• Ebix will restate historical results – likely signi ficantly – as a result of the issues covered in this report & elsew here. • Ebix stock should be halted until the financial sta tements are reliable, accurate, and complete. • Cherry Bekaert Holland should not sign off on Ebix’ s 2012 financials, without Ebix Singapore’s 2011 and 2012 filings. • Ebix’s stated tax strategy is supported by sham in fact and/or sham in substance transactions. • Ebix shares are worth no more than $5.00/share, & approach $0.00 as the IRS, debt, & other risks unfo ld.

• Ebix’s stock should be halted immediately, as (i) t he financial statements remain materially unreliable, inaccurate, and incomplete and (ii) Ebi x’s CEO appears to be intentionally misleading investors, rather than addressing the is sues we and others have identified. • We stand by all the opinions stated in our prior re port. Raina’s inaccurate statements, irrelevant story-telling, and lies of omission only serve to strengthen our beliefs. • Market participants should avoid buying or holding Ebix shares.

Ebix shares are worth no more than $8. 00 / share – Ebix ’ s valuation at 1x revenue is $5.45 /share , valuation at 12x normalized earnings ( at a 33% tax rate) is $ 9.72/share , and its tangible book valu e / share is n egative . A simple average of the se estimates get s y ou below $8.00/share. N ote that these i ncorporate some very generous a ssumption , given the accounting irregulari ties, regulatory event risk, flat/declining organic growth, tax risk, and o ther risks identified in our prior reports.

Ebix improperly financed $100+ million of acquisitions and stock buybacks, tax free, under the guise of a bogus intercompany asset sale, between Singapore & India. Ebix Inc. & its subsidiaries’ filings are materially incorrect. Singapore related irregularities have worsened with time. Ebix meets the requirements for an “Event of Default”, perArticle VII (c) of the Credit Agreement. Cherry Bekaert never properly audited Ebix, as evidenced by BDO Sweden AB’s warnings and the growing list of material accounting irregularities. Current shareholders are likely to recover little to no value, once the USA & Ebix’s creditors enforce their claims.