EMAIL TO EBIX ABOUT ARTICLE

Summary

• This is a copy of my email sent to Ebix, to Head of IR, the CEO and the CFO.
• It offers them the opportunity to correct any errors in my article 'Ebix: Shareholders Vote ‘No’ In Shareholder’s Meeting To Unlock +200% Upside'
• It also offers Ebix an opportunity to respond to my strong criticisms. Should I receive a response from Ebix I will include it after this email.
• If Ebix does not respond, there will be no further addition to this instablog.

Subject : Ebix: (EBIX) Shareholders Vote ‘No’ In Shareholder’s Meeting To Unlock +100% Upside

Hello Darren IR EBIX Manager, CFO Hamil and CEO Raina,

As emailed to you on 2 September,

I have finished substantially my editing of article.

Just for your information, the title has changed to:

Ebix: Shareholders Vote ‘No’ In Shareholder’s Meeting To Unlock +200% upside

I attach it in this email.

In brief it recommends shareholders to

• Vote ‘No’ to the re-election of the same band of ineffective directors.
• Vote ‘No’ to the Equity Incentive Plan which would award the CEO an 8-digit bonus this instant on a takeover, while shareholders have suffered a 60% loss of capital.

it is almost complete, with a few edits to be made:

• -incorporating a summary of salient points form my previous article,Ebix Will Walk From Yatra, If Shareholders' Interests Prevail,ttached above in pdf for your convenience
• some specifics illustrating the BOD’s negligence including: the Chadha 2018 auditor; the lack of oversight in the integration of acquisitions; the absence of new board members after stern criticism of activist Barington who left in 2014.
• it will also include the extravagance of your Yatra bid, a company on the verge of suspension after your bid for +$300m lapsed. (market cap now <$50m)
• it will include the valuation upside potential once an effective BOD that serves its shareholders is implemented. The valuation parameters I will include are as per the pdf article previously published, attached in this email. Ebix Will Walk From Yatra, If Shareholders' Interests Prevail,

As a courtesy to you Ebix, I attach the new article in the doc above.

I am willing to add your response to it, as an appendix to article. In this event, I reserve the right to add my opinion as an additional appendix, that will be my opinion of your response.

If there are any factual errors in article, pls highlight them separately; I would like to give Ebix the opportunity here to correct them.

If you do not respond, I will notify readers of my article, (in an appendix), of this email and the lack of your response.

You have until Midnight on Monday 7^th September (NY time) from the sending of this email to respond.

This will give institutional shareholders enough time to consider my grievances in article, before the shareholders’ meeting on the 14 Sept.

I look forward to hearing from you. I am cc’ing Seeking Alpha on this email, so that they are aware of my communication to you, hence giving you the right to respond.

As stated I look forward to your by Midnight on Monday 7^th September (NY time)

Faithfully

Sunil Shah