<SEC-DOCUMENT>0001193125-16-774640.txt : 20161122
<SEC-HEADER>0001193125-16-774640.hdr.sgml : 20161122
<ACCEPTANCE-DATETIME>20161122110033
ACCESSION NUMBER:		0001193125-16-774640
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20161122
FILED AS OF DATE:		20161122
DATE AS OF CHANGE:		20161122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MakeMyTrip Ltd
		CENTRAL INDEX KEY:			0001495153
		STANDARD INDUSTRIAL CLASSIFICATION:	TRANSPORTATION SERVICES [4700]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			O4
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34837
		FILM NUMBER:		162012064

	BUSINESS ADDRESS:	
		STREET 1:		TRIPPER VILLA, TOWER A, SP INFOCITY
		STREET 2:		243, PHASE 1, UDYOG VIHAR
		CITY:			GURGAON
		STATE:			K7
		ZIP:			122016
		BUSINESS PHONE:		91 124 439 5000

	MAIL ADDRESS:	
		STREET 1:		TRIPPER VILLA, TOWER A, SP INFOCITY
		STREET 2:		243, PHASE 1, UDYOG VIHAR
		CITY:			GURGAON
		STATE:			K7
		ZIP:			122016
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d298675d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form 6-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of Foreign Private Issuer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule 13a-16 or 15d-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of November 2016 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number 001-34837 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>MAKEMYTRIP
LIMITED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mauritius </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Jurisdiction
of incorporation or organization of registrant) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tower A, SP
Infocity, 243, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Udyog Vihar, Phase 1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Gurgaon, Haryana 122016, India </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive office) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> or <FONT STYLE="white-space:nowrap">Form&nbsp;40-F.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F</FONT><B>&nbsp;&nbsp;</B>&#9746;<B></B><B></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9744;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;&#9744; </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip Limited (&#147;MakeMyTrip&#148;) is incorporating by reference the information set
forth in this Form 6-K into its registration statement on Form F-3 (File No. 333-193943) filed with the United States Securities and Exchange Commission on February 14, 2014, as amended, which became effective on March 10, 2014. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notice of Special Meeting and Proxy
Statement</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attached hereto as Exhibit 99.1 is a notice of special meeting of shareholders and proxy statement of MakeMyTrip to all
shareholders of record as of November 21, 2016, notifying shareholders of a special meeting to be held on December 9, 2016, and attached as Exhibit 99.2 is the form of proxy for the special meeting. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Clarification on Certain Data in Proxy Statement</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip is incorporating by reference the following clarification into the proxy statement attached hereto as Exhibit 99.1, and such
clarification shall be subject to the special note regarding forward-looking statements set forth in the section of the proxy statement titled &#147;Special Note Regarding Forward-Looking Statements.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the section of the proxy statement titled &#147;Recommendation of the Board of Directors and Reasons for the Transaction &#150; Reasons for
the Transaction,&#148; MakeMyTrip disclosed that it had 3.0 million transactions for the fiscal year ended March 31, 2016 in the hotels and packages segment with a footnote stating that this value is &#147;inclusive of MakeMyTrip international
standalone hotel transactions.&#148; To clarify this disclosed value and footnote, for the fiscal year ended March 31, 2016, MakeMyTrip had 3.0 million transactions in the standalone hotels segment and 3.1 million transactions in the collective
hotels and packages segment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Similarly, MakeMyTrip also disclosed in the same section of the proxy statement that the pro forma combined
company had 6.6 million transactions for the fiscal year ended March 31, 2016 in the hotels and packages segment with a footnote stating that this value is &#147;inclusive of MakeMyTrip international standalone hotel transactions.&#148; To clarify
this disclosed value and footnote, for the fiscal year ended March 31, 2016, the pro forma combined company had 6.6 million transactions in the standalone hotels segment and 6.7 million transactions in the collective hotels and packages segment.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Where to Find Additional Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip is a foreign private issuer. As such, MakeMyTrip&#146;s proxy statement and other proxy materials with respect to the proposed
transaction will not be subject to preliminary review and comment by the United States Securities and Exchange Commission (&#147;SEC&#148;). Accordingly, MakeMyTrip&#146;s proxy materials have not been reviewed by the SEC and may not have all of the
disclosures required to be included under the SEC&#146;s rules that apply to U.S. domestic issuers.&nbsp;The proxy statement contains risk factor disclosure alerting its shareholders of the foregoing.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shareholders are urged to carefully read the proxy statement, any information and documents incorporated by reference therein and any other
relevant documents submitted or filed with the SEC when they become available, because they contain important information about MakeMyTrip and the proposed transaction. Copies of the proxy statement, any information and documents incorporated by
reference therein and other documents submitted or filed by MakeMyTrip with the SEC are available at the website maintained by the SEC at <U>www.sec.gov</U>. Copies of such filings also can be obtained, without charge, by directing a request to
Jonathan Huang, Vice President &#150; Investor Relations at Jonathan.Huang@makemytrip.com or +1 (917) 769-2027. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Solicitation
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip and its directors and executive officers may be deemed to be participants in the solicitation of proxies in favor of the
proposed transaction from the shareholders of MakeMyTrip. Information about the directors and executive officers of MakeMyTrip is set forth in MakeMyTrip&#146;s annual report on Form 20-F, which was filed with the SEC on June 14, 2016. Shareholders
may obtain additional information regarding the interests of MakeMyTrip and its directors and executive officers in the proposed transaction, which may be different than those of MakeMyTrip&#146;s shareholders generally, by reading the proxy
statement (including all information and documents incorporated by reference therein) attached hereto as Exhibit 99.1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exhibits </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notice of Special Meeting of Shareholders and Proxy Statement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Proxy</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:&nbsp;November 22, 2016 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MAKEMYTRIP LIMITED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Deep Kalra</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Deep Kalra</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Group Chairman and</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Group Chief Executive
Officer</P></TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d298675dex991.htm">Notice of Special Meeting and Proxy Statement </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d298675dex992.htm">Form of Proxy </A></TD></TR>
</TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d298675dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g298675g61j61.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">November 22, 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Shareholders of MakeMyTrip Limited: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You
are cordially invited to attend a special meeting of shareholders of MakeMyTrip Limited (&#147;MakeMyTrip&#148;) to be held at MakeMyTrip&#146;s corporate headquarters located at Tower A, SP Infocity, 243, Udyog Vihar, Phase 1, Gurgaon, Haryana
122016, India, on December 9, 2016 at 5:00 p.m. local India time, as set forth in the attached Notice of Special Meeting of Shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the special meeting you will be asked to consider and vote on the proposed acquisition by MakeMyTrip of Ibibo Group Holdings (Singapore)
Private Limited (&#147;ibibo Group&#148;) from MIH Internet SEA Private Limited (&#147;Parent&#148;), an indirect subsidiary of Naspers Limited, under the terms of a Transaction Agreement (the &#147;Transaction Agreement&#148;) entered into between
Parent and MakeMyTrip on October 18, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the proposed acquisition, MakeMyTrip will acquire 100% of the outstanding
stock of ibibo Group in exchange for Parent receiving a 40% stake in MakeMyTrip, making it the largest shareholder of MakeMyTrip.&nbsp;Parent will also contribute cash to MakeMyTrip at closing to ensure ibibo Group&#146;s net working capital
constitutes 40% of the consolidated net working capital of MakeMyTrip after giving effect to the acquisition (subject to certain adjustments).</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I will remain Group CEO and Executive Chairman of MakeMyTrip and co-founder Rajesh Magow will continue to remain CEO India of MakeMyTrip
following the closing. Founder and CEO of ibibo Group, Ashish Kashyap, will join MakeMyTrip&#146;s executive team as a co-founder and President of the organization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The directors of MakeMyTrip who voted to approve the proposed acquisition have determined that the proposed acquisition is in the best
interests of MakeMyTrip and its shareholders and unanimously recommend that you vote &#147;FOR&#148; the proposed acquisition at the special meeting.</B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Details of the proposed acquisition and the other transactions contemplated by the Transaction Agreement as well as other important
information are contained in the enclosed proxy statement.&nbsp;You are urged to read the enclosed proxy statement and the agreements attached to the proxy statement in their entirety.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Furthermore, additional information regarding MakeMyTrip and ibibo Group will be made available to shareholders of MakeMyTrip subsequent to
the delivery of the enclosed proxy statement on MakeMyTrip&#146;s investor relations page on its website at <U>http://investors.makemytrip.com</U> and via the filing of one or more Form 6-Ks by MakeMyTrip prior to the special meeting.&nbsp;The
foregoing Form 6-Ks, and any other Form 6-Ks submitted by MakeMyTrip that by their terms purport to be incorporated by reference into the enclosed proxy statement, shall be deemed to be a part of the enclosed proxy statement and shall automatically
update the enclosed proxy statement to the extent thereof.</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip urges you to read the enclosed material carefully and requests
that you complete and return the enclosed form of proxy as soon as possible.&nbsp;YOUR VOTE IS VERY IMPORTANT REGARDLESS OF THE NUMBER OF SHARES YOU OWN.&nbsp;We cannot complete the acquisition without the requisite approval of MakeMyTrip&#146;s
shareholders. To ensure that your shares are voted at the special meeting, please return your form of proxy promptly, whether or not you plan to attend. You may, of course, attend the special meeting and vote in person, even if you have previously
returned your proxy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The directors of MakeMyTrip who voted to approve the proposed acquisition would like to thank you
for your support and urge you to vote &#147;FOR&#148; the approval and adoption of the Transaction Agreement and the transactions contemplated thereby at the special meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Deep Kalra </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Group Chairman and Group Chief Executive Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">November 22, 2016 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MAKEMYTRIP LIMITED </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Notice of Special Meeting of Shareholders </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOTICE IS HEREBY GIVEN that a special meeting of MakeMyTrip Limited (&#147;MakeMyTrip&#148;) will be held at Tower A, SP Infocity, 243, Udyog
Vihar, Phase 1, Gurgaon, Haryana 122016, India on December 9, 2016 at 5:00 p.m. local India time, and at any adjourned or postponed meeting thereof, for the following purpose: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To consider and, if thought fit, pass the following resolution as an ordinary resolution: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>RESOLVED</B>, as an ordinary resolution, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">THAT (a) the Transaction Agreement, dated October 18, 2016 (the &#147;Transaction Agreement&#148;), by and among MakeMyTrip Limited, a limited
liability company organized under the laws of Mauritius (&#147;MakeMyTrip&#148;), MIH Internet SEA Private Limited, a limited liability company organized under the laws of Singapore (&#147;Parent&#148;), and solely with respect to Article XIII
thereof, MIH B2C Holdings B.V., a private limited liability company organized under the laws of The Netherlands, and the agreements, documents, actions or transactions contemplated thereby or relating thereto (collectively, the
&#147;Transaction&#148;), including, without limitation, the acquisition of all of the issued and outstanding ordinary shares of Ibibo Group Holdings (Singapore) Private Limited, a limited liability company organized under the laws of Singapore,
from Parent, the issuance and delivery of Class B convertible ordinary shares of MakeMyTrip in connection with the Transaction Agreement and the Transaction and the issuance and delivery of any shares into which any of such Class B convertible
ordinary shares are converted and (b) for purpose of sections 143(h) and 146 of the Companies Act 2001, Naspers Limited (&#147;Naspers&#148;), and its affiliates, and any successor in interest in Class B convertible ordinary shares of MakeMyTrip,
which successor in interest has the right to nominate directors to the board of directors of MakeMyTrip under the Transaction Agreement or the Transaction, and its affiliates, shall not be deemed to be a competing company with MakeMyTrip, and any
person nominated at any time to said board of directors by any of the foregoing shall not be deemed to compete with MakeMyTrip as a result of such person&#146;s being a director or officer of any of the foregoing, be and are hereby, adopted and
approved in all respects.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Additional information regarding MakeMyTrip and ibibo Group will be made available to shareholders of
MakeMyTrip subsequent to the delivery of this notice of special meeting on MakeMyTrip&#146;s investor relations page on its website at <U>http://investors.makemytrip.com</U> and via the filing of one or more Form 6-Ks by MakeMyTrip prior to the
special meeting.&nbsp;The foregoing Form 6-Ks, and any other Form 6-Ks submitted by MakeMyTrip that by their terms purport to be incorporated by reference into this notice of special meeting, shall be deemed to be a part of this notice of special
meeting and shall automatically update this notice of special meeting to the extent thereof.</B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You are cordially invited to attend the special meeting in person.&nbsp;Your vote is
important.&nbsp;If you cannot attend the special meeting in person, you are urged to complete, sign, date and return the accompanying form of proxy as soon as possible and prior to December 7, 2016. We must receive the form of proxy no later than
48&nbsp;hours before the time appointed for the special meeting to ensure your representation at such special meeting. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">By Order of the Board of Directors,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MakeMyTrip Limited</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><U>/s/ Deep Kalra</U></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Deep Kalra</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Group Chairman and Group Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Port Louis, Mauritius, November 22, 2016 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="47%"></TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Group Office:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Registered Office:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tower A, SP Infocity,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">243, Udyog Vihar,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Phase 1, Gurgaon,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Haryana 122016</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">India</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The offices of CIM Corporate Services Ltd.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Les
Cascades Building 33 Edith Cavell St.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Port Louis</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Mauritius</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MAKEMYTRIP LIMITED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(a limited liability company organized under the laws of Mauritius) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Tower A, SP Infocity, 243, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Udyog
Vihar, Phase 1, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Gurgaon, Haryana 122016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">India </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Proxy Statement for Special
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Meeting of Shareholders of MakeMyTrip Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">To Be Held on December 9, 2016 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">v </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FREQUENTLY USED TERMS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Class B Member&#148; means a holder of Class B Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Class B Shares&#148; means Class B convertible ordinary shares, par value $0.0005 per share, of MakeMyTrip to be issued to Parent pursuant to the
Transaction Agreement, which shares shall have the terms set forth in the Terms of Issue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Closing&#148; means the closing of the Transaction.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Closing Date&#148; means the date of Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Covered Shares&#148; means (i) the Class B Shares and (ii) any MakeMyTrip ordinary shares acquired by Parent or any of its affiliates after the Closing
to the extent ownership of such ordinary shares allows Parent to satisfy a required ownership percentage and acquire additional investor rights under the Transaction Agreement or Terms of Issue that it would not have but for the beneficial ownership
of such ordinary shares.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Ctrip&#148; means Ctrip.com International Ltd., a company incorporated under the laws of the Cayman Islands and a
shareholder of MakeMyTrip. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Exchange Act&#148; means the United States Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Guarantor&#148; means MIH B2C Holdings B.V., a private limited liability company organized under the laws of The Netherlands. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;ibibo Group&#148; means Ibibo Group Holdings (Singapore) Private Limited, a limited liability company organized under the laws of Singapore. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;MakeMyTrip&#148; means MakeMyTrip Limited, a limited liability company organized under the laws of Mauritius. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Meeting&#148; means the special meeting of shareholders of MakeMyTrip to be held on December 9, 2016 at 5:00&nbsp;p.m. local India time, or any
adjournment or postponement thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Parent&#148; means MIH Internet SEA Private Limited, a limited liability company organized under the laws of
Singapore and an indirect subsidiary of Naspers Limited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;SAIF&#148; means SB Asia Investment Fund II L.P., a fund incorporated under the laws of
the Cayman Islands and a shareholder of MakeMyTrip.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;SEC&#148; means the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Securities Act&#148; means the United States Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Terms of Issue&#148; means the terms of issue governing the rights and preferences of Class B Shares issued pursuant to the Transaction Agreement, a
copy of which is attached hereto as Annex&nbsp;B. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Transaction&#148; means the transactions contemplated by the Transaction Agreement and all other
agreements and documents executed or entered into in connection therewith and all other transactions contemplated thereby, including without limitation, the acquisition by MakeMyTrip of all of the issued and outstanding capital stock of ibibo Group
from Parent and the issuance by MakeMyTrip of Class B Shares to Parent in accordance with the Transaction Agreement.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">vi </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Transaction Agreement&#148; means the Transaction Agreement, dated October 18, 2016, by and among
MakeMyTrip, Parent and solely with respect to Article XIII thereof, Guarantor, a copy of which is attached hereto as Annex A.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Travogue&#148; means
Travogue Electronic Travel Private Limited, a company organized under the laws of India and a shareholder of MakeMyTrip.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">vii </P>


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<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><U>Page</U></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_1">INTRODUCTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_2">General</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_44">Overview of ibibo Group </A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_3">Voting at the Special Meeting of Shareholders</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_4">SUMMARY TERM SHEET FOR THE TRANSACTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_5">QUESTIONS AND ANSWERS ABOUT THE TRANSACTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_45">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_6">THE TRANSACTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_7">Closing Date Transactions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_8">Restructuring &amp; TBO Disposal</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_9">Material Class B Holder Rights and Restrictions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_10">Voting Agreements and Conversion of Ctrip Convertible Notes</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_11">Change in Control Severance Agreements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_12">Competing Transactions and Revocation of Board&#146;s
Recommendation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_13">Equity Awards to Executives</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_14">Regulatory Approvals &#150; Competition Filings</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_15">RECOMMENDATION OF THE BOARD OF DIRECTORS AND REASONS FOR THE
TRANSACTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_16">Recommendation of MakeMyTrip&#146;s Board of Directors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_17">Reasons for the Transaction</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_18">INTERESTS OF MAKEMYTRIP&#146;S EXECUTIVE OFFICERS AND DIRECTORS IN THE TRANSACTION
</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_19">Change in Control Severance Agreements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_20">Ctrip Director</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_21">RSUs</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_22">RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_23">EXECUTIVE OFFICERS AND DIRECTORS OF MAKEMYTRIP AFTER THE
TRANSACTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_24">Rights to Post-Closing Board of Directors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_25">Composition of Board and Certain Executive Officers Following
Closing</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_26">Board Committees and Corporate Policies</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_27">BENEFICIAL OWNERSHIP OF SECURITIES OF MAKEMYTRIP</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_28">TRANSACTION AGREEMENTS &#150; ADDITIONAL TERMS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_29">The Transaction Agreement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">viii </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><U>Page</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_30">Terms of Issue</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_31">Registration Rights Agreement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_32">SPECIAL MEETING OF MAKEMYTRIP SHAREHOLDERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_33">Date, Time and Place of Special Meeting</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_34">Purpose of the Special Meeting</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_35">Record Date and Quorum</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_36">Recommendation of the MakeMyTrip Board of Directors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_37">Adjournment by Chairman</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_38">Vote Required</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_39">Voting Procedure</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_40">Revocability of Proxies and Changes to a Shareholder&#146;s
Vote</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_41">Attendance</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ANNEXES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_42">Annex A &#150; Transaction Agreement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx299965_43">Annex B &#150; Terms of Issue</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">B-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ix </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_1"></A>INTRODUCTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_2"></A>General </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This proxy statement is being furnished to shareholders of MakeMyTrip in connection with the solicitation of proxies by its board of directors
from holders of outstanding ordinary shares of MakeMyTrip for use at the Meeting.&nbsp;At the Meeting, shareholders will be asked to consider and vote on the Transaction Agreement and the proposed Transaction.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the terms of the Transaction Agreement, MakeMyTrip will acquire all of the issued and outstanding capital stock of ibibo Group
from Parent and Parent will be issued 38,971,539 shares of a newly created class of capital stock of MakeMyTrip, Class B Shares, the rights and preferences of which will be governed by the Terms of Issue, representing 40% of MakeMyTrip&#146;s
outstanding voting securities calculated on a fully diluted basis and taking into consideration the option described in clause (ii) below.&nbsp;Parent will also (i) be required to contribute enough cash to MakeMyTrip at the Closing to ensure that
ibibo Group&#146;s net working capital represents 40% of MakeMyTrip&#146;s consolidated net working capital after giving effect to the Transaction (subject to certain adjustments) and (ii) have the right to purchase at Closing up to 413,035 ordinary
shares of MakeMyTrip at $21.19 per share.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October 18, 2016, those directors of MakeMyTrip who voted on the Transaction unanimously
(i)&nbsp;determined that the Transaction Agreement and the Transaction are advisable for, fair to and in the best interests of MakeMyTrip and its shareholders, (ii) authorized, approved, confirmed, ratified and adopted in all respects the
Transaction Agreement and the Transaction and (iii) recommended that the shareholders of MakeMyTrip adopt and approve the Transaction Agreement and the Transaction.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_44"></A>Overview of ibibo Group </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ibibo Group operates integrated travel properties such as Goibibo.com (leading hotels and air aggregator), redBus.in (leading online bus
ticketing platform), YourBus (vehicle tracking application) and ibibo Ryde (car sharing application).&nbsp;The ibibo Group mission is to organize the transportation and accommodation industry and connect it with travellers.&nbsp;At 7.65 million
unique transactions a quarter, ibibo Group is one of the leading travel companies in India. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_3"></A>Voting at the Special Meeting
of Shareholders </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The close of business on November 21, 2016 has been established as the record date (the &#147;Record Date&#148;)
for the determination of shareholders entitled to notice of, and to vote at, the Meeting.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Approval of the Transaction at the Meeting
requires the affirmative vote of a majority of the MakeMyTrip ordinary shares present, in person or represented by proxy, and voting at the Meeting.&nbsp;The presence, in person or by proxy, of one or more shareholders who are able to exercise not
less than 33.3% of the votes entitled to be cast at the Meeting, will constitute a quorum for the Meeting.&nbsp;Deep Kalra, Travogue, Rajesh Magow and Ctrip, who in the aggregate represent approximately 26.0% of MakeMyTrip&#146;s outstanding voting
securities as of October 31, 2016, have entered into voting agreements with Parent and have agreed not to transfer any of the ordinary shares of MakeMyTrip owned by them during the terms of their voting agreements and to vote their ordinary shares
of MakeMyTrip as of the Record Date in favor of the Transaction.&nbsp;SAIF has also entered into a voting agreement with Parent with respect to its shares, but SAIF retained its right to transfer its ordinary shares and only agreed to vote the
ordinary shares of MakeMyTrip held by it as of the Record Date in favor of the Transaction.&nbsp;As of October 31, 2016, SAIF owned 1,161,443 ordinary shares of MakeMyTrip, representing approximately 2.25% of the outstanding voting securities of
MakeMyTrip.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If holders of a majority of MakeMyTrip ordinary shares present at the Meeting (in person or by proxy) do not vote in favor of
the Transaction, the Transaction will not be consummated.&nbsp;Votes may be cast &#147;FOR&#148; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
&#147;AGAINST&#148; the Transaction or a shareholder may abstain from voting on the Transaction.&nbsp;Since approval of the Transaction requires an affirmative vote of a majority of the ordinary
shares present and voting at the Meeting, a vote to abstain will have the same effect as a vote &#147;AGAINST&#148; the Transaction, although your presence will still count for quorum purposes.&nbsp;If you fail to submit a proxy or to vote in person
at the Meeting, your shares will not be voted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to vote on the approval of the Transaction at the Meeting, shareholders may
attend the Meeting and vote in person or deliver executed proxies in the form attached to this proxy statement to the following address: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MakeMyTrip Limited </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Tower A, SP
Infocity, 243, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Udyog Vihar, Phase 1, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Gurgaon, Haryana 122016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">India </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attention: Kamal Avutapalli </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_4"></A>SUMMARY TERM SHEET FOR THE TRANSACTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The following is a brief description of certain material aspects of the Transaction and does not contain all the information that may be important to
you.&nbsp;A more detailed summary of material terms of the Transaction can be found in the section of this proxy statement titled &#147;The Transaction.&#148;&nbsp;A description of additional terms of the Transaction Agreement and the other
agreements entered into in connection with the Transaction can also be found in the section of this proxy statement titled &#147;Transaction Agreements &#150; Additional Terms.&#148;&nbsp;MakeMyTrip urges you to read carefully this proxy statement
in its entirety, including the agreements attached as annexes and the documents and other information incorporated by reference into this proxy statement. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Closing Date Transactions </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At
Closing, MakeMyTrip will acquire all of the issued and outstanding capital stock of ibibo Group from Parent in exchange for Parent receiving 38,971,539 Class B Shares of MakeMyTrip, representing 40% of MakeMyTrip&#146;s outstanding voting securities
calculated on a fully diluted basis and taking into consideration the fact that Parent will also have an option to purchase up to 413,035 ordinary shares of MakeMyTrip at Closing.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Parent will also contribute cash to MakeMyTrip at Closing to ensure that ibibo Group&#146;s net working capital represents 40% of the
consolidated net working capital of MakeMyTrip after giving effect to the Transaction (subject to certain adjustments).</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Restructuring </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the date of the Transaction Agreement, ibibo Group held, either directly or indirectly, 51.85% of the ownership of TEK Travels Private
Limited and 13.64% of the ownership of PayU Global B.V., Netherlands.&nbsp;Prior to Closing, ibibo Group will transfer its ownership stake in these two entities to Parent or one of its affiliates such that MakeMyTrip will acquire ibibo Group without
its ownership interests in these entities at Closing.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Parent and its affiliates will also be transferring to ibibo Group prior to Closing,
all intellectual property rights that such entities own and which primarily relate to, or are otherwise necessary for, the conduct of the ibibo Group business.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Material Class B Holder Rights and Restrictions </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Class B Shares issued to Parent at Closing will be a newly created class of capital stock of MakeMyTrip, the rights and preferences of
which will be governed by the Terms of Issue.&nbsp;Except as specifically provided in the Terms of Issue, the powers and relative participation rights of Class B Shares are identical to those of ordinary shares of MakeMyTrip and vote together with
the ordinary shares as a single class with one vote per Class B Share.&nbsp;Class B Shares are convertible into ordinary shares of MakeMyTrip on demand by the holder or automatically in the event of transfers of Class B Shares in certain
circumstances.&nbsp;Class B Shares are also subject to specific restrictions on transfer set forth in the Terms of Issue.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Terms of
Issue specifically grant Class B Members additional rights, subject to certain circumstances and conditions, including without limitation, the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">preemptive rights to purchase additional Class B Shares to allow the Class B Members to retain their percentage voting power in MakeMyTrip in the event of an issuance of securities by MakeMyTrip; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">rights to appoint 4 out of 10 members to the board of directors of MakeMyTrip immediately following the Closing and in proportion to the percentage ownership of Class B Members thereafter; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">rights to appoint a Class B director to each committee of the board of directors and the right to have observation rights at all audit committee meetings in the event a Class B director does not serve on the audit
committee; and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">rights to take action in respect of certain reserved matters only upon the approval of a majority of the directors of MakeMyTrip and a majority of the Class B directors. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Given the foregoing rights, and the fact that Parent is not restricted from purchasing additional ordinary shares of MakeMyTrip on the open
market following Closing (subject to certain related party transaction approval requirements as more fully set forth in the section of this proxy statement titled &#147;Transaction Agreements &#150; Additional Terms &#150; The Transaction
Agreement&#148;), Parent may be able to acquire enough ordinary shares of MakeMyTrip to control more than a majority of MakeMyTrip&#146;s outstanding voting securities and consequently the right to appoint a majority of MakeMyTrip&#146;s board of
directors.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Voting Agreements and Conversion of Ctrip Convertible Notes </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the signing of the Transaction Agreement, Parent entered into voting agreements with Deep Kalra, Travogue, Rajesh Magow,
Ctrip and SAIF, each of whom are shareholders of MakeMyTrip.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to their voting agreements, Deep Kalra, Travogue, Rajesh Magow and
Ctrip have each agreed not to transfer any of the ordinary shares owned by them during the terms of their voting agreements and to vote all ordinary shares of MakeMyTrip beneficially owned by each of them as of the Record Date (being 13,389,556
ordinary shares in aggregate and representing approximately 26.0% of MakeMyTrip&#146;s outstanding voting securities as of October 31, 2016) in favor of the Transaction.&nbsp;This includes 9,857,028 ordinary shares issued to Ctrip following the
conversion of its 4.25% Convertible Notes due 2021, which Ctrip converted and agreed to not transfer and vote in favor of the Transaction prior to the Record Date pursuant to its voting agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to SAIF&#146;s voting agreement, SAIF agreed to vote all ordinary shares of MakeMyTrip beneficially owned by it as of the Record Date
in favor of the Transaction.&nbsp;However, unlike the other shareholders who entered into voting agreements with Parent, SAIF is not subject to restrictions on transfer of its ordinary shares prior to the Record Date.&nbsp;As of October 31, 2016,
SAIF owned 1,161,443 ordinary shares of MakeMyTrip, representing approximately 2.25% of the outstanding voting securities of MakeMyTrip. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Change in
Control Severance Agreements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the Transaction, MakeMyTrip, through its subsidiary, MakeMyTrip (India) Private
Limited, entered into change in control severance agreements with MakeMyTrip&#146;s executives, Deep Kalra and Rajesh Magow, and ibibo Group&#146;s executive, Ashish Kashyap, granting each of them rights to severance payments and benefits in certain
circumstances in the event of termination following Closing.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Equity Awards to Executives </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain equity awards previously granted by ibibo Group to its employees will be converted into MakeMyTrip restricted stock units
(&#147;RSUs&#148;).&nbsp;MakeMyTrip will also grant RSUs to certain ibibo Group employees following Closing.&nbsp;However, the number of ordinary shares of MakeMyTrip required to be issued in connection with such RSU issuances will not exceed
1,839,552 ordinary shares of MakeMyTrip in the aggregate.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip&#146;s board of directors (with only the disinterested directors
voting on the matter) will also grant RSUs (on terms and conditions similar to prior grants) in respect of an aggregate amount of 1,875,840 MakeMyTrip ordinary shares to certain of its executives at Closing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_5"></A>QUESTIONS AND ANSWERS ABOUT THE TRANSACTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following questions and answers briefly address some commonly asked questions about the Transaction and the Meeting. They may not
include all the information that is important to shareholders of MakeMyTrip.&nbsp;Shareholders should carefully read this entire proxy statement, including the annexes and the other documents referred to or incorporated by reference herein. </I></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What is the Transaction? </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top">MakeMyTrip, Parent and solely with respect to Article XIII thereof, Guarantor have entered into a Transaction Agreement, dated as of October 18, 2016.&nbsp;Pursuant to the terms of the Transaction Agreement, at the
Closing, MakeMyTrip will acquire all of the issued and outstanding capital stock of ibibo Group from Parent.&nbsp;As consideration for the sale of ibibo Group&#146;s capital stock, Parent will be issued 38,971,539 Class&nbsp;B Shares of MakeMyTrip
(representing 40% of MakeMyTrip&#146;s outstanding voting securities calculated on a fully diluted basis and taking into consideration the option described in the next sentence), the rights and preferences of which will be governed by the Terms of
Issue.&nbsp;Parent will also have the right to purchase at Closing up to 413,035 ordinary shares of MakeMyTrip at $21.19 per share.&nbsp;At Closing, Parent will contribute an amount in cash to MakeMyTrip equal to two-thirds of MakeMyTrip&#146;s
estimated net cash as of the Closing Date (subject to certain adjustments) to ensure that ibibo Group&#146;s net working capital represents 40% of MakeMyTrip&#146;s consolidated net working capital after giving effect to the Transaction.&nbsp;A more
detailed discussion of the material terms of the Transaction and the agreements entered into in connection therewith can be found in the sections of this proxy statement titled &#147;The Transaction&#148; and the &#147;Transaction Agreements &#150;
Additional Terms.&#148;&nbsp;Furthermore, a copy of the Transaction Agreement and the Terms of Issue are attached to this proxy statement as Annex A and Annex B, respectively.</TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Why am I receiving this proxy statement? </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top">MakeMyTrip is sending these materials to its shareholders to help them decide how to vote their ordinary shares of MakeMyTrip at the Meeting.</TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Transaction cannot be completed unless MakeMyTrip shareholders approve the Transaction.&nbsp;MakeMyTrip is holding a special meeting of its
shareholders to vote on the Transaction.&nbsp;Information about the Meeting and the Transaction is contained in this proxy statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
enclosed voting materials allow you to vote your ordinary shares without attending the Meeting in person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Your vote is
important.&nbsp;MakeMyTrip encourages you to vote as soon as possible.&nbsp;For more information on how to vote your shares, please see the section of this proxy statement titled &#147;Special Meeting of the Shareholders &#150; Voting
Procedure.&#148; </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Will this proxy statement be the only information I receive regarding the Transaction? </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top">Additional information regarding MakeMyTrip and ibibo Group will be made available to shareholders of MakeMyTrip subsequent to the delivery of this proxy statement on MakeMyTrip&#146;s investor relations page on its
website at <U>http://investors.makemytrip.com</U> and via the filing of one or more Form 6-Ks by MakeMyTrip prior to the Meeting.&nbsp;The foregoing Form 6-Ks, and any other Form 6-Ks submitted by MakeMyTrip that by their terms purport to be
incorporated by reference into this proxy statement, shall be deemed a part of this proxy statement and shall automatically update this proxy statement to the extent thereof.</TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Additional information about MakeMyTrip is also available in its public filings with the SEC, which are available at the website maintained by
the SEC at <U>www.sec.gov</U> and printed copies of which can also be obtained, free of charge, by directing a request to Jonathan Huang, Vice President &#150; Investor Relations at <U>Jonathan.Huang@makemytrip.com</U> or +1 (917) 769-2027. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>When do MakeMyTrip and Parent expect to complete the Transaction? </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top">MakeMyTrip and Parent are working to complete the Transaction as soon as practicable. Neither MakeMyTrip nor Parent can predict, however, the actual date on which the Transaction will be completed because it is subject
to conditions beyond each company&#146;s control, including governmental approvals and the approval of MakeMyTrip&#146;s shareholders.&nbsp;See the section of this proxy statement titled &#147;The Transaction Agreement &#150; Conditions Precedent to
the Completion of the Transaction.&#148; </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What vote is required to approve the Transaction at the Meeting? </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top">Approval and adoption of the Transaction Agreement and the Transaction by the shareholders of MakeMyTrip requires the affirmative vote of a majority of the ordinary shares of MakeMyTrip as of the Record Date present, in
person or represented by proxy, and voting on the matter at the Meeting.&nbsp;A vote to abstain on the matter will have the same effect as a vote &#147;AGAINST&#148; the Transaction.&nbsp;If you fail to submit a proxy or to vote in person at the
Meeting or if your MakeMyTrip ordinary shares are held through a bank, brokerage firm or other nominee and you do not instruct your bank, brokerage firm or other nominee to vote your MakeMyTrip ordinary shares, your shares will not be voted.
</TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Have any MakeMyTrip shareholders agreed to vote their shares in favor of the Transaction? </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top">Deep Kalra, Travogue, Rajesh Magow and Ctrip have each agreed to not transfer their ordinary shares of MakeMyTrip and to vote all ordinary shares of MakeMyTrip beneficially owned by each of them as of the Record Date
(being 13,389,556 ordinary shares in aggregate and representing approximately 26.0% of MakeMyTrip&#146;s outstanding voting securities as of October 31, 2016) in favor of the Transaction.&nbsp;A more detailed summary concerning the terms of each
shareholder&#146;s voting agreement can be found in the section of this proxy statement titled &#147;The Transaction &#150; Voting Agreements and Conversion of Ctrip Convertible Notes.&#148; </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip&#146;s shareholder, SAIF, has also agreed to vote all ordinary shares of MakeMyTrip beneficially owned by it as of the Record Date
in favor of the Transaction.&nbsp;However, unlike the other shareholders who entered into voting agreements in connection with the Transaction, SAIF is not subject to restrictions on transfer of its ordinary shares prior to the Record Date.&nbsp;As
of October 31, 2016, SAIF beneficially owned 1,161,443 ordinary shares of MakeMyTrip, representing approximately 2.25% of MakeMyTrip&#146;s outstanding voting securities as of October 31, 2016. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What happens if a sufficient number of MakeMyTrip shareholders do not vote in favor of the Transaction? </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top">If a sufficient number of shareholders of MakeMyTrip do not vote in favor of adopting and approving the Transaction Agreement and the Transaction, then the Transaction will not be consummated.&nbsp;In such case, ibibo
Group will continue to remain as a company owned by Parent and independent from MakeMyTrip, and both parties will continue to be responsible for their own transaction costs incurred in connection with the Transaction.</TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>What constitutes a quorum for purposes of the Meeting? </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top">The presence, in person or by proxy, of one or more shareholders who are able to exercise not less than 33.3% of the votes entitled to be cast at the Meeting as of the Record Date constitutes a quorum for the
Meeting.&nbsp;Abstentions will be counted as present for purposes of determining whether there is a quorum. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Did MakeMyTrip&#146;s board of directors approve the Transaction?&nbsp;How does the board of directors recommend that I vote? </B></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Deep Kalra, Rajesh Magow and James Jianzhang Liang, each directors of MakeMyTrip, abstained from voting on the
Transaction and the Transaction Agreement in their capacities as directors of MakeMyTrip </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
due to potential conflicts of interest.&nbsp;A more detailed discussion of the interests of each director in the Transaction are discussed in the section of this proxy statement titled
&#147;Interests of MakeMyTrip&#146;s Executive Officers and Directors in the Transaction.&#148; </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The remaining directors of
MakeMyTrip unanimously (i) determined that the Transaction Agreement and the Transaction are advisable for, fair to and in the best interests of MakeMyTrip and its shareholders, (ii)&nbsp;authorized, approved, confirmed, ratified and adopted in all
respect the Transaction Agreement and the Transaction and (iii) recommended that the shareholders of MakeMyTrip adopt and approve the Transaction Agreement and the Transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Shareholders should also note, however, that under the terms of the Transaction Agreement, the board of directors may not withhold, withdraw or
modify its recommendation to adopt and approve the Transaction Agreement and Transaction, even in light of any change in circumstances following the date of its recommendation.&nbsp;Mauritius law does not require that MakeMyTrip&#146;s board of
directors maintain the ability to change its recommendation, even in light of changed circumstances or the ability to terminate the Transaction Agreement in the light of a superior competing transaction (for further details on MakeMyTrip&#146;s
inability to evaluate competing transactions see the section of the proxy statement titled &#147;The Transaction &#150; Competing Transactions and Revocation of Board&#146;s Recommendation&#148;), and MakeMyTrip&#146;s inability to change its
recommendation or terminate the Transaction Agreement in light of a superior competing transaction was insisted upon by Parent as a condition to it entering into the Transaction Agreement on its final negotiated terms. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>How do I vote my ordinary shares of MakeMyTrip? </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top">After carefully reading and considering the information contained in this proxy statement or incorporated by reference herein, please vote your ordinary shares as soon as possible so that your shares will be represented
at the Meeting.&nbsp;Please follow the instructions provided in the section of this proxy statement titled &#147;Special Meeting of The Shareholders &#150; Voting Procedure.&#148; </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Whom should I contact if I need assistance submitting my proxy or need additional copies of the proxy materials? </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top">If you need assistance submitting your proxy or voting your shares or need additional copies of this proxy statement or the enclosed form of proxy, you should contact MakeMyTrip&#146;s transfer agent, Computershare
Trust Company, N.A., at 800-522-6645 or web.queries@computershare.com. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_45"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This proxy statement contains certain forward-looking statements with respect to the financial condition, results of operations and business
of MakeMyTrip, ibibo Group and the combined businesses of MakeMyTrip and ibibo Group. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond MakeMyTrip&#146;s or ibibo Group&#146;s control. In
addition, these forward-looking statements reflect MakeMyTrip&#146;s current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the
forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in the section of this proxy statement titled &#147;Risk Factors.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In view of these uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as required by law, MakeMyTrip undertakes no obligation to update or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_6"></A>THE TRANSACTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following is a description of the material aspects of the Transaction.&nbsp;This discussion highlights material information regarding
the Transaction and does not contain all the information that may be important to you.&nbsp;Additional terms of the Transaction Agreement and the other agreements entered into in connection with the Transaction can be found in the section of this
proxy statement titled &#147;Transaction Agreements &#150; Additional Terms.&#148;&nbsp;MakeMyTrip urges you to read carefully this proxy statement in its entirety, including the agreements attached as annexes and the documents and other information
incorporated by reference into this proxy statement.</I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_7"></A>Closing Date Transactions </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At Closing, MakeMyTrip will acquire all of the issued and outstanding ordinary shares of ibibo Group from Parent such that, following Closing,
ibibo Group will be a wholly owned subsidiary of MakeMyTrip.&nbsp;In consideration for such acquisition, MakeMyTrip will issue 38,971,539 Class B Shares to Parent at Closing.&nbsp;At Closing, Parent will also have an option to purchase up to 413,035
ordinary shares of MakeMyTrip at $21.19 per share, such that following Closing, Parent will own approximately 40% of the outstanding equity of MakeMyTrip (as calculated on a fully diluted basis).&nbsp;Parent is not prohibited or otherwise restricted
from purchasing additional shares of MakeMyTrip on the open market following Closing (subject to certain related party transaction approval requirements as more fully set forth in the section of this proxy statement titled &#147;Transaction
Agreements &#150; Additional Terms &#150; The Transaction Agreement&#148;), which means its percentage ownership in MakeMyTrip could potentially exceed 40%.&nbsp;As described more fully in the section of this proxy statement titled &#147;The
Transaction &#150; Material Class B Holder Rights and Restrictions &#150; Board-Related Rights,&#148; Parent will be entitled to nominate directors to MakeMyTrip&#146;s board of directors in proportion to its percentage ownership in
MakeMyTrip.&nbsp;The fact that Parent is not restricted from purchasing additional shares of MakeMyTrip on the open market following Closing and that Parent will be entitled to board representation in proportion to its ownership, means Parent may be
able to acquire enough ordinary shares of MakeMyTrip to control more than a majority of MakeMyTrip&#146;s outstanding voting securities and consequently the right to appoint a majority of MakeMyTrip&#146;s board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Transaction Agreement also provides that Parent will contribute to MakeMyTrip an amount in cash at Closing equal to two-thirds of
MakeMyTrip&#146;s estimated net cash as of the close of business on the Closing Date (subject to adjustment as described more fully in the section of this proxy statement titled &#147;Transaction Agreements &#150; Additional Terms &#150; The
Transaction Agreement&#148;) in order to ensure that ibibo Group&#146;s net working capital represents 40% of MakeMyTrip&#146;s consolidated net working capital after giving effect to the Transaction.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to Closing, Parent will carve out certain lines of business owned by ibibo Group such that MakeMyTrip will be acquiring those businesses
of ibibo Group that relate primarily to ibibo Group&#146;s business-to-consumer online travel business as described below.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_8"></A>Restructuring &amp; TBO Disposal </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the date of the Transaction Agreement, ibibo Group held (i) indirectly, through its wholly owned subsidiary, 51.85% of the ownership of
TEK Travels Private Limited, an Indian entity engaged in the business-to-business online travel industry (&#147;TBO&#148;) and (ii) directly, 13.64% of the ownership of PayU Global B.V., Netherlands, a Netherlands entity engaged in the business of
online payment processing and other payment solutions (&#147;PayU&#148;).</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the Closing, Parent has agreed to carve out the TBO and
PayU lines of business from ibibo Group such that MakeMyTrip will not acquire these businesses in connection with the Transaction.&nbsp;More specifically, prior to Closing, ibibo Group will transfer its ownership interests in TBO and PayU to Parent
or one of its affiliates and MakeMyTrip will acquire ibibo Group without its ownership interests in these entities.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although MakeMyTrip will not acquire TBO, the parties have agreed that in the event that Parent,
directly or indirectly, disposes of the TBO business, in whole or in part, on or prior to the fifth anniversary of the Closing, then Parent shall, within 10 business days following the completion of such disposal, pay to MakeMyTrip an amount in cash
equal to 50% of the product of (i) the total net proceeds of such disposal (after taking into account any applicable taxes and transaction costs), multiplied by (ii) the lower of (a) 51.85% and (b) Parent&#146;s percentage ownership interest in the
TBO business as of the date of such disposal.&nbsp;In the event that all or any portion of the TBO business remains owned by Parent on the fifth anniversary of the Closing, then within 10 business days thereafter, Parent will make a capital
contribution, without receiving any MakeMyTrip securities in return, to MakeMyTrip of an amount in cash equal to 50% of the product of (i) $78,000,000, multiplied by (ii)&nbsp;the lower of (a) 51.85% and (b) Parent&#146;s percentage ownership
interest in the TBO business as of the fifth anniversary of the Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, prior to Closing, Parent and its affiliates will
transfer to ibibo Group, all intellectual property rights that such entities own and which primarily relate to, or are otherwise necessary for, the conduct of the ibibo Group business as of the date of the Transaction Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_9"></A>Material Class B Holder Rights and Restrictions </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As noted above, at the Closing, Parent will be issued Class B Shares, which constitute a newly created class of capital stock of
MakeMyTrip.&nbsp;Immediately following Closing, Parent will be the only holder of Class B Shares.&nbsp;In connection with the issuance of Class B Shares to Parent, Parent and MakeMyTrip have agreed to certain rights and preferences to be held by
Parent (and other permitted transferees) as the holder of Class B Shares as more fully set forth in the Terms of Issue.&nbsp;As a general matter, except as specifically provided in the Terms of Issue, the powers and relative participation rights of
Class B Shares are identical to those of ordinary shares of MakeMyTrip and vote together with ordinary shares as a single class with one vote per Class B Share.&nbsp;Class B Shares are also convertible into ordinary shares of MakeMyTrip on demand by
the holder or automatically in the event of transfers of Class B Shares in certain circumstances.&nbsp;A more detailed discussion of the voting powers and conversion rights of Class B Shares can be found in the section of this proxy statement titled
&#147;Transaction Agreements &#150; Additional Terms &#150; Terms of Issue.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Terms of Issue also provide the Class B Shares with
certain additional rights, including without limitation, preemptive rights, board-related rights and rights with respect to certain reserved matters as described below.&nbsp;Class B Shares are also subject to certain restrictions on transfer
described below.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Preemptive Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If MakeMyTrip at any time proposes to issue voting securities (including as acquisition consideration in connection with an acquisition by
MakeMyTrip) and Parent and all Permitted Holders (as defined below) own 10% or more of the voting power of all MakeMyTrip voting securities, then Class B Members shall have the right to subscribe for and purchase from MakeMyTrip additional Class B
Shares in such amount as to allow such holders to maintain the same percentage voting power as prior to the issuance.&nbsp;&#147;Permitted Holders&#148; refers to (i)&nbsp;Naspers Limited or any of its affiliates, (ii) any person that directly or
indirectly acquires all or a substantial portion of Naspers Limited&#146;s e-commerce business or any affiliate of such person, (iii) any person that directly or indirectly acquires all or a substantial portion of Naspers Limited&#146;s
business-to-consumer business or any affiliate of such person or (iv) the transferee or its affiliates following a Forty Percent Transfer.&nbsp;A &#147;Forty Percent Transfer&#148; refers to a transfer of Class B Shares to a person other than a
Permitted Holder involving (i) Class B Shares equal to or more than 40% of the total voting power of all MakeMyTrip voting securities or (ii) all of the Class B Shares held by such transferring Class B Members, so long as such Class B Shares
represent at least 30% of the total voting power of all MakeMyTrip voting securities.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The price payable in connection with the exercise of
such preemptive rights shall be as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">in the case of securities issued pursuant to an employee benefit plan, the market price on the date of the issuance; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">in the case of securities issued as acquisition consideration, the implied price per share pursuant to the terms of such acquisition (taking into account any indebtedness assumed pursuant to such acquisition); and
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">in the case of any other issuance, the price offered to all other investors participating in such issuance.</TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, the preemptive rights described above will not apply with respect to issuances made pursuant to
MakeMyTrip&#146;s 2001 Equity Option Plan and 2010 Share Incentive Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Board-Related Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Nomination Rights </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the Closing, the
board of directors of MakeMyTrip will consist of ten members as follows: (i) four directors nominated by the Class B Members (including one Mauritius resident), (ii) two directors nominated by MakeMyTrip, (iii) one director nominated by Ctrip and
(iv) three independent directors (including one Mauritius resident).&nbsp;For further details on MakeMyTrip&#146;s board of directors immediately following the Closing, see the section of this proxy statement titled &#147;Executive Officers and
Directors of MakeMyTrip After the Transaction.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Thereafter, so long as Parent and all Permitted Holders own 10% or more of the
voting power of all MakeMyTrip voting securities, the Class B Members will be entitled to (i) nominate from time to time a number of directors to the board of directors of MakeMyTrip in proportion to their percentage ownership of MakeMyTrip as a
whole (including if over 40%), rounded to the nearest whole number; provided that, for so long as the Class B Members are entitled to nominate at least four directors to MakeMyTrip&#146;s board of directors, at least one of the nominees shall be a
Mauritius resident and (ii) request the removal of any Class B director at any time.&nbsp;In the event of any vacancy of a Class B director, the Class B Members shall have the exclusive right to designate a replacement to fill such vacancy, and
except as required by law or MakeMyTrip&#146;s constitution, neither MakeMyTrip nor its board of directors may remove any Class B director unless such removal is at the written direction of the Class B Members or for cause.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event the number of Class B directors at any given time is greater than the number of directors the holders of Class B Shares are
entitled to nominate (in proportion to their percentage ownership as described above), the Class B Members shall cause the applicable number of Class B directors to tender their resignations from the board of directors promptly, including causing
all Class B directors to tender resignations in the event Parent and Permitted Holders no longer own at least 10% of the voting power of all MakeMyTrip voting securities.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Quorum </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time Parent and all
Permitted Holders hold 15% or more of the voting power of all MakeMyTrip voting securities, then the quorum for meetings of the board of directors shall require a majority of the board of directors, including no fewer than two Class B directors and
two Mauritius resident directors.&nbsp;If a quorum is not met due to the absence of Class B directors, the meeting of the board of directors will be postponed one week, and quorum may be achieved at such postponed meeting without the presence of the
Class B directors; provided, however, any action taken at such postponed meeting with respect to a Reserved Matter shall continue to be subject to the requirements with respect to Reserved Matters described below.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Board Committee Rights </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time
Parent and all Permitted Holders hold 10% or more of the voting power of all MakeMyTrip voting securities, one Class B director shall serve on each committee of MakeMyTrip&#146;s board of directors.&nbsp;In addition, for so long as Class B Members
are entitled to nominate directors or Class B directors in fact serve on the board of directors of MakeMyTrip, the board of directors will not form an executive committee (or similar committee) unless the Class B directors are represented on such
committee in proportion to the percentage ownership of MakeMyTrip held by Class B Members, rounded to the nearest whole number. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time Parent and all Permitted Holders hold 10% or more of the voting power of all
MakeMyTrip voting securities and no Class B director serves on the audit committee, the Class B Members shall have the right to appoint a representative to attend audit committee meetings as an observer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Reserved Matters </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time
Parent and all Permitted Holders hold 15% or more of the voting power of all MakeMyTrip voting securities, the following matters (&#147;Reserved Matters&#148;) shall require approval of both a majority of MakeMyTrip&#146;s board of directors
(including Class B directors) and a majority of the Class B directors: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">entering into any transaction that would impose limitations on the legal rights of Class B Members, or deny Class B Members material benefits or otherwise adversely discriminate against Class B Members in relation to
other shareholders of MakeMyTrip; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">amending or modifying any investor rights agreement, investment agreement, shareholder agreement or other contract entered into with any shareholders of MakeMyTrip in any manner that would be adverse to the rights of
any Class B Member or more favorable to the rights of such other shareholders thereunder than to the rights of the Class B Members under the Terms of Issue; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">entering into any contract that limits (i)&nbsp;the activities that may be conducted by any Class B Member or its affiliates or (ii)&nbsp;in any material respect, other than in the ordinary course of business, the scope
of business that may be conducted by MakeMyTrip; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">entering into any transaction resulting in (i) any person, other than Class B Members or their affiliates, becoming the beneficial owners of more than 35% of the voting power of MakeMyTrip or otherwise acquiring
effective control of MakeMyTrip or (ii) the transfer of all or substantially all of the assets of MakeMyTrip, to any person other than Class B Members or their affiliates; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">approving, adopting or implementing any takeover defense measure (including any &#147;poison pill&#148;, stockholder rights plan or similar anti-takeover agreement or plan), other than any such measure that would not
apply to Class B Members or their affiliates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">transferring or otherwise disposing of any assets or subsidiary of MakeMyTrip, in one or a series of transactions, if (i) the annualized revenue generated by such assets or subsidiary exceeds 50% of MakeMyTrip&#146;s
consolidated total revenue for the preceding fiscal year, (ii) such assets or subsidiary represents more than 50% of MakeMyTrip&#146;s consolidated total assets as of the end of the preceding fiscal year or (iii) such assets or subsidiary represents
more than 50% of MakeMyTrip&#146;s total number of transactions for the preceding fiscal year; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">issuing any securities where such issuance would require the prior approval of the holders of MakeMyTrip ordinary shares pursuant to Rule 5635 of the NASDAQ Stock Market Rules as in effect on the date of the Transaction
Agreement, or if MakeMyTrip&#146;s ordinary shares are no longer listed on the NASDAQ, the rules of any other stock exchange or market on which the ordinary shares are then listed (in each case treating MakeMyTrip as if it was not a &#147;foreign
private issuer&#148;); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">causing MakeMyTrip or any of its subsidiaries to enter into any line of business other than the online travel and travel services businesses; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">incurring indebtedness which, when aggregated with the principal amount of all other indebtedness then outstanding, would require approval of MakeMyTrip&#146;s shareholders under applicable law, or which would exceed
20% of the consolidated total assets of MakeMyTrip as of the end of the preceding fiscal year; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">terminating the employment of the Executive Chairman and Group CEO, the Co-Founder and CEO India or the Co-Founder and President of MakeMyTrip, or appointing any new or additional Executive Chairman and Group CEO,
Co-Founder and CEO India or Co-Founder and President of MakeMyTrip; and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">increasing or decreasing the size of the board of directors of MakeMyTrip if such increase or decrease would result in a decrease in the percentage of the Class B directors represented on the board. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Transfer Restrictions </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For two
years following the Closing, Class B Members cannot transfer any of their Covered Shares to certain specified competitors.&nbsp;Furthermore, for one year after the Closing, Class B Members cannot transfer any of their Covered Shares to any person
who, after giving effect to such transfer, would beneficially own 15% or more of the voting securities of MakeMyTrip.&nbsp;However, these restrictions shall not apply to the following types of transfers: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">transfers to Permitted Holders; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">transfers pursuant to any business combination approved in advance by the MakeMyTrip board of directors or a third party tender offer for MakeMyTrip shares; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">transfers pursuant to any registered public offering in accordance with the Securities Act, but only so long as the Class B Member uses reasonable best efforts to ensure that such offering does not result in any person
becoming the beneficial owner of 15% or more of MakeMyTrip; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">transfers pursuant to any open market sales made in accordance with Rule 144 under the Securities Act, but only so long as the Class B Member uses reasonable best efforts to ensure that such offering does not result in
any person becoming the beneficial owner of 15% or more of MakeMyTrip; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">transfers to MakeMyTrip or any of its subsidiaries, including pursuant to any open market share repurchase program or an issuer self-tender offer; or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">transfers made pursuant to transactions approved in advance by the MakeMyTrip board of directors. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_10">
</A>Voting Agreements and Conversion of Ctrip Convertible Notes </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a condition precedent to the Closing, MakeMyTrip shareholders
must approve and adopt the Transaction Agreement and the Transaction.&nbsp;In connection therewith, Parent entered into voting agreements with (i)&nbsp;MakeMyTrip&#146;s executives, Deep Kalra, Rajesh Magow and Travogue (a company controlled by Deep
Kalra) (ii) Ctrip and (iii) SAIF, whereby each of these shareholders agreed to vote in favor of approving and adopting the Transaction Agreement and Transaction.&nbsp;As of October 31, 2016, the foregoing shareholders represented approximately
28.23% of the outstanding voting securities of MakeMyTrip. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Founder Shareholders </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Parent has entered into voting agreements with each of MakeMyTrip&#146;s executives, Deep Kalra and Rajesh Magow (each a &#147;Founder
Shareholder&#148;) and Travogue (a company controlled by Deep Kalra).&nbsp;Parent&#146;s voting agreement with Travogue was entered into on substantially the same terms as the voting agreements for the Founder Shareholders, which are described
below.&nbsp;As of the Record Date, the Founder Shareholders and Travogue beneficially owned 3,532,528 ordinary shares of MakeMyTrip.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to each of their respective voting agreements, each Founder Shareholder has agreed to appear at the Meeting, either in person or by
proxy, and to vote his ordinary shares as of the Record Date in favor of the Transaction as well as against certain other competing transactions involving material stock or assets of MakeMyTrip or that would otherwise impede the
Transaction.&nbsp;Each Founder Shareholder has also agreed to not transfer any of his shares prior to Closing, except to an affiliate, with notice to Parent and so long as the affiliate also agrees to be bound by such voting agreement.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>SAIF </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of October 31, 2016, SAIF
beneficially owned 1,161,443 ordinary shares of MakeMyTrip.&nbsp;Pursuant to its voting agreement with Parent, SAIF has agreed to appear at the Meeting, either in person or by proxy, and to vote </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
its ordinary shares as of the Record Date in favor of the Transaction.&nbsp;SAIF is not restricted from transferring its MakeMyTrip shares under the terms of its voting agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Ctrip </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the terms of
its voting agreement with Parent, Ctrip converted its 4.25% Convertible Notes due 2021 (the &#147;Convertible Notes&#148;) issued pursuant to the Indenture (the &#147;Indenture&#148;), dated January 14, 2016, by and among, MakeMyTrip and The Bank of
New York Mellon, Singapore Branch into ordinary shares of MakeMyTrip.&nbsp;Ctrip agreed to not transfer these ordinary shares and to vote them in favor of the Transaction.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the Indenture, Ctrip was entitled to an increase in the conversion rate applicable to its Convertible Notes in the event of
certain material changes to MakeMyTrip, including changes of control.&nbsp;The completion of the Transaction would have entitled Ctrip to a higher conversion rate under the Indenture, but only upon Closing.&nbsp;MakeMyTrip agreed to increase the
conversion rate at which the Convertible Notes would be converted into ordinary shares from 46.62 ordinary shares per $1,000 in principal amount of Convertible Notes to 54.761267 ordinary shares per $1,000 in principal amount of Convertible
Notes.&nbsp;MakeMyTrip&#146;s board of directors determined, concurrently with the signing of the Transaction Agreement, that the increase in conversion rate was in the best interests of MakeMyTrip and noted that the number of additional shares that
were issued to Ctrip as a result of the higher conversion rate were no greater than the maximum number of additional shares that would have otherwise been issued to Ctrip had such Convertible Notes been converted following the Closing.&nbsp;Ctrip
elected to convert all of its Convertible Notes on October 24, 2016 and its resulting ordinary shares of MakeMyTrip were allotted on October 28, 2016.&nbsp;Following the conversion, Ctrip beneficially owned 9,857,028 ordinary shares of
MakeMyTrip.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to its voting agreement, Ctrip has agreed to appear at the Meeting, either in person or by proxy, and to vote its
ordinary shares in favor of the Transaction.&nbsp;Ctrip has also agreed to not transfer any of its shares prior to Closing, except to an affiliate, with notice to Parent and so long as the affiliate also agrees to be bound by such voting agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ctrip has also entered into an amendment (the &#147;Amendment to the Investor Rights Agreement&#148;) to its Investor Rights Agreement
with MakeMyTrip, dated January 7, 2016.&nbsp;Pursuant to the Amendment to the Investor Rights Agreement, which will become effective only at Closing, the threshold above which Ctrip must maintain ownership of shares of MakeMyTrip in order to retain
rights to appoint a member to MakeMyTrip&#146;s board of directors will be increased to 9,857,028 ordinary shares and the competitor list attached to the original agreement will be amended. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_11"></A>Change in Control Severance Agreements</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the signing of the Transaction Agreement, MakeMyTrip, through its subsidiary, MakeMyTrip (India) Private Limited
(&#147;MakeMyTrip PL&#148;), entered into change in control severance agreements with each of its executives, Deep Kalra and Rajesh Magow, granting each of them the right to severance payments and benefits in the event of certain terminations
following a change in the control of MakeMyTrip, such as consummation of the Transaction.&nbsp;The change in control severance agreements are effective for two years (or such longer period during which MakeMyTrip PL has obligations outstanding under
the agreements).</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the signing of the Transaction Agreement, MakeMyTrip PL also entered into a change in control severance
agreement with ibibo Group&#146;s executive, Ashish Kashyap, which will become effective only upon Closing, on terms substantially similar to the change in control severance agreements entered into with Deep Kalra and Rajesh Magow other than with
respect to the treatment of equity awards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Descriptions of Deep Kalra&#146;s and Rajesh Magow&#146;s change in control severance
agreements can be found in the section of this proxy statement titled &#147;Interests of MakeMyTrip&#146;s Executive Officers and Directors in the Transaction.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_12"></A>Competing Transactions and Revocation of Board&#146;s Recommendation</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Transaction Agreement, MakeMyTrip has agreed to not, directly or indirectly, solicit or encourage a competing transaction involving
(i) a transfer or combination involving the assets or businesses of or (ii) any transfer or issuance of capital stock (subject to certain exceptions) of MakeMyTrip or any of its subsidiaries (a &#147;Competing Transaction&#148;).&nbsp;Furthermore,
MakeMyTrip may also not participate in discussions involving a Competing Transaction or that may reasonably be expected to lead to a Competing Transaction or enter into any agreements or arrangements involving a Competing Transaction, even if such a
Competing Transaction could potentially offer better terms than the Transaction.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip&#146;s board of directors also may not
withhold or withdraw its recommendation to the MakeMyTrip shareholders to adopt and approve the Transaction Agreement and the Transaction, even in light of changed circumstances following the date of its recommendation.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mauritius law does not require MakeMyTrip&#146;s board of directors to maintain the ability to terminate the Transaction Agreement in the
light of a superior Competing Transaction or the ability to change its recommendation, even in light of changed circumstances, and MakeMyTrip&#146;s inability to so terminate the Transaction Agreement or change its recommendation was insisted upon
by Parent as a condition to it entering into the Transaction Agreement on its final negotiated terms. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_13"></A>Equity Awards to
Executives</U> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Treatment of ibibo Group Employee Equity Awards</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Transaction Agreement, MakeMyTrip has agreed that (i) certain equity awards previously granted by ibibo Group to its employees will
be converted into RSUs as described below and (ii) RSUs will also be granted to certain identified ibibo Group employees following Closing, up to a maximum number of RSUs in respect of 1,839,552 MakeMyTrip ordinary shares in the aggregate.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">More specifically, share appreciation rights of ibibo Group (&#147;SARs&#148;) and unvested restricted stock units of Naspers Limited
(&#147;Naspers RSUs&#148;) held by ibibo Group employees will be converted into RSUs with respect to the ordinary shares of MakeMyTrip, RSUs granted in respect of the former SARs will have the same terms and conditions as were applicable to such
SARs prior to the Closing.&nbsp;The resulting RSUs from the conversion of Naspers RSUs will have the same vesting schedule applicable to the original Naspers RSUs, but the other terms and conditions governing such RSUs will be the same as those
applicable to RSUs granted under the MakeMyTrip 2010 Share Incentive Plan (the &#147;Plan&#148;) for similarly situated employees of MakeMyTrip. MakeMyTrip will not assume or be responsible for (i) the stock appreciation right scheme pursuant to
which the SARs were issued, (ii) the SARs other than in relation to the conversion, (iii) the restricted stock plan trust pursuant to which the Naspers RSUs were issued or (iv) the Naspers RSUs other than in relation to the conversion. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amendments to MakeMyTrip 2010 Share Incentive Plan</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to provide for a sufficient number of RSUs to be granted in connection with the conversion of SARs and Naspers RSUs and the other
awards contemplated under the Transaction Agreement and to give effect to an earlier recommendation of MakeMyTrip&#146;s compensation committee to increase the shares available under the Plan to fund employee grants for the four fiscal years
starting April 1, 2014, MakeMyTrip&#146;s board of directors approved two amendments to the Plan pursuant to which the aggregate number of ordinary shares of MakeMyTrip available for issuance through awards under the Plan will be 8,281,561 ordinary
shares of MakeMyTrip at Closing, of which 4,566,169 shares have been previously issued or are subject to awards outstanding as of the date of the Transaction Agreement, and the balance available for issuance will be 3,715,392 ordinary shares of
MakeMyTrip. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Equity Awards to MakeMyTrip Executives</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the Transaction, MakeMyTrip&#146;s board of directors (with only the disinterested directors voting on the matter) will also
grant RSUs (on terms and conditions similar to prior grants) in respect of an aggregate amount of 1,875,840 MakeMyTrip ordinary shares to certain of its executives at Closing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_14"></A>Regulatory Approvals &#150; Competition Filings</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the Transaction Agreement, MakeMyTrip and Parent were obligated to make all required filings under the Indian Competition
Act, 2002 promptly following the date of the Transaction Agreement (the &#147;Competition Filings&#148;).&nbsp;The required Competition Filings were made with the Competition Commission of India (the &#147;Competition Commission&#148;) on October
26, 2016.&nbsp;Although the parties currently expect to receive approval from the Competition Commission within three months following the Competition Filings, the Competition Commission&#146;s response to the Transaction cannot be certain and the
level of additional information that will be requested by the Competition Commission, which may delay the approval further, is not currently known. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip and Parent have agreed to use reasonable best efforts to seek the approval of the Competition Commission for the
Transaction.&nbsp;However, neither party is obligated to (i) pay any consideration or incur any liability to any person in connection with the Competition Filings, other than filing fees or (ii) divest assets or conduct their respective business in
a specified manner in connection with obtaining the approval of the Competition Commission for the Transaction if such obligation would reasonably be excepted to have a material adverse impact on the combined businesses of MakeMyTrip and ibibo
Group. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_15"></A>RECOMMENDATION OF THE BOARD OF DIRECTORS AND REASONS FOR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE TRANSACTION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_16">
</A>Recommendation of MakeMyTrip&#146;s Board of Directors</U> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deep Kalra, Rajesh Magow and James Jianzhang Liang, each abstained from
voting in connection with the Transaction Agreement and the Transaction in his capacity as a director of MakeMyTrip and abstained from recommending the Transaction to the shareholders of MakeMyTrip due to potential conflicts of interests relating to
the Transaction.&nbsp;Further information on such potential conflicts of interests is set out in the section of this proxy statement titled &#147;Interests of MakeMyTrip&#146;s Executive Officers and Directors in the Transaction.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The remaining directors of MakeMyTrip unanimously (i) determined that the Transaction Agreement and the Transaction is advisable for, fair to
and in the best interests of MakeMyTrip and its shareholders, (ii)&nbsp;authorized, approved, confirmed, ratified and adopted in all respects the Transaction Agreement and the Transaction and (iii) recommended that the shareholders of MakeMyTrip
adopt and approve the Transaction Agreement and the Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the Transaction Agreement, MakeMyTrip&#146;s board of
directors may not withhold, withdraw or modify its recommendation to adopt and approve the Transaction Agreement and Transaction, even in light of changed circumstances following the date of its recommendation.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mauritius law does not require that MakeMyTrip&#146;s board of directors maintain the ability to change its recommendation, even in light of
changed circumstances or the ability to terminate the Transaction Agreement in the light of a superior competing transaction (for further details on MakeMyTrip&#146;s inability to evaluate competing transactions see the section of the proxy
statement titled &#147;The Transaction &#150; Competing Transactions and Revocation of Board&#146;s Recommendation&#148;), and MakeMyTrip&#146;s inability to change its recommendation or terminate the Transaction Agreement in light of a superior
competing transaction was insisted upon by Parent as a condition to it entering into the Transaction Agreement on its final negotiated terms. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_17">
</A>Reasons for the Transaction</U> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip&#146;s board of directors consulted with MakeMyTrip&#146;s management and legal and
financial advisors and considered a variety of factors in its ultimate evaluation of the Transaction.&nbsp;MakeMyTrip&#146;s discussions with Parent and its affiliates regarding the acquisition of ibibo Group were not based on price, but were
instead based on the relative valuations of ibibo Group and MakeMyTrip, utilizing certain key performance indicators important to both companies&#146; businesses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip&#146;s board of directors focused on the fact that the relatively low internet penetration together with accelerating proliferation
of smartphones and mobile internet in India, coupled with strong consumer disposal income growth is expected to drive high growth of the Indian travel services market and particularly the online travel segment.&nbsp;Consequently, the board
determined that pursuant to the Transaction, combining MakeMyTrip and ibibo Group was in line with MakeMyTrip&#146;s strategic objective to continue to build its presence and expand its offering to consumers in the fast growing Indian travel
services market. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The board of directors considered the key performance indicators set forth below for MakeMyTrip
and ibibo Group separately and on a pro forma combined &#147;as is&#148; basis, for fiscal year ended March 31, 2016 (unless otherwise noted).&nbsp;The key performance indicators for ibibo Group are based on management estimates and were prepared by
ibibo Group only to assist MakeMyTrip in connection with its due diligence investigation of ibibo Group.&nbsp;The pro forma combined information is not necessarily indicative of what the combined MakeMyTrip and ibibo Group key performance indicators
actually would have been had the Transaction been completed as of the dates indicated.&nbsp;In addition, the pro forma combined information does not purport to project future results with respect to the combined company. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>MakeMyTrip</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>ibibo&nbsp;Group</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro&nbsp;Forma<BR>Combined<BR>Company<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in&nbsp;millions,&nbsp;except&nbsp;percentages)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Transactions</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Air ticketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hotels and packages</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.0<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.6<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bus ticketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Mobile Metrics</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aggregate number of app downloads to date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27.5<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24.0<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51.5<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">% flight orders on mobile</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">(3)(4)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">% hotel orders on mobile</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">(3)(5)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Pro forma combined company values combine the historical values for ibibo Group and MakeMyTrip as if the Transaction had occurred on the date for which the value pertains.&nbsp;The pro forma combined company values have
not been adjusted to give effect to any pro forma events resulting from the Transaction, including, without limitation, costs savings, operating synergies or revenue enhancements.</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Inclusive of MakeMyTrip international standalone hotel transactions. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">As of fiscal quarter ended June 30, 2016. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">Only with respect to domestic Indian flight orders on mobile. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">Only with respect to domestic Indian hotel orders on mobile. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip&#146;s board of
directors believed that in air ticketing, the Transaction would strengthen MakeMyTrip&#146;s scale with the pro forma combined company following Closing having serviced approximately 9.7 million transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the hotels and packages segment, the board of directors believed that the Transaction created one of the leading Indian hotel booking
platforms in a fragmented market with low online penetration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip&#146;s board of directors also focused on the fact that through
the Transaction, MakeMyTrip would gain access to ibibo Group&#146;s premier bus ticketing platform, Redbus, which would help MakeMyTrip expand its overall suite of travel service offerings to consumers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As online penetration in India is largely being driven through smartphone penetration, MakeMyTrip&#146;s board of directors believed that
ibibo Group&#146;s focus on creating a mobile first business for Indian travelers was aligned with MakeMyTrip&#146;s strategic focus along with its customers preferred choice of platform. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The board of directors also retained Morgan Stanley India Company Private Limited (&#147;Morgan Stanley&#148;) to act as its financial advisor
in evaluating the Transaction based on Morgan Stanley&#146;s qualifications, expertise and reputation, and its knowledge of the industry, business and affairs of MakeMyTrip.&nbsp;At the meeting of the MakeMyTrip board of directors on October 18,
2016, Morgan Stanley rendered its oral opinion, which was subsequently confirmed in writing on the same date, to the MakeMyTrip board of directors to the effect that, as of such date, and based upon and subject to the assumptions made, procedures
followed, matters considered and qualifications and limitations on the scope of review undertaken by Morgan Stanley as set forth in its written </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
opinion, the consideration to be paid by MakeMyTrip to Parent for all of the issued and outstanding shares of ibibo Group is fair from a financial point of view to MakeMyTrip. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to the foregoing, the board of directors reviewed and considered a variety of materials and factors with respect to the
Transaction, including the materials and factors described below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that attracting talented personnel is at a premium given the significant growth in online or e-commerce in India, and that the Transaction presented an opportunity to pool the resources of ibibo Group and
MakeMyTrip following Closing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that as of September 30, 2016, MakeMyTrip had reported in the aggregate, Cash and Cash Equivalents and Term Deposits, on its balance sheet equal to $167,166,000 and that Parent will contribute at Closing cash
to MakeMyTrip such that ibibo Group&#146;s net working capital represents 40% of the consolidated net working capital of MakeMyTrip after giving effect to the Transaction (subject to certain adjustments), thereby strengthening the liquidity of the
combined company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that MakeMyTrip would acquire multiple travel brands well-recognized in the Indian market and could leverage these to reach out to larger groups of customers in the future; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a presentation by MakeMyTrip&#146;s management discussing (i) the strategic rationale for the Transaction, (ii) the valuation analysis used by MakeMyTrip and its advisors in negotiating the terms of the Transaction and
(iii) the business plans of MakeMyTrip, ibibo Group and the business plan of the combined company after giving effect to the Transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the board of directors&#146; knowledge and understanding of MakeMyTrip and the industry in which it operates and the board&#146;s review of MakeMyTrip and ibibo Group&#146;s businesses, strategies, current and projected
financial conditions, current earnings and earnings prospects; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the results of MakeMyTrip&#146;s due diligence review of ibibo Group and the business practices of ibibo Group; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the increasing competition and other challenges in the travel industry, and the likely effect thereof on the business, operations, financial condition and prospects of MakeMyTrip were it to operate independently without
acquiring ibibo Group. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that MakeMyTrip shareholders would own approximately 60% of MakeMyTrip following Closing and would have the opportunity to participate in the future performance of MakeMyTrip, including expected future growth
resulting from the Transaction; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the expectation that the Transaction will leverage the complementary businesses and assets of MakeMyTrip and ibibo Group, including potential synergies and economies of scale, creating a stronger MakeMyTrip business
following Closing. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MakeMyTrip board of directors considered the terms and conditions of the Transaction Agreement,
including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the board of directors&#146; belief that the Transaction Agreement offered reasonable assurance as to the likelihood of the consummation of the Transaction, including the commitment of both MakeMyTrip and Parent to use
reasonable best efforts to consummate the Transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that the Founder Shareholders, Travogue, SAIF and Ctrip entered into voting agreements, pursuant to which they have agreed to vote their ordinary shares of MakeMyTrip in favor of the Transaction Agreement and
the Transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that Parent will be contributing enough cash at the Closing to ensure that ibibo Group&#146;s net working capital represents 40% of MakeMyTrip&#146;s consolidated net working capital after giving effect to the
Transaction (subject to certain adjustments); and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that the Transaction will be subject to the approval of MakeMyTrip&#146;s shareholders; but the board of directors also did note that pursuant to voting agreements with Parent, approximately 28.23% of
MakeMyTrip&#146;s outstanding voting securities (as of October 31, 2016) had agreed to vote in favor of the Transaction. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MakeMyTrip board of directors also considered potential risks and other negative factors concerning the Transaction Agreement and the
Transaction, in connection with its deliberations on the Transaction, including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that, by virtue of its significant shareholding and the potential to further increase its shareholding, Parent and its affiliates will have the ability to exercise significant influence and control over
MakeMyTrip and its affairs and business following the Closing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that limited historical consolidated or pro forma financial information was available regarding the carved out ibibo Group business prior to entry into the Transaction Agreement; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that ibibo Group will be operating independently of its former majority shareholder and without certain lines of businesses following Closing; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the restrictions until Closing on MakeMyTrip&#146;s ability to solicit, encourage or engage in discussions regarding other potential strategic transactions other than the Transaction and the restrictions on
MakeMyTrip&#146;s board of directors ability to change its recommendation to shareholders regarding the Transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the risk that the Transaction may not be completed despite the parties&#146; efforts or that completion of the Transaction may be unduly delayed, even if the requisite approval is obtained from MakeMyTrip&#146;s
shareholders, including the possibility that conditions to the parties&#146; obligations to complete the Transaction may not be satisfied, and the potential resulting disruptions to MakeMyTrip&#146;s business; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the potential risk of diverting management attention and resources from the operation of MakeMyTrip&#146;s business, including other strategic opportunities and operational matters, while working toward the completion
of the Transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the general risks of market conditions that could affect the price of MakeMyTrip&#146;s ordinary shares; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the challenges in combining two companies, including the risks associated with achieving anticipated cost synergies and successfully integrating MakeMyTrip&#146;s business, operations and workforce with those of ibibo
Group and potential adverse reactions from customers and suppliers regarding the Transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that approval from the Competition Commission of India is required to complete the Transaction, which presents a risk that the Competition Commission of India may condition its approval on the imposition of
unfavorable terms or conditions or that such approval may not be given at all; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the potential negative effect of the pendency of the Transaction on MakeMyTrip&#146;s business, including its relationships with employees, customers, and suppliers, and the restrictions on the conduct of
MakeMyTrip&#146;s business prior to completion of the Transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fact that the parties have incurred and will continue to incur significant transaction costs and expenses in connection with the Transaction, regardless of whether the Transaction is completed; and
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the risk that the Transaction may not be completed because the MakeMyTrip shareholders do not approve and adopt the Transaction Agreement and the Transaction. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MakeMyTrip board of directors concluded that the potentially negative factors associated with the acquisition of ibibo Group were
outweighed by the potential benefits that the board of directors expects MakeMyTrip and its shareholders to achieve as a result of the Transaction. Accordingly, the board of directors approved and adopted the Transaction Agreement and Transaction in
all respects. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In considering the recommendation of the MakeMyTrip board of directors, MakeMyTrip shareholders
should be aware that certain directors and executive officers of MakeMyTrip have interests in the Transaction that are different from, or in addition to, any interests they might have solely as a shareholder.&nbsp;See the section of this proxy
statement titled &#147;Interests of MakeMyTrip&#146;s Executive Officers and Directors in the Transaction.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_18"></A>INTERESTS OF MAKEMYTRIP&#146;S EXECUTIVE OFFICERS AND DIRECTORS IN
THE TRANSACTION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In considering the recommendation of MakeMyTrip&#146;s board of directors that MakeMyTrip shareholders vote in favor
of adopting and approving the Transaction Agreement and the Transaction, MakeMyTrip shareholders should be aware that certain of MakeMyTrip&#146;s executive officers and directors have interests in the Transaction that may be different from, or in
addition to, those of MakeMyTrip shareholders generally. Specifically, MakeMyTrip&#146;s directors, Deep Kalra, Rajesh Magow and James Jianzhang Liang (in his capacity as Ctrip&#146;s nominee to the board of directors), each received benefits in
connection with the Transaction, either directly or indirectly.&nbsp;As a result, the foregoing directors, in their capacities as directors of MakeMyTrip, abstained from voting in connection with the board of directors&#146; approval of the
Transaction and abstained from recommending the Transaction to shareholders of MakeMyTrip.&nbsp;The MakeMyTrip directors who, in fact, voted to adopt and approve the Transaction Agreement and the Transaction and who recommended that the shareholders
vote in favor of the same were aware of the interests of the non-voting directors&nbsp;and considered them, among other matters, in their deliberations regarding the Transaction.&nbsp;For a more detailed discussion of the factors considered by the
board of directors in their deliberations concerning the Transaction, see the section of this proxy statement titled &#147;Recommendation of the Board of Directors and Reasons for the Transaction.&#148;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following discussion sets forth the interests of Deep Kalra, Rajesh Magow and James Jianzhang Liang in the Transaction as well as the
interests of certain other executive officers.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_19"></A>Change in Control Severance Agreements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of Deep Kalra and Rajesh Magow, who serve as both directors and executive officers of MakeMyTrip (each, an &#147;Executive&#148;), entered
into separate change in control severance agreements with MakeMyTrip PL, which provide that, in the event either Executive&#146;s employment is terminated by MakeMyTrip PL, other than for cause, death or disability, or by the Executive for good
reason, such Executive will be entitled (i) if such termination occurs within two years following Closing, to receive certain severance payments calculated with reference to the Executive&#146;s annual salary and target bonus and (ii) if such
termination occurs prior to the end of the relevant vesting period, to have all of his equity grants under MakeMyTrip&#146;s incentive plans to fully vest and be immediately exercisable. Furthermore, each Executive, in his change in control
severance agreement, agreed to non-solicitation and non-competition restrictions, which shall continue until two years following the termination of his employment with MakeMyTrip.&nbsp;The terms of each Executive&#146;s change in control severance
agreements replaced the corresponding &#147;change in control&#148; provisions of the Executive&#146;s employment agreement.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The material
terms of Ashish Kashyap&#146;s change in control severance agreement with MakeMyTrip PL (which will only become effective upon Closing) are substantially similar to the material provisions of the Executives&#146; change in control severance
agreements, except in respect of the treatment of equity awards.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_20"></A>Ctrip Director </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrent with the execution of the Transaction Agreement by MakeMyTrip and as a condition to Parent entering into the Transaction Agreement
on its final negotiated terms, Ctrip agreed to convert $180 million outstanding principal amount of its Convertible Notes into ordinary shares of MakeMyTrip and entered into a voting agreement with Parent pursuant to which Ctrip agreed to vote in
favor of the Transaction at the Meeting.&nbsp;James Jianzhang Liang, Ctrip&#146;s designee to the board of directors of MakeMyTrip, also serves as executive chairman of the board of directors of Ctrip.&nbsp;As a co-founder of Ctrip and beneficial
owner of 970,540 ordinary shares of Ctrip as at March 31, 2016 (as reported on Form 20-F filed by Ctrip with the SEC for its fiscal year ended December 31, 2015), James Jianzhang Liang has an indirect economic interest in the conversion of
Ctrip&#146;s Convertible Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the Indenture pursuant to which Ctrip&#146;s Convertible Notes were issued, in
the event of certain material changes to MakeMyTrip, including changes of control, Ctrip was entitled to an increase in the conversion rate by which the principal amount of its Convertible Notes would be converted into ordinary shares of
MakeMyTrip.&nbsp;The completion of the Transaction would have entitled Ctrip to convert its Convertible Notes at a higher conversion rate under the Indenture upon a successful Closing.&nbsp;MakeMyTrip proposed to increase the conversion rate at
which the Convertible Notes were converted into ordinary shares to 54.761267 ordinary shares per $1,000 in principal amount of Convertible Notes, provided that all and not part of the aggregated principal amount of the Convertible Notes were
converted into ordinary shares within a certain time period prior to the Closing. MakeMyTrip&#146;s board of directors determined that the increase in conversion rate, concurrently with the signing of the Transaction Agreement, was in the best
interests of MakeMyTrip and noted that the number of additional shares that were issued to Ctrip as a result of the higher conversion rate were no greater than the maximum number of additional shares that would have otherwise been issued to Ctrip
had such Convertible Notes been converted following the Closing.&nbsp;James Jianzhang Liang abstained from voting in connection with the board of directors&#146; determination with respect to the Convertible Notes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_21"></A>RSUs </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
connection with the Transaction, MakeMyTrip&#146;s board of directors (with only the disinterested directors voting on the matter) will also grant RSUs (on terms and conditions similar to prior grants) in respect of an aggregate amount of 1,875,840
MakeMyTrip ordinary shares to certain of its executives at Closing.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_22"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>In addition to the other information included and incorporated by reference into this proxy statement, you should carefully consider the
following risk factors before deciding whether to vote in favor of the Transaction. In addition, you should read and consider the risks associated with MakeMyTrip&#146;s business and industry because these risks will continue to relate to MakeMyTrip
following the completion of the Transaction.&nbsp;Descriptions of some of these risks can be found in the Annual Report of MakeMyTrip on Form 20-F for the fiscal year ended March 31, 2016, which are incorporated by reference into this proxy
statement. You should also consider the other information in this document and the other documents incorporated by reference into this document. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Following the Transaction, Parent and its affiliates will exercise significant influence over MakeMyTrip and may have interests that are
different from those of MakeMyTrip&#146;s other shareholders. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon Closing, Parent will own approximately 40% of the outstanding
equity of MakeMyTrip (as calculated on a fully diluted basis).&nbsp;By virtue of its significant shareholding and the potential to further increase its shareholding, Parent and its affiliates will have the ability to exercise significant influence
and control over MakeMyTrip and its affairs and business following the Closing.&nbsp;Furthermore, the fact that Parent will be entitled to representation on the board in proportion to its ownership in MakeMyTrip and Class B directors will be
represented on all of the committees of the board of directors as described in the section of this proxy statement titled &#147;The Transaction &#150; Material Class B Holder Rights and Restrictions,&#148; means that Parent will have significant
influence and control over the affairs and decisions of the MakeMyTrip&#146;s board of directors.&nbsp;Additionally, pursuant to the Terms of Issue, important matters facing MakeMyTrip and which constitute Reserved Matters, as discussed in the
section of this proxy statement titled &#147;The Transaction &#150; Material Class B Holder Rights and Restrictions,&#148; will require the approval of a majority of the Class B directors, providing Parent and its affiliates with significant
approval rights over important transactions.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Parent and its affiliates could also increase their ownership in MakeMyTrip
following Closing, since under the terms of the Transaction Agreement and Terms of Issue, Parent and its affiliates are not restricted from purchasing additional ordinary shares of MakeMyTrip on the open market.&nbsp;The fact that Parent is not
restricted from purchasing additional shares of MakeMyTrip and that Parent will be entitled to board representation in proportion to its ownership, means Parent may be able to acquire enough ordinary shares of MakeMyTrip to control more than a
majority of MakeMyTrip&#146;s outstanding voting securities and consequently the right to appoint a majority of MakeMyTrip&#146;s board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Terms of Issue also provide that transferees of Class B Shares other than Permitted Holders may also acquire some of the same rights with
respect to board representation and Reserved Matters as Parent as described in the section of this proxy statement titled &#147;Transaction Agreements &#150; Additional Terms &#150; Terms of Issue.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The interests of Parent and its affiliates (as well as other transferees described in the foregoing paragraph) may be different from or
conflict with the interests of MakeMyTrip&#146;s other shareholders and their influence may result in the delay or prevention of a change of management or control of MakeMyTrip or other significant actions affecting MakeMyTrip, even if such
transactions or actions may be beneficial to the other shareholders of MakeMyTrip. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Limited historical consolidated or pro forma
financial information was available regarding the carved out ibibo Group business prior to entry into the Transaction Agreement. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to entering into the Transaction Agreement, limited historical consolidated and pro forma financial information was available to
MakeMyTrip&#146;s board of directors and executive officers regarding ibibo Group&#146;s financial performance after taking into account the carveouts of the TBO and PayU businesses from ibibo Group.&nbsp;The decisions of the board of directors and
executive officers of MakeMyTrip to enter into the Transaction Agreement under the terms therein was based primarily on the relative valuations of ibibo Group and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
MakeMyTrip as well as certain key performance indicators of ibibo Group provided by Parent and reviewed and analyzed by MakeMyTrip and its financial advisors.&nbsp;Further details of
MakeMyTrip&#146;s reasons for the transaction are set forth in the section of this proxy statement titled &#147;Recommendation of the Board of Directors and Reasons for the Transaction.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is potential risk that the financial performance of ibibo Group following the carveouts of the TBO and PayU businesses will not be as
strong as anticipated by MakeMyTrip and its financial advisors and that the key performance indicators utilized by MakeMyTrip and its financial advisors in determining whether to enter into the Transaction Agreement are not accurate reflections of
the ibibo Group business to be acquired. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>ibibo Group will be operating independently of its former majority shareholder and without
certain lines of businesses. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the Closing, ibibo Group will no longer have Naspers Limited (through its ownership of
Parent) as its majority shareholder.&nbsp;Although Parent will continue to be a major shareholder of MakeMyTrip after the consummation of the Transaction, ibibo Group will no longer be operating within the network of subsidiaries owned by Naspers
Limited and will be independent of the resources and operational support previously provided by Naspers Limited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fact that ibibo
Group will be operating independent of the resources and operational support of Naspers Limited could significantly affect the financial and operating performance of ibibo Group&#146;s business and could reduce the anticipated potential benefits of
the Transaction.&nbsp;Moreover, the challenges faced by MakeMyTrip in integrating the ibibo Group business with its own could be exacerbated by the fact that ibibo Group was previously well-integrated within the platform of Naspers Limited and
removal from such platform could result in unexpected and costly transitional challenges. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>MakeMyTrip will be limited in its ability
to consider potential competing transactions and its board of directors will be unable to change its recommendation to MakeMyTrip&#146;s shareholders. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the Transaction Agreement, MakeMyTrip is limited in soliciting, encouraging or participating in discussions involving other
potential strategic transactions that could become available to MakeMyTrip other than the Transaction.&nbsp;As a result, MakeMyTrip will not be able to pursue other potential strategic transactions that could offer terms more favorable than the
Transaction or greater strategic benefits than the Transaction.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, MakeMyTrip&#146;s board of directors cannot withhold or
withdraw its recommendation to the MakeMyTrip shareholders to approve the Transaction, even in light of a potentially superior transaction or other changed circumstances.&nbsp;Hence, MakeMyTrip&#146;s board of directors may continue to recommend the
Transaction even if subsequent to its recommendation, circumstances change causing the Transaction to not be as beneficial to the interests of MakeMyTrip and its shareholders.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mauritius law does not require that MakeMyTrip&#146;s board of directors maintain the ability to terminate the Transaction Agreement in the
light of a superior competing transaction or the ability to change its recommendation, even in light of changed circumstances, and MakeMyTrip&#146;s inability to so terminate the Transaction Agreement or change its recommendation was insisted upon
by Parent as a condition to it entering into the Transaction Agreement on its final negotiated terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">More details regarding
MakeMyTrip&#146;s limitations around competing transactions and the board of directors&#146; ability to change its recommendation are set forth in the section of this proxy statement titled &#147;The Transaction &#150; Competing Transactions and
Revocation of Board&#146;s Recommendation.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Any delay in the completion of the proposed Transaction may significantly reduce the
benefits expected to be obtained from the proposed Transaction or could adversely affect the future business and financial results of MakeMyTrip. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The completion of the proposed Transaction is subject to a number of conditions precedent, including, among others, the approval by MakeMyTrip
shareholders of the Transaction and the receipt of approval from the Competition Commission, which make the completion and timing of the completion of the Transaction uncertain.&nbsp;See the section of this proxy statement titled &#147;The
Transaction Agreement &#150; Conditions Precedent to the Completion of the Transaction,&#148; for a more detailed discussion. The Transaction Agreement contains certain termination rights for MakeMyTrip and Parent, including the right of each party
to terminate if, subject to extension in certain limited circumstances, the Transaction has not been consummated on or prior to January 16, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Transaction is not completed, MakeMyTrip&#146;s ongoing business may be materially adversely affected and, without realizing any of the
benefits of having completed the Transaction, MakeMyTrip will be subject to a number of risks, including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the market price of MakeMyTrip ordinary shares could decline; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">if the Transaction Agreement is terminated and the MakeMyTrip board of directors seeks another comparable transaction, MakeMyTrip shareholders cannot be certain that MakeMyTrip will be able to find a party willing to
enter into a transaction on terms equivalent to or more attractive than the terms that MakeMyTrip has agreed to in the Transaction Agreement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">time and resources committed by MakeMyTrip&#146;s management to matters relating to the Transaction could otherwise have been devoted to pursuing other beneficial opportunities for MakeMyTrip; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MakeMyTrip may experience negative reactions from the financial markets or from its customers, partners or employees; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MakeMyTrip will continue to be required to pay its costs relating to the Transaction, such as legal, accounting, financial advisory and printing fees, whether or not the Transaction is completed. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Similarly, delays in the completion of the Transaction could, among other things, result in additional transaction costs, loss of revenue or
other negative effects associated with uncertainty about completion of the Transaction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>The market price of the MakeMyTrip ordinary
shares may decline following completion of the proposed Transaction. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following completion of the Transaction, the market price of
MakeMyTrip ordinary shares may decline if, among other reasons, the acquisition of ibibo Group does not achieve the expected benefits of the proposed Transaction as rapidly or to the extent anticipated by MakeMyTrip, financial analysts or investors
or at all, current MakeMyTrip shareholders sell a significant number of MakeMyTrip ordinary shares after consummation of the proposed Transaction, or the effect of the proposed Transaction on the financial results of MakeMyTrip is not consistent
with the expectations of MakeMyTrip, financial analysts or investors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>MakeMyTrip shareholders will experience a reduction in their
percentage ownership and voting power with respect to their ordinary shares as a result of the consummation of the proposed Transaction. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the consummation of the proposed Transaction, MakeMyTrip shareholders will experience a significant reduction in their
percentage ownership interests and voting power relative to their percentage ownership interests and voting power in MakeMyTrip prior to consummation of the proposed Transaction. If the proposed Transaction is consummated, while the MakeMyTrip
business will expand to include ibibo Group, Parent will hold shares representing approximately 40% of the voting power in MakeMyTrip (as calculated on a fully diluted basis) and current MakeMyTrip shareholders will hold shares representing
approximately 60% of the voting power in MakeMyTrip immediately following the consummation of the Transaction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>The integration of ibibo Group following the proposed Transaction may present challenges
that may result in a decline in the anticipated potential benefits of the proposed Transaction. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip entered into the
Transaction Agreement with the expectation that the proposed Transaction would result in various benefits, including, among other things, facilitation of MakeMyTrip&#146;s continued business growth and the potential for improved operating
efficiencies. However, there can be no assurance that the anticipated benefits of the proposed Transaction will be achieved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Moreover,
MakeMyTrip may face challenges in integrating ibibo Group in a timely and efficient manner, and in retaining certain ibibo Group personnel. There can be no assurance that the integration will be completed in a timely or effective manner, or that
certain ibibo Group personnel will continue as MakeMyTrip personnel following the Closing if the integration is time-consuming or ineffective. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>The Transaction is subject to the receipt of approval from the Competition Commission, which may impose conditions that could have an
adverse effect on MakeMyTrip or, if not obtained, could prevent completion of the Transaction. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Before the Transaction may be
completed, approval of the Competition Commission for the Transaction must be obtained.&nbsp;In deciding whether to grant the required approval, the Competition Commission will consider the effect of the Transaction on competition within
India.&nbsp;The terms and conditions of the Competition Commission&#146;s approval may impose requirements, limitations or costs or place restrictions on the conduct of MakeMyTrip&#146;s business.&nbsp;There can be no assurance that the Competition
Commission will choose not to impose such conditions, terms, obligations or restrictions, and, if imposed, such conditions, terms, obligations or restrictions may delay or lead to the abandonment of the Transaction.&nbsp;Under the Transaction
Agreement, MakeMyTrip and Parent have agreed to use their reasonable best efforts to obtain the approval of the Competition Commission and therefore may be required to comply with certain conditions or limitations imposed by the Competition
Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>MakeMyTrip is and following the completion of the Transaction will continue to be a foreign private issuer and
therefore exempt from certain SEC reporting requirements applicable to U.S. public companies. MakeMyTrip&#146;s proxy statement is not subject to the preliminary review and comment by the SEC. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip is and following the completion of the Transaction will continue to be a foreign private issuer. A foreign private issuer has
reduced reporting requirements under the Exchange Act as compared to U.S. public companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since MakeMyTrip is a foreign private issuer,
this proxy statement has not been and will not be reviewed by the SEC, and it may not contain all of the information that would be required had MakeMyTrip been a U.S. public company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a foreign private issuer, MakeMyTrip files an annual report on Form 20-F and submits reports on Form 6-K relating to certain material
information relating to MakeMyTrip that it must furnish or make public under the laws of its &#147;home country&#148; promptly after publicly announcing such information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As the above indicates, shareholders of MakeMyTrip will not be required to be provided the same level and timeliness of information generally
available to investors holding shares in public companies organized in the United States. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>MakeMyTrip is subject to business
uncertainties and contractual restrictions while the proposed Transaction is pending, which could adversely affect its business and operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the pendency of the Transaction, it is possible that some customers, partners, suppliers, and other persons with whom
MakeMyTrip or ibibo Group has a business relationship may delay or defer certain </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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business decisions or might decide to seek to terminate, change or renegotiate their relationships with MakeMyTrip or ibibo Group, as the case may be, as a result of the Transaction, which could
negatively affect MakeMyTrip&#146;s or ibibo Group&#146;s respective revenues, earnings and cash flows, as well as the market price of MakeMyTrip ordinary shares, regardless of whether the Transaction is completed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of the Transaction Agreement, MakeMyTrip and ibibo Group are each subject to certain restrictions on the conduct of their
respective businesses prior to completing the Transaction, which may adversely affect their ability to execute certain of their respective business strategies, including the ability in certain cases to enter into or amend contracts, acquire or
dispose of assets, incur indebtedness or incur capital expenditures.&nbsp;Such limitations could adversely affect each company&#146;s businesses and operations prior to the completion of the Transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>MakeMyTrip will incur significant costs in connection with the proposed Transaction. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip expects to incur approximately $6,000,000 in fees and costs associated with consummating the proposed Transaction. The amount of
such fees and costs expected to be incurred by MakeMyTrip is a preliminary estimate and is subject to change.&nbsp;MakeMyTrip is in the early stages of assessing the magnitude of transaction costs, and, therefore, this estimate may change
substantially, and additional unanticipated costs may be incurred in the integration of the ibibo Group business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the risks
described above may be exacerbated by delays or other adverse developments with respect to the completion of the Transaction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_23"></A>EXECUTIVE OFFICERS AND DIRECTORS OF MAKEMYTRIP AFTER THE TRANSACTION
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_24"></A>Rights to Post-Closing Board of Directors </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described in the section of this proxy statement titled &#147;The Transaction &#150; Material Class B Holder Rights and Restrictions,&#148;
the Terms of Issue provide Class B Members with significant rights in dictating the composition of MakeMyTrip&#146;s board of directors following the Closing.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip&#146;s board of directors immediately following the Closing will consist of ten members as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">four directors nominated by Class B Members (including one Mauritius resident); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">two directors nominated by MakeMyTrip; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">one director nominated by Ctrip; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">three independent directors (including one Mauritius resident). </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Terms of
Issue, so long as Parent and all Permitted Holders own 10% or more of the outstanding voting power of all MakeMyTrip voting securities, the Class B Members will be able to nominate directors to the board of directors in proportion to their
percentage ownership of MakeMyTrip shares, rounded to the nearest whole number.&nbsp;Hence, the number of directors nominated by Class B Members could increase or decrease based on changes in relative ownership by Class B Members.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, pursuant to the Investor Rights Agreement, dated January 7, 2016, between MakeMyTrip and Ctrip, Ctrip is entitled to designate
one member of MakeMyTrip&#146;s board of directors so long as it holds a minimum number of shares of MakeMyTrip.&nbsp;Pursuant to the Amendment to the Investor Rights Agreement entered into by MakeMyTrip and Ctrip concurrently with the signing of
the Transaction Agreement and which will become effective at Closing, the threshold above which Ctrip must maintain ownership of shares of MakeMyTrip will be increased to 9,857,028 ordinary shares at Closing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_25"></A>Composition of Board and Certain Executive Officers Following Closing
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The names and titles of individuals expected to serve as directors of MakeMyTrip following the Closing are set forth
below.&nbsp;Furthermore, the names and titles of certain, but not all, individuals expected to serve as executive officers of MakeMyTrip following the Closing are also set forth below.&nbsp;For the avoidance of doubt, certain of MakeMyTrip&#146;s
and ibibo Group&#146;s current executive officers who will serve as executive officers of MakeMyTrip following the Closing have not been included in this proxy statement, including individuals previously disclosed as MakeMyTrip executive officers on
its Annual Report on Form 20-F for the fiscal year ended March 31, 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="60%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:20.00pt; font-size:8pt; font-family:Times New Roman"><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Age</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Directors</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deep Kalra</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">47</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director, Group Chairman and Group Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rajesh Magow</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">48</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director and Chief Executive Officer &#151; India</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">James Jianzhang Liang</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">46</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vivek N. Gour</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">54</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aditya Tim Guleri</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">51</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gyaneshwarnath Gowrea</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">50</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Oliver Rippel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">40</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pat Kolek</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">45</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Charles Searle</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">52</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Yuvraj (Raj) Thacoor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">61</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Executive Officers</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ashish Kashyap</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">43</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Co-Founder and President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mohit Kabra</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">45</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Group Chief Financial Officer</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below is a brief description of the position and business experience of each of the foregoing
directors and executive officers. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Directors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Deep Kalra </I>is the Founder, Group Chairman and Group Chief Executive Officer of MakeMyTrip, and was appointed to the company&#146;s board
of directors on October 9, 2001.&nbsp;Mr. Kalra&#146;s responsibilities as Group Chief Executive Officer include executing the business strategy and managing the overall performance and growth of MakeMyTrip.&nbsp;Mr. Kalra has over 24 years of work
experience in e-commerce, sales, marketing, corporate banking, financial analysis and senior management roles.&nbsp;Prior to founding MakeMyTrip in April 2000, Mr.&nbsp;Kalra worked with GE Capital India, a subsidiary of the General Electric
Company, where he was Vice President, Business Development.&nbsp;Prior to that, he also worked with AMF Bowling Inc. and ABN AMRO Bank NV.&nbsp;Mr Kalra serves on the Board of a The IndUS Entrepreneurs&#146; New Delhi &#150; NCR Chapter and was
their immediate past President.&nbsp;TiE is a global, not-for-profit organization focused on promoting entrepreneurship.&nbsp;He is a co-founder of Ashoka University, a leading Liberal Arts college in Sonepat, near New Delhi and serves on their
Board and Governing Council.&nbsp;Mr. Kalra holds a Bachelor&#146;s degree in Economics from St. Stephen&#146;s College, Delhi University, India, and a Master&#146;s degree in Business Administration from the Indian Institute of Management,
Ahmedabad, India. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Rajesh Magow</I> is the Co-founder and Chief Executive Officer &#151; India, MakeMyTrip and was appointed to
MakeMyTrip&#146;s board of directors on November 6, 2012. As part of his journey at MakeMyTrip, Mr. Magow has </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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also previously held the positions of Chief Financial Officer and Chief Operating Officer and played a key role when the company went public and got listed on NASDAQ in 2010. Mr.&nbsp;Magow has
over 23 years of experience in Information Technology and Internet industries.&nbsp;After having been a part of MakeMyTrip&#146;s senior management team in 2001 for a few months, Mr. Magow was a part of senior management at Tecnovate eSolutions
Private Limited, a wholly-owned subsidiary of eBookers.com (a United Kingdom-based online travel company that was listed on NASDAQ until it was acquired by the Cendant group in February 2005) from 2001 to June 2006. Before leaving Technovate
eSolutions, he was the acting Chief Executive Officer of the company. Mr.&nbsp;Magow was part of the senior management team that set up eBookers&#146; call center and back office operations in India and was a board member of Tecnovate from January
2001 to June 2006.&nbsp;Prior to Tecnovate, he also worked with Aptech Limited and Voltas Limited.&nbsp;Mr. Magow rejoined MakeMyTrip in 2006. He was also on the board of Flipkart as an Independent Director from March 2011 to May 2015.
Mr.&nbsp;Magow is a qualified chartered accountant from the Institute of Chartered Accountants of India, Delhi. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>James Jianzhang
Liang</I> was appointed as a director of MakeMyTrip on January 27, 2016, as a nominee of Ctrip.&nbsp;He is one of the co-founders of Ctrip and is currently serving as its executive chairman of the board.&nbsp;Prior to founding Ctrip, Mr. Liang held
a number of technical and managerial positions with Oracle Corporation from 1991 to 1999 in the United States and China, including the head of the ERP consulting division of Oracle China from 1997 to 1999.&nbsp;Mr. Liang currently serves on the
boards of Home Inns Group (NASDAQ: HMIN), Tuniu (NASDAQ: TOUR), eHi (NASDAQ: EHIC) and Qunar (NASDAQ: QUNR).&nbsp;Mr. Liang received his Ph.D. degree from Stanford University and his Master&#146;s and Bachelor&#146;s degrees from Georgia Institute
of Technology.&nbsp;He also attended an undergraduate program at Fudan University.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Vivek N. Gour</I> was appointed to MakeMyTrip&#146;s
board of directors on May 1, 2010.&nbsp;He is the managing director of Air Works India Engineering Pvt Ltd.&nbsp;Prior to joining MakeMyTrip&#146;s board of directors, Mr. Gour was the chief financial officer and principal accounting officer of
Genpact Limited from January 2005 to February 2010; Genpact is listed on the New York Stock Exchange.&nbsp;From October 2003 to December 2004, Mr.&nbsp;Gour served as chief financial officer for GE Capital Business Processes.&nbsp;From October 2002
to September 2003, he served as chief financial officer of GE Capital India and GE Capital International Services.&nbsp;Mr. Gour has a Bachelor of Commerce degree from Mumbai University, India, and a Master of Business Administration from Delhi
University, India.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Aditya Tim Guleri</I> was appointed to MakeMyTrip&#146;s board of directors on April 3, 2007 as a nominee of Sierra
Ventures VIII-A, L.P., Sierra Ventures VIII-B, L.P. and Sierra Ventures Associates VIII, LLC, or the Sierra Ventures entities.&nbsp;He has remained on MakeMyTrip&#146;s board of directors following the lapse of Sierra Ventures entities&#146; right
of nomination upon the completion of MakeMyTrip&#146;s initial public offering in August 2010. Mr. Guleri is a Managing Director of Sierra Ventures.&nbsp;Mr. Guleri&#146;s investment focus is information technology software
companies.&nbsp;Additionally, Mr. Guleri has helped execute Sierra&#146;s India strategy and investments.&nbsp;As a venture capitalist, Mr. Guleri has helped to complete strategic exits from numerous companies including several public
companies.&nbsp;Mr. Guleri currently serves on the board of directors of Treasure Data, Alpine Data Labs, Nexenta, Hired, LeadGenius, Phenom People, Shape Security, Townsquared and Zycada. Prior to Sierra, Mr.&nbsp;Guleri founded and served as chief
executive officer of Octane Software from 1996 to 2000. He successfully led Octane&#146;s merger with Epiphany (Nasdaq: EPNY) in 2000. Before Octane, Mr.&nbsp;Guleri was vice president of field operations at Scopus Technology. Mr.&nbsp;Guleri holds
a Master of Science degree in Engineering and Operating Research from Virginia Polytechnic Institute and State University and a Bachelor of Science degree in Electrical Engineering from Punjab Engineering College, Chandigarh, India.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Gyaneshwarnath Gowrea</I> was appointed to MakeMyTrip&#146;s board of directors on February&nbsp;11, 2009 and is one of MakeMyTrip&#146;s
resident directors in Mauritius.&nbsp;Mr. Gowrea is the chairman of the taxation sub-committee of the Global Finance Mauritius.&nbsp;He was the managing director of Cim Global Business Limited from 2009 to 2011.&nbsp;From 2007 to 2008, he was the
director of AAA Global Services Ltd. and from 1999 to 2006 he was a manager with Cim Global Business.&nbsp;Mr. Gowrea completed his secondary education at John Kennedy College in Mauritius and holds various professional qualifications, including
being a fellow of the Association of Chartered </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


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Certified Accountants, (UK), a fellow member of the Mauritius Institute of Directors, a member of the Society of Trust and Estate Practitioners (UK) and the International Fiscal
Association.&nbsp;He is an international tax affiliate of the Chartered Institute of Taxation.&nbsp;He holds an M.Sc. in Accounting from De Monfort University in Leicester, UK and a Diploma in International Taxation.&nbsp;He has more than twenty
years&#146; experience in international tax and advises on tax structures set up by multinational corporations, fund managers and high net- worth individuals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Oliver Rippel </I>is chief executive officer of B2C e-commerce for Naspers Limited which includes retail, marketplaces and travel. He
joined Naspers Limited in January 2009 as head of business development in South-east Asia before managing e-commerce in Africa and Middle East shortly thereafter. From 2011 to 2014 he oversaw e-commerce in South-east Asia, India and Africa. Between
2014 and 2015, he was managing online services segments including e-tail outside of Europe, travel, real estate, and mobile services. Before working for Naspers Limited, Oliver spent nine years at eBay &#150; first in his home country of Germany and
then as part of the Asia-Pacific region in China, Korea, and South-East Asia. There, he mostly focused on strategy and business development, as well as category management and marketing operations. Mr. Rippel studied economics in Berlin, Germany.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Pat Kolek </I>joined Naspers Limited in 2014 as chief financial officer of e-commerce and was appointed chief operating officer of
Naspers Limited in July 2016. As Group chief operating officer, Mr. Kolek is focused on aligning group strategy with company objectives, leading core business activities and strategic initiatives such as large acquisitions and divestitures.&nbsp;Mr.
Kolek has more than 20 years&#146; experience in executing business growth and development strategies for hyper growth organizations.&nbsp;Prior to Naspers Limited, Mr. Kolek spent 10 years at eBay, most recently as VP and chief financial officer of
eBay International and previously as the chief operating officer of eBay Classifieds. Mr. Kolek holds a bachelor&#146;s degree in commerce from Santa Clara University and is a certified public accountant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Charles St Leger Searle</I> is chief executive officer of Naspers Internet Listed Assets. Mr. Searle serves on the board of several
companies associated with the Naspers Group, including Tencent Holdings Limited, listed on the Stock Exchange of Hong Kong, and Mail.ru Group Limited that is listed on the London Stock Exchange. Prior to joining the Naspers Group in Hong Kong, he
held positions at Cable &amp; Wireless plc and at Deloitte &amp; Touche in London and Sydney. Mr. Searle is a graduate of the University of Cape Town and a member of the Institute of Chartered Accountants in Australia and New Zealand. Mr. Searle has
more than 22 years of international experience in the telecommunications and internet industries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Yuvraj (Raj) Thacoor </I>is a
chartered accountant, Fellow of The Institute of Chartered Accountants in England and Wales, Associate Member of the Chartered Institute of Arbitrators (UK), Member of The British Institute of Management, Member of The Mauritius Institute of Public
Accountants and The Financial Reporting Council (FRC) as well as a Licensed Insolvency Practitioner. Mr. Thacoor was an audit partner of Deloitte, Coopers and Lybrand and PricewaterhouseCoopers from 1988 until 2000 when he set up Grant Thornton in
Mauritius and served as Managing Partner until he retired in July 2016. Mr. Thacoor is currently the Regional Head of Grant Thornton International for the development of Africa. Mr. Thacoor served as Chairman of the first offshore fund set up in
Mauritius and has since served on several boards of funds dealing mainly in real estate in India. Mr. Thacoor has contributed largely in promoting the accountancy profession in Mauritius. He served as Chairman of The Financial Reporting and
Monitoring Panel of the regulatory body FRC. He was also a member of the task force which was set up to revisit the Insolvency sections of The Companies Act and the drafting of the new Insolvency Act 2009. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Executive Officers </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Ashish Kashyap </I>is the founder and chief executive officer of ibibo Group, one of India&#146;s leading online travel groups.
Mr.&nbsp;Kashyap founded ibibo Group in 2007 and launched the online travel properties in late 2009, with a vision to organize the transportation and accommodation industry. In 2011, Mr. Kashyap also co-founded PayU India, a leading payments
platform. Prior to founding ibibo Group, Mr. Kashyap was the &#145;Country Head&#146; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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of &#145;Google India&#146;.&nbsp;Before joining Google, Mr. Kashyap &#147;founded&#148; e-Commerce and online travel businesses at Indiatimes.com.&nbsp;Mr. Kashyap holds a Masters of
Management-IMPM from McGill University, Desautels Faculty Of Management, Diploma: IMPM (Insead) and Economics (Hons) from Kirorimal College, Delhi University India. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mohit Kabra</I> is MakeMyTrip&#146;s group chief financial officer.&nbsp;Prior to joining MakeMyTrip in July 2011, Mr.&nbsp;Kabra served as
a Director Finance at Kohler India where he worked from 2006 to June 2011. He has approximately 22 years of work experience and has held various positions in the India businesses of companies including PepsiCo, Colgate and Seagrams.&nbsp;Mr. Kabra
has a Bachelor of Commerce degree and is a qualified Chartered Accountant from the Institute of Chartered Accountants of India and a qualified Cost Accountant from the Institute of Cost Accountants of India. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_26"></A>Board Committees and Corporate Policies </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the Closing, MakeMyTrip&#146;s board of directors will continue to have in place an audit committee and compensation
committee.&nbsp;MakeMyTrip currently expects the audit committee to consist of Vivek N. Gour and Aditya Tim Guleri following Closing and the compensation committee to consist of Vivek N. Gour, Aditya Tim Guleri, James Jianzhang Liang and Oliver
Rippel following Closing.&nbsp;Descriptions of the responsibilities of the audit committee and compensation committee can be found in the Annual Report of MakeMyTrip on Form 20-F for the fiscal year ended March 31, 2016, which are incorporated by
reference into this proxy statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip&#146;s corporate governance policies (including its Whistleblower Policy, Disclosure
Controls and Procedures, Insider Trading Policy and Code of Business Conduct and Ethics) will continue to remain in effect after Closing.&nbsp;The full texts of these policies are available on MakeMyTrip&#146;s investor relations page at its website
at <U>http://investors.makemytrip.com</U>.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_27"></A>BENEFICIAL OWNERSHIP OF SECURITIES OF MAKEMYTRIP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth information with respect to the beneficial ownership of MakeMyTrip&#146;s ordinary shares as of October 31,
2016 by persons known to MakeMyTrip to have 5% or more beneficial share ownership of MakeMyTrip as well as each of its directors, executive officers and all its directors and executive officers as a group.&nbsp;As used in this table, beneficial
ownership is determined in accordance with SEC rules.&nbsp;A person is deemed to be the beneficial owner of securities that can be acquired within 60 days upon the exercise of any option, warrant or right.&nbsp;Ordinary shares subject to options,
warrants or rights that are currently exercisable or exercisable within 60 days are deemed outstanding for computing the ownership percentage of the person holding the options, warrants or rights, but are not deemed outstanding for computing the
ownership percentage of any other person. The amounts and percentages below are based on 51,537,163 ordinary shares outstanding as of October 31, 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Equity&nbsp;Shares&nbsp;Beneficially&nbsp;Owned</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:89.90pt; font-size:8pt; font-family:Times New Roman"><B>Name&nbsp;of&nbsp;Beneficial&nbsp;Owner</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;of&nbsp;October&nbsp;31,&nbsp;2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percent</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Owners with 5% or more Beneficial Ownership:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Ctrip<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,857,028</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>T. Rowe Price<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,342,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Wasatch Advisors, Inc.<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,822,516</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Travogue<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Ruane, Cunniff &amp; Goldfarb Co.,
Inc.<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,813,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Janus Capital Management,
LLC<SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,810,830</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Directors:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Deep Kalra<SUP STYLE="font-size:85%; vertical-align:top">(7)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,324,993</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Rajesh Magow</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">740,256</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Ranodeb Roy</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aditya Tim Guleri<SUP STYLE="font-size:85%; vertical-align:top"></SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Philip C. Wolf</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,893</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Vivek N. Gour</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,138</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Frederic Lalonde</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,091</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gyaneshwarnath Gowrea</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Mohit Kabra</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,458</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Naushad Ally Sohoboo</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>James Jianzhang Liang<SUP STYLE="font-size:85%; vertical-align:top">(8)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Executive Officers:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Mohit Gupta</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Saujanya Shrivastava</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Yuvaraj Srivastava</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sanjay Mohan</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,501</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Ranjeet Oak</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Anshuman Bapna</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,743</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>All our directors and executive officers as a group</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,191,526</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Represents beneficial ownership of less than 1.0% of our issued share capital. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Information based on Amendment No. 1 to a report on Schedule 13D filed with the SEC on October 26, 2016. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Information based on Amendment No. 7 to a report on Schedule 13G filed with the SEC on June 10, 2016.&nbsp;The shareholders are T. Rowe Price New Horizons Fund, Inc. and T. Rowe Price Associates, Inc. </TD></TR></TABLE>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Information based on Amendment No. 4 to a report on Schedule 13G filed with the SEC on February 2, 2016.</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">Information based on a report on Schedule 13G jointly filed with the SEC on January 14, 2011 by Travogue and Mr. Deep Kalra.&nbsp;Travogue is a company controlled by Mr. Deep Kalra.&nbsp;Mr. Deep Kalra holds 78.4% of
the equity shares of Travogue.&nbsp;Accordingly, Mr. Kalra&#146;s beneficial ownership of MakeMyTrip&#146;s ordinary shares includes 1,324,993 ordinary shares held by him (or his immediate family members) directly and 3,000,000 ordinary shares held
indirectly through Travogue.&nbsp;Mr. Keyur Joshi, MakeMyTrip&#146;s strategic advisor has 12.8% equity interest in Travogue. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">Information based on a report on Schedule 13G filed with the SEC by Ruane, Cunniff &amp; Goldfarb, Inc. on February 16, 2016.</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">Information based on a report on Schedule 13G filed with the SEC by Janus Capital Management LLC on February 16, 2016. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top">Travogue is a company controlled by Mr. Deep Kalra.&nbsp;Mr. Deep Kalra holds 78.4% of the equity shares of Travogue.&nbsp;Accordingly, Mr. Kalra&#146;s beneficial ownership of MakeMyTrip&#146;s ordinary shares includes
1,324,993 ordinary shares held by him (or his immediate family members) directly and 3,000,000 ordinary shares held indirectly through Travogue. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top">James Jianzhang Liang is a nominee director of Ctrip.&nbsp;Ctrip holds 9,857,028 ordinary shares of MakeMyTrip.&nbsp;See footnote 1 above. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_28"></A>TRANSACTION AGREEMENTS &#150; ADDITIONAL TERMS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following discussion highlights other material terms of various agreements governing the Transaction in addition to those described in
the section of this proxy statement titled &#147;The Transaction&#148; and should be read in conjunction with that section.&nbsp;The material terms described in this section may also not contain all of the information that may be important to
you.&nbsp;The discussions of the Transaction Agreement and Terms of Issue contained in this proxy statement are qualified in their entirety by reference to the Transaction Agreement, which is attached to this proxy statement as Annex A and the Terms
of Issue, which are attached to this proxy statement as Annex B, both of which are incorporated by reference into this proxy statement.&nbsp;The representations, warranties and covenants contained in the Transaction Agreement were made only for the
purposes of the Transaction Agreement and as of specified dates, were solely for the benefit of the parties to the Transaction Agreement, and may be subject to limitations agreed upon by the contracting parties and may be subject to standards of
materiality applicable to the contracting parties. Accordingly, you should not rely on the representations and warranties as characterizations of the actual state of affairs of MakeMyTrip, Parent or ibibo Group. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_29"></A>The Transaction Agreement </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Closing Adjustments </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described
above in the section of this proxy statement titled &#147;The Transaction &#150; Closing Date Transactions,&#148; Parent will be contributing cash to MakeMyTrip to ensure that ibibo Group&#146;s net working capital represents 40% of
MakeMyTrip&#146;s consolidated net working capital after giving effect to the Transaction.&nbsp;As a result, Parent will pay to MakeMyTrip at Closing an amount (the &#147;Cash Amount&#148;) equal to two-thirds of the estimated net cash of MakeMyTrip
as of the Closing Date, subject to adjustment as described below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At least five business days prior to the Closing, MakeMyTrip will
deliver to Parent its good faith estimate of MakeMyTrip&#146;s net cash and working capital (&#147;MakeMyTrip Working Capital Estimate&#148;) as of the Closing Date and Parent will deliver to MakeMyTrip its good faith estimate of ibibo Group&#146;s
working capital (&#147;ibibo Working Capital Estimate&#148;) as of the Closing Date.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the ibibo Working Capital Estimate exceeds
two-thirds of the MakeMyTrip Working Capital Estimate, the Cash Amount due to MakeMyTrip by Parent at the Closing shall be reduced by such excess, and if such reduction results in a negative amount being owed by Parent, then the absolute value of
such negative amount shall instead be paid by MakeMyTrip to Parent at Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the ibibo Working Capital Estimate is less than
two-thirds of the MakeMyTrip Working Capital Estimate, the Cash Amount due to MakeMyTrip by Parent at the Closing shall be increased by such shortfall.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Within 60 days following Closing, MakeMyTrip will deliver to Parent a statement setting forth its good faith calculation of MakeMyTrip&#146;s
actual working capital and net cash and ibibo Group&#146;s actual working capital, each as of the Closing Date.&nbsp;Parent will be given an opportunity to review and dispute this calculation, with all disputes which are unable to be resolved by the
parties being submitted to an independent accountant for resolution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon final resolution of such actual Closing Date amounts, the
parties shall re-calculate the Cash Amount due to MakeMyTrip by Parent at Closing and Parent shall pay to MakeMyTrip any shortfall in the Cash Amount that was paid to MakeMyTrip at Closing and MakeMyTrip shall repay Parent for any excess in the Cash
Amount that was paid to MakeMyTrip at Closing; provided, however, neither party will be responsible for paying the difference in the adjusted Cash Amount unless it is greater than or equal to $50,000.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Representations and Warranties and Indemnification </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Parent and MakeMyTrip have each made customary representations and warranties in the Transaction Agreement for the benefit of the other party,
regarding aspects of ibibo Group and MakeMyTrip&#146;s respective </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
business, financial condition and other facts pertinent to the Transaction.&nbsp;The representations and warranties of the parties are subject, in some cases, to specified exceptions and
qualifications contained in the confidential disclosure letters executed in connection with the Transaction Agreement and are also qualified by materiality and material adverse effect qualifiers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Both Parent and MakeMyTrip have agreed to indemnify the other party and its affiliates from and against all claims and losses to the
extent&nbsp;arising from any inaccuracies or breaches of any of its representations or warranties set forth in the Transaction Agreement (but only for the duration of the applicable survival period for a particular representation or warranty) as
well as arising from (i) any breaches by it under the Transaction Agreement and the other documents related thereto, (ii) any fees, expenses or other payments incurred or owed by it to brokers, financial advisors or other firms retained in
connection with the Transaction and (iii) certain of its tax obligations.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">However, both Parent and MakeMyTrip&#146;s indemnification
obligations for losses arising from inaccuracies or breaches of any representations or warranties (except for (i) tax representations, which, in the case of Parent&#146;s indemnification obligations, shall also be governed by other limitations, (ii)
certain fundamental representations, which shall not be governed by limitations and (iii) in the case of fraud or willful misconduct, which shall not be governed by limitations) shall be subject to limitations such that the indemnifying party shall
not have any liability for such losses: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">unless the aggregate amount of all losses for which the indemnifying party would be liable, but for these limitations, exceeds on a cumulative basis an amount equal to $12,000,000 (the &#147;Threshold&#148;), but then,
the indemnifying party&#146;s liability in respect of such losses shall be for their full amount regardless of the Threshold; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">for any individual items where the loss relating thereto is less than $150,000; provided, that the indemnifying party shall be required to indemnify for any group of losses, each of which individually is less than
$150,000, but all of which relate to the same circumstance or development and which in the aggregate exceed $150,000; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">in excess of $120,000,000. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Material Covenants and Agreements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Conduct Prior to Closing </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of Parent
and MakeMyTrip are subject to customary limitations on their businesses between the date of the Transaction Agreement and Closing, limiting the conduct of their respective businesses to actions that are in the ordinary course of business.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>ibibo Group&#146;s Interest in Djubo </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ibibo Group currently owns a 31.7% stake in Saaranya Hospitality Technologies Private Limited, India, an Indian entity engaged in the business
of an online platform for hotel bookings (&#147;Djubo&#148;).&nbsp;Pursuant to the articles of association of Djubo, the other shareholders of Djubo have a right of first refusal to purchase ibibo Group&#146;s equity in Djubo that is triggered by
the terms of the Transaction.&nbsp;Promptly following the date of the Transaction Agreement, Parent was obligated to deliver a written notice to the other shareholders of Djubo apprising them of the Transaction and seeking a waiver of their rights
of first refusal.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that the Djubo shareholders elect to exercise such right of first refusal, the right of first refusal
proceeds payable to ibibo Group shall be for the account of MakeMyTrip.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that (i) a waiver has not been obtained from the
Djubo shareholders in respect of their right of first refusal and (ii) the Djubo shareholders have not exercised their right of first refusal or purchased ibibo </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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Group&#146;s shares in Djubo by the time of Closing, then Djubo will be excluded from the scope of the Transaction (without amending any other terms of the Transaction, including the
consideration being paid therefor) and Parent will use reasonable best efforts to transfer its interest in Djubo to MakeMyTrip within 5 years following the Closing.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that (i) a waiver has been obtained from the Djubo shareholders in respect of their right of first refusal or (ii) no notice of
exercise of such right of first refusal has been duly delivered under the terms of the Djubo articles of association prior to the expiration of the relevant time period specified therein, then Djubo will be included within the scope of the
Transaction at Closing (without amending any other terms of the Transaction, including the consideration being paid therefor). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Additional Class B
Shares </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If at any time Parent determines that the number of Class B Shares issued to it at Closing is an amount that represents less
than 40% of the issued and outstanding capital stock of MakeMyTrip as of the Closing Date (as calculated on a fully diluted basis), Parent shall have the right to subscribe for and purchase at par value, and MakeMyTrip will issue to Parent, such
amount of additional Class B Shares that would result in Parent holding 40% of the issued and outstanding capital stock of MakeMyTrip as of the Closing; provided that at the Closing Parent shall have exercised its option to purchase additional
ordinary shares of MakeMyTrip in accordance with the Transaction Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Delivery of Post-Closing Financial Statements </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Within 60 days following the Closing, Parent will deliver to MakeMyTrip audited and reviewed consolidated financial statements of ibibo Group
and its subsidiaries (after taking into account the carveout restructuring of ibibo Group prior to Closing) that would be required to be included in a registration statement pursuant to Regulation S-X of the Securities Act.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Related Party Transactions </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After the
Closing, neither MakeMyTrip, nor its subsidiaries, will enter into or modify any transaction with any of its affiliates or related persons involving aggregate value or consideration in excess of $120,000, other than in the ordinary course of
business consistent with past practice, unless such transaction has been approved by, or is consistent with or pursuant to the terms of a policy, transaction or agreement approved by a majority of the independent directors of MakeMyTrip, in addition
to any other approvals required pursuant to MakeMyTrip&#146;s organizational documents, applicable law or NASDAQ Stock Market Rules (or the rules of any other applicable securities exchange). Furthermore, any related party transactions between
MakeMyTrip and Parent following the Closing will be subject to the foregoing restrictions so long as Parent remains an affiliate of MakeMyTrip (including with respect to any issuance of MakeMyTrip securities to Parent other than pursuant to the
preemptive rights provided for in the Terms of Issue), except as provided in any of the transaction documents related to the Transaction and certain other limited exceptions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Conditions Precedent to the Completion of the Transaction </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The closing of the Transaction is subject to a number of customary conditions precedents, including without limitation, the following
conditions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MakeMyTrip and Parent shall have received the approval of the Competition Commission; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MakeMyTrip&#146;s shareholders shall have approved and adopted the Transaction Agreement and the Transaction;</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Parent shall have obtained necessary governmental approvals from the South African Reserve Bank.&nbsp;Approval from the South African Reserve Bank was received on October 24, 2016; and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MakeMyTrip, Parent and their subsidiaries shall not have outstanding indebtedness other than certain permitted indebtedness and other indebtedness in excess of $10,000,000.&nbsp;MakeMyTrip and its subsidiaries currently
meet the threshold and do not expect to exceed the threshold prior to Closing. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Guarantee </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Guarantor, the majority shareholder of Parent, has agreed to guarantee Parent&#146;s obligations and covenants under the Transaction Agreement,
both monetary and otherwise.&nbsp;The guarantee provided by Guarantor shall cease upon the completion of the restructuring transactions contemplated under the Transaction Agreement prior to Closing.&nbsp;However, in the event that Parent transfers
any Class B Shares on or prior to the sixth anniversary of the Closing such that following such transfer, the percentage ownership of MakeMyTrip held by Parent or its permitted transferees would be less than 15%, then prior to such transfer, Parent
is obligated to deliver to MakeMyTrip a written guarantee of Guarantor substantially similar to that provided in the Transaction Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Termination </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Transaction
Agreement may be terminated at any time prior to Closing: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">by mutual written consent of the parties; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">by either Parent or MakeMyTrip: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">if the Closing shall not have occurred by January 16, 2017, subject to extension in certain circumstances (such date as may be extended under the Transaction Agreement, the &#147;Outside Date&#148;); or
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">if the approval and adoption of the Transaction and the Transaction Agreement shall not have been obtained from the shareholders of MakeMyTrip following a meeting of the shareholders; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">by Parent, if MakeMyTrip shall have breached or failed to perform any of its representations, warranties or covenants giving rise to a failure of certain conditions precedent to Closing and such breach or failure is
incapable of being cured by MakeMyTrip prior to the Outside Date or otherwise is not cured by the earliest to occur of (i) 20 business days following written notice to MakeMyTrip by Parent of such breach and (ii) the Outside Date; or
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">by MakeMyTrip, if Parent shall have breached or failed to perform any of its representations, warranties or covenants giving rise to a failure of certain conditions precedent to Closing and such breach or failure is
incapable of being cured by Parent prior to the Outside Date or otherwise is not cured by the earliest to occur of (i) 20 business days following written notice to Parent by MakeMyTrip of such breach and (ii) the Outside Date. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_30"></A>Terms of Issue </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Voting Rights </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise
required by law, the Terms of Issue or MakeMyTrip&#146;s constitution, MakeMyTrip&#146;s ordinary shares and Class B Shares shall vote together as a single class on all matters on which MakeMyTrip shareholders are entitled to vote. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Voting Rights on a Show of Hands </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any
MakeMyTrip shareholders&#146; meeting, on a vote via a show of hands, each holder of Class B Shares present, in person or by proxy, shall have one vote.&nbsp;Furthermore, holders of Class B Shares holding, in the aggregate, more than 10 percent of
the total voting power on the business day prior to a shareholders&#146; meeting, may on demand require that voting take place by way of poll.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Voting Rights on a Poll </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any MakeMyTrip shareholders&#146; meeting, on a vote via a poll, each Class B Share present, in person or by proxy, shall have one vote per
share. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Conversion Rights </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
conversion rights described below govern the Class B Shares issued under the Transaction Agreement.&nbsp;Following a conversion of Class B Shares into ordinary shares of MakeMyTrip, the resulting ordinary shares will be duly authorized, fully paid
and non-assessable and free of any preemptive rights.&nbsp;Furthermore, in the event of the issuance of MakeMyTrip securities as a dividend or in the case of a sub-division, split-up, combination or a change of MakeMyTrip securities into a different
number or class of securities, or any other similar transaction that could dilute outstanding MakeMyTrip securities, the conversion rate for Class B Shares shall be appropriately adjusted to prevent the dilution of the Class B Shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Voluntary Conversion </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each holder of
Class B Shares may convert any or all of its Class B Shares into an equal number of ordinary shares of MakeMyTrip on demand. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Automatic Conversion
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Class B Share shall automatically convert into one ordinary share of MakeMyTrip upon the transfer of such Class B Share to any
person, except in the event of a transfer to (i) a Permitted Holder, (ii) a transferee in a Forty Percent Transfer, (iii) or a permitted pledgee of the Class&nbsp;B Share; provided that the conversion of any Class B Shares which are transferred in
the circumstances described below in the section of this proxy statement titled &#147;Additional Shareholder Agreements&#148; shall be subject to the entry into the relevant shareholders agreement described below.&nbsp;Class B Shares may be pledged
as collateral security for any indebtedness for borrowed money due to the person to whom the pledge is made or its nominee; provided, that such pledgee may not vote the shares and they shall automatically convert upon the pledgee foreclosing on such
shares.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Distribution and Liquidation Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Class B Shares have the same general rights to dividends and other distributions as ordinary shares of MakeMyTrip and no dividends or
distributions may be declared on other classes of MakeMyTrip shares without also being paid in the same manner to Class B Shares.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All
dividends and distributions on Class B Shares that are payable in MakeMyTrip securities will be payable in the form of Class B Shares and no dividends or distributions on any other MakeMyTrip securities shall be paid in the form of Class B
Shares.&nbsp;Furthermore, Class B Shares may not be split, divided, consolidated or combined unless the other outstanding classes of MakeMyTrip shall be proportionately so split, divided, consolidated or combined. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of a transaction as a result of which ordinary shares of MakeMyTrip are converted into or exchanged for cash or other securities
or assets, then from and after such transaction, each holder of Class B Shares will be entitled to receive, upon the conversion of its Class B Shares, such cash or other securities or assets had they converted immediately prior to such
transaction.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of a voluntary or involuntary liquidation, dissolution or winding up of MakeMyTrip, Class B Shares will be
treated equally on a per share basis to all other voting securities of MakeMyTrip with respect to the distribution of assets of MakeMyTrip. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Additional Shareholder Agreements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with any transfer of Class B Shares to a person other than a Permitted Holder of a number Class B Shares equal to or more than
30% (but less than 40%) of the total voting power of MakeMyTrip, the transferring holder of Class B Shares shall have the one-time option to require MakeMyTrip to enter into a separate shareholders agreement with the relevant transferee, pursuant to
which such transferee shall be provided with substantially the same rights (and subject to the same restrictions on transfer set forth in the Terms of Issue) regarding preemptive rights, board-related rights (including rights with respect to
Reserved Matters) and inspection rights provided to holders of Class B Shares in the Terms of Issue as well as registration rights consistent with those provided to Parent in the Registration Rights Agreement (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with any transfer of Class B Shares to a person other than a Permitted Holder of a number Class B Shares equal to or more than
15% (but less than 30%) of the total voting power of MakeMyTrip, the transferring holder of Class B Shares shall have the one-time option to require MakeMyTrip to enter into a separate shareholders agreement with the relevant transferee, pursuant to
which such transferee shall be provided with substantially the same rights (and subject to the same restrictions on transfer set forth in the Terms of Issue) regarding preemptive rights, board-related rights (but excluding rights with respect to
Reserved Matters) and inspection rights provided to holders of Class B Shares in the Terms of Issue as well as registration rights consistent with those provided to Parent in the Registration Rights Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_31"></A>Registration Rights Agreement </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrent with the signing of the Transaction Agreement, Parent, Travogue, Mr. Deep Kalra (&#147;Mr.&nbsp;Kalra&#148;), Mr. Keyur Joshi
(&#147;Mr. Joshi&#148;), Ctrip, SAIF and MakeMyTrip entered into a registration rights agreement (the &#147;Registration Rights Agreement&#148;).&nbsp;In accordance with the terms of the Registration Rights Agreement, the terms therein pertaining to
registration rights will, upon Closing, supersede and replace in their entirety the provisions related to registration rights in the Fourth Amended and Restated Shareholders Agreement, dated as of July 16, 2010, among MakeMyTrip, SAIF, Travogue, Mr.
Kalra and Mr. Joshi and the Investor Rights Agreement, dated as of January 7, 2016, among MakeMyTrip and Ctrip (as amended).&nbsp;Parent, Travogue, Mr. Kalra, Mr. Joshi, SAIF and Ctrip and their permitted transferees under the Registration Rights
Agreement are referred to individually as a &#147;Shareholder&#148; and collectively as the &#147;Shareholders.&#148;&nbsp;The Registration Rights Agreement will become effective upon Closing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Demand Rights </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of
the Registration Rights Agreement, at any time after 75 days following the Closing, any Shareholder or group of Shareholders will be entitled to demand registration of their MakeMyTrip shares under the Securities Act, of an amount of shares having a
proposed aggregate offering price net of underwriting commissions, of at least $5,000,000 in the aggregate.&nbsp;However, MakeMyTrip will not be required to effect more than two demand registrations per Shareholder in any twelve month period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, MakeMyTrip will not be obligated to (i) maintain the effectiveness of the registration statement filed pursuant to a demand
registration for a period longer than 180 days (or three years in the case of a shelf registration) or (ii) effect any demand registration (a) within 90 days of a &#147;firm commitment&#148; underwritten registration in which Shareholders were given
piggyback rights pursuant to the Registration Rights Agreement and at least 85% of the number of shares requested by each of the Shareholders to be included in such registration statement were included or (b) within 90 days of any other demand
registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip shall be entitled to postpone the filing of a registration statement or the facilitation of a registered
offering in the event and during such time, but up to a maximum of 90 days, that the MakeMyTrip board of directors determines in good faith and in its reasonable judgment that a registration of securities would reasonably be expected to materially
adversely affect or materially interfere with any bona fide material </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
financing of MakeMyTrip or any material transaction under consideration by MakeMyTrip or would require disclosure of information that has not been and is not required to be disclosed to the
public, the premature disclosure of which would materially adversely affect MakeMyTrip (a &#147;Blackout Period&#148;).&nbsp;A Blackout Period may not occur more than twice in any period of twelve consecutive months and the total length of all
Blackout Periods in any period of twelve consecutive months shall not exceed 120 days in the aggregate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event MakeMyTrip is
required to effect a demand registration, Parent shall provide MakeMyTrip with any financial information reasonably requested by MakeMyTrip in connection with the preparation and delivery of any pro forma financial statements or historical
consolidated financial statements required to be included in the applicable registration statement.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Piggyback Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whenever MakeMyTrip proposes to register any of its securities on a registration statement on Form F-4 or Form S-8 (or any successor forms
thereof) or pursuant to a demand registration or shelf registration, MakeMyTrip will give the Shareholders prompt written notice of the registration and allow the Shareholders to participate in such registration.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Shelf Registration </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection
with a demand registration and subject to the availability of a registration statement on Form F-3 (or any successor form) to MakeMyTrip, any Shareholders requesting a demand registration or otherwise participating in such demand registration may by
written notice require MakeMyTrip to file as soon as practicable and use reasonable best efforts to be declared effective by the SEC, a shelf registration statement on Form F-3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip will use reasonable best efforts to keep shelf registrations statements demanded by the Shareholders to be continuously effective
until the earlier of (i) three years after the shelf registration statement has been declared effective and (ii) the date on which all registrable securities covered by a shelf registration statement have been sold thereunder.&nbsp;MakeMyTrip will
not be required to file more than two shelf registration statements per Shareholder in any twelve month period.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip will also be
entitled to require Shareholders to suspend the use of prospectuses for sale under the shelf registration statement for any Blackout Periods.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Lock-Up Agreements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection
with any underwritten offering of securities, each Shareholder participating in such offering agrees to enter into customary lock-up agreements, restricting transfers of their shares of MakeMyTrip. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Registration Expenses </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All fees
and expenses incident to MakeMyTrip&#146;s performance under the Registration Rights Agreement shall be borne by MakeMyTrip, including all reasonable fees and expenses of one single primary outside counsel and one outside Mauritius local
counsel.&nbsp;Each Shareholder participating in a registration shall pay its pro rata portion (based on the number of securities registered in the offering) of all underwriting discounts and commissions and transfer taxes, if any, relating to the
sale of such Shareholder&#146;s securities pursuant to any registration. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx299965_32"></A>SPECIAL MEETING OF MAKEMYTRIP SHAREHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_33"></A>Date, Time and Place of the Special Meeting </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip&#146;s Meeting will be held at MakeMyTrip&#146;s corporate headquarters located at Tower&nbsp;A, SP&nbsp;Infocity, 243, Udyog Vihar,
Phase&nbsp;1, Gurgaon, Haryana 122016, India, on December&nbsp;9, 2016 at 5:00&nbsp;p.m. local India time. On or about November&nbsp;23, 2016, MakeMyTrip commenced mailing this proxy statement and the enclosed form of proxy to its shareholders
entitled to vote at the Meeting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_34"></A>Purpose of the Special Meeting </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This proxy statement is being provided to MakeMyTrip shareholders as part of a solicitation of proxies by the MakeMyTrip board of directors for
use at the Meeting. This proxy statement provides shareholders with important information they need to know to be able to vote, or instruct their brokers or other nominees to vote, at the Meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the Meeting, the MakeMyTrip shareholders will be asked to consider and vote on the proposal to adopt and approve the Transaction Agreement
and the Transaction in all respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip&#146;s shareholders must approve and adopt the Transaction Agreement and Transaction in
order for the Transaction to be consummated.&nbsp;If MakeMyTrip shareholders fail to approve and adopt the Transaction Agreement and Transaction, the Transaction will not occur.&nbsp;Copies of the Transaction Agreement and the Terms of Issue are
attached as Annex A and Annex B, respectively, to this proxy statement, which MakeMyTrip encourages you to read carefully and in their entirety in addition to this proxy statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_35"></A>Record Date and Quorum </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Only holders of MakeMyTrip ordinary shares as of the close of business on the Record Date will be entitled to notice of, and to vote at the
Meeting or any adjournments thereof.&nbsp;Each outstanding MakeMyTrip ordinary share is entitled to one vote on the proposals at the Meeting and any other matters properly coming before the Meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The presence, in person or by proxy, of one or more shareholders who are able to exercise not less than 33.3% of the votes entitled to be cast
at the Meeting as of the Record Date constitutes a quorum for the Meeting. Abstentions will be counted as present for purposes of determining whether there is a quorum. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_36"></A>Recommendation of the MakeMyTrip Board of Directors </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deep Kalra, Rajesh Magow and James Jianzhang Liang, each directors of MakeMyTrip, abstained from voting on the Transaction and the Transaction
Agreement in their capacities as directors of MakeMyTrip due to potential conflicts of interest.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The remainder of MakeMyTrip&#146;s
directors unanimously (i) determined that the Transaction Agreement and the Transaction is advisable for, fair to and in the best interests of MakeMyTrip and its shareholders, (ii)&nbsp;authorized, approved, confirmed, ratified and adopted in all
respect the Transaction Agreement and the Transaction and (iii)&nbsp;recommended that the shareholders of MakeMyTrip adopt and approve the Transaction Agreement and the Transaction.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional information on the recommendation of MakeMyTrip&#146;s board of directors and MakeMyTrip&#146;s reasons for entering into the
Transaction is set forth in the section of this proxy statement titled &#147;Recommendation of the Board of Directors and Reasons for the Transaction.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_37"></A>Adjournment by Chairman </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms of MakeMyTrip&#146;s constitution, the chairman of the Meeting may adjourn the Meeting to such later time and place as
determined in the chairman&#146;s discretion for any reason, including to secure more time to solicit additional votes in favor of the Transaction, so long as no new business is transacted at the adjourned meeting.&nbsp;As long as the Meeting is
adjourned to a date prior to December 23, 2016, no new notice of the Meeting shall be required to be provided to shareholders of MakeMyTrip.&nbsp;In addition, the record date for the new Meeting shall remain unchanged.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_38"></A>Vote Required </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Approval and adoption of the Transaction Agreement and the Transaction by the shareholders of MakeMyTrip requires the affirmative vote of a
majority of the ordinary shares of MakeMyTrip present, in person or represented by proxy, voting on the matter at the Meeting.&nbsp;A vote to abstain on the matter will have the same effect as a vote &#147;AGAINST&#148; the Transaction. If you fail
to submit a proxy or to vote in person at the Meeting or if your MakeMyTrip ordinary shares are held through a bank, brokerage firm or other nominee and you do not instruct your bank, brokerage firm or other nominee to vote your MakeMyTrip ordinary
shares, your shares will not be voted. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_39"></A>Voting Procedure </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip shareholders as of the Record Date may vote by proxy or in person at the Meeting. MakeMyTrip recommends that you submit your proxy
even if you plan to attend the Meeting. Giving a proxy means that a MakeMyTrip shareholder authorizes the persons named in its form of proxy (attached to this proxy statement) to vote its shares at the MakeMyTrip Meeting in the manner it directs. If
you vote by proxy, you may change your vote, among other ways, if you attend and vote at the MakeMyTrip Meeting.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you properly sign,
date, mark and return your form of proxy attached to this proxy statement, your shares will be voted in accordance with your instructions, or if no instructions are given, the holder of the proxy will vote your shares in his or her discretion unless
the reference to the holder of the proxy having such discretion has been deleted and initialed on the form of proxy.&nbsp;If you properly sign, date, mark and return your form of proxy and appoint the chairman of the Meeting as your proxy but do not
mark your card to tell the proxy how to vote, your shares will be voted &#147;FOR&#148; the adoption and approval of the Transaction Agreement and Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you own MakeMyTrip ordinary shares in your own name, you are considered, with respect to those shares, the &#147;shareholder of
record.&#148; If your shares are held in a stock brokerage account or by a bank, trust company or other nominee, you are considered the beneficial owner of shares held in &#147;street name.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you hold MakeMyTrip ordinary shares in your own name as a registered MakeMyTrip shareholder, to submit a form of proxy, you must complete,
sign and return the form of proxy to the following address: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MakeMyTrip Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Tower A, SP Infocity, 243, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Udyog
Vihar, Phase 1, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Gurgaon, Haryana 122016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">India </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attention: Kamal Avutapalli
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a MakeMyTrip shareholder&#146;s ordinary shares are held in &#147;street name&#148; by a broker, bank, trust company or other nominee,
the shareholder should check the voting instruction form used by that firm to determine the proper method for casting its vote either in person or by proxy.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_40"></A>Revocability of Proxies and Changes to a Shareholder&#146;s Vote </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you are a MakeMyTrip shareholder of record, you may revoke or change your proxy before it is voted at the Meeting by: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Filing with MakeMyTrip a duly signed revocation at its registered office at the offices of CIM Corporate Services Ltd., Les Cascades Building 33 Edith Cavell St., Port Louis, Mauritius, and sending a copy of such
revocation to MakeMyTrip Limited, Tower A, SP Infocity, 243, Udyog Vihar, Phase 1, Gurgaon, Haryana 122016 India, Attention: Kamal Avutapalli; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Attending the Meeting and voting in person. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attendance at the Meeting will not, in and of
itself, revoke or change a proxy if your ordinary shares are held in your own name, but rather, you must affirmatively cast a vote in person at the Meeting.&nbsp;If your ordinary shares are held in &#147;street name&#148; by a broker, bank, trust
company or other nominee, you should contact your broker, bank, trust company or other nominee to change your vote. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_41"></A>Attendance </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Attendance at the Meeting is limited to MakeMyTrip shareholders on the Record Date.&nbsp;If your shares are held in &#147;street name&#148;
through a broker, bank, trust company or other nominee and you would like to attend, you will need to bring to the meeting a letter or account statement from the broker, bank, trust company or other nominee confirming beneficial ownership of the
MakeMyTrip ordinary shares as of the Record Date.&nbsp;Any beneficial holder who plans to vote at the Meeting must also obtain a legal proxy, executed in their favor by or on behalf of their broker, bank, trust company or other nominee, and should
contact such broker, bank, trust company or other nominee for instructions on how to obtain a legal proxy.&nbsp;Each MakeMyTrip shareholder will be asked to provide valid government-issued photo identification, and proof of ownership of MakeMyTrip
ordinary shares as of the Record Date.&nbsp;The use of cell phones, smartphones, pagers, recording and photographic equipment will not be permitted in the meeting rooms at the Meeting.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_42"></A>Annex A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TRANSACTION AGREEMENT </P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Among
</P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MIH INTERNET SEA PRIVATE LIMITED, </P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MAKEMYTRIP LIMITED </P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">And solely
for the purposes of Article&nbsp;XIII, </P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MIH B2C HOLDINGS B.V. </P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of October&nbsp;18, 2016 </P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><A NAME="toc"></A>TABLE OF CONTENTS </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE I</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Definitions; Interpretation</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_1">Definitions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_2">Index of Defined Terms</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_3">Interpretation; Disclosure Letters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE II</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Transactions</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_4">The Restructuring</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_5">The Acquisition and Share Issuance</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_6">Closing</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_7">Closing Deliverables</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE III</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Closing Adjustments</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_8">Initial Closing Date Payment</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_9">Post-Closing Adjustments</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IV</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Representations and Warranties of Indigo Parent</P></TD>

<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_10">Organization, Standing and Power</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_11">Indigo Subsidiaries; Equity Interests</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_12">Capitalization of Indigo Group Companies</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-25</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_13">Authority; Execution and Delivery; Enforceability</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-26</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_14">No Conflicts; Governmental Approvals</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_15">Title to Indigo Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-27</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_16">SEC Documents; Financial Statements; Undisclosed
Liabilities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_17">Information Supplied</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_18">Absence of Certain Changes</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_19">Taxes</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_20">Employee and Labor Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_21">Litigation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_22">Compliance with Applicable Laws</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_23">Environmental Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_24">Real Property</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_25">Title to and Sufficiency of Assets</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_26">Intellectual Property</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_27">Material Contracts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_28">Receivables</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_29">Permits</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_30">Insurance</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_31">Customers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.23.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_32">Suppliers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.24.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_33">Private Offering</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.25.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_34">Brokers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE V</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Representations and Warranties of Monsoon</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_35">Organization, Standing and Power</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_36">Monsoon Subsidiaries; Equity Interests</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_37">Monsoon Capitalization</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_38">Authority; Execution and Delivery; Enforceability</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_39">No Conflicts; Governmental Approvals</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_40">SEC Documents; Financial Statements; Undisclosed
Liabilities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_41">Information Supplied</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_42">Absence of Certain Changes or Events</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_43">Taxes</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_44">Employee and Labor Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_45">Litigation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_46">Compliance with Applicable Laws</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_47">Environmental Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_48">Real Property</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_49">Title to and Sufficiency of Assets</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_50">Intellectual Property</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_51">Material Contracts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_52">Receivables</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_53">Permits</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_54">Insurance</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_55">Customers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_56">Suppliers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.23.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_57">Opinion of Financial Advisor</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.24.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_58">Brokers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VI</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">Covenants Relating to Conduct of Business</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_59">Conduct of Business by Monsoon</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_60">Conduct of Business by Indigo Parent and Indigo</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_61">Advice of Changes</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_62">No Control of Other Party&#146;s Business</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VII</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Additional Covenants</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_63">Preparation of Proxy Statement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_64">Monsoon Shareholders&#146; Meeting</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_65">Access to Information; Records; Confidentiality</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_66">Reasonable Best Efforts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_67">Tax Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_68">Benefits Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_69">Treatment of Indigo Business Employee Equity Awards</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_70">Fees and Expenses</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_71">Public Announcements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_72">Non-Solicitation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_73">Cooperation with respect to Financial Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_74">Related Party Transactions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_75">Supplemental Disclosure</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_76">TBO Disposal</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_77">Djubo Right of First Refusal</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_78">Termination of Confidentiality Agreement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_79">Letters of Support</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_80">Replacement Guarantee</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_81">Delivery of Post-Closing Financial Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_82">Delivery of Indemnity Agreements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_83">Solvency</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_84">Additional Class&nbsp;B Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7.23.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_85">Further Assurances</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VIII</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Governance Matters</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_86">Governance Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_87">Monsoon Board</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_88">Monsoon Subsidiaries</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_89">No Transfer of Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IX</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Transfer Restrictions</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_90">General</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_91">Transfer Restrictions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_92">Competitor List</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_93">Notation of Restrictions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_94">Acquisition of Monsoon Securities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE X</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Conditions Precedent</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_95">Conditions to Each Party&#146;s Obligation To Effect the
Transactions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_96">Conditions to Obligations of Indigo Parent</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_97">Conditions to Obligations of Monsoon</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XI</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Termination, Amendment and Waiver</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 11.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_98">Termination</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 11.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_99">Effect of Termination</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 11.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_100">Amendment</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 11.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_101">Extension; Waiver</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 11.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_102">Procedure for Termination, Amendment, Extension or Waiver</A></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XII</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Indemnification</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 12.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_103">Indemnification by Indigo Parent</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 12.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_104">Indemnification by Monsoon</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 12.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_105">Straddle Periods</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 12.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_106">Indemnification Procedures</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 12.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_107">Indemnification as Sole and Exclusive Remedy</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 12.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_108">Calculation of Indemnity Payments</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 12.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_109">Additional Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XIII</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Guarantee</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 13.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_110">Guarantee</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XIV</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">General Provisions</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 14.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_111">Survival</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 14.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_112">Notices</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 14.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_113">Severability</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 14.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_114">Counterparts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 14.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="#annexa299965_115">Entire Agreement; No Third Party Beneficiaries; No Other Representations or Warranties</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 14.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_116">Governing Law</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 14.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_117">Assignment</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 14.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_118">Methodology for Calculations</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 14.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_119">Specific Enforcement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 14.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa299965_120">Arbitration</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">A-80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit A</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Terms of Issue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit B</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Competitor List</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">This TRANSACTION AGREEMENT, dated as of October&nbsp;18, 2016 (this
&#147;<U>Agreement</U>&#148;), is among MIH INTERNET SEA PRIVATE LIMITED, a limited liability company organized under the laws of Singapore (&#147;<U>Indigo Parent</U>&#148;), MAKEMYTRIP LIMITED, a limited liability company organized under the laws
of Mauritius (&#147;<U>Monsoon</U>&#148;), and solely for the purposes of Article&nbsp;XIII, MIH B2C HOLDINGS B.V., a private limited liability company organized under the laws of The Netherlands (&#147;<U>Indigo Guarantor</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, Indigo Parent, through Ibibo Group Holdings (Singapore) Private Limited, a limited liability company organized under the laws of
Singapore and a wholly owned subsidiary of Indigo Parent (&#147;<U>Indigo</U>&#148;), and Monsoon are each engaged in the online travel business; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, each of Indigo Parent and Monsoon desire to effect a strategic combination of their respective businesses, whereby in each case on
the terms and subject to the conditions set forth in this Agreement (i)&nbsp;prior to the Closing, Indigo Parent will cause the Restructuring to be implemented, (ii)&nbsp;at the Closing, Indigo Parent will sell to Monsoon, and Monsoon will purchase
from Indigo Parent, all of the issued and outstanding ordinary shares, par value SGD&nbsp;1.00 per share, of Indigo (the &#147;<U>Indigo Shares</U>&#148;), and (iii)&nbsp;at the Closing, Monsoon will issue to Indigo Parent the Class&nbsp;B Shares;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the board of directors of Monsoon has determined that the Transactions are in the best interests of Monsoon and its shareholders
and approved this Agreement and the Transactions; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, prior to or concurrently with the execution of this Agreement, certain
shareholders of Monsoon have entered into or are entering into voting and support agreements in connection with the Transactions (collectively, the &#147;<U>Voting Agreements</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, prior to or concurrently with the execution of this Agreement, Monsoon has entered into or is entering into the DK CIC Severance
Agreement and the RM CIC Severance Agreement with the individuals named therein and, prior to the Closing, is expected to enter into the AK CIC Severance Agreement with the individual named therein; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, prior to or concurrently with the execution of this Agreement, Monsoon has entered into or is entering into a registration rights
agreement with Indigo Parent and certain other parties (the &#147;<U>Registration Rights Agreement</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, the
parties hereto, intending to be legally bound hereby, agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE I<U> </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Definitions; Interpretation</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_1"></A>SECTION 1.01.&nbsp;<U>Definitions</U>.&nbsp;For purposes of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Action</U>&#148; means any demand, action, proceeding, suit, countersuit, arbitration, mediation, audit, hearing, inquiry or
investigation (in each case, whether civil, criminal, administrative, investigative, formal or informal) commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; of any specified Person means any other Person that directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such first Person.&nbsp;As used herein, &#147;<U>control</U>&#148; means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities or other interests, by Contract or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>AK Agreement</U>&#148; means the agreement dated as of February 29, 2016, among Myriad
International Holdings BV (organized in The Netherlands), Indigo, ibibo Group Pvt Ltd (registered in India), MIH India Holding Ltd (registered in Mauritius) and Mr. Ashish Kashyap. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>AK CIC Severance Agreement</U>&#148; means the Change In Control Severance Agreement expected to be entered into prior to the Closing
between MakeMyTrip (India) Private Limited and Mr.&nbsp;Ashish Kashyap. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Anti-corruption Laws</U>&#148; means Laws relating to
anti-bribery or anti-corruption (governmental or commercial), including Laws that prohibit the corrupt payment, offer, promise or authorization of the payment or transfer of anything of value (including gifts or entertainment), directly or
indirectly, to any foreign Government Official or other Person to obtain a business advantage, including the U.S. Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act of 2010, the Indian Penal Code, 1860, the Indian Prevention of Corruption
Act of 1988 and all national and international Laws enacted to implement the OECD Convention on Combating Bribery of Foreign Officials in International Business Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Associate</U>&#148; means, with respect to any Person, any other Person of which such first Person is the Beneficial Owner of between
20% and 50% of such other Person&#146;s outstanding Capital Stock or otherwise controls the business decisions of such other Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assumed Benefit Plan</U>&#148; means (i) the Indigo SARs and Naspers Rollover RSUs, to the extent that Monsoon is explicitly assuming
the Liabilities with respect to such awards pursuant to Section&nbsp;7.07 of this Agreement, and (ii) each Indigo Business Benefit Plan that Monsoon or any Monsoon Subsidiary (including any Indigo Group Company following the Closing) is required to
assume under applicable Law or any applicable individual employment agreement, other than, in each case, those Indigo Business Benefit Plans identified on Section&nbsp;4.11(a) of the Indigo Parent Disclosure Letter with an asterisk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Beneficial Owner</U>&#148; means, with respect to any security, any Person who, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares (i)&nbsp;voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii)&nbsp;investment power, which includes the power to dispose of, or to
direct the disposition of, such security; and such term shall otherwise be interpreted in accordance with Rules&nbsp;13d-3 and 13d-5 promulgated under the Exchange Act; <I>provided</I> that for purposes of determining Beneficial Ownership, a Person
shall be deemed to be the Beneficial Owner of any security which may be acquired by such Person pursuant to any contract, arrangement or understanding or through the exercise of any option, warrant or right, or otherwise (irrespective of whether the
right to acquire such security is exercisable immediately or only after the passage of time, including the passage of time in excess of 60 days, the satisfaction of any conditions, the occurrence of any event or any combination of the foregoing),
except that in no event shall Indigo Parent be deemed to Beneficially Own any securities which it has the preemptive right to acquire pursuant to the Terms of Issue unless, and then only to the extent that, it shall have actually exercised such
right.&nbsp;The terms &#147;Beneficial Ownership&#148;, &#147;Beneficially Own&#148; and &#147;Beneficially Owned&#148; shall have a correlative meaning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Combination</U>&#148; means (a)&nbsp;any form of business combination or similar transaction or series of transactions
involving Monsoon or any Affiliate thereof, including any merger, amalgamation, sale, acquisition, joint venture, consolidation, issuance of shares, direct share exchange or tender or exchange offer, (b)&nbsp;any form of restructuring,
reorganization, recapitalization or similar transaction with respect to Monsoon or any Affiliate thereof and (c)&nbsp;any acquisition, sale, disposition, lease, distribution, encumbrance, mortgage, pledge, liquidation or exchange of the assets of
Monsoon or any Affiliate thereof comprising a line of business, business segment or division or going concern; in the case of clauses&nbsp;(a) and (b) above, irrespective of whether Monsoon or any Affiliate thereof is the surviving or resulting
entity of any such transaction and irrespective of whether any Capital Stock of Monsoon or any Affiliate thereof is converted into or exchanged for cash, securities or any other property in any such transaction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day except Saturday or Sunday on which commercial banks
are not required or authorized to close in Mauritius, Singapore, The Netherlands and New York, New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Busportal Shareholders
Agreement</U>&#148; means the Shareholders Agreement, dated as of June&nbsp;9, 2016, among MIH India Ecommerce Private Limited, Hassan Bourgi, Carol Riboud, Empresa Digital Peruana S.A.C and Indigo Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Stock</U>&#148; means, with respect to any Person at any time, any and all shares, equity interests, rights to share in
capital surplus or profits or receive a distribution of assets upon liquidation or dissolution, or other equivalents of capital stock (however designated or classified, whether voting or nonvoting), partnership interests (whether general or
limited), limited liability company interests or units, member interests or equivalent ownership interests in or issued by such Person, and any and all warrants, options, rights or other securities (including debt securities) exercisable or
exchangeable for, or convertible into, any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>CIC Severance Agreements</U>&#148; means each of the DK CIC
Severance Agreement, the RM CIC Severance Agreement and the AK CIC Severance Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U>&nbsp;</U><U>B
Shares</U>&#148; means the Class&nbsp;B convertible ordinary shares, par value $0.0005 per share, of Monsoon to be allotted and issued to Indigo Parent pursuant to this Agreement, which shares shall have the terms set forth in the Terms of Issue.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Competing Transaction</U>&#148; shall mean (a)&nbsp;any transaction or series of transactions, including any asset or stock sale or
purchase, lease, license, transfer, contribution, merger, amalgamation, consolidation, share exchange, recapitalization, reorganization or other business combination, joint venture, agreement not to compete or disposition, that would result in the
direct or indirect acquisition by or transfer to, or combination or joint venture with, any third party or parties in the aggregate of, or with respect to, any material assets, business, properties, or contractual, intellectual property or other
rights of Monsoon, any of its material Subsidiaries or the Monsoon Business and (b)&nbsp;other than in the ordinary course of business pursuant to Employee Benefit Plans existing on the date hereof (subject to, and in compliance with,
Section&nbsp;6.01), the sale, issuance, transfer or distribution, directly or indirectly, of any shares of Capital Stock or any options, warrants, convertible or exchangeable securities, rights, interests, derivatives or hedges in respect of any
shares of Capital Stock of or in Monsoon, any of its material Subsidiaries or the Monsoon Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Competition Law</U>&#148;
means the (Indian) Competition Act, 2002 and all other supranational, national, federal, state, county, provincial, municipal, local, foreign statutes and other statutes, rules, regulations, Judgments, decrees, administrative and judicial doctrines
and all other Laws designed or intended to require advance notification or approval of, or otherwise prohibit, restrict or regulate, a merger, acquisition or other transaction that may be deemed to have the purpose or effect of monopolizing or
restraining trade or lessening competition through merger or acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Confidentiality Agreement</U>&#148; means the
confidentiality agreement, dated as of April&nbsp;25, 2016, between Indigo Guarantor and Monsoon, as amended, modified and supplemented from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contract</U>&#148; means any contract, lease, license, indenture, agreement, commitment or other legally binding arrangement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Convertible Notes</U>&#148; means the $180,000,000 aggregate principal amount of 4.25% Convertible Notes due 2021 issued by Monsoon
pursuant to the Convertible Notes Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Convertible Notes Indenture</U>&#148; means the indenture, dated as of
January&nbsp;14, 2016, between Monsoon, as issuer, and The Bank of New York Mellon, Singapore Branch, as trustee, pursuant to which Monsoon issued $180,000,000 aggregate principal amount of 4.25% Convertible Notes due 2021. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Covered Shares</U>&#148; means (i)&nbsp;the Class&nbsp;B Shares and (ii)&nbsp;any
Monsoon Ordinary Shares acquired by Indigo Parent or any of its Affiliates after the Closing to the extent Indigo Parent&#146;s or any of its Affiliates&#146; Beneficial Ownership of such Monsoon Ordinary Shares allows Indigo Parent to satisfy a
required ownership percentage and acquire additional investor rights under this Agreement or the Terms of Issue that it would not have had but for the Beneficial Ownership of such Monsoon Ordinary Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ctrip</U>&#148; means Ctrip.com International, Ltd. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Djubo</U>&#148; means Saaranya Hospitality Technologies Private Limited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Djubo Shareholders</U>&#148; means the shareholders of Djubo (excluding any Indigo Group Company). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Djubo Articles</U>&#148; means the articles of association of Djubo. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Djubo Shares</U>&#148; means each fully paid-up equity share of face value INR 10 in the share capital of Djubo. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Djubo Value</U>&#148; means an amount equal to $6,500,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>DK CIC Severance Agreement</U>&#148; means the Change In Control Severance Agreement, effective as of the date hereof, between
MakeMyTrip (India) Private Limited and Mr.&nbsp;Deep Kalra. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>dollars</U>&#148; or &#147;<U>$</U>&#148; means the lawful currency
of the United States of America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Effect</U>&#148; means any state of facts, change, effect, condition, development, event or
occurrence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Employee Benefit Plan</U>&#148; means any plan, program, agreement, arrangement or understanding that is an
employment, consulting, deferred compensation, executive compensation, incentive bonus or other bonus, retention, employee pension, profit sharing, savings, retirement, supplemental retirement, stock ownership, stock option, stock purchase, stock
appreciation right, restricted stock, restricted stock unit, deferred or phantom stock unit or other equity-based compensation, severance pay, salary continuation, life, death benefit, health, medical, hospitalization, sick leave, vacation pay, paid
time off, disability or accident insurance, fringe benefit, perquisite or other employee benefit plan, program, agreement, arrangement or understanding, including any &#147;employee benefit plan&#148; as defined in Section&nbsp;3(3) of ERISA
(whether or not legally binding or subject to ERISA). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Laws</U>&#148; means any and all applicable Laws, Judgments
and Governmental Approvals issued, promulgated or entered into by or with any Governmental Entity, relating to the environment, preservation or reclamation of natural resources, or to the protection of human health as it relates to the environment,
including applicable Laws relating to noise levels, or human exposure to Hazardous Materials or to the management, release or threatened release of Hazardous Materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; means the U.S. Employee Retirement Income Security Act of 1974, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fifteen Percent Transfer</U>&#148; has the meaning given to such term in the Terms of Issue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Approval</U>&#148; means any consent, approval, license, permit, order, exemption, franchise, certificate, clearance or
authorization obtained or to be obtained from, or any registration, notification, declaration or filing made to or with, or to be made to or with, any Governmental Entity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Entity</U>&#148; means any national, federal, state, county, municipal,
local or foreign government, or other political subdivision thereof, or any court of competent jurisdiction, administrative agency or commission or other governmental authority or instrumentality, any entity exercising executive, legislative,
judicial, regulatory, taxing or administrative functions of or pertaining to government, and any arbitrator or arbitral body or panel of competent jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Government Official</U>&#148; means (i)&nbsp;any official, officer, employee, representative or Person acting in an official capacity
for or on behalf of any Governmental Entity; (ii)&nbsp;any political party or party official or candidate for political office; (iii)&nbsp;any public international organization or any department or agency thereof; or (iv)&nbsp;any Person owned in
whole or in part, or controlled by any Person described in the foregoing clause&nbsp;(i), (ii) or (iii) of this definition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Group</U>&#148; has the meaning given to such term in Section&nbsp;13(d)(3) of the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous Materials</U>&#148; means any petroleum or petroleum products (including crude oil or any fraction thereof), radioactive
materials or wastes, asbestos or asbestos-containing materials, urea formaldehyde foam insulation and polychlorinated biphenyls and any other wastes, materials, chemicals or substances prohibited, limited or regulated pursuant to any Environmental
Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>IFRS</U>&#148; means International Financial Reporting Standards as issued by the International Accounting Standards Board
at the relevant time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; means, with respect to any Person on any date of determination (without
duplication), (i)&nbsp;the principal in respect of indebtedness of such Person for borrowed money, (ii)&nbsp;the principal in respect of obligations of such Person evidenced by bonds, notes, debentures or other similar instruments or by letters of
credit (other than those issued to suppliers in the ordinary course of business consistent with past practice), (iii)&nbsp;purchase money obligations of such Person, conditional sale obligations of such Person, obligations of such Person under any
title retention agreement and all other obligations of such Person relating to the deferred purchase price of property (other than trade payables incurred in the ordinary course of business consistent with past practice), (iv)&nbsp;obligations of
such Person as lessee under leases which have been or should have been recorded as capital leases, in accordance with the accounting standards and rules applicable to such Person, (v)&nbsp;obligations of such Person in respect of amounts outstanding
under overdraft or similar lines, (vi)&nbsp;obligations of such Person under or in respect of bankers&#146; acceptances, letters of credit (other than those securing obligations entered into in the ordinary course of business consistent with past
practice to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business Day following payment on the letter of credit), bank guarantees, surety bonds or
similar arrangements (including reimbursement obligations with respect thereto), (vii)&nbsp;Liabilities of such Person under any sale and leaseback transaction or any other transaction which is the functional equivalent of, or takes the place of,
borrowing but which does not constitute indebtedness on the balance sheet, (viii)&nbsp;Liabilities of such Person under interest rate cap agreements, interest rate swap agreements, foreign currency exchange agreements and other hedging, derivative
or similar agreements, (ix)&nbsp;to the extent not otherwise included in the foregoing, the financing of any accounts receivable of such Person, as indicated by the existence of an interest bearing instrument or financial costs (whether or not
reflected on the balance sheet), (x)&nbsp;guarantees by such Person of obligations of the type described in the foregoing clauses of any other Person, (xi)&nbsp;obligations of any other Person of the type described in the foregoing clauses that are
secured by a Lien on any asset or property of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the fair market value of such property or assets and the amount of
the obligation so secured, and (xii)&nbsp;accrued interest, prepayment penalties or premiums, breakage fees and all other amounts owed in respect of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnity Agreements</U>&#148; means each of the indemnity agreements to be entered into between Monsoon and each Initial Indigo
Director pursuant to Section&nbsp;7.21, in each case in a form reasonably acceptable to Indigo Parent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indian Capital Gains Tax</U>&#148; means tax on gains (if any), computed under
Sections&nbsp;45 to 55 of the Indian Income Tax Act, 1961 (the &#147;<U>Indian IT Act</U>&#148;), arising out of the transfer of the Indigo Shares hereunder, which may or may not derive its value substantially from &#145;assets located in
India&#146;, as per Explanation 5 and 6 under Section&nbsp;9(1)(i) of the Indian IT Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo Bank Guarantee
Facilities</U>&#148; means (i)&nbsp;the bank guarantee No. 5525608053 (72842), dated June&nbsp;18, 2016, issued by Citibank, N.A. Mumbai branch in favor of International Air Transport Association on behalf of Ibibo Group Private Limited,
(ii)&nbsp;the bank guarantee No.&nbsp;5670601868 (15786), dated September&nbsp;15, 2016, issued by Citibank, N.A. New Delhi branch in favor of EIH Ltd. in respect of amounts due and payable by Ibibo Group Private Limited to EIH Ltd., (iii) the bank
guarantee No.&nbsp;5678601749(15313), dated May 26, 2016, issued by Citibank, N.A. New Delhi branch in favor of Himachal Pradesh Tourism Development Corporation for performance security in relation to Ibibo Group Private Limited, (iv)&nbsp;bank
guarantee no. 503LG1087/14 dated September 2, 2015, issued by Kotak Mahindra Bank, New Delhi branch to East India Hotels Ltd on behalf of Ibibo Group Private Limited, (v)&nbsp;bank guarantee no. 503LG1661/14 dated January 1, 2016 issued by Kotak
Mahindra Bank, New Delhi branch to The Indian Hotel Co. Ltd. on behalf of Ibibo Group Private Limited and (vi)&nbsp;bank guarantee no. 0641OBG16000304 dated January 7, 2016 issued by Kotak Mahindra Bank, New Delhi branch to India Tourism Development
Corporation Limited on behalf of Ibibo Group Private Limited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo Business Benefit Plan</U>&#148; means any Employee Benefit
Plan sponsored, maintained or contributed to, or required to be sponsored, maintained or contributed to, by any Indigo Group Company or any of its Affiliates for the benefit of any Indigo Business Employee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo Business Employee</U>&#148; means (i)&nbsp;each current or former director, officer, manager or employee of any Indigo Group
Company and (ii)&nbsp;each individual who is set forth in Section&nbsp;1.01(a)(i) of the Indigo Parent Disclosure Letter, <I>provided</I> that the individuals set forth in Section&nbsp;1.01(a)(ii) of the Indigo Parent Disclosure Letter shall not be
an Indigo Business Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo Business</U>&#148; means the business, operations and affairs of the Indigo Group Companies,
taken as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo Group Company</U>&#148; means Indigo and each Subsidiary of Indigo, other than MIH India Holdings
Limited, Mauritius and each of its Subsidiaries.&nbsp;For the avoidance of doubt, PayU Global B.V., Netherlands is not a Subsidiary of Indigo. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo IP Transfer</U>&#148; means the transfer by Indigo Parent or the relevant Affiliates of Indigo Parent to the Indigo Group
Companies of all Intellectual Property Rights that such entities own and which primarily relate to, or are otherwise necessary for, the conduct of the Indigo Business by the Indigo Group Companies as of the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo Material Adverse Effect</U>&#148; means any Effect that is, or would reasonably be expected to be, materially adverse to
(a)&nbsp;the business, financial condition or results of operations of the Indigo Group Companies, taken as a whole; <I>provided</I> that none of the following shall be deemed in themselves, either alone or in combination, to constitute, and none of
the following shall be taken into account in determining whether there has been or will be, an Indigo Material Adverse Effect:&nbsp;(i)&nbsp;any changes resulting from general market, economic, financial, capital markets or political or regulatory
conditions, (ii)&nbsp;any changes of Law or IFRS or interpretation thereof (including with respect to Taxes), (iii)&nbsp;any changes resulting from any act of terrorism, war, national or international calamity, or any worsening thereof,
(iv)&nbsp;any changes generally affecting the industries in which the Indigo Group Companies conduct their businesses, (v)&nbsp;any changes resulting from the announcement or the pendency of the Transactions, including any loss of employees or
customers, any cancellation of or delay in customer orders or any disruption in or termination of (or loss of or other negative effect or change with respect to) customer, supplier, distributor or similar business relationships or partnerships
resulting from the Transactions, (vi)&nbsp;any changes or effects resulting from any action required to be taken by the terms of this </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Agreement, (vii)&nbsp;the failure to meet internal or analysts&#146; expectations, projections or results of operations (but not, in each case, the underlying cause of any such changes, unless
such underlying cause would otherwise be excepted from this definition), or (viii)&nbsp;any Action arising from or relating to the Transactions, except in the case of clauses (i), (ii), (iii) and (iv), to the extent such changes have a
disproportionate impact on the Indigo Group Companies, taken as a whole, as compared to other participants in the industries in which the Indigo Group Companies conduct their businesses (in which case the disproportionate impact or impacts may be
taken into account in determining whether there has been an Indigo Material Adverse Effect) or (b)&nbsp;the ability of Indigo Parent or Indigo to perform its obligations under the Transaction Documents or to consummate the Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo SAR</U>&#148; means any share appreciation right whose value is determined with reference to the value of one notional Indigo
Share, whether granted pursuant to the Indigo SAR Scheme or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo SAR Scheme</U>&#148; means the MIH India Ecommerce
Private Limited SAR Scheme Rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo Steps Plan</U>&#148; means the steps plan dated as of October&nbsp;18, 2016 prepared on
behalf of Indigo Parent by PricewaterhouseCoopers Private Limited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Closing Date Payment</U>&#148; means an amount equal
to the product of (i)&nbsp;Estimated Monsoon Closing Date Net Cash <I>multiplied by</I> (ii)&nbsp;2/3, as adjusted pursuant to Section&nbsp;3.01(c) and Section&nbsp;3.01(d). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>INR</U>&#148; means the lawful currency of India. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intellectual Property Rights</U>&#148; means all domestic and foreign intellectual property rights, including with respect to all
(a)&nbsp;inventions (whether or not patentable and whether or not reduced to practice), all improvements thereto, and all patents, patent applications, and patent disclosures, together with all provisionals, reissues, continuations,
continuations-in-part, divisions, revisions, extensions, inter partes reviews, post-grant reviews, covered business method reviews and reexaminations thereof, (b)&nbsp;trademarks, service marks, trade names, trade dress, logos, corporate names,
brand names and other source indicators, together with all translations, adaptations, derivations, and combinations thereof, and all applications, registrations, and renewals in connection therewith, together with all goodwill associated with the
foregoing, (c)&nbsp;domain names, uniform resource locators, generic top-level domains, social media handles or other identifiers and other names and locators associated with the Internet, and all registrations in connection therewith,
(d)&nbsp;works of authorship (whether or not published and whether or not copyrightable), and all copyrights, designs and mask works, and all registrations, applications and renewals in connection therewith, (e)&nbsp;Software and all website content
(including text, graphics, images, audio, video and data) and (f)&nbsp;Trade Secrets, confidential business information, and other proprietary information (including ideas, know-how, formulas, compositions, processes and techniques, research and
development information, designs, drawings, specifications, research records, records of inventions, test information, financial, marketing and business data, pricing and cost information, business and marketing plans and proposals and customer and
supplier lists and information). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Judgment</U>&#148; means any judgment, order, decree, writ, injunction, circular, award,
settlement, stipulation or finding issued, promulgated, made, rendered, entered into or enforced by or with any Governmental Entity (in each case, whether temporary, preliminary or permanent). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>knowledge of Indigo Parent</U>&#148; means the actual knowledge, after reasonable inquiry, of the persons set forth in
Section&nbsp;1.01 of the Indigo Parent Disclosure Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>knowledge of Monsoon</U>&#148; means the actual knowledge, after
reasonable inquiry, of the persons set forth in Section&nbsp;1.01 of the Monsoon Disclosure Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Law</U>&#148; means any
federal, state, provincial, municipal, domestic or foreign law (including common law), statute, ordinance, rule, regulation, code or Judgment issued, promulgated, made, rendered, entered into or enforced by or with any Governmental Entity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien</U>&#148; means any lien, mortgage, pledge, conditional or installment sale
agreement, encumbrance, defect in title, covenant, condition, restriction, charge, option, right of first refusal, easement, security interest, deed of trust, right-of-way, encroachment, community property interest or other claim or restriction of
any nature, whether voluntarily incurred or arising by operation of Law (including any restriction on the voting of any security, any restriction on the transfer of any security or other asset, and any restriction on the possession, exercise or
transfer of any other attribute of ownership of any asset). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Malicious Code</U>&#148; means any &#147;back door,&#148; &#147;time
bomb&#148;, &#147;Trojan horse&#148;, &#147;virus&#148;, &#147;worm,&#148; or &#147;spyware&#148; (as such terms are commonly understood in the software industry) or any other code intended to cause any unauthorized disrupting or disabling of the
operation of, or provision of unauthorized access to, a computer system or network or other device on which such code is stored or installed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Bank Account</U>&#148; means the bank account set forth in Section&nbsp;1.01 of the Monsoon Disclosure Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Benefit Plan</U>&#148; means any Employee Benefit Plan sponsored, maintained or contributed to, or required to be sponsored,
maintained or contributed to, by Monsoon or any Monsoon Subsidiary for the benefit of any Monsoon Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon
Board</U>&#148; means the board of directors of Monsoon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Business</U>&#148; means the business, operations and affairs
of Monsoon and the Monsoon Subsidiaries, taken as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Employee</U>&#148; means any current or former director,
officer, manager or employee of Monsoon or any Monsoon Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Material Adverse Effect</U>&#148; means any Effect
that is, or would reasonably be expected to be, materially adverse to (a)&nbsp;the business, financial condition or results of operations of Monsoon and its Subsidiaries, taken as a whole; <I>provided</I> that none of the following shall be deemed
in themselves, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or will be, a Monsoon Material Adverse Effect:&nbsp;(i)&nbsp;any changes resulting from general
market, economic, financial, capital markets or political or regulatory conditions, (ii)&nbsp;any changes of Law or IFRS or interpretation thereof (including with respect to Taxes), (iii)&nbsp;any changes resulting from any act of terrorism, war,
national or international calamity, or any worsening thereof, (iv)&nbsp;any changes generally affecting the industries in which Monsoon and its Subsidiaries conduct their businesses, (v)&nbsp;any changes resulting from the announcement or the
pendency of the Transactions, including any loss of employees or customers, any cancellation of or delay in customer orders or any disruption in or termination of (or loss of or other negative effect or change with respect to) customer, supplier,
distributor or similar business relationships or partnerships resulting from the Transactions, (vi)&nbsp;changes in Monsoon&#146;s stock price or the trading volume of Monsoon&#146;s stock or any suspension of trading (but not, in each case, the
underlying cause of any such changes, unless such underlying cause would otherwise be excepted from this definition), (vii)&nbsp;any changes or effects resulting from any action required to be taken by the terms of this Agreement, (viii)&nbsp;the
failure to meet internal or analysts&#146; expectations, projections or results of operations (but not, in each case, the underlying cause of any such changes, unless such underlying cause would otherwise be excepted from this definition), or
(ix)&nbsp;any Action arising from or relating to the Transactions, except in the case of clauses (i), (ii), (iii) and (iv), to the extent such changes have a disproportionate impact on Monsoon and its Subsidiaries, taken as a whole, as compared to
other participants in the industries in which Monsoon and its Subsidiaries conduct their businesses (in which case the disproportionate impact or impacts may be taken into account in determining whether there has been a Monsoon Material Adverse
Effect) or (b)&nbsp;the ability of Monsoon to perform its obligations under the Transaction Documents or to consummate the Transactions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Option</U>&#148; means an option to purchase a Monsoon Ordinary Share whether
granted pursuant to any Monsoon Stock Plan or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Permitted Indebtedness</U>&#148; means any Indebtedness
described in Section&nbsp;6.01(h)(i), (ii), (iii), (iv) or (v), <I>provided</I> that, notwithstanding anything in this Agreement to the contrary, the Convertible Notes and the indebtedness arising pursuant to the Convertible Notes Indenture and any
indebtedness incurred, arising or issued in connection with any amendment or modification of either of the foregoing or any refinancing, replacement or renewal, in whole or in part, of either of the foregoing shall not be considered Monsoon
Permitted Indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Restricted Stock Unit</U>&#148; means any restricted share unit payable in Monsoon Ordinary
Shares or whose value is determined with reference to the value of Monsoon Ordinary Shares, whether granted pursuant to any Monsoon Stock Plan or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Shareholders&#146; Meeting</U>&#148; means the meeting of the holders of Monsoon Ordinary Shares to be convened for the
purpose of obtaining the Monsoon Shareholder Approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Stock Plans</U>&#148; means the Amended and Restated 2001 Equity
Option Plan and the 2010 Share Incentive Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Subsidiary</U>&#148; means each Subsidiary of Monsoon (including, after
the Closing, the Indigo Group Companies). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Voting Securities</U>&#148; means all shares of all classes of Capital Stock
of Monsoon then outstanding which are normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof, including all Monsoon Ordinary Shares and Class&nbsp;B Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>NASDAQ</U>&#148; means the NASDAQ Global Market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Naspers Rollover RSUs</U>&#148; means restricted stock units granted by Naspers Limited or one of its Affiliates (other than an
Indigo Group Company) to any Indigo Business Employee listed in Section&nbsp;4.03(c) of the Indigo Parent Disclosure Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Holder</U>&#148; means: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Naspers Limited or any Affiliate thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) any Person that directly or indirectly acquires all or a substantial portion of Naspers Limited&#146;s
<FONT STYLE="white-space:nowrap">e-commerce</FONT> business or any Affiliate of such Person; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) any Person that directly or
indirectly acquires all or a substantial portion of Naspers Limited&#146;s &#147;business to consumer&#148; (B2C) business or any Affiliate of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Holder Ownership Percentage</U>&#148; means, as of any date or time, the total number of Monsoon Voting Securities
(including all Class&nbsp;B Shares and Monsoon Ordinary Shares) Beneficially Owned by all Permitted Holders, expressed as a percentage of the total number of Monsoon Voting Securities issued and outstanding as of such date or time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means any individual, general or limited partnership, corporation, limited liability company, joint stock company,
trust, joint venture, unincorporated organization, association or any other entity, including any Governmental Entity, or any Group consisting of two or more of the foregoing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Personal Data</U>&#148; means, in addition to any definition provided by the parties or
any of their Subsidiaries for any similar term (e.g., &#147;personal information&#148;, &#147;personally identifiable information&#148; or &#147;PII&#148;) in any privacy policy or other public-facing statement, all recorded information used or that
can reasonably be used, alone or in combination with other information available to the parties or any of their Subsidiaries, to identify, contact or locate an individual, including name, physical address, telephone number, email address, financial
account number, government-issued identifier (including social security number and driver&#146;s license number), medical, health or insurance information, gender, date of birth, educational or employment information, religious or political views or
affiliations, marital or other status, photograph, face geometry, or biometric information and internet protocol addresses or other persistent identifiers.&nbsp;Personal Data may relate to any individual, including a current, prospective or former
employee, customer, supplier or vendor and includes any of the foregoing information in any form, whether printed, electronic or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pre-Closing Tax Period</U>&#148; means any taxable period that ends on or before the Closing Date and the portion of any Straddle
Period ending on the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Privacy Statements</U>&#148; means, collectively all publicly posted privacy policies posted
on the products and services regarding the collection, use, disclosure, transfer, storage, maintenance, retention, deletion, disposal, modification, or processing of Personal Data. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Records</U>&#148; means all books, records and other documents, including all Tax records, books of account, stock records and
ledgers, financial, accounting and personnel records, files, invoices, customers&#146; and suppliers&#146; lists, other distribution lists, operating, production and other manuals, billing records and sales and promotional literature, in all cases,
in any form or medium. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registrar</U>&#148; means the Registrar of Companies appointed under the Singapore Companies Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Related Party Transaction</U>&#148; means any transaction or series of related transactions (including any purchase, sale, lease,
exchange or other disposition of property or other assets, the rendering of any service and any loan, advance or extension of credit) between or among Monsoon or any Monsoon Subsidiary, on the one hand, and any Affiliate, Associate or Related Person
(in each case excluding Monsoon or any Monsoon Subsidiary) of Monsoon or any Monsoon Subsidiary, on the other hand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Related
Person</U>&#148; means, with respect to any Person: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;any director, executive officer or nominee for director of such Person; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;any Beneficial Owner of 5% or more of the Capital Stock of such Person; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;any immediate family member (including any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law) of such Person or any Person specified in clause&nbsp;(i) or (ii) above and any individual (other than a tenant or employee) sharing the household of such Person or any Person specified
in clause&nbsp;(i) or (ii) above; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;any other Person who shall be considered a &#147;related party&#148; as prescribed under
the Indian Companies Act, 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Representatives</U>&#148; means, with respect to any Person, its directors, officers, employees,
consultants, agents, investment bankers, financial advisors, attorneys, accountants and other advisors and representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reserved Matter</U>&#148; has the meaning given to such term in the Terms of Issue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restructuring</U>&#148; means, collectively, (i)&nbsp;each of the transactions set forth in the Indigo Steps Plan and (ii)&nbsp;the
Indigo IP Transfer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>RM CIC Severance Agreement</U>&#148; means the Change In Control Severance Agreement,
effective as of the date hereof, between MakeMyTrip (India) Private Limited and Mr.&nbsp;Rajesh Magow. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>SEC</U>&#148; means the
U.S. Securities and Exchange Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; means the U.S. Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>SGD</U>&#148; means the lawful currency of Singapore. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Singapore Companies Act</U>&#148; means the Companies Act, Chapter 50 of Singapore. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Software</U>&#148; means all (a)&nbsp;computer programs, including all software or firmware implementations of algorithms, models,
formulas and methodologies, whether in source code, object code, human readable form or other form, (b)&nbsp;databases and compilations, including all data and collections of data, whether machine readable or otherwise, (c)&nbsp;development tools
and developers&#146; kits, (d)&nbsp;descriptions, flow charts and other work product used to design, plan, organize, build and develop any of the foregoing and (e)&nbsp;all documentation including technical manuals, user manuals and other training
documentation relating to any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; of any Person means any other Person of which an amount of
the securities or interests having by the terms thereof voting power to elect at least a majority of the board of directors or other analogous governing body of such other Person (or, if there are no such voting securities or voting interests, of
which at least a majority of the equity interests) is directly or indirectly owned or controlled by such first Person, or the general partner of which is such first Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax</U>&#148; or &#147;<U>Taxes</U>&#148; means any and all taxes, fees, levies, duties, tariffs, imposts and other charges of any
kind (together with any and all interest, penalties, additions to tax and additional amounts imposed with respect thereto), in each case in the nature of a tax, imposed by any Governmental Entity (whether payable directly or by withholding),
including income, franchise, windfall or other profits, gross receipts, property, escheat or unclaimed property, sales, use, severance, net worth, capital stock, branch profits, customs duties, payroll, employment, social security, workers&#146;
compensation, unemployment compensation, excise, withholding, ad valorem, service, stamp, transfer, value-added, premium, minimum and alternative minimum, gains tax and license, customs duty and registration and documentation fees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Law</U>&#148; means any Law governing or relating to any Tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Return</U>&#148; or &#147;<U>Tax Returns</U>&#148; means all returns, declarations of estimated tax payments, reports, estimates,
information returns and statements, including any related or supporting information with respect to any of the foregoing, filed or to be filed with any Taxing Authority in connection with the determination, assessment, collection or administration
of any Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Taxing Authority</U>&#148; means any domestic, foreign, federal, national, state, county or municipal or other
local government (including any subdivision, agency, commission or authority thereof), or any quasi-governmental body, in each case, exercising regulatory authority in respect of Taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>TBO</U>&#148; means TEK Travels Private Limited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>TBO Business</U>&#148; means the business, operations and affairs of TBO and its Subsidiaries, taken as a whole. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>TBO Value</U>&#148; means an amount equal to $78,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Terms of Issue</U>&#148; means the terms of issue of the Class&nbsp;B Shares substantially in the form attached hereto as
Exhibit&nbsp;A. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Third Party Approval</U>&#148; means any consent, approval, license, permit, order,
exemption, franchise, certificate, clearance or authorization obtained or to be obtained from, or any registration, notification, declaration or filing made to or with, or to be made to or with, any third party (other than any Governmental Entity)
in connection with the Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Third Party Tender Offer</U>&#148; means a bona fide offer commenced and conducted by any
Person (other than Indigo Parent or any of its Affiliates, or Monsoon or any of its Affiliates, or any Group that includes as a member thereof Indigo Parent or any of its Affiliates) to purchase or exchange for cash, securities or any other property
all of the then outstanding Monsoon Capital Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Thirty Percent Transfer</U>&#148; has the meaning given to such term in the
Terms of Issue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Trade Secrets</U>&#148; means all forms and types of financial, business, scientific, technical, economic or
engineering information, including patterns, plans, compilations, program devices, formulas, designs, prototypes, methods, techniques, processes, procedures, programs or codes, whether tangible or intangible, and whether or how stored; compiled or
memorialized physically, electronically, graphically, photographically, or in writing if (a)&nbsp;the owner thereof has taken reasonable measures to keep such information secret; and (b)&nbsp;the information derives independent economic value,
actual or potential, from not being generally known to, and not being readily ascertainable through proper means by, another Person who can obtain economic value from the disclosure or use of the information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Documents</U>&#148; means this Agreement, the Registration Rights Agreement, the CIC Severance Agreements and the
Confidentiality Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transactions</U>&#148; means the transactions contemplated by this Agreement and the other
Transaction Documents, including the Acquisition and the Share Issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transfer</U>&#148; means the sale, transfer,
assignment, pledge, conveyance, encumbrance, hypothecation or other disposition (whether by operation of law, by means of foreclosure or otherwise, whether or not for consideration, and whether voluntarily or involuntarily) of Class&nbsp;B Shares,
which results in the automatic conversion of such Class&nbsp;B Shares into Monsoon Ordinary Shares pursuant to the Terms of Issue.&nbsp;The terms &#147;Transferring,&#148; &#147;Transferee&#148; and &#147;Transferred&#148; shall have a correlative
meaning. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transfer Taxes</U>&#148; means all stock transfer, stamp duty, real property transfer or gains taxes, documentary,
sales, use, registration, value-added and other similar taxes and related fees (including interest, penalties and additions thereto) incurred in connection with the Acquisition (other than the Restructuring), excluding any Taxes that are in the
nature of income or gains Tax. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_2"></A>SECTION 1.02.&nbsp;<U>Index of Defined Terms</U>.&nbsp;The following
terms are defined elsewhere in this Agreement, as shown in the table below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:19.10pt; font-size:8pt; font-family:Times New Roman"><B>Term</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:30.20pt; font-size:8pt; font-family:Times New Roman"><B>Location</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Accounting Firm&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Acquired Competing Business&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 7.11(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Acquired Person&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 7.11(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Acquisition&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 2.02</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Adverse Recommendation Change&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 7.10(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Advertising Contract&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.18(a)(xx)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Agreed Accounting Principles&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Schedule&nbsp;3.02</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Agreement&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Arbitration Panel&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 14.10(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Cash and Cash Equivalents&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Closing&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 2.03</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Closing Date&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 2.03</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Competitor&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 9.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Competitor List&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 9.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Direct Claim&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 12.04(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Direct Claim Notice&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 12.04(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Estimated Monsoon Closing Date Net Cash&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;ICDR&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 13.10(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indemnified Party&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 12.04(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indemnifying Party&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 12.04(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Independent Directors&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 8.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Balance Sheet&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.07(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Closing Date Working Capital&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Current Assets&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Current Liabilities&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Directors&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 8.02(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Financial Statements&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.07(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Intellectual Property&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.17(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Leased Real Property&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.15</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Material Contracts&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.18(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Minority Interests&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.02(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Organizational Documents&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.01</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Parent&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Parent Deductible&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 12.01(b)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Parent Disclosure Letter&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Article IV</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Parent Indemnitees&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 12.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Permitted Indebtedness&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 6.02(j)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Permitted Liens&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.15</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Real Property Lease&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.15</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Securities&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.03(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Shares&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Indigo Working Capital&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Interim Indigo Financial Statements&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.07(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Labor Union&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.11(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Liabilities&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.07(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Losses&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 12.01(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-18 </P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="32%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:19.10pt; font-size:8pt; font-family:Times New Roman"><B>Term</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:30.20pt; font-size:8pt; font-family:Times New Roman"><B>Location</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Balance Sheet&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.06(f)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Cash&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Closing Date Net Cash&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Closing Date Working Capital&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Consolidated Indebtedness&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Current Assets&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Current Liabilities&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Deductible&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 12.02(b)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Disclosure Letter&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Article V</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Financial Statements&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.06(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Indemnitees&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 12.01(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Intellectual Property&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.16(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Leased Real Property&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Material Contracts&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.17(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Minority Interests&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.02(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Net Cash&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Ordinary Shares&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.03(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Organizational Documents&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.01</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Owned Real Property&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Permitted Liens&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Real Property&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Real Property Lease&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon SEC Documents&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.06(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Securities&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.03(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Shareholder Approval&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.04(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Shareholders&#146; Meeting&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 7.02</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Monsoon Working Capital&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;New Issuance&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 8.06(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Non-Compete Breach&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 7.11(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Notice of Disagreement&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;OFAC&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.13(e)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Outside Date&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 11.01(b)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Proxy Statement&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 7.01</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Purchase&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 8.06(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Record Date&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 7.02</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Registration Rights Agreement&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Regulatory Undertaking&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 7.04(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Required Competition Filings&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 7.04(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Restructuring&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 2.01</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Rules&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 13.10(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Sarbanes-Oxley Act&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.06(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Share Issuance&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 2.02</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Significant Indigo Customer&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.22</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Significant Indigo Supplier&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.23</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Significant Monsoon Customer&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.21</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Significant Monsoon Supplier&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.22</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Straddle Period&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 7.05(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Tax Claim&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 7.05(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Third Party Claim&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 12.04(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Voting Agreements&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="32%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:19.10pt; font-size:8pt; font-family:Times New Roman"><B>Term</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:30.20pt; font-size:8pt; font-family:Times New Roman"><B>Location</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Voting Indigo Debt&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 4.03(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Voting Monsoon Debt&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 5.03(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;WC Statement&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Section 3.02(a)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_3"></A>SECTION 1.03.&nbsp;<U>Interpretation; Disclosure Letters</U>.&nbsp;(a)&nbsp;When
a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated.&nbsp;The table of contents and headings contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement.&nbsp;Whenever the words &#147;include&#148;, &#147;includes&#148; or &#147;including&#148; are used in this Agreement, they shall be deemed to be followed by the words &#147;without
limitation&#148;.&nbsp;The words &#147;hereof&#148;, &#147;hereby&#148;, &#147;herein&#148; and &#147;hereunder&#148; and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement.&nbsp;The word &#147;or&#148; is not exclusive.&nbsp;The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms.&nbsp;Each of the parties hereto has participated
in the drafting and negotiation of this Agreement.&nbsp;If any ambiguity or question of intent or interpretation arises, this Agreement must be construed as if it is drafted by all the parties hereto, and no presumption or burden of proof shall
arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;Any matter disclosed
in any section of the Indigo Parent Disclosure Letter or the Monsoon Disclosure Letter shall qualify the correspondingly numbered representation and warranty or covenant and any other representation and warranty or covenant of Indigo Parent and
Indigo or, as applicable, Monsoon to the extent that the relevance of any such disclosure to such other representation and warranty or covenant is reasonably apparent from the text of such disclosure. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE II </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>The
Transactions</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_4"></A>SECTION 2.01.&nbsp;<U>The Restructuring</U>.&nbsp;Prior to the Closing, Indigo Parent will
procure that the Restructuring shall occur in accordance with the Indigo Steps Plan, subject to any variations which are not material in nature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_5"></A>SECTION 2.02.&nbsp;<U>The Acquisition and Share Issuance</U>.&nbsp;At the Closing, on the terms and subject to
the conditions set forth in this Agreement, (i)&nbsp;Indigo Parent shall sell, convey, transfer and deliver to Monsoon, and Monsoon shall acquire and accept from Indigo Parent, all of Indigo Parent&#146;s right, title and interest in and to the
Indigo Shares, free and clear of all Liens, (ii)&nbsp;Indigo Parent shall pay to Monsoon (subject to the proviso set forth in Section&nbsp;3.01(c)), as part of the purchase price for the Class&nbsp;B Shares to be issued hereunder, an amount in cash
equal to the Initial Closing Date Payment, which amount shall be paid by wire transfer of immediately available funds to the Monsoon Bank Account (and, together with clause (i), the &#147;<U>Acquisition</U>&#148;), (iii)&nbsp;Monsoon shall pay to
Indigo Parent an amount in cash (if any) equal to the amount calculated pursuant to the proviso set forth in Section&nbsp;3.01(c) and (iv)&nbsp;in consideration for the Acquisition, Monsoon shall allot, and issue and deliver, or cause to be issued
and delivered, to Indigo Parent 38,971,539 Class&nbsp;B Shares (the &#147;<U>Share Issuance</U>&#148;).&nbsp;In addition, Monsoon hereby grants to Indigo Parent an option to purchase, and Indigo Parent shall have the right to purchase (in its sole
discretion) from Monsoon, at the Closing, up to 413,035 Monsoon Ordinary Shares (the &#147;<U>Optional Shares</U>&#148;).&nbsp;The purchase price for the Optional Shares will be $21.19 per share, which amount shall be paid by wire transfer of
immediately available funds to the Monsoon Bank Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_6"></A>SECTION 2.03.&nbsp;<U>Closing</U>.&nbsp;The closing
of the Acquisition and the Share Issuance (the &#147;<U>Closing</U>&#148;) shall take place at the offices of Cravath, Swaine &amp; Moore LLP, CityPoint, One Ropemaker Street, London EC2Y 9HR, United Kingdom on the last Business Day of the month in
which the conditions set forth in Article&nbsp;X (except for any conditions that by their nature can only be satisfied on the Closing Date, but subject to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
satisfaction of such conditions or waiver by the parties entitled to waive such conditions) are satisfied (or, to the extent permitted by applicable Law, waived by the parties entitled to the
benefit thereof), or at such other place, time and date as shall be agreed in writing between Indigo Parent and Monsoon.&nbsp;All Transactions taking place on the Closing Date shall be deemed to take place simultaneously.&nbsp;The date on which the
Closing occurs is referred to in this Agreement as the &#147;<U>Closing Date</U>&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_7"></A>SECTION
2.04.&nbsp;<U>Closing Deliverables</U>.&nbsp;At the Closing: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;Indigo Parent will: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) deliver, or cause to be delivered, to Monsoon, one or more certificates representing the Indigo Shares, duly endorsed in
blank or accompanied by stock powers duly endorsed in blank in proper form for transfer, with appropriate transfer tax stamps, if any, affixed; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) deliver, or cause to be delivered, to Monsoon, a certified true copy of the duly executed resolutions from the board of
directors of Indigo approving the following matters: (A) the transfer of the Indigo Shares, (B) the cancellation of the certificates issued in the name of Indigo Parent in respect of the Indigo Shares, (C) subject to the transfer of the Indigo
Shares being duly stamped, the registration of Monsoon as the holder of the Indigo Shares in the register of members of Indigo and (D) the appointment of Mr. Deep Kalra and Mr. Rajesh Magow as new directors of Indigo, subject to their consent to act
as directors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) procure that the company secretary of Indigo (or such other authorised person) lodges a notice of
transfer in respect of the Indigo Shares in the form prescribed under the Singapore Companies Act with the Registrar on the Closing Date, in order to enable the Registrar to update the electronic register of members of Indigo to reflect Monsoon as
the holder of all of the Indigo Shares on and from the Closing Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) duly executed letters of resignation of each
director of Indigo identified and agreed by the parties prior to Closing, which letters shall include customary release of liability and waiver provisions and otherwise be in a form reasonably acceptable to Monsoon; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) deliver, or cause to be delivered, to Monsoon, a duly executed counterpart of the Registration Rights Agreement (if the
Registration Rights Agreement has not already been executed and delivered by the parties thereto prior to Closing); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) deliver, or cause to be delivered, to Monsoon, the certificates, documents and other items to be delivered to Monsoon in
accordance with Section&nbsp;10.03, together with such other documents as Monsoon or its counsel may reasonably request to demonstrate satisfaction of the conditions and compliance with the covenants set forth in this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;Monsoon will deliver, or cause to be delivered, to Indigo Parent: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) one or more certificates representing the Class&nbsp;B Shares, which shares shall be duly registered in the name of Indigo
Parent in the share register of Monsoon; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a certified true copy of the duly executed resolutions of the Monsoon Board
(A)&nbsp;approving this Agreement and the other Transaction Documents to which Monsoon is or is contemplated to be a party and the consummation of the Acquisition, the Share Issuance and the other Transactions, (B)&nbsp;determining that the terms of
this Agreement and the Transactions are fair to, and are in the best interests of, Monsoon and its shareholders, (C)&nbsp;directing that this Agreement be submitted to the shareholders of Monsoon for adoption and approval, (D)&nbsp;recommending that
the shareholders of Monsoon adopt and approve this Agreement and the Transactions, (E)&nbsp;approving the Terms of Issue of the Class&nbsp;B Shares; (F)&nbsp;approving the allotment and issuance of the Class&nbsp;B Shares to Indigo Parent pursuant
to this Agreement; (G)&nbsp;approving the decrease in the size of the Monsoon Board to ten members effective as at the Closing, (H)&nbsp;approving the appointment of the Initial Indigo Directors to the Monsoon Board effective as at the Closing,
(I)&nbsp;approving the entry into the Indemnity Agreements with each of the Initial Indigo Directors as promptly as practicable after the Closing and (J)&nbsp;approving any such other action or document required in connection with any of the
foregoing; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) duly executed letters of resignation of each of the five directors of
Monsoon identified and agreed by the parties prior to Closing, which letters shall include customary release of liability and waiver provisions and otherwise be in a form reasonably acceptable to Indigo Parent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) duly executed counterparts of the Registration Rights Agreement signed by each of the parties thereto other than Indigo
Parent (if the Registration Rights Agreement has not already been executed and delivered by the parties thereto prior to Closing); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) the certificates, documents and other items to be delivered to Indigo Parent in accordance with Section&nbsp;10.02,
together with such other documents as Indigo Parent or its counsel may reasonably request to demonstrate satisfaction of the conditions and compliance with the covenants set forth in this Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE III<U> </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U></U><U></U><U>Closing Adjustments</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_8"></A>SECTION 3.01.&nbsp;<U>Initial Closing Date Payment</U>.&nbsp;(a)&nbsp;Not later than 5 Business Days prior to the
anticipated Closing Date, Monsoon shall prepare and deliver to Indigo Parent a written statement certified by an officer of Monsoon setting forth in reasonable detail its good faith estimate of Monsoon Net Cash as of the close of business on the
Closing Date (&#147;<U>Estimated Monsoon Closing Date Net Cash</U>&#148;) and its good faith estimate of Monsoon Working Capital as of the close of business on the Closing Date (&#147;<U>Estimated Monsoon Closing Date Working Capital</U>&#148;),
each of which shall be calculated in accordance with the Agreed Accounting Principles, definitions and illustrative calculations set forth in this Agreement (including Schedule&nbsp;3.02 hereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;Not later than 5 Business Days prior to the anticipated Closing Date, Indigo Parent shall prepare and deliver to Monsoon a written
statement certified by an officer of Indigo Parent setting forth in reasonable detail its good faith estimate of Indigo Working Capital as of the close of business on the Closing Date (&#147;<U>Estimated Indigo Closing Date Working
Capital</U>&#148;), which shall be calculated in accordance with the Agreed Accounting Principles, definitions and illustrative calculations set forth in this Agreement (including Schedule&nbsp;3.02 hereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;If Estimated Indigo Closing Date Working Capital exceeds an amount equal to the product of (i)&nbsp;Estimated Monsoon Closing Date
Working Capital <I>multiplied by</I> (ii)&nbsp;2/3, the amount of the Initial Closing Date Payment shall be decreased by the amount of such difference (<I>provided</I> that if such decrease results in a negative value for the Initial Closing Date
Payment, Monsoon shall pay to Indigo Parent at the Closing an amount equal to the absolute value of the difference between zero and such negative value for the Initial Closing Date Payment, which payment shall be made by wire transfer of immediately
available funds to the bank account designated in writing by Indigo Parent). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;If Estimated Indigo Closing Date Working Capital is
less than an amount equal to the product of (i)&nbsp;Estimated Monsoon Closing Date Working Capital <I>multiplied by</I> (ii)&nbsp;2/3, the amount of the Initial Closing Date Payment shall be increased by the amount of such difference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_9"></A>SECTION 3.02.&nbsp;<U>Post-Closing Adjustments</U>.&nbsp;(a)&nbsp;Within 60 days after the Closing Date, Monsoon
shall prepare and deliver to Indigo Parent a statement (the &#147;<U>WC Statement</U>&#148;), certified by an officer of Monsoon, setting forth Monsoon&#146;s good faith calculation of (i)&nbsp;Monsoon Working Capital as of the close of business on
the Closing Date (&#147;<U>Monsoon Closing Date Working Capital</U>&#148;), (ii)&nbsp;Monsoon Net Cash as of the close of business on the Closing Date (&#147;<U>Monsoon Closing Date Net Cash</U>&#148;) and (iii)&nbsp;Indigo Working Capital as of the
close of business on the Closing Date (&#147;<U>Indigo Closing Date Working Capital</U>&#148;).&nbsp;Each of Monsoon Closing Date Net Cash, Monsoon Closing Date Working Capital and Indigo Closing Date Working Capital shall be calculated in
accordance with the Agreed Accounting Principles and the definitions and illustrative calculations set forth in this Agreement (including Schedule&nbsp;3.02 hereto). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;During the 30-day period following Indigo Parent&#146;s receipt of the WC Statement,
Indigo Parent and its Representatives shall be permitted to review the working papers relating to the WC Statement.&nbsp;The WC Statement shall become final and binding upon the parties on the 30th day following delivery thereof, unless Indigo
Parent gives written notice of its disagreement with the WC Statement (a &#147;<U>Notice of Disagreement</U>&#148;) to Monsoon prior to such date.&nbsp;Any Notice of Disagreement shall (i)&nbsp;specify in reasonable detail the nature of any
disagreement so asserted and (ii)&nbsp;only include disagreements based on mathematical errors or based on Monsoon Closing Date Working Capital, Monsoon Closing Date Net Cash or Indigo Closing Date Working Capital not being calculated in accordance
with this Agreement (including the Agreed Accounting Principles).&nbsp;If a Notice of Disagreement is received by Monsoon in a timely manner, then the WC Statement (as revised in accordance with this sentence) shall become final and binding upon
Indigo Parent and Monsoon on the earlier of (A)&nbsp;the date Indigo Parent and Monsoon resolve in writing any differences they have with respect to the items specified in the Notice of Disagreement and (B)&nbsp;the date any disputed items are
finally resolved in writing by the Accounting Firm.&nbsp;During the 30-day period following the delivery of a Notice of Disagreement, Indigo Parent and Monsoon shall seek in good faith to resolve in writing any differences that they may have with
respect to the items specified in the Notice of Disagreement.&nbsp;During such period, Monsoon and its Representatives shall have access to the working papers prepared by Indigo Parent in connection with the Notice of Disagreement.&nbsp;At the end
of such 30-day period, Indigo Parent and Monsoon shall submit to Deloitte or another internationally recognized independent public accounting firm agreed upon by Indigo Parent and Monsoon in writing (the &#147;<U>Accounting Firm</U>&#148;) for
review any and all items that remain in dispute and were properly included in the Notice of Disagreement.&nbsp;The parties shall instruct the Accounting Firm to render its reasoned written decision as to the disputed items and the effect of its
decision on the WC Statement as promptly as practicable but in no event later than 60 days after its selection, which decision must be in writing and must set forth, in reasonable detail, the basis therefor.&nbsp;In resolving any disputed item, the
Accounting Firm (1)&nbsp;shall act in the capacity of an expert and not as an arbitrator, (2)&nbsp;shall limit its review to matters specifically set forth in the Notice of Disagreement as a disputed item (other than matters thereafter resolved by
mutual written agreement of the parties) and (3)&nbsp;shall not assign a value to any disputed item greater than the greatest value for such item claimed by either party or less than the smallest value for such item claimed by either party in the WC
Statement or in the Notice of Disagreement.&nbsp;Each party shall furnish to the Accounting Firm such working papers and other relevant documents and information relating to the disputed items, and shall provide interviews and answer questions, as
the Accounting Firm may reasonably request in connection with its determinations of such disputed items.&nbsp;In the event any party shall participate in teleconferences or meetings with, or make presentations to, the Accounting Firm, the other
party shall be entitled to participate in such teleconferences, meetings or presentations.&nbsp;The terms of appointment and engagement of the Accounting Firm shall be as agreed upon between the parties in writing.&nbsp;The resolution of disputed
items by the Accounting Firm shall be final and binding, and the determination of the Accounting Firm shall constitute an arbitral award that is final, binding and non-appealable and upon which a judgment may be entered by a court having
jurisdiction over the party against which such determination is to be enforced.&nbsp;The fees and expenses of the Accounting Firm incurred pursuant to this Section&nbsp;3.02(b) shall be borne 30% by Indigo Parent and 70% by Monsoon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;The &#147;<U>Final Closing Date Payment</U>&#148; shall be an amount equal to the product of (i)&nbsp;Monsoon Closing Date Net Cash
<I>multiplied by</I> (ii)&nbsp;2/3, which amount shall be: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) decreased by the amount by which Indigo Closing Date
Working Capital (as finally determined pursuant to Section&nbsp;3.02(b)) exceeds an amount equal to the product of (A)&nbsp;Monsoon Closing Date Working Capital (as finally determined pursuant to Section&nbsp;3.02(b)) <I>multiplied by</I>
(B)&nbsp;2/3; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) increased by the amount by which Indigo Closing Date Working Capital (as finally determined
pursuant to Section&nbsp;3.02(b)) is less than an amount equal to the product of (A)&nbsp;Monsoon Closing Date Working Capital (as finally determined pursuant to Section&nbsp;3.02(b)) <I>multiplied by</I> (B)&nbsp;2/3. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;Within 10 Business Days after the WC Statement becomes final and binding on the parties:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if the Initial Closing Date Payment exceeds the Final Closing Date Payment, Monsoon shall pay to Indigo Parent the
amount of such difference by wire transfer of immediately available funds to the bank account designated in writing by Indigo Parent; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if the Initial Closing Date Payment is less than the Final Closing Date Payment, Indigo Parent shall pay to Monsoon the
amount of such difference by wire transfer of immediately available funds to the Monsoon Bank Account; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>provided</I> that if the amount
of any such difference is less than $50,000, the relevant party shall not be required to make payment of the amount of such difference hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;Any payment to be made by a party pursuant to this Section&nbsp;3.02 shall include interest on the amount to be paid at a rate equal
to the rate of interest from time to time announced publicly by Citibank, N.A., as its prime rate, calculated on the basis of the actual number of days elapsed divided by 365, from the Closing Date to the date of payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;Following the Closing, Monsoon shall not take any action with respect to the accounting books and records of Monsoon on which the WC
Statement is to be based that are not consistent with Monsoon&#146;s past practices or that would obstruct or prevent the preparation of the WC Statement and the determination of Monsoon Closing Date Working Capital, Monsoon Closing Date Net Cash
and Indigo Closing Date Working Capital as provided in this Section&nbsp;3.02.&nbsp;During the period of time from and after the Closing Date through the resolution of any adjustment contemplated by this Section&nbsp;3.02, Monsoon shall afford to
Indigo Parent and its Representatives in connection with any adjustment contemplated by this Section&nbsp;3.02 reasonable access during normal business hours to all the properties, personnel, Records and Contracts of Monsoon and its Subsidiaries
relevant to the adjustment contemplated by this Section&nbsp;3.02 reasonable access during normal business hours to all the properties, personnel, Records and Contracts of Monsoon and its Subsidiaries relevant to the adjustment contemplated by this
Section&nbsp;3.02. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IV </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Representations and Warranties of Indigo Parent </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Indigo Parent represents and warrants to Monsoon that, as of the date hereof and as of the Closing Date, except as disclosed in the manner
contemplated in Section&nbsp;1.03(b), in the letter, dated as of the date hereof, from Indigo Parent to Monsoon (the &#147;<U>Indigo Parent Disclosure Letter</U>&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_10"></A>SECTION 4.01. <U>Organization, Standing and Power</U>. Each of Indigo Parent, Indigo and each other Indigo Group
Company is a corporation or other entity duly organized, validly existing and, to the extent applicable, in good standing under the laws of the jurisdiction of its organization and has the requisite corporate or other entity power and authority to
own or lease all of its properties and assets and to carry on its business as it is now being conducted. Each of Indigo Parent, Indigo and each other Indigo Group Company is duly licensed or qualified to do business in each jurisdiction in which the
nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except where the failure to be so licensed or qualified, has not had and would
not reasonably be expected to have, individually or in the aggregate, an Indigo Material Adverse Effect. The copies of the certificate or articles of incorporation and bylaws or comparable organizational documents of Indigo (collectively, the
&#147;<U>Indigo Organizational Documents</U>&#148;), as provided to Monsoon, are true, complete and correct as in effect as of the date of this Agreement and the Closing Date, as applicable. Indigo is not in violation of any of the provisions of the
Indigo Organizational Documents. The stock certificate and transfer books and the minute books of Indigo and each of its Subsidiaries (which have been made available for inspection by Monsoon prior to the date hereof) are
</P>
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true and complete. Each of Indigo and its Subsidiaries is not a party to and has not taken any corporate action or other action (including in respect of breaches of statutory obligations or
otherwise), nor have any steps been taken or Actions been commenced against Indigo and its Subsidiaries, for their liquidation, winding-up, dissolution, reorganization or administration (including receivership, bankruptcy, insolvency, examinership,
moratorium or intervention Actions) or for the appointment of a liquidator, receiver, trustee, administrator, administrative receiver or similar officer with respect to all or any of their respective assets, and each of Indigo and its Subsidiaries
is not insolvent under the laws of their respective jurisdiction of incorporation or unable to pay its debts. Each of Indigo and its Subsidiaries has not been dissolved and is not required to be dissolved under the laws of its jurisdiction of
incorporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_11"></A>SECTION 4.02. <U>Indigo Subsidiaries; Equity Interests</U>. (a)&nbsp;Section&nbsp;4.02(a) of
the Indigo Parent Disclosure Letter sets forth, as of the date hereof, a true and complete list of each Subsidiary of Indigo, its jurisdiction of organization and the authorized, issued and outstanding Capital Stock of each such Subsidiary. Each
outstanding share of Capital Stock of each such Subsidiary is duly authorized, validly issued without breach of any existing pre-emptive rights, fully paid, nonassessable and free of preemptive rights and is owned, beneficially and of record, by
Indigo or one or more other Indigo Group Companies, free and clear of all Liens. There are no outstanding Contractual obligations of any Indigo Group Company to provide funds to, or make any investment (in the form of a loan, capital contribution or
otherwise) in, any other Indigo Group Company or any other Person, other than guarantees by any Indigo Group Company of any indebtedness or other obligations of any other Indigo Group Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Section&nbsp;4.02(b) of the Indigo Parent Disclosure Letter sets forth, as of the date hereof, a true and complete list of all Capital
Stock owned, directly or indirectly, by Indigo of any Person (collectively, the &#147;<U>Indigo Minority Interests</U>&#148;), other than any other Indigo Group Companies. All the Indigo Minority Interests are owned by Indigo or another Indigo Group
Company, free and clear of all Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except for its interests in the other Indigo Group Companies and the Indigo Minority Interests,
Indigo does not own, directly or indirectly, any Capital Stock of any Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_12"></A>SECTION 4.03.
<U>Capitalization of Indigo Group Companies</U>. (a)&nbsp;As of the date hereof, (i)&nbsp;the issued share capital of Indigo is SGD&nbsp;363,185,875, comprising 5,304 Indigo Shares, (ii)&nbsp;no Indigo Shares are held by Indigo in its treasury or by
any of its Subsidiaries and (iii)&nbsp;Indigo SARs with respect to 7,362,481 notional Indigo Shares held by Indigo Business Employees are outstanding. The Indigo Shares are duly authorized, validly issued, fully paid and non-assessable and are not
subject to, or issued in violation of, any preemptive right or other antidilutive right, purchase option, call option, right of first refusal, subscription right, transfer restriction or any similar right under any provision of applicable Law, the
Indigo Organizational Documents or any Contract to which Indigo or any Affiliate thereof is a party or otherwise bound. There are no bonds, debentures, notes or other indebtedness of Indigo having the right to vote (or convertible into, or
exchangeable for, securities having the right to vote) on any matters on which holders of Indigo Shares may vote (&#147;<U>Voting Indigo Debt</U>&#148;). Except as set forth above, as of the date hereof, (i)&nbsp;there are no shares of capital stock
of, or other equity or voting interests in, Indigo issued, reserved for issuance or outstanding and (ii)&nbsp;there are no options, rights, warrants, convertible or exchangeable securities (including debt securities), &#147;phantom&#148; stock or
other equity rights, stock-based performance units, commitments, Contracts or undertakings of any kind to which any Indigo Group Company is a party or by which any of their respective properties or assets are bound (A)&nbsp;obligating any Indigo
Group Company to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock of, or other equity or voting interests in, or any security convertible or exercisable for or exchangeable into any capital stock
of or other equity or voting interests in, Indigo or any Voting Indigo Debt, (B)&nbsp;obligating any Indigo Group Company to issue, grant, extend or enter into any such option, right, warrant, security, commitment, Contract, arrangement or
undertaking or (C)&nbsp;that give any Person the right to receive any economic benefit or right similar to or derived from the economic benefits and rights accruing to holders of Indigo Shares (the items in clauses&nbsp;(i) and (ii), collectively,
&#147;<U>Indigo Securities</U>&#148;). There are no Contracts outstanding of any kind that obligate any Indigo Group Company to repurchase, redeem or otherwise acquire, or register or otherwise qualify for sale in accordance with applicable Law, any
Indigo Securities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The document entitled &#147;Outstanding Indigo SARs held by Indigo Business Employees&#148;
delivered by Indigo Parent to Monsoon as of the date of this Agreement sets forth, as of the date of this Agreement, (i)&nbsp;a complete and correct list of all outstanding Indigo SARs held by Indigo Business Employees, (ii)&nbsp;the number of
notional Indigo Shares with respect to which such Indigo SARs are outstanding, (iii)&nbsp;the grant date, exercise price, vesting schedule and expiration date of each such Indigo SAR and (iv)&nbsp;the name of the holder of each such Indigo SAR. All
outstanding Indigo SARs have been granted under the Indigo SAR Scheme. Other than the Indigo SARs set forth in the document delivered pursuant to this Section&nbsp;4.03(b), none of the Indigo Group Companies has or could reasonably be expected to
have any Liability in respect of any Indigo SARs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The document entitled &#147;Outstanding Naspers Rollover RSUs&#148; delivered by
Indigo Parent to Monsoon as of the date of this Agreement sets forth, as of the date of this Agreement, (i)&nbsp;a complete and correct list of all outstanding Naspers Rollover RSUs, (ii)&nbsp;the number of shares of common stock of Naspers Limited
or one of its Affiliates (as applicable) with respect to which such Naspers Rollover RSUs are outstanding, (iii)&nbsp;the grant date, vesting schedule and expiration date of each such Naspers Rollover RSU and (iv)&nbsp;the name of the holder of each
such Naspers Rollover RSU. All outstanding Naspers Rollover RSUs have been granted under the Naspers Restricted Stock Plan Trust. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_13">
</A>SECTION 4.04. <U>Authority; Execution and Delivery; Enforceability</U>. (a)&nbsp;Indigo Parent has all requisite power and authority to execute and deliver each Transaction Document to which it is or is contemplated to be a party, to perform and
comply with its obligations thereunder and to consummate the Transactions. The execution and delivery by Indigo Parent of each Transaction Document to which it is or is contemplated to be a party and the consummation by Indigo Parent of the
Transactions have been duly authorized by all necessary corporate action on the part of Indigo Parent, and no other corporate proceedings on the part of Indigo Parent are necessary to authorize the Transaction Documents or the consummation of the
Transactions. Indigo Parent has duly executed and delivered this Agreement, and, assuming due authorization, execution and delivery by the other parties hereto, this Agreement constitutes its legal, valid and binding obligation, enforceable against
Indigo Parent in accordance with its terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors&#146; rights generally, or by principles governing
the availability of equitable remedies). Prior to the Closing, Indigo Parent will have duly executed and delivered each other Transaction Document to which it is or is contemplated to be a party, and, assuming due authorization, execution and
delivery by the other parties thereto, each other Transaction Document to which it is or is contemplated to be a party will constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms (except insofar as
such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors&#146; rights generally, or by principles governing the availability of equitable remedies). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) No affirmative vote or consent of holders of any class or series of Capital Stock of Indigo Parent is necessary to approve this Agreement
or consummate any of the Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Neither Indigo Parent nor Indigo are party to any shareholder rights agreement, &#147;poison
pill&#148; or similar anti-takeover agreement or plan. No &#147;fair price&#148;, &#147;moratorium&#148;, &#147;control share acquisition&#148;, &#147;business combination&#148;, &#147;stockholder protection&#148; or other similar antitakeover Law
applicable with respect to Indigo Parent or Indigo applies to this Agreement or the Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_14"></A>SECTION
4.05. <U>No Conflicts; Governmental Approvals</U>. (a)&nbsp;The execution and delivery by Indigo Parent of each Transaction Document to which it is a party do not, the execution and delivery by Indigo Parent of each Transaction Document to which it
is contemplated to be a party will not, and the consummation of the Transactions and compliance with the terms hereof and thereof will not, conflict with, or result in any violation of or default (or an event that, with or without notice or lapse of
time or both, would become a default) under, or give rise to a right of termination, cancelation or acceleration of any obligation or to loss of a material benefit under, or to increased, additional, accelerated or guaranteed rights or entitlements
of any Person under, or result in the creation of any Lien upon any of the properties or assets of Indigo Parent or any Indigo Group Company </P>
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under, any provision of (i)&nbsp;the Indigo Organizational Documents or the certificate or articles of incorporation and the bylaws or comparable organizational documents of any other Indigo
Group Company, (ii)&nbsp;any Contract to which Indigo Parent or any Indigo Group Company is a party or by which any of their respective properties or assets is bound or (iii)&nbsp;subject to the filings, consents and other matters referred to in
Section&nbsp;4.05(b), any Judgment or Law applicable to Indigo Parent or any Indigo Group Company or their respective properties or assets, other than, in the case of clauses&nbsp;(ii) and (iii)&nbsp;above, any such item that, individually or in the
aggregate, has not and would not reasonably be expected to (A)&nbsp;prevent or delay beyond the Outside Date consummation of the Transactions or (B)&nbsp;have an Indigo Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) No Governmental Approval is required to be obtained or made by or with respect to Indigo Parent or any Indigo Group Company in connection
with the execution, delivery and performance of any Transaction Document to which it is a party or the consummation of the Transactions, other than (i)&nbsp;the Required Competition Filings, (ii)&nbsp;under any applicable international, Federal or
state securities or &#147;blue sky&#148; Laws and (iii)&nbsp;such other Governmental Approvals, the failure of which to be obtained or made, individually or in the aggregate, would not reasonably be expected to (A)&nbsp;prevent or delay beyond the
Outside Date consummation of the Transactions or (B)&nbsp;have an Indigo Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_15"></A>SECTION
4.06. <U>Title to Indigo Shares.</U> Indigo Parent has, or upon completion of the Restructuring will have, good and valid title to the Indigo Shares, free and clear of all Liens, other than transfer restrictions imposed under applicable securities
Laws (which transfer restrictions do not apply to the Acquisition). Assuming Monsoon has the requisite power and authority to be the lawful owner of the Indigo Shares, upon consummation of the Acquisition, good and valid title to such Indigo Shares
will pass to Monsoon, free and clear of any Liens, other than those arising from acts of Monsoon or its Affiliates and transfer restrictions imposed under applicable securities Laws (which transfer restrictions do not apply to the Acquisition).
Other than this Agreement, Indigo Parent is not party to any voting trust, stockholder agreement, proxy or other Contract with respect to the voting, redemption, sale, pledge, transfer or other disposition of the Indigo Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_16"></A>SECTION 4.07. <U>SEC Documents; Financial Statements; Undisclosed Liabilities</U>. (a)&nbsp;No Indigo Group
Company is subject to the reporting requirements of Section&nbsp;13(a) or 15(d) of the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Indigo Parent has made available
to Monsoon (i)&nbsp;the reviewed (but unaudited) special purpose consolidated financial information of Indigo for the fiscal year ended March&nbsp;31, 2016 (including any notes or schedules thereto) (the &#147;<U>Indigo Financial
Statements</U>&#148;). The Indigo Financial Statements (i)&nbsp;present fairly in all material respects the financial condition and the results of operations, cash flows and changes in shareholders&#146; equity of Indigo (on a consolidated basis) as
of the respective dates of and for the periods referred to in the Indigo Financial Statements, and (ii)&nbsp;were prepared in accordance with IFRS, applied on a consistent basis during the periods covered (except as may be indicated in the notes
thereto). The books and records of the Indigo Group Companies are accurate and complete, have been maintained in accordance with sound business practices and accurately present and reflect in all material respects all of the transactions and actions
therein described and the Indigo Financial Statements have been prepared, in all material respects, in accordance with such books and records. No financial statements of any Person other than Indigo and its Subsidiaries are required by IFRS to be
included in the Indigo Financial Statements. Except as required by IFRS, Indigo has not, between March&nbsp;31, 2016 and each of the date of this Agreement and the Closing Date, as applicable, made or adopted any material change in its accounting
methods, practices or policies in effect on March&nbsp;31, 2016. For the avoidance of doubt, the fact that Monsoon was required to execute a hold harmless letter with the auditors engaged by Indigo Parent to review the Indigo Financial Statements
shall not affect any representations and warranties made by Indigo Parent in, or any rights of Monsoon under, this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Indigo
has established and maintains a system of internal control over financial reporting effective to provide reasonable assurances regarding the reliability of the consolidated financial reporting and the preparation of the consolidated financial
statements of Indigo and its Subsidiaries in accordance in all material respects with IFRS. As of the date hereof, based on the most recently completed evaluation of Indigo&#146;s internal </P>
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control over financial reporting, (i)&nbsp;Indigo had no significant deficiencies or material weaknesses in the design or operation of its internal control over financial reporting that would
reasonably be expected to adversely affect Indigo&#146;s ability to record, process, summarize and report financial information and (ii)&nbsp;Indigo does not have knowledge of any fraud, whether or not material, that involves management or other
employees who have a significant role in Indigo&#146;s internal control over financial reporting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Indigo and its Subsidiaries do not
have any liabilities, commitments or obligations of any nature, whether absolute or contingent, asserted or unasserted, known or unknown, primary or secondary, direct or indirect, and whether or not accrued, due or to become due (collectively,
&#147;<U>Liabilities</U>&#148;), except (i)&nbsp;as disclosed, reflected, provided for or reserved against in the balance sheet included in the Indigo Financial Statements or the notes thereto (such balance sheet, together with the notes thereto,
the &#147;<U>Indigo Balance Sheet</U>&#148;), (ii)&nbsp;for Liabilities incurred in the ordinary course of business since the date of the Indigo Balance Sheet, (iii)&nbsp;for Liabilities arising out of or in connection with this Agreement, the other
Transaction Documents or the Transactions (other than Liabilities arising out of or in connection with the Restructuring), (iv)&nbsp;for Liabilities arising out of or in connection with the Restructuring that, individually or in the aggregate, have
not had and would not reasonably be expected to have an Indigo Material Adverse Effect and (v)&nbsp;for Liabilities that individually or in the aggregate, have not had and would not reasonably be expected to have an Indigo Material Adverse Effect.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Neither Indigo nor any Indigo Group Company is a party to, or has any Contract to become a party to, any joint venture, off-balance
sheet partnership or any similar Contract, including any Contract relating to any transaction or relationship between or among Indigo or any Indigo Group Company, on the one hand, and any unconsolidated affiliate, including any structured finance,
special purpose or limited purpose entity or Person, on the other hand, or any off-balance sheet arrangements where the purpose of such Contract is to avoid disclosure of any material transaction involving, or material liabilities of, Indigo in the
Indigo Financial Statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_17"></A>SECTION 4.08. <U>Information Supplied</U>. None of the information supplied or
to be supplied by Indigo Parent for inclusion or incorporation by reference in the Proxy Statement (including any amendment or supplement thereto) contains or will contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_18"></A>SECTION 4.09. <U>Absence of Certain Changes</U>. Since the date of the Indigo Balance Sheet and through the date
hereof, the Indigo Business has been conducted in all material respects in the ordinary course consistent with past practice, and there has not been any Effect that, individually or in the aggregate, has had or would reasonably be expected to have
an Indigo Material Adverse Effect. Since the date of the Indigo Balance Sheet and through the date hereof, no Indigo Group Company has taken any action that, if taken after the date of this Agreement, would constitute a breach of Section&nbsp;6.02.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_19"></A>SECTION 4.10. <U>Taxes</U>. (a)&nbsp;All Tax Returns required to be filed by or on behalf of any of the
Indigo Group Companies have been filed when due and in accordance with all applicable Laws. Each such Tax Return is complete and accurate in all material respects. No Indigo Group Company has requested any extension of time within which to file any
Tax Return that has not yet been filed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) All Taxes of the Indigo Group Companies have been duly and timely paid, or are being
contested in good faith through appropriate proceedings and disclosed in Section&nbsp;4.10(b) of the Indigo Parent Disclosure Letter, in accordance with all applicable Laws. The Indigo Group Companies have accrued on their books, records and
accounts, in accordance with IFRS, all Taxes that are not yet due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) There are no Liens for Taxes upon the properties or
assets of any of the Indigo Group Companies, except for statutory Liens for Taxes not yet due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) No Taxing Authority has
asserted an adjustment that could reasonably be expected to result in any additional Taxes for which any of the Indigo Group Companies is or may be liable or that could reasonably be expected to result in the creation of a Lien on any properties or
assets of any of the Indigo Group Companies. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) No Tax or Tax Return of any of the Indigo Group Companies is under audit or examination by
any Taxing Authority, and no written or, to the knowledge of Indigo Parent, unwritten notice of such an audit or examination has been received by any of the Indigo Group Companies. Each assessed deficiency resulting from any audit or examination by
any Taxing Authority has been timely paid or is being contested in good faith through appropriate proceedings and disclosed in Section&nbsp;4.10(e) of the Indigo Parent Disclosure Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) No claim has been made, in writing, by any Taxing Authority in a jurisdiction where any of the Indigo Group Companies does not file a Tax
Return that such Indigo Group Company is or may be subject to taxation by that jurisdiction in respect of Taxes that would be covered by or the subject of such Tax Return, which claim is still pending. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) There is no Contract or other document extending, or having the effect of extending, the period of assessment or collection of any Taxes,
and no power of attorney with respect to any Taxes has been executed or filed with any Taxing Authority by or on behalf of any of the Indigo Group Companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) All related party transactions involving any of the Indigo Group Companies are at arm&#146;s length and in compliance with the
requirements governing related party transactions of any applicable Tax Law. Each of the Indigo Group Companies has maintained documentation (including any applicable transfer pricing studies) in connection with such related party transactions as
may be required by applicable Tax Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Each of the Indigo Group Companies has complied in all respects with all applicable Laws
relating to the collection, payment and withholding of Taxes and has, within the time and manner prescribed by Law, collected, withheld from and paid over to the proper Governmental Entities all amounts required to be so collected, withheld and paid
under applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_20"></A>SECTION 4.11. <U>Employee and Labor Matters</U>. (a)&nbsp;Section&nbsp;4.11(a) of the
Indigo Parent Disclosure Letter sets forth a complete and accurate list, as of the date of this Agreement, of each material Indigo Business Benefit Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) With respect to each material Indigo Business Benefit Plan, Indigo Parent has delivered or made available to Monsoon complete and accurate
copies of (i)&nbsp;such Employee Benefit Plan, including any amendment thereto (or, in the case of any unwritten Employee Benefit Plan, a written description thereof), other than any Employee Benefit Plan that Indigo Parent is prohibited from making
available to Monsoon as the result of applicable Law relating to the safeguarding of data privacy and (ii)&nbsp;the two most recent financial statements and actuarial or other valuation reports (if any) prepared with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) None of the execution and delivery of this Agreement or the consummation of any of the Transactions (alone or in conjunction with any
other event, including any termination of employment) will (i)&nbsp;entitle any Indigo Business Employee to any compensation or benefit, (ii)&nbsp;accelerate the time of payment or vesting, or trigger any payment or funding, of any compensation or
benefits or trigger any other obligation under any Indigo Business Benefit Plan or (iii)&nbsp;result in any breach or violation of or default under, or limit Monsoon or any Monsoon Subsidiary&#146;s right to amend, modify or terminate, any Assumed
Benefit Plan, in each case, except as provided in this Agreement or pursuant to applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Except as would not reasonably be
expected to be a material Liability of any Indigo Group Company, Monsoon or any Monsoon Subsidiary following the Closing, with respect to all Indigo Business Employees, each Indigo Business Benefit Plan (and any related trust or other funding
vehicle) has been administered in accordance with its terms and is in compliance with all applicable Laws. Except as would not reasonably be expected to be a material Liability of any Indigo Group Company, Monsoon or any Monsoon Subsidiary following
the Closing, each of the Indigo Group Companies is in compliance with all applicable Laws with respect to the Assumed Benefit Plans. None of the Indigo Group Companies is party to any collective </P>
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bargaining agreement, collective agreement, company or shop agreement, labor or trade union, works council, employee forum or other employee representative Contract applicable to or for the
benefit of any Indigo Business Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) No Indigo Group Company has incurred, or could reasonably be expected to incur, any material
unfunded Liabilities in relation to any Indigo Business Benefit Plan that could reasonably be expected to become Liabilities of any Indigo Group Company, Monsoon or any Monsoon Subsidiary following the Closing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) No Indigo Business Benefit Plan provides (i)&nbsp;any defined benefit pension plan benefits to any Indigo Business Employee or
(ii)&nbsp;any post-retirement medical, dental or life insurance benefits to any Indigo Business Employee (other than coverage mandated by applicable Law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Except as would not reasonably be expected to be a material Liability of any Indigo Group Company, Monsoon or any Monsoon Subsidiary
following the Closing, no Action (other than routine claims for benefits) is pending against or involves or, to the knowledge of Indigo Parent, is threatened against or threatened to involve, any Assumed Benefit Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) None of the Indigo Group Companies is party to any material arrangement with labor or trade unions, works councils and other similar
employee representative bodies (each a &#147;<U>Labor Union</U>&#148;) under which the Indigo Business Employees will have outstanding rights or obligations on and following the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The Indigo Group Companies have (i)&nbsp;complied with all applicable Laws relating to employment, employment and labor practices,
immigration, wages, hours and terms and conditions of employment with respect to the Indigo Business Employees and (ii)&nbsp;correctly classified Indigo Business Employees as employees or non-employees under applicable Laws except, in each case, for
any such matters that would not reasonably be expected to be a material Liability of any Indigo Group Company, Monsoon or any Monsoon Subsidiary following the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) (i)&nbsp;Since January&nbsp;1, 2014, there has been and there is no labor strike, dispute, request for representation, union organization
attempt, walkout, work stoppage, slowdown or lockout against any Indigo Group Company in respect of any Indigo Business Employee in effect, pending or, to the knowledge of Indigo Parent, threatened; and (ii)&nbsp;no Indigo Group Company is subject
to any pending Action pertaining to the Indigo Business Employees and, to the knowledge of Indigo Parent, no such Action is threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Except as would not, individually or in the aggregate, reasonably be expected to result in a material Liability of any Indigo Group
Company, Monsoon or any Monsoon Subsidiary following the Closing, there are no legal or contractual requirements to provide notice to, enter into any consultation procedure with or obtain an opinion from any Labor Union recognized by any Indigo
Group Company for collective consultation purposes in relation to any Indigo Business Employee, in connection with the execution of the Transaction Documents or the consummation of the Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) Section&nbsp;4.11(l) of the Indigo Parent Disclosure Letter sets forth (i)&nbsp;the total number of employees of the Indigo Group
Companies as of September&nbsp;30, 2016 and (ii)&nbsp;the total cost of employment, which includes annual base salary and wages, incentive opportunities and the employer portion of the cost of participation in the applicable Indigo Business Benefit
Plans, with respect to such employees for the six month period ended September&nbsp;30, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) No amount or other entitlement that
could be received (whether in cash or property or the vesting of property) as a result of the Transactions by any &#147;disqualified individual&#148;, as such term is defined in Treasury Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;1.280G-1,</FONT> with respect to Indigo, under any Indigo Business Benefit Plan or other compensation arrangement would be characterized as an &#147;excess parachute payment&#148;, as such term is
defined in Section&nbsp;280G(b)(1) of the Code, and no such disqualified individual is entitled to receive any additional payment (including any tax gross up or other payment) from Indigo Parent or any of its Affiliates or any other Person in the
event that the excise tax required by Section&nbsp;4999(a) of the Code is imposed on such disqualified individual. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_21"></A>SECTION 4.12. <U>Litigation</U>. A true, complete and correct list
of any Actions pending or, to the knowledge of Indigo Parent, threatened against or affecting Indigo Parent or any Indigo Group Company, and any Judgments outstanding against Indigo Parent or any Indigo Group Company or to which Indigo Parent or any
Indigo Group Company or any of their respective properties or assets is subject as of the date of this Agreement, and in each case which is reasonably likely to result in the imposition on Indigo Parent or any Indigo Group Company of damages in
excess of $1,000,000 individually or any equitable relief that would be materially adverse to Indigo Parent or any Indigo Group Company, is set out in Section&nbsp;4.12 of the Indigo Disclosure Letter. There is no Action pending or, to the knowledge
of Indigo Parent, threatened against or affecting Indigo Parent or any Indigo Group Company (and Indigo Parent is not aware of any basis for any such Action) that would, individually or in the aggregate, reasonably be expected to prevent or delay
beyond the Outside Date consummation of the Transactions. There is no Action pending or, to the knowledge of Indigo Parent, threatened against or affecting Indigo Parent or any Indigo Group Company (and Indigo Parent is not aware of any basis for
any such Action) that, individually or in the aggregate, has had or would reasonably be expected to have an Indigo Material Adverse Effect, nor is there any Judgment outstanding against Indigo Parent or any Indigo Group Company or to which Indigo
Parent or any Indigo Group Company or any of their respective properties or assets is subject that, individually or in the aggregate, has had or would reasonably be expected to have an Indigo Material Adverse Effect. This Section&nbsp;4.12 does not
relate to environmental claims, which are the subject of Section&nbsp;4.14, or intellectual property matters, which are the subject of Section&nbsp;4.17. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_22"></A>SECTION 4.13. <U>Compliance with Applicable Laws</U>. (a)&nbsp;The Indigo Group Companies are, and have been
since January&nbsp;1, 2014, in compliance with all applicable Laws (including those relating to related parties and occupational health and safety), except for instances of non-compliance that, individually or in the aggregate, have not had and
would not reasonably be expected to have an Indigo Material Adverse Effect. The Restructuring has been, or will be, implemented in compliance with all applicable Laws, except for instances of non-compliance that, individually or in the aggregate,
have not had and would not reasonably be expected to have an Indigo Material Adverse Effect. The Indigo Group Companies are, and have been since January&nbsp;1, 2014, in compliance with the Indian foreign exchange regulations, as applicable. No
Indigo Group Company has received any written communication since January&nbsp;1, 2014 from a Governmental Entity that alleges that any Indigo Group Company is not in compliance in any material respect with any applicable Law, which alleged
non-compliance has not been materially resolved. This Section&nbsp;4.13 does not relate to Tax matters, which are the subject of Section&nbsp;4.10, or Environmental Laws, which are the subject of Section&nbsp;4.14. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Indigo Group Companies (i)&nbsp;are, and have been since January&nbsp;1, 2014, in compliance in all material respects with applicable
Anti-corruption Laws, (ii)&nbsp;since January&nbsp;1, 2014, have not been investigated by any Governmental Entity with respect to, or been given notice by a Governmental Entity or any other Person of, any actual or alleged violation by any Indigo
Group Company of any applicable Anti-corruption Laws and (iii)&nbsp;since January&nbsp;1, 2014, have had an operational code of conduct that includes policies and procedures intended to enhance awareness of and compliance by the Indigo Group
Companies with Anti-corruption Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) No Indigo Group Company has directly or, to the knowledge of Indigo Parent, indirectly through
its Representatives or any Person authorized to act on its behalf (including any distributor, agent, sales intermediary or other third party), offered, promised, paid, authorized or given money or anything of value to any Person for the purpose of
(i)&nbsp;influencing any act or decision of any Government Official, (ii)&nbsp;inducing any Government Official to do or omit to do an act in violation of a lawful duty, (iii)&nbsp;securing any improper advantage or (iv)&nbsp;inducing any Government
Official to influence the act or decision of a Governmental Entity in order to obtain or retain business or direct business to any Person in any way. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Indigo Group Companies have maintained complete and accurate books and records, including records of payments to any agents,
consultants, representatives, third parties and Government Officials, in accordance with IFRS, in all material respects. There have been no false or fictitious entries made in the books and records of the Indigo Group Companies relating to any
unlawful offer, payment, promise to pay, or authorization of the payment of any money, or unlawful offer, gift, promise to give, or authorization of the giving </P>
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of anything of value, including any bribe, kickback or other illegal or improper payment, and the Indigo Group Companies have not established or maintained a secret or unrecorded fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Since January&nbsp;1, 2014, no Indigo Group Company has had a customer or supplier or other business relationship with, has been a party
to any Contract with, or has engaged in any transaction with, any Person (i)&nbsp;that is organized or domiciled in or that is a citizen of Cuba, Iran, North Korea, Sudan or Syria (including any Governmental Entity within such country) or
(ii)&nbsp;that is the subject of any international economic or trade sanction administered or enforced by the Office of Foreign Assets Control of the United States Department of the Treasury (&#147;<U>OFAC</U>&#148;), the United Nations Security
Council, the European Union, Her Majesty&#146;s Treasury, the United Kingdom Export Control Organization or other relevant sanctions authority (including but not limited to being listed on the Specially Designated Nationals and Blocked Persons List
administered by OFAC). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_23"></A>SECTION 4.14. <U>Environmental Matters</U>. (i)&nbsp;Each of the Indigo Group
Companies hold, and are and have been in compliance with, all Governmental Approvals required for the Indigo Group Companies to conduct their respective businesses under Environmental Laws, and are and have been in compliance with all Environmental
Laws, except for any instances of noncompliance which, individually or in the aggregate, have not had and would not reasonably be expected to have an Indigo Material Adverse Effect, (ii)&nbsp;no Indigo Group Company has any actual or contingent
liabilities or obligations including any assumed, whether by contract or operation of law, liabilities or obligations, in connection with any Hazardous Materials or arising under any Environmental Laws in connection with the ownership or operation
of its business, real properties or any formerly owned or operated divisions, subsidiaries, companies or real properties, that, individually or in the aggregate, have been and would not reasonably be expected to be material, (iii)&nbsp;no Indigo
Group Company has disposed of, or arranged for the disposal of, Hazardous Materials at any onsite or offsite location, and (iv)&nbsp;no Indigo Group Company has received any written or oral communication from any person that alleges that any Indigo
Group Company is not in compliance in any material respect with any Environmental Laws, or is subject to material liability under any Environmental Laws, the substance of which has not been materially resolved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_24"></A>SECTION 4.15. <U>Real Property</U>. No Indigo Group Company owns any real property. Section&nbsp;4.15 of the
Indigo Parent Disclosure Letter sets forth a complete list as of the date of this Agreement of all real property and interests in real property leased by any Indigo Group Company (each, an &#147;<U>Indigo Leased Real Property</U>&#148;) and
identifies the leases or subleases demising such Indigo Leased Real Property (each, an &#147;<U>Indigo Real Property Lease</U>&#148;). An Indigo Group Company has good and valid title to its leasehold estates in all Indigo Leased Real Property, in
each case free and clear of all Liens, except (i)&nbsp;Liens securing indebtedness reflected in the latest Indigo Financial Statements, (ii)&nbsp;Liens consisting of zoning or planning restrictions, permits, easements, covenants and other
restrictions or limitations on the use or occupancy of real property or irregularities in title thereto, which do not materially impair the use of such property as it is presently used or intended to be used in connection with the Indigo Business,
(iii)&nbsp;Liens for current Taxes and assessments not yet past due or the amount or validity of which is being contested in good faith by appropriate Actions and for which adequate reserves in accordance with IFRS have been established in the
latest Indigo Financial Statements, (iv)&nbsp;mechanics&#146;, carriers&#146;, workmen&#146;s, materialmen&#146;s, repairmen&#146;s and similar Liens arising in the ordinary course of business consistent with past practice for sums not yet due and
payable and (v)&nbsp;Liens which do not and would not reasonably be expected to, individually or in the aggregate, materially and adversely affect the use and operation of such assets as they are presently used and operated or intended to be used
and operated in connection with the Indigo Business (the items in clauses&nbsp;(i) through (v), collectively, &#147;<U>Indigo Permitted Liens</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_25"></A>SECTION 4.16. <U>Title to and Sufficiency of Assets</U>. Except as has not had and would not reasonably be
expected to have, individually or in the aggregate, an Indigo Material Adverse Effect, (i)&nbsp;each Indigo Group Company has good and valid title to, or a valid leasehold interest in or license to, all of its personal property and other tangible
assets and properties, in each case free and clear of all Liens other than Indigo Permitted Liens; (ii)&nbsp;such properties and assets constitute all of the properties and assets that are used in the operations of the Indigo Group Companies as
presently conducted and are adequate to conduct the Indigo Business as presently conducted; and (iii)&nbsp;such properties and assets, taken as a whole, are in good operating condition and repair, normal wear and tear excepted. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_26"></A>SECTION 4.17. <U>Intellectual Property</U>.
(a)&nbsp;Section&nbsp;4.17(a) of the Indigo Parent Disclosure Letter sets forth a true and complete list as of the date of this Agreement of all Intellectual Property Rights owned or purported to be owned by any Indigo Group Company (the
&#147;<U>Owned Indigo Intellectual Property</U>&#148;) that are registered with a Governmental Authority. The registered Owned Indigo Intellectual Property is subsisting and, to the knowledge of Indigo Parent, valid and enforceable. An Indigo Group
Company is the sole and exclusive owner of the Owned Indigo Intellectual Property, free and clear of all Liens other than nonexclusive licenses entered into in the ordinary course of business. No Indigo Group Company has granted any exclusive
license in respect of any Owned Indigo Intellectual Property. As of the Closing Date, the Owned Indigo Intellectual Property will include all of the material Intellectual Property Rights owned or purported to be owned by Indigo Parent and its
Affiliates prior to the Restructuring, to the extent that such material Intellectual Property Rights primarily relate to the Indigo Business as presently conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) There are (i)&nbsp;no claims pending or threatened in writing against any Indigo Group Company by any Person (x)&nbsp;claiming that any
Indigo Group Company is infringing, misappropriating or otherwise violating any Intellectual Property Rights of a third party in the operation or conduct of the Indigo Business as currently conducted (including any claim that any Indigo Group
Company must license or refrain from using any Intellectual Property Right of any third party) or (y)&nbsp;challenging the validity, ownership, patentability, enforceability, registrability or use by any Indigo Group Company of any Owned Indigo
Intellectual Property and (ii)&nbsp;to the knowledge of Indigo Parent, (1)&nbsp;the conduct of the Indigo Business is not (A)&nbsp;infringing upon, misappropriating, violating, diluting or constituting the unauthorized use of any Intellectual
Property Rights of any third party, or (B)&nbsp;violating any rights of any Person to privacy or publicity and (2)&nbsp;no Person is infringing, misappropriating or violating the rights of any Indigo Group Company with respect to any Intellectual
Property Rights used or held for use in the Indigo Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except for commercially available &#147;off-the-shelf&#148; Software
licensed to any Indigo Group Company, the Owned Indigo Intellectual Property, together with all Intellectual Property Rights that the Indigo Group Companies license pursuant to the Contracts set forth in Section&nbsp;4.18(a)(iv) of the Indigo
Disclosure Letter (collectively, the &#147;<U>Indigo Intellectual Property</U>&#148;), constitutes all of the Intellectual Property Rights reasonably necessary for the conduct of the Indigo Business as currently conducted and as currently planned to
be conducted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Each Indigo Group Company has taken commercially reasonable steps to obtain, maintain and protect the Indigo
Intellectual Property. Without limiting the foregoing, (i)&nbsp;all confidential information, including any Trade Secrets constituting Indigo Intellectual Property have been maintained in confidence in accordance with protection procedures
customarily used in the industry to protect information of like importance and (ii)&nbsp;none of the Indigo Group Companies or, to the knowledge of Indigo Parent, any third party, has disclosed any of the confidential information, including Trade
Secrets, owned by or accessible to the Indigo Group Companies to any other Person (except in the ordinary course of business consistent with past practice and subject to written obligations of confidence). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) All employees and contractors that have created, invented or improved any Owned Indigo Intellectual Property have executed valid and
binding agreements in which they have irrevocably assigned exclusive ownership of all of their rights in and to such Intellectual Property Rights to an Indigo Group Company. To the knowledge of Indigo Parent, no party to any such agreement is in
material breach thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) No Indigo Group Company is or has been a member of or a contributor to any industry standards-setting body
or similar organization in connection with the Indigo Business that requires or obligates any Indigo Group Company to grant or offer to any other Person any license or right to any Owned Indigo Intellectual Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) No funding, facilities or personnel of any Governmental Authority were used to develop or create, in whole or in part, any Owned Indigo
Intellectual Property in a manner that has resulted in any such Governmental Authority having any rights or interests in any such Owned Indigo Intellectual Property. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Since January&nbsp;1, 2014, the conduct of the Indigo Business has been and is in compliance
in all material respects with any and all applicable Laws, contractual requirements of each Indigo Group Company, terms of use and Privacy Statements of each Indigo Group Company pertaining to data protection or information privacy, security, and
the collection, use and disclosure of any Personal Data by or on behalf of any Indigo Group Company. The Indigo Group Companies have used reasonable best efforts to protect the secrecy of Personal Data that the Indigo Group Companies (or any Person
on behalf of the Indigo Group Companies) collects, stores, uses or maintains for the conduct of the Indigo Business and to prevent unauthorized use, disclosure, loss, processing, transmission or destruction of or access to such information by any
other Person. To the knowledge of Indigo Parent, since January&nbsp;1, 2014 there have been no unauthorized processing or disclosures of access to data or any intrusions or breaches of security, relating to any Personal Data collected, stored, used
or maintained by or on behalf of any Indigo Group Company. None of the Indigo Group Companies has been legally required to provide any notices to data owners in connection with a disclosure of Personal Data or other non-public information, nor have
the Indigo Group Companies provided any such notice. There are no claims pending or, to the knowledge of Indigo Parent, threatened against the Indigo Group Companies alleging a violation of any other Person&#146;s Personal Data or privacy or data
rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The Indigo Group Companies have taken all reasonable measures to preserve and maintain the performance and security of all
Software, hardware, databases, computer equipment, communications networks, data centers, and other information technology systems owned or leased by the Indigo Group Companies (&#147;<U>Indigo IT Systems</U>&#148;). To the knowledge of Indigo
Parent, no Indigo IT System contains any Malicious Code. The Indigo Group Companies use commercially reasonable measures designed to prevent the introduction of Malicious Code into Indigo IT Systems, including firewall protections and virus scans.
Since January&nbsp;1, 2014, to the knowledge of Indigo Parent (i)&nbsp;there has been no material failure with respect to any Indigo IT System and (ii)&nbsp;there has been no unauthorized access to or use of any Indigo IT System by a third party.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) No Software code or data library is present in any Software contained within the Owned Indigo Intellectual Property (the
&#147;<U>Indigo Proprietary Software</U>&#148;) that is licensed as freeware, shareware, open source software or under similar licensing models that (i)&nbsp;requires or conditions the use or distribution of any Indigo Proprietary Software, as used
or distributed in the conduct of the Indigo Business as presently conducted, or planned to be conducted, on the disclosure, licensing or distribution of any source code for any portion of such Indigo Proprietary Software at no additional charge,
(ii)&nbsp;prohibits or limits the receipt of consideration in connection with the licensing, sublicensing or distributing any Indigo Proprietary Software, (iii)&nbsp;requires (or could or does condition the use or distribution of such Indigo
Proprietary Software on) the granting (x)&nbsp;to third parties of the right to make derivative works or other modifications to such Indigo Proprietary Software or portions thereof or (y)&nbsp;of a license under the Owned Indigo Intellectual
Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_27"></A>SECTION 4.18. <U>Material Contracts</U>. (a)&nbsp;Section&nbsp;4.18(a) of the Indigo Parent
Disclosure Letter sets forth a true and complete list, as of the date hereof, of each of the following Contracts to which any Indigo Group Company is a party or by which any Indigo Group Company or any of their respective properties or assets is
bound (including any amendments, supplements and modifications thereto): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any non-competition agreement,
non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits any Indigo Group Company from engaging in any activity or conducting business with any Person
or in any geographic area or from soliciting employees or personnel of any Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any Contract that relates to the
formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Indigo Business and for which the closing of the
relevant transaction has not occurred; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any Contract that relates to the acquisition or disposition of any business,
whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) any Contract with any Related Person of any Indigo Group Company (other than
the agreements covered by clause&nbsp;(i) and any Indigo Business Benefit Plan); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) any material Contract pursuant to
which any Third Party Approval is required pursuant to a &#147;change of control&#148; or similar clause; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) any
Contract entered into other than on commercial arm&#146;s length terms; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) any currency exchange, interest rate
exchange, commodity exchange or similar Contract; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) any Contract entered into by any Indigo Group Company in
connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Indigo or any Indigo Group Company or any of their respective Affiliates (including Monsoon and its Affiliates
after the Closing Date); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) any Contract (other than Contracts entered into in the ordinary course of business
consistent with past practice) which provides for aggregate future sums due from any Indigo Group Company or an aggregate future liability (contingent or otherwise) to any Person (in each case other than any Indigo Group Company) in excess of
$1,000,000; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) any other Contract other than as set forth above to which any Indigo Group Company is a party or by
which it or any of its assets or businesses is bound or subject that is material to the Indigo Business or the use or operation of their assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) (i)&nbsp;All Contracts set forth or required to be set forth in Section&nbsp;4.18(a) of the Indigo Disclosure Letter (the &#147;<U>Indigo
Material Contracts</U>&#148;) are valid, binding and in full force and effect and are enforceable by Indigo or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar Laws affecting creditors&#146; rights generally, or by principles governing the availability of equitable remedies) (ii)&nbsp;Indigo or its applicable Subsidiary has performed all material
obligations required to be performed by it under the Indigo Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Indigo Parent, no other party
to any Indigo Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii)&nbsp;since January&nbsp;1, 2014, neither Indigo nor any of its Subsidiaries has received written notice of any actual,
alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Indigo Material Contract, and (iv)&nbsp;neither Indigo nor any of its Subsidiaries has received any written notice of the
intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Indigo Material Contract. True and complete copies of each written Indigo Material Contract, and a summary of each oral Indigo Material Contract,
listed in Section&nbsp;4.18(a) of the Indigo Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Monsoon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Upon Closing, no Contract to which Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary) is a party will
be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of any Indigo Group Company sharing any information with Monsoon or any
of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Indigo Parent or such Affiliate thereof that is party thereto (or words of similar
import), Monsoon or any Monsoon Subsidiary in a manner that would reasonably be expected to have a material adverse effect on the Monsoon Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_28"></A>SECTION 4.19. <U>Receivables</U>. All the accounts receivable of the Indigo Group Companies (a)&nbsp;represent
actual indebtedness incurred by the applicable account debtors and (b)&nbsp;have arisen from bona fide transactions in the ordinary course of the business of the Indigo Group Companies. To the knowledge of Indigo Parent, all such accounts receivable
are good and collectible at the aggregate recorded amounts thereof, net of any applicable reserves for doubtful accounts reflected on the Indigo Balance Sheet. Since the date of the Indigo Balance Sheet,
</P>
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there have not been any write-offs as uncollectible of any customer accounts receivable of the Indigo Group Companies, except for write-offs in the ordinary course of the business of the Indigo
Group Companies and consistent with past practice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_29"></A>SECTION 4.20. <U>Permits</U>. The Indigo Group Companies
have all required Governmental Approvals necessary for the conduct of their business and the use of their properties and assets, as presently conducted and used, and each of such Governmental Approvals is valid, subsisting and in full force and
effect, except where the failure to have or maintain such Governmental Approvals, individually or in the aggregate, has not had and would not reasonably be expected to have an Indigo Material Adverse Effect. The operation of the business of the
Indigo Group Companies as currently conducted is not, and has not been since January&nbsp;1, 2014, in violation of, nor is any Indigo Group Company in default or violation under, any Governmental Approval (except for such past violation or default
as has been remedied and imposes no continuing obligations or costs on the Indigo Group Companies), and, to the knowledge of Indigo Parent, no event has occurred which, with notice or the lapse of time or both, would constitute a default or
violation of any term, condition or provision of any Governmental Approval, except where such default or violation of such Governmental Approval, individually or in the aggregate, has not had and would not reasonably be expected to have, an Indigo
Material Adverse Effect. There are no actions pending or, to the knowledge of Indigo Parent, threatened, that seek the revocation, cancellation or modification of any Governmental Approval, except where such revocation, cancellation or modification,
individually or in the aggregate, has not had and would not reasonably be expected to have, an Indigo Material Adverse Effect. Since January&nbsp;1, 2014, no Indigo Group Company has received or been subject to any written notice, charge, claim or
assertion, or to the knowledge of Indigo Parent, any other notice, charge, claim or assertion, in each case, alleging any violations of or noncompliance with any Governmental Approval, nor to the knowledge of Indigo Parent, has any such notice,
charge, claim or assertion been threatened, except where such notice, charge, claim or assertion, individually or in the aggregate, has not had and would not reasonably be expected to have, an Indigo Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_30"></A>SECTION 4.21. <U>Insurance</U>. Except as has not had and would not reasonably be expected to have, individually
or in the aggregate, an Indigo Material Adverse Effect, (a)&nbsp;Indigo and its Subsidiaries maintain insurance in such amounts and against such risks as is sufficient to comply with applicable Law and in accordance with standard industry practices,
(b)&nbsp;all insurance policies of Indigo and its Subsidiaries are in full force and effect, except for any expiration thereof in accordance with the terms thereof, and all premiums required to be paid thereon have been paid in accordance with the
payment terms of such insurance policy so as not to result in a termination or lapse in coverage and (c)&nbsp;neither Indigo nor any of its Subsidiaries is in breach of, or default under, any such insurance policy or has taken any action or failed
to take any action which, with notice or lapse of time, would constitute such a breach or default or permit termination or modification of any of the insurance policies. Since January&nbsp;1, 2014, neither Indigo nor any of its Subsidiaries has
received any written notice of cancellation, invalidation or termination or, as of the date of this Agreement, denial of coverage, rejection of a material claim or material adjustment in the amount of the premiums payable under any material
insurance policy maintained by Indigo or any of its Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_31"></A>SECTION 4.22. <U>Customers.</U>
Section&nbsp;4.22 of the Indigo Parent Disclosure Letter sets forth a true and complete list of each customer of any Indigo Group Company which accounted for more than 1% of the consolidated total revenues of the Indigo Group Companies during the
most recent fiscal year (each, a &#147;<U>Significant Indigo Customer</U>&#148;). Since the date of the Indigo Balance Sheet, (i)&nbsp;no Significant Indigo Customer has notified any Indigo Group Company that it has terminated, or intends to
terminate, its customer relationship with any Indigo Group Company, (ii)&nbsp;there has been no material adverse change in the overall terms and conditions, or any material term (including credit terms), on which any Indigo Group Company conducts
business with such Significant Indigo Customer or (iii)&nbsp;any other material adverse change in the business relationship of any Indigo Group Company with any Significant Indigo Customer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_32"></A>SECTION 4.23. <U>Suppliers</U>. Section&nbsp;4.23 of the Indigo Parent Disclosure Letter sets forth a true and
complete list of each supplier or service provider which accounted for more than 5% of the consolidated total </P>
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expenditures of the Indigo Group Companies during the most recent fiscal year (each, a &#147;<U>Significant Indigo Supplier</U>&#148;). Since the date of the Indigo Balance Sheet, (i)&nbsp;no
Significant Indigo Supplier has notified any Indigo Group Company that it has terminated, or intends to terminate, its supplier or service provider relationship with any Indigo Group Company, (ii)&nbsp;there has been no material adverse change in
the overall terms and conditions, or any material term (including credit terms), on which any Indigo Group Company conducts business with such Significant Indigo Supplier or (iii)&nbsp;any other material adverse change in the business relationship
of any Indigo Group Company with any Significant Indigo Supplier. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_33"></A>SECTION 4.24. <U>Private Offering.</U>
Neither Indigo Parent nor any Indigo Group Company nor any of their Affiliates or Representatives have issued, sold or offered any security of Indigo to any Person under circumstances that would cause the sale of any of the Indigo Shares, as
contemplated by this Agreement, to be subject to the registration requirements of the Securities Act or to comparable requirements of applicable Law in any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_34"></A>SECTION 4.25. <U>Brokers</U>. Except for the fees payable to Indigo Parent&#146;s financial advisor in
connection with the Transactions, neither Indigo Parent nor any Indigo Group Company nor any of their respective officers or directors on behalf of Indigo Parent or such Indigo Group Company has employed any financial advisor, investment banker,
broker or finder or incurred any liability for any financial advisory fee, investment banking fee, broker&#146;s fee, commission or finder&#146;s fee in connection with any of the Transactions. The fees and expenses of Indigo Parent&#146;s financial
advisor will be paid by Indigo Parent. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE V </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Representations and Warranties of Monsoon </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Monsoon represents and warrants to Indigo Parent and Indigo that, as of the date hereof and as of the Closing Date, except as disclosed
(i)&nbsp;in the manner contemplated in Section&nbsp;1.03(b), in the letter, dated as of the date hereof, from Monsoon to Indigo Parent (the &#147;<U>Monsoon Disclosure Letter</U>&#148;) or (ii)&nbsp;in a manner reasonably apparent in the documents
filed with, or furnished to, the SEC by Monsoon and publicly available prior to the date hereof and after January&nbsp;1, 2014 (including exhibits and other information incorporated by reference therein), other than disclosures in the &#147;Risk
Factors&#148; sections thereof or other disclosure statements included therein that are cautionary, predictive or forward-looking in nature: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_35"></A>SECTION 5.01. <U>Organization, Standing and Power</U>. Each of Monsoon and each Monsoon Subsidiary is a
corporation or other entity duly organized, validly existing and, to the extent applicable, in good standing under the laws of the jurisdiction of its organization and has the requisite corporate or other entity power and authority to own or lease
all of its properties and assets and to carry on its business as it is now being conducted. Each of Monsoon and each Monsoon Subsidiary is duly licensed or qualified to do business in each jurisdiction in which the nature of the business conducted
by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except where the failure to be so licensed or qualified, has not had and would not reasonably be expected to have,
individually or in the aggregate, a Monsoon Material Adverse Effect. The copies of the certificate or articles of incorporation and bylaws or comparable organizational documents of Monsoon (collectively, the &#147;<U>Monsoon Organizational
Documents</U>&#148;) as provided to Monsoon or otherwise as most recently filed with the Monsoon SEC Documents are true, complete and correct copies of such documents as in effect as of each of the date of this Agreement and the Closing Date, as
applicable. Monsoon is not in violation of any of the provisions of the Monsoon Organizational Documents. The stock certificate and transfer books and the minute books of Monsoon and each of its Subsidiaries (which have been made available for
inspection by Indigo Parent prior to the date hereof) are true and complete. Each of Monsoon and its Subsidiaries is not a party to and has not taken any corporate action or other action (including in respect of breaches of statutory obligations or
otherwise), nor have any steps been taken or Actions been commenced against Monsoon and its Subsidiaries, for their liquidation, winding-up, dissolution, reorganization or </P>
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administration (including receivership, bankruptcy, insolvency, examinership, moratorium or intervention Actions) or for the appointment of a liquidator, receiver, trustee, administrator,
administrative receiver or similar officer with respect to all or any of their respective assets, and each of Monsoon and its Subsidiaries is not insolvent under the laws of their respective jurisdiction of incorporation or unable to pay its debts.
Each of Monsoon and its Subsidiaries has not been dissolved and is not required to be dissolved under the laws of its jurisdiction of incorporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_36"></A>SECTION 5.02. <U>Monsoon Subsidiaries; Equity Interests</U>. (a)&nbsp;Section&nbsp;5.02(a) of the Monsoon
Disclosure Letter sets forth, as of the date hereof, a true and complete list of each Monsoon Subsidiary, its jurisdiction of organization and the authorized, issued and outstanding Capital Stock of each such Monsoon Subsidiary. Each outstanding
share of Capital Stock of each Monsoon Subsidiary is duly authorized, validly issued without breach of any existing pre-emptive rights, fully paid, nonassessable and free of preemptive rights and is owned, beneficially and of record, by Monsoon or
one or more Monsoon Subsidiaries, free and clear of all Liens. There are no outstanding Contractual obligations of Monsoon or any Monsoon Subsidiary to provide funds to, or make any investment (in the form of a loan, capital contribution or
otherwise) in, any Monsoon Subsidiary or any other Person, other than guarantees by Monsoon or any Monsoon Subsidiary of any indebtedness or other obligations of Monsoon or any Monsoon Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Section&nbsp;5.02(b) of the Monsoon Disclosure Letter sets forth, as of the date hereof, a true and complete list of all Capital Stock
owned, directly or indirectly, by Monsoon of any Person (collectively, the &#147;<U>Monsoon Minority Interests</U>&#148;), other than the Monsoon Subsidiaries. All the Monsoon Minority Interests are owned by Monsoon or a Monsoon Subsidiary, free and
clear of all Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except for its interests in the Monsoon Subsidiaries and the Monsoon Minority Interests, Monsoon does not own,
directly or indirectly, any Capital Stock of any Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_37"></A>SECTION 5.03. <U>Monsoon Capitalization</U>.
