Investor Presentation

August 2013

Industry Overview

Industry Size and Structure

Light Hair Oil is now the largest non -coconut hair oil segment

2

Perfumed Hair Oil Segment

FMCG

Rs.199,401 cr (USD 36.3 bn)

Hair Care

Rs. 15,141 cr (USD 2.75 bn)

Shampoo

Rs. 4694cr

(USD 853 mn)

(31.0 %)*

Perfumed Oil

Rs. 4283 cr

(USD 779 mn)

(28.3%)*

Coconut Based Oil

Rs. 3587 cr

(USD 652 mn)

(23.7%)*

Hair Conditioners

Rs. 302 cr

(USD 55 mn)

(2.0%)*

Hair Dyes

Rs. 2,271 cr

(USD 413 mn)

(15.0 %)*

Hair Oil Market

Coconut based

Oils

(46%)**

Amla

based Oils

(15%)**

Light Hair Oils

(16%)** Cooling Oils

(11%) **

Others

(12%)**

Source: AC Nielsen Retail Audit Report.

Only branded products data for CY 2012

* Value based share of Hair Care Market

** Value based share of Hair Oil Market

8% salience

Hair Oil Market in India

Overall Hair Oil Market Volume Overall Oil Market Value

Light Hair Oil Volume Light Hair Oil Value

Light hair oils is one of the fastest growing segments in the hair oil market in India

Source: AC Nielsen Retail Audit Report, Jun2013.

(In K

Ltr

) (I

n K

Ltr

)

(Rs. C

r.)

(Rs. C

r.)

Y-o

-Y

30

%

Y-o

-Y

33

%

Y-o

-Y

40

%

Y-o

-Y

14

%

Y-o

-Y 8

.6%

Y-o

-Y 1

0.1

%

Y-o

-Y

18

%

Y-o

-Y 8

.3%

Y-o

-Y 1

2.5

%

Y-o

-Y

29

%

Y-o

-Y 1

6.4

%

Y-o

-Y 1

7.1

%

Y-o

-Y

31

%

Y-o

-Y

21

%

Y-o

-Y 1

2.1

%

Y-o

-Y 1

3.6

%

Y-o

-Y

1.2

%

Y-o

-Y

19

.5%

Y-o

-Y

22

%

Y-o

-Y

30

%

3

Y-o

-Y

5.1

%

Y-o

-Y

12

.6%

Y-o

-Y

10

.8%

Y-o

-Y

20

.3%

132560

172,528 197,057

214,002 235,539 238,283

250,396

64,511

0

50,000

100,000

150,000

200,000

250,000

300,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

2,827.3

3,707 4,498

5,044 5,728

6,981

7,861

2,107

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

11764

15,603 18,390

19,908 22,406

26,768 29,663

8,035

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

335.6

472

610 710

831

1,080

1299

366

0

200

400

600

800

1,000

1,200

1,400

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

3M

-o-3

M

8.6

%

3M

-o-3

M

17

.7%

3

M-o

-3M

6

.8%

3M

-o-3

M

2.2

%

Light Hair Oil Market in India

Light Hair Oil Volume Light Hair Oil Value

Almond Drops Hair Oil Market - Volume Almond Drops Hair Oil Market - Value

Almond Drops is the brand which is driving light hair oils and in turn the overall market

(In K

Ltr

)

(Rs. C

r.)

Y-o

-Y 5

4.5

%

Y-o

-Y 4

8.9

%

Y-o

-Y 2

6.7

%

Y-o

-Y 2

2.6

%

Y-o

-Y 5

1%

Y-o

-Y 3

5%

Y-o

-Y 1

7.9

%

Y-o

-Y 1

5.1

%

(In K

Ltr

)

Y-o

-Y

26

.2%

Y-o

-Y

34

.8%

4

Source: AC Nielsen Retail Audit Report, Jun2013.

Y-o

-Y

16

.3%

Y-o

-Y

24

.4

%

(Rs. C

r.)

Y-o

-Y

33

%

Y-o

-Y

40

%

Y-o

-Y

18

%

Y-o

-Y 8

.3%

Y-o

-Y 1

2.5

%

Y-o

-Y

29

%

Y-o

-Y 1

6.4

%

Y-o

-Y 1

7.1

%

Y-o

-Y

19

.5%

Y-o

-Y

30

%

Y-o

-Y

10

.8%

Y-o

-Y

20

.3%

3M

-o-3

M

8.6

%

3M

-o-3

M

17

.7%

11764

15,603 18,390

19,908 22,406

26,768 29,663

8,035

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

335.6

472

610 710

831

1,080

1299

366

0

200

400

600

800

1,000

1,200

1,400

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

3M

-o-3

M

15

.5%

Y-o

-Y

22

.7%

3978

5,988

8,108 9,559

11,006

13,895

16,157

4,578

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

123 191

284

360

441

594

739

213

0

100

200

300

400

500

600

700

800

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

Nielsen Panel Expansion

Nielsen has expanded its retail audit panel in 2013 up by 60% from the existing

panel with significant increases in Rest of Urban and Rural.

This enhancement improves country level precision for all states and pickup more

regional / local brands, thereby significantly improving accuracy in reported

estimates.

Since Nielsen data is based on statistical projection of sample to the actual

universe, any change in sample leads to a change in the projected data with

retrospective effect. As a result of this expansion the data from Jan 2011 onwards

has changed to reflect the bigger panel and hence better data.

5 Source: Nielsen Retail Audit Report, Jun2013

Category outlets Old Panel New Panel

Hair Care oils 6,923,929 6,032,262

LHO 4,865,663 4,177,911

HAB 3,063,306 2,554,584

CHO 3,299,790 2,802,538

Market Shares Trends (All India - Urban Plus Rural)

Source: AC Nielsen Retail Audit Report, Jun2013

*Market Share in the Light Hair Oil Category

Volume MS Value MS

6

38.4%

44.1%

48.0% 49.1% 51.9%

54.5% 57.0%

0%

10%

20%

30%

40%

50%

60%

07-08 08-09 09-10 10-11 11-12 12-13 13-14(3m)

40.3%

46.5%

50.7% 53.0%

55.0% 56.9% 58.4%

0%

10%

20%

30%

40%

50%

60%

70%

07-08 08-09 09-10 10-11 11-12 12-13 13-14 (3m)

ADHO Relative Market Share Value Trend

Source AC Nielsen Retail Audit Report, Jun2013

Growth in Relative market share demonstrates the strength of the brand

Relative Market share is the ratio of Almond Drops market share to

the next largest competitor in LHO segment

7

2.08

2.65

3.17

3.43

4.04

4.27

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

2008 2009 2010 2011 2012 2013 (6M)

Relative MS - Val

ADHO Relative Market Shares Value

Source AC Nielsen Retail Audit Report, Jun2013

State Relative MS Rank

Delhi 3.7 1st

Rajasthan 1.6 1st

Uttar Pradesh 3.4 1st

Punjab 4.0 1st

HP-JK 2.8 1st

Haryana 4.3 1st

Uttaranchal 4.9 1st

North Zone 4.1 1st Assam 5.5 1st

North East 4.1 1st

Bihar 7.9 1st

Orissa 4.1 1st

West Bengal 3.1 1st

Jharkhand 5.0 1st

East Zone 5.6 1st

All India 4.3 1st

State Relative MS Rank

Madhya Pradesh 3.8 1st

Chhattisgarh 6.2 1st

Central Zone 4.4 1st

Gujarat 2.2 1st

Mumbai 3.9 1st

Maharashtra 4.3 1st

West Zone 3.0 1st

Andhra Pradesh 0.8 2nd

Karnataka 6.7 1st

Kerala 1.3 1st

Tamil Nadu 0.5 2nd

South Zone 1.3 1st

All India 4.3 1st

Relative Market share is the ratio of Almond Drops market share to the next largest competitor in LHO segment

Rank is the position of ADHO in respective state

8

Statewise Market Share

July12-June13 LHO Volume Proportion % ADHO Market Share % (Vol)

Saliency Urban Rural Total Urban Rural

All India (U+R) 100.0% 65.1% 34.9% 55.4% 53.7% 58.5% Punjab 5.8% 68.8% 31.2% 52.8% 51.5% 55.8%

Haryana 6.7% 80.4% 19.6% 57.4% 54.8% 68.2% Delhi 5.9% 100.0% 0.0% 52.2% 52.2% Rajasthan 9.0% 59.9% 40.1% 47.1% 45.9% 48.9%

Uttar Pradesh (U+R) 21.7% 61.8% 38.2% 58.7% 55.5% 63.9% Uttaranchal 1.0% 58.3% 41.7% 60.9% 57.7% 65.3% Assam 5.6% 45.6% 54.4% 52.3% 43.6% 59.5%

Bihar 4.5% 65.3% 34.7% 72.8% 71.3% 75.5% Jharkhand 0.8% 77.0% 23.0% 60.8% 60.0% 63.3% Orissa 1.5% 61.4% 38.6% 56.4% 56.6% 56.0% West Bengal 6.5% 63.3% 36.7% 37.6% 37.5% 37.7%

Gujarat 6.1% 74.8% 25.2% 52.5% 51.2% 56.4% Madhya Pradesh 11.5% 43.7% 56.3% 61.9% 65.4% 59.2% Chattisgarh 3.5% 46.6% 53.4% 67.1% 63.9% 69.8%

Maharashtra 6.8% 81.8% 18.2% 57.3% 57.9% 54.7% Karnataka 1.0% 86.7% 13.3% 63.3% 62.9% 66.2% Andhra Pradesh 1.5% 71.8% 28.2% 32.0% 37.8% 17.0%

Tamil Nadu 0.5% 96.2% 3.8% 23.5% 24.3% 3.8% Kerala 0.1% 90.0% 10.0% 19.1% 20.9% 3.3%

Source: AC Nielsen Retail Audit Report, MAT Jun2013

9