Investor Presentation April 2018

MS Trends Qtrly - THO AI(U+R) MS Val MS Vol Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ADHO 9.6 9.3 9.4 9.8 7.2 7 7.2 7.6 All Bajaj Brands* 10 9.7 9.9 10.3 7.7 7.6 7.8 8.3 Strong positive trends for ADHO in THO category on both MS Vol & MS Val GREAT PLACE ΤΟ Source: Nielsen Retail Audit Report, Mar 2018 WORK CERTIFIED JAN 2017 - DEC 2017 INDIA 13

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