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Network International’s FY21 revenue ahead of market expectations; Continued strong growth at newly acquired DPO group in Africa

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  We have made excellent progress in successfully refocusing our strategy to drive accelerated growth and innovation CAIRO Egypt January 20 2022 APO Group Fourth Quarter Revenue 1 a 30 YoY increase driven by spending recovery in the United Arab Emirates Continued strong growth in recently acquired DPO group in Africa with POS growth of 40 YoY in Q4 2021 and revenue growth of 29 YoY FY21 revenue above market expectations Group underlying EBITDA is also expected to be slightly above market expectations Strongest quarter of the year for value of domestic and international consumer payments processed Total Processed Volumes2 TPV now above pre pandemic levels driven by seasonal activities major events sports and Dubai EXPO 2020 Kingdom of Saudi Arabia market entry on track with new client signing healthy portfolio and appointment of a General Manager for Saudi Arabian operations Nandan Mer Executive Director commented There is a lot to feel positive about having finished the year strong We have made excellent progress in successfully refocusing our strategy to drive accelerated growth and innovation The UAE market has seen a significant uptick in consumer spending and international tourism and it is encouraging to see our commercial business going from strength to strength This has been supported by record levels of merchant registrations reflecting our continued efforts to improve our sales strategies improve merchant onboarding and continually provide new services to customers DPO continues to trade strongly with its earnings performance for the year representing an acquisition earnings multiple of less than 11x They have also gone on to generate positive EBITDA above our expectations Our entry into the Saudi Arabian market is well under way and we have signed a new processing client which is expected to become a key contributor to long term revenue Overall we are pleased with the positive momentum in our business which gives us confidence as we enter 2022 and work towards our goal of more than 20 revenue growth DPO is trading well and generating strong growth The acquisition of DPO Group continues to deliver with total volume processed in the fourth quarter of 2021 increasing 40 year over year and revenue growth of 29 over the same period On a full year basis this translates to 45 year over year revenue growth Partnership with Mastercard continues to strengthen Network s strategic partnership with Mastercard continues to progress with significant strides to accelerate digital payment acceptance in the Middle East and Africa The company will soon launch its new SME in a box offering which will enable new merchants and SMEs to accept digital payments using a mobile phone without the need for a payment terminal The partnership will also enable the launch of a next generation authentication solution for UAE merchants and financial institutions through 3 D Secure 2 0 The service provides enhanced information and fraud control capabilities through data for customer processing Record number of new merchant wins and various contract renewals Our Merchant Solutions business continues to post high levels of new business earnings including record levels of merchant hiring in the quarter Within new business additions notable wins outside of the competition include several hotels such as the Double Tree Hilton Yas Residences and Courtyard by Marriot Al Jaddaf Merchant profits in the entertainment and food and beverage sectors remained high In our data solutions business we signed an expanded and expanded contract with a major UAE tourism authority as well as a new agreement with a major UAE government authority We also secured a new eCommerce contract cross selling DPO capabilities in three West and Central African countries through our partnership with Orabank which will allow us to increase our business presence in C te d Ivoire Senegal and the Republic of Togolese At Issuer Solutions we continued to gain ground and secured three new financial institutions and fintechs in the period This includes two in the Levante region NeoBank and Jordan s first licensed fintech MadfooatCom where we will issue host and process credentials along with a variety of other services including 3 D Secure for both financial institutions We also renewed our existing processing agreement with Soci t General in Ghana for another five years expanded our partnership with the Bank of Egypt and renewed our contract with the National Bank of Fujairah in the United Arab Emirates New services and solutions for customers of financial institutions Network recently supported the launch of the first digital card offering in the United Arab Emirates for Al Maryah Community Bank providing its customers with digital and physical cards Through its partnership with Infobip Network will soon launch its chat banking solutions for clients of financial institutions Launch of new capabilities for business customers Network continues to innovate and strengthen its direct to merchant business to expand its market leadership positions in the United Arab Emirates and Jordan During the quarter the company added the ability for merchants to accept payments from India s UPI Payments and partnered with Amazon Payment Services to provide UAE merchants with a broader selection of online acceptance methods for its offering of electronic commerce Network expanded its existing value added services with the launch of Smartview interactive dashboards that provide merchants with valuable insights into consumer spending trends The company is also continuing to capitalize on the synergies of the recent DPO acquisition and is launching DPO Pay to merchants in the United Arab Emirates a cost effective and convenient online payment solution for SMEs The offer includes the setup of an online store and the payment process Kingdom of Saudi Arabia market entry is on the way and a new customer is signed Network Secured a New Issuer Solutions Prepaid Card Processing Client Win Expected to Become a Significant Long Term Revenue Contributor with a healthy portfolio of potential future clients The testing of its technology platform is progressing well and the company remains optimistic and committed to launching its full issuer processing services in the first quarter of 2022 The company has appointed Abdulaziz Al Dahmash as General Manager of its operations in Saudi Arabia effective January 1 2022 Fourth quarter operations 1 Q4 2021 Growth Compared to Q4 2020 Fourth quarter 2021 growth compared to fourth quarter 2019 total income 30 3 6 Merchant Solutions Revenue 58 8 Total Direct Processed Volume TPV 2 36 12 Of which domestic POS 18 14 Of which international POS 168 5 Issuer Solutions Revenue 13 two Network delivered a strong set of results during the fourth quarter of 2021 with total revenue up 30 compared to the same period last year and up 6 compared to pre pandemic levels in 2019 This was primarily due to the strong performance of its Merchant Solutions business where revenue grew 58 in the fourth quarter of 2021 compared to the same period last year and was 8 above pre share levels pandemic in 2019 supported by a strong recovery in domestic and international consumer spending in the United Arab Emirates and Jordan Consequently the fourth quarter of 2021 marked the strongest quarter of the year for total direct processed volume TPV 2 which increased 36 year over year which is a 12 increase compared to pre pandemic levels Domestic consumption VPT growth was up 18 year on year and 14 above pre pandemic levels and international spending also continued to improve ending the year very strongly with December spending up 12 compared to with pre pandemic levels For the fourth quarter of 2021 the international POS more than doubled year over year The strong overall Q4 POS performance reflects the regional economic recovery from the pandemic improving confidence from international tourists coming to Dubai and seasonal activities including major sporting events and the Dubai EXPO Less impacted by COVID 19 Issuer Solutions delivered a healthy 13 revenue growth in the fourth quarter of 2021 compared to the same period last year 1 Detailed fourth quarter financials represent Network International s stand alone business and exclude the acquisition of DPO Group unless otherwise noted 2 Refers to the total volume processed direct from business customers in the UAE and Jordan 3 Including the three month DPO contribution year over year growth is 39
Network International’s FY21 revenue ahead of market expectations; Continued strong growth at newly acquired DPO group in Africa

We have made excellent progress in successfully refocusing our strategy to drive accelerated growth and innovation.

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CAIRO, Egypt, January 20, 2022/APO Group/ —

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Fourth Quarter Revenue

Fourth Quarter Revenue [1] a 30% YoY increase driven by spending recovery in the United Arab Emirates; Continued strong growth in recently acquired DPO group in Africa, with POS growth of 40% YoY in Q4 2021; and revenue growth of 29% YoY; FY21 revenue above market expectations; Group underlying EBITDA is also expected to be slightly above market expectations; Strongest quarter of the year for value of domestic and international consumer payments processed (Total Processed Volumes2 (TPV)), now above pre-pandemic levels driven by seasonal activities, major events sports and Dubai EXPO 2020; Kingdom of Saudi Arabia market entry on track with new client signing, healthy portfolio and appointment of a General Manager for Saudi Arabian operations

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Nandan Mer, Executive Director, commented:

“There is a lot to feel positive about, having finished the year strong. We have made excellent progress in successfully refocusing our strategy to drive accelerated growth and innovation.

The UAE market has seen a significant uptick in consumer spending and international tourism, and it is encouraging to see our commercial business going from strength to strength. This has been supported by record levels of merchant registrations, reflecting our continued efforts to improve our sales strategies, improve merchant onboarding and continually provide new services to customers.

DPO continues to trade strongly, with its earnings performance for the year representing an acquisition earnings multiple of less than 11x. They have also gone on to generate positive EBITDA, above our expectations.

Saudi Arabian

Our entry into the Saudi Arabian market is well under way and we have signed a new processing client which is expected to become a key contributor to long-term revenue.

Overall, we are pleased with the positive momentum in our business, which gives us confidence as we enter 2022 and work towards our goal of more than 20% revenue growth.”

DPO is trading well and generating strong growth

DPO Group

The acquisition of DPO Group continues to deliver with total volume processed in the fourth quarter of 2021 increasing 40% year over year and revenue growth of 29% over the same period. On a full year basis, this translates to 45% year-over-year revenue growth.

Partnership with Mastercard continues to strengthen

Middle East and Africa

Network’s strategic partnership with Mastercard continues to progress, with significant strides to accelerate digital payment acceptance in the Middle East and Africa. The company will soon launch its new ‘SME in a box’ offering, which will enable new merchants and SMEs to accept digital payments using a mobile phone, without the need for a payment terminal.

The partnership will also enable the launch of a next-generation authentication solution for UAE merchants and financial institutions, through 3-D Secure 2.0. The service provides enhanced information and fraud control capabilities through data for customer processing.

