The transcript of investor/analyst call held on Sunday June 28, 2026, is as enclosed.

AI summary - Persistent to acquire 100% Nagarro shares at €1.27bn enterprise value, 140% premium to undisturbed price - Combined entity: $2.9bn revenue, 46,000+ employees, presence in 40+ countries, 62% revenue from North America, 22% Europe - Acquisition funded by €1.4bn Barclays bridge loan; leverage 1.9-2.5x EBITDA, targeting 1x by FY30 - Transaction cash and reported EPS accretive from Year 1 excluding expenses - Synergies expected in revenue and cost; margin maintenance and expansion targeted - Nagarro management committed to stay; integration planned over 2 years with gradual squeeze out - Large $125m+ new deal announced, supporting Persistent's 24-quarter growth streak - Growth strategy: expand European footprint, verticals, AI-led digital engineering, and cross-selling opportunities - Cultural fit strong; integration eased by diverse management and global presence - Regulatory approvals expected by Q4 CY26 or early Q1 CY27