Overseas listing opportunities for fast-growing companies seeking to raise capital the route to Europe

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IPO Competence Center Germany/Switzerland/Austria (GSA) Overseas listing opportunities for fast-growing companies seeking to raise capital the route to Europe IPO and listing services for Indian entrepreneurs

Strategic benefits for Indian companies profit from IPO experience Why be listed overseas? For fast-growing Indian companies seeking to raise capital, an IPO in Europe can be a superior route to funding growth. While challenging markets will come and go, companies that are well prepared will be best placed to leverage the windows of IPO opportunity whenever they open. Many Indian companies have joined the European capital markets and launched successful global depository receipts (GDR) offerings. An IPO in Europe by means of issues of GDRs can raise the capital needed to accelerate growth. It also enables your business and finance strategies to be harmonized and will boost your company s efforts to internationalize and capitalize on positive spillover effects for the core business. test the water and check the possibilities of making an overseas IPO in Europe in order to achieve market leadership Faster go to market More diversified institutional GDR investor base Better industry knowledge of analysts Higher valuation and less underpricing Strategic business opportunities in Europe Gain top brand and high quality recognition Better access to key technology Euro share price denomination as M&A currency Exploring options India Europe join up with our cross-border capital market experts What first steps have other Indian companies taken prior to their highly successful IPOs? Familiarize yourself with the benefits and characteristics provided by Europe Have a delegation from your company visit the European capital market landscape in order to gain a first-hand impression Get in touch with the relevant intermediaries for your IPO Meet representatives from Indian companies already listed in Europe to get direct feedback from other entrepreneurs Prepare early with the right setup and infrastructure Begin the IPO readiness process early. Winning companies are ready to act when the IPO window of opportunity opens Commit internal resources to the IPO process Build a quality management team, robust financial and business infrastructures, corporate governance and an investor relations strategy that will attract the right investors Build a superior IPO team Use experts to bridge capital markets knowledge between India and Europe Create a team familiar with Indian transactions Find the right set of advisors in Europe in relevant IPO disciplines and with industry expertise Ernst & Young IPO and listing services for Indian entrepreneurs 3

Decide on the best listing venue consider a listing with GDRs in Europe to ring the bell on the Frankfurt, Zurich or Vienna Stock Exchanges. Listing venue decision You ve decided to go public and now you need to map out all the necessary steps and tasks. But first you have to define your goals in order to determine the specific requirements for your IPO or secondary listing. And that means determining which capital market or listing zone (the Americas, Europe/EMEIA, Asia), and which stock exchange and segment will actively promote your company s strategy. Up to now, companies have as a rule chosen their home market as the location for their primary listing. But, as the saying goes, the exception proves the rule many high-profile businesses have gone public abroad. What s more, secondary listings are again on the rise albeit for different reasons. And an additional stock exchange listing, particularly in Europe, is becoming increasingly important for a company s strategy. From a strategic perspective, exchanges in Germany, Switzerland and Austria (GSA) can provide sector expertise in many industry groups to raise brand recognition alongside well known market leaders and brands. Key sectors are clean technology, automotive, high-tech engineering, industrial goods and the life science sector. What are the key characteristics? Europe offers a balanced regulation for the life cycle of Indian companies. Indian entrepreneurs can choose between two major types of IPO and market segments in Germany, Switzerland and Austria with high liquidity, investor awareness and market credibility. Main markets + Quarterly reports (Germany, Austria) + Corporate calendar + Analysts conference Junior markets + Relevant corporate filings + Annual and interim reports pursuant to local GAAP or IFRS + Corporate calendar and corporate profile online Efficient and reliable IPO process Predictability: No target group assessment (e.g., revenue or profit tests) 6 to 12 months IPO execution period Annual and interim report based on IFRS Disclosure of directors dealings and ad hoc disclosure Shareholders stake and takeover reporting Prospectus for public offering Insider trading rules Market abuse rules Takeover rules Option: Prospectus for public offering or exposé for private placement Fast and reliable vetting and approval process with the national regulator within 20 days EU passporting allows share placement and investor marketing throughout Europe Reporting and communication in English No formal lockup requirement secure the benefits of relevance for your objectives with the right listing venue 4 Ernst & Young IPO and listing services for Indian entrepreneurs