Record number of new merchant wins and various contract renewals

Our Merchant Solutions

Our Merchant Solutions business continues to post high levels of new business earnings, including record levels of merchant hiring in the quarter. Within new business additions, notable wins outside of the competition include several hotels such as the Double Tree Hilton, Yas Residences, and Courtyard by Marriot Al Jaddaf. Merchant profits in the entertainment and food and beverage sectors remained high. In our data solutions business, we signed an expanded and expanded contract with a major UAE tourism authority, as well as a new agreement with a major UAE government authority. We also secured a new eCommerce contract, cross-selling DPO capabilities in three West and Central African countries through our partnership with Orabank, which will allow us to increase our business presence in Côte d’Ivoire, Senegal and the Republic of Togolese.

Issuer Solutions

At Issuer Solutions, we continued to gain ground and secured three new financial institutions and fintechs in the period. This includes two in the Levante region; NeoBank and Jordan‘s first licensed fintech, MadfooatCom; where we will issue, host and process credentials along with a variety of other services, including 3-D Secure for both financial institutions. We also renewed our existing processing agreement with Société General in Ghana for another five years, expanded our partnership with the Bank of Egypt, and renewed our contract with the National Bank of Fujairah in the United Arab Emirates.

New services and solutions for customers of financial institutions

United Arab Emirates for Al Maryah Community Bank

Network recently supported the launch of the first digital card offering in the United Arab Emirates for Al Maryah Community Bank, providing its customers with digital and physical cards.

Through its partnership with Infobip, Network will soon launch its chat banking solutions for clients of financial institutions.

Launch of new capabilities for business customers

United Arab Emirates and Jordan

Network continues to innovate and strengthen its direct-to-merchant business to expand its market leadership positions in the United Arab Emirates and Jordan. During the quarter, the company added the ability for merchants to accept payments from India‘s UPI Payments and partnered with Amazon Payment Services to provide UAE merchants with a broader selection of online acceptance methods for its offering of electronic commerce.

Network expanded its existing value-added services with the launch of Smartview interactive dashboards that provide merchants with valuable insights into consumer spending trends.

DPO Pay

The company is also continuing to capitalize on the synergies of the recent DPO acquisition and is launching ‘DPO Pay’ to merchants in the United Arab Emirates, a cost-effective and convenient online payment solution for SMEs. The offer includes the setup of an online store and the payment process.

Kingdom of Saudi Arabia market entry is on the way and a new customer is signed

Network Secured

Network Secured a New Issuer Solutions Prepaid Card Processing Client Win, Expected to Become a Significant Long-Term Revenue Contributor; with a healthy portfolio of potential future clients. The testing of its technology platform is progressing well and the company remains optimistic and committed to launching its full issuer processing services in the first quarter of 2022. The company has appointed Abdulaziz Al-Dahmash as General Manager of its operations in Saudi Arabia, effective January 1, 2022.

Fourth quarter operations [1]

Q4 2021 Growth Compared to Q4 2020

Fourth quarter 2021 growth compared to fourth quarter 2019

total income

30% [3]

6%

Merchant Solutions Revenue

58%

8%

Total Direct Processed Volume (TPV)2

36%

12%

Of which domestic POS

18%

14%

Of which international POS

168%

5%

Issuer Solutions Revenue

13%

(two)%

Merchant Solutions

Network delivered a strong set of results during the fourth quarter of 2021 with total revenue up 30% compared to the same period last year and up 6% compared to pre-pandemic levels in 2019. This was primarily due to the strong performance of its Merchant Solutions business, where revenue grew 58% in the fourth quarter of 2021 compared to the same period last year, and was 8% above pre-share levels. pandemic in 2019, supported by a strong recovery in domestic and international consumer spending in the United Arab Emirates and Jordan.

Dubai EXPO

Consequently, the fourth quarter of 2021 marked the strongest quarter of the year for total direct processed volume (TPV) [2] which increased 36% year-over-year, which is a 12% increase compared to pre-pandemic levels. Domestic consumption VPT growth was up 18% year-on-year and 14% above pre-pandemic levels and international spending also continued to improve, ending the year very strongly with December spending up 12% compared to with pre-pandemic levels. For the fourth quarter of 2021, the international POS more than doubled year over year. The strong overall Q4 POS performance reflects the regional economic recovery from the pandemic, improving confidence from international tourists coming to Dubai and seasonal activities, including major sporting events and the Dubai EXPO.

Issuer Solutions

Less impacted by COVID-19, Issuer Solutions delivered a healthy 13% revenue growth in the fourth quarter of 2021 compared to the same period last year.

Network International

[1] Detailed fourth quarter financials represent Network International’s stand-alone business and exclude the acquisition of DPO Group, unless otherwise noted.

[2] Refers to the total volume processed direct from business customers in the UAE and Jordan

[3] Including the three-month DPO contribution, year-over-year growth is 39%.

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