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1 GameChanger Masala

2 GAMECHANGER VOL 1.IV.2 Copyright 2010 Kotak Institutional Equities (Kotak Securities Limited). All rights reserved. Akhilesh Tilotia Mumbai: Shubham Satyarth Mumbai: Karan Durante Mumbai: Vineet Thodge Mumbai: Kotak Institutional Equities Equities Research Research 2

3 LOOKING FORWARD We continue our walk on the wild side along with 300 mn bleary eyed, sleep deprived, nail-chewing, popcorn-popping football devotees tracking World Cup With Looking Forward, GameChanger humbly notes that reality has turned its analysis and gut-feel on the head. With the finalists of 2006 bowing out in the group stage and one of the favorites (Spain) battling for survival on the last day of the group matches, the world-cup has proven that it can surprise and delight. We still believe in our modeling and update our predictions based on the new circumstances: we concede that we expect to be surprised again today in Group H, if not also in Group G. Using our arsenal of modeling tools (excruciatingly detailed in the Appendix for the brave), we determine the chances of each team in each game post the group stage. So will Spain make it? What about the Swiss? Will they face Brazil or Portugal? Can England triumph Germany to meet Argentina? And will Uruguay really have an easy ride to the semis? Can South Korea better their 2002 performance and can Honda really take Japan to the semi-finals? Can Netherlands overcome their under-achiever status? Read on to find out. Does your modeling-machine, gut, crystal ball or tea cup throw up the same results? Tell us. Kotak Institutional Equities Equities Research Research 3

4 TABLE OF CONTENTS How the groups stack up Group A: Poetic justice for hand-ballers, hosts bow out Group B: Maradona mesmerises, Korea in 2002 form Group C: Stoppage time goal decides the group. 8 Group D: Serbia stun but Germans recover.. 9 Group E: Clear topper. 10 Group F: Italy miss buffon against Slovakia.. 11 Group G: In the end, no surprizes or will we eat our words? Group H: The new Group of death The forecasting model Numbers don t lie and brazil still wins!.. 15 Brazil and Spain emerge as the clear favorites for finals. 16 Road to victory. 17 Appendix: Understanding our forecasting model For Private Circulation Only. In the US, this document may only be distributed to QIBs (qualified institutional buyers) as defined under rule 144A of the Securities Act of This document is not for public distribution and has been furnished to you solely for your information and may not be reproduced or redistributed to any other person. The manner of circulation and distribution of this document may be restricted by law or regulation in certain countries, including the United States. Persons into whose possession this document may come are required to inform themselves of, and to observe, such restrictions. Kotak Institutional Equities Equities Research Research 4

5 HOW THE GROUPS STACK UP

6 GROUP A: POETIC JUSTICE FOR HAND-BALLERS, HOSTS BOW OUT URUGUAY Manager: Oscar Washington Tabarez WC Appearances: 10 Team Points Won Draw Lost For Against WC Record (W-D-L): Uruguay Captain: Diego Lugano (Fenerbache/TUR) Mexico Star Players: South Africa Diego Forlan (Athletico Madrid/ESP) France FIFA ranking 16 Luis Suarez (Ajax Amsterdam/NED) Elo points 15 Walter Gargano ( Napoli/ITA) What has happened - and what to expect 11-Jun France 0:0 World Cup Champions ' Jun South Africa 3:0 World Cup Champions ' Jun Mexico 1:0 MEXICO Manager: Javier Aguirre WC Appearances: 13 WC Record (W-D-L): Captain: Rafael Marquez (Barcelona/ESP) Star Players: Guillermo Franco (West Ham/ENG) FIFA ranking 17 Giovanni Dos Santos ( Totenham/ENG) Elo points 8 Guillermo Ochoa ( Club America/MEX) 11-Jun South Africa 1:1 FIFA U-17 World Cup '05 Champions 17-Jun France 2:0 22-Jun Uruguay 0:1 Group Table After the listless French drew with Uruguay and lost to Mexico, they provided solace to the hosts by losing convincingly to them. Uruguay, strengthened by their strong performance against South Korea (3:0), now face an easy path to at least the semi-finals. After a slow start against the Bafafa-bafana boys, Mexico came second in the group defeating the hapless French: they now face a tough match against Argentina. What we had said earlier France, which qualified through a hand-of-god redux, seems the favorite to top this group. While our majority decision ranks Mexico second in the group, we think Uruguay (who qualified via the CONCACAF-CONMABEL play-off) could be a tough contender. And yes, never under-estimate the chances of the host remember 2002, when South Korea reached the semis. Kotak Institutional Equities Equities Research Research 6

7 GROUP B: MARADONA MESMERISES, KOREA IN 2002 FORM ARGENTINA Manager: Diego Maradona WC Appearances: 14 Team Points Won Draw Lost For Against WC Record (W-D-L): Argentina Captain: Javier Mascherano (Liverpool/ENG) South Korea Star Players: Greece Lionel Messi (Barcelona/ESP) Nigeria FIFA ranking 7 Carlos Tevez (Manchester City/ENG) Elo points 7 Angel Di Maria (Benfica/POR) What has happened - and what to expect 12-Jun Nigeria 1:0 World Cup Champions ' 78, '86 17-Jun Korea Republic 4:1 22-Jun Greece 2:0 KOREA REPUBLIC Manager: Huh Jung-Moo WC Appearances: 7 WC Record (W-D-L): Captain: Park Ji-Sung (Manchester United/ENG) Star Players: Park Chu-Young (AS Monaco/FRA) FIFA ranking 47 Lee Chung-Yong (Bolton Wanderers/ENG) Elo points 18 Ahn Jung-Hwan (Dalian Shide/CHN) 12-Jun Greece 2:0 World Cup ' 02 - Semi-finals 17-Jun Argentina 1:4 22-Jun Nigeria 2:2 Group Table Nigeria completely squandered away the continent advantage by failing to win even a single match. Argentina clearly showed that they richly deserve being among the top teams by winning all their matches. The Greek economic tragedy was reflected in their dismal performance also, they could only defeat Nigeria. South Korea are re-living their 2002 glory - and if they can overcome Uruguay, then they should fancy their chances of making to the semis again. What we had said earlier Argentina, coached by the legendary Maradona, is the clear favorite in this group. While the continent advantage would favor Nigeria, we believe Greece (who were Euro 2004 champions) could clinch the second spot. South Korea, which reached 2002 semis, would fancy their chances to move to the second round. Kotak Institutional Equities Equities Research Research 7

8 GROUP C: STOPPAGE TIME GOAL DECIDES THE GROUP USA Manager: Bob Bradley WC Appearances: 8 Team Points Won Draw Lost For Against WC Record (W-D-L): USA Captain: Carlos Bocanegra (Rennes/FRA) England Star Players: Slovenia Landon Donovan (LA Galaxy/USA) Algeria FIFA ranking 14 Tim Howard (Everton/ENG) Elo points 24 Jozy Altidore (Villarreal/ESP) What has happened - and what to expect 12-Jun England 1:1 Confederations Cup finalists 18-Jun Slovenia 2:2 23-Jun Algeria 1:0 ENGLAND Manager: Fabio Capello WC Appearances: 11 WC Record (W-D-L): Captain: Steven Gerrard (Liverpool/ENG) Star Players: Wayne Rooney (Manchester United/ENG) FIFA ranking 8 Frank Lampard (Chelsea / ENG) Elo points 4 John Terry (Chelsea/ENG) 12-Jun USA 1:1 World Cup Champions ' Jun Algeria 0:0 23-Jun Slovenia 1:0 Group Table Last minute Landon Donovan goal against Algeria put USA on the top and showed that their victory against Spain in 2009 was not a fluke. The Rooney- Lampard-Terry trio failed to click and have made their path difficult by finishing second - they now face Germany. Slovenia were unlucky that their fate got sealed by Algeria losing to USA, especially after they defeated Algeria and held USA to a draw (though some think USA should have won that). What we had said earlier US defeated Spain (!) in 2009 in the Confederations Cup and could upset England s chance of topping the group. England with the likes of Rooney, Lampard and Terry are the current favorites (watch out of the match on Jun 12). Slovenia and Algeria are not expected to cause any upsets in this group. Kotak Institutional Equities Equities Research Research 8

9 GROUP D: SERBIA STUN BUT GERMANS RECOVER GERMANY Manager: Joachim Low WC Appearances:17 Team Points Won Draw Lost For Against WC Record (W-D-L): Germany Captain: Philipp Lahm (Bayern Munich/GER) Ghana Star Players: Australia Miroslav Klose (Bayern Munich/GER) Serbia FIFA ranking 6 Bastian Schweinsteiger (Bayern Munich/GER) Elo points 6 Lukas Podolski (FC Cologne/GER) What has happened - and what to expect 13-Jun Australia 4:0 World Cup Champions '54, '74, '90 18-Jun Serbia 0:1 23-Jun Ghana 1:0 GHANA Manager: Milovan Rajevac WC Appearances: 2 WC Record (W-D-L): Captain: Stephen Appiah (Bologna/ITA) Star Players: Sulley Muntari (Inter Milan/ITA) FIFA ranking 32 John Pantsil (Fulham/ENG) Elo points 41 Asamoah Gyan (Rennes/FRA) 13-Jun Serbia 1:0 African Nations Cup Winners, '63, '65, '78, '82 19-Jun Australia 1:1 23-Jun Germany 0:1 Group Table Serbia enlivened the group by briefly halting the German juggernaut, though the Germans proved their mettle against Ghana to top the group. Serbia handballed their way to defeat (not everyone is as lucky as Theirry Henry) against Ghana in the dying moments of the game. Ghana now carry the hopes of the African continent and could stun USA for a place in the quarter finals. What we had said earlier Ghana may lose its chance to move forward due to injury to Essien (poetic justice for them? Ghanian Boateng recently injured Michael Ballack of Germany). If that were to happen, we fancy Serbia over Australia (this is a close call: Serbia topped the qualifying group which had France). Germany, despite the experienced Ballack out of the way, should still top the group. Kotak Institutional Equities Equities Research Research 9

10 GROUP E: CLEAR TOPPER NETHERLANDS Manager: Bert Van Marwijk WC Appearances: 9 Team Points Won Draw Lost For Against WC Record (W-D-L): Netherlands Captain: Giovanni van Bronckhorst (Feynord/NED) Japan Star Players: Denmark Wesley Sneijder (Inetr Milan/ITA) Cameroon FIFA ranking 4 Van Persie (Arsenal/ENG) Elo points 3 Arjen Robben (Bayern Munich/GER) What has happened - and what to expect 14-Jun Denmark 2:0 Runners-up, 1974 and Jun Japan 1:0 24-Jun Cemeroon 2:1 JAPAN Manager: Takeshi Okada WC Appearances: 4 WC Record (W-D-L): Captain: Yoshikatsu Kawaguchi Star Players: Kengo Nakamura (Espanyol) FIFA ranking 45 Keisuke Honda (CSKA Moscow) Elo points 40 Junichi Inamoto (Kawasaki Frontale) 14-Jun Cameroon 1:0 Asian Cup Champions, 1992, 2000, Jun Netherlands 0:1 24-Jun Denmark 3:1 Group Table Failing to live up to the expectations of the African people, Inter-Milan forward and Cameroon captain Eto'o failed to inspire his team to even a draw (leave alone a victory). The paper-tigers Netherlands are now charged up and should have an easy win over Slovakia but should look forward to a clash with Brazil/Spain in the quarters. Keisuke Honda powered Japan to the last 16, where they should fancy their chances against Paraguay in the pre-quarters. What we had said earlier Well-stacked but under-achievers Netherlands are paper-tigers in the group and we put our money on them as the group toppers. The Danes have fared well in their previous World Cup appearances; Japan moved past the group stage in 2002 world cup however, we think Eto o will captain Cameroon to number 2 position in the group (and silence the critics who question his commitment). Kotak Institutional Equities Equities Research Research 10

