The management of UFO Moviez India Limited (Company) has considered and approved the termination of the Company's joint venture agreements, each dated July 06, 2023, executed with Qube Cinema Technologies Private Limited (collectively referred to as JVAs), which were entered into for undertaking the businesses of selling advertisement inventory and mastering of digital content, jointly by the Company and Qube. After the execution of the JVAs, the Company and Qube engaged in several discussions to decide various matters relating to operation and conduct of the business and governance of the proposed joint venture companies. However, the Company and Qube have been unable to reach a consensus on certain matters including, in particular, the management structure of the joint venture companies.

As a result of this, the Company and Qube were not able to operationalize the JV's and hence have mutually agreed to terminate the JVAs, and have executed appropriate documents to record such termination of the JVAs (Termination Letters). JVAs were executed on July 06, 2023 and the Termination Letters were executed on January 4, 2024.