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Energi rgizing zing Earth rth October 2014 1

Safe Harbor The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forward looking information in this presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Aries Agro Limited (”Aries") and its subsidiaries. Past performance of Aries and its subsidiaries cannot be relied upon as a guide to fu ture performance. This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward – looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of meteorological conditions, fluctuations in interest and or exchange rates and input prices; and from numerous other matters of national, regional and global nature, including those of a environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Aries or any of its subsidiary undertakings or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. 2

ARIES AGRO- KEY FACTS  Promoted by Dr. T.B. Mirchandani and Mrs. Bala Mirchandani in 1969, Aries is India’s KEY DATA leading micro-nutrient player with sales of INR 2.9bn (FY14) and Exports to around BLOOMBERG TICKER ARIE:IN 12 countries FACE VALUE (RS) 10  Started with manufacturing of mineral feed additives for animals, diversified after NO. OF SHARES (MN) 13 1975 into micro-nutrients, secondary nutrients and water-soluble NPK fertilisers for PRICE* (RS) plants. Introduced the concept of “chelates” in India (Agromin, Chelamin, etc.) MCAP* (RS MN)  Incorporated in 1969, Aries went public in FY08 raising INR 58.5cr. SHAREHOLDING DATA (%) (AS ON MAR 31 ST , 2014)  Driven by strong manufacturing and International Business, reported 19% revenue PROMOTERS 52.74 CAGR, 16% EBITDA CAGR over FY09-FY13 DIIS 8.37 OTHERS 38.89  Pan-India presence with 6 factories and total capacity of 84,600 mtpa.  International presence through own manufacturing in Sharjah and Fujairah  Distributed through 8,000 distributors reaching 200,000+ villages  Recipient of many awards including “ Certificate of Excellence ’ for Exemplary Growth – 2011 - ranking of India's 500 fastest-growing mid-size enterprises.  Winner of the 2011, 2012 & 2013 Inc India Awards for the 500 fastest growing mid- size companies in India. 2013 Inc India Innovative 100 Award for the 100 most innovative Indian companies under the categories of product design and responsible business. India 500 is an offshoot of the annual Inc. 500 Award. 3

SUMMARY CONSOLIDATED FINANCIALS 70.0 7 0.00 25.0 2 5.00 350 3 50.00 00 4 40.0 0.00 62.30 62.30 297.80 0 32.90 34.10 35.0 3 5.00 60.0 6 0.00 300.00 3 21.14 21.14 52.30 52.30 51.20 51.20 20.0 2 0.00 251.80 0 17.55 17.55 19.24 19.24 236.30 0 3 30.0 .00 5 50.0 0.00 250 2 50.00 00 43.60 43.60 25.0 2 5.00 16.90 16.90 1 15.0 5.00 16.72 16.72 INR Cr. 40.0 4 0.00 177.80 0 34.30 34.30 INR Cr. 2 200 00.00 00 150.90 0 20.0 2 0.00 30.0 3 0.00 18.27 8.27 150 1 50.00 00 1 10.0 0.00 15.0 1 5.00 17.83 7.83 2 20.0 0.00 100 1 00.00 00 1 10.0 0.00 5 5.00 .00 10.0 1 0.00 5 50.0 0.00 5.00 5 .00 6.56 6.56 - - - - - - - - FY10 10 FY11 11 FY12 12 FY13 13 FY14 14 FY10 10 FY11 11 FY12 12 FY13 13 FY14 14 . . Net Sales Chng (%) PBDIT OPM (RHS%) 14.03 14.03 15.0 1 5.00 1 1.20 .20 1.06 1.06 12.24 12.24 0.98 0.98 11.39 11.39 1.00 1 .00 10.60 10.60 10.47 0.84 0.84 10.0 1 0.00 0.80 0 .80 0.70 0.70 0.59 0.59 0 0.60 .60 5 5.00 .00 0 0.40 .40 0 0.20 .20 - - - - FY10 10 FY11 11 FY12 12 FY13 13 FY14 14 FY10 10 FY11 11 FY12 12 FY13 13 FY14 14 Diluted EPS (Rs.) Net D/E (x) 4

INDIA NEEDS MORE FOOD WITH LESS LAND  Higher food inflation, through constrained monetary policy and decreased savings, impacts economic growth  Food inflation at 6.7% CAGR despite food production rising from 169.9 mn te (FY89) to 234.5 mn te (FY09)  Rising food prices due to growing global and domestic food demand, decreasing arable land  Declining per capita arable land- Population rising at 1.4% p.a.; arable land declining due to non-agricultural usage, deteriorating soil quality and dipping water tables  Total agricultural land in India declined from 185.142 mn ha to 182.385 mn ha in the last two decades.  Raising crop yield critical for food security. Current Indian yields woefully lower than potential yields  In India, 50% of PFCE is on food, implying higher vulnerability to food shortages and inflation. India- Decli clinin ing Arable le land (ha) ) per capita ita India- Food Articl icles s WPI (CAGR GR- 6.7 .7%) %) India- Belo low w glob lobal l yield lds 0.4 400 0.35 350 2010 Cereal Yield (kg/h /ha) 0.3 hectares per person 300 0.25 250 0.2 200 0.15 150 0.1 100 0.05 50 0 0 1961 1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 FY95 FY97 FY99 FY01 FY03 FY05 FY07 FY09 FY11 5

MICRO-NUTRIENTS- PLAYING A CRITICAL ROLE IN RAISING YIELD  Crop nutrition and protection critical to improving yields and thus total food production  Yields typically 20-50 percent of those on equivalent US cropland  India’s fertiliser consumption has grown at 4.8% p.a. over the last decade, however, this has been unbalanced due to subsidie s. Total fertiliser subsidy for FY14 revised estimated at INR. 680bn.  Balanced mix of nutrients needed to improve crop yield based on the specific needs of the crop and the soil quality  Relatively higher major (NPK fertilisers) and secondary fertilisers (Mg, S, Ca) are being used.  Micro-nutrients (Bo, Zn, Si, Mn, Fe, Cu, Mo based) have been ignored due to lower awareness  Micro-nutrients are metal-based nutrients complementary to major fertilisers and called so because of the relatively low volume required in the overall balanced nutrition needs of a plant.  Micro-nutrient deficiencies are quite common. An estimated 50% of the world cereal soils are deficient in Zinc and 30% of cultivated soils globally are deficient in Iron.  More than half the global population suffers from Fe and Zn deficiencies. Approximately 30% of children have stunted growth primarily due to micronutrient (Fe, Zn) deficiency.  Dietary Zn deficiency is a major nutritional disorder of the poor households of countries like India which depend heavily on rice.  Micronutrient enrichment of crops can be an effective strategy to address dietary Zn deficiencies in human. 6

MICRO-NUTRIENTS- GROWTH DRIVERS AND INDUSTRY DYNAMICS  Industry estimates the micro-nutrient market at INR 12bn or 0.4 mn tonnes p.a.  For every 100 kg of major nutrients, 4-5 kg of micro-nutrients ideal.  Currently, this is just around 800gms in India, or 1/6 th of potential size  Chelated micronutrients a profitable, but smaller market than major and hence less presence of larger players.  Changing Government Policies- Moving away from subsidies would impact primary fertiliser consumption.  Nutrient-Based Subsidy (NBS)- Subsidized fertilisers leading to underproductive fertility practices and longer-term issues of soil quality, hence move to NBS a good move. With fixed subsidy, consumption of potash and phosphate has decreased.  Focus on balanced use of fertilisers with focus on sustained soil quality • Subsidized urea has led to its excessive usage, which has harmed current crop as well as long-term soil quality. • Current fertilisers policy states promoting balanced nutrient application as an objective.  Direct Cash Transfer gives farmers the option to buy the right fertiliser-mix • Relatively high crop prices and MSPs also support better purchasing power for the farmers  Food Security Act - Will ensure agri policies continue to remain geared towards increasing production  Increasing awareness- Efforts by industry players and government on providing soil-testing facilities, knowledge on soil quality and crop care will have long-term bearing on growth of micro-nutrients fertilisers  However, there are local players and imports which compete largely on pricing. 7

INDUSTRY: SPECIALTY PLANT NUTRITION SOLUTIONS 8