NOVEMBER Entertainment 2011
For updated information, please visit www.ibef.org 1 NOVEMBER Entertainment 2011
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
2 NOVEMBER Entertainment 2011
Advantage India
2015E Growing demand Opportunities Market Size: • Industry to grow at a CAGR of • Rising incomes and evolving USD25 lifestyles have led to higher 13.2 per cent over the next five demand for aspirational products years, one of the highest rates billion and services globally
• Higher penetration and a rapidly • Television and AGV segments increasing young population will expected to lead industry provide further boost to the growth; opportunities in digital technologies as well demand Advantage India Higher investments Policy support • Policy sops, increasing FDI limits • Higher FDI inflows
• Measures such as digitisation of cable • Increasing M&A activity distribution to improve profitability and ease of institutional finance • More big-ticket deals such as Walt Disney- UTV, Sony-ETV and Zee- 2006 Star • Increasing liberalisation and tariff relaxation Market Size: USD9.2 billion Source: 2015 estimate as per PwC India Entertainment and Media Outlook 2011, Aranca Research Notes: AGV- Animation, Gaming and VFX, VFX- Visual Effects, M&A- Merger and Acquisition, CAGR- Compound Annual Growth Rate, FDI- Foreign Direct Investment, E- Estimate
For updated information, please visit www.ibef.org ADVANTAGE INDIA 3 NOVEMBER Entertainment 2011
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
4 NOVEMBER Entertainment 2011
The sector is split into seven segments … (1/2)
→ Total market size in 2010 was USD13 .5 billion Segmental composition of entertainment (2010)
→ The entertainment industry continues to be dominated 2% 1% 3% by television, print and film segments, which together garner 88.7 per cent of the market share 5% Television
→ In the last few years, the industry has witnessed rapid Print 14% digitisation of elements including content, business Film process, and product innovation 47% AGV Radio Music 28% Others
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research Notes: AGV- Animation, Gaming and VFX, VFX- Visual Effects
For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS 5 NOVEMBER Entertainment 2011
The sector is split into seven segments … (2/2)
Television
Others Print
Entertainment
Music Film
Radio AGV
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research Notes: AGV- Animation, Gaming and VFX, VFX- Visual Effects
For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS 6 NOVEMBER Entertainment 2011
The Indian entertainment industry is growing rapidly … (1/2)
→ The total market size grew from USD9.2 billion in 2006 Market size (USD billion) to USD13 .5 billion in 2010, a CAGR of 10 .1 per cent
CAGR 13.5 → The industry recorded one of the highest growths in 10.1 % the world in 2010, growing at 11 .2 per cent 11.8 12.1 10.7 9.2
2006 2007 2008 2009 2010
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research
For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS 7 NOVEMBER Entertainment 2011
The Indian entertainment industry is growing rapidly … (2/2)
→ During 2006-10 , television revenues expanded at a Size of major industry segments (USD billion) CAGR of 12.5 per cent to USD6.4 billion
4.0 → Advertising revenue growth has been behind the Television consistent rapid growth of the television industry 6.4 2.7 Print → Over the same period, revenues in the print segment 3.7 expanded to USD3.7 billion, a CAGR of 8.2 per cent 1.8 Film 1.8 Notes: CAGR- Compound Annual Growth Rate 0.3 AGV 0.7
0 2 4 6 8
2006 2010
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research Notes: AGV- Animation, Gaming and VFX; VFX- Visual Effects
For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS 8 NOVEMBER Entertainment 2011
Key players in the entertainment industry- Television
Company Business description
Star India Pvt Ltd • Fully owned subsidiary of News Corporation • Portfolio includes 32 channels in eight languages across various categories such as soaps, reality, news and films • Also manages a portfolio of business ventures including DTH operator Tata Sky, cable system Hathway, channel distributor STAR Den, news channel operator MCCS, the film production and distribution business Fox STAR Studios India and STAR CJ Home Shopping
Zee Entertainment Enterprises Ltd • Fully owned subsidiary of Essel Group • One of the largest producers and aggregators of Hindi programming in the world • An estimated reach of more than 500 million viewers across 167 countries • Pioneer of television entertainment industry in India; launched Zee TV- the country’s first Hindi satellite channel • Range of businesses across the value chain in the M&E industry
Multi Screen Media Pvt Ltd • Fully owned subsidiary of Sony Pictures Entertainment • Comprises of Sony Entertainment Television (SET) and SAB, leading Hindi general entertainment television channels; MAX, a movies and special events channel; and PIX, a channel that airs Hollywood movies • Its programming spans across various genres including drama, reality, comedy, horror, Bollywood and live events
Source: Company Websites, Business Week, Aranca Research Notes: M&E- Media and Entertainment
For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS 9 NOVEMBER Entertainment 2011
Key players in the entertainment industry- Print
Company Business description
Bennett, Coleman and Co Ltd • Largest media conglomerate in India • Publishes world’s most widely circulated English broadsheet daily ‘The Times of India’ and second most widely circulated financial daily ‘Economic Times’ • Other prominent publications include magazines such as Zigwheels, Filmfare, Femina and Top Gear and Hindi dailies such as Navbharat Times and Sandhya Times • The group has also diversified into radio and television business
HT Media Ltd • Hindustan Times is the second most widely read English daily in India • Other prominent publications include the business daily Mint and the Hindi daily Hindustan • The group has also forayed into many adjacent businesses such as print and digital services, internet, radio, and events and marketing solutions • During FY07-FY11, the group’s net profits grew at a healthy CAGR of 38.4 per cent
Living Media India Ltd • India Today and Readers Digest are among India’s most circulated magazines • Other prominent magazine publications include Business Today, Cosmopolitan, Time, Golf Digest, Design Today, Money Today and The Chartered Accountant • The group has interests in various other businesses such as radio, events, printing, music, television, education and publishing
Source: Company Websites, The Times of India, Aranca Research Notes: CAGR- Compound Annual Growth Rate, FY- Financial Year
For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS 10 NOVEMBER Entertainment 2011
Key players in the entertainment industry- Film
Company Business description
Yash Raj Films Studios • The only privately owned film studio in India • Apart from film production, the company has also expanded into distribution of films and music, home entertainment, production of television software, ad films, documentaries and private label music production • The company launched a youth films studio Y-Films in 2011 to connect with the large young population of the country
Eros International Media Ltd • Strong distribution network spanning across 50 countries and over 27 dubbed foreign languages • One of the largest content owners in the industry having a film library of over 2000 films, thus ensuring stable, recurring cash flows • The company is diversifying into Marathi, Punjabi, Tamil and other regional language films to leverage upon the growing demand for regional cinema
Red Chillies Entertainments Pvt Ltd • Founded in 2002 as a film production house, the company has branched into TV shows and advertisement, visual effects and multi-media production equipment leasing • Its latest upcoming venture 'Ra.one‘ is Bollywood's most expensive movie and very first Sci-fi movie • It also owns the Kolkata Knight Riders cricket franchise in the Indian Premier League
Source: Company Websites, Business Week, Aranca Research
For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS 11 NOVEMBER Entertainment 2011
Key players in the entertainment industry- Music
Company Business description
Music Bharti • A wholly owned subsidiary of Bharti Airtel • The largest music company in terms of revenues • Provides mobile-based value-added music services (VAS) such as hello tunes, call back tunes, music on demand, Mirchi mobile and Airtel radio
