2QFY2012 Result Update | Media October 20, 2011

DB Corp
Performance Highlights
(` cr) Revenue EBITDA OPM (%) PAT
Source: Company, Angel Research

BUY
CMP Target Price
2QFY11 301 95 31.6 64 % yoy 17.6 (18.9) (981bp) (37.1) 1QFY12 354 100 28.4 61 % qoq 0.0 (23.1) (657bp) (34.1)

`230 `274
12 Months

2QFY12 354 77 21.8 40

Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code

Print Media 4,219 0.4 307/186 13,103 10 16,937 5,092 DBCL.BO DBCL@IN

DB Corp. (DBCL) reported modest performance on the revenue front and weak performance on the earnings front. The companys top-line growth was driven by a mix of ad revenue growth and circulation revenue growth. On account of new launches in Maharashtra and Jharkhand, earnings for the quarter declined. We maintain our Buy recommendation on the stock. Key highlights for the quarter: For 2QFY2012, the companys top line grew by 17.6% yoy (flat qoq) at `354cr. Consolidated ad revenue for the quarter grew by 15.9% yoy to `274cr. The companys circulation revenue grew by impressive 13% yoy and 5.8% qoq on account of new edition launches in Maharashtra and Jharkhand. DBCL reported a weak set of numbers on the earnings front primarily on account pre-operative expenses of `9.9cr and operating losses on the three editions launched in the above-mentioned states. The company reported a 37.1% yoy and 34.1% qoq decline in its recurring earnings. Recurring PAT for the quarter stood at `40cr. Operating margin during 2QFY2012 fell steeply by 981bp yoy and 657bp qoq on account of new edition losses as well as forex losses. Outlook and valuation: We have revised our earnings estimate downwards considering the higher-than-anticipated increase in newsprint price due to increased circulation, forex fluctuations impact and higher number of loss-making editions. At the CMP, DBCL is trading at 14.9x FY2013E consolidated EPS of `15.5. We maintain our Buy view on the stock with a revised target price of `278, based on 18x FY2013E earnings, which is in-line with its historical trading average since its listing. Downside risks to our estimates include 1) any further rise in newsprint prices, 2) competition becoming fierce and 3) higher-than-expected losses/increase in the breakeven period of the new launches.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 86.4 7.2 5.4 1.0

Abs. (%) Sensex DB Corp*

3m

1yr

3yr (4.3) -

(8.5) (14.8) 0.2 (17.1)

* Listed on January 6, 2010

Key financials (Consolidated)

Y/E March (` cr) Net sales % chg Net profit (Adj.) % chg EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

FY2010 1,051 10.7 183 283.9 31.5 10.0 23.1 6.4 40.3 30.7 4.1 13.2

FY2011 1,251 19.1 258 41.4 31.1 14.1 16.3 5.1 35.0 31.8 3.4 11.0

FY2012E 1,413 13.0 240 (7.0) 27.6 13.1 17.6 4.3 26.4 28.5 2.9 10.6

FY2013E 1,586 12.2 283 17.9 28.5 15.5 14.9 3.5 26.0 29.6 2.5 8.8

Sreekanth P.V.S
022 3935 7800 Ext: 6841

sreekanth.s@angelbroking.com

Please refer to important disclosures at the end of this report

DB Corp | 2QFY2012 Result Update

Exhibit 1: Quarterly performance (Consolidated)

Y/E March (` cr) Net Sales Consumption of RM (% of Sales) Operating Expense (% of Sales) Staff Costs (% of Sales) SG&A Expense (% of Sales) Total Expenditure Operating Profit OPM (%) Interest Depreciation Other Income PBT (excl. Ext Items) Ext Income/(Expense) PBT (incl. Ext Items) (% of Sales) Provision for Taxation (% of PBT) Recurring PAT PATM Minority Interest Reported PAT Equity shares (cr) FDEPS (`)
Source: Company, Angel Research

2QFY12 354 124 35.2 45 12.8 61 17.3 46 12.9 277 77 21.8 7 12 2 60 60 17.0 20 32.9 40 11 (0) 40 18.3 2.2

2QFY11 301 90 29.9 36 12.1 46 15.2 34 11.2 206 95 31.6 4 11 3 84 84 27.9 20 23.7 64 21 (0) 64 18.2 3.5

% yoy 17.6 38.2 24.2 33.7 36.4 34.4 (18.9) 77.7 15.7 (38.9) (28.4)

1QFY12 354 118 33.5 39 11.1 57 16.3 38 10.9 253 100 28.4 3 12 4 90 90 25.3

% qoq 0.0 5.2 15.3 6.7 19.3 9.2 (23.1) 149.0 5.6 (46.6) (33.0) (33.0) (30.6) (34.2) (78.3) (34.1) (34.1)

1HFY2012 708 243 34.3 84 11.9 119 16.8 84 11.9 530 177 25.1 9 24 6 150 150 21.1 48 32.2 101 14 (0) 101 18.3 5.5

1HFY2011 1,063 328 30.8 143 13.5 132 12.4 117 11.0 720 343 32.3 36 38 11 281 281 26.4 106 37.7 175 16 8 183 18.2 10.0

% chg (33.4) (25.9) (41.2) (9.8) (28.0) (26.4) (48.2) (73.7) (36.3) (49.7) (46.7)

(0.7) (37.1) 0.0 (37.1) (37.1)

28 31.7 61 17 (0) 61 18.3 3.3

(54.4) (42.0) (101.1) (44.6) (44.6)

Exhibit 2: Revenue highlights (Consolidated)

2QFY2012 Circulation sales Advertisement income Print advertising income Radio advertising income Core revenue Event management/others Other operating income Total revenue
Source: Company, Angel Research

2QFY2011 53 236 226 10 289 8 3 301

% yoy 13.0 15.9 15.5 25.7 15.4 94.8 11.8 17.6

1QFY2012 57 283 271 13 340 9 5 354

% qoq 5.8 (3.4) (3.7) 1.6 (1.9) 85.5 (20.1) 0.0

60 274 261 13 334 16 4 354

October 20, 2011

DB Corp | 2QFY2012 Result Update

Steady top-line growth at 17.6% yoy though flat qoq

DBCL reported steady top-line growth of 17.6% yoy (flat qoq) to `354cr, driven by 15.9% yoy growth in ad revenue; on a sequential basis, ad revenue declined by 3.4%. Circulation revenue grew by 13% yoy and 5.8% qoq, primarily aided by increased circulation due to new launches in Jharkhand and Maharashtra. During the quarter, DBCL maintained its strong foothold in Madhya Pradesh, Chandigarh, Punjab, Rajasthan, Punjab and Chhattisgarh. Among the other segments, the companys radio business reported impressive growth of 25.7% yoy in ad revenue to `13cr, though it was flat sequentially.

Exhibit 3: Top-line growth (Consolidated)

400 350 300 250
(`cr)

348 262 281 299 257 301

354 317

354

200 150 100 50 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
15.0 10.0 60 (5.0)

Source: Company, Angel Research

Exhibit 4: Ad revenue declines yoy and qoq

300 250 200 200 218 191 236 237 281 249 283 274 35.0 30.0 25.0 20.0 15.0 10.0 5.0 -

Exhibit 5: New launches inch up circulation revenue

62 60 58 56 54 52 50 48

(`cr)

(%)

100 50 -

53

54

53

54

53

54

53

57

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

Advertising revenue (LHS)

yoy growth (RHS)

Circulation revenue (LHS)

yoy growth (RHS)

Source: Company, Angel Research

Source: Company, Angel Research

October 20, 2011

2Q12

(%)

150

(`cr)

5.0

DB Corp | 2QFY2012 Result Update

Among the other segments, new businesses registered significant revenue traction. The radio business reported healthy top-line growth of 28.8% yoy to `13cr (`10cr) on account of increased advertising.

Recurring earnings decline due to aggressive launches

In terms of earnings, DBCL posted a decline of 37.1% yoy on a recurring basis, primarily due to losses because of new edition launches. The company reported a 34.1% qoq decline in its earnings on a recurring basis. For 2QFY2012, recurring earnings stood at `40cr.

Exhibit 6: Recurring PAT reports a steep decline...

