Financial Model - Template

Y1 Y1 Y1 Y1 Y1 Y1
Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23

Acquiring Banks
Revenue
Setup Revenue - - - - - 2,000
MDR Revenue - - - - - 600
Total Revenue - - - - - 2,600
Operating Expenses
Fees from Card Scheme Membershi 30,000 30,000 30,000 30,000 30,000 30,000
Technology Infrastructure Related E 15,000 15,000 15,000 15,000 15,000 15,000
Employee Compensation and benefit 68,500 68,500 68,500 68,500 68,500 68,500
Total Marketing Expenses - - - - - 1,560
Other General & Admin Expenses 30,000 30,000 30,000 30,000 30,000 30,000
Total Operating Cost 143,500 143,500 143,500 143,500 143,500 145,060
EBITDA (143,500) (143,500) (143,500) (143,500) (143,500) (142,460)
Depreciation & Amortization
EBIT (143,500) (143,500) (143,500) (143,500) (143,500) (142,460)
Interest Cost
EBT (143,500) (143,500) (143,500) (143,500) (143,500) (142,460)

Y1 Y1 Y1 Y1 Y1 Y1 Y2 Y2 Y2
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
2,000 2,000 2,000 2,000 2,000 2,000 2,250 2,250 2,250

1,200 1,800 2,400 3,000 3,600 4,200 5,600 6,300 7,000
3,200 3,800 4,400 5,000 5,600 6,200 7,850 8,550 9,250
30,000 30,000 30,000 30,000 30,000 30,000 35,000 35,000 35,000

15,000 15,000 15,000 15,000 15,000 15,000 20,000 20,000 20,000
68,500 68,500 68,500 68,500 68,500 68,500 75,350 75,350 75,350
1,920 2,280 2,640 3,000 3,360 3,720 4,318 4,703 5,088
30,000 30,000 30,000 30,000 30,000 30,000 35,000 35,000 35,000
145,420 145,780 146,140 146,500 146,860 147,220 169,668 170,053 170,438
(142,220) (141,980) (141,740) (141,500) (141,260) (141,020) (161,818) (161,503) (161,188)
(142,220) (141,980) (141,740) (141,500) (141,260) (141,020) (161,818) (161,503) (161,188)
(142,220) (141,980) (141,740) (141,500) (141,260) (141,020) (161,818) (161,503) (161,188)

Y2 Y2 Y2 Y2 Y2 Y2 Y2 Y2 Y2
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500

8,400 9,800 11,200 12,600 14,000 15,400 16,800 18,200 19,600
12,900 14,300 15,700 17,100 18,500 19,900 21,300 22,700 24,100
35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000

20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
75,350 75,350 75,350 75,350 75,350 75,350 75,350 75,350 75,350
7,095 7,865 8,635 9,405 10,175 10,945 11,715 12,485 13,255
35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
172,445 173,215 173,985 174,755 175,525 176,295 177,065 177,835 178,605
(159,545) (158,915) (158,285) (157,655) (157,025) (156,395) (155,765) (155,135) (154,505)
(159,545) (158,915) (158,285) (157,655) (157,025) (156,395) (155,765) (155,135) (154,505)
(159,545) (158,915) (158,285) (157,655) (157,025) (156,395) (155,765) (155,135) (154,505)

Y3 Y3 Y3 Y3 Y3 Y3 Y3 Y3 Y3
Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25
5,000 5,000 5,000 7,500 7,500 7,500 7,500 7,500 7,500

30,000 32,000 34,000 37,000 40,000 43,000 46,000 49,000 52,000
35,000 37,000 39,000 44,500 47,500 50,500 53,500 56,500 59,500
40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000

25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
82,885 82,885 82,885 82,885 82,885 82,885 82,885 82,885 82,885
15,750 16,650 17,550 20,025 21,375 22,725 24,075 25,425 26,775
40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000
203,635 204,535 205,435 207,910 209,260 210,610 211,960 213,310 214,660
(168,635) (167,535) (166,435) (163,410) (161,760) (160,110) (158,460) (156,810) (155,160)
(168,635) (167,535) (166,435) (163,410) (161,760) (160,110) (158,460) (156,810) (155,160)
(168,635) (167,535) (166,435) (163,410) (161,760) (160,110) (158,460) (156,810) (155,160)

Y3 Y3 Y3 Y4 Y4 Y4 Y4 Y4 Y4
Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26
7,500 7,500 7,500 7,500 7,500 7,500 10,000 10,000 10,000

55,000 58,000 61,000 83,200 87,100 91,000 96,200 101,400 106,600
62,500 65,500 68,500 90,700 94,600 98,500 106,200 111,400 116,600
40,000 40,000 40,000 45,000 45,000 45,000 45,000 45,000 45,000

25,000 25,000 25,000 30,000 30,000 30,000 30,000 30,000 30,000
82,885 82,885 82,885 91,174 91,174 91,174 91,174 91,174 91,174
28,125 29,475 30,825 36,280 37,840 39,400 42,480 44,560 46,640
40,000 40,000 40,000 45,000 45,000 45,000 45,000 45,000 45,000
216,010 217,360 218,710 247,454 249,014 250,574 253,654 255,734 257,814
(153,510) (151,860) (150,210) (156,754) (154,414) (152,074) (147,454) (144,334) (141,214)
(153,510) (151,860) (150,210) (156,754) (154,414) (152,074) (147,454) (144,334) (141,214)
(153,510) (151,860) (150,210) (156,754) (154,414) (152,074) (147,454) (144,334) (141,214)

Y4 Y4 Y4 Y4 Y4 Y4 Y5 Y5 Y5
Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27
10,000 10,000 10,000 10,000 10,000 10,000 11,000 11,000 11,000

106,600 106,600 106,600 106,600 106,600 106,600 114,800 114,800 114,800
116,600 116,600 116,600 116,600 116,600 116,600 125,800 125,800 125,800
45,000 45,000 45,000 45,000 45,000 45,000 50,000 50,000 50,000

30,000 30,000 30,000 30,000 30,000 30,000 35,000 35,000 35,000
91,174 91,174 91,174 91,174 91,174 91,174 100,291 100,291 100,291
46,640 46,640 46,640 46,640 46,640 46,640 44,030 44,030 44,030
45,000 45,000 45,000 45,000 45,000 45,000 50,000 50,000 50,000
257,814 257,814 257,814 257,814 257,814 257,814 279,321 279,321 279,321
(141,214) (141,214) (141,214) (141,214) (141,214) (141,214) (153,521) (153,521) (153,521)
(141,214) (141,214) (141,214) (141,214) (141,214) (141,214) (153,521) (153,521) (153,521)
(141,214) (141,214) (141,214) (141,214) (141,214) (141,214) (153,521) (153,521) (153,521)

Y5 Y5 Y5 Y5 Y5 Y5 Y5 Y5 Y5
Apr-27 May-27 Jun-27 Jul-27 Aug-27 Sep-27 Oct-27 Nov-27 Dec-27
11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000

114,800 114,800 114,800 114,800 114,800 114,800 114,800 114,800 114,800
125,800 125,800 125,800 125,800 125,800 125,800 125,800 125,800 125,800
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000

35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
100,291 100,291 100,291 100,291 100,291 100,291 100,291 100,291 100,291
44,030 44,030 44,030 44,030 44,030 44,030 44,030 44,030 44,030
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
279,321 279,321 279,321 279,321 279,321 279,321 279,321 279,321 279,321
(153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521)
(153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521)
(153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521)

(Values in USD) 2023 2024 2025 2026 2027
Y1 Y2 Y3 Y4 Y5
Setup and Licensing Fee 14,000 47,250 82,500 112,500 132,000

Monthly Fee 16,800 144,900 537,000 1,205,100 1,377,600
Total Revenue 30,800 192,150 619,500 1,317,600 1,509,600
523.9% 222.4% 112.7% 14.6%
Operating Expenses
Fees from Card Scheme Membership 360,000 420,000 480,000 540,000 600,000
Technology Infrastructure Related Expenses 180,000 240,000 300,000 360,000 420,000
Employee Compensation and benefits 822,000 904,200 994,620 1,094,082 1,203,490
Total Marketing Expenses 18,480 105,683 278,775 527,040 528,360
Other General & Admin Expenses 360,000 420,000 480,000 540,000 600,000
Total Operating Cost 1,740,480 2,089,883 2,533,395 3,061,122 3,351,850
EBITDA (1,709,680) (1,897,733) (1,913,895) (1,743,522) (1,842,250)
Depreciation & Amortization - - - - -
EBIT (1,709,680) (1,897,733) (1,913,895) (1,743,522) (1,842,250)

EBIT% -5550.9% -987.6% -308.9% -132.3% -122.0%
Interest - - - - -
PBT (1,709,680) (1,897,733) (1,913,895) (1,743,522) (1,842,250)
Corporate Tax - - - - -
PAT (1,709,680) (1,897,733) (1,913,895) (1,743,522) (1,842,250)

PAT% -5550.9% -987.6% -308.9% -132.3% -122.0%
Values in USD Jan-23 Feb-23 Mar-23
Acquiring Banks
No. of Merchants Acquisition
Opening Balance - - -
Additions - - -
Churn
Closing Balance of Merchants - - -
% Merchants
Payment Link 25% 25% 25%
QR Code 25% 25% 25%
API Platform 25% 25% 25%
Payment Page 25% 25% 25%
Product Line
Payment Link
Additions - - -
Churn - - -
Closing Merchants - - -
Churn% 5% 5% 5%
QR Code
Additions - - -
Churn - - -
Churn% 5% 5% 5%
API Platform
Additions - - -
Churn - - -
Churn% 5% 5% 5%
Payment Page
Additions - - -
Churn - - -
Churn% 5% 5% 5%
Merchant Discount Rates Charged

To Merchant Banks 0.20% 0.20% 0.20% 0.20%
To Platform Provider 0.20% 0.20% 0.20% 0.20%
Gross Transaction Value Working

Total Addressable Market (TAM) 2,000,000,000 2,000,000,000 2,000,000,000
TAM Captured% 0.50% 0.50% 0.50%
Transaction Volume (GTV) 10,000,000 10,000,000 10,000,000
Gross Transaction Value Working

Average Value of Transactions per Merchant 300,000 300,000 300,000
Transaction Volume (GTV) - - -
One Time Setup Fee

Setup Fee from Merchants 2,000 2,000 2,000
Setup Revenue - - -
MDR Revenue - - -
Total Revenue - - -
Issuing Banks
# Customers
New Customers Signed 10 11 12
Existing customers 10 21
Churned
Total Customers 10 21 33
No. of Cards/Customer 105 105 105

No. of Cards 105 210
Total Cumulative Cards issued 105 210 315
Growth in no. of cards 1.00% 1.00% 1.00%

Churn%
Transactions
Average No. of transactions/customer 5 5 5
Average value of transactions/customer 50 50 50
Total Transaction Value 262,500 551,250 866,250
Revenue
Interchange Revenue Shared 0.25% 0.25% 0.25%
Revenue from Interchange Fee 656 1,378 2,166
Average FX Markup Revenue Shared 0.50% 0.50% 0.50%

International Transactions 30.0% 30.0% 30.0%
Revenue from FX Markup Fee 394 827 1,299
SaaS Based Model

Monthly Price 100 100 100
Revenue from SaaS Model 1,000 2,100 3,300
Acquiring Banks
Fees from Card Scheme Membership 30,000 30,000 30,000
Technology Infrastructure Related Expenses 15,000 15,000 15,000
Employee Compensation and benefits 68,500 68,500 68,500
Total Marketing Expenses - - -
Other General & Admin Expenses 30,000 30,000 30,000
Total Marketing Expenses% of Revenue 60% 60% 60%
Salary Expenses % Increment

CEO 10% 9,500 9,500 9,500
Sales Manager 10% 7,000 7,000 7,000
Interactive/web/blog/leads - Sales communication 10% 5,000 5,000 5,000
CTO 10% 9,500 9,500 9,500
CFO 10% 9,500 9,500 9,500
Compliance EMI and other AML related, Legal 10% 7,000 7,000 7,000
Project Manager 10% 6,000 6,000 6,000
IR, coordinator 10% 5,000 5,000 5,000
Other Salary Related Expenses 10% 10,000 10,000 10,000
Total Salary Expenses 68,500 68,500 68,500
Capital Assets
Opening Gross Block
Computer & Software & Pre-Op 400,000 400,000 400,000 400,000
Product Development Cost 3,500,000 3,500,000 3,500,000 3,500,000
Mobile App Development 1,500,000 1,500,000 1,500,000 1,500,000
Web Development Cost 2,503,423 2,503,423 2,503,423 2,503,423
Total Opening 7,903,423 7,903,423 7,903,423 7,903,423
Additions
Computer & Software & Pre-Op
Software Development Cost
Mobile App Development
Web Development Cost
Total Additions - - -
Closing Gross Balance

