Report on Profitability

Report of Mr. Mayank Malik, CEO of IIHL on Profitability of the Company for the 9 month period ended the 31 st December 2018
Despite an uncertain global economic scenario, IIHL continues to grow its profitable
operations thanks to its investments in India where there is macro-economic stability
thanks to the pro-growth policies followed by the Government. IIHL is likely to earn a
net profit of US$ 22 Mn for the 9 month ended the 31 st December 2018 as per
particulars given below:

1. Net Profit for the 6 month ended the 30 th September 2018 - US$ 14.603 Mn
2. Net profit for the quarter ended the 31 st December 2018 - US$ 7.4 Mn as under:
   
   • Interest expense - US$ (2.8 Mn)
   • Interest income - US$ 6.2 Mn
   • Expenses - US$ (1.1 Mn)
   • Capital gains - US$ 5.1 Mn
   • PAT - US$ 7.4 Mn
3. Profit for the 9 months ended 31-Dec-2018 - US$ 22 Mn

Interest expense relates to the loan availed from Citibank and the interest income
arises out of prudent investment of Rights Issue money. Capital gains have arisen
out of churning of investments other than that in IndusInd Bank.

Mauritius
31 st December 2018