Risk Factors Update Summary

• Leadership change: Balkrishan Kalra became CEO, replacing N. V. Tyagarajan, serving since 2011.
• Expansion of AI technologies may incur significant costs. Market competition from new entrants could harm competitive position.
• Increased debt: Total amount due under credit facility increased from $682 million to $520 million.
• Debt details: Amount outstanding under 2026 Notes increased from $348 million to $606 million.
• Increased share of revenue from short-cycle engagements makes business forecasting more complex.
• Debt details: Amount outstanding under 2024 Notes increased from $398 million to $399 million.
• Tax implications: Bermuda's new CIT Act imposes a 15% minimum corporate income tax rate.
• Goodwill assessment: Goodwill and intangible assets totaled $1,684 million and $90 million, respectively.
• Technological developments like generative AI may impact our industry significantly.
• Failure to adapt to industry shifts and new technologies could negatively impact growth strategy.
• Labor laws impact: Potential unionization may lead to increased compensation expenses and operational challenges.
• Conflicts between Russia and Ukraine and Israel and Hamas could affect our operations.
• Changes in financial estimates or inability to meet them may impact our performance.