T I M E S C H A N G E. T R A D I T I O N S D O N T. DALAL & BROACHA

T I M E S C H A N G E. T R A D I T I O N S D O N T. DALAL & BROACHA

O U R S E R V I C E S U I T E Institutional Equities Desk Retail Equities Desk Portfolio Management Services NRI Desk Corporate Treasur y Desk Depositor y Ser vices Distribution Desk Fixed Income Desk Commodities Research

Mr. Priyakant Dalal (Chairman) Mentor and founder, he brings to the firm over 50 years experience in the financial services field. Having triumphed over the wildly oscillating financial sector, his knowledge and values lie at the core of Dalal & Broacha. He was appointed a member of the Arbitration Committee of the Stock Exchange, Mumbai, in 1981 and became the Chairman of the same in 1993. He is currently a trustee of the Stock Exchange, Mumbai. Management Services, with the firm currently handling over 20,000 retail clients, NRIs, corporates, banks, mutual funds, and FIIs. Since our inception we have consistently adhered to our core philosophy of taking a long-term approach to investments, avoiding any kind of speculative risk- taking, so as to protect our clients' capital and ensure steady growth at every opportunity. Moreover, by ensuring absolute transparency in all dealings we have won the trust of our clients - and it is on this basis that we continue to establish and nurture long-term relationships - investments that are sure to pay dividends, in more ways than the obvious. The firm traces its beginnings to 1961, when Priyakant Dalal joined forces with Shapur Broacha to establish Dalal & Broacha. The company has steadily evolved and matured through four decades, consolidating its managerial strengths to handle corporate growth, while expanding its service portfolio to answer changing investor needs. Today, the firm is an integrated financial services player offering an extensive range of financial solutions and services to a wide spectrum of customers with varied needs ranging from equities to mutual funds to commodities to depository services. The firm is a member of The Stock Exchange, Mumbai, as well as the National Stock Exchange in the Cash as well as the F&O segments. It is also a member of the Multi Commodity Exchange and is a Depository Participant with CDSL.. Other services provided by the company include distribution of Mutual Funds, IPOs, and Portfolio Mr. P. M. Dalal, Chairman

1926 Mr. Manilal Anderji enters the broking business. INSTITUTIONAL EQUITY DESK Since it was set up nearly two decades ago, our Institutional Equity Desk has grown exponentially. Today, we are doing business with each and every major financial institution, bank and mutual fund in India, along with a large number of Foreign Institutional Investors (FIIs). Our Institutional Equities Desk comprises two functions namely, Sales and Dealing. The Sales team, whose primary responsibility is client servicing and business acquisition, acts as a liaison between the Dealing team, our Research desk and the Client. The Dealing team is responsible for the accurate execution of orders placed by our institutional clients and for providing the latter with real-time market inputs. The Institutional Equities Desk coordinates with the Research Department to provide world-class services to this very demanding group of customers.

1961 Dalal & Broacha is founded as a partnership firm. RETAIL EQUITIES DESK Our Retail business is the backbone of our company and owes its success largely to the emphasis laid on building steady, long-term relationships some of which have lasted longer than three decades. The firm currently services over 20,000 registered clients throughout India with the help of 15 branches and several associates.

1992 Dalal & Broacha conducts its first trade for Foreign Institutional Investors on the Indian Bourse. PORTFOLIO MANAGEMENT SERVICES A recent addition to our bouquet of products, our portfolio management service is designed keeping in mind the needs of our High Net Worth customers. The service offers a complete end-to-end solution for customers who are looking at maximizing their returns through expert fund management.

1994 Dalal & Broacha figures in the top five Indian Brokerage Houses in a Euromoney survery. The same year the firm acquires membership on the National Stock Exchange. NRI DESK This dedicated desk addresses the various needs of our many NRI clients settled all across the globe. We believe that most clients settled abroad need special attention for the many compliance and tax related regulations enforced in India. We strive to provide comprehensive solutions to their many needs through expert empirical advice and perspectives drawn from 20 years of experience in handling this class of customers.

1997 The Fixed Income desk is set up and the firm begins dealing in Government Securities. CORPORATE TREASURY DESK With a team comprising resourceful and highly qualified experts, this desk helps many leading Indian corporate houses and banks better manage their treasury functions in order to maximize their returns. The firm enjoys an excellent reputation with this group, as well as sound, long-standing relationships which it strives to enhance while establishing new ones through excellent service and expert advice.

1998 Dalal & Broacha becomes a corporate entity. DEPOSITORY SERVICES Through its depository services the firm offers its customers smooth, seamless, efficient and paperless settlement of all trades and transactions undertaken by them.

1999 Dalal & Broacha becomes a Depository Participant with CDSL. DISTRIBUTION DESK The distribution business of the firm mainly deals with distribution of many third party investment products, namely mutual funds, IPOs, and saving instruments. The firm enjoys a sizeable amount of Assets under Management with all leading mutual funds in India and is a preferred distributor for most of them. The desk also has a mutual fund-specific research team, which tracks and analyses in detail, performances of different funds in different categories. The team also consists of a highly competent sales staff that methodically studies each client's requirement and offers him an ideally suited solution.

2000 The firm acquires membership on the Derivatives segment of the BSE. FIXED INCOME DESK This division of the firm deals mainly in debt instruments such as government securities, corporate bonds, state government bonds, etc. The desk deals with mainly provident funds, gratuity funds, pension funds, trusts, banks, and Primary Dealers. The firm is also a member of the WDM segment of the NSE and caters to many Institutional clients such as banks and Primary Dealers.

2002 The firm acquires membership on the Derivatives segment of the NSE. COMMODITIES The company is a member of the Multi Commodity Exchange and offers its customers a trading opportunity in all different commodity classes.

2003 The firm acquires membership on the WDM segment of the NSE. RESEARCH We do not claim to be the premier equity research house in the country, but we pride ourselves in being an idea based research outfit with a bottoms up approach - and the best in the league. Our Research caters to both Institutional and Retail Clients. Our brief is simple: identify good businesses with decent management at a reasonable price. The process involves identifying good businesses, meeting the management, analyzing the balance sheet and recommending the idea to a client. In the past year we have met about 200 companies across the country. Though we follow a bottoms up approach, we have a team of six analysts, each specialising in different sectors.

2005 The firm acquires membership on MCX Commodity Exchange. Hriday Milind Nailesh Vipul Bhavesh Anil

2007 The firm gets SEBI approval to start PMS Services. THE MANAGEMENT TEAM Nailesh Dalal (Director) A Bachelor of Commerce with a diploma in management, his strength lies in understanding people, whether employees or customers. With 25 years experience in the field, his people management skills are a definite advantage to the firm - and this shows in the firm s successful management of a huge customer base. He handles the firm s retail and financial functions. Vipul Dalal (Director) Dalal & Broacha's strong institutional relationships, built over the last 20 years, are due to the efforts of this Bachelor of Commerce. The focus on institutional business increased after he joined the firm whose position amongst institutional buyers is owed largely to his efforts. Hriday Dalal (Head - Business Development) A third-generation family member to join the business with a post-graduate qualification. He has spent the last 5 years working across various business verticals of the firm. Having gone through the rigours, he now focuses on business development and new businesses. He heads the firm's Corporate Treasury Desk. Milind Karmarkar (Head - Research) Dalal & Broacha's research department, comprising a team of six, was set up by this Chartered Accountant. He joined the firm over fifteen years ago after having spent a few years in corporate planning and financial management. Bhavesh Doshi (Head Fixed Income & Distribution) With Dalal & Broacha for over 15 years, this Cost Accountant was responsible for setting up the firm s Fixed Income & Distribution Desk, which he heads today. A go-getter, he is responsible for the firm's branch expansion along with new businesses. Anil Chaudary (Head Depository & IT) He is credited with having set up our Depository Desk. He is also responsible for providing a seamless integration of technology, giving Dalal & Broacha a trouble-free platform to service its clients. He brings more than 15 years experience in office equipment and financial services to the business.

DALAL & BROACHA STOCK BROKING PVT. LTD. Registered & Admin Office: 506, Maker Chambers V, 221, Nariman Point, Mumbai 400 021, Maharashtra, India Tel : +91 (22) 22822992 / 22876173 Fax : +91 (22) 22870092 Email : db@dalalbroachaindia.com