4QFY2013 Result Update | Media May 17, 2013

DB Corp
Performance Highlights
Quarterly Results (Consolidated)
(` cr) Revenue EBITDA OPM (%) PAT 4QFY13 398 94 23.6 55 4QFY12 353 73 20.6 45 % yoy 12.7 29.4 304bp 21.8 3QFY13 439 119 27.2 71 % qoq (9.3) (21.1) (355)bp (21.9)

BUY
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Media 4,502 (79) 0.4 261/181 28,051 10 20,286 6,187 DBCL.BO DBCL@IN

`246 `285
12 Months

Source: Company, Angel Research

For 4QFY2013, DB Corp (DBCL) reported a robust performance on the earnings front, registering a 21.8% yoy growth to `55cr (in-line with our expectations), aided by reduction in losses in emerging editions from `18.5cr in 4QFY2012 to `5.8cr in 4QFY2013. Key highlights for the quarter: For 4QFY2013, DBCL posted healthy 12.7% yoy growth in its top-line to `398cr. Advertising revenue grew by 13.1% yoy to `298cr, primarily driven by higher yields. Sectors such as lifestyle, FMCG, real-estate and automobile, among others, have contributed to strong growth in advertising. National advertising, which has been subdued in last few quarters, has also grown by ~12% yoy (due to increase in government advertising). The company also reported strong growth of 18.2% yoy in circulation revenue to `73cr (driven by both cover price hike as well as increase in circulation). Among the other segments, the companys radio business reported a robust advertising revenue growth of 24.2% yoy to `19cr. At the operating level, EBITDA grew by 29.3% yoy to `94cr on account of reduction in losses of emerging editions as well as cost rationalization measures such as improving ad edit ratio, and pagination efficiency, among others. Consequently, the OPM expanded by 304bp yoy to 23.6% and net profit grew by 21.8% yoy to `55cr. Outlook and valuation: At the current market price, DBCL is trading at 14.6x FY2015E consolidated EPS of `16.8. We maintain our Buy view on the stock with a revised target price of `285, based on 17x FY2015E EPS, benchmarking it to our print media sector valuations (which are at ~15% premium to our Sensex target valuation multiple). The downside risks to our estimates include 1) sharp rise in newsprint prices in INR terms, and 2) higher-than-expected losses/increase in the breakeven period of the new launches.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 75.0 5.5 14.5 5.1

Abs. (%) Sensex DBCL

3m 4.0 2.8

1yr 26.6 24.6

3yr 20.5 3.3

Key financials (Consolidated)

Y/E March (` cr) Net sales % chg Net profit % chg EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) FY2012 1,451 15.2 202 (21.9) 23.2 11.0 22.3 4.9 23.0 24.7 3.1 13.3 FY2013E 1,593 9.8 219 8.2 23.7 11.9 20.6 4.4 22.4 25.5 2.8 11.8 FY2014E 1,750 9.9 261 19.2 25.1 14.2 17.3 3.8 23.4 27.6 2.5 9.9 FY2015E 1,925 10.0 308 18.1 26.6 16.8 14.6 3.2 23.4 28.8 2.2 8.3

Amit Patil 022-39357800 Ext: 6839 amit.patil@angelbroking.com

Source: Company, Angel Research

Please refer to important disclosures at the end of this report

DB Corp | 4QFY2013 Result Update

Exhibit 1: Quarterly Performance (Consolidated)

Y/E March (` cr) Net Sales Consumption of RM (% of Sales) Operating Expense (% of Sales) Staff Costs (% of Sales) Total Expenditure Operating Profit OPM (%) Interest Depreciation Other Income PBT (% of Sales) Provision for Taxation (% of PBT) Minority Interest Recurring PAT PATM Exceptional items Reported PAT Equity shares (cr) FDEPS (`)
Source: Company, Angel Research

