Pokarna Ltd. Change in Estimates:

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1 Pokarna Ltd. Absolute : LONG Relative : Overweight 3QFY16 Result : Estimate ( ), TP ( ), Rating ( ) Regular Coverage 57% ATR in 14 Months Stellar performance continues; Retain LONG as valuations are mouthwatering Building Material 2016 Equirus All rights reserved Rating Information Price (Rs) 749 Target Price (Rs) 1,242 Target Date Target Set On Implied yrs of growth (DCF) st Mar'17 Fair Value (DCF) 1,229 Fair Value (DDM) 157 Ind Benchmark Model Portfolio Position Stock Information 12th Feb'16 SPBSSIP LONG Market Cap (Rs Mn) 4,646 Free Float (%) % 52 Wk H/L (Rs) 1425/586 Avg Daily Volume (1yr) 15,060 Avg Daily Value (Rs Mn) 14 Equity Cap (Rs Mn) 62 Face Value (Rs) 10 Bloomberg Code POKR IN Ownership Recent 3M 12M Promoters 72.3 % 0.0 % -2.8 % DII 6.9 % -0.1 % 5.7 % FII 1.0 % 0.2 % -1.8 % Public 19.9 % 0.1 % -1.2 % Price % 1M 3M 12M Absolute % % -1.3 % Vs Industry -0.7 % % 13.5 % Vs Aro Granite % % % Vs Asian Granito % % -3.8 % Consolidated Quarterly EPS forecast Rs/Share 1Q 2Q 3Q 4Q EPS (15A) EPS (16E) Pokarna once again delivered excellent quarter led by strong subsidiary performance (PESL- Quartz business). Consolidated Sales/EBITDA/PAT grew by 24%/61%/202% yoy, 6%/39%/113% ahead of Equirus estimates (EE). Pokarna s quartz subsidiary (PESL) posted robust growth of 62%/10% yoy/qoq. We are seeing tremendous demand improvement in US quartz market as Caesarstone s (leader with ~20% market share) sales also grew ~20% yoy in CY15. PESL is shifting its focus from bread & butter products to value added products, which has started yielding results in form of alltime high EBITDAM. We expect Pokarna to sustain this growth momentum & robust profitability going forward & revise our FY16E/FY17E EPS estimates by 27%/13% respectively. We maintain LONG rating with a Mar 17 TP of Rs. 1,242 at 10x TTM EPS Yet another blockbuster performance led by PESL: Consolidated sales grew 24% yoy, 6% higher than EE due to 62%/10% yoy/qoq growth in quartz business. It reported all time high consolidated EBITDAM at 39%, (improved by 885bps/683bps yoy/qoq), and 903bps ahead of EE. Quartz business margins improved to 49.5% (2000bps/1420bps yoy/qoq) due to, 1) revenue mix shifting to higher margin products like jumbo quartz slabs, 2) benefits of favourable negotiations with raw material suppliers, 3) better capacity utilization, and 4) USD-INR appreciation of 6%/2% yoy/qoq. US quartz market showing tremendous growth potential: US continue to be PESL s largest market (with ~75% revenue contribution). It continues to hold large potential for growth (~20%+ CAGR) as quartz material conversion continues to be powerful (with ~10% quartz penetration at present) & new housing market in US expect to grow at ~18% in CY14-16E (as per housing economics study). PESL continues to focus on strengthening its brand through R&D investment & development of new colors, designs, and textures to tap this growth potential. Granite realizations remained under pressure due to increased competitive environment: Pokarna s granite revenue growth remained subdued over last 2 quarters on the back of decline in realizations of granite products. Company is facing stiff pricing competition from Brazilian (Largest granite producer) players primarily due to more depreciation of Brazilian real (~51%) than INR (6%) vs. USD. Retain LONG as valuations are mouthwatering: We believe Pokarna is major beneficiary of rapidly expanding quartz countertop market, is well positioned to post consolidated Sales/EBITDA/PAT CAGR of 19%/20%/24%. At CMP of Rs. 750, stock is trading at 7.5x FY16E TTM EPS, implying mouthwatering valuations. Hence, we reiterate LONG rating with Mar 17 TP of Rs 1,242 at 10x TTM EPS. (vs. earlier Dec 16 TP of Rs at 13x) Change in Estimates: Rs. Mn FY16E Chg (%) FY17E Chg (%) Sales 3,977-1% 4,575-7% EBITDA 1,328 10% 1,559 6% PAT % % EPS % % Consolidated Financials Rs. Mn YE Mar FY15A FY16E FY17E FY18E Sales 3,264 3,977 4,575 5,630 EBITDA 836 1,328 1,559 1,919 Depreciation Interest Expense Other Income Reported PAT Recurring PAT Total Equity 530 1,114 1,825 2,692 Gross Debt 2,598 2,380 2,834 2,909 Cash Rs Per Share FY15A FY16E FY17E FY18E Earnings Book Value Dividends FCFF P/E (x) P/B (x) EV/EBITDA (x) ROE (%) 60 % 75 % 52 % 42 % Core ROIC (%) 12 % 25 % 24 % 23 % EBITDA Margin (%) 26 % 33 % 34 % 34 % Net Margin (%) 7 % 16 % 17 % 17 % February 14, 2016 Analysts: Umesh Raut umesh.raut@equirus.com ( ) Page 1 of 10 Before reading this report, you must refer to the disclaimer on the last page.

