#1FAST& CURIOUS PRIME FOCUS LIMITED Investor Presentation 2021#2Safe Harbor 2 Certain statements in this document may be forward-looking statements. Such forward- looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Prime Focus will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances. Investor Update Q4 FY21 PFL#3FY21 Performance#4FY21 highlights - resilient performance despite COVID disruptions Consolidated Income1 Rs. 2,610 Cr Change YoY (13.4%) DNeg won Oscar and BAFTA for TENET Divisional Revenue share¹ 88% EBITDA Rs. 687 Cr 2% India, FMS 10% Tech/Tech Enabled Services This is sixth Academy award in the last 10 years ■Creative Services Upcoming top Hollywood & Bollywood projects EBITDA² Margin Change YoY UNCHARTED NO 26.3% 11.9% TIME TO DIE OCTOBER 2021 4 1 Consolidated Income includes one time FX gain of Rs. 40.9cr, total FX gain at Rs. 57.1cr 2 Adjusted for Non-Cash ESOP charges Rs. 30.1cr Investor Update Q4 FY21 JUPITER'S LEGACY Matrix 4 SAARE ASTRON KA DEVTA... BRAHMASTRA PART ONE OF AYAN HOKERJA CHRISTMAS 1019 PFL THALAIVI#5FY21- resilient performance despite COVID disruptions ☐ 3,013 2,610 FY 20 Figures in Rs Crore; Consolidated financials FY 21 26.0% 20.0% 687 614 FY 20 FY 21 Adjusted EBITDA ▲ Margin Consolidated revenues fell by 13% YoY to Rs 2,610 Cr - stabilisation in revenues in parts of the group as COVID impact beginning to wane but uncertainty persists. Confidence level on vaccination progress will have material impact on timing of new projects Adjusted EBITDA stood at Rs 687 Cr with margins at 26.0% ■ EBITDA adjusted for ESOP charges of Rs.30cr Sequential reversal of paycuts across geographies and across companies; continue to focus on cost rationalisation and reduction of headcount specially in the West ☐ Other operational costs lower by Rs.40cr on account of software expenses being capitalized - ~Rs.40cr One time FX gain of Rs 41 cr due to redemption of OCPS in PF Mauritius Interest and Finance charges at Rs. 251 cr up from Rs. 231 cr in FY20 on account of one time expensing of upfront facility fee Includes non-cash interest on studio loan Rs. 22 cr ◉ Depreciation charges at Rs 422 cr-up from Rs. 381 cr in FY20 on account of software capitalisation of ~Rs.40cr Exceptional charges in FY 21 at Rs. 23 cr on owing to capital raising expenses ; PAT at Rs. (56 cr) Consolidated includes one time FX gain of Rs. 40.9cr, total FX gain at Rs. 57.1cr 5 Investor Update Q4 FY21 PFL#6Debt profile Consolidated Net Debt of Rs. 3,526 Cr as on 31st March 2021 2 Includes Operating Lease Liability of Rs. 847 Cr added to the Balance Sheet on adoption of IndAS 116 LTM Net Debt/Adj EBITDA (Pre IndAS 116) continues to be at sub 4x levels The Company and its subsidiaries continue to consider options to raise funding through equity (including through private placement and public offering) and debt, and unlock value across the Group with a view to enhancing growth, shareholder value and the efficiency of the business 6 $1 Rs. 73.57 Debt Composition Long Term Working Capital Debt, 47% Debt, 26% Finance Leases, 27% Note: Convertible Instruments of Horizon Coast and Ambit PE is not included Investor Update Q4 FY21 Geographical Breakup Overseas debt, 87% India INR debt, 12% India $ debt, 1% PFL#7Corporate Structure Malhotra family has bought out the entire stake from IDBI Trustee & ADAG group; promoters now own and control 70% of the company 7 Affirma Capital 21.9% 73.75%; 3.5% by Ambit, rest held by management Prime Focus Technologies Ltd. (Global Cloud Technology Business) Founders 70.2% (Malhotra Family) Prime Focus LTD. (India) Listed on BSE/NSE (Market Cap# Rs 765 cr) 71.3%; PFL full diluted basis Other Public 7.9% DNEG (International Creative Services) Investor Update Q4 FY21 PFL#8Divisional Performance#9Creative Services shows resilience; toughest year for the company Revenues 2,227 FY21 Adjusted EBITDA1 24.8% 533 FY21 Revenues down on the back of COVID PFL · • Business impacted by significant disruptions on customer side productions on the back of COVID; operating performance strong despite COVID headwinds Won the Oscar for Tenet - 5th in 7 years; 6 in total. Proud to have delivered the 1st large scale Film Animation project - Ron's Gone Wrong with bulk of work delivered from homes of artists Few of the other large projects worked on include Fast & Furious: 9, Dune, Shadow & Bone, etc. Marquee upcoming projects for FY22 include Venom 2, Matrix 4, Unchartered, Slumberland (Netflix), etc. Adj. EBITDA at Rs.533cr US GAAP FY21 revenues at ~$300mn with Adj. EBITDA2 at $79mn Dynamic cost management in a highly volatile business environment, proactive headcount, operational cost rationalization initiatives and government relief programs Order Book continues to be promising 9 1 Adjusted for Non-Cash ESOP Charges & capital raising expenses as per IndAS accounting Investor Update Q4 FY21 2 US GAAP Adj EBITDA differs from Ind AS reported financials due to difference in accounting standards and treatment of certain adjustments#1010 Feb-22 Working on top Hollywood projects Sep-21 VENOM² Venom - Let There be carnage UNCHARTED Uncharted Upcoming movies Dec-21 Amazon Prime Upcoming TV / OTT shows N Matrix 4 The Wheel of Time Oct-21 7 NO TIME TO DIE OCTOBER 2021 No Time To Die Investor Update Q4 FY21 BBC HAR FINAL STAND DOCTOR WHO RETURNS OCTOBER 2021 Doctor Who: Season 13 Netflix JUPITER'S LEGACY Jupiter's Legacy PFL#11Tech/Tech Enabled Services - turnaround story 11 Revenues 304 279 (8.0%) FY20 FY21 Adjusted EBITDA1 35.0% 98 Fall in revenues synonymous with COVID 19 restrictions and challenges Share of Western revenue increased as well as added new customers in the West-Warner Bros, A&E Networks, etc. key wins Significant efforts made towards cutting costs across the globe - shutdown of offices as well as downsizing - led to significant cash cost savings and a complete turnaround in performance at the EBITDA level Order Book remains promising 1 0.2% FY 20 Figures in Rs Crore FY21 1 Adjusted for Non-Cash ESOP Charges Investor Update Q4 FY21 PFL#12Tech/Tech Enabled Services Operational Highlights Quality of Revenue - FY21 12 Rest of World 39% India 61% By Geography Project Based 10% Annuity 90% Services 57% Product 43% By Contract type By Product Mix • Proportion of annuity revenue at 90% - transient increase in project-based services work in COVID period . Share of India revenue at 61% - proportion of West increasing • Product share in the revenue mix at 43% for product due to comparatively higher increase in Services revenue & drop in Tech revenue Investor Update Q4 FY21 PFL#1313 India FMS - Heavily Impacted by Covid Revenues (31.1%) 152 FY20 105 FY21 Adjusted EBITDA1 43.1% 66 FY20 Figures in Rs Crore 53.6% 56 56 FY21 Revenue excludes profit on sale of investment of Rs. 95.cr 1 Adjusted for Non-Cash ESOP Charges Highlights: Studio rental and equipment rental business have shown momentum largely on the back of OTT; although recovery still far away from pre-COVID levels Q4 was much better performance only for lockdowns to re-emerge Most impacted business due to COVID; remain cautiously optimistic depending upon lifting of lockdowns especially in Mumbai Investor Update Q4 FY21 PFL#14Annexure#15Consolidated Profit & Loss Statement PFL Particulars (Rs Crore) Q4FY21 Q4FY20 % YoY Variance % QoQ Q3FY 21 FY21 FY20 Variance % YoY Variance Net sales/income from operations 691 852 (19%) 588 18% 2,536 2,929 (13%) Other Income 22 61 NM 62 NM 74 84 (12%) Total Income 714 913 (22%) 650 10% 2,610 3,013 (13%) Total Expenditure 511 679 (25%) 535 (4%) 1,923 2,399 (20%) Personnel Cost (including technician fees) 436 552 (21%) 433 1% 1,581 1,960 (19%) Other Expenditure 75 127 (40%) 102 (26%) 342 439 (22%) Adj. EBITDA* 202 234 (14%) 115 NM 687 614 12% Foreign exchange (loss) - - EBITDA (including Exch. Gain (net)) 202 234 (14%) 115 NM 687 614 12% Depreciation & amortization 133 98 36% 94 42% 422 381 11% ESOP Charges 12 23 (47%) 6 NM 30 130 NM EBIT 57 113 (50%) 15 NM 235 103 NM Interest & Finance charges 68 52 31% 65 5% 251 231 8% PBT Before Exceptional Items (12) 60 NM (50) NM (16) (128) NM Exceptional Items- Expenditure/ (Income) (0) 68 NM (0) 1% 23 68 NM PBT (12) (7) NM (50) NM (39) (196) NM Tax Expense 16 (16) NM (16) NM 18 (42) NM PAT before Minority (28) 9 NM (34) (18%) (56) (154) NM Minority Interest (5) (4) 23% (8) (45%) (13) (22) (43%) PAT (23) 13 NM (26) (9%) (43) (131) NM Key Ratios Q4FY21 Q4FY20 Q3FY21 FY21 FY20 Adjusted EBITDA Margin Total Expenditure/ Revenues Personnel Cost/ Total Operating Income Other Expenditure/ Total Operating Income 28% 26% 18% 26% 20% 72% 74% 82% 74% 80% 63% 65% 74% 62% 67% 11% 15% 17% 13% 15% FY20 USD/INR 70.8; GBP/INR -90.0 15 AVERAGE FX RATES FY21 USD/INR -74.0; GBP/INR - 96.7 Investor Update Q4 FY21 FY20 USD/INR -74.7; GBP/INR - 92.5 CLOSING FX RATES FY21 USD/INR - 73.2; GBP/INR - 100.8#16Standalone Profit & Loss Statement % YoY % QoQ Particulars (Rs Crore) Q4FY21 Q4FY20 Q3FY21 FY21 FY20 Variance Variance % YoY Variance Net sales/income from operations 25 26 (4%) 19 30% 61 120 (49%) Other Income 14 9 NM 10 45% 44 33 33% Total Income 39 34 14% 29 35% 105 152 (31%) Total Expenditure 13 18 (30%) 12 10% 47 87 (46%) Personnel Cost (including technician fees) 7 10 (33%) 6 20% 23 48 NM Other Expenditure 6 8 (25%) 6 1% 24 39 (39%) Adj. EBITDA* 26 16 NM 17 NM 58 66 (11%) Foreign exchange (loss) (0) 0 (1) (2) 0 EBITDA (including Exch. Gain (net)) 26 16 NM 17 NM 56 66 (14%) Depreciation & amortization 15 17 (8%) 16 (6%) 65 67 (4%) ESOP Charges - - NM NM - 1 NM EBIT 10 1 NM 0 NM 9 3 NM Interest & Finance charges 16 (44%) 19 NM 59 63 (6%) PBT Before Exceptional Items 2 (17) NM (19) NM (68) (66) 2% Exceptional Items- Expenditure/ (Income) 0 (200) NM (95) NM (95) (200) NM PBT 2 184 NM 76 NM 27 134 NM Tax Expense (0) (44) NM 0 (0) (33) NM PAT before Minority 2 228 NM 76 NM 27 167 NM Minority Interest 0 0 NM 0 NM 0 0 NM PAT 2 228 NM 76 NM 27 167 NM Key Ratios Adjusted EBITDA Margin Total Expenditure/ Revenues Personnel Cost/ Total Operating Income Other Expenditure/ Total Operating Income Q4FY21 Q4FY20 Q3FY21 FY21 FY20 67% 46% 59% 56% 43% 33% 54% 41% 44% 57% 28% 41% 31% 37% 40% 24% 31% 31% 39% 32% FY20 USD/INR 70.8; GBP/INR -90.0 16 AVERAGE FX RATES FY21 USD/INR -74.0; GBP/INR - 96.7 Investor Update Q4 FY21 PFL FY20 USD/INR -74.7; GBP/INR - 92.5 CLOSING FX RATES FY21 USD/INR - 73.2; GBP/INR - 100.8#17Balance Sheet - Assets Particulars Assets Non-Current Assets Property, Plant and Equipment Capital Work In Progress Goodwill Other Intangible assets Rights to Use Asset Intangible Assets under development Financial Assets Investments Trade Receivables Other financial assets Deferred Tax assets (net) Income Tax assets (net) Other Non-Current Assets Total Non Current Assets Current Assets Inventories Financial Assets Standalone 31-Mar-21 31-Mar-20 Consolidated 31-Mar-21 31-Mar-20 233 244 395 425 10 13 17 32 1,074 1,083 0 1 513 491 281 320 991 927 13 15 618 781 0 4 2 2 76 5163 5 321 108 118 117 81 110 126 3 37 49 1,227 1,448 3,591 3,379 PFL Trade receivables 33 45 221 577 Cash and cash equivalents 22 0 367 256 Bank balances other than above 0 0 11 4 Loans 309 164 Other financial assets 151 235 974 601 Income Tax Assets (Net) Other current assets Total current Assets 0 82 73 198 197 598 518 1,772 1,636 Total Assets 1,825 1,966 5,364 5,015 17 AVERAGE FX RATES FY20 - USD/INR - 70.8; GBP/INR - 90.0 FY21 FY20 USD/INR - 74.0; GBP/INR - 96.7 Investor Update Q4 FY21 CLOSING FX RATES FY21 USD/INR -74.7; GBP/INR - 92.5 USD/INR - 73.2; GBP/INR - 100.8#18Balance Sheet - Equity & Liabilities Particulars Standalone 31-Mar-21 31-Mar-20 Consolidated 31-Mar-21 31-Mar-20 Equity and Liabilities Equity Equity Share Capital 30 30 30 30 30 30 Share warrant money received Other Equity 1,262 1,235 237 363 Equity attributable to equity holders of the parent 1,292 1,265 267 392 Non-controlling interest 80 84 Total Equity 1,292 1,265 346 476 Liabilities Non-Current Liabilities Financial Liabilities Borrowings Lease Liabilities 221 323 32 Other financial liabilities 66 109 Provisions 3 WORK 695 1,074 45 864 745 140 141 3 29 26 Deferred Tax Liabilities (net) 34 45 0 1 322 480 1,763 2,032 Other non-current liabilities Total Non-current liabilities Current Liabilities Financial Liabilities Borrowings Lease Liabilities Trade Payables Other financial liabilities Other Current Liabilities Provisions Current Tax Liabilities Total Current Liabilities Total Liabilities Total Equity + Liabilities PFL 25000 22 32 1,942 1,184 15 15 261 176 25 23 202 197 48 59 448 321 0 59 59 16 16 30 55 84 75 312 515 211 221 3,254 2,506 532 701 5,017 4,538 1,825 1,966 5,364 5,015 FY20 CLOSING FX RATES FY21 USD/INR -74.7; GBP/INR - 92.5 USD/INR - 73.2; GBP/INR - 100.8 18 AVERAGE FX RATES FY20 FY21 USD/INR 70.8; GBP/INR -90.0 USD/INR -74.0; GBP/INR - 96.7 Investor Update Q4 FY21#19Balance Sheet - Equity & Liabilities Particulars Standalone 31-Mar-21 31-Mar-20 Consolidated 31-Mar-21 31-Mar-20 Equity and Liabilities Equity Equity Share Capital 30 30 30 30 30 30 Share warrant money received Other Equity 1,262 1,235 237 363 Equity attributable to equity holders of the parent 1,292 1,265 267 392 Non-controlling interest 80 84 Total Equity 1,292 1,265 346 476 Liabilities Non-Current Liabilities Financial Liabilities Borrowings Lease Liabilities 221 323 32 Other financial liabilities 66 109 Provisions 3 WORK 695 1,074 45 864 745 140 141 3 29 26 Deferred Tax Liabilities (net) 34 45 0 1 322 480 1,763 2,032 Other non-current liabilities Total Non-current liabilities Current Liabilities Financial Liabilities Borrowings Lease Liabilities Trade Payables Other financial liabilities Other Current Liabilities Provisions Current Tax Liabilities Total Current Liabilities Total Liabilities Total Equity + Liabilities PFL 25000 22 32 1,942 1,184 15 15 261 176 25 23 202 197 48 59 448 321 0 59 59 16 16 30 55 84 75 312 515 211 221 3,254 2,506 532 701 5,017 4,538 1,825 1,966 5,364 5,015 FY20 CLOSING FX RATES FY21 USD/INR -74.7; GBP/INR - 92.5 USD/INR - 73.2; GBP/INR - 100.8 19 AVERAGE FX RATES FY20 FY21 USD/INR 70.8; GBP/INR -90.0 USD/INR -74.0; GBP/INR - 96.7 Investor Update Q4 FY21#20PRIME FOCUS LIMITED About Prime Focus Limited Prime Focus Limited (PFL), the world's largest independent integrated media services powerhouse, employs over 8,000 professionals in 18 cities across 5 continents and 7 time zones. We provide end-to-end creative services (visual effects, stereo 3D conversion and animation), technology products & services (CLEAR™ Media ERP Suite and Cloud-enabled media services), production services (equipment rental) and post- production services (Digital Intermediate and picture post) to the Media & Entertainment industry. Listed on the BSE and NSE of India and recognized on the Fortune India 'Next 500' list, Prime Focus has operations in Bangalore, Chandigarh, New Delhi, Goa, Hyderabad, Kolkata, London, Los Angeles, Mumbai, New York, Johannesburg, Capetown, Abu Dhabi, Toronto, Montreal, Chennai, Sydney and Vancouver. For more details www.primefocus.com www.primefocusindia.com www.dneg.com www.primefocustechnologies.com www.primefocus.com inf © 2016 Prime Focus Limited. All Rights Reserved.