Corporate Presentation June 2019 1 Eros the leading Indian studio Executive Summary

Eros: A global leader in Indian film entertainment with #1 box office market share

1 130+ new releases in the last 3 fiscal years

2 Large content library of Indian language , 2,000+, and music

3 Multi-platform model for content monetization

4 ErosNow(1) strategically positioned to capture large digital opportunity in

5 Highly attractive market opportunity driven by secular tailwinds

6 Culture of innovation and partnerships with leading international talent

Note: (1) ErosNow is parent Company, Plc’s OTT entertainment service

PAGE 2 Unrivalled Library & Film Production Capability

New film • mix 40-50 Co-production Acquisition Own IP Creation •Regional language Films Each •ErosNow Originals, Year Short films

2,000+ film library (1 year after Theatrical Release)

PAGE 3 Eros: A Multi-channel monetization Model

Leading player in a growing and underpenetrated film market Theatrical  Investing in content driven films with high ROI potential  Film pre-sales facilitated by long-standing Eros brand, reputation and industry relationships

Cable digitisation and rising Pay TV penetration drive market growth and demand for premium content  Eros’ film library of over 2,000+ films is a stable source of revenue growth with high margins Television & Others  Television rights are often sold before box-office releases  Other streams through theatrical and catalogue rights include Music, Cable and broadband syndication, in-flight sales, DVD sales, etc.

Exclusive content supplier to the fast growing OTT platform - ErosNow Digital  ErosNow, with 18.8 m paying subscribers and over 154.7 m registered users globally, is the leading Indian Film SVOD Platform  Expanding aggressively into digital content with ErosNow originals and short films

Sale of international distribution and digital rights to the parent company benefits de-risking and cash flows Overseas  Pre-determined recovery of significant film production cost through Eros International Plc  Parent Company enjoys wide international distribution network across 50 countries

Eros International is strategically positioned to monetise film content through multiple channels globally

$$$ $ AD $

Theatrical TV Syndication Freemium Pay Per View Subscription Advertising Bundled Services PAGE 4 Deep and Longstanding Talent Relationships

Select Leading Actors

Amitabh Shah Rukh Salman Ranveer Deepika Priyanka Anushka Bachchan Khan Khan Singh Padukone Chopra Sharma 3 IIFA Awards 5 IIFA Awards 1 IIFA Award 3 IIFA Awards 4 IIFA Awards 3 IIFA Awards 3 IIFA Awards 4 NFA Awards 2 NFA Awards 1 NFA Award 1 NFA Award

Select Leading Directors

Sanjay Leela Anand Kabir Raj & DK Anurag Sujay Bhansali L. Rai Khan Kashyap Dahake 4 IIFA Awards 1 BIG Award 1 IIFA Award 2 IIFA Awards 1 NFA Award 2 NFA Awards 1 Stardust Award 1 NFA Award

Note: IIFA = International Indian Film Academy. NFA = National Film Awards.

PAGE 5 Industry defining partnership with

⚫ Eros International Media and Reliance Industries Ltd (“RIL”),India’s largest private A Mutually Beneficial Strategic Partnership with India’s sector company, announced the creation of Largest Conglomerate to Consolidate Indian Content a joint film fund to co-produce and consolidate Indian content Content Distribution Capital Engagement

o The new partnership will look to invest Rs 1,000 crore ($150mn) in Investment to dramatically scale Eros’ capabilities in content the near-term to produce and production, marketing, and distribution acquire Indian films and digital originals across all languages Symbiotic relationship with Reliance’s to create high efficient unit economics for the ErosNow OTT platform ⚫ RIL, as per an agreement in February 2018, has acquired 5% equity stake in our Reliance’s production expertise to further bolster expansion and parent company, Eros International PLC at development of Eros’ original and short form content a price of $ 15 per share (18% premium to the then close price)

PAGE 6 Successful Penetration into China, expansion into new Geographies

Indo-Chinese Co-Production in China Indo-Turkish Co-Productions

2 films created and produce by in-house, will be co-produced with a Chinese Studio

