Corporate Presentation July, 2018
Agenda Eros Today Eros Now: #1 SVOD Platform for Indian Content Financial Overview PAGE 2
Our Team: Pioneers, Innovators with Deep Ties Across the Indian Film Industry Key Eros Management Kishore Lulla Chairman & CEO 30 years experience in Media & Film Prem Parmeswaran CFO 23 years experience in TMT Investment Banking Rishika Lulla Singh CEO, Eros Digital Mark Carbeck Chief Corporate Officer 20 years experience in Media Investment Banking PAGE 3
Eros Highlights 1 2 3 4 5 6 The global leader in Indian film entertainment with #1 box office market share Largest content library of Indian language films with over 3,000 rights and music Highly attractive market opportunity driven by secular tailwinds Eros Now strategically positioned to capture large digital opportunity in India Culture of innovation and partnerships with leading international talent Experienced management team with track record of execution PAGE 4
1 Eros: Leading From The Front
India: Leading Economic and Population Growth Fast Growing Economy Projected GDP Growth CAGR (2017A-2021E) 13.1% ~18% of World Population 1.3 Massive Population (2017, Billions) 3.3% 0.3 India USA Increasing Annual Disposable Income (India, USD) SVOD Services More Affordable Eros Now is 10x More Affordable than Netflix in India 1 $2,027 $1,559 $1,753 10.0x 2012A 2014A 2016A India 1.0x USA Source: World Bank, IMF, OECD, Euromonitor International, United Nations, Wall Street Research 1. Number of Eros Now subscriptions purchasable in India for each Netflix subscription purchasable in the India. Services costs based on Rs.500 Netflix Standard monthly subscription plan for India and Rs. 50 Eros Now monthly subscription plan for India, respectively. PAGE 6
India: Fast Growing Film and Television Market (USD Billions) Indian Film and Television (including OTT) Market Projected to Grow at 13% 16 21E CAGR $ 21 13% $ 15 $ 17 3 $ 19 3 3 8% $ 11 2 9 $ 13 3 10 3 12 14 16 18 15% 2016A 2017E 2018E 2019E 2020E 2021E TV (inc. Televised Film and OTT) Film (Theatrical) Source: FICCI KPMG Report. Rupees converted to USD at 64.5. 1. 2016A to 2021E CAGR. PAGE 7
Number of Movies Produced India: The Greatest Demand for Film of Any Country More Movies Made, and More Tickets Sold in India Than in Any Other Country 1 2,500 (2016A) 2,000 1,500 1,000 500 0 Japan UK France South Korea China 0 500 1,000 1,500 2,000 2,500 Annual Tickets Sold (mm) USA India India Box Office by Language Indian Movie-Goers by Native Language International 10% Other Regional 13% Telugu 17% Tamil 18% Hindi 42% Other Languages 16% Bengali 8% Malayalam 9% Marathi 10% Kannada 11% Hindi 18% Tamil 15% Telugu 14% Source: UNESCO Institute for Statistics, Film Federation of India, Wall Street Research 1. Size of circles scaled to represent Number of Movies Produced x Annual Tickets Sold. PAGE 8
Overview of Eros Eros International Plc Film Studio OTT Platform In-House Production / Co-Production Film Acquisition / Distribution India s #1 Film Studio Puja Entertainment World s Leading Indian Digital Entertainment Platform (Subsidiary of Eros International) 100mm+ Registered Users 7.9mm+ Subscribers 11,000+ Digital Film Rights Largest Share of Indian OTT Film Content 3,000+ Film Library 30%+ Box Office Market Share 100,000+ Audio Tracks Global Distribution Global, Multi-Channel Monetization Financial Summary Theatrical TV Syndication Freemium Pay Per View Subscription AD Advertising $$$ $ $ Bundled Services FY 2018 Revenue: $261mm FY 2018 Adj. EBITDA: $79mm Adj. EBITDA Margin: 30% Digital and Ancillary, 32.5% Theatrical, 30.3% TV Syndicati on, 37.2% 62% RoW 38% India FY 2018 Revenue PAGE 9
Pioneer and Innovator in Indian Film with 40+ Year History Founded; began acquiring international IP rights for Indian content Established global distribution network outside India Adoption of vertically integrated mode Launch of Channel Launched Digital distribution channels: Announced Techzone acquisition Eros Now official marketing launch (Jul-2015) Expanded distribution partnerships in India + Overseas 1977 1981 1982 1998 2006 2007 2008 2010 2014 2015 2016 2017 2018 Early adopter of VHS distribution Launch of first digital Bollywood TV network (¹) First Indian media company to list on AIM SVOD agreement with Ayngaran Tamil acquisition Listed EIML on the and Listed Eros PLC on Over 80mm Investment from registered users on Eros Now (Dec-2017) (2) Eros has a rich 40 year history of acquiring and co-developing content the Company has undergone a digital transformation and is well positioned to leverage its large library across its Eros Now platform 1. Eros PLC currently has a 24% stake in B4U 2. Eros PLC delisted from LSE AIM market and commenced trading its A ordinary shares on the NYSE PAGE 10
Strategic Positioning Global Leader in Indian Film Entertainment Consistent and strong box office market share over 30% share for the past six years (1) Deep and rich content library spanning multiple languages and genres. 3,000+ multi-format rights and 11,000+ digital-only rights Studio continuously replenishes content Eros Now Originals etc. Large and fast growing Indian OTT platform Leading OTT Platform Mass-market reach supported by attractive pricing and telco partnerships covering majority of Indian 4G users Largest Share of Indian OTT Film Content Strong Strategic Positioning in a Fast Growing Market Market presence for over 40 years with unparalleled brand recognition Deep relationships with talent and distributors globally Leading player in a growing and underpenetrated cinema market 1. Represents average market share of all theatrically released Indian language films from 2011-2016 in UK and US. Source: Comscore. PAGE 11
Reliance Industries: An Industry Defining Partnership A Mutually Beneficial Strategic Partnership with India s Largest Conglomerate to Consolidate Indian Content 5% Minority Investment in Eros (Announced February 2018) Content Distribution Capital Investment to dramatically scale Eros capabilities in content production, marketing, and distribution Engagement Symbiotic relationship with Reliance s Jio to create high efficient unit economics for the Eros Now OTT platform Reliance s production expertise to further bolster expansion and development of Eros original and short-form content $150mm Joint production and acquisition fund We are pleased to join hands with Eros, as it will bring further synergies into our plans, making for a win-win partnership Mukesh Ambani, Chairman, Reliance Industries Reliance: Eros Investment Adds to Significant Media & Telecom Presence in India Leading LTE mobile network in India Over 160mm subscribers and ~45% market share Eros Now Distribution 5% Leading Indian film production and distribution studio, with leading OTT platform 40-50 films per year, library of 3,000+ films, with 11,000+ digital rights ~78% JV with Leading Indian news and entertainment network 60 channels with presence in 27 states and 12 languages ~25% Leading Indian scripted TV production studio Produced over 17,000+ hours of television content and 34 movies Source: Eros International Plc filings, Press reports PAGE 12
Platform Content Unique Combination of Expansive Content and Proprietary OTT Platform Studios OTT Players in India (Hotstar) Original Content Production Leading Library of Indian Films Pure-Play Media Company Proven OTT Platform Scaled User Base Subscription Platform Source: Company Filings, Company Websites PAGE 13