Software Development Cost 3,500,000 3,500,000 3,500,000 3,500,000
Total Closing 7,903,423 7,903,423 7,903,423 7,903,423
Opening Depreciation
Computer & Software & Pre-Op - - - -
Software Development Cost - - - -
Mobile App Development - - - -
Web Development Cost - - - -
Total Opening - - - -
Depreciation for the month

Computer & Software & Pre-Op
Software Development Cost
Mobile App Development
Web Development Cost
Total during the month - - - -
Closing Depreciation
Computer & Software & Pre-Op - - - -
Software Development Cost - - - -
Mobile App Development - - - -
Web Development Cost - - - -
Total - - - -
Opening Net Block

Total 7,903,423 7,903,423 7,903,423 7,903,423
Closing Net Block

Total 7,903,423 7,903,423 7,903,423 7,903,423
Paid-up Capital
Add: New Equity
Closing Balance - - - -
Working Capital
Receivable Days 30 30 30
Total Revenue - - -
Trade Receivables - - -
Trade Payables - - -
Short Term Debt

Add: New Debt
Less: Repayment
Other Short Term Debt

Add: New Debt
Less: Repayment
1 2 3 4 5
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23
- - - 1 2 3 4
- - 1 1 1 1 1
- - 1 2 3 4 5
25% 25% 25% 25% 25% 25% 25%

25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
- - - 0 1 1 1
- - 0 0 0 0 0
- - - - - - -
- - 0 1 1 1 1
5% 5% 5% 5% 5% 5% 5%
- - - 0 1 1 1
- - 0 0 0 0 0
- - - - - - -
- - 0 1 1 1 1
5% 5% 5% 5% 5% 5% 5%
- - - 0 1 1 1
- - 0 0 0 0 0
- - - - - - -
- - 0 1 1 1 1
5% 5% 5% 5% 5% 5% 5%
- - - 0 1 1 1
- - 0 0 0 0 0
- - - - - - -
- - 0 1 1 1 1
5% 5% 5% 5% 5% 5% 5%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%

0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000

0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000
300,000 300,000 300,000 300,000 300,000 300,000 300,000

- - 300,000 600,000 900,000 1,200,000 1,500,000
2,000 2,000 2,000 2,000 2,000 2,000 2,000

- - 2,000 2,000 2,000 2,000 2,000
- - 600 1,200 1,800 2,400 3,000
- - 2,600 3,200 3,800 4,400 5,000
13 14 15 16 17 18 19
33 46 60 75 91 108 126
46 60 75 91 108 126 145
105 105 105 105 105 105 105

315 420 525 630 735 840 945
420 525 630 735 840 945 1,050
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
5 5 5 5 5 5 5
50 50 50 50 50 50 50
1,207,500 1,575,000 1,968,750 2,388,750 2,835,000 3,307,500 3,806,250
0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%

3,019 3,938 4,922 5,972 7,088 8,269 9,516
0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
1,811 2,363 2,953 3,583 4,253 4,961 5,709
100 100 100 100 100 100 100

4,600 6,000 7,500 9,100 10,800 12,600 14,500
30,000 30,000 30,000 30,000 30,000 30,000 30,000

15,000 15,000 15,000 15,000 15,000 15,000 15,000
68,500 68,500 68,500 68,500 68,500 68,500 68,500
- - 1,560 1,920 2,280 2,640 3,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000
60% 60% 60% 60% 60% 60% 60%
9,500 9,500 9,500 9,500 9,500 9,500 9,500

7,000 7,000 7,000 7,000 7,000 7,000 7,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
9,500 9,500 9,500 9,500 9,500 9,500 9,500
9,500 9,500 9,500 9,500 9,500 9,500 9,500
7,000 7,000 7,000 7,000 7,000 7,000 7,000
6,000 6,000 6,000 6,000 6,000 6,000 6,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
10,000 10,000 10,000 10,000 10,000 10,000 10,000
68,500 68,500 68,500 68,500 68,500 68,500 68,500
400,000 400,000 400,000 400,000 400,000 400,000 410,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,510,000
2,503,423 2,503,423 2,503,423 2,503,423 2,503,423 2,503,423 2,503,423
7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,923,423
10,000 10,000
10,000 10,000
- - - - - 20,000 20,000
400,000 400,000 400,000 400,000 400,000 410,000 420,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,510,000 1,520,000
2,503,423 2,503,423 2,503,423 2,503,423 2,503,423 2,503,423 2,503,423
7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,923,423 7,943,423
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
400,000 400,000 400,000 400,000 400,000 400,000 410,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,510,000
2,503,423 2,503,423 2,503,423 2,503,423 2,503,423 2,503,423 2,503,423
7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,923,423
400,000 400,000 400,000 400,000 400,000 410,000 420,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,510,000 1,520,000
2,503,423 2,503,423 2,503,423 2,503,423 2,503,423 2,503,423 2,503,423
7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,923,423 7,943,423
- - - - - - -
- - - - - - -
30 30 30 30 30 30 30
- - 2,600 3,200 3,800 4,400 5,000
- - 214 477 789 1,151 1,562
- - - - - - -
- - - - - - -
- - -
- - - - - - -
- - - - - - -
-
- - - - - - -
6 7 8 9 10 11 12
Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24
5 6 7 8 9 10 12
1 1 1 1 1 2 2
6 7 8 9 10 12 14
25% 25% 25% 25% 25% 25% 25%

25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
1 2 2 2 2 3 3
0 0 0 0 0 1 1
- - - - - - -
2 2 2 2 3 3 4
5% 5% 5% 5% 5% 5% 5%
1 2 2 2 2 3 3
0 0 0 0 0 1 1
- - - - - - -
2 2 2 2 3 3 4
5% 5% 5% 5% 5% 5% 5%
1 2 2 2 2 3 3
0 0 0 0 0 1 1
- - - - - - -
2 2 2 2 3 3 4
5% 5% 5% 5% 5% 5% 5%
1 2 2 2 2 3 3
0 0 0 0 0 1 1
- - - - - - -
2 2 2 2 3 3 4
5% 5% 5% 5% 5% 5% 5%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%

0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
2,000,000,000 2,000,000,000 2,400,000,000 2,400,000,000 2,400,000,000 2,400,000,000 2,400,000,000

0.50% 0.50% 0.75% 0.75% 0.75% 0.75% 0.75%
10,000,000 10,000,000 18,000,000 18,000,000 18,000,000 18,000,000 18,000,000
300,000 300,000 350,000 350,000 350,000 350,000 350,000

1,800,000 2,100,000 2,800,000 3,150,000 3,500,000 4,200,000 4,900,000
2,000 2,000 2,250 2,250 2,250 2,250 2,250

2,000 2,000 2,250 2,250 2,250 4,500 4,500
3,600 4,200 5,600 6,300 7,000 8,400 9,800
5,600 6,200 7,850 8,550 9,250 12,900 14,300
20 21 22 23 24 25 26
145 165 186 206 227 249 272
(2) (2) (2) (2) (2)
165 186 206 227 249 272 296
105 105 105 105 105 105 105

1,050 1,155 1,260 1,365 1,470 1,575 1,680
1,155 1,260 1,365 1,470 1,575 1,680 1,785
1.00% 1.00% 1.50% 1.50% 1.50% 1.50% 1.50%

0.6% 0.5% 0.5% 0.5% 0.5%
5 5 10 10 10 10 10
50 50 50 50 50 50 50
4,331,250 4,882,500 10,815,000 11,917,500 13,072,500 14,280,000 15,540,000
0.25% 0.25% 0.35% 0.35% 0.35% 0.35% 0.35%

10,828 12,206 37,853 41,711 45,754 49,980 54,390
0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
6,497 7,324 16,223 17,876 19,609 21,420 23,310
100 100 100 100 100 100 100

16,500 18,600 20,600 22,700 24,900 27,200 29,600
30,000 30,000 35,000 35,000 35,000 35,000 35,000

15,000 15,000 20,000 20,000 20,000 20,000 20,000
68,500 68,500 75,350 75,350 75,350 75,350 75,350
3,360 3,720 4,318 4,703 5,088 7,095 7,865
30,000 30,000 35,000 35,000 35,000 35,000 35,000
60% 60% 55% 55% 55% 55% 55%
9,500 9,500 10,450 10,450 10,450 10,450 10,450

7,000 7,000 7,700 7,700 7,700 7,700 7,700
5,000 5,000 5,500 5,500 5,500 5,500 5,500
9,500 9,500 10,450 10,450 10,450 10,450 10,450
9,500 9,500 10,450 10,450 10,450 10,450 10,450
7,000 7,000 7,700 7,700 7,700 7,700 7,700
6,000 6,000 6,600 6,600 6,600 6,600 6,600
5,000 5,000 5,500 5,500 5,500 5,500 5,500
10,000 10,000 11,000 11,000 11,000 11,000 11,000
68,500 68,500 75,350 75,350 75,350 75,350 75,350
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,503,423 2,503,423 2,503,423 2,503,423 2,503,423 2,513,423 2,513,423
7,943,423 7,943,423 7,943,423 7,943,423 7,943,423 7,953,423 7,953,423
10,000
- - - - 10,000 - -
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,503,423 2,503,423 2,503,423 2,503,423 2,513,423 2,513,423 2,513,423
7,943,423 7,943,423 7,943,423 7,943,423 7,953,423 7,953,423 7,953,423
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,503,423 2,503,423 2,503,423 2,503,423 2,503,423 2,513,423 2,513,423
7,943,423 7,943,423 7,943,423 7,943,423 7,943,423 7,953,423 7,953,423
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,503,423 2,503,423 2,503,423 2,503,423 2,513,423 2,513,423 2,513,423
7,943,423 7,943,423 7,943,423 7,943,423 7,953,423 7,953,423 7,953,423
- - - - - - -
- - - - - - -
30 30 30 30 30 30 30
5,600 6,200 7,850 8,550 9,250 12,900 14,300
2,022 2,532 3,177 3,879 4,640 5,700 6,875
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
13 14 15 16 17 18 19
Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
14 16 18 20 22 24 26
2 2 2 2 2 2 2
16 18 20 22 24 26 28
25% 25% 25% 25% 25% 25% 25%

25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
4 4 5 5 6 6 7
1 1 1 1 1 1 1
- - - - - - -
4 5 5 6 6 7 7
5% 5% 5% 5% 5% 5% 5%
4 4 5 5 6 6 7
1 1 1 1 1 1 1
- - - - - - -
4 5 5 6 6 7 7
5% 5% 5% 5% 5% 5% 5%
4 4 5 5 6 6 7
1 1 1 1 1 1 1
- - - - - - -
4 5 5 6 6 7 7
5% 5% 5% 5% 5% 5% 5%
4 4 5 5 6 6 7
1 1 1 1 1 1 1
- - - - - - -
4 5 5 6 6 7 7
5% 5% 5% 5% 5% 5% 5%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%

0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
2,400,000,000 2,400,000,000 2,400,000,000 2,400,000,000 2,400,000,000 2,400,000,000 2,400,000,000

0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
18,000,000 18,000,000 18,000,000 18,000,000 18,000,000 18,000,000 18,000,000
350,000 350,000 350,000 350,000 350,000 350,000 350,000

5,600,000 6,300,000 7,000,000 7,700,000 8,400,000 9,100,000 9,800,000
2,250 2,250 2,250 2,250 2,250 2,250 2,250

4,500 4,500 4,500 4,500 4,500 4,500 4,500
11,200 12,600 14,000 15,400 16,800 18,200 19,600
15,700 17,100 18,500 19,900 21,300 22,700 24,100
27 28 29 30 31 32 33
296 321 347 374 402 430 459
(2) (2) (2) (2) (3) (3) (3)
321 347 374 402 430 459 489
105 105 105 105 105 105 105

1,785 1,890 1,995 2,100 2,205 2,310 2,415
1,890 1,995 2,100 2,205 2,310 2,415 2,520
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
10 10 10 10 10 10 10
50 50 50 50 50 50 50
16,852,500 18,217,500 19,635,000 21,105,000 22,575,000 24,097,500 25,672,500
0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35%

