03 February, 2020

Shalby/SE/2019-20/75

The Listing Department National Stock Exchange of India Ltd Mumbai-400 051 Scrip Code: SHALBY Through : https://www.connect2nse.com/LISTING/

Corporate Service Department BSE Limited Mumbai-400 001 Scrip Code: 540797 Through: http://listing.bseindia.com

Sub.: Statement of Deviation/Variation including utilization of IPO proceeds for the quarter ended 31 December, 2019 - Disclosure under Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 ("the SEBI LODR")

Dear Sir/Madam,

In terms of Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, we are enclosing herewith Statement of Deviation / Variation including utilization of net issue proceeds of IPO for the quarter ended 31 December, 2019 as reviewed by Audit Committee at its meeting held on today, i.e. 03 February, 2020. We also enclose herewith Monitoring Agency Report for the quarter ended 31 December, 2019 issued by HDFC Bank Ltd., for utilization of issue proceeds of Initial Public Offer of the Company.

You are requested to kindly take the same on your records.

Yours faithfully, For Shalby Limited

Jayesh Patel Company Secretary & Compliance Officer Mem. No: ACS14898

Encl.: As above

Shalby Limited

Regd. Off.: Opp. Karnavati Club, S G Road, Ahmedabad - 380015 (India) Tel. No.: (079) 40203000 | Fax: (079) 40203109 | www.shalby.org | [email protected] Regd. No.: 061000596 Vapi - Indore - Jabalpur - Mohali - Naroda (Ahmedabad) Krishna Shalby (Ahmedabad) Surat - Jaipur Upcoming Hospitals: Nashik - Mumbai

Statement a$ Deviation or Variatio~, in utilization aF funds raised (Pursuant $0 regulation 32(6) of SEBl (Listing Obligation and Disclosure Requirements) Regulation, 2015)

Gross Proceeds of Fresh issue	4,800.00 1
(Less) Fresh issue related expenses	1235.72 j
Net Proceeds as per PPsus	4,564.28

I Name of listed entlty	3 Shalby Limited
Mode of Fund Raisirg	initial Public Of ering (PO)1
Date of Raising Fund5	December 15, 2017
Amount Raised [Gross amount including issueexpenses)	9 4,880 millioni
Report filed for Quarrer ended	: December 31,2819
Monitoring Agency	! Applicable
' Monitoring Agency kame, if applicable	j HDFC Bank Limited
:dariatlon rn use 05 Funas1 is there a Deviatron1 ratsed	I8 Yes
yes, whether the saw is pursuant to change rnerrns of a contract G; objects, \which wasapproved by the shareholders	i1 Yes
1+ if Yes, Date of sharehsnaer Approval	i/ August 26,2019
Explanation for the Devjatisn / Variation	1 Please see Annexemre attached herewithiI
Comments of the Audi: Committee after review	I1 None
I Comments of the aud~rors, if any	I1 None
1 Objeas for which funds have been raised and' where there has bee^ a deviation, in the: following table	1 As per table provided bedowIi

						$(5 \in \mathbb{R})$ in million)
Original Object	ModifiedObject, ifany	OriginalAllocation	Modifiedallocation,if any	FundsUtilised	Amount ofDeviation/Variationfor thequarterendedDecember31, 2019accordingtoapplicableobject	Remarks
Repayment or prepaymentin full or in part of certainloans availed by ourCompany	None	3,000.00	3,220.61	3,220.61	214.86	Fullyutilized
Purchase of medicalequipment for existing,recently set up andupcoming hospitals	None	635.80	147.22	147.22	Nil	Fullyutilized
Purchase of interiors.furniture, and alliedinfrastructure for upcominghospitals	None	111.84	Nil	Nil	Nil	Fullyutilized
General corporate purposes	None	816.64	1,199.64	1,199.64	206.19	Fullyutilized
Net Proceeds		4,564.28	4,567.47	4,567.47	421.05

Deviation or variation could mean:

(a) Deviation in the objects or purposes for which the funds have been raised or

(b) Deviation in the amount of funds actually utilized as against what was originally disclosed or

For Shalby Limited

Prahlád Rai Inani Chief Financial officer

Place: Ahmedabad Date: February 3, 2020

For Shalby Limited

Dr. Vikram Shah Chairman and Managing Director DIN: 00011653

Shalby Limited

Annexure

Reasons and 4usti5cakion far variation in the use of wn-utilized amount of oet issue proceeds

Pursuant to the approvai of the Board of D~rectors of the Company (herein after referred to as the "'Board") granted in ts meeting hefd 00 March 6, 2017 and the approval of members of the Company granted on March 30, 28'57, the Cornpay had uudertaken initiaf public offering of 20,354,838 equity shares of? '463. each at Drsce of? 2248 per equsty share (including premium of 7 238 per share) comprising sf fresh Issue of 19,359,838 equity shares amsdnting to f 4,800 million and offer for sale of 1,000,000 equity shares amounting to 7 248 rni8inot-t aggregating to 7 5,048 million (the 'Issue') in December, 2017 vide ihs Prospectus dated December 11, 2013 ("Paospeaers"f. The net proceeds from the issue were 7 4564.28 milleon excludmg share rssue expensesjthe 'Met Proceeds'). The Company had, in terms of the said Prospectus, proposed to utihze the Net Proceeds towards (I) repayment or prepayment in full or in part certain loans avalied;(il) purchase of medical equipment for existing, recently set up and upcoming hospitals; {iii) purchase of interiors, furniture and allied infrastrurture for upcoming hospitals; and fiv) general corporate purposes (."-he '0bjeasyi, by March 31,2020.

As ~sa March 31, 2019, the Company had ueidized an amount of 7 3,873.91 million and 7 690.37 million was pending for otilisation. The company did not foresee any spending the unutilized amount by March 31, 2020 for $Re objects as stated In the said prospectus and therefore the Board of Directors of the Company varied the terms of Objects of the prospectus by passing Board resolution on May 25, 2019 and subsequentiy the shareholders had approved the variation in terms of objects of the issue as disclosed in the said Prospectus vide special resolution in their isth AGM held on August 26, 2019 for optimum utilization o" net Issue proceeds and maximize the return on investment for members of the Company.

(?in million) / SP. Objects of the issue as set out in the 1 Amount to j Total amount Unertiiized 1 Extent of jjrcspect-us be funded 1 utiiized against 1 amount as utilization 1 from net 1 the objects 1 on Proceeds upto cenatn loans avallea i?.; or Comosny 1 2 Purchase of rnedlca1 ecuipmss,t for exastsfag, 635.60 1 147.22 1 488.58 / 23.05 1 II recentfy set up anr upcoming Rospatals 1 ! ' 3 ' Purchase of gi-nter)ors, furniture, and allped 211.84 j - 1 111.84 1 0.00 1 I infrastructure for tpcorncng hosprtals 1 1 4 1 General corporate pdrposes 826.64 1 726.69 1 89.95 1 88.99

DetaiSs of utilhed and unutilired of Met Proceeds of the issue as on March 31,21319 were as under.

As on March 31,2019, the Company has utilized 84.83% of net proceeds of the offer in respect of the objects as disciosed tn the Prospectus and balance amount has been temporarily invested in deposits with scheduled commercial bank.

The Company has bee^ unable to utilrze the baiance Net Proceeds of 7 690.37 miltion on account of (i) Non execution and rai?celiation of Vadodara project due to disagreements between parties as to

QBCD% Llmlrea

Regd. Off. : Opg. Kasnavaai Club S G Road, Ahmedabad - 380015(India) 3eL No. : 6079) 402030i30 I Fax : i079) 402433109wbd.shahby.ory 1 [email protected] Regd. NQ. : 051800595 1 CikS : L851IP3";afZaC904PLCOU667 Vap? - indore - JabaLpur - Mohah - Nasoca iAbrnf.daad] Krssbna Shaiby [Ahmedabad) Suaat - 1

commercial terms (ii) Delay in commencement of Nashik Project due to non-handing over of Hospital facilities by the Samruddhi Hospital P. Ltd, Nashik, and (iii) Non installation of specified Medical Equipments at Krishna Shalby, SG Shalby and Shalby Vapi due to change in government policies, NPPA price regime and price control regulations, as the Company has to re-look the return on investment. The details of unutilized amount are set out below; $\overline{r}$ to actional

								к таншоп
Sr.	Particulars		Project / Unit	General	Total
		Nashik	Vadodara	KrishnaShalby	SGShalby	ShalbyVapi	CorporatePurpose
1	Medical Equipment	192.21	197.21	54.00	15.08	35.00	۰	493.50
2	Medical Furniture	29.81	82.03		$\sim$		$\overline{\phantom{a}}$	111.84
3	General Corporate Purpose						89.95	89.95
4	Excess utilization at Narodaunit							(4.92)
	Total	222.02	279.24	54.00	15.08	35.00	89.95	690.37

Due to cancellation of Vadodara Project, delay in implementation of Nashik Project and non installation of medical equipment at existing hospitals as set out hereinabove, the Board of Directors utilized the balance unutilized amount of $\bar{\tau}$ 690.37 million for repayment or prepayment in full or in part of certain loans or working capital facilities availed by the Company and for general corporate purpose after shareholders approval for change of objects as stated above.

For Shalby Limited

Prahlad Rai Inani

Chief Financial officer

Place: Ahmedabad Date: February 3, 2020

For Shalby Limited

Dr. Vikram/Shah Chairman and Managing Director DIN: 00011653

Statement of Utilization of Issue proceeds

Name of listed entity	Shalby Limited
Mode of Fund Raising	Initial Public Offering (IPO)
Date of Raising Funds	December 15, 2017
Amount Raised (Gross amount including issueexpenses)	₹ 4,800 million
Report filed for Quarter ended	December 31, 2019
Monitoring Agency Name, if applicable	HDFC Bank Limited

Particulars	$(\bar{\bar{\mathbf{x}}}$ in million)
Gross Proceeds of Fresh Issue	4.800.00
(Less) Fresh Issue related expenses	-235.72
Net Proceeds as per Prospectus	4.564.28

The details of category wise utilization of issue proceeds are as under;

					$(\bar{\bar{\mathcal{F}}}$ in million)
Particulars	Amount tobe utilizedas perProspectus	Amount tobe utilizedas perrevisedobjects	Amountutilizedduringquarterended Dec.31, 2019	Amountutilized upto quarterendedDec. 31,2019	Unutilizedamount as onDec. 31, 2019
Repayment orprepayment in full or inpart of certain loansavailed by our Company	3,000.00	3,220.61	214.86	3,220.61	Nil
Purchase of medicalequipment for existing,recently set up andupcoming hospitals	635.80	147.22	Nil -	147.22	Nil
Purchase of interiors,furniture, and alliedinfrastructure forupcoming hospitals	111.84	Nil	Nil	Nil	Nil
General corporatepurposes	816.64	1,199.64	206.19	1,199.64	Nil
Total	4,564.28	4,567.47*	421.05	4,567.47	Nil
Issue Expenses	235.72	232.53		232.53
Gross Proceeds	4,800.00	4,800.00		4.800.00

$\ast$ Unutilized IPO expenses of ₹3.19 million have been reclassified in repayment or prepayment in full or in part of certain loans availed by our Company.

Shalby Limited

Cornpasay has fully utilized the net IPO proceeds of ? 4567,47 million up to quarter ended December 31,2019 and there is no amount pending for utilization as on December 31,2019.

As per Gbidance Note on SEBi srrcuiar dated May 3, 2818, we confirm that there a deviation or variation in the use of net proceeds received from the initial Pubtic Offer as stated in the Prospectus dated December 31, 2017 which has been approved by Shareholders by way of Special Resolution passed at the 15th Annual General meeting held on August 26, 2019. The Company has variea the terms of objects of the initial public offering ("IPO") referred to in the prospectus of the Company dated December 11, 2017 ('Trospectus") in relation to the unutilized net proceess of ? 603.61 Million. The Company has prepared the statement of deviation / variation rn utdizatlon of net proceeds of 1PO in accordance with SEBt circular No: CBR/CFD/CMDl/l62/2019 dated 24th Decernser, 2819 which is being filed separately with the stock exchanges.

Place: Ahmedabad Date: February 3,2020

Chief Firaanhzial e>%cer chairmaGod Managing Director DIN : OQs2116153

We understand your world

CIN: L65920MH1994PLCO806 18 Website: www.hdfcbank.com

HDFC Bank Limited, CMS - Disbursement Team, Lodha - I Think Techno Campus, Office Floor 3, Opposite Crompton Greaves Limited, Next to Kanjusmarg Railway Station, Kanjurmarg East, Mumbai - 400 042

SCHEDULE XI

MONITORING REPORT

NAME OF THE MONITORING AGENCY: HDFC Bank Limited

MONITORING REPORT FOR THE QUATERLY ENDED: December 31.2019

(I) Name of the Issuer: Shalby L~mtted

(a) Dcviotion from the objects: The Company hos utilized some portion of net IPO proceeds different from objects stated in the offer documents, however, such deviation is in line with change of objects as approved by shareholders' resolution psed at the 15th Annual Ceneml Meeting held on August 26. 2019. bsed on the said special resolution passed by the shoreholders, the unutilized amount of net IPO proceeds will be utilized as under:

Sr. No	Portilorcus	RsinMillion
1	d/ileRet in full or if cinloabiledt at otatoavapaymenr prepaymenn porernse avo	220.61
	Cobythempany
P	Gel Cteneraorporapurpose	383.00

(b) Range of beviation*: 10 - 25% deviation [13.22%]

Declamtion

We hereby declare that thls report is based on the format os prescrbed by SEBI (PCDR) Regulatons. 2018 as amended We further declore that this report provides trueand foir view of the utlizotonf issue proceeds.

We declare that we do not have any direct i indirect interest In or relatonshp wth the issuer/promoters/directors/monagement and also confrm that we do not perceive any conflict of interest In such relationship / Werest whle monitoring ond reportrng the utlizat~on of

issue proceeds by the issuer.

*r*Name of the Authorized Person/Slgnng Authorty; Siddharth Jadhav

Designation of Authorized person/Signing Authority: Senior Manager

Eeol of the Monitoring Agency; o.n: 16/01 /BAD

Regd. Ofice: HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013 Corporate Identity No.: L6592OMH 1994PLCO80618

Issuer Details:

	Dr, DshiniShahor
Thf theofthissotenomes opromerseuer	ShShahonoy
	ZodiaMediquipLi~tedcm
	ShahFrlyTstomru
Indu/shichbelonsttotoitryecrwgs	]Hltheacare

2. Issue betoils:

IssPiodueer	Demb05.2017tDeber 07.2017ceerocem
Tyf i(public/righ)tspeossue	InitialPublrcOffering
Tyf scifleditiepeopesecurs	Equity Shares
trading	N A
Isssiueze	. 4.800.00Rsillimon
IssEuexpenses	Rs. 235.73 million
Net Pedroces	Rs. 4,564.28illimon

3. Oetails of the arrangement made to ensure the monitoring of issue PI-oceeds:

' (Give item by item description for oll'the objects stated in offer document separately in following format)

Partilacurs	Reply	Ret cpaymenpr~inf ct oorparbyailedav	infullrrtepaymeinloataernsCowompany	ofRhwedical eipmt frcmquenortlydistingetex, recenspuanighoitalsypcomsp		frituPwchfinfiormu.ase oers,dffoalliedindonrosrmihpitalsupcongos
		Coft ommenMitorinong	CooftsmmenofBodar	Coft ommenMitorinong	CofntsmmeoBodofar	CoofntmmeMitorinong	CooftsmmenBodofar
		Agency	Dictreors	Agency	Dictreors	Agency	bictreors
Whethll thetiltion ierazos asperuOdiscloinffer bt?sureocumen	Yes/No	Yes	YesIrI	NoNoNoNo[TheChltedthofbjf initial Publicofferintet oompanyasareermsoecthf R603.61Mn bsincial relutionInthtotenteexos.y pasg ospesothAl Golting held on A. RefNe N15t 26,2019otnnuaenermeeuguserf tL2ndedt thendhirt]appeaeosrepo
WhethShaholdel iserrer approvaobedinf mialtaat~ncaseoerfrodeviatio#nditunsmexperes	Yes/No	Yes	Yes	Yes	Yes	Yes	Yes
disclod in OffDt?seerocumen				[RefNNondedhedofthisrt)ot: 12t t6.ereoppeaenrepo
Whethf finae fermeansoncordisclod objeofthIsshactseseueschd?ange	Yes/No	No	No	No	No	No	No
Anajor diotionbsd oymevoervever	s/NOYe	No	No	Yes	Yts	Yes	Yes
thlieitorine earr mongogency7rtsrepo				[Ref6f tt)NotNo: 1Zndedt thendh!sereappeaeorepor
Whethll Gt /eraovernmenStalslad tthatutteoryapprovreoe($obje) obtaid?ctne	Yes/No	N A	NA	N A	NA	NA	NA
Whethll atserarrangemen	Yes/No	NA	N A	NA	N A	NA	' NA

lngchnicalrtatotepe~nsise/collobionintaatasncoration?oper
fablevoraAns iingntyevemprovobje(5) viabilrtcty	Yes/No,	AN	N A	NA	NA	MA	N A
nfableaffeAntsctiny uavorevengobje(s) viabilityct	Yes/No	NA	N A	NA	NA	NA	N A
nfAnthlevt rotiony oerreancrmthiallyaffethatatctmaymeredecisionakingofthinvtomeesrs	Yts.jN0'	No	No	No	No	No	No-

Where mater~al deviation moy be defined to mean:

a. beviation in the objects or purposes for which the funds hove been raised

6, Deviation in the amount of fund actually utilized by more thw 10% of the amount projectedin the offer documents.

4. Details of objtct(s) to be monitored:

(i) Cost of object($)-

Rs. In Millions

					CoofrdftsBmmenoaodictreors
SfNo	IteHdmea	Original Ctos(asffeperor'nt)docume	RevisedCost	CotsmmenofMitoritonyAqency	Refasonostcodeviation	dm=fincintioangopn	ofPartilaFirmcursdetsarrangemenma
1	Ret infull or it opymenr prepaymennofbyrttainloaailedpacernsavourCompany	300~	3.220,61	NA	nf.cEo	wY2	NA
2	offoPurchdicaluipntasemeeqmeristingtlyndingetex, recensupapcomuhoitols(1)sp	635.80	147.22	N A	fc-0	V LCt3-..-P'=	NA
3	Purchofiiorfuitudntaseers,rnreon,alliedinfstctfomlroruurerupconghoi tatssp	111.84	NIL	N A	e.I-3 "z"o	t0Nd-1Zz9	N A
4	Gel co(2)atnerarpore purposes	816.64	1.199.64	NA	IwYd	2b "-u	NA

(ii) Progress in the object(s)-

Detals of IPO proceeds an$ object wise utlizatmn

			Milli	ons
Partilarcus-	thObjftseecoissueasperctprospeus	Revisedbjectoscialasperspelutiondresopasse	Utilisioillatn tbe31,2019c	AmndingntoupeUtilisation*
Ren full or if cinloaailedt ot it otapaymenr prepaymenn parernsavbyCourompany	3.000.00	3,220.61	3.2Xl.61	NU
Purchofedical eipmt fxistintlydetasemquenoreg,recensuponmihpitalsupcongos	63805.	14722	147.22	Nn
Purchofiiofuitudalliedinffontstctaseerrsrnreanraruurer,mihoitalsupcongsp	111.84	t4.n	NA	N A
Gel cteneraorporapurposes	816.64	1.19964	1.199.64	Nn
PrdsIsNttf theoceeosue	4,564.28	4,567.47	564.7.47	NIL

Rs. In

									Rs. In Millions
			Amount utilized		Conti			Comments of Board ofDirectors
Sr.No.	Item Head	proceeds ofIPO.	At thebeginning ofthe quarter	During thequanter	At the end ofthe quarter	Totalunutilizedamount	CommentsofMonitoringAgency	Reason for IdleFunds	Proposedcourse ofAction
$\mathbf{1}$x	Repayment orprepayment infull or in part ofcertain loansavailed by ourCompany	3,220.61	3,005.75	214 86	3,220.61	NIL	NA	Refer Note:2 & 3	Refer Note$\mathcal{C}$2 & 3
$\overline{z}$	Purchaseofmedicalforequipmentexisting,recently set upandupcominghospitals	147.22	147.22		147.22	NIL	NA	NA.	NA
$\overline{3}$	$\circ f$Purchaseinteriors,furniture,andalliedinfrastructureforupcominghospitals	$\overline{\phantom{a}}$				NIL	NA.	NA	NA.
4	Generalcorporatepurposes	1,199.64	993.45	206.19	1,199.64	NIL	NA	NA$\sim$	NA
	Total:	4,567.47	4,146.42	421.05	4,567.47	NIL

(iii) Deployment of unutilized IPO proceeds-

Sr.No	Tyofinhestrt wntpeumenreamouinvtedes	Amntouinvteder	Maritydatute	Earnings(ind]tet aresccrue	Returnonlmnt(R01me	Market Valut the as aed of thrteene quar
	;		Coy hmpanasfullyutilizedtnePOedf Iproces o			1

(iv) belay in implementation of the object(s)

		Coletionbmp	ate		CoofBrdofbiretsctmmenoaars'
	AsOffDtpererocumen		Actual		bela(Nyo.		Predopos
Objrct(s)Name	N201187-	FY2018-19	FY2017-18	FY2018-19	ofda/yshs)ntmo	Ref delaasonoy	CofurseoAction
Ret opaymenrinfull or intprepaymenofinloortrtapocensbailedCoavy ourmpany	3.000.00		3.000.00	-	DelaNoy	N A	N A

Purchfedicalase omt foxistinequ~pmenr eg,-lyndntt urecesep ainghoitalsupcomsp	7'2463	200,73'.-.	147.22""'	N	."M--.A,, -a-	NR,.--''I
Purchf i?ttoase oerrs,fuitundlliedrnre, aainf-fostctraruurerJinghoal~tupcomsps		29.81		N	. ANA
	3.246.37	230.54	3,147.22

Notes: Clarification mvided by the company with reference to alteration of ob.iects of IPO as disclosed in the offer documents

and utilization of net IPO proceeds

1) The Company has been unable to utilise the balance Net Proceeds of Rs. 690.37 million on account of (i) Non execution and

cancellotion of Vadodara project due to disagreemehts between port~es as to commercial terms (ii) Dalay in commencement

of Nashik Project due to non-handing over of Hospital facilities by the Samruddhi Hospital P. Ltd. Nashik, and (ili) Nan installotion of specified Medical Equipment ot Kr~shna Shalby, St Shalby and Shalby Vopi due to change in government policies. NPPA price regime and price control regulations, as the Company has to re-look the return on investment

21 In "iew of the above, the Bpard considered and approved .change in objects in utilization of unutilized amount of IPO

proceeds in its meeting held on May 25.2019 for maximize the return on investment for members of the Company which hos

resolution passed by +he shareholders of the Company, the unutll~zed omaunt of fPO will be utibzed as under;

Sr. No	Partilarcus				Esedhedulet~atmsc. .	ofdloyofntepme
					rlizedutun	ntamou
					FY2019-20	Total,
1	Ret ifut opaymenr prepaymenn	llirtofornpacer	loaitarnansav	led/tobe	220.61	220.61
	ailedbythCoavempany
2	Gel Cteneraorporapurpose				383.00	383.00
				Tolta	603.61	603.61

The Company has fully utilized the net IPO proceeds as under

4.126 (9.20)Particulars武王	Objects of theissue as per	Revised objectsafter	Utilisation tillDec 31,2019
	prospectus	shareholders'
		approval
Repayment or prepayment in full or in part of certain loans availedby our Company	3,000.00	3,220.61	3,220.61	NIL.
Purchase of medical equipment for existing, recently set up andupcoming hospitals	635.80	147.22	147.22	NIL
Purchase of interiors, furniture, and allied infrastructure forupcoming hospitals	111,84	NIL	NIL	NA.
General corporate purposes	816.64	1199.64	1199.64	NIL
Net Proceeds of the Issue	4.564.28	$-4,567,47$	4.567.47	NIL

* Unutilized IPO expenses of Rs3.19 million have been reclassified in repayment or prepayment in full or in part of certain loans availed by the Company.

AI assistant

Shalby Limited Capital/Financing Update 2020

61775_rns_2020-02-03_8c827017-b895-43ce-af20-22105b679227.pdf

Dear Sir/Madam,

Shalby Limited

Statement a$ Deviation or Variatio~, in utilization aF funds raised (Pursuant $0 regulation 32(6) of SEBl (Listing Obligation and Disclosure Requirements) Regulation, 2015)

Deviation or variation could mean:

Shalby Limited

Annexure