<SEC-DOCUMENT>0001213900-22-083275.txt : 20221228
<SEC-HEADER>0001213900-22-083275.hdr.sgml : 20221228
<ACCEPTANCE-DATETIME>20221228164617
ACCESSION NUMBER:		0001213900-22-083275
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20221228
DATE AS OF CHANGE:		20221228
GROUP MEMBERS:		PARSA KIAI

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPI Card Group Inc.
		CENTRAL INDEX KEY:			0001641614
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL PRINTING [2750]
		IRS NUMBER:				260344657
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-89367
		FILM NUMBER:		221495152

	BUSINESS ADDRESS:	
		STREET 1:		10368 WEST CENTENNIAL RD
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127
		BUSINESS PHONE:		720-681-6304

	MAIL ADDRESS:	
		STREET 1:		10368 WEST CENTENNIAL RD
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CPI Holdings I, Inc.
		DATE OF NAME CHANGE:	20150506

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Steamboat Capital Partners, LLC
		CENTRAL INDEX KEY:			0001635663
		IRS NUMBER:				455206506
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		31 OLD WAGON ROAD
		CITY:			OLD GREENWICH
		STATE:			CT
		ZIP:			06870
		BUSINESS PHONE:		2129861703

	MAIL ADDRESS:	
		STREET 1:		31 OLD WAGON ROAD
		CITY:			OLD GREENWICH
		STATE:			CT
		ZIP:			06870
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>ea170948-13da1steamboat_cpi.htm
<DESCRIPTION>AMENDMENT NO. 1 TO SCHEDULE 13D
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE 13D</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Under the Securities Exchange Act of 1934 (Amendment
No. 1)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 100%; font-size: 10pt; text-align: center"><B>CPI Card Group Inc.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Issuer)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 100%; font-size: 10pt; text-align: center"><B>Common Stock, $0.001 par value</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Title of Class of Securities)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 100%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12634H200</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(CUSIP Number)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 100%; font-size: 10pt; text-align: center"><B>Jeffrey M. Rose, 31 Old Wagon Road, Old Greenwich, CT 06870, 212-986-1703</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"><B>December 28, 2022</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Date of Event which Requires Filing of this Statement)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the filing person has previously filed a statement
on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of 240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box &#9744;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note: Schedules filed in paper format shall include
a signed original and five copies of the schedule, including all exhibits. See 240.13d-7(b) for other parties to whom copies are to be
sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">The remainder of this cover page shall be filled out for a reporting
person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required on the remainder of this
cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see
the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">Page
2</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 13D</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; padding: 3pt; vertical-align: top; width: 20%; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 12pt"><B>CUSIP No.</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; padding: 3pt; width: 20%; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12634H200</B></FONT></TD>
    <TD STYLE="padding: 3pt; width: 60%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; width: 7%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; width: 93%; border-right: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAMES
    OF REPORTING PERSONS<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steamboat
    Capital Partners, LLC 45-5206506</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK
    THE APPROPRIATE BOX IF A MEMBER OF A GROUP*</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&#9744;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&#9744;</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
    USE ONLY</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOURCE
    OF FUNDS (See Instructions)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OO
    </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK
    IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CITIZENSHIP
    OR PLACE OF ORGANIZATION</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="8" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER
    OF<BR>
    SHARES<BR>
    BENEFICIALLY<BR>
    OWNED BY<BR>
    EACH<BR>
    REPORTING<BR>
    PERSON<BR>
    WITH</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; vertical-align: top; width: 7%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; vertical-align: top; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOLE
    VOTING POWER</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">591,878</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARED
    VOTING POWER</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOLE
    DISPOSITIVE POWER</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">591,878</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARED
    DISPOSITIVE POWER</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; width: 7%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGGREGATE
    AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">591,878</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK
    BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PERCENT
    OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TYPE
    OF REPORTING PERSON (See Instructions)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IA;
    OO</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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3</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE 13D</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; padding: 3pt; vertical-align: top; width: 20%; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 12pt"><B>CUSIP No.</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; padding: 3pt; width: 20%; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>12634H200</B></FONT></TD>
    <TD STYLE="padding: 3pt; width: 60%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border: black 1.5pt solid; padding: 4pt; text-align: justify; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 4pt; border-right: black 1.5pt solid; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAMES OF REPORTING PERSONS<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parsa Kiai</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt; text-align: justify">(a)&nbsp;&nbsp;&#9744;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt; text-align: justify">(b)&nbsp;&nbsp;&#9744;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC USE ONLY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOURCE OF FUNDS (See Instructions)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OO</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; text-align: justify">&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CITIZENSHIP OR PLACE OF ORGANIZATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="8" STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: center; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER OF<BR>
SHARES<BR>
BENEFICIALLY<BR>
OWNED BY<BR>
EACH<BR>
REPORTING<BR>
PERSON<BR>
WITH</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; vertical-align: top; border-bottom: black 1.5pt solid; text-align: justify; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding: 4pt; vertical-align: top; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOLE VOTING POWER</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 4pt; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">591,878</FONT></TD>
    </TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; vertical-align: top; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding: 4pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARED VOTING POWER</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 4pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; vertical-align: top; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding: 4pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOLE DISPOSITIVE POWER</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 4pt; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">591,878</FONT></TD>
    </TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; vertical-align: top; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; padding: 4pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARED DISPOSITIVE POWER</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 4pt; vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: justify; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">591,878</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TYPE OF REPORTING PERSON (See Instructions)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; padding: 4pt; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HC; IN</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page
4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal">The
following constitutes Amendment No.&nbsp;1 to the Schedule 13D filed by the undersigned (&ldquo;<U>Amendment&nbsp;No.&nbsp;1</U>&rdquo;).
This Amendment No. 1 amends the Schedule 13D as specifically set forth herein</FONT><FONT STYLE="font-weight: normal">.</FONT></P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">Item 3.</FONT></TD><TD><FONT STYLE="font-size: 10pt; font-weight: normal"><U>Source and Amount of Funds or Other Considerations</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Shares as to which this
report on Schedule 13D is being filed were acquired at an aggregate price (excluding commissions) of approximately $9,797,000 and were
purchased by clients of IA with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary
course of business) in open market purchases as set forth in Schedule 5, which is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">Item 4.</FONT></TD><TD><FONT STYLE="font-size: 10pt; font-weight: normal"><U>Purpose of Transaction</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">Item 4 of the Schedule
13D is hereby amended to add the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On December 28<SUP>th</SUP>,
the IA sent a letter (a copy of which is attached hereto as Exhibit 99.2) to the Board of Directors of the Issuer. The letter sets forth
the views of IA with respect to the capital structure and leverage of the Issuer (which IA believes should be reduced). The letter also
sets forth the views of IA with respect to certain operational, strategic and investor relations matters. Further, the letter reiterates
the views of IA about the importance of board representation for minority public shareholders and once again requests that the Issuer
add Parsa Kiai to its Board of Directors. Finally, the letter sets forth the views of IA against Issuer engaging in acquisitions and in
favor of all value creating alternatives including a potential sale of the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">Item 5.</FONT></TD><TD><FONT STYLE="font-weight: normal"><U>Interest in Securities of the Issuer</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">IA (as the portfolio manager for its clients, including investment funds of which an affiliate of IA is
general partner) and Mr. Kiai (as the managing member of IA), may be deemed to be the beneficial owner of the number and percentage of
Shares set forth on the cover page of this Schedule 13D on which they are respectively named. The aggregate percentage of Shares reported
owned by each person named herein is based upon <FONT STYLE="background-color: white">11,385,619 </FONT>Shares outstanding, as of October
27, 2022, which is the total number of Shares outstanding as reported in the Issuer&rsquo;s Quarterly Report on Form 10-Q filed with the
SEC November 3, 2022.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">IA and Mr. Kiai have the power to vote or direct the vote and dispose of or direct the disposition of
the number and percentage of Shares set forth on the cover page of this Schedule 13D on which they are respectively named.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Transactions by the Reporting Persons (on behalf of clients of IA, including investment funds of which
an affiliate of IA is general partner) within the past sixty days (as of 8:00 AM on December 28, 2022) to the extent not previously reported
on Schedule 13D, are set forth on Schedule 5.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Clients of IA, including investment funds of which an affiliate of IA is general partner, own the Shares
which are the subject of this Schedule 13D and have the right to receive or the power to direct the receipt of dividends from, or proceeds
from the sale of, the Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The filing of this Schedule 13D shall not be deemed
an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial
owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial
ownership of the securities reported herein that he or it does not directly own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">Item 7.</FONT></TD><TD><FONT STYLE="font-weight: normal"><U>Material to Be Filed as Exhibits</U></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
                                                                                                                                                                                                       <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD STYLE="width: 0.5in">99.2 </TD><TD><A HREF="ea170948ex99-2_cpi.htm">Letter to the Board of Directors of the Issuer dated December 28<SUP>th</SUP>, 2022</A></TD></TR>
                                                                                                                                                                                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page
5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After reasonable inquiry and to the best of his
knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: December 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STEAMBOAT CAPITAL PARTNERS, LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Parsa Kiai</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parsa Kiai</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Member</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Parsa Kiai</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARSA KIAI</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The original statement shall be signed by each
person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his
authorized representative (other than an executive officer or general partner of this filing person), evidence of the representative&rsquo;s
authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement
shall be typed or printed beneath his signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Attention: Intentional misstatements or omissions
of fact constitute Federal criminal violations (See 18 U.S.C. 1001).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page
6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Schedule 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Transactions in the Shares of the Issuer During
the Last 60 Days</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables set forth
all transactions in the Shares effected in the past sixty days by the Reporting Persons on behalf of clients of IA (to the extent such
have not previously been reported on Schedule 13D), including investment funds of which an affiliate of IA is general partner. All such
transactions were effected in the open market through brokers and the price per share excludes commissions. Where a price range is provided
in the column Price Range&nbsp;($), the price reported in that row&rsquo;s column Price Per Share&nbsp;($) is a weighted average price.
These Shares were purchased in multiple transactions at prices between the price ranges indicated in the column Price Range ($). The Reporting
Person will undertake to provide to the staff of the SEC, upon request, full information regarding the number of Shares sold at each separate
price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Trade Date</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Share Purchased (Sold)</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Price per Share<BR>
($)</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Price Range<BR>
($)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-weight: bold; text-align: justify">12/27/2022</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">16,878</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">34.8725</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; font-weight: bold; text-align: right">34.185-35.00</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">12/27/2022</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1795</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">36.2167</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">36.20-36.23</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>2
<FILENAME>ea170948ex99-2_cpi.htm
<DESCRIPTION>LETTER TO THE BOARD OF DIRECTORS OF THE ISSUER DATED DECEMBER 28TH, 2022
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Steamboat
Capital Partners, LLC</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">December 28, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Steamboat Capital Letter to the Board of
Directors of CPI Card Group Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CPI Card Group Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10368 West Centennial Road, Littleton, Colorado 80127</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thomas Furey, Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Robert Pearce, Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nicholas Peters, Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Scott Scheirman, Director, President and Chief
Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bradley Seaman, Chairman of the Board</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Marc Sheinbaum, Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Valerie Soranno Keating, Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sarah Kilgore, Chief Legal and Compliance Officer and Corporate Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Board of Directors of CPI Card Group:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Steamboat Capital Partners LLC (&ldquo;Steamboat&rdquo;)
is a registered investment advisor whose clients own more than five percent of the common stock of CPI Card Group (Nasdaq: PMTS, &ldquo;CPI
Card&rdquo; or the &ldquo;company&rdquo;). We believe that the company&rsquo;s stock is significantly undervalued and there are clear
steps that can be taken to highlight and reduce this undervaluation. However, the company needs better strategic direction, capital allocation
and corporate governance, especially with respect to minority shareholder representation. For those reasons, we urge the board to consider
naming our managing partner, Parsa Kiai, to the board immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have sought to share our views privately with
CEO Scott Scheirman and Chairman Brad Seaman but we fear that our concerns were not with given adequate attention, which accentuates the
need for this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are seeking an amicable and mutually beneficial
long-term outcome for all stakeholders in CPI Card. We are seeking to <B><I>prevent</I></B> a repeat of the multiple prolonged periods
of disappointment and financial distress that the company has experienced since its 2015 initial public offering. Many of our suggestions
are straightforward and simple.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Reduce leverage through debt repurchase,
organic growth and capital market refinancings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is our view that the paramount task for the
company is to reduce its financial leverage. The company&rsquo;s debt balance has been a noose hanging over its head since its IPO. In
the initial research report on the company from one of its IPO underwriters (Goldman Sachs) on November 9, 2015, one of the primary risks
outlined by the analysts was the company&rsquo;s leverage:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;CPI&rsquo;s leverage ratio of
3.2X is higher than its peer group average leverage ratio of ~2X. Note that by 2017, we expect the company to de-lever to below 2.0X,
which provides enough flexibility for more active capital allocation.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Seven years later, we are in the unfortunate position
of having even <B><I>higher</I></B> leverage at 3.6x net debt, despite having generated nearly $300 million of EBITDA <B><I>in excess</I></B>
of capital expenditures over that period. The frightening period from 2018 to 2020, when the company was on the brink of insolvency, saw
its stock delisted to the OTC market and had its market capitalization dwindle to less than $10 million was a result of not appropriately
aggressively deleveraging the company. While the company&rsquo;s business performance and stock price has finally begun to recover, the
company&rsquo;s debt remains its single largest operational and financial risk, in our view. We believe that through debt repurchases,
organic earnings growth and prudent capital market actions, CPI Card can finally achieve leverage ratios that can provide a sigh of relief
to shareholders and creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We think that, even in today&rsquo;s challenged
credit market conditions, CPI should be able to refinance its existing bond at much lower rate at its upcoming March 15, 2023 call date
on its 8.675% Senior Notes. A summary credit comparison with NCR Corp. illustrates that the debt capital markets are willing to underwrite
a 6.5% yield on a lower quality company<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
with lower organic growth, more leverage and more operational challenges:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-style: italic"><U>Credit Comparison</U></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">NCR Corp</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">CPI Card</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">($ in million unless otherwise noted)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Cash (as of most recent filing)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">434.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">21.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Debt</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,717.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">315.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net Debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,283.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">293.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2022 Estimated EBITDA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,375.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Leverage</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.8</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.3</TD><TD STYLE="text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Last Quarter Y/Y Organic Growth</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.1</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left">Comparable Bond</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Principal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">500.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">290.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Maturity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/1/27</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/15/26</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.750</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.675</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Price (as of 12/23/22)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Yield to Maturity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.1</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>1</SUP></TD><TD STYLE="text-align: justify">Though NCR and CPI Card are often lumped together in the
payment hardware category given the lack of more appropriate comparables, we believe that the NCR&rsquo;s ATM business is an inferior
business to credit card manufacturing with demonstrably higher capital intensity (as capital expenditures and capitalized software equal
nearly 25% of EBITDA compared to 15% or less for CPI Card).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, improved working capital management
at CPI Card should result in the release of nearly $40 million of &ldquo;excess capital&rdquo; that can also be used immediately for debt
reduction, helping the company quickly achieve a leverage ratio below 3.0x for the first time since its IPO:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: Black 1.5pt solid">Normalized Working Capital Impact on Leverage</TD><TD STYLE="font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: italic">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-style: italic">&nbsp;</TD><TD STYLE="font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-style: italic">&nbsp;</TD><TD STYLE="font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: italic">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">($ in million)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: italic">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: italic">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 37%; text-align: left">LTM Revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">442.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 38%; text-align: left">Debt Balance 2022 3Q</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">315.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Normalized WC % (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Excess WC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(40.5</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Working Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21.5</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">2022 3Q Amount</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">72.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">4Q FCF Estimate (b)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(6.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Excess</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pro Forma Net Debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>EBITDA 2022E</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Leverage</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.7</TD><TD STYLE="text-align: left">x</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><I>(a)</I></TD><TD STYLE="text-align: justify"><I>Assumes normalized working capital as % of revenues equal
to 2013 to 2020 average.</I></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><I>(b)</I></TD><TD STYLE="text-align: justify"><I>Free cash flow estimate for 4Q 2022 excluding changes
in working capital.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Improve margins to levels more commensurate
with scale and peers </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As one of the largest producers of payment cards
in a predominately fixed-cost business, CPI Card should be able to improve its profitability margins, which are currently unimpressive
against its own history and its peers. For example, CPI Card today has the same EBITDA margin as it did nearly a decade ago when it had
less than half its current revenues. In addition, CPI Card&rsquo;s margins are less than half of the margins of the only other publicly
traded &ldquo;pure-play&rdquo; payment card manufacturer (CompoSecure):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">CPI Card</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-align: center">CompoSecure</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-style: italic"><U>Margin Comparison</U></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2013</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">(in millions unless otherwise noted)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%">Revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">196.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">459.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">375.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">EBITDA (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Margin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41.2</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">CompoSecure EBITDA represents card business EBITDA excluding
crypto wallet negative $21 million&nbsp;EBITDA contribution and $10 million arbitration loss, but including $10 million stock based compensation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Expand into premium, &ldquo;metal&rdquo;
cards </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As evidenced by CompoSecure&rsquo;s robust margins
above and its torrid 48% revenue growth rate through the first nine months of 2022, the premium metal card manufacturing business is thriving
currently. While we understand that CPI Card&rsquo;s traditional focus on smaller issuers leaves it under-indexed to the premium card
offerings of issuers such as American Express and Chase, we believe that the metal cards industry is attractive enough, growing sufficiently
and has adequate room for more competitors to enter. In 2021, ComposScure earned more making 22 million premium cards at nearly $12 each
than CPI Card did making over 300 million cards at $1.25 each. With relatively low capital and operational cost, CPI Card should be able
to compete actively in this arena, particularly as the two premier issuers may seek alternative suppliers<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
or better economics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">CompoSecure&rsquo;s two largest customers are American Express
and Chase (representing a combined 72% of its revenues) with service agreements that expire at the end of 2023 and 2024. CPI Card should
be in a pole position to compete for this business if and when it is available.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Increase investor and analyst awareness
of company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CPI Card is virtually unknown in the financial
community, which is understandable given that its stock was nearly un-investable for years due to its financial distress, delisting and
low trading liquidity. However, this can easily be addressed by engaging more actively with the sell-side community to increase the number
of research analysts covering the company and by participating in more investor engagement, such as hosting an analyst day presentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, CPI Card has only one research firm
covering its stock (Lake Street Capital) while its peer CompoSecure had three far more well-known firms (BTIG, JP Morgan and Needham),
despite having a smaller public float and lower average daily trading value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Shares</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-style: italic">CPI Card Group Ownership (a)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Shares</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Value</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-style: italic">CompoSecure Ownership (a)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Class A</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Class B</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Total</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Value</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">(in millions)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic">(in millions)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; text-align: left">Tricor Pacific Fund IV</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">4.1</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">&nbsp;</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: left">LLR Partners</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">34.5</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">34.5</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%">&nbsp;</TD>
    <TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">&nbsp;</TD><TD STYLE="width: 0.5%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Tricor Pacific Fund IV US</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Michele Logan</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">21.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">21.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Tricor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">DBDR Tech Sponsor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Management</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">0.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">LMR Investment</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">1.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">1.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Insiders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Bleichroader LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1.5pt solid; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Public Float </TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">4.1</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-right: Black 1.5pt solid; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><B>142.4</B></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Tikvah Management</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">2.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">2.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Total</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">11.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">394.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">Management</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">1.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">1.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">Public Float</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right; border-bottom: Black 1.5pt solid">3.5</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right; border-bottom: Black 1.5pt solid">5.0</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right; border-bottom: Black 1.5pt solid">8.5</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">$</TD><TD STYLE="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right; border-bottom: Black 1.5pt solid">41.5</TD><TD STYLE="border-right: Black 1.5pt solid; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>(in thousands)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">Daily Volume (3 Month Average)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,683</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">691,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,727</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">456,450</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><I>Analyst Coverage</I></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="text-align: left">Lake Street Capital Markets</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">BTIG<BR>
JP&nbsp;Morgan<BR>
Needham</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that one or more of these firms would
be eager to initiate coverage of CPI Card with the appropriate engagement<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
from management. In addition, we believe that CPI Card should host an analyst day presentation at a venue like the Nasdaq headquarters
to introduce the company to more prospective investors, particularly institutional investors. We believe that this will improve the investor
community&rsquo;s understanding of the organic growth of the company&rsquo;s industry and allow for better appreciation for the multitude
of opportunities in front of the company for improvement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>3</SUP></TD><TD STYLE="text-align: justify">Given that there are likely debt and equity capital market
fees associated with the eventual refinancing of the company&rsquo;s Senior Notes and the sale of Tricor&rsquo;s shares, we believe that
several brokers would be interested in hosting a non-deal roadshow in association with research coverage initiation, especially in today&rsquo;s
more muted investment banking environment.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We think that a relevant case study here is a
company called International Money Express or &ldquo;Intermex&rdquo; (in which Steamboat has been a longtime, engaged shareholder). Intermex,
in many ways, was like CPI Card a few years ago: a relatively illiquid, moderately levered, under-the-radar company with a large ownership
concentration from a lower profile private equity firm in an industry that was erroneously perceived to be shrinking, rather than growing
as it had been (in this case, the money remittance industry rather than the payment card industry). Intermex steadily reduced its financial
leverage until it reached a net cash position, worked with its sponsor to gradually and prudently reduce their share ownership<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>,
increased its research analyst coverage and hosted a well-received investor day presentation<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>
that drove a 38% share price increase over the next two weeks. Today, Intermex is a valued at a low double-digit multiple on its estimated
earnings (which is still far too low, in our view) but it is an improvement from its pre-presentation levels and we believe Intermex&rsquo;s
journey provides a blueprint for what CPI Card can and should do on many levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">***************************************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hope that these suggestions are received in
the constructive and amicable manner we intend. However, we do have some other views that may not be shared by all members of the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Avoid M&amp;A as private market multiples
are rich and the company&rsquo;s cost of capital is currently too high </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is our understanding from public news articles
that a relatively large competitor (the card manufacturing segment of Idemia) may be for sale. While consolidation is an avenue for value
creation in some industries and for some companies, we strongly believe that this is not the case here. Given the relevant private market
multiples for payments hardware businesses (which we highlight later in this letter), we believe that it would be value-destructive for
CPI Card to pursue a large-scale acquisition given its current cost of debt and equity capital and we would be extremely wary of any promised
of significant potential synergies. This brings us to our next point.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The board of CPI Card needs minority shareholder
representation </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company&rsquo;s largest shareholder (Tricor
Pacific Capital<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT> and its affiliates) owns
58% of the company&rsquo;s stock and this has proved to be an extremely burdensome overhang and has led to the company drastically underperforming
nearly any relevant benchmark since its 2015 IPO:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify">The most impressive part of which was a relatively large
repurchase by Intermex of the sponsors&rsquo; shares at a six percent <B><I>discount</I></B> to the last market price: https://www.sec.gov/Archives/edgar/data/1683695/000114036122028966/brhc10040645_8k.htm</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify">https://investors.intermexonline.com/static-files/5b02ea9d-78c9-43d3-b6bb-ef396fdba08a</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>6</SUP></TD><TD STYLE="text-align: justify">Tricor has been renamed Parallel49 Equity. We refer to the
firm as Tricor for ease of reference with prior filings.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; font-style: italic"><U>CPI Card Stock Performance Since IPO</U></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Total</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Annualized</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-style: italic">Performance Since Oct 8, 2015</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1.5pt solid; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; width: 76%; text-align: left; padding-bottom: 1.5pt">CPI Card Group &nbsp; &nbsp; </TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; font-style: italic; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 1%; font-style: italic; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 9%; font-style: italic; text-align: right; border-bottom: Black 1.5pt solid">-39.7</TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-style: italic; text-align: left; border-bottom: Black 1.5pt solid">%</TD><TD STYLE="border-top: Black 1.5pt solid; width: 1%; font-style: italic; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; width: 1%; font-style: italic; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; width: 9%; font-style: italic; text-align: right; border-bottom: Black 1.5pt solid">-6.8</TD><TD STYLE="border-right: Black 1.5pt solid; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-style: italic; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Nasdaq Composite Index &nbsp; </TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">142.3</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">13.1</TD><TD STYLE="font-style: italic; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Russell 2000 Index &nbsp; &nbsp; </TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">67.7</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">7.5</TD><TD STYLE="font-style: italic; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">S&amp;P 500 Index &nbsp; &nbsp; </TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">121.2</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">11.7</TD><TD STYLE="font-style: italic; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">S&amp;P 500 Technology Hardware &amp; Equipment Index</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">323.9</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">22.2</TD><TD STYLE="font-style: italic; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>(a) Performance until Dec. 15, 2022, day before
Steamboat filed its 13D.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are many reasons for this underperformance,
including some we have discussed such as the inability to deleverage the company&rsquo;s balance sheet and the company&rsquo;s trading
liquidity<SUP>7</SUP>, but one major concern that has been expressed to us by existing and prospective minority shareholders has been
the fear that minority shareholders do not have adequate corporate governance protection on the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This was first evident after the company&rsquo;s
IPO (at a then-$10 share price, equal to now-equivalent $50 share price adjusted for a 1:5 reverse stock split in 2017). After providing
very optimistic projections at its IPO roadshow, CPI Card almost immediately disappointed investors<SUP>8</SUP> by substantial margins,
leading to negative 37% return in its first year after its IPO compared to a positive 8% return for the Russell 2000 Index. This resulted
in unfortunate and costly litigation<SUP>9</SUP> that took years to resolve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Another example is the sloppy and unproductive
registration statement that the company filed to facilitate the sale of Tricor&rsquo;s shares in the company. After reporting very solid
second quarter 2021 results (with 31% year over year growth in revenues) in August, Tricor filed<SUP>10</SUP> to sell 6.6 million shares
on September 14, 2021, causing an immediate four-day share price decline of 27% from $38.70 (a level which has not yet been recovered)
to $28.26. In its subsequent quarter, CPI Card gave disappointing guidance and its stock price declined by 26% in a single day on November
5, 2021. Investors were left to believe that Tricor is always looking to sell their shares ahead of others in front of upcoming negative
news. It is for this reason that we will look with a jaundiced eye towards any promises of synergies or extraordinary results from a
high-priced acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>7</SUP></TD><TD STYLE="text-align: justify">An encouraging sign is the increased trading liquidity of the
company&rsquo;s stock since our 13D filing. In the three months prior to our filing, the average daily trading volume was 16,179 shares,
compared to 64,624 average daily shares in the admittedly smaller sample size since. Given that this period is between the Christmas
and New Years stock market holiday and typically associated with very little trading activity, we believe it is noteworthy and highlights
that many of CPI&rsquo;s issues are resolvable.</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>8</SUP></TD><TD STYLE="text-align: justify">Value Investors&rsquo; Club (private, members-only investing
website) commentary from July 22, 2016: &ldquo;How do you get around the fact that management and their [private equity] backer just
completely screwed over investors? I will never be convinced that they did not knowingly take CPI public on estimates that they never
had any chance to achieve. CPI picked the exact timing of their IPO to come [three] months before a total collapse in earnings power.
That's not bad luck.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>9</SUP></TD><TD STYLE="text-align: justify">https://www.labaton.com/cases/in-re-cpi-card-group-inc-securities-litigation</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>10</SUP></TD><TD STYLE="text-align: justify">https://www.sec.gov/Archives/edgar/data/1641614/000110465921115483/tm2127425-1_s3.htm</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even despite the above, we are <B><I>not</I></B>
looking to remove <I>any</I> of the directors, including those<SUP>11</SUP> who have served on the board for more than 15 years. We simply
want the voice of the <I>other</I> shareholders to be heard in the boardroom. As Lake Street Research noted in their initial report<SUP>12
</SUP>on CPI Card, one key risk is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;Concentrated Ownership &ndash;
Parallel49 Equity owns approximately 58% of the Company&rsquo;s shares. <B><I>Their interests may not be aligned with investors&rsquo;
which may present additional risks for investors</I></B>.&rdquo; (emphasis added; excerpt uses Tricor&rsquo;s new firm name)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The <I>unsolicited, incoming</I> feedback we have
received from other shareholders reinforces our view that many current and prospective minority shareholders would welcome a board member
with substantial share ownership who is not employed by the company or Tricor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given that Steamboat and its clients own nearly
as much as stock as the entire board other than the directors affiliated with Tricor (and substantially more if CEO Scott Scheirman is
also excluded), we were disappointed that our offer to express our views in person or via teleconference were not welcome. For example,
it took nearly one month to schedule a call with Mr. Seaman and only after we had to make repeated requests. The fact that Mr. Seaman
was so dismissive of our request for a <B><I>single</I></B> board seat, alongside the existing seven board members, gave us concern, particularly
given the prior actions and behavior of the private equity sponsor, as discussed. Lastly, we offered to come to Littleton, Colorado to
meet in person but we were told that the company would not meet with us during their quiet period until fourth quarter earnings are released.