58,984 63,761 68,723 73,868 79,013 84,341 89,854
0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
25,279 27,326 29,453 31,658 33,863 36,146 38,509
100 100 100 100 100 100 100

32,100 34,700 37,400 40,200 43,000 45,900 48,900
35,000 35,000 35,000 35,000 35,000 35,000 35,000

20,000 20,000 20,000 20,000 20,000 20,000 20,000
75,350 75,350 75,350 75,350 75,350 75,350 75,350
8,635 9,405 10,175 10,945 11,715 12,485 13,255
35,000 35,000 35,000 35,000 35,000 35,000 35,000
55% 55% 55% 55% 55% 55% 55%
10,450 10,450 10,450 10,450 10,450 10,450 10,450

7,700 7,700 7,700 7,700 7,700 7,700 7,700
5,500 5,500 5,500 5,500 5,500 5,500 5,500
10,450 10,450 10,450 10,450 10,450 10,450 10,450
10,450 10,450 10,450 10,450 10,450 10,450 10,450
7,700 7,700 7,700 7,700 7,700 7,700 7,700
6,600 6,600 6,600 6,600 6,600 6,600 6,600
5,500 5,500 5,500 5,500 5,500 5,500 5,500
11,000 11,000 11,000 11,000 11,000 11,000 11,000
75,350 75,350 75,350 75,350 75,350 75,350 75,350
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,513,423 2,513,423 2,513,423 2,513,423 2,513,423 2,513,423 2,523,423
7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,963,423
10,000
- - - - - 10,000 -
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,513,423 2,513,423 2,513,423 2,513,423 2,513,423 2,523,423 2,523,423
7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,963,423 7,963,423
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,513,423 2,513,423 2,513,423 2,513,423 2,513,423 2,513,423 2,523,423
7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,963,423
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,513,423 2,513,423 2,513,423 2,513,423 2,513,423 2,523,423 2,523,423
7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,963,423 7,963,423
- - - - - - -
- - - - - - -
30 30 30 30 30 30 30
15,700 17,100 18,500 19,900 21,300 22,700 24,100
8,166 9,571 11,092 12,727 14,478 16,344 18,325
- - - - - - -
- - - - - - -
- -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
20 21 22 23 24 25 26
Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25
28 30 32 34 37 40 43
2 2 2 3 3 3 3
30 32 34 37 40 43 46
25% 25% 25% 25% 25% 25% 25%

25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
7 8 8 9 9 10 11
1 1 1 1 1 1 1
- - - - - - -
8 8 9 9 10 11 12
5% 5% 5% 5% 5% 5% 5%
7 8 8 9 9 10 11
1 1 1 1 1 1 1
- - - - - - -
8 8 9 9 10 11 12
5% 5% 5% 5% 5% 5% 5%
7 8 8 9 9 10 11
1 1 1 1 1 1 1
- - - - - - -
8 8 9 9 10 11 12
5% 5% 5% 5% 5% 5% 5%
7 8 8 9 9 10 11
1 1 1 1 1 1 1
- - - - - - -
8 8 9 9 10 11 12
5% 5% 5% 5% 5% 5% 5%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%

0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
2,880,000,000 2,880,000,000 2,880,000,000 2,880,000,000 2,880,000,000 2,880,000,000 2,880,000,000

1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
28,800,000 28,800,000 28,800,000 28,800,000 28,800,000 28,800,000 28,800,000
500,000 500,000 500,000 500,000 500,000 500,000 500,000

15,000,000 16,000,000 17,000,000 18,500,000 20,000,000 21,500,000 23,000,000
2,500 2,500 2,500 2,500 2,500 2,500 2,500

5,000 5,000 5,000 7,500 7,500 7,500 7,500
30,000 32,000 34,000 37,000 40,000 43,000 46,000
35,000 37,000 39,000 44,500 47,500 50,500 53,500
34 35 36 37 38 39 40
489 520 552 585 619 653 688
(3) (3) (3) (3) (4) (4) (4)
520 552 585 619 653 688 724
105 105 105 105 105 105 105

2,520 2,625 2,730 2,835 2,940 3,045 3,150
2,625 2,730 2,835 2,940 3,045 3,150 3,255
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
15 15 15 15 15 15 15
50 50 50 50 50 50 50
40,950,000 43,470,000 46,068,750 48,746,250 51,423,750 54,180,000 57,015,000
0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35%

143,325 152,145 161,241 170,612 179,983 189,630 199,553
0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
61,425 65,205 69,103 73,119 77,136 81,270 85,523
125 125 125 125 125 125 125

65,000 69,000 73,125 77,375 81,625 86,000 90,500
40,000 40,000 40,000 40,000 40,000 40,000 40,000

25,000 25,000 25,000 25,000 25,000 25,000 25,000
82,885 82,885 82,885 82,885 82,885 82,885 82,885
15,750 16,650 17,550 20,025 21,375 22,725 24,075
40,000 40,000 40,000 40,000 40,000 40,000 40,000
45% 45% 45% 45% 45% 45% 45%
11,495 11,495 11,495 11,495 11,495 11,495 11,495

8,470 8,470 8,470 8,470 8,470 8,470 8,470
6,050 6,050 6,050 6,050 6,050 6,050 6,050
11,495 11,495 11,495 11,495 11,495 11,495 11,495
11,495 11,495 11,495 11,495 11,495 11,495 11,495
8,470 8,470 8,470 8,470 8,470 8,470 8,470
7,260 7,260 7,260 7,260 7,260 7,260 7,260
6,050 6,050 6,050 6,050 6,050 6,050 6,050
12,100 12,100 12,100 12,100 12,100 12,100 12,100
82,885 82,885 82,885 82,885 82,885 82,885 82,885
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,500,000 3,510,000 3,510,000 3,510,000 3,510,000 3,510,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,523,423 2,523,423 2,523,423 2,523,423 2,533,423 2,533,423 2,533,423
7,963,423 7,963,423 7,973,423 7,973,423 7,983,423 7,983,423 7,983,423
10,000
10,000
- 10,000 - 10,000 - - -
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,510,000 3,510,000 3,510,000 3,510,000 3,510,000 3,510,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,523,423 2,523,423 2,523,423 2,533,423 2,533,423 2,533,423 2,533,423
7,963,423 7,973,423 7,973,423 7,983,423 7,983,423 7,983,423 7,983,423
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,500,000 3,510,000 3,510,000 3,510,000 3,510,000 3,510,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,523,423 2,523,423 2,523,423 2,523,423 2,533,423 2,533,423 2,533,423
7,963,423 7,963,423 7,973,423 7,973,423 7,983,423 7,983,423 7,983,423
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,500,000 3,510,000 3,510,000 3,510,000 3,510,000 3,510,000 3,510,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,523,423 2,523,423 2,523,423 2,533,423 2,533,423 2,533,423 2,533,423
7,963,423 7,973,423 7,973,423 7,983,423 7,983,423 7,983,423 7,983,423
- - - - - - -
- - - - - - -
30 30 30 30 30 30 30
35,000 37,000 39,000 44,500 47,500 50,500 53,500
21,201 24,242 27,448 31,105 35,010 39,160 43,558
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
27 28 29 30 31 32 33
Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26
46 49 52 55 58 61 64
3 3 3 3 3 3 3
49 52 55 58 61 64 67
25% 25% 25% 25% 25% 25% 25%

25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
12 12 13 14 15 15 16
1 1 1 1 1 1 1
- - - - - - -
12 13 14 15 15 16 17
5% 5% 5% 5% 5% 5% 5%
12 12 13 14 15 15 16
1 1 1 1 1 1 1
- - - - - - -
12 13 14 15 15 16 17
5% 5% 5% 5% 5% 5% 5%
12 12 13 14 15 15 16
1 1 1 1 1 1 1
- - - - - - -
12 13 14 15 15 16 17
5% 5% 5% 5% 5% 5% 5%
12 12 13 14 15 15 16
1 1 1 1 1 1 1
- - - - - - -
12 13 14 15 15 16 17
5% 5% 5% 5% 5% 5% 5%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%

0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
2,880,000,000 2,880,000,000 2,880,000,000 2,880,000,000 2,880,000,000 3,456,000,000 3,456,000,000

1.00% 1.00% 1.00% 1.00% 1.00% 1.25% 1.25%
28,800,000 28,800,000 28,800,000 28,800,000 28,800,000 43,200,000 43,200,000
500,000 500,000 500,000 500,000 500,000 650,000 650,000

24,500,000 26,000,000 27,500,000 29,000,000 30,500,000 41,600,000 43,550,000
2,500 2,500 2,500 2,500 2,500 2,500 2,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
49,000 52,000 55,000 58,000 61,000 83,200 87,100
56,500 59,500 62,500 65,500 68,500 90,700 94,600
41 42 43 44 45 46 47
724 761 799 838 877 917 958
(4) (4) (4) (5) (5) (5) (5)
761 799 838 877 917 958 1,000
105 105 105 105 105 105 105

3,255 3,360 3,465 3,570 3,675 3,780 3,885
3,360 3,465 3,570 3,675 3,780 3,885 3,990
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
15 15 15 15 15 20 20
50 50 50 50 50 50 50
59,928,750 62,921,250 65,992,500 69,063,750 72,213,750 100,590,000 105,000,000
0.35% 0.35% 0.35% 0.35% 0.35% 0.40% 0.40%

209,751 220,224 230,974 241,723 252,748 402,360 420,000
0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
89,893 94,382 98,989 103,596 108,321 150,885 157,500
125 125 125 125 125 125 125

95,125 99,875 104,750 109,625 114,625 119,750 125,000
40,000 40,000 40,000 40,000 40,000 45,000 45,000

25,000 25,000 25,000 25,000 25,000 30,000 30,000
82,885 82,885 82,885 82,885 82,885 91,174 91,174
25,425 26,775 28,125 29,475 30,825 36,280 37,840
40,000 40,000 40,000 40,000 40,000 45,000 45,000
45% 45% 45% 45% 45% 40% 40%
11,495 11,495 11,495 11,495 11,495 12,645 12,645

8,470 8,470 8,470 8,470 8,470 9,317 9,317
6,050 6,050 6,050 6,050 6,050 6,655 6,655
11,495 11,495 11,495 11,495 11,495 12,645 12,645
11,495 11,495 11,495 11,495 11,495 12,645 12,645
8,470 8,470 8,470 8,470 8,470 9,317 9,317
7,260 7,260 7,260 7,260 7,260 7,986 7,986
6,050 6,050 6,050 6,050 6,050 6,655 6,655
12,100 12,100 12,100 12,100 12,100 13,310 13,310
82,885 82,885 82,885 82,885 82,885 91,174 91,174
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,510,000 3,510,000 3,520,000 3,520,000 3,520,000 3,595,000 3,595,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,533,423 2,533,423 2,533,423 2,533,423 2,533,423 2,543,423 2,543,423
7,983,423 7,983,423 7,993,423 7,993,423 7,993,423 8,078,423 8,078,423
10,000 75,000
75,000
10,000
- 10,000 - - 85,000 - 75,000
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,510,000 3,520,000 3,520,000 3,520,000 3,595,000 3,595,000 3,595,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,595,000
2,533,423 2,533,423 2,533,423 2,533,423 2,543,423 2,543,423 2,543,423
7,983,423 7,993,423 7,993,423 7,993,423 8,078,423 8,078,423 8,153,423
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,510,000 3,510,000 3,520,000 3,520,000 3,520,000 3,595,000 3,595,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000
2,533,423 2,533,423 2,533,423 2,533,423 2,533,423 2,543,423 2,543,423
7,983,423 7,983,423 7,993,423 7,993,423 7,993,423 8,078,423 8,078,423
420,000 420,000 420,000 420,000 420,000 420,000 420,000

3,510,000 3,520,000 3,520,000 3,520,000 3,595,000 3,595,000 3,595,000
1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,520,000 1,595,000
2,533,423 2,533,423 2,533,423 2,533,423 2,543,423 2,543,423 2,543,423
7,983,423 7,993,423 7,993,423 7,993,423 8,078,423 8,078,423 8,153,423
- - - - - - -
- - - - - - -
30 30 30 30 30 30 30
56,500 59,500 62,500 65,500 68,500 90,700 94,600
48,201 53,092 58,229 63,612 69,242 76,697 84,473
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- -
- - - - - - -
34 35 36 37 38 39 40
Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26
67 70 74 78 82 86 90
3 4 4 4 4 4 4
70 74 78 82 86 90 94
25% 25% 25% 25% 25% 25% 25%

