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Table of Contents Executive Summary………………………………………………………………………………………3 Company Description………………………………………………………………………………...….3 Product Description……………………………………………………………………………..4 Market Research & Analysis……………………………………………………………………….……8 Competition………………………………………………………………….………………..…8 Market Data………………………………………………………………….……………....…..9 Financials……………………………………………………………………………………………..….12 Revenue Model…………………………………………………………………………...…….12 Financial Projections………………………………………………………………..………….13 Marketing Plan…………………………………………………………………………………..………15 Operations Plan & Schedule…………………………………………………………………………...20 Management Team………………………………………………………………………………….….21 Additional Hires…………………………………………………………………………………22 Advisory Board……………………………………………………………………………….…23 Critical Risks & Assumptions………………………………………………………………………..…24 Assumptions…………………………………………………………………………………….24 Risks…….…………………………………………………………………………………….…25 Proposed Company Offering………………………………………………………………………..…27 Series A Funding…………………………………………………………………………….…27 Future Funding …………………………………………………………………………………27 Value-Added Investor………………………………………………………………….………27 Exit Strategy………………………………………………………………………………………..……27 Appendix…………………………………………………………………………………………………28 Additional Mockups……………………………………………………………………………26 Pro-forma Balance Sheet………………………………………..……………………………32 Pro-forma Cash Flow Statement…………………………………………………………..…33 Pro-forma Income Statement…………………………………………………………………34 Pro-forma Growth Projections…………………………………………………………..……35

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Executive Summary The Gravel team plans to disrupt the travel industry through means of inspiration and planning. Harnessing the power of social combined with a seamless user experience, Gravel’s premiere product, a workflow collaboration tool for travel planning will help users imagine, plan and experience their perfect trips. Gravel aims to reduce time and searching costs while maximizing the ease of use of our dynamic travel inspiration and planning platform. In doing so, Gravel will connect its users to the most relevant locations and activities by acting as a optimized search engine for travel and offering targeting advertising and lead generation options to all points along the supply chain. Gravel wants to bring social media and content creation to the travel planning process. After talking to consumers and suppliers alike, Gravel saw the need for software to aid travellers in every leg of their trips, from inspiration to planning through execution. This will begin with a product targeting the consumer sector, however Gravel will continually look to expand our target audience and product line to new markets such as corporate travel. Gravel’s software allows trip planning to be optimized for greater overall efficiency, amalgamating all the important facets of developing a trip into a contemporary and intuitive online and mobile platform. Users within the market are embracing this use of mobile devices and on-the-go apps within their travel process. With 40% of consumers who use online searches in their decision-making path also using social media to complete their decision, this market trend towards adopting both social and mobile technologies presents a favorable environment for Gravel.1 Gravel's online platform is designed to streamline the difficulties of communicating, organizing and measuring the logistics of the travel planning process. With an intense focus on an enhanced user experience, Gravel plans to deliver a robust and personalized utility, filling a unique whitespace in an ever-expanding travel industry. By providing software that will act both as a social and productivity tool, we hope to increase the ease of planning and embrace a collaborative structure around the task of planning exciting travel experiences. Company Description Gravel provides the one-stop shop for organized travel, with features tailored to its individual users’ preferences and an additional focus on smooth collaboration between group members. By solving the primary pain points of travel planning, initiation, and execution, Gravel intends to provide an efficient and convenient solution to the excessive amount of work currently required to create the perfect trip. This workflow product allows the user to have control over each step of the travel process and allows Gravel to organize the data and provide inspiration based on their preferences.

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http://www.funsherpa.com/travel-trends.org

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Gravel stands out from among its competition by focusing on the user’s experience and interaction with the platform before, during, and after their trip. The innovation lies in the approach taken to tackle the logistics of a trip. Rather than the typical step-by-step method of finding the ideal price point and timing for each aspect of a trip, Gravel wants to inspire the user - first by suggesting based on user conditionals, and later by providing recommendations based on the user data compiled by the system. Similar to the way Pinterest and other compilation-based sites have encouraged users to share and interact with others’ interests, Gravel also encourages the user to inspire other Gravel members to share their experiences. By presenting their own trip experienced through the platform, a social community in which users can share and compile all aspects of their perfect trip can be built. Comprised of a team of tech-savvy entrepreneurs and designers all too acquainted with the hassle of the travel process, Gravel has the experience and user-centered mentality necessary to revolutionize the travel experience. Additionally, with guidance from others thoroughly experienced in the travel industry, Gravel is confident in its ability to deliver on its promise to be the one-stop shop for all organized travel needs. Product Description Gravel is the social single stop travel management platform tailored for organized groups and individuals. It offers an enhanced travel experience allowing users to browse, share, and plan every step of a trip on a single platform. The product provides tools to organize the three stages of the travel process: social, planning, and logistics. With both mobile and web apps, users will be able to use our tools to plan the trip, stay organized during the trip, and share their experience after the trip.

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Exhibit 1: Example Inspiration Page Social: Oftentimes the most difficult part of planning a trip is sifting through the pool of travel options and suggestions. Users can browse through Gravel’s collection of trips that other users have been on to be inspired or to get ideas while planning their next trip. Inspiration: This feature will be similar to content-collection products such as Pinterest and Fab. It will allow users to browse and save trips and activities posted by other members. By collecting trips and pictures from other users, reviews and pictures will be more genuine and also reveal destinations and places that may not be found on conventional travel sites. Users are then encouraged to add to the collection by sharing their own trips and experiences. Sharing: Aside from sharing trips and places to the wider Gravel community, photos taken and locations that users have visited can easily be shared with other members in the group as well as posted to social sites such as Facebook and Twitter. Ultimately allowing users to present “snapshots” of their travel experiences through Gravel.

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Exhibit 2: Hotel Finding Feature for Planning Planning: Gravel handles hotel and flight search, scheduling, and discussions between group members. Users input their preferences of timing, location, cost, and more. Hotel & Flight: Gravel will aggregate hotel and flight options from multiple sources (scraping sites and implementing APIs) and display results on one page for ease of comparison. Using the voting and commenting features along with the built-in chat function, a group can reach a consensus on which hotel and flight to book. Other packages such as travel insurance options and car rentals will also be offered. All booking will happen on the thirdparty site. Scheduling: Planning an itinerary using Gravel will allow users to collaborate and form a schedule that takes into account the preferences of each group member. Gravel will also provide suggestions of places to go and activites to do based off of data pulled from Yelp, Foursquare, and TripAdvisor. Information and reviews will be provided on the site and links to online booking will be provided when available. This itinerary feature will include an easy drag-and-drop interface for users to add events to the trip calendar. Users can invite

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certain individuals to join them on certain activities or make events open for the entire group. Communicating: Instead of having lengthy email and chat threads that lack context and coherence, users will be able to communicate with each other directly on the site through the chat function or through posting discussions to the message board as they collaboratively make decisions.

Exhibit 3: Calendar Feature for Logistics and Planning Logistics: Manages payments and budgets, provides up-to-date information about the destinations, organizes transit, and handles communication between members while on the trip. Payments: Users can snap photos of receipts to keep track of expenses accumulated on the trip, and Gravel will help split the costs between the users on the trip. Gravel will also include useful currency conversion tools to make splitting costs extremely easy. Although initially Gravel will not handle the actual transferring of funds, the platform is seeking to make partnerships with payment companies such as Venmo and Paypal.

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Budgets: The platform will keep track of a user and group’s spending and alert users when they are nearing their limits. The budgeting feature will ensure that users are spending within their limits and will have enough to pay for events that they want to attend. Transit: The mobile app will keep track of where each user needs to be at any given time during the trip. By implementing the Google Maps API, directions will be provided to and from locations on the itinerary. Gravel will also provide links to access taxis and other transit services when available. Information and Communication: The Gravel app will be the best way to stay connected while on the trip. Users will be able to use its messaging service to communicate with other users and the app will provide information about weather and other relevant news and information about their destination. Market Research and Analysis Competition Indirect: Groople, Travefy, Paybygroup, Travelstormer and Hipmunk Direct: Travel Agents There are a number of online travel platforms for both individuals and groups; the above are a few sites with small notoriety. We view these companies and platforms as indirect competition. There is an empty white space between collaborative software and travel-centric websites, and we hope to become the first mainstream platform to hone in on this specific segment. While there is a lack of online and mobile competition, our direct competitors would be travel agents and other group travel planners. Recently, a potential future competitor made headlines by acquiring funds from celebrities and well-connected individuals (ex. Bono). Vamo promotes itself as “simplified travel planning” and has received early media attention and publicity.2 We hope to distinguish Gravel from these other services, treating these currently popular online travel destination sites as indirect competitors due to their incomprehensive services and disregard for the group planning process.

“I got a free trip out of it, even upgraded my room three times, and I would never do it again.” -Charlie Greene, Brown ‘13
Our current direct competitors, travel agents, act as the middleman between hotels, airlines, and their potential customers. For large groups, travel agents can provide a discounted rate and give out added perks to group organizers which is often an incentive to group with an agent. However, many students have found this process broken, including an alum Charlie Greene who is quoted above. Charlie felt like “an employee” in the process of planning with an

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http://techcrunch.com/2013/07/18/vamo-travel/

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agent and felt they were trying to use incentives to wrongly sway the group one way or another. He also felt things such as flight booking for multiple destinations was virtually impossible. Gravel’s service will surpass the capabilities of an agent and provide the customer with a robust user experience through social collaboration, progress tracking, and relevant individual and group metrics. Many of our competitors do not consider the “first-mile, last-mile” stage of travel or have not attempted to become the single solution for the group planning process. Breaking down each stage of the planning and execution of the trip into a fluid experience provides the user with increased efficiency. Our personalized approach to each user develops and saves preferences, molding Gravel to be appropriate with regards to the group’s plans, and also to provide the user with recommendations that suit their individual interests. Travel agents and popular online booking platforms have pre-existing business relationships and connections with the most popular airlines, hotel chains, and travel locations, and this allows them to organize and offer potentially cheaper deals that we, as a new business, are not capable of offering. However, our technology platform allows the user to source through these deals on external sites all within the user interface. Since we choose to do booking elsewhere, we reduce cost and risk in terms of inventory. Gravel intends to combine the benefits of today’s online travel booking services with the user experience and social integration of tomorrow to optimize the overall interaction. We are addressing not only a need of increased efficiency within planning but developing an enjoyable process in an otherwise unpleasant experience. Given the expertise of Executive Board members John Bai and Sam Jau, the aesthetics of our website and mobile app will be a seamless and intuitive user experience. Additionally, integrating user and group analysis through easily comprehendible metrics provides our users with a powerful, informative platform. Providing such data in the stages of planning, logistics, and social interaction provides the user with a holistic view of their trip from start to finish. Market Data Due to the fact planning travel is relatively unrecognized within the travel industry, we derived data from several fields to develop a perspective of this unique market. Focusing on travel trends in planning, social media, and in the spending of both consumers and industry leaders, we began to build our concept around the fact that 89% of American travelers don’t travel alone.3 From there we specifically targeted the youth leisure and business travel markets. With 66% of all travelers motivated by either leisure or business, it represents a strong majority within the travel market in which to target.4 Additionally, 70% of travelers remain active on social media while traveling. This points to a consumer desire to view and share their travel experiences with their friends and family. This social desire is evident within Reddit’s travel

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http://www.budgettravel.com/feature/6-most-common-solo-travel-questionsanswered,7169/?page=1 http://www.funsherpa.com/travel-trends.jpg

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forum that currently has 116,792 subscribers who simply share links with pictures and descriptions of their experiences.5 Developing an online commonplace, where not only photo albums can be uploaded but an entire trip can be portrayed in a timeline, creates a new and exciting way to share and visualize your travels. In terms of the current efficiency of travel planning, we noticed a considerable pain point from the very beginning of the process. The average traveler visits approximately 22 travel related sites over the course of 9.5 research sessions before deciding to book their destination.6 That is an undeniable inefficiency within the online travel landscape and a market need that has not been currently addressed. Offering the travel industry a tool that eliminates the cumbersome nature of the initial step of trip planning alone answers a basic consumer desire. Viewing the online travel industry as a whole, we see that this is also rebounding from the economic tremors of 2008 and 2009. Total online travel spending was expected to exceed $120 billion in 2012 within just the United States, up 11% from the previous year.7 U.S. Travel Association, consumers spent $564 billion in 2011 for domestic and international leisure travel and $249 billion or business travel. For domestic travel within the U.S., the margin is even greater with 77% of the 2011 total conducted for leisure purposes.8 This exhibits the spending power and market scale of our target audiences. Target Market Assessing the global youth market, we saw favorable data statistics that point towards a blooming sector within the travel industry. Defining “youth” as travelers under the age of 25, they make up 160 million international tourist arrivals per year. The global youth travel market was estimated to be a $136 billion in worth, while also spending more than any other tourist group at $2,600 per trip and expected to grow by 8% yearly. Not only are youth travelers a developing and promising segment within travel market, they are also the most keen towards adopting new technologies and social platforms that cater to their specific interests.9 A third group of individuals we are looking to acquire is working females and mothers. Tour operators and travel agent research has found that 70% of travel decisions are made by women. This applies to booking cruises, group travel, tours or tickets through an agent. Surprisingly, when online travel purchases are filtered into the equation, the amount rises to 92% of bookings being made by women.10 Considering this market reality, we seek to bring in popular features that many of today’s women are familiar with, such as the personal interest filtering and the repinning capabilities of Pinterest.

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http://www.reddit.com/r/travel http://www.blizzardinternet.com/5463/5-stages-of-travel/ 7 http://www.ustravel.org/sites/default/files/page/2009/09/May2012_public.html 8 http://www.blizzardinternet.com/6368/travel-statistics-to-guide-your-target-marketing-efforts-leisuretravel-wins-2/ 9 http://www.blizzardinternet.com/4739/youth-travel/ 10 http://gutsytraveler.com/women-travel-statistics-2/
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We have considered other similar markets such as corporate business travel in terms of expansion. It is a thriving segment within the industry with $107.7 billion spent on group business travel, and positive increases in spending over the past several years.11 Social Media Social media is an up and coming trend in the travel industry. Travel companies are increasingly turning to social media efforts to increase revenue generation and online visibility. With 22% of travel companies currently optimizing their business through social media and an additional 27% planning to implement social aspect in the next five years, this exhibits an impending shift towards a greater acceptance of social media and its capabilities.12 Advertising Space An appealing aspect of the online travel industry is the revenue acquired due to advertisements. $2.56 billion in 2011 was spent on advertisements in the U.S. online leisure travel space alone and a promising estimate of this growing exponentially over the years, with a growth to $3.16 billion in 2012. Furthermore eMarketer believes that by 2016 the digital advertising spending in the U.S. will reach $5.58 billion, a compound annual growth rate of 16.8%.13 14 Collaborative Services Turning towards the collaborative services market, we see a strong environment growing in popularity. Worldwide collaboration services totaled $42 billion in 2012, and estimated to reach $68 billion by 2018.15 The adoption of social collaborative platforms also indicates a developing interest in the professional world, with 75% of enterprise-level organizations considering implementing these services. Capitalizing on this shifting opinion of collaborative services shows that tools such as Gravel are not only gaining popularity with individuals, but formal institutions which are generally more hesitant and conservative in adopting new technologies.16

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http://www.ustravel.org/sites/default/files/page/2009/09/May2012_public.html http://www.blizzardinternet.com/5960/facebook-influences-travel-decisions/ 13 http://www.tnooz.com/article/us-travel-marketers-increasing-digital-ad-spending-as-google-tweaks-therules 14 http://www.emarketer.com/Article/Retail-Continues-Lead-Online-Ad-Spending/1008346 15 http://www.cisco.com/en/US/prod/collateral/voicesw/ps6788/vcallcon/ps11363/forrester_collaboration_s ervices_deployment_options.pdf 16 http://www.briansolis.com/2012/11/why-open-social-collaboration-platforms-will-disrupt-the-enterprisemarket-in-2013-and-beyond/
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Financials Revenue Model Gravel earns revenue from three main sources: advertising, lead generation, and eventually subscription revenue from a “freemium” model. The advertising revenue is based off varying levels of interaction: impressions, clicks, and acquisitions, a proven model used by large search engines and social media sites such as Google, Facebook, and Twitter. Each type of ad is sold at a different rate and requires the different interactions from users before generating revenue. The cost per impression ads (CPM) generates $5 per thousand views in the first year, and this rate can grow over time as we begin to know more about our user. Cost per click ads (CPC) generate $0.04 per click assuming a 2% click-through rate17 initially with growth over time to more competitive rates. Cost per acquisition ads (CPA) generate $10 for each customer the advertiser acquires through an ad assuming a 2% click-through rate and an average industry 4% conversion rate18 once on the advertiser’s site. To calculate the total revenue generated from each type of ad, we first split the users into two different buckets: browsing users, and users who are planning a trip. This allows us to estimate how many ads and which type of ads a user will see in a given session. The average browsing user will be exposed to CPM and CPC ads in their inspiration feeds with a total of 5,760 views per user every year. Users planning a trip will be exposed to CPC and CPA ads while searching for events to add to their itinerary and CPA ads while searching for flights and hotels. This is broken down in the table below, considering a booking user will book an average 1 trip per year. We found that people typically undergo over 9 research sessions before booking19, as mentioned earlier. Exhibit 4: Advertising Estimates
Use Case Social Type of Ads CPM, CPC Pages Inspiration Inspiration, Activities Hotels, Flights Number of Ads/Session 16 Number of Sessions Per Year 360 Views of Ads/Year/User 5760

Planning

CPC, CPA CPA, Commission

20

9

180

Booking

7

4

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http://www.wordstream.com/blog/ws/2013/02/22/click-through-rate-by-ad-position http://www.marketingsherpa.com/article/chart/average-website-conversion-rates-industry 19 http://www.blizzardinternet.com/5463/5-stages-of-travel/

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These CPA ads also include lead generation ads that result in commission revenues. Revenue from lead generation is commission based. This will require the company to establish relationships with suppliers in order to decide on the exact amount of commission based on their service. This is common to the travel industry, and commission can be earned on hotel bookings, travel insurance, other auxiliary activities, and ground transportation at rates of typically 5% - 10% as we gain users.20 For travel insurance, about 10% of users opt in to travel insurance, 9% of the trip cost is applied toward insurance, and commissions are typically 45%.21 This is a lucrative channel, so Gravel would ideally partner with a travel insurance company early on in its trajectory. Financial Projections The revenue projections for Gravel were based off the number of users expected over years 1 5. In year 1, we are going to have an alpha and beta testing period consisting of 5,000 and 50,000 users, respectively. This quantity for the alpha was chosen based off the numbers of users we felt our minimal viable product could handle from a testing perspective. For the beta testing, we wanted to scale this number by an order of magnitude. Beyond year 2, the user projections are built on the trajectory of similar productivity and workflow tools such as Evernote22 and social media content platforms such as Pinterest23, and Fab.com24. We took a conservative approach, expecting only a fraction of the users of these generally viral platforms. In year 3, we will introduce a “freemium” model, which will provide a significant amount of revenue through subscription payments. Our initial thought for the pricing model is based off of Evernote’s current model, at $5/month or $45/yearly. Typically the free-to-paid user ratio is 10:125 reflected in the financial growth statements. The “freemium” model is an option typically employed by companies with high-value consumer software such as Evernote or Dropbox. In year 5, we plan to achieve 8 million users, with a daily user rate of 3% and a booking rate of 10%, similar to other social media platforms. We expect revenues of $113 million, with a breakdown of $48 million from the paid premium model and $39 from advertising revenue, and $26 from commission based lead generation. Revenue growth over time can be seen in Exhibit 4 below.

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Travel Industry Commission Rates given by Michael Hering From Skyauction.com rates, given by Michael Hering, CEO 22 http://blogs.wsj.com/venturecapital/2013/06/20/qa-with-evernotes-phil-libin-on-the-startups-fifth-birthday 23 http://expandedramblings.com/index.php/pinterest-stats/#.UqZ9MGRDuTo 24 http://news.cnet.com/8301-32973_3-57367063-296/that-was-fast-fab.com-closes-in-on-2m-members/
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http://blog.mailchimp.com/going-freemium-one-year-later/ 13

Exhibit 5: Revenues through Year 5

Given that Gravel is selling software as a service (SaaS), costs are relatively low. There are some initial overhead costs in terms of the purchase of gravel.com from its existing owner, hosting and server costs. However Gravel maintains zero inventory as we are working off of an ad-based revenue model and are outsourcing our travel booking needs to suppliers on the web. With this lack of inventory and cost of goods sold, Gravel operates on very high margins similar to other software companies. Capitalizing on this, Gravel will be able to quickly turn around revenue and reinvest in additional advertising and further research and development. A major startup cost will be the salaries for the initial Gravel team. We have allocated $1.4 million for salaries in year 1 to pay the management team and added technical talent. We will offer potential future employees a competitive salary in order to hire the best fit for Gravel and our vision, considering both professional qualifications and personal intrinsic value. The executive team will take reduced salaries until Gravel begins generating an appropriate amount of revenue, taking pressure off our initial operating and starting cost constraints. Equity will be given to the management team and any added investors initially. The six members of the Gravel team all contributed equal shares of equity of $5,000 towards the initial development of Gravel, resulting in shares equally distributed to the six founding members of the company. In case a member decides to leave within the first five years or decide to take a lesser role in the development of the company, we have initiated a vesting plan to deal with such scenarios. Each member will receive full equity after year 5, and, depending on the

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member’s continued involvement in the company, said member will receive ! of their equity per year until the vesting year is met.

Exhibit 6: Net Income through Year 5 Net income over years 1 through 5 can be seen above in Exhibit 5. Given our losses of roughly $1.75 and $2.25 in years 1 and 2 respectively, it will be necessary to raise at least $4 million dollars in our first round to establish the business, brand and product of Gravel. Customer Metrics Over years 1-5 we expect customer acquisition costs to range from $15 initially to eventually $3 per user, which is typical for the industry.26 The lifetime value of a customer is expected to be roughly $200 per non-paying user and $500 per paying user under our subscription model. This is based off of a lifetime of 5 years per user. Marketing Plan Gravel’s marketing strategy from year one to three will initially target three types of consumers: students, frequent travelers and women. We will reach these target audiences through relevant media outlets, particularly focusing on certain outlets that target each of the three consumers. After year three we will introduce a premium model, offering users the chance to experience a month long trial period with the premium extensions mentioned above in the financial section. While we continue to develop our marketing plan for our three initial target groups, we will have

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an overarching goal of creating a culture that we will instill through the Gravel experience. As we look beyond year five we will start to target the businesses travel sector and develop a new product for this purpose. Gravel will offer these larger business trip planners a one-stop shop to better organizer and manage their companies’ trips. Students With the global youth traveller market worth an estimated US $136 Billion27, and an understanding that students are constantly seeking new and different products and services, we will target students as early adopters of the product.28 They will be our buzz, as 18-34 year olds already spend around 4 hours a day refreshing, retweeting, or posting through their social media outlets.29 Gravel will seamlessly integrate these social platforms, enabling these students to spread the word online. As Gravel expands, we will target college campuses and use them as hubs. We will begin at Brown, given our familiarity and ability to reach the entire student population. We will then move to selected areas of the country where there are multiple campuses within close proximity to each other. The Boston, Massachusetts area offers 58 higher education options30 where we will implement and develop a campus rep program. As we roll out our first version of Gravel, we will select on-campus student influencers, focusing on social chairs of fraternities, captains of sports teams, media writers, and other organizational group leaders. Similar to the way companies like Tinder have hired a roster of undergraduates to promote the app on college campuses and have thrown parties and other promotional events to boost Tinder’s awareness, Gravel will utilize the distinct nature of college culture.31 During the school year Gravel reps will give Gravel “swag” and be present during college activities, recruiting fairs, and will work with groups such as students who are planning to travel abroad, fraternity parties, retreats, etc. Gravel reps will be primarily useful during big college break periods. Our reps will introduce groups to the Gravel platform, informing students of the best way to travel by organizing and managing their group travel plans for them. The campus rep program will provide experience for students and will result in the personal connection Gravel needs in order to connect with consumers.32 As mentioned before, Gravel will reach its student audience through social media outlets such as Twitter, Facebook, Instagram, and YouTube, due to college students’ spending 60% of their

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http://www.blizzardinternet.com/4739/youth-travel/ http://www.studentuniverse.com/blog/2011/12/college-marketing/ 29 http://www.marketingcharts.com/wp/interactive/social-networking-eats-up-3-hours-per-day-for-theaverage-american-user-26049/ 30 http://en.wikipedia.org/wiki/List_of_colleges_and_universities_in_metropolitan_Boston 31 http://www.huffingtonpost.com/2013/07/02/tinder-app-college-kids_n_3530585.html 32 http://www.nytimes.com/2011/09/11/business/at-colleges-the-marketers-areeverywhere.html?pagewanted=all&_r=1&
28 27

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day interacting with technology and social media.33 Gravel’s campus reps will help control the content that is being posted through Gravel’s social media channels. Similar to what Spotify has already created with its “student pictures” section of its Facebook page, Gravel will feature videos, editorials, and testimonials from past customers’ experiences through our social media platforms.34 Along with social media campaigns, we will run ads and promotions on specific pages that cater to young or tech-savvy audiences. Sites such as Hypebeast, Highsnobiety, and Fast Company, which are focused on the aesthetically conscious, tech-savvy, and youthful demographic, will be where Gravel’s banner or box ads can be placed. We will contact the writers and media managers of these online blogs and magazines to run ads and posts that will be launched around the peak seasons that student’s travel and or group trips are booked. Looking at Fast Company’s Media Kit, on average, a ! page spread print ad costs around $40,000 compared to a welcome ad on their website which costs $200, the online approach will be at a much lower cost, and will target specifically and more efficiently.35 Frequent Travellers Gravel has categorized a frequent traveller as one who travels more than 3 or 4 times a year. This group is seen as customers who we understand will come back frequently based on their travel history. They are also the ones who will spread the word about our product being. The way we will be able to reach this target audience is through online advertisements, and to really capture this consumer we will make sure that we are featured on popular blogs or covered by respected travel bloggers. We will have our advertisements on sites that these groups will frequently use to book all their travel logistics, including Kayak, Priceline and Avis. Other advertisements will be placed on popular tech-savvy, travel guru sites or blogs, and travel guides. These will include online publications like Fast Company, CNET and Tech Crunch, popular travel blogs like Nomadic Matt, Everything Everywhere, and travel guides like Frommer’s or Lonely Planet. Women According to Forbes Life Executive Women, 70% of travel decisions are made by women36 who spend an estimated $125 billion on travel.37 Therefore, we want to target these natural consumers, both the 18-34 sector who might be travelling with friends and the older generation of mothers who are planning their family vacations. When talking to eight mothers who book

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http://researchresults.wordpress.com/2013/06/28/how-much-time-do-college-students-spend-withtechnology
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https://www.facebook.com/media/set/?set=a.357722670994076.1073741827.184418364991175&type=3 35 http://mediakit.fastcompany.com/resources/FC_MediaKit.pdf 36 http://ww1.prweb.com/prfiles/2013/01/22/10347482/Stats-On-Woman-Purchasersjamiedunham.com.pdf 37 http://jamiedunham.wordpress.com/2012/06/02/marketing-to-women-the-ultimate-travel-agents/

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their family’s travels, seven out of eight moms said using a service similar to Gravel to organize their trips would save them not only time but the frustration which stems from the disorganization of booking travel. One mother claims she keeps multiple spreadsheets when trying to plan her trips to keep herself organized. There are three ways that we will be able to reach women: influencer marketing on popular blogs, podcasts, and online and mobile advertising. Gravel will also focus on blogs that are specific to family travel. We will pick these blogs based on their following, their reach, and their content focus. Three that have met that this criteria are The Travel Mom, Travel Savvy Mom, and Hither and Thither, which have been sourced by Disney’s Babble as the Top 25 Travel Blogs for Families38. In exchange for reviewing and allowing Gravel to be advertised through these blogs, we will grant these bloggers first and exclusive access to each release of Gravel’s premium models. The next area that we will focus our advertising is through podcasts and or audio ads. Forbes has stated, “85% of American moms now have MP3 Players”39. This is a space where we can begin advertising through Pandora’s mobile radio platform and other podcasts. Next we will focus on online advertising. When consumers book a trip they book the flight on one site, and hotel and car rental on another. We will focus our online banner and box advertising on sites like Priceline, Avis, Disney and Expedia. Business The businesses that will be of primary focus are companies that travel frequently and consistently: Engineering Companies, Consulting Firms, Sales Groups, Professional Sports Teams, etc. We will target these companies with the hope that they will become reliable customers due to how easy it will be for them to book and organize all their travel logistics on our platform. The way that we will market to these businesses is by demonstrating the ease of our program to the people that are in charge of booking trips for these companies. We will offer Gravel’s premium model for an extended trial period to these business travel bookers, and through on-demand support, we will demonstrate to them that this can be used as a tool to manage all travel booking logistics in one encompassing space. To further reach these businesses, Gravel will be sponsors and attendees of multiple business conventions around the country. While there is a focus on the actual advertisement towards each of these target groups, an overarching marketing goal is to instill a culture at Gravel. We will highlight three key values to help create this culture: user experience, social interaction, and visual experiences. One example of a travel company catering to multiple groups while successfully creating a interactive culture is the hotel-booking site, AirBnB. It has created a sense of culture and

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http://www.babble.com/products/mom-products/top-25-travel-blogs-for-families/#anchor http://www.forbes.com/2009/01/08/mother-marketing-gm-ent-sales-cx_ml_0108marketingtomom.html

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connection by allowing customers to see “Stories from the AirBnB community”40 and what other friends have liked in the past when booking through AirBnB41, giving the site a distinct personality. Similarly, Gravel intends to distinguish itself by providing user feedback or recommendations about past trip experiences and allow users a firsthand experience of what other trips customers have been on via informational TV segments or through the use professional photographers, who will take pictures of past trip destinations or experiences. People will come to Gravel as a resource to be able to see and share their experiences with each other and become excited and inspired for their next trip. The way that we will reach and remain interactive with all these different type consumers is through the use of email newsletters. These newsletters will be tailored to each type of user and will be sent once a month, and also depending on the user’s preferences. The “Gravel Letters” will inform the user of updates and information about different travel destinations, deals, etc. These emails will also include advice on how to become more interactive with Gravel, reminding the user that we are here to help ease the pain of organizing travel logistics. Within this industry it has been noted that there is only about a 3% click through rate42 after the email has been sent, but our goal is not to only have the user click the content within the email but to remind them about how good our product is and to reconnect with those with whom we have not interacted with for some time. Marketing To Companies For Ads To be able to show other companies that advertising through Gravel will be highly beneficial for their product, we will first offer high-prospect travel companies like Kayak, Priceline, Delta, free advertising for a limited time. Through this period we will collect data about how their ads are doing on our pages, where they are doing poorly, and then show how they can better target consumers. In addition, around year 3 or 4 we will have significant user data about our consumers, which will allow us to be able to use this data to back up and start developing a media kit for companies interested in advertising through Gravel. At this time we will break down the pricing for each differently-sized advertisements. This pricing will be based on the average CPM that each page receives. At this time these companies will be able to decide whether to start paying to advertise on Gravel or to make a deal with us wherein which we are able to advertise through their website in exchange for their advertising on ours.

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https://www.airbnb.com/stories https://www.airbnb.com/wishlists/friends 42 http://mailchimp.com/resources/research/email-marketing-benchmarks/ 19

Operations Plan and Schedule

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Management Team Gravel’s founders are made of a team of four students from Brown University and two students from the Rhode Island School of Design. The team brings together a combination of skillsets developed through coursework and work experience(s). John Bai – Chief Executive Officer John is a senior studying industrial design at Rhode Island School of Design. He has applied his product and web design skills in a wide range of industries working with various departments in the process. At YinEr, a fashion company in China, John developed their online advertisements working in tandem with both the photo editing and graphic design departments. As a product designer at Master Cutlery, John took products from its initial design through work on the packaging and catalog advertisements. After completing his studies he will be working with the Digital Media Group at Direct TV where he will be contributing to the user interface and web design. Along with his studies at RISD, he also works as the manager at RISD’s Student Fitness Center where he carries a variety of responsibilities from employee management, to funds and resource allocation, to on-campus promotion. As CEO, John brings together both the design aspect of the service and the management and oversight for the company. Sam Jau – Chief Product Officer Sam is a senior at Rhode Island School of Design majoring in graphic design. Sam has developed his skills as a designer through work with a long line of start-up companies including Amazing Green, Jiepang.com, Fundly, Explore Mobile App and Crunchbutton. Most recently he has worked at Swipely, a mobile payments and analytics company, where he has been designing their mobile platform. While interning at Facebook as a product designer, Sam worked among project managers, engineers and other product designers to improve their Messenger product. As CPO, Sam will not only spearhead the designs of the website and mobile app but also work closely with the Chief Technology Officer and the development team to make the product a reality. Kelly Hering – Chief Innovation Officer Kelly is senior mechanical engineering concentrator at Brown University. She has grown up around the travel business as her parents started and managed both a travel wholesale company and travel auction & leisure site. Kelly worked for Skyauction.com as a sales and marketing intern for two summers. Through Kelly’s work at Makeable, LLC, a design innovation firm in New York, she gained considerable project management experience, specifically in web and mobile development. She also aided Makeable in market research and innovative concept creation for clients. As CIO, Kelly is excited to disrupt the travel industry. Oliver Diamond – Chief Marketing Officer Oliver is a senior studying Business, Entrepreneurship and Organization (business economics track) at Brown University. Through his work at HirePurpose, a staffing and recruiting company,

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Oliver gained a wide range of experiences including the evaluation of consumer and competitive landscapes, creation of an excel database, and recommendations on strategic direction for the company. He further expanded his marketing expertise while undergoing an account executive internship at Lipman, an advertising agency in New York, where he worked on an array of projects conducting consumer research, helping formulate a campaign strategy and developing branding decks for a variety of luxury brands. While at Brown, he has also cofounded a lifestyle music website, Get Lifted Tonight, where he has also acquired skills in networking and event planning. As CMO, Oliver is ready to dive into the market. Wills Curley - Chief Operating Officer Wills is a senior at Brown University studying Business Entrepreneurship and Organizations (organizational track). As an intern at Capital Management Group, Wills developed his skills in client relations dealing first hand with customers. Wills worked as an electrician at Integrations Inc, a full service security systems company in Philadelphia, and was later rehired as an administrative assistant in charge of the construction and maintenance of information and financial spreadsheets, analyzing construction blueprints and customer service. As a student at the National Outdoor Leadership School, Wills developed leadership, survival and outdoors skills while backpacking and canoeing through the Australian outback. His range of studies and experiences provide a range of skillsets necessary for managing operations at Gravel. Hanna Wrenn – Chief Human Resources Officer Hanna is a senior double concentrator in and East Asian Studies and Business, Entrepreneurship and Organization (organizational track) at Brown University. She has grown up working with small business owners, working as a marketing and sales representative for a local bakery where she interacted closely with new customers and evaluated demand of different products. She also developed her own custom jewelry business and later a rare books business. Through extracurricular activities at Brown Hanna has held a variety of leadership positions including president, vice president, social chair, publicity chair and general body representative, where she has worked planning events and recruitment strategies for respective groups and departments. At Forest City Enterprises, a real estate firm headquartered in Cleveland, Hanna worked as a HR systems, operation and resources intern where she gained a full understanding of the various sectors of the department. Additional Hires Chief Technical Officer As the web and mobile application is a key component of the business, we will be recruiting a new member to the team with computer science expertise to lead the technological branch of the business. He will work closely with our CEO and CPO to develop and design our final product.

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Development Team In the initial phase, we will hire a team of developers (3-5) which will be led by the CTO. This team will be responsible for the front and back end development of our website (and, later, our mobile application). We will also be hiring a legal consultant to ensure our idea will remain protected and to aid us in contracts with potential partners and clients. Additionally we will recruit a Design Intern and Marketing Intern to work directly under the board of directors. Customer Service As we launch we will develop a customer service team to answer questions and aid in planning of trips. As we expand our product, we will also hire a number of sales representative to aggressively expand our market presence and freelance photographers to ensure top quality of our website. We will also make use of campus representatives at numerous universities to help launch our product and recruit prospective customers. Special Teams With the implementation of the “Freemium” Plan in years 3, we will be expanding our marketing and sales team. This will focus on gaining paid users and converting free users to paying users. Additionally, with the aggregation of data from our user base, Gravel will hire an additional 3-5 team members to focus on visualizing and developing insights from this data. Advisory Board Gravel is working to build a strong advisory board to aid the founders in establishing Gravel as a leader in the travel industry. The following board members have advised our project thus far and have considerable experience and knowledge of the industry. Joel Cutler43 - Founding Partner/Managing Director at General Catalyst & Co-Founder at Kayak Joel has a wide range of expertise and knowledge regarding the travel tech industry, having founded National Leisure Group, ATM network provider Retail Growth ATM Systems (sold to PNC Bank), Starboard Cruise Services (sold to LVMH), General Catalyst and Kayak. He has also invested and sat on the board of numerous tech companies and acted as an advisor in their growth. Peter Boyce II - Investor at General Catalyst and Co-Founder of Rough-Draft Ventures At General Catalyst, Peter Boyce focuses on investments in early-stage technology businesses. Prior to joining GC, Peter Co-Founded Rough Draft Ventures, Harvard College Venture Partners and HackHarvard. He has also built up experience founding and working in various start-ups.

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We have not formally asked Joel Cutler or Peter Boyce to invest at this point in time. 23

Michael Hering - CEO/founder of Skyauction.com; Founder of Magical Holidays Michael N. Hering is a serial entrepreneur and has nearly three decades of experience in the travel and leisure industry. He is a founder of Skyauction.com and has served as President, Chief Executive Officer and director since the company's inception in February 1999. Until March 2000, he was also Chairman, President and Chief Executive Officer of Magical Holidays, Inc., one of the leading travel wholesalers in the United States. Gail Schwarzenbek - President of Magical Holidays; Financial Consultant to Skyauction.com Gail Schwarzenbek has worked for many years in the travel business. As President of Magical Holidays, she has done a great deal of work in travel wholesale. Her accounting expertise has led her to serve as a financial consultant to Skyauction.com since its inception in 1999. Critical Risks, Problems, and Assumptions Assumptions This business plan is made up entirely of forward-looking projections. We make a series of assumptions to project finances and growth plans into the future including funding and user base. These assumptions are made from similar company trajectories and ballpark estimates of target user market, page views, clicks and other vital factors. We believe these estimates were made with sound logic and therefore reflect the potential of Gravel in its first five years of existence. An assumption, as well as a risk, is the natural seasonal aspect of travel and travel booking. Therefore it is important to acknowledge high and low months of booking in order to frame our sales and marketing plans. This will affect revenue from advertising and lead generation, however these effects are expected to average out over time, therefore seasonality is not considered in the financials. Once a subscription model is introduced, this will be unaffected by the seasons as users will pay a monthly or yearly fee. Another assumption includes the ability to make strategic partnerships and deals for the purchase of technologies such as payments for the use in the Gravel application. This will reduce development time and costs significantly. Given our advisory board’s close network of connections with both technology and travel companies will aid us in establishing these relationships early on. Risks 1. We depend entirely on third party suppliers for our bookings and future inventory. If we do not establish relationships with our suppliers and expand our supplier base over time, we may be unable to increase the attractiveness of our product and service, which may reduce potential revenues. Given that our product is a workflow tool to make planning trips easier and more efficient, we will be an attractive option for both advertising and lead generation for suppliers within the