4QFY13 398 134 33.6 101 25.4 69 17.4 304 94 23.6 2 15 9 86 21.6 31 35.7 0 55 14 0 55 18.3 3.0

4QFY12 353 130 36.8 89 25.3 61 17.3 281 73 20.6 2 13 11 68 19.3 23 33.7 0 45 13 0 45 18.3 2.5

% yoy 12.7 2.7 13.2 13.4 8.4 29.4 (8.5) 15.9 (15.8) 26.0 33.3

3QFY13 439 145 33.0 103 23.4 72 16.5 320 119 27.2 2 15 4 106 24.2 35 33.2 (0)

% qoq (9.3) (7.6) (1.3) (4.4) (4.9) (21.1) 16.8 140.3 (19.0) (12.9)

FY2013 1,592 545 34.2 392 24.6 280 17.6 1,216 376 23.6 8 58 21 331 20.8 113 34.2 0

FY2012 1,451 508 35.0 364 25.1 243 16.7 1,115 336 23.2 9 51 24 301 20.7 98 32.7 (0) 202 14 202 18.3 11.0

% chg 9.7 7.2 7.7 15.1 9.1 11.8

14.8 (11.3) 10.3 15.1

21.8

71 16 0

(21.9)

218 14 0

8.0

21.9 21.8

71 18.3 3.9

(21.8) (21.9)

218 18.3 11.9

8.0 8.0

May 17, 2013

DB Corp | 4QFY2013 Result Update

Top-line driven by strong advertising growth

For 4QFY2013, DBCL posted healthy 12.7% yoy growth in its top-line to `398cr. Advertising revenue grew by 13.1% yoy to `298cr, primarily driven by higher yields. Sectors such as lifestyle, FMCG, real-estate and automobile, among others, have contributed to strong growth in advertising. National advertising which has been subdued in last few quarters has also grown by ~12% yoy, due to increase in government advertising. The proportion of local advertising to national advertising is 65:35. However, upcoming state elections are expected to boost government advertising, which may boost overall share of national advertising. Among the other segments, the companys radio business reported a robust advertising revenue growth of 24.2% yoy to `19cr.

Exhibit 2: Top-line growth in-line with expectations

500
450 400 18.0 16.6 13.4 11.3 7.8

11.2

12.7

20.0
18.0 16.0

350
300

11.3

6.2

14.0
12.0

(` cr)

200 150
353 352 351 395 374 439
353 378

8.0 6.0
398

100 50

4.0 2.0

4Q11 1Q12 2Q12 3Q12 1Q13 3Q13

4Q12 2Q13 4Q13

Top line (LHS)

yoy growth (RHS)

Source: Company, Angel Research

Circulation revenue grew by robust 18.2% yoy

The company reported strong growth of 18.2% yoy in circulation revenue to `73cr (driven by both cover price hike as well as increase in circulation). In spite of cover price hike of ~5% yoy to `2.6, its lowest among its peers.

Exhibit 3: Strong growth in advertising revenue

350
300 30.8 16.6 6.8 2.8 10.9 13.1

Exhibit 4: Price hike inches up circulation revenue

35.0
30.0 25.0 20.0

80 70 60 50
( ` cr) (%)
12.8

17.3
11.5

14.0 12.8

16.1

20.0 13.9 18.0

16.0 14.0 12.0 8.0 6.0 4.0

5.4

(0.2)

10.9

250
( ` cr)
200 150

12.9

14.9

15.0
10.0 5.0

30 20 10 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

45 60 40 56 45 41 49 71 55

100
250 271 275 287 263 270 283 318
50

298

2.0

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

(5.0)

Advertising revenue (LHS)

yoy growth (RHS)

Adjusted PAT (LHS)

NPM (RHS)

Source: Company, Angel Research

Source: Company, Angel Research

May 17, 2013

(%)

40

10.0

(%)

250

10.0

DB Corp | 4QFY2013 Result Update

Gross margin and OPM expands yoy

The fall in newsprint prices and cost rationalization measures such as improving ad edit ratio, and pagination efficiency, among others led to 326bp yoy increase in gross margin to 66.4%. EBITDA grew by 29.3% yoy to `94cr aided by reduction in losses of emerging editions (`5.8cr loss in 4QFY2013 vs a loss of `18.5cr in corresponding quarter last year). Consequently, the OPM expanded by 304bp yoy to 23.6% and net profit grew by 21.8% yoy to `55cr.