25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
17 18 19 20 21 21 21
1 1 1 1 1 1 1
- - - - 1 1 1
18 19 20 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
17 18 19 20 21 21 21
1 1 1 1 1 1 1
- - - - 1 1 1
18 19 20 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
17 18 19 20 21 21 21
1 1 1 1 1 1 1
- - - - 1 1 1
18 19 20 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
17 18 19 20 21 21 21
1 1 1 1 1 1 1
- - - - 1 1 1
18 19 20 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%

0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
3,456,000,000 3,456,000,000 3,456,000,000 3,456,000,000 3,456,000,000 3,456,000,000 3,456,000,000

1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%
43,200,000 43,200,000 43,200,000 43,200,000 43,200,000 43,200,000 43,200,000
650,000 650,000 650,000 650,000 650,000 650,000 650,000

45,500,000 48,100,000 50,700,000 53,300,000 53,300,000 53,300,000 53,300,000
2,500 2,500 2,500 2,500 2,500 2,500 2,500

7,500 10,000 10,000 10,000 10,000 10,000 10,000
91,000 96,200 101,400 106,600 106,600 106,600 106,600
98,500 106,200 111,400 116,600 116,600 116,600 116,600
48 49 50 51 52 53 54
1,000 1,043 1,086 1,130 1,175 1,221 1,267
(5) (6) (6) (6) (6) (7) (7)
1,043 1,086 1,130 1,175 1,221 1,267 1,314
105 105 105 105 105 105 105

3,990 4,095 4,200 4,305 4,410 4,515 4,620
4,095 4,200 4,305 4,410 4,515 4,620 4,725
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
20 20 20 20 20 20 20
50 50 50 50 50 50 50
109,515,000 114,030,000 118,650,000 123,375,000 128,205,000 133,035,000 137,970,000
0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40%

438,060 456,120 474,600 493,500 512,820 532,140 551,880
0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
164,273 171,045 177,975 185,063 192,308 199,553 206,955
125 125 125 125 125 125 125

130,375 135,750 141,250 146,875 152,625 158,375 164,250
45,000 45,000 45,000 45,000 45,000 45,000 45,000

30,000 30,000 30,000 30,000 30,000 30,000 30,000
91,174 91,174 91,174 91,174 91,174 91,174 91,174
39,400 42,480 44,560 46,640 46,640 46,640 46,640
45,000 45,000 45,000 45,000 45,000 45,000 45,000
40% 40% 40% 40% 40% 40% 40%
12,645 12,645 12,645 12,645 12,645 12,645 12,645

9,317 9,317 9,317 9,317 9,317 9,317 9,317
6,655 6,655 6,655 6,655 6,655 6,655 6,655
12,645 12,645 12,645 12,645 12,645 12,645 12,645
12,645 12,645 12,645 12,645 12,645 12,645 12,645
9,317 9,317 9,317 9,317 9,317 9,317 9,317
7,986 7,986 7,986 7,986 7,986 7,986 7,986
6,655 6,655 6,655 6,655 6,655 6,655 6,655
13,310 13,310 13,310 13,310 13,310 13,310 13,310
91,174 91,174 91,174 91,174 91,174 91,174 91,174
420,000 495,000 570,000 570,000 570,000 570,000 645,000

3,595,000 3,595,000 3,595,000 3,605,000 3,605,000 3,615,000 3,625,000
1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,595,000
2,543,423 2,543,423 2,543,423 2,543,423 2,543,423 2,543,423 2,543,423
8,153,423 8,228,423 8,303,423 8,313,423 8,313,423 8,323,423 8,408,423
75,000 75,000 75,000 10,000

10,000 10,000 10,000
10,000
75,000 75,000 10,000 - 10,000 85,000 20,000
495,000 570,000 570,000 570,000 570,000 645,000 655,000

3,595,000 3,595,000 3,605,000 3,605,000 3,615,000 3,625,000 3,625,000
1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,595,000
2,543,423 2,543,423 2,543,423 2,543,423 2,543,423 2,543,423 2,553,423
8,228,423 8,303,423 8,313,423 8,313,423 8,323,423 8,408,423 8,428,423
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
420,000 495,000 570,000 570,000 570,000 570,000 645,000

3,595,000 3,595,000 3,595,000 3,605,000 3,605,000 3,615,000 3,625,000
1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,595,000
2,543,423 2,543,423 2,543,423 2,543,423 2,543,423 2,543,423 2,543,423
8,153,423 8,228,423 8,303,423 8,313,423 8,313,423 8,323,423 8,408,423
495,000 570,000 570,000 570,000 570,000 645,000 655,000

3,595,000 3,595,000 3,605,000 3,605,000 3,615,000 3,625,000 3,625,000
1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,595,000
2,543,423 2,543,423 2,543,423 2,543,423 2,543,423 2,543,423 2,553,423
8,228,423 8,303,423 8,313,423 8,313,423 8,323,423 8,408,423 8,428,423
- - - - - - -
- - - - - - -
30 30 30 30 30 30 30
98,500 106,200 111,400 116,600 116,600 116,600 116,600
92,568 101,297 110,453 120,037 129,621 139,204 148,788
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
41 42 43 44 45 46 47
Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27
94 98 102 106 110 114 118

4 4 4 4 4 4 4
98 102 106 110 114 118 122
25% 25% 25% 25% 25% 25% 25%

25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
21 21 21 21 21 21 21
1 1 1 1 1 1 1
1 1 1 1 1 1 1
21 21 21 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
21 21 21 21 21 21 21
1 1 1 1 1 1 1
1 1 1 1 1 1 1
21 21 21 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
21 21 21 21 21 21 21
1 1 1 1 1 1 1
1 1 1 1 1 1 1
21 21 21 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
21 21 21 21 21 21 21
1 1 1 1 1 1 1
1 1 1 1 1 1 1
21 21 21 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%

0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
3,456,000,000 3,456,000,000 3,456,000,000 4,147,200,000 4,147,200,000 4,147,200,000 4,147,200,000

1.25% 1.25% 1.25% 1.50% 1.50% 1.50% 1.50%
43,200,000 43,200,000 43,200,000 62,208,000 62,208,000 62,208,000 62,208,000
650,000 650,000 650,000 700,000 700,000 700,000 700,000

53,300,000 53,300,000 53,300,000 57,400,000 57,400,000 57,400,000 57,400,000
2,500 2,500 2,500 2,750 2,750 2,750 2,750

10,000 10,000 10,000 11,000 11,000 11,000 11,000
106,600 106,600 106,600 114,800 114,800 114,800 114,800
116,600 116,600 116,600 125,800 125,800 125,800 125,800
55 56 57 58 59 60 61
1,314 1,362 1,411 1,460 1,510 1,561 1,613
(7) (7) (8) (8) (8) (8) (9)
1,362 1,411 1,460 1,510 1,561 1,613 1,665
105 105 105 105 105 105 105

4,725 4,830 4,935 5,040 5,145 5,250 5,355
4,830 4,935 5,040 5,145 5,250 5,355 5,460
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
20 20 20 22 22 22 22
50 50 50 50 50 50 50
143,010,000 148,155,000 153,300,000 174,405,000 180,295,500 186,301,500 192,307,500
0.40% 0.40% 0.40% 0.50% 0.50% 0.50% 0.50%

572,040 592,620 613,200 872,025 901,478 931,508 961,538
0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
214,515 222,233 229,950 261,608 270,443 279,452 288,461
125 125 125 150 150 150 150

170,250 176,375 182,500 226,500 234,150 241,950 249,750
45,000 45,000 45,000 50,000 50,000 50,000 50,000

30,000 30,000 30,000 35,000 35,000 35,000 35,000
91,174 91,174 91,174 100,291 100,291 100,291 100,291
46,640 46,640 46,640 44,030 44,030 44,030 44,030
45,000 45,000 45,000 50,000 50,000 50,000 50,000
40% 40% 40% 35% 35% 35% 35%
12,645 12,645 12,645 13,909 13,909 13,909 13,909

9,317 9,317 9,317 10,249 10,249 10,249 10,249
6,655 6,655 6,655 7,321 7,321 7,321 7,321
12,645 12,645 12,645 13,909 13,909 13,909 13,909
12,645 12,645 12,645 13,909 13,909 13,909 13,909
9,317 9,317 9,317 10,249 10,249 10,249 10,249
7,986 7,986 7,986 8,785 8,785 8,785 8,785
6,655 6,655 6,655 7,321 7,321 7,321 7,321
13,310 13,310 13,310 14,641 14,641 14,641 14,641
91,174 91,174 91,174 100,291 100,291 100,291 100,291
655,000 665,000 675,000 675,000 675,000 675,000 675,000

3,625,000 3,625,000 3,625,000 3,625,000 3,635,000 3,645,000 3,655,000
1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,670,000
2,553,423 2,553,423 2,553,423 2,553,423 2,553,423 2,553,423 2,553,423
8,428,423 8,438,423 8,448,423 8,448,423 8,458,423 8,468,423 8,553,423
10,000 10,000 75,000

10,000 10,000 10,000 10,000
75,000
10,000 10,000 - 10,000 10,000 85,000 85,000
665,000 675,000 675,000 675,000 675,000 675,000 750,000

3,625,000 3,625,000 3,625,000 3,635,000 3,645,000 3,655,000 3,665,000
1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,670,000 1,670,000
2,553,423 2,553,423 2,553,423 2,553,423 2,553,423 2,553,423 2,553,423
8,438,423 8,448,423 8,448,423 8,458,423 8,468,423 8,553,423 8,638,423
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
655,000 665,000 675,000 675,000 675,000 675,000 675,000

3,625,000 3,625,000 3,625,000 3,625,000 3,635,000 3,645,000 3,655,000
1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,670,000
2,553,423 2,553,423 2,553,423 2,553,423 2,553,423 2,553,423 2,553,423
8,428,423 8,438,423 8,448,423 8,448,423 8,458,423 8,468,423 8,553,423
665,000 675,000 675,000 675,000 675,000 675,000 750,000

3,625,000 3,625,000 3,625,000 3,635,000 3,645,000 3,655,000 3,665,000
1,595,000 1,595,000 1,595,000 1,595,000 1,595,000 1,670,000 1,670,000
2,553,423 2,553,423 2,553,423 2,553,423 2,553,423 2,553,423 2,553,423
8,438,423 8,448,423 8,448,423 8,458,423 8,468,423 8,553,423 8,638,423
- - - - - - -
- - - - - - -
30 30 30 30 30 30 30
116,600 116,600 116,600 125,800 125,800 125,800 125,800
158,371 167,955 177,538 187,878 198,218 208,558 218,897
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
48 49 50 51 52 53 54
May-27 Jun-27 Jul-27 Aug-27 Sep-27 Oct-27 Nov-27
122 126 130 134 138 142 146

4 4 4 4 4 4 4
126 130 134 138 142 146 150
25% 25% 25% 25% 25% 25% 25%

25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
25% 25% 25% 25% 25% 25% 25%
21 21 21 21 21 21 21
1 1 1 1 1 1 1
1 1 1 1 1 1 1
21 21 21 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
21 21 21 21 21 21 21
1 1 1 1 1 1 1
1 1 1 1 1 1 1
21 21 21 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
21 21 21 21 21 21 21
1 1 1 1 1 1 1
1 1 1 1 1 1 1
21 21 21 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
21 21 21 21 21 21 21
1 1 1 1 1 1 1
1 1 1 1 1 1 1
21 21 21 21 21 21 21
5% 5% 5% 5% 5% 5% 5%
0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%

0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
4,147,200,000 4,147,200,000 4,147,200,000 4,147,200,000 4,147,200,000 4,147,200,000 4,147,200,000

1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
62,208,000 62,208,000 62,208,000 62,208,000 62,208,000 62,208,000 62,208,000
700,000 700,000 700,000 700,000 700,000 700,000 700,000

57,400,000 57,400,000 57,400,000 57,400,000 57,400,000 57,400,000 57,400,000
2,750 2,750 2,750 2,750 2,750 2,750 2,750

11,000 11,000 11,000 11,000 11,000 11,000 11,000
114,800 114,800 114,800 114,800 114,800 114,800 114,800
125,800 125,800 125,800 125,800 125,800 125,800 125,800
62 63 64 65 66 67 69
1,665 1,718 1,772 1,827 1,882 1,938 1,995
(9) (9) (9) (10) (10) (10) (10)
1,718 1,772 1,827 1,882 1,938 1,995 2,054
105 105 105 105 105 105 105