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market. From an advertising standpoint, we will provide clients with highly targeted users for their advertising and work through a bidding model consistent with Google and other search engines. This will make it easy for companies to understand and integrate with our system. By providing the differing options of impressions, clicks and acquisitions, suppliers can determine what is best for their service at minimal risk. From a lead generation perspective, we are bringing targeted customers directly to the purchase point for many of these suppliers. Our collaborative tool lends itself to groups, which is another provides another incentive for suppliers looking for this audience to build a relationship with our company. Additionally, our advisory board and personal networks provide leverage and options for initializing a conversation with many companies along the value chain. 2. If our competition follows our lead with user experience and collaboration software, it could harm our future business. The Gravel team has identified a major pain point in travel: the difficulties of planning and the chaos of the logistics. If we prove that Gravel is a solution to this problem, other competition might focus more closely on the planning sector and their user experience. However, as one of the first to the market with consumer travel planning software, we will have an advantage to set certain standards and work closely with all points on the supply chain to build a comprehensive tool that benefits every link. Furthermore, as our user base grows, Gravel will accrue valuable data that allows us to personalize the travel experience for every individual. This data collection will provide a barrier to entry for newcomers to the market, as we will continue to improve our services from the results and insights of this data. 3.Our revenues may fall if we do not continue to add value in the form of new services or features. In this age of technology, it is important to keep up with the trends and needs of our users. We plan to devote a budget for research and development, which includes the purchase of market data, testing experimental platforms and new hires. We plan to keep a close eye on disruptive new technologies and establish relationships early on with their suppliers to evaluate the added value for our product and business. 4. If our systems are unable to provide acceptable performance as the use of our service increases, we may not be able to attract new customers and may lose existing customers. Given that we are building a software application, we acknowledge the need for high-quality performance of our product starting in year 1 and as we grow and acquire large quantities of users. Before any code is written, the Gravel team plans on finding a founding partner to lead the technology operations at the company. This CTO will work with the rest of the Gravel team to establish a plan for the development and scaling of the application. The choice of servers and data storage will be decided with growth in mind. Many rounds of quality assurance will

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be integrated into the development process to ensure bugs are caught prior to the release of a new version of our application. There are a number of tools on the market right now that assess the performance of applications and aid in finding the bottlenecks in the source code, such as New Relic. These are offered at our price point and can be integrated with our development plan from day 1. 5. Our growth plan includes the aggregation of travel data. It may take some time before we gather enough travel data for it to be useful, and even when we aggregate enough data we are still unsure of its value. Big data is on the rise44, and given the specific conditionals and planning features of the Gravel app, there is a large opportunity to collect information and learn about how people plan and go about their trips. Through our platform, the Gravel team plans to aggregate data from its user base from day 1. However large data sets are required in order to make statistically signigficant claims about how people travel. This will take up storage space and require higher demands from our servers. Even after collecting enough data, we are unsure of the value of these claims to the business. Given the realm of possibilities that big data has opened to many companies in various industries, the Gravel team believes this is a worthwhile risk that, like an investment, could yield remarkable returns. In order to ensure that the data is dealt with in a manner that respects the privacy of our users, we will work closely with a legal consultant. Additionally, Gravel plans to hire additional team members whose sole position includes processing and handling the large data sets into a visualization from which the other team members can work from which to draw conclusions to help the business. 6. If we do not properly position our premium product with the necessary marketing and added value features, we could lose the paying user base and therefore a large portion of our revenues. A “freemium” model is a common trajectory for many companies who initially offer high-quality software for free to their users. It allows them to establish a solid user base and provides a proof of concept for the company to continue the growth of its service. Gravel believes we can follow a similar path of companies like Evernote, Dropbox, and Podio, given our comparable products in differing industries to add revenue and value. However, to obtain the projected users and revenue for our paid model, it is important that premium features are chosen systematically and work complementary to an intelligent marketing strategy. In order to ensure the success of this model, we plan to add additional hires to the marketing and product teams to focus on the deployment of the freemium subscriptions in year three.

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http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation

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These candidates will be chosen based on their experience with subscription and freemium platforms in the past. Proposed Company Offering Series A Funding In our first round of funding, we are looking to raise $4 million in capital through venture firms or a number of angel investors. This will allow Gravel to hire the appropriate talent to get the web platform of Gravel up and running within the first year. The money will balance out the losses expected to incur from salaries, initial development and marketing expenses. This first round will be the only needed capital in years 1 through 5 as our retained earnings is substantial beyond year 3. We are ambitious about seeing Gravel to reality and want to work with our investors to develop milestones that will need to be met for Gravel to obtain the capital promised. These milestones could include the completion of a minimum viable product, a number of relationships with travel suppliers and services, and meeting vital user projections through our marketing strategies. Future Funding Beyond year 5, given certain milestones are met, Gravel has plans to expand to new markets, namely the corporate travel sector. The workflow required for this process differs from the consumer product and would require additional development as well as diverging research and marketing strategies. Therefore, future rounds may be necessary to aid in the growth and scaling of Gravel. Value-Added Investor We are looking for an investor that is knowledgeable about selling SaaS and has experience working with Internet or technology companies. We would also like for our investor to have scaled up smaller companies in the past, as we have distinct growth plans that would require some expertise and knowledge of best practices. Investors with connections within or knowledge of the travel industry would be ideal. Exit Strategy Our primary exit strategy involves the acquisition of Gravel to a larger travel company who wishes to capitalize on the engaged users within our platform. Companies such as Priceline, Expedia, or Orbitz are possibilities. After five years, Gravel would be able to attract other companies in the industry given our proprietary data and technology outlined in the Product Description section. Our business may also be appealing to other large technology companies such as Google, to expand their utility to their already-significant user base. Alternatively, we may analyze our progress after year five and realize that we are gaining a steady increase in traction and decide to continue to grow internally. Leveraging our

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technology, we will be able to develop contracts to license our product to large travel companies. Another option is to launch an IPO, which will allow Gravel to continue to build its brand. Ultimately, Gravel will be able to reach more users and develop to a point where Gravel is the best possible option for organizing all travel logistics. Appendix Additional Mockups Exhibit 7: Hotel Choosing Mockup

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Exhibit 8: Payment Tool Mockup

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Exhibit 9: Logistics Mapping Tool Mockup

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Exhibit 10: Mobile Platform Mockup

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Exhibit 11: Pro-forma Balance Sheet
$ in thousands Assets Current Assets Cash Accounts Receivables Inventory Total Current Assets Long Term Investments Property, Plant, Equipment Intangible Assets Depreciation & Amortization Total Assets Liabilities Current Liabilities Accounts Payable Short Term Debt Total Current Liabilities Long Term Debt Total Liabilities Equity Common Stock Contributed Capital Retained Earnings Total Equity Total Equity & Liabilities Q1 Q2 Q3 Q4 Year 1 Year 2 Year 3 Year 4 Year 5

3,675 0 0 3,675

3,312 0 0 3,312

2,825 3 0 2,828

2,207 33 0 2,240

2,207 33 0 2,240

(370) 328 0 (42)

10,253 3,292 0 13,545

42,186 8,686 0 50,872

100,210 14,814 0 115,025

100 0 0 3,775

100 0 0 3,412

100 0 0 2,928

100 0 0 2,340

100 0 0 2,340

200 0 (33) 124

300 0 (100) 13,745

300 0 (200) 50,972

300 0 (267) 115,058

25 0 25 0 25

17 0 17 0 17

33 0 33 0 33

50 0 50 0 50

125 0 125 0 125

79 0 79 0 79

150 0 150 0 150

283 0 283 0 283

546 0 546 0 546

30 4,000 (280) 3,750 3,775

30 4,000 (635) 3,395 3,412

30 4,000 (1,135) 2,895 2,928

30 4,000 (1,740) 2,290 2,340

30 4,000 (1,740) 2,290 2,340

30 4,000 (3,985) 45 124

30 4,000 9,565 13,595 13,745

30 4,000 46,659 50,689 50,972

30 4,000 110,482 114,512 115,058

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Exhibit 12: Pro-Forma Cash Flow Statement
$ in thousands Net Income Operating Activities Adjustments to Net Income Changes in Accounts Receivable Changes in Liabilities Changes in Inventories Changes from other Operating Activities Total Changes in Operating Activities Q1 (280) Q2 (355) Q3 (500) Q4 (605) Year 1 (1,740) Year 2 (2,245) Year 3 13,551 Year 4 37,094 Year 5 63,823

0 0 25 0 0 25

0 0 (8) 0 0 (8)

0 (3) 17 0 0 13

0 (30) 17 0 0 (13)

0 (33) 50 0 0 17

33 (295) 29 0 0 (233)

67 (2,964) 71 0 0 (2,827)

100 (5,394) 133 0 0 (5,161)

67 (6,128) 263 0 0 (5,799)

Investing Activities Capital Expenditures Investments Other Cash Flows From Investing Activities Total Cash Flows From Investing Activities

(100) 0 0 (100)

0 0 0 0

0 0 0 0

0 0 0 0

(100) 0 0 (100)

(100) 0 0 (100)

(100) 0 0 (100)

0 0 0 0

0 0 0 0

Financing Activities Sale Purchase of Stock Equity Investment Net Borrowings Total Cash Flows From Financing Activities Change In Cash and Cash Equivalents Cash Beginning of Period Cash End of Period

30 4,000 0 4,030 3,675 0 3,675

0 0 0 0 (363) 3,675 3,312

0 0 0 0 (487) 3,312 2,825

0 0 0 0 (618) 2,825 2,207

30 4,000 0 4,030 2,207 9,812 12,018

0 0 0 0 (2,578) 2,207 (371)

0 0 0 0 10,624 (371) 10,253

0 0 0 0 31,933 10,253 42,186

0 0 0 0 58,024 42,186 100,210

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Exhibit 13: Pro-Forma Income Statement
$ in thousands Total Revenue COGS Gross Profit Operating Expenses Salaries Professional Fees Research and Development Marketing & Advertising Depreciation and Amortization Non Recurring Expense Others Total Operating Expenses Operational Income (Loss) Income From Continuing Operations Total Other Income/Expenses Net Earnings Before Interest and Taxes Interest Expense Income Before Tax Income Tax Expense Net Income 0 (280) 0 (280) 0 (280) 0 (355) 0 (355) 0 (355) 0 (500) 0 (500) 0 (500) 0 (605) 0 (605) 0 (605) 0 (1,740) 0 (1,740) 0 (1,740) 0 (2,245) 0 (2,245) 0 (2,245) 0 20,847 0 20,847 7,297 13,551 0 57,068 0 57,068 19,974 37,094 0 98,189 0 98,189 34,366 63,823 34 200 5 0 0 0 25 50 280 (280) 300 5 0 0 0 0 50 355 (355) 400 5 0 50 0 0 50 505 (500) 500 5 0 100 0 0 50 655 (605) 1,400 20 0 150 0 25 200 1,795 (1,740) 3,200 30 100 750 33 0 100 4,213 (2,245) 4,500 40 150 1,500 67 0 150 6,407 20,847 6,500 50 200 3,000 100 0 200 10,050 57,068 8,000 80 300 6,000 67 0 250 14,697 98,189 Q1 0 0 0 Q2 0 0 0 Q3 5 0 5 Q4 50 0 50 Year 1 55 0 55 Year 2 1,968 0 1,968 Year 3 27,254 0 27,254 Year 4 67,118 0 67,118 Year 5 112,886 0 112,886

Exhibit 14: Pro-Forma Revenue Growth Projections
Q1
Active Users Booking Users Pro Users Daily Users CPM ($) Click Through Rate CPC ($)

Q2

Q3 5,000 500 0 150 5.00 0.02 0.40

Q4 50,000 5,000 0 1,500 5.00 0.02 0.40

0 0 0 0 0 0 0 0 0.00 0.00 0.02 0.40 10.0 0 0.04 0 0 0 0.02 0.40 10.0 0 0.04 0 0 0 0 0.05 0 0 0 0 0 0 0 0

Year 1 Totals Year 2 Year 3 Year 4 Year 5 55,000 500,000 2,500,000 5,000,000 8,000,000 5,500 50,000 250,000 500,000 800,000 0 0 250,000 500,000 800,000 1,650 15,000 75,000 150,000 240,000 5.00 10.00 15.00 20.00 20.00 0.02 0.40 10.00 0.04 143,000 1,188,000 1,207,250 19,250 0.05 600 4,620 33,413 6,036 9,658 1,144 0 54,871 0.03 0.50 10.00 0.04 5,200,000 43,200,000 43,900,000 700,000 0.08 600 504,000 303,750 439,000 658,500 62,400 0 1,967,650 0.03 0.60 15.00 0.04 26,000,000 216,000,000 219,500,000 3,500,000 0.08 600 3,024,000 1,518,750 3,292,500 3,951,000 468,000 15,000,000 27,254,250 0.04 0.70 15.00 0.04 52,000,000 432,000,000 439,000,000 7,000,000 0.10 600 11,760,000 3,037,500 8,780,000 12,292,000 1,248,000 30,000,000 67,117,500 0.04 0.80 15.00 0.04 83,200,000 691,200,000 702,400,000 11,200,000 0.10 600 21,504,000 4,860,000 14,048,000 22,476,800 1,996,800 48,000,000 112,885,600

CPA ($) Conversion Rate CPA Ad Views CPM Ad Views CPC Ad Views Lead Gen Ad 0 Views Lead Gen Commission Rate 0.05 Lead Gen Commission Price 0 Estimate ($) Commission Revenue ($) 0 Travel Insurance Revenue ($) 0 0 CPM Revenue ($) 0 CPC Revenue ($) 0 CPA Revenue ($) Subscription 0 Revenue ($) Total Revenue ($) 0

10.00 10.00 0.04 0.04 13,000 130,000 108,000 1,080,000 109,750 1,097,500 1,750 0.05 600 420 3,038 549 878 104 0 4,988 17,500 0.05 600 4,200 30,375 5,488 8,780 1,040 0 49,883

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