Copyright 2017 CPI Card Group
William Blair Growth Stock Conference
June 13, 2017

Copyright 2017 CPI Card Group
Disclaimer
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Forward-Looking Statements
Statements in this presentation that are not statements of historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements
may be identified by terms such as statements about our plans, objectives, expectations, assumptions or future events. Words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “believe,” “estimate,”
“intend,” “continue”, “project”, “plan”, “foresee”, and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These statements involve risks and
uncertainties that could cause actual results to differ materially from those described in such statements. These risks and uncertainties include, but are not limited to: material breaches in the security of our
systems; market acceptance of developing technologies that make Financial Payment Cards less relevant; a slower or less widespread adoption of EMV and dual-interface EMV technology than we
anticipate; difficulties in production quality and process; defects in our software; our failure to operate our business in accordance with the PCI security standards or other industry standards such as Payment Card
Brand certification standards; failure to accurately predict demand for our products and services; extension of card expiration cycles; a decline in U.S. and global market and economic conditions; failure to identify,
attract and retain new customers or a failure to maintain our relationships with our major customers; potential imposition of tariffs and/or trade restrictions on goods imported into the United States; our substantial
indebtedness; infringement on our intellectual property rights, or claims that our technology is infringing on third-party intellectual property; failure to meet our customers’ demands in a timely manner; competition
and/or price erosion in the payment card industry; our dependence on licensing arrangements; inability to renew leases for our facilities; interruptions in our IT systems or production capabilities; the restrictive terms
of our credit facility and covenants of future agreements governing indebtedness; non-compliance with, and changes in, laws in foreign jurisdictions in which we operate and sell our products; challenges related to our
acquisition strategy; our dependence on specialized equipment from third party suppliers; and other risks and other risk factors or uncertainties identified from time to time in our filings with the SEC. Although the
Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Reference is made to a more
complete discussion of forward-looking statements and applicable risks contained under the captions “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 2, 2017. CPI Card Group Inc. undertakes no obligation to update or revise any of its forward-looking statements, whether as a
result of new information, future events or otherwise.
Non-GAAP Financial Information
In addition to financial results reported in accordance with U.S. generally accepted accounting principles (GAAP), we have provided the following non-GAAP financial measures in this presentation: Adjusted Net
Income, Adjusted Diluted Earnings per Share, EBITDA, Adjusted EBITDA, and Free Cash Flow. Adjusted Net Income and Adjusted Diluted Earnings per Share exclude the impact of amortization of intangible assets,
stock-based compensation expense, litigation and related charges incurred in connection with certain patent and shareholder litigation, impairment of intangible asset, performance bonuses in connection with the
EFT Source acquisition, restructuring and other charges, accelerated amortization of debt issuance costs in connection with term loan payments, loss on debt modification and early extinguishment and other non-
operational, non-cash or non-recurring items, net of their income tax impact. EBITDA represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA, adjusted for
stock-based compensation expense, litigation and related charges incurred in connection with certain patent and shareholder litigation, impairment of intangible asset, performance bonuses in connection with the
EFT Source acquisition, restructuring and other charges, loss on debt modification and early extinguishment, foreign currency gain or loss, and other items that are unusual in nature, infrequently occurring or not
considered part of our core operations, as set forth in the reconciliation located in the Appendix. EBITDA, Adjusted EBITDA and Adjusted Net Income should not be considered an alternative to net income, income
before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP as those items are used to measure operating performance, liquidity or
the ability to service debt obligations. The Company believes that EBITDA, Adjusted EBITDA and Adjusted Net Income present a transparent view of our recurring operating performance and allow management to
readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance. Management also believes that these measures are useful to investors in their analysis of
our results of operations and provide improved comparability between fiscal periods. EBITDA, Adjusted EBITDA and Adjusted Net Income, as CPI defines them, may not be comparable to EBITDA, Adjusted EBITDA
and Adjusted Net Income or similarly titled measures used by other entities. We define Free Cash Flow as cash flow from operations less capital expenditures. We use this metric in analyzing our ability to service
and repay our debt and to forecast future periods. However, this measure does not represent funds available for investment or other discretionary uses since it does not deduct cash used to service our debt.
Investors are encouraged to review the reconciliation of these historical non-GAAP measures to their most directly comparable GAAP financial measures, and a reconciliation of non-GAAP measures contained in
our 2017 guidance included in the Appendix. Additional information relating to certain of our financial measures, including our Non-GAAP financial measures, is available in our most recent earnings release and on
our website at http://www.cpicardgroup.com/investor-relations.

