Frontline Secutities Limited

Frontline Securities Limited was established in 1995 and subsequently listed on the Delhi Stock Exchange and later at Bombay Stock Exchange. We offer a wide range of services intended to make investment planning and its execution convenient for our clients, without compromising on their level of control. We engage primarily in mutual fund distribution and our extensive expertise in this field enables us to provide professional, knowledge-based service. Frontline Securities Ltd offers the following financial services to help you plan and execute your investment needs based on your risk-return requirements. a) Wealth Managementb) Mutual Fund Distributionc) Corporate Advisoryd) Tax Planninge) Mergers and Acquisitionsf) Life Insurance The financials of the company not so consistent, RoNW is 13.52% and at CMP its looks reasonably priced. Price difference is around 6.5% and acceptance ration as per current share holding for retail will be around 31%, but it may be possible that this ratio may go down as more people will buy the stock for buyback and so we may expect the final acceptance ratio may be around 40% and profit may be 3%. So we give NEUTRAL rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal