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216 169 165 106 105 100 95 88 85 79 Education ($1.3bn) 2008 30 11 10 10 10 10 10 7 6 6 Lecturio Babbel Peak Quipper Tonara Brainly iversity Memrise Docebo 2007 2012 2010 2008 2009 2011 2010 2005 2008 2000 2007 2013 2001 2012 2008 2007 2012 2006 2011 Academic education Content Distribution Foreign language Training app Education management Specialty education Social network Content distribution Foreign language Training management Content distribution IT courses Content distribution Specialty Content distribution Social network Content distribution Social network Content distribution Training management 8% $0.1bn 92% $1.2bn EuropeUS Pearson managed to move digital while the industry is still looking for a strong disruptor 14 Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. Note: Data only includes the 10 largest funding in the segment considered. Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded Funding - Europe vs. US Most Active Investors in Europe Most Active Investors in the US Presenting at

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