Slides
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H1 FY2026 Results Presentation Strengthening the foundations, for sustained, profitable growth Nadeem Raza Chief Executive Officer Nick Wightman Chief Financial Officer
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The Presentation Team NICK WIGHTMAN Chief Financial Officer Nick joined Microlise in 2012 and played a key role in the Group’s refinancing and re-organisation in 2018, the IPO in 2021, and led various acquisitions as well as establishing the Group’s offices in India, France and Australia. Nick is a Chartered Management Accountant. NADEEM RAZA Chief Executive Officer Joined Microlise in 1987. Led a management buyout of the Group in 2008, when he became CEO. He is a Deputy Lieutenant for Nottinghamshire. Nadeem was named in the FT Top 100 BAME leaders in 2018. 2
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Agenda 3 • Introduction • H1 FY2026 • Financial Review • Market & Strategy • Outlook
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Microlise 4 A leading provider of transport management solutions. Unifying fleet operations, transport management and telematics into one intelligent platform, Microlise One, for the future of transport and logistics. c.60% share of the UK’s large fleet operators 2,500+ customers represent a c.£300m ARR opportunity £47.1M DIRECT ARR +12% £13.8M NET CASH 106% DIRECT NRR 13.2% EBITDA MARGIN H1 FY26: Solid financial performance
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Microlise One converts fleet complexity into measurable ROI One platform connecting vehicles, drivers, compliance and delivery operations Microlise One Integrated Fleet Operating Layer Industry Challenges Customer Value Delivered Microlise Value Creation Higher Customer Retention Greater platform penetration Increased ARR per customer Stronger operating leverage 1 Platform 926k+ Subscriptions 197+ countries Shared data layer across vehicles, drivers, compliance, transport & delivery Transport Modules Transport Management System Planning & Execution Fleet Modules Compliance & Readiness Safety & Efficiency Cost Sustainability Safety & Insurance Productivity Compliance Strategic advantage 6% Fuel Saving 75% Better fuel efficiency 72% Less idling Up to 70% fewer accidents Up to 65% reduction in at-fault costs 10% fewer goods returned ePOD customers 80% less management time Reduced administration Stronger driver-hours compliance Real time visibility Automated workflows & a single operational control tower Cost pressure Labour pressure Safety risk Compliance burden Uptime pressure Customer pressure 5
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Land & Expand Strategy in Action LF&E Logistics Multi-product expansion in H1 FY26 • Fleet coverage expanded from 259 to 377 vehicles, with 400+ expected in 2026 • Five solutions deployed across operations • National footprint of 19 UK depots and c.7,000 parcels per day • 450% increase in customer revenue since the initial deployment in 2023* Samworth Brothers Renewal and multi-product expansion in H1 FY26 • Q1 Renewal Covered Risk, Safety and Journey Execution for 135 Vehicles • Q2 expansion included the full deployment of TMS to 135 vehicles • Further expansion in Q3 included route guidance and content tools for 135 vehicles Alliance Automotive Group TMS Expansion in UK Leading to EMEA Opportunity • Expansion into full TMS for 467 vehicles in the UK • Europe’s largest motor factors group with presence across Europe and a total fleet size of 6k • Value based delivery of the solution • Solution performance will open further growth opportunities 6https://www.microlise.com/case-studies/ Three customer wins and expansions demonstrate the breadth, scalability and value of the Group’s solutions
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Investment programmes 7 FY26 | Targeted Investment • Product investment: Microlise One, TMS and mid-market • Technology investment: cloud architecture, security, AI • Capitalised development spend increased to £2.4m in H1 FY26 • Go-to-market capability FY26: Build phase, positioning the Group for growth and margin expansion from FY27 onwards FY25 | Restructuring • Delivered £5m of annualised cost savings enabling investment in growth drivers • Go-to-market capacity protected • Adjusted administrative expenses reduced by 4% in H1 FY26 Benefits and timing • TMS sales cycle already reduced - 4 TMS deals secured in H1FY26 • Increased efficiency • Growing sales pipeline Strengthening our platform for scalable, sustainable growth
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H1 FY26: Executing our Direct Customer strategy, to support growth acceleration 8 Integrating offerings within one platform, facilitating cross sale and increasing stickiness Expanding into mid- market to address a sizeable additional market Updating core TMS software to speed up sales cycle and implementation Expanding GTM capability & team, to accelerate growth in UK, France and APAC Sales cycles reducing Wins increasing Hiring commenced Growing sales pipeline New Offering launching in Q4 FY26 First data insights offerings now live Focus on operational efficiency and margin expansion: H1 margin recovery vs H2 FY25
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Financial Review
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H1 FY2026 Highlights Revenue £39.5m -10% Recurring Revenue £58.8m Recurring Revenue £29.9m +1% Direct Customer ARR £47.1m Churn 1.1% Cash & Cash Equivalents £13.8m +23% ✓ Direct customer ARR growth 12% ✓ Significant EBITDA margin recovery to 13.2% from 5.2% in H2 FY25 ✓ Strong direct customer NRR at 106% ✓ Strong cash performance 10 ARR £60.8m +4% New annualised cost savings £0.5m Adjusted EBITDA £5.2m -16% +12% On track to meet FY2026 profit expectations
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ARR Bridge 11 OEM Recurring Direct Recurring Direct Customer ARR increased by 12% to £47.1m (H1 FY25: £42.0m), driven by renewals, expansion activity and new customer wins, Direct NRR of 106% Group ARR increased by 4% to £60.8m (H1 FY25: £58.7m), with Direct Customer growth partly offset by lower OEM ARR. Ongoing evolution towards a greater proportion of higher quality recurring revenue 42.0 47.1 16.8 13.6(0.6) (3.1) 58.7 4.1 1.6 60.8 0 5 10 15 20 25 30 35 40 45 50 55 60 Total ARR HY25 Churn OEM Reduction Existing Customer Growth New Customer Growth Total ARR HY26 £m
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Revenue Split Improving revenue mix supporting increased visibility and gross margin Total revenue decreased by 10% to £39.5m (H1 FY25: £44.1m). Non-recurring revenue decreased 34% to £9.5m (H1 FY25: £14.5m) as anticipated, due to completion of a major customer rollout in the prior period and project timing. Recurring revenue stable at £29.9m (H1 FY25: £29.5m), representing 76% of Group revenue, up from 67%. Increased proportion of higher-margin recurring revenue supported increased gross margin of 67.1% (H1 FY25: 65.6%). 12 Continued growth in recurring revenue 11.6 12.1 12.6 12.8 13.4 14.2 17.4 19.4 21.1 21.7 23.2 6.2 6.7 7.3 7.9 8.4 8.9 9.1 8.7 8.4 7.6 6.7 8.0 9.0 8.8 9.4 9.5 10.4 8.5 9.9 10.1 7.4 6.7 3.2 3.4 2.1 2.6 2.6 4.3 4.1 3.9 4.4 3.3 2.8 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Recurring - Direct Recurring - OEM Hardware Services Direct Customer ARR £m
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Profit & Loss Revenue decreased 10.4% to £39.5m (H1 FY25: £44.1m) Non-recurring revenue down 34.3% to £9.5m following completion of a major customer rollout in the prior period; recurring revenue grew 1.3% to £29.9m, 76% of Group revenue Direct Customer ARR up 12% to £47.1m (H1 FY25: £42.0m) on renewals, expansion and new wins, with Direct NRR of 106% Gross margin of £26.5m, down 8.3%, with recurring margin up 1.3% to £23.9m and non-recurring margin down 50.8% to £2.6m Overall improvement in gross margin from 65.6% to 67.1%, reflecting the higher weighting of subscription revenue Operating expenses reduced 5.9% to £21.6m, including the impact of the restructuring, and a further £0.5m of savings from new initiatives realised in H1; staff costs £18.9m to £17.1m Adjusted EBITDA(1) of £5.2m, down 16.0%, at a margin of 13.2% (H1 FY25: 14.1%), recovered from 5.2% in H2 FY25 Depreciation & amortisation increased 6.5% to £4.4m, reflecting capitalised development costs and amortisation arising on business combinations Exceptional items of £0.7m credit (H1 FY25: £0.1m credit) relating to insurance proceeds from the Q4 24 cyber incident. Share based payments fell to £48k (H1 FY25: £442k) on timing of awards PBT of £1.4m (H1 FY25: £1.7m) after a £50k interest charge (H1 FY25: £120k income); PAT of £1.0m and basic EPS of 0.87p (H1 FY25: 1.10p) H1 26 £'000 H1 25 £'000 Change % Revenue Non-Recurring 9,543 14,535 (34.3)% Recurring 29,911 29,515 1.3% 39,454 44,050 (10.4)% Gross Margin Non-Recurring 2,629 5,339 (50.8)% Recurring 23,859 23,553 1.3% 26,488 28,892 (8.3)% 67.1% 65.6% Other operating income 281 230 22.2% Operating expenses (21,556) (22,916) (5.9)% Adjusted EBITDA 5,213 6,206 (16.0)% 13.2% 14.1% Exceptional items 664 122 444.3% Share based payments (48) (442) (89.1)% Depreciation & Amortisation (4,415) (4,143) 6.6% EBIT 1,414 1,743 (18.9)% Interest (50) 120 (141.7)% PBT 1,364 1,863 (26.8)% Tax Provision (353) (592) (40.4)% PAT 1,011 1,271 (20.5)% Basic EPS (pence) 0.87 1.10 (20.5)% Adjusted EPS (pence) 1.20 2.62 (54.2)% (1) Adjusted EBITDA excludes exceptional costs in relation to acquisitions and restructuring, depreciation, amortisation, share of loss of associate, interest, tax and share based payments. 13
