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Frost and Sullivan disclaimer affle This independent market research report on the advertising and ad tech market has been prepared by Frost & Sullivan India Pvt. Ltd. ("Frost & Sullivan") for Affle (India) Limited ("Affle"). Frost & Sullivan has prepared this report through extensive primary and secondary research, which involves discussing the status of the industry with leading market participants and experts, and compiling inputs from publicly available sources, including official publications and research reports. Frost & Sullivan has prepared this report in an independent and objective manner and has taken adequate care to ensure its accuracy and completeness. Frost & Sullivan believes that this report presents a true and fair view of the global and Indian advertising and ad tech markets and within the limitations of, among others, secondary statistics research, but it does not purport to be exhaustive. The results that can be or are derived from these findings are based on certain assumptions and parameters/conditions. As such, a blanket, generic use of the derived results or the methodology is not encouraged. Unless stated otherwise, all analysis, estimates, and forecasts, predictions, and other forward-looking statements contained in this report are Frost & Sullivan's. Frost & Sullivan's analysis, estimates and forecasts, predictions, and other forward-looking statements contained in this report are based on varying levels of quantitative and qualitative analyses, including industry journals, company reports and information in the public domain. Forecasts, predictions, and other forward-looking statements contained in this report are inherently uncertain because of changes in factors underlying their assumptions, or events or combinations of events that cannot be reasonably foreseen. Actual results and future events could differ materially from such forecasts, predictions or such statements. In making any decision regarding an investment in the Equity Shares, the reader should conduct its own investigation and analysis of all facts and information contained in this presentation. The reader should not construe any of the contents in this report as advice relating to business, financial, legal, taxation or investment matters and is advised to consult its own business, financial, legal, taxation, and other advisors. This report has been prepared for Affle's internal use, submission, and sharing with third parties. 20

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