US Investor Day Presentation

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LA Investor Update
13 September 2023

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Welcome to the Vista Group Investor Day
Part A: From the Industry
•Shelli Taylor, Alamo Drafthouse
•George Eyles, Deluxe
Part B: From Vista Group
•Stuart Dickinson

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Why we are here today –Alamo
They live and breathe movies (film, food, and fun)
https://youtu.be/MpFWQWjmHEQ?si=XxYK0mfopbAPX0X_

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Shelli Taylor
Chair, Alamo Drafthouse
•Joined Alamo Drafthouse as CEO in 2020 leading through
the pandemic to August 2023 with Alamo's current industry-
topping performance and renewed expansion
•Former President of United Planet Fitness Partners, the
largest Planet Fitness franchise
•Former Starbucks executive for nearlytwo decades,
playing a key role during Starbucks' expansion into China

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George Eyles
EVP & GM, Cinema Worldwide,Deluxe
•Responsible for Deluxe'sglobal Cinema strategy and
operations.
•Previously CEO of Maccsand led Numero'sbox office
reporting business. Launched cloud native system Mica and
expanded box office reporting services globally.
•Worked at Arqiva,deployeda pan-Europeanelectronic
delivery network for cinema and created live event services for
cinemas around the world.

C O N T E N T IN T H I S D O C U M E N T IS C O N F I D E N T I A L &P R O P R I E T A R Y .
DELUXEHASBEENATRUSTED PARTNERTO THE
CINEMA INDUSTRY SINCE 1915

C O N T E N T IN T H I S D O C U M E N T IS C O N F I D E N T I A L &P R O P R I E T A R Y .C O N T E N T IN T H I S D O C U M E N T IS C O N F I D E N T I A L &P R O P R I E T A R Y .
FOR OVER 100 YEARS, DELUXE HAS BEEN THE GLOBAL LEADER
IN CONTENT SERVICING AND DELIVERY
C O N T E N T IN T H I S D O C U M E N T IS C O N F I D E N T I A L &P R O P R I E T A R Y .
DEEP RELATIONSHIPS
WITH MARQUEE
CUSTOMERS
22
BRAND SYNONOMOUS WITH
TRUST & DELIVERY
Preferred Partner
Total Quality Program
1915
Future
2015
Film
Replication
andDistribution
2020
Digital Mastering
Distribution
and Localization
Cloud Mastering
Automated
Distribution
AI Localization
Real-Time
Localization
and Further
Automation
of Services
36
Facilities
Worldwide
4,000+
Employees
Globally
UNMATCHED
GLOBAL SCALE
13
Operating Countries
195
Countries Serviced
DELUXE SETS THE STANDARD FOR QUALITY
AND DISTRIBUTION AT SCALE

C O N T E N T IN T H I S D O C U M E N T IS C O N F I D E N T I A L &P R O P R I E T A R Y .
SERVICING THE END-TO-END
THEATRICAL WORKFLOW
FROM CREATING THE ORIGINAL MASTER TO DELIVERING TO THEATERS WORLDWIDE
MASTERING
DISTRIBUTION
KEYS
LOCALIZATION

C O N T E N TINTH ISD O C U M E N TISC O N F I D E N T I A L& PR O PRIETAR Y.
UNMATCHED
SCALE & REACH
SERVICING THE BIGGEST
BLOCKBUSTERS REQUIRES GLOBAL
SCALE COMBINED WITH LEADING
TECHNOLOGY AND 24x7
OPERATIONS
14
Facilities
Worldwide
25
QC
Theaters
26
Replication
Facilities
7K+
Connected
Cinemas
600+
Team Members

C O N T E N TINTH ISD O C U M E N TISC O N F I D E N T I A L& PR O PRIETAR Y.
LO O K I N G F O R WA R D

C O N T E N T IN T H I S D O C U M E N T IS C O N F I D E N T I A L &P R O P R I E T A R Y .
ACCELERATING THE NEW ERA OF ENTERTAINMENT

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Questions

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Thank you, Shelli and George
5 minute break

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Connected Future
Powering a vibrant industry with client-inspired
innovation and high performing technology.
13 September 2023

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Important notice
This presentation has been prepared by Vista Group International Limited and its
related companies(collectively referred to as Vista Group).This notice applies to this
presentation and the verbal or written comments of any persons presenting it.
Information in this presentation:
•is provided for general information purposes only, does not purport to becomplete
or comprehensive, and is not an offer or invitation or subscriptionor purchase of,
or solicitation of an offer to buy or subscribe for, financialproducts in Vista Group;
•does not constitute a recommendation or investment or any other typeof advice
and may not be relied upon in connection with any purchaseor sale of financial
products in Vista Group.The presentation is not intended as investment, legal,
tax, financial advice or recommendation to any person.Independent professional
advice should be obtained prior to making any investment or financial decisions;
•should be read in conjunction with, and is subject to, Vista Group’sfinancial
statements, market releases and information available on Vista Group’s website
(vistagroup.co.nz) and on NZX Limited’s website (nzx.com) under ticker code
VGL;
•may contain forward-looking statements about Vista Group and the environments
in which it operates.Forward-looking statements can include words such as
“expect”, “intend”, “believe”, “continue” or similar words in connection with
discussions of future operating or financial performance or conditions.Such
forward-looking statements are based on significant assumptions andsubjective
judgements which are inherently subject to risks, uncertaintiesand contingencies
outside of Vista Group’s control.
•although VistaGroup’smanagement may indicate and believe theassumptions
underlying the forward-looking statements are reasonable,any assumptions could
prove inaccurate or incorrect and, therefore, therecan be no assurance that the
results contemplated in the statements will be realized. Vista Group’s actual
results or performance may differ materially from any such forward looking
statements; and
•may include statements relating tothepast performanceofVista Group,
whichare not, andshould not be regarded as,a reliable indicatoroffuture
performance.
While all reasonable care has been taken in compiling this presentation, Vista Group,
and their respective directors, employees,agents and advisers accept no
responsibility for any errorsor omissions. Neither Vista Group or any of its respective
directors, employees, agents or advisers makes any representation or warranty,
express or implied, as to the accuracy or completeness of the information in this
presentation or as to the existence, substance or materiality of any information
omitted from this presentation.No person is under any obligation to update this
presentation at any time after its release.
Unless otherwise stated, all information in this presentation is expressed at the
date of this presentation and all currency amounts are in NZ dollars.

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Solving our client's business needs....
The Vista Group Formula ...
1.The Film industry is vibrant.
2.AI-enabled cloud technology will power stronger margins and performance.
3.An ecosystem approach enables client-inspired innovation and speed to market.

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The industry is vibrant
•Summer box office exceeded $4 billion for the first time since 2019
•119% of 2022 box office
•96% of the average of 2017-19 summers with half the releases
•Diversity drove admissions, with a balance of sequels and new content
•Barbenheimerwent off!
•July 2023 was the 4th largest domestic box office month of July ever at $1.37b and
6% higher than July 2019
•The Barbie and Oppenheimer combination shattered single day, weekend and
week numbers for exhibitors around the world
National Cinema Days boost attendance and excitement
•8.5M moviegoers in the US, up 5% on 2022
•1.6M moviegoers in the UK, up 6% on 2022
•And Taylor Swift keeps the hits coming...
Company records for
biggest single day ever,
biggest opening weekend
-B&B Theatres
Highest grossing month
in company history
-Cinemark
Best admissions-revenue
week in the company’s
103-yearhistory
-AMC

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Streamers / new studios have powered up theatrical release
and the box office
Air
Exclusive theatrical
release before streaming
on Amazon Prime
Killers of the
Flower Moon
Wide global theatrical
release before
streaming on Apple TV+
Napoleon
Apple trend: exclusive
theatrical release
before streaming on
Apple TV+
Sound of Freedom
Angel Studios – new entrant,
$183m and counting in the
domestic US

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What about the strikes?
•Vista Group less impacted by writers and actors strikesthan
other areas of the entertainment industry
•A diverse slate of films for the rest of the year and 2024 is
also lookingstrong
•Barbie and Oppenheimer success carries over:August was
the second month in a row with a monthly global box office
on or above 2019levels.
•Things can change quickly –for the better: Sound of
Freedom, Taylor Swift The Eras Tour
Q4 2023
Q1 2024

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Premiumisation: a truly differentiated experience
•Premiumisationrefers to luxury auditoriums
and seating, extended dining and enhanced
technology in addition to immersive sound and
3D screens.
•Omdiareports that between 2021-22, premium
format screens (PLF, 4D, and motion seating)
rose from 7,000 to 7,500 (+7.1%), driven by
Avatar: The Way of the Water.
•Oppenheimer’sglobal success has been
driven by its IMAX run. In North America, IMAX
generated ~30% of its box office, despite only
comprising about 1% of all theatres.

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Key trends are driving investment and momentum for exhibitors
Technology
is essential
in enabling
these trends
and future.
Desire to offer more than just
the ticket to moviegoers
Premiumisation
Loyalty and
engagement
The movie
and more
Operational
efficiency
Optimisation
and costs
Desire to build audience engagement
from the moment the trailer drops
Desire to increase wallet share and
broaden entertainment offerings
Desire to improve labourefficiency
Desire to reduce costs and
improve speed to market

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With great content and investment exhibitors see a strong future
“Our record-breaking July box office demonstrates movie-lovers’ strong desire for
sharing the experience of a movie in a social setting, immersed with big screens and
big sound that you can’t replicate at home. It is a further testament to the strength of
the exhibition industry.”
-Ellis Jacob, Cineplex President & CEO
“Achieving the most admissions revenue in a singleweek in AMC’s storied
103-year history is a testamentto the moviegoing audience, who has
demonstratedonce again thatthey areready, willing, and eager tocome out to
movie theatres in huge numbers.”​
-Adam Aron, AMC Chairman and CEO
Everyman Media Group:Strong operationaland
financial performance
"Supported by an increasingly strong pipeline
ofnew releases, commitment to the
theatricalwindow from studios and new investment
fromstreamers in films for theatrical release, we
viewour prospects with increasing confidence."​
-Alex Scrimgeour, Everyman CEO
Kinepolis: Record high revenue in the firsthalf of
2023
"The first six months confirmed what we werealready
able to observe in 2022: visitor numbersare recovering in
line with the increase of thenumber of international films
on offer.”​
-EddyDuquenne,KinepolisGroup CEO

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Delivering Products Solutions that fit ...
AI enabled Cloud is inevitable
Value is in the Suite

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MoviegoerExhibitorDistributor
Our digital ecosystem supports the entire industry value chain
Digital creative for movies
Studio marketing & research
Box office reporting
Film booking, content delivery
& revenue management
Movie & cinema information for moviegoers
Enterprise cinema management system
Scalable digital channel enablement​
Loyalty, moviegoer engagement & marketing
Independent cinema management system
Studio
Vista
Cloud
Platform

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The future is the Vista Cloud Platform
Our next generation of moviegoer and enterprise cinema
management platform​.
Reassuringly familiar yet radically superior,
Vista Cloud Platform propels exhibitors into the future.

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ComponentsBusiness driverMarket bundle
Core Confidence
Let me focus on delivering exceptional operations and
guest experiences confident that I have world-class
technology that don’t drain my resources or let me down.
All
Data Empowerment
Reveal how I’m performing, why, and recommend
what I should do to seize every opportunity.
Horizon,Oneview
Digital Connectivity
Allow me to scale to blockbuster moments and deliver
amazing user experiences regardless of who builds my
sales channels
Vista Digital,Movio Cinema EQ
Moviegoer Engagement
Allow me to drive incremental returns and boost moviegoer
retention with tailored interfaces, communications and offers.
Vista Digital,Movio Cinema EQ
Operational Excellence
I want my teams to serve our guests and operate our
theatres as efficiently and effectively as possible.
Vista Cloud
The future is the Vista Cloud Platform

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Exhibitors determine their preferred path and pace to Vista Cloud
Core
The foundation to succeed
Capabilities
Aligning innovation to needs
Journey
Multiple points of entry and adoption velocity

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A robust Core
"Let me focus on delivering exceptional
operations and guest experiences confident
that I have world-class technology that don’t
drain my resources or let me down.”
Our Core delivers:
•Exceptional reliability and performance
•Enterprise-grade securityand compliance
•Rapid extensibility and scalability
•Continuous innovation,delivered seamlessly
•Best-in-class support
On-premiseSaaS
Software
License
Subscription
Fee
Implementation
Maintenance
Hardware
Upgrades
Security
Governance

