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The Vision
To be a shining example as a leader in innovation and the first choice for clients & employees

Group Overview
Set up in 1994, 4000 people
19.9% stake held by Citigroup Venture Capital International (CVC)

Wealth Management
Mumbai, Delhi, Kolkata, Chennai,
Bangalore, Hyderabad, Dubai, Bangkok and Singapore

Investment Banking
Mumbai, Delhi, Chennai, Kolkata,
Bangalore, Hyderabad and Ahmedabad

Brokerage & Distribution

Present at 400 locations across India

Institutions Private Clients Priority Clients Non Resident Clients

Equity Capital Market

Equities

IPOs / FPO / QIB

Private Equity / Advisory M&A Debt Raising, Syndication and Restructuring

Derivatives
Bonds Mutual Funds Commodities Insurance

PRIVATE & CONFIDENTIAL

Corporate Structure
Anand Rathi Financial Services Limited
Wealth Management
Investment Banking Member - BSE Depository Participant - CDSL

Anand Rathi Share and Stock Brokers

Anand Rathi Commodities Limited

Rathi Global Finance NBFC

AR Venture Funds Management Real Estate Private Equity

Anand Rathi Insurance Brokers Insurance Broking

AR Middle East DMCC

Member, Dubai

Anand Rathi (International) International Operations

Member - NSE Depository Participant NSDL

Member NCDEX, MCX & NMCE

Gold & Commodities Exchange

PRIVATE & CONFIDENTIAL

Board of Directors
Anand Rathi, Founder & Chairman
A gold medalist Chartered Accountant and former President Bombay Stock Exchange (BSE). A key executive of the Birla Group and the driving force behind the setting up of the Birla Group's Cement and Financial Services business among others. And in the setting up of the Online trading system and the Central Depository Services Ltd in India. With over 40 years in the industry.

Pradeep Gupta, Co- founder & Vice chairman

With over twenty years experience in the securities market. Co-founder and key driver of the Retail and Institutional Equities business of the group.

Amit Rathi, Managing Director

A rank holder Chartered Accountant and an MBA from Leonard N. Stern School of Business, New York University joined the group in 1998. He was instrumental in establishing the group's private wealth management and investment banking businesses. Calling him a 'financial guru', the Times of India group, listed Amit in 2008 amongst the top 51 young Marwaris in India (under the age of 40).

Board of Directors Independent

P G Kakodkar, Director
Former Chairman of State Bank of India. Director in Financial Technologies (India). Director in Sesa Goa Ltd. Director in SBI Funds Management Pvt Ltd & the Multi Commodity Exchange of India Ltd and a M. A. in Economics

Dr. S A Dave, Director

Former Chairman Securities & Exchange Board of India (SEBI) and Deputy Director of the RBI. Former Chairman Unit Trust of India (UTI). Member of General Committees of Government of India & Financial Reforms and Chairman CMIE 1998 till date. And a M. A. (USA) with Ph D in Economics

C D Arha, Director
Formerly Secretary in the Union Ministry of Mines. Special Secretary & Additional Secretary in the Ministry of Coal. Resident Chief Information Commissioner AP (Right to Information Act). Commissioner Civil Supplies (AP). Chairman & MD, APSEC. With a M .A.(History) and diploma Management & Administration of Rural Development (Birmingham, UK)

Ajit Bhushan, Director

Managing Director Citi Venture Capital London Over 17 years experience with Citi. Joined CVC international in 2001. Worked on Strategy and business development for Citibank in CEEMEA region and managed Cash Management Business for Citi in Poland and India. A B Tech (IIT Delhi) and an MBA (IIM Ahmedabad)

Key Business Heads

Rakesh Rawal, Head Private Wealth
Previously Vice President, Private Wealth Management, Deutsche Bank. With over 25 years career in Wealth Management, he has held key leadership roles in illustrious organisations like Hindustan Lever and Ranbaxy Laboratories. A B Tech (IIT-Kanpur) and MBA (Finance) from JBIMS

Amandeep S. Chahal, HeadRetail

During his 14 years of work experience, Mr. Amandeep Chahal has worked with Standard Chartered Bank, Citibank and Yes Bank amongst others. Prior to joining Anand Rathi in May 2006, he was the Head of Yes Banks Retail operations in the North. He is an MBA, from Symbiosis Institute of Business Management.

Key Business Heads

Ms. Priti Gupta, Executive Director Commodities
Ms. Gupta was instrumental in setting up the commodity desk and in formulating the overall strategy of the internal systems & processes, new products and innovation. She has lead the advisory team for commodity exchanges across the world for Base Metals & Energy in particular and was the driving force behind the groups association with international counterparts NATIXIS (an exclusive tie up in India) and Spread Co offering exposure to global markets. Prior to joining the group she was Director with Navratan Capital & Securities P Ltd. (Member of National Stock Exchange of India Ltd.). Ms. Gupta has done her FMB from S. P. Jain

Ms. Supriya Rathi, Director - Insurance

Ms. Rathi has 14 years of varied experience across financial services including 6 years experience in Insurance Broking. Ms. Rathi was instrumental in setting up setting up a Greenfield & profitable insurance brokerage operation for the group and has designed internal systems & processes for marketing, research & claim management. She has been the driving force in setting up the operational processes & interfaces with insurance companies and in creating a nationwide team for servicing clients for their life & non-life insurance needs. Prior to join the group in 1998 she has worked in Retail Banking and Equity Research.with leading organizations like Hong Kong Bank, Asia Securities PCL (now part of ABN-Amro Bank), Solomon Smith & Barnery (now part of Citigroup). She is an MBA (Finance) from Stern School of Business, NYU

Awards and Accolades

Ranked #1 Pvt bank Domestic and # 2 Private Bank Overall
by Asiamoney polls 2009.

We are consistently amongst the top 3 brokers in commodity

and currency segments on MCX, NSE and MCX-SX.

We are amongst the top 10 brokers on DGCX.

First to introduce structured products in commodities.

Recognition

Ranked as the no 1 Private BankDomestic & no 2- Overall by Asia Money 2009 polls.

Ranked 6th in FY2006 for All India Broker Performance in equity distribution in the High Networth Individuals (HNI) Category.
Ranked 9th in the Retail Category having more than 5% market share

Group History - Milestones

1994: Started activities in consulting and Institutional equity sales with staff of 15 1995: Set up a research desk and empanelled with major institutional investors 1997: Introduced investment banking businesses. Retail brokerage services launched 1999: Lead managed first IPO and executed first M & A deal 2001: Initiated Wealth Management Services 2002: Retail business expansion recommences with ownership model 2003: Wealth Management assets cross Rs1500 crores; Insurance broking launched; Launch of Wealth

Management services in Dubai; Retail Branch network exceeds 50

2004: Commodities brokerage and real estate services introduced; Wealth Management assets cross Rs3000crores; Institutional equities business relaunched and senior research team put in place; Retail Branch network expands across 100 locations within India 2005: Real Estate Private Equity Fund launched; Retail branch network expands to 200 locations within India 2006: AR Middle East, WOS acquires membership of Dubai Gold & Commodity Exchange (DGCX); Ranked amongst South Asia's top 5 wealth managers for the ultra-rich by Asia Money 2006 poll; Ranked 6th in FY2006 for All India Broker Performance in equity distribution in the High Networth Individuals (HNI) Category Ranked 9th in the Retail Category having more than 5% market share; Completes its presence in all States across the country with offices at 300+ locations within India 2007: Citigroup Venture Capital International picks up 19.9% equity stake; Retail customer base crosses 200 thousand; Establishes presence in over 450 locations 2009: Ranked #1 Private Domestic Asia Money polls 2009.

Brokerage & Distribution

Reaching out nationwide

Specialist teams providing best-of-breed research, execution and settlement through branches nationwide Licenses

Member, BSE+NSE (Cash & Derivatives) Depository Participant (CDSL & NSDL) Member, NCDEX, MCX, NMCE (Commodities Exchanges) Insurance Brokerage (IRDA) Member, Dubai Gold & Commodities Exchange (DGCX) MF Distribution (AMFI)

Cutting-edge technology support providing real-time access to clients through a private broadband satellite network, leased links and the internet

PRIVATE & CONFIDENTIAL

Brokerage & Distribution

Products

Clients

Size

Equities Derivatives Commodities IPOs Mutual Funds Life & Non-Life Insurance Depository Services Bonds Value-add services

Institutional clients including most leading Mutual Funds, Banks and Insurance Companies Individuals, Families & Corporates across India

Daily turnover in excess of Rs 15 bn 1,45,000+ clients nationwide Leading distributor of Insurance, Mutual Funds & third party products

Non Resident Indians

backed by independent research teams real-time support to clients

PRIVATE & CONFIDENTIAL

Pan India presence

International Presence

Dubai

Singapore

Bangkok

Why Anand Rathi?

Both domestic and International platform Dedicated Corporate Setup

Regional penetration
Research capability Offering tailor made solutions for specific exposure

The Anand Rathi Advantage

Client-centric philosophy, with focus on providing long term value addition to clients, maintaining highest standards of excellence, ethics and professionalism

We always strive to develop strong relationships with our clients nurtured by personal attention of senior management
We approach our clients holistically with the goal of balancing their strategic and financial objectives Proficiency in rendering consistent high quality value added services A senior product team of retail specialists who provide hands on support to Personal Investment Advisors for all products

Our Strengths Corporate Client Servicing

Risk Management system Trade execution/Dealing Research

Operations
Memberships and Licenses

Our Team

Services to Clients

Trade Execution / Dealing

We recommend that clients appoint an authorized person for trading.

Tailor made hedging solution

Voice recording ensures transparency. High execution speed of 1.25 second vs. an industry average of 5
seconds (source: Transaction Auditing Group).

State of the art online trading system

Research

Dedicated fundamental Research team for corporate guidance. Publish variety of quality research reports

Sector specific

Macro Economic trends

Fundamental Reports Daily, Weekly. Technical Reports
Our excellent relationship with major market players gives us an edge over our competitors in information collation Regular Sector wise surveys enable us to have first hand information from ground level Success ratio of our positional calls is 70%

List of Research

Partnering with Corporate Clients

Our thrust is on developing long term mutually beneficial relationship with corporates. There is a separate team to cater to corporate clients requirements. Provide dedicated Relationship Manager and dealer to our large corporates.

Provide consultancy services in commodities to clients like HUL etc. We serve more than 150 corporate clients across India in commodities
and currency segment.

A glance at our Key Clients

DCM Shriram Consolidated Ltd

K.K.Birla group of Sugar Companies

Our Key Clients

Ruchi Soya Industries

KN Resources Itarsi Oils Ltd

Disclaimer
Past performance may not be indicative of future results! Therefore, you should not assume that the future performance of any specific investment or investment strategy will be profitable or equal to corresponding past performance levels. Each investment decision you make should be determined with reference to the specific information available for such investment, and not based upon the success of past recommendations.

Thank you

DISCLAIMER This report has been issued by Anand Rathi Commodities Ltd (ARCL), which is regulated by FMC. The information herein was obtained from various sources; we do not guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities ("related investments"). ARCL and its affiliates may trade for their own accounts as market maker / jobber and/or arbitrageur in any securities of this issuer(s) or in related investments, and may be on the opposite side of public orders. ARCL, its affiliates, directors, officers, and employees may have a long or short position in any securities of this issuer(s) or in related investments. ARCL or its affiliates may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any entity mentioned in this report. This research report is prepared for private circulation. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each security's price or value may rise or fall. Past performance is not necessarily a guide to future performance. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in this report.