Our IPO and listing services for Indian companies every journey starts with a single step IPO Competence Center IPO Readiness Diagnostics IPO Repair and Prepare Services IPO Integrated Execution Offering Capital Market Cross-Border Services Intercultural Cross-Border Support Inbound and Outbound Issuer Services Transaction Services get off on the right foot by starting your IPO journey with our IPO readiness report Audit and Financial Advisory Services Statutory Audit and IFRS Conversion Certified Investor Relations Education CFO and Supervisory Board Training Listing Services Liquidity Creation Long-Term Incentive and Stock Option Plans Compliance and Corporate Governance As a first step, the IPO readiness assessment and diagnostics stage are key to becoming a listed company. Ernst & Young IPO and listing services for Indian entrepreneurs 5

Your partner in Frankfurt: IPO Competence Center in tune with your business objectives What is the IPO readiness report? All relevant topics in comprehensive format A report covering all the following areas: IPO strategy, financials, tax, legal, internal control, risk management, corporate governance, leadership and IT Evaluates the company in order to establish if and when it will be IPO ready For each area, a clear and consistent overview of: Current status of the company with a focus on open points that stand in the way of an IPO Proposed action including a corresponding timeline How does it assist Indian companies? Benefit from rich knowledge and experience Combines the knowledge and experience of all subjectmatter professionals Offers the company insights from professionals with strong IPO know-how Identifies the open issues and recommends necessary action points Supports the company in planning and prioritizing the action needed to be IPO ready Offers an independent opinion of the current IPO status of the company Prepares the company for success as a public company after the IPO An executive summary provides a quick overview of the most relevant issues. contact us for more information we look forward to working with you 6 Ernst & Young IPO and listing services for Indian entrepreneurs

Your IPO contacts: Our IPO team in India, Germany, Switzerland and Austria. Ernst & Young, India Rajaraman Balachander Partner IPO Leader India Assurance Services Ernst & Young LLP Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon 12202, India Phone +91 124 464 4080 Mobile +91 98100 62802 balachander.r@in.ey.com Mayank Rastogi Partner Private Equity and Transaction Advisory Services Ernst & Young Pvt. Ltd. 14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai 400 028, India Phone +91 22 6192 0850 Fax +91 22 6192 1000 Mobile +91 97690 06323 mayank.rastogi@in.ey.com Ernst & Young, Germany/Switzerland/Austria Dr. Martin Steinbach Executive Director IPO Leader GSA Financial Accounting Advisory Services Ernst & Young GmbH Mergenthalerallee 3 5, 65760 Eschborn/Frankfurt, Germany Phone +49 6196 996 11574 Fax +49 181 3943 11574 Mobile +49 160 939 11574 martin.steinbach@de.ey.com Hermann Mühleck Executive Director Head of German Business Center India Financial Accounting Advisory Services Ernst & Young GmbH Mergenthalerallee 3 5, 65760 Eschborn/Frankfurt, Germany Phone +49 6196 996 27369 Fax +49 181 3943 27369 Mobile +49 160 939 27369 hermann.muehleck@de.ey.com Pramit Metha Partner Head of India Business Network GSA Assurance Services Ernst & Young AG Maagplatz 1, 8010 Zurich, Switzerland Phone +41 58 286 3494 Mobile +41 58 289 3494 pramit.mehta@ch.ey.com we will support you to facilitate a smooth IPO process for your company Ernst & Young IPO and listing services for Indian entrepreneurs 7

Ernst & Young Assurance Tax Transactions Advisory About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit www.ey.com 2011 EYGM Limited All Rights Reserved. BKL 1111 This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor.