Follow-on Order from Larsen & Toubro

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Follow-on Order from Larsen & Toubro

CyanConnode, a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that it has received a follow-on order from Larsen & Toubro (L&T) for the Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Ltd (MPWZ), worth approximately $480k.

In 2018, CyanConnode announced receipt of an order worth $3.2m from L&T, relating to the deployment of its Omnimesh solution for MPWZ). Hardware for the order was delivered to L&T during 2018 and the deployment has progressed rapidly.

Upon implementation of CyanConnode's Ominimesh solution, MPWZ has seen dramatic improvements in billing efficiency, particularly in 'Feeder' areas with high non-technical losses. As a consequence, MPWZ has decided to increase the quantity of smart meter deployments in 'Feeder' areas with high non-technical losses first, the result of which is to reduce the number of RF Smart Mesh Network Canopy Gateway deployments but increase the number of RF Module deployments.

With the increased number of RF Module deployments, the combined value of the original order and the follow-on order has increased to approximately $3.68m.

MPWZ, the State-owned utility, operates in Madhya Pradesh and has over 3 million electricity meters, located in Indore, Ujjain and other cities. CyanConnode's technology, which meets the technical requirements for Advanced Metering Infrastructure in India, has been integrated into L&T's IS 16444 Smart Meter, which complies with the 'Bureau of Indian Standards' meter protocol.

CyanConnode's Omnimesh solution provides automated meter reading including; on-demand meter reading, remote meter disconnection/reconnection, alerts and alarms including outage notifications, all of which helps Utilities to improve their billing efficiency as well as reducing non-technical losses.

Anil Daulani, Managing Director India, commented: "CyanConnode India is pleased to announce the first follow-on order for its Omnimesh solution, which was officially launched in June last year.

"Our RF Smart Mesh Network technology facilitates the deployment of a build-as-you-go smart network canopy, which will enable MPWZ to scale-up smart metering deployment across its customer base in a cost-effective and flexible manner. MPWZ's implementation demonstrates how standards-based technology can be integrated and deployed swiftly, facilitating billing efficiency and reduction of non-technical losses."

"CyanConnode has made significant progress in India with its revolutionary Omnimesh technology, which is demonstrated by a current Indian order book of over $20m."

Enquiries:

CyanConnode Holdings plc Tel: +44 (0) 1223 225 060

John Cronin, Executive Chairman www.cyanconnode.com

Arden Partners plc (Joint Broker) Tel: +44 (0) 20 7614 5900

Paul Shackleton / Dan Gee-Summons (Corporate Finance)

Simon Johnson (Corporate Broking)

About CyanConnode

CyanConnode is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks that facilitate machine to machine (M2M) communication. CyanConnode's innovative network technology, which is self-forming and self-healing, uses the Licence Free Industrial, Scientific and Medical Radio Band which is optimised to give exceptional performance and competitive total cost of ownership. Through global partnerships, CyanConnode provides customers with solutions for the rapid deployment of build-as-you-go Narrowband RF Smart Mesh Networks, that provide reliable and secure citywide or countrywide M2M communication.

For more information, please visit www.cyanconnode.com

About Larsen & Toubro

Larsen & Toubro is a USD 15 billion technology, engineering, construction, projects, manufacturing and financial services conglomerate, with global operations. The company is engaged in core, high-impact sectors - infrastructure, construction, defence, hydrocarbon, heavy engineering, power, aerospace, shipbuilding, electrical & automation, mining and metallurgy. Its integrated capabilities span the entire spectrum of 'design-to-deliver', and it offers turnkey EPC solutions in its major business lines. Its track record covers products, projects and processes executed to international benchmarks.

Electrical & Automation is a major business portfolio of Larsen & Toubro. The business basket of Electrical & Automation (E&A) contains low and medium voltage switchgear products, electrical systems, energy meters and automation solutions. Its products and solutions cater to industry, utility, building & home, infrastructure and agriculture segments.

For more information, please visit www.larsentoubro.com