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          Pioneers of the Aquaculture Industry in India

First Company to enter the aquaculture business in India in a formal manner – incorporated in 1987 – operations commenced in 1993 – over two decades in the industry • Promoted by the Karam Chand Thapar Group which has varied business interests ranging from coal, infrastructure, real estate, manufacturing and aquaculture • Currently focused on manufacture of shrimp feed and processing of shrimp for export • Headquartered in Chennai, Tamil Nadu with Manufacturing plant located in Nellore, Andhra Pradesh • Processing facilities are FDA and BAP approved, EU listed and HACCP certified • Recognized and appreciated for technical expertise, quality of product and R&D initiatives.

Installed capacity at 35,000 MTPA. Post merger of PFL, expected capacity will be 1,10,000 MTPA to be higher by 300% • Increase volumes and market share by leveraging on strength of highly skilled technical manpower & brands, wider product portfolio, improved distribution network and value-added services • Increase in customers, market presence, product portfolio and revenue streams to provide natural hedge • Increase in scale expected to be margin accretive – incremental revenues to enhance return ratios

Entering more verticals within the value chain – set to emerge as an integrated player from farm to fork • Formalizing plans to set up hatcheries to supply good quality seeds for shrimp farming • Plan to forward integrate from current set up of toll mfg. (packaging of processed shrimp) into direct exports • Plan to offer value-added products to farmers/customers/hatcheries such as farm care products, supplemental feeds, larval feeds to improve farm practices, etc.

                   Scheme of Amalgamation - Transaction Highlights

 TWL to issue 4 fully paid up equity share of Rs.10 each for every 17 fully paid-up equity shares of Rs.10 each, held by the shareholders in PFL SWAP-RATIO (4:17) 1 st August 2015 APPOINTED DATE OF SCHEME The transaction is subject to satisfaction of various conditions, including obtaining necessary approvals from the shareholders, creditors and regulatory authorities including Securities and Exchange Board of India (SEBI), Bombay Stock Exchange under the Listing Agreement, and sanction of the Scheme by concerned High Courts and / or any other appropriate authority as may be necessary

 Equity Capital preamalgamation Equity Capital post amalgamation Number of shares of TWL to be issued TWL 3.86 crore shares PFL 1.2 crore shares 28.2 lakh shares of Rs. 10/ each TWL: 4.14 crore shares

                        Background - Pinnae Feeds Limited   

Pinnae Feeds Ltd. is a wholly owned subsidiary of Karam Chand Thapar & Bros (Coal Sales) Limited; the flagship company of the KCT Group (promoters of TWL) • Incorporated in July, 2012 with the objective to meet capacity expansion plans for the Feed manufacturing business • TWL was intended to be the sole customer • Expansion could not be undertaken within TWL due to restrictions placed by one of its bankers • Location : – Manufacturing unit located at Nellore, Andhra Pradesh – ~70 Kms away from TWL’s factory in Nellore • Producer of shrimp feeds : – Expansion undertaken in 2 phases; Phase I which was completed in FY15 comprised capacity of 40,000 MTPA and Phase II which was completed in FY16 comprised the balance capacity of 35,000 MTPA – Commenced commercial operation in H2FY14; supplied 6,062 MTPA of feeds to TWL during FY15 – Post completion of Phase II - Capacity of 75,000 MTPA is now fully operational – Aims to supply ~15,000 M.T. of feeds to TWL during FY16 • Financials : – Revenues of Rs. 36.5 crore in FY15 from supply of feed to TWL – Gross Block - Rs. 45.15 crore – As of March 31, 2015 - Debt: ~Rs. 46.8 crore (including term loans as well as working capital)

        TWL’s production capacity will increase from 35,000 MTPA to 1,10,000 MTPA 

In FY15, Marine product exports from India were at an all-time high of USD $5.5 billion. – MPEDA envisages target of US $ 6.6 billion for the year 2015-16 • Marine product exports crossed all previous records in quantity, rupee value and USD terms. • USA is the largest market for Indian seafood products with a share of 26.46% in terms of USD followed by South East Asia (25.71%), European Union (20.08%), Japan (9.11%), other countries (8.58%), Middle East (6.04%) and China (4.02%). • Exports to USA had registered a growth of 16.94% in quantity and 13.39% in USD realization and are mainly attributed to the export of Frozen Shrimp

During 2014 -15 shrimp aquaculture has shown a tremendous growth (30.64%) and achieved highest production • Frozen shrimp continued to be the major export item in the export basket in terms of quantity and value • The overall export of shrimp during 2014-15 stood at 3,57,505 MT valued at Rs, 22,468 crore ($3.7 billion) • The export of Vannamei stood at 2,22,176 MT recording a growth of 26.90% in quantity and 18.98% in USD terms • With Vannamei shrimps becoming a money spinner in the Indian seafood exports, the focus has shifted to farmed seafood products and the share of sea catch has come down in the total seafood export basket

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