CMS Info Systems Limited — Investor Presentation 2025

Nov 5, 2025

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CMSINFO/SDDD/2511/005

To BSE Limited Listing Department, 1st Floor, PJ Towers, Dalal Street, Fort, Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 543441 Symbol: CMSINFO

National Stock Exchange of India Limited Exchange Plaza, C-1, Block-G, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Sub: Earnings Call Presentation for the quarter and half year ended September 30, 2025

Dear Sir/Madam,

Further to our letter nos. CMSINFO/VSDD/2511/001 dated November 1, 2025 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, please find enclosed the Earnings Presentation Q2’FY2025-26’ which will be discussed at the Earnings Conference Call with the Management team of the CMS Info Systems Limited scheduled to be held on Thursday, November 6, 2025 at 01:00 P.M. (IST).

This is for your information and dissemination.

Thanking You,

Yours faithfully,

For CMS Info Systems Limited

DEBAS Digitally signed by DEBASHIS DEY HIS DEY Date: 2025.11.05 19:40:27 +05'30'

Debashis Dey Company Secretary & Compliance Officer

Encl: a/a

Regd. Office: T-151, 5th Floor, Tower No.10, Railway Station Complex, Sector-11, CBD Belapur, Navi Mumbai- 400 614 | T: +91-22-4889 7400 | F: +91-22-4889 5177 CMS Info Systems Limited |CIN: L45200MH2008PLC180479 | www.cms.com | E: contact@cms.com

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Earnings Presentation

Q2 & H1 FY26 Where Platform Meets Possibilities

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H1 FY26 update

Flat revenues, reflecting softer retail consumption and temporary delays in key banks’ ATM refresh cycle

Business momentum remains robust

• New order wins of ₹500 Cr in Q2, total wins in H1 at ₹1,000 Cr

• Expanding Direct-to-Retail strategy from E-commerce to BFSI , added 5,000 new retail points in H1

• HAWKAI solution deployed at quick-commerce leader, expanding to 1,800+ dark stores

• Converted ₹100 Cr FY26 project revenue into ₹225 Cr long-term recurring revenue

Margins impacted due to increased provisioning and lower network utilization

• Temporary dip in ATM base due to slower ATM deployments by MSPs and delayed SBI contracting process

• Lower retail volumes driven by subdued consumption

• Incremental provisioning of ~10 Cr as a prudent measure due to payment delays amid stress in MSP ecosystem

M&A

• Securens acquisition completed

• Evaluating opportunities in technology and payments sectors

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H2 FY26 outlook

Revenue growth:

• ATM Management Solutions business is expected to return to a growth trajectory in H2, and deliver double-digit growth in FY27

• SBI cash o/s RFP closed post extensive negotiations, at contracting & final approval stages, incremental ₹500 Cr revenue opportunity for next 7-10 years

• HAWKAI Solution is scaling robustly, with a target to expand to 50K sites by FY26, establishing a critical baseline to further scale up to 80K sites by FY30

• Target to grow services revenue by 9% in H2 over H1 to regain growth momentum to build a strong base for FY27

Margin recovery driven by:

• ATM deployments gaining traction: expected to be at ~75,000 by Mar’26

• Targeting 5% increase in ATM pricing

• Tech investments in automation will help optimizing network costs: 10% reduction in # of routes and transition of 25% retail points to Gig model

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Q2 FY26 financial summary

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EBITDA PAT
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Revenue

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₹ Crs EBITDA EBITDA % PAT PAT %
170 50% 100
624 627 94
609
159 45% 95 91
160 156
139 40% 90 73
150 35% 85
30% 80
140
25% 75
130 25.3% 14.9%
25% 20% 70 14.6%
22.8% 12.0%
120 15% 65
10% 60
110
5% 55
100 0% 50
Q2-FY25 Q1-FY26 Q2-FY26 Q2-FY25 Q1-FY26 Q2-FY26 Q2-FY25 Q1-FY26 Q2-FY26
YoY QoQ YoY QoQ YoY QoQ
-3% -3% -11% -12% -19% -22%
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30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%

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Q2 FY26 segmental financials

Revenue

EBIT

EBIT %

₹ Crs

390 417 395 264 258 271 Q2 FY 25 Q1 FY 26 Q2 FY 26 s	390 417 395 264 258 271 Q2 FY 25 Q1 FY 26 Q2 FY 26 s	390 417 395 264 258 271 Q2 FY 25 Q1 FY 26 Q2 FY 26 s	390 417 395 264 258 271 Q2 FY 25 Q1 FY 26 Q2 FY 26 s
	390 417 395 264 258 271 Q2 FY 25 Q1 FY 26 Q2 FY 26
	BU YoY QoQ Cash 1% -5% MS 3% 5%
	BU	YoY	QoQ
	Cash	1%	-5%
	MS	3%	5%

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25.0%
23.9%
40 36
15.1%
14.1% 14.9%
38
14.0%
97 100
59
Q2 FY 25 Q1 FY 26 Q2 FY 26
Q2 FY 25 Q1 FY 26 Q2 FY 26
BU YoY QoQ
Impact on EBIT% in Cash Logistics is due
Cash -39% -41% lower revenue impacting network
utilization and higher provisioning
MS -5% 4%
Cash Logistics MS and Tech Solutions
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H1 FY26 financial summary

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Revenue EBITDA PAT
₹ Crs 1% -4%
-8%
310 182
1236 298
1224 167
528
503
777 812
H1-FY25 H1-FY26 H1-FY25 H1-FY26
H1-FY25 H1-FY26
Cash MS and Tech
Logistics Solutions
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H1 FY26 segmental financials

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Cash Logistics
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Managed Services & Technology Solutions

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Revenue EBIT Revenue EBIT
₹ Crs
4% -19% 5%
812 -8%
196
777 528
503
81
159
74
H1-FY25 H1-FY26 H1-FY25 H1-FY26 H1-FY25 H1-FY26 H1-FY25 H1-FY26
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COMPANY OVERVIEW

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India’s best business services platform: Driving growth by gaining market share in core business, investing to expand TAM with a ‘PLATFORM’ approach

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• Market share focus, large scale to drive lowest unit cost economics

• World-class talent, tech & quality

• High margin profile and FCF generation

• Disciplined capital allocation

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• Forward & backward integration to offer customer value

• Drive higher growth through integrated offerings

• Each business to generate FCF to drive own growth

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11X revenue and 16X PAT through market cycles & shocks

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Revenue CAGR PAT CAGR
₹2,425 Cr
₹1,915 Cr
Total Revenues (₹ Cr) PAT%
₹1,146 Cr
₹1,129 Cr
₹216 Cr
FY 09 FY 15 FY 19 FY 23 FY 25
High Growth NPA Crisis COVID Increased
Total revenues & & & Competitive Intensity
Competition Demonetization Regulatory Compliance
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Revenue & PAT has grown faster post IPO

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Revenue (₹ Cr)
2425
1915
1306
1129 1146
1007
670
311
216
FY 09 FY 11 FY 13 FY 15 FY 17 FY 19 FY 21 FY 23 FY 25
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PAT (₹ Cr)
372
297
168
98
93 90 92
32
23
FY 09 FY 11 FY 13 FY 15 FY 17 FY 19 FY 21 FY 23 FY 25
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Revenue Market Share in Cash Logistics (up from 38% in FY 21)

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In Managed Services (moved from #5 in FY 21)

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Business Revenue Split Revenue Contribution (vs 70:30 in FY 21) from new VISION AI business (HAWKAI)

*From continuing businesses

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Consistent operating cash flows and free cash flow conversion

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Avg. OCF/EBITDA @ 73% Avg. FCF/EBITDA @ 47%
97%
84%
84%
86%
76%
75% 77%
73%
55%
52%
51%
64%
61%
43%
39%
43%
26%
-7%
136 149 78 214 185 256 407 440 483 122 129 47 131 130 213 332 328
-28
FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
OCF (₹ Cr) OCF/EBITDA (%) FCF (₹ Cr) FCF/EBITDA (%)
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Prudent capital allocation resulting in high ROCE

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Ramped up Reduced
investments capex, higher
(weaker competitive
competitor b/s) intensity 21.8% Avg. ROCE
24.3% 23.4%
23.9%
90
13
Invested to 23 156
17.4%
grow MS 16.1% 15.8%
business
92
Preserve
20
capital post- 7
demonetization 38
27
4
2 36
1 10
21 25 33 74 108 197 208 99 129
FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22
Capex (₹ Cr) M&A (₹ Cr) Dividend (₹ Cr)
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25.4% 25.2%
24.3% 23.4% 24.4%
23.9%
17.4%
16.1% 15.8%
FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25
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• Post tax ROCE

Cash balance of ₹1,000 Cr as of Mar’25

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Our three businesses: created to deliver scalable growth and strong margin profile

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Outsourcing
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Outsourcing Formalization & Consumption Automation
Retail Solutions & Technology & Payment
Currency Logistics Solutions
Drive currency velocity across SaaS solutions for BFSI &
diverse sectors by leveraging Retail to mitigate risk and
tech and network capabilities powering self-service banking
channels
~₹665 Cr ~₹390 Cr ~₹110 Cr
~₹640 Cr ~₹240 Cr
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ATM Management
Solutions
Partnering banks for
integrated end-to-end ATM
channel management
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FY 21 Services Revenue FY 25 Services Revenue ~₹1,300 Cr

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OUTLOOK

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Accelerating key investments to drive sustainable long-term highmargin growth

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ML= Machine Learning

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FY 30: ATM management solutions outlook 11% growth potential, driven by market expansion and share gains

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Drivers
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Increase in interchange fee Increased outsourcing through integrated contracts

Contract renewal cycle with two major private banks

Pricing uplift potential

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Assumptions Revenue Estimates
~ ₹2,200 Cr
to
~ ₹2,250 Cr
Overall ATM Base
~ ₹1,575 Cr
to
~ ₹1,625 Cr
ATM O/S Base
~ ₹1,300 Cr
CMS Market Share
FY 25 FY 27 FY 30
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*For overall ATM Platform, excluding WLAs Services revenues only

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FY 30: Retail solutions & currency logistics outlook 11% growth potential

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Drivers
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Retail, E-commerce, NBFCs & Banks expanding branches/stores

Expanding the market breadth beyond tier-II

Banks consolidating currency chest operations

Assumptions

Revenue Estimates

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~ ₹1,050 Cr
to
~ ₹1,100 Cr
~ ₹725 Cr
Touch Points Growth to
~ ₹750 Cr
~ ₹640 Cr
CMS Market Share
FY 25 FY 27 FY 30
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FY 30: Technology & payment solutions outlook 20%+ growth potential

ALGO MVS VISION AI	Expand into top 5 banks ~₹2000 Cr TAM in BFSI (bank branch automation opportunity) Non-BFSI segment acceleration Potential in international markets Drivers	No. of ATMs: 68K to 100K Vision AI Points: 30K to 80K (20% CAGR) CMS BFSI Market Share: 25% to 40% Assumption	Revenue Estimates ~ ₹240 Cr ~ ₹400 Cr	~ ₹500 Cr to ~ ₹600 Cr
Payment Cards	Growth in new bank accounts opened	Annual Growth of 7 - 10%	FY 25 FY 30 FY 27 Vision AI revenue contribution in this business to increa
			50% to 70%

Vision AI revenue contribution in this business to increase from 50% to 70%

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FY 27 estimates & FY 30 revenue potential

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ATM Retail Technology Total
Management Solutions & & Payment Services
Solutions Currency Solutions Revenues
Logistics
FY 2025 ~1,300 ~640 ~240 ~2,180
Revenue (₹ Cr)
FY 2027 ~1,575 - 1,650 ~725 - 750 ~400 ~2,700 – 2,800
Revenue (₹ Cr)
12%
CAGR
FY 2030
~2,200 - 2,250 ~1,050 - 1,100 ~500 - 600 ~3,750 – 3,950
Revenue (₹ Cr)
11% CAGR 11% CAGR 20% CAGR
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CMS 2030 summary

