EDITED TRANSCRIPT Eros STX Global Corporation – Business Update Call

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NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call

REFINITIV STREETEVENTS EDITED TRANSCRIPT Eros STX Global Corporation – Business Update Call

EVENT DATE/TIME: NOVEMBER 04, 2020 / 9:30PM GMT

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NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call

CORPORATE PARTICIPANTS Adam Fogelson: STX Films - Chairman Andy Warren: Eros STX Global Corporation - CFO Bob Simonds: Eros STX Global Corporation - Co-Chairman & CEO Drew Borst: Eros STX Global Corporation - EVP Investor Relations & Business Development Noah Fogelson: Eros STX Global Corporation - Co-President Rishika Lulla Singh: Eros STX Global Corporation - Co-President & Director

CONFERENCE CALL PARTICIPANTS Eric Katz, Wolfe Research, LLC - Research Analyst Robert Routh, FBN Securities, Inc., Research Division - Research Analyst Robert Fishman, MoffettNathanson LLC - Analyst Ted Cronin, Citigroup Inc., Research Division - Research Analyst Tim Nollen, Macquarie Research - Senior Media Analyst

PRESENTATION Operator Good afternoon, ladies and gentlemen, and welcome to Eros STX Global Corporation Business Update Call. This call is being broadcast live on the Internet, and a replay of the call will be available on the company's website. The company published earlier certain financial information, including a 20-F transition report and 6-K filing which are available on the company's website.

The company would like to remind everyone listening that during this call, it will be making forward- looking statements under the safe harbor provisions of the federal securities laws. The company's actual results may differ materially from those projected under forward-looking statements. During the call, the company will also discuss non-GAAP financial measures in talking about its performance. You can find a reconciliation of these measures to the GAAP financial measures in the company's press release. I would now like to turn the call over to Bob Simonds, CEO and Co-Chairman of Eros STX Global Corporation. Please go ahead, sir. ───────────────────────────────────────────────────────────────────────────────────── Bob Simonds, Eros STX Global Corporation - Co-Chairman & CEO Good afternoon, everyone, or good morning or good evening depending on where you're calling from. I hope you're all doing well and staying healthy. I want to thank you for taking the time to join us today. While we provided a few updates in writing, we know that you've all been very eager to get additional information and to hear from us directly. As we mentioned before, we will endeavor to always be transparent with you, while also being thorough and deliberate. We want to make sure that our strategy is sound, our expectations realistic, our goals achievable, and our path is one that drives towards substantial shareholder value. Accordingly, we've been very deliberate during this merger integration period, and it has taken us time, and frankly, more time than we expected due in large part to COVID to complete our financial and regulatory filings.

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NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call

I do want to take a second to specifically call out our entire finance team in both the U.S. and India for a truly spectacular job in getting a monumental amount of work done and without the ability to get together in the same room or even on the same continent.

With that said, the primary purpose of today's call is to walk through four topics. Number one, I will reiterate the rationale behind this merger and our strategic vision for the company. Number two, Noah Fogelson, the company's co-President; and Adam Fogelson, Chairman of STX Films, will provide an overview of the U.S.-based film and TV groups. Number three, Rishika Lulla Singh, the company's co- President, will share updates on the Eros Now digital OTT and streaming business, the jewel in our crown-. Number four, our CFO, Andy Warren, will explain our six near-term strategic imperatives to drive shareholder value and provide some additional context on the recently filed transition 20-F and 6-K with financial guidance. I will come back later and give an update on how we plan to unlock value in our amazing business. And then after that, we'll have time for your questions.

So, let's get into it. Why did we bring STX and Eros together? What's our vision for the company? The media and entertainment industry is simultaneously experiencing massive consolidation and a revolution in terms of how consumers enjoy entertainment content. All of this is happening amidst the global pandemic that has radically accelerated each of these trends.

When my co-Chairman Kishore Lulla and I first started discussing this transaction, it was clear we believe both companies would achieve far more together than either could on a stand-alone basis. We realized the combination would create a company that can drive long-term growth in diversified markets and provide a more consistent and stable revenue profile. Additionally, the new company with its adaptable and scalable multichannel distribution model will allow the company to capitalize on the growth potential of the largest and fastest-growing entertainment markets in the world, namely India, China and the U.S. Lastly, the combined company would also have a stronger capital structure and synergy opportunities, both of which will enable investments for growth.

Eros has been a global leader in motion pictures production, co-production and distribution of Indian language content for many years, and was one of the very first movers in the OTT digital space in India with Eros Now. Over the past few years, Eros Now has done a fantastic job of growing its paid subscribers and registered users.

But as we've seen all over the world, the key to any successful digital streaming platform is compelling and engaging new content. Yes, we absolutely need the backbone of scaled content library to keep customers constantly engaged with the platform, but it is the compelling new content that really changes the game in terms of the number of subscribers and what those subscribers are willing to pay each month. That was true when HBO went from just carrying library films from other studios to owning and controlling Sopranos. More recently, it was true when Netflix went from just carrying old movies and TV shows from third-party studios to producing and distributing House of Cards. It's that one must-watch show that can massively transform the platform. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call

So, I believe for legacy Eros, combining with STX means not only the ability to accelerate the deployment of Eros Now prime service, which features English language content alongside Indian language, but also the ability to own and control the film and TV content featured on the service. And for legacy STX, we believe India is the next major global battleground in the same way we viewed China 5 years ago, although the Indian market has different challenges and opportunities.

If someone said to you five years ago, “would you like to partner up with Tencent Video or a Youku or Tudou?”, you would jump at that opportunity with the benefit of hindsight. That's how we view the opportunity today, and it's already impacting how we structure our film and television projects, so we can drive content to the Eros Now platform that, in turn, will fuel growth for Eros Now. That is our strategic vision for the combined Eros STX.

We are even more excited today about the combined company than we were when the merger closed. And while the current operating environment remains challenging and uncertain due to COVID, I'm immensely proud of how our company has adapted and innovated in the face of this challenge. For example, COVID forced us to adapt our box office-centric distribution model for STX Films, and we realized that STX star-driven films thrive both commercially and profitably, no matter the distribution model.

Noah Fogelson, Co-President of Eros STX, will elaborate on this point. Noah, do you want to take over? ───────────────────────────────────────────────────────────────────────────────────── Noah Fogelson, Eros STX Global Corporation - Co-President Awesome. Thanks, Bob. Thank you all very much. It's a pleasure to talk with you today. Just to echo what Bob said, I hope everybody is doing well and staying healthy and relatively sane, but it's a privilege to talk to you today, and I appreciate you making time for us. I want to spend a few minutes and just talk about the STX content business, both historically and walk you up through present day because I think it's super important for everyone to have a clear understanding of what we do, how we have historically done it and how that translates into business opportunities for us going forward.

