with Ken Research other than as a consequence of such an engagement. The Ken Reports are not
exhaustive and are based on certain assumptions, parameters and conditions made and identified by Ken
Research. They also use certain methodologies for market sizing and forecasting. Investors should read
the industry related disclosure in this Prospectus in this context. Industry sources and publications are
also prepared based on information as of specific dates and may no longer be current or reflect current
trends. Industry sources and publications may also base their information on estimates, projections,
forecasts and assumptions that may prove to be incorrect. Accordingly, investors should not place undue
reliance on, or base their investment decision solely on this information.

EXTERNAL RISK FACTORS

Risks Relating to India

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The occurrence of natural or man-made disasters could adversely affect our results of operations,
cash flows and financial condition. Hostilities, terrorist attacks, civil unrest and other acts of violence
could adversely affect the financial markets and our business.

The occurrence of natural disasters, including cyclones, storms, floods, earthquakes, tsunamis, tornadoes,
fires, explosions, pandemic disease and man-made disasters, including acts of terrorism and military
actions, could adversely affect our results of operations, cash flows or financial condition. Terrorist
attacks and other acts of violence or war may adversely affect the Indian securities markets. In addition,
any deterioration in international relations, especially between India and its neighbouring countries, may
result in investor concern regarding regional stability which could adversely affect the price of the Equity
Shares. In addition, India has witnessed local civil disturbances in recent years and it is possible that
future civil unrest as well as other adverse social, economic or political events in India could have an
adverse effect on our business. Such incidents could also create a greater perception that investment in
Indian companies involves a higher degree of risk and could have an adverse effect on our business and
the market price of the Equity Shares.

We are subject to regulatory, economic and social and political uncertainties and other factors beyond
our control.

We are incorporated in India and we conduct substantially all our corporate affairs and our business in
India. Our Equity Shares are to be listed on the BSE and the NSE. Consequently, our business,
operations, financial performance and the market price of our Equity Shares will be affected by interest
rates, government policies, taxation, social and ethnic instability and other political and economic
developments affecting India.

Factors that may adversely affect the Indian economy, and hence our results of operations may include:

© any exchange rate fluctuations, the imposition of currency controls and restrictions on the
right to convert or repatriate currency or export assets;

© any scarcity of credit or other financing in India, resulting in an adverse effect on economic
conditions in India and scarcity of financing for our expansions;

© prevailing income conditions among Indian customers and Indian corporations;

© epidemic or any other public health in India or in countries in the region or globally, including
in India’s various neighbouring countries;

® macroeconomic factors and central bank regulation, including in relation to inflation and
interest rates movements which may in turn adversely affect our access to capital and increase
our borrowing costs;

¢ volatility in, and actual or perceived trends in trading activity on, India’s principal stock
exchanges;

e decline in India's foreign exchange reserves which may affect liquidity in the Indian
economy;

« downgrading of India’s sovereign debt rating by rating agencies; and

e difficulty in developing any necessary partnerships with local businesses on commercially
acceptable terms or a timely basis.

Any slowdown or perceived slowdown in the Indian economy, or in specific sectors of the Indian
economy or certain regions in India, could adversely affect our business, results of operations and
financial condition and the price of the Equity Shares.

Financial instability in other countries may cause increased volatility in Indian financial markets.

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