march,...

Corporate PresentationMarch, 2019

Agenda

Eros Now: #1 SVOD Platform for Indian Content

Eros Today

Financial Overview

Senior Leadership Team

Kishore Lulla

Group Executive Chairman and CEO

⚫ Pioneer in global Indian film and

entertainment industry

⚫ Cultivated and developed many of

Bollywood’s leading talent over

many years

⚫ Over 35+ years experience in the

media and film industry

⚫ Indian Film Academy Award in 2007

for contribution to Indian Cinema

⚫ Featured in Variety list of top 500

influential business leaders

⚫ Global Citizenship Award 2014 by

the American Jewish Committee

⚫ Executive Board member of the

UCLA school of Theater, Film and

Television

Prem Parameswaran

Executive Director, Group Chief

Financial Officer and President of

North America

⚫ Former Global Head of Media and

Telecommunications Investment

Banking at Jefferies

⚫ Deep experience (23+ years) in

global media & telecom having led

over 300 transactions at Salomon

Bros, Goldman Sachs and

Deutsche Bank

⚫ Boards: Columbia University

Alumni Trustee Nominating

Committee; Program for Financial

Studies Columbia Business School

⚫ Appointed to President Trump’s

Advisory Commission on Asian

Americans and Pacific Islanders

⚫ Columbia University, BA, MBA

(Honors)

Rishika Lulla Singh

Executive Director, Chief Executive

Officer, Eros Digital

⚫ Chief Executive Officer of Eros

Digital, which covers all digital

initiatives for Eros

⚫ Creator and Leader of largest

global Indian OTT platform –

Eros Now

⚫ Grown Eros now to 142 m users

and 15.9 m paying subscribers

globally in less than 4 years

⚫ Winner of “Youngest

Entrepreneur of the Year” 2016,

featured in Top Women CEOs by

India Today among other awards

⚫ One of ‘40 under 40’ 2018 BW

Businessworld Awards

⚫ UCLA, BA

Mark Carbeck

Chief Corporate and Strategy Officer

⚫ Former Media banker in

Citigroup’s Global Investment

Banking Division covering

European and emerging

market media companies

⚫ Responsible for M&A,

corporate finance, investor

relations and group strategy

⚫ Over 18 years of experience

in corporate finance with

strong experience in the

Media sector

⚫ Involved in over 80

transactions in the global

Media sector

⚫ University of Chicago, BA

Over 80 years of combined industry and management expertise. Supported by senior industry executives

organized by business unit, and over 420 full-time employees operating in India and around the world.

Culture of innovation and partnerships with leading international talent

Eros Now strategically positioned to capture large digital opportunity in India

Highly attractive market opportunity driven by secular tailwinds

Eros Highlights

Largest content library of Indian language films with over 12,000 digital rights

4

5

3

2

The global leader in Indian film entertainment with #1 box office market share1

Experienced management team with track record of execution6

Eros: Leading From The Front

1

Source: World Bank, IMF, OECD, Euromonitor International, United Nations, Wall Street Research

1. As per FICCI – EY Report

Massive PopulationFast Growing Economy

India: Leading Economic and Population Growth

Strong Growth in Entertainment MarketIncreasing Annual Disposable Income

7.4%

2.6%

1.3

0.3

India USA

Projected GDP Growth Rate 2019E (2017, Billions)

More Movies Made, and More Tickets Sold in India, Than in

Any Other Country1

$1,559

$1,753

$2,027

2012A 2014A 2016A

(India, USD)

~18% of

World Population

1013

2

32

3$ 14

$ 19

2017A 2020E

TV Film (Theatrical) Digital Media

(USD in bn)

Eros International Plc

FY 2018

Revenue:

$261mm

FY 2018 Adj.

EBITDA:

$79mm

Adj. EBITDA

Margin: 30%

Financial Summary

Overview of Eros

Global, Multi-Channel Monetization

142mm+

Registered

Users

15.9mm+

Subscribers

12,000+

Digital Film

Rights

Largest

Share of

Indian OTT

Film Content

World’s Leading Indian Digital Entertainment Platform

(Subsidiary of Eros International)

3,000+ Film

Library

100,000+Audio

Tracks

27%+ Box Office

Market Share

GlobalDistribution

In-House Production /

Co-Production

Film Acquisition /

Distribution

Puja

Entertainment

India’s #1 Film Studio

OTT PlatformFilm Studio

Theatrical

Freemium Pay Per View Subscription

Advertising

Bundled Services

TV Syndication

AD

$$$ $$

FY 2018 Revenue

Theatrical, 30.3%

TV Syndication,

37.2%

Digital and Ancillary,

32.5%

https://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjShqmesavSAhVMPY8KHeciDbsQjRwIBw&url=https://twitter.com/erosnow&psig=AFQjCNEh2hgIJNcWj4dkgr1YHYZE3cadAA&ust=1488116798081668

1. Eros PLC currently has a 24% stake in B4U

2. Eros PLC delisted from LSE AIM market and commenced trading its ‘A’ ordinary shares on the NYSE

Key Milestones

Pioneer and Innovator in Indian Film with 40+ year track record

2007–

2008

Founded; began

acquiring

international IP

rights for Indian

content

Early adopter of

VHS distribution

1977

1981

Launch of

first digital

Bollywood

TV network(¹)

1982–

1998

First Indian media

company to list on

AIM

Adoption of

vertically integrated

mode

SVOD agreement

with

Launch of

Channel

2015

Expanded

distribution

partnerships in

India + Overseas

15.9mn+ Eros now paid

subscribers (Dec-2018)

Eros Now registered

users over 142mn)

Investment from

Reliance Industries

2017

2006

2016

2018

Established

global distribution

network outside

India

Launched Digital

distribution channels:

Listed EIML

on the

Listed Eros

PLC on

Announced Techzone

acquisition

(2)

Eros Now official

marketing launch

(Jul-2015)

5mn+ Paid

subscribers of Eros

Now (Dec-2017)

80mm+ registered

users on Eros Now

(Dec-2017)

2010–

2014

New Film

Mix 40–50 Films

Each Year

• Hindi

• Regional

Language

• International

Agreements

Co-Production Acquisition

Premium Content Library

3,000+ Film Library

12,000+ Digital Film Rights

5,000+ into Perpetuity

Digital Premiere Window

100+ Originals over next 18 months

4,400 Short-form Videos

9 IIFA

Awards

1 Filmfare

Award

12 IIFA

Awards

1 IIFA

Award

1 TOIFA

Award

1 TOIFA

Award

1 IIFA

Award

Released

Jan 2018

Source: Eros International Plc filings, Management

22%

16%

19%

16%

12%

2%

12%1%

Deepest and Richest OTT Library including Largest Box Office Hits

1. Represents % of total estimated Indian OTT library of ErosNow, Hotstar, Amazon Prime Video, Netflix and Zee5.

2. Full list of films in Appendix

Indian Film OTT Library by Platform

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

22%

16%

5%16%

31%

3% 7%

32%

19%5%

11%

10%

1%

21%

65%6%

10%

10%

6% 3%

39%

11%7%

10%1%

14%

1%

12%4%

2%

41% 20% 18%15% 5%

% of Total OTT Library1

Reliance Industries: An Industry Defining Partnership

Source: Eros International Plc filings, Press reports

Reliance: Eros Investment Adds to Significant Media & Telecom Presence in India

A Mutually Beneficial Strategic Partnership with India’s Largest Conglomerate to Consolidate Indian Content

$150mmJoint production and

acquisition fund

⚫ Leading LTE mobile network in India

⚫ Over 215mm subscribers and ~48% wired &

wireless broadband market share

⚫ Leading Indian news and entertainment

network

⚫ 60 channels with presence in 27 states and 12

languages

5% Minority Investment

in Eros (Completed

August 2018 at $15.00 /

share)

Symbiotic relationship with Reliance’s Jio to create high efficient unit economics for the Eros Now OTT platform

Reliance’s production expertise to further bolster expansion and development of Eros’ original and short-form content

CapitalDistributionContent Engagement

Investment to dramatically scale Eros’ capabilities in content production, marketing, and distribution

