Price Band ad 33x50

THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE FOR SECURITIES. NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY OUTSIDE . PARAG FOODS LIMITED Our Company was incorporated as Parag Milk & Milk Products Private Limited on December 29, 1992 with the registrar of companies at with our registered office at as a private limited company under the Companies Act, 1956. The name of our Company was changed to Parag Milk Foods Private Limited and a fresh certificate of incorporation consequent upon change of name was granted by the Registrar of Companies, at Pune (“RoC”) on April 11, 2008. Our Company was converted into a public limited company pursuant to approval of the shareholders at an extraordinary general meeting held on May 16, 2015. Consequently, the name of our Company was changed to Parag Milk Foods Limited and a fresh certificate of incorporation consequent upon conversion to a public limited company was granted to our Company by the RoC on July 7, 2015. For details of changes in the name and Registered Office of our Company, see “History and Certain Corporate Matters” on page 162 of the Red Herring Prospectus dated April 21, 2016 ( ''RHP''). Registered Office: Flat No.1, Plot No. 19, Nav Rajasthan Society, S.B. Road, Shivaji Nagar, Pune 411 016; Corporate Office: 20th floor, Nirmal Building, Nariman Point, Mumbai 400 021. Contact Person: Rachana Sanganeria, Company Secretary and Compliance Officer; Tel: (91 22) 4300 5555; Fax: (91 22) 4300 5580; Email: [email protected]. Website: www.paragmilkfoods.com; Corporate Identity Number: U15204MH1992PLC070209. PROMOTERS OF OUR COMPANY: DEVENDRA SHAH, PRITAM SHAH AND PARAG SHAH

PUBLIC ISSUE OF UP TO [•] EQUITY SHARES OF FACE VALUE OF ` 10 EACH (THE “EQUITY SHARES”) OF PARAG MILK FOODS LIMITED (OUR “COMPANY” OR “ISSUER”) FOR CASH AT A PRICE OF ` [•] PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF ` [•] PER EQUITY SHARE) AGGREGATING UP TO ` [•] MILLION CONSISTING OF A FRESH ISSUE OF [•] EQUITY SHARES AGGREGATING UP TO ` 3,000 MILLION AND AN OFFER FOR SALE OF UP TO 20,572,573 EQUITY SHARES COMPRISING OF 14,286,449 EQUITY SHARES BY THE INVESTOR SELLING SHAREHOLDERS AND 6,286,124 EQUITY SHARES BY THE OTHER SELLING SHAREHOLDERS (AS DEFINED IN THE RHP) (THE OFFER FOR SALE AND THE FRESH ISSUE ARE COLLECTIVELY REFERRED TO AS THE “ISSUE”). THE ISSUE INCLUDES A RESERVATION OF 300,000 EQUITY SHARES AGGREGATING UP TO ` [•] MILLION FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS DEFINED IN THE RHP) (THE “EMPLOYEE RESERVATION PORTION”). THE ISSUE LESS EMPLOYEE RESERVATION PORTION IS REFERRED TO AS THE NET ISSUE. THE ISSUE AND THE NET ISSUE WILL CONSTITUTE [•]% AND [•]%, RESPECTIVELY, OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. Price Band: ` 220 to ` 227 per Equity Share of face value of ` 10 each. The Floor Price is 22 times the face value and the Cap Price is 22.7 times the face value. • Bids can be made for a minimum of 65 Equity Shares and in multiples of 65 Equity Shares thereafter. Discount of up to ` 12 to Retail Individual Bidders and Eligible Employees Risks to Investors: i. The four BRLMs associated with the Issue have handled 16 public issues in the past three years out of which 7 issues closed below the issue price on listing date. ii. Average cost of acquisition of Equity Shares for the Promoters of the Company is in the range of ` 1.01 to ` 1.90 and the average cost of acquisition for the selling shareholders is in the range of ` 3.14 to ` 109.75 and the Issue Price for the public at the upper end of Price Band is as high as ` 227.