5,460 5,565 5,670 5,775 5,880 5,985 6,090
5,565 5,670 5,775 5,880 5,985 6,090 6,195
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
22 22 22 22 22 22 22
50 50 50 50 50 50 50
198,429,000 204,666,000 211,018,500 217,371,000 223,839,000 230,422,500 237,237,000
0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

992,145 1,023,330 1,055,093 1,086,855 1,119,195 1,152,113 1,186,185
0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
297,644 306,999 316,528 326,057 335,759 345,634 355,856
150 150 150 150 150 150 150

257,700 265,800 274,050 282,300 290,700 299,250 308,100
50,000 50,000 50,000 50,000 50,000 50,000 50,000

35,000 35,000 35,000 35,000 35,000 35,000 35,000
100,291 100,291 100,291 100,291 100,291 100,291 100,291
44,030 44,030 44,030 44,030 44,030 44,030 44,030
50,000 50,000 50,000 50,000 50,000 50,000 50,000
35% 35% 35% 35% 35% 35% 35%
13,909 13,909 13,909 13,909 13,909 13,909 13,909

10,249 10,249 10,249 10,249 10,249 10,249 10,249
7,321 7,321 7,321 7,321 7,321 7,321 7,321
13,909 13,909 13,909 13,909 13,909 13,909 13,909
13,909 13,909 13,909 13,909 13,909 13,909 13,909
10,249 10,249 10,249 10,249 10,249 10,249 10,249
8,785 8,785 8,785 8,785 8,785 8,785 8,785
7,321 7,321 7,321 7,321 7,321 7,321 7,321
14,641 14,641 14,641 14,641 14,641 14,641 14,641
100,291 100,291 100,291 100,291 100,291 100,291 100,291
750,000 750,000 750,000 750,000 750,000 825,000 825,000

3,665,000 3,665,000 3,665,000 3,665,000 3,665,000 3,665,000 3,665,000
1,670,000 1,670,000 1,670,000 1,670,000 1,670,000 1,670,000 1,670,000
2,553,423 2,553,423 2,553,423 2,563,423 2,563,423 2,563,423 2,573,423
8,638,423 8,638,423 8,638,423 8,648,423 8,648,423 8,723,423 8,733,423
75,000
10,000
10,000 10,000
- - 10,000 - 75,000 10,000 10,000
750,000 750,000 750,000 750,000 825,000 825,000 825,000

3,665,000 3,665,000 3,665,000 3,665,000 3,665,000 3,665,000 3,675,000
1,670,000 1,670,000 1,670,000 1,670,000 1,670,000 1,670,000 1,670,000
2,553,423 2,553,423 2,563,423 2,563,423 2,563,423 2,573,423 2,573,423
8,638,423 8,638,423 8,648,423 8,648,423 8,723,423 8,733,423 8,743,423
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
750,000 750,000 750,000 750,000 750,000 825,000 825,000

3,665,000 3,665,000 3,665,000 3,665,000 3,665,000 3,665,000 3,665,000
1,670,000 1,670,000 1,670,000 1,670,000 1,670,000 1,670,000 1,670,000
2,553,423 2,553,423 2,553,423 2,563,423 2,563,423 2,563,423 2,573,423
8,638,423 8,638,423 8,638,423 8,648,423 8,648,423 8,723,423 8,733,423
750,000 750,000 750,000 750,000 825,000 825,000 825,000

3,665,000 3,665,000 3,665,000 3,665,000 3,665,000 3,665,000 3,675,000
1,670,000 1,670,000 1,670,000 1,670,000 1,670,000 1,670,000 1,670,000
2,553,423 2,553,423 2,563,423 2,563,423 2,563,423 2,573,423 2,573,423
8,638,423 8,638,423 8,648,423 8,648,423 8,723,423 8,733,423 8,743,423
- - - - - - -
- - - - - - -
30 30 30 30 30 30 30
125,800 125,800 125,800 125,800 125,800 125,800 125,800
229,237 239,577 249,916 260,256 270,596 280,936 291,275
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
55
Dec-27
150
4
154
25%
25%
25%
25%
21
1
1
21
5%
21
1
1
21
5%
21
1
1
21
5%
21
1
1
21
5%
0.20%
0.20%
4,147,200,000
1.50%
62,208,000
700,000
57,400,000
2,750
11,000
114,800
125,800
71
2,054
(11)
2,114
105
6,195
6,300
1.50%
0.5%
22
50
244,167,000
0.50%
1,220,835
0.50%
30.0%
366,251
150
317,100
50,000
35,000
100,291
44,030
50,000
35%
13,909
10,249
7,321
13,909
13,909
10,249
8,785
7,321
14,641
100,291
825,000
3,675,000
1,670,000
2,573,423
8,743,423
825,000
3,675,000
1,670,000
2,573,423
8,743,423
-
-
-
-
-
-
-
-
-
-
825,000
3,675,000
1,670,000
2,573,423
8,743,423
825,000
3,675,000
1,670,000
2,573,423
8,743,423
-
30
125,800
301,615
-
(Values in AED) Y1 Y2 Y3 Y4 Y5
Dec-23 Dec-24 Dec-25 Dec-26 Dec-27
Assets
Fixed Assets 7,943,423 7,963,423 8,078,423 8,448,423 8,743,423

Depreciation - - - - -
Net Fixed Assets 7,943,423 7,963,423 8,078,423 8,448,423 8,743,423
Current Assets
Receivables 2,532 18,325 69,242 177,538 301,615
Cash & Bank Balance 806,680 (1,126,845) (3,206,658) (5,428,476) (7,689,803)
Investments 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468
Total Assets 10,341,103 8,443,371 6,529,476 4,785,954 2,943,703
Current Laibilities
Short Term Debt - - - - -
Trade Payables - - - - -
Short Term Loan Payable - - - - -
Equity
Paid-up Capital - - - - -
Retained Earnings (2,231,465) (4,129,198) (6,043,093) (7,786,615) (9,628,865)
Net Equity (2,231,465) (4,129,198) (6,043,093) (7,786,615) (9,628,865)
Total Liabilities & Equity (2,231,465) (4,129,198) (6,043,093) (7,786,615) (9,628,865)

Check (12,572,568) (12,572,568) (12,572,568) (12,572,568) (12,572,568)
(Values in AED) Y1 Y1 Y1 Y1 Y1 Y1 Y1
M1 M2 M3 M4 M5 M6 M7
Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
Assets
Gross Block 7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,903,423
Depreciation - - - - - - -
Net Fixed Assets 7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,903,423 7,903,423
Current Assets
Receivables 11,062,891 - - - - - 214 477
Cash & Bank Bala 632,348 2,415,392 2,271,892 2,128,392 1,984,892 1,841,392 1,698,718 1,556,235
Investments 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468
Total Assets 21,187,130 11,907,283 11,763,783 11,620,283 11,476,783 11,333,283 11,190,823 11,048,603
Short Term Debt 4,991,830 - - - - - - -

Accounts Payable 3,829,517 - - - - - - -
Other Short Term - - - - - - - -
Equity
Paid-up Capital 315,000 - - - - - - -
Retained Earnings (521,785) (665,285) (808,785) (952,285) (1,095,785) (1,239,285) (1,381,745) (1,523,965)
Net Equity (206,785) (665,285) (808,785) (952,285) (1,095,785) (1,239,285) (1,381,745) (1,523,965)
Total Liabilities & 8,614,562 (665,285) (808,785) (952,285) (1,095,785) (1,239,285) (1,381,745) (1,523,965)
Check (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0)
- - - -
Y1 Y1 Y1 Y1 Y1 Y2 Y2 Y2
M8 M9 M10 M11 M12 M13 M14 M15
Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
7,903,423 7,923,423 7,943,423 7,943,423 7,943,423 7,943,423 7,943,423 7,953,423

- - - - - - - -
7,903,423 7,923,423 7,943,423 7,943,423 7,943,423 7,943,423 7,943,423 7,953,423
789 1,151 1,562 2,022 2,532 3,177 3,879 4,640

1,413,943 1,251,841 1,089,930 948,210 806,680 644,218 482,013 310,065
1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468
10,906,623 10,764,883 10,623,383 10,482,123 10,341,103 10,179,286 10,017,783 9,856,596
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(1,665,945) (1,807,685) (1,949,185) (2,090,445) (2,231,465) (2,393,283) (2,554,785) (2,715,973)
(1,665,945) (1,807,685) (1,949,185) (2,090,445) (2,231,465) (2,393,283) (2,554,785) (2,715,973)
(1,665,945) (1,807,685) (1,949,185) (2,090,445) (2,231,465) (2,393,283) (2,554,785) (2,715,973)

(12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0)
Y2 Y2 Y2 Y2 Y2 Y2 Y2 Y2
M16 M17 M18 M19 M20 M21 M22 M23
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24
7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,963,423

- - - - - - - -
7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,953,423 7,963,423
5,700 6,875 8,166 9,571 11,092 12,727 14,478 16,344

149,460 (10,631) (170,206) (329,267) (487,812) (645,843) (803,359) (970,359)
1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468
9,697,051 9,538,136 9,379,851 9,222,196 9,065,171 8,908,776 8,753,011 8,597,876
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(2,875,518) (3,034,433) (3,192,718) (3,350,373) (3,507,398) (3,663,793) (3,819,558) (3,974,693)
(2,875,518) (3,034,433) (3,192,718) (3,350,373) (3,507,398) (3,663,793) (3,819,558) (3,974,693)
(2,875,518) (3,034,433) (3,192,718) (3,350,373) (3,507,398) (3,663,793) (3,819,558) (3,974,693)

(12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0)
Y2 Y3 Y3 Y3 Y3 Y3 Y3 Y3
M24 M25 M26 M27 M28 M29 M30 M31
Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25
7,963,423 7,963,423 7,973,423 7,973,423 7,983,423 7,983,423 7,983,423 7,983,423

- - - - - - - -
7,963,423 7,963,423 7,973,423 7,973,423 7,983,423 7,983,423 7,983,423 7,983,423
18,325 21,201 24,242 27,448 31,105 35,010 39,160 43,558

(1,126,845) (1,298,357) (1,478,933) (1,648,573) (1,825,641) (1,991,305) (2,155,566) (2,318,423)
1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468
8,443,371 8,274,736 8,107,201 7,940,766 7,777,356 7,615,596 7,455,486 7,297,026
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(4,129,198) (4,297,833) (4,465,368) (4,631,803) (4,795,213) (4,956,973) (5,117,083) (5,275,543)
(4,129,198) (4,297,833) (4,465,368) (4,631,803) (4,795,213) (4,956,973) (5,117,083) (5,275,543)
(4,129,198) (4,297,833) (4,465,368) (4,631,803) (4,795,213) (4,956,973) (5,117,083) (5,275,543)

(12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0)
Y3 Y3 Y3 Y3 Y3 Y4 Y4 Y4
M32 M33 M34 M35 M36 M37 M38 M39
Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26
7,983,423 7,993,423 7,993,423 7,993,423 8,078,423 8,078,423 8,153,423 8,228,423

- - - - - - - -
7,983,423 7,993,423 7,993,423 7,993,423 8,078,423 8,078,423 8,153,423 8,228,423
48,201 53,092 58,229 63,612 69,242 76,697 84,473 92,568

(2,479,877) (2,649,927) (2,808,574) (2,965,818) (3,206,658) (3,370,866) (3,608,055) (3,843,224)
1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468
7,140,216 6,985,056 6,831,546 6,679,686 6,529,476 6,372,722 6,218,309 6,066,235
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(5,432,353) (5,587,513) (5,741,023) (5,892,883) (6,043,093) (6,199,846) (6,354,260) (6,506,333)
(5,432,353) (5,587,513) (5,741,023) (5,892,883) (6,043,093) (6,199,846) (6,354,260) (6,506,333)
(5,432,353) (5,587,513) (5,741,023) (5,892,883) (6,043,093) (6,199,846) (6,354,260) (6,506,333)

(12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0)
Y4 Y4 Y4 Y4 Y4 Y4 Y4 Y4
M40 M41 M42 M43 M44 M45 M46 M47
Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26
8,303,423 8,313,423 8,313,423 8,323,423 8,408,423 8,428,423 8,438,423 8,448,423

- - - - - - - -
8,303,423 8,313,423 8,313,423 8,323,423 8,408,423 8,428,423 8,438,423 8,448,423
101,297 110,453 120,037 129,621 139,204 148,788 158,371 167,955

(4,074,407) (4,237,896) (4,388,693) (4,549,491) (4,785,288) (4,956,085) (5,116,882) (5,277,679)
1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468
5,918,782 5,774,448 5,633,235 5,492,021 5,350,808 5,209,594 5,068,381 4,927,167
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(6,653,787) (6,798,120) (6,939,334) (7,080,547) (7,221,761) (7,362,974) (7,504,188) (7,645,401)
(6,653,787) (6,798,120) (6,939,334) (7,080,547) (7,221,761) (7,362,974) (7,504,188) (7,645,401)
(6,653,787) (6,798,120) (6,939,334) (7,080,547) (7,221,761) (7,362,974) (7,504,188) (7,645,401)

(12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0)
Y4 Y5 Y5 Y5 Y5 Y5 Y5
M48 M49 M50 M51 M52 M53 M54
8,448,423 8,458,423 8,468,423 8,553,423 8,638,423 8,638,423 8,638,423

- - - - - - -
8,448,423 8,458,423 8,468,423 8,553,423 8,638,423 8,638,423 8,638,423
177,538 187,878 198,218 208,558 218,897 229,237 239,577

(5,428,476) (5,602,336) (5,776,197) (6,025,058) (6,273,918) (6,437,779) (6,601,639)
1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468
4,785,954 4,632,433 4,478,912 4,325,391 4,171,870 4,018,349 3,864,828
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
(7,786,615) (7,940,135) (8,093,656) (8,247,177) (8,400,698) (8,554,219) (8,707,740)
(7,786,615) (7,940,135) (8,093,656) (8,247,177) (8,400,698) (8,554,219) (8,707,740)
(7,786,615) (7,940,135) (8,093,656) (8,247,177) (8,400,698) (8,554,219) (8,707,740)

(12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0)
Y5 Y5 Y5 Y5 Y5 Y5
M55 M56 M57 M58 M59 M60
Jul-27 Aug-27 Sep-27 Oct-27 Nov-27 Dec-27
8,648,423 8,648,423 8,723,423 8,733,423 8,743,423 8,743,423

- - - - - -
8,648,423 8,648,423 8,723,423 8,733,423 8,743,423 8,743,423
249,916 260,256 270,596 280,936 291,275 301,615

(6,775,500) (6,939,360) (7,178,221) (7,352,082) (7,525,942) (7,689,803)
1,588,468 1,588,468 1,588,468 1,588,468 1,588,468 1,588,468
3,711,308 3,557,787 3,404,266 3,250,745 3,097,224 2,943,703
- - - - - -
- - - - - -
- - - - - -
- - - - - -
(8,861,260) (9,014,781) (9,168,302) (9,321,823) (9,475,344) (9,628,865)
(8,861,260) (9,014,781) (9,168,302) (9,321,823) (9,475,344) (9,628,865)
(8,861,260) (9,014,781) (9,168,302) (9,321,823) (9,475,344) (9,628,865)

(12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0) (12,572,568.0)
(Values in AED)
Y1 Y2 Y3 Y4 Y5
Cash Flow from Operations

Net Income (1,709,680) (1,897,733) (1,913,895) (1,743,522) (1,842,250)
Add: Depreciation - - - - -
Cash Profit (1,709,680) (1,897,733) (1,913,895) (1,743,522) (1,842,250)
Working Capital Changes

Add: Decrease in Receivables/ 11,060,359 (15,793) (50,918) (108,296) (124,077)
Add: Increase in Payables (3,829,517) - - - -
Add: Decrease in Shareholder's - - - - -
Operating Cash Flow 7,230,842 (15,793) (50,918) (108,296) (124,077)
Cash Flow from Investing

Capex (40,000) (20,000) (115,000) (370,000) (295,000)
Cash Flow from Financing

New Equity (315,000) - - - -
Less: Decrease in Debt (4,991,830) - - - -
Net Cash Flow 5,166,162 (1,933,526) (2,079,813) (2,221,818) (2,261,327)

Opening Cash Balance 632,348 5,798,510 3,864,985 1,785,172 (436,646)
Closing Cash Balance 5,798,510 3,864,985 1,785,172 (436,646) (2,697,973)
Y1 Y1 Y1 Y1 Y1 Y1
M1 M2 M3 M4 M5 M6
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23
Cash Flow from Operations

Net Income (143,500) (143,500) (143,500) (143,500) (143,500) (142,460)
Add: Depreciation - - - - - -
(143,500) (143,500) (143,500) (143,500) (143,500) (142,460)
Working Capital Changes

Add: Decrease in Receivables 11,062,891 - - - - (214)
Add: Increase in Payables (3,829,517) - - - - -
Add: Decrease in Investments - - - - - -
Operating Cash Flow 7,089,874 (143,500) (143,500) (143,500) (143,500) (142,674)
Cash Flow from Investing

Capex - - - - - -
Cash Flow from Financing

New Equity (315,000) - - - - -
Less: Decrease in Debt (4,991,830) - - - - -
Net Cash Flow 1,783,044 (143,500) (143,500) (143,500) (143,500) (142,674)

Opening Cash Balance 632,348 2,415,392 2,271,892 2,128,392 1,984,892 1,841,392
Closing Cash Balance 2,415,392 2,271,892 2,128,392 1,984,892 1,841,392 1,698,718
Y1 Y1 Y1 Y1 Y1 Y1 Y2 Y2 Y2 Y2
M7 M8 M9 M10 M11 M12 M13 M14 M15 M16
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
(142,220) (141,980) (141,740) (141,500) (141,260) (141,020) (161,818) (161,503) (161,188) (159,545)
- - - - - - - - - -
(142,220) (141,980) (141,740) (141,500) (141,260) (141,020) (161,818) (161,503) (161,188) (159,545)
(263) (312) (362) (411) (460) (510) (645) (703) (760) (1,060)
- - - - - - - - - -
- - - - - - - - - -
(142,483) (142,292) (142,102) (141,911) (141,720) (141,530) (162,463) (162,205) (161,948) (160,605)
- - (20,000) (20,000) - - - - (10,000) -
- - - - - - - - - -
- - - - - - - - - -
(142,483) (142,292) (162,102) (161,911) (141,720) (141,530) (162,463) (162,205) (171,948) (160,605)
1,698,718 1,556,235 1,413,943 1,251,841 1,089,930 948,210 806,680 644,218 482,013 310,065
1,556,235 1,413,943 1,251,841 1,089,930 948,210 806,680 644,218 482,013 310,065 149,460
Y2 Y2 Y2 Y2 Y2 Y2 Y2 Y2 Y3 Y3
M17 M18 M19 M20 M21 M22 M23 M24 M25 M26
May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25
(158,915) (158,285) (157,655) (157,025) (156,395) (155,765) (155,135) (154,505) (168,635) (167,535)
- - - - - - - - - -
(158,915) (158,285) (157,655) (157,025) (156,395) (155,765) (155,135) (154,505) (168,635) (167,535)
(1,175) (1,290) (1,405) (1,521) (1,636) (1,751) (1,866) (1,981) (2,877) (3,041)
- - - - - - - - - -
- - - - - - - - - -
(160,090) (159,575) (159,060) (158,546) (158,031) (157,516) (157,001) (156,486) (171,512) (170,576)
- - - - - - (10,000) - - (10,000)
- - - - - - - - - -
- - - - - - - - - -
(160,090) (159,575) (159,060) (158,546) (158,031) (157,516) (167,001) (156,486) (171,512) (180,576)
149,460 (10,631) (170,206) (329,267) (487,812) (645,843) (803,359) (970,359) (1,126,845) (1,298,357)
(10,631) (170,206) (329,267) (487,812) (645,843) (803,359) (970,359) (1,126,845) (1,298,357) (1,478,933)
Y3 Y3 Y3 Y3 Y3 Y3 Y3 Y3 Y3 Y3
M27 M28 M29 M30 M31 M32 M33 M34 M35 M36
Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25
(166,435) (163,410) (161,760) (160,110) (158,460) (156,810) (155,160) (153,510) (151,860) (150,210)
- - - - - - - - - -
(166,435) (163,410) (161,760) (160,110) (158,460) (156,810) (155,160) (153,510) (151,860) (150,210)
(3,205) (3,658) (3,904) (4,151) (4,397) (4,644) (4,890) (5,137) (5,384) (5,630)
- - - - - - - - - -
- - - - - - - - - -
(169,640) (167,068) (165,664) (164,261) (162,857) (161,454) (160,050) (158,647) (157,244) (155,840)
- (10,000) - - - - (10,000) - - (85,000)
- - - - - - - - - -
- - - - - - - - - -
(169,640) (177,068) (165,664) (164,261) (162,857) (161,454) (170,050) (158,647) (157,244) (240,840)
(1,478,933) (1,648,573) (1,825,641) (1,991,305) (2,155,566) (2,318,423) (2,479,877) (2,649,927) (2,808,574) (2,965,818)
(1,648,573) (1,825,641) (1,991,305) (2,155,566) (2,318,423) (2,479,877) (2,649,927) (2,808,574) (2,965,818) (3,206,658)
Y4 Y4 Y4 Y4 Y4 Y4 Y4 Y4 Y4 Y4
M37 M38 M39 M40 M41 M42 M43 M44 M45 M46
Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26
(156,754) (154,414) (152,074) (147,454) (144,334) (141,214) (141,214) (141,214) (141,214) (141,214)
- - - - - - - - - -
(156,754) (154,414) (152,074) (147,454) (144,334) (141,214) (141,214) (141,214) (141,214) (141,214)
(7,455) (7,775) (8,096) (8,729) (9,156) (9,584) (9,584) (9,584) (9,584) (9,584)
- - - - - - - - - -
- - - - - - - - - -
(164,208) (162,189) (160,169) (156,182) (153,490) (150,797) (150,797) (150,797) (150,797) (150,797)
- (75,000) (75,000) (75,000) (10,000) - (10,000) (85,000) (20,000) (10,000)
- - - - - - - - - -
- - - - - - - - - -
(164,208) (237,189) (235,169) (231,182) (163,490) (150,797) (160,797) (235,797) (170,797) (160,797)
(3,206,658) (3,370,866) (3,608,055) (3,843,224) (4,074,407) (4,237,896) (4,388,693) (4,549,491) (4,785,288) (4,956,085)
(3,370,866) (3,608,055) (3,843,224) (4,074,407) (4,237,896) (4,388,693) (4,549,491) (4,785,288) (4,956,085) (5,116,882)
Y4 Y4 Y5 Y5 Y5 Y5 Y5 Y5 Y5 Y5
M47 M48 M49 M50 M51 M52 M53 M54 M55 M56
Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27 Aug-27
(141,214) (141,214) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521)
- - - - - - - - - -
(141,214) (141,214) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521)
(9,584) (9,584) (10,340) (10,340) (10,340) (10,340) (10,340) (10,340) (10,340) (10,340)
- - - - - - - - - -
- - - - - - - - - -
(150,797) (150,797) (163,861) (163,861) (163,861) (163,861) (163,861) (163,861) (163,861) (163,861)
(10,000) - (10,000) (10,000) (85,000) (85,000) - - (10,000) -
- - - - - - - - - -
- - - - - - - - - -
(160,797) (150,797) (173,861) (173,861) (248,861) (248,861) (163,861) (163,861) (173,861) (163,861)
(5,116,882) (5,277,679) (5,428,476) (5,602,336) (5,776,197) (6,025,058) (6,273,918) (6,437,779) (6,601,639) (6,775,500)
(5,277,679) (5,428,476) (5,602,336) (5,776,197) (6,025,058) (6,273,918) (6,437,779) (6,601,639) (6,775,500) (6,939,360)
Y5 Y5 Y5 Y5
M57 M58 M59 M60
Sep-27 Oct-27 Nov-27 Dec-27
(153,521) (153,521) (153,521) (153,521)

- - - -
(153,521) (153,521) (153,521) (153,521)
(10,340) (10,340) (10,340) (10,340)

- - - -
- - - -
(163,861) (163,861) (163,861) (163,861)
(75,000) (10,000) (10,000) -
- - - -
- - - -
(238,861) (173,861) (173,861) (163,861)

