Comparative Studies with Peers in XYZ Ltd

Peer Group Analysis FII HOLDINGS ABC Ltd

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FII Name
DWS INVEST-DWS INVEST BRIC PLUS BAYTREE INVESTMENTS (MAURITIUS) PTE LTD MORGAN STANLEY INVESTMENT MANAGEMENT INC A/CMORGAN NEW VERNON INDIA LIMITED

Shares
4805000

% To Equity

Profiles of FIIs

2 BOULEVARD KONRAD ADENAUER, L-2017 LUXEMBOURG. Ph: 003521.52% 42101-1 / 00352-42101-888; E-mail: dbric@dws.com c/o International Management (Mauritius) Ltd 1.10% Les Cascades Building, Edith Cavell Street, Port Louis, MAURITIUS. Ph: (230) 212 9800 / (230) 212 9833; E-mail: bi_mauritius@baytree.com

3486387

3 4 5

Sl.No MERRILL LYNCH CAPITAL MARKETS ESPANA FII Name

1 2 3
S.A. S.V. BARCLAYS CAPITAL MAURITIUS LIMITED

THE INDIA FUND INC BNP PARIBAS ARBITRAGE

DEUTSCHE SECURITIES MAURITIUS LIMITED

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5 1
2 3 16

FII Name
CAAM FUNDS INDIA DEUTSCHE SECURITIES MAURITIUS LIMITED
CAAM FUNDS INDIA UNIVERSITIES SUPERANNUATION SCHEME LIMITED (USSL) MIRAE ASSET INVESTMENT MANAGEMENT CO LTD A/CMIRAE

1221 AVENUE OF THE AMERICAS, 21ST FLOOR, NEW YORK, NY 10020, 0.87% UNITED STATES OF AMERICA, 212-762-4655-7163 / 212-762-9474; E-mail: msim@morganstanley.com 10 frere de valois street, Port Louis, Mauritius. Ph: 00230 202 3000 / 2595210 0.82% 00230 EFG Ltd 212 5265; E-mail: nvfund.india@vernon.com Shares % To Equity EDIFICIO TORRE PICASSO - 39-40, PLAZA PABLO RUIZ PICASSO 1, SPAIN. Profiles of FIIs 2495049 0.79% Ph: 3491-514-3000Floor Cnr, St Gearge /Chazal Streets, Port Louis, Manor House, 1st / 3491-514-3001; E-mail: 2467500 0.78% espana_merrill@merrilllynch.com 203 6650; E-mail: MAURITIUS. Ph: +230 203 6600 / +230 bc_mauritius@barclays.com 2171241 0.69% FII Name: BLACKSTONE ASIA ADVISORS L.L.C., 8 rue de Sofia, 75018 Paris, FRANCE 2125000 0.67% Ph: 33-1-55-77-98-90 / 40-14-55-94; E-mail: bnp.arbitrage@bnpparibas.com Suite # 450, 4th Floor, Barkly Wharf East, 2042500 0.64% Le HIJ Ltd Caudan Waterfront, Port Louis, Mauritius. Ph: 230-202-7878 / 230-202-7898 Shares % To Equity Profiles of FIIs 39, ALLEE SCHEFFER, L-2520, LUXEMBOURG. Ph: 352 4767 2950 / 352 4767 2000000 0.63% Suite # 450, 4th Floor, Barkly Wharf East, 3950; E-mail: caam_ind@caam.com 2042500 0.64% Le Caudan Waterfront, Port Louis, Mauritius. Ph: 230-202-7878 / 230-202-7898 39, ALLEE SCHEFFER, L-2520, LUXEMBOURG. Ph: 352 4767 2950 / 352 4767 2000000 0.63% 3950; E-mail: caam_ind@caam.com ROYAL LIVER BUILDING, LIVERPOOL L3 1PY, GREAT BRITAIN. Ph: 44-1511960000 0.62% 227-4711 / 44-151-236-3173; E-mail: Univ.supann@ussl.com 150-891, 45-1 YOIDO-DONG, YOUNGDEUNGOPO-GU, SOUTH KOREA, 821941937 0.61% 2-3774-1495 / 82-2-3774-1933; E-mail: cmirae@miraeasset.com KLM Ltd 2764200

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FII Name
MIRAE ASSET INVESTMENT MANAGEMENT CO LTD A/CMIRAE SWISS FINANCE CORPORATION (MAURITIUS) LIMITED SHINHAN BNP PARIBAS INVESTMENT TRUST MANAGEMENT CO MIRAE ASSET INVESTMENT MANAGEMENT CO. LTD A/CMIRAE

Shares
1941937 1670365

% To Equity

Profiles of FIIs

3 4

1639761 1570575

MUTUAL

ABC Ltd

150-891, 45-1 YOIDO-DONG, YOUNGDEUNGOPO-GU, SOUTH KOREA, 820.61% 2-3774-1495 / 82-2-3774-1933; E-mail: cmirae@miraeasset.com C/O Multiconsult Ltd., Rogers House, 5 President John 0.53% Kennedy Street, Port Louis; Mauritius; Tel / Fax: 230-202-9574 / 230-2125265; E-mail: sfc_mauritius@sfc.com Good Morning Shinhan Tower, 18F, 23-2, Yoido-Dong, Yeungdeungpo0.52% GO; Seou;; South Korea; Tel / FaxA: 822 767 5740 / 822 767 5806; E-mail: FUND HOLDINGS shinhan_bnp@bnp.com 150-891, 45-1 YOIDO-DONG, YOUNGDEUNGOPO-GU, SOUTH KOREA, 820.50% 2-3774-1495 / 82-2-3774-1933; E-mail: cmirae@miraeasset.com

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MF Name
ESCORTS MUTUAL FUND A/C ESCORTS INFRASTRUCTURE FUN ESCORTS MUTUAL FUND HIGH YIELD EQUITY PLAN ESCORTS INVESTMENTS TRUST LTD A/C ESCORTS LEADING

Shares
3,583 3,000 500

% To Equity
0.00% 0.00% 0.00%

Profiles of MF's
11, Scindia House, Connaught Circus, New Delhi 11000; Ph: (011) 2335 1343, 2332 1654 / 5177; E-mail: help@escortsmutual.com; www.escortsmutual.com

Strictly Confidential

11

EFG Ltd
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1 2 3

MF Name
SBI MUTUAL FUND - MAGNUM TAX GAIN 1993 SBI ARBITRAGE OPPORTUNITIES FUND SBIMF - SBI ONE INDIA FUND

Shares
146,000 1,229,850 62,000

% To Equity
0.11% 0.92% 0.05%

Profiles of MF's
191 Maker Tower E, Cuffe Parade, Mumbai - 400005.Ph: 022 - 2218022127;022 22189663; E-mail:partnerforlife@sbimf.com; www.sbimf.com

HIJ Ltd
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1 2 3

MF Name
RELIANCE CAPITAL TRUSTEE CO LTD A/C RELIANCEMONTHL RELIANCE CAPITAL TRUSTEE CO LTD -RELIANCE INFRASTR RELIANCE CAPITAL TRUSTEE COMPANY LIMITED A/C RELIA

Shares
400,000 821,200 1,500,000

% To Equity
0.30% 0.62% 1.12%

Profiles of MF's
One India Bulls Centre - Tower One, 11th & 12th flr, Jupiter Mills, Elphinstone Rd, Mum - 400013; Ph: 022-30994600; E-mail: customer_care@reliancemutual.com; www.reliancemutual.com

KLM Ltd
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MF Name
TATA TRUSTEE COMPANY PRIVATE LTD A/C TATA MUTUAL TATA TRUSTEE CO. PRIVATE. LTD.A/C TATA MUTUAL FUN TATA EQUITY OPPORTUNITIES FUND

Shares
95,000 80,000 172,624

% To Equity
0.07% 0.06% 0.13%

Profiles of MF's
17/18, 3rd Fort House, 221 Dr. D.N. Road, Fort Mumbai - 400001; Ph: 6657 8282; E-mail: kiran@tataamc.com; www.tatamutualfund.com

Analyst Ratings for XYZ Ltd and its Peer Group

XYZ
Firm Nam e Macquarie HDFC Securities RBS Goldman Sachs KJMC Capital Markets Analy st BHATIA MODI AMTHE SETHI KUMAR ABC Ltd Recom m endation outperform buy buy Buy/Neutral buy Tgt Px 436 372 392.4 477 390 Date 2/18/2010 2/18/2010 2/10/2010 2/9/2010 2/5/2010

Firm Global Stockbroking First Nam e Credit Suisse Credit Suisse

Citi Macquarie BNP IIFL Paribas Securities (Asia) Anand Rathi Securities Pvt. Ltd. Kim Eng Securities

Analyst KUVELKAR GARRE SHAH

DELIVALA BHATIA SHARMA RITOLIA ARORA GUPTA

Recom m endation underperform outperform outperform

buy outperform buy buy buy

Tgt Px 1.97k 422

374 1.83k 391 1.70k 435 1.89k

Date 2/4/2010 2/19/2010 2/2/2010

2/2/2010 2/18/2010 2/2/2010 2/18/2010 2/2/2010 2/17/2010 2/2/2010 2/15/2010

EFG Ltd

RBS Religare Hichens Harrison First Global & Stock Broking Services VCK Share Stockbroking Angel Broking Limited HSBC

Firm Nam e Nomura UBS

JPMorgan

AMTHE SHAH

Analy st MUKHERJEE BANSAL

CLSA Asia Pacific Markets Kotak Securities

KUVELKAR ROY KANANI NARKAR SHAH AL AGARW

KRISHNAN SINHA GARG

buy

Recom m endation buy buy

Tgt 445 Px 1.83k 177.2 417 186 375 174 399

402 399

Date

moderate outperform 385 buy buy neutral

neutral buy

1.68k 1.60k 1.70k

2/10/2010 2/2/2010

2/15/2010 2/12/2010 2/10/2010 2/10/2010

2/2/2010 2/2/2010

outperform

1/30/2010 2/1/2010 1/28/2010 2/1/2010

Date 1/28/2010 2/1/2010

Credit Suisse Securities Ltd Motilal Osw al

Dacapo Brokerage India Pvt Firm Nam Macquarie e

HSBC BofAML Share & Kotak Securities Stock Brokers Emkay Credit Suisse Goldman Sachs BNP Paribas Securities (Asia) Angel Broking Limited IIFL

Batlivala & Karani Securities

BUCH st Analy BHATIA

VERMA
SHAH SETHI SHARMA

HIJ Ltd

outperform buy
overw buy buy eight

buy Recom m endation outperform

outperform buy
neutral neutral/neutral buy

1.75k Tgt Px 206

NARKAR PAREKH GARG ANI MOTW

571 1.70k 180 470 1.45k 177 481

2/2/2010 2/9/2010 1/28/2010 2/1/2010 2/1/2010

KANANI
RAO

Motilaleiss Capital Nomura Edelw Oswal Securities Ltd

SBI Capital Markets Religare Hichens Harrison

AGARWAL MUKHERJEE QAZI

SHAH GOSWAMI MEHTA
SHAH AGARW AL Analyst VERMA BHASIN RANE

RITOLIA

neutral buy
sell

add

468

2/1/2010 2/9/2010 1/28/2010 2/1/2010 1/30/2010 1/30/2010 1/29/2010 Date

Religare Hichens Harrison Pvt Ltd Co. Daiwa Securities Capital Markets KR Choksey Shares & Sec Ambit Securities Pvt. Ltd. India ULJK Capital Pvt Ltd First Global Stockbroking IIFL Securities India Pvt Ltd Elara Nomura BofAML Enam RBS Securities Pvt Ltd
Batlivala &Noble Securities Execution Karani Motilal Oswe Securities Ltd Firm Nam al

KANDPAL VARTAK KUVELKAR PAREKH QUADROS CHARI

KLM Ltd

buy outperform hold add buy buy

underperform buy Recom m endation underperform sell neutral

435 470

1.64k 185 365

184 1.62k 355 185 425 183 159 433 1.80k

2/9/2010 1/28/2010 2/1/2010

1/28/2010 2/2/2010 2/1/2010 1/28/2010 2/1/2010 1/27/2010 1/28/2010 2/1/2010

buy underperform buy outperform hold

RITOLIA BHANDARI MUKHERJEE

569 Px Tgt 450 105

Angel Broking Limited BNP Paribas Securities (Asia) First Capital Pvt Ambit Securities India ElaraGlobal Stockbroking Strictly Confidential Karani Ltd Pvt Ltd Batlivala & Securities IIFL Kotak Securities MF Global Equities Research

Goldman Sachs HSBC Securities Kotak Infinity.com Financial Securities Ltd HSBC Citi Prabhudas Lilladher Pvt Ltd SBI Capital Markets

IDFC-SSKI Securities Pvt. Ltd

SETHI NARKAR GARG NAIR

AGRAWAL BALASUBRAMANIAM SHAH RAO KANANI SHARMA KUVELKAR KANDPAL BHANDARI BAID RITOLIA GARG MAHAWAR

neutral/neutral overw eight buy hold

1.50k 517

1/25/2010 1/29/2010 2/19/2010 1/22/2010 1/29/2010

1/29/2010 1/22/2010

neutral sell reduce perform market accumulate hold underperform buy reduce buy reduce neutral

236 186 370 496 1.77k 191 136 314 575 1.54k
380 488

1/27/2010 1/30/2010

2/9/2010 1/27/2010 1/29/2010 2/3/2010 1/27/2010

1/29/2010 1/29/2010 1/22/2010

1.76k 205 1.63k

2/2/2010 1/29/2010 1/29/2010

1/29/2010 2/1/2010

1/22/2010 1/22/2010

12