BASIS FOR ISSUE PRICE The Issue Price will be determined by our Company, in consultation with the Investor Selling Shareholders and the BRLMs, on the basis of assessment of market demand for the The above statement should be read with notes on restated financial information as appearing in Annexure VII B to the Restated Standalone Financial Statements and Restated Equity Shares offered through the Book Building Process and on the basis of quantitative and qualitative factors as described below. The face value of the Equity Shares is ` 10 each Consolidated Financial Statements of the Company. and the Issue Price is 22 times the face value at the lower end of the Price Band and 22.7 times the face value at the higher end of the Price Band. 4. Minimum RoNW after the Issue needed to maintain Pre-Issue EPS for the year ended March 31, 2015: Investors should also refer to the sections “Our Business”, “Risk Factors” and “Financial Statements” on pages 141, 16 and 191 of the RHP respectively, to have an informed view To maintain pre-Issue basic EPS before making an investment decision. i. Based on Restated Standalone Financial Statements: ii. Based on Restated Consolidated Financial Statements: Qualitative Factors: We believe that the following are our competitive strengths: • Well Established Brands Targeting a Range of Consumer Groups; • Integrated Business Model; 1. At the Floor Price - 10.12% 2. At the Cap Price - 10.07% 1. At the Floor Price - 8.89% 2. At the Cap Price - 8.84% • Diversified Product Portfolio and Customer Base; • Growing Pan-India Distribution Network; • Established Track Record of Growth and Financial Performance; and • Experienced To maintain pre-Issue diluted EPS Senior Management. i. Based on Restated Standalone Financial Statements: ii. Based on Restated Consolidated Financial Statements: For further details, see “Our Business - Our Competitive Strengths” on pages 143 and 144 of the Red Herring Prospectus. 1. At the Floor Price - 8.63% 2. At the Cap Price - 8.59% 1. At the Floor Price - 7.57% 2. At the Cap Price - 7.54% Quantitative Factors: The information presented below relating to our Company is based on the Restated Standalone Financial Statements and Restated Consolidated Financial Statements prepared in accordance with Indian GAAP and the Companies Act and restated in accordance with the SEBI Regulations. For details, see “Financial Statements” on Net Worth as of March 31, 2015 has been considered for the above calculations page 191 of the RHP. 5. Net Asset Value (“NAV”) per Equity Share of face value of ` 10 each Some of the quantitative factors which may form the basis for computing the Issue Price are as follows: 1. Earnings Per Share (EPS) (as adjusted for changes in capital) NAV per Equity Share Restated Standalone Restated Consolidated Financial Statements Financial Statements As per our Restated Standalone Financial Statements: As per our Restated Consolidated Financial Statements: As on March 31, 2015 83.79 77.13 Financial Period Basic EPS (in `) Diluted EPS (in `) Weight Financial Period Basic EPS (in `) Diluted EPS (in `) Weight As on December 31, 2015 43.79 41.94 March 31, 2013 3.82 3.26 1 March 31, 2013 3.58 3.05 1 At Floor Price 70.09 68.64 March 31, 2014 3.31 2.82 2 March 31, 2014 2.75 2.34 2 At Cap Price 70.45 68.99 March 31, 2015 5.22 4.45 3 March 31, 2015 4.47 3.81 3 Net Asset Value Per Equity Share = Net Worth excluding revaluation reserve and preference share capital at the end of the period/year divided by Number of Equity Shares Weighted Average 4.35 3.71 Weighted Average 3.75 3.20 outstanding at the end of year/period For the nine month period ended December 31, 2015, the basic EPS For the nine month period ended December 31, 2015, the basic EPS 6. Comparison with Listed Industry Peers Our Company is a based branded consumer products company with an integrated business model. There are, however, listed consumer companies in the food and (not annualized) was 5.23 and the diluted EPS (not annualized) was 4.90. (not annualized) was 4.98 and the diluted EPS (not annualized) was 4.67. beverage industry, including dairy based, which are listed below as peer group companies: Notes: 1. Basic and diluted earnings per share calculations are in accordance with Accounting Standard 20 on Earnings Per Share notified under section 133 of the Companies Act, 2013 read together along with paragraph 7 of the Companies (Accounts) Rules, 2014. As per Accounting Standard 20, in case of bonus shares or consolidation of shares, the Name of the company For the year ended March 31, 2015 number of shares outstanding before the event is adjusted for the proportionate change in the number of equity shares outstanding as if the event has occurred at the beginning of Face Value Total Income Basic EPS Diluted P/E RoNW NAV the earliest period reported. Shares outstanding adjusted for bonus equity shares issued in the ratio of 2:1 post March 31, 2015. 