2009 STARMINE ANALYST AWARDS

India±
The Economic Times and StarMine, a Thomson Reuters company, are pleased to announce the results of StarMine's 2009 annual survey of
analyst performance for India. StarMine, the leading provider of objective ratings of securities analysts, measures analysts' performance based
on the return of their stock recommendations and the accuracy of their earnings estimates. The 2009 StarMine Analyst Awards program
utilizes the I/B/E/S system as its data source.

Top 10 Stock Pickers of 2009 (Overall)

Rank Analyst Broker Industries

1 Majumder, Abhijit Prabhudas Lilladher Financials

2 Puri, Abhishek JM Financial Industrials

3 Kasat, Amit* Motilal Oswal Securities Transportation; Industrials

4 Shanbhag, Abhay Deutsche Bank Securities Biotechnology; Real Estate; Financials

5 Panthaki, Percy HSBC Consumer Goods & Services

6 Sabnis, Avadhoot RBS Energy

7 Singh, Bhuvnesh Credit Suisse Information Technology

8 Krishnan, Pratish Banc of America Merrill Lynch Information Technology

9 Dunivant, Todd HSBC Financials

10 Sharma, Vishal BNP Paribas Industrials

* This analyst is now at Anand Rathi Securities.

Top 10 Earnings Estimators of 2009 (Overall)

Rank Analyst Broker Industries

1 Vydianathan, Kanchana* Pacific Crest Securities Information Technology

2 Bhasin, Reena Verma Banc of America Merrill Lynch Industrials; Information Technology

3 Swamy, Mohan RBS Industrials; Consumer Goods & Services

4 Broachwala, Hatim Khandwala Securities Financials

5 Rajgarhia, Rajat Motilal Oswal Securities Financials

6 Agrawal, Vaibhav Angel Broking Industrials

7 Gandhi, Jinesh Motilal Oswal Securities Industrials

8 Handa, Saurabh Citi Energy; Biotechnology; Industrials

9 Mansingka, Niraj Edelweiss Securities Energy; Industrials

10 Katkar, Harshad and UBS Energy

Raghavan, Nirmal

* This analyst is no longer active in our database.

± The 2009 India awards were calculated for the July 1, 2008 through June 30, 2009 time period.

© 2009 Thomson Reuters. All rights reserved. Page 1 of 5

 Top 10 Most Award-Winning Brokers of 2009

Rank Broker Number of Awards

1 Motilal Oswal Securities 10

2 Banc of America Merrill Lynch 7

3 Credit Suisse 5

3 Deutsche Bank Securities 5

3 HSBC 5

Biotechnology Industry Winners

Top 3 Stock Pickers

Rank Analyst Broker

1 Shanbhag, Abhay Deutsche Bank Securities

2 Sharma, Rahul Karvy Stockbroking

3 Desai, Nimish Motilal Oswal Securities

Top 3 Earnings Estimators

Rank Analyst Broker

1 Vora, Rajesh ICICI Securities

2 Gupta, Sonal UBS

3 Desai, Nimish Motilal Oswal Securities

Consumer Goods & Services Industry Winners

Top 3 Stock Pickers

Rank Analyst Broker

1 Panthaki, Percy HSBC

2 Topiwalla, Hozefa Morgan Stanley

3 Sarawagi, Manish Banc of America Merrill Lynch

Top 3 Earnings Estimators

Rank Analyst Broker

1 Sethi, Ishan Goldman Sachs

2 Shah, Anand Angel Broking

3 Aggarwal, Amnish Motilal Oswal Securities

© 2009 Thomson Reuters. All rights reserved. Page 2 of 5

 Energy Industry Winners
Top 3 Stock Pickers

Rank Analyst Broker

1 Mehta, Kirtan HSBC

2 Mookim, Sanjay Credit Suisse

3 Balasubramaniam, Venkatesh Citi

Top 3 Earnings Estimators

Rank Analyst Broker

1 Katkar, Harshad and Raghavan, Nirmal UBS

2 Prasad, Sanjeev Kotak Securities

3 Ramesh, Sankaranarayana Deutsche Bank Securities

Financials Industry Winners

Top 3 Stock Pickers

Rank Analyst Broker

1 Majumder, Abhijit Prabhudas Lilladher

2 Rajgarhia, Rajat Motilal Oswal Securities

3 Srivastava, Punit* Enam Securites

* This analyst is now at Daiwa.

Top 3 Earnings Estimators

Rank Analyst Broker

1 Broachwala, Hatim Khandwala Securities

2 Rajgarhia, Rajat Motilal Oswal Securities

3 Agrawal, Vaibhav Angel Broking

Industrials Industry Winners

Top 3 Stock Pickers

Rank Analyst Broker

1 Puri, Abhishek JM Financial

2 Parekh, Bharat Banc of America Merrill Lynch

3 Agarwal, Anand Credit Suisse

Top 3 Earnings Estimators

Rank Analyst Broker

1 Bhasin, Reena Verma Banc of America Merrill Lynch

2 Gandhi, Jinesh Motilal Oswal Securities

3 Garg, Lokesh Kotak Securities

© 2009 Thomson Reuters. All rights reserved. Page 3 of 5

 Information Technology Industry Winners
Top 3 Stock Pickers

Rank Analyst Broker

1 Singh, Bhuvnesh Credit Suisse

2 Krishnan, Pratish Banc of America Merrill Lynch

3 Singla, Manoj JP Morgan

Top 3 Earnings Estimators

Rank Analyst Broker

1 Vydianathan, Kanchana* Pacific Crest Securities

2 Goyal, Surendra Citi

3 Mathrani, Ajay* Deutsche Bank Securities

* This analyst is no longer active in our database.

Real Estate Industry Winners

Top 3 Stock Pickers

Rank Analyst Broker

1 Shanbhag, Abhay Deutsche Bank Securities

2 Negandhi, Chirag Enam Securites

3 Sharma, Unmesh Macquarie Research Equities

Top 3 Earnings Estimators

Rank Analyst Broker

1 Bothra, Siddharth Motilal Oswal Securities

2 Jain, Puneet Kotak Securities

3 Agarwal, Amit* Banc of America Merrill Lynch

* This analyst is now at Ambit Capital.

Transportation Industry Winners

Top 3 Stock Pickers

Rank Analyst Broker

1 Gupta, Sachin HSBC

2 Iyer, Bharat* JP Morgan

Only 2 analysts qualified for this industry's awards.

* This analyst is no longer active in our database.

Top 3 Earnings Estimators

Rank Analyst Broker

1 Chellappa, Govindarajan Credit Suisse

2 Dadabhoy, Jamshed Citi

3 Goel, Ashutosh* Edelweiss Securities

* This analyst is no longer active in our database.

© 2009 Thomson Reuters. All rights reserved. Page 4 of 5

 StarMine Analyst Awards Methodology
StarMine objectively measures the performance of analysts based on the returns of their buy/sell recommendations and the accuracy of their
earnings estimates. The 2009 awards for India are based on the performance from July 1, 2008 through June 30, 2009 of recommendations and
estimates on companies that are based in India.

Data Source
StarMine's awards for India are based on the estimates and recommendations as recorded in the Thomson Reuters I/B/E/S database. StarMine
uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in India, the GICS has resulted in industries
that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way
analysts organize their coverage for India. For example, StarMine's "Financials" industry is a composite of the following GICS industries: Capital
Markets, Commercial Banks, Consumer Finance, Diversified Financial Services, Insurance, and Thrifts & Mortgage Finance.

Industry Stock Picking Awards

Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an
industry-based benchmark. The top three qualifying analysts in each industry receive an award.

Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of
all of the stocks in a given industry.

For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy"
recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for
the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units
short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark
and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity
adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe.

The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating.

Qualification Criteria: To qualify for a 2009 Industry Stock Picking Award, an analyst must have met the following criteria:
1. An analyst must have covered at least five stocks in a given industry throughout the awards period. If an industry has fewer than 15
stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater.

2. An analyst's industry return must have exceeded the return of the relevant industry benchmark. That is, his Industry Excess Return must
be positive.

3. An analyst must have delivered at least a 3-star performance on their overall coverage (i.e., for all industries covered), as measured by
StarMine's Coverage-Relative Rating.

Overall Stock Picking Awards

Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine
uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in
each industry.

Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks. In addition, StarMine
requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's
Coverage-Relative Rating.

Overview of Earnings Estimate Awards

StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a
measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing
the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate
than other analysts' estimates.

SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the
analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to
provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score).

Industry Earnings Estimate Awards To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based
on their Industry Estimate Score for the stocks in a specific industry.

Qualification Criteria: To qualify for this ranking, an analyst must have had coverage on at least five stocks throughout the awards period. If an
industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is
greater.

Overall Earnings Estimate Awards

The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards.

Qualification Criteria: To qualify for StarMine's Top 10 list, an analyst must have had coverage on at least five stocks throughout the awards
period.

Best Broker Awards The brokers that have collected the most individual analyst awards earn a place on the Best Brokers list.

Non-Participating Firms: The following firms did not participate in StarMine's 2009 Annual Analyst Awards for India: CLSA and Bativala &
Karani Securities.

© 2009 Thomson Reuters. All rights reserved. Page 5 of 5