8%

By 2020, India's share in the

global passenger vehicle
market to double to 8 per cent
from 4 per cent over 201011

4%

Third-largest automobile
industry by 2016E
2010

2020

India's share in global passenger vehicle market

CAGR: 11%

Worlds second-largest two

wheeler manufacturer

34.0

Twowheeler sales to rise from

15.9 million in FY2013 to 34.0
million by FY2020E

15.9

FY13

FY20
Two wheelers (million units)

8.6

CAGR: 13%

Passenger vehicle sales to

nearly triple by 2020E
3.2

FY13

FY21

Passenger vehicles (million units)

Passenger vehicle sales to

increase from 3.2 million in
FY2013 to 8.6 million in
FY2021E

Source: IHS, NEMMP 2020, ACMA, Aranca Research;

Note: E Estimate

Growing
Growing demand
demand

FY10

Market
size:
USD57.7
billion

Strong growth in demand due to

rising income, middle class, and a
young population is likely to propel
India among the worlds top five
auto manufacturers by 2015
Growth in export demand is set to
accelerate

Innovation opportunities

FY16E

Tata Nano and the upcoming

Pixel have opened up the
potentially large ultra low-cost car
segment
Innovation is likely to intensify
among engine technology and
alternative fuels

Market
size:
USD145
billion

Advantage
India
Policy support

Rising investments

India has significant cost

advantages; auto firms save 10-25
per cent on operations vis--vis
Europe and Latin America
A large pool of skilled manpower
and a growing technology base
would induce greater investments

The government aims to develop

India as a global manufacturing as
well as R&D hub
There has been a wide array of
policy support in the form of sops,
taxes and FDI encouragement

Source: Automotive Mission Plan (20062016)

Notes: R&D Research and Development; FDI Foreign Direct Investment; FY Indian Financial Year (April March);
FY16E Estimated figure for Financial Year 2016

20.7 million
units (FY13)
11 million
units (2007)
0.6 million
units (1992)
2008 onwards
19932007

0.4 million
units (1982)

198392

Before 1982

Closed market
Five players
Long waiting
periods and
outdated models
Sellers market

Joint venture (JV):

Indian government and
Suzuki formed Maruti
Udyog; commenced
production in 1983
Component
manufacturers entered
the market via JV
Buyers market

Sector de-licensed in
1993
Major original
equipment
manufacturers (OEMs)
started assembly
operations in India
Imports permitted from
April 2001
Introduction of valueadded tax in 2005

More than 35 market

players
Removal of most import
controls
Indian companies gaining
acceptance on a global
scale
Setting up of National
Automotive Board to act
as facilitator between the
government and industry

Source: Tata Motors, Society of Indian Automobile Manufacturers (SIAM), Aranca Research
Note: JV Joint Venture

Automobiles

Two-wheelers

Mopeds

Scooters

Passenger vehicles

Passenger cars

Commercial vehicles

Light
commercial
vehicles

Utility vehicles

Electric twowheelers

Multi-purpose
vehicles

Passenger carriers

Goods carriers
Medium
and heavy
commercial
vehicles

Motorcycles

Three-wheelers

The gross turnover of automobile manufacturers in India expanded at a CAGR of 17.7 per cent over FY07-11
Excluding three wheelers, trucks accounted for the largest share of revenues (47.8 per cent in 2011)

Revenue trends over the past few years

(USD million)

Market* break-up by revenues (2011)

58.6
20.4%

CAGR: 17.7%

Trucks

43.3

36.6
33.3

30.5

47.8%

31.8%

FY07

FY08

FY09

FY10

Cars

Two Wheelers

FY11

Source: SIAM, Datamonitor, Aranca Research

Note: * Does not include three wheelers

Production of automobiles increased at a CAGR of 11.8 per cent over FY05-13

Passenger vehicles was the fastest growing segment, representing a CAGR of 12.9 per cent

8.4

Passenger Vehicle

FY11

Commercial Vehicle

Three Wheelers

3.2
FY12

0.8
0.8

FY10

0.8
0.8

FY09

0.8

0.8

3.1

3.0
0.6
0.6

FY08

2.4

1.6
0.6
0.5

FY07

1.8

1.3
0.5
0.6

FY06

0.4
0.5

0.4
0.4

FY05

1.3

0.4
0.4

1.2

6.5

7.6

8.5

10.5

13.4

15.5

15.9

Total production of automobiles in India (million units)

