STATEMENT OF POSSIBLE SPECIAL TAX BENEFITS

To,

The Board of Directors

AGS Transact Technologies Limited

601 — 602, B-Wing, Trade World

Kamala Mill Compound, Senapati Bapat Marg
Lower Parel (W)

Mumbai — 400 013

Date: 18 August 2021
Dear Sirs,

Subject: Statement of possible special tax benefits (“the Statement”) available to AGS Transact Technologies
Limited (“the Company”) and its Shareholders and its material subsidiary prepared in accordance
with the requirement under Schedule VI — Part A - Clause (9) (L) of Securities and Exchange Board
of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (“the ICDR
Regulations”)

This report is issued in accordance with the terms of our Engagement Letter dated 21 July 2021.

We hereby report that the enclosed Annexure II prepared by the Company, initialed by us and the Company for
identification purpose, states the possible special tax benefits available to the Company and to its Shareholders and
its Material Subsidiary, which is defined in Annexure I (“List of Material subsidiaries considered as part of the
Statement”) under direct and indirect taxes (together “the Tax Laws”), presently in force in India as on the signing
date, which are defined in Annexure I. These possible special tax benefits are dependent on the Company, its
Shareholders and its Material Subsidiary fulfilling the conditions prescribed under the relevant provisions of the Tax
Laws. Hence, the ability of the Company, its Shareholders and its Material Subsidiary to derive these possible
special tax benefits is dependent upon their fulfilling such conditions, which is based on business imperatives the
Company and its Material Subsidiary may face in the future and accordingly, the Company, its Shareholders and its
Material Subsidiary may or may not choose to fulfill.

The benefits discussed in the enclosed Annexure II cover the possible special tax benefits available to the Company,
its Shareholders and its Material Subsidiary and do not cover any general tax benefits available to them. Further, the
preparation of the enclosed Annexure II and its contents is the responsibility of the management of the Company.
We were informed that the Statement is only intended to provide general information to the investors and is neither
designed nor intended to be a substitute for professional tax advice. In view of the individual nature of the tax
consequences and the changing tax laws, each investor is advised to consult his or her own tax consultant with
respect to the specific tax implications arising out of their participation in the proposed initial public offering of
equity shares of the Company comprising an offer for sale of equity shares by certain shareholders (the “Proposed
Offer”) particularly in view of the fact that certain recently enacted legislation may not have a direct legal precedent
or may have a different interpretation on the possible special tax benefits, which an investor can avail. Neither are
we suggesting nor are we advising the investors to invest money based on this Statement.

We conducted our examination in accordance with the “Guidance Note on Reports or Certificates for Special
Purposes (Revised 2016)” (“Guidance Note”) issued by the Institute of Chartered Accountants of India. The
Guidance Note requires that we comply with ethical requirements of the Code of Ethics issued by the Institute of
Charted Accountants of India.

We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality
Control for Firms that Perform Audits and Reviews of Historical Financial information, and Other Assurance and

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