Date: 27 th April 2015 UFO-MOVIEZ INDIA-IPO. Issue Size and Purpose

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1 Date: 27 th April 2015 UFO-MOVIEZ INDIA-IPO Issue Size and Purpose The company is coming out with an initial public offering (IPO) amounting to Rs 600 crore at an price band of Rs per share of face value Rs 10 each. The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges and for the sale of equity shares by the selling shareholders. The public issue is offer for sale by PE investors - 3i Research Mauritius and P5 Asia, holding Investments and partly by the promoters. Objects of the Issue: 1. Achieve the benefits of listing the Equity Shares on the Stock Exchanges and for the sale of Equity Shares by the Selling Shareholders. 2. Company will not receive any proceeds of the Offer and all the proceeds of the Offer will go to the Selling Shareholders. 3. Company expects that listing of the Equity Shares will enhance its visibility and brand image and provide liquidity to its existing shareholders. IPO Highlights: Sector Entertainment No. of shares on offer at Rs 615 per share(lakh) No. of shares on offer at Rs 625 per share (lakh) 96 Price Band (Rs) Post issue equity (Rs crore) 25.9 Promoter and promoter group stake before IPO 37.80%* Issue open date 28th April 2015 For Anchor Investor issue open date 27th April 2015 Issue close date 30th April 2015 Listing NSE & BSE

2 Background: UFO Moviez India is promoted by Sanjay Gaikwad, Narendra Hete, Valuable Technologies, Valuable Media and Apollo International. It is India's largest digital cinema distribution network and in-cinema advertising platform (in terms of numbers of screens). The company operates India's largest satellitebased, digital cinema distribution network (in terms of numbers of screens) using its UFO-M4 platform as well as India's largest D-Cinema network (in terms of numbers of screens). In FY 2014, the company digitally delivered more than 1500 movies in 22 languages to 4,703 screens with aggregate seating capacity of approximately 2.15 million viewers spread across India. Since the beginning of its operations, it has digitally delivered more than 8,800 movies in India till February 28, End February 2015, its global network spanned 6,626 screens worldwide, including 4911 screens across India and 1,715 screens across Nepal, the Middle East, Israel, Mexico and the USA. The company's digitization and delivery model has been a key driver of extensive digitization of Indian cinemas and has enabled wide-spread, same-day release of movies across India. Prior to the advent of digital cinema exhibition, movies were exhibited using analogue celluloid prints, which involved high upfront production cost and required distributors to physically deliver the prints to cinemas. The company creates value to movie producers and distributors by reducing distribution costs, providing reach to a network of over 4,911 screens across India, which is a faster method of delivery of content, and reducing piracy through encryption and other security measures. According to CRISIL, the company has an overall 54% market share in India's digital cinema exhibition industry in terms of screens that use digital cinema distribution networks. The company works directly with movie producers and distributors for the secured, satellite-based delivery of Bollywood and other India-sourced movies as well as movies from outside of India (excluding movies from major Hollywood studios that have created the D-Cinema standard format) across cinemas in India. It enters into arrangements with movie producers and distributors and charges for content delivery (VPF E-Cinema) to provide their movies a broad exhibitor client base through its network. The company also provides movie producers and distributors a licensing process for the screening of their movies. A movie producer or distributor provides an authorization to it that sets out the number of times a specific exhibitor can screen the movie within a defined timeframe. The company then transmits this information via satellite network to the Cine Blaster server at each cinema. The license is stored on a secure FIPS certified token. After a movie is screened for the pre-set amount of times by the license, the license expires and the Cine Blaster server does not allow any further screenings of the stored movie unless the company provides the exhibitor a new license based on authorization by the movie producer or distributor. Upon receipt of license for exhibition of the encrypted movie file, the exhibitor can schedule screenings of the movie using the company's Cine Blaster server. The encrypted and encoded UFO-M4 movie file is decrypted and decoded by the Cine Blaster server and projected on to a screen at the scheduled time using digital projectors. Every such screening automatically leaves behind a technical log, which is then retrieved by the company's central billing server for billing purposes. Exhibitors rent a UFO-M4 digital cinema system from the company, which includes a Cine Blaster server, digital projector, uninterruptable power supply (UPS) and very small aperture terminal (VSAT) antenna for a fixed periodic fee, typically over a contractual period of 10 years with an option to terminate for convenience only after a period of approximately four years. From time to time, the company also sells to exhibitors digital cinema equipment as well as related consumables such as lamps. The company also provides installation services for the initial installation of digital cinema equipment that is provided by it.

3 The company delivers movie content through its satellite-based cinema distribution network using UFO- M4 platform and D-Cinema network. UFO-M4 is satellite-based, E-Cinema movie delivery platform. E-Cinema is a commonly used term to describe various technologies used to digitally deliver movie content other than through D-Cinema. The company's UFO-M4 platform provides an end-to-end satellite delivery of movies excluding movies from major Hollywood studios that created the D-Cinema standard format to exhibitors across 3,462 cinema screens across India, which then exhibit movies using the company's digital cinema equipment. The primary activities of the company's D-Cinema network include collecting Virtual Print Fees (VPF) D-Cinema from certain major Hollywood studios and other movie studios and providing D- Cinema equipment to D-Cinemas across India. The company has D-Cinema deployment contracts with certain major Hollywood studios, which allow it to collect VPF D-Cinema from those studios. End February 2015, it had collected VPF D-Cinema for 1,449 screens across India. It further provided D-Cinema equipment to 680 D-Cinema screens across India end February In the fiscal year 2014, it digitally delivered 57 movies from major Hollywood studios across its D- Cinema network. Revenue Sources The company receives revenue primarily from (i) advertisers for in-cinema advertising, (ii) movie producers and distributors for the secured delivery and screening of their movies and (iii) exhibitors who are the owners of screens, through equipment rental and sales of digital cinema equipment. It also receives other revenues from distributors for digitization and exhibitors in the form of registration fees from exhibitors using its network, as well as other miscellaneous income. The company had created a pan-india, high-impact, in-cinema advertising platform with generally long-term advertising rights to 3,770 screens, with an aggregate seating capacity of approximately 1.85 million viewers and a reach of over 1,800 locations across India end February It had 1,669 advertisers in India. The company's advertisement duration is on an average of 3.3 minutes per show, which is very less compared with big multiplex players like PVR and Inox, whose are in the range of min, thus giving a big potential for growth. Also, the advertisement rate of the company is low compared with PVR and Inox. The company shares a portion of its advertisement revenues from advertisers with exhibitors, which aligns their interests with it, giving them a strong incentive to continue utilizing the company's systems. Exhibitors using its UFO-M4 platform receive a flat 10% or 25% of the company's advertisement revenue, subject to a minimum assured fee payment that it began offering to a significant number of exhibitors from FY In FY 2014 and 9M FY 2015, it had paid the minimum assured fee to close to half of the total screens using its UFO-M4 platform. Cinema screens use an entry level D-Cinema system rented from the company. The exhibitors' share in advertisement revenue is fixed at 25% subject to a minimum assured fee payment. For other D-Cinema screen arrangements, the revenue sharing is determined on a case-by-case basis subject to a minimum assured fee payment. The exhibitor's share of advertisement revenue depends on negotiations Distributors using the services for electronic delivery and secured playback of their films being released on the UFO-M4 network pay the company a fixed fee on a per movie, per screening basis. VPF E-Cinema is typically applicable only to the first two weeks of a movie's release. Bollywood movies are subject to a total of Rs ceiling per cinema. For southern Indian screens, where its subsidiary Southern Digital Screenz India Private Limited, raises service fee bills on the distributor, the distributor pays the fixed fee on a per movie, per week basis or a onetime flat fee of between Rs Rs paid on a per movie, per property (consisting of one or more cinema screens) basis. This revenue is generally retained by it and not shared with exhibitors. Another key franchisee is Arti Cinemas Private Limited, a third party franchisee, which

4 operates its business in East India. The VPF E-Cinema revenue the company receives depends on whether the exhibitor is signed up through it or a franchisee. Typically, one-third of the revenue generated by the franchisee from distributor service fee is shared with it. In other cases, its share in distributor fee revenue is fixed at Rs 7500 per screen, per month. The balance amount after such sharing with it is retained by the franchisee. As at February 28, 2015, the company had 3462 exhibitors' screens in India. None of its exhibitor customers had contributed more than 10% of consolidated total revenue for the past three years. It received revenue from exhibitors in two primary ways, (i) lease rental income from E-Cinema and D-Cinema equipment rental and (ii) sales of lamps and of digital cinema equipment From time to time, the company also sold to the exhibitors digital cinema equipment as well as related consumables such as lamps. Acquisition of Valuable Digital Screens Private Limited (VDSPL) On December 18, 2014, the company entered into an investment agreement with Valuable Technologies (VTL), one of the promoters, VDSPL and other parties foracquisition of the entire equity shares of VDSPL. The company has acquired 80% of equity. Further, as per the terms of the investment agreement, by no later than August 31, 2018, the company will acquire the remaining 20% equity of VDSPL from VTL for a further consideration to be calculated in accordance with the terms of the investment agreement VDSPL is an India-based business that has two primary operations:- The Club Cinema" business provides digital screening of movies in clubs and community centres at private screens such as remote industrial townships, corporate auditoriums, educational institutions and other leisure and entertainment complexes. The Caravan Cinema business provides movie screenings with low capital expenditures in targeted rural areas, especially Haats (weekly market place at villages), creating a unique opportunity for advertisers to reach a captive audience by partnering with various brands. Currently, movies are screened free to viewers and Caravan Cinema derives its revenues through advertising. Other Initiatives Under an exclusive arrangement with Impact Media Exchange, the company is marketing an electronic ticketing platform, known as the Integrated Media Pact, or Impact, to improve transparency, efficiency and accountability in movie screening industry. The transactions on Impact are captured on a real time basis as it is connected via satellite to a centralized Network Operation Centre. Financial Performance The consolidated net sales for 9M FY2015 stood at Rs crore. The revenue from advertisement was at Rs crore, VPF was at Rs crore and lease rental was at Rs 37.9 crore. OPM stood at 33.4%. The net profit stood at Rs crore The consolidated net sales for FY2014 have increased by 25% to Rs crore, driven by increase in VPS D-cinema by 74%, lease rental income in D-cinema by 67% and advertisement revenue by 44%. The OPM declined by 20 bps to 31.2%. The net profit hncreased by 39% to Rs crore due to top-line growth.

5 Strengths With 9,500-10,000 cinema screens as of 2013, India has a very low screen density of around 8 screens per million populations as compared with 117 screens per million in the US and around 30 screens per million in China. This highlights the significant potential for increasing the number of screens in the country over the next few years and business opportunities for the company. The company is a leading player in the digital cinema space in India. According to CRISIL, the company has an overall 54% market share in India's digital cinema exhibition industry in terms of screens that use digital cinema distribution networks. The company is market leader in reach in terms of number of screens in the fast-growing incinema advertising market in India. The company's advertisement revenue grew 44% in FY2014. Its contribution to sales increased from 18% in FY2012 to 24% in 9M FY2015. Its advertising clients grew from 563 in FY2013 to 1056 advertisers in FY3014. End February 2015, it had 1,669 advertisers in India. In addition to maximizing on-screen advertising inventory utilization, it also has the opportunity to monetize below-the-line advertising opportunities at each cinema. In many advertising screens, it also has the rights to monetize additional commercial space which it intends to utilize for setting up kiosks for its corporate customers for product promotions. In addition, it is also exploring new opportunities including advertisements on movie tickets, seat covers, ticketing windows, parking lots and other public spaces. Weaknesses The company is presently involved in certain disputes with Real Image Media Technologies Private Limited, its competitor, with respect to certain patents held by Real Image. If such disputes are decided against it or are not settled on terms favorable to the company, or at all, it would have a material adverse effect on the business, financial condition, results of operations, prospects and reputation and can also have a material adverse effect on the stock price. Any downturn in the Indian or international cinema industries could materially adversely affect business, financial condition, results of operations and prospects. Adverse socio-economic events, film industry strikes or competing entertainment events (like Cricket World Cup an d IPL) can affect revenues and profit in some quarters. The company depends on its relationships and agreements with movie producers and distributors and exhibitor. And any failure to maintain these relationships or to establish and capitalize on new relationships could have a material adverse effect on business, prospects, financial condition and results of operations.certain other ventures of promoters are authorized to engage in a similar line of business. Valuation At the lower price band of Rs 615 per equity share of Rs 10 face value, the P/E works out to 32.4 times the annualized EPS of Rs 19 (on post-ipo equity) for the nine months ended December At the upper band of Rs 625, P/E works out to 32.9 times the annualized EPS of Rs 19 (on post-ipo equity) for the nine months ended December This is basically high risk, high return kind of issue. Those who are looking for listing gain may apply. There is no listed company in peer group to compare valuations.

6 Consolidated Financials: Particulars 1412(09) 1403(12) 1303(12) 1203(12) 1103(12) Net Sales OPM (%) OP Other Income PBDIT Interest PBDT Depreciation and Amortization PBT before EO EO PBT after EO Tax Profit after tax before share from associate company Share of profit/loss in associate company Minority Interest Net Profit EPS (Rs)* # * Annualised on post-issue Equity of Rs 25.9 crore; Face value Rs 10 # Not annualized due to loss at bottom-line Figures in crore Disclaimers: For further risk factors investors may refer the prospectus given on company and SEBI website. (Source: Capital Market)

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