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Eros Media World PLC Files Appeal to NYSE Staff Regarding Notice of Debarment Decision

DOUGLAS, Isle of Man–(BUSINESS WIRE)–Eros Media World PLC (“Eros Media”, “Eros” or the “Company”) (NYSE: EMWP), an Indian global media and entertainment company, announced that it has duly filed a complaint with the New York stock market. (“NYSE”) to consider the decision by NYSE Rules to initiate proceedings to delist the Company’s common A shares and immediately suspend trading (the “Staff Determination”).

The company’s request for a review of personnel determination by a committee of the NYSE Board of Directors is consistent with Section 804.00 of the NYSE Handbook for Listed Companies. The company’s request was acknowledged by the NYSE last week in a letter, further confirming December 15, 2022 as the scheduled review date.

As previously announced, on April 22, 2022, the Company completed the sale of its STX Entertainment business to a subsidiary of The Najafi Companies. Although the sale of the STX Entertainment business was necessary to allow the company to pursue its long-term strategy and maximize long-term shareholder value, the separation of the two companies has resulted in complex financial relationships and d other transition issues. The Company has worked diligently to resolve these issues, including working with its new auditors to be able to provide investors with up-to-date audited financial statements.

About Eros Media World Plc

Eros Media World Plc, (“Eros”, the “Company”) (NYSE: EMWP) is a global media and entertainment company that acquires, co-produces and distributes motion pictures, digital content and music in multiple formats such as as the film, television, OTT digital media streaming and emerging Web 3.0 ecosystem for consumers around the world. The company also owns leading South Asian OTT platform Eros Now, which owns the rights to over 12,000 movies in major Indian languages. For more information, please visit www.ErosMediaWorld.com.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

The information provided in this communication includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, and these statements are subject to the safe harbors thus created. Generally, these forward-looking statements can be identified by the use of forward-looking words such as “approximately”, “anticipate”, “believe”, “estimate”, “continue”, “could”, “expect”, ” future “. ‘, ‘intend’, ‘may’, ‘plan’, ‘potential’, ‘predict’, ‘project’, ‘seek’, ‘should’, ‘will’, ‘trend’ and similar expressions. These statements include, among other things, discussions of the Company’s business strategy and expectations regarding its market position and future activities, as well as those of the Company. All of these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those we expect, including, without limitation: our ability to successfully find and cost-effective manner; the Company’s ability to achieve the desired growth rate of Eros Now; our ability to maintain or raise sufficient capital; delays, cost overruns, cancellation or abandonment of the completion or release of the Company’s films; our ability to predict the popularity of its films or changing consumer tastes; our ability to retain existing rights and acquire new rights to film content; our ability to successfully defend any future class action lawsuits in which we are a party in the United States; anonymous letters to regulators or business associates or anonymous social media allegations regarding the Company’s business practices, accounting practices and/or officers and directors; our ability to recover the full amount of box office receipts to which it is entitled due to under-reporting of box office receipts by theater exhibitors; our reliance on our relationships with movie theater exhibitors and other industry participants to exploit the Company’s movie content; our ability to mitigate distribution and collection risks in international markets; our ability to compete with other forms of entertainment; our ability to fight piracy and protect our intellectual property; our ability to maintain an effective system of internal control over financial reporting; contingent liabilities that may materialize, our exposure to liabilities due to adverse judgments/decisions in legal proceedings involving the Company or its subsidiaries and certain of its directors and officers; our ability to successfully respond to technological changes; our ability to service our debts, fund working capital and pay dividends; monetary and fiscal policies of countries around the world, inflation, deflation, unexpected turbulence in interest rates, foreign exchange rates, stock prices or other rates or prices; our ability to address the risks associated with acquisition opportunities; the risks that the ongoing coronavirus pandemic and its spread, and related public health measures, could have a material adverse effect on our business, financial condition, results of operations and/or cash flows; uncertainty as to the long-term value of the Company’s common stock; the completion of the Company’s audit for fiscal years 2021 and 2022 and the filing of its annual reports on Form 20-F.

The forward-looking statements in this communication are based on historical performance and management’s current plans, estimates and expectations in light of currently available information and are subject to uncertainties and changes in circumstances. There is no guarantee that future developments affecting the Company will be those which it has 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 the control of the Company. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, the Company’s actual results could differ in material respects from what the Company might have expressed or implied. in these forward-looking statements. The Company cautions you not to place undue reliance on any of its forward-looking statements. Any forward-looking statement made by the Company in this communication speaks only as of the date on which the Company makes it. Factors or events that could cause the Company’s actual results to differ may arise from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws.