Ann: Quarterly Business Review and Appendix 4C, page-2

My back of envelope calculations which by nature are very rough would be as follows. Q4 2019 Cash receipts 1.3M versus cash flow of (0.9) so costs of 2.2M. Q4 2019 Cash receipts of 1.3M divided by passenger numbers 104K = $12.5 per passenger. Therefore and if costs remain the same and excluding R&D in 2021 we would have 12.5M Revenue versus 8.8M costs = 3.7M Net cash flow = Cash flow per share of 4.96 cents per share and a PE of less than 10. I think a pretty good deal for a company growing so quickly and establishing itself with a network effect that will be near impossible to match. Any opinions or calculations corrections welcome.