000 350,000 2,820,000
2,000,000 2,000,000 2,000,000
2,000,000 2,000,000 2,000,000

4,000,000 4,000,000 4,000,000

3,500,000

2,100,000

500,000
600,000

100,000 100,000 100,000 160,000 180,000 200,000


250,000

100,000
1,000,000

- - - 3,500,000 - 2,100,000
0 0 0 3,500,000 0 3,200,000
100,000 100,000 100,000 3,660,000 1,530,000 3,400,000
(100,000) (100,000) (100,000) 340,000 2,470,000 600,000
(100,000) (100,000) (100,000) 350,000 2,820,000 3,420,000
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16
3,420,000 5,100,000 7,850,000 1,983,493 11,643,493 466,493

2,000,000
20,000,000
15,000,000 12,000,000

2,000,000 20,000,000 - 15,000,000 - 12,000,000

50,000

50,000
100,000
7,780,000
8,000,000 2,000,000 22,060

4,346,507

3,816,000 4,016,000 3,616,000


3,616,000 904,000
1,356,000
904,000

4,000,000
200,000 250,000 250,000 250,000 700,000
1,000,000 1,000,000 400,000

1,000,000

220,000 220,000 220,000 220,000 220,000 220,000

50,000 50,000 70,000


50,000 50,000 25,000
50,000 15,830,000 4,346,507 4,820,000 9,632,000 5,898,060
50,000 16,030,000 5,596,507 5,070,000 10,882,000 10,998,060
320,000 17,250,000 5,866,507 5,340,000 11,177,000 11,288,060
1,680,000 2,750,000 (5,866,507) 9,660,000 (11,177,000) 711,940
5,100,000 7,850,000 1,983,493 11,643,493 466,493 1,178,433
Provisional Acceptance
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
1,178,433 2,806,433 996,433 4,626,433 2,756,433 5,311,433

6,000,000 4,000,000 3,000,000

6,000,000 - 4,000,000 - 3,000,000 -

452,000

2,260,000
2,260,000
2,338,060
3,164,000

1,350,000

1,000,000 1,000,000
500,000 500,000

3,000,000
220,000 220,000 220,000 220,000 220,000 220,000

90,000 90,000 150,000 150,000 150,000 150,000


75,000
2,712,000 - - - - -
4,062,000 1,500,000 0 1,500,000 0 0
4,372,000 1,810,000 370,000 1,870,000 445,000 3,370,000
1,628,000 (1,810,000) 3,630,000 (1,870,000) 2,555,000 (3,370,000)
2,806,433 996,433 4,626,433 2,756,433 5,311,433 1,941,433

2,260,000
Provisional Acceptance
Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
1,941,433 1,499,433 - - - -

- - - - - -

2,260,000

220,000

150,000

72,000
- - - - - -
0
442,000
(442,000)
1,499,433
Jan-18
-
6,000,000
8,000,000
20,000,000
40,000,000

- 74,000,000

3,500,000

2,100,000

50,000

50,000
100,000
7,780,000
10,022,060

4,346,507

11,900,000
4,520,000
1,356,000
904,000
2,260,000
-
-
-
4,000,000
3,500,000
3,000,000

2,000,000

1,000,000
1,000,000
3,000,000
3,700,000
250,000
1,100,000
300,000
72,000
1,000,000

48,888,567
62,388,567
72,810,567
INFRASTRUCTURE

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 TOTAL

MYANMAR
BMH land lease 4,800 4,896 4,994 5,094 5,196 5,300 5,406 5,514 5,624 5,736 5,851 5,968 6,088 6,209 6,333 6,460 6,589 6,721 6,856 6,993 7,133 7,275 7,421 138,456
CLS Land lease 24,000 24,480 24,970 25,469 25,978 26,498 27,028 27,568 28,120 28,682 29,256 29,841 30,438 31,047 31,667 32,301 32,947 33,606 34,278 34,963 35,663 36,376 37,104 692,279
Utlites 20,000 20,400 20,808 21,224 21,649 22,082 22,523 22,974 23,433 23,902 24,380 24,867 25,365 25,872 26,390 26,917 27,456 28,005 28,565 29,136 29,719 30,313 30,920 576,899
Taxes and Fees 4,880 4,978 5,077 5,179 5,282 5,388 5,496 5,606 5,718 5,832 5,949 6,068 6,189 6,313 6,439 6,568 6,699 6,833 6,970 7,109 7,251 7,396 7,544 140,763
NOC 100,000 250,000 150,000 154,500 159,135 163,909 168,826 173,891 179,108 184,481 190,016 195,716 201,587 207,635 213,864 220,280 226,888 233,695 240,706 247,927 255,365 263,026 270,917 4,651,473
Secondary PoP 75,000 150,000 154,500 159,135 163,909 168,826 173,891 179,108 184,481 190,016 195,716 201,587 207,635 213,864 220,280 226,888 233,695 240,706 247,927 255,365 263,026 270,917 279,044 4,655,517

THAILAND
CLS lease and duct - - - - - - - - - - - - - - - - - - - - - - - -
Utlites 20,000 20,400 20,808 21,224 21,649 22,082 22,523 22,974 23,433 23,902 24,380 24,867 25,365 25,872 26,390 26,917 27,456 28,005 28,565 29,136 29,719 30,313 30,920 576,899

INFRASTR. EXP. TOT. - 248,680 475,154 381,157 391,825 402,798 414,084 425,693 437,634 449,917 462,551 475,547 488,915 502,667 516,812 531,363 546,332 561,730 577,571 593,866 610,630 627,875 645,617 663,869 11,432,287

TERMINAL EQUIPMENT UPGRADES

MYTHIC Cum. Mkt. Share (GBPS) - - - - - - - - - - - - - - - - - - - - - - -


Mkt Sh Adj For Mobile User Growth - - - - - - - - - - - - - - - - - - - - - - -
Lit Capacity 300 300 300 300 500 700 900 1,300 1,700 2,300 3,100 3,900 4,900 6,100 7,500 8,900 10,500 12,100 13,700 15,500 17,900 20,000 20,000
Utlisaton of Lit Capacity 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Upgrade - - - 200 200 200 400 400 600 800 800 1,000 1,200 1,400 1,400 1,600 1,600 1,600 1,800 2,400 2,100 -
Equivalent number of 100G line card pairs required - - - 2 2 2 4 4 6 8 8 10 12 14 14 16 16 16 18 24 21 -
Cost of 100G line card pair (US$) 100,000 90,000 81,000 72,900 65,610 59,049 53,144 47,830 43,047 38,742 34,868 31,381 28,243 25,419 22,877 20,589 18,530 16,677 15,009 13,509 12,158 10,942 9,848
Upgrade Capex (US $ Mil.) - - - - 0.131 0.118 0.106 0.191 0.172 0.232 0.279 0.251 0.282 0.305 0.320 0.288 0.296 0.267 0.240 0.243 0.292 0.230 -

376698715.xls 39 CAPEX _INFRA & UPGRADES