This Weeks Highlights:

Asian EDC/ VCM - Flat to weaker amid thin trade, weak demand
Asian PVC - Falls $2/ mt amid weak demand
INDEX:
Platts International Prices
1
Polymerupdate Indian Domestic Producer Price
1
Platts Polymer Shipping Costs (USD/ MT)
1
Polymerupdate CI F I ndia Prices
2
Polymerupdate Indian Open Market Price Table
2
Polymerupdate Indian Producer Posting Price Comparison
2
Heard in PVC Market
3
Platts International Market Commentary & Analysis
3
Polymerupdate - PVC Market Supply Scenario
4
Platts Price Analysis Of PVC Chain Processing Margins
5
Currency Rates
6
Crisil Research Macroeconomics & Currency Monthly Analysis
6
Point of Contact
8
Polymerupdate - About us & Copyright
8
Platts - About us & Copyright
8

S
H
A
L
I
M
A
R

I
N
F
O
T
E
C
H

P
V
T
.

L
T
D
.

Week 36 September 03, 2014

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025 1

PLATTS INTERNATIONAL PRICES (USD/MT)

Product
Aug 27
(WK 35)
Sep 03
(WK 36)
Price Change
on Week
India Crude basket: (USD/ b) 101.47 99.53 - 1.94
Naphtha: (MOP West India) 883.48 861.23 - 22.25
EDC :
CFR Far East Asia 438-440 438-440 0
CFR South East Asia 438-440 438-440 0
VCM :
CFR Far East Asia 909-911 904-906 - 05
CFR South East Asia 939-941 939-941 0
PVC :

PVC Suspension CFR China 1044-1046 1042-1044 - 02
PVC Suspension CFR SEA 1039-1041 1037-1039 - 02
PVC Suspension CFR India 1109-1111 1107-1109 - 02
Specifications: Cargoes of 100-500mt delivered 15-30 days forward from date of publication with up to 30 days
credit, basis CFR Far East Asia: China main ports (Shanghai, Shenzhen, Ningbo, Shantou, Hong Kong); CFR South East
Asia: Indonesia (J akarta, Surabaya), Singapore, Philippines (Manila Bay), Malaysia (Port Kelang), Thailand (Bangkok,
Laem Chabang, Map Ta Phut), Vietnam (Ho Chi Minh). Platts prices reflect spot market values on the day of
publication.
India Crude Import Basket Calculation: ( (Dubai + Oman) / 2 * 65.2% ) + (Dated Brent * 34.8%)
MOP West India : Mean of Platts FOB West India naphtha export price
China Domestic (YUAN/ MT EX-WORK) :
Ethylene Based 6940-6960 6940-6960 0
Carbide Based 5940-5960 5940-5960 0

POLYMERUPDATE

INDIA DOMESTIC PRODUCER PRICE - RIL (Ex Hazira)
Product
Aug 27 (WK 35)

Sep 03 (WK 36) Price Change on Week
I NR/ KG USD/ MT

I NR/ KG USD/ MT I NR/ KG
PVC Grade
Suspension 77.50 1151

77.50 1151 0
*Domestic Indian producer prices are quoted in INR/ kg basic (Nett of all taxes) ; equivalent USD/ MT
price is calculated at current US/ INR rate. *Lot Size: 1 Truck Load (10 to 16 MT)
- Price assessments are based on information gathered from a cross section of the industry that
includes resin producers, processors, traders and distributors.
- Standard repeatable orders (based on confirmed market deals) form the basis of the prices.

PLATTS Polymer shipping costs (USD/MT)

From: Middle East Middle East
To: 25 100 MT > 100 MT
East China 20 25 10 15
South China 15 25 10 15
India 45 50 30 40
Southeast Asia 30 35 25 30
NW Europe 55 65 50 60
Turkey 50 70 40 60
US Gulf 130 140 120 130
Latin America 165 175 160 165
NOTES:
Polymers refer to polyethylene, polypropylene, polystyrene, ABS, and PVC.
1) Middle East loadings refer to products coming from J ebel Ali (Dubai), Khalifa (Abu Dhabi), J ubail (Saudi Arabia),
Shuaiba (Kuwait), Rabigh (Saudi Arabia), Mesaieed (Qatar), Assaluyeh and Bandar Imam Khomeini (Iran) ports. The
assessments are normalized between these ports.
2) East China deliveries refer to products coming into Zhangjiagang, Shanghai, J iangyin, Nantong, Ningbo, Nanjing,
Zhenjiang ports.
3) South China deliveries refer to products coming into Shenzhen, Shantou, Hong Kong, Xiamen, Zhuhai ports.
4) India deliveries refer to products coming into Kolkata, Mumbai and Chennai ports.
5) South East Asia deliveries refer to products coming into Indonesia (J akarta, Surabaya), Singapore, Philippines
(Manila Bay), Malaysia (Port Kelang), Thailand (Bangkok), Vietnam (Ho Chi Minh) ports.
6) Northwest Europe deliveries refer to products coming into Antwerp port. Deliveries into Rotterdam and Amsterdam
ports will be normalized to Antwerp.
7) Turkey deliveries refer to products coming into Istanbul and Mersin ports.
8) US Gulf deliveries refer to products coming into Houston port. No deliveries from the Persian Gulf.
9) Latin America deliveries refer to products coming into mainports in Brazil, Chile, Uruguay.


S
H
A
L
I
M
A
R

I
N
F
O
T
E
C
H

P
V
T
.

L
T
D
.

Week 36 September 03, 2014

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025 2

POLYMERUPDATE (CIF INDIA PRICES)

CIF I NDIA BY ORIGIN (Nhava Sheva Port)

South Korea Thailand Taiwan
WK 35 WK 36
Price Change
on Week
WK 35 WK 36
Price Change on Week
WK 35 WK 36
Price Change on Week
Aug 27 Sep 03 Aug 27 Sep 03 Aug 27 Sep 03
Suspension 1110 1110 0
1100 1100 0
1110 1110 0
Emulsion 1350 1350 0
-- -- -- -- 1340 1340 0
- All prices are in USD/ MT CI F I ndia (Nhava Sheva)
- For South Korea, Singapore, Thailand and Saudi Arabia : Cargo size of 50-100mt delivered within 30 days.
- Price assessments are based on information gathered from a cross section of the industry that includes resin producers, processors, traders and distributors.
- Standard repeatable orders (based on confirmed market deals) form the basis of the prices.



POLYMERUPDATE - Indian Open Market Price Table Note: All prices are in INR/ kg levels.

Product Mumbai Delhi Kolkata Bangalore Indore Chennai Patna Ahmedabad Hyderabad
Ethylene Based PVC 85 - 86 90 - 91 87 - 88 86.5 - 87 90.5 - 92
88.5 - 89
(Incl. of VAT)
94 88 - 89 91.5 - 92



POLYMERUPDATE - INDIAN PRODUCER POSTING PRICE COMPARISON (GRADE WISE)

PVC SUSPENSI ON K-67 w.e.f 1 September-2014
Producer Grade No. *INR/MT USD/MT
RIL 67GER01 (Ex-Gandhar) 77500 1151
RIL 67.01 (Ex-Hazira) 77500 1151
RIL 57GER01 (Ex-Gandhar) 79000 1174
RIL 57.11 (Ex-Hazira) 79000 1174
*Domestic I ndian producer prices are quoted in I NR/ MT basic (Nett of all taxes) ; equivalent USD/ MT price is calculated at current US/ INR rate. *Lot Size: 1 Truck Load (10 to 16 MT)
- USD Price calculation: INR/ MT Aprox. Clearing and Forwarding Charges / Basic Duty / Exchange Rate = USD/ MT (For example: 82330 2500 / 1.075 / 54.24 = 1396)
S
H
A
L
I
M
A
R

I
N
F
O
T
E
C
H

P
V
T
.

L
T
D
.

Week 36 September 03, 2014

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025 3

Heard in PVC MARKET

Platts:

03 Sep PVC: Offers heard at $1,050/mt CFR Southeast Asia, L/C at sight, 100-500 mt
03 Sep PVC: Bids heard below $1,020/mt CFR China, L/C at sight, 100-500 mt
03 Sep PVC: Offers heard at $1,050/mt CFR China, L/C at sight, 100-500 mt
03 Sep PVC: Bids heard below $1,020/mt CFR Southeast Asia, L/C at sight, 100-500 mt

Polymerupdate:
N.A.



PLATTS INTERNATIONAL MARKET COMMENTARY & ANALYSIS

EDC: Asian ethylene dichloride was assessed flat week on week at $439/mt CFR Far East Asia and
$439/mt CFR Southeast Asia Thursday in thin trade. Deepsea cargoes were heard offered in the
range of $450-480/mt CFR Far East Asia against bids below $430/mt CFR Far East Asia. No offers
were seen for Asian-origin cargoes. Trading activity was thin this week as end-users were covered
by September term allocations and unlikely to purchase spot material unless it was cheap, a trade
source said. While high feedstock ethylene costs were supporting prices in both the US and Asia,
there was no strong demand to drive prices up, resulting in a balanced market situation for several
weeks now, a buyer said. In Southeast Asia, discussion was slow amid poor spot demand despite
ongoing turnarounds, and there were no trades heard this week.
VCM: Asian vinyl chloride monomer prices fell $5/mt week on week to be assessed at $905/mt
CFR Far East Asia Thursday on weak demand and unchanged at $940/mt CFR Southeast Asia in
thin trade. Offers for September cargoes were heard at $910/mt CFR Far East Asia against bids
below $900/mt CFR Far East Asia. No trades were heard this week, although some discussion was
ongoing. In China, carbide-based PVC made from coal was cheaper than ethylene-based PVC
made from VCM this week, dampening end-user demand for VCM, a Chinese source said. Prices
for Chinese ethylene-based PVC were also softening due to major producer Taiwan's Formosa
lowering its September PVC offers, further curbing VCM buying ideas this week, one market
participant said. In Southeast Asia, VCM trades were heard to have transacted above $940/mt
CFR, but could not be confirmed. Offers from Taiwan were heard at $910/mt FOB against bids at
$890/mt FOB. No selling indications were heard from traders this week as they moved to the
sidelines to observe the market. One market participant said a lack of available spot VCM in
Southeast Asia meant end-users were only able to purchase cargoes from Northeast Asia at higher
prices. However, persistently weak PVC prices meant this was unlikely to push up VCM prices
sharply, the source added.
PVC: Asian polyvinyl chloride prices fell this week on weak demand. The CFR India price fell $2/mt week on
week to be assessed at $1,108/mt Wednesday. No trades were heard this week given thin buying interest.
Offers were heard at $1,110-1,120/mt CFR from Northeast Asian producers while Pakistan-origin cargoes were
heard offered at $1,080/mt this week. Bids were heard at $1,040-1,050/mt. Market sources noted ample
supply of cheaper PVC materials from China and other origins was greatly affecting demand for ethylene-
based PVC from Asia. While a trade source said there would still be demand in October, albeit at lower prices,
several producers said they were reluctant to lower offers, and would rather reduce run rates and cut volumes
offered into the market. The CFR China marker was assessed $2/mt lower from last Wednesday, at
$1,043/mt. In China, sell indications were heard at $1,050/mt, while buying ideas remained below $1,020/mt
this week. Meanwhile, September-loading US origin cargoes were heard offered at $940/mt FAS Houston,
which could displace Asian-origin ethylene-based PVC into China. Adding to this, end-users were purchasing
minimal quantity, resulting in thin trades outside of monthly offers. In the Chinese domestic market, ethylene-
based PVC remained flat week on week at Yuan 6,950/mt Wednesday. Chinese carbide-based PVC was
unchanged from the week before at Yuan 5,950/mt Wednesday. Unable to sustain high VCM prices, a market
participant said several Chinese ethylene-based PVC producers were heard to have temporarily shut
operations to minimize further losses from low domestic prices. Inventory levels for these producers were still
high as downstream demand has remained persistently weak this year. As for carbide-based PVC, Chinese
makers were also still keeping exports to Asia high amid high operation rates and poor domestic downstream
demand. The CFR Southeast Asia PVC marker dropped $2/mt week on week to be assessed at $1,038/mt
Wednesday. Sell indications were heard at $1,050/mt, against bids at below $1,020/mt. Sellers noted spot
discussions were thin, given Chinese carbide-based PVC have been meeting demand from Southeast Asian
pipe makers. In plant news, Indonesia's Asahimas expects to resume operations for its 100,000 mt/year PVC
line 1 at Anyer by mid-September, from an ongoing maintenance that started August 18, a company source
said Wednesday.


S
H
A
L
I
M
A
R

I
N
F
O
T
E
C
H

P
V
T
.

L
T
D
.

Week 36 September 03, 2014

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025 4

POLYMERUPDATE - PVC MARKET SUPPLY SCENARIO

VCM plant operated by Taiwan VCM at
full rates
Taiwan VCM Corp. is operating its vinyl
chloride monomer (VCM) plant at 100%
capacity levels. A steady market undertone
existed for the product in the domestic
markets. Located at Kaohsiung in Taiwan,
the VCM plant has a production capacity of
410,000 mt/year.

VCM lines shut by Asahimas for
maintenance
Asahimas has shut one of two vinyl chloride
monomer (VCM) lines for maintenance. The
VCM line was shut on August 20. It is likely
to restart in mid-September 2014. Located
at Cilegon in Banten province, Indonesia,
the shut VCM line has a capacity of 240,000
mt/year while the line which is operating
has a capacity of 160,000 mt/year.

PVC plant restarted by FPC
Formosa Plastics Corp (FPC) has restarted a
polyvinyl chloride (PVC) plant. The plant
restarted early this week. It was shut on
August 18, 2014 for maintenance
turnaround. Located in Mailiao, Taiwan, the
plant has a production capacity of 500,000
mt/year.
VCM plant operated by Tokuyama at lower rates
Tokuyama Corp is operating its vinyl chloride monomer (VCM) plant at lesser capacity levels. The plant is operating at 70% of production capacity. Located at Tokuyama, Yamaguchi prefecture in J apan, the VCM
plant has a production capacity of 330,000 mt/year.




S
H
A
L
I
M
A
R

I
N
F
O
T
E
C
H

P
V
T
.

L
T
D
.

Week 36 September 03, 2014

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025 5

PLATTS Price Analysis of PVC Chain Processing Margins

Naphtha to Ethylene Naphtha to PVC

Typical North East Asian $/ mt margin for producing ethylene
from naphtha using a conversion cost of $350/ mt
Premium or discount of CFR FE Asia PVC prices over naphtha


Ethylene to PVC


PVC : VCM Ratio

Premium or discount of CFR FE Asia PVC prices compared to naphtha CFR FE Asia PVC prices as a ratio to VCM


S
H
A
L
I
M
A
R

I
N
F
O
T
E
C
H

P
V
T
.

L
T
D
.

Week 36 September 03, 2014

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025 6

Currency rates equivalent to 1 US Dollar :
Countries Currency Rates Countries Currency Rates
Indian Rupees (INR) 60.60 J apan Yen (J PY) 105.12
Pakistan Rupees (PKR) 102.09 Indonesia Rupiahs (IDR) 11,763.26
China Yuan Renminb (CNY) 6.14 Malaysia Ringgits (MYR) 3.17
Bangladesh Taka (BDT) 77.47 Singapore Dollars (SGD) 1.25
Sri Lanka Rupees (LKR) 130.19 South Korea Won (KRW) 1018.29
Thailand Baht (THB) 32.12 Saudi Arabia Riyals (SAR) 3.75
Taiwan New Dollars (TWD) 29.94 United Arab Emirates Dirhams (AED) 3.67






CRISIL Research Macroeconomics & Currency Monthly Analysis

OVERVIEW: Monsoon enters crucial phase

In J une, the first month of the monsoon season, rainfall was close to 43% below the long period average. This
delayed the sowing of crops. However, the rainfall deficit reduced to 18% by August 10. The I MDexpects overall
rainfall deficiency of around 10%, which implies that rains will pick up further over the remaining part of the season.
CRISILs Deficient Rainfall Impact Parameter shows that Maharashtra, Gujarat and Rajasthan are the worst-hit. These
states have a large share of coarse cereals (jowar, bajra), pulses (tur) and oilseeds (groundnut, soybean) in overall
production. The delay in sowing of these cropswill pull down the agricultural GDP growth to 1% in FY15. This is
unlikely to derail the Reserve Bank of Indias consumer price index (CPI) inflation target of 8% by J anuary 2015 as the
most-affected crops have low weight (4.3%) in the CPI. Moreover, government measures, such a lower rise in the
minimum support price this year and ample buffer stocks, and a favourable base-effect will cap foodgrain inflation.
However, the risk is from elevated fruit and vegetable prices, which are hard to predict and can play spoilsport.

S
H
A
L
I
M
A
R

I
N
F
O
T
E
C
H

P
V
T
.

L
T
D
.

Week 36 September 03, 2014

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025 7

II P growth decelerates in J une

IIP growth slowed to 3.4% in J une compared to an average 4.2% growth in the previous two months, largely due to weaker growth in manufacturing
output - mainly consumer goods. The output of investment-related (capital) goods, however, continued to grow at a steady pace. For Q1FY15, the
industrial sector staged a revival, growing at 3.9% after falling by an average 0.7% between October 2013 and March 2014. The growth in Q1 was led
by manufacturing and electricity which contributed 63% and 29%, respectively, to IIP growth, while mining output turned positive. Given the Q1 IIP
growth, and assuming that the construction sector grew at the same rate as in FY14, industrial GDP is likely to have grown around 3.3% in Q1FY15,
(compared to 0.2% fall in Q4FY14 and 0.4% fall in Q1FY14), signalling an improvement in industrial performance.



CPI inflation edges higher in J uly

CPI inflation rose to 7.96% in J uly from 7.5% in J une, driven by a rise in food inflation to 9.4% y-o-y from 8% in the previous month. Inflation rose
sharply in vegetable, fruits, pulses, and condiments and spices. The support of a strong base effect to headline inflation last month was not present
in J uly, providing no cushion to rising food prices due to weak rainfall in the first half of the month. CPI Core inflation (excluding food and fuel &
light) fell to 7.3% y-o-y in J uly from 7.5% in the previous month. In the core, inflation came down in transport equipment, recreation and medical
care. The fall was partly led by last years strong base effect. In fact, on an m-o-m seasonally-adjusted basis, core inflation rose by 0.6% as
compared to 0.4% recorded last month.


Rupee weakens marginally in J uly

The rupee depreciated by 0.5% to Rs 60.1/$ on a monthly average basis in J uly despite a rise in FII inflows during the month. On a month-end
basis, however, the currency was fairly stable, ending at Rs 60.2/$ as compared to Rs 60.1/$ at the end of J une. In J uly, the rupee depreciated
marginally despite higher FII inflows. We believe that one reason for this could be higher dollar demand by importers. While data for J uly imports
is still not available, growth was seen to pick-up sharply in J une, reflecting green shoots of recovery in domestic demand. This is likely to have
continued in J uly. Despite depreciating, the rupee was slightly less volatile during the month, trading between 59.7-60.3/$.



About CRISIL Research
CRISIL Research is India's largest independent and integrated research house. We provide insights, opinions, and anal ysis on the Indian economy, industries, capital markets and companies. We are India's most credible
provider of economy and industry research. Our industry research covers 70 sectors and is known for its rich insights and perspectives. Our anal ysis is supported by inputs from our network of more than 4,500 primary
sources, including industry experts, industry associations, and trade channels. We play a key role in India's fixed income markets. We are India's largest provider of valuations of fixed income securities, serving the mutual
fund, insurance, and banking industries. We are the sole provider of debt and hybrid indices to India's mutual fund and life insurance industries. We pioneered independent equity research in India, and are today India's largest
independent equity research house. Our defining trait is the ability to convert information and data into expert judgements and forecasts with complete objectivity. We leverage our deep understanding of the macroeconomy
and our extensive sector coverage to provide unique insights on micro-macro and cross-sectoral linkages. We deliver our research through an innovative web-based research platform. Our talent pool comprises economists,
sector experts, company anal ysts, and information management specialists.

S
H
A
L
I
M
A
R

I
N
F
O
T
E
C
H

P
V
T
.

L
T
D
.

Week 36 September 03, 2014

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025 8

POLYMERUPDATE PLATTS
Editorial Contact:

Director, Editorial: J walant Oza

Senior Editors: Harsh Nadkarni, Feroz Khan


Sales Contact:
Marketing Managers: Reshma J adhav, Tausif Siddiqi, Nilesh Shah
Global Editorial Director, Petrochemicals: Simon Thorne

Associate Editorial Director, Asia Petrochemicals: Prema Viswanathan

Senior Managing Editor: Anton Ferkov

Singapore Editors: Gustav Holmvik, Ng Bao Ying, Wen Yin Wong, Michelle Kim, Heng Hui,
Genevieve Soong, Pamela Sumayao, Maithreyi Ramdas, J ennifer Lee

Tokyo Editors: Fumiko Dobashi, Anton Ferkov Dubai Editor: Shashank Shekhar

About Polymerupdate: Polymerupdate is a destination for global players seeking plastics and petrochemical intelligence. We are a world renowned provider of real time news and price alerts spanning a whole spectrum of
products including Crude oil, Naphtha, Aromatics, Olefins, Polyolefins and Petrochemical Intermediates.

Credible, neutral and regular reporting has attracted over a thousand subscribers who include most of the regions leading resin producers, processors, distributors, traders, consultant firms, investment bankers, credit rating
agencies, as well as front runners in the international information services, news and media companies.

To further facilitate its readers, Polymerupdate recently launched the World's 1st Android & Blackberry Applications for daily polymer news & prices. Polymerupdate through it's daily alerts helps companies worldwide increase
their revenues and their profits, by providing them with real time, quality, valuable and business critical information. With its well appointed stringers and channel partners from across the world, Polymerupdate is rapidly
extending its reach within the industry, as it strives toward its goal of becoming the number one player in its space globally. Additional information available on http://www.polymerupdate.com .

Copyright (C) 2014 Shalimar Infotech Pvt. Ltd. ALL RIGHTS RESERVED: Shalimar Infotech Pvt. Ltd. makes no warranties as to the accuracy of information, or results to be obtained from use. No portion of this
publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise redistributed without prior written authorization from Polymerupdate.com. Polymerupdate.com is a TRADEMARK of Shalimar
Infotech Pvt. Ltd.


About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing,
analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries
benefit from Platts coverage of the carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, and shipping markets. A division of The McGraw-Hill Companies (NYSE: MHP), Platts is
headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at www.platts.com .

Platts content copyright 2014: Copyright 2014 The McGraw-Hill Companies. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise
redistributed without prior written authorization from Platts. Platts is a trademark of The McGraw-Hill Companies Inc. Information has been obtained from sources believed reliable. However, because of the possibility of human
or mechanical error by sources, McGraw-Hill or others, McGraw-Hill does not guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained
from use of such information. See back of publication invoice for complete terms and conditions.

About The McGraw-Hill Companies: McGraw-Hill announced on September 12, 2011, its intention to separate into two companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial
markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financials leading brands include Standard & Poors Ratings Services, S&P Capital
IQ, S&P Dow J ones Indices, Platts energy information services and J .D. Power and Associates. With sales of $6.2 billion in 2011, the Corporation has approximately 23,000 employees across more than 280 offices in 40
countries. Additional information is available at http://www.mcgraw-hill.com/ .

S
H
A
L
I
M
A
R

I
N
F
O
T
E
C
H

P
V
T
.

L
T
D
.