Ann: FND FY25 Guidance & Market Update Presentation, page-7

I've lived in India for about 30 years and visit every 2 years.

But I have not travelled to the rural and semi-rural India. Just the fact that the currency in circulation (CIC) is growing as slightly faster than the GDP. Currently the CIC is about 12-15% of the GDP. If CIC is growing the cash dispensing business also should grow.

Now FindiPay, which Findi is planning to transform into a Banking Correspondence (BC) business will act as the customer facing centres of major banks in semi-urban and semi-rural India and collect commissions for fulfilling the unbanked and under-banked communities. There are about 9 services to be delivered through these FindiPay outlets.

And lastly the macro picture, currently the equity component of Indian's wealth is about 7%, where in US it is about 50% and in emerging economies it is about 20%. Indians in total save about 800 billion USD. The total number of demat accounts over the last 3-4 years have been growing fast.