An Overview of Investment Banking Practice

Elara Capital

Corporate Overview
Our Vision
ELARA CAPITAL brings new, value added, and innovative financial solutions for Emerging Market Corporates, assisting them to maximize the use of diverse Global Financial Markets, through a professional, ethical and disciplined approach to business

Incorporated in 2002; Elara Capital is a full service Investment Bank headquartered in London, established to focus on harnessing the growth of the Emerging Market Corporates. Since then, Elara has become a leader in global fund raise and crossborder transactions with offices in London, Mumbai, New York, Singapore and Dubai Elara is authorised and regulated by the Financial Services Authority (FSA) to conduct investment business in the United Kingdom and is a member of the London Stock Exchange and is also SEBI registered Financial Institutional Investor Elara is licensed by Securities Exchange Board of India (SEBI) as a Category 1 Merchant Banker and Elara Securities is a Corporate member of Indias premier bourses - NSE and BSE Elara is authorised by Financial Industry Regulatory Authority (FINRA) and has a broker-dealer license in the United States of America (USA)

Our Global Footprint

London (HQ)
IB, AM, Sales & Trading

Zurich
Asset Management Advisory

New York
IB, Sales & Trading

Mumbai & Ahmedabad Dubai

IB, Sales & Trading IB, Research , Sales & Trading

Singapore
IB, Sales & Trading

Mauritius
Asset Management Advisory

We are a Full-Service Investment Bank.....

Elara Capital
Corporate Finance
Investment Banking

Capital Markets

Sales & Trading

Asset Management

Mergers & Acquisitions (Cross Border, Domestic & Distressed Assets) Private Equity Syndication

Capital Raising (GDR, FCCB, LSE Listings IPO, QIP) FCCB / Debt Restructuring

Equities Research Trading & Brokerage (GDR/ADR, Indian Stocks, F&O) Fixed Income Trading

Foreign Institutional Investment into India Managed funds (including arbitrage) HNI Business

Debt Syndication (ECB / Rupee Loan / Promoter Financing)

Market Making for LSE-AIM Listed Stocks

...providing Lifecycle Investment Banking for Emerging Market Companies

Listed Mid Market / Large Companies & Conglomerates

Capital Markets:

Unlisted Mid Market Companies

Capital Markets:

Foreign Currency Convertible Bond Issuance and Buybacks Global Depository Receipts Singapore, Luxembourg, London Qualified Institutional Placement

IPO

Emerging Growth Companies PE / VC:

LSE AIM, Main Market Listing

NASDAQ / NYSE Listing

M&A:

M&A:

Systematic Global Target Search and Buy Side M&A Advisory Divestitures / Global Auctions Distressed Assets Acquisition Advisory

Follow on VC Funding Private Equity Syndication

Buy Side / Sell Side M&A Advisory

Debt Syndication:

M&A:

ECB / Rupee Loan Syndication

Debt Syndication:

Strategic Investments Sell Side M&A Representation

Acquisition & Project Finance Syndication PIPE / Equity Financing in Subsidiaries

PE:

PE: Private Equity Syndication / Pre IPO Placement

M&A Advisory
On-ground Global Presence
Physical presence across major

financial hubs of London, New York, Dubai, Singapore & Mumbai

Systematic Search Program

Expertise in conducting Global

Extensive Partner IB Network

Auctions and Systematic Search Programs to find the right partner through intensive research & analysis

Elara Capital has a track record of representing some of the largest Indian Conglomerates in their Global foray

Extensive Global Advisor Network

of 150+ IBs provides access to best transactions & top companies globally

Understanding of Local Laws

Deep sector knowledge,

Access to Global PE Funds

Working relationships with multiple

understanding of local laws and customs with pertinent structuring capabilities

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Strategic Investors and PE Funds globally ensures an influx of Inbound M&A deal ideas

M&A: Distressed Asset Acquisition Advisory

Specialist Team

Deal Sourcing Capabilities

Partner of Choice

Elara Capital has a specialist team working on distressed asset M&A:

Focus on UK, USA, Latin America, South East Asia & Africa In-depth knowledge & understanding of regional bankruptcy laws and distressed asset M&A lifecycle Understanding of the unique opportunities & risks presented by the purchase of distressed assets

Elara Capital has a wide network of relationships exclusively tracking distressed assets globally:

Relationships with leading Investment Banks, Insolvency Practitioners, Bankruptcy Lawyers, Administrators and Boutique Advisors Extensive network that provides us early inroads into prospective distress asset sales

Elara Capital is one of the few investment banks in India with a specialist distressed asset practice

Private Equity / Venture Capital Syndication

Growth Equity, Acquisition Financing, Buyout Financing and Special Situation Equity Fund Raise through pedigreed VC / PE investors

Advise companies across industries in arranging capital at various stages of business and meet growth and late stage capital requirements
Access to global strategic investors in key sectors to help position our clients effectively during capital syndication engagements Urbane understanding of entrepreneurial and family run businesses Strong relationships with fund houses globally & locally to ensure optimum distribution Research driven tracking of investment environment Growth funding, acquisition financing, special situation funding

Capital Market Offerings

Elara Capital is a market leader in the overseas capital raising through the GDR route Our strong distribution capabilities and relationships with frontier / emerging market funds have driven the success of this product

Global Depository Receipts (GDR)

Foreign Currency Convertible Bonds (FCCB)

Elara is a market leader for raising FCCB for Indian Corporates, having raised over a billion dollars for large and mid-sized companies

AIM Listings

Elara Capital has a broker license at LSEs Alternative Investment Market and a proven capability to take companies with innovative business models to the premier destination for risk capital

Initial Public Offerings (IPO)

Elara Capital is licensed to facilitate both international and domestic listings and brings a diverse and differentiated investor base to the client company

Qualified Institutional Placements (QIP)

Strong relationships with fund houses and a nuanced understanding of market trends form the cornerstone of our QIP execution
Elara Capital can help raise Private Equity in Public Entities through its relationships with leading PE Investors

PIPEs

League Tables Validate our Success

Bloomberg ranks Elara 5th for India Foreign Currency Convertible Bonds in FY 11

Bloomberg ranks Elara 6th for India overseas equity offerings in CY 10

Bloomberg ranks Elara 15th for India domestic equity QIPs in FY 11

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Key Transactions: Mergers & Acquisitions / Private Equity

Advisor to KEC International for the sale of Wind Mill Assets

Sole Advisor to SAIF for purchase of 7.74% equity stake in Pennar Industries

Advisor to Vivimed Labs on its INR 670,000,000 Private Equity fund-raise from NYLIM Jacob Ballas September 2011

Sole advisor to selling shareholders holding 100% of Covrad Holdings Ltd December 2010

Advised AIM Listed The Indian Film Company on its $120,000,000 Take Over Offer by Viacom

May 2012

December 2011

October 2010

Advised Godrej Consumer Products on its acquisition of the Latin American Issue Group May 2010

Takeover Panel Advisors for the Network18 acquisition of Indian Film Company July 2009

Advised Emerge Learning Services on its investment in the UK-based Education Company, AEC Education Plc. June 2009

Advised on the transaction where in BTS PE acquired an additional stake in Parabolic Drugs through an exiting investor March 2009

Fund-raise for STV, a leading Media company, from the Private Equity Fund DAR Ventures September 2008

Advised Aurona on its acquisition by Pyramid Saimira January 2008

Advised Marksans Pharma on its acquisition of the UK-based 161 years old Bell, Sons & Co, (Druggist) Limited January 2008

Advised Paramount on its acquisition of the UK-based AEI Cables Limited September 2007

Advised KLG on their acquisition of the Chennai based company Atlantis Lab Private Limited
August 2007

Advised Aftek on its acquisition of Arexera GmbH, a search engine company August 2007

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Key Transactions: Capital Raising

Advisor to Subex Limited for FCCB Restructuring of USD 127,721,000 Sole Dealer Manager July 2012

Undisclosed FCCB Buyback Dealer Manager March 2012

INR 418,000,000 Tier II Capital Fundraise Lead Arranger March 2012

HAGL Joint Stock Company USD 60,000,000 GDR Sole Lead Manager and Book Runner November 2010

Parsvnath Developers Ltd. INR 2700,000,000 QIP Global Coordinator & BRLM October 2010

JBF Industries Ltd INR 850,000,000 QIP Global Coordinator & BRLM September 2010

REI Agro Ltd INR 886,000,000 Rights Issue Institutional Placement July 2010

Prakash Industries Ltd $60,000,000 FCCB Lead Manager April 2010

Nectar Lifesciences Ltd $35,000,000 GDR Lead Manager March 2010

Prakash Industries Ltd $50,000,000 FCCB Lead Manager

October 2009

Kiri Dyes & Chemicals Ltd INR 562,500,000 IPO Co-Lead Manager April 2008

Aksh Optifibre Ltd $40,000,000 FCCB+GDR Lead Manager January 2008

Country Club India Ltd. $100,000,000 GDR Lead Manager January 2008

Easun Reyroll Ltd $50,000,000 FCCB+GDR Lead Manager December 2007

XL Telecom Ltd $40,000,000 FCCB Lead Manager October 2007

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Key Transactions: Capital Raising

TV18 Indian Film Co. $110,000,000 AIM Listing Joint Broker June 2007

ANG Auto Ltd $12,000,000 FCCB Lead Manager

Flex Industries Ltd. $85,000,000 FCCB Lead Manager March 2007

Kamat Hotels India Ltd $18,000,000 FCCB Lead Manager March 2007

KLG Systel Ltd $22,000,000 FCCB Lead Manager March 2007

April 2007

ICSA India Ltd $22,000,000 FCCB Lead Manager

MARG Constructions Ltd $15,000,000 GDR Lead Manager

Murli Industries Ltd. $23,000,000 FCCB Lead Manager

March 2007

February 2007

February 2007

Country Club India Ltd. $25,000,000 FCCB Lead Manager December 2006

Core Projects & Tech Ltd $12,250,000 FCCB Lead Manager November 2006

KEI Industries Ltd $36,000,000 FCCB Lead Manager November 2006

Paramount Cables $27,000,000 FCCB Lead Manager November 2006

McNally Bharat Eng Ltd $10,000,000 FCCB Lead Manager October 2006

KLG Systel Ltd $7,500,000 GDR Lead Manager September 2006

Prajay Engg. Syndicate Ltd. $60,000,000 FCCB Lead Manager July 2006

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Key Transactions: Capital Raising

MARG Constructions Ltd. $12,000,000 FCCB Lead Manager June 2006

Venus Remedies Ltd. $12,000,000 FCCB Lead Manager April 2006

Alps Industries Ltd $22,000,000 GDR Lead Manager Mar 2006

ERA Construction Ltd $30,000,000 GDR Lead Manager February 2006

Madhucon Projects Ltd $62,000,000 GDR Lead Manager February 2006

KRBL Ltd $12,000,000 GDR Lead Manager February 2006

Vaibhav Gems Ltd $70,000,000 GDR Lead Manager

Surya Pharma Ltd $12,000,000 FCCB Lead Manager September 2005

Zicom $11,000,000 FCCB Lead Manager September 2005

Ind-Swift Ltd $11,000,000 GDR Lead Manager August 2005

December 2005

Emco Ltd $11,000,000 GDR Lead Manager June 2005

Aarti Drugs Ltd $10,000,000 FCCB Lead Manager April 2005

Granules India Ltd $8,650,000 GDR Lead Manager January 2005

Gammon India Ltd $12,000,000 GDR Lead Manager December 2004

Aptech Ltd $15,000,000 GDR Lead Manager November 2003

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Case Study : Private Investment in Public Equity (PIPE) for a leading Private Equity Fund
Transaction Overview Pennar Industries Limited is a multi-location, multi-product company manufacturing Cold Rolled Steel Strips, Precision Tubes, Electro Static Precipitators, Railway Wagons, Coach Components, Press Steel Components and Road Safety Systems Pennar has transformed itself from a metal company to a high-end precision engineering company insulating it from uncertainties of the commodity cycle and has identified and grown in the niche segment The company posted revenues of INR 10,720 million with a PAT of INR 694 million for FY 11. SAIF Partners is an Asia focused PE fund with USD 3.5 billion under management. It has investments in leading companies like JustDial, MakeMyTrip, Network 18, Havells, One97 and NSE Assisted by Elaras Investment Banking and Sales & Trading team, the fund picked up 7.74% stake in the company from open market and through bulk deals

Sole Advisor to SAIF for purchase of 7.74% equity stake in Pennar Industries Ltd.
Undisclosed

December 2011

Elara Capitals Role

This was a classic PIPE transaction, where Elara Capital stitched up a win-win proposition for the promoters of the company as well as the

investors. The investors got protection rights just as they would in a private transactions and were able to take advantage of the attractive valuations prevailing in the public market. At the same time, the companys share price got support for an extended duration and it was able to add a pedigreed investor in its shareholder roster.
Elara Capital approached some of the existing Institutional investors in Pennar Industries and was successful in negotiating sizeable blocks

for SAIF Partners given the low liquidity in the counter as well as manage discreet open market operations. This was a complex exercise and was managed through close coordination between various functions at Elara.

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Case Study : M&A Advisory for acquisition of Latin American consumer firm by an Indian Conglomerate
Overview
Godrej Consumer Products (GCPL) completed its sixth global acquisition of 2010, and the first

Acquisition of Argentine Issue Group

May 2010 Undisclosed

in Latin America, to emerge as the hair colour leader in 19 countries across the world The transaction was valued at approx. 8x EBITDA The hair colorants market in Argentina is estimated to be around US$ 200 Million growing at a CAGR of more than 22% over the last two years Elara Capital acted as the financial advisor to Godrej Consumer Products Ltd (GCPL) for its acquisition of Issue Group This was the first-ever acquisition in the Personal & Hair Care segment by an Indian FMCG Company in the South American Continent

Sole Adviser

Transaction Highlights
Transaction Rationale The acquisition was in line with GCPLs plan of becoming a leading emerging markets multinational and dovetails well with their global

3 by 3 strategy - presence in three continents - Asia, Africa and Latin America, through three core categories - home care, personal wash and hair care This acquisition provides a self-sustaining platform for GCPLs portfolio of products Hair care and Household insecticides throughout Latin America Argentina and Brazil are leading vanguards of hair trends and innovations in hair care. The Issue Group enjoys market leadership in many countries in South America including a presence in Brazil The offerings of the Company and Godrejs own innovation funnel should enable a sizeable business in hair colour in Brazil. Knowledge and exposure to these markets will also help strengthen Godrejs technology and product development funnel in India

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Case Study : FCCB Issue on SGX for an Indian Steel Manufacturer

Overview
Prakash Industries Ltd (PKI), a fully integrated steel manufacturer with captive iron ore, coal and

FCCB Issue
April 2010 US$ 60 Million

power linkages, received an overwhelming response to its US$ 50 Million Foreign Currency Convertible Bond (FCCB) issue from a large number of overseas institutional investors who committed more than US$ 100 Million
The green shoe option of US$10 million was exercised, taking the total issue to US$ 60 Million Elara Capital Plc, London was the Sole Lead Manager and Book runner for the issue. The bonds

Lead Manager

are listed on the Singapore Stock Exchange and are due for conversion in April 2015 Besides Elaras strong product knowledge and close ties with institutional investors, the renewed investor interest in mid-size companies helped greatly in closing the issue at US$ 60 Million

Transaction Highlights
Transaction Rationale The first tranche of the FCCB issue worth US$ 50 Million in November 2009 had received a similar positive response from investors Prakash Industries was pleased with the previous positive investor response and followed on with this second and even more

successful issue in April 2010 Proceeds from the issue were used to part finance an addition of 675MW capacity (total at 775MW) to the captive power generation of the company. Of this, 625MW capacity will be based on thermal power generation for which it has already received the necessary coal mine allotment Green Shoe Option Exercised on Over Subscription The issue had a green shoe option of a further US$10 Million, pursuant to the over-allotment option, which was retained. The bonds received exceptionally good response from the investor base in Europe and US with a commitment of almost twice the issue size

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Case Study : LSE - AIM Listing for a Film Fund Promoted by Indias leading Media Group
Overview
In June 2007 The Indian Film Company (TIFC) announced its admission and listing in the

AIM Listing
June 2007 US$ 110 Million

Alternative Investment Market, London ( AIM) The issue size was US$ 110 mn (55.0 mn) Over 18.0% of the post issue capital of TIFC was held by Network 18 (the Promoters) and the rest by a diverse set of Institutional Investors It was a landmark transaction with the first ever business focussed on the Indian film production to list on AIM The transaction was also one of its kind as it was the first company to have a fund structure for an Indian film industry business Elara Capital was the Joint broker on the transaction

Joint Broker

Transaction Highlights
Transaction Rationale Marked the entry of TV18 Group in the Indian Film Production space The transaction demonstrated investor confidence in the TV18 Group in the film production business Diverse Investor Base As a Joint Broker on the Transaction, Elara Capital took a lead position in marketing the transaction in the European Investor

community The issue was subscribed by marquee investors like HSBC Asset Management, DE Shaw, GLG Partners, Greylock Capital, Deutsche Bank, JP Morgan and Citadel Equity Fund among others The issue was completed with subscriptions from close to 25 institutional investors Secured 2.0x times subscription of Allocated Book Elara garnered commitments of 2.0x times of the book open to investors (82% of the post issue capital), and thus secured over 90% of the total investor subscriptions for the issue
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Case Study : LSE Main Market GDR Issue for a diversified Vietnamese Company
Overview
Hoang Anh Gia Lai Joint Stock Company (HAGL) listed Global Depositary Receipts on the LSE The issue size was US$ 60 Million

GDR Issue
November 2010 US$ 60 Million

HAGL is currently one of the largest private sector companies, by market capitalization, listed

on the HoChiMinh stock exchange

It operates in Real Estate, Rubber Plantations, Iron Ore Mining, Hydropower and Manufacturing Originally focussed in the Gia Lai province, HAGL has expanded its activities throughout

Sole Lead Manager & Book Runner

Vietnam and into the neighbouring states of Laos and Cambodia. HAGL exports its products throughout Asia, Europe and the Americas Elara Capital was the lead manager and global coordinator for the issue. This was the first ever overseas listing by a Vietnamese company; the LSE hosted a special ceremony in celebration

Transaction Highlights
Transaction Rationale Tapped the growing demand for Vietnamese equity by global investors The GDR programme provided an additional investment and trading venue to HAGL investors The transaction demonstrated investor confidence in Frontier Market investing, a game changer, marking the first of many to come Transaction Process Hoang Anh Gia Lai issued 19 Million shares to the foreign partner at a total expected value of US$ 60 Million Global Depository Receipts (GDRs) of Hoang Anh Gia Lai were created and listed for trading on the London Stock Exchange Investor Base The issue received an overwhelming response from investors, majority being only emerging market and frontier market funds, eagerly

lapping up the explosive growth potential in the Vietnamese economy. The instrument provided an effective route to participate in one of the fastest growing frontier markets in the world without having to access the domestic equity market or take a direct exposure to the Vietnamese Dong
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Case Study : Sale of British Manufacturing Company to US based PE Fund

Overview
Covrad (producer of radiators, charged air coolers, and oil coolers for original-equipment

100% Stake Sale of British Covrad

December 2010 Undisclosed

manufacturer and aftermarket customers in the power generation, rail, marine, and transportation sectors worldwide) was acquired by ThermaSys (supplier of copper-brass and aluminium heat exchanger components and assemblies)
ThermaSys is a portfolio company of US based Private Equity firm Sun Capital Partners Inc Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts,

Sole Adviser

equity, debt, and other investments in private companies Sun Capital affiliates have invested in more than 250 companies worldwide with combined sales in excess of US$ 40 Billion since Sun Capitals inception in 1995 Elara Capital was sole advisor to the sell-side (Covrad)

Transaction Highlights
Transaction Rationale The combination with ThermaSys was the logical next step in the growth trajectory for Covrad and Serck Heat Transfer, the

infrastructure of the larger ThermaSys platform enables Covrad to build real scale and leverage attractive cross-selling opportunities
The acquisition presents ThermaSys with an opportunity to expand its global footprint into under-served markets Post Merger Integration Covrad CEO Kayvan Namazi, remained at ThermaSys as Managing Director, following his role in growing Covrad and Serck Heat

Transfer into first-class businesses

Partnership between Mr. Namazi and ThermaSys experienced management team would further build the companys market position Covrad (and Serck Heat Transfer) were fully integrated into the ThermaSys platform in order to provide sales synergies between the

businesses and to leverage reciprocal product suites within new and existing end-markets and geographies