Saregama India Ltd • The company owns the largest music archives in India, one of the largest in the world • It uses the music labels Saregama, RPG Music and HMV • The company is making efforts to digitise its catalogue to make inroads into the digital music market and counter declining physical music sales Super Cassettes Industries Ltd • The company owns the rights to over 2,000 video and 35,000 audio titles, comprising of nearly 24,000 hours of music • The company has diversified into film production, consumer electronics and mobile phones manufacture
Tips Industries Ltd • The company owns 3,500 titles of which a minimum of 25 have been sold over a million copies, with another 10 selling over 10 million copies • Since 1981, Tips has the highest number of gold and platinum discs to their credit in India • Tips also holds soundtrack copyrights of over 50 Hindi movies and has also ventured into film production
Source: Company Websites, Business Week, Aranca Research Notes: VAS- Value Added Services For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS 12 NOVEMBER Entertainment 2011
Notable trends in the entertainment industry … (1/2)
• India is poised to become the largest DTH satellite pay TV market by 2012 with 36.1 million subscribers • Urban households on an average have two TV sets Television • The television industry has been aided by strong growth in advertising • Due a large young population, broadcasters are rebranding themselves to establish greater connect with younger audiences and kids
• Unbundling of products to increase profitability • Increasing income levels and evolving lifestyles have led to robust growth in Print niche magazines segment • Increasing literacy levels leading to a rise in the readership base • Rising circulation of English, Hindi as well as regional language dailies
• Multiplexes seek to boost revenues from alternate sources • Increasing instances of small-budget films with innovative contents Film • Increasing share of Hollywood content in the Indian box office • 3D cinema is driving the growth of digital screens in the country • The pay-per-view market is set to grow
Source: PwC India Entertainment and Media Outlook 2011, Economic Times, Aranca Research Notes: DTH- Direct to Home, 3D- Three Dimension
For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS 13 NOVEMBER Entertainment 2011
Notable trends in the entertainment industry … (2/2)
• Licensing and merchandising of popular characters is on the rise • Demand for VFX is being driven by growing use of VFX shots in films and Animation, Gaming advertising; growing demand for more sophisticated visual effects and VFX • Growing outsourcing of VFX and gaming to India • Rising popularity of online and 3D gaming
• Increasing FM enabled radio phones and car music systems • Content innovation providing a boost to the number of listeners Radio • Favourable government guidelines for expansion of the third phase of FM radio broadcasting services • Telecom players and handset manufacturers are increasing their spend on radio
• Digital music on mobile continues to drive music industry revenue • Players are looking at new ways and mediums to monetise music, such as utilising social media to promote music Music • Mobile phones, iPods and mp3 players – devices that enable music on-the-go – are becoming the primary means to access music • Physical sales of music are declining Source: PwC India Entertainment and Media Outlook 2011, Economic Times, Aranca Research Notes: AGV- Animation, Gaming and VFX, 3D- Three Dimension VFX- Visual Effects, FM-Frequency Modulation For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS 14 NOVEMBER Entertainment 2011
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
15 NOVEMBER Entertainment 2011
Strong demand and policy support driving investments
Growing demand Policy support Increasing investments Growing demand Strong government support
Higher real Policy sops, incomes and favourable FDI Higher FDI inflows changing lifestyles climate Resulting Inviting in
Measures to Falling prices, improve Increasing M&A increasing profitability activity penetration across segments
Growing, Increasing young liberalisation, Increasing deal consumer base tariff relaxation sizes
Source: ICRA, PwC, Business Standard, Business Today, Aranca Research Notes: M&A- Merger and Acquisition, FDI- Foreign Direct Investment
For updated information, please visit www.ibef.org GROWTH DRIVERS 16 NOVEMBER Entertainment 2011
Multiple factors will drive growth in demand … (1/2)
→ A growing consumer base with an increased Per-capita income (USD) propensity to spend will drive demand growth 1,136 CAGR → Per capita income has been increasing at a CAGR of 15 15 % 969 per cent over the last five years 846 746 650 → Decreasing dependency ratio implies higher 565 discretionary spending on entertainment
Notes: CAGR- Compound Annual Growth Rate
FY06 FY07 FY08 FY09 FY10 FY11
Source: BBC, GEPL Capital, Aranca Research
For updated information, please visit www.ibef.org GROWTH DRIVERS 17 NOVEMBER Entertainment 2011
Multiple factors will drive growth in demand … (2/2)
→ India’s GDP ranks among top five economies of the Strong per-capita GDP growth over the years world in terms of PPP
70 Million households Seekers: annual income → As the proportion of ‘working age population’ in total INR200,000 – 500,000 60 population increases, per-capita income and GDP are Aspirers: annual income expected to grow higher 50 INR90,000 –200,000
40 Notes: GDP- Gross Domestic Product, Strivers: annual income PPP- Purchasing Power Parity 30 INR500,000 –1000,000 20 Deprived: annual income < INR90,000 10 Globals: annual income > INR1000,000 0 2005 2010 2015 2020 2025 Deprived Globals Aspirers Strivers Seekers
Source: McKinsey Quarterly Report, Aranca Research
For updated information, please visit www.ibef.org GROWTH DRIVERS 18 NOVEMBER Entertainment 2011
Policy support aiding growth in the sector
• Digitisation of the cable distribution sector to attract greater institutional funding and improve profitability • FDI limit increased to 74 per cent for broadcast carriage service providers who Television upgrade to digital and addressable environments • No restriction on foreign investment for uplinking and downlinking of TV channels other than news and current affairs
• Co- production treaties with various countries such as Italy, Brazil, UK and Germany to increase the export potential of the film industry Film • Granting of ‘industry’ status for easy access to institutional finance • Entertainment tax to be subsumed in the GST; this would create a uniform tax rate regime across all states and will also reduce the tax burden
• FDI limit in radio increased to 26 per cent from 20 per cent • Private operators allowed to own multiple channels in a city, subject to a limit of 40 per cent of total channels in the city. Radio • Private players allowed to carry news bulletins of All India Radio • Further boost may be given to the radio sector by charging licence fees on the basis of ‘net income’ so as to provide relief to loss making radio players
Source: ICRA, PwC India Entertainment and Media Outlook 2011, Aranca Research Notes: GST – Goods and Services Tax, FDI- Foreign Direct Investment
For updated information, please visit www.ibef.org GROWTH DRIVERS 19 NOVEMBER Entertainment 2011
Increasing investments in the sector- key deals and FDI inflows … (1/2)
→ A few big deals such as Walt Disney-UTV and Sony- Mergers and Acquisitions (M&A) ETV (both valued at around USD500 million) are in the pipeline Deal value Acquirer Target Deal date (USD million) → Of the M&A deals in the sector since 2010, Jagran Media Blackstone Jul-11 46.9 Blackstone’s investment in Jagran Media Network was Network the highest in terms of value** HSBC Asian Avitel Post Jun-10 10.4 Ventures Fund 3 Studioz Mid-Day Notes:**- out of the deals whose transaction amount Jagran Prakashan May-10 36.5 was available, FDI- Foreign Direct Investment Multimedia ZEE Ltd 9X Media Apr-10 13.3
INOX Leisure Fame India Feb-10 13.9
Source: Business Standard, Business Today, Thomson One Banker, PwC, Aranca Research
For updated information, please visit www.ibef.org GROWTH DRIVERS 20 NOVEMBER Entertainment 2011
Increasing investments in the sector- key deals and FDI inflows … (2/2)
→ FDI inflows into the entertainment sector between Information and Broadcasting - Cumulative FDI inflows* April 2000 and March 2011 stood at USD2.2 billion 2.2 → During FY09-FY11 , the sector witnessed a total inflow 1.8 of USD1.6 billion 1.3 → Demand growth, supply advantages, and policy support have been the key in attracting FDI 0.6
FY08 FY09 FY10 FY11
FDI (USD billion)
Source: DIPP, Aranca Research Notes: DIPP- Department of Industrial Policy and Promotion, *- cumulative figures from April 2000 to end of the financial year
For updated information, please visit www.ibef.org GROWTH DRIVERS 21 NOVEMBER Entertainment 2011
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
22 NOVEMBER Entertainment 2011
UTV - One of the largest media conglomerates Disney becomes a majority share holder with a stake of 32.1% Interactive Launched IPO as FY11 UTV Software USD197.3 communications million Broadcasting Ltd turnover Ventured into Acquires internet content Indiagames Ltd, creation and enters gaming Games content aggregation software and Started as a content content provider Launched for Doordarshan Motion pictures Hungama TV
Deal with Disney to dub its content Television content into Indian languages
1990 1996 2000 2004 2005 2007 2008 2011 Source: Company annual report, Company website, Aranca Research Notes: IPO- Initial Public Offering For updated information, please visit www.ibef.org SUCCESS STORIES: UTV, SUN TV 23 NOVEMBER Entertainment 2011
SUN TV : The South-Indian behemoth Enters Film Production and Distribution through ‘SUN Pictures’ Magazine Acquires Dinakaran FY11 newspaper, Tamil USD419.5 Newspaper Nadu’s leading million daily turnover Launches a slew of other channels in Radio Launches SUN various South Indian Direct to provide languages Direct -to –Home (DTH) services Motion pictures Founded as Sumangali Starts its first FM Publications Channel ‘Sumangali FM’ Direct to Home ‘SUN TV’ is launched with daily three hours Broadcasting of programming
1985 1993 2000 2003 2005 2007 2008 2011
Source: Company website, Aranca Research Notes: FM-Frequency Modulation For updated information, please visit www.ibef.org SUCCESS STORIES: UTV, SUN TV 24 NOVEMBER Entertainment 2011
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
25 NOVEMBER Entertainment 2011
The entertainment industry is slated for rapid growth … (1/2)
→ Over 2010-15 , the total market size is estimated to rise Market size (USD billion) at a CAGR of 13 .2 per cent to USD25.0 billion
→ The next five years will see digital technologies CAGR 25.0 22.2 increase their influence across the industry leading to 13.2 % 19.7 a sea change in consumer behaviour across all 17.3 segments 15.3 13.5
2010 2011E 2012E 2013E 2014E 2015E
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research
For updated information, please visit www.ibef.org OPPORTUNITIES 26 NOVEMBER Entertainment 2011
The entertainment industry is slated for rapid growth … (2/2)
→ Television revenues are expected to continue to lead Size of major industry segments (USD billion) overall industry growth; the segment is estimated to grow to USD12.5 billion by 2015 (CAGR: 14 .5 per cent) 6.4 Television 12.5 → Animation, Gaming and VFX (AGV) is likely to witness 3.7 the fastest growth - a CAGR of 21.4 per cent (2010-15 ); Print its size is set to touch USD1.7 billion in 2015 5.9 1.8 Film Notes: AGV- Animation, Gaming and VFX; VFX- Visual Effects 2.8
0.7 AGV 1.7
0 5 10 15
2010 2015E
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research
For updated information, please visit www.ibef.org OPPORTUNITIES 27 NOVEMBER Entertainment 2011
Opportunities across segments in the entertainment industry … (1/2)
• Television distribution is projected to garner a share of 62 per cent in the television pie by 2015 (as addressable digitisation is expected to cover the entire country by then) Television • Television advertisement is also expected to witness robust growth; its share in the advertising industry is expected to touch 42.5 per cent by 2015 from 41 per cent in 2010
• Growth in international animation films, especially 3D productions, and the subsequent work for Indian production houses will help growth in this segment AGV • The Indian gaming industry is expected to triplicate in size in the next five years on account of increased mobile gaming; gaming will be another area of high growth within AGV
• Newspapers and niche magazines are likely to drive industry growth Print • Accelerated growth is forecasted in regional print and local news segments
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research Notes: 3D- Three Dimension, AGV- Animation, Gaming and VFX; VFX- Visual Effects
For updated information, please visit www.ibef.org OPPORTUNITIES 28 NOVEMBER Entertainment 2011
Opportunities across segments in the entertainment industry … (2/2)
• Increasing digital screens and 3D films are expected to help industry growth Film • Big ticket releases lined up for the next couple of years are also expected to boost revenues
• Phase III of e-auctions for FM radio licences will provide an impetus to the segment Radio • Radio advertising is another area likely to experience accelerated growth
• Mobile VAS and arrival of 3G are likely to lead to a surge in paid digital downloads Music • Phase III radio licensing will also help in increasing music revenues from radio
Source: PwC India Entertainment and Media Outlook 2011, Aranca Research Notes: 3D- Three Dimension
For updated information, please visit www.ibef.org OPPORTUNITIES 29 NOVEMBER Entertainment 2011
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: UTV, SUN TV
Opportunities
Useful information
For updated information, please visit www.ibef.org
30 NOVEMBER Entertainment 2011
Industry Associations … (1/2)
Indian Motion Picture Producers’ Association (IMPPA) "IMPPA HOUSE”, Dr Ambedkar Road, Bandra (West), Mumbai - 400 050 Tel: 91-22-26486344/45/1760 Fax: 91-22-26480757 Website: www.indianmotionpictures.com/imppa/index.html
The Film and Television Producers Guild of India G-1, Morya House, Veera Industrial Estate, Off Oshiwara Link Road, Andheri (W), Mumbai - 400 053 Tel: 91-22-66910662 Fax: 91-22-66910661 E-mail: [email protected] Website: www.filmtvguildindia.org
Newspapers Association of India (NAI) A -115, Vakil Chamber, Top Floor, Vikas Marg, Shakarpur, Delhi - 110092 Tel: 91-9971847045, 9810226962 E-mail: [email protected] Website: www.naiindia.com
For updated information, please visit www.ibef.org USEFUL INFORMATION 31 NOVEMBER Entertainment 2011
Industry Associations … (2/2)
Association of Radio Operators for India (AROI) 304, Competent House, F-14, Connaught Place, New Delhi - 110001 Tel: 91- 124-4385887 e-mail: [email protected] Website: www.aroi.in
The Indian Music Industry (IMI) Crescent Towers, 7th Floor B-68, Veera Estate, Off New Link Road, Andheri West, Mumbai - 400 053 Tel: 91-22- 26736301 / 02 / 03 Fax: 91-22-26736304 E-mail: [email protected] Website: www.indianmi.org
For updated information, please visit www.ibef.org USEFUL INFORMATION 32 NOVEMBER Entertainment 2011
Glossary
→ AGV: Animation, Gaming and VFX
→ CAGR: Compound Annual Growth Rate
→ DIPP: Department of Industrial Policy and Promotion, Ministry of Commerce and Industry
→ DTH: Direct to Home
→ FDI: Foreign Direct Investment
→ FM: Frequency Modulation
→ FY: Indian Financial Year (April to March)
→ So FY10 implies April 2009 to March 2010
→ GST: Goods and Service Tax
→ IPO: Initial Public Offering
→ M&A: Merger and Acquisition
→ M&E: Media and Entertainment
→ PPP: Purchasing Power Parity
→ USD: US Dollar
→ Conversion rate used: USD1= INR 48
→ VAS: Value Added Services
→ VFX: Visual Effects
→ Wherever applicable, numbers have been rounded off to the nearest whole number
For updated information, please visit www.ibef.org USEFUL INFORMATION 33 NOVEMBER Entertainment 2011
Disclaimer
India Brand Equity Foundation (IBEF) engaged Aranca to presentation to ensure that the information is accurate to prepare this presentation and the same has been the best of Aranca and IBEF’s knowledge and belief, the prepared by Aranca in consultation with IBEF. content is not to be construed in any manner whatsoever as a substitute for professional advice. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. Aranca and IBEF neither recommend nor endorse any The same may not be reproduced, wholly or in part in specific products or services that may have been any material form (including photocopying or storing it in mentioned in this presentation and nor do they assume any medium by electronic means and whether or not any liability or responsibility for the outcome of decisions transiently or incidentally to some other use of this taken as a result of any reliance placed on this presentation), modified or in any manner communicated presentation. to any third party except with the written approval of IBEF. Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or This presentation is for information purposes only. While omission on the part of the user due to any reliance due care has been taken during the compilation of this placed or guidance taken from any portion of this presentation.
For updated information, please visit www.ibef.org DISCLAIMER 34