Ion Exchange (India) Ltd

To,

The Members,

Your Directors have pleasure in presenting the 61^st Annual Report and Accounts for the financial year ended 31^st March, 2025. FINANCIAL RESULTS

The highlights of the financial results are as follows:

OPERATIONS

During the financial year ended 31^st March, 2025, the net profit after tax of the Company on standalone basis has increased to INR 21,448.27 Lacs as compared to previous year's net profit after tax of INR 20,409.54 Lacs showing an increase of 5.09 percent over the previous year on standalone basis. Your Company has achieved a turnover of INR 2,540 crores as compared to INR 2,180 crores for the previous year.

TRANSFER TO RESERVES

During the year ended 31^st March, 2025, your Company does not propose to transfer any amount to the general reserve.

DIVIDEND

For the Financial Year 2024-25, the Board has recommended a dividend of INR 1.50 per Equity Share of face value of INR 1/- each (previous year: INR 1.50 per Equity share of face value of INR 1/- each).

FUTURE OUTLOOK

The global economy is projected to grow at a stable pace of approximately 3.1% in FY 2025-26, supported by improving financial conditions, resilient consumer demand, and continued recovery in industrial and services sectors. India, as one of the fastest-growing major economies, is expected to maintain its

growth trajectory with a forecasted GDP expansion of 6.4% with estimates ranging between 5.5% to 6.6%, driven by robust domestic consumption, increased public investment in infrastructure, and sectoral reforms.

Amidst this macroeconomic landscape, the water industry is witnessing strong structural tailwinds globally. Climate change, water scarcity, rising industrial demand, and stringent environmental norms are leading to increased investments in water and wastewater treatment, water recycling, and sustainable resource management. Key trends include the growing adoption of alternate water sources, increased demand for ultrapure water in semiconductor, electronics, and smart water infrastructure integrated with digital technologies.

In India, the government's continued thrust on water and energy security through flagship initiatives such as the Jal Jeevan Mission, Namami Gange, Smart Cities Mission; national targets for both fossil and non-fossil fuel-based power generation; net zero goals by 2070 is generating significant opportunities for advanced water infrastructure in municipal and industrial domains.

Ion Exchange is strategically positioned to capitalize on these global opportunities through its differentiated portfolio, global infrastructure, execution capabilities, backed by its innovation- led approach and digital transformation.

Strategy to ensure Business Continuity & Growth

With a stable macroeconomic environment, growing global and domestic demand for water solutions and a strong line-up of innovative and sustainable offerings, the Company is confident of maintaining its growth momentum and creating long-term value for all stakeholders.

In India, the Company will strengthen its presence in industrial and select municipal sectors by offering turnkey, sustainable and digitally-enabled water and wastewater solutions; next- generation ion exchange resins, membranes and specialty process and utility chemicals backed by IoT-based service offerings. It plans to expand regional reach and operational capacity to improve execution timelines and logistics efficiency.

In international markets, the Company aims to accelerate its Engineering business growth in Southeast Asia, the Middle East and Africa, where increasing GDP, population growth and regulatory focus are expanding market potential for its portfolio of water treatment products and services. It will continue to expand the resin, specialty chemical and membranes business in Europe and the Americas. Further, with localized operations and building strategic local partnerships it aims to strengthen market access, and customer engagement; and at the same time leverage India as a global innovation and manufacturing hub to support international expansion.

Thus the Company enters FY 2025-26 with a strong order book, a diversified customer base across geographies and industries and a well-capitalized balance sheet. The strategic focus on expanding high-margin businesses, enhancing operational efficiency through digitalization and scaling global operations is expected to contribute positively to revenue and profitability.

The Company remains vigilant to global economic volatility, commodity price fluctuations, currency risks, and geopolitical developments that may impact financial performance. However, with its strong fundamentals, diversified risk profile and a future-ready strategy that includes business plans towards capacity enhancement, R&D, digital infrastructure and market expansion initiatives in India and overseas, Ion Exchange is well-positioned to navigate uncertainties and deliver consistent, responsible and profitable growth in FY 2025-26 and beyond.

FINANCIAL RESOURCES

Fixed Deposits

Your Company has not accepted any deposits during the year, within the meaning of Section 73 of the Companies Act, 2013, read with the Companies (Acceptance of Deposits) Rules, 2014.