Unrivalled Library & Film Production Capability New Film Mix 40 50 Films Each Year Co-Production 3,000+ Film Library Acquisition Hindi Regional Language International Agreements Digital Premiere Window 11,000+ Digital Film Rights 5,000+ into Perpetuity 20+ Originals in Production 100+ TV Shows Released Jan 2018 9 IIFA Awards 1 Filmfare Award 12 IIFA Awards 1 IIFA Award 1 TOIFA Award 1 TOIFA Award 1 IIFA Award Eros Now Library Has Digital Rights to ~50% of the Top 250 Indian Movies by Box Office Gross Source: Eros International Plc filings, Management PAGE 14
Extensive Talent Relationships Select Leading Actors Amitabh Bachchan Shah Rukh Khan Salman Khan Ranveer Singh Deepika Padukone Priyanka Chopra Anushka Sharma 3 IIFA Awards 4 NFA Awards 5 IIFA Awards 1 IIFA Award 2 NFA Awards 3 IIFA Awards 4 IIFA Awards 1 NFA Award 3 IIFA Awards 1 NFA Award 3 IIFA Awards Select Leading Directors Sanjay Leela Bhansali Anand L. Rai Kabir Khan Raj & DK Anurag Kashyap Sujay Dahake 4 IIFA Awards 2 NFA Awards 1 BIG Award 1 Stardust Award 1 IIFA Award 1 NFA Award 2 IIFA Awards 1 NFA Award Note: IIFA = International Indian Film Academy. NFA = National Film Awards. PAGE 15
Select Upcoming Releases FY 2019 Film Name Star Cast/(Director/Producer) Language Tentative Release Alinagarer Golokdhadha Anirban Bhattacharya, Koushik Sen (Sayantan Ghosal) Bengali Released Meri Nimmo 1) Anjali Patil, Karan Dave (Rahul Sanklya / Colour Yellow Productions) Hindi Released Haami Broto Banerjee (Nandita Roy, Shiboprosad Mukherjee) Bengali Released Good Night City Rituparna Sengupta, Saswata Chatterjee (Kamaleswar Mukherjee) Bengali Q1 FY2019 Bhavesh Joshi Harshvardhan Kapoor (Vikram Motwane / Phantom Films) Hindi Q1 FY2019 Manmarziyaan Abhishek Bachchan, Vicky Kaushal, Tapsee Pannu (Anurag Kashyap / Colour Yellow Productions) Hindi Q2 FY2019 Happy Pill Ritwick Chakraborty, Sohini Sarkar (Mainak Bhowmick) Bengali Q2 FY2019 Happy Phir Bhaag Jayegi Sonakshi Sinha, Abhay Deol, Jimmy Shergill (Mudassar Aziz / Colour Yellow Productions) Hindi Q2 FY2019 Kishore Kumar Jr. Prosenjit Chatterjee, Aparajita Adhya (Kaushik Ganguly) Bengali Q3 FY2019 Mumbai Pune Mumbai 3 Swapnil Joshi, Mukta Barve Marathi FY2019 7 Kadam Amit Sadh, Diksha Seth, Ronit Roy & Others / (Mohit Kumar Jha) Hindi FY2019 Haathi Mere Saathi Rana Dugabatti (Prabhu Soloman) Hindi / Tamil / Telugu FY2019 Ticket to Bollywood Amyra Dastoor, Diganth Manchale / (Eros) Hindi FY2019 Kaptan Saif Ali Khan, Zoya and others (Navdeep Singh / Colour Yellow Productions) Hindi FY2019 Note: List does not included all projected film releases. PAGE 16
Select Upcoming Releases (Cont d) FY 2019 & 2020 Film Name Star Cast/(Director/Producer) Language Tentative Release Nervazhi Nayanthara (Bharath Krishna) Tamil FY2019 Untitled (Homi Adajania / Maddock Films) Hindi FY2019 Jaita Harman Baweja (Harry Baweja) Hindi FY2019 Guru Tegh Bahadur (Harry Baweja) Punjabi FY2019 Kaamiyab (Drishyam Films) Hindi FY2019 Cobra Gautam Ghulati, Tarun Khanna, Nyra Banerjee, Ruhi Singh (Munesh Rawal) Hindi FY2019 Untitled Ravi Vasudevan Malayalam FY2019 Annum Pennum Rajish Parameshwaran Malayalam FY2019 Untitled (Vijith Nambiar) Malayalam FY2019 Panda (Indo-China) (Kabir Khan) Hindi FY2020 Tannu Weds Manu 3 (Anand L Rai) Hindi FY2020 Chandamama Door Ke Sushant Singh Rajput, Nawazuddin Siddiqui (Sanjay Puran Singh) Hindi FY2020 Pitch White (Vipul Shah) Hindi FY2020 Untitled (Rahul Dholakia / Next Gen Films) Hindi FY2020 Ankhen 2 Amitabh Bachchan & Others Hindi FY2020 Note: List does not included all projected film releases. PAGE 17
Select Upcoming Releases (Cont d) FY 2020 Film Name Star Cast/(Director/Producer) Language Tentative Release Heer (Colour Yellow Productions) Hindi FY2020 Fake (Raj & DK) Hindi FY2020 Re-Union (Sujoy Ghosh) Hindi FY2020 Hera Pheri -3 Suniel Shetty and others Hindi FY2020 Phobia 2 (Next Gen Films - Pawan Kriplani) Hindi FY2020 Shubh Mangal Savdhan - 2 (Colour Yellow Productions) Hindi FY2020 2 Guns (Krishna Jagarlamudi) Hindi FY2020 R. Rajkumar 2 (Prabhu Deva / Next Gen Films) Hindi FY2020 Khalifey Sanjay Dutt, Saif Ali Khan, Arshad Warsi (Prakash Jha) Hindi FY2020 Make in India (Next Gen Films) Hindi FY2020 Jugaadu Harman Baweja Hindi FY2020 1234 (Part 2) Suniel Shetty, Paresh Rawal (Ashwni Dhir) Hindi FY2020 Note: List does not included all projected film releases. PAGE 18
% of Cost Recouped De-Risked Business Model with Diversified Revenue Streams and Pre-Sales Strategy Revenue Mix by Geography FY 18 Revenue Mix by Channel FY 18 % Cost Recouped by Pre-Sales FY 17 India, 38% Digital and Ancillary, 32.5% Theatrical, 30.3% 120% 100% 80% 43% 4% Rest of the World, 62% TV Syndication, 37.2% 60% 108% 96% 40% 57% 20% 0% Hindi Tamil Telugu Max recouped To be recovered post release Pre-Sales Strategy Production and Pre-sales Theatrical Release Digital Exploitation Ancillary including post-release music DTH DVD Distribution Eros Library Key stages of pre-sale monetization TV contract signed January Theatrical / Music pre-sales March Film theatrical release June Delivery post release July Satellite TV Licensing Typically, 10-30% of the contracted amount is collected in advance when contracts are signed. Remaining amount is collected post Theatrical Release 3 Months Post Theatrical Release 1 Year Post Theatrical Release films are delivered. Revenues are only recognized upon delivery. PAGE 19
Successful Penetration into China, the World s Largest Film Market Chinese Entertainment Market Indo-Chinese Co-Productions $9.3 Billion Chinese Movie Market 1 47,781 Total Screens in 2017 14% 2017-18E Growth 6,602 Screens Added in 2017 2 films created and produced by in-house, will be co-produced with a Chinese studio First for an Indian studio Set in India and China Shot in both languages Bajrangi Bhaijaan in China High Budget Indian Film Hit in China Starring Salman Khan 8,000+ Screen release in China (March 2018) $45mm+ China Box Office Gross #5 Film in China Box Office With the success of Bajrangi Bhaijaan and previous Indian releases, China has emerged as a key market and a major box office earner for Indian releases. Sunil Lulla, Managing Director, Eros Partnerships with three major Chinese state-owned film and entertainment companies to promote, co-produce and distribute Sino-Indian films across all platforms in India & China China Film Group Corporation Eros Influential Partnerships in China Shanghai Film Group Corporation Large and growing Chinese Box Office Partnering with the best Chinese film companies High-reward long-term opportunity Fudan University 1 2018E Chinese movie market defined by total box office revenues. PAGE 20
Further International Expansion into New Geographies Significant Demand for Indian Content Overseas Eros Now Middle East Telecom Partnerships Global demand for Bollywood content across Europe and Southeast Asia Established in Germany, Russia, Japan, Korea, Taiwan, Indonesia Large South Asian Diaspora Across Rest of World Theatrical, TV, DVD distribution across local communities 5mm+ potential users Recognizing the growing demand among Middle Eastern viewers for online video content, especially Bollywood entertainment, these mobile partnerships will give consumers entertainment and easy pay access, whenever and wherever they want it. Rishika Lulla Singh, CEO, Eros Now Indo-Russian Joint Content Distribution Indo-Turkish Co-Productions Central Partnership and Eros Int l to distribute and promote Indian and Russian content across multiple platforms in both countries. Mutual use via licensing of respectively owned IP Distribution of film projects for both India and Russia Promotion and integration of dubbed content through Eros Now platform in Russian markets Showcase Eros Now s VOD content on leading Russian distribution network RUFORM Necati Şaşmaz 2 films A list actors Bilingual Partnership with Pana Films, owned by leading Turkish actor Necati Şaşmaz Best known for playing Polat Alemdar in the popular Turkish television series Kurtlar Vasdisi (Valley of the Wolves) PAGE 21
2 Eros Now: Leading OTT Platform
Eros Now: World s Leading Indian Digital Entertainment Platform 135 Countries inc. India Our Addressable Market is a Quarter of the World s Population 5M Europe Target Population 100M Registered Users 7.9M Paying Subscribers 11,000+ Digital Rights 6.5M North America Target Population 400M South, SE Asia Target Population Key Markets 16M Middle East Target Population 1.3B India Population 0.8M Australasia Target Population Source: Eros International Plc filings PAGE 23
India: Compelling Digital Trends, Underpinned by Mobile In December 2017 India Reached 1.2 Billion Mobile Phone Subscribers, with Only 25% Smartphone Penetration A Young, Technologically Savvy Demographic Strong Mobile Internet User Growth 27% Internet Penetration 1 Median Age 87% Internet 3G: 17% Millions 2 Penetration 1 4G: 8% 37.9 3G: 50% 4G: 30% 969 27.6 389 2016A 2021E Video Dominates Mobile Internet Usage in India Mobile Internet Usage in India (2017E) Streaming Audio 10% Web and Other Data 39% File Sharing 2% Video 49% 75% by 2021E A Handful of Telcos Control the Market Wired & Wireless Broadband Market Share (Dec-2017A) 44% 95% Wireless Subscribers 20% 15% 10% 6% Jio Airtel Vodafone Idea BSNL Source: FICCI KPMG Report, CIA World Factbook, Telecom Regulatory Authority of India, Ericsson Mobility Report, Statista. Note: Vodafone India and Idea Cellular merger pending. 1. 2016A. 2. Includes non-smartphone mobile internet users. PAGE 24
Eros Now: #1 SVOD Platform for Indian Content 11,000+ Films Rights 5,000+ Into Perpetuity 20+ Original Shows in Production Multi-Channel Customer Acquisition WAP APP Web Rapidly Growing Paid Subscriber Base Eros Now Paying Subscribers 1 (mm) 16.0+ 7.9 2.1 2.9 3.7 5.0 FY'17A Q1' FY'18A Q2' FY'18A Q3' FY'18A FY'18A FY '19A (Mgnt Guidance) 1. Paying subscribers means any subscriber who has made a valid payment to subscribe to a service that includes the Eros Now service either as part of a bundle or on a standalone basis, either directly or indirectly through a telecom operator or OEM in any given month be it through a daily, weekly or monthly billing pack, as long as the validity of the pack is for at least one month PAGE 25
At the Epicentre of a Virtuous User Acquisition Cycle A Virtuous Circle of Content Production and Platform Development to Driver User Growth Media Content Benefit to Users Largest Indian film library / selection in the world Compelling content, including many recent hits exclusive to Eros Now (e.g. Bajrangi Bhaijaan, Tanu Weds Manu Returns) Rolling out Eros Now original content offerings Interactive Services Affiliate Programmes (B2B2C, B2C, B2B) Advertising & Brand Partnerships Technology Data & Analytics User Acquisition Benefit to Eros Now Constant stream of new / popular content by a leading Bollywood film studio Lower content acquisition costs Lower customer acquisition costs Ability to monetize content and create new revenue streams The Eros Now technology platform powers user engagement and a virtuous user acquisition cycle as Eros productions continue to drive content PAGE 26
Cutting-Edge Eros Now Originals Support User Acquisition PAGE 27
Unique Distribution Model Major Indian Telco Partnerships 160mm Subs 290mm Subs 213mm Subs 196mm Subs Parent Company Market Capitalization 1 $80bn $75bn $26bn $5bn Eros Now Exclusive SVOD Partner Long-Standing Relationship Major Indian Telco Partnerships Underpin Sustainability of Eros Now s Moat: Exclusive Partnerships for Eros Now, and Access to the Largest and Most Linguistically Diverse Digital Indian Film Library for Telcos Source: Eros International Plc filings, Bloomberg. Market data as at 16-Mar-2018 Note: Vodafone India and!dea Cellular merger pending completion 1. Calculated using latest reported basic shares outstanding multiplied by share price. FX rates as at 16-Mar-2018. $ in billions. PAGE 28
Unique Distribution Model Direct to Consumer and Other OEM TELCO / ISP WALLETS STREAMING (Partner Channel) OTHER International Source: Eros International Plc Management PAGE 29
Pricing Strategy Key to Monetization India International 1 Premium Immediate access to exclusive new content and full library Streaming service; No download Ad-free Immediate access to exclusive new content and full library Offline viewing; Multi-screen / multi-member Ad-free HDTV Tier 1 Average Pricing: RS. 50/month (c. $0.80) Average Pricing: $7.99 / month or $79.99 / year Tier 2 Average Pricing: RS. 100/month (c. $1.60) Sample user experience encouraging users to 2 upgrade to premium services Free Delay in accessing new content available to premium subscribers first Sophisticated Free Premium conversion strategy Source: Eros International Plc Management PAGE 30
The Path to 100+ Million Paying Subscribers Expanding B2C Revenue Streams Today 100mm Registered Users B2B2C Partnerships Exclusive Indian Telco Partnerships Massive Platform Distribution Owning the Rapidly Expanding Indian Internet User Base New Markets / Libraries Hollywood Film Studios China Film Studios OTT Players Television Content Cartoons / Animation E-Commerce Data Analytics Market Research Video / Mobile Gaming Advertising New Pricing Tiers Valuation 7.9m Paying Subscribers, On Track to Reach 16m by March 2019 Users Across 135 countries #1 Indian SVOD Platform Largest Library with 3,000+ Films and 11,000+ OTT Film Rights Creating a Global Audience / Subscriber Base PAGE 31
Financial Overview 3
Strong, Diversified Historical Financial Profile Strong Historical Revenue Growth Revenue Mix by Channel FY 2018 284 274 253 261 236 207 215 156 165 150 113 66 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 Digital and Ancillary, 32.5% Theatrical, 30.3% TV Syndication, 37.2% Solid Track Record of Profitability Revenue Mix by Geography FY 2018 50% 43% 35% 36% 36% 32% 26% 34% 36% 26% 22% 30% 33 48 54 54 60 67 56 80 101 71 56 79 Rest of the World, 62% India, 38% FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 A.EBITDA Margin Source: Company filings Note: Fiscal year end March-31. $ in millions. PAGE 33
Content Amortization & Investment Expenditures 276 218 199 211 191 194 173 187 117 128 135 115 101 71 56 79 FY 15 FY 16 FY 17 FY 18 Adj. EBITDA Amortization Investment in Content Source: Company filings Note: Fiscal year end March-31. $ in millions. Annual investment in film content supports near-term content development and multi-year pipeline. PAGE 34
Conservative Balance Sheet Select Balance Sheet Items Cash and Net Debt Leverage ($m) ($ in millions) 31-Mar-18 Net Debt / EBITDA 2.5x 1.4x 1.6x 1.8x 2.8x 2.4x Cash $87.8 182.8 Total Debt Net Debt $276.9 $189.2 145.4 153.7 Shareholders Equity (Book value) $1,003.4 107.6 112.3 Total Capitalization (Book value) $1,280.4 87.8 LTM Gross EBITDA (1) $193.9 LTM Adj. EBITDA $78.6 Net Debt / LTM Adj. EBITDA 2.41x Total Debt / Total Capitalization 21.6% FY '13 FY '14 FY '15 FY '16 FY '17 FY '18 (1) Represents LTM Adjusted EBITDA plus LTM amortization of film and content rights from cash flow statement. PAGE 35
Appendix
Amortization Methodology Our amortization schedule for content is based on historical and estimated viewing patterns and is reviewed regularly The vast majority of our content library is amortized on an accelerated basis Marketing and promotion costs are expensed as incurred For first release content, we use a stepped method of amortization typically amortizing 50% of the capitalized cost for high budget films in the first year The balance is amortized over the lesser of the term of the rights and nine years For example, in the case of a high budget film with 15% promotion costs, over 70% of the total spend (content and promotion) would run through our P&L by end of year 2 PAGE 37
Corporate Structure Founders Group Eros International Plc 43.93% (Isle of Man) 1 56.07% Public 100.0% Other International Subsidiaries Eros WorldWide FZ- LLC (Dubai) 100.0% 100.0% Eros Digital FZ-LLC (UAE) (Eros Now) 99.98% Eros Digital Private Limited (India) 2 37.42% 22.93% Eros International 39.69% Media Limited (India) 2 Public Other Subsidiaries 1. Shareholdings as of June 30, 2017 2. Shareholdings as of December 31, 2017 Not pro forma for Reliance Industries investment. NYSE-listed entity India-listed entity Other subsidiaries PAGE 38
Disclaimer This presentation contains forward-looking statements. These forward-looking statements relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations and other financial and operating information. All of our forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we are expecting, including, without limitation, the factors discussed in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission on July 31, 2017 (the 20-F ), including under the sections captioned Risk Factors. The forward-looking statements contained in this presentation are based on historical performance and management s current plans, estimates and expectations in light of information currently available to us and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors, many of which are beyond our control, as well as the other factors described in the 20-F under the sections captioned Risk Factors. Additional factors or events that could cause our actual results to differ may also emerge from time to time, and it is not possible for us to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove to be incorrect, our actual results may vary in material respects from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement made by us in this presentation speaks only as of the date on which we make it. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws. We use market data and industry forecasts in this presentation. Unless otherwise indicated, statements in this presentation concerning our industries and the markets in which we operate, including our general expectations, competitive position, business opportunity and market size, growth and share, are based on publicly available information, periodic industry publications and surveys and reports by market research firms. We have not independently verified market data and industry forecasts provided by any of these or any other third-party sources referred to in this presentation, although we believe such market data and industry forecasts included in this presentation are reliable. This information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in surveys of market size. Management estimates are derived from the information and data referred to above, as well as our internal research, calculations and assumptions made by us based on our analysis of such information and data and our knowledge of our industries and markets, which we believe to be reasonable, although they have not been independently verified. While we believe that the market position information included in this presentation is generally reliable, such information is inherently imprecise. Assumptions, expectations and estimates of our future performance and the future performance of the industries and markets in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the 20-F. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. By accepting this presentation, the recipient agrees to keep strictly confidential the information contained herein and not to use such information for any purpose other than the evaluation of the potential transactions being discussed by the recipient and Eros International Plc. This presentation may not be distributed, reproduced, summarized, disclosed or distributed, in whole or in part, to any other party without the prior written consent of Eros International Plc. PAGE 39