Tree House 4Q FY 2013

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Please refer to important disclosures at the end of this report 1

Y/E March (` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy)Net sales 29 29 1.1 22 32.8EBITDA 14 16 (13.0) 11 30.2

EBITDA Margin (%) 48.3 56.1 (784)bp 49.2 (97)bp

Adjusted PAT 7 8 (8.8) 5 45.1Source: Company, Angel Research

Tree House Education and Accessories Ltd. (THEAL) reported a strong set of

numbers for 4QFY2013. Its top-line grew by 32.8% yoy to `29.4cr, better than

our estimate of`

25.2cr. The EBITDA grew by 30.2% to`

14.2cr while marginscontracted marginally by 97bp yoy to 48.3% owing to rise in other expenses.

Subsequently, the net profit grew by a whopping 45.1% to `7.3cr, aided by lower

interest expense while net profit margin expanded to 25.0%.

Budding pre-school segment provides growth visibility: The concept of impartingeducation to young toddlers is catching up fast today. As per CRISIL research, the

size of pre-school segment is expected to grow to `13,300cr in 2015 from the

current `5,000cr. Moreover, with an urbanization rate of 40% and escalated

average household disposable income, the demand for the segment is expected

to maintain its momentum.

Dual business model provides competitive edge: Dual business model of THEALfacilitates it to maintain quality of education, maximize the profit through SOS,

and widen its reach through franchisees. Moreover, Tree House being an

established brand in the pre-school segment has taken a logical step to enter the

K-12 segment. Pre-schools and K-12, thus, become complimentary to each other

with pre-school acting as a feeder to the K-12.

Outlook and valuation: Given the growth opportunities in the pre-school segmentand consistent expansion by THEAL, we expect the top-line and net profit to grow

at a CAGR of 30.1% and 29.9% respectively over FY2013-15E to `194cr and

`56cr in FY2015E. We recommend Accumulate on THEAL with a revised targetprice of `297 based on target PE of 19x of FY2015E earnings.Key financialsY/E March (` cr) FY2012 FY2013E FY2014E FY2015ENet Sales 77 114 153 194% chg 97.0 47.9 33.7 26.7

Net Profit 22 33 45 56% chg 176.4 55.0 33.7 26.2

EBITDA Margin (%) 54.3 54.1 53.0 52.8FDEPS (`) 6.0 9.3 12.4 15.6

P/E (x) 45.3 29.2 21.8 17.3

P/BV (x) 3.8 2.8 2.6 2.3

RoE (%) 8.4 9.6 11.8 13.1RoCE (%) 18.6 16.5 18.3 22.1

EV/Sales (x) 12.2 8.6 6.5 5.0

EV/EBITDA (x) 22.5 15.9 12.3 9.5

Source: Company, Angel Research

ACCUMULATECMP `271

Target Price `297

Investment Period 12 Months

Stock Info

Sector

Net Debt 8.4

Bloomberg Code

Shareholding Pattern (%)

Promoters 27.8

MF / Banks / Indian Fls 16.6

FII / NRIs / OCBs 39.4

Indian Public / Others 16.3

Abs.(%) 3m 1yr 3yr

Sensex 7.2 23.9 19.3

THEAL 15.1 36.5 *

* Listed in August 2011

52 Week High / Low 295 / 190

Educational Services

Market Cap (`cr) 973

Beta 0.9

Avg. Daily Volume 27,277

Face Value (`) 10

BSE Sensex 20,215

Nifty 6,124

Reuters Code THEA.BO

THEAL.IN

Twinkle Gosar+91 22 3935 7800 Ext: 6848

[email protected]

Tree HouseSpreading Branches

4QFY2013 Result Update | Educational Services

May 30, 2013

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Tree House | 4QFY2013 Result Update

May 30, 2013 2

Exhibit 1:4QFY2013 performance highlightsY/E March (` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy) FY2013 FY2012 % chgTotal operating income 29.4 29.1 1.1 22.1 32.8 114 77 47.7Net raw material 0.0 0.0 0.0 0.0 0.0