Particulars of Loans, Guarantees or Investments

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

SUBSIDIARY COMPANIES

Aqua Investments (India) Ltd. and Watercare Investments (India) Ltd

During the year ended 31^st March, 2025, the Subsidiary Companies M/s. Aqua Investments (India) Limited posted profit after tax of INR 46.63 Lacs compared to INR 38.98 Lacs of the previous year and M/s. Water Care Investments (India) Ltd. posted profit after tax of INR 34.59 Lacs compared to INR 29.09 Lacs of the previous year.

Ion Exchange Enviro Farms Limited (IEEFL)

The Company achieved revenue of INR 265.26 Lacs during the year 2024-25 as against previous year income of INR 197.88 Lacs.

Pursuant to the appeal filed in Supreme Court against the Securities Appellate Tribunal (SAT) Order of 19^th March 2021 and based on legal advice, the Company appointed SEBI empaneled auditors to conduct Special Audit. This Special Audit Report along with additional affidavit was submitted to Supreme Court and after considering the Audit Report and the Company's submissions, supreme Court granted liberty to the Company to approach SEBI with additional material. The Company accordingly made detailed presentation to SEBI with a request for reconsideration of SEBI's earlier directions. SEBI thereafter appointed another independent auditor, who has confirmed that substantially the investors were transferred developed land and submitted its report to SEBI. SEBI thereafter sought certain clarifications from the company which were provided. However, SEBI vide order dated 16^th May 2024 issued by Recovery Officer stated that transfer of developed land cannot be considered as repayment of money and directed the company to deposit an amount of INR 2,202 Lacs towards repayment of money to the investors. The company has once again represented with SEBI to reconsider the matter and subsequently filed the appeal with Securities Appellate Tribunal challenging the SEBI's order.

Ion Exchange Asia Pacific Pte Ltd., Singapore and Ion Exchange Asia Pacific (Thailand) Ltd., Thailand and Pt Ion Exchange Asia Pacific, Indonesia

The Company achieved consolidated operating income of INR 3,071.39 Lacs during the year under review as compared to INR 1,982.42 Lacs in previous year representing a growth of 55% during the year. The Company made consolidated net profit after tax of INR 208.40 Lacs as compared to net profit after tax of INR 4.15 Lacs.

The Company has progressed well in increasing the product sales mainly on resins and chemicals in the region. Based on the current backlog and potential projects in pipeline, company is confident of improving its revenue as well as the profitability in the current year.

IEI Environmental Management [M] SDN.BHD, Malaysia

The Company appointed Official Liquidator for winding up of the company and also applied for voluntary winding up of the company during the previous year. The liquidation process is expected to be completed during the current year.

Ion Exchange Environment Management (BD) Limited, Bangladesh

The Company achieved turnover of INR 1,116.73 Lacs during the year as compared to INR 1,308.92 Lacs in the previous year. The Company made net profit after tax of INR 14.64 Lacs as compared to INR 50.61 Lacs in the previous year.

The company's business was affected by the downturn in the local economy and the political situation in the country. While the prospects of revival of capital goods industry still seems bleak, the Company is diversifying its attention to revenue streams from the sale of consumables and chemicals. With prudent utilization of resources, reducing expenses and a focus on products like chemicals and resins, the company is expected to perform much better in the coming years.

Ion Exchange WTS (Bangladesh) Limited, Bangladesh

The Company is currently not in operation.

Ion Exchange & Co. LLC, Oman

The Company achieved a turnover of INR 2,530.75 Lacs during the year under review compared to INR 2,368.58 Lacs in the previous year. The Company made net profit after tax of INR 190.88 Lacs as compared to INR 164.06 Lacs of the previous year.

The contracts for Operation & Maintenance of water treatment plants in Oman for the Oil & Gas sector have contributed significantly to this performance and the company is also providing O & M services to other medium and small customers for optimum utilization of its resources. In order to achieve higher growth and returns the Company is aggressively bidding for O & M contracts across all sectors and also diversifying our revenue stream by increasing focus on consumables, chemicals and plants which will enable the Company will continue its growth trajectory in the coming years.

Ion Exchange LLC, USA

The Company recorded a turnover of INR 6,113.92 Lacs for the financial year under review, as against INR 4,835.03 Lacs in the previous financial year, reflecting a year-on-year growth of approximately 26%. Net profit after tax is INR 379.54 Lacs as compared to INR 188.32 Lacs in previous year.

The company's business of resins in the North American continent has bounced back from the slump and there are aggressive growth plans which involves expanding the company's infrastructure and footprint to be able to service more customers better. This will enable the company to continue on its growth trajectory.

