iNdiaN GLOBaL dePOsitary receiPtsAt the Luxembourg Stock exchAnge

3 December 2010

Indian issuers of depositary receipts have long recognised Luxembourg as an outstanding place for doing business.

The Luxembourg Stock Exchange has a very rich history of listing various types of depositary receipts, going back to the 1960s, as well as the experience of working with a large number of companies from India.

Indeed, thanks to our expertise, experience and listing processes adapted to issuers needs, the Luxembourg Stock Exchange is the leading exchange for the depositary receipt listings of Indian companies.

Deciding to list on the Luxembourg Stock Exchange means that you will have access to flexible procedures, a customer friendly approach and an efficient legal framework, combined with a much appreciated expertise.

Michel Maquil President & CEO

A SPECIALIST STOCK EXCHANGE

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Why GDRs on the LuxembouRG Stock exchanGe?Global Depositary Receipts, or GDRs, are a flexible solution for companies looking to raise capital abroad without having to worry about barriers to entry that a foreign investor might face.

Issuing companies have found that GDRs offer a number of capital formation and commercial advantages. These include:

access to foreign capital markets,increased liquidity of the underlying shares,enlarged markets,enhanced image and visibility,ease of investment,broader international profile.

The proceeds raised at the occasion of a GDR’s issuance can be used for a variety of financing needs. The most frequent use of proceeds is to fund expansion. Other uses may include capital expenditure, debt reduction and imports.

A renowned internAtionAl MArKetPlACe offering A high quAlity of serviCe

Working with an independent marketplace for listing in Europe, companies can take advantage of the high level of know-how that is the hallmark of the Luxembourg Stock Exchange. We offer total transparency throughout the application and eligibility process, as well as expertise and advice through a personalised contact.

A ChoiCe of two MArKets

An EU regulated market, which offers a European passport and on which issuers are subject to the EU Prospectus and Transparency Directives:- a gateway to other European markets,- IFRS or equivalent obligations for disclosure.An exchange-regulated market, called the Euro MTF, which is out of the scope of the EU Prospectus and Transparency Directives:- IFRS, US GAAP or obligation of the country

of the registered office.

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ACCess to full trAding serviCes

All securities listed on the Luxembourg Stock Exchange are fully tradable and therefore GDR issuers can be assured of a full range of pre-and post-trade services. Initially, when listing a security the Luxembourg Stock Exchange checks that all prerequisites are fulfilled for a secondary market to develop. All listed securities are registered with an International Central Securities Depository (ICSD) and have access to a powerful trading platform: the UTP from NYSE Euronext. In addition, issuers have access to an advanced clearing and settlement infrastructure in which post-trade activities are carried out with LCH.Clearnet S.A. for clearing and with Euroclear Bank and Clearstream Banking Luxembourg for settlement. During the life of the GDR, the Luxembourg Stock Exchange also makes available an integrated system for publishing notices and financial reports via our Financial News Service.

your gAtewAy to euroPe

Choosing the Luxembourg Stock Exchange for GDRs enables you to maintain a presence in Europe and take advantage of:

A long experience with Indian issuers, Daily prices for GDRs,GDRs that are tradable on exchange,An efficient listing process,A competitive fee structure.

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A SPECIFIC INDEX FOR GDRs

1,975.00

1,900.00

1,825.00

1,750.00

1,675.00

1,600.00

1,525.00

1,450.00

1,375.00

12/09

01/10

02/10

03/10

04/10

05/10

06/10

07/10

08/10

09/10

10/10

11/10

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the LuxembouRG Stock exchanGe inDex foR inDian GDRsIn addition to its services for Indian issuers of GDRs, the Luxembourg Stock Exchange publishes an index specifically for these.

Named Lux GDRs India, this is a weighted capitalisation index comprised of all Indian GDRs that are listed on the Luxembourg Stock Exchange, the movements of which reflect movements in the prices on the constituent securities.

the MAin CoMPonents (�0/11/�010)

Company Market Cap.(EUR million)

Reliance Industries Ltd 4,325.10Larsen & Toubro Ltd 1,404.69Hindalco Industries Ltd 789.67ITC Ltd 686.06Tata Motors Ltd 615.11Tata Power Co. Ltd (The) 521.14Mahindra & Mahindra Ltd 512.10Grasim Industries Ltd 399.28Sterling International Enterprises Ltd 339.19IndusInd Bank Ltd 313.23Kotak Mahindra Bank Ltd 237.20HDFC Bank Ltd 221.36Indiabulls Financial Services Ltd 212.56Ambuja Cements Ltd 212.00United Spirits Ltd 202.17

0% 2% 4% 6% 8% 10% 12%

Pharmaceuticals & Biotechnology 11.43%Software & Computer Services 11.43%

Personal Goods 10.86%Construction & Materials 10.29%

Industrial Metals & Mining 7.43%Food Producers 5.14%

Media 5.14%Electronic & Electrical Equipment 4.00%

Chemicals 3.43%Technology Hardware & Equipment 3.43%

Financial Services 2.86%Industrial Engineering 2.86%

Electricity 2.29%Real Estate Investment & Services 2.29%

Support Services 2.29%Travel & Leisure 2.29%

Forestry & Paper 1.71%Other 10.83%

weighting The shares of the index are weighted on the basis of their GDR market capitalisation, i.e.: the maximum number of shares that might be issued (as indicated in the prospectus) multiplied by the price of the day.

evolution of the indexfroM 1/1�/�009 to �0/11/�010

Constituent shares This index includes all the GDRs of India. The underlying shares of the GDRs must be listed on a main national exchange. A newly listed GDR is added to the index constituents on its first listing day. When a share is delisted, it is removed from the index on its delisting day.

BreAKdown By seCtor (�0/11/�010)

CHOOSE KNOWN EXPERTISE

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many inDian companieS have choSen the LuxembouRG Stock exchanGe

A

Abl Biotechnologies ltdwww.ablbiotechnologies.comAditya Birla nuvo ltdwww.adityabirlanuvo.netAftek ltdwww.aftek.comAksh optifibre ltdwww.akshoptifibre.comAmbuja Cements ltdwww.gujaratambuja.comAnant raj industries ltdwww.anantraj.comApollo hospitals enterprise ltdwww.apollohospitals.comArvind ltdwww.arvindmills.comAsahi infrastructure & Projects ltdwww.asahiinfra.comAshco niulab industries ltdwww.ashconiulab.comAvon Corp. ltdwww.avon.co.in

B

B.A.g. films & Media ltdhttp://bagnetwork24.inBajaj hindustan ltdwww.bajajhindustan.comBallarpur industries ltdwww.biltpaper.comBalrampur Chini Mills ltdwww.chini.comBeckons industries ltdwww.beckons.orgBharat forge ltdwww.bharatforge.com

Bharat hotels ltdwww.bharathotel.comBihar tubes ltd www.bihartubes.netBirla Cotsyn (india) ltdwww.birlacotsyn.comBirla Power solutions ltdwww.birlapower.comBirla shloka edutech ltdwww.birlashloka.comBombay dyeing & Manufacturing Co. ltdwww.bombaydyeing.comBrushman (india) ltdwww.brushmanindia.comBsel infrastructure realty ltdwww.bsel.com

C

Cals refineries ltdwww.cals.inCarol info services ltdwww.carolinfoservices.comCAt technologies ltdwww.cattechnologies.comCentury textiles & industries ltd www.centurytextind.comCesC ltdwww.cescltd.comChromatic india ltdwww.chromaticindia.comCipla ltdwww.cipla.comCountry Club india ltdwww.countryclubindia.netCox & Kings ltdwww.coxandkings.com/

Cranes software international ltd www.cranessoftware.comCrest Animation studios ltdwww.crestindia.comCrew B.o.s. Products ltdwww.crewbos.comCybermate infotek ltdwww.cybermateinfotek.com

D

dCw ltdwww.dcwltd.comdhampur sugar Mills ltdwww.dhampur.comdish tv india ltdwww.dishtv.inE

e.i.d Parry (india) ltdwww.eidparry.comelder Pharmaceuticals ltdwww.elderindia.comempower industries india ltdwww.empowerhr.inera infra engineering ltdwww.eragroup.co.in

F

farmax india ltdwww.farmaxindia.comfCs software solutions ltdwww.fcsltd.comfinancial technologies (india) ltdwww.ftindia.comfinolex Cables ltdwww.finolex.com

G

gammon india ltdwww.gammonindia.comgarden silk Mills ltdwww.gardenvareli.comglory Polyfilms limitedwww.glorypolyfilms.comgranules india limitedwww.granulesindia.comgrasim industries ltdwww.grasim.comgreat eastern shipping Co. ltdwww.greatship.comgujarat narmada valley fertilizers Co. ltdwww.gnfc.ingv films ltdwww.gvfilms.com

H

hdfC Bank ltdwww.hdfcbank.comhimachal futuristic Communications ltdwww.hfcl.comhindalco industries ltdwww.hindalco.comhinduja foundries ltdwww.hindujafoundries.comhindustan Construction Co. ltdwww.hccindia.comhiran orgochem ltdwww.hiranorgochem.com

The Luxembourg Stock Exchange is internationally recognised for its listing expertise. We were the first exchange to list a Eurobond, in 1963, and since then have become Europe’s leading location for the listing of international bonds.

The listing of depositary receipts, mostly Global Depositary Receipts, from a variety of countries is also a specialty of the Luxembourg Stock Exchange. More than 150 Indian companies are today listing depositary receipts in Luxembourg.

In this brochure are all the currently-listed Indian companies that have chosen the Luxembourg Stock Exchange for their depositary receipt issues.

Luxembourg and its stock exchange are both major and experienced players on the world’s markets and we have always focussed on listings from companies or organisations that seek international access.

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iKf technologies ltdwww.ikf-technologies.comindia Cements ltd (the)www.indiacements.co.inindiabulls financial services ltdwww.indiabulls.comindiabulls real estate ltd www.indiabulls.com/realestateindiabulls securities ltdwww.indiabulls.com/securities/indo rama synthetics (india) ltdwww.indoramaindia.comind-swift laboratories ltdwww.indswiftlabs.comindusind Bank ltdwww.indusind.comispat industries ltdwww.ispatind.comit People (india) ltdwww.itpeopleltd.initC ltdwww.itcportal.com

J

Jain irrigation systems ltdwww.jains.comJindal Cotex ltdwww.jindalcotex.comJindal sAw ltdwww.jindalsaw.comJK Paper ltdwww.jkpaper.comJsl ltdwww.jindalstainless.comJupiter Bioscience ltdwww.jupiterbioscience.com

K

K sera sera Productions ltdwww.kserasera.comKaashyap technologies ltdwww.kaashyap.comKBs Capital Management ltdN/AKei industries ltdwww.kei-ind.comKemrock industries and exports ltdwww.kemrock.comKesoram industries ltdwww.kesocorp.comKlg systel ltdwww.klgsystel.comKohinoor Broadcasting Corporation ltdN/AKotak Mahindra Bank ltdwww.kotak.com

L

larsen & toubro ltdwww.larsentoubro.comliC housing finance ltdwww.lichfl.comlyka labs ltdwww.lykalabs.com

M

MAArs software international ltdwww.maarssoft.comMadhucon Projects ltdwww.madhucon.comMahindra & Mahindra ltdwww.mahindra.comMArg Constructions ltdwww.marggroup.comMascon global ltdwww.mgl.comMicro technologies (india) ltdwww.microtechnologies.netMorepen laboratories ltdwww.morepen.comMosChip semiconductor technology ltdwww.moschip.com

N

nagarjuna Construction Co. ltdwww.ncclimited.comnakoda ltdwww.nakodaltd.comnectar lifesciences ltdwww.neclife.comnePC india ltdwww.nepcindia.comnissan Copper ltdwww.nissancopper.comnorthgate technologies ltdwww.northgatetech.comnu tek india ltdwww.consultnutek.com

O

orchid Chemicals & Pharmaceuticals ltdwww.orchidpharma.comorg informatics ltdwww.orgltd.comoriental hotels ltdwww.orienthot.co.in

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Paramount Communications inc.www.paramountcables.comProto developers & technologies ltdwww.proto.co.in

R

rainbow Papers ltdwww.rainbowpapers.comrana sugars ltdwww.ranagroup.comranbaxy laboratories ltdwww.ranbaxy.comraymond ltdwww.raymondindia.comreliance Capital ltdwww.reliancecapital.co.inreliance Communications ltdwww.rcom.co.inreliance industries ltdwww.ril.comresurgere Mines & Minerals india ltdwww.resurgere.inrishabhdev technocable ltdwww.rtclcables.com

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sanra Media ltdwww.sanrasoft.coms.e. investments ltdwww.seil.insel Manufacturing Co. ltdwww.salujafabrics.comshah Alloys ltdwww.shahalloys.comshree Ashtavinayak Cine vision ltdwww.ashtavinayakindia.comsilverline Animation technologies ltdwww.salimited.comsilverline technologies ltdwww.silverline.comsouthern ispat and energy ltdsouthernispatltd.comsouthern Petrochemical industries Corp. ltdwww.spic.insterling Biotech ltdwww.sterlingbiopharma.comsterling international enterprises ltdN/Asujana Metal Products ltd www.sujana.comsujana towers ltd www.sujana.comsujana universal industries ltdwww.sujana.comsurya Pharmaceutical ltdwww.suryapharma.comsuzlon energy ltd www.suzlon.comsybly industries ltdwww.sybly.comsyncom healthcare ltdwww.syncomhealthcare.com

T

taneja Aerospace & Aviation ltdwww.taal.co.intata Motors ltdwww.tatamotors.comtata Power Co. ltd (the)www.tatapower.comtata steel ltdwww.tatasteel.comtata tea ltdwww.tatatea.comteledata informatics ltdwww.teledatainformatics.comteledata technology solutions ltdwww.tts-consulting.comtricom india ltdwww.tricominfo.comtube investments of india ltdwww.tiindia.comtulsi extrusions ltdwww.tulsigroup.biz

U

uflex industries ltdwww.uflexltd.comuniphos enterprises ltdwww.uelonline.comunited Phosphorus ltd www.uelonline.comunited spirits ltdwww.unitedspirits.inusha Martin education & solutions ltdwww.ushamartin.com

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vaibhav gems ltdwww.vaibhavgems.comvalecha engineering ltdwww.valechaeng.comvideocon industries ltdwww.videoconworld.comvishal information technologies ltdwww.vishalinfotech.comvisu international ltdwww.visuglobaledu.com

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wanbury ltdwww.wanbury.comwockhardt ltdwww.wockhardtin.com

Z

Zenith Birla (india) ltdwww.yashbirlagroup.com

contactSluxembourg stock exchange société de la Bourse de luxembourg s.A. 11, Avenue de la Porte-Neuve B.P.165 L-2011 LuxembourgPhone +352 47 79 36 1 info@bourse.lu www.bourse.lu

hubert grignon dumoulinMember of the Executive CommitteeHead of ListingPhone +352 47 79 36 - 503hgd@bourse.lu

Alessandro PiccoHead of Stocks, Shares and Investment Funds ListingPhone +352 47 79 36 - 261 api@bourse.lu

Antoine wagnerHead of Marketing & Communication Phone +352 47 79 36 - 281awa@bourse.lu

Luxembourg Stock ExchangeSociété de la Bourse de Luxembourg S.A.

11, avenue de la Porte-NeuveL - 2227 Luxembourg

info @ bourse.luwww.bourse.lu