FY13

Two Wheelers

Source: SIAM, Aranca Research

Note: CAGR Compound Annual Growth Rate

Two wheelers dominate production volumes; in FY13, the

segment accounted for about three quarters of the total
automotive production in the country

Market share by volume (FY13)

India is the worlds second-largest two wheeler

manufacturer and fourth-largest producer of commercial
vehicles

4% 4%

Two Wheelers

15%
Passenger Vehicle

Commercial
Vehicle
77%

Three Wheelers

Source: SIAM, Aranca Research

Share in production of passenger vehicles (FY13)

Share in production of commercial vehicles (FY13)

19.3%
29.4%

Passenger cars

MCV & HCV

LCV

Utility vehicle
70.6%
80.7%

Source: SIAM, Aranca Research

Notes: LCV Light Commercial Vehicle;
MCV Medium Commercial Vehicle;
HCV Heavy Commercial Vehicle

Share in production of three-wheelers (FY13)

Share in production of two-wheelers (FY13)

15.3%

18.3%

5.9%

Mopeds
Goods Carrier
Motorcycles
Passenger carrier
Scooters
81.7%

78.7%

Source: SIAM, Aranca Research

Automobile export volumes increased at a CAGR of 19.1 per cent over FY0513
Two-wheeler segment reported the fastest growth (22.2 per cent) followed by three-wheelers (16.3 per cent) over FY0513

Passenger Vehicle

2.0

0.1

0.1

0.1

0.3

0.4

0.5

0.5

0.0

0.2

0.0
0.2

0.3

0.5

0.5
0.1
0.1

FY07

0.2

FY06

0.2

0.2
0.0
0.1

FY05

0.1
0.1

0.2
0.0
0.1

0.3

0.4

0.5

0.6

0.8

1.0

1.1

1.5

2.0

Exports of automobiles from India (million units)

FY08

FY09

FY10

FY11

FY12

FY13

Commercial Vehicle

Three Wheelers

Two Wheelers

Source: SIAM, Aranca Research

Exports shares by volume (FY13)

Two wheelers accounted for the largest share in exports (by

volume) at 67 per cent in FY13
Passenger vehicles comprised a sizeable 19 per cent of
overall exports

Passenger Vehicle

19%

Exports of passenger vehicles registered the highest growth

at 9.02 per cent in FY13

3%

Commercial
Vehicle

11%
Three Wheelers
67%
Two Wheelers

Source: SIAM, Aranca Research

Growth forecast for sales

Auto sales across categories are estimated to rise 6-8 per

cent in FY14

28%
27%

Passenger vehicles are projected to grow 5-7 per cent in

FY14

12%
8%

Passenger car segment is estimated to expand 3-5

per cent
SUVs are projected to increase 11-13 per cent

3%

4%

FY09

FY10

FY11

FY12

FY13

FY14E

Auto sales growth

Commercial vehicles are forecast to rise 7-9 per cent

FY10

FY11

FY13

7%
9%
5%
8%

FY12

3%

2%
-2%
5%

FY09

3%
0%
0%

0%

Three wheelers are estimated to rise 3-5 per cent in FY14

16%

33%
28%

20%
25%

33%
5%

13%

MCVs and HCVs are projected to increase 1-3 per

cent

50%

LCVs are estimated to grow 10-12 per cent

25%
33%

Growth forecast for the auto segment

FY14E

Source: SIAM, Aranca Research

Note: E Estimate, UV Utility Vehicle

-33%

Two-wheelers are expected to grow 6-8 per cent in FY14

Passenger Vehicle

Commercial Vehicle

Three Wheelers

Two Wheelers

9.0

CAGR: 16%

Passenger vehicles to increase at a CAGR of 16

per cent during FY201320

5.0
3.2

FY13

FY15
FY20
Passenger vehicles (million units)

CAGR: 16%

Commercial vehicles expected to register a CAGR

of 16 per cent during FY201320

0.8

FY13

1.4

FY15
FY20
Commercial vehicles (million units)

CAGR: 9%

Two and three wheelers projected to expand at a

CAGR of 9 per cent during FY201320

16.8

FY13

2.2

30.0

22.0

FY15
FY20
Two & three wheelers (million units)
Source: SIAM, Vision 2020, Aranca Research

Scenario

The Indian luxury car market expanded at a CAGR of 30 per cent, with 23,000 units
in 2011 (about 1 per cent of the passenger vehicle market in India). The market is
dominated by players such as BMW, Mercedes, Audi, Jaguar

Key drivers

India has the worlds 12th-largest HNI population, with a growth of 20.8 per cent
(highest among the top 12 countries)
With expansion in the education and realty sectors, and increasing wealth of IT
professionals, more consumers aspire to own luxury cars

Notable
Trends

The Indian luxury car market is estimated to expand at a CAGR of 25 per cent during
201220 and reach 150,000 units by 2020 (accounting for 4 per cent of the estimated
6.8-million-unit domestic car market)
The luxury SUV segment is growing at about 50 per cent, while luxury sedans are
increasing 2530 per cent

Source: World Wealth Report (2011) of Merrill Lynch Wealth Management and Capgemini, Aranca Research
Note: HNI - High Networth Individuals

The automotives industry is concentrated with leaders in each segment commanding a share of over 40 per cent

Market leader

Others

Passenger vehicles

45%

20%

10%

4%

MCVs & HCVs

63%

23%

7%

LCVs

59%

30%

4%

Three wheelers

41%

40%

10%

Motorcycles

59%

24%

7%

6%

Scooters

51%

21%

14%

10%

4%

Source: SIAM, Aranca Research

Note: Data is for FY10

New product launches

Improving productdevelopment
capabilities

Large number of products available to consumers across various segments; this has
gathered pace with the entry of a number of foreign players
Reduced overall product lifecycle have forced players to employ quick product launches

Increasing R&D investments from both the government and the private sector
Private sector innovation has been a key determinant of growth in the sector; two good
examples are Tata Nano and Tata Pixel; while the former has been a success in India, the
latter is intended for foreign markets

Alternative fuels

In FY11, the CNG market was worth more than USD330 million; CNG cars and taxis are
expected to register a CAGR of 28 per cent over FY11FY14
The CNG distribution network in India is expected to increase to 250 cities by 2018 from
30 cities in 2009

New financing options

Carmakers such as BMW, Audi, Toyota, Skoda, Volkswagen and Mercedes-Benz have
started providing customised finance to customers through NBFCs
Major MNC and Indian corporate houses are moving towards taking cars on operating
lease instead of buying them

Note: NBFCs - Non-Banking Finance Companies

Growing demand
demand
Growing

Increasing
investments

Policy
support
Strong
government
support

Rising
investments from
domestic and
foreign players

Goal of
establishing India
as an automanufacturing hub

Rising income,
young population

Inviting

Resulting in

Greater
availability of
credit and
financing options

R&D focus; GOI

has set up a
technology
modernisation fund

Greater product
innovation; market
segmentation

Strong growth in
exports

Policy sops, FDI

encouragement

Demand projected
to remain strong,
making returns
attractive

Note: GOI Government of India

Changing income dynamics of Indias population

Increasing income and middle-class population
GDP per capita has grown from USD1,432.25 in 2010 to
USD1,500.76 in 2012, and is expected to reach
USD1,869.34 by 2018
Apart from the impact of rising incomes, widening of the
consumer base will also be aided by expansion of the
middle class, increasing urbanisation, and changing
lifestyles
A young population is boosting demand for cars
Demand for commercial vehicles increased due to the
development of roadways and greater market access

Million Household,100%
222

273
26

50

322
15
32

40
29

35
25
12
1
2008

6
3
2020

17
7
2030

Globals (>18412.8)

Strivers (9206.4-18412.8)

Seekers (3682.5 - 9206.4)

Aspirers (1657-3682.5)

Deprived (<1657)

Source: IMF, McKinsey Quarterly, Aranca Research

Indian car finance market size

Easy availability of credit
13.2

Greater access to credit eases the purchase of

passenger and commercial vehicles

12.9

11.7

9.3
7.7

The auto finance industry has grown at the rate of 13 per

cent over FY08-13; the car finance penetration has
increased from 68 per cent 70 per cent in FY08-10 to
70 per cent 72 per cent in FY11-13
BMW, Audi, Toyota, Skoda, Volkswagen and MercedesBenz have started providing customised finance to
customers, dealers and suppliers through dedicated
non-banking finance companies (NBFCs)

2.5
1.5

2.6

2.7

1.9

FY09
FY10
FY11
FY12
FY13
Car industry sales volume (mn)
Car finance industry (USD bn)

Source: Kotak Mahindra Prime, Aranca Research

Note: Greater distributional efficiencies, increasing demand
(especially from rural areas) due to rising disposable incomes
have created new markets for products within the country

Design and
engineering skills

Manufacturing
skills

Manpower
costs

Supplier
base

Raw
materials

Korea
China

East Asia

Thailand
Indonesia
Vietnam
Czech Republic
Romania
Poland

Central & Eastern

Europe

Slovakia
Russia
Hungary
Turkey
Brazil

Latin America

Mexico

Less competitive than India

In competition with India

Source: ACMA, Aranca Research

Auto Policy 2002

Automatic approval for foreign equity investment up to 100 per cent; no minimum
investment criteria
Encourage R&D by offering rebates on R&D expenditure
AMPs vision is to make India a preferred destination for designing and manufacturing of
automobiles and achieve a market size of USD154 billion by 2016
Setting up of a technology modernisation fund focussed on SMEs
Establishment of automotive training institutes, auto design centres and special auto parks

Automotive Mission
Plan (AMP) 200616

NATRiPs

Dept. of Heavy
Industries & Public
Enterprises

Union Budget FY14

Set up at a total cost of USD388.5 million to enable the industry to be on par with global
standards
Nine R&D centres of excellence with focus on low-cost manufacturing and product
development solutions

Worked towards reduction of excise duty on small cars and increase budgetary allocation
for R&D
Weighted increase in R&D expenditure to 200 per cent from 150 per cent (in-house) and
175 per cent from 125 per cent (outsourced)

Proposal to allocate USD2.7 billion for JNNURM to bolster sales volumes of Medium and
Heavy Commercial Vehicles (MHCV)

Notes: SME Small and Medium Enterprises, R&D - Research and Development, NATRiP National Automotive Testing and R&D
Infrastructure Project, AMP - Automotive Mission, JNNURM - Jawaharlal Nehru National Urban Renewal Mission

 Business description
Vehicles Research & Development
Establishment (VRDE), Ahmednagar

Research, design, development and testing of vehicles

Centre of excellence for photometry, electromagnetic compatibility (EMC) and
test tracks

Indore National Automotive Test

Tracks (NATRAX)

Complete testing facilities for all vehicle categories

Centre of excellence for vehicle dynamics and tyre development

Automotive Research Association of India

(ARAI), Pune

Services for all vehicle categories

Centre of excellence for power-train development and material

Chennai Centre, Tamil Nadu

Complete homologation services for all vehicle categories

Centre of excellence for infotronics, EMC and passive safety

Rae Bareilly Centre

Services to agri-tractors, off-road vehicles and a driver training centre

Centre of excellence for accident data analysis

International Centre for Automotive

Technology (iCAT), Manesar

Services to all vehicle categories

Centre of excellence for component development, noise vibration and
harshness (NVH) testing

Silchar Centre, Assam

Research, design, development and testing of vehicles

Centre of excellence for photometry, EMC and test tracks

List of companies

North

DelhiGurgaon
Faridabad

West

MumbaiPune
Nashik
Aurangabad

Kolkata
Jamshedpur

East

Chennai Bengaluru
Hosur

South

Source: ACMA, Aranca Research

Ashok
Leyland
Force
Motors
Piaggio

Swaraj
Mazda
Amtek
Auto
Eicher

Ashok

Leyland
Bajaj Auto
FIAT

GM

M&M
Eicher
Skoda
Bharat
Forge

Tata

Motors
Hindustan
Motors

Simpson
& Co
Internatio
nal Auto

Ashok
Leyland
Ford
M&M
Toyota

Kirloskar
Volvo

Sundaram
Fasteners
Enfield

Honda
SIEL
Maruti
Suzuki
Tata

Tata
Motors
Volkswag
en
Renault-

Motors
Bajaj Auto
Hero
Group

Nissan
M&M

Forgings
JMT
Exide

Hyundai
BMW
Bosch
TVS
Motor

Company
RenaultNissan

NORTH WEST: Rajasthan is

a major hub for light vehicle
manufacturing

NORTH: Delhi is a hub for light

vehicle manufacturing, whereas
Haryana and Uttarakhand are
hubs for heavy vehicle
manufacturing

EAST: Jamshedpur is the

site for Tatas heavy
vehicle manufacturing

WEST: Maharashtra, and

Gujarat are hubs for
heavy and light vehicle
manufacturing

Heavy Vehicle Manufacturing Plant

SOUTH: Chennai hosts

manufacturing plants for
heavy and light vehicles

Light Vehicle Manufacturing Plant

Source: Aranca Research

Note: All figures as of 2011-12

FDI inflows in the automotives sector aggregated USD8.3 billion (4.3 per cent of the total FDI) over April 2000 March
2013

Revenue trends over the past few years

(USD billion)
1.5

DelhiGurgaon
Faridabad

1.3
1.2

1.2
0.9

Ahmedabad
MumbaiPune
Nashik
Aurangabad

Kolkata
Jamshedpur

FY09

FY10

FY11

FY12

FY13

FDI in automobile industry (USD billion)

Chennai Bengaluru
Hosur

Source: Department of Industrial Policy & Promotion (India),

Aranca Research

Global car majors have been ramping up investments in India to cater to the growing domestic demand. Also, these
manufacturers plan to leverage Indias competitive advantage to set up export-oriented production hubs

Planning to double its current investment level of about USD2.5 billion over the next five years
Aims to raise its market share from 1.5 per cent in FY13 to 10 per cent by FY17

Investing in Chennai and Sanand plants to raise capacity to 0.44 million cars & 0.61 million engines by
FY14
Long term strategy to export 25 per cent of vehicles and to make India compact car global production base
Is in the process of expanding its dealer network from 33 in January 2013 to 50 by 2014 end
Plans to raise the number of car offerings in the sub USD46,000 category
Plans to launch up to eight models over the next 56 years
Aims to invest USD460 million in Rajasthan plant by 2014 to build a new assembly line for cars
This will include a new diesel engine component production and a forging plant
Expects to invest another USD163 million at Bidadi plant near Bengaluru
Plans to increase capacity to 310,000 units by 2013 with an investment of USD187 million
Plans to invest USD552-737 million over the next two to three years to develop new products
Plans to infuse USD46 million to double India capacity to 20,000 vehicles by the end of CY13
Source: Respective Company Websites, News Articles, Aranca Research

Plans to produce
1.7 million cars by
2013

Continuing market
leadership
Accounted for 45
per cent share in
the Indian car
market

Product portfolio
expansion
Increased
productivity
Enhanced R&D
capability

2012
Total sales
crossed 1million
units in FY12

Product portfolio
comprising 16
passenger vehicle
models

Capacity
expansion
Roll-out of peoples
car (Maruti 800)

1983

1994

1997

2011
Roll-out of 10
millionth car

In the process of
establishing
Suzukis largest
R&D facility
outside Japan

1994
Production of
1 millionth car

2001

2004

2006

Plans to setup
two facilities
in Gujarat

2007

2008

2009

2010

2011

2012

2013

Source: Company Website, Aranca Research

Disruptive innovation

Production of
first
indigenously
designed LCV

JV with
Daimler AG

Market expansion

Launch of the
first
indigenous
CV

Product portfolio
expansion

Establishment
of Tata
Engineering &
Locomotives

Introduction
of
Megapixel,
an electric
vehicle

Acquisition
of Jaguar
and
Landrover

Launched
Indica, India's
first fully
indigenous
passenger car

Enhancing
R&D capability

Acquisitions

Acquired
stake in
Hipo
Carrocera
SA

Launched
Tata Nano

Joint ventures

1945

1954

1961

1977

1982

1986

1991

1998

2005

2008

2010

2012

Source: Company Website, Aranca Research

Tata Nano ranked among the top 10 best-selling cars of

2012. It was recently declared the most trusted four-wheeler
brand by The Brand Trust Report, India Study 2013

Tata Nano sales FY 2010-13 (units)

70,432

74,527

FY11

FY12

73,848

Nano was the only petrol car among the top-selling cars of
2012 to post a positive yoy growth. Tata adopted a different
marketing pitch and launched the 2012 Tata Nano, which
offered a lot of new features for no extra charge
30,763