Copyright 2017 CPI Card Group
Business Summary
Steve Montross
President and CEO

Copyright 2017 CPI Card Group
Company Overview
CPI is a Leader in Payment Card Solutions
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Leading Market Positions
• U.S. large issuer market
• U.S. small and mid-sized
issuer market
• U.S. prepaid debit card
market
4,000+ Customers
Long-term, trusted
relationships
Large and Growing
Addressable Market
Attractive Financial Profile
• Diversity across payment
card markets
• Operating leverage
• Strong free cash flow
conversion
~1,300 Employees 10 Production Facilities
• 8 high-secure facilities in
North America
• Certified by one or more of
the payment card brands
CPI is a Market Leader with over 20 Years of Experience

Copyright 2017 CPI Card Group
Company Overview
Markets Served
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Copyright 2017 CPI Card Group
Company Overview
Comprehensive End-to-End Payment Solutions and Services
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Instant Card
Issuance Systems
EMV Financial
Payment Cards
Non-EMV
Payment Cards
Personalization and
Print on Demand
Prepaid
Cards
• Feature a chip that
interfaces with an EMV
payment terminal
• Utilize magnetic stripe,
RFID contactless
technology, or both
• Encoding information on
financial cards
• Technology driven B2B
and B2C personalization
solutions
• Data integration with
thousands of U.S. banks
• In branch financial card
issuance
• SaaS-based solution
• Installed base of more
than 6,000 units at bank
branches
• Solutions designed for
feature and anti-fraud
function for Prepaid Debit
Cards
• Tamper-evident security
packaging solutions
Substantial Cross-Selling Opportunities

Copyright 2017 CPI Card Group
The Market
2017 Market Conditions
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Large and Growing Addressable Market
• Expect EMV card production in the U.S. in 2017 to be similar to 2016
levels
• Demand outlook for value-added services for debit and credit financial
card market remains solid
• Strong growth in the enterprise B2B and B2C prepaid markets
• Expect volume growth in U.S. retail prepaid market

Copyright 2017 CPI Card Group
Innovation and Product Enhancement
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Metal Cards
• Received certification from Visa, MasterCard and
Discover for two metal EMV card products
Card@Once®
• Continued strong new installation growth
• Beta testing next generation printer with customers
Drivers of Growth
Deepens Existing Customer Penetration and Attracts New Customers
Print on Demand
• Strong initial demand
• Pipeline continues to ramp

Copyright 2017 CPI Card Group
CPI
Strategic Focus
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Continued Focus on Quality and Superior Execution
• Capitalize on secular growth of the Financial Payment
Card market
• Expand within our broad and attractive customer base
by focusing on our entire suite of end-to-end products
and solutions
• Boost revenue growth through offering new and
innovative products and services
• Focus on profitable growth through productivity, cost
efficiency, and process excellence initiatives

Copyright 2017 CPI Card Group
Financial Summary
Lillian Etzkorn
Chief Financial Officer

Copyright 2017 CPI Card Group
Financial Summary
Annual Financial Performance
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Net Sales Adjusted EBITDA* Adjusted Net Income*
($ in millions) ($ in millions) ($ in millions)
$85 $95 $102
$132 $140
$99
$101
$159
$242
$169
$184
$196
$261
$374
$309
2012 2013 2014 2015 2016 2017E**
Services Products
$315 -
$340
* See Appendix for definitions of our Non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.
** Represents 2017 guidance.
$31
$38
$54
$96
$57
17%
20% 21%
26%
19%
21%
2012 2013 2014 2015 2016 2017E**
$64 -
$73
$10
$13
$23
$47
$16
2012 2013 2014 2015 2016 2017E**

Copyright 2017 CPI Card Group
Financial Summary
Q1 2017 Results
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($ in millions, except EPS)
2017 2016 Change
Net sales:
Products 29.8$ 55.0$ (25.2)$
Services 26.2 31.4 (5.2)
Total net sales 56.0$ 86.4$ (30.4)$
Gross Profit 16.1$ 29.7$ (13.6)$
gross margin 28.7% 34.4%
(Loss) Income from operations (1.8)$ 13.7$ (15.5)$
Net (Loss) Income (4.5)$ 5.7$ (10.2)$
GAAP Diluted EPS (0.08)$ 0.10$ (0.18)$
Adjusted EBITDA* 3.9$ 18.8$ (14.9)$
adj. ebitda margin 6.9% 21.7%
Adjusted Net (Loss) Income* (3.0)$ 7.1$ (10.1)$
Adjusted diluted EPS* (0.05)$ 0.13$ (0.18)$
Cash provided by operating activities (5.0)$ 16.8$ (21.8)$
Capital Expenditures (3.3)$ (3.8)$ 0.5$
Free Cash Flow (8.3)$ 13.0$ (21.3)$
First Quarter
* See Appendix for definitions of our Non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.

Copyright 2017 CPI Card Group
$40
$313
2017 2018 2019 2020 2021 2022
CPI Debt Maturities
(Undrawn)
Revolver
Term Loan$(Millions)
($ in millions) First Quarter
2017 2016
Cash $25.9 $37.0
Debt $312.5 $312.5
Net Debt $286.6 $275.5
Weighted Average Interest Rate 5.8% 5.5%
LTM Adj. EBITDA* $42.3 $98.4
Net Debt Leverage Ratio 6.8X 2.8X
Financial Summary
Debt and Liquidity
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 Term Loan Has No Leverage Covenants
 Borrowing Under Revolver limited to $20 million above 7.0x Net Debt / LTM Adjusted EBITDA
* See Appendix for definitions of our Non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.

Copyright 2017 CPI Card Group
Financial Summary
2017 Guidance
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* See Appendix for definitions of our Non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.
($ in millions, except EPS)
Low High
Revenue $315.0 $340.0
Adjusted EBITDA* $64.0 $73.0
GAAP EPS $0.22 $0.32
Non-GAAP EPS* $0.35 $0.46
• Card Manufacturing
Volume
• Services Volume
o Card@Once
o Print on Demand
o Prepaid Retail
• Cost Reductions
H/(L) than
2016
~$10 million
Assumptions

Copyright 2017 CPI Card Group
CPI
Investment Highlights
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Leading Market Positions
Large and Growing Addressable Market
Large Base of Customers with Long & Trusted Relationships
Attractive Financial Profile with Diverse Revenue Streams
Across Payment Card Markets
Attractive Valuation

Copyright 2017 CPI Card Group
Appendix

Copyright 2017 CPI Card Group
Non-GAAP
Reconciliation
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($ in millions)
Year Ended Dec 31, LTM March 31,
2012 2013 2014 2015 2016 2016 2017
Net Income (loss) from Continuing
Operations
$8.7 $11.2 $16.0 $31.3 $5.4 $31.0 $(4.8)
Depreciation and Amortization 10.5 11.6 13.3 16.0 16.9 16.0 17.3
Interest,
net
5.8 7.8 7.5 18.3 20.0 21.5 20.1
Provision (benefit) for Income Taxes 5.9 7.0 10.3 17.8 3.1 16.7 (2.0)
EBITDA $30.9 $37.6 $47.0 $83.4 45.5 85.2 30.6
Foreign Currency (Gain) / Loss 0.3 0.2 0.1 (0.1) 0.4 0.2 0.2
Loss on Debt Modification -- -- 0.5 0.7 -- 0.7 --
Gain on Purchase of ID Data (0.6) -- -- -- -- -- --
Non-cash Compensation Expense -- 0.6 4.5 9.6 3.6 9.8 3.4
EFT Source Performance Bonuses -- -- -- 1.0 1.0 1.0 0.8
Investment Banking and Related Fees -- -- 2.1 0.4 -- -- --
Other One-Time / Non-Recurring Item
Adjustments
-- 1.1 6.7 1.5 7.3
Total Non-GAAP Adjustments ($0.3) $0.8 $7.2 $12.8 11.7 13.2 11.6
Adjusted EBITDA $30.6 $38.4 $54.2 $96.2 $57.2 $98.4 $42.3
Net Income from Continuing Operations $8.7 $11.2 $16.0 $31.3 $5.4
Non-cash Compensation Expense -- 0.6 4.5 9.6 3.6
Amortization of Acquired Intangibles 2.0 2.0 3.4 4.6 4.6
Other One-Time / Non-Recurring Item
Adjustments
(0.3) 0.1 2.6 9.3 7.7
Tax Effect of Adjustments (0.7) (1.1) (3.7) (7.5) (5.6)
Total Non-GAAP Adjustments $1.0 $1.7 $6.8 $16.0 $10.3
Adjusted Net Income $9.7 $12.9 $22.8 $47.3 $15.7

Copyright 2017 CPI Card Group
Non-GAAP
Reconciliation
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EBITDA and Adjusted EBITDA:
Net (loss) income $ (4.5) $ 5.7
Interest expense, net 5.1 5.0
Income tax (benefit) expense (2.3) 2.8
Depreciation and amortization 4.5 4.1
EBITDA $ 2.8 $ 17.7
Adjustments to EBITDA
Stock-based compensation expense 0.5 0.7
Litigation and related charges 0.6 —
EFT Source acquisition performance bonuses — 0.3
Foreign currency (gain) loss (0.1) 0.1
Subtotal of adjustments to EBITDA 1.1 1.1
Adjusted EBITDA $ 3.9 $ 18.8
Adjusted net (loss) income and (loss) earnings
per share:
Net (loss) income $ (4.5) $ 5.7
Amortization of intangible assets 1.2 1.1
Stock-based compensation expense 0.5 0.7
Litigation and related charges 0.6 —
EFT Source acquisition performance bonuses — 0.3
Tax effect of above items (0.8) (0.7)
Adjusted net (loss) income $ (3.0) $ 7.1
(in millions)
2017 2016
Three Months Ended March 31,

Copyright 2017 CPI Card Group
Non-GAAP
Reconciliation
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Weighted-average number of shares outstanding:
Basic 55.4 56.5
Effect of dilutive equity awards — 0.3
Weighted-average diluted shares outstanding 55.4 56.8
Reconciliation of diluted (loss) earnings per share
(GAAP) to adjusted diluted (loss) earnings per
share:
Diluted (loss) earnings per share (GAAP) $ (0.08) $ 0.10
Impact of net income adjustments 0.03 0.03
Adjusted diluted (loss) earnings per share $ (0.05) $ 0.13
2017 2016
Three Months Ended March 31,
2017 2016
(in millions)
Three Months Ended March 31,

Copyright 2017 CPI Card Group
2017 Guidance:
Non-GAAP Reconciliation
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(in millions, except per share amounts)
Net income (GAAP)
(1)(2)
$ 12.3 $ 18.1
Amortization 4.5 4.5
Stock-based compensation
(2)
3.9 3.9
Litigation and related charges
(3)
3.0 3.0
Tax effect (4.0) (4.0)
Adjusted net income $ 19.7 $ 25.5
Weighted-average diluted shares
outstanding
(4)
55.7 55.7
Diluted earnings per share (GAAP) $ 0.22 $ 0.32
Adjusted diluted earnings per share $ 0.35 $ 0.46
Net income (GAAP)(1)(2)
$ 12.3 $ 18.1
Depreciation 13.7 13.7
Amortization 4.5 4.5
Interest expense(1)
20.0 20.0
Taxes 6.6 9.8
EBITDA $ 57.1 $ 66.1
Stock-based compensation(2)
3.9 3.9
Litigation and related charges(3)
3.0 3.0
Adjusted EBITDA $ 64.0 $ 73.0
Range
Low High
(1) Does not include adjustments to interest expense for
potential debt repayments, including the impact of
accelerated amortization of debt issuance cost and discount.
(2) Does not give effect to the impact to stock-based
compensation expense for any future grants, forfeitures or
modifications of stock-based awards.
(3) Represents legal costs incurred in connection with certain
patent and shareholder litigation.
(4) Does not give effect to the impact of any 2017 share
repurchases under the repurchase program announced on
May 11, 2016.