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Net Cash Bridge 14 Working capital outflow reflects phasing of billing and customer project activity Adjusted cash flows generated from operations £3.1m (H1 FY25: £4.0m), representing an adjusted cash conversion rate of 60% (H1 FY25: 64%) Cash conversion is expected to revert to norms in the coming periods Underlying cash collection performance in the half remained healthy Strong financial footing provides the foundation for our investment programme and growth ambitions (2.6) (1.4) (0.9) (0.7) (2.2) (2) (1.9) (2.4) 0.03 11.1 2.0 6.9 0.004 2.1 16.7 5.2 0.2 13.8 0 2,500 5,000 7,500 10,000 12,500 15,000 17,500 20,000 22,500 25,000 Net Cash Jul 25 Adj. EBITDA Working Capital Tangible & ROU Assets Intangible Assets Net Tax Net Interest & FX Dividends Paid Proceeds on Sale of Associate Net Cash Dec 25 Adj. EBITDA Working Capital Exceptional Costs Tangible & ROU Assets Intangible Assets Net Tax Net Interest & FX Net Cash Jun 26 £'000s
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Journey to >20% Adj. EBITDA margin 15 Driving profitable growth through revenue quality, scale and operational efficiency 15 >20% 9.9% 13.2% FY25 H1 FY26 Direct Customer ARR growth plus a higher recurring gross margin. Launch of lower cost hardware solution. OEM revenue. Medium term ambition Through scale we expect to gain operational leverage . Efficiency programme delivers savings across gross margin and overheads. Reinvest in sales and marketing to build the pipeline for future growth. Revenue mix Reinvestment Operational leverage & efficiency
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Market & Strategy 16
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Core geographies represent significant addressable market 17 Market drivers support technology adoption Common demand drivers Regulation & Compliance Efficiency & Margin Operational Complexity Data & Automation UKIUKI ≈520k HGVs - £1.2B TAM Mature compliance regime with increasing audit requirements Driver safety regulations driving demand for connected fleet data Strong Microlise footprint across retail and 3PL fleets France ≈616k HGVs EU Mobility Package & Smart Tachograph 2 increasing data-led enforcement Road freight margin pressure strengthening ROI case for utilisation and cost control Retail & supermarket network provides scalable growth platform Australia & New Zealand ≈950k HGVs -£1.8B TAM Chain of Responsibility extends accountability Heavy-vehicle compliance increases demand for auditable controls Long-distance, dispersed fleets benefit from visibility, safety and efficiency tools Operators & government are proactively deploying AI ≈616k HGVs +£1.4B TAM Key opportunity: Increased Mid-market penetration, TMS wins & cross sales into existing customers Key opportunity: Safety systems and general market penetration Key opportunity: Compliance and safety led market penetration
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GTM Investment Driving Higher Quality Growth 1 MORE DEMAND Scale pipeline creation +18% pipeline creation YoY Expanded sales and SDR capacity Increased marketing investment, stronger brand visibility and focused demand generation across priority markets. 2 BETTER EXECUTION Build a scalable GTM engine New hire Group Head of Revenue Operations MEDDPICC embedded sales discipline Improved forecasting, process consistency, reporting and conversion discipline across the customer journey. 3 HIGHER QUALITY Grow recurring customer value +14% Annualised Margin Value (AMV) growth YoY +11% Direct AMV growth YoY Customer expansion and direct recurring growth improve revenue quality and support sustainable long-term growth. A scalable GTM engine focused on pipeline growth, disciplined execution and higher -quality recurring revenue. 18 GTM leadership strengthened across the UK, France and Australia to support continued international growth.
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Microlise One Analytics 19 Turning operational data into customer insight and a future revenue stream– The glue that drives cross sell CURRENT DATA PACKS DP1 Driver Excellence Driver A–G scores over a rolling 13-month view, with advanced dashboard and API options. DP2 Data Quality Rates vehicle data quality to improve reliability of AI analysis and reporting. DP3 Fuel Efficiency Compares fuel use by make and model to inform fleet-mix decisions. Value Delivered Dashboard Tracks progress against agreed targets. Available within Core. PRODUCT ROADMAP More insight packs extend the platform 2026 Fuel and energy efficiency Planned versus actual Video telematics Fleet utilisation 2027 Temperature control POTENTIAL REVENUE DRIVER Paid packs create a clear route from Core to Advanced and broaden the value available to existing customers. A paid AI Assistant is expected to extend the offer in 2027.
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Outlook & Investment case 20
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A confident outlook FY26: Revenues broadly in line and adjusted EBITDA in line with current market expectations • Supported by good visibility over contracted recurring revenue, planned customer go - lives and a healthy pipeline • Underpinned by margin stability • Recognition of non - recurring revenues for Direct Customers and OEM remains subject to timing risk due to supply chain challenges FY26 and beyond: Board confident in prospects • Driven by the demand environment, benefits from the investment and efficiency programmes and structural growth drivers • Expect the reduction in OEM revenues to plateau in late FY27 25.6 27.1 35.6 42.0 47.1 0 5 10 15 20 25 30 35 40 45 50 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Direct Customer ARR (£m) 21
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Positioned to deliver profitable, long - term shareholder value Direct business growth provides operational gearing 12% growth in Direct recurring revenue & operational gearing supports margin expansion Legacy tech across the market presents growth opportunity for Microlise One Microlise One unifies offering into one platform with strong cross and upsell opportunities A well-funded balance sheet provides optionality Strong H1 cash performance Net Cash of £13.8m with no debt Considerable c.£300m 'captive' TAM opportunity Existing base offers a 5x ARR opportunity through installed base, customer trust and breadth of product Sticky, blue-chip customer base and deep industry expertise Customers include c.60% of UK fleet operators with >500 HGVs, top 15 retailers and leading 3rd party logistics providers and OEMs Select investment to capitalise on opportunity Reduced time to sale & implementation; lower customer acquisition costs; improved scalability 22
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Appendix
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Microlise in Numbers <2% Very low customer churn rate 730+ Staff 4 Awards for Enterprise since 2018 197+ Countries with deployments 1982 Established in UK 926K+ Active Subscriptions 2,500+ Customers £84M FY 2025 Revenue (£59.2m ARR) 24
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Cash Flow Adjusted cash flow from operations of £3.1m was 22.5% lower, tracking the £1.0m fall in adjusted EBITDA to £5.2m Working capital absorbed £2.1m, in line with the £2.2m outflow last year; cash conversion remained strong at 60% (H1 25: 64%) Capex rose to £3.4m from £2.0m: £1.0m on property, plant and equipment (+57.9%) and £2.4m on intangibles (+68.2%) as product development and integration spend accelerated. Exceptional cost outflows of £1.9m relate to the FY25 restructuring programme, which concluded in early FY26 (H1 25: nil); lease principal payments rose £0.2m to £0.8m, reflecting increased data centre capacity taken on to reduce third party hosting costs Free cash flow was an outflow of £2.9m against an inflow of £1.2m, with a £0.1m tax credit the only offset Net cash closed at £13.8m, £3.0m below the £16.7m opening position, with no dividend paid in the period (H1 25: £1.4m) Six months ended 30 June 2026 H1 26 £’000 H1 25 £'000 Change % Adjusted EBITDA 5,213 6,206 (16.0)% Working capital and other items (2,107) (2,200) (4.2)% Adjusted Cash flow generated from operations 3,106 4,006 (22.5)% Capex - property, plant and equipment (PPE) (1,020) (646) 57.9% Capex - intangible assets (2,357) (1,401) 68.2% Payments of principal on lease liabilities (831) (672) 23.7% Exceptional cost cash outflows (1,895) - - Free cash flow before tax (2,997) 1,287 (333.0)% Tax 56 (108) (152.1)% Free cash flow (2,941) 1,179 (349.4)% Net interest received / (paid) (50) 75 (166.7)% Dividends paid - (1,438) (100.0)% Underlying increase / (decrease) in net cash (2,991) (184) 1,525.5% FX and other items 19 (58) (132.8)% Increase in net cash (2,972) (242) 1,128.1% Opening net cash 16,743 11,401 46.9% Closing net cash 13,771 11,159 23.4% Cash Conversion Rate 60% 64% 25
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Balance Sheet Cash rose £2.6m (23.4%) to £13.8m, lifting total current assets 9.6% to £37.8m Property, plant and equipment up £2.9m (31.6%) to £12.1m reflecting increased data centre capacity taken on to reduce third party hosting costs Intangibles eased £1.2m to £81.6m as amortisation, including on business combination assets, outpaced additions The £1.4m investment in Trakm8 Holdings Plc and the £1.0m loan to it both stand at nil following the disposal of the associate in July 2025 Working capital was broadly stable: receivables up £1.8m (9.6%) to £21.0m, inventories down £0.4m to £2.8m and trade payables up £0.8m H1 26 H1 25 Change Change £'000 £'000 £'000 % Assets Non-current Assets Property, plant and equipment 12,098 9,196 2,902 31.6% Intangible Assets 81,579 82,797 (1,218) (1.5)% Investments in associate - 1,364 (1,364) (100.0)% Loan to Associate - - - - Trade & other receivables 2,642 3,776 (1,134) (30.0)% Total Non-current Assets 96,319 97,133 (814) (0.8)% Current Assets Inventories 2,758 3,151 (393) (12.5)% Loan to Associate - 1,045 (1,045) (100.0)% Trade & other receivables 21,013 19,173 1,840 9.6% Corporation tax recoverable 306 - 306 - Cash & cash equivalents 13,771 11,159 2,612 23.4% Total Current Assets 37,848 34,528 3,320 9.6% Total Assets 134,167 131,661 2,506 1.9% Liabilities Current Liabilities Lease liabilities (1,549) (1,014) (535) 52.8% Trade & other payables (33,053) (32,248) (805) 2.5% Dividend payable (1,508) - (1,508) - Corporation tax payable - (103) 103 (100.0)% Total Current Liabilities (36,110) (33,365) (2,745) 8.2% Non-current Liabilities Lease liabilities (2,914) (1,106) (1,808) 163.5% Trade & other payables (20,385) (16,223) (4,162) 25.7% Deferred tax (5,177) (6,179) 1,002 (16.2)% Provisions (2,073) (2,818) 745 (26.4)% Total Non-current Liabilities (30,549) (26,326) (4,223) 16.0% Total Liabilities (66,659) (59,691) (6,968) 11.7% Net Assets 67,508 71,970 (4,462) (6.2)% Equity Issued share capital 116 116 - - Share Premium 17,630 17,630 - - Retained earnings 49,762 54,224 (4,462) (8.2)% Total Equity 67,508 71,970 (4,462) (6.2)% 26
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27 EBITDA to PAT Reconciliation H1 26 H1 25 £'m £'m Adjusted EBITDA 5.2 6.2 Depreciation (2.0) (1.6) Amortisation on Development Costs (1.3) (1.1) Net Interest - 0.1 Adjusted PBT 1.9 3.6 Adjusted Tax Charge (0.5) (0.6) Adjusted PAT 1.4 3.0 *Items excluded from adjusted PAT (0.4) (1.7) Reported PAT 1.0 1.3 * Items excluded from adjusted PAT include amortisation on business combinations, share based payments, and exceptional income in relation to the cyber incident
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Disclaimer For the purposes of this document, the presentation that follows (the “Presentation”) shall mean and include the slides that follow, any oral briefing provided by Microlise Group plc (the “Company”) in connection with these slides, any question and answer session that follows that oral presentation, hard copies of this document and any materials distributed at, or in connection with the Presentation, or any of them. This Presentation has been prepared and issued by, and is the sole responsibility of, the Company. By attending the Presentation, you agree to be bound by the limitations set out below and to maintain absolute confidentiality regarding the information disclosed in the Presentation. The information contained in this Presentation is being supplied to you by the Company solely for your information and may not be distributed to the press or any other person, may not be copied or reproduced in any form and may not be published, in whole or in part, for any purpose. 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Microlise Limited Farrington Way Eastwood Nottinghamshire NG16 3AG Registered in England & Wales with Company No. 03037936 Microlise Group plc Farrington Way Eastwood Nottinghamshire NG16 3AG Registered in England & Wales with Company No. 11553192 www.microlise.com