ALMONDZ GLOBAL SECURITIES LTD.

ALMONDZ GLOBAL SECURITIES LTD. Earnings Update Q4 FY08 Unaudited Results Analyst Meet 14th May 2008 www.almondzglobal.com

Presentation Structure 1. Overview of Almondz 2. Financials 3. Businesslines Snapshot 2

Overview of Almondz

Almondz Group Companies Almondz Capital & Management Services Ltd. Almondz Global Securities Limited Almondz Commodities Pvt. Ltd. Almondz Insurance Brokers Pvt. Ltd. Almondz Reinsurance Brokers Pvt. Ltd. Incorporated in 1991 LISTED Incorporated in 1994 LISTED Incorporated 2006 UNLISTED in Incorporated in 2003 UNLISTED Incorporated 2006 UNLISTED in Promoter Company of Almondz Group Applied to RBI for NBFC license Investment Bank Corporate Finance & Advisory Portfolio Management Services Distribution of third-party financial products Memberships of the Multi Commodity Exchange of India Ltd. (MCX) and the National Commodity & Derivatives Exchange (NCDEX) Registered with IRDA as Insurance broker Risk Management Insurance Broking Employee Benefits Consulting Claims Management Alternative / Reinsurance Placement of large facultative risks Placement & Management of insurance treaties for domestic insurers Equity Broking 4

Almondz Group Holding Structure Almondz Capital and Management Services (ACMS) Promoter Company Listed Number of employees : 4 Business Verticals: None Holds 47% Shareholding Proposed to hold 51% Shareholding Almondz Insurance Brokers Pvt. Ltd. Non-Listed Employees: 33 Business Verticals: 1. Insurance Broking Almondz Global Securities Limited Listed Number of Employees: 646 Business Verticals: 1. Corporate Finance: 1. Debt Syndication and Infrastructure Advisory 2. Debt Capital Markets 3. Private Equity and M&A 4. Equity offerings 2. Secondary Debt Market Operations 3. Distribution of Financial Products 4. Retail Equity Broking 5. Institutional Equity Broking 6. Portfolio Management Services Hold 100% Shareholding Almondz Commodities Pvt. Ltd. Closely Held Employees: 20 Business Verticals: 1. Commodities Broking Holds 100% Shareholding Almondz Reinsurance Brokers Pvt. Ltd. Closely Held Employees: 6 Business Verticals: 1. Reinsurance Broking 5

Business Verticals- Almondz Debt Portfolio Management Distribution of Financial Products Equity Broking Corporate Finance Private Clients Retail Distribution Retail Equity Broking Institutional Equity Broking Investment Banking Private Equity M&A Investment Banking Debt Capital Markets Infrastructure Advisory and Loan Syndication Investment Banking Equity Offerings Institutional Distribution Distribution of other Financial products Distribution of Debt paper colour denotes Revenue Segments in P& L a/c colour denotes Business Verticals 6

Almondz Group Employee Strength Business Line Employee Strength 538 Support Line Employee Strength 171 As on 31 Mar 2008 7

Business Line Employee Strength Corporate Finance- Infrastructure Advisory and Debt Syndication, 5, 1% Re-Insurance Broking, 3, 1% Insurance Broking, 13, 2% Commodities Broking, 14, 3% Corporate Finance- Debt Capital Markets, 10, 2% Corporate Finance- Investment Banking (Equity), 28, 5% Secondary Debt Market Operations, 18, 3% Equity Broking, 272, 50% Distribution of Financial Products, 175, 33% 8

Board of Directors Atul Kumar Shukla, Chairman (Former Chairman, Life Insurance Corporation of India) K. L. Khetrapaul, Director (Former Executive Director, Reserve Bank of India) Amar Singh Anand, Director (CEO, Advanet International, prior experience Vice President, Corporate M&A and strategy, Citigroup New York, Business Analyst Mckinsey & Company) S. R. Bansal, Director (Lawyer, Member of Institute of Internal Auditors, USA and Member of Association of Certified Fraud Examiners, USA) Qais M. Al-Yousef, Director (CEO, Al-Yousef Group LLC, Muscat, Sultanate of Oman) Krishna Kumar Gupta, Director (CEO, Al Anwar Holdings SAOG, Sultanate of Oman) Jagdeep Singh, Director (Whole-time Director) Navjeet S. Sobti, Executive Vice-Chairman (Promoter Director) Vinay Mehta, Managing Director & CEO (Former Executive Vice President and Head- Treasury, Group Head Risk with Centurion Bank of Punjab Limited) 9

Shareholding pattern Mutual Funds/UTI 0.02% NRI 2.35% HUF 0.11% Foreign Body Corporate 12.21% Individuals - 29.29% Bodies Corporate 7.58% Clearing Members 0.08% Foreign Institutional Investors 1.36% Promoter and Promoter Group 47.01% 10

Locations Head Office : DELHI 3 Scindia House, 2nd Floor, Janpath, New Delhi 110001, India Tel: +91 11 41514666-69 Fax: +91 11 41514665 Email: delhi@almondz.com Corporate Office : MUMBAI 33, Vaswani Mansion, 6th Floor, Dinsha Vachha Road, Opposite K. C. College, Churchgate, Mumbai 400020, Maharashtra, India Tel: +91 22 32959073, 22870580 Fax: +91 22 22870581 Email: mumbai@almondz.com Pan-India presence: 21 fully functional offices spread across the country 3 franchise offices Presence in all the major metros 11

Financials

Important Events & Performance highlights Almondz Capital Markets Pvt. Ltd. (Equity Broking company) merged with Almondz Global Securities Ltd. (AGSL) on 31 st March 2008. Entered into a JV (non-equity alliance) with the Noble Group, a UK based Investment Bank. The JV runs an FII desk, sources international capital for AGSL clients, and plans to enter Fund Management. Oman based Al Anwar Holdings SAOG, takes a 14.99% stake in AGSL @ INR 85 per share. Launched first PMS initiative (Compounding Growth Portfolio) with UK based Commander group acting as Advisors. 98% Revenue 69% PBT 87% PAT 13

Financials: snapshot Particul ars Q4 08 Q4 07 Growth rate (%) FY 08 FY 07 Growth rate (%) 900 Performance over Last year 890.64 2006-07 2007-08 800 Revenue 283.53 120.12 136% 890.64 450.58 98% 700 (INR/mln) 600 PBT (INR/mln) 58.16 20.64 182% 153.86 91.13 69% 500 450.58 PAT 49.43 15.23 224% 104.68 55.92 87% 400 (INR/mln) 300 EPS Basic 2.23 0.95 134% 4.71 3.68 28% 200 100 91.13 153.86 55.92 104.68 EPS Diluted 2.17 0.95 128% 4.60 3.50 31% 0 Revenue PBT PAT 14

Segment Revenues Particulars (INR/Mln) Q4 08 Q4 07 Growth rate (%) FY 08 FY 07 Growth rate (%) Debt Market Operations 85.28 15.44 452% 148.05 83.86 77% Corporate Finance 76.83 34.37 124% 293.98 140.38 109% Distribution of Financial products 86.26 67.00 29% 336.79 213.48 58% Equity Broking Revenue 24.94 - NA 89.01 - NA Income from Operations 273.31 116.81 134% 867.83 437.72 98% Segment PBIT-Debt Market Ops 51.04 0.86 5801% 70.76 34.55 105% Segment PBIT-Corporate Finance 45.09 22.60 99% 168.12 76.93 119% Segment PBIT-Distribution of Financial products 7.01 16.04-56% 44.46 26.52 68% Segment PBIT- Equity Broking (16.45) - NA (42.00) - NA Segment PBIT 86.69 39.50 119% 241.34 138.00 75% Less: Unallocable Expenses & Interest net of Unallocable income 28.53 18.87 87.48 46.87 PBT 58.16 20.64 182% 153.86 91.13 69% 15

Revenue Composition & Segment PBIT (FY 08) Revenue composition Note: Equity Broking generated a Loss hence not considered as a part of the profitability chart Segment PBIT Distrinution 39% Equity Broking 10% Distribution 16% Equity Broking 0% Corporate Finance 34% Debt Market Operations 17% Corporate Finance 59% Debt Market Operations 25% 16

Market Exposure Revenue PBIT Private Equity 6% Advisory Fees 6% Advisory Fee 26% Debt 44% Private Equity 14% Equity 64% Debt 24% Equity 16% 17

Financials: pre- and post-merger Particulars Total Revenue (INR/Mln) PBT (INR/Mln) PAT (INR/Mln) Year ended 31 st March 2008 Merged Entity YoY (%) Pre-Merger 890.64 97.67 795.56 153.86 68.83 195.87 104.68 87.21 150.24 YoY (%) 76.56 114.92 168.69 EPS (Basic) 4.71 28.13 8.58 133.21 EPS (Diluted) 4.60 31.43 8.32 126.22 18

Pricing and valuation details Equity Share Capital: INR 151.93 Mln (FV: INR 6) Net worth as on 31 st March 08 : INR 860.50 Mln RoE : 19% (on Average Networth) and 41% (on Opening Networth) BV : INR 33.98 EPS (weighted): INR 4.71 Share price as on 9 th May 2008 : INR 55.85 P/E : 11.85 Market Capitalization : INR 1414.22 Mln 19

Business Lines Snapshot

Corporate Finance: Private Equity Particulars FY 08 FY 07 Growth rate (%) Revenue (INR/Mln) 100.51 3.34 2909 The Private Equity and M&A Advisory commenced functioning in FY 07. During FY 08, it executed 2 transactions in PE aggregating INR 5.00 Bln in value. It also acted as Advisors to JC Flowers & Co. LLC for the acquisition of a 36.58% stake in SICOM for an amount of INR 3.50 Bln. We are looking at a pipeline of proposals in the areas of Healthcare, Infrastructure, Retail, Logistics and FMCG. 21

Private Equity and M&A (Contd ) Transactions Sector Type Capital raised (INR/Mn) RG Stone Urological Research Institute Heathcare PE Sell Side 400 Global Hospitals Healthcare PE Sell Side 4600 JC Flowers & Co. LLC Financial Services M&A Advisory 3500 22

Corporate Finance: Debt Capital Markets Particulars FY 08 FY 07 Growth rate (%) Revenue (INR/Mln) 41.01 40. 74 1 Associated with 32 transactions aggregating in value INR 110 Bln. Raised 20 year DDB for a State Government Infrastructure Board aggregating INR 5.00 Bln Nearly INR 50 Bln in the Debt raising assignments currently under execution in the Power sector from both domestic and international sources. Ranked among top 10 merchant bankers for raising Debt for Government Sector Companies Ranked number 1 in raising Debt for State Level Undertaking 11 Professionals 23

Debt Capital Market Selected Transactions Sector Type Capital raised (INR/Mln) Power Finance Corporation Ltd Power Placement of Bonds 21,817 Rural Electrification Corporation Ltd Power Placement of Bonds 18,821 Tamil Nadu Electricity Board Power Placement of Bonds 3,000 Punjab Infrastructure Dev. Board Infrastructure Placement of DDBs 6,500 National Capital Region Planning Board Infrastructure Placement of Bonds 2,000 National Bank of Agri & Rural Dev. Agriculture Placement of Bonds 9,325 ICICI Bank Ltd. Bank Placement of Bonds 2,350 Punjab National Bank Bank Placement of Bonds 5,000 United Bank of India Bank Placement of Bonds 5,750 Bank of India Bank Placement of Bonds 4,000 Gujarat State Electricity Corp. Ltd Power Term Loan syndication 9,470 GSPC Pipavav Power Company Ltd Power Term Loan syndication 2,000 24

Corporate Finance: Merchant Banking Particulars FY 08 FY 07 Growth rate (%) Revenue (INR/Mln) 142.08 104.53 36 Merchant banking group provides Issue management, takeover, buyback, de-listing and other services to our clients. Lead managed 7 issues for an aggregate amount of INR 12.02 Bln. 20 professionals Ranked 9 th by PRIME in terms of no. of issues handled during FY 08 25

Distribution of Financial Products Particulars FY 08 FY 07 Growth rate (%) Revenue (INR/Mln) 336.79 213.48 58 Countrywide network of 21 branches and opening 3 more branches in Q1 FY 09. Feet-on-street 150, to be ramped to 250 in FY 09 Range of products and services: MFs, PMSs, Fixed Income Products, Insurance ULIPs, and Equity Offerings. More than 2500 channel sales partner all over India AUM of INR 15 Bln as on 31st March 2008 with Equity MF Schemes constituting about 60% of this share; Equity MF market share at 0.50%. Revenue Composition: 85% from MFs, 12% from IPOs and 3% from others. In FY 09, Insurance products expected to contribute 15% to topline. 26

Proprietory Debt Portfolio Operations Particulars FY 08 FY 07 Growth rate (%) Revenue (INR/Mln) 148.04 51.65 187 AGSL has over 7 years experience in Trading in Fixed Income Securities Book size can be ramped to INR 800 Mln Incisive reach across all the major client segments Provident Funds, Insurance Cos., Mutual Funds, Corporate Treasuries, Bank Treasuries, Trusts etc. 27

Equity Broking Particulars FY 08 FY 07 Growth rate (%) Revenue (INR/Mln) 89.01 - NA Active operations from H2 of FY 08 Fresh Capital infused in Q4 FY 08 225 feet-on-street across 11 locations and 14 branches 9,000 retail accounts; expected to add 30,000 accounts during FY 09 139 trading terminals Technology (FT platform - offline, Asian CERC - online). Outlook : Margin Funding Franchisee Model HUB based online trading 28

Disclaimer This report is for information purposes only and does not construe to be any investment, legal or taxation advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any action taken by you on the basis of the information contained herein is your responsibility alone and AGSL or its employees or directors, associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained herein, but do not represent that it is accurate or complete. AGSL or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this publication. The recipient of this report should rely on their own investigations. AGSL and/or its directors, employees or associates may have interests or positions, financial or otherwise in the securities mentioned in this report. 29