Ion Exchange Projects and Engineering Limited

The Company achieved a turnover of INR 3,379.00 Lacs for the year under review as against INR 3,009.57 Lacs in previous year.

The Company incurred loss of INR 1,021.67 Lacs for the year as against loss of INR 757.15 Lacs.

The Company provides Project Management services and design services to the parent company for its ongoing contracts.

Ion Exchange Safic (Pty) Limited, South Africa

The Company achieved a turnover of INR 2,680.26 Lacs during the year under review as compared to INR 1,977.54 Lacs in the previous year and the Company made a net profit after tax of INR 348.98 Lacs for the year as compared INR 61.84 Lacs in the previous year. The current strategy is to increase growth and gain significant market share across geography by focusing in key segments and localizations and partnerships. Growth is also expected from the municipal decentralized drinking water segment where the company is executing some key projects.

Ion Exchange Arabia for Water

The Company achieved turnover of INR 1,885.98 Lacs during the year under review compared to INR 1,969.00 Lacs in previous year. The company incurred loss of INR 227.43 Lacs compared to loss of INR 138.74 Lacs in previous year.

The company has witnessed an increase in addition on new clients, sales volume of chemicals, resins and membranes with an improved sales network in Riyadh, Jeddah & Jubail area. The Company played a pivotal role in securing a significant sales order for the parent company and is presently providing project management services for the execution of a water treatment plant awarded by a prominent government entity— Ma'aden, engaged in phosphate fertilizer and alumina refining. The Company anticipates additional orders for treatment plants from various clients and is optimistic about achieving improved overall performance in the coming financial year.

Total Water Management Services (India) Ltd.

The Company achieved a turnover of INR 94.23 Lacs for the year under review, as against INR 54.99 Lacs for the previous year. Net profit after tax is INR 14.22 Lacs as compared to the loss of INR 13.88 Lacs in previous year.

The Company is in the business of providing total water management consultancy across the spectrum.

Ion Exchange Purified Drinking Water Pvt. Ltd.

The Company achieved a turnover of INR 1,575.62 Lacs for the year under review, as against INR 1,724.21 Lacs for the previous year. The Company made profit after tax of INR 142.66 Lacs as compared to INR 208.03 Lacs in previous year.

The Company is set-up as a special purpose vehicle to implement PPP (Public Private Partnership) project for bottle water supply to Indian Railway Catering and Tourism Corporation Limited (IRCTC).

Ion Exchange Europe, LDA

The Company achieved Nil turnover for the year under review as compared to INR 1829.57 Lacs in previous year. The Company incurred loss of INR 24.02 Lacs as compared to net profit after tax of INR 104.25 Lacs in the previous year.

MAPRIL - Produtos Qufmicos e Maquinas Para a Industria, Lda

The Company achieved a turnover of INR 12,365.74 Lacs for the year as compared to INR 9,268.68 Lacs in the previous year (since the date of acquisition). The Company incurred loss of INR 192.56 Lacs as compared to net profit after tax of INR 254.90 Lacs in the previous year.

During the year under review, the Company undertook and invested in a restructuring process, which included strengthening manpower systems, expanding channel distribution, entering new markets, and restructuring existing loan arrangements. These strategic initiatives are expected to enhance operational efficiency and position the Company for improved performance in the coming years

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES

A statement as required under Section 129 of the Companies Act, 2013, is attached to the Annual Report in form AOC - 1.

DIRECTORS

During the year under review, as per the recommendation of the Nomination and Remuneration Committee and pursuant to the Shareholders' approval, Mr. Rajesh Sharma's designation was changed from Chairman and Managing Director to Executive Chairman of the Company. Further as per the recommendation of the Nomination and Remuneration Committee and pursuant to the Shareholders' approval Mr. Indraneel Dutt was appointed as the Managing Director of the Company. Subsequently, during the year the Board of Directors approved the change in his designation from Managing Director to Managing Director and CEO.

Mr. Dinesh Sharma and Mr. Aankur Patni were re-designated from Executive Director to Non-Executive and Non-Independent Director in the capacity of Vice-Chairman. Additionally, pursuant to the Shareholders' approval, they were appointed to hold an office or place of profit, as Advisors of the Company. Mr. M.P Patni, Director of the company, retires by rotation and being eligible has offered himself for re-appointment.

Mr. T M. M. Nambiar, Mr. P Sampath Kumar, Mr. Abhiram Seth, Mr. Shishir Tamotia, Ms. K.J. Udeshi and Dr. V. N. Gupchup had completed their tenure as Non-Executive Independent Directors of the Company on 11^th September, 2024.

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 25 of the Listing Regulations.

In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfill the conditions specified in the Act as well as the Rules made thereunder and are independent of the management.

BOARD PERFORMANCE EVALUATION

Pursuant to the provisions of the Section 149 Companies Act, 2013 and the Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, the directors individually, as well as the evaluation of the working of its Committees. The evaluation was done after taking into consideration the criteria laid down by Nomination and Remuneration committee. The criteria for evaluation included participation in deliberations, specific contributions made, compliance with company's code of conduct, carrying out assigned tasks in timely and efficient manner and planning

and formulating the company's strategies. The performance evaluation of Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman, Non- Independent Directors and the Board and its Committee was carried out by Independent Directors. The Board of Directors expressed satisfaction with the evaluation process.

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(3)(c) of the Companies Act, 2013 with respect to Directors' Responsibility Statement, it is hereby confirmed that:

• In the preparation of the annual accounts for the year ended 31^st March, 2025, the applicable accounting standards have been followed along with proper explanation given relating to material departures, if any;

• Appropriate accounting policies have been selected and applied consistently and judgments and estimates were made that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

• Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities have been taken to the best of their knowledge;

• The annual accounts have been prepared for the financial year ended 31^st March, 2025 on a going concern basis.

• Proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

• The directors have devised proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

KEY MANAGERIAL PERSONNEL

Your Company has following persons as Key Managerial Personnel.

NUMBER OF MEETINGS OF THE BOARD

The details of number of meetings of the Board held during the financial year 2024-25 forms part of the Corporate Governance Report.

WHISTLE BLOWER POLICY

Your Company has a whistle blower policy to report genuine concerns or grievances. The Whistle Blower Policy has been posted on the website of the Company

https://ionexchangeglobal.com/pdf/ionindia/Whistle%20

Blower%20Policy.pdf

RELATED PARTY TRANSACTIONS

All transactions entered with related parties for the year under review were on arm's length basis and in the ordinary course of business and that the provisions of section 188 of the Companies Act, 2013 are not attracted. Further, there are no material related party transactions under review with the promoters, directors or key managerial personnel. Your Company has developed a related party transactions framework through standard operating procedures for the purpose of identification and monitoring of such transactions.

As per the policy on Related Party Transactions, the Audit Committee granted omnibus approval for the transactions which are repetitive in nature. The related party transactions were placed before the Audit Committee and the Board on quarterly basis for review, pursuant to omnibus approval.

The policy on related party transactions as approved by the board of directors has been uploaded on the website of the company. The web link of the same has been provided in the corporate governance report. None of the directors has any pecuniary relationship vis-a-vis the Company.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees' particulars which is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in this regard.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant material orders passed by the Regulators/Courts which would impact the going concern status of your Company and its future operations.

DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

Your Company has complied with the provisions relating to the constitution of the Internal Complaints Committee as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

QUALITY INITIATIVES

Your company continues to uphold the highest quality standards, guided by a commitment to performance excellence and meritocracy. Quality and innovation remain central to our strategic roadmap and leadership across business segments.

Your Company has consistently invested in advanced R&D facilities and technologies, ensuring the delivery of superior products and services. All manufacturing, service, and support divisions—including technology and corporate communications—are certified under the ISO 9001:2015 Quality Management System. These compliance practices ensure our operations meet evolving regulatory requirements and internal quality benchmarks.

Vendor-supplied materials are regularly monitored to ensure alignment with our product-specific quality standards. Through our focus on Total Quality Management (TQM) and Lean Six Sigma practices, we drive process excellence and deliver high-quality, value-added solutions that set new industry benchmarks.

Your company's manufacturing facilities are certified for multiple quality and safety standards:

• Resins facility at Ankleshwar, Gujarat: ISO 14001:2015, WHOGMP, NSF/ANSI/CAN, Kosher, Halal, EU and Canadian Health certifications, GMP, GLP, ICIM.

• Chemical facility at Patancheru, Telangana: ISO 14001:2015, ISO 45001:2018, Kosher, Halal, NSF/ANSI, GOTS, REACH, ZDHC MRSL, IIP-UN.

• Membrane facility at Goa: ISO 14001:2015.

• Engineering facility (SSD) at Goa: ISO 45001:2018.

• Engineering facility (SSD) at Wada: NSF/ANSI/CAN certification.

Our R&D laboratories in Patancheru and Vashi are certified by DSIR, while the laboratory in Bangalore is NABL certified. The service site at Bhatinda has renewed its ISO 45001:2018 certification. Our Technology Division has also received ISO 13485:2016 certification for quality management in medical devices.

Our ongoing focus remains on enhancing quality, delivery, innovation, efficiency, and digitalization to ensure a best-inclass, sustainable experience for all stakeholders.

Statutory Auditors

Pursuant to the provisions of Section 139 of the Act and the rules framed thereunder, M/s Deloitte Haskins & Sells LLP, Chartered Accountants, (Firm Registration No. 117366W/W- 100018), were appointed as statutory auditors of the Company for a period of five years from the conclusion of the 60^th Annual General Meeting (AGM) of the Company held on 11^th September, 2024 till the conclusion of the 65^th aGm to be held in the year 2029. Consequent to amendment to Companies Act, 2013, ratification of Statutory Auditor's appointment is not required at every Annual General Meeting.

There is no incident of fraud requiring reporting by the Auditors under Section 143(12) of the Act.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company had appointed M/s. GMJ & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company for the financial year 2024-25. The Secretarial Audit Report is annexed herewith as "Annexure I".

Further pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is now proposed to appoint M/s. GMJ & Associates (Peer review no.6140 /2024) as Secretarial auditors of the Company for a period of five years from the conclusion of the ensuing 61^st Annual General Meeting (AGM) till the conclusion of the 66^th AGM to be held in the year 2030.

Cost Auditors

Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Amendment Rules, 2014, the cost audit records maintained by the Company in respect of its Chemicals, Membranes and Standard water treatment plants manufacturing activity are required to be audited. Your Directors had, on the recommendation of the Audit Committee, appointed M/s. Kishore Bhatia & Associates to audit the cost accounts of the Company for the financial year ending 31^st March, 2026. As required under the Companies Act, 2013, the remuneration payable to the cost auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Member's ratification for the remuneration payable to M/s. Kishore Bhatia & Associates, Cost Auditors is included in the Notice convening the Annual General Meeting.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Companies Act, 2013 (The Act), read with the Companies (Accounts) Rules, 2014, SEBI (Listing Regulations) and Ind AS 110 - Consolidated Financial Statements and Ind AS 28 - Investment in Associates and Joint Venture - the audited consolidated financial statements are provided in this report.

The consolidated financial statements have been prepared on the basis of the audited financial statements of the company, its Subsidiaries, Joint Venture and Associate companies, as approved by their Board of Directors.

Your Company will make available the Annual Accounts of the subsidiary companies and the related detailed information to any member of the Company who may be interested in obtaining the same. The annual accounts of the subsidiary companies are placed on Company's website and the same are open for inspection at the Registered Office of the Company.

CORPORATE GOVERNANCE

A report on Corporate Governance as required under Regulation 34 of Listing Regulations read with Schedule V (Part C) forms part of this annual report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Report on Management discussion and analysis as required under Regulation 34 of Listing Regulations forms part of this Annual Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Business Responsibility and Sustainability Report as Required under Regulation 34 of Listing Regulations read with Schedule V (Part B) forms part of this Annual Report.

ANNUAL RETURN

The annual return of your Company as required under the Companies Act, 2013 will be available on the website of the Company at https://ionexchangeglobal.com/investor-relation/ annual-return/

CORPORATE SOCIAL RESPONSIBILITY (CSR)

As a part of its initiative under the "Corporate Social Responsibility" (CSR) drive, your Company has undertaken projects in the areas of environment, education and safe drinking water. These projects are in accordance with Schedule VII of the Companies Act, 2013 and the Company's CSR Policy. The Report on CSR activities as required under Companies (Corporate Social Responsibility Policy) Rules, 2014 is set out as "Annexure II" forming part of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO

Information in accordance with Section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts) Rules, 2014 and forming part of this Report for the year ended 31st March, 2025 is given in "Annexure III".

RISK MANAGEMENT

The Company has established a Risk Management Committee to identify and assess key business risks and to oversee the implementation of effective mitigation strategies. For further details, please refer to the Corporate Governance section and the Management Discussion and Analysis of this report.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Board of Directors of the company hereby confirm that, during the period under review the company has complied with the provisions of the Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

ACKNOWLEDGEMENTS

Your Board conveys its deep appreciation of the co-operation extended by customers, suppliers, banks, financial institutions, contribution made by employees for the company's growth, shareholders and fixed deposit holders.