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Laureate International Universities is a registered trademark of Laureate Education, Inc. © 2020 Laureate International Universities® | Confidential & Proprietary 1

Scire LRP 2021-2025

Agenda

•  2020 Overview •  LRP 2021-2025 •  Market

–  Economic Climate –  Xavier National –  City of Sophia –  Education Market

•  Our Strategic Initiatives –  Brand & Academics –  Risks & Opportunities –  Regulatory Environment –  Competition

•  Financials

© 2020 Laureate International Universities® | Confidential & Proprietary 2


2020 Overview

Xavier Economic Climate: ! 2019 reports and the 2020 forecast show a difficult economic situation on both

Xavier and The Continent (TC) ! Unemployment remains troublesome on Xavier and TC at 16% and 17.5%

respectively ! Recent economic reforms are cascading down to the population slower than

expected ! Forecasts for recovery remain hopeful for 2022 and 2023 ! GDP is expected to continue to grow in 2021 (0.85%)

Xavier 2019 Actual

2020 Forecast

Real GDP 1.03% 0.95% Infla3on 2.2% 2.2% Unemployment rate 15.6% 16.0 % Public Debt ( %GDP) 52.1% 50.4% Public Deficit ( %GDP) 7.3% 7.0%


Year 2020: Overview

Enrollment: ! New and Total Enrollment targets are confirmed ! Undergraduate tuition reform initiatives have yet to

produce results, but are expected to contribute to an aggressive growth rate of 18% YoY in 2021


Total: 5090 2019 2020 %

($ 000s) Actual Actual Variance

New enrollment 2,490 2,560 2.8

Total enrollment 5,090 5,050 -‐0.8

Year 2020: Overview

Total: 5050

New: 2490

New: 2560

NOTE: All totals are end of year

Financial Results: ! Undergraduate tuition fee strategy has yet to produce expected results, as

such total revenue fell YoY 1.2% to $84,315,000 ! As competitors continue to increase tuition, SCIRE tuition has decreased, as

per the 2017 LRP, and will freeze until 2023 ! Cost efficiency strategy launched in 2018 has continued to produce results


Tuition 2017 2018 2019 2020

SCIRE $ 17K $ 16K $ 15k $ 15k

Competition (average) $ 16K $ 17K $ 17.5K $ 18k

Year 2020: Overview

Risks & Opportunities: •  New Reforms Introduced by the government in the Public Education system (Both Risk

and Opportunity until details are known in 2021, potential market gain for private universities…)

•  Economy of Xavier and TC continues to decline and consumer confidence is affecting education decisions (Risk, growth plan reduced by 20%, value)

•  Efforts to preserve EBITDA in 2020 have been and will be achieved through efficiency programs. Further risks in revenue could request cost cutting programs to protect margins to be carefully managed not to affect value proposition to our students.

•  Competitive threats may increase depending on access to investment by Transmedia School

•  Internationality within the Laureate Network has not been fully optimized •  Extend on-line to Continental markets, through dual degrees, Excellence certification

and Laureate Products


Year 2020: Overview

Regulation: ! The Government has strengthened accreditation tied to “Access” programs,

breadth of programs has increased ! Federal student loan program is facing cuts, could see year to year decreases

of 7% for 5 years starting 2021 ! Academic recognition of professional experience will kick in 2023 ! Federal and municipal elections upcoming in May of 2022


Year 2020: Overview

Market: •  Total Xavier Undergraduate Enrollment: +6% (2020 vs 2019) •  Total enrollment budgeted to increase 18% in 2021 to 5,961 •  Significant increase in Professional studies +15% (2020 vs 2019) •  Private education increasing market share overall as public funding is

decreasing: 2010: 94%; 2015: 88%, 2020: 83%, 2025: 71% (est)


Year 2020: Overview

Year 2021: Overview

Fcst 2+10 2021 Budget 2021

Variance Prior year Variance ($ 000's) LC/# % 2020 LC/# %

New enrollment 2,944 3,401 (457) -13.4% 2,560 384 15.0% Total enrollment 5,808 5,961 (154) -2.6% 5,050 758 15.0%

Revenue 96,962 93,444 3,518 3.8% 84,315 12,647 15.0%

Operating EBITDA 11,247 15,286 (4,039) -26.4% 9,780 1,467 15.0% Margin 11.6% 16.4% 11.6%

Net Income 8,741 12,626 (3,885) -30.8% 7,946 795 10.0% Margin 9.0% 13.5% 9.4%

CAPEX 206 175 31 17.6% 430 (224) -52.1% Capex/Revenue 0.2% 0.2% 0.5%

Capex/Op. EBITDA 1.8% 1.1% 4.4%

Revenue/Student 16.7 15.7 1.0 6.5% 16.7 - 0.0% Expense per Student 13.5 13.1 0.3 2.6% 14.8 (1.3) -8.8%



Forecast 2+10 2021: P&L

Fcst 2+10 2021 Budget 2021

Variance Prior year Variance ($ 000's) LC/# % 2020 LC/# %

Total Revenue 96,962 93,444 3,518 3.8% 84,315 12,647 14.9%

Faculty Compensation 27,295 30,595 (3,300) -10.8% 23,735 3,560 14.9% Other Direct Costs 18,423 15,185 3,238 21.3% 16,020 2,403 15.0%

Gross Margin 51,244 47,664 3,580 7.5% 44,560 6,684 15.0%

Sales, Advertising & Marketing 7,272 5,233 2,039 39.0% 6,324 949 15.0% Facility Rent Expense 7,951 6,635 1,316 19.8% 6,914 1,037 15.0% Other Facilities Expense 7,078 5,840 1,238 21.2% 6,155 923 14.9% Other GS&A Costs 17,696 14,671 3,025 20.6% 15,387 2,308 14.9%

Subtotal GS&A Costs 39,997 32,378 7,619 23.5% 34,780 5,217 15.0%

Operating EBITDA 11,247 15,286 (4,039) -26.4% 9,780 1,467 15.0% EBITDA Margin 11.6% 16.4% 11.6%

Amortization 388 431 (43) -10.0% 431 (43) -10.0%

EBIT 10,859 14,855 (3,996) -26.9% 9,349 1,510 16.2%

Interest, Taxes and Other 1,629 2,228 (599) -26.9% 1,402 227 16.2%

Net Income 9,230 12,626 (3,396) -26.9% 7,946 1,284 16.2%


LRP 2021-2025


-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2018 2019 2020 2021 2022 2023 2024 2025

LRP 2021 - New Enrollment

New Enrolment - Projected New Enrolment - Actual New Enrollment - Projected New Enrollment - Actual


-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2018 2019 2020 2021 2022 2023 2024 2025

LRP 2021 - Total Enrollment

Total Enrolment - Projected Total Enrolment - Actual Total Enrollment - Projected Total Enrollment - Actual


-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2018 2019 2020 2021 2022 2023 2024 2025

LRP 2021 - Revenue

Revenue - Projected Revenue - Actual


-

5,000

10,000

15,000

20,000

25,000

2018 2019 2020 2021 2022 2023 2024 2025

LRP 2021 - EBITDA

EBITDA - Projected EBITDA - Actual


-

100

200

300

400

500

600

2018 2019 2020 2021 2022 2023 2024 2025

LRP 2021 - CapEx

CapEx - Projected CapEx - Actual


-

2,000

4,000

6,000

8,000

10,000

12,000

2018 2019 2020 2021 2022 2023 2024 2025

LRP 2021 - Free Cash Flow

Free Cash Flow - Projected Free Cash Flow - Actual

MARKET



0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

-

50,000

100,000

150,000

200,000

250,000

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

GDP (in Millions local currency) Unemployment Inflation

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

GDP (in Millions local currency) 165,273 170,231 161,720 137,462 141,586 148,665 159,071 174,978 185,477 189,187 191,079 1.03 0.95 0.85 1.03 1.05 1.07 1.1 1.06 1.02 1.01

Unemployment 15.1% 15.6% 16.0% 13.6% 10.9% 9.8% 10.1% 10.4% 10.5% 10.6% 10.7% 1.03 1.03 0.85 0.8 0.9 1.03 1.03 1.01 1.01 1.01

Inflation 2.1% 2.2% 2.2% 2.3% 2.4% 2.4% 2.5% 2.6% 2.7% 2.7% 2.8% 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03

Xavier: GDP vs Unemployment vs Inflation


Industry Trends - National

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Industry Trends - Xavier (National Average)

Trades Service Tourism Tech Business Shipping Agriculture Health


Industry Trends – Main Campus (City of Sophia)

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Industry Trends – City of Sophia



Industry Trends – Xavier Campus (area of St. Vincent)

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Industry Trends - Xavier Institute



Industry Trends – Hermes Campus

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Industry Trends - Hermes Collegiate



MARKET education


LRP: Market Share – Public vs Private

2020 (% mkt)

2021 (forecast) (% mkt)

YoY Growth

Public 39,110 (79.4%)

41,417 (77.9%) +5.9%

Private 10,330 (20.6%)

11,765 (22.1%) +13.9%

Total 49,240 53,182 +8.0%


LRP: Market Share

Institution 2020 (% mkt)

Xavier University 20,250 (41.1%)

Metis Collegiate 12,740 (25.8%)

St. Vincent 6,120 (12.4%)

SCIRE 5,050 (10.2%)

Oakdale College 3,460 (7.0%)

Transmedia School of Applied Arts 1,620 (3.3%)

Total 49,240

Results: •  Scire remains the largest private university in the market

•  10.2% total market share •  48.9% of private market

Pub

lic

Priv

ate

_


STRATEGIC INITIATIVES


Mission: Scire offers students at all levels of Higher Education, an exceptional education, with recognized academic quality and adapted to the needs of the real world. We continue to make education more affordable and accessible so that we prepare more students of Xavier to graduate and succeed in their careers. Vision: To become the number one rated private university in Xavier and in the top five international university destinations for Continental Students. To embrace innovation, collaboration, and focus on delivering great outcomes for our students. To increase our profitability and standing within Laureate by controlling our costs, increasing our enrollment, while we are adhering to the strict standards of our rich history. Costs contained; self contained.

2021 Mission & Vision


2021 Business Priori3es

1) Grow in enrollment and profit New Enrollment to Increase 33% for 2021

2) Cost Contained, Self Sustained

Containment on all sides

3) Online: Expansion 4) Reinvigorate Academic Brand

•  Pricing strategy to drive enrollment •  Aggressive enrollment growth fueling

market dominance

Strategic Objectives Actions

•  Programs Streamlined, Talent Optimization, Classroom Utilization

•  Increased Cash Flow & Profitability

•  Bring most popular international courses online

•  Brand: “Accessible Tradition” •  New, relatable professors; fresh faces

2021 Mission & Vision: Innovation at Work




•  Tuition reform to drive enrollment


•  Tuition Reform as Innovation at Work •  Decreasing tuition is seen as increasing the citizen’s ability to access

higher education. •  Decrease makes us more competitive, asserting our brand of tradition in

the marketplace ensures our reputation is not “Walmart of Education” •  2021: Launch of Tuition Freeze Promise. Your tuition will not increase

until you graduate. $15k means $15k, what you pay is what you will pay

Tuition 2017 2018 2019 2020 2021

Scire $ 17K $ 16K $ 15k $ 15k $ 15k

Competitor $ 16K $ 17K $ 17.5K $ 18k $ 19k



2021 Business Priorities


•  Aggressive enrollment growth fuels revenue


92,616 85,332 84,315

93,444

106,005 117,028

122,920 127,440 133,410 137,340 139,485

13

18

23

28

33

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Tuition Revenue v. Enrollment (in '000's)

Total Tuition Revenue Tuition Cost per Year - Local Tuition Cost per Year - International



2,600 2,490 2,560

3,401 3,579

3,820 3,955 4,105 4,345 4,355 4,480

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

New Enrollment






5,250 5,090 5,050

5,961 6,715

7,399 7,775 8,060

8,450 8,700 8,835

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Total Enrollments




1) Grow in enrollment and profit Total Enrollment to Increase 18% for 2021



2) Cost Contained, Self Sustained Containment on all sides


•  Containment on all sides:

•  Programs Streamlined: Reevaluation and streamlining of program offerings (low enrollment, poor performing programs to be cut)

•  Talent Optimized: Teaching staff salaries examined (costly talent’s utility to be evaluated)

•  Classroom Utilization: Seat turn maximized




3) Online: Expansion


•  Bring most popular international courses online

•  Market aggressively to The Continent •  Economic downturn across the sea,

means less money for travel: same tuition (and tuition guarantee), same results, less cost overall, can stay in part time local job market (optics: better for Xavier)




4) Reinvigorate Academic Brand


•  Brand: “Accessible Tradition” •  New, relatable professors; fresh faces built

upon 80 years of tradition •  Market Differentiator: Application of long,

storied tradition to today’s economic and employment environments



BRAND & ACADEMICS


Cost Containment

Continental Student

Close to professions

Quality

Financial Transformation

Consolidation

39

Leverage cost Improvements In year one to improve quality In year two…

Brand & Academics


Students’ International Experience

LANGUAGES •  All degrees to contain at least 20% of the subjects in Spanish •  All courses include activities in Spanish •  10 full Spanish degrees

CAMPUS LIFE •  Historical look & feel of campus •  Intercultural classrooms •  International extracurricular activities. •  International clubs and associations

EXPERIENCE ABROAD •  Short stays: all students •  Semester abroad: 12% of students •  Continental internships: 6% •  Double degrees: 3%


Employability

EMPLOYMENT PLAN •  New, more complete plan aiming at full employment for our graduates •  Best training for work, advise, networking, support in finding a job &/or

becoming an entrepreneur

From classrooms To professional internships

From business creation To business growth (incubator)

From a business plan To business creation (pre-incubator)

From a business idea To a viable business plan

From talent To entrepreneurship

From work To professional advancement

From university degree To quality employment

41


RISKS & OPPORTUNITIES


Risks and Opportunities

•  New Reforms Introduced by the government in the Public Education system (Both Risk and Opportunity until details are known in 2021, potential market gain for private universities,…)

•  Economy of Xavier and the Continent continues to decline and consumer confidence is affecting education decisions (Risk, growth plan reduced by 20%, value)

•  Efforts to preserve EBITDA in 2019 and 2020 have been and will be achieved through efficiency programs. Further risks in revenue could request cost cutting programs to protect the profit to be carefully managed not to affect value proposition to our students.

•  Competitive threats may increase depending on access to investment by Transmedia School

•  Internationality within the Laureate Network has not been fully optimized •  Extend on-line to Continental markets, through dual degrees, Excellence

certification and Laureate Products


REGULATORY


Regulatory: ! The Government has strengthened accreditation tied to “Access” programs,

breadth of programs has increased ! Federal student loan program is facing cuts, could see year to year decreases

of 7% for 5 years starting 2021 ! Academic recognition of professional experience will kick in 2023 ! Federal and municipal elections upcoming in May of 2022

Xavier Regulatory Environment


Regulatory Overview

% EDUCATION EXPENSES

Public Expenditure on Education as % of GDP

Ministry of Education’s poor assessment of Xavier University System: •  Excess offer: 6 Universities, 130 degrees, 209 masters, 98 doctorates •  Public financing without expenditure control (scholarships included) •  High drop out and repeaters rates (31.2% of students aged 18 to 24 leave

university) •  Low contribution to employability •  Low internalization (5% of international students)

Share of students that benefit from loans and/or scholarships

Aver

age

enro

llmen

t ch

arge

s

Hig

her

fees

Larger proportion of sponsored students

Tuition& Scholarships- low tuition& low scholarships

2019 2020 All education

levels All education

levels Primary, secondary and post-secondary

Tertiary education

Xavier 4.3 4.5 2.9 1.1 OECD 5.2 5.4 3.6 1.3 EU-21 5.1 5.4 3.5 1.3


Regulatory Overview

•  Announcement of education reforms and an Expert Council appointed to evaluate Education System and make recommendations. Due early 2021.

•  Key initiatives announced by the Government to restructure the public education system and to be implemented by the local Governments are:

1.  Increase in public universities tuition to cover 15 to 25% of the total cost. Second to fourth registrations up to 100% of cost • Continental students, non resident citizens, to pay full tuition • Professional Masters (non qualifying) tuition increased up to 40-50%

2.  Rationalization of degrees, eliminating those with less than 50 students 3.  Increase of professors’ teaching workload from 24 to 32 credits/year.

Exception: researchers. 4.  Sanctions to those Universities not complying with the Budget Stability

principles. 5.  Limitation on new personnel recruitments.

•  Increased restrictions expected to new degrees accreditation •  Professional Studies reform foreseen for 2022


COMPETITION

© 2020 Laureate International Universities® | Confidential & Proprietary 49 49

• 20,000 • Variety of Schools/Programs • 40% • NW Suburb

Xavier University

• 12,000 • Business School • 35% • Sophia City Center

Metis Collegiate

• 6,000 • Liberal Arts School • 22% • St. Vincent

St Vincent

• 3,380 • Business School • 30% • SW Suburb

Oakdale College

• 1,620 • Applied Arts • 35% • City of Sophia

Transmedia Applied

Arts

Public Private

LEGEND •  Total Student Population •  Market Strength •  Published 5 year Growth Projections •  Location on Xavier All public institutions have significantly lower fees

Competition in Higher Education

© 2020 Laureate International Universities® | Confidential & Proprietary 50 50

Research conducted Aberdeen Consulting Associates

Cost Competitiveness

Employability

Overall Quality

Our Core Audience perceives SCIRE’s strong in a number of areas but clearly differentiated in three…

We have kept our fees close to Public Institutions

86% of our graduates work in their fields

Our experience is a high quality one

Differentiation in our Core Demographic (17-25)


BACK UP FINANCIALS


LRP Summary

Actual 2020 LRP 2021 LRP 2022 LRP 2023 LRP 2024 LRP 2025

CAGR '21-25

Flow Thru '21-25 ($ 000's)

New enrollment 2,560 3,401 3,579 3,820 3,955 4,105 3.83% 704 Total enrollment 5,050 5,961 6,715 7,399 7,775 8,060 6.22% 2,099

Revenue $84,315 $93,444 $106,005 $117,028 $122,920 $127,440 6.40% $33,996

Operating EBITDA $9,780 $15,286 $19,110 $21,072 $22,141 $22,462 8.00% $7,176 Margin 11.6% 16.4% 18.0% 18.0% 18.0% 17.6% 21.1%

Net Income $7,946 $12,626 $15,880 $17,552 $18,463 $18,740 8.22% $6,113 Margin 9.4% 13.5% 15.0% 15.0% 15.0% 14.7% 18.0%

CAPEX $430 $175 $190 $200 $175 $325 13.18% $150 Capex/Revenue 0.5% 0.2% 0.2% 0.2% 0.1% 0.3%

Capex/Op. EBITDA 4.4% 1.1% 1.0% 0.9% 0.8% 1.4%

Revenue/Student $17 $16 $16 $16 $16 $16 Expense per Student $15 $13 $13 $13 $13 $13


Financials

2018 2019 2020 2021 2022 2023 2024 2025 CAGR '21-25

Flow Thru '21-25

New enrollment 2,600 2,490 2,560 3,401 3,579 3,820 3,955 4,105 3.83%

Total enrollment 5,250 5,090 5,050 5,961 6,715 7,399 7,775 8,060 6.22%

Revenue $92,616 $85,332 $84,315 $93,444 $106,005 $117,028 $122,920 $127,440 6.40% $33,996

Operating EBITDA $9,740 $10,184 $9,780 $15,286 $19,110 $21,072 $22,141 $22,462 8.00% $7,176

Margin 10.5% 11.9% 11.6% 16.4% 18.0% 18.0% 18.0% 17.6% 21.1%

EBIT $9,307 $9,754 $9,349 $14,855 $18,682 $20,649 $21,722 $22,047 8.22%

Margin 10.0% 11.4% 11.1% 15.9% 17.6% 17.6% 17.7% 17.3%


Growth

2018 2019 2020 2021 2022 2023 2024 2025 CAGR '21-25

Flow Thru '21-25

New enrollment 2,600 2,490 2,560 3,401 3,579 3,820 3,955 4,105 3.83%

Total enrollment 5,250 5,090 5,050 5,961 6,715 7,399 7,775 8,060 6.22%

Revenue $92,616 $85,332 $84,315 $93,444 $106,005 $117,028 $122,920 $127,440 6.40% $33,996

Operating EBITDA $9,740 $10,184 $9,780 $15,286 $19,110 $21,072 $22,141 $22,462 8.00% $7,176

Margin 10.5% 11.9% 11.6% 16.4% 18.0% 18.0% 18.0% 17.6% 21.1%

EBIT $9,307 $9,754 $9,349 $14,855 $18,682 $20,649 $21,722 $22,047 8.22%

Margin 10.0% 11.4% 11.1% 15.9% 17.6% 17.6% 17.7% 17.3%


Revenue Trends

$92.6 $85.3 $84.3

$93.4

$106.0

$117.0 $122.9

$127.4 $133.4 $137.3 $139.5

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Total Revenues

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 .

Total Revenues $92.6 $85.3 $84.3 $93.4 $106.0 $117.0 $122.9 $127.4 $133.4 $137.3 $139.5 Total EBITDA $9.7 $10.9 $9.8 $15.3 $19.1 $21.1 $22.1 $22.5 $23.7 $24.5 $24.3

Note: Numbers in thousands


EBITDA Trends

$9.7 $10.2 $9.8

$15.3

$19.1 $21.1

$22.1 $22.5 $23.7 $24.5 $24.3

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Total EBITDA

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 .

Total Revenues $92.6 $85.3 $84.3 $93.4 $106.0 $117.0 $122.9 $127.4 $133.4 $137.3 $139.5 Total EBITDA $9.7 $10.2 $9.8 $15.3 $19.1 $21.1 $22.1 $22.5 $23.7 $24.5 $24.3

Note: Numbers in thousands


Income Statement

2018 2019 2020 2021 2022 2023 2024 2025

Income StatementRevenue

Gross Revenues 92,616$ 85,332$ 84,315$ 93,444$ 106,005$ 117,028$ 122,920$ 127,440$

Net Revenues 92,616 85,332 84,315 93,444 106,005 117,028 122,920 127,440

Direct Costs

Faculty 27,075 23,735 23,735 30,595 34,105 38,495 40,425 42,405 Other 17,597 16,213 16,020 15,185 16,961 18,724 19,667 20,390

Total Direct Costs 44,672 39,948 39,755 45,780 51,066 57,219 60,092 62,795

Gross Margin 47,944 45,384 44,560 47,664 54,939 59,808 62,828 64,645 52% 53% 53% 51% 52% 51% 51% 51%

Indirect Costs

Sales, Advertising & Marketing 6,946 6,400 6,324 5,233 5,618 6,202 6,515 6,754 Facility Rent Expense 7,595 6,997 6,914 6,635 7,420 8,192 8,604 8,921 Other Facilities Expense 6,761 6,229 6,155 5,840 6,148 5,968 6,269 6,499 Other GS&A Costs 16,902 15,573 15,387 14,671 16,643 18,373 19,298 20,008

Total Indirect Costs 38,204 35,199 34,780 32,378 35,830 38,736 40,686 42,183

Operating EBITDA 9,740 10,184 9,780 15,286 19,110 21,072 22,141 22,462 11% 12% 12% 16% 18% 18% 18% 18%

Amortization 433 430 431 431 427 423 419 415

EBIT 9,307 9,754 9,349 14,855 18,682 20,649 21,722 22,047

Interest Income - - - - - - - - Interest Expense - - - - - - - -

EBT 9,307 9,754 9,349 14,855 18,682 20,649 21,722 22,047

Income Tax Expense 1,396 1,463 1,402 2,228 2,802 3,097 3,258 3,307

NET INCOME 7,911$ 8,291$ 7,946$ 12,626$ 15,880$ 17,552$ 18,463$ 18,740$

SCIRE UniversityCONSOLIDATED FINANCIAL STATEMENTS

all numbers in '000's

ACTUAL PROJECTEDLONG RANGE PLAN


Cash Flow Statement

2018 2019 2020 2021 2022 2023 2024 2025



ACTUAL PROJECTED

Cash Flow StatementBeginning Cash Balance 15,533$ 23,627$ 31,848$ 39,796$ 52,679$ 68,796$ 86,571$ 105,279$

Cash Flow from Operations

Net Income from Operations 7,911 8,291 7,946 12,626 15,880 17,552 18,463 18,740

Adjustments for:

Depreciation & Amortization 433 430 431 431 427 423 419 415 Change in Working Capital - - - - - - - -

Net Cash from Operations 8,344 8,721 8,378 13,058 16,307 17,975 18,883 19,155

Cash Flow from Investing Activities

Additions to PP&E

Growth Capex - - - - - - - - Maintenance Capex (250) (500) (430) (175) (190) (200) (175) (325)

(250) (500) (430) (175) (190) (200) (175) (325)

Other - - - - - - - -

Net Cash from Investing Activities (250) (500) (430) (175) (190) (200) (175) (325)

Cash Flow from Financing Activities

Change in 3rd Party Debt - - - - - - - - Change in Intercompany Debt - - - - - - - - Other - - - - - - - -

Net Cash from Financing Activities - - - - - - - -

Net Change in Cash 8,094 8,221 7,948 12,883 16,117 17,775 18,708 18,830

Ending Cash 23,627$ 31,848$ 39,796$ 52,679$ 68,796$ 86,571$ 105,279$ 124,109$

LONG RANGE PLAN


Balance Sheet

2018 2019 2020 2021 2022 2023 2024 2025



ACTUAL PROJECTED

Balance SheetAssets

Current Assets

Cash 23,627 31,848 39,796 52,679 68,796 86,571 105,279 124,109 Accounts Receivable - - - - - - - - Inventory - - - - - - - - Income Tax Recoverable - - - - - - - - Prepaid Assets - - - - - - - -

23,627 31,848 39,796 52,679 68,796 86,571 105,279 124,109

Deposits - - - - - - - - Property, Plant & Equipment 25,817 25,886 25,885 25,629 25,391 25,168 24,924 24,833 Goodwill & Intangible Assets - - - - - - - -

Total Assets 49,443 57,734 65,681 78,307 94,187 111,739 130,202 148,942

Liabilities

Current Liabilities

Bank Indebtedness - - - - - - - - Accounts Payable & Accrued Liabilities - - - - - - - - Income Tax Payable - - - - - - - - Current Portion of Long-Term Debt - - - - - - - -

- - - - - - - -

Long-Term Debt - - - - - - - -

Total Liabilities - - - - - - - -

Shareholders' Equity

Share Capital 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Retained Earnings 48,443 56,734 64,681 77,307 93,187 110,739 129,202 147,942

Total Shareholders' Equity 49,443 57,734 65,681 78,307 94,187 111,739 130,202 148,942

Total Liabilities & Shareholders' Equity 49,443$ 57,734$ 65,681$ 78,307$ 94,187$ 111,739$ 130,202$ 148,942$

LONG RANGE PLAN

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