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Eros International Media Ltd.

Registered Office: 201, Kailash Plaza, Plot No. A-12, Opp. Laxmi Industrial Estate, Off New Link Road, Andheri (West), – 400053.

Earnings Release for Q2 and H1 ended September 30, 2010

Eros International Posts strong results

H1 FY2011 PAT up 30% at Rs. 608 million, PAT margins strong at 19%

Q2 FY2011 PAT up 13% to Rs. 453 million, PAT margins up significantly to 24%

Mumbai, 10 November 2010: Eros International Media Limited (Eros International), ’s largest integrated film studio, today announced its consolidated financial results for the second quarter and half year ended September 30, 2010. This is Eros International’s maiden result since its listing on BSE and NSE on 06 October, 2010.

Financial highlights (Consolidated)

H1 FY2011 Financial Performance Highlights (compared to H1 FY2010)

 EBIT increases 20.4% to Rs. 809.2 million from Rs. 672.0 million  PAT registered an increase of 29.5% to Rs.608.4 million from Rs. 470.0 million  Total revenues were steady at Rs. 3,149.1 million as compared to Rs. 3,373.6 million  Basic EPS strongly higher at Rs. 8.52 compared with Rs. 6.58

Q2 FY2011 Financial Performance Highlights (compared to Q2 FY2010)

 EBIT at Rs. 562.7 million from Rs. 583.1 million.  PAT reported at Rs. 453.3 million, a growth of 12.9% from Rs. 401.6 million.  Total revenues at Rs. 1879.0 million compared to Rs. 2717.9 million.  Basic EPS at Rs. 6.35 compared with Rs. 5.62

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Earnings Release – Q2 & H1 FY2011

Operating Highlights

 Eros International successfully completed its IPO in October 2010

o Issue Size: Rs 3,500 million; Issue subscribed over 29 times o Priced at Rs. 175 per share at the top of the price range o Shares listed on BSE and NSE on October 06, 2010 o Funds raised by the Company to be utilized primarily for acquiring and co-producing Indian films including language films as well as certain Tamil and other regional language films  39 films were released in H1 FY2011 – the highest by any player in the sector

 During the quarter the Company signed a multi-film content licensing deal worth Rs. 640 million for broadcast on Zee Entertainment Network.

o This deal involves exclusive broadcasting of a select number of Eros International’s films across Zee Entertainment’s television network o To date, the Company has signed Rs. 2,400 million worth television and music syndication deals that will start augmenting revenues and deliver earnings that have attractive margins in FY2011 and FY2012. This also includes deal with Star Network for over Rs. 1,000 million under which we have delivered films. o These and other deals adopt the Company’s portfolio strategy as they include a selection of catalogue films from Eros International's strong content library of over 1,000 titles, including recent blockbuster releases and yet to be released highly anticipated titles from Eros International‘s repertoire

 H1 FY2011 witnessed robust box office collections for several of Eros International’s Hindi and regional films such as, Housefull, , Paathshaala and overseas release of Dabangg & Endhiran (Tamil & Telugu), Ravanan, Singham, Sura (in Tamil) and Haapus in Marathi.

 The Company has a strong slate of movies for H2 FY2011 comprising Golmaal 3, No Problem, Game, Toonpur ka Superhero which ensure substantial revenue visibility in the coming quarters

 EyeQube: Delivered prestigious Hollywood top end projects. Moreover, EyeQube is engaged with Ra.One and Desi Boyz, scheduled for a summer 2011 release, on select high end shots

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Earnings Release – Q2 & H1 FY2011

 Under New Media initiative the Company has taken several pioneering initiatives which includes tieups with mobile operators such as Airtel, Internet monetization through YouTube, DTH platforms and cable licensing. At the heart of this strategy is the Eros Library and strong slate of new films.

Commenting on the Q2 & H1 FY2011 results, Mr. Sunil Lulla, Managing Director, Eros International Media Ltd. said:

“This has been an extremely successful year for Eros International including the overwhelming response to our IPO. At the heart of our business strategy is our catalogue, our strong movie pipeline mainly tied up through our co-productions and our strong distribution network in India and international market leadership through our parent Eros International plc. With over a 30-year successful track record backed by a unique de-risked business model underpinned by our portfolio pre-sales approach, we are proud to have achieved a scale second to none by staying focused and building on our core competency of content and distribution.

 The strong results saw notable box office contributions from our releases such as Housefull, Anjaana Anjaani and Paathshaala (globally) and Dabangg, Endhiran (internationally), Ravanan, Singham, Sura (in Tamil) and Haapus in Marathi, significant contributions from television and music syndication, and an equally valuable contribution from licensing of overseas rights to Eros Plc in the first half of the year. Not only has the Company delivered an encouraging earnings performance with PAT of Rs. 608.4 million, a rise of 29.5% over last year, but also delivered good results in terms of cash generation of Rs 1,457 million, a rise of 25% over last year. Our strong margins bring out how we successfully leverage our scale and our co-production relationships to keep down costs and bring revenue predictability, reflecting robust business fundamentals.

The second half has already started brilliantly with the huge box office success of Golmaal 3 to be followed by No Problem, Toonpur Ka Superhero and Game. For H2 FY 2011, FY 2012 & 2013 the Company has an unparalleled line-up of more than 50 films in Hindi, Tamil and other languages, which is by far the largest visibility in terms of number of films. The films such as SRK’s RA.One, Hrithik’s Zindagi Na Milegi Dobara, Ranbir’s Rockstar, Akshay’s Desi Boyz and Shahid’s Mausam to name a few. We are confident that our Hindi and regional strategy will continue to allow us to maintain a sustainable competitive advantage and offer us the opportunity to rapidly consolidate our position in this exciting and rapidly growing Indian media and entertainment sector.”

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Earnings Release – Q2 & H1 FY2011

Key Growth Drivers for Revenues within India

 INDIAN BOX OFFICE Theatrical revenues were strong in H1 FY2011 primarily driven by box office successes of Housefull and Anjaana Anjaani. Housefull is the 3rd highest grosser in the box office charts this year. Eros International has its own distribution offices in the major circuits of Mumbai, and Punjab which cover over 65% of the Indian theatrical market and works through sub-distributors in other smaller circuits. In the South, the Company distributes films through its subsidiary - Ayngaran. Typically about 40-50% of theatrical sales are secured through minimum guarantees and advances from sub-distributors. Self distribution in the main circuits is reflected in the higher overall margins. As a trend since more and more releases are ‘wide’, which means that films go out in close to 2,000 screens simultaneously, the box office collection is skewed towards the first week performance and over 70% of the box office gross revenues of the first week are captured in the first weekend. Eros International enjoys a share of 52.5% of the net box office collections in the first week from the national multiplex chains. Also increased interest from leading brands to associate with a film has significantly reduced the cost of marketing. For example, in Anjaana Anjaani the Company has had 5 brand tie-ups such as Godrej Interio, Religare Insurance, Go gio, Killer and Provogue which significantly subsidized the cost of marketing the film. Further, the prolific penetration of digital screens, especially in the single screen cinemas, has reduced the distribution cost of reaching out to incremental audiences without having to invest in physical prints.

H2 FY2011 has witnessed a very promising start with the significant success from its Diwali release - Golmaal 3 which grossed Rs 700 million worldwide in the first weekend. This will be followed by Toonpur Ka Superhero, No Problem and Game in the second half of the year.

For H2 FY 2011, FY 2012 & 2013 the Company has an unparalleled line-up of more than 50 films in Hindi Tamil and other languages, which is by far the largest visibility in terms of number of films. The exciting portfolio of films includes , , , , , , , , and in lead roles. The lineup is expected to have an excellent opening at the box office as the market continues to grow rapidly with more screens being added each day.

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Earnings Release – Q2 & H1 FY2011

 TELEVISION This was a successful year for television syndication. The Company was able to successfully pre-sell most of its visible slate for exclusive broadcast on a range of channels including Star and Zee network. TV networks have seen a huge spike in their ratings from broadcast of premium movies. For example, 3 Idiots which was previously licensed through Eros Plc group for broadcast on Sony delivered a rating of 11+ which set a new bar in the world of TV rating points. Television networks are able to better monetise the content with advertisers and market the films more efficiently to audiences to drive ratings when there is an early tie-up. Having a strong slate of films strengthens the cable carriage deals for networks which drives substantial revenues for them.

Till date, the Company has signed Rs. 2,400 million worth of television and music syndication deals that will start augmenting revenues and deliver earnings that have attractive margins in FY2011 and FY2012.

 MUSIC AND HOME ENTERTAINMENT Music revenues continue to thrive, especially digital revenues. During the first half, the Company tied up with T-Series in a strategic alliance to co-distribute Eros International’s forthcoming music slate. The nature of this deal underpins minimum revenues from music as and when the films get delivered and underwrite about 10-15% of the total film costs. H1 FY2011 saw Housefull and Anjaana Anjaani being released, both of which performed well. Eros International also exploits the music videos on its own digital platforms, and also has a tie up with EMI music publishing to administer its western catalogue in India.

The Company continues to release new titles and bundle old titles in compilations to generated sustained cash flows from the home entertainment division. VCD format is on the decline while DVD format is on the rise with Blu Ray being popular with early adopters of technology. Some of the recent titles released are Housefull, , Veer, Om Shanti Om, amongst others. The Company expects to monetize its library also from 3D DVD Format.

 REGIONAL Ayngaran, Eros International’s 51% subsidiary that specialises in Tamil films had a brilliant first half, driven by the huge success of Endhiran which was released in the original Tamil version and Telugu version by Ayngaran internationally. Endhiran broke all records and grossed box office collection in excess of Rs 600 million overseas.

The regional market is growing rapidly with the advent of the multiplex cinemas. Family audiences are showing willingness to watch regional language films in cinemas. The

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Earnings Release – Q2 & H1 FY2011

Company had spotted this opportunity early and ventured into Tamil cinema, the largest regional segment after Hindi through Ayngaran, and has also enjoyed noticeable successes in Marathi films with Me Shivaji Raje Bhosle Boltoy and Shikshanachya Aaicha Go. Eros International plans to further scale up its regional presence in the next 12-24 months.

 EYEQUBE VISUAL EFFECTS STUDIO EyeQube, one of India’s leading VFX studios, was set up by Eros International in 2008, is now beginning to demonstrate its initial contribution. Led by Creative Director Charles Darby, EyeQube was set up with a view to be able to provide high end visual effects comparable to Hollywood standards in India at a fraction of the cost. EyeQube initially serviced Eros International’s own co-productions such as Aladin and has now successfully delivered on a few prestigious Hollywood projects. Moreover, EyeQube is engaged with Ra.One and Desi Boyz, scheduled for FY 2012 release, on select high end shots. EyeQube has over 120 employees and the studio is based in Andheri, Mumbai.

 NEW MEDIA Eros International has a strong library content of over 1,000 films and has been continuously been able to tap new markets with New Media platforms. The Company continues to license its new and catalogue content through new emerging formats such as IPTV, Video on Demand, and Pay TV, successfully through new markets.

Eros International’s channel on You Tube and Google have seen record hits in the last six months and it continues to witness notable growth.

Eros International has also taken pioneering efforts in the music publishing domain.

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Earnings Release – Q2 & H1 FY2011

Key Growth Drivers for Revenues outside India

During the H1 2011, apart from the global releases such as Housefull and Anjaana Anjaani,, the Company has also seen success in the overseas only releases such as Dabangg and Khatta Meetha.

One of the key competitive advantages that Eros International enjoys is its relationship with Eros International Plc, its parent company. Eros Plc has been a pioneer of international distribution of Indian films with a 30-year track record of consistent market leadership. Eros Plc which is listed on AIM, LSE has exclusively mandated Eros International to source all its content for international distribution. There is a formal relationship agreement that allows Eros International to apportion 30% of a film’s total cost towards the international rights and transfer it to Eros International Plc at a mark- up.

As of 30 September 2010, there is an advance from Eros International Group to Eros International of Rs. 3,375 million where it has pre-paid in advance for the international rights.

This arrangement is a unique competitive advantage for Eros International on several counts. Firstly, because it guarantees a certain profit and enables predictability of revenues from the international rights and secondly it provides advantages related to Eros International Plc’s experience in the space.

Considering television and music presales, and the international rights pre-sales, the Company is able to have revenue visibility of 80-90% of the cost of its film slate that substantially mitigates any downside and allows the Company to focus judiciously on the potential upside from box office success and other digital and ancillary rights. This put Eros International in a very competitive position vis-a-vis peer group.

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Earnings Release – Q2 & H1 FY2011

Strong Movie Slate: Content Is King

Eros International has an unparalleled line-up of more than 50 movies in Hindi, Tamil and other languages for H2 FY 2011, FY 2012 & 2013. This is by far the largest visible quality film slate. Some of the key film releases are listed below: Hindi Films

Tentative Film Name Star Cast Director Release

No Problem , , Aneez Baazmee FY 2011 Akshaye Khanna

Toonpur Ka Ajay Devgan, Kajol Kireet Khurana FY 2011 Superhero Game , Kangana Abhinay Deo FY 2011 Ranaut Always Kabhi Kabhi Zoa Morani Roshan Abbas FY 2011

Mausam Shahid Kapoor, FY 2012

Chalo Dilli , Vinay Pathak Prashant Shah FY 2012

RA.One Shah Rukh Khan, Kareena Anubhav Sinha FY 2012 Kapoor, Zindagi Na Milegi Hrithik Roshan, Katrina Kaif, Zoya Akhtar FY 2012 Dobara Farhaan Akhtar, Abhay Deol Agent Vinod Saif Ali Khan, Kareena Kapoor Sriram Raghavan FY 2012

Desi Boyz Akshay Kumar, John Abraham, Rohit Dhavan FY 2012 Deepika Padukone, Rockstar Ranbir Kapoor Imtiaz Ali FY 2012

Bangkok Blues Irfan Khan , Deepal Shaw, - FY 2012 Ranbir Shorey Untitled (2) (Boney - - FY 2012/2013 Kapoor Productions) Untitled (Prabhu - - FY 2012 Deva)

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Earnings Release – Q2 & H1 FY2011

Untitled(Illuminati Saif Ali Khan FY 2012 Films) Untitled Arjun Rampal Vicki Singh FY 2012

Untitled(Chasing FY 2012 Ganesha Films)

Tamil Films

Film Name Star Cast Director Tentative Release

Kaavadiya Prabhudeva Thangar Bachan FY 2011 Pozhudugal Nandalala Mysskin Mysskin FY 2011

Murattu Kaalai Sundar C. Sneha Selvabharathy FY 2011

Uthama Puthiran Genelia, D’Souza, Mithran Jawahar FY 2011 K. Bhagyaraj

Krishnaleelai Jeevan Meghana Selvan FY 2011

Engeum Kadhal Jayam Ravi, Hansika Motwani Prabhu Deva FY 2011

Poda Podi Simbu, Varalakshmi Vignesh Shiva FY 2012

Avan Ivan Vishal / Arya Bala FY 2012

Yutham Sei Seran Myskin FY 2012

Ayyanar Aathi, Meera Rajamithran FY 2012

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Earnings Release – Q2 & H1 FY2011

Marathi Films

Film Name Star Cast Director Tentative Release

Idea Chi Sachin, Ashok Saraf, Mahesh Sachin FY 2011 Kalpana Kothari Punha Dhakka Shivaji Satam Mahesh Manjrekar, FY 2012 Makrand Anaspure

The new film slate combined with a valuable film library of over 1,000 films including Om Shanti Om, Partner, Cheeni Kum, Love Aaj Kal, Omkara, Rangeela, Hum Dil De Chuke Sanam amongst others makes Eros International the largest multi-format library in the business, providing the Company a clear competitive advantage. It allows it to bundle content and tailor-make offerings for individual television channels and also creatively structure other win-win licensing deals.

