Permitted Transfers

10.

(a) Subject to the maintenance of Sponsors Threshold and SR Threshold, SR and KG shall be
entitled to Transfer their respective Equity Shares inter-se upon providing a prior written
intimation in this regard to the Investors.

(b) SM shall be entitled to Transfer the Equity Shares held by him to only SR, upon providing a
prior written intimation in this regard to the Investors. In the event that SR chooses not to acquire
all the Equity Shares proposed to be Transferred by SM, such shares shall continue to be held
by SM until termination of the Shareholders Agreement.

Permitted Encumbrance

11.

12.

The Sponsors jointly and SR in his personal capacity shall not be entitled to create any Encumbrance of
any description on any of their or his Equity Shares or Share Equivalents to the extent of Sponsors
Threshold or SR Threshold, as the case may be. In other words, to the extent of Sponsors Threshold or
as the case may be SR Threshold, no Encumbrance of any description can be created on the Equity Shares
or Share Equivalents held by the Sponsors. It is further clarified that SM shall not be entitled to create
any Encumbrance of any description on any Equity Share or Share Equivalents held by him in the
Company as of the date of execution of the Shareholders Agreement.

The Company, the Sponsors and the Board of Directors shall be bound to refuse to recognize any
purported Transfer of Equity Shares of the Company or Share Equivalents in violation of these Articles
or record or register any such Transfer of such shares or Share Equivalents. Any Transfer made in breach
of these Articles shall be null and void.

Restricted Transfers

13.

14.

As long as any of the Investors are Shareholders in the Company or hold any Share Equivalents:

@ the Relevant Parties shall not Transfer any shares in the Company or Share Equivalents to any
of the individuals or entities named on (A) lists promulgated by the United Nations Security
Council or its committees pursuant to resolutions issued under Chapter VII of the United
Nations Charter; or (B) the World Bank Listing of Ineligible Firms (see
www.worldbank.org/debarr);

(ii) the Sponsors shall cause the Company to, and the Company shall, refuse to recognize any
purported Transfer of shares in the Company or Share Equivalents in violation of this Article
13 (Restricted Transfers), or record or register any such Transfer of shares in the Company or
Share Equivalents in its share registry. Any Transfer made in breach of this Article 13
(Restricted Transfers), shall be null and void;

For avoidance of doubt, Article 13 (i) and Article 13 (ii), shall not apply in the case of sales of shares of
the Company or Share Equivalents on any trading market by any of the Sponsors or the Investors after
the consummation of a Listing.

Investors’ Right to Transfer

15.

Each Investor shall be always entitled to freely Transfer the Shares of the Company held by such Investor,
subject to the provisions of this Article 15 and Article 29 (Right of First Offer), to any Person (“Investor
Third Party Transferee”), subject to such Person executing a Deed of Adherence. In the event that the
proposed Transfer of such beneficial (direct or indirect) interest by any of the Investors is by way of
placement with other investors of any shares owned by such Investor, the Company shall, take such steps
as may reasonably be deemed necessary by such Investor to facilitate such Transfer by the Investor,
including without limitation, access to necessary information and relevant records.

Transfer to Affiliates

16.

The provisions of Article 29 (Right of First Offer) shall not apply in relation to any Transfer of Investor
Shares to any Affiliates of the relevant Investor subject to: (i) such Affiliate executing a Deed of

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