1. Corporate Presentation
Prime Focus Limited
Corporate Presentation
January 2015

2. Safe Harbor
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.

3. Contents Company Overview Global Leadership 05-07 Key Milestones 08
Worldsourcing® 09
Clients, Projects, Infrastructure
10-23
Awards and Accolades 24
Segments Overview
22-34
Industry Opportunity
35-41
Financial Performance
42-48
Outlook & Strategy
49-51
Shareholding and BOD
52-57
Annexure
58-62

4. Company Overview

5. PFL…The Paradigm Has Been Shifted
Bold strategic roadmap adopted a decade back transforms PFL into
World’s Largest Global Integrated Media Services player
Unique DNA
Present in top M&E Markets
Higher growth ahead
‘Creative cum tech’ combination helps PFL emerge as only player to provide full bouquet of creative and technology based media services – new businesses (VFX, 3D & PFT) already contributing 90% of revenues
Increasing presence across all major content markets with over 80% of revenues from outside India – we service our global clientele from our 16 locations across the globe
Acceleration via M&A to spur next phase of growth i.e. RMW & D-Neg mergers & DAX acquisition. Combined post merger revenue (look back basis) of Rs.18bn and EBITDA of Rs.3bn

6. All businesses on accelerated growth paths
Profitable growth in revenues..
VFX & 3D Conversion
Largest Global independent Tier 1 VFX player
~30% market share in 3D conversion services
Working with top studios like Marvel, Warner Bros, Universal, Paramount, etc.
Comprising 59% of FY14* revenue
Technology
Figures are in Rs. billion & Post merger figures are of combined entity on look back basis
Pioneered ERP solutions for M&E with CLEAR
Leader in India & Strong position in North America
Increasing global penetration with top broadcasters like Star Sports, National Geographic Channel, BBC
On a non linear growth path,19x revenue in FY14 over FY11, 20% share in FY14 revenues
.. Driven by increasing share of new businesses in revenues
Post Production
Leading player in Indian post production market.
Owns Mumbai’s largest Integrated Studio & leader in Camera rental market
Contributes 20% of revenues
* Financial year FY14 has been extended to 15 months & all figures are Pre merger

7. Strong synergies from recent mergers with DNEG & RMW
Double Negative
Prime Focus
RMW
Strong and deep relationships with major global studios for VFX business
Access to best global leadership pool in VFX - preferred global employer
Catapults to Tier 1 Global VFX Player: Enters mainstream Hollywood resulting in larger contracts with better visibility
Stands taller with order book of $300mn+. Enhanced revenue opportunity for 3D & technology business through Cross selling
‘Worldsourcing’ model providing unmatched cost & time efficiency
Strengthens Bollywood business with largest integrated presence
Addition of Academy award winning Lowry Process
Strong client base in Hollywood and US broadcasting
Strengthening Bollywood & Indian broadcasting business
Cutting edge restoration & image enhancing technology from Lowry Digital
Prime Focus Limited has merged Double Negative, Europe’s #1 VFX provider with subsidiary Prime Focus World and nearest India based competitor – Reliance Mediaworks’ media services division with it in the month of July 2014

8. With 2014 emerging as year of transformation
From domestic niche player to Global Diversified Leader...
Investment by AID Partner in Prime Focus World
JV to enter China market
Animation launched
Investment by SCPE
FCCB successful redemption
First to convert an entire film - Clash of the Titans - to 3D.
CLEAR recognized as ‘Best of IBC’
2014
2013
First high-end finishing, scanning & recording & DI systems player in India & only VFX company to operate a motion-control rig
Completed the acquisition of DAX in PFT
Raised OCDs in PFT
Merger of PFW & DNEG
Merger with RMW’s media Services Arm
Equity Infusion of Rs.2.4 bn by Reliance and Promoters
2012
Entry into US through acquisition of Post Logic and Frantic Films
Investment by Macquarie
Won the largest VFX order in history of PFL – Sin City 2
Launch of PFT’s digital playout business - Starsports.co m -
2011
2010
3D Conversion of Star Wars: Episode I.
PFT digitizes and transforms Star TV’s content operations through CLEAR
2009
Launch of View-D and CLEAR (Media ERP Platform)
Entry into UK market
IPO of Prime Focus Ltd on BSE

9. ‘WorldSourcing’ model providing unmatched competitive edge
Largest global network providing highest quality, fastest time to market and most efficient pricing
New York
Vancouver
Strong local market
INDIA
Low-cost labor
High-quality talent
Beijing
4 continents
5 time zones
16 locations
24 x 7 x 365 days
Toronto
PFL
DNeg
RMW
Mumbai Chennai
Stronger front-end
Unmatched Off-shoring synergies
CHINA
Government support
Partnerships with Hollywood studios UK
Tax incentives
Strong domestic TV and commercials market
CANADA
Language and cultural similarities
Heart of Hollywood market
Los Angeles
Cape Town Johannesburg
Singapore DNeg
Mumbai
Chandigarh
Goa
Delhi
Kolkata
Bangalore
Hyderabad
LondonPFW
Burbank -
Lowry Digital
Digital Domain