80 70 60 50 40 30 20 10 30.0 25.0 20.0

Exhibit 7: ...gross margin and OPM also fall

40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 -

(`cr)

(%)

72 42 49 35

64

65 45

61 40

10.0 5.0 -

(%)

15.0

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

Recurring PAT (LHS)

NPM (RHS)

2Q12

Gross margins

OPM

Source: Company, Angel Research

Source: Company, Angel Research

OPM under pressure yoy on high start-up costs, newsprint prices and forex losses
At the operating level, DBCL faced margin pressure (margin contracted by 981bp yoy) on account of increased circulation volumes due to new edition launches resulting in gross margin contraction of 525bp yoy/172bp qoq, increased staff cost by 209bpyoy/108bp qoq due to higher number of employees because of new editions, higher SG&A expense by 178bp yoy and 209bp qoq. On a sequential basis as well, the company reported a margin contraction of 657bp. The company also incurred `3.7cr towards one-time pre-operative expense on Maharashtra and Jharkhand launches and incurred a loss of `5.8cr on foreign exchange fluctuations during the quarter. Radio business reported EBITDA profit of `1.1cr for the quarter. During the quarter, mature editions reported healthy EBITDA margin of 32.5%. Newsprint cost for the company stood at `31,166/MT in 2QFY2012 against `26,835/MT in 2QFY2011, reporting 16% yoy growth.

October 20, 2011

2Q12

DB Corp | 2QFY2012 Result Update

Exhibit 8: Segmental performance (Consolidated)

Y/E March (` cr) Revenue Printing Radio Event Others Total revenue Less: Inter segment Total net sales EBIT Printing Radio Event Others Total EBIT EBIT margin (%) 67 (2) 1 (1) 65 18.3 90 (2) (3) 85 (25.0) (23.2) 159 (3) 2 (4) 154 21.7 195 (4) 1 (3) 188 (18.5) 172.5 (18.2) 333 13 6 2 354 0 354 287 10 5 301 1 300 17.9 16.3 28.8 37.6 17.6 670 25 10 4 709 1 708 570 20 8 2 601 2 600 18.0 17.5 22.8 19.3 63.7 17.9 2QFY12 2QFY11 % chg 1HFY2012 1HFY2011 % chg

0 2,097.7

(0) (826.3)

28.1 (977bp)

31.3 (957bp)

Source: Company, Angel Research

Investment rationale
Well-planned aggression in business edges DBCL over peers: DBCL, though a dominant No. 2 player in the overall regional print space (trailing behind Jagran Prakashan), enjoys a premium valuation to its peers Jagran Prakashan (flagship daily Dainik Jagran) and Hindustan Media Ventures (flagship daily Hindustan). We attribute the reason for this trend to DBCLs business model (which is primarily driven by ad revenue) and well thought-out launches in new markets. We believe the companys continuous endeavor to diversify its print business coupled with aggressive expansion into new markets (urban towns beyond metros) backed by exhaustive market research and focus on achieving leadership is the key differentiating factor compared to its peers. The company has been successful in executing its expansion plans with launches in Maharashtra and Jharkhand. Peg a 15% CAGR in ad revenue, new launches to contribute 2-3%: We expect ~15% yoy growth in ad revenue over FY2012E/FY2013E for DBCL (lower than FY2011 ad revenue growth) to factor in a slump in the macroeconomic environment and high base of FY2011.

October 20, 2011

DB Corp | 2QFY2012 Result Update

Outlook and valuation

We maintain our revenue estimates, though we have revised our earnings estimates downwards considering the higher-than-anticipated increase in newsprint price due to increased circulation, forex fluctuations impact and higher number of loss-making editions. At the CMP of `230, DBCL is trading at 14.9x FY2013E consolidated EPS of `15.5. We maintain our Buy view on the stock with a revised target price of `278, based on 18x FY2013E earnings, which is in-line with its historical trading average since the companys listing. Downside risks to our estimates include 1) any further rise in newsprint prices, 2) competition becoming fierce and 3) higher-than-expected losses/increase in the breakeven period of its new launches.

Exhibit 9: Change in estimates

Old estimates (` cr) Revenue OPM (%) EPS (`) FY2012E 1,413 29.5 14.1 FY2013E 1,586 30.8 16.8 New estimates FY2012E 1,413 27.6 13.1 FY2013E 1,586 28.5 15.5 % chg FY2012E (198bp) (7.2) FY2013E (230bp) (7.9)

Source: Company, Angel Research

October 20, 2011

DB Corp | 2QFY2012 Result Update

Exhibit 10: Peer valuation

Company HT Media Jagran DB Corp Reco Accumulate Buy Buy Mcap (` cr)
3,316 3,346 4,218

CMP (`)
141 106 230

TP (`)
177 148 278

Upside (%)
25.4 39.9 20.8

P/E (x) FY12E

16.1 14.6 17.6

EV/Sales (x) FY12E

1.3 2.4 2.8

ROE(%) FY12E
14.7 32.2 26.4

CAGR # Sales
12.9 9.1 12.6

FY13E
14.6 13.2 14.9

FY13E
1.1 2.2 2.4

FY13E
14.2 34.4 26.0

PAT
12.2 9.7 4.3

Source: Company, Angel Research

Exhibit 11: Angel vs. consensus estimates

Top-line (` cr) Angel estimates Consensus Diff (%)
Source: Company, Angel Research

FY2012E 1,413 1,464 (3.4)

FY2013E 1,586 1,691 (6.2)

EPS (`) Angel estimates Consensus Diff (%)

FY2012E 13.1 13.7 (4.3)

FY2012E 15.5 16.5 (6.3)

Exhibit 12: Return of DB Corp. vs. Sensex

140% 120%
Sensex DB Corp

Exhibit 13: One-year forward P/E band

300
14x 16x 18x 20x

Share Price (`)

100% 80% 60%

250 200 150

Jun-11

Jan-11

Apr-11

Jul-11

Aug-11

Mar-11

Feb-11

Nov-10

May-11

Dec-10

Sep-11

Oct-10

Jan-10

Jan-11

Jul-10

Mar-10

Mar-11

Sep-10

Jul-11

Nov-10

Source: Company, Angel Research

Source: Company, Angel Research

October 20, 2011

May-10

May-11

Sep-11

DB Corp | 2QFY2012 Result Update

Profit and loss statement (Consolidated)

Y/E March (` cr) Gross sales Less: Excise duty Net Sales Total operating income % chg Total Expenditure Cost of Materials SG&A Expenses Personnel Others EBITDA % chg (% of Net Sales) Depreciation & Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Associates Recurring PBT % chg Prior Period & Extra Exp/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earn of assoc Less: Minority interest (MI) PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg FY2008 FY2009 FY2010 851 851 851 27.9 680 336 245 94 4 171 102.3 20.1 22 149 105.2 17.5 28 12 9.1 133 117.5 133 63 47.5 70 (6) 76 76 58.1 8.9 4.5 4.1 58.1 949 949 949 11.6 814 407 266 133 7 135 (20.8) 14.3 29 106 (28.5) 11.2 40 12 15.3 78 (41.1) 0 78 42 54.1 36 (12) 48 48 (37.1) 5.0 2.8 2.6 (37.3) 1,051 1,051 1,051 10.7 720 328 249 132 12 331 144.2 31.5 38 293 175.2 27.9 25 12 4.4 281 258.9 0 280 106 37.6 175 (8) 183 183 283.5 17.4 10.1 10.0 283.9 FY2011 FY2012E FY2013E 1,251 1,251 1,251 19.1 862 378 284 185 16 389 17.6 31.1 43 345 18.0 27.6 1 14 4.0 359 27.8 2 357 98 27.4 259 0.3 258 260 42.2 20.8 14.1 14.1 41.4 1,413 1,413 1,413 13.0 1,024 443 349 219 12 390 0.2 27.6 50 340 (1.6) 24.0 (2) 17 4.7 359 0.0 359 118 33.0 240 240 240 (7.6) 17.0 13.1 13.1 (7.0) 1,586 1,586 1,586 12.2 1,134 483 393 246 12 452 16.0 28.5 59 393 15.7 24.8 (11) 19 4.5 423 17.9 423 140 33.0 283 283 283 17.9 17.9 15.5 15.5 17.9

October 20, 2011

DB Corp | 2QFY2012 Result Update

Balance sheet (Consolidated)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Share Capital suspense acc Reserves& Surplus Shareholders Funds Minority Interest Total Loans Deferred Tax Liability 169 0 51 220 24 344 35 622 347 59 288 24 51 7 421 81 98 243 171 250 3 622 169 89 258 12 563 39 872 413 81 331 271 45 24 399 45 105 248 219 180 22 872 182 1 466 649 4 321 61 1,035 660 112 547 61 39 21 561 193 103 266 207 354 13 1,035 183 3 643 829 0 237 69 1,136 807 173 634 68 33 16 592 173 106 313 219 373 11 1,136 183 806 989 0 187 69 1,246 831 223 609 125 33 16 733 266 120 347 281 452 11 1,246 183 1,007 1,191 0 149 69 1,410 906 282 625 136 33 16 892 372 133 387 304 588 11 1,410 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E

Total Liabilities
APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off

Total Assets

Cash flow statement (Consolidated)

Y/E March (` cr) Profit before tax Depreciation Change in Working Capital Interest / Dividend (Net) Direct taxes paid Others Cash Flow from Operations (Inc.)/ Dec. in Fixed Assets (Inc.)/ Dec. in Investments Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Interest / Dividend (Net) Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances FY2008 FY2009 133 22 74 27 35 2 223 (108) (7) (115) 14 (34) 0 27 (48) 61 20 81 78 29 13 30 36 (16) 98 (295) (18) (313) (1) 219 10 29 180 (36) 81 45 FY2010 FY2011 FY2012E FY2013E 281 38 (14) 25 101 2 229 (38) 3 (34) 251 (242) 42 13 (48) 147 45 193 359 43 (37) 1 98 30 298 (154) 4.22 (150) 2 (84) 85 1 (167) (20) 193 173 359 50 19 (2) 118 (8) 299 (81) (81) (50) 77 (2) (125) 93 173 266 423 59 (29) (11) 140 (2) 300 (86) (86) (38) 81 (11) (109) 105 266 372

October 20, 2011

DB Corp | 2QFY2012 Result Update

Key ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (Rs) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Int. Coverage (EBIT / Interest) 1.2 1.5 5.3 1.9 3.7 2.6 0.2 0.3 11.9 0.1 0.1 306.5 (0.1) (0.2) (170.5) (0.2) (0.5) (37.1) 2.5 29 75 59 72 2.3 27 68 70 52 1.6 25 67 59 56 1.5 21 70 48 58 1.7 24 65 57 48 1.8 26 63 54 50 24.9 27.5 39.3 14.2 12.9 20.0 30.7 34.8 40.3 31.8 35.9 35.0 28.5 34.7 26.4 29.6 37.9 26.0 17.5 0.5 1.6 14.3 0.1 1.7 37.9 11.2 0.5 1.4 7.1 0.1 1.5 18.1 27.9 0.6 1.3 21.9 0.0 1.0 44.6 27.6 0.7 1.4 27.8 0.0 0.1 30.9 24.0 0.7 1.5 23.4 (0.0) (0.0) 23.0 24.8 0.7 1.6 26.1 (0.0) (0.1) 22.2 4.5 4.1 5.8 0.5 13.0 2.8 2.6 4.5 0.5 15.3 10.1 10.0 12.2 2.0 35.7 14.1 14.1 16.5 4.0 45.2 13.1 13.1 15.8 3.6 54.0 15.5 15.5 18.7 3.8 65.0 55.6 39.7 17.7 0.2 5.3 26.2 7.2 88.6 50.7 15.1 0.2 5.0 35.0 5.4 23.1 18.9 6.4 0.9 4.1 13.2 4.2 16.3 14.0 5.1 1.7 3.4 11.0 3.8 17.6 14.5 4.3 1.6 2.9 10.6 3.3 14.9 12.3 3.5 1.7 2.5 8.8 2.8 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E

October 20, 2011

10

DB Corp | 2QFY2012 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

DB Corp. No No No No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

Ratings (Returns):

Buy (> 15%) Reduce (-5% to 15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

October 20, 2011

11