Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, please find enclosed Transcript of the Analyst & Investor Call held on September 24, 2026.

September 25, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Department of Corporate Services/ Listing Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Fort, Bandra (East), Mumbai – 400051 Mumbai – 400001 SYMBOL: POLICYBZR SCRIP CODE: 543390 Sub: Transcript of the Analyst & Investor Call conducted on September 24, 2026 Dear Sir/Madam, Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Transcript of the Analyst & Investor Call conducted on September 24, 2026. The transcript of Analyst & Investor Call is also available on the website of the Company at https://www.pbfintech.in/investor-relations/. You are requested to kindly take the same in your records. Yours Sincerely, For PB Fintech Limited Bhasker Joshi Company Secretary and Compliance Officer Encl.: A/a PB FINTECH LIMITED Transcript of Analyst & Investor Call September 24, 2026 Management: Hi guys, thank you for joining the call. We started this company in 2008 with a very clear objective to improve Social Security in the country. And in Social Security, the primary products were Term and Health. Within that, term insurance, when we started, used to have a commission of 0. And, health insurance was the same as motor insurance. So the primary reason we built these businesses was because we felt these were important products for the Indian middle class. Secondly, we've had some regulatory updates last evening and, we just wanted to clarify that we do a little more than a broker. We spend a lot of money in advertising and marketing to build awareness for the category. We do a lot of underwriting and risk management, because of which insurers get better quality business. We, of course, do distribution. But we also outdo what a distributor would usually do, in terms of customer service and claim support. We manage, for example, our own networks of garages, PB garages. We have a network of hospitals called PB Care+. We also have an investment in PB Health, which is a chain of hospitals. We also have a reinsurance brokerage. I just wanted to say these are additional activities from what you would find from a normal broker. In terms of our revenue lines, we have two clear revenue lines. One is life insurance, the second is general insurance. From the current regulations, in terms of net present value, we think the life insurance net present value is similar to what we have today, and should not have a major impact. But in terms of general insurance, it is between one-third to 40% of what we have today. That's a very serious impact on revenue. And we are thinking about what the implications of that are. We do have cost rationalization opportunities. And those would be in terms of how much we spend on digital marketing, how aggressive we are there, how aggressive we are in terms of brand spend. And also how aggressive we might be in terms of sales and customer support. Historically, our effort has been to be aggressive to drive growth for the overall industry. However, given the new economics, there may be opportunities for rationalization there, and we will look at that. With most of our general insurance partners, we work on a combined operating ratio model. What that implies is, if any component of the combined operating ratio, whether it is claims ratio or whether it is commissions, they come down, from whatever was the ongoing, that can reflect itself in terms of consumer pricing. And thus, you can see higher volumes because of more aggressive consumer pricing. Also, in term of service, we not just do marketing, consulting, technology, administration of policies, but we also manage networks. So, there is also possibility of us working with our partners for getting service revenues for these activities, including reinsurance support, because as you can imagine, we are not just a distributor, we are also a risk manager. So, and we are also exploring all options in terms of manufacturing, whether that be insurance or reinsurance, so we will explore those, we're at early stages of exploration of that. I don't know if Sarbvir or Alok, you want to add anything at this stage, otherwise, we can open it up to questions. Management: I just want to reiterate what Yashish said, and, explain that we are performing multiple roles. There is a marketing awareness role, there is a conversion risk role, then there is a service and claims role. I think it is important to understand that our efforts are in multiple areas, and each of which, when unbundled, so for example, when you acquire customers from Google, you do pay Google separately, versus what you do to convert the lead, etc, etc. So, I think we have multiple roles, and I think that will give multiple areas of engagement. And the last thing I just want to say is that in the document, if you see sections 46-48, it is very clearly written that quality of business should be given value. It is not clear as to how that value is to be given, but I think that is very clearly expressed. I think that is very important portion to consider, because once that is in place, that value is given to the channel, to the distributor, to the platform which is providing higher quality of business, and then I think the delta that Yashish spoke about will become clearer. So, we remain very optimistic that eventually, the direction is clear, and hence, we will also benefit from that. And we have to work out the logistics of that. Management: And we also hope the Act had provided a provision for the MGA, so we will also represent to the regulator and try to see if, along with these regulations, they can also consider approving the MGA, which should address this problem of quality and, thus, allow us to be rewarded for the better quality of business we do. Management: See, one last thing, this is not something which is just for Policybazaar. This is a very industry-wide proposal which has been taken out, impacting all the distributors, and even insurance companies, and the way the insurance distribution model has worked in India so far. I think everyone from the industry has to collaborate and figure out what is the right next step for this, including us, obviously. But this is right now a draft consultation paper. So they will take inputs, and we will obviously provide inputs, and the timelines to implement, and some of the basic details in terms of whether it is retrospective, not retrospective, they are not still clear. So, our request is that right now, we are also absorbing, analyzing, and figuring out what is the right next step. And, we wanted to have this call so that we are able to present our current thinking with everyone. There are not too many exact next steps which are lined up yet, but over the next few weeks, I'm sure we and industry will have those in place, and at the Page 1 of 9 right time, we'll communicate those to the broader group as well. It's just been less than 24 hours since this has come out. Happy to take questions here. Management: Manas, please go ahead, I will unmute you right now. Manas Agrawal: Thank you Yashish, for the opportunity. The math that has sort of come out from the regulator seems like the cost structure for the call center becomes difficult to sustain, especially on the general side, be it health, be it motor. So, obviously, the service is a bundle across all products. How are you thinking about product mix shifts, strategically, and that obviously has implications for market growth for the insurers as well. So that is question A. One more question, if I may. The second question that I want to understand from you guys, if you're in a position to share, what cost synergies or optimization strategies that could be enabled? To get a sense of downside protection. Management: Sure, I'll take a very quick shot at it, and Sarbvir [Showing first 8,000 characters — download PDF for full document]