Investor Presentaiton

Industry Standard In trade sales, the share of standard bicycles is coming down over the years Government orders for standard cycles continue to flow with more welfare schemes Specials In the specials market, growth is seen in Premium cycles, the overall market has seen a decline 150% Trade Sales murugappa 100% 61% 72% 50% 39% 0% Industry 28% TII Trade market has grown overall only at 3% Standards Specials Trade Market Share - Others Atlas 17% 18% Avon 11% TII 23% Hero 31% G Based on volumes of AICMA members (Source: AICMA Data) 26

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