Total services revenues

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~ ₹4,500 - 4,750 Cr
(Incl. inorganic) Aspiration
(REVENUE GROWTH + EBITDA MARGIN > 35%)
~ ₹3,750 - 3,950 Cr
Potential
Strong market consolidation opportunity with
pricing upside
53%
~ ₹2,180 Cr
Retail & Tech
42% Maintain high margin quality & ROCE profile
Businesses
ATM
47%
Management 58%
Solutions Strong capital allocation and reinvest for expansion
FY25 FY30
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*Including inorganic growth

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ANNEXURE

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Our new positioning

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Retained ‘CMS’ brand name: strong recognition, trust, and respect amongst our customers; refreshed positioning aligns with ‘CMS’ expanded capabilities and transformation*

Vision AI Solution (RMS) Direct to Retail Solution (D2R) Software Solutions

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Distinct sub-brand identities for emerging growth segments

*Brand Valuation Study by Brand Finance

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7 high margin B2B business lines, each with ~₹100 -1,000 Cr revenue

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FY 25 revenue mix Gaining wallet share
~84% subscription Number of large BFSI accounts
~18% (₹50 Cr+ annual revenue)
25%
13
18%
~27%
60% 40%
Cash Managed Services 20%
Logistics & Tech Solns 8
~55%
38%
~85% revenue route based
CIT with strong network effect Banking Automation
FY 22 FY 25
Retail Cash Management Technology Solutions
ATM Cash Management Txn Linked BLA
Managed Services
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Experienced board; Seasoned leadership

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Vishnu Jerome
Founding Partner: Jerome Merchant+ Partners;
Former Partner AZB & Partners
Sayali Karanjkar
Non-Executive Independent Director, Co-
founder of Paysense
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Sunil Mehta
Former MD & CEO - PNB,
CEO Indian Banks’ Association
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Shyamala Gopinath
Former Deputy Governor, RBI
Experienced
Directors
Rajiv Kaul
Exec. VC, Whole Time Director & CEO
30+ years of industry experience
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Krzysztof Jamroz Executive Chairman at Roadrunner

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Strong
Management
With Deep
Industry Know-
How
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Anush Raghavan
Chief Business Officer
15+ years of industry experience
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Pankaj Khandelwal President & CFO 30+ years of industry experience

Puneet Bhirani Chief Operations Officer 25+ years of industry experience

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Sanjay Singh Chief Human Resources Officer (CHRO) 30+ years

Rajeev Bhatia Chief Information Officer (CIO) 20+ years of industry experience

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Quarterly Consolidated Financial Performance

Particulars (All figures in INR Mn)	Q2’FY26	Q1’FY26	Q-o-Q	Q2’FY25	Y-o-Y
Operating Income	6,086	6,274	(3.0)%	6,245	(2.5)%
Expenses	4,712	4,696	0.3%	4,716	(0.1)%
Operating EBITDA	1,374	1,578	(12.9)%	1,529	(10.1)%
EBITDA Margins (%)	22.58%	25.15%	(257) Bps	24.48%	(190) Bps
Finance costs	45	41	9.8%	52	(13.5)%
Depreciation and amortisation expense	482	445	8.3%	389	23.9%
Other Income	109	164	(33.5)%	137	(20.4)%
Profit before tax	956	1,256	(23.9)%	1,225	(22.0)%
Tax	222	320	(30.6)%	316	(29.7)%
Profit After Tax	734	936	(21.6)%	909	(19.3)%
PAT Margins (%)	12.06%	14.92%	(286) Bps	14.56%	(250) Bps
Other Comprehensive income for the year	(3)	(2)	50.0%	(1)	NA
Total Comprehensive Income for the year	731	934	(21.7)%	908	(19.5)%

Half Yearly Consolidated Financial Performance

Particulars (All figures in INR Mn)	H1’FY26	H1’FY25	Y-o-Y
Operating Income	12,360	12,240	1.0%
Expenses	9,407	9,188	2.4%
Operating EBITDA	2,953	3,052	(3.2)%
EBITDA Margins (%)	23.89%	24.93%	(104) Bps
Finance costs	87	89	(2.2)%
Depreciation and amortisation expense	927	777	19.3%
Other Income	273	252	8.3%
Profit before tax	2,212	2,438	(9.3)%
Tax	543	621	(12.6)%
Profit After Tax	1,669	1,817	(8.1)%
PAT Margins (%)	13.50%	14.84%	(134) Bps
Other Comprehensive income for the year	(4)	(3)	33.3%
Total Comprehensive Income for the year	1,665	1,814	(8.2)%

Historical Consolidated Income Statement

Particulars (All figures in INR Mn)	FY23	FY24	FY25	H1’FY26
Operating Income	19,147	22,647	24,245	12,360
Expenses	13,770	16,652	17,977	9,407
Operating EBITDA	5,377	5,995	6,268	2,953
EBITDA Margins (%)	28.08%	26.47%	25.85%	23.89%
Finance costs	196	162	182	87
Depreciation and amortisation expense	1,318	1,502	1,615	927
Other Income	147	340	507	273
Profit before tax	4,010	4,671	4,978	2,212
Tax	1,038	1,200	1,253	543
Profit After Tax	2,972	3,471	3,725	1,669
PAT Margins (%)	15.52%	15.33%	15.36%	13.50%
Other Comprehensive income for the year	4	(12)	(15)	(4)
Total Comprehensive Income for the year	2,976	3,459	3,710	1,665

Historical Consolidated Balance Sheet

(Allfigures in INR Mn)	FY23	FY24	FY25	H1’FY26
Assets
Non-current assets
Property, plant and equipment	4,697	4,677	4,842	5,863
Capital work-in-progress	203	147	1,525	1,416
Right-of-use assets	1,826	1,558	1,624	1,693
Goodwill	2,061	2,061	2,061	2,061
Other Intangible assets	109	64	46	212
Intangible assets under development	-	34	119	89
Financial assets
Investments	338	600	1,255	978
Other financial assets	319	481	795	1,456
Deferred tax assets(net)	369	390	399	503
Income tax assets(net)	196	206	77	50
Other non-current assets	112	187	366	579
Total of Non-current assets	10,230	10,405	13,109	14,900
Current assets
Inventories	742	1,269	796	772
Financial assets
Investments	2,455	4,251	4,908	2,414
Trade receivables	5,260	7,197	8,146	10,217
Cash and cash equivalents	963	1,590	2,308	573
Bank balances other than above	599	1,080	648	1,473
Other financial assets	30	99	482	340
Other current assets	733	696	802	1,025
Total of Current assets	10,782	16,182	18,090	16,814
Total Assets	21,012	26,585	31,199	31,714

(Allfigures in INR Mn)	FY23	FY24	FY25	H1’FY26
Equity share capital	1,544	1,628	1,644	1,645
Other equity	14,081	17,840	21,021	21,688
Total equity attributable to equity holders	15,625	19,468	22,665	23,333
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities	1,528	1,281	1,321	1,372
Provisions	211	239	254	300
Other Liabilities	6	82	58	85
Total of Non-current liabilities	1,745	1,602	1,633	1,757
Current liabilities
Financial liabilities
Lease liabilities	505	527	575	596
Trade Payables
Dues of micro enterprises and small enterprises	52	65	102	72
Dues of creditors other than micro enterprises and small enterprises	2,200	3,965	3,399	2,996
Other financial liabilities	597	597	1,935	1,576
Provisions	-	-	-	259
Other current liabilities	32	35	475	606
Total of Current liabilities	255	327	415	519
Total Liabilities	3,642	5,516	6,901	6,624
Total Equity & Liabilities	5,388	7,118	8,534	8,381

Historical Consolidated Cash Flow Statement

(Allfigures in INR Mn)	FY24	FY25	H1’FY26		(All figures in INR Mn)	FY24	FY25	H1’FY26
Cash flow from operating activities:					Cash flow from investing activities
Profit before tax	4,671	4,978	2,212		Proceeds from sale of property, plant and equipment	23	24	9
Adjustments to reconcileprofit before tax to net cashflow:
					Purchase of property, plant and equipment, Intangible assets(includingCWIP and capital advances)	(1,084)	(1,543)	(1,739)
Depreciation & amortisation on Property, plant and equipment & Intangible asset	1,070	1,151	683
Depreciation on Right-of-use assets	432	464	245		Purchase consideration paid on acquisition of business	-	-	(250)
Unrealised foreign exchange(gain) /loss	-	(1)	(1)
					Investment in mutual funds and non convertible debentures	(15,408)	(16,461)	(6,889)
Lease rent concession	-	-	-
Bad and doubtful debts and bad debts written off	907	367	197
					Proceeds from redemption of mutual funds	13,506	15,389	9,762
Debit balance written off	-	-	-
					Loan given to Others	-	-	-
ATM Cash shortage and claimsprovision	-	524	249
(Profit)on disposal ofproperty, plant and equipment(net)	(12)	(24)	(7)		Investment in deposits with banks	(1,568)	(649)	(664)
Sundrybalances written back	(22)	(30)	(6)		Proceeds from maturity of deposits with banks (including interest)	1,281	575	331
Impairment for doubtful claims receivables	-	35	(5)
Bad debts written back	-	-	-		Interest received	-	-	194
Insurance claims receivables written off	17	7	-
					Net cash flow (used in) / from investing activities	(3,250)	(2,665)	754
Netgain on lease modification	(10)	(9)	(8)
					Cash flows from financing activities
Finance income	(137)	(203)	(151)
Profit on sale of current investments	(92)	(151)	(83)		Proceeds from Issue of Equity Shares	1,154	243	21
Net change in fair value of current investments measured at FVTPL	(64)	(88)	(18)		Dividend paid	(1,135)	(1,063)	(1,027)
Employee stock option compensation cost	366	307	(12)		Finance costs	-	(2)	(3)
Finance costs	162	182	87		Loan repayment	-	-	(12)
Operating profit before working capital changes	7,288	7,509	3,382
					Finance costs on lease liability	(162)	(180)	(83)
Movement in working capital
					Payment of principal portion of lease liabilities	(378)	(440)	(235)
Increase/ (Decrease)in tradepayables and other liabilities	1,991	(391)	(714)
Increase/ (Decrease)inprovisions	15	(87)	(100)		Net cash flow (used in) financing activities	(521)	(1,442)	(1,339)
(Increase)in inventories	(527)	473	168		Net (decrease) / increase in cash and cash equivalents	628	718	(1,755)
(Increase)in trade receivables	(2,844)	(1,315)	(2,146)
					Cash and cash equivalents at the beginning of the year	963	1,591	2,309
(Increase) /Decrease in other assets andprepayments	(296)	(235)	(1,205)
Cash flowgenerated from operations	5,627	5,954	(615)		Cash and cash equivalents through acquisition of Subsidiary	-	-	19
Direct taxespaid(net of refunds)	(1,228)	(1,129)	(555)
					Cash and cash equivalents at the end of the year	1,591	2,309	573
Net cash flow from operating activities	4,399	4,825	(1,170)

Capital Market Information (BSE: CMSINFO | 543441, NSE: CMSINFO)

Share Price Movement (Up to 30[th] September, 2025)

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10%
0%
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-20%
-30%
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-50%
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25
CMS BSE Sensex BSE Small Cap
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Share Price Data (As on 30th September, 2025)	Share Price Data (As on 30th September, 2025)
Face value (₹)	10.0
Market Price (₹)	372.8
52 Week H/L (₹)	615.9/369.3
Market Cap (₹ Mn)	61,315.4
Equity Shares Outstanding (Mn)	164.5
Avg. trading volume (‘000)	528.6

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Shareholding Pattern (30 [th] September, 2025)
FII 33.15%
Others 38.17%
AIF 6.31%
Mutual Funds 22.37%
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Source: BSE, NSE

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Disclaimer

No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of CMS Info Systems Limited (CMS), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

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