Investor Presentaiton

Presence In Wholesale, Retail And Corporate Forex Segments Wholesale Institutions (Banks, Full Fledged Money Changers, Restricted Money Changers) Characteristics Purpose: bulk note consolidation and bulk sale ■High volume and low margin business Extremely sensitive to market movements and pricing Retail Individuals (Walk-ins at Shops & Airports, Agents) ■Purpose: leisure, education, remittances, migration ■Relatively price inelastic at airports (1); some degree of elasticity at non- airport outlets Corporate Corporate Houses (Travelling Employees) Purpose: business travel ■Typically corporates are from IT, manufacturing and fast moving consumer goods sectors Sensitive to global economic conditions Note: (1) Company has presence in Mumbai, Bangalore, Chennai, Cochin and Delhi Airports Thomas Cook 7

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