2 Exhibit-01: Granite Revenue & EBITM trend Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Granite revenue (Rs mn) Granite EBITM (%) 35% 30% 25% 20% 15% Source: Company, Equirus Securities Exhibit-02: Quartz Revenue & EBITM trend Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Quartz revenue (Rs mn) Quartz EBITM (%) 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% Source: Company, Equirus Securities February 14, 2016 Analysts: Umesh Raut ( ) Page 2 of 10

3 Quarterly Result Table (Consolidated) % Change Q3FY16 Q3FY16E Q2FY16 Q3FY15 Q3FY16E Q2FY16 Q3FY15 Net Sales % -1% 24% Comments Raw Materials % -21% -1% Employee Cost % 3% 31% Other Expenses % -8% 9% Total Expenditures % -11% 8% EBITDA % 20% 61% Depreciation % 6% -3% EBIT % 22% 77% Interest % -15% -6% Other Income % 77% 29% PBT % 46% 137% Tax % 13% 34% PAT before MI & Associates % 60% 202% Minority Interest Profit from Assoc Recurring PAT % 60% 202% Extraordinaries Reported PAT % 60% 41% EPS (Rs) % 60% 202% EBITDA Margin 39% 30% 32% 30% 903 bps 683 bps 885 bps EBIT Margin 34% 23% 27% 24% 1078 bps 649 bps 1020 bps PBT Margin 27% 15% 18% 14% 1264 bps 893 bps 1307 bps PAT Margin 21% 11% 13% 19% 1070 bps 818 bps 254 bps Tax Rate 22% 27% 28% 39% -555 bps -644 bps bps February 14, 2016 Analysts: Umesh Raut umesh.raut@equirus.com ( ) Page 3 of 10

4 Company Snapshot How we differ from Consensus EPS Sales PAT - Equirus Consensus % Diff Comment FY16E FY17E FY16E 3, FY17E 4, FY16E FY17E Our Key Investment arguments: A fully integrated business model in granite segment will facilitate a steady revenue growth: Ease of raw material availability from its own mines, state-of-the-art processing facilities along with a robust distribution network in more than 49 countries will aid volume improvement. Well positioned to capture the fast growing Quartz demand in US markets: Exclusive licensee of patented Breton Stone technology to manufacture high grade export quality quartz, distribution in more than 20 countries, increasing presence in higher value quartz and higher sales of quartz under its own brand Quantra will help Pokarna to see 20% revenue CAGR over FY16E-18E. Key Estimates: (Rs. mn) FY14 FY15 FY16E FY17E FY18E Granite Revenues 1,561 1,906 1,928 2,050 2,358 Quartz Revenues 624 1,357 2,049 2,524 3,272 Net sales EBITDA EBITDA Margin (%) 20% 26% 33% 34% 34% PAT (without e/o items) Risk to Our View: Delay in capacity expansion Key Triggers: Pick up in quartz business, revival in granite volumes and improvement in margins due to improved utilization in quartz business and backward integration in granite business Sensitivity to Key Variables % Change % Impact on EPS EBITDAM -1 % -5 % DCF Valuations & Assumptions Rf Beta Ke Term. Growth Debt/IC in Term. Yr 7.5 % % 3.0 % 52.0 % - FY16E FY17E FY18-20E FY21-25E FY26-30E Sales Growth 22 % 15 % 19 % 10 % 7 % NOPAT Margin 21 % 22 % 20 % 19 % 19 % IC Turnover RoIC 24.9 % 24.4 % 21.1 % 19.4 % 19.1 % Years of strong growth Valuation as on date (Rs) ,033 1,100 Valuation as of Mar' ,155 1,229 Based on DCF, assuming 15 years of 12% CAGR growth and 21% average ROIC, we derive current fair value of Rs. 1,100 and 31 st Mar 17 fair value of Rs. 1,229. Company Description: Pokarna Ltd., promoted by Mr. Gautam Chand Jain, is one of the leading exporters of Granite from India. It is the only granite company in India to be fully integrated from quarries to marketing. It exports granite to over 49 countries around the world. The company through its wholly owned subsidiary M/s Pokarna Engineered Stone Ltd. manufactures Natural Quartz Surfaces also known as Engineered Stone or Compound Stone. It is the only licensee of Breton Stone Technology in India for Quartz surfaces. It exports quartz surfaces to more than 20 countries. Comparable valuation EPS P/E BPS P/B RoE Div Yield Mkt Cap Price Target Company Reco. CMP Rs. Mn. Target Date FY14A FY16E FY17E FY14A FY16E FY17E FY14A FY16E FY14A FY16E FY17E FY14A FY16E Pokarna LONG 749 4,646 1,242 Mar' % 75 % 52 % 0.4 % 0.6 % Aro Granite NR NR NR % % - Asian Granito NR 117 2,632 NR NR % % - February 14, 2016 Analysts: Umesh Raut umesh.raut@equirus.com ( ) Page 4 of 10

5 Consolidated Quarterly Earnings Forecast and Key Drivers Rs in Mn 1Q15A 2Q15A 3Q15A 4Q15A 1Q16A 2Q16A 3Q16A 4Q16E 1Q17E 2Q17E 3Q17E 4Q17E FY15A FY16E FY17E FY18E Revenue , ,055 1,068 1,144 1,118 1,245 3,264 3,977 4,575 5,630 Raw Materials ,124 1,424 Employee Cost Other Expenses ,199 1,361 1,476 1,813 User Defined Common Expense User Defined Common Expense EBITDA ,328 1,559 1,919 Depreciation EBIT ,133 1,337 1,659 Interest Other Income PBT ,018 1,304 Tax PAT bef. MI & Assoc Minority Interest Profit from Assoc Recurring PAT Extraordinaries Reported PAT EPS (Rs) Key Drivers Granite revenue (Rs mn) ,906 1,928 2,050 2,358 Quartz revenue (Rs mn) ,357 2,049 2,524 3, Sequential Growth (%) Revenue -8 % 34 % -5 % 32 % -7 % 2 % -1 % 9 % 1 % 7 % -2 % 11 % Raw Materials -14 % 53 % -22 % 44 % -18 % 6 % -21 % 14 % 19 % 3 % 1 % 12 % EBITDA 2 % 48 % 23 % 20 % 2 % 9 % 20 % -8 % -2 % 18 % -1 % 4 % EBIT -19 % 113 % 43 % 23 % 6 % 11 % 22 % -12 % 0 % 21 % -1 % 4 % Recurring PAT -110 % -485 % 79 % 100 % -14 % 11 % 60 % -23 % 0 % 27 % -4 % 4 % EPS -110 % -485 % 79 % 100 % -14 % 11 % 60 % -23 % 0 % 27 % -4 % 4 % Yearly Growth (%) Revenue % 54 % 56 % 19 % 24 % 2 % 11 % 16 % 15 % 18 % 42 % 22 % 15 % 23 % EBITDA % 124 % 123 % 65 % 61 % 24 % 18 % 28 % 6 % 20 % 80 % 59 % 17 % 23 % EBIT % 205 % 300 % 108 % 77 % 26 % 18 % 29 % 4 % 23 % 133 % 87 % 18 % 24 % Recurring PAT - - 1,156 % 34 % -1,280 % 239 % 202 % 17 % 37 % 57 % -5 % 27 % 457 % 163 % 25 % 24 % EPS - - 1,156 % 34 % -1,280 % 239 % 202 % 17 % 37 % 57 % -5 % 27 % 457 % 163 % 25 % 24 % Margin (%) EBITDA 21 % 23 % 30 % 27 % 30 % 32 % 39 % 33 % 32 % 35 % 36 % 34 % 26 % 33 % 34 % 34 % EBIT 10 % 16 % 24 % 22 % 25 % 27 % 34 % 27 % 27 % 30 % 31 % 29 % 19 % 28 % 29 % 29 % PBT -1 % 7 % 14 % 18 % 17 % 18 % 27 % 20 % 20 % 24 % 23 % 22 % 11 % 21 % 22 % 23 % PAT -2 % 5 % 9 % 13 % 12 % 13 % 21 % 15 % 15 % 18 % 18 % 17 % 7 % 16 % 17 % 17 % February 14, 2016 Analysts: Umesh Raut umesh.raut@equirus.com ( ) Page 5 of 10