With an estimated earnings release date on March 8, 2023, this response forecloses any opportunity to discuss shareholder proposals prior
to the February 24, 2023 closing of the proposal window and greatly reduces the ability to comply with the universal proxy deadline of
March 26, 2023. What message is being sent to active, engaged shareholders by this reply?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>11</SUP></TD><TD STYLE="text-align: justify">As disclosed in the company&rsquo;s IPO prospectus, three members
of the board, including two from Tricor, have served on the board since Tricor&rsquo;s initial investment in CPI Card in 2007:<BR>
https://www.sec.gov/Archives/edgar/data/1641614/000104746915007767/a2226232z424b4.htm</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>12</SUP></TD><TD STYLE="text-align: justify">Lake Street Research report dated December 16, 2021.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>All value creating alternatives should be
considered by the company </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the stand-alone value of CPI is
well in excess of its current stock price. Even without giving any credit to any value from a potential reduction in the company&rsquo;s
cost or total amount of debt, or any improvement in its profitability margins or any contribution from an expansion into the premium metal
cards segment, we believe that the company can generate close to $4.00 per share in free cash flow using conservative assumptions and
should be valued using <B><I>at least</I></B> a low double-digit valuation multiple, yielding a stock price close to $50 per share:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-style: italic">CPI Card Group</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Actual</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Estimated</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Estimated</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-style: italic">Valuation</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">2021</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">2022(a)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">2023(b)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-style: italic">(in millions unless otherwise noted)</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">Revenues</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">375.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">459.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">494.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2">EBITDA</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left">Normalized Capex</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.0</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left">Interest Expense</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26.3</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; width: 39%">Taxes &nbsp; &nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1.5pt; width: 25%"></TD>
    <TD STYLE="width: 2%">25%</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 8%">(9.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">)</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 8%">(13.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">)</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; width: 8%">(15.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left">Free Cash Flow</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">Shares Outstanding</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2">FCF/Share</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.88</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">Current Price (as of 12/23/22)</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35.11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2">Multiple</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9.1</TD><TD STYLE="font-weight: bold; text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left">Target Multiple</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.0</TD><TD STYLE="text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">Target Price</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"><B>Upside</B></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">43.5</TD><TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Assumptions</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Revenue Growth</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">22.5</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">7.5</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">EBITDA Growth</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.5</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">EBITDA Margin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.6</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(a)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Based
on actual performance for first three quarters and management guidance for full year.</I></FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(b)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Assumes
revenue growth rate normalizes to high single digits and margins are constant.</I></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the company is successful in any of the other
initiatives mentioned above, then the stand-alone value is even greater. However, if for some reason the company is unable to capture
this value on its own, we believe the board should consider all options, including a potential sale of the company. As we mentioned earlier,
we believe that payment hardware private market transactions multiples are far in excess of the company&rsquo;s current valuation. It
is for this reason that we do not want the company to compete in the M&amp;A arena with competitors who are far better capitalized and
have a far lower cost of capital. We believe that the most relevant transactions involve the companies listed<SUP>13</SUP> below, yielding
valuation multiples at or above ten times EBITDA. Even using a discount to this range provides for substantial upside to the current
share price:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-bottom: 1.5pt; font-style: italic">Select Payments Hardware Precedent Transactions</TD><TD STYLE="font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">EV / EBITDA Multiple</TD><TD STYLE="padding-bottom: 1.5pt; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-style: italic">Date</TD><TD STYLE="font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-style: italic">Target</TD><TD STYLE="font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-style: italic">Acquiror</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">LTM</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">NTM</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-style: italic">($ in millions unless otherwise noted)</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%">June 22, 2021</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: left">Cardtronics plc</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: left">NCR Corporation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">9.1</TD><TD STYLE="width: 1%; text-align: left">x</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">8.6</TD><TD STYLE="width: 1%; text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>August 20, 2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Verifone Systems</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Francisco Partners</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.5</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.1</TD><TD STYLE="text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>July 18, 2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Blackhawk Network</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Silver Lake / P2 Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.5</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.2</TD><TD STYLE="text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>December&nbsp;17, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Gemalto N.V.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Thales S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.8</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.1</TD><TD STYLE="text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>November&nbsp;23, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Wincor Nixdorf AG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Diebold, Incorporated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.2</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.2</TD><TD STYLE="text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>November&nbsp;17, 2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Hypercom Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">VeriFone Systems, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.5</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.6</TD><TD STYLE="text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.1</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.8</TD><TD STYLE="text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Median</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.2</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.7</TD><TD STYLE="text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Assumed Multiple</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.0</TD><TD STYLE="text-align: left">x</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.5</TD><TD STYLE="text-align: left">x</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">CPI Metric (a)</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">90.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">97.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Enterprise Value</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">902.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">921.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net Debt (b)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(246.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(246.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Equity Value</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">655.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">674.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Shares Outstanding</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Value Per Share</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">55.79</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">57.42</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1.5pt solid; border-left: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Upside
    to Current&nbsp;Price:</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">$35.11</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: right">58.9</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">%</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: right">63.6</TD><TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>


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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>(a)</I></TD><TD STYLE="text-align: justify"><I>2022 EBITDA assumed for last twelve months (LTM) and 2023
estimated EBITDA assumed for next twelve months (NTM).</I></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>(b)</I></TD><TD STYLE="text-align: justify"><I>Estimated net debt by year-end 2022.</I></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>13</SUP></TD><TD STYLE="text-align: justify">In our view, we believe that Verifone Systems&rsquo; acquisition
by Francisco Partners provides the best comparable due the closely related link between payment terminals and payment cards (Verifone
merger proxy listed below): https://www.sec.gov/Archives/edgar/data/1312073/000119312518169570/d566935ddefm14a.htm#toc566935_25</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">In our view, the acquisition of Blackhawk Network by Silver Lake and P2 Capital is almost relevant given the prepaid card business at
CPI Card (Blackhawk merger proxy listed below): https://www.sec.gov/Archives/edgar/data/1411488/000114036118011449/s002054x2_defm14a.htm#tOOB</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">In our view, CPI Card should be valued at a premium to the valuation that Cardtronics was acquired by NCR for the reasons mentioned earlier
in this letter (Cardtronics merger proxy listed below): https://www.sec.gov/Archives/edgar/data/1671013/000110465921043589/tm2038731-10_defm14a.htm</TD></TR>
     </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lastly, it is important to note that of the peers
listed below that Goldman Sachs (one of the underwriters of the company&rsquo;s IPO) listed in its initial research report back in 2015,
three of five have been acquired by or merged with much larger integrated payment or diversified companies, yielding new competitors that
are now parts of Thales SA (acquired Gemalto, now valued at &euro;44 billion) and WorldLine SA (acquired Ingenico, now valued at &euro;
10 billion):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 8pt">Price</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 8pt">Net Debt/TTM</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-size: 8pt">EPS growth</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-size: 8pt">P/E</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-size: 8pt">EBITDA Growth</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-size: 8pt">EV/EBITDA</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">Company name</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">11/5/2015</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center"> EBITDA</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY15</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY16</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY17</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY15</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY16</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY17</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY15</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY16</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY17</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY15</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY16</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center">CY17</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 8pt; text-align: left; width: 12%"><B>CPI Card Group Inc.</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>$</B></TD><TD STYLE="font-size: 8pt; width: 5%; text-align: right"><B>11.70</B></TD><TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 5%; text-align: right"><B>2.8</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 5%; text-align: right"><B>103</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 5%; text-align: right"><B>18</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right"><B>26</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right"><B>15.0</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right"><B>12.7</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right"><B>10.1</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right"><B>78</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right"><B>21</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right"><B>19</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right"><B>9.7</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right"><B>8.1</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt; width: 0.5%"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; width: 0.5%; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right"><B>6.8</B></TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left"><B>x</B></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 8pt">Gemalto</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">59.89</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-0.2</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">16</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">16.9</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">15.2</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">13.1</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">14</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">9.7</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">9.1</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8.2</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 8pt; text-align: left">VeriFone Systems Inc.</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">30.86</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2.6</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">20</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">19</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">17</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">16.4</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">13.9</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11.9</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">5</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">13</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">18</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11.9</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">10.5</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8.9</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 8pt; text-align: left">NCR Corp.</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">27.12</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">4.4</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">4</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">13</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">9.9</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">9.5</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8.5</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">-21</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">101</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">15.1</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7.5</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7.0</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 8pt; text-align: left">Ingenico SA</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">$</TD><TD STYLE="font-size: 8pt; text-align: right">109.35</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1.9</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">39</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">17</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">21</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">22.9x.</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">19.6</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">16.2</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">34</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">14</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">15</TD><TD STYLE="font-size: 8pt; text-align: left">%</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">14.7</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12.9</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11.2</TD><TD STYLE="font-size: 8pt; text-align: left">x</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; font-size: 8pt">Valid</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: right">44.00</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">2.1</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">x</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">33</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">18</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">7</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">16.8</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">x</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">14.2</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">x</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">13.3</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">x</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">30</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">24</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">8</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">9.6</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">x</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">7.7</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">x</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">7.2</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">x</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 8pt"><B>Average</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>2.2</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>21</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>14</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>15</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>16.6</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>14.5</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>12.6</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>12</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>32</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>12</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>12.2</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>9.6</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>8.5</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 8pt"><B>Median</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>2.1</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>20</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>17</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>16</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>16.8</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>14.2</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>13.1</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>14</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>14</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>11</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>%</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>11.9</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>9.1</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD><TD STYLE="font-size: 8pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8pt; text-align: right"><B>8.2</B></TD><TD STYLE="font-size: 8pt; text-align: left"><B>x</B></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Source: Thomson Reuters, Company Data, Global
Sachs Global Investment Research.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe these companies would be eager to continue
their consolidation efforts and have the resources and desires necessary to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We remain committed to having an amicable dialogue
with all members of the board in an effort to achieve the best possible outcome for all stakeholders of the company. We do commend the
company&rsquo;s management and directors for the positives that they have achieved, but we believe that the company has greater potential
with some of the initiatives we outlined. We hope to hear from you in short order and in advance of the respective deadlines outlined
in the company&rsquo;s governance documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sincerely,</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%"><FONT STYLE="font-style: normal; font-weight: 400; text-transform: none">/s/
Parsa Kiai</FONT></TD>
  <TD STYLE="border-bottom: Black 1.5pt solid; width: 5%">&nbsp;</TD>
  <TD STYLE="width: 60%">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal; font-weight: 400; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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