11 GROUP F: ITALY MISS BUFFON AGAINST SLOVAKIA PARAGUAY Manager: Gerardo Martino WC Appearances: 8 Team Points Won Draw Lost For Against WC Record (W-D-L): Paraguay Captain: Denis Caniza (Leon/MEX) Slovakia Star Players: New Zealand Roque Santa Cruz (Manchester City/ENG) Italy FIFA ranking 28 Oscar Cardozo (Benfica/POR) Elo points 19 Nelson Haedo Valdez (Borussia Dortmund/GER) What has happened - and what to expect 14-Jun Italy 1:1 Olympics, Athens '04 runners-up 20-Jun Slovakia 2:0 Copa America winners, 53, Jun New Zealand 0:0 SLOVAKIA Manager: Vladimir Weiss WC Appearances: Debut WC Record (W-D-L): -- Captain: Marek Hamšík (Napoli/ITA) Star Players: Martin Skrtel (Liverpool/ENG) FIFA ranking 48 Miroslav Stoch (Chelsea/ENG) Elo points 28 Stanislav Sestak (Vfl Bochum/GER) 15-Jun New Zealand 1: Jun Paraguay 0:2 24-Jun Italy 3:2 Group Table Defending champions Italy proved to be the biggest disappointment (especially since no one in their team was abusing the coach or missed training). Debutants Slovakia provided the best entertainment in this world-cup till date in their superb outing against Italy. Paraguay, having topped the group, have avoided a tougher competitor in Netherlands. New Zealand drawing all their matches was a commendable performance. What we had said earlier The Midas-touch Marcelo who coached Italy to their 2006 triumph is back. Paraguay out-qualified Argentina in the CONMEBOL play-offs. New Zealand and Slovakia have limited past WC experience or pedigreed players -- we don t fancy their chances of creating upsets in this group. Kotak Institutional Equities Equities Research Research 11

12 GROUP G: IN THE END, NO SURPRIZES OR WILL WE EAT OUR WORDS? BRAZIL Manager: Dunga WC Appearances: 19 Team Points Won Draw Lost For Against WC Record (W-D-L): Brazil Captain: Lúcio (Bayern Munich/GER) Portugal Star Players: Ivory Coast Kaka (Real Madrid/ESP) North Korea FIFA ranking 1 Maicon (Inter Milan/ITA) Elo points 1 Luis Fabiano (Sevilla FC/ESP) What has happened - and what to expect 15-Jun Korea DPR 2:1 Winners '58, '62, '70, '94, '02 20-Jun Cote D'Ivoire 3:1 25-Jun Portugal?? PORTUGAL Manager: Carlos Queiroz WC Appearances: 5 WC Record (W-D-L): Captain: Cristiano Ronaldo (Real Madrid/ESP) Star Players: Deco (Chelsea/ENG) FIFA ranking 3 Ricardo Carvalho (Chelsea/ENG) Elo points 12 Nani (Manchester United/ENG) 15-Jun Cote D'Ivoire 0:0 Third Place, Jun Korea DPR 7:0 25-Jun Brazil?? Group Table Portugal sealed the fate of Ivory Coast by demolishing North Korea completely, who created a flutter by holding Brazil goal-less in the first half. While Brazil have won all their matches till date, they are yet to weave the Brazillian magic. Neither Brazil nor Portugal know who they will be up against given the chaos in group H - which has taken on the mantle of "Group of Death". What we had said earlier Isn t it obvious? Brazil first and Portugal second? Be ready for upsets as Drogba (Cote d Ivore) or Ronaldo (Portugal) can upset Brazil s pole position. If Brazil wants to avoid Spain in the pre-quarters (Brazil-Spain will be a dream final), it needs to top this group. Oh, by the way, we don t know anything about North Korea, do we? they knocked out Italy in their 1966 outing. Kotak Institutional Equities Equities Research Research 12

13 GROUP H: THE NEW GROUP OF DEATH CHILE Manager: Marcelo Bielsa WC Appearances: 8 Team Points Won Draw Lost For Against WC Record (W-D-L): Chile Captain: Claudio Bravo Spain Star Players: Switzerland Humberto Suazo (Real Zaragoza/ESP) Honduras FIFA ranking 18 Matias Fernandez (Sporting Lisbon/POR) Elo points 11 Alexis Sanchez (Udinese/ITA) What has happened - and what to expect 16-Jun Honduras 1:0 Third place, Jun Switzerland 1:0 25-Jun Spain?? SPAIN Manager: Vincente Del Bosque WC Appearances: 13 WC Record (W-D-L): Captain: Iker Casillas (Real Madrid/ESP) Star Players: Fernando Torres (Liverpool/ENG) FIFA ranking 2 Xavi (Barcelona/ESP) Elo points 2 David Villa (Barcelona/ESP) 16-Jun Switzerland 0:1 Fourth Place, Jun Honduras 2:0 European Championship Champions, '64, '08 25-Jun Chile?? Group Table After Switerland surprized Spain, this group has opened up completely with the dramatic possibility of Spain crashing out. To qualify, Spain need to win their match against Chile today, who would be hoping that Honduras deny Swiss three points. Chile defeated the 10-men Switerland but only after the Swizz created the world record of holding their backline for more than 550 minutes in the world-cup finals. What we had said earlier Euro 2008 Champions Spain are in dream form currently we don t doubt their ability to top this group (and hence the onus is on Brazil to avoid the Brazil-Spain clash in the pre-quarters). Switzerland held Italy to a draw in the warm-up matches would fancy their chances more given that Chile s topscorer Suazo has suffered a hamstring injury. Don t expect upsets from Honduras. Kotak Institutional Equities Equities Research Research 13

14 THE FORECASTING MODEL

15 NUMBERS DON T LIE AND BRAZIL STILL WINS! The theory of probabilities is at bottom nothing but common sense - Laplace, Théorie analytique des probabilités, 1820 And common sense is exactly what our proprietary model throws up ascribing to Brazil the highest probability of winning the world cup (common sense! Why do you need a probabilistic model for that?). Our model assigns exact probabilities of each team making to a particular round (there is a limit to what common sense can do!) Our model forecasts that Germany will possibly have a tough time against England. If Spain meet Brazil in the pre-quarters, we favor Brazil, who we believe will then go on to win the finals (or so the probabilities say). We forecast South Korea to repeat its 2002 feat and reach the semi-finals, where they should expect to meet Portugal. And yes, Argentina should triumph over England in the quarters. We are ready with for the brick-bats! Refer to the Appendix for a detailed description of our model. Kotak Institutional Equities Equities Research Research 15

16 BRAZIL AND SPAIN EMERGE AS THE CLEAR FAVORITES FOR FINALS There should not be many upsets in the top 8 teams reaching the QFs Probability of reaching quarter-finals Portugal Brazil Netherland USA Argentina Paraguay England Uruguay South Korea Germany 33% 32% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Source: Kotak Institutional Equities estimates 68% 68% 67% 70% 74% 74% 77% 82% Portugal has best draw to reach semis Probability of reaching the semi-finals Portugal Brazil England Uruguay USA Argentina Netherland Germany 18% 22% 26% 37% 40% 49% 57% 66% 0% 10% 20% 30% 40% 50% 60% 70% Source: Kotak Institutional Equities estimates Brazil has the best chance of reaching the finals Probability of reaching the finals Brazil is the clear winner Probability of winning the World Cup 2010 Brazil 38% Brazil 27% England Portugal 22% 33% England 14% Argentina 20% Netherland 12% Netherland 17% Portugal 10% Germany Spain 12% 14% Argentina 8% USA 11% Spain 8% 0% 5% 10% 15% 20% 25% 30% 35% 40% Source: Kotak Institutional Equities estimates 0% 5% 10% 15% 20% 25% 30% Source: Kotak Institutional Equities estimates Kotak Institutional Equities Equities Research Research 16

17 ROAD TO VICTORY 26-Jun Jun Uruguay South Korea USA Ghana South Korea 2-Jul USA South Korea Brazil 6-Jul Argentina Argentina Argentina 3-Jul England Argentina Mexico Germany England 27-Jun Jun Jul Jun Slovakia Netherlands Netherlands 2-Jul Brazil South Korea Portugal 10-Jul Portugal Paraguay 3-Jul Paraguay Japan 29-Jun Jun Brazil Spain Brazil 7-Jul Portugal Chile Portugal 29-Jun Kotak Institutional Equities Equities Research Research 17

18 APPENDIX

19 UNDERSTANDING OUR FORECASTING MODEL A simulation-based model with Poisson probabilities Our model calculates the probabilities of each team reaching different stages of the world cup. The results are derived by simulating the world cup games by assuming that goals scored by teams follow a Poisson distribution. The following steps are involved in developing the model: Step 1: Identifying the top 16 teams Step 2: Building lambdas Step 3: Simulation We identify the top 16 teams based on our subjective judgments, current ranking and forms. For each pair of team in the top 16, we assume that the goals scored in a match up between the pair will follow Poisson distribution. The mean (henceforth addressed as lambda) of the Poisson distribution is a function of historical performance with higher weight to recent matches, FIFA ranking and current form (captured by Elo ranking). Once we have lambdas for each possible combination, we run a simulation of the world cup post the league stage. For a draw, we assume that the team with better ranking has a higher chance of moving ahead. We believe that by taking goal scored as our simulation variable, we are closer to the actual match scenario and capture both attacking and defensive strengths of a team (vis-à-vis taking a win-loss as our simulation variable). Elo Rankings: The Elo rating system was originally developed for calculating the relative skill levels of players in two-player games such as chess and Go. The World Football Elo Ratings is a ranking system for men's national teams in football. The ratings take into account all international A matches for which results could be found. Ratings tend to converge on a team s true strength relative to its competitors after about 30 matches. Poisson distribution: A discrete probability distribution that expresses the probability of a number of events occurring in a fixed period of time if these events occur with a known average rate and independently of the time since the last event. The parameter λ is the mean number of occurrences and the number of observed occurrences fluctuates about its mean λ with a standard deviation equal to square root of λ. Kotak Institutional Equities Equities Research Research 19

20 Notes Kotak Institutional Equities Equities Research Research 20

21 DISCLAIMER Copyright 2010 Kotak Institutional Equities (Kotak Securities Limited). All rights reserved. Kotak Securities Limited and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We along with our affiliates are leading underwriter of securities and participants in virtually all securities trading markets in India. We and our affiliates have investment banking and other business relationships with a significant percentage of the companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection processes. Investors should assume that Kotak Securities Limited and/or its affiliates are seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing this material may participate in the solicitation of such business. Our research professionals are paid in part based on the profitability of Kotak Securities Limited, which include earnings from investment banking and other business. Kotak Securities Limited generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Additionally, Kotak Securities Limited generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Additionally, other important information regarding our relationships with the company or companies that are the subject of this material is provided herein. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any action based on this material. It is for the general information of clients of Kotak Securities Limited. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, clients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for future performance, future returns are not guaranteed and a loss of original capital may occur. Kotak Securities Limited does not provide tax advise to its clients, and all investors are strongly advised to consult with their tax advisers regarding any potential investment. Certain transactions -including those involving futures, options, and other derivatives as well as non-investment-grade securities - give rise to substantial risk and are not suitable for all investors. The material is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. Opinions expressed are our current opinions as of the date appearing on this material only. We endeavor to update on a reasonable basis the information discussed in this material, but regulatory, compliance, or other reasons may prevent us from doing so. We and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material, may from time to time have "long" or "short" positions in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. For the purpose of calculating whether Kotak Securities Limited and its affiliates holds beneficially owns or controls, including the right to vote for directors, 1% of more of the equity shares of the subject issuer of a research report, the holdings does not include accounts managed by Kotak Mahindra Mutual Fund.Kotak Securities Limited and its non US affiliates may, to the extent permissible under applicable laws, have acted on or used this research to the extent that it relates to non US issuers, prior to or immediately following its publication. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment. In addition, investors in securities such as ADRs, the value of which are influenced by foreign currencies affectively assume currency risk. In addition options involve risks and are not suitable for all investors. Please ensure that you have read and understood the current derivatives risk disclosure document before entering into any derivative transactions. This report has not been prepared by Kotak Mahindra Inc. (KMInc). However KMInc has reviewed the report and, in so far as it includes current or historical information, it is believed to be reliable, although its accuracy and completeness cannot be guaranteed. Any reference to Kotak Securities Limited shall also be deemed to mean and include Kotak Mahindra Inc. Kotak Institutional Equities Equities Research Research 21

22 ABOUT GAMECHANGER Gamechanger offers perspectives on ideas and developments that can potentially alter the course of the markets. The series explores and analyzes ideas, challenges conventional wisdom, plays advocate or devil s advocate depending on research conclusions. The factors that we identify as market changers could come from anywhere from policy or politics, from people or ideas, from rain or from regulation. They could change the game for the better or for worse. Gamechanger research has implications for macro socio-economics and for long-term market behavior. Read it and stay ahead of the India story. Have you got your copy of Gamechanger? April million analyses India s readiness for its forthcoming demographic dividend May 2010 Deluge of Opportunity examines pricing and regulation changes that could make water a viable business proposition June 2010 Indian Household Savings highlights that US$10 tn is up for grabs in the next 15 years Kotak Institutional Equities Equities Research Research 22

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