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A robust Core
With more frequent and severe cyberattacks, building
cybersecurity resilience is critical but also complex,
especially for cinemas.
Vista Cloud leverages its technological advantages and
dedicated team to identify and manage any security
issues that might arise.
Vista Cloud Platform works to safeguard moviegoer
data and provides exhibitors with ahighly reliable
and secureenvironment.
USE CASE

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Capabilities:
Data empowerment
"Reveal how I’m performing, why, and recommend
what I should do to seize every opportunity.”
Horizon: circuit-wide, full-fidelity data warehouse, with
quality data made available in secondsacross Vista, Veezi
and third-party products.
Oneview: Vista, Numero and Movio united in one ‘digital
assistant’ providing exhibition leaders with real time movie,
moviegoer, theatre and market insights.
Horizon
Oneview

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Capabilities:
Data empowerment
1 session is sold out, 1 session hasn't sold any tickets.
Real-time, circuit-wide insights andalerts let the Head
Office know straight away, enabling the Film team to
adjust the schedule.
Horizon and Oneviewcan create significant uplift
opportunities.
USE CASE

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Capabilities:
Digital Connectivity
"Allow me to scale to blockbuster moments and deliver
amazing user experiences regardless of who builds my
sales channels”
Connect: Digital APIs and building blocks to deliver
innovative ticketing andconcession ordering service
CXM:guest experience engine to dynamically personalise
pricing, deals, layout, advertising, and more
MovieXchangeFilm:studio-approved media + content
deliverynetwork to hostyour ownmaterial
MX Film

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Capabilities:
Digital Connectivity
Moviegoers are queuing online to get tickets to this highly
anticipated release. They try theirluck on other websites.
Horizontal scaling improvesperformance during peak load,
removing or reducing the need for digital queuing systems.
Channels powered by Vista Digital keep ticketing at all times.
USE CASE

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Capabilities:
Moviegoer engagement
"Allow me to drive incremental returns and boost
moviegoer retention with tailored interfaces,
communications and offers."
EQ:a faster, simpler, smarter dataanalytics and campaign
managementsolution
Lumos: sleek out-of-the-box websites, mobile apps, kiosks
Living Ticket: digital tickets that evolve over the course of
the moviegoer's experience, presenting contextual prompts
and unique content

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Cinemas need easy-to-set-up yet impactful
marketing campaigns toincrease visitation.
Through machine learning, dynamic content,
and customisableomnichannel
journeys,MovioCinema EQ powers
campaigns thatinclude a perfect combination
of data, automation, and personalisationfor
greater results.
MovioCinema EQ enables faster, simpler,
and smarter marketingcampaigns.
USE CASE
Capabilities:
Moviegoer engagement
“With EQ, the process to achieve [a premium
moviegoing experience] has been significantly
streamlined, as has our ability to understand
who is visiting and why.
We’re looking forward to many more
successful campaigns with EQ, reaching
more moviegoers and connecting them with
their ideal movies.”
Christof Papousek, Managing Partner, Cineplexx International

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Capabilities:
Operational excellence
"I want my teams to serve our guests and operate our
theatres as efficiently and effectively as possible."
New user experience: simple, seamless, and centralised
UX to boost productivity with secure single sign on and
centralised navigation
Serve: mobile app dedicated to advanced in-seat F&B
ordering
Rove: mobile POS designed to maximise sales opportunities

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Exhibitors wish to reduce transactionallabourand pivot
toanexperiential service delivery model whilst generating
savings.
Self check-ingates facilitatemoviegoers’ flow at peak
times, reducestaff assigned to supervising entry, and let
remaining staff assist ratherthan control.
WithVista Cloud, cinemasdeliver leaner operations
and animproved moviegoer experience all at once.
USE CASE
Capabilities:
Operational excellence

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Capabilities: Moviegoer engagement
•Greater moviegoer self-service
•Dynamic pricing and offers
•Actionable guest feedback
•Personalisedguest comms
andrecommendations
Capabilities: Operational excellence
Film Programming
•Optimisedscheduling and ‘like’ movie prediction
per movie /per site
•Admissions forecasting
Operations
•Rostering / labourmanagement
•Inventory management
•Natural language BI
•Energy management
•Fraud detection
Embedding the power of AI

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Cinemas cando zone-basedpricingforseats.
However,demand fluctuatesbased themovie'spopularity
andhow longit’s been out, while supplydepends
onoverall seating capacity andtypes(e.g.recliners).
AI-driven data science allows usto see heatmaputilisation
by seat / theatre / movie type torecommenddynamiczonal
pricing, or whether it’s better toinstall additionalrecliners.
With VistaCloud,exhibitors can dynamically
maximisebox officepersession.
USE CASE
Embedding the power of AI

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Vista Cloud Platform is the destination, no matter the journey
Implementation and adoption are progressive and
tailored to exhibitors’ preferred path and pace.
•To address their priorities in a timely manner, exhibitors
can start their journey where their business needs are.
•To make the most of our innovation, exhibitors have
access to all features from previous segment(s).

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Vista Cloud Platform propels clients into the future
Desire to offer more than just
the ticket to moviegoers
Premiumisation
Loyalty and
engagement
The movie
and more
Operational
efficiency
Optimisation
and costs
Desire to build audience engagement
from the moment the trailer drops
Desire to increase wallet share and
broaden entertainment offerings
Desire to improve labourefficiency
Desire to reduce costs and
improve speed to market
AI enabled -dynamic pricing,
occupancy & yield management.
Performance prediction, audience growth and
feedback. Loyalty, CRM and digital solutions
enable moviegoer outreach and connection.
Platform support for client's expansion and
diversification.
Digital channels (web, kiosk, mobile) expansion.
Predictive insights enable labourand operating
efficiency.
Light touch technology “virtual cloud cinema”
reduces costs and increases speed to market.

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The power is in our suite
The Vista Group Formula ...
1.The Film industry is vibrant.
2.AI-enabled cloud technology will
power stronger margins and
performance.
3.An ecosystem “suite” approach
enables client-inspired innovation and
speed to market.
One Organisation...
1.Clear strategy.
2.Aligned client-centric business model
and operating structure.
3.Relentlessexecution.
Vista Group is ready

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Unifying and globalising our business structure –
From a company / product centric approach ...
Clients
Companies
Vista Cinema
Vista Digital
MovieXchange
Cinema Intelligence
VeeziNumeroMedia
Cinema EQ
Madex
TDS
Mica
MaccsBox
Flicks
Products

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Unifying and globalising our business structure –
... to a client aligned business model
Mica
Maccs
Flicks
Numero
Products
Studio / Distribution
Madex
MovioMedia
MovieXchange
MovioCinema EQ
Vista Cloud
Vista Cinema
Vista Digital
Veezi
Oneview
Clients
Exhibition / Cinema

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Growing our success with our people
•Our new global structure allows for diverse experience from our
globalteams to drive innovation and deepen client engagement
•Creating opportunities for our people to work across our suite of
productsand services
•Uniting our teams' expertise for a more connected
organisation,broadening the horizon and providing opportunities for growth
anddevelopment
•Building on our reputation as an employer of choice

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Keeping track of progress ...
Vista Group is ready

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Strong momentum against our 2025 aspirations
0%20%40%60%80%100%
Vista Cloud
Vista Digital
Horizon/Oneview
LiveCommitedContractingAvailable
~40% of 2025 targets are
live, committed, or in the
contracting stage to Vista
Digital
~30% more are in the
sales pipeline
62

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Path clear to our 2025 ARR baseline aspiration
$12m is already contracted, committed or high
conviction renewals

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Optimising our operating and capex cost base –
Smoothing of capex run rate
0
5
10
15
20
25
30
35
FY23FY24FY25FY26FY27
Capitalised Development
Nov 22 Investor DayJuly Transformation Update
Impact of AI likely to reduce some aspects
of technology transition in medium term
Rephased capex profile
Lower cash out in 2023-2025
Higher cash out in 2026-2027

