(i) President of India. (ii) V. Udaya Bhaskar is the Chairman and Managing Director of our Company. He has been associated with our Company in the capacity of a Chairman and Managing Director since January 30, 2015. He holds a bachelors degree in Technology in Plastics Technology and Chemical Engineering from H.B technological Institute, Kanpur University and holds masters degree in Technology ‘Polymer Science & Technology’ from Indian Institute of Technology Delhi. He joined the Company in the year 1990 prior to which he was associated with Bakelite Hylam Limited, Dytron (India) Limited and SIP Resins Limited. (ii) S. Piramanayagam, is the Director (Finance) and Chief Financial Officer of our Company. He has been on the board of the Company since January 01, 2015. He holds a bachelors degree in Science from Madurai Kamraj University and is an associate member of the Institute of Chartered Accountants of India. Prior to joining our Company, he has worked as a general manager (finance) of M/s. BEML Limited. He has also worked at Neyveli Lignite Corporation Limited (now known as NLC India Limited) for ten years in the middle management cadre. (iii) V. Gurudatta Prasad, is the Director (Production) of our Company. He has been on the board of the Company since September 10, 2015. He completed his Bachelors in Mechanical Engineering from Bangalore University and holds a Tech (Industrial Engineering & Management) from the Jawaharlal Nehru Technological University, Hyderabad. He has been associated with the Company since 1986 and prior to his appointment as Director (Production), he served as the General Manager at the Company’s office in Bhanur in the capacity of Unit Head. Prior to joining our Company, he was working with M/s. Hyderabad Allwyn Limited. He is a recipient of the Raksha Mantri’s Innovation Award for the year 2012-13. (iv) K. Divakar, is the Director (Technical) of our Company. He has been on the board of the Company since July 01, 2016. He holds a degree of Bachelors of Technology in the field of Mechanical Engineering from Jawaharlal Nehru technology University, Andhra Pradesh and has completed the post graduate course in tool, die and mould design from Central Institute of Tool Design, Hyderabad. He has been associated with the Company since 1988. Prior to his a ppointment as Director (Technical), he served as the General Manager (Design & Engineering), headed the Milan, Refurbishment and Explosive Divisions and played an instrumental role in establishing the naval division of the Company at Vishakhapatnam. Prior to joining our Company, he worked with the Indian Telephone Industries Limited.He is experienced in various areas of missile production.

Background of the Company (i) We are one of the leading defence PSUs in India engaged in the manufacture of Surface to Air missiles (SAMs), Anti-Tank Guided Missiles (ATGMs), u nderwater weapons, launchers, countermeasures and test equipment. We are the sole manufacturer in India for SAMs, torpedoes, ATGMs (Source: F&S Report). We are also the sole supplier of SAMs and ATGMs to the Indian armed forces (Source: F&S Report). Additionally, we are also engaged in the business of refurbishment and life extension of missiles manufactured. We are also the co-development partner with the DRDO for the next generation of ATGMs and SAMs. (ii) We operate in an environment characterised by both increasing complexity in factors influencing national security and continuing economic challenges in India and globally.We also continue to invest in technologies to fulfil the requirements of the Indian armed forces and also invest in our people so that we have the necessary technical skills to succeed without limiting our ability. (iii) We currently have three manufacturing facilities located in Hyderabad, Bhanur and Vishakhapatnam. Our Hyderabad manufacturing unit is engaged in the manufacture of SAMs, Milan 2T ATGMs, countermeasures,launchers and test equipment. Our Bhanur unit is engaged in the manufacture of the Konkurs – M ATGMs, the INVAR (3 UBK 20) ATGMs, launchers and spares. Our Vishakapatnam unit is engaged in the manufacture of light weight torpedoes, the C-303 anti torpedo system, countermeasures and spares. (iv) We have been awarded various prestigious awards such as Raksha Mantri’s institutional award for “Excellence” in performance for the year 2014 – 15 and the group / individual award in the “Innovation Category” for the year 2014 -15, in recognition of its consistent growth and adaptation and the PSE Excellence Award – 2015 by the Indian Chamber of Commerce in the Miniratna category for operational performance excellence.

Company is engaged in the business of manufacturing missiles. There are no listed peers in India which are engaged in a similar line of business as the Company, hence comparison with industry peers is not applicable.

Review and Recommendation of

Bharat Dynamics Limited IPO

from our side is: Avoid

Plot no.38-39, TSFC Building, Near ICICI Towers, Financial District, Gachibowli, Hyderabad-500032 Telephone: +91 40 2434 4979 Fax: +91 40 2434 0660 E-mail: investors@bdl-india.com Website: www.bdl-india.com