Forging ahead.

Duke Corporation Promotes McDannold to Joint Managing Director

Pune, India - May 23, 2012

Duke Corporation today announced a key appointment to its Board of Directors. The company has promoted Jason H. McDannold to Joint Managing Director with Mr. GopalPatwardhan, Chairman and Managing Director.

In his new role, McDannold will be responsible for Duke's global investment portfolio strategy, working with the Board of Directors to optimize performance of existing assets and charting the growth strategy for global operations. McDannold will retain his role as CEO of TIVA Global, a recent joint venture with Duke Corporation.

"After integrating the TIVA team into our organization, the Board has agreed that Mr. McDannold would bring a great deal of value to the growth of Duke worldwide," said GopalPatwardhan, Duke Corporation Chairman and Managing Director.

A native of Chicago, Illinois, USA, McDannold holds an MBA from The University of Chicago Booth School of Business. Mr. McDannold currently resides in Pune, India. McDannold most recently served as CEO of TIVA Global. McDannold joined Duke Corporation as part of a joint venture between Duke Corporation and TIVA in September, 2011.

About TIVA Global

TIVA Global (TIVA Engineering, Pvt. Ltd.) is a leading global manufacturer of precision engineered steel and stainless steel components and assemblies. TIVA has office locations in India, Europe and the United States, with all production facilities in India. TIVA was established after the joint acquisition of Gera Auto and a joint venture with Duke Corporation, a major global investor and manufacturer with 26 portfolio companies worldwide.

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