IRR Comparison Summary Original (IC deck version) IRR Assuming debt as purchase price IRR with 47% purchase in FYE18 at cap of INR 2,000 crores August 17, 2012

Original IRR Calculation (from IC deck) 2

3 IRR Comparison – Debt as Purchase Price Assumes borrowing full purchase price of $113MM at a rate of 8.4% ($MMs)

4 IRR Comparison – Exercise of Call Assumes SPE exercises call option at cap of INR 2,000 crores in FYE18 (1)Cap of INR 2,000 crores is 10.9x trailing (FYE17) EBITDA of $33.4MM (2)Terminal value is calculated at a 7% long-term perpetual growth rate, and is 11.7x trailing (FYE17) EBITDA ($MMs)