Page 10 - Insider_H1_20th Aug

H1 2018 evolved into a very positive outlook for all economic and market trends on the upside, apart from strong political stability
of the country. PB business had challenging times to sustain the growth, after setting great benchmarks in Q4-2017. We
continue to deliver growth across all sectors. Strategic initiatives like Dish Wash Rental Program, Capital Lease Program, Winnow,
Diversey Express, Diversey Direct, to name a few, have helped drive the growth.

Lodging and Commercial Laundry Sectors have continued to raise the bar and are on track to achieve, despite a tough market and
competition. Both sectors are ahead of their business growth targets. Lodging Sector’s WINNOW initiative proved to be a big
success with confirmations from 8 prestigious customers, in their commitment to food wastage management program. Despite,
Competition luring customers with illogical pricing & freebees, our consistent engagement with end customer, through various
sustainable initiatives helped us not only sustain but aggressively grow in H1.

Food Service continued to scale better heights with 19% YOY growth, further expanding our reach through Dishwasher Rental
program (added 38 new in H1-2018); converting 70% of our customers to Diversey Express program with higher productivity &
efficiency, apart from acquiring 8 major global/ regional accounts in Q1. Retail too exhibited a good turnaround by securing
business at 2 key malls in East India with central contract for 2 new chains, apart from securing a major cineplex chains business
leading to double digit growth for the sector. Education Sector showcased aggressive YOY growth (53%) over 2017.

BSC has been a star performer, with an aggressive growth of 32% in H1 2018. Our innovative Capital Lease program, Smart
Cleaning Initiatives (38 new sites in 2018) and aggressive focus on our EziGrow portfolio (Mops & Tools with 57% growth),
resulted in a 32% growth in Machine business. Q2 2018 outlook is equally promising, with big projects expected from our key
International BSC accounts.

Healthcare continues to establish their strong foothold in Oxivir TB wipes business by alignment with major Healthcare chains in
the country, apart from key focus on EziGrow portfolio and proactively pitching at many government institutes of repute and
participating in their tendering process. Two major hospital chains have approved the same,wherein after successful
implementation in high critical applications, it is further extended to other intensive care departments. There is a significant scope
for enhancing healthcare services considering that healthcare spending as a percentage of GDP is rising. Rural India, which
accounts for over 70 per cent of the population, is set to emerge as a potential demand source.

The second half of the year present a challenge in terms of increase phasing however the team is fully geared up to deliver on the
promise.

8