RITES Limited IPO. RITES Limited IPO. Initial Public Offer - Note. Call Toll Free Issue Highlights:

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1 Issue Highlights: Issuer: Issue Type: 100% Book Built Issue IPO Issue Open: Wednesday, Jun 20, 2018 Issue Close: Friday, Jun 22, 2018 Offer Details (Fresh Issue): 25,200,000 Equity shares (Offer for sale). Face Value: Rs.10 per Equity Share Price Band: Rs Rs.185 per Equity Share Minimum Order Quantity Retail: 80 Equity Shares and in multiples thereof Maximum Bid amount for Retail: Rs. 2 Lakhs Listing: NSE & BSE Issue Size and Investor Category Allocation QIB: 50% of the issue size NIB: 15% of the issue size Retail Individual: 35% of the issue size Employee Reservation: 12,00,000 Equity Shares Retail Discount: Rs.6/- per Equity Share Book Running Lead Managers: Elara Capital (India) Pvt. Ltd, IDBI Capital Markets & Securities Ltd, IDFC Bank Ltd, SBI Capital Markets Ltd Registrar: Link Intime India Private Limited Key Business Strategies: Leverage experience and continue to build on our core competencies in transport infrastructure sector Strengthen EPC/Turnkey business Expand international operations Expand operations in the power procurement and renewable energy sector through our subsidiary, Railway Energy Management Company Key Strengths: Comprehensive range of consultancy services and a diversified sector portfolio in the transport infrastructure space Large order book with strong and diversified clientele base across sectors Technical expertise and business divisions with specialized domain knowledge Experienced management personnel and technically qualified team Strong and consistent financial performance supported by robust internal control and risk management system Preferred consultancy organization of the Government of India. About the Issuer: REITS is a wholly owned Government Company, a Miniratna (Category - I) and a leading player in the transport consultancy Have significant presence as a transport infrastructure consultancy organization in the railway sector Consistent track record of strong financial performance and growth. profit after tax has increased at a CAGR of 7.73% from Rs.3, million in Financial Year 2015 to Rs.3, million in the Financial Year They operate four principal lines of business, namely corporate lending, SME lending, vehicle financing and housing financing. As of September 30,, they conducted their retail operations through ten branches across Mumbai, Delhi, Chennai, Bengaluru, Hyderabad, Jaipur, Surat, Ahmedabad, Pune and Indore and their central support office in Mumbai. Their lenders included, 14 public sector banks, 13 private sector banks, 21 mutual funds and four insurance companies and other financial institutions Their distribution network included approximately 210 personnel in their in-house sales team, and approximately 648 third-party direct sales associates (the DSAs) and other third-party intermediaries who are empanelled with them

2 Revenue from Operations (Rs. Million) Net Profit After Tax (Rs. Million) FY 14 FY 15 FY 16 FY 17 FY 14 FY 15 FY 16 FY 17 SUMMARY STATEMENT OF ASSETS AND LIABILITIES, AS RESTATED (in million) 31, 31, 2013 ASSETS NON CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT 3, , , , , , CAPITAL WORK IN PROGRESS INVESTMENT PROPERTY INTANGIBLE ASSETS INTANGIBLE ASSETS UNDER DEVELOPMENT INVESTMENT IN JOINT VENTURES APPLYING EQUITY METHOD FINANCIAL ASSETS INVESTMENTS 1, , , , , , LOANS , , , OTHER FINANCIAL ASSETS 2, , , , , , DEFERRED TAX ASSETS (NET) OTHER NON CURRENT ASSETS 1, , , , , , , , , CURRENT ASSETS INVENTORIES

3 FINANCIAL ASSETS INVESTMENTS 2, , , TRADE RECEIVABLES 5, , , , , , CASH AND CASH EQUIVALENTS- OWNED FUND , , , CASH AND CASH EQUIVALENTS- CLIENTS FUND 4, , , , , , OTHER BANK BALANCES-OWNED FUND 9, , , , , , OTHER BANK BALANCES-CLIENTS FUND 12, , , , , , LOANS OTHER FINANCIAL ASSETS , , , , , , CURRENT TAX ASSETS (NET) OTHER CURRENT ASSETS , , , , , , TOTAL ASSETS 47, , , , , , EQUITY AND LIABILITIES EQUITY EQUITY SHARE CAPITAL 2, , , , , , OTHER EQUITY 18, , , , , , EQUITY ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY 20, , , , , , NON-CONTROLLING INTERESTS LIABILITIES NON CURRENT LIABILITIES FINANCIAL LIABILITIES 21, , , , , , BORROWINGS , TRADE PAYABLES OTHER FINANCIAL LIABILITIES 1, , PROVISIONS 1, , , , , OTHER NON CURRENT LIABILITIES CURRENT LIABILITIES FINANCIAL LIABILITIES 1, , , , , , , TRADE PAYABLES , , OTHER FINANCIAL LIABILITIES 17, , , , , ,720.06

4 PROVISIONS 1, , , , CURRENT TAX LIABILITIES (NET) OTHER CURRENT LIABILITIES 2, , , , , , , , , , TOTAL EQUITY AND LIABILITIES 47, , , , , , SUMMARY STATEMENT OF PROFITS AND LOSSES, AS RESTATED 31, (in million) 31, 2013 CONTINUING OPERATIONS REVENUE REVENUE FROM OPERATIONS 5, , , , , , OTHER INCOME , , , , , TOTAL REVENUE 6, , , , , , EXPENDITURE EMPLOYEE BENEFIT EXPENSES 2, , , , , , TRAVEL SUPPLIES & SERVICES , COST OF EXPORT SALES , , , , COST OF TURNKEY CONSTRUCTION PROJECTS TRANSMISSION AND WHEELING CHARGES FINANCE COSTS DEPRECIATION & AMORTISATION EXPENSES OTHER EXPENSES , TOTAL EXPENDITURE 4, , , , , , PROFIT BEFORE SHARE OF PROFIT/(LOSS) OF JOINT VENTURES, EXCEPTIONAL ITEMS AND TAX FROM CONTINUING OPERATIONS 2, , , , , , SHARE OF PROFIT/(LOSS) OF JOINT VENTURES (14.81) (114.72) (26.00) (26.81) PROFIT BEFORE TAX 2, , , , , ,361.65

5 31, 31, 2013 TAX EXPENSES - CURRENT TAX (632.16) (1,650.71) (1,490.98) (1,424.29) (1,368.45) (1,089.11) - DEFERRED TAX (NET) (139.94) (187.06) (136.41) PROFIT AFTER TAX FROM CONTINUING OPERATIONS 1, , , , , , DISCONTINUED OPERATIONS LOSS BEFORE TAX FROM DISCONTINUED OPERATIONS - (1.01) (3.87) - (0.76) (1.35) TAX EXPENSES OF DISCONTINED OPERATIONS - - (0.27) LOSS FROM DISCONTINUED OPERATIONS - (1.01) (4.14) - (0.76) (1.35) PROFIT/(LOSS) FOR THE YEAR 1, , , , , , Source for Note: DRHP Disclaimer The information and views presented in this report are prepared by Karvy Stock Broking Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Stock Broking nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. :: Research Desk :: PF/IPON/ /15 karvy.distribution@karvy.com Direct Ph: