Investor Presentaiton

11 WHY CMA IS PROPOSED TO BE TERMINATED ■ The reorganization and restructuring of MSIL is intended to create a system that is nimble and has the ability to take and implement decisions quickly. ■ Such reorganization requires that all facilities be under one ownership. Having SMG as a major production site and being a wholly owned subsidiary of MSIL would ease compliance requirements. ■ SMC has agreed with MSIL that in the best interests of future efficiency of management, and enhanced competitive abilities, the CMA should be terminated. ■ As a consequence, MSIL would be acquiring SMC equity in SMG. Except for the change of ownership, and gradual replacement of some SMG managers by MSIL managers in the SMG plant there would be no other change of any kind in the production, costs of operation or systems in the Gujarat plant. The sales, and profitability of MSIL would not undergo any noticeable change.

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