1. Forgings Limited

2. Mahindra Forgings Forgings Limited (India) Strategy War Room 2011 24 November 2011 Version India

3. Systech Sector Environment Scan & Market Analysis Indian Forging Market 2 Source: AIFI

4. Systech Sector Environment Scan & Market Analysis Domestic Passenger Car Market 3 o The passenger car & MUV industry’s sales are estimated to have fallen by 2.6% during the September 2011 quarter because Maruti Suzuki, which accounts for around 65% of the industry’s total sales recorded a sharp 16.3% fall in sales during the quarter o Anticipating a healthy growth in demand, the segment is likely to witness investments worth Rs.3,875 Cr in 2011-12. o The Addressable market (excluding CKD & Casting component) for MFL is 65% of the total market segment. o With a supply of 776000 crankshafts in the segment against a production of approximately 1730000 vehicles in FY 11 (addressable market), MFL enjoys a 45 % market share.

5. Systech Sector Environment Scan & Market Analysis Domestic Multi Utility Vehicle Market 4. o The Addressable market (excluding CKD & Casting component) for MFL is 78% of the total market segment o With a supply of over 95700 crankshafts in the segment against a production of approximately 133000 vehicles in the H1 FY 12 (addressable market), MFL enjoys a commanding 72 % market share in the MUV market.

6. Systech Sector Environment Scan & Market Analysis Domestic Light Commercial Vehicle Market 5 o LCV sales continue to drive overall sales growth of the CV industry in spite of increasing interest rates and rising fuel price because of increasing acceptance of hub-and-spoke model of transportation in the sub 1T LCVs o LCV sales are further expected to grow by 11.6 per cent in 2012-13 o With a supply of over 142000 crankshafts in the segment against a production of approximately 250000 vehicles in the H1 FY 12 (addressable market), MFL enjoys a commanding 57 % market share in the LCV market.

7. Systech Sector Environment Scan & Market Analysis Domestic Heavy Commercial Vehicle Market 6 o LCV sales continue to drive overall sales growth of the CV industry in spite of increasing interest rates and rising fuel price because of increasing acceptance of hub-and-spoke model of transportation in the sub 1T LCVs o LCV sales are further expected to grow by 11.6 per cent in 2012-13 o With a supply of over 142000 crankshafts in the segment against a production of approximately 250000 vehicles in the H1 FY 12 (addressable market), MFL enjoys a commanding 57 % market share in the LCV market.