2. Basic EPS (`) is Net profit after tax as restated for (`) (` Million) (`) EPS (`) (%) (`) calculating basic EPS divided by Weighted average number of Equity Shares outstanding during the year. 3. Diluted EPS (`) is Net profit after tax as restated for calculating diluted Britannia Industries Limited 2 72,635.20 51.90 51.89 56.91 50.37 103.03 EPS divided by Weighted average number of diluted Equity Shares outstanding at the end of the year. 4. The face value of equity shares of the Company is `10. Hatsun Agro Product Limited 1 29,390.98 3.62 3.62 106.35 17.68 20.37 2. Price/Earning (“P/E”) ratio in relation to Price Band of ` 220 to ` 227 per Equity Share: Nestle India Limited 10 99,421.60 122.87 122.87 48.84 41.76 294.27 Particulars P/E at the lower end of P/E at the higher end of Prabhat Dairy Limited 10 8,748.74 0.83 0.54 127.05 1.65 24.09* Price band (no. of times) Price band (no. of times) Industry Composite 86.14 27.87 Based on basic EPS as per the Restated Standalone Financial Statements for FY 2015 42.15 43.49 # Source: Based on the Restated Standalone Financial Statements for the year ended March 31, 2015. Shares outstanding adjusted for bonus equity shares Offered in the ratio Based on basic EPS as per the Restated Consolidated Financial Statements for FY 2015 49.22 50.78 of 2:1 post March 31, 2015 Based on diluted EPS as per the Restated Standalone Financial Statements for FY 2015 49.44 51.01 @ Based on audited standalone financial results for the financial year ended March 31, 2015 except Nestle India Limited where audited standalone financial results for the Based on diluted EPS as per the Restated Consolidated Financial Statements for FY 2015 57.74 59.58 financial year ended December 31, 2014 have been taken * Based on shares outstanding as of September 30, 2015. 3. Return on Net Worth (“RoNW”) (as adjusted for changes in capital) Notes: 1. Total Income is as sourced from the financial results reports of the companies. 2. Basic EPS and Diluted EPS refer to the basic EPS sourced from the financial results As per Restated Standalone Financial Statements: As per Restated Consolidated Financial Statements: reports of the companies. 3. P/E Ratio has been computed as the closing market prices of the companies sourced from the NSE website as on September 11, 2015 as divided by Particulars RoNW % Weight Particulars RoNW % Weight the basic EPS provided under Note 2. 4. RoNW (%) has been computed as net profit after tax divided by the net worth of these companies. Net worth has been computed as sum Year ended March 31, 2013 26.37 1 Year ended March 31, 2013 25.57 1 of share capital and reserves and surplus. 5. NAV is computed as the closing net worth of these companies, computed as per Note 4, divided by the closing outstanding number of Year ended March 31, 2014 18.59 2 Year ended March 31, 2014 16.43 2 fully paid up equity shares as sourced from the BSE website as on March 31, 2015. Year ended March 31, 2015 22.67 3 Year ended March 31, 2015 21.08 3 For a detailed discussion on the qualitative factors, which form the basis for computing the Issue Price, see “Our Business” and “Risk Factors” on pages 141 and 16, respectively Weighted Average 21.93 Weighted Average 20.28 of the RHP. The Issue Price of ` [•] has been determined by our Company in consultation with the Investor Selling Shareholders and the BRLMs, on the basis of assessment of market For the nine month period ended December 31, 2015, the For the nine months ended December 31, 2015, the demand from investors for Equity Shares through the Book Building Process and, is justified in view of the above qualitative and quantitative parameters. The BRLMs believe that RONW (not annualized) was 11.56%. RONW (not annualized) was 11.50%. the Issue Price of ` [•] is justified in view of the above parameters. Investors should read the above mentioned information along with the sections “Risk Factors” and “Financial Return on Net Worth for Equity Shareholders = Net Profit After Tax Statements” on pages 16 and 191, respectively of the RHP, to have a more informed view. The trading price of the Equity Shares could decline due to the factors mentioned in the Net Worth excluding revaluation reserve as at the end of the period section titled “Risk Factors” beginning on page 16 or any other factors that may arise in the future and you may lose all or part of your investments. For further details, see "Basis for Issue Price" beginning on page 106 of the RHP

BID / ISSUE 1 PERIOD OPENS ON: WEDNESDAY MAY 4, 2016 CLOSES ON: FRIDAY MAY 6, 2016

(1) Our Company in consultation with the Investor Selling Shareholders and the BRLMs, will offer a discount of up to ` 12 per Equity Share on the Issue Price to Eligible Employees and a discount of up to ` 12 per Equity Share on the Issue Price to the Retail Individual Bidders. Our Company in consultation with the Investor Selling Shareholders and the BRLMs, may consider participation by Anchor Investors in accordance with the SEBI Regulations. The Anchor Investor Bid/Issue Period shall be one Working Day prior to the Bid/Issue Opening Date. Simple, Safe, Smart way of *Applications supported by blocked amount (ASBA) is a better way of applying to issues by simply blocking the fund in the bank account, investors can avail the same. For further details, check section on ASBA below. Application - Make use of it!!! Mandatory in public issue from January 1, 2016. No cheque will be accepted.

In case of any revision to the Price Band, the Bid/Issue Period will be extended by at least three additional Working Days after such revision of the Price Band, subject to the Bid/Issue inspection in relation to the Issue. For further details, see the section “Material Contracts and Documents for Inspection” on page 428 of the RHP. Period not exceeding 10 Working Days. Any revision in the Price Band and the revised Bid/Issue Period, if applicable, will be widely disseminated by notification to the BSE Limited Liability of the members of the Company: Limited by shares. (“BSE”) and the National Stock Exchange of India Limited (“NSE”), by issuing a press release, and also by indicating the change on the websites of the BRLMs, the terminals of the Amount of share capital of the Company and Capital structure: The authorised, issued, subscribed and paid up share capital of the Company as on the date of the RHP is Syndicate Members and the Self Certified Syndicate Banks (“SCSBs”). as follows: The authorised capital of the Company is ` 1,000,000,000 divided into 100,000,000 Equity Shares of ` 10 each. The issued, subscribed and paid-up share capital of In terms of Rule 19(2)(b)(ii) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”), the Equity Shares issued in the Issue shall aggregate to at least such the Company is ` 704,158,870 divided into 70,415,887 Equity Shares of ` 10 each. For details, see the section “Capital Structure” beginning on page 77 of the RHP. percentage of the post-Issue Equity Share capital of our Company (calculated at the Issue Price) that will be at least ` 4,000 million and the post-Issue capital of our Company at the Issue Names of signatories to the Memorandum of Association of the Company and the number of Equity Shares subscribed by them: Given below are the names of the Price will be more than ` 16,000 million but less than or equal to ` 40,000 million. The Issue is being made through the Book Building Process, in compliance with Regulation 26(2) of the signatories of the Memorandum of Association of the Company and the number of Equity Shares subscribed for by them at the time of signing of the Memorandum of SEBI Regulations, wherein at least 75% of the Net Issue shall be Allotted on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Association: Devendra Shah - 10 Equity Shares, Pritam Shah - 10 Equity Shares and Parag Shah - 10 Equity Shares aggregating to 30 Equity Shares, which where allotted as Company in consultation with the Investor Selling Shareholders and the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis. 5% of the QIB part of the allotment on December 29, 1992. Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for Listing : The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the BSE and the NSE. We have received the ‘in-principle’ approval from allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Issue Price. If at least each of the BSE and the NSE for the listing of the Equity Shares pursuant to the letters dated October 16, 2015 and October 14, 2015, respectively. For the purposes of the 75% of the Net Issue cannot be Allotted to QIBs, then the entire application money shall be refunded forthwith. Further, not more than 15% of the Net Issue shall be available for allocation Issue, the Designated Stock Exchange shall be BSE. A copy of the Red Herring Prospectus has been delivered to the RoC and a copy of the Prospectus shall be delivered for on a proportionate basis to Non-Institutional Bidders and not more than 10% of the Net Issue shall be available for allocation to Retail Individual Bidders in accordance with the Securities registration to the RoC in accordance with Section 26(4) of the Companies Act, 2013. For details of the material contracts and documents available for inspection from the date and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the “SEBI Regulations”), subject to valid Bids being received at or of the Red Herring Prospectus up to the Bid/Issue Closing Date, see “Material Contracts and Documents for Inspection” on page 428 of the RHP. above the Issue Price. Further, 300,000 Equity Shares will be available for allocation on a proportionate basis to Eligible Employees, subject to valid Bids being received from them at or Disclaimer Clause of SEBI: SEBI only gives its observations on the offer documents and this does not constitute approval of either the Issue or the specified securities or the above Issue Price after the Employee Discount, if any. All potential investors, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked offer document. The investors are advised to refer to page 346 of the RHP for the full text of the Disclaimer Clause of SEBI. Amount (“ASBA”) process by providing details of their respective bank account which will be blocked by the Self Certified Syndicate Banks (“SCSBs”), to participate in this Issue. For Disclaimer Clause of BSE (The Designated Stock Exchange): It is to be distinctly understood that the permission given by BSE should not in any way be deemed or details, see “Issue Procedure” on page 371 of the RHP. construed that the RHP has been cleared or approved by BSE nor does it certify the correctness or completeness of any of the contents of the Red Herring Prospectus. The Bidders should note that on the basis of PAN, DP ID and Client ID as provided in the Bid cum Application Form, the Bidder may be deemed to have authorised the investors are advised to refer to page 355 of the RHP for the full text of the Disclaimer Clause of the BSE. Depositories to provide to the Registrar to the Issue, any requested Demographic Details of the Bidder as available on the records of the depositories. These Demographic Disclaimer Clause of NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the offer document has been Details may be used, among other things, for unblocking of ASBA Account or for other correspondence(s) related to the Issue. Bidders are advised to update any changes cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the offer document. The investors are advised to refer to page 356 of to their Demographic Details as available in the records of the Depository Participant to ensure accuracy of records. Any delay resulting from failure to update the the RHP for the full text of the Disclaimer Clause of NSE. Demographic Details would be at the Bidders' sole risk. Bidders should ensure that PAN, DP ID and the Client ID are correctly filled in the Bid cum Application Form. The GENERAL RISKS: Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue unless they can afford to PAN, DP ID and Client ID provided in the Bid cum Application Form should match with the PAN, DP ID and Client ID available in the depository database, otherwise, the Bid take the risk of losing their entire investment. Bidders are advised to read the risk factors carefully before taking an investment decision in this Issue. For taking an investment cum Application Form is liable to be rejected. decision, investors must rely on their own examination of our Company and the Issue, including the risks involved. The Equity Shares offered in the Issue have not been Contents of the Memorandum of the Company as regards its Objects: For information on the main objects and other objects of the Company, see “History and Certain Corporate recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the contents of the Red Herring Matters” on page 162 of the RHP and Clause III of the Memorandum of Association of the Company. The Memorandum of Association of the Company is a material document for Prospectus. Specific attention of the investors is invited to the section “Risk Factors” on page 16 of the RHP. BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE ISSUE Company Secretary and Compliance Officer

Rachana Sanganeria 20th Floor, Nirmal Building, Nariman Point, Mumbai 400 021 IDFC SECURITIES Tel: (91 22) 4300 5555, Fax: (91 22) 4300 5580 Kotak Mahindra Capital Company Limited JM Financial Institutional Securities Limited* IDFC Securities Limited** Motilal Oswal Investment Advisors Private Limited** Karvy Computershare Private Limited Email: [email protected] Website: www.paragmilkfoods.com 1st Floor, 27 BKC, Plot No. 27, “G” Block, Bandra Kurla 7th Floor, Cnergy, Appasaheb Marathe Marg, Naman Chambers, C-32, G Block, Bandra Kurla Motilal Oswal Tower, Rahimtullah Sayani Road, opposite Karvy Selenium Tower B, Plot 31-32, Gachibowli, Complex, Bandra (East), Mumbai 400 051 Prabhadevi, Mumbai 400 025 Complex, Bandra (East), Mumbai 400 051 Parel ST Bus Depot, Prabhadevi, Mumbai - 400 025 Financial District, Nanakramguda, Hyderabad 500 032 Bidders may contact any of the BRLMs who have submitted the due Tel: (91 22) 4336 0000; Fax: (9122) 6713 2447 Tel: (91 22) 6630 3030; Fax: (91 22) 6630 3330 Tel: (91 22) 6622 2600; Fax: (91 22) 6622 2501 Tel: (91 22) 3980 4380; Fax: (91 22) 3980 4315 Tel : (91 40) 6716 2222; Fax: (91 40) 2343 1551; diligence certificate to SEBI for any complaints, information or Email: [email protected] E-mail: [email protected] E-mail: [email protected] E-mail: parag.ipo@ motilaloswal.com Email: [email protected] clarifications pertaining to the Issue. Bidders can contact the Investor Grievance Email: Investor grievance E-mail:[email protected] Compliance Officer or the Registrar to the Issue in case of any pre- Investor Grievance ID: [email protected] Investor Grievance E-mail: [email protected] [email protected] Investor Grievance ID:[email protected] Issue or post-Issue related problems, such as non-receipt of letter of Website: www.investmentbank.kotak.com Website: www.jmfl.com Website: www.idfccapital.com Website: www.motilaloswalgroup.com Website: https://karisma.karvy.com allotment, non-credit of Allotted Equity Shares in the respective Contact Person: Ganesh Rane Contact Person: Lakshmi Lakshmanan Contact Person: Akshay Bhandari Contact Person: Subodh Mallya Contact Person: M. Murali Krishna; beneficiary account or non-receipt of refund intimations and non- SEBI Registration No.: INM000008704 SEBI Registration No.: INM000010361 SEBI Registration No.: MB/INM000011336 SEBI Registration No.: INM000011005 SEBI Registration No.: INR000000221 receipt of funds by electronic mode. * Formerly, JM Financial Institutional Securities Private Limited ** In compliance with the proviso to Regulation 21A(1) of the SEBI (Merchant Bankers) Regulations, 1992, read with proviso to Regulation 5(3) of the SEBI Regulations, IDFC Securities Limited and Motilal Oswal Investment Advisors Private Limited will be involved only in marketing of the Issue. AVAILABILITY OF RHP: Investors are advised to refer to the RHP, and the Risk Factors, beginning on page 16 therein, before applying in the Issue. Full copy of the RHP is available at www.sebi.gov.in, the websites of the BRLMs to the Issue at www.investmentbank.kotak.com, www.jmfl.com, www.idfccapital.com and www.motilaloswalgroup.com, and websites of BSE and NSE i.e. www.bseindia.com and www.nseindia.com, respectively. AVAILABILITY OF BID CUM APPLICATION FORMS: Bid-cum-Application Forms can be obtained from the Registered Office of PARAG MILK FOODS LIMITED, BRLMs: Kotak Mahindra Capital Company Limited, Tel: (91 22) 4336 0000, Fax: (9122) 6713 2447; JM Financial Institutional Securities Limited, Tel: (91 22) 6630 3030, Fax: (91 22) 6630 3330; IDFC Securities Limited, Tel: (91 22) 6622 2600, Fax: (91 22) 6622 2501 and Motilal Oswal Investment Advisors Private Limited, Tel: (91 22) 3980 4380, Fax: (91 22) 3980 4315; Syndicate Member: Kotak Securities Limited, Tel: +91 22 6740 9708, Fax: +91 22 6661 7041; JM Financial Services Limited, Tel: +91 22-6136 3400, Fax: +91 22-22665902; Sharekhan Limited, Tel: +91 22 6115 0000, Fax: +91 22 6748 1891 and Motilal Oswal Securities Limited, Tel: +91 22 3027 8129/8100, Fax: +91 22 3980 4315 and at the select locations of the Sub-Syndicate Members (as given below), Registered Brokers, RTAs and CDPs participating in the Issue. Bid-cum-Application Forms will also be available on the websites of BSE, NSE and the Designated Branches of SCSBs, the list of which is available at websites of the Stock Exchanges and SEBI. Sub-Syndicate Members: Achiievers Equities Limited, Alankit Assignments Limited, Almondz Global Securities Limited, Amit Jasani Financial Services Private Limited, Amrapali Capital & Finance Services Ltd., Anand Rathi Share & Stock Brokers Limied, Angel Broking Pvt Ltd., Anush Shares & Securities Pvt. Ltd., Ashika Stock Broking Limited, Asit C. Mehta Investment Interrmediates Ltd., Axis Capital Limited, Centrum Broking Private Limited, Chugh Securities (P) Limited, Dalal & Broacha Stock Broking Private Limited, Edelweiss Broking Limited, Edelweiss Securities Limited, Eureka Stock & Share Broking Services Limited, Fair Intermediate Investments Pvt Ltd., Geojit BNP Paribas Financial services Limited, HDFC securities Ltd., Hem Securities Limited, Hitesh Shah Share & Stock Brokers, ICICI Securities Limited, IDBI Capital Markets Limited, India Infoline Limited, Indiabulls Ventures Limited, JM Financial Services Limited, Jobanputra Fiscal Services Private Limited, Joindre Capital Services Limited, Keynote Capitals Limited, KJMC Capital Market Services Limited, Kotak Securities Limited, Leo Financial Services Limited, LKP Securites Limited, Matalia Stock Broking Pvt Ltd, Monarch Networth Capital Ltd., Motilal Oswal Securities Ltd., MPSE Securities Limited, Nirmal Bang Securities Pvt Ltd., O.J. Financial Services Ltd, Prabhudas Lilladher P. Limited, Pravin Ratilal Share & Stock Brokers Limited, PRL Stock & Share Brokers Pvt Ltd-Pukhraj Lunkar, Raghunandan Capital Pvt Ltd, Reliance Securities Limited, Religare Securites Limited, RR Equity Broker Private Limited, SBICAP Securities Limited, Sharekhan Limited, Sharewealth Securities Limited, SMC Global Securities Ltd, SPA Securities Limited, Swastika Investmart Limited, Systematix Shares & Stocks (I) Ltd., Tradebulls Securities (P) Ltd. and Way2Wealth Brokers Private Limited. APPLICATIONS SUPPORTED BY BLOCKED AMOUNT (ASBA): Investors have to apply through the ASBA process. ASBA has to be availed by all the investors except anchor investors. For details on the ASBA process, please refer to the details given in ASBA Form and Abridged Prospectus and also please refer to the section “Issue Procedure” beginning on page 371 of the RHP. ASBA Forms can also be downloaded from the websites of BSE and NSE. ASBA form can be obtained from the list of banks that is available on the website of SEBI at www.sebi.gov.in. ASBA Form can be obtained from Syndicate, SCSBs, Registered Brokers, RTAs and CDPs, the list of which is available on the website of SEBI at http://www.sebi.gov.in/sebiweb/home/list/5/33/0/0/Recognised-Intermediaries. Banker to the Issue, Escrow Collection Bank and Refund Bank: Axis Bank Limited Public Issue Bank: Axis Bank Limited All capitalised terms used herein and not specifically defined shall have the same meaning as ascribed to them in the RHP. For PARAG MILK FOODS LIMITED On behalf of the Board of Directors Place : Pune Sd/- Date : April 25, 2016 Company Secretary and Compliance Officer Parag Milk Foods Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed the RHP with the RoC, on April 22, 2016. The RHP is available on the websites of SEBI and Stock Exchanges at www.sebi.gov.in, www.bseindia.com and www.nseindia.com, respectively, and is also available on the websites of the Book Running Lead Managers at www.investmentbank.kotak.com, www.jmfl.com, www.idfccapital.com and www.motilaloswalgroup.com. Potential investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see "Risk Factors" beginning on page 16 of the RHP. Potential investors should not rely on the DRHP filed with the SEBI for making any investment decision. The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States (as defined in Regulation S of the U.S. Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, such Equity Shares are being offered and sold (i) outside of the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur; and (ii) to “qualified institutional buyers” (as defined in Rule 144A (“Rule 144A”) under the U.S. Securities Act), pursuant to the private placement exemption set out in Section 4(a)(2) of the U.S. Securities Act.

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