Outlook Armed with a solid balance sheet, strong cash flows, a top class film slate, a well-entrenched distribution network, a massive content library and a strong management team to drive and implement both strategy and execution, Eros International is well poised to take advantage of present and potential opportunities within the sector.

The sector is likely to see consolidation going forward and given the Company’s operating strengths and its distinct model Eros International is best placed to strengthen its leadership position within the entertainment sector in the future.

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Earnings Release – Q2 & H1 FY2011

Financial Overview and Discussions

(All rupee figures in Rs. million unless stated otherwise)

(All figures are consolidated unless stated otherwise)

Particulars % % Q2 FY2011 Q2 FY2010 H1 FY2011 H1 FY2010 (in Rs. million) Change Change

Total Income 1,879.0 2,717.9 (30.9) 3,149.1 3,373.6 (6.7)

EBIT 562.7 583.1 (3.5) 809.2 672.0 20.4

EBIT Margins (%) 30.0 21.5 - 25.7 19.9 -

- Interest 35.2 19.6 79.3 55.6 49.6 12.1

- Depreciation 8.7 10.9 (20.1) 16.6 21.9 (24.3)

Profit Before Tax 528.4 569.2 (7.2) 758.5 628.2 20.7

PAT 453.3 401.6 12.9 608.4 470.0 29.5 (after minority Interest)

PAT Margins (%) 24.1 14.8 - 19.3 13.9 -

Basic EPS (Rs.) 6.35 5.62 12.9 8.52 6.58 29.5

EBIT: The Company witnessed healthy operating profits in Q2 FY2011, with improved margins at 30%. Operating profits increased significantly during the quarter on account of margin expansion which is broadly driven by:

o Satellite broadcasting licensing o Bundling new releases with films from existing catalogue o Music and New Media Licensing o Lower direct costs due to brand tie-ups and increased use of digital distribution.

In H1 FY2011, EBIT was at Rs.809.2 million as compared to Rs. 672.0. The corresponding margins stood at 25.7% and 19.9% respectively.

PAT: The Company reported PAT of Rs 453.3 million in Q2 FY2011, registering an increase of 12.9% as compared to Rs 401.6 million in Q2 FY2010.

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Earnings Release – Q2 & H1 FY2011

For H1 FY2011, the Company witnessed an increase of 29.5% in PAT to Rs. 608.4 million as against Rs. 470.0 million in H2 FY2010. The corresponding margins were 19.3% and 13.9% respectively as a result of margin improvements explained within EBIT above.

Balance Sheet Snapshot

Particulars 30 September 2010 30 September 2009 (in Rs. million)

Liabilities

Capital 714.1 51.0

2,358.6. 1979.3 Reserves & Surplus

2,242.8 2104.0 Loan

5,958.7 4,480.5 Total Liabilities

Assets

3,392.2 2,331.0 Fixed Assets

80.0 80.0 Investments

2,486.5 2,069.5 Net current assets 5,958.7 4,480.5 Total Assets

 The Cash and Bank position improved by 100% from Rs. 541 million as on 30 September 2009 to Rs. 1,096 million as on 30 September 2010.  Net Debt lower at Rs. 1,147 million as on 30 September 2009 as compared to Rs. 1,563 million as on 30 September 2010  Debt Equity ratio improves to 0.72 times as on 30 September 2009 from 1.04 times as on 30 September 2010.

Business Overview

Established in 1977, Eros International is a global player within the Indian media and entertainment sector.

 Eros International is part of Eros International Plc which was the first Indian media Company to be listed on the Alternative Investment Market (AIM) of the London Stock Exchange.

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Earnings Release – Q2 & H1 FY2011

 The Company sources or acquires film content through entering into assignment / licensing/ co-production arrangements with other film producers or co-producers. The film content is then distributed through multiple formats such as theatres, home entertainment and digital new media.  Eros International has an extensive film library comprising over 1,000 films which is exploited worldwide across formats such as theatres, home entertainment, television and digital new media.

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Earnings Release – Q2 & H1 FY2011

About Eros International Media Ltd (Eros International)

Eros International Media Ltd. (BSE Script Code: 533261; NSE Script Code: EROSMEDIA) is a global player within the rapidly expanding Indian media and entertainment arena. It operates on a vertically integrated studio model controlling content as well as distribution & exploitation across all formats globally, including cinema, digital, home entertainment and television syndication. Eros International is part of Eros International Plc which is the first Indian media Company to get listed on the Alternative Investment Market of the London Stock Exchange.

Eros International has rich experience of over three decades in establishing a global platform for Indian cinema. The Company has a competitive advantage through its extensive and growing movie library comprising of over 1,000 films which include Hindi, Tamil and other regional language films for home entertainment distribution. Eros International has successfully built a robust and dynamic business model by combining the release of new films every year with the exploitation of a valuable film library, making it undisputedly one of the largest content owners in the business.

For further information please visit: www.erosintl.com

For further details please contact

Kamal Jain Anoop Poojari / Urvashi Butani Eros International Media Limited Citigate Dewe Rogerson Tel: +91 22 4053 8500 Tel: +91 22 6645 1211/ 1219 Fax: +91 22 4053 8540 Fax: +91 22 6645 1200 E-mail: [email protected] Email: [email protected]

[email protected]

Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Eros International Media Ltd. (Eros International) will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

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EROS INTERNATIONAL MEDIA LIMITED

Registered Office : 201 Kailash Plaza, Plot No A-12, Opp Laxmi Industrial Estate, Link Road, Andheri (W) Mumbai 400 053

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2010

100,000 (Rs in lacs) Particulars Quarter Ended Quarter Ended Half Year Ended Half Year Ended Year Ended 30 September 2010 30 September 2009 30 September 2010 30 September 2009 31 March 2010 Sr No (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

1 a) Net Sales / Income from Operations 18,662 26,349 31,292 32,825 64,088 b) Exchange Difference (Net) 127 830 198 911 1,006 Total Income 18,789 27,179 31,490 33,736 65,094

2Expenditure a) (Increase) / Decrease in Stock (24) 190 95 45 59 b) Operating expenses 11,935 19,948 20,789 24,789 47,975 c) Employee remuneration and other benefits 676 403 1,260 793 1,970 d) Other expenses 488 698 1,088 1,170 2,781 e) Depreciation 87 109 166 219 439 Total 13,162 21,348 23,398 27,016 53,224 Profit From Operations before other Income, Interest & Exceptional 3 Items (1-2) 5,627 5,831 8,092 6,720 11,870 4 Other Income 9 57 49 58 256 5 Profit before Interest and Exceptional Items (3+4) 5,636 5,888 8,141 6,778 12,126 6 Interest and Financial Charges (Net) 352 196 556 496 902 7 Profit after Interest but before Exceptional Items (5 - 6) 5,284 5,692 7,585 6,282 11,224 8 Exceptional Items - - - - - 9 Profit Before Tax (7+8) 5,284 5,692 7,585 6,282 11,224 10 Tax Expenses 722 1,637 1,568 1,532 2,945 11 Profit After Tax (9-10) 4,562 4,055 6,017 4,750 8,279 12 Tax Adjustment in respect of Previous Year 3 - 3 11 17 13 Net Profit from Ordinary Activities After Tax (11-12) 4,559 4,055 6,014 4,739 8,262 14 Extraordinary Items - - - - - 15 Net Profit for the period 4,559 4,055 6,014 4,739 8,262 16 Minority Interest 25 39 (71) 39 50 17 Net Profit after Minority Interest 4,533 4,016 6,084 4,700 8,212 (0) (0) (0) - 0 18 Paid-up Equity Share Capital (Face Value of Rs. 10/-) 7,141 510 7,141 510 7,141 Reserves Excluding revaluation reserves as per Balance Sheet of previous 19 accounting year 5,531 19,842 23,957 19,842 16,613 20 Earnings Per Share (EPS) a) Basic EPS before Extraordinary Items (Not Annualised) 6.35 5.62 8.52 6.58 11.50 b) Diluted EPS before Extraordinary Items (Not Annualised) 4.93 5.62 6.62 6.58 11.27 21 Public Share Holdings - Number of Shares Nil Nil Nil Nil Nil - Percentage of Share Holding Nil Nil Nil Nil Nil 22 Promoters and Promoter Group Shareholding a) Pledged / Encumbered Nil Nil Nil Nil Nil - Number of Shares Nil Nil Nil Nil Nil Percentage of Shares (as a % of total Shareholding of Promoter and - Promoter Group) Nil Nil Nil Nil Nil - Percentage of Shares (as a % of total total Share Capital of the Company) Nil Nil Nil Nil Nil b) Non Encumbered - Number of Shares 71,407,000 5,100,000 71,407,000 5,100,000 71,407,000 Percentage of Shares (as a % of total Shareholding of Promoter and - Promoter Group) 100% 100% 100% 100% 100%