So, the original STX business was defined as a content production and distribution engine working with the biggest stars and storytellers in the world, but we do it in a highly disciplined model at a fraction of the SG&A, at a fraction of the production and distribution expenses, that you would normally see from traditional legacy studios. We develop, we produce, we market, we distribute content across film, scripted and non-scripted television and short-form mobile and digital platforms. We work directly with globally branded stars in the creation of the content that is designed with that star's primary fan base in mind. We produce the content with budgets that take into account today's marketplace. It doesn't do you or us any good to think about appropriate budgets for content today and look at comps that are 5, 6, 7 years old. The world has changed. So, the models that we use in evaluating the appropriate budgets for our content are based on today and the marketplace today.

But similarly, we also look at, given the world today and how it has evolved and how consumers are REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call consuming entertainment, we make sure that we are producing at budgets where even if we decide to take content onto a PVOD or streaming platform, we can still make really good margins and really good profit on that content.

We have an innovative approach that we developed to hyper target our audiences, particularly for feature films. And what that means is that we are spending a fraction of what legacy major studios are spending to promote comparable films and still achieving real success.

We have a network of international distribution partners who are paying minimum guarantees for distribution rights in our films and in their key territories throughout the world, and that means that 50% or more of the budgets on average of each of the films that we produce is covered just by these guarantees, which are not cross-collateralized. So, what that means is when our films perform or overperform in certain territories, we get overages above and beyond the MGs that we receive. But that's true even if it underperformed in a different territory.

So, from the standpoint of capital efficiency, return on invested capital and risk mitigation, there are a few takeaways that are critical for you all to understand. On average, between the international minimum guarantees and our production and tax incentives, approximately 65% to 70% of the budget of our films is covered before we even start production. That's part of the discipline that we go through when we are evaluating whether we want to greenlight a film, making sure that we can achieve certain hurdles both for risk mitigation and capital efficiency.

Given our more efficient spend on both the production budgets and the marketing and distribution spend, we're able to achieve breakeven with lower box office numbers. You spend less, you need to generate less revenue to breakeven. And should we decide to take our content to streaming platforms or go PVOD, our threshold to get to profitability is obviously then far lower. That's great for us, that is great for our shareholders, and that happens to be great for the talent that we work with as well. Many of them end up in back-end profit participation conditions once we've achieved that breakeven market.

As Bob mentioned, we're also obviously now living through a time when the demand for premium content is skyrocketing. Partially, this is driven just generally by changes in consumer preferences and partially driven by the current pandemic. The lack of availability of U.S. theaters has massively increased the demand for our feature content on streaming platforms and has allowed us to do some truly incredible deals lately.

I would love to be able to give you guys some historic perspective on the recent film slate. So, Adam, maybe you can spend a few minutes and just talk to everybody about the last year of films and kind of what you're seeing as Chairman of The Motion Picture Group. ───────────────────────────────────────────────────────────────────────────────────── Adam Fogelson, STX Films - Chairman I'm happy to do it, and it is a pleasure to be able to speak to all of you.

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NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call

Last fall, before there were results for any of the films I'm about to talk about, we were able to sit with the management and the Board of the company and say that we believe we had reached a critical moment where we were going to be able to take full advantage of the groundwork we have laid in the development of the company and begin making only high-quality model films at scale that we're going to maximize opportunity and minimize risk. Since that time, and in spite of the fact that some of that time has been filled with a once-in-a-lifetime pandemic, I’m excited to report that the results have been as good or better than we could have possibly hoped for.

Last September, we released Hustlers to extraordinary success and critical acclaim. It was the second movie we made with Jennifer Lopez, and that is a theme that you're going to hear throughout the conversation we're having about films. When I talk about the groundwork having been laid, it's about having furthered the relationship and built the trust of the top global talent to want to make their best films that fit our model with this company.

We also made a significant profit on a movie called The Gentleman, our second film with Matthew McConaughey, and directed by Guy Ritchie. And we are going to be talking about films with Guy Ritchie in a few minutes as well. We made a nice solid profit on a low-budget horror film called Countdown and 2 other pre-pandemic films: The Boy II, a sequel to a successful horror film that we made a few years ago; and 21 Bridges, produced by and starring the late Chadwick Boseman coming off his turn in Black Panther, we were able to breakeven.

As the pandemic was approaching, we were faced with a challenge. We had a movie called My Spy that we had already begun to market for theatrical exhibition in the US. When we looked at the situation, we believe that there was an alternative path to minimize any risk to that film and possibly to maximize the opportunity to still create a franchise for the studio. We were able to make a deal, which has been announced, for Amazon to take that film. And it has been announced that there are advanced conversations underway about now creating a sequel to that film which should put My Spy into the solidly profitable category and a franchise going forward.

We also had a film called Secret Garden for a United States distribution. That film was produced by David Heyman, one of the most famous producers in Hollywood, who's worked on the Harry Potter films among others. We are doing additional big projects that have been announced with David Heyman. We were able to make a deal on Secret Garden with Hulu that got us back to a breakeven on that film.

On our upcoming slate, once we went from the transition to pandemic to being in a full pandemic environment, we had a Gerard Butler film called Greenland. That is the second Gerard Butler film we had, having been very profitable in our movie called Den of Thieves.

We created a unique distribution model for that film where we allowed the film to go significantly earlier than a studio normally might in the international territories where theatrical exhibition was possible. And that movie has achieved extraordinary success in the markets where that film was open. And to the point Noah made earlier, we are looking at significant overages from most of the international territories REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call where that film has come out.

But realizing that the United States was not likely to be in a position to maximize our profit opportunity through theatrical release, we also were able to structure a deal with HBO and HBO Max for them to take the rights to the film after we are able to fully monetize our position on a premium video-on- demand, video-on-demand, electronic sell-through and home entertainment platform.

The low case model for us going forward on that film shows Greenland to be solidly profitable, and the mid- to high case probabilities of that movie are significantly better than that. So, we're incredibly excited about how that movie is turning out and about the innovative model that we used. It's not a one- size-fits-all model. It is figuring out in each individual territory what's the best ways to maximize the return to us, to our shareholders and to the talent that's working with us.

We have a movie called Songbird produced by Michael Bay and starring KJ Apa and Sofia Carson who have an acute social following. That movie released the trailer last week. It's the most socially engaging trailer we have ever released to date. That film currently has both theatrical and streaming platforms vying for the most appropriate model that we'll be able to take advantage of, and again, the models we are looking at range anywhere from mildly to solidly profitable depending on which platform we choose to go down.

We are in post-production on a movie that will be titled shortly. We'll refer to it for today as the untitled Guantanamo Bay film. That movie is starring Jodie Foster, Shailene Woodley, who we're working with for a second time, Benedict Cumberbatch and Tahar Rahim, directed by Kevin Macdonald, the director of The Last King of Scotland. That movie has had extraordinary response in its screening so far, and we expect to release that in the first quarter of next year.

We're also in post-production on a movie called Gunpowder Milkshake starring Karen Gillan from Jumanji and Guardians of the Galaxy and Lena Headey from Game of Thrones and a number of others. That movie is in post-production. It is a sort of female companion to The Gentleman, and we should be releasing a trailer on that movie very shortly. And again, whether we are talking about theatrical by the time that movie comes out or a PVOD with a streaming service, we feel incredibly confident about our path to profitability.

The last movie currently in post-production is Horizon Line, starting Allison Williams from Get Out. We are also soon to be announcing the platform strategy on that film, but once again, that is a film that we expect to be in profit based on the strategy we have created.

Those are all the films that we have that are currently in post-production or finished and about to be released, and every single one of them has a positive financial framework around it.

We are also, in spite of COVID, now in production or about to go into production on a number of films. Queenpins, starring Kristen Bell, who we are working with, again, as she was the star of our Bad Moms REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call film, along with Bebe Rexha, who is working with us again, and Vince Vaughn and Kirby Howell-Baptiste. That movie has started in Los Angeles, within production now, and we expect to have it in the first half of next year.

Guy Ritchie, who I mentioned on The Gentleman, is working with us on a movie called Five Eyes with Jason Statham. That movie plans to go into production in the very beginning of next year. Gerry Butler is working with us again on his third film, a movie called Copshop. That is currently in production that we are handling on an international basis. And we are also fast tracking a start for production early next year on a movie that was just announced with Angelina Jolie and Christoph Waltz called Every Note Played.

I'm also pleased to say that we are actively developing and expect to be making production-related announcements. These are projects that have already been announced in general. We have another Kevin Hart film. We worked with him on this huge success that we had last year. We have a Kevin Hart film getting ready to start relatively early next year and 3 other Kevin Hart films in development. We have another Jennifer Lopez film, our third film with her called La Madrina or Godmother currently. That is planning on going into production next year. We have films with Vin Diesel and Harrison Ford and others, all of which are actively in production. And since we are really the studio in Hollywood right now that is focusing on and succeeding with the types of films that fit our criteria and our budget, we have really become a first stop for talent and projects that meet our criteria, and I'm excited for what that means for all of us going forward. ───────────────────────────────────────────────────────────────────────────────────── Noah Fogelson, Eros STX Global Corporation - Co-President Sounds great, thanks. So just to echo a little bit of what Adam just went through, and I guess it's important since you all are hearing from us in this capacity for the first time, we felt it was important to make sure that you got the opportunity to really understand, even in these times where we are all on a global basis trying to manage through the impacts of COVID, it has not prevented us from finding ways to monetize our content with the streaming wars, for lack of a better term, currently going on where there is a massive, desperate need from all of these platforms to obtain content.

You all know, as well as we do, that because Warner Media and Comcast-NBCUniversal are launching their own streaming platforms, it means that their desire to program their own platforms reduces their desire to take that content and put it on other people's platforms. So, it has created a scenario where everybody is looking for opportunities to acquire more and more content. And because we are able to successfully continue to both produce content with globally branded stars in a safe way but produce it at a price where we can still make a really meaningful profit, and Andy, when we get to the financials, can through what it may mean from a top line revenue standpoint in terms of whether there's a theatrical proposition or not, but the bottom line and the dollar margins are staying really consistent whether we go theatrical or not. And I'm incredibly impressed with the deals that we have made and the continued interest from multiple platforms in getting access to our content as early as they can even when it means we are still going to go PVOD or in any other fashion with respect to distributing our content.

The other point that I just wanted to make sure that you picked up, we have a very disciplined model. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call

Making sure that we are very conservative in how much we spend both on production and distribution, making sure that the majority of those expenses are covered before we go into production and making sure that we have a rational business plan to be able to get out either theatrically or through the digital platforms where we exhibit our content are critically important. And that diligence is employed on every single piece of content, film, television, digital or otherwise, that we engage in or spend any money on.

The other thing that's important to note about us, and it's part of how we came to this relationship and this merger with Eros, is we have been very strategically focused on relationships with the best partners all across the globe. And for us to be able to come together with Eros was incredibly exciting and compelling for us. But it's something that we've always done. We've reported on our relationship with Amazon, particularly as it relates to their carrying our pay-TV rights in certain European territories, in addition to a direct to platform deal that we have with them in France, and we are continuing to explore other film opportunities together with them. We obviously have a terrific relationship with Showtime, who is our primary pay-TV output partner on the majority of content that we release here in the United States.

But it's not just in the film space. We are also now at a moment in time where our television business is really taking off. We have multiple TV series that are set up with major platforms, including Netflix, Amazon, HBO and others. And actually, with Netflix, we are collaborating with them on multiple series. We made an incredibly exciting innovative structure with them, and we have multiple series now going with them. And over the coming months, there will be a lot of conversation about numerous series that are going into production where we are co-producing with Netflix on the television side.

So, I hope that was a helpful overview for all of you who haven't yet been exposed to the legacy STX side of the business, the U.S.-driven television and film business. I know that it is also critically important that you guys get an update on where we are in the Eros Now, and I am very thankful that Rishika was able to join us for this call today.

Rishika, if you are there, you can take over and give everyone an update on Eros Now. ───────────────────────────────────────────────────────────────────────────────────── Rishika Lulla Singh, Eros STX Global Corporation - Co-President & Director Thank you so much, Noah. And I hope that everyone listening in is safe and healthy. Eros Now generated strong first half subscriber net additions with 6.9 million paid subscribers added to our 2020 total subscribers. The service now stands with 36.2 million monthly paid subscribers and a registered community of over 211 million as of the 30th of September 2020.

The global lockdown effect has fast forwarded the OTT growth story globally and in particular, for premium SVOD services in a growing and underpenetrated country like India. The subscriber habit alterations that were predicted to take place towards the latter half of 2021 have already taken place on a large scale in 2020 itself.

Some of those key alterations are, one, a lack of new content in cinema screens and TV channels, which REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call has essentially encouraged new users to break their inertia and explore the world of OTT where films and movies essentially are a key driver of content consumption; and the second being that the lockdown effect has ensured that whilst India is primarily a mobile-first viewing economy, the in-home and large screen growth potential was exponential. Eros Now witnessed up to triple-digit entertainment growth from pre-lockdown to post-lockdown periods.

Over the lockdown period itself, we witnessed over 1,000 units of content launched across our platform. We also premiered the anticipated original series Flesh, produced by Siddharth Anand, responsible for box office hits such as War and Bang Bang. The trailer of the show alone garnered over 10 million views within 48 hours of release. This show for us has witnessed the highest number of new users and accelerated binge-watching habits as compared to any other original launch on the Eros Now platform.

Following up on the success of Flesh, we also launched a digital original film, Halahal, which received critics ratings of over 3 and was a great driver in adoption of content-driven cinema with strong character performances.

Amongst other launches, we had quarantine additions of our very popular series Metro Park and Date Gone Wrong, short films Unkahee and Soul Saathi and our third season of Date Gone Wrong during this period.

As of course, we continue to focus on subscriber scale. Fully monetizing the Eros Now community is a key strategic focus. Four areas of focus for us are based upon the principles of HINT. H, develop a consistent habit with the customer via content consistency and marketing technology, driving more frequency and time spent on the platform. This will be key for native markets like India, U.S., U.K., et cetera.