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Team Elara
Avinash Persaud Non Executive Chairman Avinash is the Chairman & has been a director on the board of Elara Capital since 2004. He is the Chairman of Intelligence Capital and in addition he is also the Investment Director of Global Asset Management (GAM). Prior to founding Intelligence Capital and the GAM Persaud Investment Funds, he was Head of Global Research at State Street Corporation, the world's largest manager of institutional money. Previously, he was Global Head of Currency and Commodity Research at JP Morgan. He holds the Mercer Memorial Chair in Commerce at Gresham College, is a Governor of the London School of Economics and a Trustee, a member of the Board of the Global Association of Risk Professionals and the Chair of the CBC Working Group on investment flows. He is the winner of the Institute of International Finance's Jacques de Larosiere Award in Global Finance and an Amex Bank Award as well as a prolific author. Mr. Persaud holds a BSc in Monetary Economics from the LSE. Lord Meghnad Desai Independent Director Lord Meghnad Desai is a Non-Executive, Independent Professional Director at Elara. In addition to being the Emeritus Professor of Economics at the London School of Economics and Political Science, he was awarded the Pravasi Bharatiya Puraskar in 2004 and the Padma Bhushan in 2008. He is the former chairman and active member of the British Labour Party. Lord Desai holds over 25 books and 200 articles in learned journals to his name and is also an Honorary Fellow of the London Stock Exchange. He holds a Masters Degree from University of Mumbai and is a PHD from University of Pennsylvania. Saurabh Srivastava Independent Director Saurabh Srivastava is one of India's leading IT entrepreneurs, angel investors and venture capitalists. He has worked extensively in the US, UK, India and Singapore and has held senior executive positions with leading international companies such as IBM and Unisys before becoming an entrepreneur and then a VC. He is one of India's most respected IT industry leaders and is recognized as one of the architects of the Indian software industry. He cofounded, chaired and is now Chairman Emeritus of NASSCOM. He was Chairman of the Indian government's Electronics and Computer Software Export Promotion Council for 4 years. He has chaired the IT Committee of FICCI and has been on the National Committee of the Confederation of Indian Industries Mark Runacres Independent Director Mark holds a range of positions in diverse companies in addition to Elara: a Non Executive Director of MindTree Consulting, G4S Security Management Services ( India ) Ltd and Invicta Renewables Pvt Ltd. He is an executive director at D1 Oils India Pvt Ltd, Spring Sport and Sustainability and VERpool Ltd. His other appointments include as a Senior Visiting Fellow at The Energy and Resources Institute (TERI), New Delhi and as a Board Member of the Business and the Community Foundation, a leading Corporate Social Responsibility agency in Delhi. During his twenty five year career as a British diplomat Mark spent over a decade working on Indian affairs, with eight of those years resident in Delhi , most recently as Minister and Deputy British High Commissioner until June 2006. Mark had served previously in the British Mission to the United Nations in New York and the British Embassy in Paris.
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Team Elara
Raj Bhatt Vice-Chairman & CEO Raj is the Founder and Vice Chairman of the group. He has 21 years of senior management experience working in complex and multi-cultural organizations in seven different locations spread across three continents. He has an outstanding track record in financial re-engineering, including restructuring, mergers and acquisitions and also in raising equity and debt in international markets. He is a member of the Institute of Chartered Accountants of India and also a member of the Institute of Company Secretaries of India. He is also a corporate finance representative registered with the FSA.

Ajay Pandey COO & Head ECM Ajay has more than 11 years experience in financial services industry. Prior to joining Elara he worked with Merrill Lynch International and the Kotak Mahindra Group. He has been actively managing discretionary and non-discretionary private client portfolios in emerging markets. He has a Management postgraduate degree from Faculty of Management Studies, Vadodara and is a registered securities and derivative representative with Financial Services Authority.

Abhishek A. Bhagat Managing Director, Head - Investment Banking Abhishek heads Investment Banking at Elara Capital. Prior to Elara, Abhishek was Head Transaction Origination for New Age Sectors in YES BANK covering Technology, Telecom, Pharmaceuticals, Education & Healthcare. He was a member of the Leadership Team there since its inception, and led various initiatives as core member of Corporate Development & Strategy team. Abhishek was recipient of YES GOLDEN PIN, CEOs Award for his continued exemplary work. Earlier, he has worked in multi-disciplinary roles in various geographies across the globe as part of Mphasis & Hewlett Packard (HP), also leading a challenging part of merger integration exercise post HPs acquisition of Compaq, based out of California, US. Abhishek completed his B.Com (Hons) from St. Xaviers College, Calcutta and is a Post Graduate in Business Management from IIM Kozhikode.

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Team Elara
Rakesh Puri Managing Director, Global Head of Operations & Compliance Rakesh has over 18 years of post qualification progressive experience in listed and multinational corporate in securities market, finance, compliance and legal, corporate secretarial, takeovers and managing IPOs and Institutional placements. Prior to joining Elara he worked with CLSA Group as Head of Compliance and Corporate Counsel. He holds a post graduate degree in Law (Professional), is a fellow member of The Institute of Company Secretaries of India and also qualified CPA from USA. He also holds NSEs Certification in Financial Markets in Equity, F&O, Compliance, Depository and Corporate Governance modules.

Joseph K. Mammen Global Head of Sales and Trading Joseph is the Head of Sales & Trading at Elara. He coordinates the Sales & Trading activities at the London, New York, Singapore and Mumbai offices. He is responsible for execution of IPO, QIP, GDR and Convertible Bond new issues as well as day to day trading activities. Joseph has over 8 years experience in investment banking and has previously worked with Aberdeen Asset Management and GE Capital. Joseph holds a first degree in Economics from Madras Christian College and a Masters degree from Manchester Business School, U.K. He's been with Elara since 2005.

Harendra Kumar Managing Director, Head - Institutional Equities With over 14-years of experience in the profession and having built several highly successful and profitable sell side businesses (up to 150 people teams), primarily in Institutional & Retail equities, sales, trading, research and distribution, Harendra Kumar spearheads Elara Securities institutional equities business in India as well as its cutting edge global research. Prior to joining Elara Securities, he worked with ICICI Securities and Centrum Broking. He is a Commerce Graduate and holds a post graduate degree in law.

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Team Elara
T.N. Shankar Executive Director Shankar has twenty two years of experience, of which the last ten has been as head of manufacturing businesses in India and in South Africa. Key career achievements are, concluding a Joint venture with an Austrian company; setting up a green field project in India; managing acquisition of an Engineering company in South Africa. Prior work also include management consultancy for a premier consulting company and corporate planning for a large conglomerate in India. Shankar is a Mechanical Engineer from IIT, Chennai and an MBA from IIM Bangalore.

David Somekh President, USA David heads our US operations. He has previously worked in Elara's London office where he focused on the development of the capital markets division. His broad experience has given him exposure to a range of areas including sales/trading, proprietary futures trading, speculative energy trading and management accounting. He has a Theoretical Physics degree from University College London.

Vinod Tailor Managing Director, UK Vinod has over 30 years of experience in financial sector ranging from retail, international and corporate investment and private banking. He joined Elara in April 2009 and he works as a Director of Global Business Development division. He is a fellow of the Chartered Institute of Bankers and a fellow of the Chartered Institute for Securities and Investment.

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Disclaimer
This document is not intended to form, and should not be treated as, the basis of any investment decision. The information in this document does not purport to be comprehensive. No representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by, any member of Elara Capital, or by any of their respective officers, servants or agents or by their advisers or any other person as to or in relation to the accuracy or completeness of the information or the information or opinions contained herein or supplied herewith or any other written or oral information made available to any interested party or its advisers.

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Elara Capital PLC

29, Marylebone Road, London NW1 5JX, United Kingdom. Tel: +44 207 486 9733 Fax: +44 207 486 4776 26

Elara Capital (India) Pvt. Ltd.

East Wing, 6th Floor, Kalpataru Synergy, Opp. Grant Hyatt, Santacruz (E), Mumbai - 400 055, India Tel: +91-22-42526100 Fax: +91-22-42526170

Elara Capital (Singapore) Pte. Ltd.

30 Raffles Place, #20-03, Chevron House Singapore 048622 Tel : +65 65366267 Fax : +65 65365760

Elara Capital Inc.

477 Madison Avenue, Suite 220, 2nd Floor New York, NY 10022 Tel : +12124305870

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Fax : +646 Private and Confidential 8847111