- Percentage of Shares (as a % of total total Share Capital of the Company) 100% 100% 100% 100% 100%

Notes : 1 The Consolidated Financial Results of Eros International Media Limited ('the Company') are compiled from the Consolidated Financial Statements prepared in accordance with the principles and procedures for the preparation and presentation of Consolidated Accounts as set out in the Accounting Standard 21 on 'Consolidation of Financial Statements' as notified under the Companies Act, 1956.

2 The Company operates in the business of film production and exploitation. The entire operations are governed by the same set of risks and returns and hence, have been considered as representing a single primary segment.Further, the risks and rewards under various geographies where the Group operates are similar in nature. ResearchBytes.com

3 Unaudited statement of assets and liabilities as at : (Rs in lacs) Particulars As at As at 30 September 2010 30 September 2009 (Unaudited) (Unaudited) Sr No SOURCES OF FUNDS

1 Shareholders' funds : a Capital 7,141 510 b Stock Option Outstanding 369 - c Reserves and Surplus 23,586 19,793 31,096 20,303

2 Minority Interest 21 420

3 Loan funds : a Secured Loans 22,428 21,036 b Unsecured Loans - 4 22,428 21,040

4 Deferred Tax Liability (net) 6,042 3,042

TOTAL 59,587 44,805

APPLICATION OF FUNDS

1 Fixed Assets 33,922 23,310

2 Investments 800 800

3 Current Assets, Loans and Advances a Inventories 4,185 7,724 b Sundry Debtors 10,995 13,478 c Cash and Bank Balances 10,957 5,410 d Loans and Advances 50,768 48,985 76,905 75,597 4 Less: Current Liabilities and Provisions: a Liabilities 50,739 53,657 b Provisions 1,301 1,245 52,040 54,902

Net Current Assets 24,865 20,695

TOTAL 59,587 44,805 0 0

4 The Company has made an Intial Public Offer (IPO) of 2,00,00,000 equity shares of Rs 10 each at a premium of Rs 165 per share on 100 % book building basis. The issue was opened on 17 September 2010 and closed on 21 September 2010. Pending completion of its Initial Public Offering listing process as at half year ended 30 September 2010, the amount received in various Escorw Accounts in relation to the Issue has not been considered in the statement of Assets and Liabilities as at 30 September 2010. The Company was listed on 6 October 2010.

5 The above results were reviewed by the Audit Committee and have been on record by the Board of Directors at its meeting held on 10 November 2010

6 The above results have been subject to "Limited Review" by the Statutory Auditors of the Company except for the financial results for the period ended 30 September 2009 and Statement of Assets and Liabilities as at 30 September 2009.

7 Previous period figures have been reclassified/ regrouped whereever necessary

Place : Mumbai For and on behalf of the Board of Directors Date : 10 November 2010 Mr Sunil A Lulla Executive Vice Chairman and Managing Director