10. Fuelling success with marquee clients across the globe
Creative services
Technology services
Leading Hollywood and Bollywood studios
Leading broadcasters, studios, brands, sports and digital businesses

11. Partnering award winning Hollywood studios for top grossers
Gravity
Exclusive 3D Conversion Partner
Over $600mn box office collections; 12 Academy Award nominations 2014
The Da Vinci Code
VFX-DNEG;
Over $750mn
box office collections
Avatar
VFX; Additional 3D Conversion
Highest all time grossing movie; won 3 Academy Awards including for best VFX
Inception
VFX-DNEG;
Over $825mn box office collections
Won Academy Award for VFX
The Dark Knight Rises
VFX-DNEG;
Over $1000mn box office collections
Harry Potter and the Deathly Hallows Part 2
VFX-DNEG;
Over $1300mn box office collections
The Amazing Spider-Man 2
3D Conversion Partner
Over $708 mn box office collections
Transformers: Age of extinction
(3D Conversion)
Over $1000mn box office collections
Maleficent
3D Conversion Partner
Over $720 mn box office collections

12. Partnering award winning Hollywood studios for top grossers
Worked on 100+ Bollywood movies in last 5 years
Happy New Year
Grossed over
Rs. 2 bn
Bang Bang
Grossed over
Rs 1.8 bn
Kick
Grossed over
Rs. 2.3 bn
Mary Kom
Grossed over
Rs. 0.6 bn
Google Chrome 3D BBH
First-of-its-kind 3D advertisement for India
Mumbai Mirror ‘I am Mumbai’ Taproot
Won Gold Lion at 2012 Cannes Lions International Festival of Creativity
Nike “Mean Streets” JWT
Silver at the Asian Marketing Effectiveness Awards

13. Global market leader in 2D to 3D conversion with ~30% share of market
Prime Focus World
Global market leader in 2D to 3D conversion with ~30% share of market
Los Angeles: 65,000 sq. ft.
Vancouver: 40,000 sq. ft.
London: 80,000 sq. ft.
Mumbai (Mainframe); 80,000 sq. ft.
Chandigarh: 12,500 sq. ft.
Goa: 8,000 sq. ft.

14. Double Negative (London & Singapore)
Academy award winning Visual Effects house
Europe’s largest; Amongst top 3 worldwide
1000 people (800 in London; 200 in Singapore)

15. Prime Focus Studios India’s largest integrated Studio facility
MPAA, Fox Security Group (FSG) accredited facilities –
200,000 sq. ft. state-of-the-art Studio facility in Film City – India’s largest
8 Hollywood benchmarked sound stages
90,000 sq. ft. SEZ in Navi Mumbai and 75,000 sq. ft. facility in Film City
Film Processing Lab
Film image enhancement
Only DI Lab with 4K facility in South Asia
Sound stages & shooting floors

16. Academy Award Winning Lowry Digital
Image Processing Services for Legacy content and New Releases
Joint operations in US and India
Apollo 11 Moonwalk video for NASA – Image Processing Services by Lowry Digital
‘Lowry Process’, won the Scientific and Technical Achievement Academy® Award 2012
 3D Alignment for Avatar

17. Prime Focus New York Broadcast and Advertising Post 12,000 sq. ft.
Full service post facility specializing in the transfer, color correction, conform and mastering of film and High Definition content.
Grading, online editorial, audio post, format conversion, duplication, encoding and quality control services.
Baselight, DaVinci, Flame, Spirit, Smoke, ProTools, DVS and Alchemist, and a Dolby- certified 7.1 audio mix studio
Convenient 'West Village' location at the heart of the fastest growing media district on the East Coast

18. Prime Focus Mumbai (Khar)
Advertising Post
10,000 sq. ft.
State-of-the-art HD post facility dedicated to advertising industry
12 Smoke/Flame edit suites
50 seats for VFX
Baselight color grading suites and Telecine

19. Prime Focus London Broadcast and Advertising Post 25,000 sq. ft.
In the heart of Soho: 37 Dean Street.
Offers VFX, CG animation, Digital Intermediate and Telecine services

20. Prime Focus Mumbai (Mainframe)
Film Post
Market leader in film post
VFX
DI – Baselight and Lustre
Dolby 5.1 sound mix studio
Largest production equipment rental in Asia
Arri Alexa
Sony F65
Red digital camera
30 & 75 seat preview theaters

21. Prime Focus Animation Lego: Legends of Chima
Season 1: 500 minutes - 10,000 fully CGI shots
Full world-class creative services
High-end inspirational and concept artwork
Full character development
Design and Development of Environments
FX and Comp Development with complete VFX Supervision
300+ artists
Mumbai, London and Vancouver locations
Pipeline set up so client can be totally location independent

22. Technology business serving clients across the content lifecycle
Creation
Transformation
Distribution
Broadcasters
Studios
Brands
Service Providers
DAX Acquisition
After capturing the Indian market, PFT enters North America with acquisition of DAX

23. PFT’s True North – 106,000 SQFT global content operations hub in Mumbai, India
Dash-
board
Analytic
Meta Tagging
150
Edit Suites
Promo Prod
CLEAR Media Cloud
Workflows 16
5.1 Dolby
Sound Studios
True North
Editorial
Global Delivery Center 14
5.1 Dolby
QC Rooms
Digital Archive
Tier 3 Data Center
450
Gi LAN
2.5 Gig Internet & 1.5 Gpbs MPLS
Content Prep 15
Finishing
Rooms
Trans-code on
Cloud
Quality Check
Packaging
Multi
Screen
Publish
2500
TB of Edit
Storage
Auto
Quality Check

24. Gaining increasing global recognition
Recent awards and accolades
Best VFX for ‘White House Down’ at 24 FPS Annual International Animation Awards 2013 (Dec 2013); Best VFX for ‘Sin City: A Dame to Kill For (Dec 2014)
Prime Focus Technologies wins EMC transformers award (Nov 2013)
Prime Focus Technologies bags the Aegis Graham Bell Awards 2013 for Innovation in Cloud-based Solutions (Nov 2013)
Emmy® in the ‘Outstanding Graphic Design & Art Direction’ category for work on History Channel’s series World War II from Space (Oct 2013)
International 3D Society Award for Gravity in ‘Outstanding 2D to 3D Conversion in Theatrical Motion Picture’ category; PFW’s Stereo Conversion process receives Lumiere Technology Award
PFT has been positioned as an ‘Exemplar’ in NASSCOM’s coveted Product Excellence Matrix (PEM) report

25. Segments Overview

26. Prime Focus World – leading international creative services provider
Complete creative services provider
Global leader in 3D conversion market, market share of 30%
Catapults to tier 1( segment dominated by 4-5 players controlling 30% of market share value amounting $750mn ) player with revenue share of 21%($ 160mn)
Entered Animation space with animated television series for a major toy manufacturer to offer high end premium animation services
Unmatchable infrastructure
Largest work force – 3500 creative personnel including DNEG
Global, fully integrated platform across 3 continents utilizing 6 facilities leading to better margins
Over $19mn invested in technology and facilities over past 5 years
Excellent relationships with global studios like Marvel, Universal, Warner Bros., Legendary Pictures, Lucas films, Disney and Paramount
Ongoing announced Projects-Hollywood
Batman v Superman
Avengers:
Age of Ultron
Insurgent
Exodus: Gods and Kings
Terminator-Genisys
Ant-Man

27. About Double Negative (DNEG)z
Merger with DNEG catapults PFW into Tier 1 VFX leadership globally
About Double Negative (DNEG)z
Europe’s largest independent VFX house
Amongst top 3 globally
Strong and deep Hollywood relationships, collaborates from the first stages of projects; producing ideas and concept imagery and developing pre-visualizations and VFX production plans
Portfolio includes blockbusters - Godzilla, Christopher Nolan’s Interstellar, Jupiter Ascending from Andy and Lana Wachowski, Ridley Scott’s Exodus: Gods and Kings and Brett Ratner’s Hercules, among others
DNEG’s work in ‘Inception’ won an Oscar for Visual Effects in 83rd Annual Academy Awards
Marquee Clients
Investment Rationale
Entry into top league in VFX services
Move up value-chain with more complex projects & larger ticket size
PFW’s “Worldsourcing Model” to add to significant Cost Synergies
Leverage Global Tax Credits and improve project pipeline
Leverage VFX Work into View-D

28. In one move, DNEG-PFW becomes the leading, independent Tier 1 VFX provider
Fragmented nature of the VFX industry and high entry barriers to the Tier 1 league which controls a major chunk of business, PFW’s merger with DNeg is a smart move
Revenue > ~$150 MN
Top 5 involved in > 65% of Top 25 VFX-heavy films ( )
Mostly studio backed / well funded
Controls < 25-30% of market
Revenue from $ MN
Medium size firms
Controls < 20-25% of market
Revenue < $50 MN
New/emerging players/small-size firms (many < 10 employees),
in-house VFX of production houses
Remaining 45-55% of market

29. PFW-DNEG largest in scale with unparalleled service capabilities
3D Conversion 
VFX
Bundling
Unified Management in 3D & VFX
Access to UK Tax Credits
Access to Canadian Tax Credits
Studio Facing Offices in Los Angeles
Access to Low Cost Production Facilities
WorldSourcing
Staff
3,500+
~800
~1,000
~1,400
~1,100
~700 NA
Source: Company websites and management’s estimates. Note: Digital Domain and Rhythm & Hues have been removed from this list as they both have filed bankruptcy and been sold over the two years.

30. About RMW Film and Media Services
PFL - RMW combination to enhance service offerings in both India and World
About RMW Film and Media Services
Part of Reliance MediaWorks - India’s leading media company with diversified production, distribution and services offerings
Tier 1 Player in Indian Bollywood market, also owns an integrated studio with ~25% capacity* of Mumbai studio market
Hollywood portfolio includes Men in Black 3, The Girl with Dragon Tattoo, The Social Network, X-Men First Class, Transformer 3, Mission Impossible, The Curious Case of Benjamin Button, Hangover 2, Terminator
RMW’s ‘Lowry Process’ won Scientific and Technical Award 2012 of the Academy of Motion Picture Arts and Sciences.
Marquee Clients
Investment Rationale
Integrated facilities with strong asset base & Significant capacity addition and scale in Bollywood & Hollywood
Larger foothold and unmatched customer value proposition in fast growing Indian M&E services market
Leverage Reliance’s global relationships and investments

31. Complete bouquet of post production services to Bollywood
360 degrees offering of integrated suite of media services
Film Studios
Film Equipment
Film Shooting
Film chemical treatment
Editing/Color Correction
Digital Distribution
Restoration & image enhancement
2D to 3D
Animation
VFX & Animation

32. Prime Focus Technologies – leader in Media ERP solution
Owns and operates the world’s one and only hybrid cloud enabled Media ERP platform – CLEAR
CLEAR is extremely Secure (ISO conformant) and most Available (99.95%).
Leveraging CLEAR, PFT runs scalable and reliable cloud-based content operations hubs for managing 24 x 7 operations.
106,000 sq. ft. global content operations hub
Acquired Academy winning Lowry Process for Image enhancement in RMW Merger
Only player with strong IT credentials and deep understanding of M&E industry
No other provider offers an exhaustive suite of SLA based media processing services
FY13
FY14
Content under management – Video Hours
350,000
Syndication & VoD Fulfillment – Files
10 million
Episodes of TV content
100,000
Subtitling and Captioning – Video Hours
15,000
35,000
Verticals
Studios
Brands
Digital
Sports
Broadcasting

33. With a robust non linear, scalable business model
Sustained growth with ~30% margins
Revenue distribution FY14
World's First Hybrid Cloud platform for Content Operations
CIO CHOICE 2013 Honor & Recognition Title in the "Content Management" category
STAR India received two prestigious awards - the Aegis Graham Bell Award and the News Corporation's GEI Innovator Award - for its CONTENT LIVE initiative
In the last 3 years, PFT has grown at over 19x from a garage startup to a global operation with ~ 900 people
Annuity revenue comprises 72% of total giving strong visibility
The biggest broadcast networks and brands run on CLEAR
*FY14 is for 15months ending June-2014

34. A Primetime Emmy was awarded to DAX for Digital Dailies®
PFT - Strategic expansion in North America with acquisition of DAX
About DAX
Provider of production workflow and media asset management applications and services to the entertainment industry
Designed to maximize efficiencies throughout the content creation lifecycle
Enables secure exchange, collaboration, approvals and distribution of work-in-progress materials - from concept development through final delivery
A Primetime Emmy was awarded to DAX for Digital Dailies®
Marquee Clients
Investment Rationale
Fuels PFT’s market penetration in the North America
Upsell CLEAR & PFT Digital Content Services to existing DAX Clients
Has 2 patents & customer base of 60+
~28,000 Production Community Users

35. Industry Opportunity

36. Demand for Media services
Media services on an high growth trajectory; De-risked to recessionary pressures with services models
3D revives cinemas – Recent hit Gravity’s 80% collections from 3D screens
58.7% BO collections of The Great Gatsby were from overseas
Growing
consumption
platforms
From 2 to 5
screens
Content
monetization across geographies
Internet driven screens –
Mobiles, Tablets and Desktops
India’s #1 GEC channel Zee TV is available in 169 countries
Explosive
Demand for Media services
Set-top box VOD is found in 60% of US households
With Media Workflow and Resource Management – time saving about 60% and cost saving of 80%*
Evolving
Technologies –
Media ERP,
Cloud
Reinventing
shelf lives
Video on
Demand..
YouTube crossed 1bn regular visitors milestones in March 2013
*Frost & Sullivan estimates

37. Expanding E&M industry globally….
Global E&M spend
Global box office ($bn)
Source: Global entertainment & media outlook ( ) by PwC
29.4
31.6
32.6
34.7
35.9
Source: Theatrical Market Statistics 2013 by MPAA
2013 Top 5 International Box Office Markets ($bn)
China
3.6
Japan
2.4 UK
1.7
France
1.6
India
1.5
Global E&M spend is projected to grow at a 6.6% CAGR for next 5 years to reach $2.2tn by 2017 with filmed entertainment growing at 3.6%
Total worldwide box office for all films released increased 4% in 2013 to reach $35.9bn.
China’s box office revenues increased 27% in 2013 to become the first international market to exceed $3bn in box office revenue.
Source: Theatrical Market Statistics 2013 by MPAA