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Optimising our operating and capex cost base –
Cost base sized for focused growth (and 4Q24 positive Free Cash Flow)
(1)
1H23 cash costs = $67m in EBITDA + $3m Leases/Financing + $10m Capitalised Development
Expected 1H24 and 2H24 underlying cash
costs = $76m (per half)

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Transition aspirations from November 2022 remain the same
June 20234Q 2024December 2025100% Platform
Sites5,0001,600-2,400 (Digital or Cloud)6,000+
ARR$118m$175-205m$300m+
EBITDA margin15%+25-30%+
Free cash flowPositive
Box office
influence
5-7%
50%+
(60-70% in cinema)

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In enterprise SaaS language ... $US50B+ of seriousness
Significant of portion of the $50B goes through Vista today
1
Benchmarked enterprise software SaaS take rates can be
between 0.7 –3%

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Aligning for shared success
•The box office in direct markets grew consistently for
25 years up to 2019 (source: Omdia)
•Growing at 1.7% per year
•Non-box office spend growing faster than box office
spend
•Enterprise market is ~70-80% of box office
•Vista Cinema enterprise market share of 50%
•We expect box office to return to similar levels of
2019, including returning to growth in Asia, Latam,
the Middle East, and Africa
•Geo-political impacts negative in Europe
5M
4M
3M
2M
199520002005201020152019
Admits in Vista Direct Market

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If that was our only window, the business case for investing in
Vista Group is strong
Competitive advantagethrough
50% global marketshare in the
enterprisecinema market
1
Increasing industry demandfor
technology solutions to drive
growth and operating efficiency
Increasing total
addressablemarket
as cloud transitionbrings a greater
shareof client technologyspend
Strong annualized
recurringrevenue (ARR), forecast
togrow by 15%+ per annumfrom
2025
Growing free cashflow (FCF)
and EBITDA during Q4 2024
1
The enterprise cinema market includes cinema circuits with 20+ sites, excluding cinema circuits in India and China.
A world leader in film and cinema technology

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Focus on executing on our two core strategies ...
010203
Support our
clients to thrive
Expand our platform
and deliver value
Create and invest
in new
opportunities

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We are not blind to the opportunities beyond Strategy 1 and 2
010203
Support our
clients to thrive
Expand our platform
and deliver value
Create and invest
in new
opportunities

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At our core...
We offer technology capable of transacting at extraordinary high volume, to a
staggering number of countries, at both local and enterprise scale.
We are unique:
•Market Leadership –Unrivaled market share within the fragmented cinema market,
with technology solutions and relationships throughout the film industry vertical.
•Global Presence –We transact in over 100 countries, noteworthy due to the complex
landscape of regulatory customs and tax compliance.
•Functional Capability –Breadth of functionality is incredible. Example, restaurant
systems are common; but we are unique in being capable of high-volume ticketing.

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Bigger than blockbusters
Film Distribution
Family Entertainment
Live Events
Topgolf
Media & Advertising
Restaurants
Hotels
Live Theatre
Ski Resorts
Golf Courses
Theme Parks
Film Distribution
Topgolf
Live Music
Film Distribution
Alternative Content Dist.
QSR Restaurants
Sports Teams & Venues
Car Dealerships
Today, most are covered by non-Vista Group technology, representing significant potential growth in TAM
Selecting Vista provides a single view of data, reduces tech overhead
The combination of our formula and our people brings exciting opportunities for expansion
WITHIN FILM / STUDIO
Expand opportunities within the Studio vertical, leveraging our strength in the Cinema / Exhibition segment.
BEYOND FILM
Leverage our core competencies outside the film vertical, partnering with clients doing the same

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The business case for investing in Vista Group
Competitive advantagethrough
50% global marketshare in the
enterprisecinema market
1
Expansion opportunities
within the film industry andadjacent
entertainmentindustry
Increasing industry demandfor
technology solutions to drive
growth and operating efficiency
Increasing total
addressablemarket
as cloud transitionbrings a greater
shareof client technologyspend
Strong annualized
recurringrevenue (ARR), forecast
togrow by 15%+ per annumfrom
2025
Growing free cashflow (FCF)
and EBITDA during Q4 2024
1
The enterprise cinema market includes cinema circuits with 20+ sites, excluding cinema circuits in India and China.
A world leader in film and cinema technology

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