Risk Factors Update Summary

• The company's dependence on the CIMA has expanded to include Technical and Back-End support, which could be terminated. This change might result in disruptions to the company's operations and financial results.
• The license agreement has been amended to an Amended Settlement Agreement, providing the company with a license until November 30, 2022. This change might have a significant impact on the company's ability to conduct business.
• The company's transition to an alternative platform could result in the loss of access to the licensed technology comprising the Cuentas technology platform. This change might have a significant impact on the company's business, operations, and financial results.
• The company's history as an MVNO operating on the largest mobile network has increased from less than one year to almost three years. This change might impact the company's ability to increase the number of mobile services sold.
• The company's market price of Common Stock has decreased from 52% to 21% of outstanding Common Stock. This change might impact the market price of the company's Common Stock.
• The company has undergone a Reverse Stock Split of 13 shares for 1 share to comply with Nasdaq's pricing requirements. This change might result in a potential risk of de-listing until Nasdaq delivers its decision.
• The company's outstanding Common Stock ownership has decreased from 86% to 83% indirectly. This change might impact the market price of the company's Common Stock.