(a)&nbsp;As of the date hereof, (i)&nbsp;the stated capital of Monsoon is $232,042,993.29, comprising 41,679,735 ordinary shares with a par value $0.0005 per share (the &#147;<U>Monsoon Ordinary Shares</U>&#148;), (ii)&nbsp;659,939 Monsoon Ordinary
Shares are held by Monsoon in its treasury and no Monsoon Ordinary Shares are held by any Monsoon Subsidiary, (iii)&nbsp;378,312 Monsoon Ordinary Shares are subject to outstanding Monsoon Options, (iv)&nbsp;3,446,393 Monsoon Ordinary Shares are
subject to outstanding Monsoon Restricted Stock Units and (v)&nbsp;3,095,840 Monsoon Ordinary Shares will be reserved and available for issuance pursuant to the Monsoon Stock Plans prior to the Closing after Monsoon has taken the actions to amend
the Monsoon 2010 Share Incentive Plan in accordance with Section&nbsp;7.06. Other than the Monsoon Ordinary Shares, there are no other shares of Capital Stock of Monsoon issued under the Monsoon Organizational Documents. All outstanding Monsoon
Ordinary Shares are duly authorized, validly issued, fully paid and non-assessable and are not subject to, or issued in violation of, any preemptive right or other antidilutive right, purchase option, call option, right of first refusal,
subscription right, transfer restriction or any similar right under any provision of applicable Law, the Monsoon Organizational Documents or any Contract to which Monsoon or any Affiliate thereof is a party or otherwise bound. Other than the
Convertible Notes, there are no bonds, debentures, notes or other indebtedness of Monsoon having the right to vote (or convertible into, or exchangeable for, securities having the right to vote) on any matters on which holders of Monsoon Ordinary
Shares may vote (&#147;<U>Voting Monsoon Debt</U>&#148;). Except as set forth above, as of the date hereof, (i)&nbsp;there are no shares of capital stock of, or other equity or voting interests in, Monsoon issued, reserved for issuance or
outstanding and (ii)&nbsp;other than the Convertible Notes, there are no options, rights, warrants, convertible or exchangeable securities (including debt securities), &#147;phantom&#148; stock or other equity rights, stock-based performance units,
commitments, Contracts or undertakings of any kind to which Monsoon or any Monsoon Subsidiary is a party or by which any of their respective properties or assets is bound (A)&nbsp;obligating Monsoon or any Monsoon Subsidiary to issue, deliver or
sell, or cause to be issued, delivered or sold, additional shares of capital stock of, or other equity or voting interests in, or any security convertible or exercisable for or exchangeable into any capital stock of or other equity or voting
interests in, Monsoon or any Voting Monsoon Debt, (B)&nbsp;obligating Monsoon or any Monsoon Subsidiary to issue, grant, extend or enter into any such option, right, warrant, security, commitment, Contract,
</P>
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arrangement or undertaking or (C)&nbsp;that give any Person the right to receive any economic benefit or right similar to or derived from the economic benefits and rights accruing to holders of
Monsoon Ordinary Shares (the items in clauses&nbsp;(i) and (ii), collectively, &#147;<U>Monsoon Securities</U>&#148;). There are no Contracts outstanding of any kind that obligate Monsoon or any Monsoon Subsidiary to repurchase, redeem or otherwise
acquire, or register or otherwise qualify for sale in accordance with applicable Law, any Monsoon Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) All of the Class&nbsp;B
Shares and Optional Shares (if applicable) to be allotted and issued to Indigo Parent pursuant to this Agreement will be, at the time of allotment and issuance, duly authorized, validly issued, fully paid up and non-assessable, and (other than as
set out in this Agreement and in the Terms of Issue) will not be subject to, or issued in violation of, any preemptive right or other antidilutive right, purchase option, call option, right of first refusal, subscription right, transfer restriction
or any similar right under any provision of applicable Law, the Monsoon Organizational Documents or any Contract to which Monsoon or any Affiliate thereof is a party or otherwise bound. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The document entitled &#147;Monsoon Stock Plan&#148; delivered by Monsoon to Indigo Parent as at the date of this Agreement sets forth, as
of the date of this Agreement, (i)&nbsp;a complete and correct list of all outstanding Monsoon Options and all outstanding Monsoon Restricted Stock Units and (ii)&nbsp;the grant date, exercise price, vesting schedule and expiration date of each such
Monsoon Option and Monsoon Restricted Stock Unit and (iii)&nbsp;the name of the holder of each such Monsoon Option and Monsoon Restricted Stock Unit. All outstanding Monsoon Options and Monsoon Restricted Stock Units have been granted under the
Monsoon Stock Plans. Other than the Monsoon Options and Monsoon Restricted Stock Units, as of the date of this Agreement, there are no outstanding rights of any Person to receive Monsoon Ordinary Shares under the Monsoon Stock Plans or on a deferred
basis or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_38"></A>SECTION 5.04. <U>Authority; Execution and Delivery; Enforceability</U>.
(a)&nbsp;Monsoon has all requisite power and authority to execute and deliver each Transaction Document to which it is or is contemplated to be a party, to perform and comply with its obligations thereunder and to consummate the Transactions. The
execution and delivery by Monsoon of each Transaction Document to which it is or is contemplated to be a party and the consummation by Monsoon of the Transactions have been duly authorized by all necessary corporate action on the part of Monsoon,
and except for such further action of the Monsoon Board required to establish the Record Date and subject to obtaining the Monsoon Shareholder Approval, no other corporate proceedings on the part of Monsoon are necessary to authorize the Transaction
Documents or the consummation of the Transactions. Monsoon has duly executed and delivered this Agreement, and, assuming due authorization, execution and delivery by the other parties hereto, this Agreement constitutes its legal, valid and binding
obligation, enforceable against Monsoon in accordance with its terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors&#146; rights generally or
by principles governing the availability of equitable remedies). Prior to the Closing, Monsoon will have duly executed and delivered each other Transaction Document to which it is or is contemplated to be a party, and, assuming due authorization,
execution and delivery by the other parties thereto, each other Transaction Document to which it is or is contemplated to be a party will constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms (except
insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors&#146; rights generally or by principles governing the availability of equitable remedies). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Monsoon Board, at a meeting duly called and held, has adopted resolutions (i)&nbsp;approving this Agreement and the other Transaction
Documents to which Monsoon is or is contemplated to be a party and the consummation of the Acquisition, the Share Issuance and the other Transactions, (ii)&nbsp;determining that the terms of this Agreement and the Transactions are fair to, and are
in the best interests of, Monsoon and its shareholders, (iii)&nbsp;declaring that this Agreement is advisable, (iv)&nbsp;directing that this Agreement be submitted to the shareholders of Monsoon for adoption and approval and (v)&nbsp;recommending
that the shareholders of Monsoon adopt and approve this Agreement and the Transactions, which resolutions have not been subsequently rescinded, modified or withdrawn in any way. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The only vote or consent of holders of any class or series of Capital Stock of Monsoon
necessary to approve this Agreement and the consummation of the Acquisition, the Share Issuance and the other Transactions is the affirmative vote of a majority of the voting power of the Monsoon Ordinary Shares present in person or represented by
proxy and voting on the issue at the Monsoon Shareholders&#146; Meeting (collectively, the &#147;<U>Monsoon Shareholder Approval</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Monsoon is not a party to any shareholder rights agreement, &#147;poison pill&#148; or similar anti-takeover agreement or plan. No
&#147;fair price&#148;, &#147;moratorium&#148;, &#147;control share acquisition&#148;, &#147;business combination&#148;, &#147;stockholder protection&#148; or other similar antitakeover Law applicable with respect to Monsoon applies to this
Agreement or the Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The Monsoon Board (or, if appropriate, any committee administering the Monsoon Stock Plans) has
adopted such resolutions or taken such other actions as may be required to ensure that no Monsoon equity awards will become vested or exercisable in connection with the Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_39"></A>SECTION 5.05. <U>No Conflicts; Governmental Approvals</U>. (a)&nbsp;The execution and delivery by Monsoon of
each Transaction Document to which it is a party do not, the execution and delivery of each Voting Agreement by each party thereto do not, the execution and delivery by Monsoon of each Transaction Document to which it is contemplated to be a party
will not, and the consummation of the Transactions and compliance with the terms hereof and thereof will not, conflict with, or result in any violation of or default (or an event that, with or without notice or lapse of time or both, would become a
default) under, or give rise to a right of termination, cancelation or acceleration of any obligation or to loss of a material benefit under, or, to the knowledge of Monsoon as of the date hereof, give rise to an obligation to make an offer to
purchase, or an obligation to purchase, securities from any shareholder of Monsoon under, or to increased, additional, accelerated or guaranteed rights or entitlements of any Person under, or result in the creation of any Lien upon any of the
properties or assets of Monsoon or any Monsoon Subsidiary under, any provision of (i)&nbsp;the Monsoon Organizational Documents or the certificate or articles of incorporation and the bylaws or comparable organizational documents of any Monsoon
Subsidiary, (ii)&nbsp;any Contract to which Monsoon or any Monsoon Subsidiary is a party or by which any of their respective properties or assets is bound or (iii)&nbsp;subject to the filings, consents and other matters referred to in
Section&nbsp;5.05(b), any Judgment or Law applicable to Monsoon or any Monsoon Subsidiary or their respective properties or assets, other than, in the case of clauses&nbsp;(ii) and (iii)&nbsp;above, any such item that, individually or in the
aggregate, has not and would not reasonably be expected to (A)&nbsp;prevent or delay beyond the Outside Date consummation of the Transactions or (B)&nbsp;have a Monsoon Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) No Governmental Approval is required to be obtained or made by or with respect to Monsoon or any Monsoon Subsidiary in connection with the
execution, delivery and performance of any Transaction Document to which it is a party or the consummation of the Transactions, other than (i)&nbsp;the Required Competition Filings, (ii)&nbsp;under the Securities Act, the Exchange Act, any other
applicable international, Federal or state securities or &#147;blue sky&#148; Laws and the NASDAQ Stock Market Rules and (iii)&nbsp;such other Governmental Approvals, the failure of which to be obtained or made, individually or in the aggregate,
would not reasonably be expected to (A)&nbsp;prevent or delay beyond the Outside Date consummation of the Transactions or (B)&nbsp;have a Monsoon Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_40"></A>SECTION 5.06. <U>SEC Documents; Financial Statements; Undisclosed Liabilities</U>. (a)&nbsp;Monsoon has filed or
furnished all reports, schedules, forms, statements, registration statements, prospectuses and other documents required to be filed or furnished by Monsoon with the SEC since January&nbsp;1, 2014 pursuant to the Securities Act or the Exchange Act
(collectively, the &#147;<U>Monsoon SEC Documents</U>&#148;). None of the Monsoon Subsidiaries are required to make any filings with the SEC. As of its respective effective date (in the case of Monsoon SEC Documents that are registration statements
filed pursuant to the Securities Act) and as of its respective filing date (in the case of all other Monsoon SEC Documents) and, if amended, as of the date of the last amendment prior to the date of this Agreement, each Monsoon SEC Document complied
in all material respects with the requirements of the Securities Act or the Exchange Act, as the case may be, and none of the Monsoon SEC </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-40 </P>


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Documents as of such respective dates contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The audited consolidated financial statements and
unaudited interim consolidated financial statements of Monsoon included or incorporated by reference in the Monsoon SEC Documents (including, in each case, any notes or schedules thereto) and all related compilations, reviews and other reports
issued by Monsoon&#146;s accountants with respect thereto (collectively, the &#147;<U>Monsoon Financial Statements</U>&#148;) (i)&nbsp;comply as to form in all material respects with applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto, (ii)&nbsp;present fairly in all material respects the financial condition and the results of operations, cash flows and changes in shareholders&#146; equity of Monsoon (on a consolidated basis) as of the
respective dates of and for the periods referred to in the Monsoon Financial Statements, (iii)&nbsp;were prepared in accordance with IFRS, applied on a consistent basis during the periods covered (except as may be indicated in the notes thereto and
subject, in the case of unaudited interim financial statements, to normal year-end adjustments and the absence of notes), and (iv)&nbsp;meet the requirements of Regulation&nbsp;S-X promulgated under the Securities Act and the Exchange Act. The books
and records of Monsoon and its Subsidiaries are accurate and complete in all material respects, have been maintained in accordance with sound business practices and accurately present and reflect in all material respects all of the transactions and
actions therein described and the Monsoon Financial Statements have been prepared, in all material respects, in accordance with such books and records. No financial statements of any Person other than Monsoon and its Subsidiaries are required by
IFRS to be included in the consolidated financial statements of Monsoon. Except as required by IFRS, Monsoon has not, between January&nbsp;1, 2014 and each of the date of this Agreement and the Closing Date, as applicable, made or adopted any
material change in its accounting methods, practices or policies in effect on January&nbsp;1, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Monsoon is in compliance in all
material respects with (i)&nbsp;the applicable provisions of the Sarbanes-Oxley Act of 2002 and the related rules and regulations promulgated thereunder (the &#147;<U>Sarbanes-Oxley Act</U>&#148;) and (ii)&nbsp;the applicable listing and corporate
governance rules and regulations of NASDAQ. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) To the knowledge of Monsoon, there are no outstanding or unresolved comments in comment
letters received from the SEC staff with respect to any Monsoon SEC Documents and none of the Monsoon SEC Documents is the subject of ongoing SEC review. There are no internal investigations, any SEC inquiries or investigations or other governmental
inquiries or investigations, to the knowledge of Monsoon, pending or threatened, in each case regarding any accounting practices of Monsoon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Monsoon has established and maintains disclosure controls and procedures and internal control over financial reporting (as such terms are
defined in paragraphs&nbsp;(e) and (f), respectively, of Rule&nbsp;13a-15 and paragraph&nbsp;(e) of Rule&nbsp;15d-15 under the Exchange Act) as required by Rules&nbsp;13a-15 and 15d-15 under the Exchange Act. Monsoon&#146;s disclosure controls and
procedures are designed to ensure that all information (both financial and non-financial) required to be disclosed by Monsoon in the reports that it files or furnishes under the Exchange Act is recorded, processed, summarized and reported within the
time periods specified in the rules and forms of the SEC, and that all such information is accumulated and communicated to Monsoon&#146;s management as appropriate to allow timely decisions regarding required disclosure and to make the
certifications required pursuant to Sections&nbsp;302 and 906 of the Sarbanes-Oxley Act. Monsoon&#146;s management has completed an assessment of the effectiveness of Monsoon&#146;s disclosure controls and procedures and, to the extent required by
applicable Law, presented in any applicable Monsoon SEC Document that is a report on Form&nbsp;20-F or filed on Form&nbsp;6-K, or any amendment thereto, its conclusions about the effectiveness of the disclosure controls and procedures as of the end
of the period covered by such report or amendment based on such evaluation. As of the date hereof, based on Monsoon management&#146;s most recently completed evaluation of Monsoon&#146;s internal control over financial reporting, (i)&nbsp;Monsoon
had no significant deficiencies or material weaknesses in the design or operation of its internal control over financial reporting that would reasonably be expected to adversely affect Monsoon&#146;s ability to record, process, summarize and report
financial information and (ii)&nbsp;Monsoon does not have knowledge of any fraud, whether or not material, that involves management or other employees who have a significant role in Monsoon&#146;s internal control over financial reporting. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Monsoon and its Subsidiaries do not have any Liabilities, except (i)&nbsp;as disclosed,
reflected, provided for or reserved against in the most recent audited balance sheet included in the Monsoon Financial Statements or the notes thereto and the quarter end consolidated balance sheets of Monsoon included in subsequent quarterly period
reports filed prior to the date hereof (such audited and quarter end balance sheets, together with the notes thereto, the &#147;<U>Monsoon Balance Sheet</U>&#148;), (ii)&nbsp;for Liabilities incurred in the ordinary course of business since the date
of the Monsoon Balance Sheet, (iii)&nbsp;for Liabilities arising out of or in connection with this Agreement, the other Transaction Documents or the Transactions and (iv)&nbsp;for Liabilities that, individually or in the aggregate, have not had, and
would not reasonably be expected to have, a Monsoon Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Neither Monsoon nor any Monsoon Subsidiary is a party
to, or has any Contract to become a party to, any joint venture, off-balance sheet partnership or any similar Contract, including any Contract relating to any transaction or relationship between or among Monsoon or any Monsoon Subsidiary, on the one
hand, and any unconsolidated affiliate, including any structured finance, special purpose or limited purpose entity or Person, on the other hand, or any off-balance sheet arrangements where the purpose of such Contract is to avoid disclosure of any
material transaction involving, or material liabilities of, Monsoon in the Monsoon Financial Statements or any Monsoon SEC Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_41">
</A>SECTION 5.07. <U>Information Supplied</U>. None of the information supplied or to be supplied by Monsoon for inclusion or incorporation by reference in the Proxy Statement (including any amendment or supplement thereto) contains or will contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading. The Proxy Statement will
comply as to form in all material respects with the requirements of the Exchange Act and other applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_42"></A>SECTION 5.08. <U>Absence of Certain Changes or Events</U>. Since the date of the Monsoon Balance Sheet and
through the date hereof, the Monsoon Business has been conducted in all material respects in the ordinary course consistent with past practice, and there has not been any Effect that, individually or in the aggregate, has had or would reasonably be
expected to have a Monsoon Material Adverse Effect. Since the date of the Monsoon Balance Sheet and through the date hereof, neither Monsoon nor any Monsoon Subsidiary has taken any action that, if taken after the date of this Agreement, would
constitute a breach of Section&nbsp;6.01. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_43"></A>SECTION 5.09. <U>Taxes</U>. (a)&nbsp;All Tax Returns required to
be filed by or on behalf of Monsoon or any of the Monsoon Subsidiaries have been filed when due and in accordance with all applicable Laws. Each such Tax Return is complete and accurate in all material respects. Neither Monsoon nor any of the
Monsoon Subsidiaries has requested any extension of time within which to file any Tax Return that has not yet been filed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) All Taxes
of Monsoon and the Monsoon Subsidiaries have been duly and timely paid, or are being contested in good faith through appropriate proceedings and disclosed in Section&nbsp;5.09(b) of the Monsoon Disclosure Letter, in accordance with all applicable
Laws. Monsoon and the Monsoon Subsidiaries have accrued on their books, records and accounts, in accordance with IFRS, all Taxes that are not yet due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) There are no Liens for Taxes upon the properties or assets of Monsoon or any of the Monsoon Subsidiaries, except for statutory Liens for
Taxes not yet due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) No Taxing Authority has asserted an adjustment that could reasonably be expected to result in any
additional Taxes for which Monsoon or any of the Monsoon Subsidiaries is or may be liable or that could reasonably be expected to result in the creation of a Lien on any properties or assets of Monsoon or any of the Monsoon Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) No Tax or Tax Return of Monsoon or any of the Monsoon Subsidiaries is under audit or examination by any Taxing Authority, and no written
or, to the knowledge of Monsoon, unwritten notice of such an audit or examination has been received by Monsoon or any of the Monsoon Subsidiaries. Each assessed </P>
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deficiency resulting from any audit or examination by any Taxing Authority has been timely paid or is being contested in good faith through appropriate proceedings and disclosed in
Section&nbsp;5.09(e) of the Monsoon Disclosure Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) No claim has been made, in writing, by any Taxing Authority in a jurisdiction
where Monsoon or any of the Monsoon Subsidiaries does not file a Tax Return that Monsoon or such Monsoon Subsidiary, as applicable, is or may be subject to taxation by that jurisdiction in respect of Taxes that would be covered by or the subject of
such Tax Return, which claim is still pending. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) There is no Contract or other document extending, or having the effect of extending,
the period of assessment or collection of any Taxes, and no power of attorney with respect to any Taxes has been executed or filed with any Taxing Authority by or on behalf of Monsoon or any of the Monsoon Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) All related party transactions involving any of the Monsoon and the Monsoon Subsidiaries are at arm&#146;s length and in compliance with
the requirements governing related party transactions of any applicable Tax Law. Each of Monsoon and the Monsoon Subsidiaries has maintained documentation (including any applicable transfer pricing studies) in connection with such related party
transactions as may be required by applicable Tax Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Each of Monsoon and the Monsoon Subsidiaries has complied in all respects with
all applicable Laws relating to the collection, payment and withholding of Taxes and has, within the time and the manner prescribed by Law, collected, withheld from and paid over to the proper Governmental Entities all amounts required to be so
collected, withheld and paid under applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_44"></A>SECTION 5.10. <U>Employee and Labor Matters</U>.
(a)&nbsp;Section&nbsp;5.10(a) of the Monsoon Disclosure Letter sets forth a complete and accurate list, as of the date of this Agreement, of each material Monsoon Benefit Plan in which a Monsoon Employee participates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) With respect to each material Monsoon Benefit Plan, Monsoon has delivered or made available to Indigo Parent complete and accurate copies
of (i)&nbsp;such Employee Benefit Plan, including any amendment thereto (or, in the case of any unwritten Employee Benefit Plan, a written description thereof), other than any Employee Benefit Plan that Monsoon is prohibited from making available to
Indigo Parent as the result of applicable Law relating to the safeguarding of data privacy and (ii)&nbsp;the two most recent financial statements and actuarial or other valuation reports (if any) prepared with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) None of the execution and delivery of this Agreement or the consummation of any of the Transactions (alone or in conjunction with any
other event, including any termination of employment) will (i)&nbsp;entitle any Monsoon Business Employee to any compensation or benefit, (ii)&nbsp;accelerate the time of payment or vesting, or trigger any payment or funding, of any compensation or
benefits or trigger any other obligation under any Monsoon Benefit Plan or (iii)&nbsp;result in any breach or violation of or default under, or limit Monsoon or any Monsoon Subsidiary&#146;s right to amend, modify or terminate, any Monsoon Benefit
Plan, in each case, except as provided in this Agreement or pursuant to applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Except as would not reasonably be expected to
be a material Liability of any Indigo Group Company, Monsoon or any Monsoon Subsidiary following the Closing, each Monsoon Benefit Plan (and any related trust or other funding vehicle) has been administered in accordance with its terms and is in
compliance with all applicable Laws. Neither Monsoon nor any Monsoon Subsidiary is a party to any collective bargaining agreement, collective agreement, company or shop agreement, labor or trade union, works council, employee forum or other employee
representative Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Neither Monsoon nor any Monsoon Subsidiary has incurred, or could reasonably be expected to incur, any
material unfunded Liabilities in relation to any Monsoon Benefit Plan. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) No Monsoon Benefit Plan provides (i)&nbsp;any defined benefit pension plan benefits to any
Monsoon Employee or (ii)&nbsp;any post-retirement medical, dental or life insurance benefits to any Monsoon Employee (other than coverage mandated by applicable Law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Except as would not reasonably be expected to be a material Liability of any Indigo Group Company, Monsoon, any Monsoon Subsidiary or any
Monsoon Benefit Plan following the Closing, no Action (other than routine claims for benefits) is pending against or involves or, to the knowledge of Monsoon, is threatened against or threatened to involve, any Monsoon Benefit Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Neither Monsoon nor any Monsoon Subsidiary is party to any material arrangement with Labor Unions under which the Monsoon Employees will
have outstanding rights or obligations on and following the Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Monsoon and the Monsoon Subsidiaries have (i)&nbsp;complied with
all applicable Laws relating to employment, employment and labor practices, immigration, wages, hours and terms and conditions of employment with respect to the Monsoon Employees and (ii)&nbsp;correctly classified Monsoon Employees as employees or
non-employees under applicable Laws except, in each case, for any such matters that would not reasonably be expected to be a material Liability of any Indigo Group Company, Monsoon or any Monsoon Subsidiary following the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) (i)&nbsp;Since January&nbsp;1, 2014, there has been and there is no labor strike, dispute, request for representation, union organization
attempt, walkout, work stoppage, slowdown or lockout against Monsoon or any Monsoon Subsidiary in respect of any Monsoon Employee in effect, pending or, to the knowledge of Monsoon, threatened; and (ii)&nbsp;neither Monsoon nor any Monsoon
Subsidiary is subject to any pending Action pertaining to the Monsoon Employees and, to the knowledge of Monsoon, no such Action is threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Except as would not, individually or in the aggregate, reasonably be expected to result in a material Liability of any Indigo Group
Company, Monsoon or any Monsoon Subsidiary following the Closing, there are no legal or contractual requirements to provide notice to, enter into any consultation procedure with or obtain an opinion from any Labor Union recognized by Monsoon or any
Monsoon Subsidiary for collective consultation purposes in relation to any Monsoon Employee, in connection with the execution of the Transaction Documents or the consummation of the Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) Section&nbsp;5.10(l) of the Monsoon Disclosure Letter sets forth (i)&nbsp;the total number of employees of Monsoon and the Monsoon
Subsidiaries as of September&nbsp;30, 2016 and (ii)&nbsp;the total cost of employment, which includes annual base salary and wages, incentive opportunities and the employer portion of the cost of participation in the applicable Monsoon Benefit
Plans, with respect to such employees for the six month period ended September&nbsp;30, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) No amount or other entitlement that
could be received (whether in cash or property or the vesting of property) as a result of the Transactions by any &#147;disqualified individual&#148;, as such term is defined in Treasury Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;1.280G-1,</FONT> with respect to Monsoon, under any Monsoon Benefit Plan or other compensation arrangement would be characterized as an &#147;excess parachute payment&#148;, as such term is defined in
Section&nbsp;280G(b)(1) of the Code, and no such disqualified individual is entitled to receive any additional payment (including any tax gross up or other payment) from Monsoon, any Monsoon Subsidiary or any other Person in the event that the
excise tax required by Section&nbsp;4999(a) of the Code is imposed on such disqualified individual. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_45"></A>SECTION
5.11. <U>Litigation</U>. A true, complete and correct list of any Actions pending or, to the knowledge of Monsoon, threatened against or affecting Monsoon or any Monsoon Subsidiary, and any Judgments outstanding against Monsoon or any Monsoon
Subsidiary or to which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is subject as of the date of this Agreement, and in each case which is reasonably likely to result in the imposition on Monsoon or any Monsoon
Subsidiary of damages in </P>
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excess of $1,000,000 individually or any equitable relief that would be materially adverse to Monsoon or any Monsoon Subsidiary, is set out in Section&nbsp;5.11 of the Monsoon Disclosure Letter.
There is no Action pending or, to the knowledge of Monsoon, threatened against or affecting Monsoon or any Monsoon Subsidiary (and Monsoon is not aware of any basis for any such Action) that would, individually or in the aggregate, reasonably be
expected to prevent or delay beyond the Outside Date consummation of the Transactions. There is no Action pending or, to the knowledge of Monsoon, threatened against or affecting Monsoon or any Monsoon Subsidiary (and Monsoon is not aware of any
basis for any such Action) that, individually or in the aggregate, has had or would reasonably be expected to have a Monsoon Material Adverse Effect, nor is there any Judgment outstanding against Monsoon or any Monsoon Subsidiary or to which Monsoon
or any Monsoon Subsidiary or any of their respective properties or assets is subject that, individually or in the aggregate, has had or would reasonably be expected to have a Monsoon Material Adverse Effect. This Section&nbsp;5.11 does not relate to
environmental claims, which are the subject of Section&nbsp;5.13, or intellectual property matters, which are the subject of Section&nbsp;5.15. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_46"></A>SECTION 5.12. <U>Compliance with Applicable Laws</U>. (a)&nbsp;Monsoon and the Monsoon Subsidiaries are, and
have been since January&nbsp;1, 2014, in compliance with all applicable Laws (including those relating to related parties and occupational health and safety), except for instances of non-compliance that, individually or in the aggregate, have not
had and would not reasonably be expected to have a Monsoon Material Adverse Effect. Monsoon and the Monsoon Subsidiaries are, and have been since January&nbsp;1, 2014, in compliance with the Indian foreign exchange regulations, as applicable.
Neither Monsoon nor any Monsoon Subsidiary has received any written communication since January&nbsp;1, 2014 from a Governmental Entity that alleges that Monsoon or any Monsoon Subsidiary is not in compliance in any material respect with any
applicable Law, which alleged non-compliance has not been materially resolved. This Section&nbsp;5.12 does not relate to Tax matters, which are the subject of Section&nbsp;5.09, or Environmental Laws, which are the subject of Section&nbsp;5.13. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Monsoon and the Monsoon Subsidiaries (i)&nbsp;are, and have been since January&nbsp;1, 2014, in compliance in all material respects with
applicable Anti-corruption Laws, (ii)&nbsp;since January&nbsp;1, 2014, have not been investigated by any Governmental Entity with respect to, or been given notice by a Governmental Entity or any other Person of, any actual or alleged violation by
Monsoon or any Monsoon Subsidiary of any applicable Anti-corruption Laws and (iii)&nbsp;since January&nbsp;1, 2014, have had an operational code of conduct that includes policies and procedures intended to enhance awareness of and compliance by
Monsoon and the Monsoon Subsidiaries with Anti-corruption Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Neither Monsoon nor any Monsoon Subsidiary has directly or, to the
knowledge of Monsoon, indirectly through its Representatives or any Person authorized to act on its behalf (including any distributor, agent, sales intermediary or other third party), offered, promised, paid, authorized or given money or anything of
value to any Person for the purpose of (i)&nbsp;influencing any act or decision of any Government Official, (ii)&nbsp;inducing any Government Official to do or omit to do an act in violation of a lawful duty, (iii)&nbsp;securing any improper
advantage or (iv)&nbsp;inducing any Government Official to influence the act or decision of a Governmental Entity in order to obtain or retain business or direct business to any Person in any way. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Monsoon and the Monsoon Subsidiaries have maintained complete and accurate books and records, including records of payments to any agents,
consultants, representatives, third parties and Government Officials, in accordance with IFRS, in all material respects. There have been no false or fictitious entries made in the books and records of Monsoon and the Monsoon Subsidiaries relating to
any unlawful offer, payment, promise to pay, or authorization of the payment of any money, or unlawful offer, gift, promise to give, or authorization of the giving of anything of value, including any bribe, kickback or other illegal or improper
payment, and Monsoon and the Monsoon Subsidiaries have not established or maintained a secret or unrecorded fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Since
January&nbsp;1, 2014, neither Monsoon nor any Monsoon Subsidiary has had a customer or supplier or other business relationship with, has been a party to any Contract with, or has engaged in any transaction with, any Person (i)&nbsp;that is organized
or domiciled in or that is a citizen of Cuba, Iran, North Korea, </P>
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Sudan or Syria (including any Governmental Entity within such country) or (ii)&nbsp;that is the subject of any international economic or trade sanction administered or enforced by OFAC, the
United Nations Security Council, the European Union, Her Majesty&#146;s Treasury, the United Kingdom Export Control Organization or other relevant sanctions authority (including but not limited to being listed on the Specially Designated Nationals
and Blocked Persons List administered by OFAC). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_47"></A>SECTION 5.13. <U>Environmental Matters</U>. (i)&nbsp;Each
of Monsoon and the Monsoon Subsidiaries hold, and are and have been in compliance with, all Governmental Approvals required for Monsoon and the Monsoon Subsidiaries to conduct their respective businesses under Environmental Laws, and are and have
been in compliance with all Environmental Laws, except for any instances of noncompliance which, individually or in the aggregate, have not had and would not reasonably be expected to have a Monsoon Material Adverse Effect, (ii)&nbsp;neither Monsoon
nor any Monsoon Subsidiary has any actual or contingent liabilities or obligations including any assumed, whether by contract or operation of law, liabilities or obligations, in connection with any Hazardous Materials or arising under any
Environmental Laws in connection with the ownership or operation of its business, real properties or any formerly owned or operated divisions, subsidiaries, companies or real properties, that, individually or in the aggregate, have been and would
not reasonably be expected to be material, (iii)&nbsp;neither Monsoon nor any Monsoon Subsidiary has disposed of, or arranged for the disposal of, Hazardous Materials at any onsite or offsite location, and (iv)&nbsp;neither Monsoon nor any Monsoon
Subsidiary has received any written or oral communication from any person that alleges that Monsoon or any Monsoon Subsidiary is not in compliance in any material respect with any Environmental Laws, or is subject to material liability under any
Environmental Laws, the substance of which has not been materially resolved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_48"></A>SECTION 5.14. <U>Real
Property</U>. Section&nbsp;5.14 of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of (A)&nbsp;all real property and interests in real property owned or purported to be owned by Monsoon or any of its
Subsidiaries (&#147;<U>Monsoon Owned Real Property</U>&#148;) and the address for each Monsoon Owned Real Property and (B)&nbsp;all real property and interests in real property leased by Monsoon or any Monsoon Subsidiary (each, a &#147;<U>Monsoon
Leased Real Property</U>&#148; and, together with each Monsoon Owned Real Property, the &#147;<U>Monsoon Real Property</U>&#148;) and identifies the leases or subleases demising such Monsoon Owned Real Property (each, a &#147;<U>Monsoon Real
Property Lease</U>&#148;). Monsoon or a Monsoon Subsidiary has good and valid title to its freehold or leasehold estates in all Monsoon Real Property, in each case free and clear of all Liens, except (i)&nbsp;Liens securing indebtedness reflected in
the latest Monsoon Financial Statements, (ii)&nbsp;Liens consisting of zoning or planning restrictions, permits, easements, covenants and other restrictions or limitations on the use or occupancy of real property or irregularities in title thereto,
which do not materially impair the use of such property as it is presently used or intended to be used in connection with the Monsoon Business, (iii)&nbsp;Liens for current Taxes and assessments not yet past due or the amount or validity of which is
being contested in good faith by appropriate Actions and for which adequate reserves in accordance with IFRS have been established in the latest Monsoon Financial Statements, (iv)&nbsp;mechanics&#146;, carriers&#146;, workmen&#146;s,
materialmen&#146;s, repairmen&#146;s and similar Liens arising in the ordinary course of business consistent with past practice for sums not yet due and payable and (v)&nbsp;Liens which do not and would not reasonably be expected to, individually or
in the aggregate, materially and adversely affect the use and operation of such assets as they are presently used and operated or intended to be used and operated in connection with the Monsoon Business (the items in clauses&nbsp;(i) through (v),
collectively, &#147;<U>Monsoon Permitted Liens</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_49"></A>SECTION 5.15. <U>Title to and Sufficiency of
Assets</U>. Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Monsoon Material Adverse Effect, (i)&nbsp;Monsoon and each of its Subsidiaries has good and valid title to, or a valid leasehold
interest in or license to, all of its personal property and other tangible assets and properties, in each case free and clear of all Liens other than Monsoon Permitted Liens; (ii)&nbsp;such properties and assets constitute all of the properties and
assets that are used in the operations of Monsoon and its Subsidiaries as presently conducted and are adequate to conduct the Monsoon Business as presently conducted; and (iii)&nbsp;such properties and assets, taken as a whole, are in good operating
condition and repair, normal wear and tear excepted. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_50"></A>SECTION 5.16. <U>Intellectual Property</U>.
(a)&nbsp;Section&nbsp;5.16(a) of the Monsoon Disclosure Letter sets forth a true and complete list as of the date of this Agreement of all Intellectual Property Rights owned or purported to be owned by Monsoon or any Monsoon Subsidiary (the
&#147;<U>Owned Monsoon Intellectual Property</U>&#148;) that are registered with a Governmental Authority. The registered Owned Monsoon Intellectual Property is subsisting and, to the knowledge of Monsoon, valid and enforceable. Monsoon or a Monsoon
Subsidiary is the sole and exclusive owner of the Owned Monsoon Intellectual Property, free and clear of all Liens other than nonexclusive licenses entered into in the ordinary course of business. Neither Monsoon nor any Monsoon Subsidiary has
granted any exclusive license in respect of any Owned Monsoon Intellectual Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) There are (i)&nbsp;no claims pending or
threatened in writing against Monsoon or any Monsoon Subsidiary by any Person (x)&nbsp;claiming that Monsoon or any Monsoon Subsidiary is infringing, misappropriating or otherwise violating any Intellectual Property Rights of a third party in the
operation or conduct of the Monsoon Business as currently conducted (including any claim that Monsoon or any Monsoon Subsidiary must license or refrain from using any Intellectual Property Right of a third party) or (y)&nbsp;challenging the
validity, ownership, patentability, enforceability, registrability or use by Monsoon or any Monsoon Subsidiary of any Owned Monsoon Intellectual Property and (ii)&nbsp;to the knowledge of Monsoon, (1)&nbsp;the conduct of the Monsoon Business is not
(A)&nbsp;infringing upon, misappropriating, violating, diluting or constituting the unauthorized use of any Intellectual Property Rights of any third party, or (B)&nbsp;violating any rights of any Person to privacy or publicity and (2)&nbsp;no
Person is infringing, misappropriating or violating the rights of Monsoon or any Monsoon Subsidiary with respect to any Intellectual Property Rights used or held for use in Monsoon Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except for commercially available &#147;off-the-shelf&#148; Software licensed to Monsoon or any Monsoon Subsidiary, the Owned Monsoon
Intellectual Property, together with all Intellectual Property Rights that Monsoon or any Monsoon Subsidiary license pursuant to the Contracts set forth in Section&nbsp;5.17(a)(iv) of the Monsoon Disclosure Letter (collectively, the &#147;<U>Monsoon
Intellectual Property</U>&#148;), constitutes all of the Intellectual Property Rights reasonably necessary for the conduct of the Monsoon Business as currently conducted and as currently planned to be conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Monsoon and each Monsoon Subsidiary have taken commercially reasonable steps to obtain, maintain and protect the Monsoon Intellectual
Property. Without limiting the foregoing, (i)&nbsp;all confidential information, including any Trade Secrets constituting Monsoon Intellectual Property have been maintained in confidence in accordance with protection procedures customarily used in
the industry to protect information of like importance and (ii)&nbsp;neither Monsoon nor any Monsoon Subsidiary or, to the knowledge of Monsoon, any third party, has disclosed any of the confidential information, including Trade Secrets, owned by or
accessible to Monsoon or any Monsoon Subsidiary to any other Person (except in the ordinary course of business consistent with past practice and subject to written obligations of confidence). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) All employees and contractors that have created, invented or improved any Owned Monsoon Intellectual Property have executed valid and
binding agreements in which they have irrevocably assigned exclusive ownership of all of their rights in and to such Intellectual Property Rights to Monsoon or a Monsoon Subsidiary. To the knowledge of Monsoon, no party to any such agreement is in
material breach thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Neither Monsoon nor any Monsoon Subsidiary is or has been a member of or a contributor to any industry
standards-setting body or similar organization in connection with the Monsoon Business that requires or obligates either Monsoon or any Monsoon Subsidiary to grant or offer to any other Person any license or right to any Owned Monsoon Intellectual
Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) No funding, facilities or personnel of any Governmental Authority were used to develop or create, in whole or in part, any
Owned Monsoon Intellectual Property in a manner that has resulted in any such Governmental Authority having any rights or interests in any such Owned Monsoon Intellectual Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Since January&nbsp;1, 2014 the conduct of the Monsoon Business has been and is in compliance in all material respects with any and all
applicable Laws, contractual requirements of Monsoon and any Monsoon </P>
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Subsidiary, terms of use and Privacy Statements of Monsoon and any Monsoon Subsidiary pertaining to data protection or information privacy, security, and the collection, use and disclosure of any
Personal Data by or on behalf of Monsoon or any Monsoon Subsidiary. Monsoon and the Monsoon Subsidiaries have used reasonable best efforts to protect the secrecy of Personal Data that Monsoon and the Monsoon Subsidiaries (or any Person on behalf of
Monsoon or any Monsoon Subsidiary) collects, stores, uses or maintains for the conduct of the Monsoon Business and to prevent unauthorized use, disclosure, loss, processing, transmission or destruction of or access to such information by any other
Person. To the knowledge of Monsoon, since January&nbsp;1, 2014 there have been no unauthorized processing or disclosures of access to data or any intrusions or breaches of security, relating to any Personal Data collected, stored, used or
maintained by or on behalf of Monsoon or any Monsoon Subsidiary. Neither Monsoon nor any Monsoon Subsidiary has been legally required to provide any notices to data owners in connection with a disclosure of Personal Data or other non-public
information, nor has Monsoon nor any Monsoon Subsidiary provided any such notice. There are no claims pending or, to the knowledge of Monsoon, threatened against Monsoon or any Monsoon Subsidiary alleging a violation of any other Person&#146;s
Personal Data or privacy or data rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Monsoon and the Monsoon Subsidiaries have taken all reasonable measures to preserve and
maintain the performance and security of all Software, hardware, databases, computer equipment, communications networks, data centers, and other information technology systems owned or leased by Monsoon or any Monsoon Subsidiary (&#147;<U>Monsoon IT
Systems</U>&#148;). To the knowledge of Monsoon, no Monsoon IT System contains any Malicious Code. Monsoon and the Monsoon Subsidiaries use commercially reasonable measures designed to prevent the introduction of Malicious Code into Monsoon IT
Systems, including firewall protections and virus scans. Since January&nbsp;1, 2014, to the knowledge of Monsoon (i)&nbsp;there has been no material failure with respect to any Monsoon IT System and (ii)&nbsp;there has been no unauthorized access to
or use of any Monsoon IT System by a third party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) No Software code or data library is present in any Software contained within the
Owned Monsoon Intellectual Property (the &#147;<U>Monsoon Proprietary Software</U>&#148;) that is licensed as freeware, shareware, open source software or under similar licensing models that (i)&nbsp;requires or conditions the use or distribution of
any Monsoon Proprietary Software, as used or distributed in the conduct of the Monsoon Business as presently conducted, or planned to be conducted, on the disclosure, licensing or distribution of any source code for any portion of such Monsoon
Proprietary Software at no additional charge, (ii)&nbsp;prohibits or limits the receipt of consideration in connection with the licensing, sublicensing or distributing any Monsoon Proprietary Software, (iii)&nbsp;requires (or could or does condition
the use or distribution of such Monsoon Proprietary Software on) the granting (x)&nbsp;to third parties of the right to make derivative works or other modifications to such Monsoon Proprietary Software or portions thereof or (y)&nbsp;of a license
under the Owned Monsoon Intellectual Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_51"></A>SECTION 5.17. <U>Material Contracts</U>. (a)&nbsp;All
Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section&nbsp;5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of each of the following
Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or
other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any
Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture
or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of
assets or otherwise, in each case for which the closing of the relevant transaction has not occurred; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary
(other than the agreements covered by clause&nbsp;(i) and any Monsoon Benefit Plan); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) any material Contract pursuant to
which any Third Party Approval is required pursuant to a &#147;change of control&#148; or similar clause; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) any
Contract entered into other than on commercial arm&#146;s length terms; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) any currency exchange, interest rate
exchange, commodity exchange or similar Contract; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in
connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies
after the Closing Date); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) any Contract (other than Contracts entered into in the ordinary course of business
consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary)
in excess of $1,000,000; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) any other Contract other than as set forth above to which Monsoon or any Monsoon
Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) (i)&nbsp;All Contracts set forth or required to be set forth in Section&nbsp;5.17(a) of the Monsoon Disclosure Letter or filed or required
to be filed as exhibits to the Monsoon SEC Documents (the &#147;<U>Monsoon Material Contracts</U>&#148;) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms
(except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors&#146; rights generally, or by principles governing the availability of equitable remedies),
(ii)&nbsp;Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or
material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii)&nbsp;since January&nbsp;1, 2014, neither
Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv)&nbsp;neither
Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon
Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section&nbsp;5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to
Indigo Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Upon Closing, save as disclosed in Section&nbsp;5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon
or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon
Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon
Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_52"></A>SECTION 5.18. <U>Receivables</U>. All the accounts receivable of Monsoon and the Monsoon Subsidiaries
(a)&nbsp;represent actual indebtedness incurred by the applicable account debtors and (b)&nbsp;have arisen from bona fide transactions in the ordinary course of the business of Monsoon and the Monsoon Subsidiaries. To the knowledge of Monsoon, all
such accounts receivable are good and collectible at the aggregate recorded amounts thereof, net of any applicable reserves for doubtful accounts reflected on the Monsoon Balance Sheet. Since the date of the
</P>
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Monsoon Balance Sheet, there have not been any write-offs as uncollectible of any customer accounts receivable of Monsoon or the Monsoon Subsidiaries, except for write-offs in the ordinary course
of the business of Monsoon and consistent with past practice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_53"></A>SECTION 5.19. <U>Permits</U>. Monsoon and its
Subsidiaries have all required Governmental Approvals necessary for the conduct of their business and the use of their properties and assets, as presently conducted and used, and each of such Governmental Approvals is valid, subsisting and in full
force and effect, except where the failure to have or maintain such Governmental Approvals, individually or in the aggregate, has not had and would not reasonably be expected to have, a Monsoon Material Adverse Effect. The operation of the business
of Monsoon and its Subsidiaries as currently conducted is not, and has not been since January&nbsp;1, 2014, in violation of, nor is Monsoon or its Subsidiaries in default or violation under, any Governmental Approval (except for such past violation
or default as has been remedied and imposes no continuing obligations or costs on Monsoon or its Subsidiaries), and, to the knowledge of Monsoon, no event has occurred which, with notice or the lapse of time or both, would constitute a default or
violation of any term, condition or provision of any Governmental Approval, except where such default or violation of such Governmental Approval, individually or in the aggregate, has not had and would not reasonably be expected to have, a Monsoon
Material Adverse Effect. There are no actions pending or, to the knowledge of Monsoon, threatened, that seek the revocation, cancellation or modification of any Governmental Approval, except where such revocation, cancellation or modification,
individually or in the aggregate, has not had and would not reasonably be expected to have, a Monsoon Material Adverse Effect. Since January&nbsp;1, 2014, neither Monsoon nor its Subsidiaries have received or been subject to any written notice,
charge, claim or assertion, or to the knowledge of Monsoon, any other notice, charge, claim or assertion, in each case, alleging any violations of or noncompliance with any Governmental Approval, nor to the knowledge of Monsoon, has any such notice,
charge, claim or assertion been threatened, except where such notice, charge, claim or assertion, individually or in the aggregate, has not had and would not reasonably be expected to have, a Monsoon Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_54"></A>SECTION 5.20. <U>Insurance</U>. Except as has not had and would not reasonably be expected to have, individually
or in the aggregate, a Monsoon Material Adverse Effect, (a)&nbsp;Monsoon and its Subsidiaries maintain insurance in such amounts and against such risks as is sufficient to comply with applicable Law and in accordance with standard industry
practices, (b)&nbsp;all insurance policies of Monsoon and its Subsidiaries are in full force and effect, except for any expiration thereof in accordance with the terms thereof, and all premiums required to be paid thereon have been paid in
accordance with the payment terms of such insurance policy so as not to result in a termination or lapse in coverage and (c)&nbsp;neither Monsoon nor any of its Subsidiaries is in breach of, or default under, any such insurance policy or has taken
any action or failed to take any action which, with notice or lapse of time, would constitute such a breach or default or permit termination or modification of any of the insurance policies. Since January&nbsp;1, 2014, neither Monsoon nor any of its
Subsidiaries has received any written notice of cancellation, invalidation or termination or, as of the date of this Agreement, denial of coverage, rejection of a material claim or material adjustment in the amount of the premiums payable under any
material insurance policy maintained by Monsoon or any of its Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_55"></A>SECTION 5.21. <U>Customers.</U>
Section&nbsp;5.21 of the Monsoon Disclosure Letter sets forth a true and complete list of each customer of Monsoon or any Monsoon Subsidiary which accounted for more than 1% of the consolidated total revenues of Monsoon and the Monsoon Subsidiaries
during the most recent fiscal year (each, a &#147;<U>Significant Monsoon Customer</U>&#148;). Since the date of the Monsoon Balance Sheet, (i)&nbsp;no Significant Monsoon Customer has notified Monsoon or any Monsoon Subsidiary that it has
terminated, or intends to terminate, its customer relationship with Monsoon or any Monsoon Subsidiary, (ii)&nbsp;there has been no material adverse change in the overall terms and conditions, or any material term (including credit terms), on which
Monsoon or any Monsoon Subsidiary conducts business with such Significant Monsoon Customer or (iii)&nbsp;any other material adverse change in the business relationship of Monsoon or any Monsoon Subsidiary with any Significant Monsoon Customer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_56"></A>SECTION 5.22. <U>Suppliers</U>. Section&nbsp;5.22 of the Monsoon Disclosure Letter sets forth a true and
complete list of the top five airline suppliers for travel in India, the top five airline suppliers for travel overseas </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-50 </P>


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(each based on revenue less service cost earned by Monsoon and the Monsoon Subsidiaries) and the top five hotel suppliers (based on gross bookings with Monsoon and the Monsoon Subsidiaries)
during the most recent fiscal year (each, a &#147;<U>Significant Monsoon Supplier</U>&#148;). Since the date of the Monsoon Balance Sheet, (i)&nbsp;no Significant Monsoon Supplier has notified Monsoon or any Monsoon Subsidiary that it has
terminated, or intends to terminate, its supplier or service provider relationship with Monsoon or any Monsoon Subsidiary, (ii)&nbsp;there has been no material adverse change in the overall terms and conditions, or any material term (including
credit terms), on which Monsoon or any Monsoon Subsidiary conducts business with such Significant Monsoon Supplier or (iii)&nbsp;any other material adverse change in the business relationship of Monsoon or any Monsoon Subsidiary with any Significant
Monsoon Supplier. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_57"></A>SECTION 5.23. <U>Opinion of Financial Advisor</U>. Monsoon&#146;s financial advisor has
delivered to the Monsoon Board its opinion in writing to the effect that, as of the date of such opinion and subject to the assumptions, limitations, qualifications and conditions set forth therein, the Acquisition (as adjusted in accordance with
Article&nbsp;III) and the Share Issuance are fair from a financial point of view to Monsoon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_58"></A>SECTION 5.24.
<U>Brokers</U>. Except for the fees payable to Monsoon&#146;s financial advisor in connection with the Transactions, neither Monsoon nor any Subsidiary thereof nor any of their respective officers or directors on behalf of Monsoon or such Subsidiary
has employed any financial advisor, investment banker, broker or finder or incurred any liability for any financial advisory fee, investment banking fee, broker&#146;s fee, commission or finder&#146;s fee in connection with any of the Transactions.
