India Infoline Limited

Results for Year and Quarter ended March 31, 2010

April 24, 2010
 • Performance highlights

• Business review

• Corporate overview

• Industry update

Unless otherwise mentioned, facts and figures in this presentation refer to those for the India Infoline group (consolidated)
Results for Year and Quarter ended March 31, 2010 2
Performance highlights – Financial Year, 2009-10
Overall consolidated financial performance
 Annual Income at Rs11,239 mn, up 28% yoy
 PBT and PAT at Rs3,547 mn and Rs2,320 mn, up 62% yoy and 60% yoy respectively
 EBIDTA margin for the year was 39% as compared to 33% in the previous year
Broking
 Average daily turnover up 57% in FY10 to Rs35 bn
 Overall market share in NSE was 3.8% in FY10
 Commodities brokerage registers 47% increase yoy
Life Insurance
 Life insurance distribution income at Rs536 mn, up 11% yoy
 In FY10, the relative share of pension products have increased from 32% to 35%
Investment Banking
 During the year, our Investment Banking team advised and managed more than 10 transactions including the
Cox & Kings IPO, Infinite Computer Solutions IPO and the Gammon India QIP
 Income from Investment Banking increased 16 times to Rs 388 mn, as against Rs 23 mn in FY09
Credit and Finance
 Book size in FY10 increased to Rs16.3 bn from Rs9.6 bn
 Loan growth likely to accelerate in the next year on the back of improving macro-economic scenario
Wealth Management
 Assets under advisory over Rs 50 bn – spanning over 1,000 families
 Wide gamut of products meeting risk - return profiles for all segments

Results for Year and Quarter ended March 31, 2010 3

 Financials: Over the years
Income (Rs mn) Return on average equity (%)
12,000 11,239 50%
10,236 44%
45%
10,000 40%
8,775 40%
35%
8,000 29%
30%
6,000 25%
4,257 20% 18%
4,000 15%
15%
2,180 10%
2,000 10%
380 773 5%
- 0%
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY05 FY06 FY07 FY08 FY09 FY10

Profit after tax (Rs mn) EBITDA Margin (Rs mn)

2500 2,320 45%
39% 40% 39% 39%
40%
2000 35% 33% 33%
1,599 30%
1,448 30%
1500
25%
20%
1000
756 15%
492
500 10%
217
75 5%
0 0%
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY04 FY05 FY06 FY07 FY08 FY09 FY10

Results for Year and Quarter ended March 31, 2010 4

 Financial Highlights – Financial Year, 2009-10
Rs Mn FY10 FY09 Y-Y
Income from operations 11,228.9 8,750.7 28.3%
Other income 9.9 24.2 (59.7%)
Total Income 11,238.8 8,775.0 28.1%
A. Direct cost 1,675.9 1,211.7 38.3%
B. Employee cost 3,179.0 2,737.0 16.1%
C. Administration expenses 2,010.8 1,903.6 5.6%
EBITDA 4,373.1 2,922.7 49.6%
Interest 291.4 331.8 (12.2%)
Depreciation & amortisation 534.6 396.0 35.0%
Profit / (Loss) before tax 3,547.1 2,194.9 61.6%
Provision for taxation 1,206.7 621.5 94.2%
Profit/(Loss) after tax before minority 2,340.3 1,573.4 48.8%
Minority Interest 20.6 125.2 (83.6%)
Profit/(Loss) after tax 2,319.8 1,448.2 60.2%

Results for Year and Quarter ended March 31, 2010 5

 Financial Highlights: Jan – Mar Quarter, 2009-10
Rs Mn Q4FY10 Q4FY09 Y-Y Q3FY10 Q-Q
Income from operations 3,094.7 1,678.7 84.4% 2,893.8 6.9%
Other income 3.2 2.6 21.1% 3.5 (8.3%)
Total Income 3,097.9 1,681.3 84.3% 2,897.3 6.9%
A. Direct cost 505.1 195.9 157.8% 423.8 19.2%
B. Employee cost 971.8 632.6 53.6% 828.3 17.3%
C. Administration expenses 592.0 416.3 42.2% 516.4 14.6%
EBITDA 1,029.0 436.5 135.7% 1,128.9 (8.9%)
Interest 118.3 22.8 417.8% 10.4 1041.4%
Depreciation & amortisation 119.0 122.7 (3.1%) 150.0 (20.7%)
Profit / (Loss) before tax 791.7 290.9 172.2% 968.5 (18.2%)
Provision for taxation 268.4 31.2 760.3% 341.7 (21.5%)
Profit/(Loss) after tax before minority 523.3 259.8 101.5% 626.8 (16.5%)
Minority Interest 1.3 6.9 (81.3%) 31.8 (95.9%)
Profit/(Loss) after tax 522.0 252.9 106.5% 595.0 (12.3%)

Results for Year and Quarter ended March 31, 2010 6

Income composition
Rs Mn FY10 FY09 Y-Y Q4FY10 Q4FY09 Y-Y Q3FY10 Q-Q

Equities brokerage & related 6,148.3 4,539.2 35.4% 1,474.7 978.5 50.7% 1,510.2 (2.4%)

Financing and Investment 2,917.9 2,654.1 9.9% 968.5 345.2 180.5% 598.4 61.8%

Marketing and online media 658.7 706.4 (6.7%) 253.9 168.6 50.6% 203.0 25.1%

Life Insurance distribution 536.4 481.5 11.4% 196.3 89.3 119.9% 135.8 44.6%

Commodities brokerage & related 248.3 169.2 46.8% 68.4 42.3 61.8% 67.5 1.3%

Wealth and Mutual fund advisory 331.6 177.1 87.3% 76.4 54.5 40.2% 94.3 (18.9%)

Merchant Banking 387.8 23.3 1566.8% 56.6 0.3 19298.3% 284.8 (80.1%)

Other income 9.8 24.2 (59.7%) 3.1 2.6 21.1% 3.5 (8.3%)
Total Income 11,238.8 8,775.0 28.1% 3,097.9 1,681.3 84.3% 2,897.3 6.9%

Results for Year and Quarter ended March 31, 2010 7

 • Performance highlights

• Business review

• Corporate overview

• Industry update

Unless otherwise mentioned, facts and figures in this presentation refer to those for the India Infoline group (consolidated)
Results for Year and Quarter ended March 31, 2010 8
 Equities
 Market share on NSE maintained at 3.8% in FY10
 Average daily turnover up 57% yoy in FY10 to Rs35.02bn
 Present in over 2,300 business locations through branches and sub-brokers
 IIFL Securities Pte Ltd, our Singapore-based subsidiary, received in-principle approval for Securities
Trading and Clearing memberships from Singapore Exchange (SGX)
 Our first Global Investors’ Conference at Mumbai - ‘Enterprising India’ had a participation of more
than 450 Fund Managers, over 70 corporates, world renowned economists and thought leaders

Equities broking (Cash & FAO) in Rs mn IIL market share on NSE

Results for Year and Quarter ended March 31, 2010 9

 Research
 150+ stocks under coverage
 Our in-depth, thematic research has been well received. Our recent research reports include:
 An on-the-ground assessment of NREGA and how it is transforming 'Rural India'
 The Great Collapse: How China’s high-speed rail network will transform travel in the country
 A perspective on India's spirit of enterprise – 'Enterprising India', conveyed through interviews
with 41 enterprising Indians
 China Oil - study of our large neighbour’s quest for energy security
 Market Mantra, our daily comprehensive retail product covers market outlook, latest news, economy
snapshot, personal finance insights, event notes, management meets, research ideas, etc

Research offerings – a few reports printed this quarter

The Great Collapse: How A study of our largest
A close look at India’s A tribute to India’s spirit Market Mantra is a
China’s high-speed rail neighbour’s quest for energy
huge and fast-growing of enterprise: we comprehensive daily retail
network will transform security
rural economy interview 41 achievers product
travel in the country

Results for Year and Quarter ended March 31, 2010 10

 Insurance
 Life insurance distribution income for the year stood at Rs536.4 mn, up 11.4% yoy
 In FY10, the relative share of pension products have increased from 32% to 35%
 The private sector insurance companies witnessed a marginal volume growth (est 7% yoy)
 Uncertain regulatory environment can result in head winds for the industry

Changing product mix Income (Rs mn)

FY09 1200
FY10
1,009
1000
10%
800
32%
593
600 536
45% 481
35% 54% 400
216
200
21% 1% 1%
0
Guaranteed
Endowment Health Pension ULIP FY06 FY07 FY08 FY09 FY10
return ULIPs

Results for Year and Quarter ended March 31, 2010 11

 Credit and Finance
 The loans portfolio as on March 31, 2010 stood at Rs16.3 bn
 In FY10, mortgages contribute to 42% of the lending book, followed by margin funding, LAS and
personal loans at 36%, 16% and 6% respectively
 Net NPAs on the books continue to remain less than 1%
 Loan growth likely to accelerate on the back of improving macro-economic scenario

Loan Portfolio (Rs bn) Portfolio break-up

18
16.3
16
14
12
9.4 9.6
10
8
6
4
2
0
FY08 FY09 FY10

Results for Year and Quarter ended March 31, 2010 12

Wealth Management
 Assets under advisory over Rs 50 bn – spanning PLATFORM
over 1,000 families
 Successfully sold real estate NCD transactions to large Asset Advisory
non-institutional clients
Real Estate, Structured
 Innovative products structured on the fixed income side Products, Derivatives
including NCDs, NABARD, Structured Notes and co-
lending transactions Mutual Funds and PMS
 Have been building a robust platform covering various
products supported by an advisory International Products

Fixed Income

Equity Advisory and

Research Aggregation

Centralized Broking Desk

NBFC and Credit Services

Results for Year and Quarter ended March 31, 2010 13

Investment Banking
 Income from Investment Banking stood at Rs 387.8 mn, as against Rs23.3 mn at the end of FY09
 Sole BRLM for the ongoing Rs774.4 mn Talwalkars IPO
 During the year, our team advised and managed more than 10 transactions including the IPOs of
Cox & Kings, Infinite Computer Solutions and the QIPs of KSK Energy Ventures and Emami

Deal Snapshot: FY10

IPO IPO QIP IPO

Rs.1,282mn QIP
Rs1,898 mn Rs3,042mn Rs6,100mn
Rs5,159mn

DQ Entertainment
Infinite Computer (International) Ltd.
KSK Energy Ventures
Solutions Member of Gammon India Ltd. – Cox & Kings India Ltd.
BRLM
BRLM the Syndicate BRLM Sole BRLM
2009
2010 2010 2009 2009

IPO QIP Acquisition of AMS

QIP Rs.30,165mn Rs. 3,100 mn Secondary Placement Division of Caryaire
Rs6,760mn Rs. 1,056 mn Equipments India Pvt
Ltd. By Flakt Woods

Adani Power Ltd.

Cipla Ltd. Emami Ltd. Everest Kanto Sole Advisor
Member of the
Co-BRLM 2009 Cylinder Ltd. 2009
Syndicate
2009 BRLM 2009
2009

Results for Year and Quarter ended March 31, 2010 14

Group brand identity changed to IIFL
 Brand identity of the group changed from India Infoline to IIFL
 This was communicated via a well-received multi-media advertising campaign
 We have retained Ogilvy & Mather as our advertising agency

‘IIFL’ campaign

15
 • Performance highlights

• Business review

• Corporate overview

• Industry update

Unless otherwise mentioned, facts and figures in this presentation refer to those for the India Infoline group (consolidated)
Results for Year and Quarter ended March 31, 2010 16
Evolution
1995  Commenced operations as an Equity Research firm
Revenues (Rs mn)
 Launched research products of leading Indian 11,239
10,236
companies, key sectors and the economy 8,775
1997  Client included leading FIIs, banks, consulting firms
and companies
4,257
1999  Launched www.indiainfoline.com 2,180
380 773
 Launched online trading through www.5paisa.com
2000  Started distribution of life insurance and mutual fund FY04 FY05 FY06 FY07 FY08 FY09 FY10
 Launched proprietary trading platform Trader EBITDA (Rs mn)
2003 Terminal for retail customers 4373
4022
 Acquired commodities broking license
2004  Launched Portfolio Management Service
2923

2005  Maiden IPO and listed on NSE, BSE 1412

869
114 303
 Acquired membership of DGCX
2006  Launched Wealth Advisory Services
FY04 FY05 FY06 FY07 FY08 FY09 FY10
 Commenced institutional equities business under IIFL PAT (Rs mn)
2007  Formed Singapore subsidiary, IIFL (Asia) Pte Ltd
2320
 Launched IIFL Wealth
2008  Transitioned to insurance broking model 1599
1448
 Acquired registration for Housing Finance
756
2009  SEBI in-principle approval for Mutual Fund 492
Venture Capital license 217
 75

 Received in-principle approval for Securities Trading

2010 and Clearing memberships from SGX
FY04 FY05 FY06 FY07 FY08 FY09 FY10

Results for Year and Quarter ended March 31, 2010 17

 Business Model

Our service offerings

• Equities • Wealth
• Mutual funds management
• Insurance • Advisory Equities
• Financing
Insurance

Retail Affluent
Credit & finance

CUSTOMER
SEGMENTS Wealth management

Corporate Institutional
Asset Management

• Investment • Institutional Investment banking

banking equities
• Corporate debt • Derivatives

Results for Year and Quarter ended March 31, 2010 18

 Corporate Structure

India Infoline Ltd.

(Bloomberg: IIFL IN)

India Infoline
India Infoline India Infoline
India Infoline Media & IIFL Wealth
Investment Marketing IIFL (Asia) Pte IIFL Realty IIFL Capital IIFL Ventures
Commodities Research Management
Services & Services
Services

India Infoline India Infoline India Infoline India Infoline

Moneyline
Housing Distribution Insurance Insurance
Credit
Finance Co. Services Brokers

* The above chart does not cover all group companies

Results for Year and Quarter ended March 31, 2010 19

Vision and Strategy

Vision
“To become the Most Respected Company in the financial services space”

Business Strategy Customer Strategy People Strategy

 Focus on core  Drive stickiness through  Attract exceptionally
competence in financial high quality research & talented and driven
services service people
 Ensure de-risked  Maintain cutting-edge  Ensure conducive
business through proprietary technology environment
multiple products and Wide, multi-modal
  Liberal Ownership-
diverse revenue streams network serving as one- sharing
 Asset-heavy or long- stop shop to customers
gestation businesses
through separate JVs/
group companies

Results for Year and Quarter ended March 31, 2010 20

 Management Team
 Team with impeccable academic and professional credentials
 Open door, transparent and performance oriented culture
 Increasing level of employee ownership

Management Team

Chairman and Managing Director Nirmal Jain Executive Director R. Venkataraman

Institutional Equities H. Nemkumar Finance Kapil Krishan

Investment Banking Ajit Menon, Donald D’Souza Compliance R Mohan

Consumer Finance Apul Nayyar Operations Narendra Jain

Retail Broking Nandip Vaidya Audit & Risk Upendra Jaiswal

Wealth Management Karan Bhagat Human Resources Capt Rahul Sharma

International Operations Bharat Parajia Technology Sankarson Banerjee

Deepesh Pandey, Manish
Offshore Asset Management
Srivastava
Insurance Distribution Sateesh Kumar

Verticals Corporate Functions

Results for Year and Quarter ended March 31, 2010 21

Corporate governance
Eminent independent directors of group companies
Name Designation Brief Profile

• Chairman of the Khattar Holding Group of Companies

Sat Pal Khattar Non-executive Director • Member of Presidential Council of Minority Rights
• Chairman of the Board of Trustee of Singapore Business Federation
• Joined State Bank in 1968 and became chairman in 2002
A.K. Purwar Independent Director • Became Chairman of Indian Banks Association in the year 2005-06
• Received CEO of the year’ and ‘Outstanding Achiever of the year’ award
• Chartered Accountant and partner of Khimji Kunverji & Co
Nilesh Vikamsey Independent Director • Part of the Managing Council and heading the Corporate Members
Committee of the Chamber of Tax Consultants (CTC)
• Director and Chief Executive of LIC Housing Finance Limited -1998 to 2002
Kranti Sinha Independent Director • Concurrently was the MD of LICHFL Care Homes
• Served as Deputy President of Governing Council of Insurance Institute

• Joined the ‘Indian Police Service’ in 1967

M. N. Singh Independent Director • Worked as the chiefs of the crime branch of Mumbai Police, State CID and
Anti-Corruption Bureau
Category-wise shareholding (%) Board Committees

27% 34% Board Committees Key Role

Public/
Others Promoters & Audit Committee Supervise financial reporting process and ensure
Promoters compliance with statutory requirements
group
Compensation Review compensation of Executive & Non – Executive
FIIs, VCs
MFs, UTI, Committee Directors and senior employees
21% FIs, Banks Share Transfer & Review investor grievances and ensure redressal to
18% Investor Grievance the satisfaction of the shareholders

Results for Year and Quarter ended March 31, 2010 22

How we differentiate ourselves

• Promoted by first generation professional entrepreneurs

Managerial depth • Management team unmatched in terms of professional credentials, experience as
well as academic background

Well-capitalized • Net worth approximately Rs 16 bn with negligible debt

• Present at over 2,300 business locations, with over 500 own branches
Distribution reach • Effectively cover over 450 cities across India

• The top management is driven by pride and reward of ownership

Owner-mindset • To think and work like an owner is part of organization’s DNA

• Uniquely placed with proprietary front, mid and back office software
Technology edge • Effectively harnessed technology to facilitate processes and provide superior
customer experience

• De-risked and diversified business model across multiple revenue streams

De-risked • Multiple products across all segments of financial services

Results for Year and Quarter ended March 31, 2010 23

Awards and accolades

CRISIL
BQ1

BEST MARKET BROKER

BROKER QUALITY
QUALITY BEST BROKERAGE INDIA’S MOST
ANALYST 2009 GRADING
RATING2009 2009 VALUABE CEOs 2009

Best Analyst Awarded BQ1 Amongst the top 3 Nirmal Jain ranked
awards in the ‘Oil Broker Quality for ‘Best second in ‘India’s
& Gas’ and rating (highest Brokerage’ in India Most Valuable
‘Commodities’ rating) from CRISIL by AsiaMoney for CEOS’ by Business
sectors at the Zee 2009 World for 2009
Business for 2009

BEST BROKER – MOST IMPROVED FASTEST GROWING

INDIA 2008 BROKERAGE – INDIA BROKING HOUSE
2008 2008
Results for Year and Quarter ended March 31, 2010 24
 • Performance highlights

• Business review

• Corporate overview

• Industry update

Unless otherwise mentioned, facts and figures in this presentation refer to those for the India Infoline group (consolidated)
Results for Year and Quarter ended March 31, 2010 25
 Equities
Total cash market turnover (USD bn) Institutional Share of cash market volumes

Daily cash mkt turnover (US$bn) Quarterly Average (%) Institutional Share of Cash Mkt Volume Quarterly Average
10 35

8 30

25
6
20
4
15
2 10

- 5
Jan-06 Aug-06 Mar-07 Oct-07 Jun-08 Jan-09 Aug-09 Mar-10 Apr-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10
Source: Bloomberg, IIFL Research Source: Bloomberg, IIFL Research. Based on provisional data from the exchanges

Total derivatives market turnover (USD bn) Delivery volumes (%)

30 Daily derivatives mkt turnover (US$bn) Quarterly average (%) Delivery Volume Quarterly Average
60
25 55
50
20
45
15 40
10 35
30
5
25
- 20
Jan-06 Aug-06 Mar-07 Oct-07 Jun-08 Jan-09 Aug-09 Mar-10 Jan-07 Jul-07 Jan-08 Aug-08 Feb-09 Sep-09 Mar-10
Source: Bloomberg, IIFL Research Source: Bloomberg, IIFL Research

Results for Year and Quarter ended March 31, 2010 26

 Insurance
APE yoy growth (%) – February 2010 APE market share (%) – February 2010

75 Private Players LIC Private Players LIC

(%) 105
63 (%)
60 85
54 90
45 45 73
41 75
35 34 64 63
30 29 30 59 56
18
60 48
14 16 14
15 9 12 14
4 45 52
0
41 44
(5) (5) 30 37
(15) (9) (7) 36
(16) (15) 15 27
(30) (18)
(27) (23) (25) 15
0
Mar-09

Apr-09

May-09

Jun-09

Jul-09

Oct-09

Dec-09

Jan-10
Feb-09

Aug-09

Sep-09

Nov-09

Feb-10

FY04

FY05

FY06

FY07

FY08

FY09

11M FY10
Source: IRDA Source: IRDA
APE growth yoy (%) – February 2010 Annual life insurance premiums in USD bn (2008)

Insurance Industry 1
(%) 1
LIC
5
Total private players
6
Met Life
8
Kotak Mah OM
11
Tata AIG
22
Max New York 49
Birla Sunlife 53
Reliance Life 66
HDFC Standard 96
Bajaj Allianz 111
SBI Life 181
ICICI Prudential 343
578
(30) (20) (10) - 10 20 30
Upto February 2009, Source: IRDA 0 100 200 300 400 500 600 700
Source: IIFL Research
Results for Year and Quarter ended March 31, 2010 27
 Mutual Funds
Total AUM for the industry (Rs bn) – March 2010 Top 5 AMCs contribution (Rs bn) – March 2010

10,000 1,200 (Rs bn)

(Rs bn)
1,000
8,000 7,490
800
6,000 5,327
4,940
600
4,000 3,264
400
2,319
2,000 1,396 1,496
795 200

- -
Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Reliance HDFC Mutual ICICI UTI Mutual Birla Sun Life
Mutual Fund Fund Prudential Fund Mutual Fund
March 2010, Source: AMFI March 2010, Source: AMFI Mutual Fund
AUM comparison across countries in USDbn (Q2FY09) AUM as a % of GDP across countries (2008)

Russia 2 HK 0.1 (%)

(US$ bn)
Taiwan 56 China 7.4
India 105 India 8.7
Korea 255
Japan 12.0
China 328
Taiwan 14.2
HK 574
UK 22.7
Japan 592
UK 607 Korea 26.9
Brazil 624 Brazil 39.7
Australia 973 US 70.3
US 10,027 Australia 96.3

0 2,000 4,000 6,000 8,000 10,000 12,000 0 20 40 60 80 100 120

Source: Bloomberg, IIFL Research
* India AUM as on Dec-09 was 177USDbn
Source: IIFL Research Source: IIFL Research
Results for Year and Quarter ended March 31, 2010 28
 Capital raising and Fund flows
Capital raised through QIPs (Rs bn) Capital raised through IPOs (Rs bn)
(Rs bn) (Rs bn)
500 10 (Rs bn) Capital raised via IPO's Average Deal Size (rhs) (Rs bn)
Capital raised via QIP's Average Deal Size (rhs) 500 10
380 426
400 8
400 8
300 6 327 6
257
300 6
5 248
200 4
200 4
4
100 2
50 100 2
2 22 1
- -
- -
FY07 FY08 FY09 FY10
FY07 FY08 FY09 FY10
Source: Bloomberg, IIFL Research Source: Bloomberg, IIFL Research

Portfolio Flows have turned positive from the start of FY10 FDI inflows (till Dec 2009)
6 3540
Net FII flows Gross FDI inflows (US$bn) 4Q 3Q 2Q 1Q
4 3835

2 4130

0 4425
20
-2 47
15
-4 50
10
-6 53
5
Mar-08

May-08

Jul-08

Mar-09

May-09

Jul-09

Mar-10
Jan-08

Sep-08

Nov-08

Jan-09

Sep-09

Nov-09

Jan-10

0
FY08
Source: Bloomberg, IIFL Research
FY09 FY10
Source: Bloomberg, IIFL Research Source: RBI, CMIE, IIFL Research

Results for Year and Quarter ended March 31, 2010 29

 Thank you

Published in April 2010. © India Infoline Ltd 20010-11.

India Infoline Ltd. All rights reserved. Regd. Off: 75, Nirlon Complex, Off W E Highway, Goregaon (E) Mumbai-400 063.
Tel.: +(91 22)4007 7000 Fax: 2685 0451.

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 and sale of any financial instrument. Any action taken by you on the basis of the information contained herein is your responsibility alone and India
Infoline Ltd (hereinafter referred as IIL) and its subsidiaries 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. IIL 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 recipients of this report should rely on their own investigations. IIL and/or
its subsidiaries and/or directors, employees or associates may have interests or positions, financial or otherwise in the securities mentioned in this report.

30