Valuation of Market Linked Debentures

Piramal Enterprises Limited issues Rated, Listed, Secured, Redeemable, Principal Protected Non-Convertible Market Linked Debentures (PPMLDs).

Please review the relevant offer document/memorandum of private placement/pricing supplement relating to the specific PPMLDs for details on the PPMLDs including their risk factors. ICRA Limited (ICRA) has been appointed as the valuation agency for valuation of these debentures.

As per the Guidelines for Issue and Listing of Structured Products / Market Linked Debentures dated September 28, 2011 issued by SEBI, depending on the valuation agency mentioned in the offer document / memorandum of private placement / pricing supplement; latest and historical valuations provided by the valuation agent will be available as below:

If ICRA is Valuation Agency: