May 2013 Volume 9.5. Dealtracker. Providing M&A and Private Equity Deal Insights. Grant Thornton India LLP. All rights reserved.

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1 Volume 9.5 Dealtracker Providing M&A and Private Equity Deal Insights

2 Value (US$ bn) Number of Deals Dealtracker 2 May Deal Summary Total Deal Value 12 Month Trend Deal Round Up Deal Summary Volume Value (US$ mn) May Domestic Cross Border ,583 1, Mergers & Internal Restructuring Total M&A ,310 1,661 1,304 PE , ,851 Grand Total ,452 2,005 3,155 Cross Border includes Inbound , Outbound , Deal Summary Volume Value (US$ mn) Year to Date Domestic ,334 2,961 2,784 Cross Border ,293 4,573 4,615 Mergers & Internal Restructuring , Total M&A ,626 22,028 7,529 PE ,502 3,082 4,395 Grand Total ,129 25,110 11,923 Cross Border includes Inbound ,398 2,550 3,626 Outbound ,894 2, Year to Date Deal Summary Highlights the total M&A, and PE deals in the month of were valued at US$3.16 bn (73 deals) as compared to US$2.00 bn (66 Deals) and US$5.45 bn (99 Deals) in the corresponding month of 2012 and 2011 respectively the year to date ( YTD ) M&A deal value in 2013 was US$ 7.53 bn, down 66% from US$ bn during the corresponding period in However, excluding internal mergers and restructuring deals, the YTD M&A deal values were similar to levels seen in YTD May 2012 the YTD 2013 PE deal value was US$4.40 bn (169 deals) up by 43% compared to YTD May 2012 PE deal values. M&A Deal of the Month: Piramal Enterprises acquired 10% stake Shriram Transport Finance Ltd for US$ 301 mn. PE Deal of the Month: Qatar Foundation Endowment invested $1.26 bn in Bharti Airtel Ltd, picked 5% stake Total Deal Volume 12 Month Trend

3 3 Mergers & Acquisitions Private Equity Top 5 Deals Acquirer Target % Stake US $ mn Piramal Enterprises Ltd Shriram Transport Finance Co Ltd 10% 301 Gaursons India 300 acre land from Jaypee Group 100% 273 Jindal Poly Films Suvarnabhoomi Developers Ceebros Hotels Pvt Ltd ExxonMobil Chemical- (BOPP) business 100% 235 DLF's 32 acre of land in Hyderabad 100% 118 Viceroy Hotels's Chennai Project Division 100% 89 Top 5 Deals M&A Ranges $100m - $499.9m 4 $50m - $99.9m 2 <49.9 m 12 Value not disclosed PE Ranges Top M&A Sectors Sector Volume US$ mn % Real Estate % Banking & Financial % Services Plastic & Chemicals % IT & ITeS % Manufacturing % Top 5 M&A deals accounted for 78% of the Total M&A deal values. Top PE Sectors Investor Investee % Stake US $ mn Qatar Foundation Endow ment Bharti Airtel Ltd 5% 1,260 Baring Private Equity Lafarge India 14% 260 Goldman Sachs DEN Netw orks 15% 110 Tata Opportunities Fund Tata Sky Ltd 5% 50 Asian Development Bank NSL Renew able Pow er Pvt Ltd N.A. 30 > 1000m $100m - $499.9m $50m - $99.9m <49.9 m Sector Volume US$ mn % Telecom 1 1,260 68% Cement % Media, Entertainment & % Publishing Pharma, Healthcare & Biotech % Pow er & Energy % Value not disclosed Top 5 PE deals accounted for 92% of the Total PE deal values.

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5 5 Deal of the Month Qatar Foundation Endowment invested $1.26 bn in Bharti Airtel Ltd, picked 5% stake About the companies Qatar Foundation Endowment The Qatar Foundation Endowment is the investment arm of the Qatar Foundation - a non-profit organisation that focuses on education, science, and community development of Qatar. The organisation provides financial grants for development of pre and secondary schools, colleges, universities, and science and research institutions. Additionally, it offers Qatar Science Leadership Program and wholly-owned by the Qatari royal family. The Qatar Foundation Endowment is an investment vehicle of the Qatar Foundation controlled by Sheikha Mozah, the wife of the country's ruler. Bharti Airtel Ltd provides telecommunication systems and services in India, south Asia, and Africa. The company s Mobile Services segment offers GSM mobile services; and post-paid, pre-paid, roaming, Internet, m-commerce, and other value added services and this segment also offers 2G services; 3G services. The company s Telemedia Services segment provides voice and data communications through fixed network and broadband technology for small and medium business customers. Its Digital TV Services segment offers digital broadcasting services under the Direct-to-home platform. Transaction Terms: Qatar Foundation Endowment invested $1.26 bn in Bharti Airtel Ltd, picked 5% stake. Airtel sought approval of shareholders for issue and allottment of upto 1,99,870,006 equity shares at an issue price of Rs 340 per equity share for an aggregate consideration of over Rs crore on preferential basis, among other issues. The deal marks Qatar's first major investment in a listed Indian company. Transaction Rationale: Bharti Airtel Limited will use the proceeds to further strengthen the capital structure and to provide further flexibility to deliver on its growth strategy. Acquirer Target US $ mn % Stake Qatar Foundation Endowment Bharti Airtel Ltd 1, %

6 6 This document captures the list of deals announced based on information available in the public domain and based on public announcements. Grant Thornton India LLP does not take any responsibility for the information, any errors or any decision by the reader based on this information. This document should not be relied upon as a substitute for detailed advise and hence, we do not accept responsibility for any loss as a result of relying on the material contained herein. Further, our analysis of the deal values are based on publicly available information and based on appropriate assumptions (wherever necessary). Hence, if different assumptions were to be applied, the outcomes and results would be different.

7 About Grant Thornton Grant Thornton in India is a member firm within Grant Thornton International Ltd. The firm is one of the oldest and most prestigious accountancy firms in the country. Today, it has grown to be one of the largest accountancy and advisory firms in India with nearly 1,500 professional staff in New Delhi, Bangalore, Chandigarh, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai and Pune, and affiliate arrangements in most of the major towns and cities across the country. Service Areas The firm s core service areas are as follows Assurance - Audit - FRAS Taxation - Compliance & Outsourcing - Direct tax - Indirect tax - Transfer Pricing - US Tax Our Corporate Finance Services (CFS) practice leverages on our understanding of corporate strategy, capital markets, and international jurisdictions and regulatory requirements, to help unlock the potential for growth in dynamic businesses. We operate in a matrix structure with a sector focus and service focus to increase our ability to service clients. Our pool of highly experienced and qualified personnel possesses the requisite expertise to assist businesses in their varied transactions requirements pertaining to acquiring, divesting, listing, or raising capital. Our CFS practice offers the following services: Lead advisory Transaction advisory Valuation To know more visit us on corporate-financeservices/ Advisory Business Risk Corporate Social Responsibility Corporate finance Forensic & Investigations Government & Infrastructure Healthcare &Life Sciences Leadership Consulting Please write to us at contact@in.gt.com if you would like to receive the list of deals. We would be delighted to receive your feedback! contact@in.gt.com Dealtracker Editorial team: Ankita Arora, Sowmya Ravikumar & Karthik Vishwanathan

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