FUTURE MRF Chairmans Speech

Dear Shareholder,

The year gone by was a challenging one for the automobile sector, which
saw a rationalisation of production by automobile companies especially
in the heavy commercial segment, to align them- selves with the lower
market demand. It is during this turbulent period that MRF has improved
its turnover to Rs14641 crores for the financial year 2013-14. Our
prime position in the Replacement market has been one of the major
reasons for this, and the continued preference of our products coupled
with our strong brand image has led us to have a dominant market share.

The year saw the Company winning the JD Power Award for the 11th time,
a testimony of our product preference.

In our quest to improve our stature as a global brand, we have become a
global partner for the ICC World Cup 2015 being held in Australia in
February / March 2015.

Our Sri Lankan operations continue to be profitable and we expect to
modernise the operations.

Looking ahead, we hope the new Government which has the people''s
mandate would usher in policy initiatives to kick-start the economy and
put it back on a growth trajectory. It is with this hope that we
continue to make investments to increase our production capacity.

While we expect the market to be volatile, the time-tested strategies
that have been put in place along with our ability to be nimble-footed
will help us increase our overall share.

K M Mammen

Chairman & Managing Director

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