Capt. Deepak Parasuraman - a Professional Pilot, the Managing Director and the Promoter of the Company. He holds a Bachelor of Commerce degree and Doctoral Degree on Trade and Trade barriers. He has 25 years of experience in managing and operating several businesses in relation to aviation and the air cargo industry and has secured licenses and regulatory approvals for an international cargo airline. He has worked with various renowned companies. He has been associated with the Company since February 15, 2013. Mr. Kannan Ramakrishnan is the Whole -Time Director and Promoter of the Company. He is a science graduate from St. Joseph’s College, Tiruchirapalli. He has extensive experience of 19 years in the retail and luxury automobile industry and has successfully established and grown the Shreshta Business Solutions Group. He has been associated with the Company since October 2021. He oversees the operations of the Company. Wg. Cdr. Jaganmohan Mathena (Retd) is a Non-Executive Director and Promoter of the Company. He is a holds a Post-Graduate Degree in Aviation Law and Air Transport Management from NALSAR, Hyderabad in the year 2016, he also holds a Post-Graduate diploma in Sustainable Global Enterprise and E-Marketing from IIM, Shillong and is an alumnus of the National Defence Academy. He was a decorated Fighter Pilot and Helicopter Veteran of the Indian Air Force served from 1987 to 2010. He was the Chief Operating Officer for the Aviation Department of the Government of Andhra Pradesh from 2007 to 2009. He continues to fly as a VVIP Pilot for the Chief Ministers of various states in India and heads of State internationally. He has been associated with the Company since 2018.

Evaluation of Afcom Holdings Limited's Business Model for Investors A) Strengths of the Business Model 1. Growing Demand for Air Cargo: The global demand for air cargo services is rising, driven by the growth of e-commerce, globalization, and the need for quick logistics solutions. Afcom is well-positioned to benefit from this trend. 2. Strategic Partnerships: Afcom’s partnerships with global logistics leaders and GSSAs ensure a steady flow of cargo, reducing the risk of underutilization of aircraft capacity. These relationships also enhance market reach and operational efficiency. 3. Asset-Light Model: Operating leased aircraft allows Afcom to scale operations without the significant capital expenditure and maintenance costs associated with owning aircraft. This model provides flexibility and reduces financial risk. 4. Diverse Customer Base: Serving various industries like FMCG, electronics, automotive, and retail helps in diversifying revenue streams and reducing dependency on any single sector. This diversification can cushion the company against sector-specific downturns. 5. Focus on Efficiency and Innovation: Afcom’s emphasis on operational efficiency, technological innovation, and service excellence can lead to cost savings and improved customer satisfaction, enhancing competitive advantage. B) Expansion Plans: Raising funds to acquire two new planes on lease suggests an intent to expand capacity and meet growing demand, which can drive revenue growth. C) Risks and Challenges 1. Market Competition: The air cargo industry is competitive, with major players having established networks and significant resources. Afcom needs to continually innovate and maintain high service standards to compete effectively. 2. Economic Sensitivity: The air cargo business is sensitive to economic cycles. Economic downturns can reduce cargo volumes, affecting revenue. However, the diversity of industries served can mitigate this risk to some extent. 3. Operational Risks: Dependence on leased aircraft means Afcom is subject to the terms and conditions of lease agreements. Any issues with leasing partners or increases in lease costs can impact profitability. 4. Regulatory Environment: The air cargo industry is highly regulated. Compliance with international and domestic regulations can be complex and costly. Any changes in regulations can affect operations and profitability. 5. Logistical Challenges: Efficiently managing logistics, especially with the planned increase in fleet size, requires robust systems and processes. Any inefficiencies or disruptions can impact service delivery and customer satisfaction. D) Investor Perspective 1. Potential for Growth: The expansion plans and the growing demand for air cargo present significant growth opportunities. If Afcom can successfully leverage its strengths and manage risks, it offers good potential for revenue and profit growth. 2. Risk Management: Investors need to consider how well Afcom can manage the inherent risks in the air cargo industry, including competition, economic sensitivity, and operational challenges. Effective risk management will be key to long-term success. 3. Financial Health: Evaluating Afcom’s current financial health, including cash flow, profitability, and debt levels, is important. Ensuring that the company can sustain its operations and growth plans without over-leveraging is crucial. 4. Strategic Execution: The company’s ability to execute its strategic plans, including the acquisition and efficient utilization of new aircraft, will be a significant factor in its success. Investors should assess the management team’s track record and capability in executing growth strategies. E) Financial and Valuation Afcom Holdings Limited operates a robust air cargo business with a strong growth trajectory, evident in its financial performance over the past few years. For FY22, the company recorded revenue of ₹48 crore, which increased to ₹84 crore in FY23, and reached ₹134 crore for the 11 months ending in February 2024. The company's PAT followed a similar upward trend, from ₹4 crore loss in FY22 to ₹13 crore in FY23, culminating at ₹23 crore for 11MFY24. With a total of 2.48 crore outstanding shares and an IPO price of ₹108, Afcom's market capitalization stands at approximately ₹267 crore. The earnings per share (EPS) for 11MFY24 is ₹9.27, resulting in a price-to-earnings (P/E) ratio of around 11.65. This indicates that Afcom Holdings is fairly valued, considering its earnings growth and financial stability, making it an attractive proposition for investors looking to capitalize on the expanding air cargo market. Conclusion Afcom Holdings Limited’s business model has several strengths, including strategic partnerships, an asset-light approach, and a diverse customer base. The expansion plan to lease two new planes indicates growth potential. However, investors should be aware of the risks, including market competition, economic sensitivity, and operational challenges. For investors, the company presents an attractive opportunity, provided it can manage these risks effectively and execute its growth plans successfully. Conducting thorough due diligence, including financial analysis and risk assessment, will be essential before making investment decisions.

Afcom Holdings Limited 2, LIC Colony Dr. Radhakrishnan Nagar Thiruvanmiyur Chennai-600041 Phone: +91-9841019204; Email: corporate@afcomcargo.com Website: https://afcomcargo.com/