Slide 1: Executive Summary Macro-Economic Indicators Slide 2: Gross Fiscal Deficit: Monthly (Sep 2012 - Feb 2013), Exchange Rate: Monthly (Nov 2012- Apr 2013) Slide 3: GDP at Factor Cost: Quarterly (2009-10 - 2012-13), Inflation Rate: Monthly (Oct 2012-Mar 2013) Slide 4: Lending Rate: Annual (2008-09 - 2011-12), Trade Balance: Annual (2009-10 - 2012-13), FDI Annual (2009-10 - 2012-13) Introduction Slide 5: Introduction Market Overview Slide 6: Global Dairy Market - Overview & Milk Production-wise Ranks of Nations Slide 7-9: Dairy Market - Overview, Market Size & Growth (2011-2017e), Production Volume - Milk (2007-08 to 2012-13) and Market Segmentation (2012) Slide 10: Value Chain Analysis Market Segmentation Slide 11: Market Segmentation - Cooperative and Private Dairies Slide 12: Market Segmentation - Rural and Urban Slide 13: Market Segmentation - Consumption Pattern - Liquid Milk and Other Forms and Regular Milk and Premium Products Consumer Insights Slide 14-23: Consumer Insights on Dairy Products Import & Export Slide 24-28: Total Imports - Major Types of Dairy and Processed Dairy Products (2009 to Apr-Dec 2012) Slide 29-34: Total Exports - Major Types of Dairy and Processed Dairy Products (2009 to Apr-Dec 2012) Drivers & Challenges Slide 35: Summary Slide 36-44: Drivers Slide 45-49: Challenges Government Rules & Policies Slide 50: Summary Slide 51-53: Food Safety and Standards Act 2006 & Regulations 2011 Slide 54: Government policies Government Participation Slide 55: Summary Slide 56: Fiscal Incentives for Food Processing Sector Slide 57: Other Initiatives Slide 58: Dairy Development Programmes Slide 59: National Dairy Plan Trends Slide 60: Summary Slide 61-67: Key Trends Competitive Landscape Slide 68: Market Competition - Porter's Five Forces Analysis Slide 69-73: Competitive Benchmarking Slide 74: Major Public Players - Summary Slide 75-109: Major Public Players Slide 110: Major Private Companies - Summary Slide 111-123: Major Private Players Strategic Recommendation Slide 124-125: Strategic Recommendations Appendix Slide 126: Appendix Slide 127: Sources of Information

Macro Economic Indicators 1. Gross Fiscal Deficit: Monthly (Sep 2012, Oct 2012, Nov 2012, Dec 2012, Jan 2013, Feb 2013) 2. Exchange Rate: Monthly (Nov 2012, Dec 2012, Jan 2013, Feb 2013, March 2013,April 2013) 3. GDP at Factor Cost: Quarterly (2009-10, 2010-11, 2011-12,2012-13) 4. Inflation Rate: Monthly (Oct-Nov 2012, Nov-Dec 2012, Dec 2012-Jan 2013, Jan 2013-Feb 2013, Feb 2013-Mar 2013) 5. Lending Rate: Annual (2008-09, 2009-10, 2010-11, 2011-12) 6. Trade Balance: Annual (2009-10, 2010-11, 2011-12, 2012-13) 7. FDI: Annual (2009-10, 2010-11, 2011-12, 2012-13) Market Overview 1. Consumption Share of Milk out of total Global Beverage Consumption 2. Change in Global Protein Consumption 3. Dairy Market Size and Growth (2011-2017e) 4. India's Share in Global Milk Production 5. Production Volume - Milk (2007-08 to 2012-13) 6. Market Segmentation - Organized & Unorganized Sector (2012) 7. Milk Producers Share - Rural Smallholders & Others Market Segmentation 1. Milk Procurement Break-up - Cooperative Dairies & Private Dairies (2011-12) 2. Share of Consumer Expenditure on Dairy Products - Urban Consumers (2012) 3. Share of Consumer Expenditure on Dairy Products - Rural Consumers (2012) 4. Consumption Share of Milk - Urban Consumers (2012) 5. Consumption Share of Milk - Rural Consumers (2012) 6. Consumption Pattern - Liquid Milk and Other Forms (2011) 7. Consumption Pattern - Regular Milk and Premium Products (2011) Consumer Insights 1. Profile of Respondents - Profile of Respondents - Age Wise (years) 2. Consumption Share of Dairy Products 3. Frequency of Consumption 4. Milk Consumption Share - Vegetarians 5. Milk Consumption Share - Non-vegetarians 6. Consumption Pattern - Liquid milk, Processed dairy products and Both & Preference-wise Share of 'Both' Category 7. Product Consumption Shares 8. Preference Wise Share of the Factors Influencing Purchasing Decision 9. Consumer's Purchasing Points 10. Preference-wise Share of the Brands 11. Budget Allocation for Dairy (Monthly) 12. Shares of Various Promotional Mediums Import & Export 1. Imports - Total Imports (2009 to Apr-Dec 2012) 2. Imports - Major Importing Nations - Value Wise (2011) 3. Exports - Total Exports (2009 to Apr-Dec 2012) 4. Exports - Major Exporting Nations - Value Wise (2011) Drivers & Challenges 1. Growing Income and Consumption - Aggregate Consumption (2005-2025e) and Aggregate Disposable Income (2005-2025e) 2. Rapid Urbanization - Growth in Urban Population (2001-2011) 3. Favorable Demographics - India's Share out of Global Population and Growing Population (2005-2030e) 4. Rise in Bovine Population - Total Bovines (2003-2007), Total Cattle (2003-2007) and Total Buffalos (2003-2007) 5. Growth of Sub Segments and Other User Industries - Confectionery Market (2010-2015e), Ice Cream Market (2011-2014e) and Ready to Eat Foods (2010-2017e) 6. Marketing Campaigns - Growth in Television Industry (2010-2015e) and Development of Print Media (2009-2014e) 7. Growing Retail Market - Number of Retail Outlets in India (2000-2010), Number of Hypermarkets in India (2008-2011), Organized Retail Market Space (2010-2020e) Growth of Malls in India (2010-11 & 2011-12) 8. Inadequate Supply of Feed and Fodder - Demand-supply Gap of Feed And Fodder (2012-13) 9. Deficit in Power Supply - Future Power Demand-Supply Scenario (2007-2017e) and Demand Supply Gap during Five Year Plans (6th-10th Five Year Plan) 10. Poor Supply Chain and Distribution Facility - Mode of Transportation of Perishables 11. Rise in Packaging Costs - Crude Oil Prices (Apr 2012-March 2013) Competitive Landscape 1. Competitive Benchmarking - Key Ratios of Top 3 Companies - Operational Basis (2012-13) 2. Competitive Benchmarking - Key Ratios of Top 3 Companies - Financial Basis (2012-13) 3. Company profiles (All Companies) a. Ownership Structure (Private Companies) b. Financial Snapshot (Except Gujarat Cooperative Milk Marketing Federation Ltd.) c. Key Business segments (Public Companies) d. Key Geographic segments (Public Companies)Market Overview 1. Country Ranks - Milk Production-wise (2011) 2. Major Milk Producing Indian States (2012) Consumer Insights 1. Description of various parameters of the survey Drivers & Challenges 1. Rise in Bovine Population - India's Rank in Global Buffalo and Cattle Population 2. Shortage of Cold Storage Units - Commodity-wise Distribution of Cold Storage Capacity Government Participation 1. Dairy Development Programmes - Allocation during 12th Five Year Plan Trends 1. Corporate Activities - PE Investments Competitive Landscape 1. Public Trading Comparables (FY 2012) 2. Company profiles (All Companies) a. Company Information (All Companies) b. Products and Services (All Companies) c. Key People (All Companies) d. Shareholders of the Company (Private Companies) e. Key Financial Performance Indicators (Public Companies) f. Key Ratios (All Companies except Gujarat Cooperative Milk Marketing Federation Ltd.) g. Business Highlights (All Companies) Appendix 1. Appendix 2. Sources of Information

Public 1. Amrit Corp Ltd. 2. Anik Industries Ltd. 3. Hatsun Agro Products Ltd. 4. Heritage Foods India Ltd. 5. Kwality Dairy India Ltd. 6. Britannia Industries Ltd. 7. Nestle India Ltd. Private 1. Gujarat Cooperative Milk Marketing Federation Ltd. 2. Mother Dairy Fruit and Vegetable Pvt. Ltd. Parag Milk Foods Pvt. Ltd.