The fees and expenses of Monsoon&#146;s financial advisor will be paid by Monsoon. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VI </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Covenants Relating to Conduct of Business </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_59"></A>SECTION 6.01. <U>Conduct of Business by Monsoon</U>. Except for matters (i)&nbsp;set forth in Section&nbsp;6.01
of the Monsoon Disclosure Letter, (ii)&nbsp;otherwise expressly permitted by this Agreement and the other Transaction Documents, (iv)&nbsp;required by applicable Law or (iv)&nbsp;consented to in writing by Indigo Parent, from the date hereof to the
Closing, Monsoon shall, and shall cause each Monsoon Subsidiary to, conduct its business in the usual, regular and ordinary course in substantially the same manner as previously conducted and, to the extent consistent therewith, use reasonable best
efforts to preserve intact its current business organization, maintain its material Governmental Approvals and Third Party Approvals, keep available the services of its current officers and employees and keep its relationships with customers,
suppliers, licensors, licensees, distributors and others having business dealings with it to the end that its goodwill and ongoing business shall be unimpaired in any material respect at the Closing. In addition, and without limiting the generality
of the foregoing, except for matters set forth in Section&nbsp;6.01 of the Monsoon Disclosure Letter or otherwise expressly permitted by this Agreement and the other Transaction Documents or required by applicable Law, from the date hereof to the
Closing, Monsoon shall not, and shall not permit any Monsoon Subsidiary to, do any of the following without the prior written consent of Indigo Parent, which shall not be unreasonably withheld, conditioned or delayed: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) (i)&nbsp;declare, set aside or pay any dividends or other distributions in respect of its shares of Capital Stock, other than dividends
and distributions by any direct or indirect wholly-owned Monsoon Subsidiary to its parent, (ii)&nbsp;split, combine or reclassify any of its Capital Stock, or issue or authorize the issuance of any other securities in respect of, in lieu of or in
substitution for its shares of Capital Stock, other than any such transaction by a direct or indirect wholly-owned Monsoon Subsidiary which remains a direct or indirect wholly-owned Monsoon Subsidiary after consummation of such transaction, or
(iii)&nbsp;purchase, redeem or otherwise acquire or amend the terms of any shares of its Capital Stock or any rights, warrants, options or other equity awards to acquire, directly or indirectly, any such shares of Capital Stock; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) issue, deliver, sell or grant (i)&nbsp;any of its shares of Capital Stock or (ii)&nbsp;any Voting Monsoon Debt or Monsoon Securities
(including any Monsoon Options, Monsoon Restricted Stock Units and any other rights, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-51 </P>


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warrants, options or other equity awards to acquire, directly or indirectly, any of its shares of Capital Stock), in each case other than (A)&nbsp;the issuance of Monsoon Ordinary Shares upon the
exercise or settlement of Monsoon Options or Monsoon Restricted Stock Units outstanding on the date hereof and in accordance with their terms, (B)&nbsp;the issuance of Monsoon Ordinary Shares upon the conversion of the Convertible Notes and
(C)&nbsp;any such transaction by a wholly-owned Monsoon Subsidiary which remains a wholly-owned Monsoon Subsidiary after consummation of such transaction; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) amend its certificate or articles of incorporation or constitution or comparable organizational documents; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) acquire or dispose of, including by entering any lease or option Contract with respect to, any interests in real property, except for
(i)&nbsp;acquisitions or dispositions in the ordinary course of business consistent with past practice and (ii)&nbsp;the expiration of any lease or option Contract in accordance with the terms of such Contract; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) acquire, in a single transaction or a series of related transactions, whether by merging or consolidating with, or by purchasing a
substantial equity interest in or a substantial portion of the assets of, or by any other manner, any business or any partnership, corporation, joint venture, limited liability entity or other business organization or division thereof or any other
Person (in each case, other than any acquisition of interests in real property permitted under Section&nbsp;6.01(d)), with a value or purchase price that, individually or in the aggregate, exceeds $3,000,000, except for acquisitions in the ordinary
course of business consistent with past practice of assets used in the operation or conduct of the Monsoon Business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) sell, transfer
or otherwise dispose of, including by entering any license or lease with respect to, in a single transaction or a series of related transactions, any property or asset (in each case, other than sales, transfers or dispositions of interests in real
property permitted under Section&nbsp;6.01(d)) with a value or purchase price that, individually or in the aggregate, exceeds $3,000,000 or sell, transfer or otherwise dispose of, any material property or asset below its book value, in each case
except for (i)&nbsp;dispositions of obsolete or worn-out assets that are no longer used or useful in the operation or conduct of the Monsoon Business, (ii)&nbsp;non-exclusive licenses of Intellectual Property Rights entered into in the ordinary
course of business consistent with past practice with customers or distributors of Monsoon or its Subsidiaries and (iii)&nbsp;transactions among Monsoon and its wholly-owned Subsidiaries or among Monsoon&#146;s wholly-owned Subsidiaries; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) (i)&nbsp;establish, adopt, enter into, terminate or amend, or take any action to accelerate the vesting or payment of any compensation or
benefits under, any material Monsoon Benefit Plan, (ii)&nbsp;grant to any executive officer or director of Monsoon any material increase in compensation or benefits, or (iii)&nbsp;grant to or increase any change in control, retention, severance or
termination pay to or for any Monsoon Employee, except, in each case subject to Section&nbsp;6.01(b), (A)&nbsp;as required pursuant to the terms of a Monsoon Benefit Plan as in effect on the date hereof or (B)&nbsp;increases in salaries and wages
not in excess of 10% of the applicable Monsoon Employee&#146;s annual base salary and wages as in effect on the date hereof or otherwise made in the ordinary course of business consistent with past practice; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) incur any Indebtedness, except for (i)&nbsp;Indebtedness solely between or among Monsoon and the Monsoon Subsidiaries,
(ii)&nbsp;borrowings under Monsoon&#146;s existing credit facilities (as in effect on the date hereof or amended after the date hereof not in contravention of this Agreement) in the ordinary course of business, (iii)&nbsp;borrowings that do not
exceed the budgeted amounts set forth in Section&nbsp;6.01(h) of the Monsoon Disclosure Letter, (iv)&nbsp;issuances of commercial paper for working capital and other short-term borrowings for general corporate purposes in each case incurred in the
ordinary course of business consistent with past practice and (v)&nbsp;letters of credit and surety bonds issued in the ordinary course of business consistent with past practice; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) encumber or subject any of its material assets to any Liens, other than Monsoon Permitted Liens, Liens securing Monsoon Permitted
Indebtedness and non-exclusive licenses of Intellectual Property Rights entered into in the ordinary course of business consistent with past practice; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-52 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) (i)&nbsp;make any loan, advance or capital contribution to, or investment in, any Person
other than any wholly-owned Monsoon Subsidiary that, individually or in the aggregate, exceeds $3,000,000 except in the ordinary course of business consistent with past practice or (ii)&nbsp;authorize or make any capital expenditure (other than in
respect of any acquisition of interests in real property permitted under Section&nbsp;6.01(d)) in any fiscal quarter that, individually or in the aggregate, exceeds by more than 20% the budgeted amount for such fiscal quarter set forth in
Section&nbsp;6.01(j) of the Monsoon Disclosure Letter; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) make any material change in its Tax accounting or financial accounting
methods, principles and practices in effect on the date of the Monsoon Balance Sheet, except as may be required by IFRS; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) make, revoke
or change any material Tax election, file any amended Tax Return, enter into any closing agreement or settle or compromise any material Tax liability or refund, consent to any extension or waiver of the statute of limitations period applicable to
any material Tax claim or assessment, enter into any Tax allocation agreement, Tax sharing agreement, or Tax indemnity agreement relating to any material Tax; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) adopt a plan or agreement of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other
material reorganization; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) adopt or implement any stockholder rights plan or similar arrangement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) modify, amend, enter into or terminate any Monsoon Material Contract or waive, release or assign any material rights or claims of Monsoon
or any Monsoon Subsidiary under any Monsoon Material Contract, except in the ordinary course of business consistent with past practice, other than (i)&nbsp;any such actions taken in connection with the Transactions in accordance with this Agreement
and the other Transaction Documents and (ii)&nbsp;entry into any Monsoon Material Contract providing for (i)&nbsp;acquisitions or dispositions that would not be prohibited by Sections&nbsp;6.01(d), 6.01(e) and 6.01(f), (ii)&nbsp;Monsoon Permitted
Indebtedness, (iii)&nbsp;Liens that would not be prohibited by Section&nbsp;6.01(i) or (iv)&nbsp;loans, advances, capital contributions, investments or capital expenditures that would not be prohibited by Section&nbsp;6.01(j) that, in the case of
each of clauses&nbsp;(i), (ii), (iii)&nbsp;and (iv), does not otherwise require consent under this Section&nbsp;6.01; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) except in the
ordinary course of business and consistent with past practice, grant, modify, abandon, dispose of, transfer, assign or terminate any rights relating to any material Monsoon Intellectual Property or otherwise permit any of their rights relating to
any Monsoon Intellectual Property to lapse; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) settle any Action if such settlement would require any payment by Monsoon or any Monsoon
Subsidiary in an amount in excess of $1,000,000 individually or $5,000,000 in the aggregate, or would obligate Monsoon or any Monsoon Subsidiary to take any material action or restrict Monsoon or any Monsoon Subsidiary in any material respect from
taking any action; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) take any action in respect of any matter that would constitute a Reserved Matter hereunder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) except as required by applicable Law, amend or modify any Privacy Statement of Monsoon or any Monsoon Subsidiary other than in the
ordinary course of business in a manner consistent with past practice in accordance with applicable Law; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t) authorize any of, or
commit or agree to take any of, the foregoing actions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_60"></A>SECTION 6.02. <U>Conduct of Business by Indigo
Parent and Indigo</U>. Except for matters (i)&nbsp;set forth in Section&nbsp;6.02 of the Indigo Parent Disclosure Letter, (ii)&nbsp;required to implement or otherwise give effect to the Restructuring, (iii)&nbsp;otherwise expressly permitted by this
Agreement and the other Transaction Documents, (iv)&nbsp;required by applicable Law or (v)&nbsp;consented to in writing by Monsoon, from the date hereof to the Closing, Indigo Parent shall, and shall cause each of its Subsidiaries to, conduct its
business in the usual, regular and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-53 </P>


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ordinary course in substantially the same manner as previously conducted and, to the extent consistent therewith, use reasonable best efforts to preserve intact its current business organization,
maintain its material Governmental Approvals and Third Party Approvals, keep available the services of its current officers and employees and keep its relationships with customers, suppliers, licensors, licensees, distributors and others having
business dealings with it to the end that its goodwill and ongoing business shall be unimpaired in any material respect at the Closing. In addition, and without limiting the generality of the foregoing, except for matters set forth in
Section&nbsp;6.02 of the Indigo Parent Disclosure Letter or otherwise expressly permitted by this Agreement and the other Transaction Documents or required by applicable Law, from the date hereof to the Closing, Indigo Parent shall not, and shall
not permit any Indigo Group Company to, do any of the following without the prior written consent of Monsoon, which shall not be unreasonably withheld, conditioned or delayed: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) (i)&nbsp;declare, set aside or pay any dividends or other distributions in respect of its shares of Capital Stock, other than dividends
and distributions by any direct or indirect wholly-owned Indigo Group Company to its parent, (ii)&nbsp;split, combine or reclassify any of its Capital Stock, or issue or authorize the issuance of any other securities in respect of, in lieu of or in
substitution for its shares of Capital Stock, other than any such transaction by a direct or indirect wholly-owned Indigo Group Company which remains a direct or indirect wholly-owned Indigo Group Company after consummation of such transaction, or
(iii)&nbsp;purchase, redeem or otherwise acquire or amend the terms of any shares of its Capital Stock or any rights, warrants, options or other equity awards to acquire, directly or indirectly, any such shares of Capital Stock or other equity
interests; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) (i)&nbsp;issue, deliver, sell or grant (A)&nbsp;any of its shares of Capital Stock or (B)&nbsp;any Voting Indigo Debt or
Indigo Securities, in each case other than any such transaction by a wholly-owned Indigo Subsidiary which remains a wholly-owned Indigo Subsidiary after consummation of such transaction, or (ii)&nbsp;issue, deliver, sell or grant to any Indigo
Business Employee any shares of Capital Stock in Indigo Parent or any of its Affiliates or any restricted stock units, share appreciation rights or any other rights, warrants, options or other equity awards to acquire, directly or indirectly, any
such shares; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) amend the certificate or articles of incorporation or bylaws or comparable organizational documents of any Indigo Group
Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) acquire or dispose of, including by entering any lease or option Contract with respect to, any interests in real property,
except for (i)&nbsp;acquisitions or dispositions in the ordinary course of business consistent with past practice and (ii)&nbsp;the expiration of any lease or option Contract in accordance with the terms of such Contract; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) acquire, in a single transaction or a series of related transactions, whether by merging or consolidating with, or by purchasing a
substantial equity interest in or a substantial portion of the assets of, or by any other manner, any business or any partnership, corporation, joint venture, limited liability entity or other business organization or division thereof or any other
Person (in each case, other than any acquisition of interests in real property permitted under Section&nbsp;6.02(d)), with a value or purchase price that, individually or in the aggregate, exceeds $3,000,000, except for acquisitions in the ordinary
course of business consistent with past practice of assets used in the operation or conduct of the Indigo Business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) sell, transfer or
otherwise dispose of, including by entering any license or lease with respect to, in a single transaction or a series of related transactions, any property or asset (in each case, other than sales, transfers or dispositions of interests in real
property permitted under Section&nbsp;6.02(d)) with a value or purchase price that, individually or in the aggregate, exceeds $3,000,000 or sell, transfer or otherwise dispose of, any material property or asset below its book value, in each case
except for (i)&nbsp;dispositions of obsolete or worn-out assets that are no longer used or useful in the operation or conduct of the Indigo Business, (ii)&nbsp;non-exclusive licenses of Intellectual Property Rights entered into in the ordinary
course of business consistent with past practice with customers or distributors of Indigo or its Subsidiaries and (iii)&nbsp;transactions among Indigo and its wholly-owned Subsidiaries or among Indigo&#146;s wholly-owned Subsidiaries; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-54 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) (i)&nbsp;establish, adopt, enter into, terminate or amend, or take any action to accelerate
the vesting or payment of any compensation or benefits under, any material Indigo Business Benefit Plan, (ii)&nbsp;grant to any executive officer or director of any Indigo Group Company any material increase in compensation or benefits or
(iii)&nbsp;grant to or increase any change in control, retention, severance or termination pay to or for any Indigo Business Employee, except, in each case subject to Section&nbsp;6.02(b), (A)&nbsp;as required pursuant to the terms of a Indigo
Business Benefit Plan as in effect on the date hereof or (B)&nbsp;increases in salaries and wages not in excess of 10% of the applicable Indigo Business Employee&#146;s annual base salary and wages as in effect on the date hereof or otherwise made
in the ordinary course of business consistent with past practice; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) incur any Indebtedness, except for (i)&nbsp;Indebtedness solely
between or among the Indigo Group Companies, (ii)&nbsp;borrowings under the Indigo Group Companies&#146; existing credit facilities (as in effect on the date hereof or amended after the date hereof not in contravention of this Agreement) in the
ordinary course of business, (iii)&nbsp;borrowings that do not exceed the budgeted amounts set forth in Section&nbsp;6.02(h) of the Indigo Parent Disclosure Letter, (iv)&nbsp;issuances of commercial paper for working capital and other short-term
borrowings for general corporate purposes in each case incurred in the ordinary course of business consistent with past practice and (v)&nbsp;letters of credit and surety bonds issued in the ordinary course of business consistent with past practice
(&#147;<U>Indigo Permitted Indebtedness</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) encumber or subject any of its material assets to any Liens, other than Indigo
Permitted Liens, Liens securing Indigo Permitted Indebtedness and non-exclusive licenses of Intellectual Property Rights entered into in the ordinary course of business consistent with past practice; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) (i)&nbsp;make any loan, advance or capital contribution to, or investment in, any Person other than any wholly-owned Indigo Group Company
that, individually or in the aggregate, exceeds $3,000,000, except in the ordinary course of business consistent with past practice, or (ii)&nbsp;authorize or make any capital expenditure (other than in respect of any acquisition of interests in
real property permitted under Section&nbsp;6.02(d)) in any fiscal quarter that, individually or in the aggregate, exceeds by more than 20% the budgeted amount for such fiscal quarter set forth in Section&nbsp;6.02(j) of the Indigo Parent Disclosure
Letter; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) make any material change in its Tax accounting or financial accounting methods, principles and practices in effect on the
date of the Indigo Balance Sheet, except as may be required by IFRS; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) make, revoke or change any material Tax election, file any
amended Tax Return, enter into any closing agreement or settle or compromise any material Tax liability or refund, consent to any extension or waiver of the statute of limitations period applicable to any material Tax claim or assessment, enter into
any Tax allocation agreement, Tax sharing agreement, or Tax indemnity agreement relating to any material Tax; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) adopt a plan or
agreement of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other material reorganization; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) adopt or implement any stockholder rights plan or similar arrangement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) modify, amend, enter into or terminate any Indigo Material Contract, or waive, release or assign any material rights or claims of Indigo
Parent or any Indigo Group Company under any Indigo Material Contract, except in the ordinary course of business consistent with past practice, other than (i)&nbsp;any such actions taken in connection with the Transactions in accordance with this
Agreement and the other Transaction Documents and (ii)&nbsp;entry into any Indigo Material Contract providing for (A)&nbsp;acquisitions or dispositions that would not be prohibited by Sections&nbsp;6.02(d), 6.02(e) and 6.02(f), (B)&nbsp;Indigo
Permitted Indebtedness, (C)&nbsp;Liens that would not be prohibited by Section&nbsp;6.02(i), or (D)&nbsp;loans, advances, capital contributions, investments or capital expenditures that would not be prohibited by Section&nbsp;6.02(j) that, in the
case of each of clauses&nbsp;(A), (B), (C)&nbsp;and (D), does not otherwise require consent under this Section&nbsp;6.02; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) except in the ordinary course of business and consistent with past practice, grant, modify,
abandon, dispose of, transfer, assign or terminate any rights relating to any material Indigo Intellectual Property or otherwise permit any of their rights relating to any Indigo Intellectual Property to lapse; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) settle any Action if such settlement would require any payment of an amount in excess of $1,000,000 individually or $5,000,000 in the
aggregate by any Indigo Group Company, or would obligate any Indigo Group Company to take any material action, or restrict any Indigo Group Company in any material respect from taking any action; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) amend, restate, waive or otherwise modify any provision of any investor rights agreement, investment agreement, shareholder agreement or
other Contract entered into with any other shareholder of any Subsidiary or Associate of Indigo in any manner that would be adverse to the rights of Monsoon (assuming such amendment, restatement, waiver or other modification had occurred on or after
the Closing) or more favorable to the rights of such other shareholder thereunder than to the rights of such Subsidiary or Associate of Indigo thereunder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) enter into any Contract that purports to or in fact limits (i)&nbsp;the activities that may be conducted by Monsoon or its Affiliates or
(ii)&nbsp;in any material respect, other than in the ordinary course of business (including pursuant to customary covenants entered into as part of ordinary course financing arrangements), the scope of business that may be conducted by Monsoon
(whether through restraint of trade or non-competition covenants or similar provisions); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t) except as required by applicable Law, amend
or modify any Privacy Statement of Indigo or any Indigo Group Company other than in the ordinary course of business in a manner consistent with past practice in accordance with applicable Law, except to the extent already reflected in the
corresponding privacy policy of Monsoon or the relevant Monsoon Subsidiary for the applicable jurisdictions; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(u) authorize any of, or
commit or agree to take any of, the foregoing actions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_61"></A>SECTION 6.03. <U>Advice of Changes</U>. From the
date hereof to the Closing, (a)&nbsp;Indigo Parent shall promptly advise Monsoon orally and in writing of any Effect that has had or would reasonably be expected to have an Indigo Material Adverse Effect and (b)&nbsp;Monsoon shall promptly advise
Indigo Parent orally and in writing of any Effect that has had or would reasonably be expected to have a Monsoon Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_62"></A>SECTION 6.04. <U>No Control of Other Party&#146;s Business</U>. Prior to the Closing, each of Indigo Parent and
Monsoon shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its respective businesses and operations and nothing contained in this Agreement is intended to give Indigo Parent or Monsoon,
directly or indirectly, the right to control or direct the operations of the other&#146;s business in any manner prior to the Closing. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VII </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Additional
Covenants </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_63"></A>SECTION 7.01. <U>Preparation of Proxy Statement</U>. As promptly as practicable following the
date hereof, Monsoon shall prepare and file with the applicable Governmental Entities and deliver, or cause to be delivered, to the holders of the Monsoon Ordinary Shares, a proxy statement to be used to seek the Monsoon Shareholder Approval (the
&#147;<U>Proxy Statement</U>&#148;). Indigo Parent shall furnish all information as may be reasonably requested by Monsoon and its advisers in connection with the preparation, filing and distribution of the Proxy Statement and any necessary
amendments or supplements thereto. If at any time prior to the Closing any information relating to Monsoon or Indigo Parent, or any of their respective Affiliates, directors or officers, should be discovered by
</P>
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Monsoon or Indigo Parent which should be set forth in an amendment or supplement to the Proxy Statement, so that such document would not include any misstatement of a material fact or omit to
state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the party that discovers such information shall promptly notify the other party and an appropriate amendment
or supplement describing such information shall promptly be prepared and filed with the applicable Governmental Entities by Monsoon and, to the extent required by applicable Law, delivered to the holders of the Monsoon Ordinary Shares. Monsoon
agrees to provide Indigo Parent and its counsel with copies of any written comments, and shall inform Indigo Parent of any oral comments, that Monsoon or its counsel may receive from time to time from any Governmental Entity or its staff with
respect to the Proxy Statement or any of the Transactions, including any request for amendments or supplements to the Proxy Statement or for additional information, in each case promptly after receipt of such comments or request, and any written or
oral responses thereto. Indigo Parent and its counsel shall be given a reasonable opportunity to review the Proxy Statement and any amendments or supplements thereto and Monsoon shall give due consideration to the additions, deletions or changes
suggested thereto by Indigo Parent and its counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_64"></A>SECTION 7.02. <U>Monsoon Shareholders&#146;
Meeting</U>. Monsoon shall, as promptly as practicable following the date hereof, establish a record date (the &#147;<U>Record Date</U>&#148;) for, duly call, give notice of, convene and hold a meeting of its shareholders (the &#147;<U>Monsoon
Shareholders&#146; Meeting</U>&#148;) for the purpose of obtaining the Monsoon Shareholder Approval, and shall use reasonable best efforts to solicit proxies from the holders of the Monsoon Ordinary Shares in favor thereof. Subject to Indigo Parent
complying with its obligations pursuant to Section&nbsp;7.11(a), Monsoon shall cause the Monsoon Shareholders&#146; Meeting to be held not later than January&nbsp;1, 2017. Monsoon shall, through the Monsoon Board, recommend to its shareholders that
they give the Monsoon Shareholder Approval and shall include such recommendation in the Proxy Statement. Monsoon&#146;s obligations pursuant to Section&nbsp;7.01 and this Section&nbsp;7.02 shall not be affected by the making or public disclosure of
any Competing Transaction. Monsoon shall only postpone or adjourn the Monsoon Shareholders&#146; Meeting (i)&nbsp;to solicit additional proxies for the purpose of obtaining the Monsoon Shareholder Approval, (ii)&nbsp;for the absence of a quorum,
(iii)&nbsp;to allow reasonable additional time for the filing or mailing of any supplemental or amended disclosure that becomes necessary under applicable Law and for such supplemental or amended disclosure to be disseminated and reviewed by
shareholders of Monsoon prior to the Monsoon Shareholders&#146; Meeting or (iv)&nbsp;
if required to do so under applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_65"></A>SECTION 7.03. <U>Access to Information; Records;
Confidentiality</U>. Upon reasonable written notice, each of Indigo Parent and Monsoon shall, and shall cause its Subsidiaries to, subject to applicable Law, provide the other parties hereto and to the Representatives of such other parties
reasonable access during normal business hours during the period from the date hereof until the Closing to all their respective properties, plants, systems, Contracts, Records (including financial Records) and Representatives, including by, as
reasonably requested by the other parties, subject to applicable Law, promptly providing copies to the other parties and its Representatives of any of the foregoing systems, Contracts and Records (including financial Records). Notwithstanding the
foregoing, any party may withhold (A)&nbsp;any documents (or portions thereof) or information that is subject to the terms of a confidentiality agreement with a third party, (B)&nbsp;any document (or portions thereof) or information which may
constitute privileged attorney-client communications or attorney work product and the transfer of which, or the provision of access to which, as reasonably determined by such party&#146;s counsel, constitutes a waiver of any such privilege and
(C)&nbsp;any document (or portion thereof) or information relating to pricing or other matters that are highly sensitive if the exchange of such document (or portion thereof) or information, as determined by such party&#146;s counsel, might
reasonably result in antitrust difficulties for such party or any of its Affiliates. If any material is withheld by a party pursuant to the preceding sentence, such party shall inform the requesting party as to the general nature of what is being
withheld. Upon its execution of a work paper access letter in customary form, each of Indigo Parent and Monsoon shall be afforded reasonable access by the other party during normal business hours during the period from the date hereof until the
Closing to all information used by such other party in the preparation of the Indigo Financial Statements or, as applicable, the audited Monsoon Financial Statements. Each of the parties will use its reasonable best efforts to minimize any
disruption to the businesses of the other parties that may result from the requests for access and information hereunder. All </P>
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information exchanged pursuant to this Section&nbsp;7.03 shall be held by the parties as &#147;Confidential Information&#148;, as such term is defined in the Confidentiality Agreement, and shall
be subject to the Confidentiality Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_66"></A>SECTION 7.04. <U>Reasonable Best Efforts</U>. (a)&nbsp;Upon
the terms and subject to the conditions set forth in this Agreement, each of the parties agrees to use its reasonable best efforts to take, or cause to be taken, all actions that are necessary, proper or advisable under this Agreement and applicable
Law to consummate and make effective the Transactions as promptly as practicable, including using reasonable best efforts to accomplish the following: (i)&nbsp;obtain all necessary Third Party Approvals, including under any Contract to which Monsoon
or Indigo or any of their respective Subsidiaries is party or by which such Person or any of their respective properties or assets may be bound and those Third Party Approvals set out in Section&nbsp;7.04(a) of the Monsoon Disclosure Letter and the
Indigo Parent Disclosure Letter, (ii)&nbsp;obtain all necessary Governmental Approvals (including those in connection with applicable Competition Laws), and make all necessary registrations, declarations and filings with, and take all steps as may
be necessary to obtain an approval or waiver from, or to avoid any Action by, any Governmental Entity (including in connection with applicable Competition Laws) or to cause the expiration or termination of the applicable waiting periods under any
applicable Competition Laws, (iii)&nbsp;resist, contest or defend any Actions (including administrative or judicial Actions) challenging this Agreement or any other Transaction Document or the consummation of the Transactions, including seeking to
have vacated, lifted, reversed or overturned any Judgment that is in effect and that could restrict, prevent or prohibit consummation of the Transactions, and (iv)&nbsp;execute and deliver any additional instruments necessary to consummate the
Transactions and fully to carry out the purposes of this Agreement and the other Transaction Documents. In connection with the foregoing, each party shall as promptly as reasonably practicable (i)&nbsp;supply any additional information and
documentary material that may be requested by any Governmental Entity pursuant to any applicable Competition Laws and (ii)&nbsp;furnish to each other party such necessary information and reasonable assistance as such other party may reasonably
request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In furtherance and not in limitation of Section&nbsp;7.04(a), each of Indigo Parent and Monsoon shall, and shall cause their
respective Affiliates to, make or cause to be made all the filings required under applicable Competition Laws set forth in Section&nbsp;7.04(b) of the Monsoon Disclosure Letter and the Indigo Parent Disclosure Letter (collectively, the
&#147;<U>Required Competition Filings</U>&#148;) with respect to the Transactions as promptly as practicable after the date of this Agreement. Subject to applicable Law and the instructions of any Governmental Entity, Indigo Parent and Monsoon shall
(A)&nbsp;keep each other reasonably apprised of the status of matters relating to the completion of the Transactions, including promptly furnishing the other party with copies of notices or other written communications received by Indigo Parent or
Monsoon, as the case may be, or any of their respective Subsidiaries, from any Governmental Entity in connection with the Required Competition Filings, (B)&nbsp;consult with each other with respect to the Required Competition Filings and provide the
other party and its counsel with the opportunity to review and comment on any written materials to be submitted to any Governmental Entity in connection therewith in advance of such submission and shall give due consideration to the additions,
deletions or changes suggested thereto by such other party and its counsel, (C)&nbsp;to the extent reasonably practicable, engage in any substantive communications with any Governmental Entity in connection with the Required Competition Filings only
after prior consultation with the other party and its counsel (and taking into account any reasonable comments and requests of the other party and its counsel) and (D)&nbsp;provide the other party and its counsel with the opportunity to participate
in any meetings and conferences with any Governmental Entity in respect of any filing, investigation or other inquiry in connection with the Required Competition Filings. In connection with the foregoing, each of Indigo Parent and Monsoon shall act
reasonably and as promptly as practicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) None of the parties hereto shall voluntarily extend any waiting period under any
applicable Competition Laws or enter into any agreement with any Governmental Entity to delay or not to consummate the Transactions except with the prior written consent of the other parties (such consent not to be unreasonably withheld, conditioned
or delayed and which reasonableness shall be determined in light of each party&#146;s obligation to use its reasonable best efforts to take all actions necessary or advisable to cause the expiration or termination of the applicable waiting periods
under any applicable Competition Laws and to obtain all Governmental </P>
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Approvals under any applicable Competition Laws, so as to enable the parties hereto to consummate and make effective, as promptly as practicable, the Transactions). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Nothing in this Agreement shall require (i)&nbsp;the parties or any of their respective Subsidiaries to (A)&nbsp;pay any consideration,
incur any Liability or transfer any value to any Person in connection with any Governmental Approval, other than filing fees paid to Governmental Entities, or (B)&nbsp;sell, hold separate, alter an ownership interest in assets or otherwise dispose
of or conduct their business in a specified manner, or enter into a voting trust arrangement, proxy arrangement, &#147;hold separate&#148; agreement or similar agreement or arrangement with respect to the assets, operations or conduct of their
business in a specified manner, or commit or agree to any of the foregoing (collectively, a &#147;<U>Regulatory Undertaking</U>&#148;), in order to obtain any Governmental Approval or to remove any impediments to the Transactions under applicable
Competition Laws or to avoid the entry of, or to effect the dissolution of, any injunction, temporary restraining order or other order in any Action under any Competition Laws, if the effect of such Regulatory Undertaking would reasonably be
expected to have a material adverse impact on the combined business of Indigo, Monsoon and their respective Subsidiaries, or (ii)&nbsp;any Affiliate of Indigo Parent (other than the Indigo Group Companies) to take (or refrain from taking) any
action, either with respect to its assets, its operations, the conduct of its business or otherwise, in connection with, or in order to obtain, any Governmental Approval in connection with the Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_67"></A>SECTION 7.05. <U>Tax Matters</U>. (a)&nbsp;Indigo Parent shall prepare or cause to be prepared all Tax Returns
required to be filed by or with respect to any of the Indigo Group Companies for any taxable period ending on or before the Closing Date, and shall pay, or cause to be paid, all Taxes due with respect to such Tax Returns. Such Tax Returns shall be
prepared by treating items on such Tax Returns in a manner consistent with the past practices of the Indigo Group Companies, except as required by applicable Law or change in facts. Monsoon shall prepare and timely file, or shall cause to be
prepared and timely filed, all Tax Returns required to be filed by or with respect to the Indigo Group Companies for any taxable period that includes (but does not end on) the Closing Date (a &#147;<U>Straddle Period</U>&#148;) or any taxable period
commencing after the Closing Date. To the extent relating to any Straddle Period, each such Tax Return shall be prepared in a manner consistent with past practice, except to the extent required by applicable Law or change in facts; and at least
thirty (30)&nbsp;days before the due date of such Tax Return (taking into account extensions), Monsoon shall present such Tax Return to Indigo Parent for review, comment and approval, which approval shall not be unreasonably withheld, conditioned or
delayed. In the event of a dispute in connection with the manner of preparation of a Tax Return relating to a Straddle Period, Monsoon and Indigo Parent shall attempt in good faith to resolve such dispute amicably, failing which, Monsoon and Indigo
Parent shall jointly engage a reputable Tax advisor to resolve such dispute. With respect to Taxes of the Indigo Group Companies relating to a Straddle Period, subject to Article XII, Indigo Parent shall pay to Monsoon, at least five (5)&nbsp;days
before the due date of the Tax Return for such Straddle Period (taking into account extensions), the applicable amount owed by Indigo Parent pursuant to Section&nbsp;12.01(a)(iv) and Section&nbsp;12.03 with respect to the taxable period covered by
such Tax Return. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Monsoon and Indigo Parent shall reasonably cooperate, and shall cause their affiliates, officers, employees,
contractors, consultants, agents, auditors and representatives to reasonably cooperate, in preparing and filing all Tax Returns, including by maintaining and making available to each other all records necessary in connection with Taxes, in making
any election relating to Taxes and in resolving all disputes and audits with respect to all taxable periods relating to Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If
Monsoon, the Monsoon Subsidiaries, Indigo Parent or the Indigo Group Companies receive notice of any deficiency, proposed adjustment, assessment, audit, examination, suit, dispute or other claim with respect to Taxes of Monsoon, the Monsoon
Subsidiaries or the Indigo Group Companies for a Pre-Closing Tax Period (a &#147;<U>Tax Claim</U>&#148;), such party will notify (within thirty (30)&nbsp;days of the receipt of notice of any such Tax Claim) the other parties in writing of such Tax
Claim, but the failure to so notify will not relieve the other parties of any liability they may have, except to the extent a party has suffered actual, material prejudice thereby. With respect to any Tax Claim relating solely to any Indigo Group
Company with respect to a taxable period ending on or before the Closing Date, Indigo Parent may, at its expense, assume and control the proceedings in connection </P>
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with such Tax Claim; <U>provided</U>, <U>however,</U> that, in each case to the extent the resolution of the Tax Claim could have a material impact on the Taxes payable by the Indigo Group
Companies in taxable periods ending after the Closing Date: (i)&nbsp;Indigo Parent shall keep Monsoon fully and timely informed with respect to the status and progress of such Tax Claim, (ii)&nbsp;Monsoon may participate in the conduct of such Tax
Claim at its own expense, and (iii)&nbsp;Indigo Parent may not settle or compromise such Tax Claim without the prior written consent of Monsoon, which consent shall not be unreasonably withheld, conditioned or delayed. In the event that Monsoon
controls the proceedings in connection with such Tax Claim (including Tax Claims relating to Straddle Periods), Indigo Parent may participate in the conduct of such Tax Claim at its own expense and Monsoon may not settle or compromise such Tax Claim
without Indigo Parent&#146;s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. In the event of a conflict between the provisions of this Section&nbsp;7.05(c) and Section&nbsp;12.04, the provisions of
this Section&nbsp;7.05(c) shall govern. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Except as otherwise required by applicable Law, without the prior written consent of Indigo
Parent, which shall not be unreasonably withheld, conditioned or delayed, Monsoon shall not (i)&nbsp;file or amend or permit any of the Indigo Group Companies to file or amend any Tax Return relating to a Pre-Closing Tax Period, (ii)&nbsp;extend or
waive, or cause to be extended or waived, or permit any of the Indigo Group Companies to extend or waive any statute of limitations or other period for the assessment of any Tax or deficiency related to a
<FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period, or (iii)&nbsp;make or change any Tax election or accounting method or practice that has retroactive effect on any Pre-Closing Tax Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Monsoon, on the one hand, and Indigo Parent, on the other hand, will pay, or cause to be paid, in equal parts, any Transfer Taxes in
respect of the Acquisition. Monsoon, Indigo Parent and the Indigo Group Companies agree to cooperate in the filing of any Tax Returns with respect to Transfer Taxes, including promptly supplying any information in their possession that is reasonably
necessary to complete such returns and the payment of such amounts due under this Section&nbsp;7.05(e), <I>provided</I> <I>that</I> Monsoon shall not bear any Transfer Taxes relating to the Restructuring. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_68"></A>SECTION 7.06. <U>Benefits Matters</U>. (a)&nbsp;Prior to the Closing, the Monsoon Board (or any authorized
committee thereof) shall take all necessary action required in order to amend the Monsoon 2010 Share Incentive Plan to provide that the number of Monsoon Ordinary Shares available for issuance under such Monsoon Stock Plan shall be 3,095,840. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) As soon as practicable following the Closing, the Monsoon Board (or any authorized committee thereof) shall take all necessary action
required to grant Monsoon Restricted Stock Units in respect of an aggregate of up to 619,522 Monsoon Ordinary Shares to the Indigo Business Employees set forth in Schedule&nbsp;7.06(b), which Schedule shall be provided to Monsoon no later than three
Business Days prior to the Closing and shall include the number of Monsoon Ordinary Shares in respect of such Monsoon Restricted Stock Units to be granted to each such Indigo Business Employee, <I>provided</I> that, in the event that any Indigo SARs
or Naspers Rollover RSUs are forfeited between the date hereof and the Closing as a result of an Indigo Business Employee&#146;s termination of employment during such period, the aggregate number of Monsoon Ordinary Shares in respect of which
Monsoon Restricted Stock Units shall be granted pursuant to this Section&nbsp;7.06(b) shall be increased by the number of Monsoon Ordinary Shares in respect of restricted share units into which such forfeited Indigo SARs and Naspers Rollover RSUs
would have converted pursuant to Sections 7.07(a)(i) and 7.07(a)(ii). The Monsoon Restricted Stock Units to be granted pursuant to this Section&nbsp;7.06(b) shall be granted under the Monsoon 2010 Share Incentive Plan on the same terms and
conditions (including vesting schedule and acceleration of vesting) of Monsoon Restricted Stock Units granted under the Monsoon 2010 Share Incentive Plan to similarly situated employees of Monsoon in the ordinary course of business consistent with
past practice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Monsoon and its Affiliates (including, following the Closing, the Indigo Group Companies) shall not assume any Indigo
Business Benefit Plans other than the Assumed Benefit Plans. From and after the Closing, Indigo Parent or one of its Affiliates (other than an Indigo Group Company) shall retain all Liabilities with respect to the Indigo Business Benefit Plans and
Monsoon and its Affiliates (including the Indigo Group Companies) shall have no Liability with respect thereto, other than, in each case, with respect to the Assumed Benefit Plans. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Prior to the Closing, Indigo Parent shall have terminated the AK Agreement without any
payment or obligation to provide notice by or to any party thereunder, subject to Monsoon&#146;s (or one if its Affiliates&#146;) execution of the AK CIC Agreement. Indigo Parent or one of its Affiliates (other than an Indigo Group Company) shall
indemnify and hold harmless Monsoon and its Affiliates from any Liability arising out of or under the AK Agreement, <I>provided</I> that, if the AK Agreement is not terminated prior to the Closing, (A)&nbsp;Monsoon shall not enter into the AK CIC
Severance Agreement and shall not issue any Monsoon Restricted Stock Units to Mr.&nbsp;Ashish Kashyap pursuant to Section&nbsp;7.06(b) or 7.07, in each case without Indigo Parent&#146;s prior written consent and (B)&nbsp;the condition related to the
CIC Severance Agreements set forth in Section&nbsp;10.02(f) shall be deemed to only apply to the DK CIC Severance Agreement and the RM CIC Severance Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_69"></A>SECTION 7.07. <U>Treatment of Indigo Business Employee Equity Awards</U>. (a)&nbsp;The board of directors of
Indigo Parent (or, if appropriate, the board of directors of its applicable Affiliate, or any committee administering the Indigo SARs and Naspers Rollover RSUs, as applicable) shall take all necessary action to provide for the following,
<I>provided</I> that the number of Monsoon Ordinary Shares required to be issued by Monsoon in connection with this Section&nbsp;7.07 and Section&nbsp;7.06(b) shall not exceed 1,839,552 in the aggregate: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Indigo SARs</U>. (A)&nbsp;Each Indigo SAR, whether vested or unvested, held by an Indigo Business Employee who is actively employed by
any Indigo Group Company as of the Closing shall be converted into a restricted share unit (which may be settled upon vesting in cash or Monsoon Ordinary Shares) with respect to the number of Monsoon Ordinary Shares set forth in
Schedule&nbsp;7.07(a)(i) to be provided to Monsoon no later than three Business Days prior to Closing and updated, if necessary, no later than two Business Days following Closing (each, as so adjusted, an &#147;<U>Adjusted Indigo Former
SAR</U>&#148;), (B)&nbsp;each Adjusted Indigo Former SAR shall have the same terms and conditions (including vesting schedule and acceleration of vesting, but other than with respect to grant price and form of settlement) as were applicable to the
underlying Indigo SAR immediately prior to the Closing and (C)&nbsp;effective at the Closing, the Indigo SAR Scheme shall be maintained by Indigo Parent or one of its Affiliates (other than an Indigo Group Company) and Indigo Parent or one of its
Affiliates (other than an Indigo Group Company) shall retain all Liabilities with respect to the Indigo SAR Scheme and the Indigo SARs and Monsoon and its Affiliates (including the Indigo Group Companies) shall have no Liability with respect
thereto, other than, in each case, with respect to Indigo SARs that convert to Adjusted Indigo Former SARs; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) <U>Naspers Rollover
RSUs.</U> (A)&nbsp;Each Naspers Rollover RSU held by an Indigo Business Employee who is actively employed by any Indigo Group Company as of the Closing and that is unvested as of immediately prior to the Closing (taking into account any acceleration
of vesting resulting from the Transactions pursuant to the Naspers Restricted Stock Plan Trust) shall be converted into a restricted share unit (which may be settled upon vesting in cash or Monsoon Ordinary Shares) with respect to the number of
Monsoon Ordinary Shares set forth in Schedule&nbsp;7.07(a)(ii) to be provided to Monsoon no later than three Business Days prior to Closing and updated, if necessary, no later than two Business Days following Closing (each, as so adjusted, an
&#147;<U>Adjusted RSU</U>&#148;); (B)&nbsp;each Adjusted RSU shall have the same vesting schedule that applied to the underlying Naspers Rollover RSU immediately prior to the Closing and other terms and conditions that are the same as those
applicable to Monsoon Restricted Stock Units granted under the Monsoon 2010 Share Incentive Plan to similarly situated employees of Monsoon in the ordinary course of business consistent with past practice and (C)&nbsp;effective at the Closing, the
Naspers Restricted Stock Plan Trust shall be maintained by Indigo Parent or one of its Affiliates (other than an Indigo Group Company) and Indigo Parent or one of its Affiliates (other than an Indigo Group Company) shall retain all Liabilities with
respect to the Naspers Restricted Stock Plan Trust and the Naspers Rollover RSUs and Monsoon and its Affiliates (including the Indigo Group Companies) shall have no Liability with respect thereto, other than, in each case, with respect to Naspers
Rollover RSUs that convert to Adjusted RSUs; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) From and after the Closing, (A)&nbsp;no holder of an Indigo SAR who is an Indigo
Business Employee immediately prior to the Closing shall have any right to payment or otherwise with respect to such Indigo SAR, other than the right to receive the Adjusted Indigo Former SAR in accordance with Section&nbsp;7.07(a)(i)(A), and
</P>
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(B)&nbsp;no holder of a Naspers Rollover RSU that is unvested as of immediately prior to the Closing shall have any right to payment or otherwise with respect to such Naspers Rollover RSU, other
than the right to receive the Adjusted RSU in accordance with Section&nbsp;7.07(a)(ii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) As soon as practicable following the Closing,
Monsoon shall deliver to the holders of Adjusted Indigo Former SARs and Adjusted RSUs appropriate notices setting forth such holders&#146; rights pursuant to the Monsoon Stock Plans and agreements evidencing the grants of such Adjusted Indigo Former
SARs and Adjusted RSUs and that (i)&nbsp;such Adjusted Indigo Former SARs shall have the same terms and conditions (including vesting schedule and acceleration of vesting, but other than with respect to grant price and form of settlement) as were
applicable to the underlying Indigo SAR immediately prior to the Closing and (ii)&nbsp;such Adjusted RSUs shall have the same vesting schedule that applied to the underlying Naspers Rollover RSU immediately prior to the Closing and other terms and
conditions that are the same as those applicable to Monsoon Restricted Stock Units granted under the Monsoon 2010 Share Incentive Plan to similarly situated employees of Monsoon in the ordinary course of business consistent with past practice, in
each case, subject to the adjustments required by Section&nbsp;7.07(a), after giving effect to the Transactions. The acceleration of vesting provisions to be included in such notices and agreements evidencing Adjusted Indigo Former SARs shall be
mutually agreed by the Indigo Parent and Monsoon. To the extent that Monsoon Ordinary Shares may be issued pursuant to any Adjusted Indigo Former SARs or Adjusted RSUs, effective as of the Closing, Monsoon shall, or shall cause one of its Affiliates
to, either (x)&nbsp;file with the Securities and Exchange Commission a registration statement on Form S-8 (or another appropriate form) registering a number of Monsoon Ordinary Shares equal to the number of shares subject to such Adjusted Indigo
Former SARs and Adjusted RSUs or (y)&nbsp;assume such Adjusted Indigo Former SARs and Adjusted RSUs (in a manner that maintains the contractual terms of such Adjusted Indigo Former SARs and Adjusted RSUs as set forth in Section&nbsp;7.07(a)) under
an existing equity incentive plan of Monsoon or any of its Affiliates with respect to which a registration statement on Form S-8 (or another appropriate form) is currently effective. Any such registration statement shall be kept effective (and the
current status of the prospectus or prospectuses required thereby shall be maintained) as long as any Adjusted Indigo Former SAR or Adjusted RSU may remain outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_70"></A>SECTION 7.08. <U>Fees and Expenses</U>. Except as otherwise expressly provided in any Transaction Document, all
fees and expenses incurred in connection with the Transactions shall be paid by the party incurring such fees or expenses, <I>provided</I> that all fees and expenses incurred to implement the Restructuring shall be borne by Indigo Parent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_71"></A>SECTION 7.09. <U>Public Announcements</U>. From the date hereof through the Closing, Indigo Parent and Indigo,
on the one hand, and Monsoon, on the other hand, shall consult with each other and shall mutually agree upon any press release or other public statements with respect to the Transactions, and shall not issue any such press release or make any such
public statement prior to such consultation and agreement, other than any press release or other public statement that only contains information and statements that have been previously approved by the parties pursuant to this Section&nbsp;7.09,
except as may be required by applicable Law, court process or by obligations pursuant to any listing agreement with any U.S. national securities exchange, in which case the party proposing to issue such press release or make such public announcement
shall use reasonable best efforts to consult in good faith with the other parties before issuing any such press release or making any such public announcement. Indigo Parent shall procure that Naspers Limited and the Subsidiaries thereof comply with
this Section&nbsp;7.09. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_72"></A>SECTION 7.10. <U>Non-Solicitation</U>. (a)&nbsp;Prior to the Closing, Monsoon shall
not, and shall cause each of its controlled Affiliates and its and their respective Representatives not to, directly or indirectly, (i)&nbsp;solicit, respond to, initiate, seek, facilitate or encourage any inquiry, indication of interest, proposal
or offer from any other Person relating to a Competing Transaction, (ii)&nbsp;enter into, continue or otherwise participate in any discussions, negotiations or other communications with any other Person regarding or relating to, furnish or make
available to any other Person any nonpublic information relating to such party or any of its Affiliates or their respective assets in furtherance of, or otherwise cooperate in any way, assist or participate in, or take any
</P>
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action to facilitate or encourage any effort or attempt by any Person to effect or seek to effect, a Competing Transaction or any inquiry, indication of interest, proposal, offer or request for
nonpublic information that may reasonably be expected to lead to a Competing Transaction, or (iii)&nbsp;enter into any understanding, arrangement, agreement or other commitment relating to, or consummate, a Competing Transaction. Monsoon shall, and
shall cause each of its controlled Affiliates and its and their respective Representatives to, immediately cease and cause to be terminated all existing discussions and negotiations with any Person with respect to any Competing Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Monsoon agrees that neither the Monsoon Board nor any committee thereof shall (i)(A)&nbsp;withhold or withdraw (or modify in a manner
adverse to Indigo Parent), or publicly propose to withhold or withdraw (or modify in a manner adverse to Indigo Parent), the recommendation by the Monsoon Board to the holders of Monsoon Ordinary Shares that they give the Monsoon Shareholder
Approval or (B)&nbsp;approve or adopt, or recommend the approval or adoption of, or publicly propose to approve or adopt or recommend, any Competing Transaction (any action described in this clause&nbsp;(i) being referred to as an &#147;<U>Adverse
Recommendation Change</U>&#148;) or (ii)&nbsp;approve or recommend, or publicly propose to approve or recommend, or cause or permit Monsoon or any controlled Affiliate or any of its or their respective Representatives to execute or enter into, any
letter of intent, memorandum of understanding, agreement in principle, merger agreement, acquisition agreement or other similar agreement or any other Contract related to any Competing Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) In addition to the obligations of Monsoon set forth in Sections&nbsp;7.10(a) and&nbsp;7.10(b), Monsoon shall promptly advise Indigo Parent
orally and in writing of the receipt of any inquiry, indication of interest, proposal, offer or request for nonpublic information with respect to a Competing Transaction or that may reasonably be expected to lead to a Competing Transaction after the
date hereof, including the material terms and conditions thereof and the identity of the Person making any such inquiry, indication of interest, proposal, offer or request. Monsoon shall keep Indigo Parent informed in all material respects as to the
status and details (including material amendments or proposed amendments) of any such inquiry, indication of interest, proposal, offer or request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding the foregoing, nothing contained in this Section&nbsp;7.10 or elsewhere in this Agreement shall prohibit Monsoon from
(i)&nbsp;taking and disclosing to its shareholders a position contemplated by Rule&nbsp;14e-2(a), Rule&nbsp;14d-9 or Item&nbsp;1012(a) of Regulation M-A promulgated under the Exchange Act if failure to do so would violate applicable Law or
(ii)&nbsp;making any &#147;stop, look and listen&#148; communication to its shareholders pursuant to Rule&nbsp;14d-9(f) promulgated under the Exchange Act if Monsoon has determined in good faith, after consultation with legal counsel, that the
failure to do so would be inconsistent with the fiduciary duties of the Monsoon Board under applicable Law, it being understood, however, that this Section&nbsp;7.10(d) shall not be deemed to permit the Monsoon Board to make an Adverse
Recommendation Change. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_73"></A>SECTION 7.11. <U>Cooperation with respect to Financial Statements</U>.
(a)&nbsp;Following the Closing Date, Indigo Parent shall cooperate, and shall use its reasonable best efforts to cause its independent accountants to cooperate, with Monsoon, and provide any information that may reasonably be requested by Monsoon,
in connection with the preparation and delivery of any pro forma financial statements and historical consolidated financial statements that may need to be prepared by Monsoon from time to time in connection with the Transactions, together with any
customary consents and comfort letters in connection therewith. Notwithstanding anything to the contrary in the Transaction Documents, Monsoon shall pay all fees and expenses of Indigo Parent&#146;s independent accountants and Indigo Parent&#146;s
reasonable expenses in connection with the preparation and delivery of such pro forma financial statements, historical consolidated financial statements, consents and comfort letters; <I>provided </I>that this sentence shall not apply in respect of
the preparation and delivery of the Post-Closing Financial Statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Following the Closing Date, Monsoon shall cooperate, and shall
use its reasonable best efforts to cause its independent accountants to cooperate, with Indigo Parent, and provide any information that may reasonably be requested by Indigo Parent, in connection with the preparation and delivery of any pro forma
financial statements that may need to be prepared by Indigo Parent or its Affiliates from time to time in </P>
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connection with the Transactions, together with any customary consents and comfort letters in connection therewith. Notwithstanding anything to the contrary in the Transaction Documents, Indigo
Parent shall pay all fees and expenses of Monsoon&#146;s independent accountants and Monsoon&#146;s reasonable expenses in connection with the preparation and delivery of such pro forma financial statements, consents and comfort letters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_74"></A>SECTION 7.12. <U>Related Party Transactions</U>. After the Closing, Monsoon shall not, and shall not permit any
Monsoon Subsidiary to, directly or indirectly, enter into, modify, amend or conduct, or agree to enter into, modify, amend or conduct, any Related Party Transaction involving aggregate value or consideration exceeding $120,000, other than in the
ordinary course of business consistent with past practice, unless such Related Party Transaction has been approved by, or is consistent with or pursuant to the terms of a policy, transaction or agreement (or form of agreement) approved by, the
affirmative vote or written consent of a majority of the Independent Directors, in addition to any other approvals that may be required pursuant to applicable Law, the NASDAQ Stock Market Rules (or the rules of any other applicable securities
exchange or stock exchange) or the Monsoon Organizational Documents. Subject to the immediately following sentence, Indigo Parent acknowledges that any transaction between Monsoon or any Monsoon Subsidiary, on the one hand, and Indigo Parent or any
Affiliate thereof (excluding Monsoon or any Monsoon Subsidiary), on the other hand, will be subject to the requirements of this Section&nbsp;7.12 for so long as Indigo Parent remains an Affiliate of Monsoon (including any issuance of Monsoon Voting
Securities to Indigo Parent other than pursuant to the exercise of preemptive rights under the Terms of Issue). Notwithstanding anything to the contrary set forth herein, (i)&nbsp;any transaction pursuant to the terms of any Transaction Document or
the Terms of Issue (including any exercise of preemptive rights thereunder) shall not be subject to this Section&nbsp;7.12 and (ii)&nbsp;no Contract set forth in Section&nbsp;4.18(a)(iv) of the Indigo Parent Disclosure Letter shall be subject to
amendment or termination as a result of this Section&nbsp;7.12; <I>provided</I> that any amendment or waiver of any provision of any Contract set forth in Section&nbsp;4.18(a)(iv) of the Indigo Parent Disclosure Letter or any Transaction Document
after the Closing shall be subject to the requirements of this Section&nbsp;7.12. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_75"></A>SECTION 7.13.
<U>Supplemental Disclosure.</U> (a)&nbsp;Monsoon and Indigo Parent shall have the continuing obligation until the Closing promptly to supplement or amend the Monsoon Disclosure Letter or the Indigo Parent Disclosure Letter, as applicable, with
respect to any matter hereafter arising or discovered that, if existing or known at the date of this Agreement, would have been required to be set forth or described in the Monsoon Disclosure Letter or the Indigo Parent Disclosure Letter, as
applicable; <I>provided</I> that no supplement or amendment to such Monsoon Disclosure Letter or the Indigo Parent Disclosure Letter, as applicable, shall have any effect for the purpose of determining the satisfaction of the conditions set forth in
Section&nbsp;10.02(a) or Section&nbsp;10.03(a) or for purposes of determining whether any person is entitled to indemnification pursuant to Article&nbsp;XII. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Monsoon shall promptly notify Indigo Parent of, and furnish Indigo Parent any information it may reasonably request with respect to, the
occurrence to Monsoon&#146;s knowledge of any event or condition or the existence to Monsoon&#146;s knowledge of any fact that would cause any of the conditions to Indigo Parent&#146;s obligation to consummate the Acquisition not to be fulfilled.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Indigo Parent shall promptly notify Monsoon of, and furnish Monsoon any information it may reasonably request with respect to, the
occurrence to Indigo Parent&#146;s knowledge of any event or condition or the existence to Indigo Parent&#146;s knowledge of any fact that would cause any of the conditions to Monsoon&#146;s obligation to consummate the Acquisition not to be
fulfilled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_76"></A>SECTION 7.14. <U>TBO Disposal</U>. (a)&nbsp;In the event that Indigo Parent directly or
indirectly sells, transfers or disposes of the TBO Business, in whole or in part, in a single transaction or series of related transactions (including any asset sale, share sale, lease, license, merger, amalgamation, consolidation, share exchange,
joint venture, contribution or other business combination) (a &#147;<U>TBO Disposal</U>&#148;), on or prior to the fifth anniversary of the Closing Date, Indigo Parent shall, within 10 Business Days following completion of the TBO Disposal and
receipt of the proceeds thereof, pay to Monsoon (by wire transfer of immediately available funds to the bank </P>
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account designated in writing by Monsoon) an amount in cash equal to 50% of the product of (i)&nbsp;the total net proceeds of such TBO Disposal (after taking into account any applicable Taxes and
transaction costs) <I>multiplied by </I>(ii)&nbsp;the lower of (A)&nbsp;51.85% and (B)&nbsp;Indigo Parent&#146;s percentage ownership interest in the TBO Business as of the date of such TBO Disposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In the event that all or any portion of the TBO Business remains owned by Indigo Parent on the fifth anniversary of the Closing Date,
Indigo Parent (or one of its Affiliates) shall, within 10 Business Days following such fifth anniversary, make a capital contribution (without any securities having to be issued by Monsoon in respect of such contribution) to Monsoon (by wire
transfer of immediately available funds to the bank account designated in writing by Monsoon) of an amount in cash (denominated in U.S. dollars) equal to 50% of the product of (i)&nbsp;the TBO Value <I>multiplied by</I> (ii)&nbsp;the lower of
(A)&nbsp;51.85% and (B)&nbsp;Indigo Parent&#146;s percentage ownership interest in the TBO Business as of the fifth anniversary of the Closing Date (<I>provided</I> that, for the avoidance of doubt, such amount shall not accrue interest or be
subject to adjustment of any kind). Monsoon hereby acknowledges and agrees that upon its receipt of such payment from Indigo Parent (or any Affiliate thereof) pursuant to this Section&nbsp;7.14(b), neither Indigo Parent nor any other Person shall
have any obligation to Monsoon in respect of the TBO Business, including any obligation to pay to Monsoon any proceeds of any subsequent TBO Disposal made after such payment by Indigo Parent (or any Affiliate thereof) to Monsoon pursuant to this
Section&nbsp;7.14(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Monsoon hereby acknowledges and agrees that the provisions of this Section&nbsp;7.14 are not intended to, and
do not, (i)&nbsp;transfer to Monsoon, or grant or otherwise provide Monsoon with, a Lien or other interest in the Capital Stock or other securities of or interests in TBO (whether owned by Indigo Parent or any of its Affiliates or any other Person)
or any proceeds in respect thereof, (ii)&nbsp;grant or otherwise provide Monsoon with any interest in TBO or any of its Subsidiaries or the assets or businesses of any thereof, (iii)&nbsp;restrict or limit in any way the activities of TBO or its
Subsidiaries, require TBO or any of its Subsidiaries to take or refrain from taking any actions, or otherwise constitute an obligation of TBO or its Subsidiaries, or (iv)&nbsp;at any time impose an obligation on Indigo Parent or any other Person to,
or to attempt to, sell, transfer or otherwise dispose of TBO, any of its Subsidiaries or its interest in TBO or the respective businesses or assets of TBO and its Subsidiaries, in whole or in part. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_77"></A>SECTION 7.15. <U>Djubo Right of First Refusal</U>. (a)&nbsp;Promptly after the date hereof, Indigo Parent shall
deliver, or cause to be delivered, a written notice to the Djubo Shareholders in accordance with the terms of the Djubo Articles, which notice shall (i)&nbsp;notify the Djubo Shareholders of the proposed Acquisition, (ii)&nbsp;specify the price at
which the Djubo Shareholders shall be entitled to exercise their right of first refusal in connection therewith under the terms of the Djubo Articles with respect to the relevant Djubo Shares, which price shall be calculated based on the Djubo
Value, and (iii)&nbsp;seek a waiver of such right of first refusal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In the event that the Djubo Shareholders elect to exercise such
right of first refusal, the parties agree that the Djubo ROFR Price shall be payable to, and shall be for the sole account of, Monsoon, and each party shall execute and deliver, or cause to be executed and delivered, all such documents and
instruments and shall take, or cause to be taken, all such actions reasonably necessary to achieve the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) In the event that
(i)&nbsp;a waiver has not been obtained from the Djubo Shareholders in respect of their right of first refusal and (ii)&nbsp;the Djubo Shareholders have not exercised their right of first refusal or purchased from Indigo Parent (or the applicable
Affiliate thereof) its Djubo Shares pursuant thereto, in each case by the time of Closing as a result of any dispute or claim raised or asserted by the Djubo Shareholders, (A)&nbsp;Djubo will be excluded from the scope of the Acquisition at the
Closing (but without any other changes being made to the terms of any Transaction Document, including any changes to any amounts to be paid by or to any Person or any consideration to be received by any Person) and (B)&nbsp;Indigo Parent will use
reasonable best efforts to transfer its interest in Djubo to Monsoon within 5 years following the Closing Date (subject to any prior exercise by the Djubo Shareholders of their right of first refusal). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In the event that (i)&nbsp;a waiver has been obtained from the Djubo Shareholders in respect
of their right of first refusal with respect to the Djubo Shares by the time of Closing or (ii)&nbsp;no notice of exercise of such right of first refusal has been duly delivered under the terms of the Djubo Articles prior to expiration of the
relevant period specified therein, Djubo will be included within the scope of the Acquisition at the Closing (but without any other changes being made to the terms of any Transaction Document, including any changes to any amounts to be paid by or to
any Person or any consideration to be received by any Person). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_78"></A>SECTION 7.16. <U>Termination of
Confidentiality Agreement</U>. Prior to Closing, the parties shall take all actions and enter into such instruments as may be reasonably required to terminate the Confidentiality Agreement, such termination to be effective as of the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_79"></A>SECTION 7.17. <U>Letters of Support</U>. Monsoon shall use reasonable best efforts to, effective as of the
Closing or as promptly as practicable thereafter, enter into letters of support on the same or substantially similar terms as those provided by Naspers Limited with respect to the Indigo Bank Guarantee Facilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_80"></A>SECTION 7.18. <U>Replacement Guarantee</U>. Monsoon shall use reasonable best efforts to, effective as of the
Closing or as promptly as practicable thereafter, enter into a customary guarantee (the &#147;<U>Replacement Guarantee</U>&#148;) to replace the guarantee given by Indigo Guarantor (the &#147;<U>Busportal Guarantee</U>&#148;) pursuant to the
Busportal Shareholders Agreement and obtain from the Initial Shareholders (as defined in the Busportal Shareholders Agreement) a full release of liability on the part of Indigo Guarantor with respect to its obligations under the Busportal Guarantee.
From and after the Closing, and until such time as Monsoon has entered into the Replacement Guarantee and obtained such release of liability in accordance with this Section&nbsp;7.18, Monsoon shall indemnify and hold harmless Indigo Guarantor and
its Affiliates for any liability arising under the Busportal Guarantee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_81"></A>SECTION 7.19. <U>Delivery of
Post-Closing Financial Statements</U>. Within 60 days following the Closing Date, Indigo Parent shall deliver to Monsoon such audited and reviewed consolidated financial statements of the Indigo Group Companies, as prepared in accordance with IFRS,
as would be required to be included in a registration statement pursuant to Regulation&nbsp;S-X under the Securities Act (the &#147;<U>Post-Closing Financial Statements</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_82"></A>SECTION 7.20. <U>Delivery of Indemnity Agreements</U>. As promptly as practicable after the Closing, Monsoon
shall enter into an Indemnity Agreement with each Initial Indigo Director. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_83"></A>SECTION 7.21. <U>Solvency</U>.
Monsoon shall use its reasonable best efforts to take, or cause to be taken, all actions that are necessary, proper or advisable to ensure that Indigo will be &#147;solvent&#148; under applicable Law and able to pay its debts as they become due for
a period of at least 12 months following the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_84"></A>SECTION 7.22. <U>Additional Class&nbsp;B
Shares</U>. If at any time Indigo Parent determines that the number of Class B Shares issued to it at the Closing is an amount that represented less than 40% of the issued and outstanding Capital Stock of Monsoon as of the Closing Date (as
calculated on a fully diluted basis), Indigo Parent shall have the right to subscribe for and purchase at par value, and Monsoon shall allot, issue and deliver to Indigo Parent, additional Class B Shares in such amount as would have resulted in
Indigo Parent holding 40% of the issued and outstanding Capital Stock of Monsoon as of the Closing Date (as calculated on a fully diluted basis); <I>provided</I> that at the Closing Indigo Parent shall have exercised its option to purchase such
number of Optional Shares pursuant to Section&nbsp;2.02 that would have resulted in Indigo Parent owning 40% of the issued and outstanding Capital Stock of Monsoon but for the existence of such error. The rights of Indigo Parent under this
Section&nbsp;7.22 are in addition to, and not in substitution of, all other rights and remedies which Indigo Parent may have under this Agreement or to which Indigo Parent may be entitled at law or in equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_85"></A>SECTION 7.23. <U>Further Assurances.</U> From time to time, as and when requested by any party, each party shall
execute and deliver, or cause to be executed and delivered, all such documents and instruments and </P>
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shall take, or cause to be taken, all such further or other actions (subject to Section&nbsp;7.04), as such other party or its counsel may reasonably deem necessary or desirable to consummate the
Transactions. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VIII </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Governance Matters </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_86">
</A>SECTION 8.01. <U>Governance Rights</U>. The terms set forth in Section&nbsp;6, Section&nbsp;7 (other than Section&nbsp;7.1.1 and Section&nbsp;7.6) and Section&nbsp;9.1 of the Terms of Issue (the &#147;<U>Incorporated Terms</U>&#148;) are hereby
incorporated by reference into this Agreement and such terms shall apply as if fully set forth herein <I>mutatis mutandis</I>; <I>provided </I>that the Incorporated Terms shall only be effective to the extent that the corresponding terms set forth
in the Terms of Issue are ineffective for any reason. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_87"></A>SECTION 8.02. <U>Monsoon Board</U>. Effective as of
the Closing, (i)&nbsp;the size of the Monsoon Board shall be decreased to ten members, of whom (A)&nbsp;four (one of whom shall be a resident of Mauritius) shall be nominated by Indigo Parent, (B)&nbsp;one shall be nominated by Ctrip, (C)&nbsp;two
shall be nominated by Monsoon and (D)&nbsp;three (one of whom shall be a resident of Mauritius) shall be individuals who each qualify as an &#147;independent director&#148; (as such term is defined in NASDAQ Stock Market Rule&nbsp;5605) and
otherwise satisfy the independence requirements set forth in Rule 10A-3 promulgated under the Exchange Act (the &#147;<U>Independent Directors</U>&#148;) and (ii)&nbsp;the Monsoon Board shall appoint the Initial Indigo Directors to the Monsoon
Board. The initial Indigo Directors (the &#147;<U>Initial Indigo Directors</U>&#148;) shall be the individuals notified in writing by Indigo Parent to Monsoon prior to Closing, subject to such individuals satisfying the Board Qualifications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_88"></A>SECTION 8.03. <U>Monsoon Subsidiaries</U>. Promptly following the Closing, Monsoon shall take, and shall cause
each Monsoon Subsidiary to take, all actions reasonably necessary to amend the certificate or articles of incorporation and the bylaws or comparable organizational documents of each Monsoon Subsidiary so as to replicate the corporate governance
provisions set forth in this Article&nbsp;VIII and in the Terms of Issue (including with respect to board representation, quorum requirements and Reserved Matters), and give effect to the corporate governance structure contemplated hereby and
thereby, with respect to such Monsoon Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_89"></A>SECTION 8.04. <U>No Transfer of Rights</U>.
Notwithstanding anything in this Agreement to the contrary, except as otherwise provided in the Terms of Issue, this Article&nbsp;VIII or Section&nbsp;13.07, the rights and interests of Indigo Parent set forth in this Article&nbsp;VIII are personal
to Indigo Parent and its Affiliates and shall not be Transferred, and any Transferee (excluding any Affiliate of Indigo Parent) of any Class&nbsp;B Shares which have been Transferred in accordance with the terms of this Agreement shall not be
entitled in any respect to any of such rights and interests, and Monsoon shall not owe any of the obligations set forth in this Article&nbsp;VIII to such Transferee. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IX </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Transfer
Restrictions </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_90"></A>SECTION 9.01. <U>General</U>. The right of Indigo Parent and its Affiliates to Transfer
any Covered Shares is subject to the restrictions set forth in this Article&nbsp;IX, and no Transfer of Covered Shares by Indigo Parent or any of its Affiliates may be effected except in compliance with this Article&nbsp;IX. Any attempted Transfer
in violation of this Article&nbsp;IX shall be of no effect and shall be null and void, regardless of whether the purported Transferee has any actual or constructive knowledge of the Transfer restrictions set forth in this Agreement, and shall not be
recorded on the share transfer books of Monsoon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_91"></A>SECTION 9.02. <U>Transfer Restrictions</U>.
(a)&nbsp;During the period commencing from the Closing until the second anniversary of the Closing Date, Indigo Parent shall not, and shall not permit any of its Affiliates to, </P>
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Transfer any Covered Shares to any Person identified on Exhibit&nbsp;B (the &#147;<U>Competitor List</U>&#148; and each such Person identified therein, a &#147;<U>Competitor</U>&#148;) or, to the
knowledge of Indigo Parent, any Subsidiary of any such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) During the period commencing from the Closing until the first
anniversary of the Closing Date, Indigo Parent shall not, and shall not permit any of its Affiliates to, Transfer any Covered Shares to any Person who, after giving effect to such Transfer, to the knowledge of Indigo Parent, would Beneficially Own
in the aggregate 15% or more of the issued and outstanding Monsoon Voting Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Transfer restrictions set forth in
Section&nbsp;9.02(a) and Section&nbsp;9.02(b) shall not apply to Transfers: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to any Permitted Holder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) pursuant to any Business Combination approved in advance by the Monsoon Board or any Third Party Tender Offer; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) pursuant to any registered public offering in accordance with the Securities Act, but only so long as Indigo Parent uses
reasonable best efforts to ensure that such registered public offering does not result in any Person becoming the Beneficial Owner in the aggregate 15% or more of the issued and outstanding Monsoon Voting Securities; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) pursuant to any open market sales made in accordance with Rule&nbsp;144 under the Securities Act, but only so long as
Indigo Parent uses reasonable best efforts to ensure that such open market sales do not result in any Person becoming the Beneficial Owner in the aggregate 15% or more of the issued and outstanding Monsoon Voting Securities; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) to Monsoon or any of its Subsidiaries, including pursuant to any open market share repurchase program or an issuer
self-tender offer or any other transaction pursuant to which any Capital Stock of Monsoon is acquired by Monsoon or any of its Subsidiaries or any plan or trust in respect of which voting is controlled by Monsoon or any of its Subsidiaries; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) made pursuant to transactions approved in advance by the Monsoon Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_92"></A>SECTION 9.03. <U>Competitor List</U>. The Competitor List identifies the Competitors as of the date hereof.
Monsoon may amend the Competitor List from time to time after the date hereof to add or remove Competitors from the Competitor List; <I>provided</I> that each such amendment shall only be effective upon the mutual agreement of Monsoon and Indigo
Parent; <I>provided further</I> that, unless otherwise agreed by Indigo Parent in writing, (i)&nbsp;any Person so added to the Competitor List as a Competitor must be a material direct competitor of Monsoon engaging in one or more of Monsoon&#146;s
principal lines of business in India, as reasonably determined by Monsoon and Indigo Parent, and (ii)&nbsp;Monsoon may not amend the Competitor List (A)&nbsp;prior to the six month anniversary of the Closing Date or (B)&nbsp;more than once per each
twelve-month period thereafter. For the avoidance of doubt, Naspers Limited and its Subsidiaries shall never be included in the Competitor List. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_93"></A>SECTION 9.04. <U>Notation of Restrictions</U>. Monsoon shall make a notation on its records or give instructions
to any transfer agents or registrars for the Capital Stock of Monsoon in order to implement the restrictions on Transfer set forth in this Article&nbsp;IX and shall ensure such notation is amended or removed to reflect the termination of such
Transfer restrictions at the time of such termination, as set forth in Section&nbsp;9.02(a) and Section&nbsp;
9.02(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_94"></A>SECTION 9.05. <U>Acquisition of Monsoon Securities</U>. Subject to Section&nbsp;7.12, compliance
with applicable Law, the NASDAQ Stock Market Rules (or the rules of any other applicable securities exchange or stock exchange) and the Monsoon Organizational Documents in effect as of the Closing Date, nothing in this Agreement shall in any way
restrict, limit or prohibit Indigo Parent or its Affiliates from acquiring additional Monsoon Securities, at any time and from time to time, on the open market, in privately negotiated transactions, by tender offer or exchange offer, or otherwise.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE X </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Conditions Precedent </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_95">
</A>SECTION 10.01. <U>Conditions to Each Party&#146;s Obligation To Effect the Transactions</U>. The obligations of Indigo Parent and Monsoon to consummate the Acquisition, and the obligations on Monsoon to consummate the Share Issuance, are subject
to the satisfaction (or, to the extent permitted by Law, waiver) at or prior to the Closing of the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Monsoon
Shareholder Approval</U>. The Monsoon Shareholder Approval shall have been obtained; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Competition Approvals</U>. The approval from
the Competition Commission of India in respect of the Transactions shall have been obtained in writing and shall be in effect and shall not be subject to any modifications (except such modifications that have been agreed to by each party in writing)
and, if applicable, the waiting period during which the Competition Commission of India is required to provide its decision in respect of the Transactions, together with any extensions thereof, or mandated filings thereunder shall have expired, been
terminated or been made, as applicable; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>No Legal Restraints</U>. No Law or Judgment shall have been promulgated, entered,
enforced, enacted or issued or shall be deemed to be applicable to the Transactions by any Governmental Entity which prohibits, restrains or makes illegal the consummation of the Transactions and which continues in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_96"></A>SECTION 10.02. <U>Conditions to Obligations of Indigo Parent</U>. The obligation of Indigo Parent to consummate
the Acquisition is further subject to the satisfaction (or, to the extent permitted by Law, waiver) at or prior to the Closing of the following conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Representations and Warranties</U>. The representations and warranties of Monsoon set forth in this Agreement (except those
representations and warranties set forth in the proviso below) shall be true and correct in all respects (without giving effect to any qualifications or limitations as to &#147;materiality&#148;, &#147;Monsoon Material Adverse Effect&#148; and words
of similar import set forth therein), as of the date of this Agreement and as of the Closing Date as though made on and as of such date (or, in the case of representations and warranties that address matters only as of a particular date, as of such
date), except to the extent that any failures of such representations and warranties to be so true and correct, individually or in the aggregate, have not had and would not reasonably be expected to have a Monsoon Material Adverse Effect;
<I>provided</I> that the representations and warranties set forth in Section&nbsp;5.01, Section&nbsp;5.03, Section&nbsp;5.04 and Section&nbsp;5.24 shall be true and correct in all material respects as of the date of this Agreement and as of the
Closing Date as though made on and as of such date (or, in the case of representations and warranties that address matters only as of a particular date, as of such date); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Compliance with Covenants</U>. Monsoon shall have complied with or performed in all material respects all of the covenants, agreements
and obligations required to be complied with or performed by it under this Agreement at or prior to the Closing Date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
<U>Officer&#146;s Certificate</U>. Indigo Parent shall have received a certificate signed on behalf of Monsoon by an executive officer of Monsoon certifying the satisfaction of the conditions set forth in Sections&nbsp;10.02(a), 10.02(b) and
10.02(g); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>No Material Adverse Change</U>. Since the date hereof there shall not have been any Effect that, individually or in the
aggregate, has had or would reasonably be expected to have a Monsoon Material Adverse Effect; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>South African Reserve Bank
Approval</U>. Indigo Parent shall have obtained all necessary Governmental Approvals required to be obtained from the South African Reserve Bank in connection with the Transactions; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>CIC Severance Agreements</U>. Each CIC Severance Agreement shall be in full force and
effect and shall not have been amended, modified or supplemented without the consent of Indigo Parent or breached or revoked by any party thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>No Indebtedness</U>. As of the Closing, neither Monsoon nor any Monsoon Subsidiary shall have any outstanding indebtedness for borrowed
money other than (i)&nbsp;Monsoon Permitted Indebtedness and (ii)&nbsp;any other indebtedness for borrowed money not exceeding $10,000,000 in the aggregate; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Class&nbsp;B Shares</U>. The number of Class&nbsp;B Shares to be issued to Indigo Parent at the Closing plus the Optional Shares will
be an amount equal to 40% of the sum of (i)&nbsp;such Class&nbsp;B Shares, (ii)&nbsp;all Monsoon Ordinary Shares issued and outstanding as of the Closing Date (including all Monsoon Ordinary Shares issued upon conversion of the Convertible Notes)
and (iii)&nbsp;all Monsoon Ordinary Shares issuable under the Monsoon Stock Plans in effect as of the Closing Date (including pursuant to any and all Monsoon Restricted Stock Units, Monsoon Options or other equity-based awards thereunder, whether or
not vested, issued or allocated); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Legal Opinion</U>. Indigo Parent shall have received a written legal opinion from Appleby,
Mauritius law counsel to Monsoon, substantially the same in form and substance as the opinion delivered to Indigo Parent on the date hereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) <U>Closing Deliverables</U>. Monsoon shall have delivered to Indigo Parent all of the documents set forth in Section&nbsp;2.04(b) hereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_97"></A>SECTION 10.03. <U>Conditions to Obligations of Monsoon</U>. The obligation of Monsoon to consummate the
Acquisition and the Share Issuance are further subject to the satisfaction (or, to the extent permitted by Law, waiver) at or prior to the Closing of the following conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Representations and Warranties</U>. The representations and warranties of Indigo Parent set forth in this Agreement (except those
representations and warranties set forth in the proviso below) shall be true and correct in all respects (without giving effect to any qualifications or limitations as to &#147;materiality&#148;, &#147;Indigo Material Adverse Effect&#148; and words
of similar import set forth therein), as of the date of this Agreement and as of the Closing Date as though made on and as of such date (or, in the case of representations and warranties that address matters only as of a particular date, as of such
date), except to the extent that any failures of such representations and warranties to be so true and correct, individually or in the aggregate, have not had and would not reasonably be expected to have an Indigo Material Adverse Effect;
<I>provided</I> that the representations and warranties set forth in Section&nbsp;4.01, Section&nbsp;4.03 (other than Section&nbsp;4.03(c)), Section&nbsp;4.04 and Section&nbsp;4.25 shall be true and correct in all material respects as of the date of
this Agreement and as of the Closing Date as though made on and as of such date (or, in the case of representations and warranties that address matters only as of a particular date, as of such date); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Compliance with Covenants</U>. Indigo Parent shall have complied with or performed in all material respects all of the covenants,
agreements and obligations required to be complied with or performed by it under this Agreement at or prior to the Closing Date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
<U>Officer&#146;s Certificate</U>. Monsoon shall have received a certificate signed on behalf of Indigo Parent by an executive officer thereof certifying the satisfaction of the conditions set forth in Sections&nbsp;10.03(a), 10.02(b) and 10.02(e);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>No Material Adverse Change</U>. Since the date hereof there shall not have been any Effect that, individually or in the aggregate,
has had or would reasonably be expected to have an Indigo Material Adverse Effect; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>No Indebtedness</U>. As of the Closing, no
Indigo Group Company shall have any outstanding indebtedness for borrowed money other than (i)&nbsp;Indigo Permitted Indebtedness and (ii)&nbsp;any other indebtedness for borrowed money not exceeding $10,000,000 in the aggregate; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Closing Deliverables</U>. Indigo Parent shall have delivered to Monsoon all of the
documents set forth in Section&nbsp;2.04(a) hereof. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XI </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Termination, Amendment and Waiver </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_98"></A>SECTION 11.01. <U>Termination</U>. This Agreement may be terminated at any time prior to the Closing: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) by mutual written consent of each party hereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) by either Indigo Parent or Monsoon: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if the Closing shall not have occurred by January&nbsp;16, 2017 whether such date is before or after the date of the
Monsoon Shareholder Approval; <I>provided</I> that (A)&nbsp;in the event that, as of such date, all conditions to the Closing set forth in Article&nbsp;X have been satisfied or waived (other than such conditions that by their terms are satisfied at
the Closing) other than the conditions set forth in Section&nbsp;10.01(b) or Section&nbsp;10.01(c), such date may be extended from time to time by either Indigo Parent or Monsoon for up to an aggregate of 60 days (such date, including any such
permitted extensions thereof, the &#147;<U>Outside Date</U>&#148;), and <I>provided</I>, <I>further</I>, that the right to terminate the Agreement pursuant to this Section&nbsp;11.01(b)(i) shall not be available to any party whose failure to perform
any of its obligations under this Agreement in any material respect is the primary cause of, or resulted in, the failure of the Closing to be consummated by such time and (B)&nbsp;Indigo Parent shall have the right (exercisable in its sole
discretion) to extend such date from time to time for up to an aggregate of 30 days in the event that the Monsoon Shareholders&#146; Meeting is postponed or adjourned pursuant to Section&nbsp;7.02; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if the Monsoon Shareholder Approval shall not have been obtained upon a vote taken thereon at the Monsoon Shareholders
Meeting duly convened therefor or at any adjournment or postponement thereof; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) by Indigo Parent, if Monsoon shall have breached or
failed to perform any of its representations, warranties or covenants contained in this Agreement, which breach or failure to perform (A)&nbsp;would give rise to the failure of a condition set forth in Section&nbsp;10.02(a) or Section&nbsp;10.02(b)
and (B)&nbsp;is incapable of being cured by Monsoon prior to the Outside Date or otherwise is not cured by the earliest to occur of (x)&nbsp;20&nbsp;Business Days following written notice to Monsoon by Indigo Parent of such breach and (y)&nbsp;the
Outside Date; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) by Monsoon, if Indigo Parent or Indigo shall have breached or failed to perform any of its representations,
warranties or covenants contained in this Agreement, which breach or failure to perform (A)&nbsp;would give rise to the failure of a condition set forth in Section&nbsp;10.03(a) or Section&nbsp;10.03(b) and (B)&nbsp;is incapable of being cured by
Indigo Parent prior to the Outside Date or otherwise is not cured by the earliest to occur of (x)&nbsp;20&nbsp;Business Days following written notice to Indigo Parent by Monsoon of such breach and (y)&nbsp;the Outside Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_99"></A>SECTION 11.02. <U>Effect of Termination</U>. In the event of termination of this Agreement as provided in
Section&nbsp;11.01, this Agreement shall forthwith become void and have no effect, without any liability or obligation on the part of Indigo Parent, Indigo and Monsoon, other than Sections&nbsp;4.25, 5.24, 7.08, this Section&nbsp;11.02 and
Article&nbsp;XIV, which provisions shall survive such termination. Notwithstanding the foregoing, a termination of this Agreement shall not relieve any party hereto from any liability or damages resulting from the willful and material breach by such
party of any of its representations, warranties, covenants or agreements set forth in this Agreement or any other Transaction Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_100">
</A>SECTION 11.03. <U>Amendment</U>. This Agreement may be amended by the parties hereto at any time. Any amendment to this Agreement shall be valid only if set forth in an instrument in writing signed on behalf of each of the parties hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_101"></A>SECTION 11.04. <U>Extension; Waiver</U>. At any time prior to the
Closing, the parties hereto may, to the extent permitted under applicable Law, (a)&nbsp;extend the time for the performance of any of the obligations or other acts of the other parties, (b)&nbsp;waive any inaccuracies in the representations and
warranties contained in this Agreement or in any document delivered pursuant to this Agreement or (c)&nbsp;waive compliance with any of the agreements or conditions contained in this Agreement. Any agreement on the part of a party to any such
extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. The failure of any party to this Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver
of such rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_102"></A>SECTION 11.05. <U>Procedure for Termination, Amendment, Extension or Waiver</U>. A
termination of this Agreement pursuant to Section&nbsp;11.01, an amendment of this Agreement pursuant to Section&nbsp;11.03 or an extension or waiver pursuant to Section&nbsp;11.04 shall, in order to be effective, require in the case of any of the
parties hereto, action by its board of directors or the duly authorized designee of its board of directors. After the Monsoon Shareholder Approval has been obtained, any amendment of this Agreement pursuant to Section&nbsp;11.03 that by applicable
Law requires further approval by the shareholders of Monsoon shall be effective only with the approval of such shareholders. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XII
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Indemnification </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_103">
</A>SECTION 12.01. <U>Indemnification by Indigo Parent</U>. (a)&nbsp;From and after the Closing, Indigo Parent shall indemnify, defend and hold harmless Monsoon and its Affiliates and each of its and their respective Representatives, including the
past, present and future directors, officers, employees and agents of Monsoon and its Affiliates in their respective capacities as such (collectively, the &#147;<U>Monsoon Indemnitees</U>&#148;) from and against any and all claims, losses, damages
(including, in the case of Third Party Claims, any exemplary or punitive damages whether based on contract, tort, strict liability, other Law or otherwise to the extent actually payable), costs or expenses, including reasonable legal fees and
expenses (collectively, &#147;<U>Losses</U>&#148;), to the extent arising or resulting from any of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any
inaccuracy or breach of any representation or warranty of Indigo Parent set forth in this Agreement or in any certificate delivered by Indigo Parent at the Closing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any breach or failure by Indigo Parent or Indigo to perform or comply with any of its covenants, agreements or obligations
set forth in this Agreement or any other Transaction Document; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any fees, expenses or other payments incurred or owed
by Indigo Parent or Indigo to any agent, broker, financial advisor, investment banker or other firm or Person retained or employed by it in connection with the Transactions; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) (A)&nbsp;any Taxes of the Indigo Group Companies (or any affiliated group of which any Indigo Group Company has ever been
a member) for any Pre-Closing Tax Period, (B)&nbsp;any obligation to indemnify or hold harmless any Person (other than any Indigo Group Company) for Taxes pursuant to any Contract to which any Indigo Group Company was a party on or prior to the
Closing Date, (C)&nbsp;any breach of any Tax-related covenant of Indigo Parent or the Indigo Group Companies contained in this Agreement, (D)&nbsp;any Taxes of the Indigo Group Companies imposed as a direct result of the Restructuring, (E)&nbsp;any
Indian Capital Gains Tax arising out of the transfer of the Indigo Shares hereunder that is imposed on the Indigo Group Companies and (F)&nbsp;any Taxes that Monsoon or any of the Indigo Group Companies were required to withhold or notified by any
Taxing Authority to withhold but did not withhold pursuant to this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>provided</I> that Indigo Parent shall not be liable to
indemnify any Monsoon Indemnitee under this Section&nbsp;12.01(a) for any Taxes to the extent that amounts in respect of such Taxes have been reflected as a liability in the Indigo Closing Date Working Capital. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything in this Agreement to the contrary, for purposes of
Section&nbsp;12.01(a)(i) above, the determination of the amount of Losses arising out of or resulting from any breach of any representation or warranty shall be made without regard to any qualification or exception contained in such representation
or warranty relating to materiality or Indigo Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Indigo Parent shall not have any liability under
clause&nbsp;(i) of Section&nbsp;12.01(a): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) unless the aggregate amount of all Losses for which Indigo Parent would, but
for this clause&nbsp;(i), be liable exceeds on a cumulative basis an amount equal to $12,000,000 (the &#147;<U>Indigo Parent Basket</U>&#148;), and then Indigo Parent&#146;s liability in respect thereof shall be for all such Losses, without regard
to the Indigo Parent Basket; <I>provided</I> that this clause&nbsp;(i) shall not apply to any claim for indemnification arising out of any breach or inaccuracy of any representation or warranty set forth in Section&nbsp;4.01, Section&nbsp;4.03,
Section&nbsp;4.04, Section&nbsp;4.05 or Section&nbsp;4.06; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) for any individual items where the Loss relating thereto
is less than $150,000; <I>provided</I> that Indigo Parent shall be required to indemnify each Monsoon Indemnitee and shall have liability for any group of Losses, each of which individually is less than $150,000, but all of which relate to the same
act, circumstance, development, event, fact, occurrence or omission, or a related group of acts, circumstances, developments, events, facts, occurrences or omissions, and which in the aggregate exceed $150,000; and <I>provided further</I> that this
clause&nbsp;(ii) shall not apply to any claim for indemnification arising out of any breach or inaccuracy of any representation or warranty set forth in Section&nbsp;4.01, Section&nbsp;4.03, Section&nbsp;4.04, Section&nbsp;4.05 or Section&nbsp;4.06;
or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) in excess of $120,000,000; <I>provided</I> that this clause&nbsp;(iii) shall not apply to any claim for
indemnification arising out of any breach or inaccuracy of any representation or warranty set forth in Section&nbsp;4.01, Section&nbsp;4.03, Section&nbsp;4.04, Section&nbsp;4.05 or Section&nbsp;4.06; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided further</I> in each case, that such limitations on liability shall not apply with respect to claims of, or causes of action arising from, willful
misconduct or fraud. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything to the contrary in this Agreement, Indigo Parent shall not have any liability under
(i)&nbsp;Section&nbsp;12.01(a)(i) in respect of any claim for indemnification relating to Taxes, regardless of whether such claim arises, or could arise, out of a breach or inaccuracy of any representation or warranty set forth in Section&nbsp;4.10
or any other representation or warranty set forth in Article IV, or (ii)&nbsp;Section&nbsp;12.01(a)(iv)(A), (B)&nbsp;or (C), unless and until the aggregate amount of all Losses for which Indigo Parent would, but for this Section&nbsp;12.01(c), be
liable in respect of claims described in clauses&nbsp;(i) and (ii)&nbsp;of this Section&nbsp;12.01(c) exceeds on a cumulative basis an amount equal to the product of (x)&nbsp;$180,000,000 (such amount, being the difference between Monsoon&#146;s tax
loss carry forwards and Indigo&#146;s tax loss carry forwards as of March&nbsp;31, 2016, the &#147;Differential <U>Indigo Tax Loss Carry-Forward</U>&#148;) and (y)&nbsp;35% (or such lower effective Tax rate as shall be applicable at the time the
relevant indemnity claim is made hereunder), and then Indigo Parent&#146;s liability in respect thereof shall be limited to Losses in excess of such amount only (such amount, the &#147;<U>Tax Deductible</U>&#148;). If, as a result of a final
determination under applicable Law that is not subject to further appeal or review, the Differential Indigo Tax Loss Carry-Forward or any portion thereof is disallowed or otherwise limited and, therefore, not available to be set off against the Tax
liability giving rise to a claim described in clauses (i)&nbsp;and (ii)&nbsp;of this Section&nbsp;12.01(c) (such amount, the &#147;<U>Disallowed Indigo Tax Loss Carry-Forward</U>&#148;), the Tax Deductible shall be reduced (but not below zero) by an
amount equal to the product of (A)&nbsp;the Disallowed Indigo Tax Loss Carry-Forward and (B)&nbsp;35% (or such lower effective Tax rate as shall be applicable at the time the relevant indemnity claim is made hereunder). Notwithstanding anything to
the contrary in this Agreement, Indigo Parent shall have no liability for Taxes of the Indigo Group Companies attributable to a taxable period (or the portion of any Straddle Period) beginning after the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_104"></A>SECTION 12.02. <U>Indemnification by Monsoon</U>. (a)&nbsp;From and after the Closing, Monsoon shall indemnify,
defend and hold harmless Indigo Parent and its Affiliates and each of its and their respective Representatives, including the past, present and future directors, officers, employees and agents of Indigo Parent
</P>
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and its Affiliates in their respective capacities as such (collectively, the &#147;<U>Indigo Parent Indemnitees</U>&#148;) from and against any and all Losses, to the extent arising or resulting
from any of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any inaccuracy or breach of any representation or warranty of Monsoon set forth in this
Agreement or in any certificate delivered by Monsoon at the Closing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any breach or failure by Monsoon to perform or
comply with any of its covenants, agreements or obligations set forth in this Agreement or any other Transaction Document; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any fees, expenses or other payments incurred or owed by Monsoon to any agent, broker, financial advisor, investment
banker or other firm or Person retained or employed by it in connection with the Transactions; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) (A)&nbsp;any Taxes
of Monsoon and the Monsoon Subsidiaries (or any affiliated group of which Monsoon or any Monsoon Subsidiary has ever been a member) for any Pre-Closing Tax Period, (B)&nbsp;any obligation to indemnify or hold harmless any Person (other than any
Monsoon Subsidiary) for Taxes pursuant to any Contract to which Monsoon or any Monsoon Subsidiary was a party on or prior to the Closing Date and (C)&nbsp;any breach of any Tax-related covenant of Monsoon or the Monsoon Subsidiaries contained in
this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>provided</I> that Monsoon shall not be liable to indemnify any Indigo Parent Indemnitee under this
Section&nbsp;12.02(a) for any Taxes to the extent that amounts in respect of such Taxes have been reflected as a liability in the Monsoon Closing Date Working Capital. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything in this Agreement to the contrary, for purposes of Section&nbsp;12.02(a)(i) above, the determination of the amount of
Losses arising out of or resulting from any breach of any representation or warranty shall be made without regard to any qualification or exception contained in such representation or warranty relating to materiality or Monsoon Material Adverse
Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Monsoon shall not have any liability under clause&nbsp;(i) of Section&nbsp;12.02(a): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) unless the aggregate amount of all Losses for which Monsoon would, but for this clause&nbsp;(i), be liable exceeds on a
cumulative basis an amount equal to $12,000,000 (the &#147;<U>Monsoon Basket</U>&#148;), and then Monsoon&#146;s liability in respect thereof shall be for all such Losses, without regard to the Monsoon Basket; <I>provided</I> that this
clause&nbsp;(i) shall not apply to any claim for indemnification arising out of any breach or inaccuracy of any representation or warranty set forth in Section&nbsp;5.01, Section&nbsp;5.03, Section&nbsp;5.04 or Section&nbsp;5.05; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) for any individual items where the Loss relating thereto is less than $150,000; <I>provided</I> that Monsoon shall be
required to indemnify each Indigo Parent Indemnitee and shall have liability for any group of Losses, each of which individually is less than $150,000, but all of which relate to the same act, circumstance, development, event, fact, occurrence or
omission, or a related group of acts, circumstances, developments, events, facts, occurrences or omissions, and which in the aggregate exceed $150,000; and <I>provided further</I> that this clause&nbsp;(ii) shall not apply to any claim for
indemnification arising out of any breach or inaccuracy of any representation or warranty set forth in Section&nbsp;5.01, Section&nbsp;5.03, Section&nbsp;5.04 or Section&nbsp;5.05; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) in excess of $120,000,000; <I>provided</I> that this clause&nbsp;(iii) shall not apply to any claim for indemnification
arising out of any breach or inaccuracy of any representation or warranty set forth in Section&nbsp;5.01, Section&nbsp;5.03, Section&nbsp;5.04 or Section&nbsp;5.05; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided further</I> in each case, that such limitations on liability shall not apply with respect to claims of, or causes of action arising from, willful
misconduct or fraud. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_105"></A>SECTION 12.03. <U>Straddle Periods</U>. In the case of a Straddle Period,
(a)&nbsp;Taxes imposed on a periodic basis (such as real, personal and intangible property taxes) for any Pre-Closing Tax Period shall be equal to the </P>
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amount of such taxes for the entire Straddle Period multiplied by a fraction, the numerator of which is the number of days during the Straddle Period that are in the Pre-Closing Tax Period and
the denominator of which is the number of days in the Straddle Period; and (b)&nbsp;Taxes (other than taxes described in clause (a)) for any Pre-Closing Tax Period shall be computed (1)&nbsp;as if such taxable period ended as of the close of
business on the Closing Date and (2)&nbsp;in the case of any such Taxes attributable to the ownership of any interest in a partnership, other &#147;flowthrough&#148; entity or &#147;controlled foreign corporation&#148; (within the meaning of
Section&nbsp;957(a) of the Code or any comparable applicable Law), as if the taxable period of that entity ended as of the close of business on the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_106"></A>SECTION 12.04. <U>Indemnification Procedures</U>. (a)&nbsp;<U>Procedures Relating to Indemnification of Third
Party Claims</U>. If any party (the &#147;<U>Indemnified Party</U>&#148;) receives written notice of the commencement of any Action or the assertion of any claim by a third party or the imposition of any penalty or assessment for which indemnity may
be sought under Section&nbsp;12.01 or 12.02 (a &#147;<U>Third Party Claim</U>&#148;), and such Indemnified Party intends to seek indemnity pursuant to this Article&nbsp;XII, the Indemnified Party shall promptly provide the other party (the
&#147;<U>Indemnifying Party</U>&#148;) with written notice of such Third Party Claim, stating the nature, basis and the amount thereof, to the extent known, along with copies of the relevant documents evidencing such Third Party Claim and the basis
for indemnification sought. Failure of the Indemnified Party to give such notice will not relieve the Indemnifying Party from liability on account of this indemnification, except if and to the extent that the Indemnifying Party is materially
prejudiced thereby. The Indemnifying Party shall have the right, by giving written notice to the Indemnified Party, to assume the defense of the Indemnified Party against the Third Party Claim with counsel selected by the Indemnifying Party and
reasonably satisfactory to the Indemnified Party. So long as the Indemnifying Party has assumed the defense of the Third Party Claim in accordance herewith, (i)&nbsp;the Indemnifying Party shall actively pursue such defense in good faith,
(ii)&nbsp;the Indemnified Party may retain separate co-counsel at its sole cost and expense (except as contemplated by the following sentence) and participate in the defense of the Third Party Claim, (iii)&nbsp;the Indemnified Party shall not file
any papers or consent to the entry of any judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of the Indemnifying Party and (iv)&nbsp;the Indemnifying Party shall not (A)&nbsp;admit to any
wrongdoing or (B)&nbsp;consent to the entry of any judgment or enter into any settlement with respect to the Third Party Claim to the extent such judgment or settlement provides for (x)&nbsp;relief other than money damages or (y)&nbsp;money damages
if the Indemnifying Party has not acknowledged in writing that it shall be responsible for such money damages, in the case each of clauses&nbsp;(A) and (B), without the prior written consent of the Indemnified Party (which consent shall not be
unreasonably withheld, conditioned or delayed). In the event that the Indemnified Party and the Indemnifying Party reasonably agree that a conflict of interest exists in respect of a Third Party Claim, then the Indemnified Party shall have the right
to retain separate counsel selected by the Indemnified Party and reasonably satisfactory to the Indemnifying Party to represent the Indemnified Party in the defense of the Third Party Claim, and the reasonable legal fees and expenses of the
Indemnified Party shall be paid by the Indemnifying Party. Notwithstanding the foregoing, the Indemnifying Party shall not be entitled to assume the defense of any Third Party Claim if the Third Party Claim seeks an order, injunction or other
equitable relief or relief other than monetary damages against the Indemnified Party that the Indemnified Party reasonably determines, after conferring with its outside counsel, cannot be separated from any related claim for monetary damages. Each
party shall use reasonable best efforts to minimize Losses from Third Party Claims and shall act in good faith in responding to, defending against, settling or otherwise dealing with such claims. The parties shall also cooperate in any such defense
and give each other reasonable access to all information relevant thereto. Whether or not the Indemnifying Party has assumed the defense, such Indemnifying Party shall not be obligated to indemnify the Indemnified Party hereunder for any settlement
entered into or any judgment that was consented to by the Indemnified Party without the Indemnifying Party&#146;s prior written consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Procedures for Direct Claims</U>. If any Indemnified Party has a claim against the Indemnifying Party under this Article&nbsp;XII that
does not involve a Third Party Claim being asserted against such Indemnified Party (a &#147;<U>Direct Claim</U>&#148;), such Indemnified Party shall promptly deliver to the Indemnifying Party a written notice (a &#147;<U>Direct Claim
Notice</U>&#148;) setting forth a description in reasonable detail of the nature of the Direct Claim, the basis for the Indemnified Party&#146;s request for indemnification under this Article&nbsp;XII and a reasonable estimate (if
</P>
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calculable) of any Losses suffered with respect to such Direct Claim. The failure to so deliver a Direct Claim Notice to the Indemnifying Party shall not relieve the Indemnifying Party from its
indemnification obligations hereunder, except only to the extent that the Indemnifying Party is materially prejudiced by such failure. The Indemnifying Party shall have 30 days from receipt of any such notice to give notice of dispute of the claim
to the Indemnified Party. The Indemnified Party shall reasonably cooperate and assist the Indemnifying Party in determining the validity of any claim for indemnity by the Indemnified Party and in otherwise resolving such matters. Such assistance and
cooperation shall include providing reasonable access to and copies of information, records and documents relating to such matters, furnishing employees to assist in the investigation, defense and resolution of such matters and providing legal and
business assistance with respect to such matters. If the Indemnifying Party disputes a Direct Claim, the Indemnified Party and Indemnifying Party shall attempt to resolve in good faith such dispute within 45 days of the Indemnifying Party delivering
written notice to the Indemnified Party of such dispute. If such dispute is not so resolved within such 45 day period, then either party may initiate an Action with respect to the subject matter of such dispute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_107"></A>SECTION 12.05. <U>Indemnification as Sole and Exclusive Remedy</U>. Except in the case of fraud, from and after
the Closing, recovery pursuant to this Article&nbsp;XII shall constitute the sole and exclusive remedy for any and all Losses relating to or arising from this Agreement and the Transactions, and each party hereby waives and releases, to the fullest
extent permitted by Law, any and all other rights, remedies, claims and causes of action (including rights of contribution, if any), whether in contract, tort or otherwise, known or unknown, foreseen or unforeseen, which exist or may arise in the
future, arising under or based upon any Law, that any party may have against any other party in respect of any breach of this Agreement; <I>provided</I> that the foregoing shall not be deemed to deny (i)&nbsp;any party equitable remedies (including
injunctive relief or specific performance) when any such remedy is otherwise available under this Agreement or applicable Law or (ii)&nbsp;any party or its Affiliates any remedies under any Transaction Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_108"></A>SECTION 12.06. <U>Calculation of Indemnity Payments</U>. (a)&nbsp;The amount of any Loss for which
indemnification is provided under this Article&nbsp;XII shall be net of any amounts recovered by the Indemnified Party under insurance policies with respect to such Loss and shall also take into account any increase in applicable insurance premiums
with respect to such insurance proceeds. The Indemnified Party shall not be entitled to be indemnified more than once for the same Loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The amount of any Loss for which indemnification is provided under this Article&nbsp;XII shall be (i)&nbsp;increased to take account of
any net Tax cost incurred by the Indemnified Party arising from the receipt of indemnity payments hereunder (grossed up for such increase) and (ii)&nbsp;reduced to take account of any net Tax benefit realized by the Indemnified Party arising from
the incurrence or payment of any such Loss (including, for the avoidance of doubt, any such Tax benefit arising in connection with the Restructuring). In calculating the amount of any such Tax cost or Tax benefit, the Indemnified Party shall be
deemed to recognize all other items of income, gain, loss deduction or credit before recognizing any item arising from the receipt of any indemnity payment hereunder or the incurrence or payment of any indemnified Loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) An Indemnifying Party is authorized, in connection with payment of any Loss for which indemnification may be sought by an Indemnified
Party under this Article&nbsp;XII, to set off and apply any and all payments due to such Indemnifying Party under Article&nbsp;III or this Article&nbsp;XII against any of and all of the obligations of the Indemnifying Party to such Indemnified Party
under this Article&nbsp;XII. The rights of the Indemnifying Party under this Section&nbsp;12.06(c) are in addition to (without duplication of) other rights and remedies (including other rights of set-off) which such Indemnifying Party may have. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Following any Transfer made by Indigo Parent or any Affiliate thereof with respect to any Monsoon Voting Securities, Indigo Parent shall
not be prevented or limited in any respect from enforcing the indemnification obligations of Monsoon under this Article&nbsp;XII for the benefit of the relevant Transferee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_109"></A>SECTION 12.07. <U>Additional Matters</U>. (a)&nbsp;In no event shall an Indemnifying Party be liable for
special, punitive, exemplary, incidental, consequential or indirect damages, or lost profits, whether based on contract, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-76 </P>


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tort, strict liability, other Law or otherwise, except to the extent that such damages are actually payable by the Indemnified Party in connection with a Third Party Claim. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The rights of each Monsoon Indemnitee under Section&nbsp;12.01(a)(i), and the rights of each Indigo Parent Indemnitee under
Section&nbsp;12.02(a)(i), in each case after the Closing shall not be affected by any knowledge at or prior to the execution of this Agreement or at or prior to the Closing of any breach of representation or warranty, whether such knowledge came
from Indigo Parent, Monsoon or any other Person, or any waiver of Section&nbsp;10.02(a) or Section&nbsp;10.03(a). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XIII </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Guarantee </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_110">
</A>SECTION 13.01. <U>Guarantee</U>. (a)&nbsp;Subject to Section&nbsp;13.01(b), Indigo Guarantor hereby absolutely, unconditionally and irrevocably guarantees, as a primary obligor and not merely as a surety, (i)&nbsp;the due and punctual payment of
all monetary obligations and liabilities of Indigo Parent under this Agreement and (ii)&nbsp;the due and punctual performance and observance of, and compliance with, all other covenants, agreements, obligations, liabilities, indemnities and
warranties of Indigo Parent under or pursuant to this Agreement (the obligations and liabilities referred to in clauses&nbsp;(i) and (ii)&nbsp;collectively being referred to herein as the &#147;<U>Guaranteed Obligations</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The guarantee of Indigo Guarantor set forth in Section&nbsp;13.01(a) with respect to the Guaranteed Obligations shall automatically
terminate and cease to be of any effect upon the completion of the Restructuring and thereafter Indigo Guarantor shall not have any obligation or liability whatsoever in respect of the Guaranteed Obligations; provided that the cash that Indigo
Parent expects to need to make the Initial Closing Date Payment is contributed to Indigo Parent either in the form of equity, or debt that is subordinated to any claims Monsoon may make under the Agreement prior to Closing (it being agreed that such
subordination may terminate at Closing). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) In the event that Indigo Parent or any Affiliate thereof Transfers any Class&nbsp;B Shares
on or prior to the sixth anniversary of the Closing Date, such that the Permitted Holder Ownership Percentage immediately following such Transfer would be less than 15%, Indigo Parent shall deliver to Monsoon, prior to such Transfer, a written
guarantee of Indigo Guarantor (or another controlling Affiliate of Indigo Parent reasonably acceptable to Monsoon) with respect to the Guaranteed Obligations, which guarantee shall substantially be in the form set forth in Section&nbsp;13.01(a).
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XIV </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>General
Provisions </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_111"></A>SECTION 14.01. <U>Survival</U>. (a)&nbsp;The representations and warranties contained in
this Agreement and in any certificate delivered in connection herewith shall survive the Closing as follows: (i)&nbsp;the representations and warranties in Sections&nbsp;4.10, 4.11, 4.14, 4.15, 5.09, 5.10, 5.13 and 5.14 shall survive until 60 days
have elapsed after the expiry of the applicable statute of limitations (including any applicable extensions); (ii)&nbsp;the representations and warranties in Sections&nbsp;4.07, 4.08, 4.09, 4.12, 4.13, 4.16, 4.17, 4.18, 4.19, 4.20, 4.21, 4.22, 4.23,
5.06, 5.07, 5.08, 5.11, 5.12, 5.15, 5.16, 5.17, 5.18, 5.19, 5.20, 5.21, 5.22 and 5.23 shall survive for 24 months following the Closing; and (iii)&nbsp;the representations and warranties in Sections&nbsp;4.01, 4.02, 4.03, 4.04, 4.05, 4.06, 4.24,
4.25, 5.01, 5.02, 5.03, 5.04, 5.05 and 5.24 and all the other provisions of this Agreement shall survive indefinitely, except where the terms of such other provisions state otherwise; <I>provided</I> that the obligations to indemnify and hold
harmless any indemnitee hereunder shall not terminate with respect to any and all claims that such indemnitee has, before the expiration of any such period specified above, previously asserted against the indemnifying party by delivering a notice to
the indemnifying party in accordance with this Agreement, which obligations shall survive until all such claims are finally resolved. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-77 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything to the contrary in this Agreement, the obligations to indemnify and
hold harmless any indemnitee pursuant to Section&nbsp;12.01(a)(iv) and Section&nbsp;12.02(a)(iv) shall terminate after sixty (60)&nbsp;days have elapsed after the expiration of the relevant statute of limitations with respect to Tax liabilities,
taking into account extensions thereof; <I>provided</I> that the obligations to indemnify and hold harmless any indemnitee hereunder shall not terminate with respect to any and all claims that such indemnitee has, before the expiration of such
period, previously asserted against the indemnifying party by delivering a notice to the indemnifying party in accordance with this Agreement, which obligations shall survive until all such claims are finally resolved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_112"></A>SECTION 14.02. <U>Notices</U>. All notices, requests, claims, demands, waivers and other communications under
this Agreement shall be in writing and shall be addressed to a party at the following address for such party: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if to
Indigo Parent, to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">MIH Internet SEA Private Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">#13-10 Parkview Square </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">600 North Bridge Road </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Singapore 188778 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: Wayne Benn </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile: +852 2847 3381 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email: <U>wbenn@naspers.com</U> (with a copy to <U>orippel@naspers.com</U>) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">with a copy to (which shall not constitute notice): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cravath, Swaine&nbsp;&amp; Moore LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">CityPoint </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">One Ropemaker Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">London EC2Y 9HR </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: David Mercado </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile: +44 207 860 1150 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email: dmercado@cravath.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if to Monsoon, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">MakeMyTrip Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Tower A, S P Infocity, Plot No.&nbsp;243 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Udyog Vihar Phase 1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Gurgaon- 122 016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Haryana, India </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: Deep Kalra, Group CEO </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile: +91 124 439 5100 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email: dk@makemytrip.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">with a copy to (which shall not constitute notice): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">9 Raffles Place #42-02 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Republic Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Singapore 048619 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: Michael Sturrock </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile: +65 6536 1171 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email: michael.sturrock@lw.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other address(es) as shall be furnished in writing by any such party to the other parties hereto in accordance with the provisions of this
Section&nbsp;14.02. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-78 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_113"></A>SECTION 14.03. <U>Severability</U>. If any term or other provision
of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the Transactions is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the end that the Transactions are fulfilled to the extent possible. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_114"></A>SECTION 14.04. <U>Counterparts</U>. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original and all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_115"></A>SECTION 14.05. <U>Entire Agreement; No Third Party Beneficiaries; No Other Representations or Warranties</U>.
(a)&nbsp;The Transaction Documents, taken together with the Indigo Parent Disclosure Letter and the Monsoon Disclosure Letter, constitute the entire agreement, and supersede all prior agreements and understandings, both written and oral, among the
parties hereto with respect to the Transactions and are not intended to confer upon any Person other than the parties hereto any rights or remedies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In the event of any conflict between the provisions of this Agreement (including the Indigo Parent Disclosure Letter, the Monsoon
Disclosure Letter and the Annexes, Schedules and Exhibits hereto), on the one hand, and the provisions of the other Transaction Documents (including the schedules and exhibits thereto), on the other hand, the provisions of this Agreement shall
control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Monsoon acknowledges and agrees that, except for the representations and warranties contained in Article&nbsp;IV, neither
Indigo Parent nor any Indigo Group Company nor any other Person makes any representation or warranty, express or implied, with respect to Indigo Parent, the Indigo Group Companies, the Indigo Business or with respect to any information furnished,
disclosed or otherwise made available to Monsoon, its Affiliates or any of its or their respective Representatives in the course of their due diligence investigation of the Indigo Business and the negotiation of this Agreement or otherwise in
connection with the Transactions. Except pursuant to the terms and conditions of this Agreement and the other Transaction Documents, neither Indigo Parent nor any other Person shall be subject to any Liability or responsibility whatsoever to Monsoon
or any of its Affiliates or any of its or their respective stockholders, controlling persons or Representatives on any basis (including in contract or tort, under securities Laws or otherwise) resulting from or based upon Indigo Parent&#146;s
furnishing, disclosing or otherwise making available any information, documents or material in any form to Monsoon, its Affiliates or any of its or their respective stockholders, controlling persons or Representatives, including in any data room or
management presentations (formal or informal) and including any financial statements and any projections, forecasts, budgets, estimates or other forward-looking information, or the use of any such information. Monsoon acknowledges and agrees that it
has not, and will not, place any reliance on any statement, representation, warranty or undertaking (written or oral or in any other form) made by Indigo Parent, any Affiliate thereof or any of its or their respective Representatives in connection
with the Transactions or any other matter contemplated hereby, except as expressly set forth in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Each of Indigo Parent
and Indigo acknowledges and agrees that, except for the representations and warranties contained in Article&nbsp;V, neither Monsoon nor any Monsoon Subsidiary nor any other Person makes any representation or warranty, express or implied, with
respect to Monsoon, the Monsoon Subsidiaries, the Monsoon Business or with respect to any information furnished, disclosed or otherwise made available to Indigo Parent, its Affiliates or any of its or their respective Representatives in the course
of their due diligence investigation of the Monsoon Business and the negotiation of this Agreement or otherwise in connection with the Transactions. Except pursuant to the terms and conditions of this Agreement and the other Transaction Documents,
neither Monsoon nor any other Person shall be subject to any Liability or responsibility whatsoever to Indigo Parent or any of its Affiliates or any of its or their respective stockholders, controlling persons or Representatives on any basis
(including in contract or tort, under securities Laws or otherwise) resulting from or based upon Monsoon&#146;s </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-79 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
furnishing, disclosing or otherwise making available any information, documents or material in any form to Indigo Parent, its Affiliates or any of its or their respective stockholders,
controlling persons or Representatives, including in any data room or management presentations (formal or informal) and including any financial statements and any projections, forecasts, budgets, estimates or other forward-looking information, or
the use of any such information. Each of Indigo Parent and Indigo acknowledges and agrees that it has not, and will not, place any reliance on any statement, representation, warranty or undertaking (written or oral or in any other form) made by
Monsoon, any Affiliate thereof or any of its or their respective Representatives in connection with the Transactions or any other matter contemplated hereby, except as expressly set forth in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_116"></A>SECTION 14.06. <U>Governing Law</U>. This Agreement shall be governed by, and construed in accordance with, the
Laws of the State of New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_117"></A>SECTION 14.07. <U>Assignment</U>. Neither this Agreement nor any of the
rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of Law or otherwise by any of the parties hereto without the prior written consent of the other parties; <I>provided </I>that Indigo Parent
may assign any of its rights, interests and obligations under this Agreement (in whole or in part) to any one or more of its Affiliates, but no such assignment shall release Indigo Parent from any liability or obligation under this Agreement. Any
purported assignment without such consent shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_118"></A>SECTION 14.08. <U>Methodology for Calculations</U>. For purposes of calculating the Permitted Holder Ownership
Percentage as of any date or time, any shares of Capital Stock of Monsoon (including Monsoon Ordinary Shares, Class&nbsp;B Shares and any other Monsoon Voting Securities) (i)&nbsp;held in Monsoon&#146;s treasury or belonging to any Monsoon
Subsidiaries or (ii)&nbsp;issued pursuant to a plan, trust or similar arrangement in respect of which voting is controlled by Monsoon or any Monsoon Subsidiary, shall be disregarded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_119"></A>SECTION 14.09. <U>Specific Enforcement</U>. The parties agree that irreparable damage would occur in the event
that any of the terms or provisions of this Agreement or any other Transaction Document were not performed by any party (the &#147;<U>defaulting party</U>&#148;) in accordance with their specific terms or were otherwise breached by such defaulting
party. It is accordingly agreed that, without posting a bond or other undertaking, notwithstanding anything to the contrary contained in this Agreement, either party shall be entitled to injunctive or other equitable relief to prevent breaches of
this Agreement or any other Transaction Document by the defaulting party and to enforce specifically the terms and provisions hereof and each such other Transaction Document against the defaulting party, such remedy being in addition to any other
remedy to which the party seeking specific relief may be entitled at law or in equity. The provisions of this Section&nbsp;14.09 shall apply in respect of any arbitration proceeding brought pursuant to this Agreement, as well as any litigation
permissibly brought pursuant to the terms hereof to enforce this Agreement. In the event that any Action is brought by a party in equity to enforce the provisions of this Agreement, the defaulting party shall not allege, and the defaulting party
hereby waives the defense or counterclaim, that there is an adequate remedy at law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><A NAME="annexa299965_120"></A>SECTION 14.10.
<U>Arbitration</U>. (a)&nbsp;Except as otherwise expressly provided herein, all disputes arising out of or concerning the existence, validity, interpretation or performance of this Agreement or any Transaction shall be resolved by arbitration in
accordance with the rules of arbitration then in effect and administered by the International Centre for Dispute Resolution (the &#147;<U>ICDR</U>&#148;, and such rules, the &#147;<U>Rules</U>&#148;); <I>provided</I> that in the event the Rules
conflict or are inconsistent with the procedures set forth in this Section&nbsp;14.10, the procedures set forth in this Section&nbsp;14.10 shall govern and control. The decision of the arbitration panel to be appointed hereunder (the
&#147;<U>Arbitration Panel</U>&#148;) shall be final and binding on the parties and the parties hereby irrevocably waive any right of appeal or judicial review with respect to any aspect of the arbitration award. The arbitration award may be
enforced in any court of competent jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Arbitration Panel shall consist of three arbitrators. Each party shall appoint a
single arbitrator and the third arbitrator, who shall preside over the Arbitration Panel, shall be chosen by the two party-appointed </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-80 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
arbitrators. If the responding party fails to appoint an arbitrator or if the two party-appointed arbitrators fail to appoint the third arbitrator within the prescribed time periods set forth in
Section&nbsp;14.10(c), then the appointments shall be made by the ICDR pursuant to the Rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Arbitration may be commenced by any
party by giving written notice setting out the nature of the claim to the other party and to the ICDR pursuant to the Rules. Within 15 days of such notice, the party demanding arbitration shall appoint its arbitrator. Within 15 days of that
appointment, the other party shall appoint its arbitrator. Within 30 days after the appointment of both party-appointed arbitrators, those two arbitrators shall appoint the third arbitrator. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The arbitration and any evidentiary proceedings shall be conducted in English. The situs of the arbitration shall be New York City;
<I>provided</I> that the Arbitration Panel may conduct proceedings in other locations if the parties so agree or if necessary for the taking of evidence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Each arbitrator shall be impartial and shall be experienced with respect to commercial matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Any litigation commenced by any party in aid of the arbitration, or for injunctive relief to preserve assets, maintain the status quo or
prevent any act pending the result of the arbitration shall be commenced only in any state court of the State of New York located in New York County or the United States District Court for the Southern District of New York, and any appellate court
thereof, unless otherwise mutually agreed by the parties. With respect to any such litigation, each party hereby irrevocably consents to the exclusive jurisdiction of such courts and waives any objection to personal jurisdiction of and venue in such
courts with respect to such proceedings and waives any claim that such forum is inconvenient. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE IN CONNECTION WITH ANY SUCH LITIGATION IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUCH LITIGATION. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A)&nbsp;NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY SUCH LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B)&nbsp;EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (C)&nbsp;EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D)&nbsp;EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION&nbsp;14.10(F). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The fact of arbitration, the claims and arguments made in the arbitration and any arbitration award shall be confidential and not be
disclosed to any other person, except as required by Law or legal duty or in order to confirm, challenge or enforce the arbitration award. Materials and documents of any party utilized or produced in connection with the arbitration that are not
otherwise public shall be treated as confidential by the other party and shall not be disclosed or utilized by the other party other than in the arbitration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) The Arbitration Panel is authorized to award monetary damages and to grant injunctive relief, including interim relief pending the final
award. Any interim or provisional measures in the form of conservatory or injunctive relief ordered by the Arbitration Panel shall, to the extent permitted by applicable Law, be deemed final arbitration awards for purposes of enforceability. Any
monetary award may include interest and shall be stated and payable in U.S. dollars. The Arbitration Panel is authorized to allocate as part of its award the costs and expenses of the arbitration, excluding attorney&#146;s fees, as the Arbitration
Panel deems reasonable. The Arbitration Panel is not authorized to award punitive or exemplary damages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The parties shall bear their
own costs incurred in connection with the arbitration and share equally the costs of administration of the arbitration and the fees and expenses of the Arbitration Panel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-81 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, each of the parties has duly executed this Agreement, all as of the date
first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MIH INTERNET SEA PRIVATE LIMITED,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Oliver Rippel</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Oliver Rippel</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MIH B2C HOLDINGS B.V.,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Oliver Rippel</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Oliver Rippel</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MAKEMYTRIP LIMITED,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mohit Kabra</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mohit Kabra</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Group CFO</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:420pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page to Transaction
Agreement</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-82 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT&nbsp;A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF TERMS OF ISSUE </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-83 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COMPETITOR LIST </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-84 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE 3.02 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Agreed Accounting Principles </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of the items described
in this Schedule&nbsp;3.02 (including in the definitions below) with respect to the relevant Person shall be prepared in accordance with IFRS as historically applied by such Person on a consistent basis and otherwise in a manner consistent with the
accounting practices and methodologies used by such Person in the preparation of its historical financial statements. However, prior to Closing, the parties will work together in good faith to agree a common approach with respect to provision for
loyalty, e-coupons and other discounts, which approach shall be (i)&nbsp;consistent with the approach taken by Monsoon in the preparation of its historical financial statements, (ii)&nbsp;prepared in consultation with Monsoon&#146;s independent
auditors and certified in writing by an officer of Monsoon to ensure such consistency and (iii)&nbsp;used in connection with the preparation of the pro forma financial statements to be included in the proxy statement for the Monsoon
Shareholders&#146; Meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of Monsoon or any Monsoon Subsidiary, on the one hand, or any Indigo Group Company, on the other hand, may revise any
banking arrangements they may have in place to remove any Lien that may exist in respect of deposited amounts by entering into or providing corporate or parent guarantees in place of such Lien, and following any such guarantee arrangements being put
in place such deposited amounts shall no longer be treated as restricted cash for purposes hereof to the extent that such Lien has been fully and unconditionally released and discharged. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that Monsoon or any Monsoon Subsidiary, on the one hand, or any Indigo Group Company, on the other hand, is required to dispose of any asset on
or prior to the Closing Date pursuant to a Regulatory Undertaking in accordance with Section&nbsp;7.04(d), the calculation of Monsoon Net Cash, Monsoon Working Capital and Indigo Working Capital, as applicable, shall be prepared without giving
effect to such disposal and for purposes of the calculations hereunder such asset shall be treated as if it was still owned by the relevant Person as of the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All amounts shall be calculated and expressed in U.S. dollars. Any amounts not denominated in U.S. dollars shall be converted into U.S. dollars at the average
market spot exchange rate for the 10 trading days immediately prior to the date of determination as published on www.xe.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The principles, practices
and methodologies set forth in the preceding paragraphs are referred to herein as the &#147;<U>Agreed Accounting Principles</U>&#148;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Definitions
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash and Cash Equivalents</U>&#148; means, with respect to any Person, such Person&#146;s and its consolidated Subsidiaries&#146;,
(i)&nbsp;cash in hand, bank balances, current and non-current term deposits and cash on deposit, (ii)&nbsp;short-term investments that are readily convertible to cash, including short-term deposits with original maturities of three months or less,
demand deposits, savings accounts, certificates of deposit, money market funds, U.S. treasury bills and other highly liquid marketable securities and (iii)&nbsp;credit card collections in hand, but excluding (w)&nbsp;any restricted cash,
(x)&nbsp;pledged term deposits, (y)&nbsp;any amounts required to cover checks and similar instruments and (z)&nbsp;any amounts held in escrow or trust for any other Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo Current Assets</U>&#148; means the consolidated total current assets of Indigo and its consolidated Subsidiaries, including,
for the avoidance of doubt: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Cash and Cash Equivalents; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Inventories; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Current tax assets (excluding any balance deposited under protest); </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-85 </P>


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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">Trade and other receivables; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">Current assets under employee benefit plans or related trusts; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top">Other current assets, </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">but excluding: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top">Any balances included as current assets which are doubtful of collection or recovery; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top">Deferred difference resulting from the fair value measurement of convertible notes under IFRS, if any; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top">Deferred tax assets. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo Current Liabilities</U>&#148; means the consolidated
total current liabilities of Indigo and its consolidated Subsidiaries, including, for the avoidance of doubt: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Trade and other payables; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Deferred revenue; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Statutory liabilities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">Deferred rent liabilities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">Current tax liabilities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top">Other current liabilities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top">Accrued and unpaid salary, bonuses or severance payments, transaction-related bonuses and deferred compensation; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top">Unfunded portion of employee retirement benefits and gratuity and leave encashment (including accrued vacation, holiday pay and sick time); and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top">Costs and expenses incurred in connection with the Transactions (including any costs and expenses reasonably expected to be incurred in connection with the Transactions after Closing), if any, other than those costs and
expenses which have been paid as of the Closing Date, </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">but excluding: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top">Deferred tax liabilities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top">Non-current portion of indebtedness of any kind, including finance lease liabilities, vehicle loans, bank overdraft and any other loans, including any outstanding (due or not due) interest on such loans; and
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top">Liabilities associated with any Indigo SARs and Naspers Rollover RSUs, including the employer-paid portion of any employment and payroll taxes related thereto. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indigo Working Capital</U>&#148; means (i)&nbsp;Indigo Current Assets <I>minus</I> (ii)&nbsp;Indigo Current Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Cash</U>&#148; means the consolidated Cash and Cash Equivalents of Monsoon and its consolidated Subsidiaries (excluding any
proceeds from the sale of the Optional Shares hereunder). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Consolidated Indebtedness</U>&#148; means all indebtedness for
borrowed money of Monsoon and its consolidated Subsidiaries, including (i)&nbsp;borrowings under Monsoon&#146;s existing credit facilities (as in effect on the date hereof or amended after the date hereof not in contravention of this Agreement),
(ii)&nbsp;borrowings which are budgeted for in Section&nbsp;6.01(j) of the Monsoon Disclosure Letter and (iii)&nbsp;issuances of commercial paper for working capital and other short-term borrowings for general corporate purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-86 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Current Assets</U>&#148; means the consolidated total current assets of Monsoon
and its consolidated Subsidiaries, including, for the avoidance of doubt: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Inventories; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Current tax assets (excluding any balance deposited under protest); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Trade and other receivables; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">Current assets under employee benefit plans or related trusts; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">Other current assets, </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">but excluding: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top">Any balances included as current assets which are doubtful of collection or recovery; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top">Cash and Cash Equivalents; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top">Deferred difference resulting from the fair value measurement of the Convertible Notes under IFRS, if any; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(D)</TD>
<TD ALIGN="left" VALIGN="top">Deferred tax assets. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Current Liabilities</U>&#148; means the consolidated
total current liabilities of Monsoon and its consolidated Subsidiaries, including, for the avoidance of doubt: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Trade and other payables; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Deferred revenue; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Statutory liabilities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">Deferred rent liabilities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">Current tax liabilities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top">Other current liabilities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top">Accrued and unpaid salary, bonuses or severance payments, transaction-related bonuses, deferred compensation and share appreciation rights, phantom stock or similar plans which are to be settled in cash, together with
the employer-paid portion of any employment and payroll taxes related to such rights, phantom stock or plans; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top">Current and non-current liabilities with respect to Monsoon Restricted Stock Units; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top">Unfunded portion of employee retirement benefits and gratuity and leave encashment (including accrued vacation, holiday pay and sick time); and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top">Costs and expenses incurred in connection with the Transactions (including any costs and expenses reasonably expected to be incurred in connection with the Transactions after Closing), other than those costs and
expenses which have been paid as of the Closing Date, </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">but excluding: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top">Deferred tax liabilities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top">Non-current portion of indebtedness of any kind, including the Convertible Notes, finance lease liabilities, vehicle loans, bank overdraft and any other loans, including any outstanding (due or not due) interest on such
loans; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top">Monsoon Consolidated Indebtedness to the extent any such indebtedness has been taken into account in the calculation of Monsoon Net Cash and would otherwise be included in Monsoon Current Liabilities but for this
clause&nbsp;(C). </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-87 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Net Cash</U>&#148; means (i)&nbsp;Monsoon Cash <I>minus</I> (ii)&nbsp;Monsoon
Consolidated Indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monsoon Working Capital</U>&#148; means (i)&nbsp;Monsoon Current Assets <I>minus</I>
(ii)&nbsp;Monsoon Current Liabilities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Illustrative Calculations </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Indigo Working Capital </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,&nbsp;2016</B><br><B>$m</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current tax assets (excluding any balance deposited under protest)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade and other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and Cash Equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Indigo Current Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>28.9</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank overdraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade and other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Indigo Current Liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>33.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Indigo Working Capital</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(4.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Monsoon Working Capital </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,&nbsp;2016</B><br><B>$m</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current tax assets (excluding any balance deposited under protest)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade and other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Monsoon Current Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>80.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade and other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction costs and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">*&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current and non-current RSU liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Monsoon Current Liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>114.9</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Monsoon Working Capital</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(34.9</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">* Amounts shown will be adjusted to account for transaction costs when the actual schedule is prepared. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-88 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Monsoon Net Cash </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,&nbsp;2016</B><br><B>$m</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and Cash Equivalents:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">212.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">including:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current term deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Non current term deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">excluding:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Monsoon Cash</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>212.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank overdraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Secured bank loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Monsoon Consolidated Indebtedness</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>9.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Monsoon Net Cash</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>203.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Illustrative closing date payment:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Monsoon Net Cash @ 66.67%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">135.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Add/(Less): difference between Indigo Working Capital and Monsoon Working Capital
@&nbsp;66.67%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(18.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">116.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-89 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx299965_43"></A>Annex B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MAKEMYTRIP LIMITED </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Terms of Issue of Class B Shares </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1</TD>
<TD ALIGN="left" VALIGN="top"><B>INTERPRETATION</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top"><B>Definitions</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Affiliate</B>&#148; of any specified Person refers to any other
Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first Person.&nbsp;As used herein, &#147;<B>control</B>&#148; means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities or other interests, by Contract or otherwise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>AK CIC Severance Agreement</B>&#148; refers to the Change In Control Severance Agreement, dated as of November 9, 2016, between
MakeMyTrip (India) Private Limited and Mr.&nbsp;Ashish Kashyap. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Applicable Law</B>&#148; refers to any federal, state,
provincial, municipal, domestic or foreign law (including common law), statute, ordinance, rule, regulation, code or Judgment issued, promulgated, made, rendered, entered into or enforced by or with any Governmental Entity. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Associate</B>&#148; with respect to any Person refers to any other Person of which such first Person is the Beneficial Owner of
between 20% and 50% of such other Person&#146;s outstanding Capital Stock or otherwise controls the business decisions of such other Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Beneficial Owner</B>&#148; with respect to any security refers to any Person who, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares (i)&nbsp;voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii)&nbsp;investment power, which includes the power to dispose of, or to
direct the disposition of, such security; and such term shall otherwise be interpreted in accordance with Rules&nbsp;13d-3 and 13d-5 promulgated under the Exchange Act; <U>provided</U> that for purposes of determining Beneficial Ownership, a Person
shall be deemed to be the Beneficial Owner of any security which may be acquired by such Person pursuant to any contract, arrangement or understanding or through the exercise of any option, warrant or right, or otherwise (irrespective of whether the
right to acquire such security is exercisable immediately or only after the passage of time, including the passage of time in excess of 60 days, the satisfaction of any conditions, the occurrence of any event or any combination of the foregoing),
except that in no event shall any Class&nbsp;B Member be deemed to Beneficially Own any securities which it has the right to acquire pursuant to Section&nbsp;6 unless, and then only to the extent that, it shall have actually exercised such
right.&nbsp;The terms&nbsp;&#147;Beneficial Ownership&#148;, &#147;Beneficially Own&#148; and &#147;Beneficially Owned&#148; shall have a correlative meaning. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Board Qualifications</B>&#148; refers to the requirement that each Director, at the time of nomination and at all times thereafter
until such individual&#146;s service on the Board ceases, (i) meets any applicable requirements under Applicable Law, the rules of the Designated Stock Exchange, the Company&#146;s corporate governance policies (to the extent such policies are in
effect, and have been made available to the Initial Class&nbsp;B Member, as of October&nbsp;18, 2016), such other corporate governance policies that the Company may adopt from time to time (to the extent that both a majority of the total number of
Directors (including the Class B Directors) and a majority of the total number of Class B Directors have consented to the adoption of such policies) and the Constitution to be a member of the Board and (ii) to the extent required of all Directors of
the Company as of October 18, 2016, prior to being nominated, agrees to comply with the requirements in Section 7.1.8. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business
Combination</B>&#148; refers to (a)&nbsp;any form of business combination or similar transaction or series of transactions involving the Company or any Affiliate thereof, including any merger, amalgamation, sale,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">
acquisition, joint venture, consolidation, issuance of shares, direct share exchange or tender or exchange offer, (b)&nbsp;any form of restructuring, reorganization, recapitalization or similar
transaction with respect to the Company or any Affiliate thereof and (c)&nbsp;any acquisition, sale, disposition, lease, distribution, encumbrance, mortgage, pledge, liquidation or exchange of the assets of the Company or any Affiliate thereof
comprising a line of business, business segment or division or going concern; in the case of clauses&nbsp;(a) and (b) above, irrespective of whether the Company or any Affiliate thereof is the surviving or resulting entity of any such transaction
and irrespective of whether any Capital Stock of the Company or any Affiliate thereof is converted into or exchanged for cash, securities or any other property in any such transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; refers to any day except Saturday or Sunday on which commercial banks are not required or authorized to close
in Mauritius, Singapore, The Netherlands and New York, New York. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Capital Stock</B>&#148; with respect to any Person at any time
refers to any and all shares, equity interests, rights to share in capital surplus or profits or receive a distribution of assets upon liquidation or dissolution, or other equivalents of capital stock (however designated or classified, whether
voting or nonvoting), partnership interests (whether general or limited), limited liability company interests or units, member interests or equivalent ownership interests in or issued by such Person, and any and all warrants, options, rights or
other securities (including debt securities) exercisable or exchangeable for, or convertible into, any of the foregoing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Cause</B>&#148; has the meaning provided in Section&nbsp;7.1.4. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>CIC Severance Agreements</B>&#148; refers to each of the DK CIC Severance Agreement, the RM CIC Severance Agreement and the AK CIC
Severance Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Class B Conversion Notice</B>&#148; has the meaning provided in Section 5.1.2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Class B Director</B>&#148; refers to any Director nominated by the Class B Members in accordance with the provisions of these Terms of
Issue. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Class B Member</B>&#148; refers to any Holder of Class B Shares. On the Class B Shares Original Issuance Date, the sole
Class B Member is MIH Internet SEA Private Limited. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Class B Shares</B>&#148; refers to the class B convertible ordinary shares,
par value $0.0005 per share, of the Company, which are governed by these Terms of Issue. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Class B Shares Original Issuance
Date</B>&#148; refers to the date of issuance of the original Class B Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company Director</B>&#148; refers to any Director
nominated by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Confidential Information</B>&#148; has the meaning provided in Section&nbsp;9.1.4. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Confidentiality Agreement</B>&#148; refers to the confidentiality agreement, dated as of April&nbsp;25, 2016, between MIH B2C Holdings
B.V. (formerly Intervision (Services) Holding B.V.) and the Company, as amended, modified and supplemented from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Constitution</B>&#148; refers to the constitution of the Company adopted pursuant to a special resolution by way of written
resolutions passed by the Members on July 19, 2010, as supplemented or amended or substituted from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Contract</B>&#148; refers to any contract, lease, license, indenture, agreement, commitment or other legally binding arrangement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Conversion Time</B>&#148; has the meaning provided in Section 5.2.3. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Converted Class B Shares</B>&#148; has the meaning provided in Section 5.2.3. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Convertible Notes</B>&#148; refers to the $180,000,000 aggregate principal amount of 4.25% Convertible Notes due 2021 issued by the
Company pursuant to the Convertible Notes Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Convertible Notes Indenture</B>&#148; refers to the indenture, dated as of
January&nbsp;14, 2016, between the Company, as issuer, and The Bank of New York Mellon, Singapore Branch, as trustee, pursuant to which the Company issued $180,000,000 aggregate principal amount of 4.25% Convertible Notes due 2021. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Ctrip</B>&#148; refers to Ctrip.com International, Ltd. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Ctrip Director</B>&#148; refers to any Director nominated by Ctrip. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>DK CIC Severance Agreement</B>&#148; refers to the Change In Control Severance Agreement, dated as of October&nbsp;19, 2016, between
MakeMyTrip (India) Private Limited and Mr.&nbsp;Deep Kalra. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Employee Benefit Plan</B>&#148; refers to any plan, program,
agreement, arrangement or understanding that is an employment, consulting, deferred compensation, executive compensation, incentive bonus or other bonus, retention, employee pension, profit sharing, savings, retirement, supplemental retirement,
stock ownership, stock option, stock purchase, stock appreciation right, restricted stock, restricted stock unit, deferred or phantom stock unit or other equity-based compensation, severance pay, salary continuation, life, death benefit, health,
medical, hospitalization, sick leave, vacation pay, paid time off, disability or accident insurance, fringe benefit, perquisite or other employee benefit plan, program, agreement, arrangement or understanding, including any &#147;employee benefit
plan&#148; as defined in Section&nbsp;3(3) of ERISA (whether or not legally binding or subject to ERISA). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>ERISA</B>&#148; refers
to the U.S. Employee Retirement Income Security Act of 1974, as amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Event of Automatic Conversion</B>&#148; has the meaning
provided in Section 5.2.1. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Exchange Act</B>&#148; refers to the U.S. Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fifteen Percent Transfer</B>&#148; refers to a Transfer, or series of Transfers, to a Person other than a Permitted Holder by one or
more Class B Members of a number of Class B Shares equal to or more than fifteen (15) percent (but less than thirty (30) percent) of the total voting power of all Monsoon Voting Securities.&nbsp;For the avoidance of doubt, any further Transfer, or
series of Transfers, by any Fifteen Percent Transferee of any Monsoon Voting Securities shall not constitute a Fifteen Percent Transfer for purposes hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fifteen Percent Transferee</B>&#148; refers to the Transferee in a Fifteen Percent Transfer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Forty Percent Transfer</B>&#148; refers to a Transfer, or series of Transfers, to a Person other than a Permitted Holder by one or
more Class B Members of (i)&nbsp;a number of Class&nbsp;B Shares equal to or more than forty (40) percent of the total voting power of all Monsoon Voting Securities or (ii)&nbsp;all of the Class&nbsp;B Shares held by such Class B Members, so long as
such Class&nbsp;B Shares represent at least thirty (30) percent of the total voting power of all Monsoon Voting Securities.&nbsp;For the avoidance of doubt, any further Transfer, or series of Transfers, by a Forty Percent Transferee of
(x)&nbsp;Class&nbsp;B Shares that represent at least forty (40) percent of the total voting power of all Monsoon Voting Securities or (y)&nbsp;all of the Class&nbsp;B Shares held by such Forty Percent Transferee (so long as such Class&nbsp;B Shares
represent at least thirty (30) percent of the total voting power of all Monsoon Voting Securities) shall constitute a Forty Percent Transfer for purposes hereof and the transferee of such Class&nbsp;B Shares shall be a Forty Percent Transferee for
purposes hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Forty Percent Transferee</B>&#148; refers to the Transferee in a Forty Percent Transfer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Governmental Entity</B>&#148; refers to any national, federal, state, county, municipal, local or foreign government, or other
political subdivision thereof, or any court of competent jurisdiction, administrative agency or commission or other governmental authority or instrumentality, any entity exercising executive, legislative, judicial, regulatory, taxing or
administrative functions of or pertaining to government, and any arbitrator or arbitral body or panel of competent jurisdiction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Group</B>&#148; has the meaning given to such term in Section&nbsp;13(d)(3) of the Exchange Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Holder</B>&#148; refers to a holder of record of any Monsoon Voting Security. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Indebtedness</B>&#148; with respect to any Person on any date of determination refers to (without duplication) (i)&nbsp;the principal
in respect of indebtedness of such Person for borrowed money, (ii)&nbsp;the principal in respect </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">
of obligations of such Person evidenced by bonds, notes, debentures or other similar instruments or by letters of credit (other than those issued to suppliers in the ordinary course of business
consistent with past practice), (iii)&nbsp;purchase money obligations of such Person, conditional sale obligations of such Person, obligations of such Person under any title retention agreement and all other obligations of such Person relating to
the deferred purchase price of property (other than trade payables incurred in the ordinary course of business consistent with past practice), (iv)&nbsp;obligations of such Person as lessee under leases which have been or should have been recorded
as capital leases, in accordance with the accounting standards and rules applicable to such Person, (v)&nbsp;obligations of such Person in respect of amounts outstanding under overdraft or similar lines, (vi)&nbsp;obligations of such Person under or
in respect of bankers&#146; acceptances, letters of credit (other than those securing obligations entered into in the ordinary course of business consistent with past practice to the extent such letters of credit are not drawn upon or, if and to the
extent drawn upon, such drawing is reimbursed no later than the tenth Business Day following payment on the letter of credit), bank guarantees, surety bonds or similar arrangements (including reimbursement obligations with respect thereto),
(vii)&nbsp;Liabilities of such Person under any sale and leaseback transaction or any other transaction which is the functional equivalent of, or takes the place of, borrowing but which does not constitute indebtedness on the balance sheet,
(viii)&nbsp;Liabilities of such Person under interest rate cap agreements, interest rate swap agreements, foreign currency exchange agreements and other hedging, derivative or similar agreements, (ix)&nbsp;to the extent not otherwise included in the
foregoing, the financing of any accounts receivable of such Person, as indicated by the existence of an interest bearing instrument or financial costs (whether or not reflected on the balance sheet), (x)&nbsp;guarantees by such Person of obligations
of the type described in the foregoing clauses of any other Person, (xi)&nbsp;obligations of any other Person of the type described in the foregoing clauses that are secured by a Lien on any asset or property of such Person (whether or not such
obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the fair market value of such property or assets and the amount of the obligation so secured, and (xii)&nbsp;accrued interest, prepayment penalties
or premiums, breakage fees and all other amounts owed in respect of any of the foregoing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Independent Directors</B>&#148; refers
to any Director who meets the independence requirements of Rule 5605 of the NASDAQ Stock Market Rules (or of the equivalent rules of another Designated Stock Exchange) and otherwise satisfies the independence requirements set forth in Rule 10A-3
promulgated under the Exchange Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Indigo Parent Disclosure Letter</B>&#148; refers to the letter, dated as of October&nbsp;18,
2016, from Indigo Parent to the Company in connection with the Transaction Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Initial Class B Member</B>&#148; refers to
MIH Internet SEA Private Limited. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Investor Rights</B>&#148; has the meaning provided in Section&nbsp;7.1.3. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Investor Rights Provisions</B>&#148; has the meaning provided in Section&nbsp;7.1.3. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Judgment</B>&#148; refers to any judgment, order, decree, writ, injunction, circular, award, settlement, stipulation or finding
issued, promulgated, made, rendered, entered into or enforced by or with any Governmental Entity (in each case, whether temporary, preliminary or permanent). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Liabilities</B>&#148; refers to liabilities, commitments or obligations of any nature, whether absolute or contingent, asserted or
unasserted, known or unknown, primary or secondary, direct or indirect, and whether or not accrued, due or to become due. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Lien</B>&#148; refers to any lien, mortgage, pledge, conditional or installment sale agreement, encumbrance, defect in title,
covenant, condition, restriction, charge, option, right of first refusal, easement, security interest, deed of trust, right-of-way, encroachment, community property interest or other claim or restriction of any nature, whether voluntarily incurred
or arising by operation of Applicable Law (including any restriction on the voting of any security, any restriction on the transfer of any security or other asset, and any restriction on the possession, exercise or transfer of any other attribute of
ownership of any asset). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Market Price</B>&#148; in relation to any listed securities on any date refers to the
closing sale price per security (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on such date as reported in composite
transactions for the NASDAQ (or the principal securities exchange on which such securities are then traded).&nbsp;If none of the securities are listed for trading on a securities exchange on the relevant date, the &#147;Market Price&#148; shall be
the last quoted bid price for the securities in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization.&nbsp;If the securities are not so quoted, the &#147;Market Price&#148; shall be the
average of the midpoint of the last bid and ask prices for the securities on the relevant date from each of at least 3 internationally recognized independent investment banking firms selected by the Company for this purpose.&nbsp;If such bid and ask
prices are not available, the &#147;Market Price&#148; shall be the price for the securities as reasonably determined in good faith by the Independent Directors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Monsoon Stock Plans</B>&#148; refers to the Amended and Restated 2001 Equity Option Plan and the 2010 Share Incentive Plan of the
Company (each, as amended as of the Class B Shares Original Issuance Date). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Monsoon Voting Securities</B>&#148; refers to all
shares of all classes of Capital Stock of the Company then outstanding which are normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof, including all Ordinary Shares and Class&nbsp;B
Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>NASDAQ</B>&#148; refers to the NASDAQ Global Market. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>New Issuance</B>&#148; has the meaning provided in Section&nbsp;6.1.1 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Ordinary Shares</B>&#148; refers to the ordinary shares, par value $0.0005 per share, of the Company, which class of shares is listed
and admitted to trading on the NASDAQ as of the Class B Shares Original Issuance Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Ordinary Shares Conversion Event</B>&#148;
has the meaning provided in Section 4.1.3. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Permitted Holder</B>&#148; refers to: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Naspers Limited or any Affiliate thereof; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">any Person that directly or indirectly acquires all or a substantial portion of Naspers Limited&#146;s <FONT STYLE="white-space:nowrap">e-commerce</FONT> business or any Affiliate of such Person; or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">any Person that directly or indirectly acquires all or a substantial portion of Naspers Limited&#146;s &#147;business to consumer&#148; (B2C) business or any Affiliate of such Person; </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>provided</U> that following (A) either of the acquisitions described in paragraphs (ii) or (iii) above or (B) a Forty Percent Transfer, a
&#147;Permitted Holder&#148; refers to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top">in the case of sub-paragraph (A), the Person effecting such acquisition pursuant to paragraphs (ii) or (iii) above, and any Affiliate thereof, as the case may be; or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(y)</TD>
<TD ALIGN="left" VALIGN="top">in the case of sub-paragraph (B), the Forty Percent Transferee and any Affiliate thereof. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Permitted Holder Ownership Percentage</B>&#148; as of any date or time, refers to the total number of Monsoon Voting Securities
(including all Class&nbsp;B Shares and Ordinary Shares) Beneficially Owned by all Permitted Holders, expressed as a percentage of the total number of Monsoon Voting Securities issued and outstanding as of such date or time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Person</B>&#148; refers to any individual, general or limited partnership, corporation, limited liability company, joint stock
company, trust, joint venture, unincorporated organization, association or any other entity, including any Governmental Entity, or any Group consisting of two or more of the foregoing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Pledged Shares</B>&#148; has the meaning provided in Section 5.2.2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Postponed Meeting</B>&#148; has the meaning provided in Section&nbsp;7.2.1 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Purchase</B>&#148; has the meaning provided in Section&nbsp;6.1.1. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Records</B>&#148; refers to all books, records and other documents, including all tax records, books of account, stock records and
ledgers, financial, accounting and personnel records, files, invoices, customers&#146; and suppliers&#146; lists, other distribution lists, operating, production and other manuals, billing records and sales and promotional literature, in all cases,
in any form or medium. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Registration Rights Agreement</B>&#148; refers to the registration rights agreement, dated as of
October&nbsp;18, 2016, among the Company, the Initial Class&nbsp;B Member and certain other parties named therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Related
Person</B>&#148; with respect to any Person refers to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">any director, executive officer or nominee for director of such Person; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">any Beneficial Owner of 5% or more of the Capital Stock of such Person; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">any immediate family member (including any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law) of such Person or any Person
specified in clause&nbsp;(i) or (ii) above and any individual (other than a tenant or employee) sharing the household of such Person or any Person specified in clause&nbsp;(i) or (ii) above; or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">any other Person who shall be considered a &#147;related party&#148; as prescribed under the Indian Companies Act, 2013. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Related Party Transaction</B>&#148; refers to any transaction or series of related transactions (including any purchase, sale, lease,
exchange or other disposition of property or other assets, the rendering of any service and any loan, advance or extension of credit) between or among the Company or any Subsidiary thereof, on the one hand, and any Affiliate, Associate or Related
Person (in each case excluding the Company or any Subsidiary thereof) of the Company or any Subsidiary thereof, on the other hand. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Representatives</B>&#148; with respect to any Person refers to its directors, officers, employees, consultants, agents, investment
bankers, financial advisors, attorneys, accountants and other advisors and representatives. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reserved Matter</B>&#148; refers to
each matter set out in Section&nbsp;7.5.1. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>RM CIC Severance Agreement</B>&#148; refers to the Change In Control Severance
Agreement, dated as of October&nbsp;19, 2016, between MakeMyTrip (India) Private Limited and Mr.&nbsp;Rajesh Magow. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Securities
Act</B>&#148; refers to the U.S. Securities Act of 1933, as amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Subsidiary</B>&#148; of any Person refers to any other
Person of which an amount of the securities or interests having by the terms thereof voting power to elect at least a majority of the board of directors or other analogous governing body of such other Person (or, if there are no such voting
securities or voting interests, of which at least a majority of the equity interests) is directly or indirectly owned or controlled by such first Person, or the general partner of which is such first Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Terms of Issue</B>&#148; refers to these terms of issue governing the Class B Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Third Party Tender Offer</B>&#148; refers to a bona fide offer commenced and conducted by any Person (other than any Class&nbsp;B
Member or any of its Affiliates, or the Company or any of its Affiliates, or any Group that includes as a member thereof any Class&nbsp;B Member or any of its Affiliates) to purchase or exchange for cash, securities or any other property all of the
then outstanding Capital Stock of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Thirty Percent Transfer</B>&#148; refers to a Transfer, or series of Transfers, to
a Person other than a Permitted Holder by one or more Class B Members of a number of Class B Shares equal to or more than thirty (30) percent (but less than forty (40) percent) of the total voting power of all Monsoon Voting Securities.&nbsp;For the
avoidance of doubt, any further Transfer, or series of Transfers, by any Thirty Percent Transferee of any Monsoon Voting Securities shall not constitute a Thirty Percent Transfer for purposes hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Thirty Percent Transferee</B>&#148; refers to the Transferee in a Thirty Percent Transfer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Transaction Agreement</B>&#148; refers to the transaction agreement, dated as of
October&nbsp;18, 2016, among the Initial Class&nbsp;B Member, the Company and MIH B2C Holdings B.V. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Transaction
Documents</B>&#148; refers to the Transaction Agreement, the Registration Rights Agreement, the CIC Severance Agreements and the Confidentiality Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>Transfer</B>&#148; refers to the sale, transfer, assignment, pledge, conveyance, encumbrance, hypothecation or other disposition
(whether by operation of law, by means of foreclosure or otherwise, whether or not for consideration, and whether voluntarily or involuntarily) of Class&nbsp;B Shares, which results in the conversion of such Class&nbsp;B Shares into Ordinary Shares
pursuant to Section&nbsp;5.&nbsp;The terms &#147;Transferring,&#148; &#147;Transferee&#148; and &#147;Transferred&#148; shall have a correlative meaning. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">&#147;<B>$</B>&#148; refers to the lawful currency of the United States of America. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top">Defined terms used but not defined herein shall have the meaning ascribed to them in the Constitution. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3</TD>
<TD ALIGN="left" VALIGN="top">The headings in these Terms of Issue do not affect their interpretation or construction. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2</TD>
<TD ALIGN="left" VALIGN="top"><B>GENERAL</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"><B>Creation and issuance</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.1.1</TD>
<TD ALIGN="left" VALIGN="top">The Board shall be authorized to create and issue an unlimited number of Class B Shares from time to time. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"><B>Identical rights</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.2.1</TD>
<TD ALIGN="left" VALIGN="top">Except as set forth herein, the powers, relative participation and optional or other special rights of the Class&nbsp;B Shares, including rights to participate in share splits, share dividends, share combinations,
rights, options or warrants issuances, recapitalizations, reclassifications or similar transactions shall be identical in all respects to those of the Ordinary Shares provided for in the Constitution.</TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3</TD>
<TD ALIGN="left" VALIGN="top"><B>VOTING RIGHTS</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top"><B>Voting rights on a show of hands</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.1.1</TD>
<TD ALIGN="left" VALIGN="top">At any Members&#146; meeting on a show of hands each Class B Member present in person (by a duly authorized representative) or by proxy shall have one vote. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.1.2</TD>
<TD ALIGN="left" VALIGN="top">On demand by one or more Class B Members holding, in aggregate, more than ten (10) percent of the total voting rights of all Members on the Business Day that precedes a vote of the Members, voting shall take place by
way of poll and no resolution shall be deemed to have been carried by a show of hands pursuant to Clause 66 of the Constitution. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.2</TD>
<TD ALIGN="left" VALIGN="top"><B>Voting rights on a poll</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.2.1</TD>
<TD ALIGN="left" VALIGN="top">At any Members&#146; meeting on a poll each Class B Member present in person (by a duly authorized representative) or by proxy shall have one vote for every fully paid Class B Share of which it is the Holder.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.3</TD>
<TD ALIGN="left" VALIGN="top"><B>Voting of the Ordinary Shares and the Class B Shares</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.3.1</TD>
<TD ALIGN="left" VALIGN="top">Except as otherwise required by Applicable Law, by these Terms of Issue or by the Constitution, the Ordinary Shares and the Class B Shares shall vote together as a single class on all matters on which Holders of Monsoon
Voting Securities are entitled to vote. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4</TD>
<TD ALIGN="left" VALIGN="top"><B>DISTRIBUTION RIGHTS</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"><B>Dividends and other payments</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.1.1</TD>
<TD ALIGN="left" VALIGN="top">Without prejudice to any special rights or restrictions for the time being attached to any shares or any class of shares, Class B Members and Holders of other Monsoon Voting Securities shall be entitled to such
dividends and other distributions in cash, stock or property of the Company as may be declared thereon from time to time in accordance with the Constitution. No dividend or other distribution may be declared or paid on any Monsoon Voting Securities
other than the Class B Shares unless a like dividend or other distribution is simultaneously declared or paid, as the case may be, on each Class B Share, without preference or priority of any kind. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.1.2</TD>
<TD ALIGN="left" VALIGN="top">All dividends and distributions on the Class B Shares payable in Monsoon Voting Securities shall be paid in the form of Class B Shares and no dividends or distributions on any other Monsoon Voting Securities shall be
paid in the form of Class B Shares. In no event will Class B Shares be split, divided, consolidated or combined unless the other outstanding classes of Monsoon Voting Securities shall be proportionately split, divided, consolidated or combined.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.1.3</TD>
<TD ALIGN="left" VALIGN="top">In the event of a transaction as a result of which the Ordinary Shares are converted into or exchanged for one or more other securities, cash or other assets or property (a &#147;<B>Ordinary Shares Conversion
Event</B>&#148;), then from and after such Ordinary Shares Conversion Event, each Class B Member shall be entitled to receive, upon the conversion of its Class B Shares in accordance with Section 5, the amount of such securities, cash and other
assets or property that such Class B Member would have received if the conversion of such Class B Shares had occurred immediately prior to the record date (or if there is no record date, the effective date) of the Ordinary Shares Conversion Event.
This Section&nbsp;4.1.3 shall be applicable in the same manner to all successive conversions or exchanges pursuant to any Ordinary Shares Conversion Event. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.1.4</TD>
<TD ALIGN="left" VALIGN="top">No adjustments in respect of dividends shall be made upon the conversion of any Class B Shares in accordance with Section 5; <U>provided</U>, that if any Class B Share shall be converted after the record date for the
payment of a dividend or other distribution on Class B Shares but before such payment, then the relevant Class B Member at the close of business on such record date shall be entitled to receive the dividend or other distribution payable on such
Class B Share on the payment date notwithstanding the conversion thereof; <U>provided</U>, <U>however</U>, that any such dividend payable in the form of Class B Shares (i)&nbsp;shall be deemed to have been declared on the Ordinary Shares into which
such Class B Shares shall have been converted and (ii) any such dividend shall be payable in the form of Ordinary Shares. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top"><B>Liquidation</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.2.1</TD>
<TD ALIGN="left" VALIGN="top">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, without prejudice to any special rights or restrictions for the time being attached to any shares or any class of
shares, the Class B Members, together with the other Holders of Monsoon Voting Securities, shall be entitled to receive all of the remaining assets of the Company available for distribution to its Members in accordance with the terms of the
Constitution. In any such distribution, the Holders of Class B Shares, Ordinary Shares and all other Monsoon Voting Securities shall be treated equally on a per share basis. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5</TD>
<TD ALIGN="left" VALIGN="top"><B>CONVERSION RIGHTS</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.1</TD>
<TD ALIGN="left" VALIGN="top"><B>Voluntary conversion</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.1.1</TD>
<TD ALIGN="left" VALIGN="top">Subject to and upon compliance with the provisions of this Section 5.1, at any time and from time to time, any Class B Member may convert any or all of its Class B Shares into an equal number of Ordinary Shares.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">At the time of a voluntary conversion, the Class B Member shall deliver to the principal office of the Company or
any transfer agent for Ordinary Shares (i) the certificate or certificates representing the Class B Shares to be converted, duly endorsed in blank or accompanied by proper instruments of transfer, and (ii) a duly completed irrevocable written notice
substantively in the form of the Exhibit attached hereto </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-8 </P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
(&#147;<B>Class B Conversion Notice</B>&#148;) to the Company stating that the Class B Member elects to convert such Class B Shares and stating the name or names (with addresses) and
denominations in which the certificate or certificates representing the Ordinary Shares issuable upon the conversion are to be issued and including instructions for the delivery thereof. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.1.3</TD>
<TD ALIGN="left" VALIGN="top">Within three (3) Business Days after the delivery is made to the Company or its transfer agent of such Class B Conversion Notice and the certificate or certificates representing the Class B Shares to be converted, the
Company or its transfer agent shall (i) take all actions and execute all documents necessary to effect the issuance of the full number of Ordinary Shares to which the Holder shall be entitled in satisfaction of any conversion pursuant to this
Section 5.1, (ii) if requested by the Holder, deliver at the stated address of such Holder a certificate or certificates representing the number of Ordinary Shares delivered upon each such conversion, (iii) register such Ordinary Shares in the name
of the Holder and (iv)&nbsp;cancel (or cause the cancellation of) the certificate or certificates representing the Class B Shares that were converted into Ordinary Shares. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.2</TD>
<TD ALIGN="left" VALIGN="top"><B>Automatic conversion</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.2.1</TD>
<TD ALIGN="left" VALIGN="top">A Class&nbsp;B Share shall automatically, without further action, convert into one Ordinary Share upon the Transfer of such Class&nbsp;B Share to any Person, other than to (i) a Permitted Holder, (ii)&nbsp;a Forty
Percent Transferee or (iii)&nbsp;a pledgee of Class&nbsp;B Shares pursuant to Section&nbsp;5.2.2) (an &#147;<B>Event of Automatic Conversion</B>&#148;), <U>provided</U> that any conversion of Class&nbsp;B Shares which are Transferred to a Thirty
Percent Transferee or a Fifteen Percent Transferee, as applicable, shall be subject to the completion of all actions (including the execution and delivery of the relevant shareholders agreement) contemplated by (and compliance by the Company with)
Section&nbsp;7.7.1 or Section&nbsp;7.7.2, as applicable.&nbsp;For the avoidance of doubt, any Class&nbsp;B Shares which remain Beneficially Owned by any Permitted Holder upon completion of any Thirty Percent Transfer, Fifteen Percent Transfer or any
other Transfer that results in an Event of Automatic Conversion shall not be converted into Ordinary Shares in connection therewith or as a result thereof. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.2.2</TD>
<TD ALIGN="left" VALIGN="top">Notwithstanding anything to the contrary set forth in these Terms of Issue, a Class B Member may pledge its Class B Shares pursuant to a bona fide pledge of such Class B Shares as collateral security for any
indebtedness for borrowed money to any Person (the &#147;<B>Pledged Shares</B>&#148;) due to the pledgee or its nominee; <U>provided</U>, <U>however</U>, that (i) such Class B Shares shall not be voted by or registered in the name of the pledgee and
shall remain subject to the provisions of these Terms of Issue and (ii) upon foreclosure, realization or other similar action by any pledgee that is not a Permitted Holder, such Pledged Shares shall automatically convert into Ordinary Shares on a
share-for-share basis. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.2.3</TD>
<TD ALIGN="left" VALIGN="top">Any conversion pursuant to an Event of Automatic Conversion shall be deemed to have been effected at the time the Event of Automatic Conversion occurred (the &#147;<B>Conversion Time</B>&#148;). At the Conversion Time,
the certificate or certificates that represented immediately prior thereto the Class B Shares which were so converted (the &#147;<B>Converted Class B Shares</B>&#148;) shall, automatically and without further action, represent the same number of
Ordinary Shares. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.2.4</TD>
<TD ALIGN="left" VALIGN="top">Holders of Converted Class B Shares shall deliver their certificates, duly endorsed in blank or accompanied by proper instruments of transfer, to the principal office of the Company or the office of any transfer agent
for Ordinary Shares, together with a notice specifying the name or names, addresses and denominations in which the certificate or certificates representing such Ordinary Shares are to be issued and including instructions for delivery thereof.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.2.5</TD>
<TD ALIGN="left" VALIGN="top">Upon such delivery, the Company or its transfer agent shall promptly issue and deliver at such specified address to such Holder of Ordinary Shares a certificate or certificates representing the number of Ordinary Shares
to which such Holder is entitled by reason of such conversion, and shall cause such Ordinary Shares to be registered in the name of such Holder. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Person entitled to receive the Ordinary Shares issuable upon such conversion shall be treated for all
purposes as the Holder of such Ordinary Shares at and as of the Conversion Time, and the rights of such </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-9 </P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Person as a Holder of Class B Shares that have been converted shall cease and terminate at and as of the Conversion Time (to the extent of the conversion), in each case without regard to any
failure by such Holder to deliver the certificates or the notice required by these Terms of Issue. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.3</TD>
<TD ALIGN="left" VALIGN="top"><B>Unconverted Class B Shares</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.3.1</TD>
<TD ALIGN="left" VALIGN="top">In the event of the conversion of less than all the Class B Shares evidenced by a certificate surrendered to the Company in accordance with the procedures of this Section 5, the Company shall execute and deliver to or
upon the written order of the applicable Class B Member, without charge to such Class B Member, a new certificate evidencing the number of Class B Shares not converted. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.4</TD>
<TD ALIGN="left" VALIGN="top"><B>Transfer rights</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.4.1</TD>
<TD ALIGN="left" VALIGN="top">Immediately upon any voluntary conversion or automatic conversion of Class&nbsp;B Shares pursuant to the provisions of this Section 5, the rights of each applicable Class B Member with regard to such Class B Shares (in
its capacity as a Class&nbsp;B Member hereunder) shall cease and any Holder of Ordinary Shares issued upon such conversion that is not a Permitted Holder shall not be entitled, in any respect, to any rights provided under these Terms of Issue.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.4.2</TD>
<TD ALIGN="left" VALIGN="top">Immediately upon the completion of a Forty Percent Transfer, the Forty Percent Transferee shall be deemed to be the Class B Member and shall be entitled to all the rights provided (and subject to the same restrictions)
under these Terms of Issue, and the Class B Members that Transferred the Class B Shares pursuant to such Forty Percent Transfer shall no longer be Class B Members and shall not be entitled to any rights provided under these Terms of Issue.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.4.3</TD>
<TD ALIGN="left" VALIGN="top">Notwithstanding anything in these Terms of Issue to the contrary, following any Transfer of Class&nbsp;B Shares by any Class&nbsp;B Member which results in an Event of Automatic Conversion, the Ordinary Shares of the
relevant Transferee that were the subject of such Transfer shall not be treated as being Beneficially Owned by such Class&nbsp;B Member for any purpose under these Terms of Issue. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.5</TD>
<TD ALIGN="left" VALIGN="top"><B>Restrictions on issuances and sales</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.5.1</TD>
<TD ALIGN="left" VALIGN="top">Class B Shares which have been converted into Ordinary Shares shall be retired and canceled automatically upon conversion thereof.</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.5.2</TD>
<TD ALIGN="left" VALIGN="top">The Company shall not (i) issue, sell, distribute, transfer or otherwise convey any Class B Shares or any securities convertible or exchangeable or exercisable for or into Class B Shares or (ii) reissue, resell,
redistribute or otherwise retransfer any Class B Shares that shall have been acquired by the Company in any other manner in each case to any Person other than a Permitted Holder. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.5.3</TD>
<TD ALIGN="left" VALIGN="top">Any issuance or sale of Class B Shares (or securities convertible into, or exchangeable or exercisable for, Class B Shares) in violation of Section 5.5.2 shall be null and void ab initio. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.6</TD>
<TD ALIGN="left" VALIGN="top"><B>Sufficient reserves</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.6.1</TD>
<TD ALIGN="left" VALIGN="top">So long as any Class B Shares are outstanding, the Company shall reserve and keep available out of its duly authorized but unissued Ordinary Shares, for the purpose of effecting the conversion of the Class B Shares as
provided herein, such number of its duly authorized Ordinary Shares and other securities as shall from time to time be sufficient to effect the conversion of all outstanding Class B Shares. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.7</TD>
<TD ALIGN="left" VALIGN="top"><B>Issuance of Ordinary Shares upon conversion</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.7.1</TD>
<TD ALIGN="left" VALIGN="top">The Ordinary Shares into which any Class B Shares are converted shall be duly authorized and validly issued, fully paid and non-assessable and free of any pre-emptive rights. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.7.2</TD>
<TD ALIGN="left" VALIGN="top">The conversion of Class B Shares into Ordinary Shares and the issuance of certificates for Ordinary Shares upon such conversion shall occur without payment of any amounts (including any stamp or other similar tax) by
any Permitted Holder to the Company. However, if any such certificate is to be issued in a name other than that of a Permitted Holder, the Person or Persons requesting the issuance thereof shall pay to the Company the amount of any tax which may be
payable in respect of any transfer involved in such issuance or shall establish to the satisfaction of the Company that such tax has been paid. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-10 </P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.7.3</TD>
<TD ALIGN="left" VALIGN="top">If Ordinary Shares to be issued upon the conversion of Class B Shares shall require registration with or approval of any Governmental Entity under any U.S. federal or state law or any Applicable Law of any other
jurisdiction before such Ordinary Shares may be validly issued upon conversion, the Company will, to the extent then permitted by Applicable Law, secure such prior registration or approval, as the case may be. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.7.4</TD>
<TD ALIGN="left" VALIGN="top">For so long as the Ordinary Shares are listed on a Designated Stock Exchange, the Company shall list and keep listed on such Designated Stock Exchange, any Ordinary Shares issued upon any conversion of any Class B
Shares. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.7.5</TD>
<TD ALIGN="left" VALIGN="top">The Company shall take all actions and obtain all approvals and registrations required with respect to any conversion of the Class B Shares into Ordinary Shares. The Company shall ensure that the Ordinary Shares can be
delivered in accordance with these Terms of Issue upon any conversion hereunder. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.8</TD>
<TD ALIGN="left" VALIGN="top"><B>Certain adjustments</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.8.1</TD>
<TD ALIGN="left" VALIGN="top">In case of the issuance of any Monsoon Voting Securities as a dividend or in the case of any sub-division, split-up, combination, or change of the Monsoon Voting Securities into a different number of Monsoon Voting
Securities of the same or any other class or classes, or in the case of any consolidation or merger of the Company with or into another Person, or in case of any sale or conveyance to another Person of the property of the Company as an entirety or
substantially as an entirety, the conversion rate as provided herein shall be appropriately adjusted so that the rights of Class B Members shall not be diluted. Adjustments in the rate of conversion shall be calculated to the nearest one tenth
(1/10) of a share. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.8.2</TD>
<TD ALIGN="left" VALIGN="top">No fractional Ordinary Shares shall be issued upon conversion of Class B Shares. In lieu of fractional shares, the transfer agent shall, within three (3) Business Days immediately following the relevant conversion date,
in lieu of any fractional Ordinary Share deliverable upon conversion, pay an amount in cash equal to the Market Price of the Ordinary Shares on the conversion date multiplied by the fraction of Ordinary Shares that would otherwise be issuable.
</TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6</TD>
<TD ALIGN="left" VALIGN="top"><B>PREEMPTIVE RIGHTS</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.1</TD>
<TD ALIGN="left" VALIGN="top"><B>Right to subscribe</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.1.1</TD>
<TD ALIGN="left" VALIGN="top">Subject to Section&nbsp;6.3 and Applicable Law, at any time that the Permitted Holder Ownership Percentage is equal to or greater than ten (10) percent on the Business Day that precedes a New Issuance, if the Company at
any time shall propose to issue any Monsoon Voting Securities (a &#147;<B>New Issuance</B>&#148;), including as acquisition consideration to be paid to any Person or the shareholders of any Person pursuant to the acquisition by the Company of such
Person (or the business or assets of such Person), the Class&nbsp;B Members shall have the right to subscribe for and purchase from the Company (on a pro rata basis, if applicable) additional Class&nbsp;B Shares (a &#147;<B>Purchase</B>&#148;) in
such amount as shall cause the Permitted Holder Ownership Percentage, as calculated giving pro forma effect to such New Issuance and Purchase, to be equal to the Permitted Holder Ownership Percentage as calculated immediately prior to the
consummation of such New Issuance and Purchase and otherwise preserve and maintain the relative voting and distribution rights of the Class&nbsp;B Members. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.2</TD>
<TD ALIGN="left" VALIGN="top"><B>Price of subscription</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.2.1</TD>
<TD ALIGN="left" VALIGN="top">The price payable for any Purchase of additional Class&nbsp;B Shares pursuant to Section&nbsp;6.1.1 shall be: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">in the case of any Monsoon Voting Securities issued pursuant to any Employee Benefit Plan implemented after the Class B Shares Original Issuance Date, the Market Price as of the date of issuance of such Monsoon Voting
Securities issued upon exercise or settlement of any restricted stock units, share appreciation rights or any other rights, warrants, options or other equity awards under such Employee Benefit Plan, as the case may be; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the case of any Monsoon Voting Securities issued as acquisition consideration pursuant to the acquisition by
the Company of any Person (or the business or assets of such Person), the </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-11 </P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
same as the implied price per share pursuant to the terms of such acquisition (taking into account any Indebtedness assumed pursuant to such acquisition); or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">in the case of any other issuance of Monsoon Voting Securities, the same as the price offered to all other investors participating in such New Issuance. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.2.2</TD>
<TD ALIGN="left" VALIGN="top">In the case of any New Issuance contemplated by (i)&nbsp;Section&nbsp;6.2.1(i), the Company shall provide written notice to the Class&nbsp;B Members promptly following the end of each month in which Monsoon Voting
Securities have been issued pursuant to the relevant Employee Benefit Plan, which notice shall specify the number of Monsoon Voting Securities issued pursuant to such Employee Benefit Plan during such month and the applicable Market Price(s) in
connection with each issuance during such month, or (ii)&nbsp;Section&nbsp;6.2.1(ii) or Section&nbsp;6.2.1(iii), the Company shall provide written notice to the Class&nbsp;B Members of such proposed New Issuance as far in advance of such New
Issuance as is reasonably practicable in the circumstances, which notice shall include a description, in reasonable detail, of the terms of such New Issuance and the price at which the Class&nbsp;B Members may elect to Purchase new Class&nbsp;B
Shares in connection therewith.&nbsp;In the event the Class&nbsp;B Members elect to exercise their Purchase rights with respect to new Class&nbsp;B Shares pursuant to this Section&nbsp;6, they shall provide to the Company written notice of such
election within 10 Business Days of receipt of such notification from the Company, in which case the Class&nbsp;B Members shall purchase the new Class&nbsp;B Shares that they have elected to purchase (A)&nbsp;in the case of Section&nbsp;6.2.1(i), on
the following Business Day, and (B)&nbsp;in the case of Section&nbsp;6.2.1(ii) or Section&nbsp;6.2.1(iii), (x)&nbsp;concurrently with the closing of the New Issuance if such election is made prior to the closing of such New Issuance or (y)&nbsp;on
the following Business Day if such election is made after the closing date of such New Issuance. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.3</TD>
<TD ALIGN="left" VALIGN="top"><B>Exemptions</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.3.1</TD>
<TD ALIGN="left" VALIGN="top">Section&nbsp;6.1.1 shall not apply with respect to any Monsoon Voting Securities issued pursuant to: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">the Monsoon Stock Plans in effect as of the Class B Shares Original Issuance Date (it being understood and agreed that the total number of Monsoon Voting Securities able to be issued under the Monsoon Stock Plans in
effect as of the Class B Shares Original Issuance Date is 3,095,840 (all of which are in the form of Ordinary Shares); and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">the terms of the Convertible Notes. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7</TD>
<TD ALIGN="left" VALIGN="top"><B>BOARD-RELATED RIGHTS</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.1</TD>
<TD ALIGN="left" VALIGN="top"><B>Size and composition of the Board</B><B>; nomination rights</B><B>; resignation</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.1.1</TD>
<TD ALIGN="left" VALIGN="top">On the Class B Shares Original Issuance Date, the Board shall consist of ten (10) members, comprising: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">four (4) Class B Directors (including one Mauritius resident); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">two (2) Company Directors; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">one (1) Ctrip Director; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">three (3) Independent Directors (including one Mauritius resident). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.1.2</TD>
<TD ALIGN="left" VALIGN="top">Subject to compliance with the rules of the Designated Stock Exchange, Applicable Law and the provisions of the Constitution in effect on the Class B Shares Original Issuance Date, and at any time that the Permitted
Holder Ownership Percentage is equal to or greater than ten (10) percent on the Business Day that precedes a vote of the Class B Members, the Class B Members, by ordinary resolution, shall be entitled to: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">nominate from time to time a number of Directors for election or appointment to the Board in proportion to the
Permitted Holder Ownership Percentage, which number of Directors shall be rounded to the nearest whole number; <U>provided</U> that for so long as there are at least (i)&nbsp;four </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-12 </P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TD WIDTH="16%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Class&nbsp;B Directors nominated by the Class&nbsp;B Members or (ii)&nbsp;four Directors in total nominated by the Class&nbsp;B Members together with any Thirty Percent Transferee or Fifteen
Percent Transferee, as applicable, in each case such Directors shall include one Mauritius resident; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">request the removal of any Class B Director at any time. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.1.3</TD>
<TD ALIGN="left" VALIGN="top">In the event that the Permitted Holder Ownership Percentage falls below ten (10) percent or fifteen (15) percent (as applicable) at any time, then the relevant investor rights (collectively, the &#147;<B>Investor
Rights</B>&#148;) set forth in Section&nbsp;6, Section&nbsp;7, Section&nbsp;9.1 and Section&nbsp;9.4 (collectively, the &#147;<B>Investor Rights Provisions</B>&#148;) shall automatically terminate and cease to be effective, <U>provided</U> that if
the Permitted Holder Ownership Percentage falls below ten (10) percent or fifteen (15) percent (as applicable) due to any failure by the Company to perform or comply with its obligations under Section&nbsp;6 (&#147;<B>Company Failure</B>&#148;) or
otherwise due to any Class&nbsp;B Member being unable to exercise its preemptive rights pursuant to Section&nbsp;6 in a timely manner or at all as a result of any requirement of Applicable Law, stock exchange rules, judicial or legal process or any
Governmental Entity (&#147;<B>Third Party Restriction</B>&#148;), and the Permitted Holder Ownership Percentage subsequently becomes equal to or greater than ten (10) percent or fifteen (15) percent (as applicable, when the Company Failure is
remedied or the Third Party Restriction is removed), then such Investor Rights shall immediately apply again upon the Permitted Holder Ownership Percentage becoming equal to or greater than ten (10) percent or fifteen (15) percent (as
applicable).&nbsp;The termination or ineffectiveness of the Investor Rights Provisions hereunder shall not relieve any party from any liability or damages resulting from any breach by such party of its obligations with respect to such Investor
Rights Provisions prior to such termination or ineffectiveness. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.1.4</TD>
<TD ALIGN="left" VALIGN="top">Except as may otherwise be required pursuant to Applicable Law or the Constitution, neither the Company nor the Board shall remove, or take any action in favor of the removal of, any Class&nbsp;B Director unless such
removal is at the written direction of the Class&nbsp;B Members or for Cause.&nbsp;Removal for &#147;<B>Cause</B>&#148; shall mean the willful and continuous failure of a Class&nbsp;B Director to substantially perform such director&#146;s duties to
the Company, other than any such failure resulting from incapacity due to physical or mental illness, or the willful engaging by a Class&nbsp;B Director in gross misconduct materially and demonstrably injurious to the Company. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.1.5</TD>
<TD ALIGN="left" VALIGN="top">In the event of (i)&nbsp;any failure by any Class&nbsp;B Director to satisfy the Board Qualifications, (ii)&nbsp;any removal of any Class&nbsp;B Director, (iii)&nbsp;the death, disability, retirement or resignation of
any Class&nbsp;B Director (or any other vacancy created with respect to the position of any Class&nbsp;B Director) or (iv)&nbsp;any failure by any Class&nbsp;B Director to be elected at any annual or special meeting of the shareholders of the
Company at which such Class&nbsp;B Director stood for election, the Class&nbsp;B Members shall have the sole and exclusive right to designate a replacement Class&nbsp;B Director to fill such vacancy and serve on the Board, and the Company shall
arrange for the appointment or election of such individual to the Board (who shall, following such appointment or election, be a Class&nbsp;B Director) as promptly as practicable following receipt of written notice from the Class&nbsp;B Members
designating such replacement Class&nbsp;B Director and of all documentation requested by the Company reasonably required in connection with such appointment, but in no event later than 30 days after receipt by the Company of such written notice.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.1.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In the case of any appointment by the Board of a Class&nbsp;B Director to the Board, the Company shall convene a
meeting of the Board or obtain resolutions in writing signed by all members of the Board pursuant to the Constitution and appoint such Class&nbsp;B Director to the Board, who shall hold office as a Class&nbsp;B Director until the next annual meeting
of shareholders in accordance with the Constitution.&nbsp;At any annual or special meeting of the Company&#146;s shareholders at which any Class&nbsp;B Director is to be elected, the Company shall, subject to any requirements of Applicable Law and
such Class&nbsp;B Director satisfying the Board Qualifications, nominate each such Class&nbsp;B Director for election to the Board and use its best efforts (which shall include (i)&nbsp;including in any written notice of such meeting of shareholders
or proxy statement used by the Company to solicit the vote of its shareholders in connection with any such meeting the recommendation of the Board that the shareholders of the Company vote in favor of the election of each such Class&nbsp;B Director,
(ii)&nbsp;soliciting proxies in favor of the election of such Class&nbsp;B Director, (iii)&nbsp;supporting each such Class&nbsp;B Director in a manner no less rigorous and favorable than the manner in
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-13 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TD WIDTH="6%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
which the Company supports its other nominees in the aggregate and (iv)&nbsp;if necessary, expanding the size of the Board in order to allow for the requisite number of Class&nbsp;B Directors) to
cause the election of such Class&nbsp;B Director to the Board. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.1.7</TD>
<TD ALIGN="left" VALIGN="top">The Company shall not revise or amend the Board Qualifications in any manner that has the intent or effect of adversely affecting the nomination or election of any Class&nbsp;B Director (including by adding any
requirement that all Directors meet citizenship or independence requirements that would disqualify individuals known by the Company to be the Class&nbsp;B Members&#146; probable designees as Class&nbsp;B Directors). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.1.8</TD>
<TD ALIGN="left" VALIGN="top">Any Class B Director duly elected to the Board shall: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">agree to hold in confidence all confidential information provided to such Person by the Company in his or her capacity as a Director (<U>provided</U> that the Class B Director shall not be restricted in any confidential
communications or discussions with or the confidential provision of information to any Class&nbsp;B Member, its Affiliates and their respective directors, officers, employees, accountants, agents, counsel and other representatives who are subject to
the same confidentiality obligations as set forth herein) to the same degree as other members of the Board, and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">be subject to the Company&#146;s bylaws, charters, guidelines, codes of conduct, policies and procedures and Applicable Law governing the fiduciary responsibilities of directors to the same degree as other members of
the Board. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.1.9</TD>
<TD ALIGN="left" VALIGN="top">In the event that the number of Class B Directors on the Board is greater than the number of Class B Directors that the Class B Members are permitted to nominate in accordance with Section 7.1.2(i), the Class B Members
shall, by ordinary resolution, cause the applicable number of Class B Directors to tender his or her resignations from the Board promptly. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.1.10</TD>
<TD ALIGN="left" VALIGN="top">In the event that the Permitted Holder Ownership Percentage is less than ten (10) percent, the Class B Members shall, by ordinary resolution, cause the remaining Class B Directors to tender his or her resignations from
the Board promptly. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.2</TD>
<TD ALIGN="left" VALIGN="top"><B>Quorum</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.2.1</TD>
<TD ALIGN="left" VALIGN="top">At any time that the Permitted Holder Ownership Percentage is equal to or greater than fifteen (15) percent on the Business Day that precedes a vote of the Board, notwithstanding Clause 116 of the Constitution, the
quorum fixed by the Board shall always require a majority of the Board (including no fewer than (i)&nbsp;two Class&nbsp;B Directors and (ii)&nbsp;two Mauritian resident directors) to be present, <U>provided</U> that if a quorum is not present at a
meeting of the Board due to the absence of either Class B Director within sixty (60) minutes of the time when the meeting should have begun or if during the meeting there is no longer a quorum, then the meeting shall be adjourned for one week (such
meeting, as postponed, the &#147;<B>Postponed Meeting</B>&#148;). Written notice of the Postponed Meeting shall be given to all Directors at least two Business Days prior to the Postponed Meeting. At the Postponed Meeting, a quorum can be achieved
without the presence of Class B Directors (<U>provided</U> that notwithstanding the foregoing, any action to be taken at any Postponed Meeting with respect to any Reserved Matter shall still be subject to the requirements of Section&nbsp;7.5 and
attendance at such Postponed Meeting of the requisite Class&nbsp;B Directors). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.3</TD>
<TD ALIGN="left" VALIGN="top"><B>Board committee representation</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Subject to compliance with the rules of the Designated Stock Exchange, Applicable Law and the provisions of the
Constitution in effect on the Class B Shares Original Issuance Date (including the relevant Class B Directors meeting any applicable independence requirements), at any time that the Permitted Holder Ownership Percentage is equal to or greater than
ten (10) percent, one Class B Director shall serve on each committee of the Board.&nbsp;For so long as any Class B Directors serve (or at any time the Class B Members are entitled to nominate or appoint Directors) on the Board, (i)&nbsp;the Board
will not form </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-14 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
an executive committee of the Board or any other committee of the Board with functions similar to those customarily granted to an executive committee unless, in each case, the Class B Directors
are represented on such committee in proportion to the Permitted Holder Ownership Percentage (which number of Class B Directors shall be rounded to the nearest whole number) and (ii)&nbsp;all Board consideration of, and voting with respect to, any
Business Combination, tender offer or exchange offer, sale or acquisition of material assets, liquidation or dissolution, in each case involving the Company or any of its Subsidiaries or its or their securities or a material amount of the assets or
businesses of the Company or any of its Subsidiaries, and any material financing transactions and appointment and employment of executive officers, will take place only at the full Board level. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.3.2</TD>
<TD ALIGN="left" VALIGN="top">In the event that the Permitted Holder Ownership Percentage is less than ten (10) percent, the Class B Members shall no longer have the right to appoint any Class&nbsp;B Director to serve on any committee of the Board
and shall cause the applicable Class B Directors to resign from the relevant Board committees. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.4</TD>
<TD ALIGN="left" VALIGN="top"><B>Audit Committee observer</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.4.1</TD>
<TD ALIGN="left" VALIGN="top">At any time that the Permitted Holder Ownership Percentage is equal to or greater than ten (10) percent on the Business Day that precedes a meeting of the Audit Committee and no Class B Director serves on the Audit
Committee, the Class B Members, by ordinary resolution, shall have the right to appoint a representative to attend Audit Committee meetings as an observer. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.4.2</TD>
<TD ALIGN="left" VALIGN="top">In the event that the Permitted Holder Ownership Percentage is less than ten (10) percent, the Class B Members shall no longer have the right to appoint a representative to attend Audit Committee meetings (whether as an
observer or otherwise) and shall cause the applicable Class B Director to cease attending Audit Committee meetings. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.5</TD>
<TD ALIGN="left" VALIGN="top"><B>Reserved Matters</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.5.1</TD>
<TD ALIGN="left" VALIGN="top">Regardless of whether approval by the Board would otherwise be required under the rules of the Designated Stock Exchange, Applicable Law or the provisions of the Constitution, at any time that the Permitted Holder
Ownership Percentage is equal to or greater than fifteen (15) percent on the Business Day that precedes the date of any action in respect of a Reserved Matter, the Company shall not, and shall procure that none of its Subsidiaries shall, take any
action in respect of any matter set out below without the prior approval of both a majority of the total number of Directors (including the Class B Directors) and a majority of the total number of Class B Directors (each, a &#147;<B>Reserved
Matter</B>&#148;): </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">entering into any transaction that would (i)&nbsp;impose any limitation on the legal rights of any Class&nbsp;B Member as a shareholder of the Company, including any transaction that would impose a restriction (without
lawful exemption for the Class&nbsp;B Members) based upon the size of security holding, the jurisdiction of incorporation of a security holder, the business in which a security holder is engaged or any other consideration applicable to any
Class&nbsp;B Member and not to shareholders of the Company generally, (ii)&nbsp;deny any material benefit to any Class&nbsp;B Member proportionately as a holder of any class of shares of Capital Stock of the Company that is made available to other
holders of any class of shares of Capital Stock of the Company generally or (iii)&nbsp;otherwise adversely discriminate against any Class&nbsp;B Member as a shareholder of the Company; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">amending, restating, waiving or otherwise modifying any provision of any investor rights agreement, investment agreement, shareholder agreement or other Contract entered into with any other shareholder of the Company in
any manner that would be adverse to the rights of any Class&nbsp;B Member or more favorable to the rights of such other shareholder thereunder than to the rights of the Class&nbsp;B Members hereunder; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">entering into any Contract that purports to or in fact limits (i)&nbsp;the activities that may be conducted by
any Class&nbsp;B Member or its Affiliates or (ii)&nbsp;in any material respect, other than in the ordinary course of business (including pursuant to customary covenants entered into as
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-15 </P>


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<TD WIDTH="16%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
part of ordinary course financing arrangements), the scope of business that may be conducted by the Company (whether through restraint of trade or non-competition covenants or similar
provisions); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">entering into any Contract or transaction (or series of related transactions) (including any Business Combination or similar transaction) providing for or resulting in (i)&nbsp;any Person, other than the Class&nbsp;B
Members and their Affiliates, becoming the Beneficial Owner of more than 35% of the issued and outstanding Monsoon Voting Securities (or the Person surviving the relevant transaction) or otherwise acquiring (directly or indirectly) effective control
of the Company and its Subsidiaries or (ii)&nbsp;the sale, lease, transfer, conveyance or other disposition of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person other than the Class&nbsp;B
Members and their Affiliates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">approving, adopting or implementing any takeover defense measure (including any &#147;poison pill&#148;, stockholder rights plan or similar anti-takeover agreement or plan), other than any such measure, plan or
agreement that would not apply to the Class&nbsp;B Members and their Affiliates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top">selling, exchanging, transferring or otherwise disposing of any assets or Subsidiary of the Company if (i)&nbsp;the annualized revenue generated by such assets or subsidiary, together with the annualized revenue of all
other assets or subsidiaries so disposed of within the twelve month period ending on the date of such disposal, exceeds 50% of the Company&#146;s consolidated total revenue for the preceding fiscal year, (ii)&nbsp;such assets or subsidiary, together
with all other assets or subsidiaries so disposed of within the twelve month period ending on the date of such disposal, represents more than 50% of the Company&#146;s consolidated total assets as of the end of the preceding fiscal year or
(iii)&nbsp;such assets or subsidiary, together with all other assets or subsidiaries so disposed of within the twelve month period ending on the date of such disposal, represents more than 50% of the Company&#146;s total number of transactions for
the preceding fiscal year; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top">issuing any securities where such issuance would require the prior approval of the holders of Monsoon Ordinary Shares pursuant to Rule&nbsp;5635 of the NASDAQ Stock Market Rules as in effect as of the date hereof, or if
the Ordinary Shares are no longer listed on the NASDAQ, the rules of any other stock exchange or market on which the Ordinary Shares are then listed (in each case treating the Company as if it was not a &#147;foreign private issuer&#148; (as such
term is defined in Rule&nbsp;405 under the Securities Act)); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top">causing the Company or any Subsidiary thereof to enter into any line of business other than online travel and travel services businesses; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top">incurring, assuming, issuing, guaranteeing or otherwise becoming liable for Indebtedness which, when aggregated with the principal amount of all other Indebtedness then outstanding, which would require approval of the
Company&#146;s shareholders under Applicable Law, or which would exceed 20% of the consolidated total assets of the Company as of the end of the preceding fiscal year; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top">terminating the employment of the Executive Chairman and Group CEO, the Co-Founder and CEO India or the Co-Founder and President of the Company, or appointing any new or additional Executive Chairman and Group CEO,
Co-Founder and CEO India or Co-Founder and President of the Company; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(xi)</TD>
<TD ALIGN="left" VALIGN="top">increasing or decreasing the size of the Board if such increase or decrease would result in a decrease in the percentage of the Class&nbsp;B Directors represented on the Board. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.6</TD>
<TD ALIGN="left" VALIGN="top"><B>Related Party Transactions</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">After the Class B Shares Original Issuance Date, the Company shall not, and shall not permit any Subsidiary to,
directly or indirectly, enter into, modify, amend or conduct, or agree to enter into, modify, </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
amend or conduct, any Related Party Transaction involving aggregate value or consideration exceeding $120,000, other than in the ordinary course of business consistent with past practice, unless
such Related Party Transaction has been approved by, or is consistent with or pursuant to the terms of a policy, transaction or agreement (or form of agreement) approved by, the affirmative vote or written consent of a majority of the Independent
Directors, in addition to any other approvals that may be required pursuant to Applicable Law, the NASDAQ Stock Market Rules (or the rules of any other applicable securities exchange or stock exchange) or the Constitution.&nbsp;Notwithstanding
anything to the contrary set forth herein, (i)&nbsp;any transaction pursuant to the terms of any Transaction Document or these Terms of Issue (including any exercise of preemptive rights hereunder) shall not be subject to this Section&nbsp;7.6.1 and
(ii)&nbsp;no Contract set forth in Section&nbsp;4.18(a)(iv) of the Indigo Parent Disclosure Letter shall be subject to amendment or termination as a result of this Section&nbsp;7.6.1; <U>provided</U> that any amendment or waiver of any provision of
any Contract set forth in Section&nbsp;4.18(a)(iv) of the Indigo Parent Disclosure Letter or any Transaction Document after the Closing shall be subject to the requirements of this Section&nbsp;7.6.1. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.7</TD>
<TD ALIGN="left" VALIGN="top"><B>Additional Shareholder Agreements</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.7.1</TD>
<TD ALIGN="left" VALIGN="top">In connection with any Thirty Percent Transfer, the relevant Class&nbsp;B Member shall have the option to require the Company to enter into a separate shareholders agreement with the relevant Thirty Percent Transferee,
pursuant to which such Thirty Percent Transferee shall be provided with substantially the same rights (and be subject to the same restrictions set forth in Section&nbsp;8) as those which are provided to such Class&nbsp;B Member pursuant to
Section&nbsp;6, Section&nbsp;7 and Section&nbsp;9.1, as well as registration rights substantially consistent with those of the Initial Class&nbsp;B Member set forth in the Registration Rights Agreement.&nbsp;In the event that such Class&nbsp;B
Member elects to exercise such option, it shall notify the Company in writing, which notice shall identify the Thirty Percent Transferee and describe in reasonable detail the terms of such Thirty Percent Transfer.&nbsp;Upon receipt of such notice,
the Company shall promptly commence good faith discussions with such Thirty Percent Transferee and prepare and enter into a definitive version of such shareholders agreement with such Thirty Percent Transferee as promptly as practicable thereafter.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.7.2</TD>
<TD ALIGN="left" VALIGN="top">In connection with any Fifteen Percent Transfer, the relevant Class&nbsp;B Member shall have the option to require the Company to enter into a separate shareholders agreement with the relevant Fifteen Percent
Transferee, pursuant to which such Fifteen Percent Transferee shall be provided with substantially the same rights (and be subject to the same restrictions set forth in Section&nbsp;8) as those which are provided to such Class&nbsp;B Member pursuant
to Section&nbsp;6, Section&nbsp;7 (other than Section&nbsp;7.5) and Section&nbsp;9.1, as well as registration rights substantially consistent with those of the Initial Class&nbsp;B Member set forth in the Registration Rights Agreement.&nbsp;In the
event that such Class&nbsp;B Member elects to exercise such option, it shall notify the Company in writing, which notice shall identify the Fifteen Percent Transferee and describe in reasonable detail the terms of such Fifteen Percent
Transfer.&nbsp;Upon receipt of such notice, the Company shall promptly commence good faith discussions with such Fifteen Percent Transferee and prepare and enter into a definitive version of such shareholders agreement with such Fifteen Percent
Transferee as promptly as practicable thereafter. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8</TD>
<TD ALIGN="left" VALIGN="top"><B>TRANSFER RESTRICTIONS </B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.1</TD>
<TD ALIGN="left" VALIGN="top"><B>General</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.1.1</TD>
<TD ALIGN="left" VALIGN="top">The right of the Class&nbsp;B Members to Transfer any Covered Shares is subject to the restrictions set forth in this Section&nbsp;8, and no Transfer of Covered Shares by any Class&nbsp;B Member may be effected except
in compliance with this Section&nbsp;8.&nbsp;Any attempted Transfer in violation of this Section&nbsp;8 shall be of no effect and shall be null and void, regardless of whether the purported Transferee has any actual or constructive knowledge of the
Transfer restrictions set forth in this Section&nbsp;8, and shall not be recorded on the share transfer books of the Company. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-17 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.2</TD>
<TD ALIGN="left" VALIGN="top"><B>Transfer Restrictions</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.2.1</TD>
<TD ALIGN="left" VALIGN="top">During the period commencing from the Class B Shares Original Issuance Date until the second anniversary of the Class B Shares Original Issuance Date, no Class&nbsp;B Member shall Transfer any Covered Shares to any
Person identified on Schedule&nbsp;1 (the &#147;<B>Competitor List</B>&#148; and each such Person identified therein, a &#147;<B>Competitor</B>&#148;) or, to the knowledge of such Class&nbsp;B Member, any Subsidiary of any such Person.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.2.2</TD>
<TD ALIGN="left" VALIGN="top">During the period commencing from the Class B Shares Original Issuance Date until the first anniversary of the Class B Shares Original Issuance Date, no Class&nbsp;B Member shall Transfer any Covered Shares to any
Person who, after giving effect to such Transfer, to the knowledge of such Class&nbsp;B Member, would Beneficially Own in the aggregate 15% or more of the issued and outstanding Monsoon Voting Securities. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.2.3</TD>
<TD ALIGN="left" VALIGN="top">The Transfer restrictions set forth in Section&nbsp;8.2.1 and Section&nbsp;8.2.2 shall not apply to Transfers: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">to any Permitted Holder; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">pursuant to any Business Combination approved in advance by the Board or any Third Party Tender Offer; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">pursuant to any registered public offering in accordance with the Securities Act, but only so long as such Class&nbsp;B Member uses reasonable best efforts to ensure that such registered public offering does not result
in any Person becoming the Beneficial Owner in the aggregate 15% or more of the issued and outstanding Monsoon Voting Securities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">pursuant to any open market sales made in accordance with Rule&nbsp;144 under the Securities Act, but only so long as such Class&nbsp;B Member uses reasonable best efforts to ensure that such open market sales do not
result in any Person becoming the Beneficial Owner in the aggregate 15% or more of the issued and outstanding Monsoon Voting Securities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">to the Company or any of its Subsidiaries, including pursuant to any open market share repurchase program or an issuer self-tender offer or any other transaction pursuant to which any Capital Stock of the Company is
acquired by the Company or any of its Subsidiaries or any plan or trust in respect of which voting is controlled by the Company or any of its Subsidiaries; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top">made pursuant to transactions approved in advance by the Board. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.3</TD>
<TD ALIGN="left" VALIGN="top"><B>Competitor List</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.3.1</TD>
<TD ALIGN="left" VALIGN="top">The Competitor List identifies the Competitors as of the Class B Shares Original Issuance Date.&nbsp;The Company may amend the Competitor List from time to time after the Class B Shares Original Issuance Date to add or
remove Competitors from the Competitor List; <U>provided</U> that each such amendment shall only be effective upon the mutual agreement of the Company and the Class B Members; <U>provided further</U> that, unless otherwise agreed by the Class B
Members in writing, (i)&nbsp;any Person so added to the Competitor List as a Competitor must be a material direct competitor of the Company engaging in one or more of the Company&#146;s principal lines of business in India, as reasonably determined
by the Company and the Class&nbsp;B Members, and (ii)&nbsp;the Company may not amend the Competitor List (A)&nbsp;prior to the six month anniversary of the Class B Shares Original Issuance Date or (B)&nbsp;more than once per each twelve-month period
thereafter.&nbsp;For the avoidance of doubt, Naspers Limited and its Subsidiaries shall never be included in the Competitor List. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.4</TD>
<TD ALIGN="left" VALIGN="top"><B>Notation of Restrictions</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.4.1</TD>
<TD ALIGN="left" VALIGN="top">The Company shall make a notation on its records or give instructions to any transfer agents or registrars for the Capital Stock of the Company in order to implement the restrictions on Transfer set forth in this
Section&nbsp;8 and shall ensure such notation is amended or removed to reflect the termination of such Transfer restrictions at the time of such termination, as set forth in Section&nbsp;8.2.1 and Section&nbsp;8.2.2. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-18 </P>


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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.5</TD>
<TD ALIGN="left" VALIGN="top"><B>Acquisition of Monsoon Securities</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.5.1</TD>
<TD ALIGN="left" VALIGN="top">Subject to Section&nbsp;7.6, compliance with Applicable Law, the NASDAQ Stock Market Rules (or the rules of any other applicable securities exchange or stock exchange) and the Constitution in effect as of the
Class&nbsp;B Shares Original Issuance Date, nothing in these Terms of Issue shall in any way restrict, limit or prohibit any Class&nbsp;B Member or its Affiliates from acquiring additional Monsoon Securities, at any time and from time to time, on
the open market, in privately negotiated transactions, by tender offer or exchange offer, or otherwise. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9</TD>
<TD ALIGN="left" VALIGN="top"><B>OTHER RIGHTS</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.1</TD>
<TD ALIGN="left" VALIGN="top"><B>Inspection and information rights</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.1.1</TD>
<TD ALIGN="left" VALIGN="top">For so long as the Permitted Holder Ownership Percentage is equal to or greater than ten (10) percent, upon reasonable written notice by any Class&nbsp;B Member from time to time, the Company shall, and shall cause its
Subsidiaries to, subject to Applicable Law, provide such Class&nbsp;B Member and its Representatives with reasonable access during normal business hours to the personnel, properties, systems, Contracts, Records (including financial Records) and
Representatives of the Company, including by, as reasonably requested by such Class&nbsp;B Member, subject to Applicable Law, promptly providing copies to such Class&nbsp;B Member and its Representatives of any of the foregoing systems, Contracts
and Records (including financial Records), and the Company shall use commercially reasonable efforts to make available to such Class&nbsp;B Member and its Representatives senior members of management of the Company to discuss and answer questions
with respect to the Company&#146;s business, financial condition, results of operations and prospects. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.1.2</TD>
<TD ALIGN="left" VALIGN="top">Such Class&nbsp;B Member shall (i)&nbsp;reimburse the Company for all reasonable, documented out-of-pocket costs and expenses incurred by the Company or any Subsidiary thereof in connection with any action taken by it
pursuant to this Section&nbsp;9.1 and (ii)&nbsp;use reasonable best efforts to minimize any disruption to the businesses of the Company and its Subsidiaries that may result from the requests for access and information by such Class&nbsp;B Member and
its Representatives hereunder. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.1.3</TD>
<TD ALIGN="left" VALIGN="top">Notwithstanding the foregoing provisions of this Section 9.1, the Company may withhold (i)&nbsp;any documents (or portions thereof) or information that is subject to the terms of a confidentiality agreement with a third
party and (ii)&nbsp;any document&nbsp;(or portions thereof) or information which may constitute privileged attorney-client communications or attorney work product and the transfer of which, or the provision of access to which, as reasonably
determined by the Company&#146;s counsel, constitutes a waiver of any such privilege.&nbsp;If any information is withheld by the Company pursuant to the immediately preceding sentence, the Company shall inform such Class&nbsp;B Member as to the
general nature of what is being withheld. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.1.4</TD>
<TD ALIGN="left" VALIGN="top">The Class&nbsp;B Members shall keep confidential, and shall instruct their Representatives to keep confidential, all information relating to the Company and its Subsidiaries provided by the Company or any Subsidiary
thereof to such Class&nbsp;B Member and its Representatives pursuant to this Section&nbsp;9.1 (&#147;<B>Confidential Information</B>&#148;), except as may otherwise be required by (i)&nbsp;Applicable Law or stock exchange requirements or
(ii)&nbsp;judicial or legal process or by any Governmental Entity, in which case such Class&nbsp;B Member will, to the extent permitted by Applicable Law, provide the Company with prompt written notice of such requirement so that the Company may
seek an appropriate protective order (at the Company&#146;s sole expense).&nbsp;If, failing the entry of a protective order, such Class&nbsp;B Member or its Representatives are, on the advice of counsel, compelled to disclose any Confidential
Information, such Class&nbsp;B Member or its Representatives, as applicable, may make the disclosures that its counsel advises it is compelled to make and will exercise reasonable best efforts to obtain assurance that confidential treatment will be
afforded to the Confidential Information that is being disclosed.&nbsp;For purposes hereof, &#147;Confidential Information&#148; shall not include any information that is or becomes generally available in the public domain other than as a result of
such Class&nbsp;B Member&#146;s breach of this Section&nbsp;9.1.4. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.2</TD>
<TD ALIGN="left" VALIGN="top"><B>Voluntary adjustment of rights</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.2.1</TD>
<TD ALIGN="left" VALIGN="top">The Class B Members may, by ordinary resolution, at any time and from time to time suspend (i) the voting rights of each Class B Share; and/or (ii) the distribution rights of each Class B Share, in each case for a
period no longer than six months, <U>provided</U> that, unless such suspension is renewed by the Class B Members (by ordinary resolution), the original voting and distribution rights of the Class B Shares set out in these Terms of Issue as in effect
on the date hereof shall be restored automatically upon the expiry of the specified period. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.3</TD>
<TD ALIGN="left" VALIGN="top"><B>Amendments of the Terms of Issue</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.3.1</TD>
<TD ALIGN="left" VALIGN="top">These Terms of Issue shall not be varied, modified or abrogated without the prior approval of the Class B Members, by ordinary resolution. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.4</TD>
<TD ALIGN="left" VALIGN="top"><B>No other inconsistent amendments</B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.4.1</TD>
<TD ALIGN="left" VALIGN="top">At any time that the Permitted Holder Ownership Percentage is equal to or greater than ten (10) percent on the Business Day that precedes a vote of the Members and except as otherwise required by Applicable Law, the
Company shall not amend its Constitution in any manner, enter into or amend any agreement, or take any similar actions that would adversely affect the Class B Members&#146; rights under these Terms of Issue or the Company&#146;s ability to comply
with its obligations under these Terms of Issue. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF CONVERSION NOTICE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top">MAKEMYTRIP LIMITED </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;], as TRANSFER AGENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned registered owner of the Class B Shares hereby exercises the option to convert the Class B Shares referred to in the enclosed
share certificate, or the portion hereof below designated, into Ordinary Shares in accordance with the Terms of Issue referred to in the enclosed certificate representing the Class B Shares, and directs that any cash payable and any Ordinary Shares
deliverable upon such conversion, together with any cash payable for any fractional Ordinary Share, and a new certificate (evidencing the number of Class B Shares not converted) be issued and delivered to the registered Holder hereof unless a
different name has been indicated below. If any Ordinary Shares or a new certificate evidencing the number of Class B Shares not converted are to be issued in the name of a Person other than the undersigned, the Person or Persons requesting the
issuance thereof shall pay to the Company the amount of any tax which may be payable in respect of any transfer involved in such issuance or shall establish to the satisfaction of the Company that such tax has been paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[The undersigned further certifies: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The undersigned acknowledges (and if the undersigned is acting for the account of another person, that person has confirmed that it
acknowledges) that the Ordinary Shares received upon conversion of the Class B Shares (or securities represented thereby) have not been and are not expected to be registered under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The undersigned further certifies that either: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The undersigned is, and at the time Ordinary Shares are delivered in conversion of the Class B Shares will be, the holder of the Ordinary
Shares represented thereby, and (i) the undersigned is not a U.S. person (as defined in Regulation S under the Act) and is located outside the United States (within the meaning of Regulation S) and acquired, or have agreed to acquire and will have
acquired, the Class B Shares being converted and the Ordinary Shares being delivered in the conversion outside the United States and (ii) the undersigned is not in the business of buying and selling securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">OR </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The undersigned is a
broker-dealer acting on behalf of its customer; its customer has confirmed to the undersigned that it is, and at the time Ordinary Shares are delivered in conversion of the Class B Shares will be, the holder of the Ordinary Shares, and (i) it is not
a U.S. person (as defined in Regulation S under the Act) and it is located outside the United States (within the meaning of Regulation S and acquired, or have agreed to acquire and will have acquired, the Class B Shares being converted and the
Ordinary Shares being delivered in the conversion outside the United States and (ii) it is not in the business of buying and selling securities or, if it is in such business, it did not acquire the Class B Shares being converted from the Company or
any affiliate thereof in the initial distribution of the Class B Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">OR </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The undersigned is a qualified institutional buyer (as defined in Rule 144A under the Act) acting for its own account or for the account
of one or more qualified institutional buyers and the undersigned is (or such account or accounts are) the sole beneficial owner(s) of the Ordinary Shares to be received upon conversion of the Class B Shares.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The undersigned acknowledges that if the undersigned (and any such other account) is or
becomes an Affiliate of the Company, the Ordinary Shares would be &#147;restricted securities&#148; under the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The undersigned
agrees (and if the undersigned is acting for the account of another person, that person has confirmed that it agrees) that, unless and until the undersigned (or such other account) is notified by the Depositary that the restrictive legend on the
Ordinary Shares has been removed from such security, the undersigned (and such other account) will not offer, sell, pledge or otherwise transfer the Ordinary Shares (or securities represented by such Ordinary Shares) except in accordance with the
restrictions set forth in that legend and any applicable securities laws of the United States and any state thereof. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Signature(s)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities
and Exchange Commission Rule 17Ad-15 if Ordinary Shares are to be issued, or certificates representing Class B Shares are to be delivered, other than to and in the name of the registered holder.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fill in for registration of Ordinary Shares if to be issued, and certificates representing Class B Shares if to be delivered, other than to and in the name of the registered holder:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(Name)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(Street Address)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(City, State and Zip Code)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Please print name
and address</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Number of Class B Shares to be converted (if less than all)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the certificate in every particular without alteration or enlargement or any change whatsoever.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Social Security or Other Taxpayer Identification Number</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE 1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COMPETITOR LIST </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-23 </P>

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<DESCRIPTION>EX-99.2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>MAKEMYTRIP LIMITED</B></P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
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<TD VALIGN="top" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1.00pt solid #000000; BORDER-BOTTOM:1.00pt solid #000000"><B><I>IMPORTANT&nbsp;SPECIAL&nbsp;MEETING&nbsp;INFORMATION</I></B></TD>
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<P STYLE="font-size:72pt; margin-top:0pt; margin-bottom:0pt">&nbsp;
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</DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
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<TD VALIGN="top"><FONT STYLE="font-size:8pt">Using a <B><U>black ink</U> </B>pen, mark your votes with an <B>X </B>as shown in this example. Please do not write outside the designated areas.</FONT></TD>
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<TD VALIGN="middle"><FONT STYLE="font-size:20pt">&#9746;</FONT></TD>
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<IMG SRC="g298675ex99_2pg01.jpg" ALT="LOGO">
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</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B></B><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#113;</FONT><B></B><B>&nbsp;&nbsp;PLEASE FOLD ALONG THE
PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.&nbsp;&nbsp;</B><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#113;</FONT><B></B><B> </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="middle" BGCOLOR="#000000"><FONT STYLE="font-size:8pt" COLOR="#ffffff">&nbsp;A&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle"><FONT STYLE="font-size:8pt"><B>Proposals &#151; The Board of Directors recommends a vote <U>FOR</U> the foregoing Proposal.</B></FONT></TD>
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<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="font-size:20pt">+</FONT></B></P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>For<SUP STYLE="font-size:85%; vertical-align:top">iii</SUP></B></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>Against<SUP STYLE="font-size:85%; vertical-align:top">iii</SUP></B></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>Abstain<SUP STYLE="font-size:85%; vertical-align:top">iii</SUP></B></TD>
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<TD VALIGN="top"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">1.</P></TD>
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<TD VALIGN="top"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">To adopt and approve in all respects (a) the Transaction Agreement, dated
October 18, 2016 (the &#147;Transaction Agreement&#148;), by and among MakeMyTrip Limited, a limited liability company organized under the laws of Mauritius (&#147;MakeMyTrip&#148;), MIH Internet SEA Private Limited, a limited liability company
organized under the laws of Singapore (&#147;Parent&#148;), and solely with respect to Article XIII thereof, MIH B2C Holdings B.V., a private limited liability company organized under the laws of The Netherlands, and the agreements, documents,
actions or transactions contemplated thereby or relating thereto (collectively, the &#147;Transaction&#148;), including, without limitation, the acquisition of all of the issued and outstanding ordinary shares of Ibibo Group Holdings (Singapore)
Private Limited, a limited liability company organized under the laws of Singapore, from Parent, the issuance and delivery of Class B convertible ordinary shares of MakeMyTrip in connection with the Transaction Agreement and the Transaction and the
issuance and delivery of any shares into which any of such Class B convertible ordinary shares are converted and (b) that for purpose of sections 143(h) and 146 of the Companies Act 2001, Naspers Limited (&#147;Naspers&#148;), and its affiliates,
and any successor in interest in Class B convertible ordinary shares of MakeMyTrip, which successor in interest has the right to nominate directors to the board of directors of MakeMyTrip under the Transaction Agreement or the Transaction, and its
affiliates, shall not be deemed to be a competing company with MakeMyTrip, and any person nominated at any time to said board of directors by any of the foregoing shall not be deemed to compete with MakeMyTrip as a result of such person&#146;s being
a director or officer of any of the foregoing.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#9744;</P></TD>
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<TD VALIGN="top"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#9744;</P></TD>
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<TD VALIGN="middle" BGCOLOR="#000000"><FONT STYLE="font-size:8pt" COLOR="#ffffff">&nbsp;B&nbsp;</FONT></TD>
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<TD VALIGN="middle"><FONT STYLE="font-size:8pt"><B>Non-Voting Items</B></FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:8pt"><B>Change of Address</B> &#151; Please print new address below.</FONT></TD>
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<TD COLSPAN="11" VALIGN="top" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; padding-left:8pt; padding-right:8pt">&nbsp;</TD></TR>
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<TD VALIGN="middle" BGCOLOR="#000000"><FONT STYLE="font-size:8pt" COLOR="#ffffff">&nbsp;C&nbsp;</FONT></TD>
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<TD VALIGN="middle" COLSPAN="9"><FONT STYLE="font-size:8pt"><B>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date and Sign
Below</B></FONT></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="13"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Please sign exactly as name(s) appears hereon. Joint owners should each sign. When signing as attorney, executor, administrator,
corporate officer, trustee, guardian, or custodian, please give full title.</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR></TABLE>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:8pt">Date (mm/dd/yyyy) &#151; Please print date below.</FONT></TD>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">Signature 1 &#151; Please keep signature within the box.</FONT></TD>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:8pt">Signature 2 &#151; Please keep signature within the box.</FONT></TD>
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<TD VALIGN="top" STYLE="BORDER:1.50pt solid #000000; padding-left:8pt"><FONT STYLE="font-size:20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></TD>
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<TD VALIGN="bottom" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-TOP:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02GO3D</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>MAKEMYTRIP LIMITED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">(Incorporated in Mauritius with limited liability) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Form of Proxy for Special Meeting </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Introduction </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:3%; font-size:8pt; font-family:Times New Roman">This Form of Proxy is
furnished in connection with the solicitation by the Board of Directors of MakeMyTrip Limited, a Mauritius company (the &#147;<B>Company</B>&#148;), of proxies from the holders of the issued and outstanding ordinary shares of the Company, par value
US$0.0005 per share (the &#147;<B>Ordinary</B> <B>Shares</B>&#148;)<B></B> to be exercised at the special meeting of the Company (the &#147;<B>Special</B><B> Meeting</B>&#148;<B></B>)<B></B> to be held at Tower A, SP Infocity, 243, Udyog Vihar,
Phase 1, Gurgaon, Haryana 122016, India on December 9, 2016 at 5:00 p.m. Indian local time and at any adjourned or postponed meeting thereof, for the purposes set forth in the accompanying Notice of Special Meeting (the &#147;<B>Special</B><B>
Meeting Notice</B>&#148;)<B></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:8pt; font-family:Times New Roman">Only the holders of record of the Ordinary Shares at the close of business on November 21, 2016 are
entitled to notice of and to vote at the Special Meeting. The quorum of the Special Meeting is one or more shareholders who are able to exercise not less than 33.3% of the votes to be cast on the business to be transacted at the Special Meeting.
This Form of Proxy and the accompanying Special Meeting Notice are first being mailed to the shareholders of the Company on or about November&nbsp;23, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:8pt; font-family:Times New Roman">The Ordinary Shares represented by all properly executed proxies returned to the Company will be voted at the Special Meeting as indicated or,
if no instruction is given, the holder of the proxy will vote the shares in his discretion, unless a reference to the holder of the proxy having such discretion has been deleted and initialed on this Form of Proxy. Where the chairman of the Special
Meeting acts as proxy and is entitled to exercise his discretion, he will vote the shares FOR the resolutions. As to any other business that may properly come before the Special Meeting, all properly executed proxies will be voted by the persons
named therein in accordance with their discretion. The Company does not presently know of any other business which may come before the Special Meeting. However, if any other matter properly comes before the Special Meeting, or any adjourned or
postponed meeting thereof, which may properly be acted upon, unless otherwise indicated the proxies solicited hereby will be voted on such matter in accordance with the discretion of the proxy holders named therein. Any person giving a proxy has the
right to revoke it at any time before it is exercised (i) by filing with the Company a duly signed revocation at its Registered Office at the offices of CIM Corporate Services Ltd,&nbsp;Les Cascades Building, Edith Cavell Street, Port Louis,
Mauritius, with a copy of such revocation to be delivered also to the Group&#146;s office (Attn: Kamal Avutapalli) at Tower A, SP Infocity, 243, Udyog Vihar, Phase 1, Gurgaon, Haryana 122016, India, or (ii) by voting in person at the Special
Meeting.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:8pt; font-family:Times New Roman"><B>To be valid, this Form of Proxy must be completed, signed and returned to the Group&#146;s office (to the attention of: Kamal
Avutapalli) at Tower A, SP Infocity, 243, Udyog Vihar, Phase 1, Gurgaon, Haryana 122016, India as soon as possible and prior to December 7, 2016 so that it is received by the Company no later than 48 hours before the time appointed for the Special
Meeting. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B></B><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#113;</FONT><B></B><B>&nbsp;&nbsp;PLEASE FOLD ALONG THE PERFORATION, DETACH
AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.&nbsp;&nbsp;</B><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#113;</FONT><B></B><B> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="middle" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Proxy &#151; MAKEMYTRIP LIMITED</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="font-size:20pt">+</FONT></B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Form of Proxy for Special Meeting </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">I/We
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (name of the shareholder) of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (address of the shareholder) being the
registered holder of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> ordinary shares<SUP STYLE="font-size:85%; vertical-align:top">i</SUP>, par value US$0.0005 per share, of
MakeMyTrip Limited (the &#147;Company&#148;) hereby appoint the Chairman of the Special Meeting (the &#147;Chairman&#148;)<SUP STYLE="font-size:85%; vertical-align:top">ii</SUP> or
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (name of the proxy) of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (address of the proxy) as my/our proxy to attend and act for me/us at the Special Meeting
(or at any adjourned or postponed meeting thereof) of the Company to be held at Tower A, SP Infocity, 243, Udyog Vihar, Phase 1, Gurgaon, Haryana 122016, India on December 9, 2016, and in the event of a poll, to vote for me/us as indicated below, or
if no such indication is given, as my/our proxy thinks fit<SUP STYLE="font-size:85%; vertical-align:top">iii</SUP>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">i</TD>
<TD ALIGN="left" VALIGN="top">Please insert the number of shares registered in your name(s) to which this proxy relates. If no number is inserted, this form of proxy will be deemed to relate to all the shares in the Company registered in your
name(s). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">ii</TD>
<TD ALIGN="left" VALIGN="top">If any proxy other than the Chairman is preferred, strike out the words &#147;<B>THE CHAIRMAN OF THE SPECIAL MEETING</B>&#148; and insert the name and address of the proxy desired in the space provided. A shareholder
may appoint one or more proxies to attend and vote in his stead. <B>ANY ALTERATION MADE TO THIS FORM OF PROXY MUST BE INITIALED BY THE PERSON(S) WHO SIGN(S) IT.</B> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">iii</TD>
<TD ALIGN="left" VALIGN="top"><B>IMPORTANT: IF YOU WISH TO VOTE FOR A PARTICULAR RESOLUTION, TICK THE APPROPRIATE BOX MARKED &#147;FOR&#148;. IF YOU WISH TO VOTE AGAINST A PARTICULAR RESOLUTION, TICK THE APPROPRIATE BOX MARKED &#147;AGAINST&#148;.
IF YOU WISH TO ABSTAIN FROM</B> <B>VOTING ON A PARTICULAR RESOLUTION, TICK THE APPROPRIATE BOX MARKED &#147;ABSTAIN&#148;. </B>Failure to complete any or all the boxes will entitle your proxy to cast his votes at his discretion. Your proxy will also
be entitled to vote or abstain at his discretion on any amendment to the resolutions referred to in the Notice of Special Meeting which has been properly put to the Special Meeting. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">iv</TD>
<TD ALIGN="left" VALIGN="top">This form of proxy must be signed by you or your attorney duly authorized in writing or, in the case of a corporation, must be either executed under its common seal or under the hand of an officer or attorney or other
person duly authorized to sign the same. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