• First for an Indian studio • Set in India and China • Shot in both languages

Eros’ Influential Partnership in China

Partnerships with three major Chinese state-owned film and entertainment companies to promote, co-produce and distribute Indo-Russian Joint Content Distribution Sino-Indian films across all platforms in India and China Central Partnership and Eros Int’l to distribute and promote Indian and Russian content across multiple platforms in both countries

PAGE 7 2 Our markets India: Fast Growing Film and Television Market

Indian Film and Television Market Projected to Grow at 10% (Rs. In Billions)

’17 – ’21E CAGR

1,191 10%

236 915 11% 816 175 156

9% 955 740 660

2017A 2018A 2021E TV Filmed Entertainment

(1) Source: FICCI – EY Report.

PAGE 9 India: Leading Economic and Population Growth

Fast growing economy Massive Population

Projected GDP Growth CAGR (2017A-2021E) (2017, in billions) ~18% of world 13.1% population 1.3

3.3% 0.3

India US India US

Highly favorable demographics Increasing annual consumer expenditure

Median age (Rs. billion) 39.3 37.1 31.6 101,146 90,016 27.6 80,266 83,858 71,324 74,967

Russia China Brazil India 2012 2013 2014 2015 2016 2017

Over the next 15 years India is expected to be the largest contributor of global GDP growth

World Bank, IMF, OECD, CIA World Factbook, Euromonitor International, United Nations, Wall Street Research 1. Number of Eros subscriptions purchasable in India for each subscription purchasable in the India. Services’ costs based on Rs.500 Netflix Standard monthly subscription plan for India and Rs. 50 monthly subscription plan for India, respectively PAGE 10 Rapid Growth for India’s Film Industry

More Movies Made, and More Tickets Sold in India Than India - a highly underpenetrated market Any Other Country 2,500 (2016A1) Theatre screens per million population 125 2,000 India 1,500

1,000 60 Produced Japan 40 China USA 500 France Number of of MoviesNumber UK 16 South Korea 8 10 0 0 500 1,000 1,500 2,000 2,500 India Brazil China South UK US Annual Tickets Sold (mm) Korea Multiplex rollout fueling growth …and substantial room to increase pricing

Number of Multiplexes in India (Rs.) Average Admissions Price

1,028 2,750 2,100 635 458 517 1,500 393 1,225 308 925 190

India China Brazil Russia US UK Japan 2009 2011 2013 2015 2017

Eros Plc data, UNESCO Institute for statistics, Film Federation of India, Wall street research - Size of circles scaled to represent Number of Movies Produced x Annual Tickets Sold, FICCI-E&Y 2018 Report, India ticket price represents average ticket price at two leading multiplex chains as on 2017.

PAGE 11 Growing Indian Television Market

Increasing television household penetration…(1) …is Expected to Fuel Growth in the Indian TV Industry (1)

(Rs in billion) Paid C&S TV Household Penetration (%) 862 84% 81%

594 494 351

243 368 Total # of 2016A 2021P 2016A 2020E TV 175m 200m Households: Advertising Revenue Subscription Revenue

Willingness to pay for content…(1) ...is Supported by Favorable Viewing Preferences(1)

(in millions) Paid C&S TV Household Percentage of viewing time spent

45% 42% 36% 70+%

22% 164 12% 11% 147 7% 7%

2016A 2021P Hindi GEC + Regional GEC + Kids + Music News Movies Movies

2014 2015 1) Source: FICCI Report 2017, 2018

PAGE 12 India: Compelling Digital Trends, Underpinned by Mobile

In December 2017 India Reached 1.2 Billion Mobile Phone Subscribers, with Only 25% Smartphone Penetration

A Young, Technologically Savvy Demographic Strong Mobile Internet User Growth

2 27% Internet Median Age 87% Internet Millions Penetration1 Penetration1 37.9 829

481 27.6

2017A 2021E

Video Dominates Mobile Internet Usage in India A Handful of Telcos Control the Market Mobile Internet Usage in India (2017E) Wired & Wireless Broadband Market Share (Jun-2018A) File Sharing 95% Wireless Subscribers Streaming Audio 2% 48% 10%

21% 14% Video 10% → 75% by 2021E 5% 49% Web and Other Data Jio Airtel Idea BSNL 39%

Source: FICCI Report, CIA World Factbook, Telecom Regulatory Authority of India, Ericsson Mobility Report, Statista. Note: Vodafone India and merger pending. 1. 2016A. 2. Includes non-smartphone mobile internet users.

PAGE 13 The Big Regional Opportunity

Language No. of films Top Grossing Worldwide Box Typical Typical released in Film Office INR & Production Print & 2017 USD Budgets Advertising Hindi 120 Dangal 1,870 cr ($291m) $ 12 -15m $3.0m

Tamil 198 283 cr ($44.2m) $ 10 -12m $0.7m

Telugu 156 Baahubali 2 1,560 cr ($238m) $ 8 – 10m $0.5m

Kannada 183 Aptharakshasa 55 cr ($8.6m) $ 4 – 5m $0.2m

Malayalam 132 Drishyam 75 cr ($11.7m) $ 1.5 – 2.5m $0.2m

Marathi 98 Sairat 110 cr ($16.7m) $ 1 – 2m $0.2m

Bengali 36 Chander Pahar 15 cr ($2.3m) $ 0.5 – 1m $0.1m

Punjabi 40 Chaar Sahebzaade 70 cr ($11m) $ 1.5 – 2.5m $0.2m

Over 1,000 films are released in The box office numbers suggest these are Varying Budgets. Low P&A. High India each year across languages not niche films. Contributions are significant Margins and Presales

In the context of shortage of theatres, the Regional strategy adds scale, market share and margins without cannibalization

Source: BookMyShow, KoiMoi, Market reports

PAGE 14 3 A digital opportunity ErosNow(1) : #1 SVOD Platform for Indian Content

12,000+ Films Rights 5,000+ Into Perpetuity

Rapidly Growing Paid Subscriber Base… 18.8 Eros now Paying Subscribers2 15.9 (mm) 13.0 10.1 7.9 5.0 3.7 2.1 2.9

FY'17A Q1' FY'18A Q2' FY'18A Q3' FY'18A FY'18A Q1' FY'19A Q2' FY'19A Q3' FY'19A FY'19A

Reached FY19 guidance of 16m paying subscribers in less than nine months. Now targeting over 50 million paying subscribers in 3 years.

Note: (1) ErosNow is parent Company, Eros International Plc’s OTT entertainment service(2) Paying subscribers means any subscriber who has made a valid payment to subscribe to a service that includes the Eros Now service either as part of a bundle or on a standalone basis, either directly or indirectly through a telecom operator or OEM in any given month be it through a daily, weekly or monthly billing pack, as long as the validity of the pack is for at least one month PAGE 16 Deepest and Richest OTT Library including Largest Box Office Hits Indian Film OTT Library by Platform

2% 1% 6% 3% 4% 12% 3% 7% 21% 12% 2% 10% 1% 22% 22% 1% 32% 39% 12% 10% 14% 31% 16% 16% 10% 65% 16% 6% 19% 1% 19% 16% 5% 11% 10% 5% 7% 11% 41% 20% 15% 5% 18%

% of Total OTT Library1

Over the last 10 years Eros has been responsible for 36 of the top 110 highest grossing box office films in India2

Note:I ErosNow is Eros International Plc’s, OTT entertainment service (2). Represents % of total estimated Indian OTT library of ErosNow, , , Netflix and Zee5.(3). Full list of films in Appendix

PAGE 17 ErosNow(1) : World’s Leading Indian Digital Entertainment Platform

Our Addressable Market is a Quarter of the World’s Population

✓135 5M Countries inc. India Europe Target Population ✓154.7M Registered Users ✓18.8M 423M1 Paying Subscribers Pakistan + South East Asia Target 6.5M Population North America ✓12,000+ Target Population Digital Rights 1.3B India Population

16M Middle East Target Population 0.8M Key Markets Australasia Target Population

Note: (1) ErosNow is parent Company, Eros International Plc’s OTT entertainment service (2) Includes Pakistan, Bangladesh, Malaysia, Bhutan and Nepal

PAGE 18 ErosNow(1) - Unique distribution model Major Indian Telco Partnership Director to Consumer and Other

OEM Streaming 239 224 346 217 113 mm mm mm mm mm Subs Subs Subs Subs Subs

(Partner Channel)

Parent Company Market Capatilization1 $100bn $53bn $19bn NA NA Other Eros Now SVOD Long Term      Revenue Sharing Agreements WALLETS Long-Standing Partnership      TELCO / ISP ➢ Major Indian Telco Partnerships Underpin Sustainability of Eros Now’s Moat:

➢ Distribution capability for Eros Now and access to the largest and linguistically most diverse digital Indian film library for telcos

International Note: (1) ErosNow is Eros International Plc’s, OTT entertainment service

PAGE 19 Strong pipeline of ErosNow(1) originals under Production/release

April 2019 May 2019 July 2019 August 2019

November 2019 2020 2020 2020

Note: (1) ErosNow is Eros International Plc’s, OTT entertainment service

PAGE 20 3 Forthcoming Content Select Forthcoming Releases

Tentative Film Name Star Cast/(Director/Producer) Language Release Wedding cha Shinema Mukta Barve, Shivaji Satam, Bhau Kadam (Dr. Saleel Kulkarni) Marathi Released Raw (Viacom18 Motion) Hindi Released

Kaamiyab Drishyam Films Hindi FY2020 Laal Kaptaan Saif Ali Khan, Zoya and others (Navdeep Singh / ColourYellow Productions) Hindi FY2020 Roam Rom Mein Nawazuddin Siddiqui & others (Tanishtha Chatterjee / Rising Star Entertainment) Hindi FY2020 The Body Emraan Hashmi, Rishi Kapoor (Viacom18 Motion) Hindi FY2020 Time to Dance Sooraj Pancholi, Isabelle Kaif (Super Cassettes Industries) Hindi FY2020 Rana Daggubati/Pulkit Samrat, Shriya Pilgaonkar, Zoya Hussain, & “Vishnu Vishal only Tamil & Haathi Mere Saathi Hindi / Tamil / Telugu FY2020 Telugu” Guru Tegh Bahadur (Harry Baweja) Punjabi FY2020 Jaita Harman Baweja (Harry Baweja) Hindi FY2020 Ankhen 2 Amitabh Bachchan & Others Hindi FY2020 Shubh Mangal Savdhan - 2 (Colour Yellow Productions) Hindi FY2020 Panda (Indo-China) () Hindi FY2020

Tannu Weds Manu 3 Anand L Rai Hindi FY2020 Chandamama Door Ke Sushant Singh Rajput, Nawazuddin Siddiqui (Sanjay Puran Singh) Hindi FY2020

- The above list is indicative and subject to change

Strong releases YTD set to be bolstered by additional highly anticipated titles in the coming years

PAGE 22 Select Forthcoming Releases

Tentative Film Name Star Cast/(Director/Producer) Language Release Pitch White (Vipul Shah) Hindi FY2020 Untitled (Rahul Dholakia / Next Gen Films) Hindi FY2020

Untitled (Vinyl Mathew / Colour Yellow Productions) Hindi FY2020 Fake (Raj & DK) Hindi FY2020 Re-Union (Sujoy Ghosh) Hindi FY2020 Hera Pheri -3 Suniel Shetty and others Hindi FY2020 Phobia 2 (Next Gen Films - Pawan Kriplani) Hindi FY2020

2 Guns (Krishna Jagarlamudi) Hindi FY2020 R. Rajkumar 2 (PrabhuDeva / Next Gen Films) Hindi FY2020 Khalifey Sanjay Dutt, SaifAli Khan, (Prakash Jha) Hindi FY2020 Make in India (Next Gen Films) Hindi FY2020 Jugaadu Harman Baweja Hindi FY2020 1234 (Part 2) SunielShetty, Paresh Rawal (Ashwni Dhir) Hindi FY2020

Untitled Rohit Jugraj Hindi FY2020 Untitled Amber Singh Hindi FY2020

- The above list is indicative and subject to change

Strong releases YTD set to be bolstered by additional highly anticipated titles in the coming years

PAGE 23 4 Financial Overview FY2019 Total Income up by 12.8%, PAT higher by 17.4%

Figures in INR million FY2019 FY2018 Growth (%)

Total Income 11,397 10,100 12.8% EBIT 3,951 3,678 7.4% EBIT Margin 34.7% 36.4% -170 Bps PAT (after minority) 2,691 2,293 17.4% PAT Margin (%) 23.6% 22.7% + 90 Bps Diluted EPS (Rs.) 28.02 23.92 17.1%

• Revenue growth driven by a healthy mix of release slate: Eros released 72 films (7 medium budget, 65 small budget) & 11 Digital Series in FY2019 as compared to 24 films (1 high budget, 4 medium budget and 19 small budget films) as in FY2018

• The strategy was to expand presence in digital content creation and derisk from films that rely on box office performance

1) Adjusted EBITDA is defined as EBITDA adjusted for (gain)/impairment of available-for-sale financial assets, profit/loss on held for trading liabilities (including profit/loss on derivative financial instruments), transactions costs relating to equity transactions, share based payments, Loss / (Gain) on sale of property and equipment, Loss on de-recognition of financial assets measured at amortized cost, net, Credit impairment loss, net, Loss on financial liability measured at fair value through profit and loss, Loss on deconsolidation of a subsidiary and Impairment of goodwill (as applicable). PAGE 25 Conservative Balance Sheet: Leverage and liquidity improve further

All figures in Rs. Million

Particulars As on March 31, 2019 As on March 31, 2018

Cash 2,062 1,872

Net Debt 4,384 5,557

Networth 25,824 22,559

Net Debt / Equity 0.17 0.25

Net Debt / EBIT 1.11 1.51

• Eros’ investments are focused on enhancing its position as a premium content owner of Indian film and digital content while maintaining a conservative balance sheet

• Further improvement in capital structure and coverage ratios which remains well within the prescribed norms.

PAGE 26 Consistent Profits; strong growth in margins

Diversified Revenues Streams FY19

Revenue EBIT PAT Theatrical Figures in Rs. million 28.0% Television & Others

53.5% 16,257

Overseas 14,453

14,410 18.5%

11,397

11,396

10,744

10,100

9,632

3,951

3,768

3,678

3,615 3,549

2,997

2,691

2,575

2,262

2,387

2,471

2,257

2,293

1,997

1,545 1,478

FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19

EBIT (%) 23.4 21.1 26.3 25.1 21.8 26.1 36.4 34.7

PAT (%) 15.5 14.5 17.5 17.1 14.7 17.8 22.7 23.6

PAGE 27 Important notice and disclaimer

Certain statements in this presentation concerning the future growth prospects are forward looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. In some cases, these forward- looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “forecasts”, “plans”, “prepares”, “projects” “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include, but are not limited to, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, business development, the markets in which the Company operates, expected changes in the Company’s margins, certain cost or expense items as a percentage of the Company’s revenues, the Company’s relationships with theater operators and industry participants, the Company’s ability to source film content, the completion or release of the Company’s films and the popularity thereof, the Company’s ability to maintain and acquire rights to film content, the Company’s dependence on the Indian box office success of its films, the Company’s ability to recoup box office revenues, the Company’s ability to compete in the Indian film industry, the Company’s ability to protect its intellectual property rights and its ability to respond to technological changes, the Company’s contingent liabilities, general economic and political conditions in India, including fiscal policy and regulatory changes in the Indian film industry. By their nature, forward- looking statements involve known and unknown risk and uncertainty because they relate to future events and circumstances. Forward-looking statements speak only as of the date they are made and are not guarantees of future performance and the actual results of the Company’s operations, financial condition and liquidity, and the development of the markets and the industry in which the Company operates may differ materially from those described in, or suggested by, the forward-looking statements contained in these materials. The forward-looking statements in this presentation are made only as of the date hereof and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of current or future events or otherwise, except as required by law or applicable rules.

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