YOUR LOGO

Right Horizons Research ServicesDeep understanding, Better results.

RH Research −−−− Thorough, incisive & effective

� Global Reach: RH Research Services have been on global information platforms

- Bloomberg – Wire Code: RHZ

- www.capitalIQ.com

- www.researchbytes.com

- FactSet

� Consistent: Our reports have logged in over 60% unique hits received for content hosted inthe past 12 months

� Coverage depth:

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� Coverage depth: Over 250 earnings reports and 33 initiating coverage in the past 18months.

� Diverse viewership: On average, over 50% of the total hits have come in frominternational locations, predominantly developed markets.

� Thoroughness: Our research reports have called for accuracy over 80% of the time.Whether we made BUY recommendations or SELL.

� Effective: Research services have provided for outperformance on portfolios; deliveredsuperior performance against benchmarks and competition over the past 18 months.

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80Initiating Coverage Earning Reports

RH Research is consitently expanding coverages on value stocks

+13%

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813

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H1-FY13 H2-FY13 H1-FY14

Total and Unique hits in past 12 months

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55%

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65%

70%

63%

65%

67%

69%

Unique to Total Hits Share of International Hits

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25%

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45%

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55%

57%

59%

61%

63%

Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13

Top 10 hits in past 18 months

45

44

42

41

40

BNP PARIBAS

BANK OF AMERICA

MORGAN STANLEY & CO. LLC

HSBC BANK PLC

STANDARD CHARTERED BANK

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70

57

56

49

47

0 10 20 30 40 50 60 70 80

J.P. MORGAN CHASE & CO.

JM FINANCIAL INST SEC PVT LTD

ICICI SECURITIES LTD

EDELWEISS SECURITIES LIMITED

DEUTSCHE BANK AG, LONDON

Our competitors are consistently following our research…

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… and so are Global Asset Managers, obviously.

Partial list of our multi-bagger recommendations

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PVR vs CNX Nifty

PVRL NIFTY

BUYBUY

BUY

BUY

-20%

0%

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40%

60%

80%

100%

120%

140%

1-Mar-12 1-Sep-12 1-Mar-13 1-Sep-13

Godrej Consumer vs CNX Nifty

GCPL NIFTY

BUY

HOLD

ACCUMULATE

We realized potential of PVR when it was at it was amicro cap and used to trade at 140. Over the time wepublished several reports and it has grown 6 times

FMCG is a defensive segment, but GCPL has potentialto sustain aggression, which has made it a perfect

YOUR LOGO

-50%1-Mar-12 1-Sep-12 1-Mar-13 1-Sep-13

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1-Mar-12 1-Sep-12 1-Mar-13 1-Sep-13

MRF vs CNX Nifty

MRF NIFTY

BUY

BUY

-50%

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100%

150%

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1-Mar-12 1-Sep-12 1-Mar-13 1-Sep-13

Amara Raja Batteries vs CNX Nifty

AMRJ NIFTY

BUY

BUYBUY

We caught MRF on falling rubber prices. Stock

performed well even at muted revenue growth.

to sustain aggression, which has made it a perfect

value stock

Ability to sustain YoY growth of >20% in each qtr andduopoly in segment are triggers for AMRJ

We spotted falling knifes too – 100% record in SELL reco.

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1-Mar-12 1-Sep-12 1-Mar-13 1-Sep-13

BJE vs CNX Nifty

BJE NIFTY

SELL

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-20%

0%

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1-Mar-12 1-Sep-12 1-Mar-13 1-Sep-13

SNTX vs CNX Nifty

SNTX NIFTY

SELL

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� This remains a partial list. Several of our recommendations have outperformed significantly ahead of themain indices. The gains on these names under coverage range from 25%-60% and we do continuingcoverage on them.

� We also provide estimates to Bloomberg and other global information platforms during the pre earningseason and majority of the estimates matched actual results published by the companies under coverage.

-25% -100%

Decline in discretionary spending reduced sales volumeof BJE and heightened competition in segmentimpacted margins. We published this commentary inour SELL report

We observed stagnant revenue performance andincreasing pressure of borrowings on financials. That’swhy predicted value erosion of the stock.

Our HIT Rate - 80%. Targets are either achieved or near to target

Company Recom. PDP Target CMP Status

Apollo Hospital Enterprises Ltd BUY 640 935 832 Achieved

Godrej Consumer Product Ltd BUY 480 925 812 Achieved

PVR Ltd BUY 140 460 580 Achieved

Amara Raja Batteries Ltd BUY 147 365 352 Near

India Infoline Ltd BUY 67 110 60 Broken

TVS Motors Ltd BUY 41 51 54 Achieved

Emami Ltd BUY 268 540 464 Far

Britannia Industries Ltd BUY 593 875 880 Achieved

Bajaj Finserv Ltd BUY 611 1370 694 Far

Havells India Ltd BUY 572 750 731 Near

5%, Broken

15%, Far

45%, Near

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Havells India Ltd BUY 572 750 731 Near

GSK Consumer Healthcare Ltd BUY 2747 3540 4570 Achieved

Mahindra Financial Services Ltd BUY 135 300 301 Achieved

Dabur India Ltd BUY 106 195 166 Near

MRF Ltd BUY 9890 17500 19345 Achieved

Jubilant Foodworks Ltd BUY 1162 1350 1304 Near

Akzo Noble India Ltd BUY 807 1350 819 Far

BASF India Ltd BUY 503 660 622 Near

Va Tech Wabag Ltd BUY 428 560 530 Near

Bajaj Electricals Ltd SELL 195 170 178 Near

Sintex Industries Ltd SELL 86 50 32 Achieved

35%, Achieved

Recom. – Recommendation, PDP – Published Date Price, CMP – Current Market Price

Request for information

YOUR LOGOPage � 10

Contact: Tushar Pendharkar+ 91 22 4100 2018tushar.p@righthorizons.com

Right Horizons Research#4B21 Highland Corporate CenterKapurbavdi Junction, Majhiwade, Thane (W) 400 607