I, International, we are planning on developing 3 adjacent regions in a big way with local language customizations and local content partner development in the Middle East, Southeast Asia as well as Africa.

N, working on the network strategy of diversification of Eros Now in regional languages with a dedicated content and technology pipe to fuel consumption across Tier 2 and Tier 3 India. We also anticipate the launch of our English language service in the first quarter of calendar '21 in South Asia, then to be followed in other key territories outlined previously. We are also excited to build out a kids strategy focusing on audience and brand loyalty, really driving home cradle to grave strategy.

And finally, in our HINT is thought to leadership. This is an important asset of the Eros STX and Eros Now business with investments in AR, VR, mixed reality for new formats with partners like Epic for real-time production and Microsoft to fuel the evolution of the next gen back-end technology and services catering to the ever-evolving OTT user.

Today, approximately 700 million people in India, 50% of the population, live in areas with low or no REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call

Internet coverage. However, this population has very similar taste to the rest of the country and love films and entertainment. Our latest partnership with Microsoft is a monumental shift in creating a hybrid model for data and video delivery to these customers where they don't have Internet access. The premise of the architecture is based on a cloud network that delivers video to an end-user device via satellite, therefore, creating an alternate option for these customers to access entertainment and Eros Now on their devices.

Based on the learnings of the early pilot and deployment across India, the use cases are also applicable in markets like Southeast Asia and Africa, where the tele destiny kind of follows a similar pattern to India. We anticipate that out of the total population of 1 billion to 1.5 billion people, with Microsoft, we should be able to develop a long-term reach of anywhere from 300 million to 500 million customers that can leverage this hybrid model to get access to their daily dose of entertainment.

I would now like to pass it on to our CFO, Andy Warren. ───────────────────────────────────────────────────────────────────────────────────── Andy Warren, Eros STX Global Corporation - CFO Thank you, Rishika. It's impressive and awesome.

I've had a chance to talk to many of you over the last 90 days since we closed, but it's good to be able to talk to all of you now today. As one kind of opening comment after having been the CFO of NBCUniversal, Liz Claiborne and Discovery, I'll say that I've never been more enthused about an opportunity than the one we have here. It is one that when I look at where the company is, the monetization opportunity, the unique position we have, the opportunity for massive shareholder value accretion couldn't be more real to me. And hopefully, you share that enthusiasm with the rest of the management team.

There are three areas that I want to focus on now that Bob referenced. I do want to discuss the six tactical strategic area of focus that we have, that we believe will drive significant shareholder value. I do want to provide insights regarding the recent STX financials we submitted last week. And then also I want to give more of my thoughts on the merger and how I see the company progressing over the course of the next several years.

So first, let me comment on our six priorities, and I'll go in order of execution priority and focus. The first, as you've seen hopefully from our press release that we issued on Monday as well as the 6-K last week, this will follow along with that outline. The first is to enhance the balance sheet and operating cash flows.

Let me give some context around how our balance sheet is structured. Today, we have about $385 million of gross debt, $200 million of that is in a JPMorgan-led ABL facility that we use for our productions and about $185 million is legacy Eros and STX, medium and long-term debt facilities. I'll talk about both in a second.

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NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call

The ABL, which again is $200 million outstanding today, that has a maturity of October 7, 2021. It works more like a working capital line. It allows us -- because our revenues are so unique, they're so contracted with A player counterparties, whether it be Showtime or Netflix or Amazon or the biggest distributors internationally, we're able to borrow in advance of known receivables from a high-quality counterparty. That's how we're able to so capital efficiently grow our business. That is, as I said, coming due in October 7 of next year.

Our confidence is extremely high, I'm going to say, 100% high, that we're going to get that extended with all the right terms and all the right capacities and all the right facility nuances that we need. So, we've done this now many times before with this bank group. They couldn't be more supportive given our execution, given how we performed and given now that we're in a very cash flow positive cycle for our business, which I'll explain in a minute. My confidence is, as I said, extremely high about our ability to refinance our ABL.

Secondly, on the global term loan side, again, about $185 million outstanding today. Various currencies, various tenors. We are very much focused on and expect to recapitalize all of those debt maturities, allow us to do a single debt term U.S.-denominated, long tenor, that will have certainly better pricing and give us more flexibility. So more to come on that, but that is a huge focus of all of us is to extend and recapitalize our debt. And that will be a huge opportunity for us to provide a bedrock foundation for our capital structure.

And then related to that topic, the subtopic is we are very much focused on increasing our cash flow conversion. It's been robust to date. I think there's continued opportunities for us to utilize our untapped NOLs. Again, we continue to use our facilities and our debt to drive both higher cash conversion and a higher ROE, which I'll certainly get into in more detail in the coming months.

The second area of focus of the six I mentioned is to streamline the ESGC corporate structure. Look, whenever you combine two companies like ours, there's complexities, and these are big global entities that have a lot of nuances associated with them. One of the things that we're very focused on is there's the EIML, the Eros International Media Limited listing on the Indian Exchange. We'll look at ways to perhaps simplify that while still taking advantage of its critical strategic importance and its position in the marketplace. But I think there's a way for us to probably singularly simplify that structure and allow probably better reporting clarity for our New York Stock Exchange based investors. That's something that we're focused on.

The other element of that corporate structure is streamlining. You'll see us going forward when Drew and I and the team present to you, we're going to break our financials into 3 segments to be the digital segment, which is as expected, includes Eros Now, includes the many business lines that we have going right now with Netflix and Amazon, Hulu, et cetera. We'll have a second segment called studios, which should be more of the traditional old media model, really theatrical, physical, home entertainment, et cetera. And then we'll have a corporate other entity that will predominantly cover our corporate overhead, which you will see from our reporting is by far the lowest in the industry, and you'll see the REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call revenue to overhead conversion ratio for us in the coming years will be extraordinarily high and only increase given what we see as a dynamic top line growth model.

The third area of focus is one that Rishika just so eloquently walked through, and that's to fully monetized our Eros Now streaming platform. Really nothing more to say there other than we're going to continue to grow the business the way that they have done better than anyone in the space. We're going to clearly look at driving ARPU and monetize the sub base that has been uniquely built by the Eros team.

I think one thing I'll highlight here is we do so believe in the growth profile of this business that we do expect to invest meaningful amount of capital in the remainder of fiscal '21 and fiscal '22 to drive massively expanding profit in both '23 and '24. I'll talk about that more in a minute. But we certainly do see the monetization opportunity and ROI on that business is unlike I've seen before in my career. And so, it's one that we're going to drive very, very hard.

A fourth area that we've highlighted as far as management focus is, not surprisingly, drive revenue and earnings and EBITDA growth. We did highlight some very high-level guidance metrics, fiscal 2022, revenue of $800 million. One thing to highlight to all of you, because it is an odd dynamic, because we're a March 31 fiscal, our fiscal '22 actually starts in just 5 months. So, when I talk about '22, it doesn't sound as long away as it may seem. So, when we talk about $800 million of fiscal '22 revenue, that really is around the corner. And our line of sight to that is very high, not only given all the content development and execution that Adam's laid out and the global content capabilities we have that Noah talked about, but we now have, as many of you know, developed a true library, with true library characteristics of high cash flow, high-margin flow-through, all of that as more and more benefiting our outer periods. That's part of why our 2022 growth rate looks as strong as it is.

Then we also outlined our fiscal '23, which again now is about 17 months away, of being $1 billion plus in revenue with over 50% derived from that digital segment I spoke of. So, think in terms of over half of our revenue in 1.5 years coming from the new high growth in the Eros Now, U.S. digital platform, deep relationships with Amazon and Netflix and Hulu and others. It gives you a sense to how we are much, much more becoming a digital company than a traditional linear media company, which has been clearly one of our strategic imperatives from the nascent days of STX being started 5 years ago.

Fifth we talk about is the strategic partnerships, significant traction here already. I won't go through in any great detail. But when you're dealing with output deals that are unlike any other industry, with Amazon and many of the key international markets, when you're dealing with content development and creation that Eros has with Apple, what Adam and his team is doing with Amazon, what we're doing with Netflix, HBO, I mean it's extraordinary. When you mention the players in the space, who you want to be aligned with, who you want to be strategically important to, those are the players that we're currently doing business with. So, the notion of win with the winners, I couldn't feel better about winning with people with market capital over $1 trillion. And that's who we're mostly aligned with.

And the last thing I'll say is enhanced investor communications. We hired Drew Borst, as many of you REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call know. I know Drew for years with my past experiences. I dreamed at him joining the team, given his highest patina of reputation on The Street, and even that helps Bob and I and Rishika and Kishore and Noah and Adam, guide us through the various reportings, both to the equity and debt markets.

Okay. So, let me now move on to the next topic. The next topic is giving some clarity around the SEC financial report, which we call the 20-F. And it is a voluminous document. And so, let me just give you a couple of quick perspectives on that because I do think there's elements of it I'd encourage any investor to read because it does provide some real insights. It does cover STX historical financials only. It's a document that we will be filing with the SEC and you'll all have access to in the next coming weeks. That will discuss more about the pro forma company, both the balance sheet and financials on a pro forma basis. But this 20-F is just STX financials, but it does very much cover the combined company market position, a look at the business profile, what are our financial and strategic imperatives. Again, there's a lot in it, but there's sections that I encourage you to read because it will give you a lot more color about us, what we're focused on, and again, what are some of the market dynamics that we live under.

As we think now about the financials that are STX only, let me highlight a couple of important trends. One, you'll see that over the 3-year window that we provide audited results under GAAP, and we converted to the now March 31 fiscal cadence, you can see that we are a clearly high-growth company, which has been a thesis of this company from the beginning. You can see that after years of investing cash to support that growth, you'll see in the last reporting period in the 20-F that we now are cash flow positive. Some of that's driven by the library value and benefits that I spoke of.

But it also importantly highlights that there is negative EBITDA over the period. And I want to provide some important clarity around an accounting nuance that all film studios deal with, but it's most important for a company like ours who has grown to scale so quickly, that the nuance of the GAAP accounting in the film world is that you expense all of your marketing and releasing costs upon release. So, you can amortize your production costs over the life of the asset, in our case, call it, 10 years. But the majority of your expenses associated with all the releasing costs are all done upfront.

What that means is, just to put some financial context behind it, if you look at within 6 months post release of any of the 35-plus films that we've done, about 75% of the cost of that film in aggregate -- marketing costs, releasing cost distribution costs, production costs -- 75% is realized in the first 6 months, whereas only 50% of the revenue is recognized in the first 6 months. So not surprising, in the first 6 months post release, regardless if the film does great or just marginally, you're going to be upside down on EBITDA and margin. But from month 7 onward, you have a massive accretion of margin based on recognizing half your revenue with only 1/4 of cost. So, it does give you a much greater sense, I think, of when you're in our model and you're growing, you do have that very unusual attribution of a much higher marketing hit as you're releasing more films.

Once you get to a steady state of film releases, which we expect to get to in fiscal '23, that anomaly will go away, and you'll start realizing not only the benefits of that higher margin from prior releases, but you won't have that year-over-year increase in marketing costs associated with additional releases versus REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call prior year. So, we're very close to having the benefit of not only a growing attributable library, but also then a steady-state slate that allows us to have a much better EBITDA flow-through.

So, I threw a lot out to you -- at you there, certainly, a conversation that we'll continue to have, but that nuance of why EBITDA is negative in a business that's growing, that has positive cash flow is just an important nuance that has to be, I think, well understood.

One of the points that's so important to talk about is one thing that E&Y had to do. The PCAOB, the Public Company Accounting Oversight Board, has requirements for all public audit firms, which is that if a company like ours has a debt maturity like ours, the ABL that I referenced, maturing in the next year, that is defined as a going concern.

So, while that is the right approach and the right terminology that E&Y used, my comment to you is I'm not remotely worried about our execution and ability to refinance and extend that debt. It's something we're focused on getting done and we'll get done very soon. You can imagine COVID and the disruption in the debt market certainly have created some discombobulation in getting that done. But we are now able to get this done. Based on discussions with JPMorgan and our lead bank group, I'm extremely confident in getting it done, getting it extended and having that going concern completely mitigated from the legal pretense of what needs to be said.

So, look, lastly, what I'd say is my views on the merger, I've expressed some of this already. We’re looking at high growth through digital platforms and the highest growth media markets, amazing EBITDA and cash conversion and every incremental dollar spent and revenue conversion. In its simplest form, a lot of you know, my #1 metric is purely free cash flow per share. That's always my North Star in every CFO job I've been in, and I'm very confident that our North Star free cash flow per share here will outpace growth will outpace any other company I can think of in the space.

So, with that being said, back to you, Bob. ───────────────────────────────────────────────────────────────────────────────────── Bob Simonds, Eros STX Global Corporation - Co-Chairman & CEO Andy, thank you, and Adam and Rishika, thanks for that.

I do want to make sure that everybody understands that while -- this huge opportunity here was for those of you on this call to hear our voice start the process of getting to know us because we're new and the kind of how we think.

I don't want to -- I want to make sure that I thank Kishore. Kishore really built an amazing company here, and our teams are working together incredibly well. And I just -- you're hearing a lot from us right now, but I wanted to make sure that, that was heard.

I touched on it earlier, but allow me to expand on Eros Now and explain why we think it represents such an exciting opportunity. And for starters, Eros Now is already a leading streaming platform in Indian REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call entertainment market that is still very nascent with structural growth tailwinds driven by expanding 4G and 5G wireless. In addition, we think Eros Now has several competitive advantages that are, in the aggregate, very difficult, if not impossible to replicate.

Equally impressive, in India, we believe Eros Now has the most paid subscribers of any other streaming service, more than Netflix, more than Amazon Prime, more than Disney+ Hotstar. We set on the combining our forces of distribution and creation and partnerships that both organizations have and look at worldwide opportunities to grow. The company has planned a strong pipeline of feature length films and episodic content with powerful positions in the world's fastest-growing global markets.

Today's audience is looking for all-inclusive content across languages, formats and genres. This combined business model will have a unique capability to present Eros' and STX's robust film and episodic libraries and pipeline of original content to a broad and growing global audience.

So that's it. The emerging markets hold tremendous promise and opportunity for the company. We obviously have to go out now and execute, but we are fully committed to unlocking the value of this amazing business. Drew? ───────────────────────────────────────────────────────────────────────────────────── Drew Borst, Eros STX Global Corporation - EVP Investor Relations & Business Development Yes, thanks, Bob. Carmen, maybe you can give the instructions for the Q&A session? ─────────────────────────────────────────────────────────────────────────────────────

QUESTIONS AND ANSWERS Operator (Operator Instructions) Our first question is from Tim Nollen with Macquarie. ───────────────────────────────────────────────────────────────────────────────────── Tim Nollen, Macquarie Research - Senior Media Analyst Two things, please. You covered a lot of ground. Actually, you actually covered a lot of the questions I had, but a couple I like to dig into. One is your implied guidance for revenue and EBITDA for fiscal '22 points to an EBITDA figure that would be around $60 million or so. And that actually coincides with the number that we're currently forecasting for Eros as a stand-alone. Obviously, we haven't done our pro forma model yet. So maybe you'll give this detail when you've put your next filing out, I think you said in a matter of weeks, with the pro formas. But I'm just curious, how do the synergies of $50 million factor in? How does this become an accretive deal already in fiscal '22?

And then a second separate question on the Eros Now subject, Hollywood and Bollywood are quite different. And I'm just curious, you talked quite a bit about making your content available to Netflix, Hulu, et cetera, et cetera, and comparing to them, and also talking about the great things Eros Now has done. But I'm just curious how will you treat your content in terms of making it available on Eros Now? Will you make decisions as to what goes to somebody else versus what goes to Eros Now? And then how do you think subscribers will respond? Will Indian consumers take to your content? Will consumers

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NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call outside of India take to Eros content, et cetera? Hope that makes sense. ───────────────────────────────────────────────────────────────────────────────────── Andy Warren, Eros STX Global Corporation - CFO Yes, Tim, it does. It's Andy. Not surprising, those are great questions. Let me check if I can answer the first one. Look, I totally get your comment. The math is right. When you compare approximately kind of $60 million, $65 million of guidance EBITDA for fiscal '22.

Just a couple of points to highlight. One is, remember that the EROS stand-alone and for that matter, the STX stand-alone numbers for fiscal '20, that was all pre-COVID, with the March 31. So clearly, a challenging and negative impact on revenue and to a certain degree, EBITDA this year. And it's certainly well of an impact, quite frankly, on our '22 as well just based on pipeline development. And that will certainly impact again some of the ability to monetize some of our content.

A second comment to make is on the synergies. Most of those synergies, the $50 million of cash that we highlighted, that will definitely be all realized and recognized by the end of fiscal '22, in time for fiscal '23. So, some of that, it won't be yet fully visible in '22. By the way, it's worth me taking just one second to give some clarity on what the synergies are. We haven't had a chance to really put any kind of color or clarity on that. It comes down to some things you'd expect. There’re certainly some cost synergies, overhead. There’re definitely some expected debt interest cost synergies based on our ability to recapitalize, as I mentioned, all the debt of NewCo. There's also some NOL utilizations that we have, particularly in the U.S. side, that we'll use.

But the biggest opportunity is really being able to monetize our global content across all the various platforms. STX is way under monetized our content in India based on an output deal we had. And now all of the content is going through the Eros machine, both when it comes time to releasing films, putting it on the Eros Now platform, driving subscriber growth, ARPU, et cetera. So, I feel really good about the synergies, but a lot of that will be more in the second half of '22.

Look, I think the other point I was making before I wrap up is in my comment about given COVID and given the slowdown of releases in '21, we do expect to increase our film slate production output in '22. Again, the accounting nuance of recognizing all those additional film releases costs day one, that will have a negative EBITDA effect in '22 but a slingshot benefit in fiscal '23, which I'll be able to add more color on at a later date.

And then, Rishika, do you want to give your views on Eros Now? ───────────────────────────────────────────────────────────────────────────────────── Rishika Lulla Singh, Eros STX Global Corporation - Co-President & Director Absolutely. Thank you, Andy. When it comes to looking at Eros Now, it's important to appreciate that we're catering to India and the Indian diaspora. So, the way we're looking at English language content in India is, is Indian languages, being a primary driver, enables us to have a really, really wide distribution reach and ensure that we can capture all the kind of native languages within the country. So that takes us across Tier 1, Tier 2, Tier 3. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call

The urban markets are actually where it's quite competitive, and that's where you'll see a strong demand for English language content, and that's where you see a very kind of saturated market. So when we're looking at competing in the urban cities in India, we believe that having the layer of the best of Indian language, big Bollywood blockbusters and beautiful flashy originals and then you layer it with the English language service, it enables us to penetrate a lot within urban India, compete very steadily against other incumbents within the country, who will continue to be priced in a more kind of U.S.-centric fashion, whereas we will be priced, albeit higher than our current pricing, we will still be priced in such a way which will drive strong appetite from local Indian consumers as well.

And in terms of how we will look at which kind of platform the STX content would live on and strategy around that, I'd love to pass it on to Noah. ───────────────────────────────────────────────────────────────────────────────────── Noah Fogelson, Eros STX Global Corporation - Co-President Thanks, Rishika. Tim, good to talk to you. Just a quick response to your question about the deals we do. So, we control the global rights in almost all of the content that we produce. Occasionally, there will be a co-production or we will just acquire either international or just domestic. But the majority of content that we produce, we control the global rights.

So on the film side or on the feature-length content that we produce which is intended to go to platform, we will continue almost always to have the ability, should we choose, to put it on the Eros Now platform, and thankfully, we have phenomenal partners and colleagues now who can make that decision because we shouldn't be the ones deciding what we think the Indian market wants. But Rishika and her team can evaluate that and make the choices on the right content for that marketplace.

But I think it's also important to note that in the global television streaming deals that we are doing, not all of them, but most of them, we are able to pull back and retain at least China and India rights, which means that we can continue to pursue partnerships on the China side for our streaming content and then take that global premium TV content and retain it for our own Eros Now platform, which is a gigantic win when you start thinking about the total cost to continue to stay at or near the top in the streaming space in India, to be able to take premium global content and put it on our platform is a huge win in my opinion. ───────────────────────────────────────────────────────────────────────────────────── Operator Our next question is from Ted Cronin with Citi. ───────────────────────────────────────────────────────────────────────────────────── Ted Cronin, Citigroup Inc., Research Division - Research Analyst It's Ted Cronin on for Jason Bazinet at Citi. Just had two questions related to your capital structure. First, I guess, as you guys focus on enhancing free cash flow conversion and get to a steady-state number of film releases over the next couple of years, how should we sort of think about steady-state financial leverage? And then second, just hoping you could quickly remind us whether there are any leverage- based covenants on your existing debt, either the ABL or the TL. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call

───────────────────────────────────────────────────────────────────────────────────── Andy Warren, Eros STX Global Corporation - CFO Sure. It's Andy. Yes, we have the benefit of being not only highly capital efficient where we don't need a large capital infusion day one to produce a lot of content at scale. A lot of that comes from both our utilization of the output deals that Noah and Adam talked about. And, no one can benefit more from tax incentives than we can.

And that leads to another point, which is we are a very capex-light company. If you think about it, for a lot of you, you think in terms of the competitive set and the studio space. They have huge facilities. They have production lots. They have a lot of investment in technology. We have none of those things. We are able to use everyone else's facility. We're able to produce content anywhere in the world that has the greatest tax advantage without being at all encumbered by old historical assets and film lots. So that allows us to moderate CapEx and then to be able to spend a very little amount of day one capital to produce a lot of content.

So, it's a long way of saying, we -- at this point, I don't see a significant growth in our need for debt. There'll be flows in and out of our ABL. But as far as additional term debt to support the growth initiatives, I'm confident that we have the structures and the debt and the cash flow capacity to fund our operating model that we both laid out and we'll provide more clarity on later.

And then with regard to the question on the current structure, as I said, it's worth saying it again, in this market, there's certainly, I believe an understanding that maybe it would be hard to get some of these debt re-financings done. Again, I couldn't be more confident based on conversations that are already well underway with the biggest banks in the world to execute on our ability to restructure the balance sheet.

And then sorry, your question on covenants, look, it's a good question. We are very covenant-light across all of these debt securities. We don't have a lot of the covenants that would maybe be expected. Some of these are old debt obligations that were for a different period of time and some of these covenants were more restrictive since then. So, don't think in terms of covenant issues being in our way, and we're focused on making sure we can extend a covenant-light new set of debt securities. ───────────────────────────────────────────────────────────────────────────────────── Operator Our next question is from Robert Routh with FBN Securities. ───────────────────────────────────────────────────────────────────────────────────── Robert Routh, FBN Securities, Inc., Research Division - Research Analyst Just one quick question. Bob, I'm curious if you could tell us what concerns you most about executing this merger that you've done and realizing the value of the investment thesis that you've outlined. ───────────────────────────────────────────────────────────────────────────────────── Bob Simonds, Eros STX Global Corporation - Co-Chairman & CEO Robert, thank you. That's actually a good and appropriate question. I'd say the thing that probably concerns me the most is probably COVID. But I hope that everyone understands, I couldn't be more REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call energized and excited about how we're dealing with it. I mean given COVID, it's prevented the teams from being physically together in the same room. But we are working exceptionally well together via video conference. This is something I didn't think was possible. But working together incredibly well, even though we're not physically in the same space yet, though, of course, Kishore and I talk multiple times a day and then spent time together in London quite a bit.

I'd say there's that, but I also -- having said COVID, I also want to make sure that everybody understands, this has become a huge opportunity for us. This crisis has become a really accelerating opportunity for us. Adam talked a little bit about how we're taking movies -- and again, our goal is in a very competitive environment where everybody in the world wants access to globally branded stars, branded storytellers, people who can make the best compelling content, everybody is trying to get at those same people. And we've constructed a vehicle where they're coming to us and they're coming to us first, and they're coming to us again and again and again.

And a huge part of our goal is to be able to construct deals with them that are financially beneficial, which is one of things we've been able to do. But we've also been able to be very opportunistic, which they love. So, a movie like Greenland is one where we can open the movie if the theaters are open internationally, and they were. So, we open to #1, 22 different international countries, outperforming Gerard Butler's past movies like Angel Has Fallen and pretty much everything else he's done in pre- COVID times. But then we look at the landscape and say, do we release the same domestically in the U.S. or can we get an outsized profit, if you will, by selling it to a streamer. We chose the latter, which is, in this case, HBO Max, but still preserves our ability to release the movie on premium video-on-demand, which I do believe will be incredibly good.

So, the crisis has driven more talent to us. It's driven talent to us on really beneficial economic terms. It's allowed us to change our model in ways that, frankly, I'd like to say that we're smart, but we probably wouldn't have had to figure this out this way if it hasn't happened. And I must say I'm looking at the new models, the new numbers, and I'm shocked at how this looks going forward. Depending on how long this takes to clear up globally, we have lots of moves that are going to work really well.

And finally, Rishika talked a little bit about how Eros Now and subscriber growth is going incredibly well. And obviously, that's really tightened our relationships with -- and our partnerships with Apple and Microsoft and Amazon and others. So, I know the question was what kind of -- what I'm concerned about. But in reality, I'm seeing this as a giant opportunity. ───────────────────────────────────────────────────────────────────────────────────── Robert Routh, FBN Securities, Inc., Research Division - Research Analyst Okay. Great. And I have one follow-up, if I may. The question I have is are you considering or have you given equity in the company to any of the talent so that they're kind of protected? If what they make isn't good, but what someone else makes is, kind of cross collateralizing it across. They will be incentivized not only to do well, but also stay with you when it comes up for renewal, right? Is that something you've ever even thought about or they've thought about? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call

───────────────────────────────────────────────────────────────────────────────────── Bob Simonds, Eros STX Global Corporation - Co-Chairman & CEO That's a very forward-looking question. Kishore and I have discussed versions of that quite a bit. And I do think there's a world in which we flirt with that idea. I want to make sure, look -- I look at every share in this company as gold, and I don't want to take away anything just to nothing.

But that said, our goal is to create a one-stop shop for the world's biggest talents to have a creative experience across lots of different platforms. So, as you see, and we'll be talking a lot more about during Investor Day, when a globally brand star comes to us, we want to do everything. We want -- no, we're going to do movies with you. You're going to do TVs with us. You're going to do short films with us. Well, by the way, you want to be big -- you want a career that's going to last the next 20 years? Well, guess what, you better be big in China and you better be big in India. And that goes back and forth. So, we become a place where everybody wants to work. And using stock as tool for that, we should be sure to talk a little bit more about that. ───────────────────────────────────────────────────────────────────────────────────── Robert Routh, FBN Securities, Inc., Research Division - Research Analyst So, you're basically open to whatever, depending on the talent and what they have. And the reason I ask that is as you know, talent, sometimes they have hits and then they hit drought and some things bomb, right? And you don't think of how to incentivize to stay with what you're doing once you get certain names that you're keen to secure, which is tough and it's quite impressive. ───────────────────────────────────────────────────────────────────────────────────── Bob Simonds, Eros STX Global Corporation - Co-Chairman & CEO Yes, look, I mean, part of the key to what we do is we need to retain the ability to say no and have them love us and have them come back for seconds and thirds. But if their project doesn't fit our model, it doesn't fit our risk profile, we need to be able to say, with love, find different markets for that one, but we'll do something else. And we always make sure that we've got that something else lined up before we let them go out and do something someplace else. But yes, thank you. ───────────────────────────────────────────────────────────────────────────────────── Operator Robert Fishman, your line is open, from MoffettNathanson. ───────────────────────────────────────────────────────────────────────────────────── Robert Fishman, MoffettNathanson LLC - Analyst I have 2 questions. First, can you more broadly talk about the future of film windows and how they will look like whenever theatrical attendance returns to a new normal, both for tentpoles and for lower budgeted movies? And then second, on a related note, can you expand on how your windowing experiments to date have impacted your relationships with movie theater owners in the U.S.? ───────────────────────────────────────────────────────────────────────────────────── Adam Fogelson, STX Films - Chairman Sure, it's Adam. It's good to talk to you. What I would say with respect to the window conversation in general, it's been an area of some great interest for me over the course of my career. I think that we are at the first and only moment in my lifetime where while being sure to adhere to all of the laws that prevent certain people from getting in certain rooms and coming up with a plan that works for REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call everybody, I have never seen content creators and exhibitors more aligned in their desire to form a new model that is mutually beneficial going forward. So, there are discussions going on, individual discussions with each major circuit, and us specifically around what we think a go-forward windowing strategy can be.

And based on what I'm seeing and the reports in the press, I think that everyone's kind of swimming around versions of the same thing. There are critical differences. But exhibition, I think, is understanding that it cannot go back to the old model. And legacy studios are understanding that there is still giant value. There is unique giant value to successful theatrical distribution of content. When you have to make the kinds of profit the legacy studios have to make just to cover the cost of their overhead, that becomes absolutely essential. For us, it becomes more of an opportunistic situation.

But I do think you are not going to see the old windowing model replicated going forward. How long it's going to be, to what extent something like the Universal AMC deal is replicated by others or different versions work for different players, I think you're going to see content getting to homes faster and recognizing that audiences need more access to content, whether it's the same time or over time than they've had previously.

I am confident that whatever outcome comes to pass, people's desire to go see movies in very large rooms with lots of other people and laugh and cry and scream and cheer is something that no advancement in technology or change in windows has been able to stop. And seeing what's happened internationally in territories that opened up on a film like Greenland, where it has so outperformed movies -- comparable movies prior, I'm very confident about what it means for the life of theatrical moviegoing going forward.

As it relates to -- the second question was on... ───────────────────────────────────────────────────────────────────────────────────── Robert Fishman, MoffettNathanson LLC - Analyst Just on your exhibitor relationships? ───────────────────────────────────────────────────────────────────────────────────── Adam Fogelson, STX Films - Chairman Exhibitors, absolutely. Understand that in the short run, every content provider has to find ways to be responsible for their company and their shareholders. And so the need to monetize good content sooner rather than later, if there's an appropriate way to do that, have not met with a resistance, and we have I think additional credibility because under normal circumstances, the way Hollywood has traditionally operated, a studio would not have allowed a movie like Greenland to have been released internationally before or significantly before there was an opportunity for that content to be seen domestically.

There are reasons that you can invent why you might be hypothetically concerned about letting a movie like Greenland go out in international territories significantly ahead of the United States. We did not believe that those risks outweigh the opportunities of succeeding. And many of the major exhibitors obviously don't just own theaters in the United States. They own theaters around the world. So, we were REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call one of the few studios presenting major commercial content to them. And I think that demonstrated that, where possible, we still would love to be giant providers of and supporters of the exhibition space. But we also need to do right by ourselves and our partners in the short run. And so, films like My Spy and Greenland, we've had no backlash, and we are having great conversations with our exhibition partners about what our deals will look like for a changed window structure going forward. ───────────────────────────────────────────────────────────────────────────────────── Operator Our next question is from Eric Katz with Wolfe Research. ───────────────────────────────────────────────────────────────────────────────────── Eric Katz, Wolfe Research, LLC - Research Analyst All of the mechanics and strategy around Eros Now is helpful, but can you talk a little more about how we should think about the time-line around the economics with regard to target subs and maybe the ramp of profitability of Eros Now within your targets? And within that also, any color around paid subs versus ad-supported subs would be helpful and maybe how you plan to convert the big user base to monthly paying subs over time, especially in India where it seems to be a bit more challenging than the rest of the world. ───────────────────────────────────────────────────────────────────────────────────── Rishika Lulla Singh, Eros STX Global Corporation - Co-President & Director Sure. Thank you. Excellent question. So as a management team, we're really confident that we'll be able to fully monetize the Eros Now platform as our strategy is currently beginning to play out, as our past and future investments are essentially just coming to fruition. The OTT market in India itself early this year was very, very much in nascent stages. However, the key industry shift due to a global pandemic and natural forces have actually propelled us forward. So, we will be seeing OTT moving out of its nascent stages for us by 2023.

It's important to note that there are a lot of factors that are actually going to contribute to the success of the Eros Now product across technology, distribution and content. And we've made considerable headway in each category. And as previously kind of outlined on the principles of HINT, we want to ensure a strong, healthy and consistent growth outlook, not only on subscribers, but also on the revenue side.

So, a lot of our strategic relationships, for example, with Microsoft will not only provide a seamless service on Azure but also expands itself to essentially being core partner in garnering scale and distribution in India. So, we essentially leave no stone unturned. We have the strongest content lineup across the group, an original slate spanning Hindi and regional languages as well as the upcoming launch of our English language service anchored by NBCU and STX, just to name a few, at roll-out.

Also, a kind of robust consistent content pipeline, spanning Indian and English languages will allow us to increase pricing. So that will directly drive bottom line and direct-to-consumer growth, so we create a strong kind of habit for consumption on the platform.

Also, the Indian diaspora is a large wealthy addressable market and our international distribution REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us

NOVEMBER 04, 2020 / 9:30PM GMT, Eros STX Global Corporation – Business Update Call strategy and outlook to deepen presence in the core adjacent markets will further kind of push forward and fuel Eros Now growth on all fronts. Also, the kind of key strategic distribution partners with guys such as Apple and Amazon also form a really, really key part of our international distribution network.

When it comes to the large community that we've built over the years, we are looking at starting to monetize that free community. We will probably look to kind of be soft piloting something soon and will definitely provide a meaningful update in due course. ───────────────────────────────────────────────────────────────────────────────────── Operator And I'm not showing any further questions in the queue. You may continue with any final remarks. ───────────────────────────────────────────────────────────────────────────────────── Drew Borst, Eros STX Global Corporation - EVP Investor Relations & Business Development Well, great. Thank you. This is Drew Borst, the Head of Investor Relations. I want to thank all of you for joining us today. I know we threw a lot of information at you. There is a replay that will be available on our website. There are dial-in instructions if you prefer to use the phone. But we look forward to engaging with all of you in the near future. Thank you very much and have a good evening. ───────────────────────────────────────────────────────────────────────────────────── Operator And with that, ladies and gentlemen, we thank you for participating in today's program. You may now disconnect. ─────────────────────────────────────────────────────────────────────────────────────

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