Strictly confidential Project Rainbow 5 June 2012 Final Report Amit Zutshi Vaibhav Saini Partner Associate Vice President Transaction Advisory Services Transaction Advisory Services T +91 22 6192 0249 T +91 22 6192 2095 M +91 98 1931 9814 M +91 98339 62600 F +91 22 6192 3000 F +91 22 6192 3000 E
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[email protected] Strictly confidential Transmittal Letter As requested, we enclose a copy of our final confidential report in accordance with our engagement letter and its attachments (our "Engagement Letter"). This report has been prepared on the basis of field work carried out up to April 25, 2012. Our report is confidential and is released to you on the basis that it is not to be copied, referred to or disclosed, in whole or in part, without our prior written consent, save as permitted in our Engagement Letter. In accordance with that letter, you may disclose our report to your legal and other professional advisers in order to seek advice in relation to our work for you, provided that when doing so you inform them that, to the fullest extent permitted by law, we accept no responsibility or liability to them in connection with our report and our work for you. The primary sources of data in preparing this report have been documented throughout this report. While we have made an attempt to source data from reputable sources, we do not accept responsibility for such information. Details of our primary information sources are stated throughout the report and we have satisfied ourselves, so far as possible, that the information presented in our report is consistent with other information which was made available to us in the course of our work in accordance with the terms of our Engagement Letter.