(% of Sales) 0.0 0.0 0.0 0.0 0.0

Employee cost 3.4 3.5 (1.7) 3.0 12.6 13.3 13.1 1.6

(% of Sales) 11.5 11.9 13.6 11.7 16.9

Other Expenses 11.8 9.3 27.0 8.2 43.6 39.2 22.2 76.1

(% of Sales) 40.2 32.0 37.2 34.3 28.8

Total expenditure 15.2 12.8 19.2 11.2 35.3 52 35 48.5EBITDA 14.2 16.3 (13.0) 10.9 30.2 61.8 42.0 47.1EBITDA Margin (%) 48.3 56.1 (784)bp 49.2 (97)bp 54.1 54.3 (23)bp

Interest 1.2 2.2 (45.9) 2.0 (2382.2) 6.6 6.5 1.8

Depreciation 3.6 3.4 7.1 2.7 34.3 13.4 7.8 71.5Other income 1.7 1.3 28.5 1.3 32.5 7.1 3.8 87.1

PBT (excl. Extr. Items) 11.0 12.0 (8.2) 7.4 48.4 48.8 31.5 55.2Extr. Income/(Expense) 24.7 0.0 0.0 0.0 0.0

PBT (incl. Extr. Items) 35.7 12.0 7.4 48.8 31.5(% of Sales) 121.5 41.4 33.6 42.7 40.7

Tax 3.7 4.0 (7.0) 2.4 55.5 15.5 9.9 56.1

(% of PBT) 10.4 33.1 32.0 31.7 31.6

Reported PAT 32.0 8.1 297.6 5.1 532.6 33.3 21.5 54.8Adjusted PAT 7.3 8.1 (8.8) 5.1 45.1 33.3 21.5 54.8PATM (%) 25.0 27.7 22.9 29.2 27.8


Exhibit 2:Actual vs Angel's EstimatesActual v/s Angel's Estimates Actual (`cr) Estimate (` cr) % variationTotal Income 29 25 16.7EBITDA 14 14 4.5

EBITDA Margin 48.3 53.9 (560)bp

Adjusted PAT 7 5 33.7Source: Company, Angel Research

For 4QFY2013, the top-line of the company grew by 32.8% yoy to`

29.4cr on theback of opening 30 pre-schools, better than our estimate of `25.2cr. The EBITDA

grew by 30.2% to `14.2cr while margins contracted marginally by 97bp yoy to

48.3% owing to rise in other expenses. On the back of strong top-line growth and

robust operating performance, net profit grew by a whopping 45.1% to `7.3cr,

aided by lower interest expense. The interest expense has reduced since the

company has switched its loan to a relatively cheaper substitute (would be repaid

by FY2015E). Subsequently, the net profit margin too expanded from 22.9% in the

same quarter previous year to 25.0% in current quarter and above our estimate of

21.8%.

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May 30, 2013 3

Exhibit 3:Net sales moving northwards


Exhibit 4:Expansion cost dents EBITDA margin


Investment argumentsUnique business model and strong brand to provide competitive edge

THEAL is the largest self-operated pre-school provider in India, operating on a

dual business model, ie operating SOS (~80% of total centres) in metro cities and

adopting the franchise model in tier 3 & 4 cities. This model facilitates the

company to maintain its quality of education and maximize profits through SOS;

and widen the reach through franchisees. In franchisees, the quality of education is

maintained by adopting standardization of curriculum and teacher training

programmes. Strong brand and assured quality of education act as differentiating

pillars and hence provides THEAL a competitive edge over other pre-school

operators.

THEAL has recently announced its initiative to provide pre-primary education at

affordable prices through Global Champs pre-schools. The company has opened

4 centres until now in Mumbai.

K-12 to be logical extension, pre-school being the potential feeder

Tree House being an established and trusted brand in the pre-school segment

has taken a logical step to enter the K-12 segment. K-12 schools are established

only where the company has strong pre-school presence, which minimizes the

marketing cost. The company currently provides consultancy and management

services to 24 schools and is in the process of developing 3 self-owned K-12

school buildings, for which major capex has already been undertaken.

Revenue comes in by way of service or consultancy fees which are usually based

on factors which include (i) per child admitted to the school (for services forming

part of service agreement) and (ii) lumpsum basis (for services beyond the scope of

service agreement).

Both, pre-schools and K-12s are complimentary to each other with pre-school

acting as a feeder to the K-12. We expect the K-12 segment to post a CAGR of

60% over FY2012-15 to `23cr in FY2015.

10

16

18

21

22

28

28

29

29

60.0

7.621.7 3.9

24.3 2.72.8 1.1

0

10

20

30

4050

60

70

0

5

10

15

2025

30

35

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(`cr)

Revenue ( LHS) Revenue growth qoq ( RHS)

3.9

9.4

10.7

11.0

10.9

15.8

15.5

16.3

14.2

38.6

58.160.9

51.749.2

57.4 54.9 56.148.3

0

10

20

30

40

50

60

70

0

2

4

6

8

10

12

14

16

18

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

(%)

(`cr)

EBITD A (LH S) EBIT DA Margin (RHS )

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Potential growth in pre-school segment- key growth driver

Niche but growing addressable market: India is the second most populatedcountry in the world with ~54cr in the age bracket of 0-24 years, which forms

the addressable segment for education. As per CRISIL research, the size of

pre-school segment is expected to grow to `13,300cr in 2015 from the current

`5,000cr. To capitalize on such opportunities, THEAL intends to establish and

expand the number of its pre-schools in various cities and towns in India and

proposes to open an additional 120 pre- schools across India by FY2014.

Rapid urbanization and transition in income bracket of people: According toMckinsey Global Institutes recent research study, Indias urban population is

expected to rise from 34cr in 2008 to 59cr in 2030, ie an urbanization rate of

40% (lower than seen in most Asian countries due to strict definition of Indian

Census). The average household disposable income in urban areas is

expected to grow at a CAGR of 6.4% from ~`60,000 in 2008 to ~`239,000

in 2030 considering a GDP growth rate of 7.4%. Thus, such a rise in

disposable incomes provides strong growth visibility for the education market.

Changing lifestyles with need for quality education: With the changingdemographics, the lifestyle of the people has changed drastically. Women who

used to be home-makers previously are now joining the workforce and that

too at an increasing rate. Also, there is increased awareness about the role of

education in a competitive market (Think tank). Moreover, with awareness of

the fact that 40% of a persons ability to learn is shaped during the first four

years of his life, pre-schools have secured a vital place in the education

system.

Brainworks Learning acquisition to complement THEALs reach

THEAL has plans to acquire a pre-school brand Brainworks Learning (BL) which is

expected to be finalised by the end of 1QFY2014. BL centres are present mainly in

the areas where THEAL is yet to establish its foothold. The proposed acquisition is

hence expected to widen the reach of THEAL. Of the 70 centres of BL, 13 are self

owned and will be converted to Tree House brand post acquisition. Rest of the

centres, which are franchisee based, will be given an option to convert to THEALs

brand or else continue with BLs brand. This inorganic growth is thus expected toboost the top-line, while simultaneously extending the reach.

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Financials

Exhibit 5:Key AssumptionsParticulars FY2012 FY2013 FY2014E FY2015ETotal no of pre-school centres 302 379 489 619

SOS 240 300 385 485

Franchisee 62 79 104 134

Total Revenue (` cr) 77 114 153 194Pre-school Revenue (` cr) 72 100 137 171

SOS 68 94 128 160

Franchisee 1 2 3 4

Teacher training program 3 4 6 7

K-12 Revenue (` cr) 6 14 16 23School management fees 4 13 15 20

Infrastructure rent 1.2 1.2 1.2 3


Exhibit 6:Revised EstimatesY/E Mar. Earlier estimates Revised estimates % changeFY2014E FY2015E FY2014E FY2015E FY2014E FY2015ENet Sales (` cr) 150 192 153 194 1.9 0.8EBITDA Margin (%) 34.3 27.4 33.7 26.2 30bp (219)bp

EPS (`) 12.8 16.2 12.4 15.6 (3.2) (3.5)Source: Angel Research

Expansion plans to lead to top-line CAGR of 30.1% over FY2013-15E

For FY2013, the top-line grew 47.7% to `114cr, owing to an addition of a total of

77 pre-schools, marginally higher than our estimate of `110cr. As on date, THEAL

owns 379 pre-schools and right to provide management services in 24 K-12

schools. The top-line, following the expansion plans of the company, is expected to

grow at a CAGR of 30.1% over FY2013-15 to `194cr in FY2015E.

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Exhibit 7:Pre-school and K-12 expansion plans to drive top-line


EBITDA to grow at a CAGR of 28.5% over FY2013-15E

The EBITDA for FY2013 came in 54% higher yoy to `62cr as compared to our

estimate of `59cr. The EBITDA margin contracted slightly by 20bp to 54.1% owing

to rise in other expenses due to constant expansion activities by the company.

On the back of a robust estimated top-line growth of 30.1% (CAGR), the

companys EBITDA is expected to grow at a CAGR of 28.5% over FY2013-15E,

from `62cr in FY2013 to `102cr in FY2015E. The EBITDA margin is expected to

stabilize ~52-53% over FY2012-15E.

Exhibit 8:EBITDA to normalise at higher levels


Net profit to grow at a CAGR of 29.9% over FY2013-15E

For FY2013, the net profit growth was at 53.3% to `33cr, owing to reduced

interest expense for the year. The net profit margin too expanded by 133bp to

29.2%.

On back of a robust estimated top-line coupled with a healthy and stable

operating performance, the PAT is expected to grow at a CAGR of 29.9% to `56cr

in FY2015E with a PAT margin of 29.0%.

21 3

977

114

155

194

108.2

83.5

97.0

47.7

35.4

25.2

0

20

40

60

80

100

120

-

50

100

150

200

250

FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E

(%)

(`

cr)

Net sales (LHS) Net sales growth (RHS)

717 42 62 83 102

32.9

43.1

54.3 54.1 53.6

52.8

0

10

20

30

40

50

60

0

20

40

60

80

100

120

FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E

(%)

(`

cr)

EBITDA (LHS) EBITDA margin (RHS)

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Exhibit 9:PAT margins to stabilise at higher levels


Outlook and Valuation

THEAL is in a position to capitalize on the growth opportunities emerging in the

pre-schools segment. It is consistently expanding its network of pre-schools and

K-12 schools pan-India. The top-line of the company is expected to grow at a

30.1% CAGR over FY2013-15 to `194cr in FY2015E. The EBITDA for the company

is expected to grow from `62cr in FY2013 to `102cr in FY2015E, at a 28.5%

CAGR. Owing to a robust top-line and healthy EBITDA, the net profit for the

company is expected to grow at a CAGR of 29.9% over FY2013-15E to `56cr in

FY2015E. At the current market price of `271, the stock is trading at a PE of 17.3x

its FY2015E earnings. Considering the nascent stage of pre-school segment with

high potential growth prospects and unique model of THEAL, we recommendAccumulate on THEAL with a revised target price of `297, based on target PE of19x for its FY2015E earnings.Exhibit 10:One-year forward PE


28 22 33 45 56

11.6

19.8

27.829.2

29.0

29.0

0

5

10

15

20

25

30

35

0

10

20

30

40

50

60

FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E

(%)

(`

cr)

PAT (LHS) PAT margin (RHS)

80

130

180

230

280

330

380

430

480

530

580

Sep-11

Nov-11

Jan-12

Mar-12

May-12

Jul-12

Sep-12

Nov-12

Jan-13

Mar-13

May-13

(`)

Price 15x 21x 27x 33x

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May 30, 2013 8

Competition

The education sector in India is largely unorganized and the business of

pre-schools is highly fragmented and competitive. In addition to competition from

unorganized players in the pre-schools business, THEAL faces a lot of competition

from organized players in the market where it competes with various pre-schools

like Kidzee, Euro Kids, and Roots to Wings (operated by Educomp Solutions).

Risks

Geographical concentration: Of the total 379 pre-schools, more than 40% are

located in and around Mumbai metropolitan. This suggests a geographical

concentration risk to the company.

Regulations pertaining to K-12 segment: Operating pre-schools and

providing educational services to K-12 schools are currently unregulated, but the

government may introduce a regulatory framework in future. Any such government

regulation, and THEALs inability to comply with the same, may adversely affect its

revenue.

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May 30, 2013 9

Profit and loss statement (Standalone)

Y/E March (` cr) FY2011 FY2012 FY2013 FY2014E FY2015EGross sales 39 77 114 153 194

Less: Excise duty - - - - -Net Sales 39 77 114 153 194

Other operating income - - - - -

Total operating income 39 77 114 153 194% chg 83.5 97.0 47.9 33.7 26.7

Other operating costs 4 16 30 41 52

% chg 103.1 307.1 85.0 36.5 28.0

Personnel 5 13 13 18 24

% chg 86.0 166.8 1.6 38.9 27.6

Other 13 6 10 13 16

% chg 35.6 (51.3) 53.2 34.1 25.6

Total Expenditure 22 35 53 72 91

EBITDA 17 42 61.82 81 102% chg 140.8 147.8 47.3 31.1 26.0

(% of Net Sales) 43.1 54.3 54.1 53.0 52.8

Depreciation & Amortization 4 8 13 18 21

EBIT 13 34 48 63 81% chg 216.3 163.4 41.8 30.1 29.1

(% of Net Sales) 33.1 44.2 42.4 41.2 42.0

Interest & other charges 1 7 7 5 3

Other Income 0 4 7 7 4

(% of Net Sales) 1.2 4.9 6.1 4.5 1.9

PBT (reported) 12 31 49 65 82Tax 4 10 16 21 26(% of PBT) 36.3 31.6 31.7 31.7 31.7

PAT (reported) 8 22 33 45 56PAT after MI (reported) 8 22 33 45 56ADJ. PAT 8 22 33 45 56% chg 212.4 176.4 55.0 33.7 26.2

(% of Net Sales) 19.8 27.8 29.1 29.2 29.1

Basic EPS (`) 2.2 6.0 9.3 12.4 15.6Fully Diluted EPS (`) 2.2 6.0 9.3 12.4 15.6% chg 212.4 176.4 55.0 33.7 26.2

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May 30, 2013 10

Balance sheet (Standalone)

Y/E March (` cr) FY2011 FY2012 FY2013 FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 24 34 36 36 36

Share Premium account 87 193 240 240 235

Profit Loss account 12 29 63 102 158

Reserves & Surplus 99 223 302 342 393Share warrants - - 10 - -

Shareholders Funds 123 256 348 378 429Total Loans 48 51 67 47 27

Long term provision - - 0 0 0

Other long term liabilities 0 0 0 0 0

Net Deferred Tax Liability 1.8 3.3 4.4 4.4 4.4

Total Liabilities 172 311 420 429 460APPLICATION OF FUNDSGross Block 72 154 186 251 288

Less: Acc. Depreciation 10 17 31 49 70

Net Block 62 137 155 202 219Capital Work-in-Progress 52 20 40 40 40

Lease adjustment - - - - -

Goodwill - 29 27 24 22

Investments 3 31 10 10 12

Long term loans & advances 34 85 169 174 183

Current Assets 35 64 70 37 49Cash 29 48 49 11 19

Loans & Advances 3 5 7 10 12

Inventory 1 4 5 5 6

Debtor 2 6 7 8 10

Other current assets 3 2 3 3 3

Current liabilities 14 25 24 33 43

Net Current Assets 22 39 46 3 7Misc. Exp. not written off - - - - -Total Assets 172 311 420 429 460

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Cash flow statement (Standalone)Y/E March (` cr) FY2011 FY2012 FY2013 FY2014E FY2015EProfit Before Tax 12 31 49 65 82

Depreciation 4 8 13 18 21

Other Income (0) (4) (7) (7) (4)

Change in WC 18 5 (6) 5 4

Direct taxes paid (4) (10) (16) (21) (26)

Cash Flow from Operations 29 31 34 60 78(Inc.)/ Dec. in Fixed Assets (88) (102) (136) (70) (46)

(Inc.)/Dec. in Investments (2) (29) 21 0 (2)

Other Income 0 4 7 7 4

Cash Flow from Investing (89) (126) (108) (63) (45)Issue of Equity/Preference 7 10 46 (10) 0

Inc./(Dec.) in Debt 37 5 16 (20) (20)

Dividend Paid (Incl. Tax) 0 (3) (5) (5) (5)

Others 35 103 17 - -Cash Flow from Financing 78 115 75 (35) (25)Inc./(Dec.) in cash 19 19 1 (38) 8

Opening cash balance 10 29 48 49 11Closing cash balance 29 48 49 11 19

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May 30, 2013 12

Key ratiosY/E March FY2011 FY2012 FY2013 FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 125.1 45.3 29.2 21.8 17.3

P/CEPS 82.9 33.2 20.8 15.5 12.6

P/BV 7.9 3.8 2.8 2.6 2.3

Dividend yield (%) - 0.3 0.5 0.5 0.5

EV/Net sales 25.2 12.2 8.6 6.5 5.0

EV/EBITDA 58.4 22.5 15.9 12.3 9.5

EV / Total Assets 5.7 3.0 2.3 2.3 2.1

Per Share Data (`)EPS (Basic) 2.2 6.0 9.3 12.4 15.6

EPS (fully diluted) 2.2 6.0 9.3 12.4 15.6

Cash EPS 3.3 8.1 13.0 17.4 21.4

DPS - 1.0 1.3 1.3 1.3

Book Value 34.1 71.3 96.9 105.0 119.2

DuPont AnalysisEBIT margin 33.1 44.2 42.4 41.2 42.0

Tax retention ratio 0.6 0.7 0.7 0.7 0.7

Asset turnover (x) 0.4 0.4 0.4 0.4 0.5

ROIC (Post-tax) 9.3 12.7 11.2 12.5 15.1

Cost of Debt (Post Tax) 1.7 8.7 6.8 6.8 6.8

Leverage (x) 0.1 (0.1) 0.0 0.1 (0.0)

Operating ROE 10.3 12.3 11.3 12.9 15.0

Returns (%)ROCE (Pre-tax) 7.5 11.0 11.5 14.7 17.7

Angel ROIC (Pre-tax) 14.6 18.6 16.5 18.3 22.1

ROE 6.3 8.4 9.6 11.8 13.1

Turnover ratios (x)Asset TO (Gross Block) 4.3 0.5 0.6 0.6 0.7

Inventory / Net sales (days) 8 12 13 12 47

Receivables (days) 41 18 20 18 18

Payables (days) 156 130 130 130 130

WC cycle (ex-cash) (days) (1) (1) (9) (18) (22)

Solvency ratios (x)Net debt to Equity 0.1 (0.1) 0.0 0.1 (0.0)

Net debt to EBITDA 1.0 (0.7) 0.1 0.3 (0.0)

Int. Coverage (EBIT/ Int.) 10.4 5.3 7.3 13.6 30.7

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M

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies

referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and

risks of such an investment.

Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make

investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this

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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

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The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. WhileAngel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.

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Note: Please refer to the important Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement Tree House

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below`

1 lakh for Angel, its Group companies and Directors

Tree House 4Q FY 2013

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