(6,939,360) (7,178,221) (7,352,082) (7,525,942)
(7,178,221) (7,352,082) (7,525,942) (7,689,803)
Company Name Company url About company & requirements
TAGPAY
TAG Pay own setup Tag Systems Web3 based BaaS
Tag Pay - Bank1 See comments beloWeb3 based BaaS
Tag Pay - Bank2 Web3 based BaaS
1- TagPay customers include: N26, Revolut, Monese, Monso, Yolt, DNB, OP, SEB and over 100 banks
NAGRA
British Telecom www.bt.com Web3 platform, SuperApp with payment and digital services
Liberty Group Home - Liberty GlobalWeb3 platform, SuperApp with payment and digital services
Singtel Singtel Web3 platform, SuperApp with payment and digital services
America Movil América Móvil Web3 platform, SuperApp with payment and digital services
Vodafone www.vodafone.com Web3 platform, SuperApp with payment and digital services
Telefonica Telefónica Web3 platform, SuperApp with payment and digital services
T-Mobile Web3 platform, SuperApp with payment and digital services
T-Mobile® Official Site
Altice Altice International Web3 platform, SuperApp with payment and digital services
SK Telecom SK telecom Web3 platform, SuperApp with payment and digital services
Starhub StarHub Web3 platform, SuperApp with payment and digital services
Telco 11 See comments beloWeb3 platform, SuperApp with payment and digital services
Telco 12 Web3 platform, SuperApp with payment and digital services
2- Nagra serves over 550 Telcos globally and serve over 1 bill users through their top 10 telcos alone. They will bring Reltime service to
TELENOR LINX
Deutsche Telecom www.telecom.de Web3 platform, SuperApp with QR-pay
Telenor Norway www.telenor.com Web3 platform, SuperApp with payment and digital services
Telenor LINX is an infra. provider to other telcos and a fully-owned subsidiary of Telenor Norway, serving 158 mill consumers globally
ACCUBITS
Case 1 See comments beloWeb3 wallet and payment services
Case 2 Web3 wallet and payment services
3- India based development and sales partner of Reltime. Agreement signed. Has engaged many prospects already.
Starbucks Web3 platform, payments, loyalty and SuperApp
KnM, HPS - Africa

Bank 1 Web3 based BaaS
Bank 2 Web3 based BaaS
Retail 1 Web3 platform, SuperApp with payment and digital services
Telecom 1 Web3 platform, SuperApp with payment and digital services
Telecom 2 Web3 platform, SuperApp with payment and digital services
HPS Group serves over 450 banks in North Africa and seems very keen to bring Reltime services to its customers, KnM is a trusted fin
Other engagements
View Capital Case 1 Web3 wallet and payment services
GNBSwiss GNB Swiss Investments | Private
Web3 wallet Equity services
and payment
Frenzi.io www.frenzi.io Web3 wallet and payment services
Bankify case 1 Bankify Web3 wallet and payment services
APAC customer 1 Web3 wallet and payment services
APAC customer 2 Web3 wallet and payment services
GNBSwiss customer 1 Web3 wallet and payment services
GNBSwiss customer 2 Web3 wallet and payment services
Ardour Labs has signed a partnership agr to bring Reltime offerings to Apac market, India-based Block Stack is also keen to join forces
MENA partner
4- MENA partner - agreement finalization underway. The partrner has already started engaging leading x-border payment companies w
Microsoft
5- Microsoft has signed partnership agreement and placed Reltime in "Level-4" partnership category - the highest level offered to playe
KYC is charged a min. 0.3 euro per user onboarded. This per user revenue is NOT included. For e.g., even if only 5% of users from 4 out ot top 8 Nagr
Important assumptions
Euro 5.500 is min. monthly fee for large customers and applies for the lowest volume step (< 25 or 50k users). For the telco segment who typically hav
Earinings year 1 starts once the latest developments in platfiorm are completed (July/ Aug. 2023). So we assume Year 1 to commece from Q4 2023
Customers signed in Year 2 and 3 will not generate full 3 year impact and this has been also captured in the model for many cases
All partners listed above are committed to commercialize Reltime services
TAG Pay has over 100 neo-banks in its portfolio
NAGRA serves over 550 Telecom operators on range of security, streaming, IOT and digital services. Even before partner agreement Reltime they hav
We have a principle agreement (agreement is ready for signing) with Nagra that in some major deals with global telcos we would be open to new pricin
We have factored in lower ASPs in India and Africa due to higher price sensitivities in these markets, but also a reasonable blend of large and medium
Revenues NOT incl in the above estimates

Decentralized Exchange (DEX) Platform Services
Platform as a Service which many large brands want as they are keen to establish a Web3 development hub/ innovation lab on top of Reltime's L
New partners and direct customer engagements. The above cases and projections are based on sales efforts since April 2023
Customers requiring card and other third party integration will bring additional setup fee in the range of 50k to 100k euro / case and add
Earnings
Earnings (setup & Monthly Total Earnings (3 Plans
Start Date (setup &
licensing fee) earnings year) Subscribed
licensing fee)
€ 75,000 € 2,500 € 150,000 Jul-23 Silver 45000

€ 50,000 € 5,000 € 170,000 Oct-23 Silver 45000
€ 75,000 € 7,500 € 255,000 Feb-24 Silver 45000
€ 50,000 € 5,000 € 110,000 Mar-24 Silver 45000
€ 100,000 € 7,500 € 190,000 May-24 Silver 45000
€ 100,000 € 7,500 € 325,000 Jun-23 Silver 45000

€ 100,000 € 7,500 € 325,000 Jul-23 Silver 45000
€ 100,000 € 7,500 € 325,000 Aug-23 Silver 45000
€ 100,000 € 7,500 € 325,000 Sep-23 Silver 45000
€ 100,000 € 7,500 € 280,000 Oct-23 Silver 45000
€ 100,000 € 7,500 € 280,000 Jan-24 Silver 45000
€ 100,000 € 7,500 € 280,000 Mar-24 Silver 45000
€ 100,000 € 7,500 € 280,000 Nov-24 Silver 45000
€ 100,000 € 7,500 € 280,000 May-24 Silver 45000
€ 100,000 € 7,500 € 280,000 Sep-24 Silver 45000
€ 100,000 € 7,500 € 280,000 Feb-25 Silver 45000
€ 100,000 € 7,500 € 280,000 Sep-25 Silver 45000
€ 100,000 € 7,500 € 190,000 Jul-25 Silver 45000
€ 100,000 € 7,500 € 190,000 Jan-26 Silver 45000
€ 100,000 € 7,500 € 190,000 Oct-26 Silver 45000
€ 75,000 € 7,500 € 165,000 Jun-27 Silver 45000
os alone. They will bring Reltime service to ALL their Telco customers and prosects
€ 50,000 € 5,000 € 170,000 Jun-23 Silver 45000

€ 50,000 € 5,000 € 170,000 Jun-23 Silver 45000
€ 50,000 € 5,000 € 110,000 Jun-23 Silver 45000
€ 50,000 € 5,000 € 110,000 Jun-23 Silver 45000
way, serving 158 mill consumers globally
€ 35,000 € 3,500 € 140,000 Jun-23 Silver 45000

€ 35,000 € 3,500 € 119,000 Jun-23 Silver 45000
€ 50,000 € 3,500 € 134,000 Jun-23 Silver 45000
€ 50,000 € 3,500 € 134,000 Jun-23 Silver 45000
€ 50,000 € 3,500 € 92,000 Jun-23 Silver 45000
€ 50,000 € 3,500 € 92,000 Jun-23 Silver 45000
€ 50,000 € 3,500 € 92,000 Jun-23 Silver 45000
€ 50,000 € 3,500 € 92,000 Jun-23 Silver 45000
many prospects already.
€ 150,000 € 10,000 € 450,000 Feb-23 Silver 45000
€ 35,000 € 3,500 € 119,000 Mar-23 Silver 45000

€ 35,000 € 3,500 € 119,000 Apr-23 Silver 45000
€ 35,000 € 3,500 € 77,000 Jun-23 Silver 45000
€ 35,000 € 3,500 € 77,000 Jun-23 Silver 45000
€ 35,000 € 3,500 € 77,000 Jun-23 Silver 45000
vices to its customers, KnM is a trusted financial advisor to banks and has already partnered with Reltime
€ 35,000 € 3,500 € 140,000 May-23 Silver 45000

€ 50,000 € 5,000 € 200,000 Jun-23 Silver 45000
€ 35,000 € 5,000 € 155,000 Jun-23 Silver 45000
€ 50,000 € 5,000 € 170,000 Jun-23 Silver 45000
€ 35,000 € 3,500 € 119,000 Jun-23 Silver 45000
€ 35,000 € 3,500 € 119,000 Jun-23 Silver 45000
€ 35,000 € 3,500 € 77,000 Jun-23 Silver 45000
€ 35,000 € 3,500 € 77,000 Jun-23 Silver 45000
sed Block Stack is also keen to join forces. GNB has a large telco network and in final stages of agreement process
€ 35,000 € 3,500 € 140,000 Jun-23 Silver 45000

€ 35,000 € 5,000 € 155,000 Jun-23 Silver 45000
€ 50,000 € 5,000 € 170,000 Jun-23 Silver 45000
€ 50,000 € 3,500 € 134,000 Jun-23 Silver 45000
€ 50,000 € 5,000 € 110,000 Jun-23 Silver 45000
€ 35,000 € 3,500 € 77,000 Jun-23 Silver 45000
ng leading x-border payment companies who are proactively looking to exploit blockchain to reduce cost and avoid disruption, service providers e.g., D
€ 50,000 € 5,000 € 170,000 Jun-23 Silver 45000

€ 50,000 € 5,000 € 170,000 Jun-23 Silver 45000
€ 50,000 € 5,000 € 110,000 Jun-23 Silver 45000
€ 50,000 € 5,000 € 110,000 Jun-23 Silver 45000
ategory - the highest level offered to players with most scalable infra.
€ 3,585,000 € 9,927,000
ven if only 5% of users from 4 out ot top 8 Nagra Telcos use Reltime KYC, it would mean an additional revenue of 0.3 euro x 650 mill x 0.05 = 9.8 mill EURO over 3 y
users). For the telco segment who typically have tens of millions of uses this fee will ceretainly go up.
e assume Year 1 to commece from Q4 2023
n the model for many cases
Even before partner agreement Reltime they have pithced Reltime at four major brands (BT, Singtel, Liberty Group and Carol Slim group in Mexico which owns American M
th global telcos we would be open to new pricing model e.g., revenus share with Nagra or transaction based fee. We believe that those models will certainly have a positiv
ut also a reasonable blend of large and medium sized deals
opment hub/ innovation lab on top of Reltime's Layer1 Blockchain

d on sales efforts since April 2023
the range of 50k to 100k euro / case and additional monthly service fee
Setup Fee Working
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - 45,000
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - 45,000 - - -
- - - 45,000 - -
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - 45,000 -
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
disruption, service providers e.g., DGPays and others
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
- - - - - 45,000
50 mill x 0.05 = 9.8 mill EURO over 3 years or 3.25 mill euro per year. This STILL DOES NOT include KYC revenues from end users from other customers.
group in Mexico which owns American Movil, A1 in Europe etc.)

hose models will certainly have a positive impact on our revenues.
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24
45,000 - - - - - -
- - - 45,000 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
45,000 - - - - - -
- 45,000 - - - - -
- - 45,000 - - - -
- - - 45,000 - - -
- - - - - - 45,000
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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- - - - - - -
- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
from other customers.

Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24
- - - - - - -
- - - - - - -
45,000 - - - - - -
- 45,000 - - - - -
- - - 45,000 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 45,000 - - - - -
- - - - - - -
- - - 45,000 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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- - - - - - -
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- - - - - - -
- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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- - - - - - -
- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - 45,000 - - - -
- - - - - - -
45,000 - - - - - -
- - - - - 45,000 -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
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- - - - - - -
- - - - - - -
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- - - - - - -
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- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - 45,000 -
- - - 45,000 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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- - - - - - -
- - - - - - -
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- - - - - - -
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- - - - - - -
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- - - - - - -
- - - - - - -
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- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - 45,000 - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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- - - - - - -
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- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - 45,000 - -
- - - - - - -
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- - - - - - -
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- - - - - - -
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- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - 45,000 -
- - - - - - -
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- - - - - - -
- - - - - - -
- - - - - - -
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Monthly Recurring Revenue
Aug-27 Sep-27 Oct-27 Nov-27 Dec-27 Jan-23
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nthly Recurring Revenue
- - - - - 2,500 2,500
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - 7,500 7,500 7,500

- - - - - 7,500 7,500
- - - - - - 7,500
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - 5,000 5,000 5,000

- - - - 5,000 5,000 5,000
- - - - 5,000 5,000 5,000
- - - - 5,000 5,000 5,000
- - - - 3,500 3,500 3,500

- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- 3,500 3,500 3,500 3,500 3,500 3,500

- - 3,500 3,500 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- - - 3,500 3,500 3,500 3,500

- - - - 5,000 5,000 5,000
- - - - 5,000 5,000 5,000
- - - - 5,000 5,000 5,000
- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500
- - - - 3,500 3,500 3,500

- - - - 5,000 5,000 5,000
- - - - 5,000 5,000 5,000
- - - - 3,500 3,500 3,500
- - - - 5,000 5,000 5,000
- - - - 3,500 3,500 3,500
- - - - 5,000 5,000 5,000

- - - - 5,000 5,000 5,000
- - - - 5,000 5,000 5,000
- - - - 5,000 5,000 5,000
2,500 2,500 2,500 2,500 2,500 2,500 2,500

- 5,000 5,000 5,000 5,000 5,000 5,000
- - - - - 7,500 7,500
- - - - - - 5,000
- - - - - - -
7,500 7,500 7,500 7,500 7,500 7,500 7,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
- 7,500 7,500 7,500 7,500 7,500 7,500
- - - - 7,500 7,500 7,500
- - - - - - 7,500
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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
3,500 3,500 3,500 3,500 3,500 3,500 3,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
2,500 2,500 2,500 2,500 2,500 2,500 2,500

5,000 5,000 5,000 5,000 5,000 5,000 5,000
7,500 7,500 7,500 7,500 7,500 7,500 7,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
- 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
- - - - - - -
- 7,500 7,500 7,500 7,500 7,500 7,500
- - - - - 7,500 7,500
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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
3,500 3,500 3,500 3,500 3,500 3,500 3,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
2,500 2,500 2,500 2,500 2,500 2,500 2,500

5,000 5,000 5,000 5,000 5,000 5,000 5,000
7,500 7,500 7,500 7,500 7,500 7,500 7,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
- - - 7,500 7,500 7,500 7,500
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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
3,500 3,500 3,500 3,500 3,500 3,500 3,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
2,500 2,500 2,500 2,500 2,500 2,500 2,500

5,000 5,000 5,000 5,000 5,000 5,000 5,000
7,500 7,500 7,500 7,500 7,500 7,500 7,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
- - - 7,500 7,500 7,500 7,500
- 7,500 7,500 7,500 7,500 7,500 7,500
- - - - - - -
- - - - - - -
- - - - - - -
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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
3,500 3,500 3,500 3,500 3,500 3,500 3,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
2,500 2,500 2,500 2,500 2,500 2,500 2,500

5,000 5,000 5,000 5,000 5,000 5,000 5,000
7,500 7,500 7,500 7,500 7,500 7,500 7,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
- - - - - - -
- - - - - - -
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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
3,500 3,500 3,500 3,500 3,500 3,500 3,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27
2,500 2,500 2,500 2,500 2,500 2,500 2,500

5,000 5,000 5,000 5,000 5,000 5,000 5,000
7,500 7,500 7,500 7,500 7,500 7,500 7,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
- - 7,500 7,500 7,500 7,500 7,500
- - - - - - -
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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
3,500 3,500 3,500 3,500 3,500 3,500 3,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
2,500 2,500 2,500 2,500 2,500 2,500 2,500

5,000 5,000 5,000 5,000 5,000 5,000 5,000
7,500 7,500 7,500 7,500 7,500 7,500 7,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500

7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
7,500 7,500 7,500 7,500 7,500 7,500 7,500
- - - 7,500 7,500 7,500 7,500
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500
3,500 3,500 3,500 3,500 3,500 3,500 3,500

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
3,500 3,500 3,500 3,500 3,500 3,500 3,500
5,000 5,000 5,000 5,000 5,000 5,000 5,000
3,500 3,500 3,500 3,500 3,500 3,500 3,500
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 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000 5,000 5,000
Oct-27 Nov-27 Dec-27 Jan-23 Feb-23
2,500 2,500 2,500 Bronze 30,000

5,000 5,000 5,000 Silver 45,000
7,500 7,500 7,500 Gold 55,000
5,000 5,000 5,000 Diamond 80,000
7,500 7,500 7,500 Platinum 90,000
7,500 7,500 7,500

7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
7,500 7,500 7,500
5,000 5,000 5,000

5,000 5,000 5,000
5,000 5,000 5,000
5,000 5,000 5,000
3,500 3,500 3,500

3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500

3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500

5,000 5,000 5,000
5,000 5,000 5,000
5,000 5,000 5,000
3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500
3,500 3,500 3,500

5,000 5,000 5,000
5,000 5,000 5,000
3,500 3,500 3,500
5,000 5,000 5,000
3,500 3,500 3,500
5,000 5,000 5,000

5,000 5,000 5,000
5,000 5,000 5,000
5,000 5,000 5,000
Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24
Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26
Nov-27 Dec-27
BRONZE SILVER
Superapp x x
Non-custodian wallet & acocunt x x x x
Deposit x x x x
Bridge & Swap x x x x
Move x x x x
Pay x x
Joint account x x
Lending
DEX
Proof of Deposit
Set up fee, in Euro 19,000 25,000 32,000 40,000
Monthly fee, Euro (volm. of users)

0 to 50000 1,500 1,900 3,000 3,800
500001 to 250k 5,500 7,000 ### 11,000 14,000
250001 to 750k 11,700 14,900 ### 23,500 30,000
750001 to 1.5 mill 20,500 26,000 ### 41,000 52,500
Over 1.5 mill Plea
Notes
eKYC 0,3 euro p
Languages supported English English + 3
Currencies Standard 150+
Standard currencies*
USD, EURO, CHF; GBP, CAD, AUSD, JPY, CNH, INR
This is strictly for internal reference only and price table will only be shared under NDA as part of concrete sales cases. Setup and month
GOLD DIAMOND PLATINUM
x x x
x x x x x x
x x x x x x
x x x x x x
x x x x x x
x x x x x x
x x x x x x
x x x x x x
x x x x
x x
40,000 50,000 60,000 75,000 65,000 85,000
3,800 5,000 5,600 7,200 6,200 8,000 54000

14,000 18.500 20,600 26,500 23,000 29,500 73,000
30,200 40.000 44,000 56,700 49,000 63,000
52,000 70.000 77,000 99,000 85,000 110,000
Please ask
0,3 euro per user

English + 5 English + 10 Upto 20
150+ 150+ 150+
les cases. Setup and monthly fee will always reflect service stack delivered and the profile pf the customer (i.e., willingness and readiness to pay) to re
288000
373,000
ness and readiness to pay) to reflect cost and value.

2023 2024
One time investments

4x patents € 30,000
DEX € 120,000
Third party integration € 250,000
Total One time cost € 400,000 € 60,000
Running expenses
Cloud hosting/ AWS € 120,000 € 132,000
Support € 60,000 € 66,000
Design € 30,000 € 33,000
Marketing € 25,000 € 30,000
Salaries € 770,000 € 1,070,000
Office € 24,000 € 26,400
Travel € 60,000 € 72,000
Legal € 20,000 € 25,000
Opex Cost € 1,109,000 € 1,454,400

Buffer (10%) € 110,900 € 145,440
Total Opex Cost € 1,219,900 € 1,599,840
TOTAL ANNUAL COST € 1,619,900 € 1,659,840

2025 2026 2027
€ 60,000 € 60,000 € 60,000
€ 145,200 € 159,720 € 175,692

€ 72,600 € 79,860 € 87,846
€ 36,300 € 39,930 € 43,923
€ 40,000 € 45,000 € 50,000
€ 1,370,000 € 1,370,000 € 1,370,000
€ 29,040 € 31,944 € 35,138
€ 86,400 € 103,680 € 124,416
€ 31,250 € 39,063 € 48,828
€ 1,810,790 € 1,869,197 € 1,935,844

€ 181,079 € 186,920 € 193,584
€ 1,991,869 € 2,056,116 € 2,129,428
€ 2,051,869 € 2,116,116 € 2,189,428

Comments
15% of 2023 dev. cost budgeted for upgrades & new dev. Please check
10% increase YoY Please check

5k euro increase in market YoY Please check
2 additional senior execs, both in 2024 and 2025 Please check
25% increase YoY
Risk buffer, exegencies etc. Please check

Financial Model - Template

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Y1 Y1 Y1 Y1 Y1 Y1

Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23

EBITDA (143,500) (143,500) (143,500) (143,500) (143,500) (142,460)

Depreciation & Amortization

EBIT (143,500) (143,500) (143,500) (143,500) (143,500) (142,460)

EBT (143,500) (143,500) (143,500) (143,500) (143,500) (142,460)

2,000 2,000 2,000 2,000 2,000 2,000 2,250 2,250 2,250

30,000 30,000 30,000 30,000 30,000 30,000 35,000 35,000 35,000

(142,220) (141,980) (141,740) (141,500) (141,260) (141,020) (161,818) (161,503) (161,188)

(142,220) (141,980) (141,740) (141,500) (141,260) (141,020) (161,818) (161,503) (161,188)

(142,220) (141,980) (141,740) (141,500) (141,260) (141,020) (161,818) (161,503) (161,188)

4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500

35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000

(159,545) (158,915) (158,285) (157,655) (157,025) (156,395) (155,765) (155,135) (154,505)

(159,545) (158,915) (158,285) (157,655) (157,025) (156,395) (155,765) (155,135) (154,505)

(159,545) (158,915) (158,285) (157,655) (157,025) (156,395) (155,765) (155,135) (154,505)

5,000 5,000 5,000 7,500 7,500 7,500 7,500 7,500 7,500

40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000

(168,635) (167,535) (166,435) (163,410) (161,760) (160,110) (158,460) (156,810) (155,160)

(168,635) (167,535) (166,435) (163,410) (161,760) (160,110) (158,460) (156,810) (155,160)

(168,635) (167,535) (166,435) (163,410) (161,760) (160,110) (158,460) (156,810) (155,160)

7,500 7,500 7,500 7,500 7,500 7,500 10,000 10,000 10,000

40,000 40,000 40,000 45,000 45,000 45,000 45,000 45,000 45,000

(153,510) (151,860) (150,210) (156,754) (154,414) (152,074) (147,454) (144,334) (141,214)

(153,510) (151,860) (150,210) (156,754) (154,414) (152,074) (147,454) (144,334) (141,214)

(153,510) (151,860) (150,210) (156,754) (154,414) (152,074) (147,454) (144,334) (141,214)

10,000 10,000 10,000 10,000 10,000 10,000 11,000 11,000 11,000

45,000 45,000 45,000 45,000 45,000 45,000 50,000 50,000 50,000

(141,214) (141,214) (141,214) (141,214) (141,214) (141,214) (153,521) (153,521) (153,521)

(141,214) (141,214) (141,214) (141,214) (141,214) (141,214) (153,521) (153,521) (153,521)

(141,214) (141,214) (141,214) (141,214) (141,214) (141,214) (153,521) (153,521) (153,521)

11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000

50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000

(153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521)

(153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521)

(153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521) (153,521)

Setup and Licensing Fee 14,000 47,250 82,500 112,500 132,000

EBITDA (1,709,680) (1,897,733) (1,913,895) (1,743,522) (1,842,250)

Depreciation & Amortization - - - - -

EBIT (1,709,680) (1,897,733) (1,913,895) (1,743,522) (1,842,250)

PBT (1,709,680) (1,897,733) (1,913,895) (1,743,522) (1,842,250)

PAT (1,709,680) (1,897,733) (1,913,895) (1,743,522) (1,842,250)

Merchant Discount Rates Charged

Gross Transaction Value Working

Gross Transaction Value Working

One Time Setup Fee

No. of Cards/Customer 105 105 105

Growth in no. of cards 1.00% 1.00% 1.00%

Average FX Markup Revenue Shared 0.50% 0.50% 0.50%

SaaS Based Model

Total Marketing Expenses% of Revenue 60% 60% 60%

Salary Expenses % Increment

Closing Gross Balance

Depreciation for the month

Opening Net Block

Closing Net Block

Short Term Debt

Other Short Term Debt

25% 25% 25% 25% 25% 25% 25%

0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%

2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000

300,000 300,000 300,000 300,000 300,000 300,000 300,000

2,000 2,000 2,000 2,000 2,000 2,000 2,000

46 60 75 91 108 126 145