38. …with growing opportunities in key segments
Growing VFX revenues ($mn)
US 3D box office ($bn)
10% CAGR
55% CAGR
Source: Frank N. Magid Associates, Inc.
Source: Theatrical Market Statistics 2013 by MPAA
The recent success of Gravity has given a big push to the 3D format’s success. 80% of Gravity's opening weekend US box office sales came from 3D screenings, the highest share ever for a 3D release.
New releases movie conversion opportunity in US
New releases every year 50
In 3D (2/3rd) 33
Conversion opportunity ($8mn per movie)
$264mn
Legacy movie conversion opportunity in US
Library film titles with major studios
35,000
In 3D (1%)
3,50
Conversion opportunity ($5mn per movie)
$1.75bn
Source: Company estimates

39. Indian E&M industry on higher growth trajectory
Figures in Rs Billion
E&M revenues set to double by
.. With 1.8x growth film revenue
14% CAGR
12% CAGR
12% CAGR
9% CAGR
Target segments growing higher than industry growth rate
Segment
2009
2010
2011
2012
2013
CAGR ( )
2018e
CAGR ( )
Animation services
5.5
6.2
7.1
7.6
8.0
10%
11.6 8%
Animation production
3.7
3.9
4.2
4.5
4.7 6%
6.3
VFX
3.1
7.7
9.3
32%
26.8
24%
Post-production
7.8
9.1
13.5
15.5
17.7
23%
38.1
17%
Total
20.1
23.7 31
35.3
39.7
19%
82.8
16%
Source: FICCI-KPMG Indian Media and Entertainment Industry Report 2014

40. Digital content solutions  a large market opportunity
Figures in $ Billion
Total Addressable market is expected to grow at CAGR of 5%
North America, the largest market while Asia and Latin America, fastest growing markets
Source: E&Y Study – Jan 2014
Source: E&Y Study – Jan 2014
Media ERP can save M&E Firms up to 5% of revenue
Cloud-enabled services expected to grow at 46%
Source: E&Y Study – Jan 2014

41. PFL offering unmatched, winning proposition in Media Services
2D & 3D
VFX
Cloud Tech. Sevices
Post Production
$264mn p.a. new releases movie conversion opportunity in US alone
Growing China market
$1.75bn library conversion opportunity
Prime Focus
Global leader with ~30% market share
50+% market share of this summer’s Hollywood blockbusters releases
RMW
Strong studio relationships and affiliate network
Strategic stake in Digital Domain
State of the art facility in Navi Mumbai (SEZ)
$ bn market
10% 5-year CAGR
7 of top 10 Hollywood Box Office hits in 2013 were VFX driven
Double Negative
Amongst top 3 VFX providers in world
Provider of choice for number of top movie franchises
Top-end talent with proven credentials
Strong sales team, studio relationships
Prime Focus
Leading Tier 2 player
High margin WorldSourcing model
RMW
Amongst leading players in India
VFX studios in LA, London and Mumbai
Digital content solutions market to grow at 5% CAGR and reach $12.9bn in 2018 (E&Y study)
Prime Focus
Pioneered CLEAR, world’s first hybrid cloud-enabled Media ERP platform
24*7, 106,000 sq. ft. global content operations hub
Non linear growth with high margins
RMW
Lowry Digital is leader in Global Imaging services
US frontend, owner of Lowry Process
State of the art facility in Navi Mumbai (SEZ)
Indian post production market to grow at 17% CAGR to reach Rs. 38.1bn in 2018
RMW PP Services
Tier 1 player in Indian film and broadcast market
MPAA/ FOX certified Studio facilities – largest in India
Leader in camera rentals
Prime Focus
Proven track record in Bollywood
Top end service provider
Most profitable Indian operations

42. Financial Performance

43. New businesses grow at a high rate 36% Diversified revenue-mix
FY14(Pre Merger): Robust growth in annual revenues….
Figures in Rs Million, consolidated financials
Growing revenues
Successful scale up
18% CAGR
New businesses grow at a high rate 36%
Diversified revenue-mix
Financial year 14 has been extended to 15 months ending June, 2014 figures are not comparable with FY13 & CAGR is calculated by annualizing the 15 months FY14 figures

44. Operating margins maintained in double-digits
Figures in Rs Million, consolidated financials
EBITDA & EBITDA margin
PAT & PAT margin
Financial year 14 has been extended to 15 months ending June, 2014 figures are not comparable with FY13

45. Segment-wise revenues Segment-wise EBITDA Margins
FY14 Segmental Analysis: Strong traction in new businesses
Figures in Rs Million; Consolidated financials
Segment-wise revenues
Segment-wise EBITDA
Segment-wise EBITDA Margins
*FY14 is for 15months ending June-2014, figures are not comparable with FY13
**For ViewD+VFX FY’14,Segmental EBITDA includes backend business ,historical quarterly figures are not comparable
Bulk of PP EBITDA Corresponding to India Business continues to maintain 30%+ margins

46. Q1FY15: Transition to Integrated Tier I M&E Services Co
Figures in Rs Million; Consolidated financials
Net Revenues
EBITDA, Margin
Qtr ending
Sep 13
Sep 14
3,502
Qtr ending
Sep 14
Sep 13
654 / 33.4% Margin
1,961
144 / 4.1% Margin
Profit Before Tax
Profit After Tax
296
213
(681)
(220)
Note: Q1FY15 marked completion of PFW- Double Negative merger, hence YoY financials are not comparable

47. Segment-wise revenues
Q1FY’15 Segmental Analysis: Creative services contributing 77% of revenue
Figures in Rs Million; Consolidated financials
Segment-wise revenues
Segment-wise EBITDA
Note: Q1FY15 marked completion of PFW- Double Negative merger, hence YoY financials are not comparable

48. Debt profile
Consolidated debt of $152mn (Rs 9,339 mn) in Sept 2014 compared to $137 mn (Rs 8,216 mn) in June *
Company has paid off high cost $11 mn debt in India on closure of the backend sale to PFW
Increase due to addition of Double Negative debt in PFW and part disbursement of EXIM facilities in PFT
Increase in accreted interest on NCD’s is adequately offset with regular repayment of other term bank debt
Shares released, partly by SCB and Yes Bank, expected to bring down pledge further in coming quarter
Geographical break-up of debt ($mn)
Debt Composition ($mn)
$1 = Rs 61.48
Consolidated debt - $ 152 mn (Rs 9,339 mn)

49. Outlook & Strategy

50. Strategic plan for next phase of growth
Present
Strategic Direction
Future
Global leader in stereo 3D conversion (30% share)
One of top 3 global VFX players
Tier 1 Player in growing Indian M&E market
Established PFT business, witnessing high growth and improving profitability
Invested in facilities and workforces
Secured successful rounds of funding from PE investors – SCPE, AID ,Macquarie and Reliance ADAG
Strengthen leadership in VFX & 3D by growing presence in all our existing markets – synergies from mergers to provide thrust to growth in revenue and margins
PFT to be rolled out in the US at accelerated pace through DAX
Ramp up in new markets like China
Cost consolidation & effective utilisation of resources
Reduction in debt through improving cash flows and low capex
Sustain clear leadership across all M&E Services markets
To be house of choice for VFX & 3D Services for Tier 1 Studios
Establish CLEAR as the de-facto ERP of the M&E industry globally
Leverage on the robust Worldsourcing® model to increase returns
Higher Margins & Optimum level of Debt & Cash Flows

51. Immense Integration benefits – huge upside potential
Well-planned roadmap targeting profitability and cash flows
First 12 months months months
EBITDA Margin up by 4-5%
Phase 3
Partner of choice for M&E services across Hollywood, Bollywood & other major markets like China
Global scalability of PFT’s enhanced Cloud based Media ERP platform for content production, broadcast and exhibition segments
Optimize capacity utilization and maximize delivery from tax advantaged & low-cost facilities
EBITDA Margin up by 2– 4%
Phase 2
Leverage strength of WorldSourcing model with enhanced execution from tax advantaged and lower cost centres
Bundled offering of VFX & 3D conversion services
Increase profitability of Indian post production and visual effects business with consolidation
Cross-sell CLEAR into Lowry Digital’s global broadcasting clientele and vice versa
Current EBITDA Margin up by 1.5 to 2 %
Phase 1
Prime Focus to take lead in cutting costs by closing its London VFX operations and pruning operations at Vancouver and elimination of duplicated overheads – savings of $8- 10+mn
Double Negative to expand in Vancouver increasing revenues at lower cost (through labour tax credits)
Increase revenue pipeline of PP services and low-hanging cost synergies

52. Shareholding and BOD

53. PFL Shareholding Pattern Evolution
As on 30th Sep 2014
Outstanding shares – 185 mn
Fully diluted
Outstanding shares* – 299 mn
*Indicative Shareholding is post Preferential Allotment but Pre Open offer

54. PFW - DNEG & PFL- RMW Transaction Highlights
Promoters to invest Rs.1.2bn at Rs.52 / - per share
Reliance to invest Rs.1.2 bn at Rs.52/- per share + business with Equity Valuation of Rs.350cr.
33.5%*
30.2%*
Shareholding
100% Prime Focus **
Acquisition of RMW Film & Media services assets in a slump sale
100%
Rs 3,500mn Equity + Assumed Debt
200,000 sq.ft. state-of-the-art Studio facility in Film City
90,000 sqft SEZ in Navi Mumbai and 75,000 sqft facility in Film City
30% stake in Digital Domain
100% ownership of Lowry Digital
Enterprise Valuation of ~£55 mn
~60% paid upfront Plus assumed Debt (leases + WC)
~40% long term in Cash, Equity and Equity Options in PFW
**On a fully diluted basis, accounting for the conversion of MacQuarie & AID instruments, as well as the equity units towards DNeg transactions, PFL will continue to own ~ 80% of PFW

55. With marquee long term PE investors
November 2012
Standard Chartered Private Equity subscribed to 36,549,990 equity shares of PFL on a preferential basis for an aggregate amount of $35mn
The company also issued Rupee-denominated Non-Convertible Debentures (NCDs) on a private placement basis, equivalent of $35mn to the PE firm
March 2013
AID Partners Capital Limited, a private equity firm focused on buyout opportunities and expansion capital primarily in media and entertainment sector invested $10mn in Prime Focus World NV (PFW), valuing it at $250mn.
June 2013
Macquarie Capital, the principal investing arm of the Macquarie Group, further infused $38mn into PFW, valuing it at an Enterprise Value of $300mn

56. Mr. Kodi Raghavan Srinivasan Mr. Padmanabha Gopal Aiyar
Board of Directors
A veteran in the Indian Film & Television industry, he commenced his career as an Associate Director and Controller of Production before venturing into producing films. He set up India’s first digital audio studio and then, ventured into the business of providing services for the production of TV programs & ad films by hiring out video equipment's.
Mr. Naresh Malhotra
Chairman Emeritus and Whole-Time Director
Mr. Jaisingh is the India and Financial Services Sector specialist for SCPE. He has wide experience in investment banking and commercial banking roles. He is an MBA from the IIM, Bangalore.
Mr. Nainesh Jaisingh
Non-Executive Director
Mr. Kodi Raghavan Srinivasan
Independent &
Non-Executive Director
A Chartered Accountant and a Cost Accountant, he has extensive experience in the fields of Internal, Statutory and Management audits, corporate laws, taxation laws, financial consultancy, and Costing and Management Information services.
Mr. Rivkaran Chadha
Independent &
Non-Executive Director
A successful businessman, Mr. Chadha is an MBA in finance from Cardiff University, England and Wales.
Mr. Padmanabha Gopal Aiyar
Independent &
Non-Executive Director
Mr. Aiyar has been a practicing Advocate at the Bombay High Court for the past 30 years. He has expert knowledge in Civil Law, Company Law and industrial arbitration matters.

57. Key Management Mr. Namit Malhotra Executive Chairman & Group CEO
As the global leader of Prime Focus, Mr. Malhotra is responsible for all decision-making with respect to business, people and technology. Born into a family of three generations of working Bollywood professionals, Mr. Malhotra has been immersed in the movie business his entire life. Starting in the late 1990s, he helped build Prime Focus from a one-room editing suite to become one of the world’s foremost providers of creative and technology services for the entertainment industry.
Mr. Namit Malhotra
Executive Chairman
&
Group CEO
Mr. Ramakrishnan Sankaranarayanan
Managing Director, PFL
&
Founder & CEO,PFT
Mr. Ramakrishnan has over 18 years of rich experience in the IT industry. He has specific experience in deployment of technology within the Media & Entertainment sector. Prior to Prime Focus, Ramki was the CEO of Subex Technologies. Prior to joining Subex, he was head of worldwide sales and marketing at Tata Elxsi, Product R&D Services. Ramki also set up the operations of Tata Elxsi in the US and grew it into a multi-million dollar region. He is an MBA degree from S.P Jain Institute of Management & Research.
Mr. Rathee brings with him over 15 years of experience across Corporate Finance, TMT (Telecom, Media and Technology) Investment Banking, Capital Markets and M&A. He has proven cross-functional expertise across US, Europe and Asia. Before joining Prime Focus, he was Head - Corporate Finance and M&A at Suzlon Energy, Principal - TMT Investment Banking at Bank of America Merrill Lynch and Executive Director - TMT Investment Banking at ABN AMRO. Vikas holds an MBA in Finance from the R.H. Smith School of Business, University of Maryland.
Mr. Vikas Rathee
Chief Financial Officer
Mr. Fadia has experience of over 14 years in Finance structuring, cost control, business strategy, identifying new expansion opportunities, acquisitions, fund raising etc. In addition to being a Chartered Accountant from the Institute of Chartered Accountants of India (ICAI), he has also completed his CPA degree from the American Institute of Certified Public Accountants AICPA in the United States.
Mr. Nishant Fadia
Chief Operating Officer

58. Annexure

59. Historical financials – Profit and Loss
Figures in Rs Million, consolidated financials
Particulars
FY11
FY12
FY13
FY14
Revenues
5,030
7,719
7,622
10,342
Payments to and provision for employees
1,105
1,692
3,084
4,598
Technician fees
942
1,936
766
817
SG&A, other expenses
1311
1877
2,019
2,945
Total Expenses
3,359
5,505
5,869
8,360
Forex Gain(loss)
145 68
381
EBITDA
1,671
2,359
1,821
2,363
Depreciation
546
711
999
1,332
EBIT
1,125
1,648
822
1,031
Other Income
150 57
107 79
Finance Costs
263
348
418
687
Profit before tax and Exceptional Items
1,012
1,357
510
424
Exceptional Items/ Prior period items 70 29
1,077
174
Profit before tax
1,328
(567)
250
Tax 60
300
(398) 71
Profit after tax before minority interest
882
1,028
(168)
179
Minorities Interest and others
121 35
(64)
Reported PAT
761
993
(203)
243
Financial year 14 has been extended to 15 months ending June, 2014 figures are not comparable with FY13

60. Segmental break-up of revenue
Figures in Rs Million, consolidated financials
Business segments
FY11
FY12
FY13
FY14
PFT
110
336
809
2,088
PFW (3D+VFX)
2,484
4,624
4,483
6,148
Post Production
2,436
2,760
2,330
2,106
Total revenues
5,030
7,720
7,622
10,342
% share in total revenues 2% 4%
11%
20%
49%
60%
59%
48%
36%
31%
Geographic segments
FY11
FY12
FY13
FY14
Sales domestic
858
1,032
1,257
2,068
Sales export
3,670
6,687
6,364
8,273
Total revenues
4,528
7,719
7,622
10,342
% share in total revenues
19%
13%
16%
20%
81%
87%
84%
80%
Financial year 14 has been extended to 15 months ending June, 2014 figures are not comparable with FY13

61. Balance Sheet Particulars FY11 FY12 FY13 FY14
Figures in Rs Million, consolidated financials
Particulars
FY11
FY12
FY13
FY14
Shareholder's Equity
3,645
4,967
5,544
7,375
Total Debt
4,138
2,732
6,301
7,475
Minority Interest
416
451
641
1,613
Other Long Term Liabilities - 43
177
606
Provisions 3 8 14
Trade Payables
573
1,474
610
1249
Deferred Tax
131
119
Other Current Liabilities
948
3,333
1,750
2,258
Total Liabilities and Owner's Equity
9,722
13,009
15,167
20,709
Net block
6,628
8,504
8,617
10,922
Capital Work in Progress 40 21
206 41
Intangible assets under development 34 35 63
157
Investments 1
Deferred Tax Assets
(189)
(268)
601
1129
Long-term Loans and Advances
309
362
802
939
Other Non-current Assets
120
220
169
Inventory 6 4
Trade Receivables
1,694
2,936
2,549
3,853
Cash and cash equivalents
179
314
491
225
Other Current Assets 57
1,032
1,706
Short term Loans and Advances
846
427
631
1,731
Total Assets
Financial year 14 has been extended to 15 months ending June, 2014

62. Q1FY’15 Profit & Loss Statement
Figures in Rs Million, consolidated financials
Particulars
Qtr ending Sep14
Qtr ending Sep 13
Qtr ending June 14
% Chg YoY
% Chg QOQ
15M FY'14
Net sales / income from operations
3,502
1,961
1,995
79%
76%
10,345
Total Expenditure
3,390
1,510
1,851
125%
83%
8,360
Personnel Cost (including technician fees)
2,391
957
1,315
150%
82%
5,414
Other Expenditure
999
552
536
81%
86%
2,945
Foreign exchange gain/(loss) 32
204 89
-84%
-63%
381
EBITDA
144
654
233
-78%
-38%
2,366
Depreciation & amortization
466
284
294
64%
58%
1,332
EBIT
-322
370
-62 NA
1,034
Interest & Finance charges
158
111
175
43%
-9%
687
Other income
142 41 12
249% 76
Exceptional Items- Expenditure/ (Income)
343 4 88
174
PBT
-681
296
-312
250
Tax Expense
-357 55
-161 71
Minority Interest
-105 27
-63
-64
PAT
-220
213
-88
243
Key Ratios
Qtr ending Sep14
Qtr ending Sep 13
Qtr ending June 14
15M FY'14
EBITDA Margin
4.1%
33.4%
11.7%
22.9%
Net Margin
-6.3%
10.9%
-4.4%
2.3%
Total Expenditure/ Revenues
96.8%
77.0%
92.8%
80.8%
Personnel Cost/ Total Operating Income
68.3%
48.8%
65.9%
52.3%
Other Expenditure/ Total Operating Income
28.5%
28.2%
26.8%
Qtr ending Sep 14 includes Financials of Double negative which was acquired by Prime Focus in last quarter Hence figures are not comparable with last year figures.

63. Contact information
Investor contacts
Alok Gupta
Prime Focus Limited
Phone: /
Nisha Kakran/ Seema Shukla
Four-S Services Pvt Ltd
Phone: : /