Management Discussion and Analysis 1 Ref: AC.017/2020 18 May 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange

Management Name : Mr KHALID MOINUDDIN HASHIM | Type of securities : Common share | Methods of Acquisition / Disposition : Buy | Transaction Date : 03/11/2017

Management Name : Mr KHALID MOINUDDIN HASHIM | Type of securities : Common share | Methods of Acquisition / Disposition : Buy | Transaction Date : 15/11/2017

Management Name : Mr KHUSHROO KALI WADIA | Type of securities : Warrant | Methods of Acquisition / Disposition : Sell | Transaction Date : 15/06/2017

Management Name : Mr KHUSHROO KALI WADIA | Type of securities : Warrant | Methods of Acquisition / Disposition : Sell | Transaction Date : 25/09/2017

Management Name : Miss NISHITA SHAH | Type of securities : Warrant | Methods of Acquisition / Disposition : Sell | Transaction Date : 08/02/2018

Management Name : Miss NISHITA SHAH | Type of securities : Warrant | Methods of Acquisition / Disposition : Sell | Transaction Date : 02/04/2018

Management Name : Miss NISHITA SHAH | Type of securities : Warrant | Methods of Acquisition / Disposition : Sell | Transaction Date : 07/05/2018

Management Name : Miss NISHITA SHAH | Type of securities : Warrant | Methods of Acquisition / Disposition : Sell | Transaction Date : 08/05/2018

Management Name : Mr JAIPAL MANSUKHANI | Type of securities : Common share | Methods of Acquisition / Disposition : Buy | Transaction Date : 18/05/2016