INVESTMENT BANKING

INDIA MONTHLY REVIEW

January 1 - June 30, 2011

THOMSON REUTERS LEAGUE TABLE

1H 2011

MERGERS & ACQUISITIONS

ANY INDIAN INVOLVEMENT ANNOUNCED M&A FINANCIAL ADVISOR RANKING (AD60)
1H 2011 1H 2010
Market Share 35.7 32.9 10.3 7.6 7.2 6.9 6.6 6.6 6.0 5.9 5.5 4.7 4.5 44 4.4 3.8 No. of Deals 5 1 2 3 3 2 6 10 2 5 3 4 3 3 7 Rank Value (US$Mil) 14,620.8 3,039.3 685.3 2,140.9 46.0 12,969.2 1,236.2 14,319.3 12,058.0 14,555.2 655.3 242.9 1 759 8 1,759.8 Rank 1 9 21 12 47 4 17 3 5 2 22 32 13 70* Market Share 37.4 7.8 1.8 5.5 0.1 33.2 3.2 36.6 30.9 37.2 1.7 0.6 45 4.5 0.0 No. of Deals 5 7 1 5 2 6 2 5 5 9 3 2 2 8

Financial Advisor
Morgan Stanley Goldman Sachs & Co RBS Rothschild State Bank of India Standard Chartered PLC Bank of America Merrill Lynch Avendus Capital Pvt Ltd Barclays Capital HSBC Holdings PLC UBS Jefferies & Co Inc Credit Suisse Nomura Deloitte

Rank Value (US$Mil) 9,758.1 9,000.0 2,825.8 2,065.8 1,957.3 1,882.1 1,811.0 1,807.4 1,641.7 1,615.9 1,509.5 1,280.5 1,220.5 1 191 5 1,191.5 1,028.8

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Subtotal with Financial Advisor Subtotal without Financial Advisor

INDUSTRY TOTAL
*(tie)

21,019.7 6,306.9
27,326.6

76.9 23.1
100

133 461
594

34,631.4 4,459.3
39,090.7

88.6 11.4
100

162 552
714

ANY INDIAN INVOLVEMENT COMPLETED M&A FINANCIAL ADVISOR RANKING (AF67)

1H 2011 1H 2010
Market Share 28.6 28.2 27.5 20.5 20.2 14.7 13.4 13.3 10.0 8.9 8.6 7.9 7.7 7.6 5.6 No. of Deals 4 6 5 7 1 5 5 3 4 2 3 3 3 5 4 Rank Value (US$Mil) 1,879.1 11,345.4 1,222.2 244.5 4,902.7 237.5 1,316.9 685.3 13,122.4 12,221.5 11,265.5 114.4 377.8 369.2 700.8 Rank 9 3 12 21 8 23 11 15 1 2 4 30 17 18 14 Market Share 6.9 41.7 4.5 0.9 18.0 0.9 4.8 2.5 48.3 44.9 41.4 0.4 1.4 1.4 2.6 No. of Deals 6 6 4 1 2 3 3 1 8 5 4 3 2 7 4

Financial Advisor
Goldman Sachs & Co Morgan Stanley Citi Rothschild Deutsche Bank AG Credit Suisse Bank of America Merrill Lynch RBS UBS Barclays Capital Standard Chartered PLC State Bank of India JP Morgan Enam Securities Jefferies & Co Inc

Rank Value (US$Mil) 7,058.7 6,981.7 6,799.8 5,065.4 5,000.0 3,633.2 3,307.3 3,294.8 2,475.6 2,187.9 2,120.0 1,957.3 1,903.2 1,889.4 1,392.0

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Subtotal with Financial Advisor Subtotal without Financial Advisor

INDUSTRY TOTAL
*(tie)

19,968.2 4,757.7
24,725.9

80.8 19.2
100

119 302
421

24,602.0 2,593.9
27,195.9

90.5 9.5
100

129 369
498

THOMSON REUTERS LEAGUE TABLE

1H 2011

EQUITY CAPITAL MARKET

INDIA EQUITY AND EQUITY-RELATED LEAGUE TABLE (C1L)
1H 2011 1H 2010
Market Share 35.0 7.7 6.4 6.1 5.1 4.1 3.7 3.6 3.6 2.4 2.1 2.1 1.5 1.5 1.5 100 No. of Deals 4 5 5 4 4 3 4 1 2 2 2 1 1 2 2 44 Proceeds (US$Mil) 638.1 1,891.4 321.9 966.1 377.5 605.9 1,457.6 75.2 57.5 95.0 942.2 465.2 275.0 71.0 12,203.7 Rank 6 1 13 4 11 8 2 21 26 19 5 10 14 24 Market Share 5.2 15.5 2.6 7.9 3.1 5.0 11.9 0.6 0.5 0.8 7.7 3.8 2.3 0.6 100 No. of Deals 7 10 8 9 6 5 14 1 1 2 10 2 2 2 73

Book Runner
Bank of America Merrill Lynch Citi State Bank of India ICICI Bank Ltd JM Financial Group RBS Kotak Mahindra Bank Ltd Goldman Sachs & Co HSBC Holdings PLC Deutsche Bank AG Enam Securities JP Morgan Standard Chartered PLC Karvy Consultants Pvt. Ltd IDBI Bank Ltd INDUSTRY TOTAL
*(tie)

Proceeds (US$Mil) 2,502.6 550.8 458.3 439.6 365.4 290.9 264.7 258.0 256.6 172.2 150.7 147.3 109.3 109.1 107.1 7,154.1

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

INDIA INITIAL PUBLIC OFFERINGS LEAGUE TABLE (C7L)

1H 2011 1H 2010
Market Share 16.3 11.5 10.0 8.9 7.4 6.8 5.8 5.0 4.9 4.2 3.2 2.6 2.4 1.9 1.7 100 No. of Deals 2 2 2 1 1 3 2 1 2 3 1 1 1 1 1 19 Proceeds (US$Mil) 377.5 120.7 169.1 331.3 31.7 73.1 27.8 9.8 96.0 239.1 8.5 2,115.4 Rank 1 6 4 2 16 9 18 23 8 3 24 Market Share 17.8 5.7 8.0 15.7 1.5 3.5 1.3 0.5 4.5 11.3 0.4 100 No. of Deals 6 4 4 7 2 3 2 1 3 7 1 27

Book Runner
Kotak Mahindra Bank Ltd ICICI Bank Ltd JM Financial Group HDFC Bank Ltd Enam Securities Anand Rathi Securities Pvt Ltd Avendus Capital Pvt Ltd Saffron Capital Advisors Almondz Global Securities Ltd Ashika Stock Broking Axis Bank Ltd State Bank of India Yes Bank Ltd Keynote Corporate Services Ltd Aryaman Financial Services INDUSTRY TOTAL *(tie)

Proceeds (US$Mil) 124.3 87.4 76.2 67.7 56.5 51.8 43.9 37.7 37.0 32.2 24.3 19.6 18.1 14.4 13.2 760.2

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

THOMSON REUTERS LEAGUE TABLE

1H 2011

DEBT CAPITAL MARKET

INDIAN RUPEE BONDS (AS23)
1H 2011 1H 2010
Market Share 21.0 17.3 5.7 5.6 5.6 5.4 5.1 5.0 4.3 3.6 3.6 2.3 2.1 1.8 1.4 100 No. of Issues 64 57 31 8 16 40 19 3 17 30 13 15 11 5 2 195 Proceeds (Host Mil) 138,946.1 146,430.9 117,801.8 14,017.7 88,918.2 67,844.8 137,384.7 20,764.1 37,039.1 77,677.6 33,859.8 25,563.2 34,904.4 2,818.8 3,333.3 1,125,665.9 Rank 2 1 4 18 5 7 3 14 8 6 10 12 9 29 28 Market Share 12.3 13.0 10.5 1.3 7.9 6.0 12.2 1.8 3.3 6.9 3.0 2.3 3.1 0.3 0.3 100 No. of Issues 71 61 36 9 34 57 47 12 22 61 26 25 18 3 2 316

Book Runner
ICICI Bank Ltd Axis Bank Ltd Barclays Capital State Bank of India HSBC Holdings PLC Trust Group Standard Chartered PLC Citi Yes Bank Ltd AK Capital Services Ltd Kotak Mahindra Bank Ltd Darashaw & Co Ltd Deutsche Bank AG Enam Securities JM Financial Group INDUSTRY TOTAL
*(tie)

Proceeds (Host Mil) 156,126.9 128,265.3 42,578.1 41,710.0 41,276.9 39,900.6 38,051.3 36,916.7 32,202.9 26,817.5 26,448.7 17,359.1 15,763.7 13,460.8 10,310.8 743,069.6

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15*

INDIAN G3 BONDS
1H 2011 1H 2010
Market Share 17.7 14.9 13.5 10.3 10.2 7.1 6.7 6.4 6.4 3.5 3.5 100 No. of Issues 7 6 6 4 5 3 4 2 2 1 2 10 Proceeds (US$Mil) 653.8 99.4 404.8 487.7 235.7 238.7 69.7 2,239.8 Rank 1 6 3 2 5 4 7 Market Share 29.2 4.4 18.1 21.8 10.5 10.7 3.1 100 No. of Issues 6 1 4 5 2 3 1 7

Book Runner
Deutsche Bank AG RBS HSBC Holdings PLC Citi Standard Chartered PLC Bank of America Merrill Lynch Barclays Capital UBS Goldman Sachs & Co Credit Agricole CIB JP Morgan INDUSTRY TOTAL
*(tie)

Proceeds (US$Mil) 830.9 695.9 630.3 480.6 476.4 332.1 311.5 300.0 300.0 165.0 161.8 4,684.3

Rank 1 2 3 4 5 6 7 8* 8* 10 11

THOMSON REUTERS LEAGUE TABLE

1H 2011

SYNDICATED LOANS
TOP MANDATED ARRANGERS OF INDIA SYNDICATED LOANS (S10A)
1H 2011 1H 2010
Market Share 40.8 12.7 10.5 4.2 3.5 2.1 1.9 1.9 1.8 1.5 1.5 1.4 1.3 1.3 1.2 100 No. of Issues 40 18 8 7 6 7 2 6 14 11 1 10 8 9 1 102 Proceeds (US$Mil) 16,254.4 5,790.5 6,784.9 2,492.3 2,290.1 396.4 220.0 1,097.8 206.3 414.6 70.9 100.0 38,720.4 Rank 1 3 2 4 5 8 12 6 13 7 26 18* Market Share 42.0 15.0 17.5 6.4 5.9 1.0 0.6 2.8 0.5 1.1 0.2 0.3 100 No. of Issues 39 18 14 7 8 6 1 13 3 6 2 1 106

Mandated Arrangers
State Bank of India Axis Bank Ltd IDBI Bank Ltd ICICI Bank Ltd Infrastructure Dev Finance RBS Almondz Global Securities Ltd Citi Standard Chartered PLC ANZ Banking Group Punjab National Bank BNP Paribas SA DBS Group Holdings Mitsubishi UFJ Financial Group Kotak Mahindra Bank Ltd INDUSTRY TOTAL
*(tie)

Proceeds (US$Mil) 14,495.9 4,497.8 3,720.3 1,503.5 1,237.9 753.9 679.2 659.6 625.8 534.4 533.3 503.9 470.8 467.9 441.3 35,545.5

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TOP BOOKRUNNERS OF INDIA SYNDICATED LOANS (S10B)

1H 2011 1H 2010
Market Share 42.0 15.2 8.6 4.1 3.5 2.5 2.0 1.9 1.8 1.6 1.6 1.4 1.3 1.3 1.2 100 No. of Issues 39 17 7 5 5 7 2 11 5 9 1 9 8 1 4 95 Proceeds (US$Mil) 17,256.5 5,790.5 5,606.2 2,536.8 2,290.1 573.1 938.3 220.0 75.0 81.3 61.1 36,467.3 Rank 1 2 3 4 5 7 6 8* 16* 14 19 Market Share 47.3 15.9 15.4 7.0 6.3 1.6 2.6 0.6 0.2 0.2 0.2 100 No. of Issues 37 18 13 7 8 4 10 1 1 2 2 97

Book Runner
State Bank of India Axis Bank Ltd IDBI Bank Ltd ICICI Bank Ltd Infrastructure Dev Finance RBS Almondz Global Securities Ltd Standard Chartered PLC Citi ANZ Banking Group Punjab National Bank BNP Paribas SA Mitsubishi UFJ Financial Group Kotak Mahindra Bank Ltd Yes Bank Ltd INDUSTRY TOTAL *(tie)

Proceeds (US$Mil) 14,449.9 5,224.5 2,951.2 1,425.9 1,191.9 843.5 679.2 638.9 627.3 537.3 533.3 464.9 445.5 441.3 409.5 34,416.9

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

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THOMSON REUTERS LEAGUE TABLE

1H 2011

INDIA MARKETWATCH
INDIAN ECONOMY RELATED
May infrastructure output up 5.3 pct y/y - Govt

Reuters - June 30, 2011

As per the Government data, India's infrastructure sector output grew 5.3 percent in May from a year earlier, slightly faster than an annual growth of 5.2 percent in April. During April-May, output rose 4.9 percent from 7.9 percent a year ago. The infrastructure sector accounts for 26.7 percent of India's industrial output.

India's FX reserves at $310.562 bln as of June 17

Reuters - June 24, 2011

India's foreign exchange reserves rose marginally to $310.562 billion as on June 17 from $310.503 billion in the previous week, the central bank said in its weekly statical supplement on Friday. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves like the euro, sterling and yen, the central bank said. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund (IMF), the central bank said.

REGULATORY / ECONOMIC POLICY RELATED

India raises diesel prices to ease subsidy burden

Reuters - June 24, 2011

India raised diesel prices nearly 8 percent on Friday, June 24th after months of delay, a politically unpopular move that will add to inflationary pressure but also eases the government's subsidy burden and could bolster its image among wary investors. After a meeting that was delayed by about six hours, a government panel raised the price of diesel by 3 rupees per litre to around 41 rupees per litre. It also raised kerosene by 2 rupees per litre and LPG prices by 50 rupees per cylinder cylinder.

Food prices uncomfortable, driven by fundamentals - RBI

Reuters - June 23, 2011

India's food inflation, a key driver of its headline inflation, remains uncomfortably high and is being steered by fundamental factors, a deputy governor of the RBI said on Thursday, June 23rd. Higher food prices also indirectly push up inflation in the form of higher wage demand, Subir Gokarn added. "Apart from the direct impact of the index, this is also likely to feed through into the wider inflationary process through higher wage demand, of which there is some evidence," Gokarn said in a speech in the southern city of Chennai. India's food price index rose 9.13 percent and the fuel price index climbed 12.84 percent in the year to June 11, government data showed on June 23rd. In the previous week, annual food and fuel inflation stood at 8.96 percent and 12.84 percent respectively.

DEALS
Avitel Post Studioz raises $60M from HSBC Principal Investments

Reuters - June 21, 2011

HSBC Principal Investments, the private equity arm of the HSBC Group, has invested $60 million for a minority equity interest in Avitel Post Studioz Ltd, a Mumbai-based company providing post-production and related services to media and entertainment industry. The funds will be used by Avitel to finance its international growth and expansion plans.

PE-backed Bhushan Power & Steel acquires majority stake in Nova Iron

Reuters - June 15, 2011

Baring Private Equity Asia-backed Bhushan Power & Steel has acquired majority stake in small-sized and loss-making sponge iron firm Nova Iron & Steel through a mix of indirect stake acquisition and stock market purchase from the promoter Gambhir family and other investors. Sanjay Singal-led privately held firm Bhushan Power & Steel now owns 50.6 per cent in the public-listed company, it has disclosed to the stock exchange on Tuesday. However, it will have to come out with an open offer for at least another 20 per cent stake in Nova Iron.

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