Dear Shareholder,
 
 Good year India made good progress in 2012 as we now work towards
 reaching our long-term goal of creating sustainable economic
 value—which can be achieved by being first with customers, the leader
 in our targeted segments, the innovation leader and competitively
 advantaged.
 
 The economic slowdown which started in the second half of 2011
 continued through 2012. This caused tremendous pressure on our market
 growth, but your company made steady progress, particularly in the Farm
 tyre business. This was because of our strong brand presence and
 excellent products, which were supported by sound go-to-market
 strategies. We were able to service our customers with their tyre
 requirements in a timely and effective manner.
 
 Good year India''s Farm business achieved a year-over-year volume growth
 of 4.3%.  Additionally, we also increased our market share compared to
 the last year.
 
 Overall, the business exhibited a strong performance which was backed
 by robust manufacturing processes at the Ballabgarh factory, consistent
 product quality and a highly dependable distribution support network.
 We also need to give credit to our associates for sustaining the
 business growth despite the adverse market conditions. I am proud of
 our progress and also our Goodyear India team members!
 
 Going forward, we have carefully assessed the market and the challenges
 that we may have to encounter in 2013 and beyond. We are taking
 proactive steps to keep the business performance robust and profitable
 as we continue to grow our share of business in all channels.
 
 Strategically, we shall remain focused on our key fundamentals such as
 introducing market back innovations, operational excellence, targeting
 profitable market segments, enabling our investments, and developing
 top talent and teams. We shall continue to assess the market for growth
 opportunities and look for ''white spaces'' which are untapped. I can
 assure you that our team is fully committed to maintain the business
 strong, profitable and value oriented.
 
 I am also glad to share that in the recent past, your company has
 received multiple awards from our esteemed customers, such as Best
 Support For The Year (2012) from Hyundai Motors, Overall Performance
 Award from TAFE, and Quality, Delivery & Capacity Award from EICHER.
 
 I am thankful to you for your continued support. The confidence that
 you have shown in us over the past several years has given us the
 motivation and strength to achieve business excellence. I wish you and
 your family the very best for 2013.
 
 Sincerely Yours,
 
 Rajeev Anand
 
 Vice Chairman & Managing Director
 
 Goodyear India Limited