Identical Brains Studios Limited

1. Integrated and highly scalable service delivery capabilities.

2. Reputation as a trusted provider of VFX Services with established relationships throughout the Entertainment Industry.

3. Attractive business model, with significant revenue visibility and compelling opportunities for long-term margin expansion and cash flow generation.

4. Experienced management team with managerial, creative and technical expertise and industry relationships.

1. The company depends upon its relationships with the major Bollywood studios, including key executive and creative talent, and any deterioration in these relationships could materially and adversely affect its business.

2. The Company operates in the constantly evolving entertainment industry, which is subject to rapidly changing consumer behaviour and tastes, and depends on audience acceptance of content for which the company provide VFX services and the longterm popularity of the brands and franchises that its customers produce.

3. If the film and content producers reduce the amount of VFX content they produce and release, the company's revenue would likely decline.

4. Its order book and order pipeline are not necessarily indicative of its future revenue or other results of operations and its may not fully realise the revenue value reported in the company order book and order pipeline.

5. Film and content producers may delay, suspend or terminate its contracts, which could negatively affect the company revenue and harm its reputation and prospects.

6. The company is currently dependent on its top ten customers for its revenues. Further the company does not have any long-term commitments from customers and any failures to continue its existing arrangements could adversely affect the company's business and results of operations.

7. Recent and planned acquisitions among film and content producers, may reduce the breadth of its customer base, and could result in a narrower market for its services, increase competition and reduce negotiating leverage.

8. If the company is unable to develop and maintain technologies to support customers' evolving needs in response to changes in consumer demand, or fails to maintain the quality of its services and its reputation with customers, its business and prospects could suffer.

9. The VFX Industry in which the company operates possess various risks and challenges as provided in the Industry Report titled Report on VFX Industry in India dated August 20, 2024, which is exclusively prepared for the purposes of the Issue and issued by D&B and is commissioned and paid for by the Company (D&B Report).

10. The company secure contracts from both film and content producers and through sub contracting arrangements.