#1Hindustan Oil Exploration Company Limited HOEC INVESTOR PRESENTATION | JUNE 2022#2HOEC - On the Cusp of Transformation . . • Right Resources Established player with • proven track record Experienced and focused management Deep technical knowledge and experience in Indian Basins Asset Portfolio tailored to strategy • • H EC Right Strategy Short cycle projects with immediate production uptick Cost effective projects and operations delivery Disciplined capital allocation preserving financial flexibility • • ₹ Right Environment Next level of revenue and cashflow generation from B-80 project delivery Crude oil and Natural gas prices at premium levels • Reforms in sector leading to opportunities for multiple growth Superior and Sustainable Value Creation over the long term 2#3Proven Track Record Gross Production (boepd) 2,428 8,508 8,622 7,896 7,243 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 > 100% 27 Months H❤EC 4.5 Years 5 yr Gross Production CAGR Assam - FDP to First Gas Timeline B-80 FDP to First Gas Timeline 3#4Board of Directors H EC Vivek Rae - Non-Executive Independent Director/Chairman Mr Rae, a former secretary, Ministry of Petroleum & Natural Gas, Government of India, served in the Indian Administrative Services for 36 years. Subsequent to his retirement, Mr. Rae served as a whole-time member of the 7th Central Pay commission and was on the Board of Indian Oil Corporation Limited as an Independent Director during 2017-18. Elango Pandarinathan - Managing Director Mr. Elango is a veteran in the upstream Oil & Gas industry with over 35 years of experience. He has held several leadership roles and has created a number of firsts as a Business Leader. He was one of the five finalists for Platts' first-ever "Asia CEO of the Year" Award in 2013. Rohit Rajgopal Dhoot - Non-Executive, Non-Independent Director Mr. Rohit has been the Managing Director of Dhoot Industrial Finance Limited since 1994 and has a plethora of experience in Finance, Banking, M&A and Strategic Planning spanning more than 20 years. Ramasamy Jeevanandam - Executive Director & CFO Mr. Jeevanandam joined HOEC in February 2015, after successful stints at ONGC and Hardy Oil. He brings in sharp business acumen and has been instrumental in taking key strategic business decisions. Pronip Kumar Borthakur - Non-Executive Independent Director Mr Borthakur is a well recognized and respected technical authority in the Oil and Gas sector who has rich experience of more than 37 years at ONGC, from where he retired as Director (Offshore). Ashok Kumar Goel - Non-Executive, Non-Independent Director Mr. Ashok Kumar Goel was the Chairman and Managing Director of Essel Propack Limited until August 2019. He possesses great business insight, sharp business acumen, and has rich experience in running and managing the business of the large conglomerate of Essel Group. Sharmila H. Amin - Non-Executive Independent Director She is the South Asian Regional Director and Managing Director of Bertling Logistics. In her long career in Heavy Lift Projects Logistics, she has headed projects in Oil & Gas for the South Asia Region as a part of the Panalpina Group. 4#5Tailored Asset Portfolio with Broad Geographical Presence H EC B-RO Onshore Oil Well II Offshore Oil Well Onshore Gas Offshore Gas Onshore Exploration Cambay Kherem Dirok Asjol North Balol Palej Umatara Assam Arakan INDIA Kharsang Greater Dirok • India Focused Asset Portfolio tailored to deliver our strategy of rapid development of discovered resources Strong offshore presence with anchor assets on both east and west coast • Established industry leading footprint in most prospective areas - North-east and Cambay 10 Out of 11 blocks with discovered / producing resources PY-1 Cauvery PY-3 Mombel High 4 Out of 7 producing basins in India with HOEC presence 5#6Focused Strategy for Value Generation H EC Uniquely placed with right organization and right asset portfolio to deliver superior value Focus on Discovered Resources Light Asset Model • Focus on discovered oil and gas resources to reduce the risk involved in exploration • Fast-track execution to bring resources to monetization quickly Follow Light-Asset and low-cost operating model Focus on our core operations (G&G Drilling for Oil/Gas) Outsource associated field tasks to expert partners • Insource at Group Corporate Level • • Growth strategy 植 Growing responsibly . Build on Offshore Operating Edge Seize growth opportunities in Offshore and North-East with established footprint Leverage Existing Infrastructure to add Attractive Assets with Synergies Create long-term stakeholder value & 'Grow Responsibly' Respect and Care for - Individuals - Community - Environment 6#740M) N77M HOEC BUSINESS OVERVIEW 7#8B-80: Production Commenced from Gas Well - D2 H EC First Gas from B-80 being packed into WO-16 to BPB (14"-56 km) pipeline of ONGC since 31 May 2022 D2 Gas well opened and gas process systems commissioned successfully • Gas quality specification required by ONGC → Achieved prior to transportation • Committed sales gas volume to GSPC is 10 mmscfd of gas 8#9• B-80: Production Start-up Status Full Offshore Systems Installed and Integrated during Q4 FY22 • • SPM installation Completed & Tested MOPU • SPM to FSO connection completed and established readiness to receive Oil Top Sides Commissioning and RFSU Completed • • Process Equipment calibration, commissioning and Ready for Startup completed Statuary approvals including Consent to Operate (CTO) received • Production Startup - Technical Challenges • • • . Initiated startup of both D1 & D2 wells as per plan post project completion Pre-commissioning activities taken more time than expected Pre-commissioning completed for D2 well and gas being packed into ONGC line since 31 May 2022 D1 oil well subsea umbilical system issues are being addressed AS LINE HAZIRA H EC VADODARA D DIL LINE "NOT TO SCALE 9#10B-80: Key Milestones FDP Approved Dec 2017 Drilling & completion - 2 subsea development wells April 2020 Offshore Installation (OI) for collecting, separating and processing well fluids March 2021 Hot-Tap of existing ONGC WO-16 Pipeline; Subsea production controls and flexible flowlines / export lines installation April 2021 Installation of Oil evacuation using FSO moored with CALM buoy Dec 2021 FS0 Full Offshore Systems installed and Integrated Jan 2022 Process plant commissioned and gas production commenced May 2022 13993 ONGC's pipeline 18558 H❤EC KGB- Offshore Installation at B-80 Site GAS LINE MOPU RAJKOT VADODARA HAZIRA PLANT SURAT MUMBAI PUNE MAHARASHT DOIL LINE D GAS LINE MOPU- MOBLE OFFSHORE PROCESS LIMIT NOT TO SCALE 10#11• • • Dirok: Production & Phase-II development • 27.7 mmscfd Gas Production (Q4-FY22) Field Layout 572 boepd > 15% Condensate Production Assam Gas (Q4-FY22) Production BCPL In addition to OIL India, gas is supplied to four other buyers at premium price Premium sales during Q4 FY 2021-22 constitute about 40% of total Dirok sales Cumulative production crossing the milestone of 50 BCF of gas and 1 MMBBL of condensate Hollong Modular Gas Process Plant (HMGPP) clocked 1,480 LTI free days as on 31 March 2022 Assam Arakan Assam LTPS DIBRUGARH EXISTING PIPELINE TINSUKIA COOS DULIAJAN NAMRUP NRL Phase II - FDP Approved • H EC KUSIJAK DIGBOI 100 DIROK-1.0 263 Laying of 35km pipeline to connect directly to Duliajan hub GPP BHORPOWAI DIROK -5&6 DIROK-4 COGS MARGHERITR NT TO SCALE Drilling of 3 development wells to increase production from 35 mmscfd to 55 mmscfd Project Progress Environmental Clearance obtained JV Partners ऑल इंडिया लिमिटेड Oil India Limited इंडियन ऑयल IndianOil . • Stage 1 Forest Clearance is received for 18-inch pipeline laying HOEC Pl • Line pipe required for forest segment is received and is in stock 27% Dirok is a successful fast-track development with an outsourced model for processing 11#12PY-1: Enhancing Production and Offtake Arrangements USD 3.67 Realised Price per MMBTU 55 mmscfd Processing Capacity 56 km Sub sea pipeline Cauvery • Only offshore platform in Cauvery Basin with 8 slots and four wells drilled Unique, gas-bearing and the only offshore fractured granitic basement reservoir in India G&G studies completed and new well locations identified for the full field development; awaiting review • EIA study completed for obtaining Environmental Clearance for drilling additional wells • PY-1 Adhoc extension granted • Settlement Agreement being finalized and being executed for grant of 10-year extension Clients 5729 G CPCL HOEC Pl GAIL GAIL is the sole buyer for the gas produced in this field H EC Tamil Nadu 100% 12#13Kharsang: Phase I Development Plan 476 boepd Oil Production (Q4-FY22) 30% Direct + Indirect Pl 18 Number of Wells to be drilled in near future Field Overview HOEC acquired entire share capital of M/s Geopetrol International Inc in 2018 which has 30% stake - Direct and Indirect in Kharsang Oil field Kharsang oil field is located in the state of Arunachal Pradesh and 60 kms away from Dirok Post drilling of 18 wells, production expected to increase to 1800 boepd RFDP is approved & Mining lease granted till 15 June 2030 • Adhoc PSC extension granted Outstanding issues related to Cost Recovery Limits (CRL) to be referred to Dispute Resolution Committee (DRC) Proposed drilling campaign will include appraisal of deeper prospects H EC 13#14Cambay: Developments 75 boepd Oil Production (Q4-FY22) 0.376 mmscfd Total Gas Production (Q4-FY22) Asjol, North Balol and Palej Cambay Marginal fields at Cambay Approved FDP to be executed over next two years: • Asjol: 2 development wells & hook-up to EPS • North Balol: 2 development wells & hook-up to GCS • Palej: RFPSC (100 sq.km. 3D seismic & 2 exploration wells - JV signed RFPSC submitted to MOPNG through DGH) Public Hearing completed as part of Environment Clearance Process successfully on 18 Jan 2022 for future development campaigns in Asjol and North Balol Small volume of Associated Natural Gas (ANG) sale commenced to achieve zero flaring Asjol CB-ON/7 (Palej) North Balol JV Partners JV Partners HOEC PI HOEC PI 35% HOEC PI 25% GSPC JV Partner GSPC 50% GSPC સોનીની ONGC GNRL Gujarat P9 PRD-2PRS PRO-1 4 5 PB Now Discovery Surrendered Area from CB-ONT H❤EC M5 Proposed 97.15 Ka Ring Fenced Contract Area-CB-ON рб Hazad Leads 14#15Other Blocks Kherem • Block awarded under DSF - 2016 Tested - Oil 402 bopd Field Plan- 2 wells to be completed in 3 years from date of receiving PML Forest Clearance (FC) in final stages. NoC for FRA obtained, PML to be processed after FC HOEC PI 40% H EC JV Partners ऑल इंडिया लिमिटे Oil India Limited Prize RETROLEU anaewecu • Block awarded under DSF - 2018 • Located at a distance of 50 km from Dirok field Umatara Jointly operated by IOC (Lead operator) & HOEC Environmental Clearance granted on 22 April 2022. Tendering process & land acquisition for FDP is under implementation 10% ETS24FRICHTREET IndianOil • Field under shutdown since July 2011 PY-3 H H AA-ONHP- 2017/19 HOEC has 21% non-operating stake in PY-3. Operates PY-1 Gas field with an offshore platform and onshore processing facilities close to PY- 3 field 21% • PSC extended till 2030 • Last production (100%) - 3,300 boepd • (Greater Dirok) . Hardy Oil and Gas plc TATA TALTA FETE UNITED Block awarded under OALP Bid Round 2019 Exploratory block adjacent to Dirok block with associated synergies both surface and sub-surface Preliminary EIA studies to be initiated 100% 3iteroffef onec 15#16Business Items HOEC FINANCIAL OVERVIEW 16#17Standalone Statement of Profit or Loss PARTICULARS (INR Cr) INCOME Revenue from operations Other income Total revenue EXPENSES H❤EC Q4-FY22 Q3-FY22 FY22 FY21 38.24 36.24 130.50 99.44 6.08 1.95 16.80 11.82 44.32 38.19 147.31 111.26 Expenses from producing oil and gas blocks 5.46 5.81 22.25 22.96 Royalty, Cess and NCCD 6.59 6.04 22.95 19.69 Decrease (Increase) in stock of crude oil and condensate 1.82 1.18 2.30 (1.97) Employee benefits expense 0.04 0.19 0.63 0.61 Finance costs- unwinding of discount on decommissioning liability 1.51 1.51 6.05 5.60 Finance costs - others 1.41 1.41 Depreciation, depletion and amortization 3.00 3.62 14.85 18.58 Other expenses 1.01 2.24 6.68 8.32 Total expenses 20.85 20.59 77.12 73.79 Profit before tax and exceptional items 23.47 17.60 70.19 37.47 Exceptional items - expenses Profit before tax Net tax expenses Net profit for the period (34.37) (34.37) 27.59 (10.89) 17.60 35.83 65.06 (10.89) 17.60 35.83 65.06 Other comprehensive income (0.07) 0.01 (0.04) 0.04 Total comprehensive income (10.97) 17.61 35.78 65.10 Earnings per equity share of Rs 10 each - Basic (0.82) 1.33 2.71 4.92 - Diluted (0.82) 1.33 2.71 4.92 17#18Standalone Statement of Assets & Liabilities H EC FY22 FY21 FY20 PARTICULARS (INR Cr) FY22 FY21 FY20 EQUITY AND LIABILITIES PARTICULARS (INR Cr) ASSETS Non-Current Asset 968.37 704.41 584.44 Equity 765.97 730.18 665.08 (a) Property, Plant and Equipment (a) Equity share capital 132.26 132.26 132.26 (i) Oil & gas assets 275.86 (b) Other equity 633.71 597.92 532.82 (ii) Others 3.37 288.59 2.82 305.04 2.86 (b) Capital work-in-progress 490.34 274.08 139.24 Non-Current Liabilities 284.38 197.49 103.73 (c) Investment property 3.07 3.95 4.15 (a) Financial liabilities (d) Intangible assets 9.71 9.37 9.82 (e) Financial assets (i) Long-term borrowings 160.61 88.28 (i) Loan to subsidiary 56.88 (ii) Other financial liabilities 8.66 0.13 0.31 (ii) Investments in subsidiary 59.46 59.46 59.46 (b) Provisions 115.10 109.08 103.42 (iii) Deposits under site restoration fund 69.48 65.59 62.41 (f) Other non-current assets 0.21 0.55 1.46 (c)Other non-current liabilities Current Assets 306.98 330.86 316.85 Current Liabilities 225.00 107.60 132.48 (a) Inventories 26.73 30.46 22.02 (b) Financial assets (a) Financial liabilities (i) Investments 0.34 30.35 91.89 (i) Borrowings 95.48 61.72 (ii) Trade receivables 13.60 28.02 35.21 (ii) Trade payables 17.23 12.13 12.69 (iii) Cash & cash equivalents 12.94 30.10 48.71 (iv) Other bank balances 32.50 15.90 15.25 (iii) Other financial liabilities 101.46 28.18 117.39 (v) Loan to subsidiary 173.57 97.39 65.96 (b) Provisions 0.20 0.18 0.14 (vi) Other financial assets 45.63 30.53 4.19 (c) Other current liabilities Income tax assets (net) 0.64 4.39 4.35 10.63 5.39 2.26 Other current assets 1.04 63.72 29.27 GRAND TOTAL - EQUITIES & LIABILITIES 1,275.34 1,035.27 901.29 GRAND TOTAL - ASSETS 1,275.34 1,035.27 901.29 18#19Consolidated Statement of Profit or Loss PARTICULARS (INR Cr) INCOME Revenue from operations Other income Total revenue EXPENSES H EC Q4-FY22 Q3-FY22 FY22 FY21 42.21 43.94 155.73 113.86 1.42 2.70 11.46 11.32 43.63 46.64 167.19 125.18 Expenses from producing oil and gas blocks 7.17 7.28 28.23 29.54 Royalty, Cess and NCCD 8.96 8.41 32.35 24.45 Vessel Operating Expenses 2.67 2.67 Decrease (Increase) in stock of crude oil and condensate 1.79 1.24 3.79 (3.30) Employee benefits expense 0.09 0.38 0.93 0.69 Finance costs - unwinding of discount on decommissioning liability 1.55 1.55 6.21 5.78 - Others 2.75 0.25 3.01 0.01 Depreciation, depletion and amortization 10.73 5.09 26.21 23.37 Other expenses 0.64 3.90 8.85 8.34 Total expenses 36.34 28.10 112.24 88.88 Profit before tax and exceptional items 7.29 18.54 54.95 36.30 Share of profit from associate Exceptional items - expenses Profit before tax Net tax expenses 0.36 0.35 (0.90) 1.54 (34.37) (34.37) 13.98 (26.72) 18.89 19.69 51.82 0.49 (0.26) (0.31) (1.59) Net profit for the period (27.21) 19.15 19.99 53.42 Other comprehensive income (0.07) 0.01 (0.04) 0.04 Total comprehensive income (27.28) 19.16 19.95 53.46 Earnings per equity share of Rs 10 each - Basic (2.06) 1.45 1.51 4.04 - Diluted (2.06) 1.45 1.51 4.04 19#20Consolidated Statement of Assets & Liabilities H EC FY22 FY21 FY20 PARTICULARS (INR Cr) FY22 FY21 FY20 PARTICULARS (INR Cr) EQUITY AND LIABILITIES ASSETS Non-Current Asset 1360.34 958.41 769.13 Equity 753.12 733.17 679.71 (a) Property, Plant and Equipment (a) Equity share capital 132.26 132.26 132.26 (i) Oil & gas assets 296.55 312.14 331.78 (b) Other equity 620.86 600.91 547.45 (ii) Others 201.13 9.94 11.57 Non-Current Liabilities 425.23 273.23 142.07 (b) Capital work in progress 758.68 534.59 327.37 (a) Financial liabilities (c) Investment property 3.07 3.95 4.15 (d) Intangible assets 9.71 9.37 9.82 (i) Long term borrowings 204.61 159.17 31.97 (e) Financial assets (b) Trade payables (i) Investments in associate 18.38 19.28 17.73 (c) Other financial liabilities 100.86 0.14 0.31 (ii) Deposits under site restoration fund 72.56 68.53 65.18 Provisions 118.78 112.59 106.77 (iii) Other financial assets 0.06 0.06 0.07 (f) Other non-current assets 0.21 0.55 1.46 Other non-current Liabilities Current Assets 166.90 226.74 266.71 Deferred tax liability 0.98 Current Liabilities 348.89 1.33 178.75 3.02 (a) Inventories 30.98 36.10 26.59 214.06 (b) Financial assets (a) Financial liabilities (i) Investments 0.34 45.38 100.48 (ii) Trade receivables 16.20 31.07 36.36 (i) Short term borrowings 152.73 94.52 (iii) Cash & Cash Equivalents 29.12 46.89 70.60 (ii) Trade payables 37.92 (ii) Other financial liabilities 133.27 31.94 33.48 65.89 131.21 (iv) Other bank balances (v) Other financial assets 36.25 24.63 15.24 39.56 28.54 3.47 (b) Provisions 14.05 13.19 13.47 (c) Other Current liabilities 10.93 5.62 3.49 GRAND TOTAL - EQUITIES & LIABILITIES 1,527.24 1,185.15 1,035.84 Income tax assets (net) Other Current Assets GRAND TOTAL - ASSETS 3.76 7.36 9.88 10.68 6.77 4.09 1,527.24 1,185.15 1,035.84 20#21Capital Market Data H EC 150% HOEC S&P BSE Oil & Gas Index Price Data (As on 31st March, 2022) 130% 110% CMP (INR) 219.9 90% 70% 50% 30% 52 Week H/L (INR) 245.2/89.5 Avg. Net Turnover (INR Mn) 209.2 Market Cap (INR Mn) 29,064.2 10% Equity Shares Outstanding (Mn) 132.2 -10% Apr21 May21 Jun21 Jul21 Aug21 Sep21 Oct21 Nov21 Dec21 Jan22 Feb22 Mar22 Shareholding Pattern (31st March 2022) Marquee Investors % Holding FPI DII 1% 4% Housing Development Finance Corporation Ltd (HDFC) Kotak Small Cap Fund Si Investments And Broking Private Limited 6.57% 1.49% 1.17% Public 95% 21#2230 3 29 BYTER 28 2 REFERENCE HOEC 22#23Production Sharing Model Investment Multiple Aggregate value of Net Cash Income Aggregate value of Investments H EC *Aggregate value to be taken from the when production/investments year first incurred Net Cash Income Cost Petroleum + Profit Petroleum + Contractors all incidental income arising from petroleum operations Contractor's production costs and royalty payments Investments Contractors exploration cost + Contractors development cost Profit Petroleum shall be shared between Government and Contractor in accordance with value of Investment Multiple earned by the Contractor 23#24Investment Multiple under PSC HJEC Block AAP-ON-94/1 PY-1* PY-3* North Balol Kharsang* CB-ON-7 Asjol* Gas 10% 10% 10% 10% Royalty Oil/Cond 20% 10% 20% 20% 20% Cess Oil/Cond 20% 20% 20% 0% 20% 20% 20% Cost Recovery 80% 100% 100% 80% 100% 60% 100% Limit Investment Multiple (Govt. Share Percentages) <1 0% 10% 20% 20% 15% 0% 10% 1<1.5 10% 15% 20% 20% 15% 25% 20% 1.5<2 25% 15% 35% 30% 20% 30% 30% 2<2.5 35% 60% 50% 50% 25% 35% 40% 2.5<3 45% 60% 60% 50% 30% 40% 50% 3<3.5 50% 60% 70% 50% 35% 45% 60% >3.5 50% 60% 80% 50% 40% 50% 60% - Rates applicable from date of PSC extension listed as per PSC extension policy ** - All JV Partners to share Cess and Royalty in proportion to their Participating Interest 24#25Revenue Sharing Model % of Govt. share of revenue 100% 90% 80% 70% 60% 50% 40% 25% 30% 20% I 90% 25% HRP (Y) 10% LRP (X) 0% 0 25 50 75 100 125 Revenue Block B-80 Government Share of 12% Revenue - LRP Government Share of 55% Revenue HRP - Royalty 10% for crude oil, condensate and Natural Gas Cess 0 Kherem 21% 99% H EC Bidding process based on the Revenue Sharing Model involves 2 parameters - Lower Revenue Point (LRP) and Higher Revenue Point (HRP). The revenue share for intermediate points will be calculated by linear interpolation. The bidder offering the highest net present value of the revenue share to the Government will score the maximum on this parameter. Z= X+[(Y-X)*(R-0.01)/0.99 X-% of Govt. share of revenue payable at LRP Y - % of Govt. share of revenue payable at HRP R-Average daily revenue in Million US Dollar Z-% of Govt. share of revenue when Avg. daily revenue > LRP and < HRP AA-ONHP-2017/19 Umatara 22% 48% 99% 99% 12.5% for crude oil and 12.5% for crude oil and 12.5% for crude oil and condensate; 10% for natural gas condensate; 10% for natural gas condensate; 10% for natural 0 0 gas 0 25#26Disclaimer H EC No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management Hindustan Oil Exploration Company Limited ("Company" or "HOEC") which are expressed in good faith and in their opinion reasonable, including those relating to the Company's general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company's business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. Valorem Advisors Disclaimer: Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review. XX VALOREM ADVISORS For further information please contact our Investor Relations Representatives: Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903-9500 Email: [email protected] Investor Kit Link: http://www.valoremadvisors.com/hoec/ 26#27THANK YOU HOEC 27