Sales of the Nano more than doubled to 73,848 units in

FY13 from its launch in FY10
Currently, Tata exports Nano to Sri Lanka and Nepal and
has plans to export the car to Bangladesh. The company is
likely to add new export markets such as Africa, South
America, and Southeast Asia
Tata has launched a new variant of the Nano in 2013 and is
in the process of launching a new variant in 2014 to
augment sales. A CNG variant was launched in the second
half of 2013, while the diesel version is likely to be launched
in the first half of 2014

FY10

FY13

Sales

Source: Company Website, Aranca Research

Note: YOY Year on Year

M&M auto sales domestic and export

(000 units)

M&M has been the market leader in utility vehicles in India

for over 50 years since building the first Willys jeep in 1947
Manufactures passenger vehicles, utility vehicles, light
commercial vehicles (including three-wheelers)

563
483
377

Produces 15 passenger vehicle models and 8 commercial

vehicle models, noteworthy among which are Scorpio, Thar,
Xylo, XUV 500

Launched Verito Refresh, Quanto, and Rexton in FY2013

Launched the e20 electric car in March 2013 after acquiring
carmaker Reva Technology
In 2013, inked a partnership with online shopping portal
Snapdeal.com to sell its two-wheelers

231 230

8MFY14

FY13

FY12

FY11

FY10

FY09

FY08

FY07

145 149

FY06

117

FY05

87

FY04

65

FY03

Recorded four wheeler revenue of USD3.3 billion in FY13

331

298

178

FY02

Global player in exporting products to several countries in

North America, Europe, Africa, South America, South Asia,
and the Middle East; exported 32,457 units in FY13

CAGR: 22%

Source: Company Website, Aranca Research

Opportunities for creating

sizeable market segments
through innovations

India is fast emerging as a

global R&D hub

Strong support from the

government; setting up of
NATRiP centres
Private players, such as
Hyundai, Suzuki, GM, keen
to set up R&D base in India
Strong education base, large
skilled
English-speaking
manpower
Comparative advantage in
terms of cost

The worlds cheapest car

(Tata Nano) has directed
focus on the low-income
market
Bajaj Auto, Hero Honda and
M&M plan to jointly develop
a
technology for twowheelers to run on natural
gas
Electric cars likely to be a
sizeable market segment in
the coming decade
Tata
Motors to launch
MiniCAT, a car running on
compressed air, thereby
stepping into the next era
where cars would not require
any fossil fuel and emissions
would be almost nil

Small-car manufacturing hub

General Motors, Nissan and

Toyota announced plans to
make India their global hub
for small cars
Light vehicle sales estimated
to cross 3 million by the end
of 2012
Strong export potential in
ultra low-cost cars segment
(to developing and emerging
markets)

Note: M&M Mahindra & Mahindra

Society of Indian Automobile Manufacturers (SIAM)

Core 4-B, 5th Floor, India Habitat Centre
Lodhi Road, New Delhi 110 003
India
Phone: 91 11 246478102
Fax: 91 11 24648222
E-mail: siam@siam.in

CAGR: Compound Annual Growth Rate

CV: Commercial Vehicle
FDI: Foreign Direct Investment
FY: Indian Financial Year (April to March)
So FY10 implies April 2009 to March 2010
GOI: Government of India
HCV: Heavy Commercial Vehicle
INR: Indian Rupee
LCV: Light Commercial Vehicle
OEM: Original Equipment Manufacturers
PV: Passenger Vehicle
SIAM: Society of Indian Automobile Manufacturers

ULCC: Ultra Low Cost Car

USD: US Dollar
Wherever applicable, numbers have been rounded off to the nearest whole number

Exchange rates (Fiscal year)

Exchange rates (Calendar year)

Year

INR equivalent of one USD

Year

INR equivalent of one USD

2004-05

44.95

2005

45.55

2005-06

44.28

2006

44.34

2006-07

45.28

2007

39.45

2007-08

40.24

2008

49.21

2008-09

45.91

2009

46.76

2009-10

47.41

2010

45.32

2010-11

45.57

2011

45.64

2011-12

47.94

2012

54.69

2012-13

54.31

2013

54.45

Average for the year

India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared

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This presentation is for information purposes only. While due care has been taken during the compilation of this
presentation to ensure that the information is accurate to the best of Aranca and IBEFs knowledge and belief, the
content is not to be construed in any manner whatsoever as a substitute for professional advice.
Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in
this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of

any reliance placed on this presentation.

Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on
the part of the user due to any reliance placed or guidance taken from any portion of this presentation.