Exhibit 5: OPM expands 303bp yoy

80.0 70.0
60.0 50.0 63.2 66.4

Exhibit 6: Adjusted PAT grew by 21.8%

80
64.4 64.8 67.0

64.5

65.8

63.2

66.4

17.3
12.8 11.5

14.0 12.8

70 60 50
( ` cr)

16.1

20.0 13.9 18.0

16.0 14.0 12.0 8.0 6.0 4.0

10.9

12.9

(%)

40.0 30.0 20.0 20.6

28.1
19.8

24.1

20.6

19.7

22.8

27.2

23.6

30 20 10 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

45 60 40 56 45 41 49 71 55

10.0 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

2.0

4Q13

EBITDA

OPM

Adjusted PAT (LHS)

NPM (RHS)

Source: Company, Angel Research

Source: Company, Angel Research

Exhibit 7: Reduction in losses of emerging editions

(` cr) Revenue EBITDA (incl other income) EBITDA margin (%)
Source: Company, Angel Research

Mature Editions 352 108.5 31

Emerging Editions 377 (5.8) (15.4)

Radio Business 18.5 6.9 37

Akola edition to be launched

Although DB Corp has put major launches on backburner, due to slowdown in economy, it is still going ahead with launch of Akola edition. The management is bullish on advertising market (especially local advertising) in Maharashtra. Therefore, they are also considering more launches in other tier-2 cities such as Nanded, Latur and Amravati.

May 17, 2013

(%)

40

10.0

DB Corp | 4QFY2013 Result Update

Investment rationale
Well-planned aggression in business edges DBCL over peers: DBCL, though a dominant No. 2 player in the overall regional print space (trailing behind Jagran Prakashan), enjoys a premium valuation to its peers - Jagran Prakashan (flagship daily Dainik Jagran) and Hindustan Media Ventures (flagship daily Hindustan). We attribute the reason for this trend to DBCLs business model (which is primarily driven by ad revenue) and well thought-out launches in new markets. We believe the companys continuous endeavor to diversify its print business coupled with aggressive expansion into new markets (urban towns beyond metros) backed by exhaustive market research and focus on achieving leadership are the key factors differentiating the company from its peers. The company has been successful in executing its expansion plans with launches in Maharashtra and Jharkhand.

Outlook and valuation

At the current market price, DBCL is trading at 14.6x FY2015E consolidated EPS of `16.8. We maintain our Buy view on the stock with a revised target price of `285, based on 17x FY2015E EPS, benchmarking it to our print media sector valuations (which are at ~15% premium to our Sensex target valuation multiple). The downside risks to our estimates include 1) sharp rise in newsprint prices in INR terms, and 2) higher-than-expected losses/increase in the breakeven period of the new launches.

May 17, 2013

DB Corp | 4QFY2013 Result Update

Exhibit 8: Peer valuation

Company HT Media Jagran DB Corp Reco Buy Buy Buy Mcap (` cr) 2,317 2,974 4,500 CMP (`) 99 94 246 TP (`) 117 121 285 Upside (%) 19 29 16 P/E (x) FY13E 11.9 12.8 17.3 FY14E 10.8 11.2 14.6 EV/Sales (x) FY13E 0.7 1.8 2.5 FY14E 0.6 1.6 2.2 ROE(%) FY13E 11.5 26.7 23.4 FY14E 11.4 26.8 23.4 CAGR # Sales 7.8 12.4 9.9 PAT 13.0 13.7 18.6

Source: Company, Angel Research Note:# denotes CAGR for FY2013-15

Exhibit 9: Angel vs consensus estimates

Top-line (` cr) Angel estimates Consensus Diff (%)
Source: Company, Angel Research

FY2014E 1,750 1,785 (1.9)

FY2015E 1,925 1,965 (2.0)

EPS (`) Angel estimates Consensus Diff (%)

FY2014E 14.2 14.5 (1.9)

FY2015E 16.8 17.1 (1.8)

Exhibit 10: Return of DB Corp vs Sensex

200%

Exhibit 11: One-year forward P/E band

350 300
12x 15x 18x 21x

180%
160% 140% 120% 100%

Sensex

DB Corp

80%
60%

40%
20%

Jun-11

Aug-11

Jun-12

Aug-12

Apr-11

Oct-10

Oct-11

Oct-12

Feb-11

Feb-12

Dec-10

Dec-11

Dec-10

Aug-10

Aug-12

Aug-11

Dec-12

Dec-11

Source: Company, Angel Research

Source: Company, Angel Research

Company Background
DB Corp is one of the largest print media companies in India that publishes 8 newspapers with 65 editions, and 199 sub editions in 4 multiple languages across 13 states in India. The companys flagship newspaper Dainik Bhaskar, Divya Bhaskar and Saurashtra Samachar have a combined average daily readership of ~19 million, making them one of the most widely read newspaper groups in India with presence in Madhya Pradesh, Chhattisgarh, Rajasthan, Haryana, Punjab, Chandigarh, Himachal Pradesh, Uttrakhand, Delhi, Gujarat, Maharashtra and Jammu. The companys other noteworthy newspaper brands are Dainik Divya Marathi, Business Bhaskar, DB Gold, DB Star and DNA on a franchise basis.

Dec-12

Feb-12

Feb-13

Feb-11

Jun-10

Jun-11

Apr-10

Apr-11

Apr-12

Jun-12

Oct-11

Oct-12

Oct-10

Apr-13

Feb-13

Apr-13

Apr-12

0%

Share Price (`)

250
200 150

100

May 17, 2013

DB Corp | 4QFY2013 Result Update

Profit and loss Statement (Consolidated)

Y/E March (` cr) Gross sales Less: Excise duty Net Sales Total operating income % chg Total Expenditure Cost of Materials SG&A Expenses Personnel Others EBITDA % chg (% of Net Sales) Depreciation & Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Associates Recurring PBT % chg Prior Period & Extra Exp/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earn. of assoc. Less: Minority interest (MI) PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg
previous year numbers

FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E 1,058 1,058 1,058 10.4 720 328 249 132 12 338 133.8 31.9 38 300 159.7 28.4 25 5 1.9 281 258.9 0 280 106 37.6 175 (8) 183 183 283.5 17.3 10.1 10.0 283.9 1,260 1,260 1,260 19.1 862 383 279 185 16 398 17.7 31.5 43 354 18.1 28.1 15 19 5.4 359 27.9 2 357 98 27.4 259 0.3 259 260 42.2 20.6 14.1 14.1 41.4 1,451 1,451 1,451 15.2 1,115 508 350 243 15 336 (15.4) 23.2 51 286 (19.4) 19.7 9 24 8.0 300 (16.2) 300 98 32.7 202 0 202 202 (22.4) 13.9 11.0 11.0 (21.9) 1,593 1,593 1,593 9.8 1,216 540 392 280 5 377 12.1 23.7 58 318 11.5 20.0 8 21 6.4 332 10.5 332 113 34.2 219 219 219 8.2 13.7 11.9 11.9 8.2 1,750 1,750 1,750 9.9 1,310 568 415 312 16 440 16.8 25.1 63 377 18.5 21.6 8 19 4.9 389 17.2 389 128 33.0 261 261 261 19.2 14.9 14.2 14.2 19.2 1,925 1,925 1,925 10.0 1,412 597 456 343 16 513 16.5 26.6 69 444 17.6 23.1 6 21 4.6 459 18.1 459 152 33.0 308 308 308 18.1 16.0 16.8 16.8 18.1

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

May 17, 2013

DB Corp | 4QFY2013 Result Update

Balance Sheet (Consolidated)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Share Capital suspense a/c Reserves& Surplus Shareholders Funds Minority Interest Total Loans Deferred Tax Liability Other long term liablities Long term provisions Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Long term loans and adv. Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets
previous year numbers

FY2010 FY2011 FY2012 182 1 466 649 4 321 61 183 3 643 829 0 172 69 26 3 1,035 660 112 547 61 39 21 561 193 103 266 207 354 13 1,035 1,100 783 149 634 41 33 16 63 557 173 71 313 255 302 10 1,100 183 5 739 927 2 180 75 30 4 1,216 906 191 715 45 33 46 87 610 136 106 367 329 281 9 1,216

FY2013E 183 844 1,028 1 137 83 33 1,282 996 250 746 55 37 81 85 622 119 65 438 349 273 6 1,282

FY2014E 183 1,019 1,202 1 127 83 33 1,447 1,080 312 768 86 37 106 99 690 187 76 427 346 344 6 1,447

FY2015E 183 1,241 1,424 1 97 83 33 1,639 1,188 381 807 95 37 128 99 822 259 94 469 356 466 6 1,639

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

May 17, 2013

DB Corp | 4QFY2013 Result Update

Cash flow (Consolidated)

Y/E March (` cr) Profit before tax Depreciation Change in Working Cap. Interest / Dividend (Net) Direct taxes paid Others Cash Flow from Operations (Inc.)/ Dec. in Fixed Assets (Inc.)/ Dec. in Investments Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Interest / Dividend (Net) Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances
previous year numbers

FY2010 FY2011 FY2012 281 38 (14) 25 101 2 229 (38) 3 (34) 251 (242) 42 13 (48) 147 45 193 359 43 (24) 15 98 0 295 (103) 4.22 (99) 2 (149) 69 1 (216) (20) 193 173 300 51 (73) 9 98 0 189 (127) (29.73) (157) 0.55 8 80 (2) (69) (36) 173 136

FY2013E 332 58 (44) 8 113 0 241 (99) (34.69) (134) (43) 86 (4) (125) (18) 136 119

FY2014E 389 63 (17) 8 128 (12) 301 (117) (25.00) (142) (10) 86 (4) (92) 68 119 187

FY2015E 459 69 (51) 6 152 (11) 321 (117) (22.00) (139) (30) 86 (6) (110) 72 187 259

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

May 17, 2013

DB Corp | 4QFY2013 Result Update

Key Ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage (EBIT / Int.)
previous year numbers

FY2010 24.6 20.2 6.9 0.8 4.4 13.7 4.5 10.1 10.0 12.2 2.0 35.7 28.4 0.6 1.3 22.4 0.0 1.0 45.7 31.4 35.6 40.3 1.6 25 67 59 56 0.2 0.3 12.2

FY2011 FY2012 17.4 14.9 5.5 1.3 3.5 11.2 4.0 14.1 14.1 16.5 3.2 44.7 28.1 0.7 1.4 29.1 0.0 0.1 31.2 33.2 38.3 35.0 1.6 21 70 22 55 (0.0) (0.0) 23.7 22.3 17.8 4.9 1.5 3.1 13.3 3.7 11.0 11.0 13.8 3.7 50.1 19.7 0.7 1.5 19.2 0.0 (0.0) 19.0 24.7 26.5 23.0 1.6 30 62 27 57 (0.0) (0.0) 31.0

FY2013E FY2014E FY2015E 20.6 16.2 4.4 1.6 2.8 11.8 3.5 11.9 11.9 15.1 4.0 55.7 20.0 0.7 1.4 18.7 0.0 (0.0) 18.1 25.5 27.4 22.4 1.6 30 63 22 55 (0.1) (0.2) 40.8 17.3 13.9 3.8 1.6 2.5 9.9 3.0 14.2 14.2 17.6 4.0 65.2 21.6 0.7 1.4 20.9 0.0 (0.1) 18.8 27.6 30.0 23.4 1.6 26 63 25 53 (0.1) (0.4) 49.4 14.6 11.9 3.2 1.6 2.2 8.3 2.6 16.8 16.8 20.5 4.0 77.3 23.1 0.7 1.5 22.5 0.0 (0.2) 18.7 28.8 32.2 23.4 1.6 26 63 24 58 (0.2) (0.6) 76.0

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

May 17, 2013

10

DB Corp | 4QFY2013 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies 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 report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

DB Corp. No No No No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

Ratings (Returns):

Buy (> 15%) Reduce (-5% to -15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

May 17, 2013

11