Tyro Withdraws from Smartpay Acquisition Process

• Tyro confirms it is no longer participating in an acquisition process with Smartpay
• Tyro had submitted a proposal and was conducting due diligence as part of a competitive process
• Smartpay has entered an exclusivity arrangement with another party for a cash offer of NZ$1.20 per share

Tyro Payments Limited (Tyro) has confirmed that it is no longer participating in an acquisition process with Smartpay Holdings Limited (Smartpay). Tyro had previously submitted a proposal and was conducting due diligence as part of a competitive process. However, on Friday, 2 May, Tyro was informed that Smartpay had decided to enter an exclusivity arrangement with another party for a cash offer of NZ$1.20 per share. This decision was made prior to the conclusion of the agreed due diligence process and the receipt of an update to Tyro's cash and scrip synergistic merger proposal.