Update to the Press Release titled – Ebix Provides a Strategic Update - Seite 2

The Securities and Exchange Board of India (“SEBI”), vide its letter dated April 10, 2023 (“SEBI Letter”), directed the Company to present the financial information being provided in the red herring prospectus (“RHP”) (for all past periods i.e. financial years ended March 31, 2021, March 31, 2022 and March 31, 2023) to be restated on a net basis and presented in line with the RBI's master directive on pre-paid cards instruments.

In compliance with the RBI Letter and the SEBI Letter, the revenue to be recognized for services provided by the Company post such amendments (commencing April 1, 2023) for co-branded cards would be recognized on a net basis in the financial statements of the Company. Accordingly, the revenue and income for cobranded cards were presented on a net basis, while presenting consolidated financial information for the years ended March 31, 2021, March 31, 2022, and March 31, 2023 (“Restated Consolidated Financial Information”) that was included in the addendum dated June 1, 2023 (“Addendum”). As a result of these changes made, the Restated Consolidated Financial Information in the Addendum and the restated consolidated financial information included in the DRHP are not comparable for the period ended March 31, 2021. Investors are advised to refer to the Addendum for the relevant Financial Information of EbixCash for the aforementioned periods.

Further, the statutory Auditors’ report on the Restated Consolidated Financial Information should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by the statutory Auditors, nor should the report be construed as a new opinion on any of the financial statements referred to herein, since it does not change EbixCash’s audited financial information for the prior periods. Please refer to page 5 of the Addendum for the full text of the statutory Auditor’s Examination Report on the Restated Consolidated Financial Information.

Please note that the information included in the DRHP, including to the extent stated in the Addendum, will be suitably updated, as may be applicable in the Red Herring Prospectus, as and when filed with the RoC, the SEBI and the Stock Exchanges. It is to be understood that the underlying audited financial statements for the prior periods have not been modified, however, because of the changed role of the Ebix Payment Services, future financial statements will record revenues for co-branded cards on a net basis.