Leadership through Innovation

Acquisition Highlights M & A Strategy Expansion in Product Categories & Segments but within HVAC industry Continued engagement with the existing promoters through a staggered buyout and growth incentives Comprehensive Solutions for existing CAC, AHU & FCU customers Market Landscape Product expansion in High Entry Barrier & Long Approval Cycle including Railways, Defence, Buses and Commercial Air-Conditioners Penetration into new customer segments like Railways, Defence & Metros Deal Structure ■ ✓ amber Amber to acquire 80% shares of Sidwal Refrigeration Industries Pvt Ltd which will include Sidwal Technologies on or before 30th April 2019 Sidwal has no long term debt & minimal short term working capital debt EPS & ROCE accretive Key Operating Metrics ~33% Revenue growth in FY18 ~20%+ Operating EBIDTA Margins Revenue Visibility Strong order book of ~INR 200 Crs with AMC contracts Market Leader Market leader in Mobile & Commercial segment (MnC) ■ Entry into fast growing segments Strategic Rationale Market leader with ~50% market share in the railway and metro segments and Market share of ~80% in the Defence Segment Long standing clientele with strong order book & AMC contracts to have revenue visibility Financials ☐ Procurement leverage of Amber to benefit margin expansion Leadership through Innovation Particulars FY16 FY17 FY18 Revenues* (INR in Crs) 115.97 124.11 165.22 *Turnover of Sidwal Refrigeration Industries Pvt Ltd & Sidwal Technologies without eliminating intercompany transactions

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