6 Mar/14 Jun/14 Sep/14 Dec/14 Mar/15 Jun/15 Sep/15 Dec/15 Mar/16 Jun/16 Sep/16 Dec/16 Mar/09 Jun/09 Sep/09 Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11 Sep/11 Dec/11 Mar/12 Jun/12 Sep/12 Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Mar/14 Jun/14 Sep/14 Dec/14 Mar/15 Jun/15 Sep/15 Dec/15 Mar/16 Jun/16 Sep/16 Dec/16 Mar/12 Jun/12 Sep/12 Dec/12 Mar/13 Jun/13 Sep/13 Dec/13 Mar/14 Jun/14 Sep/14 Dec/14 Mar/15 Jun/15 Sep/15 Dec/15 Mar/16 Jun/16 Sep/16 Dec/16 Consolidated Financials Pokarna Ltd Absolute LONG Relative Overweight 57% ATR in 14 Months P&L (Rs Mn) FY15A FY16E FY17E FY18E Balance Sheet (Rs Mn) FY15A FY16E FY17E FY18E Cash Flow (Rs Mn) FY15A FY16E FY17E FY18E Revenue 3,264 3,977 4,575 5,630 Equity Capital PBT ,018 1,304 Op. Expenditure 2,428 2,649 3,016 3,710 Reserve 468 1,052 1,763 2,630 Depreciation EBITDA 836 1,328 1,559 1,919 Networth 530 1,114 1,825 2,692 Others Depreciation Long Term Debt 2,598 2,380 2,834 2,909 Taxes Paid EBIT 605 1,133 1,337 1,659 Def Tax Liability Change in WC Interest Expense Minority Interest Operating C/F ,118 Other Income Account Payables Capex , PBT ,018 1,304 Other Curr Liabi ,089 1,279 Change in Invest Tax Total Liabilities & Equity 4,285 4,907 6,418 7,678 Others PAT bef. MI & Assoc Net Fixed Assets 2,406 2,561 3,859 4,518 Investing C/F , Minority Interest Capital WIP Change in Debt Profit from Assoc Others Change in Equity Recurring PAT Inventory ,078 1,326 Others Extraordinaires Account Receivables ,157 Financing C/F Reported PAT Other Current Assets Net change in cash FDEPS (Rs) Cash RoE (%) 60 % 75 % 52 % 42 % DPS (Rs) Total Assets 4,285 4,907 6,418 7,678 RoIC (%) 14 % 25 % 24 % 23 % CEPS (Rs) Non-cash Working Capital Core RoIC (%) 12 % 25 % 24 % 23 % FCFPS (Rs) Cash Conv Cycle Div Payout (%) 7 % 6 % 8 % 9 % BVPS (Rs) WC Turnover P/E EBITDAM (%) 26 % 33 % 34 % 34 % FA Turnover P/B PATM (%) 7 % 16 % 17 % 17 % Net D/E P/FCFF Tax Rate (%) 34 % 25 % 24 % 27 % Revenue/Capital Employed EV/EBITDA Sales Growth (%) 42 % 22 % 15 % 23 % Capital Employed/Equity EV/Sales FDEPS Growth (%) 457 % 163 % 25 % 24 % Dividend Yield (%) 0.4 % 0.6 % 1.1 % 1.6 % 2,400 2,000 1,600 1, TTM P/E vs. 2 yr forward EPS growth TTM EV/EBITDA vs. 2 yr forward EBITDA growth TTM P/B vs. 2 yr forward RoE EPS Growth 240% 28x 200% 24x 160% 18x 120% 12x 80% 40% 0% 6x EBITDA Growth 80% 70% 60% 50% 40% 30% 20% 10% 0% 11x 9x 7x 5x 3x 1,800 1,600 1,400 1,200 1, RoE 100% 90% 10x 80% 70% 8x 60% 6x 50% 40% 4x 30% 2x 20% 10% 0% February 14, 2016 Analysts: Umesh Raut umesh.raut@equirus.com ( ) Page 6 of 10

7 Historical Consolidated Financials P&L (Rs Mn) FY12A FY13A FY14A FY15A Balance Sheet (Rs Mn) FY12A FY13A FY14A FY15A Cash Flow (Rs Mn) FY12A FY13A FY14A FY15A Revenue 1,808 2,036 2,306 3,264 Equity Capital PBT Op. Expenditure 1,517 1,686 1,842 2,428 Reserve Depreciation EBITDA Networth Others Depreciation Long Term Debt 2,373 2,519 2,770 2,598 Taxes Paid EBIT Def Tax Liability Change in WC Interest Expense Minority Interest Operating C/F Other Income Account Payables Capex PBT Other Curr Liabi 1,215 1, Change in Invest Tax Total Liabilities & Equity 4,218 4,090 4,264 4,285 Others PAT bef. MI & Assoc Net Fixed Assets 2,949 2,800 2,587 2,406 Investing C/F Minority Interest Capital WIP Change in Debt Profit from Assoc Others Change in Equity Recurring PAT Inventory Others Extraordinaires Account Receivables Financing C/F Reported PAT Other Current Assets Net change in cash EPS (Rs) Cash RoE (%) -82 % -97 % 20 % 60 % DPS (Rs) Total Assets 4,220 4,090 4,265 4,285 RoIC (%) 5 % 7 % -8 % 14 % CEPS (Rs) Non-cash Working Capital Core RoIC (%) 4 % 5 % -8 % 12 % FCFPS (Rs) Cash Conv Cycle Div Payout (%) 0 % 0 % 12 % 7 % BVPS (Rs) WC Turnover P/E EBITDAM (%) 16 % 17 % 20 % 26 % FA Turnover P/B PATM (%) -17 % -9 % 2 % 7 % Net D/E P/FCFF Tax Rate (%) -2 % -9 % 189 % 34 % Revenue/Capital Employed EV/EBITDA Sales growth (%) 8 % 13 % 13 % 42 % Capital Employed/Equity EV/Sales FDEPS growth (%) 44 % -41 % -123 % 457 % Dividend Yield (%) 0.0 % 0.0 % 0.3 % 0.4 % February 14, 2016 Analysts: Umesh Raut umesh.raut@equirus.com ( ) Page 7 of 10

8 Equirus Securities Pankaj Sharma Executive Director /41 Research Analysts Sector/Industry Equity Sales Anirvan Sarkar Banking & Financial Services Vishad Turakhia Ashutosh Tiwari Auto, Metals & Mining Vibhor Rastogi Devam Modi Power & Infrastructure Sweta Sheth DhavalDama FMCG, Mid-Caps Dealing Room Maulik Patel Oil and Gas Ashish Shah Nimish Mehta Pharma IIlesh Savla Umesh Raut Industrials Jigar Chokshi Associates Nirav Prajapati Manoj Gori Sandip Amrutiya Meet Chande Compliance Officer Pranav Mehta Smita Sharma Rahil Shah Raj Kantawala Ram Varun Vikas Jain Rating & Coverage Definitions: Absolute Rating LONG : Over the investment horizon, ATR >= Ke for companies with Free Float market cap > Rs 5 billion and ATR >= 20% for rest of the companies SHORT: ATR <= negative 5% over investment horizon TRADE: Stocks that do not meet the criteria for either LONG or SHORT Relative Rating OVERWEIGHT: Likely to outperform the benchmark by at least 5% over investment horizon BENCHMARK: likely to perform in line with the benchmark UNDERWEIGHT: likely to under-perform the benchmark by at least 5% over investment horizon Target Price and Investment Horizon Target Price is a point value for stocks with Absolute rating of LONG or SHORT and a range value for stocks rated TRADE. Investment Horizon is set at a minimum 3 months to maximum 15 months with target date falling on last day of a calendar quarter. Lite vs. Regular Coverage vs. Spot Coverage We aim to keep our rating and estimates updated at least once a quarter for Regular Coverage stocks. Generally, we would have access to the company and we would maintain detailed financial model for Regular coverage companies. We intend to publish updates on Lite coverage stocks only an opportunistic basis and subject to our ability to contact the management. Our rating and estimates for Lite coverage stocks may not be current. Spot coverage is meant for one-off coverage of a specific company and in such cases, earnings forecast and target price are optional. Spot coverage is meant to stimulate discussion rather than provide a research opinion. Registered Office: Equirus Securities Private Limited Unit No. 1201, 12th Floor, C Wing, Marathon Futurex, N M Joshi Marg, Lower Parel, Mumbai Tel. No: +91 (0) Fax No: +91- (0) Corporate Office: 3rd floor, House No. 9, Magnet Corporate Park, Near Zydus Hospital, B/H Intas Sola Bridge, S.G. Highway Ahmedabad Gujarat Tel. No: +91 (0) Fax No: +91 (0) February 14, 2016 Analysts: Umesh Raut umesh.raut@equirus.com ( ) Page 8 of 10

9 2016 Equirus Securities Private Limited. All rights reserved. For Private Circulation only. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Equirus Securities Private Limited Analyst Certification I, Umesh Raut, author to this report, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Disclaimers Equirus Securities Private Limited (ESPL) having Corporate Identification Number U65993MH2007PTC is registered in India with Securities and Exchange Board of India (SEBI) as a trading member on the Capital Market (Reg. No. INB ), Futures & Options Segment (Reg. No.INF ) of the National Stock Exchange of India Ltd. (NSE) and on Cash Segment (Reg. No.INB ) of Bombay Stock Exchange Limited (BSE).ESPL is also registered with SEBI as Research Analyst under SEBI (Research Analyst) Regulations, 2014 (Reg. No. INH ). There are no disciplinary actions that have been taken by any regulatory authority. ESPL is a subsidiary of Equirus Capital Pvt. Ltd. (ECPL) which is registered with SEBI as Category I Merchant Banker. ESPL/its affiliates provide investment banking services including but not limited to Private Equity, Mergers & Acquisitions, Structured Finance and Institutional Equities. ESPL/its affiliates might have, managed or co-managed public offering of securities of the subject company or have received a mandate from the subject company or might have received compensation from the subject company for investment banking or brokerage services in the past twelve months. ESPL & its affiliates, their directors and employees may from time to time have positions or options in the company and buy or sell the securities of the company (ies) mentioned herein. ESPL or its Analyst did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ESPL nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ESPL has not been engaged in market making activity for the subject company. Research Analyst might have served as an employee of the subject company in the past. 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The information contained in this Report is not intended for any person who is a resident of the United States of America or a resident of any jurisdiction, the laws of which imposes prohibition on soliciting the securities business in that jurisdiction without going through the registration requirements and/or prohibit the use of any information contained in this website. This Report and its respective contents does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules. February 14, 2016 Analysts: Umesh Raut umesh.raut@equirus.com ( ) Page 9 of 10

10 Disclosures Disclosure of Interest statement for the subject Company Yes/No If Yes, nature of such interest Analyst/ESPL/Associate/Relatives financial interest No Analyst/ESPL/Associate/Relatives actual/beneficial ownership of 1% or more No Analyst/ESPL/Associate/Relatives material conflict of interest No Whether ECPL managed any public offering in past 12 months No February 14, 2016 Analysts: Umesh Raut ( ) Page 10 of 10