Announcement PDF 1 www.ir.com Integrated Research Ltd > ABN 76 003 588 449 Suite 9.03, Level 9, 420 George Street, Sydney NSW 2000 Australia t: +61 (2) 9966 1066 e: InfoAP@ir.com Market Announcement Investor Presentation Sydney, 26 February 2026 – Integrated Research Limited’s (Company, IR) (ASX:IRI) provides the attached investor presentation in relation to the Company’s results for the half-year ended 31 December 2025. This announcement is approved for release by the Board. Investor queries: Gemma Garkut Head of Communications, IR investors@ir.com George Kopsiaftis Investor Relations, IR Dept george.kopsiaftis@irdepartment.com.au About IR At IR, we power elite business performance. Trusted by the world’s largest organizations for more than 30 years, our market-leading observability solutions are powered by Prognosis – the real-time intelligence platform built for multi-vendor infrastructure, UC&CX and payments environments. Find out more: www.ir.com. 2 ABOUT IR INTEGRATED RESEARCH (ASX:IRI) H1 FY26 RESULTS 26 February 2026 SUMMARY INFORMATION This document and the associated transcript (together “the presentation”) has been prepared by Integrated Research Limited (ABN 76 003 588 449) (IRI). The presentation provides general background information about IRI's activities current at the date of preparation. IRI is not responsible for updating, and does not undertake to update, the presentation. It contains information in a summary form and does not purport to be complete. It should be read in conjunction with IRI's other announcements released to ASX (available at www.asx.com.au). NOT INVESTMENT ADVICE The information contained in the presentation does not constitute investment or financial product advice or a recommendation to acquire shares or other financial products. It does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consider these factors, with professional advice if appropriate, before making an investment decision. FINANCIAL INFORMATION All dollar values are in Australian Dollars (A$) unless stated otherwise. All financial information is presented in respect of the half year ended 31 December 2025 unless stated otherwise. The presentation contains certain non-IFRS financial measures that IRI believes is relevant and appropriate to understanding its business. The presentation uses proforma subscription revenue, which is used consistently without bias year on year for comparability and to present a clear view of underlying results. The basis of preparation and a reconciliation to statutory results is provided in the appendix to this presentation. A number of figures, amounts and percentages in the presentation are subject to the effect of rounding. FORWARD LOOKING STATEMENTS The presentation contains certain "forward-looking statements”. The words “anticipate”, "believe", “expect”, "project", "forecast”, “estimate”, “likely”, "intend”, “should", “could", "may", "target", “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. While due care and attention has been used in the preparation of forward-looking statements, they are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors, some of which are beyond the control of IRI, that may cause actual results, conduct, performance or achievements to differ materially from those expressed or implied in such statements. There can be no assurance that the actual outcomes will not differ materially from these statements. You are cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the outbreak of COVID-19. Neither IRI nor any other person gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in the presentation will actually occur. All forward looking statements in the presentation reflect views only as at the date of this presentation. Except as required by applicable law or the ASX Listing Rules, IRI disclaims any obligation or undertaking to publicly update any forward-looking statements, whether as a result of new information or future events or otherwise. PAST PERFORMANCE Statements about past performance are not necessarily indicative of and should not be relied upon as an indication of, future performance. NOT AN OFFER The presentation is for information purposes only and is not a prospectus, product disclosure statement or other disclosure or offering document under any law. The presentation does not constitute or contain an offer, invitation, solicitation, recommendation, advice or recommendation with respect to issue, purchase, or sale of any shares or financial products in any jurisdiction. The presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or to any 'US person’ (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons absent registration or an exemption from registration. IRI shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States. GENERAL Each of IRI, its related bodies corporate and their respective affiliates, officers, employees, agents and advisers, to the maximum extent permitted by law, expressly disclaim any and all liability in respect of any expenses, losses, damages or costs (including indirect or consequential loss) arising from or in connection with this presentation or the information contained in or omitted from it, including, without limitation, any liability arising from fault, negligence or otherwise. No representation or warranty, express or implied, is made as to the fairness, currency, accuracy, reliability or completeness of information contained in the presentation. The information in the presentation remains subject to change without notice. Disclaimer 2 H1FY26RESULTS BUSINESS UPDATE Ian Lowe, CEO and Managing Director 4 1. H1 financial performance Revenue slightly down due to a softer renewals book, earnings impacted by expected credit losses, cash improvement. 2. Continuedproduct-led growth execution New products launched, early-stage sales and adoption progress, new product releases confirmed for this calendar year. 3. New businessgrowth Improvement in new client revenues, improvement in expansion revenues. H1FY26RESULTS H1 FY26 KEY THEMES PRODUCT-LED GROWTH HIGHLIGHTS: COLLABORATE 5 • Launched first AI product - Iris, a natural language AI interface powering deeper discovery, foundational to broader AI enabled innovation strategy. • Launched Elevate (Prognosis-as-a-service), provides clients the option to access Prognosis as a service (or on-prem). • New High ValuePayments (HVP) product implementation completed with Top 10 US bank, engagement with other major global banks progressing. • IR Labs, New AI-powered stand-alone product on track for beta launch CY26. • Modest early-stageimprovement in growth metrics, cohort of new clients secured across Government, Health and Defence. H1FY26RESULTS H1FY26RESULTS FINANCIAL UPDATE Christian Shaw, CFO 7 H1 FY26 KEY FINANCIAL METRICS Refer to Glossary within the Appendix for definitions and reconciliation of pro forma revenue to statutory numbers. Pro forma Revenue $34.4m Down 6% on H1 FY25 Statutory Revenue $28.3m Down 2% on H1 FY25 Cash $43.6m Up 8% on Jun 25 EBITDA ($3.1m) H1 FY25 $4.6m profit NPAT ($1.5m) H1 FY25 $4.6m profit FINANCIALS PRO FORMA REVENUE H1 FY26 Pro forma Revenue: $34.4m (-6%) • Pro forma revenue apportions upfront license fee revenue evenly over the life of the contract. • 91% of Pro forma revenue is secured via term-based contracts. • Pro forma revenue of $34.4m is 6% lower vs PCP reflecting a 3% reduction in term-based revenues, and 3% in other revenues (services). 32.4 31.3 4.2 3.1 H1 FY25 H1 FY26 Term-based Other 36.6 34.4 A$M FINANCIALS 8 Refer to Glossary within the Appendix for definitions and further information on pro forma revenue, including a reconciliation of statutory to pro forma revenue. PRO FORMA REVENUE BY TERRITORY AND PRODUCT 9 FINANCIALS AMERICAS 23.5 APAC 7.3 EUROPE 3.5 TERRITORY($M) • Americas down 6%, APAC down 7%, Europe down 6% vs PCP • Performance due to churn, mitigated by new business wins including major US government clients. Collaborate 17.1 Transact 7.7 Infrastructure 9.6 PRODUCT($M) • Collaborate down 9% vs PCP, new business and expansion uplift but not yet sufficient to fully offset churn. • 5% of the 9% H1 FY26 decline to PCP related to Services that included divestment of testing business in FY25. • Transact up 6% vs PCP driven by expansion. • Infrastructure down 9% vs PCP driven by churn. 10 H1 FY26 Statutory Revenue: $28.3m (-2%) • Increase in License Fees vs PCP underpinned by new client contracts. • Softer services revenue substantially driven by sale of testing business at end of H1 FY25. 17.5 18.2 6.5 6.1 1.0 0.9 3.8 3.1 H1 FY25 H1 FY26 Licence fees Maintenance Subscription fees Services A$M 28.8 28.3 STATUTORY REVENUE Consistent with PCP FINANCIALS Statutory revenue is the license component of a contract and recognised up-front rather than over the life of the contract and can be lumpy. Subscription fees and maintenance revenue are recognised over the life of the contract. Statutory revenue trends with Total Contract Value (TCV). TCV is reported in the Appendix. Refer to Glossary within the Appendix for definitions and related information 11 STATUTORY EBITDA Steady operating profit and prudent cost management Refer Glossary within the Appendix for definitions and related information In A$M H1 26 H1 25 Change % Total revenue 28.3 28.8 (2%) Expected credit losses (ECL)1 (4.8) - NM Operating Expenses (excl. ECL & Depreciation & Amortisation) (26.5) (27.5) (4%) Other gains and (losses)2 (0.1) 3.3 NM EBITDA (3.1) 4.6 NM Margin (11%) 16% NM H1 FY26 EBITDA: ($3.1m) • EBITDA decline vs PCP reflects expected credit losses in H1 FY26 and large other gains in H1 FY25. • H1 FY26 expected credit losses expense largely relates to one client and unrelated to software performance. • Excluding expected credit losses, H1 FY26 expenses broadly consistent with prior period. Expenses expected to lift in H2 FY26 as investment in new products continues and in line with capital allocation framework. • No capitalisation of R&D during the period. 1 Expected credit losses (ECL) is an interchangeable term for doubtful debts expense 2 H1 FY25 includes $3.3m of gains, largely from sale of testing business and currency exchange NM - The percentage change is not meaningful to PCP FINANCIALS 12 BALANCE SHEET & CASH GENERATION (1) 40.6 31.3 1.9 (25.6) (0.1) (0.5) (3.5) (0.5) 43.6 Net cash 30 June 25 Cash receipts from customers Cash paid to suppliers and employees Income tax Interest received Payment of lease Payment of dividend Exchage rate change & Others Net cash 31 Dec 25 Period Ended Dec-25 Jun-25 Change % A$M A$M Cash & equivalents 43.6 40.6 8% Trade & other receivables 63.6 73.7 (14%) All other assets 8.1 8.7 (7)% Total assets 115.3 123.0 (6%) Trade & other liabilities 5.5 5.7 (4%) Deferred revenue 9.7 11.5 (16%) All other liabilities 4.5 5.2 (11%) Total liabilities 19.7 22.4 (12%) Net assets 95.7 100.6 (5%) Net Tangible Assets per share (cps) 53.0 56.7 (7%) H1 FY26 net assets: $95.7m (-5%) • Strong balance sheet with cash of $43.6m and no debt. • Trade & other receivables reduction to $63.6m reflects moderate sales period and an increased expected credit losses provision. • NTA (Net Tangible Assets) of 53.0 cents per share. H1 FY26 cash: $43.6m (+8%) • Cash from operations $5.5m. • FY25 Dividend of $3.5m paid during H1 FY26. 1 Rounded numbers may produce minor differences to the FY26 Interim Financial Report. FINANCIALS ($M) H1FY26RESULTS PRODUCT-LED GROWTH UPDATE Ian Lowe, CEO and Managing Director 14 PRODUCT-LED GROWTH (PLG) Why we transitioned to a product-led growth strategy: • Historical revenue performance has been overly reliant on contract renewals, the value of which fluctuates each year. • Under investment in new products in recent years has compounded reliance on renewals and constrained new business growth. • Substantial, ongoing investment in new products is essential for the Company to establish sustainable revenue growth over the medium term. Our product-led growth focus is to: • Increase innovation investment and build new products aligned to current and future client needs. • Commercialise new products that will increase new client revenue and expansion revenue (revenue from existing clients). • Secure product-led growth to establish sustainable growth over the medium term. PRODUCTSTRATEGY Focus on PLG strategy execution is driving early progress against key growth metrics. 15 KEY GROWTH METRICS: EARLY-STAGE PROGRESS New Client Revenue $4.6m Up 12% on H125 Licence fee revenue from new clients Expansion Revenue $1.6m Up 110% on H125 Early stages of releasing new products Subscription Fees $0.9m Down 3% on H125 Consumption-based revenue • Modest early progress vs PCP. • Targeting increased contribution of new client revenue, underpinned by strengthened value proposition from new products. • Progress in H1 vs PCP off a low base. • New product releases anticipated to strengthen cross-sell pipeline and growth contribution from expansion revenues. • Subscription fees flat vs PCP. • Prognosis Elevate (Prognosis-as-a- Service) targeting increased Subscription Fees contribution. • New products planned for CY26 release designed to strengthen IR’s subscription-based offering. PRODUCTSTRATEGY • Cloud based solution, strongly aligned to Collaborate offering. • Focused on new clients – no migration required, sales cycle up to 12 months. New products to be released under a subscription model will strengthen the Elevate as-a-service proposition. Elevate: Prognosis-as-a-service • Overwhelmingly positive feedback from early adopters – accelerates discovery. • Rollout to existing clients ongoing, launch of Iris for Transact and Infrastructure clients in FY26. • Iris a key pillar in the medium-term product-led growth strategy, phase 1 focused on adoption. • Future releases of new functionality to introduce access/usage fees. Iris: Natural-language AI builtfor Observability • Targeted to large banks, deployment complete for top 10 US bank. • Advanced engagement with global bank, progress with multiple others. High Value Payments (HVP) • IR Labs – new standalone AI powered product, MVP release. • Iris for Transact & Infrastructure products (natural language, AI powered discovery). • Iris Agentic AI – automated discovery, always on. • Iris Data Augmentation – layering in new data sources. New Products to be released in CY2026 UPDATE: NEW PRODUCTS PRODUCTSTRATEGY LAUNCHEDH1 FY26 LAUNCHEDH1 FY26 LAUNCHEDH1 FY25 COMING SOON BEYOND OBSERVABILITY: INTELLIGENCE THAT POWERS ELITE ENTERPRISE PERFORMANCE • Iris: new insights from Prognosis data. • Iris: new insights from correlation of Prognosis data and other data sources. • Integrating Prognosis into client workflows and business processes. • Access to new client data sources. • Exposing data from Prognosis to new users within and external to client organization. • Remediation prompts – reactive and 'always on'. • Correlation of client data across systems. • Predictive capabilities • Remediation automation 17 REMEDIATE Automated Issue Response ASSESSMENT CURATE RESPONSE CANDIDATES ROOT CAUSE ANALYSIS AI First Interoperable Remediation PRODUCTSTRATEGY 18 OBSERVATIONS… • H1 FY26 performance reflects historical under investment in new products and softer renewals book. • Substantial, sustained investment to build and commercialise new products is underway (product-led growth). • New product momentum, modest improvement in growth metrics. • Transition to product-led, sustainable growth will take time. Softer FY26 renewals book and investments in product-led growth will impact profit performance over the short-medium term. • Strong cash position to fund product-led growth strategy, continued focus on execution. SUMMARY H1FY26RESULTS THANK YOU H1FY26RESULTS APPENDIX 21 TOTAL CONTRACT VALUE (TCV) H1 FY26 TCV: $26.8m (+1%) • TCV is the total value of client contracts secured in any given period. • Softer H1 FY26 renewals book, offset by new business growth. • New business at $8.3m up 10% vs prior corresponding period (PCP), despite reduced average contract terms. • Average contract term decreased from 3.4 years to 3.0 years vs PCP (all products in aggregate). 15.9 15.1 7.6 8.3 3.0 3.4 H1 FY25 H1 FY26 Renewal New business Services 26.5 26.8 A$M Refer to Glossary within the Appendix for definitions. Stronger new business contribution FINANCIALS 22 EBITDA CASH FLOW BRIDGE ($M) • H1 FY26 Pro forma EBITDA exceeded statutory EBITDA by $9.3m, reflecting add backs for pro forma revenue differential, and cost adjustments for doubtful debts aligned with the pro forma revenue recognition. 6.2 (3.1) 6.0 3.3 (0.6) (0.1) 5.5 EBITDA - statutory Over-time revenue conversion Cost deferral related to revenue conversion Pro forma EBITDA Working capital/Other changes Income taxes paid Net cash from operations Over-time revenue conversion deducts “upfront” licence fees and adds back the (“over-time”) amortised licence component that relates to the reporting period. Sales commission costs and expected credit losses associated with this timing difference are also adjusted to ensure revenues and expenses are matched to the correct reporting period. Statutory EBITDA FINANCIALS Timing differences increased net operating cash flow 17.6 16.0 H1 FY25 H1 FY26 3.2 8.0 H1 FY25 H1 FY26 6.8 7.8 H1 FY25 H1 FY26 27.6 31.7 H1 FY25 H1 FY26 23 OPERATING EXPENSES – A$M • Total operating expenses of $31.7m includes credit losses and depreciation & amortisation. • H1 FY25 to H1 FY26 product and technology expense uplift reflects investment in new products. • No capitalisation during period. • Sales & marketing spend reflects lower headcount and variable cost vs prior period. • General and administration costs includes expected credit losses of $4.8m. • Depreciation and amortisation is $0.4m. 15% 14% 151% 9% Total expenditure Product and Technology General and Administration Disciplined cost management Rounded numbers may produce minor differences in movement percentages to the FY26 Interim Financial Report. FINANCIALS Sales and Marketing 24 RECONCILIATION OF REVENUE AND PRO FORMA REVENUE, AND NET PROFIT AFTER TAX (NPAT) TO EBITDA AND PRO FORMA EBITDA 1 Pro forma revenue provides a non-statutory alternate view of underlying performance by restating term licence fee revenue to be on a recurring subscription basis (i.e., over time), rather than upfront at the commencement of a contract, per the statutory view. Other recurring revenues such as maintenance fees and cloud services, as well as other non-recurring revenue streams such as perpetual licence fees, professional services and one-time testing services are consistently treated, as part of pro forma and statutory revenue views. 2 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) is a non-IFRS measure used to evaluate the Company's operating performance by focusing on profit from core operations and excluding the effects of capital structure, tax rates, and non-cash accounting items like depreciation and amortisation. 3 Pro forma EBITDA provides a non-statutory alternate view of the underlying operating performance of the Company by using pro forma revenue instead of statutory revenue and then deducting operating expenses after adjusting commission costs and expected credit losses for timing differences, to ensure revenues and expenses are matched to the correct periods. Interim results - $M H1 FY26 H1 FY25 Revenue 28.3 28.8 Term licence fees recognised upfront (18.2) (17.2) Amortised licence fees 24.2 25.0 Pro forma revenue 1 34.4 36.6 Net Profit after Tax (NPAT) (1.5) 4.6 Income tax expense (0.1) 1.4 Finance income (1.8) (1.4) Depreciation and amortisation 0.3 0.1 EBITDA 2 (3.1) 4.6 Cost deferral related to over-time revenue 3.3 (0.7) Over-time revenue conversion 6.0 7.7 Pro forma EBITDA3 6.2 11.6 FINANCIALS 25 H1 FY26 PRO FORMA RECURRING REVENUE Half Year Revenue H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 FY23 H1 FY24 H1 FY25 H1 FY26 $M $M $M $M %chg. %chg. %chg. %chg. Infrastructure 9.4 9.3 9.9 9.2 4% 0% 6% (8%) Transact 5.5 6.2 6.8 7.3 3% 12% 10% 7% Collaborate 19.2 17.3 15.7 14.9 (4%) (10%) (10%) (5%) Proforma subscription revenue 34.1 32.9 32.4 31.3 (1%) (4%) (1%) (4%) Perpetual sales 0.3 0.2 0.3 - (46%) (31%) 33% (100%) Testing Services 1.9 1.8 1.9 1.4 (17%) (5%) 6% (25%) Professional Services 1.9 2.5 2.0 1.7 (49%) 30% (18%) (17%) Proforma revenue 38.1 37.3 36.6 34.4 (7%) (2%) (2%) (6%) Statutory revenue 38.4 40.8 28.8 28.3 19% 6% (29%) (2%) Reconciliation to Statutory Accounts: Proforma revenue 38.1 37.3 36.6 34.4 Deduct Amortised licence fees (25.8) (24.7) (25.0) (24.2) Add term licence fees recognised upfront (excl perpetual licenses) 26.1 28.2 17.2 18.2 Statutory revenue 38.4 40.8 28.8 28.3 FINANCIALS Reconciliation of statutory to pro forma revenue 26 FINANCIAL PERFORMANCE AT TOP END OF GUIDANCE Refer to Glossary within the Appendix for definitions. $23m $28m $26.8m $25m $30.5m $28.3m ($8m) ($3m) ($3.1m) FINANCIALS TCV Up 5% on guidance (midpoint) Statutory Revenue Up 2% on guidance (midpoint) EBITDA Up 43% on guidance (midpoint) 27 GLOSSARY EBITDA EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) is a non-IFRS measure used to evaluate the Company's operating performance by focusing on profit from core operations and excluding the effects of capital structure, tax rates, and non-cash accounting items like depreciation and amortisation. Pro forma Revenue provides a non-statutory alternate view of underlying performance by restating term licence fee revenue to be on a recurring subscription basis (i.e., over time), rather than upfront at the commencement of a contract, per the statutory view. Other recurring revenues such as maintenance fees and cloud services, as well as other non - recurring revenue streams such as perpetual licence fees, professional services and one-time testing services are consistently treated, as part of pro forma and statutory revenue views. Pro forma EBITDA provides a non-statutory alternate view of the underlying operating performance of the Company by using pro forma revenue instead of statutory revenue and then deducting operating expenses after adjusting commission costs and doubtful debts provision for timing differences, to ensure revenues and expenses are matched to the correct periods. New Business Total ContractValue (TCV) means the aggregate TCV for new clients, cross-sell and upsell clients. Total Contract Value (TCV) means the total value of a revenue generating contract written in the period of performance less any residual value from a previous related contract. The value includes software licence and related maintenance, cloud, testing and consulting services bookings. Expansion revenue means revenue from cross sell or upsell to existing clients. Proforma Revenue illustrative example Licence Contract Value 500 Contract Term = 5 Years Revenue Recognition Year 1 Year 2 Year 3 Year 4 Year 5 Total Statutory revenue 500 - - - - 500 Proforma revenue 100 100 100 100 100 500 FINANCIALS SUMMARY INFORMATION This document and the associated transcript (together “the presentation”) has been prepared by Integrated Research Limited (ABN 76 003 588 449) (IRI). The presentation provides general background information about IRI's activities current at the date of preparation. IRI is not responsible for updating, and does not undertake to update, the presentation. It contains information in a summary form and does not purport to be complete. It should be read in conjunction with IRI's other announcements released to ASX (available at www.asx.com.au). NOT INVESTMENT ADVICE The information contained in the presentation does not constitute investment or financial product advice or a recommendation to acquire shares or other financial products. It does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consider these factors, with professional advice if appropriate, before making an investment decision. FINANCIAL INFORMATION All dollar values are in Australian Dollars (A$) unless stated otherwise. All financial information is presented in respect of the half year ended 31 December 2025 unless stated otherwise. The presentation contains certain non-IFRS financial measures that IRI believes is relevant and appropriate to understanding its business. The presentation uses proforma subscription revenue, which is used consistently without bias year on year for comparability and to present a clear view of underlying results. The basis of preparation and a reconciliation to statutory results is provided in the appendix to this presentation. A number of figures, amounts and percentages in the presentation are subject to the effect of rounding. FORWARD LOOKING STATEMENTS The presentation contains certain "forward-looking statements”. The words “anticipate”, "believe", “expect”, "project", "forecast”, “estimate”, “likely”, "intend”, “should", “could", "may", "target", “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. While due care and attention has been used in the preparation of forward-looking statements, they are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors, some of which are beyond the control of IRI, that may cause actual results, conduct, performance or achievements to differ materially from those expressed or implied in such statements. There can be no assurance that the actual outcomes will not differ materially from these statements. You are cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the outbreak of COVID-19. Neither IRI nor any other person gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in the presentation will actually occur. All forward looking statements in the presentation reflect views only as at the date of this presentation. Except as required by applicable law or the ASX Listing Rules, IRI disclaims any obligation or undertaking to publicly update any forward-looking statements, whether as a result of new information or future events or otherwise. PAST PERFORMANCE Statements about past performance are not necessarily indicative of and should not be relied upon as an indication of, future performance. NOT AN OFFER The presentation is for information purposes only and is not a prospectus, product disclosure statement or other disclosure or offering document under any law. The presentation does not constitute or contain an offer, invitation, solicitation, recommendation, advice or recommendation with respect to issue, purchase, or sale of any shares or financial products in any jurisdiction. The presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or to any 'US person’ (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons absent registration or an exemption from registration. IRI shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States. GENERAL Each of IRI, its related bodies corporate and their respective affiliates, officers, employees, agents and advisers, to the maximum extent permitted by law, expressly disclaim any and all liability in respect of any expenses, losses, damages or costs (including indirect or consequential loss) arising from or in connection with this presentation or the information contained in or omitted from it, including, without limitation, any liability arising from fault, negligence or otherwise. No representation or warranty, express or implied, is made as to the fairness, currency, accuracy, reliability or completeness of information contained in the presentation. The information in the presentation remains subject to change without notice. Disclaimer 28