“We are pleased to join hands with Eros, as it will bring further synergies into

our plans, making for a win-win partnership”— Mukesh Ambani, Chairman, Reliance Industries

~78%

JV with

⚫ Leading Indian film production and

distribution studio, with leading OTT platform

⚫ 40-50 films per year, library of 3,000+ films, with

12,000+ digital rights5%

⚫ Leading Indian scripted TV production studio

⚫ Produced over 17,000+ hours of television

content and 34 movies~25%

Eros Now

Distribution

Extensive Talent Relationships

Select Leading Actors

Select Leading Directors

Amitabh

Bachchan

3 IIFA Awards

4 NFA Awards

Shah Rukh

Khan

5 IIFA Awards

Salman

Khan

1 IIFA Award

2 NFA Awards

Ranveer

Singh

3 IIFA Awards

Deepika

Padukone

4 IIFA Awards

1 NFA Award

Priyanka

Chopra

3 IIFA Awards

1 NFA Award

Anushka

Sharma

3 IIFA Awards

Sanjay Leela

Bhansali

4 IIFA Awards

2 NFA Awards

Anand

L. Rai

1 BIG Award

1 Stardust Award

Kabir

Khan

1 IIFA Award

1 NFA Award

Raj & DK Anurag

Kashyap

2 IIFA Awards

Sujay

Dahake

1 NFA Award

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

11.6%2016-21E Growth

1. 2021E Chinese movie market defined by total box office revenues.

2. China Film Bureau

Successful Penetration into China, the World’s Largest Film Market

$10.7 BillionChinese Movie Market1

54,165Total Screens in 2018(2)

80,000+Screens Count by 2021

Partnerships with three major Chinese state-owned film and

entertainment companies to promote, co-produce and distribute

Sino-Indian films across all platforms in India & China

✓ Large and growing Chinese Box Office

✓ Partnering with the best Chinese film companies

✓ High-reward long-term opportunity

Eros’ Influential Partnerships in China

Chinese Entertainment Market

Shanghai Film

Group

CorporationFudan University

China Film Group

Corporation

Indo-Chinese Co-Productions

Bajrangi Bhaijaan in China

High Budget Indian Film Hit in China

“With the success of Bajrangi Bhaijaan and previous Indian releases,

China has emerged as a key market and a major box office earner for

Indian releases.” –Sunil Lulla, Managing Director, Eros

8,000+Screen release in China

(March 2018)

$45mm+China Box Office Gross

Starring Salman Khan

#5Film in China Box Office

2 films created and produced by in-house, will be co-produced

with a Chinese studio

• First for an Indian studio

• Set in India and China

• Shot in both languages

Eros Now: Leading OTT Platform2

Eros Now: World’s Leading Indian Digital Entertainment Platform

135 Countries incl. India

142M Registered Users

15.9MPaying Subscribers

12,000+Digital Rights

✓

✓

✓

✓

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

6.5M

North America

Target Population

5M

Europe Target

Population

16M

Middle East

Target Population

1.3B

India

Population

423M1

Pakistan + South

East Asia Target

Population

0.8M

Australasia Target

Population

Key Markets

Note:

1. Includes Pakistan, Bangladesh, Malaysia, Bhutan and Nepal

52%

21%

11% 10% 4%

Jio Airtel Vodafone Idea BSNL

Source: FICCI Report, CIA World Factbook, Telecom Regulatory Authority of India, Ericsson Mobility Report, Statista. Note: Vodafone India and Idea Cellular merger pending.

1. 2016A.

2. Includes non-smartphone mobile internet users.

Strong Mobile Internet User GrowthA Young, Technologically Savvy Demographic

India: Compelling Digital Trends, Underpinned by Mobile

Video Dominates Mobile Internet Usage in India A Handful of Telcos Control the Market

27.6

37.9

481

829

2017A 2021E

Median Age Millions2

Video

49%

Web and Other

Data

39%

Streaming Audio

10%

File Sharing

2%

Mobile Internet Usage in India (2017E)

→ 75% by 2021E

27% Internet

Penetration1

87% Internet

Penetration1

Wired & Wireless Broadband Market Share (Aug-2018A)

96% Wireless Subscribers

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

1. Paying subscribers means any subscriber who has made a valid payment to subscribe to a service that includes the Eros Now service either as part of a bundle or on a standalone basis, either directly or

indirectly through a telecom operator or OEM in any given month be it through a daily, weekly or monthly billing pack, as long as the validity of the pack is for at least one month

Eros Now: #1 SVOD Platform for Indian Content

12,000+Digital Film Rights

5,000+Into Perpetuity

Multi-Channel

Customer AcquisitionWAP APP Web

Rapidly Growing Paid Subscriber Base…

2.12.9

3.75.0

7.9

10.1

13.0

15.9

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

Eros Now Paying Subscribers1

(mm)

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

paying subscribers in 3 years.

At the Epicentre of a Virtuous User Acquisition Cycle

Interactive

ServicesTechnology

Data &

Analytics

Advertising

& Brand Partnerships

Media

Content

User

Acquisition

Affiliate

Programmes

(B2B2C, B2C, B2B)

Benefit to Users

✓ Largest Indian film library

/ selection in the world

✓ Compelling content,

including many recent

hits exclusive to Eros

Now (e.g. Bajrangi

Bhaijaan, Tanu Weds

Manu Returns)

✓ Rolling out Eros Now

original content offerings

Benefit to Eros Now

✓ Constant stream of new /

popular content by a

leading Bollywood film

studio

✓ Lower content acquisition

costs

✓ Lower customer

acquisition costs

✓ Ability to monetize

content and create new

revenue streams

A Virtuous Circle of Content Production and Platform Development to Driver User Growth

The Eros Now technology platform powers user engagement and a virtuous user acquisition cycle as Eros productions

continue to drive content

Source: Company Filings, Company Websites

Unique Combination of Expansive Content and Proprietary OTT Platform

Studios OTT Players in India

Co

nte

nt

Original Content

Production ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

Leading Library

of Indian Films ✓ ✓ ✓ ✓

Pure-Play Media

Company ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

Pla

tfo

rm

Proven OTT

Platform ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

Scaled User

Base ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

Subscription

Platform ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

(Hotstar)

Cutting-Edge Eros Now Originals Support User Acquisition

March 2019 July 2019

November 2019 2020 2020August 2019 2020

May 2019March 2019

Customer Acquisition Strategy –B2B Partnerships

239mm Subs 224mm Subs 346mm Subs 217mm Subs

Source: Eros International Plc filings, Bloomberg. Market data as of January 9, 2019, Subscribers data as of August 2018 - TRAI Press Release No. 107/2018

Note: Vodafone India and !dea Cellular merger pending completion

1. Calculated using latest reported basic shares outstanding multiplied by share price. $ in billions. 2. Vodafone Idea have merged into a single entity but they still operate as different telecom operators

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

Parent Company

Market

Capitalization1 na na

Eros Now SVOD

Long Term

Revenue Sharing

Agreements

✓ ✓ ✓ ✓ ✓

Long-Standing

Relationship ✓ ✓ ✓ ✓ ✓

$100bn$53bn

$19bn

Major Indian Telco Partnerships

113mm Subs

(2)

Total Wireless

Subscribers

Unique Distribution Model –Direct to Consumer and Other

TELCO / ISP WALLETS

International

OEM

(Partner Channel)

STREAMING

OTHER

Free

Premium

Pricing Strategy Key to Monetization

✓ Immediate access to exclusive new content and full

library

✓Offline viewing; Multi-screen / multi-member

✓Ad-free

✓HDTV

India International

Tier 1 Average Pricing: RS. 50/month (c. $0.80)

Tier 2 Average Pricing: RS. 100/month (c. $1.60)

✓ Immediate access to exclusive new content and full

library

✓Streaming service; No download

✓Ad-free1

2✓Sample user experience – encouraging users to

upgrade to premium services

✓Delay in accessing new content available to

premium subscribers first

Average Pricing: $7.99 / month or $79.99 / year

Sophisticated Free → Premium conversion strategy

Financial Overview

3

54 56

79

106

131

FY2009 FY2017 FY2018 FY2019 LTM FY2020 (E)1

156

253 261 272

341

FY2009 FY2017 FY2018 FY2019 LTM FY2020 (E)1

1. Bloomberg Consensus

Note: Fiscal year end March-31. $ in millions.

Growing Revenue

Strong, Diversified Historical Financial Profile

Eros Now Paid Subscriber Growth Ramping

Strong Adjusted EBITDA

10 Year CAGR : 5.9% CAGR FY2017 – Q3 FY2019 LTM: 218%

Declining Leverage

1.12.1

7.9

15.9

FY 2017 Q1 FY2017 FY2018 FY2019 LTM

1.41.6

1.8

2.8

2.4

1.5

FY2014 FY2015 FY2016 FY2017 FY2018 FY2019LTM

(USD in millions)

(USD in millions)

(In millions)

10 Year CAGR : 7.2%

Conservative Balance Sheet

Select Balance Sheet Items

145.4

153.7

182.8

112.3

87.8

134.9

FY '14 FY '15 FY '16 FY '17 FY '18 FY '19 Q3

Cash and Net Debt Leverage ($m)

Net Debt /

EBITDA1.5x1.4x 1.6x 1.8x 2.8x

(1) Includes cash and cash equivalents and cash proceeds from the August 2018 RIL investment of $88.2m and $46.6m, respectively.

(2) Represents LTM Adjusted EBITDA plus LTM amortization of film and content rights from cash flow statement.

2.4x($ in millions) 31-Dec-18

Cash(1) $134.9

Total Debt $294.0

Net Debt $159.1

Shareholders’ Equity (Book

value)$1,089.0

Total Capitalization (Book

value)$1,383.0

LTM Adj. EBITDA $105.90

Net Debt / LTM Adj. EBITDA 1.50x

Total Debt / Total

Capitalization21.26%

Source: Thomson Reuters.

Note: Based on total class A shares outstanding of 63,899,220.

Institutional Shareholders

As of Dec 31, 2018 13-F period

# Firm % Outstanding Position ('000s)$ Value @ 10.00/share

('$000s)

1 Capital World Investors 13.1% 8,364 $83,638

2 Paradice Investment Management LLC 9.1% 5,831 58,314

3 Reliance Industries Ltd 4.9% 3,111 31,111

4 Temasek Holdings Pte. Ltd. 4.3% 2,755 27,553

5 Gilder Gagnon Howe & Co. LLC 4.3% 2,745 27,445

6 New Jersey Division of Investment 3.8% 2,404 24,040

7 BlackRock Investment Management, LLC 2.7% 1,725 17,249

8 Teachers Insurance & Annuity Assoc (Nuveen) 2.5% 1,580 15,800

9 Jupiter Asset Management Ltd. 2.4% 1,552 15,519

10 Millennium Management LLC 2.3% 1,480 14,799

11 IFM Independent Fund Management AG 2.0% 1,292 12,915

12 Susquehanna International Group, LLP 1.4% 865 8,649

13 Bank of America Corp 1.2% 777 7,765

14 Morgan Stanley & Co. LLC 1.1% 707 7,071

15 Barclays Plc 0.9% 604 6,038

Subtotal 56.01% 35,791 357,906

2.7x

8.2x

6.7x 5.2x

3.2x

1.6x

6.6x

3.0x

7.4x 6.7x

Eros InternationalPlc.

Netflix Zee Entertainment WWE Disney Lionsgate Facebook Amazon Tencent Alibaba

7.2x

56.8x

19.8x 15.5x

11.1x 11.7x 12.7x 19.6x 22.1x 22.9x

Eros InternationalPlc.

Netflix Zee Entertainment WWE Disney Lionsgate Facebook Amazon Tencent Alibaba

Attractive Valuation Relative to Peers

FV / 2019E EBITDA

(3)

Indian Media Studio / EntertainmentOTT China Online

FV / 2019E Revenue

(3)

U.S. Online

(1)(2)

(1)(2)

1

Source: Company website, Company filings, Wall Street research, Bloomberg and FactSet.

Note: Market data as of 3/7/2019. (1) Adjusted for EIML non-controlling interest of $42mm based on ~38% of market cap as of 3/7/2019. (2) Based on calendarized 2019 street consensus estimates of $325mm revenue

and $124mm EBITDA. (3) FV / 2020E.

Appendix

Eros has been responsible for 36 out of the top 110 highest grossing Indian films

at the box office

List of Largest Box Office Hits

Film Name Release Year IMDB Rank

Bajrangi Bhaijaan 2015 8.1

Bajirao Mastani 2015 7.2

Tanu Weds Manu Returns 2015 7.7

Ra.One 2011 4.8

Goliyon Ki Raasleela Ram – Leela 2013 6.4

Housefull 3 2016 5.2

Housefull 2 2012 5.4

Jai Ho 2014 5.3

Ready 2011 4.7

Welcome Back 2015 4.2

Zindagi Na Milegi Dobara 2011 8.1

Om Shanti Om 2007 6.7

Son of Sardaar 2012 3.9

Grand Masti 2013 4.3

Cocktail 2012 6.2

Love Aaj Kal 2009 6.8

Dishoom 2016 5.1

Housefull 2010 5.4

List of Largest Box Office Hits (Cont’d)

Film Name Release Year IMDB Rank

Rockstar 2011 7.6

Partner 2007 5.7

R... Rajkumar 2013 5.2

Ki & Ka 2016 5.8

Raanjhanaa 2013 7.6

Kambakkht Ishq 2009 4

Heyy Babyy 2007 6.1

Bhool Bhulaiyaa 2007 7.3

De Dana Dan 2009 5.2

Desi Boyz 2011 5.9

Badlapur 2015 7.5

English Vinglish 2012 7.9

Namastey London 2007 7.3

Vicky Donor 2012 7.8

Happy Bhaag Jayegi 2016 6.5

Cheeni Kum 2007 6.8

Newton 2017 7.8

Chalo Dilli 2011 6.8

This presentation contains “forward-looking statements.” These statements include, among other things, the discussions of our business strategy

and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, tax assessment orders and

future capital expenditures. All of our forward-looking statements are subject to risks and uncertainties that may cause actual results to differ

materially from those that we are expecting, including, without limitation, the factors discussed in our most recent Form 20-F filed with the U.S.

Securities and Exchange Commission on July 31, 2018 (the “20-F”), including under the sections captioned “Risk Factors.”

The forward-looking statements contained in this presentation are based on historical performance and management’s current plans, estimates and

expectations in light of information currently available to us and are subject to uncertainty and changes in circumstances. There can be no

assurance that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations

due to changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors, many of which are

beyond our control, as well as the other factors described in the 20-F under the sections captioned “Risk Factors.” Additional factors or events that

could cause our actual results to differ may also emerge from time to time, and it is not possible for us to predict all of them. Should one or more of

these risks or uncertainties materialize, or should any of our assumptions prove to be incorrect, our actual results may vary in material respects

from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of

our forward-looking statements. Any forward-looking statement made by us in this presentation speaks only as of the date on which we make it. We

undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except

as may be required by applicable securities laws.

We use market data and industry forecasts in this presentation. Unless otherwise indicated, statements in this presentation concerning our

industries and the markets in which we operate, including our general expectations, competitive position, business opportunity and market size,

growth and share, are based on publicly available information, periodic industry publications and surveys and reports by market research firms. We

have not independently verified market data and industry forecasts provided by any of these or any other third-party sources referred to in this

presentation, although we believe such market data and industry forecasts included in this presentation are reliable. This information cannot always

be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process

and other limitations and uncertainties inherent in surveys of market size. Management estimates are derived from the information and data referred

to above, as well as our internal research, calculations and assumptions made by us based on our analysis of such information and data and our

knowledge of our industries and markets, which we believe to be reasonable, although they have not been independently verified. While we believe

that the market position information included in this presentation is generally reliable, such information is inherently imprecise. Assumptions,

expectations and estimates of our future performance and the future performance of the industries and markets in which we operate are necessarily

subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the 20-F. These and other factors could

cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

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