Motilal Oswal Vision 2030 Fund

1
April, 2022
 Index
1 Size of Opportunity

2 Investment Frameworks

3 Unlocking Value through Unlisted Space

4 Investment Strategy

2
Size of Opportunity

3
 Size of Opportunity

India Growth Story – The Big Leap

6th USD tn
India’s GDP* trend in USD Tn 2 years
5 USD tn
th 9.1%
Per Capita Income  $ 998 $ 1,605 $ 1,927 3 years
6.1
4 USD tn
th 8.7%
3 years 5.2
9.1%
3rd USD tn
7 years 4.0
2nd USD tn 6.1%
7 years
3.1
7.7% 2.9
1st USD tn
^Period 58 years^ 2.0
^^GDP growth (cagr) 7.4%^^
1.2

~0.006 0.1

Every successive trillion dollar GDP is likely to take lesser number of years
*GDP is Nominal GDP. Source: MOAMC Internal Research 4
Disclaimer: The above graph/data is used to explain the concept and is for illustration purpose only. The data mentioned herein are for general and comparison purpose only and not a complete disclosure of every material fact. and
should not used for development or implementation of an investment strategy. Past performance may or may not be sustained in future.
 NTDOP - Robust Long Term Compounder

84.0
78.5

20% NTDOP 8.4x

CAGR
Nifty 500 TRI 4.8x
58.0 57.5
Post Fees Excess 3.6x
52.9
49.9

SI Returns (CAGR)
40.0 41.0
NTDOP 16%
Nifty 500 11%
Alpha 5%
24.4

17.6
12.9 14.1
11.9
8.5

Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Mar-22

5
Source: MOAMC Internal Research, Data as on 31st March 2022
Disclaimer: Past performance may or may not be sustained in future. The above graph is used to explain the concept and is forillustration purpose only and should not used for development or implementation of an investment strategy.
 Rising per Capita Income = Larger Consumption Basket

3x Rise in Income = 10x Jump in Consumption Evolution of the household-income profile in India

Basic Spend

Discretionary Spend
4x 2220

Saving
10 x 1942
555
185
1110 1388

USD USD High Income & Upper Middle Segment

~1,850 ~5,550*
• 1 in 4 households today
• 1 in 2 households by 2030
Source: Motilal Oswal Wealth Creation Study
*Per Capita Income of $5,550 is assumed figure of 3x from current levels (consensus estimate of $1,850) Source: BCG CCI Proprietary Income Database 6
The above graph is used to explain the concept and is for illustration purpose only and should not used for Low income: <$4,000, Lower-mid: $4,000-8,500, Upper-mid: $8,500-40,000, High income: >$40,000
development or implementation of an investment strategy. Past performance may or may not be sustained in future. basis income per household in real terms;
 Opportunity Size for next Decade
Car Sales Penetration (%) RE Premium Bike Sales ('000s)
12 609

2.4x 12x

74.6
2011 to 2021
2011 2021 2011 2021
2.5x
Refrigerators Penetration (%) Washing Machines Penetration (%)
35
Per Capita
Income 15
2.2x 2x
15.5 7.3

2011 2021 2011 2021 7

Source: MO AMC Research; Penetration is in terms of number of households
India - Vicious to Virtuous cycle

Corporate Profitability Aggressive Bad Loans

Improving Recognition by Banks

Corporate Capex Pick up Demonetization,2016

Corporate Expected RERA,2016

Credit Pick up

Resilient India Vicious IBC,2016

(External
Factors)

India in
Deleveraging GST, 2017
Virtuous

PLI schemes I&LFS Crisis,2019

Corporate Tax 8
COVID-19 Crisis,2020
Rate Cut Demand Recovery
 Headwinds to Tailwinds
Corp Profit / GDP (%) The bad asset cycle for banks is now in reversal
7.8 20%
7.3 Gross NPLs (% of loans)
6.3
6.3 6.5 6.3 5.7
5.1 15%
5.4 5.5
4.9 5.1 Bad asset cycle in reversal
4.7 4.8
4.3 4.3 4.5 4.7
3.8 10%
3.5 3.5
3.0 3.0 2.8
2.2 2.4 5%
1.9

0%

FY23E

FY25E
FY22E

FY24E
FY02

FY07

FY09

FY11

FY16

FY18
FY03
FY04
FY05
FY06

FY08

FY10

FY12
FY13
FY14
FY15

FY17

FY19
FY20
FY21

FY99

FY03

FY07

FY11

FY15

FY19
FY97
FY98

FY00
FY01
FY02

FY04
FY05
FY06

FY08
FY09
FY10

FY12
FY13
FY14

FY16
FY17
FY18

FY20
FY21
FY22E
FY23E
FY24E
25
ROE’s of listed companies make investments attractive 1.2 Gross D/E ratio of large listed companies goes down
Deleveraging cycle
20 1.0 largely played out
ROE's could hit 12.5% by Deleveraging cycle
FY22; highest seen in 7yrs 0.8
15
0.6
10
0.4

5
0.2

0 0.0
(%)

FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22E
FY03

FY08
FY09

FY13
FY14

FY19
FY00
FY01
FY02

FY04
FY05
FY06
FY07

FY10
FY11
FY12

FY15
FY16
FY17
FY18

FY20
FY21
FY22E

(x)

9
Source: Jefferies, ACE Equity, RBI; Corp Profit/GSP ratio data in green shows bull case scenario (data in black is base case scenario)
 PLI Schemes - 8x jump expected in GDP contribution during FY22-27
Capex breakup of 111 lakh Crore during FY22-27 8x jump expected in GDP contribution due to PLI Schemes
(FY22-FY27)
80 1.8%
As % of GDP
Digital Infra 70 1.6%
3%
Rural Incremental Domestic 1.4%
Infrastructure 60 Value addition due to PLI
Irrigation 7%
8% Scheme ($ Bn) 1.2%
Urban Agriculture 50
17% and food 1.0%
Airports 2% 40
Social
1% 0.8%
Ports infrastructure
1% 4% 30
0.6%
Industrial
Railways Infrastructure 20
0.4%
12% 3%
10 0.2%

Energy 0 0.0%
24% FY22 FY23 FY24 FY25 FY26 FY27
Roads
18% Mobile Autos Battery Pharma Food Textile Telecom Others

Indian infrastructure sector has a multiplier effect on other sectors PLI offers strength to India’s competitiveness across the globe

Source: Ministries/departments/state governments/private sector, RAVE, Credit Suisse and MOAMC estimates 10
 Investors shouldn’t get deterred by intermittent falls

Nifty 50
7,000 • 7 falls in 6 years of over
Weak market 10% -> 2 of these were
6,000 sentiments and 30% drawdown
Inflation fears and Inflation fears led
interest rate to the market fall • 6x Journey from
5,000 High Oil hikes led to the
Prices and market fall 15% Fall 1100 in Jan-02 to
Risk of FII outflow 6300 in Jan-08 ->
4,000 Rise in leading to the 30% Fall CAGR of 33% CAGR
UPA comes to
Interest market fall
power in rates
3,000 Weakness in coalition with • Journey this time
Left 13% Fall
Part of the larger US markets 10% Fall started at 12k in Jan-20
correction which affected all the -> We are at 17.6k now
30% Fall
2,000 began in 2000 global indices
14% Fall 16% Fall • Buy Right Sit Tight ->
1,000 Stick to Quality ->
QGLP time tested

-
Jan-02 Sep-02 May-03 Jan-04 Sep-04 May-05 Jan-06 Sep-06 May-07 Jan-08

11
Source: MOAMC Internal Research
Disclaimer: Past performance may or may not be sustained in future. The above graph is used to explain the concept and is for illustration purpose only and should not used for development or implementation of an investment strategy.
 BSE Sensex – History of 2 Decades

70000
BSE Sensex
CY 2015:
60000 CY 2011: Slowdown in
Eurozone China, Magnitude
CY 2008: Debt of Decline 23%
Global Crisis,
50000
Financial Magnitude
Crisis, of Decline 41860
Magnitude of 26%
40000 Decline 61%
CY 2000:
Dotcom Crisis,
Magnitude of 29594
30000
Decline 56%
20813 25981
20688
20000 23089 CY 2020: Medical
Crisis (COVID-19),
Magnitude of Decline
15455
10000 ~38% till now
5934
8160
0 2600
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Over the last 22 years, BSE Sensex has grown at a CAGR of ~12%, despite numerous large corrections during the
course wherein magnitude of declines have been more than 20%
12
Source: Bloomberg, Data available till 31st Mar 2022
Investment Frameworks

13
 Investment Frameworks

 Value Migration - Flow of economic and  Linear growth in the GDP =

shareholder value from obsolete
business models to effective models
better suited for customer requirement. Migration
 Jewellery, Wedding Garment: Migration
from Unorganized to Organized
 FMCG: Shift towards traditional/herbal
players (customer preference)
 Telecom: Disruption by new players
(voice to data)
Exponential growth in opportunities
Value Trillion
 Key drivers - Middle and High
Dollar
Segment Expansion, Rising per
capita income fuelling consumption
growth exponentially, Govt. capex
(e.g. PLIs) can have multiplier effect
on other sectors
Disruption

 New age technology start-ups challenging

traditional businesses
 Examples - Renewable energy changing the
dynamics of power industry, EV journey in
Auto sector, rise in Cloud Kitchen setups
on back of food delivery services 14
 Value Migration
New Business Models Emerge on Back of Shift in Economic Landscape

Technology

Lower
switching Cost
cost Value
Migration
Drivers
Easier Access
Convenience
to Funding

Innovation

Value migration occurs when there is a disconnect

between customer priorities & existing business designs

Inter industry Inter company One segment to

Inter country
migration migration in same another in same
migration
in same country industry company
Example : Example : Example :
Example :
From western geographies Public Sector to Private Voice to Data in Telecom
Railways to Airlines
to Indian IT/Pharma Sector
15
Source: Motilal Oswal Report “Value Migration 2017
 Case Studies
These stocks are for illustration purpose only and may or may not form the part of the actual portfolio
L&T Technology Services
• Breadth of clients and wide range of vertical
Business
expertise (autos, manufacturing, hi-tech, healthcare,
Model etc) unlike peers which rely on single verticals
• Parent’s expertise in plant engineering, construction
and building automation benefits LTTS.
Favorable
Factors • Also, L&T group provides access to LTTS to several
Fortune 500 clients.
• Engineering services are under-exposed to
Growth
offshoring services; this should be a secular trend
Drivers which should benefit leading players like LTTS
Clean Science and Technology Ltd.
• The company has emerged as the global leader in majority of its product
categories on the back of niche product offerings catering to polymer
inhibitors, Pharma API & anti-oxidants for the Food & Feed industry.
• Driven by its strong R&D capabilities – in both plant technological
/engineering development as well as process innovation (based on green
chemistry).
• Strong pricing power; commands healthy margins (EBITDA margin
expanded from 33% to 50% bet FY16–21
• On the back of capacity additions with the aim to capture higher market
share for its products,revenues are expected to grow at a CAGR of ~23%
over FY21–24.

L&T Technology Services Clean Science and Technology Limited

780 170.0
680 160.0
580 150.0
480 140.0
494 127.2
Stock Price 380 130.0
280 120.0
180 110.0
80 100.0
90.0
80.0
Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 16
Source: MO AMC Research
 Trillion Dollar
Today’s India : More Aspirational in its Consumption Pattern

• Steady and Dispersed • Existing Technology

Urbanization Backbone
• Breakdown of Urban- • New Technology and
Rural divide Business Model Innovations

Technology
Urbanization and
Innovation
Evolving
Income Favorable
Consumer
Growth Demographics
attitudes

• Middle and High Segment

Expansion • Working age Majority • Attitudes (Income,
• Reduction of Poverty • Millennials and Gen Z Demographics, Technology-
• Consumption Growth and adoption led preferences)
Composition

Source: MO AMC Research 17

 Trillion Dollar
IT Space – Long runway for growth

Significant Headroom for Listed Tech in India to Grow India’s IT is expected to witness a steep growth

Valuation Growth of Top 100 Digital

Companies in India 700 to 1000
($ Bn)

64%

86%

250
31%

13% 60
1% 5%
S&P BSE 500 Index S&P 500 Index 2015 2020 2025
Internet and Digital IT Services Others

Source: InvestCorp, Sep 2021 Report 18

 Trillion Dollar
Low Penetration & Household Leverage Offers Long-term Growth Opportunity
Global AC Penetration
Penetration of Consumer Durables across categories in India 100%
91%
80%
60%
54%
35% 30% 30% 30%
17%
10% 7% 5% 7%

Global China Japan Malaysia Thailand India

No. of AC Sales in India Household Debt as a % of GDP

7.2
6.5 88%
80%
5.5 68% 70% 70%
4.7
3.7 3.9
3.1 3.4 44%
2.7 3 3
23%
10.2%

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 India Brazil China Hong Thailand Malaysia USA UK
19
Source: Statista, MO AMC Research Kong
 Case Studies
These stocks are for illustration purpose only and may or may not form the part of the actual portfolio
Page Industries Vedant Fashions Ltd.
• Page Industries Limited manufactures, markets, and • The company is a category leader and one stop shop in the branded Indian
About distributes garments and clothing accessories for men, wedding and celebration market
Company women, and junior girls and boys. • 500+ exclusive branded outlets; healthy margin (Gross margin:~70%)
• FY22-24 Revenue and EPS growth pegged at 15% and • Ethnic wear accounts for ~32% of overall apparel retail market out of which
20% as price hikes offset higher yarn costs. Women’s ethnic wear is the largest segment (~ INR 1,25,000 cr compared
• The Indian innerwear market is expected to grow at 10% to ~INR 18,000 cr of Men’s segment);This is another key focus segment of the
CAGR over 2017-27 while Men’s/Women’s innerwear is company
Favorable
estimated to grow 6%/12%;Newer segments, mainly • Commands industry’s highest PAT margin of ~26% and RoCE at ~32% as on
Factors Athleisure and Kid’s innerwear, are expected to grow FY20; Revenue per store at INR 2.4 crore
even faster. • The Indian wedding and celebration wear market is pegged at ~INR1 lakh cr
• The company is targeting USD 1 bn sales by FY26 (15-20% branded penetration); branded space is expected to grow at a CAGR
of 18-20% by FY25
Ethnic wear market size (INR bn)
Page Industries Limited
2,000.0 1,752.5

1,500.0
Stock 1,000.0
Price 500.0

Source: MOFSL Research, ICICI Direct Research 20

 Disruption
Opportunities in New Age Businesses

E– OTT /
Food Tech Health Tech Ed Tech Fintech
Commerce Gaming/ Ent

Illustrative list

Size (USD bn) 45.0 4.0 0.7 0.9 3.0 80.0 (txn value)

Who is getting Traditional Restaurant Pharmacy Coaching Traditional Media

Traditional Banks
disrupted? Retail Chains Stores Institutes / Multiplexes

Ancillary
Segments/Key
enablers
Key drivers Demographics, Internet penetration, Simple yet robust financial eco-system, ‘Work from Home’

Consumer Tech: Leveraging technology/internet to serve a consumer need at scale

Source: Company, BofA Global Research, Citi Research, Note: Size refers to GMV or Gross Merchandise Value 21
Unlocking Value through Unlisted Space

22
Expertise in Unlisted Space
Unique approach enabling exclusive access to deals

Large number of deals MOPE - Proven performance track record

sourced from local network

Fund I Fund II Fund III

~INR 550 Cr ~INR 1,000 Cr ~INR 2,300 Cr
Vintage 2007 2013 2018
42% Investments 13 11 9
58% Exits 13 (fully exited) 1 complete 90% (committed)

Portfolio
26.8% 18.1% 45.6%
Gross IRR

Local Financial Advisor (LFA)

Investment Bank (IB)

Note: Statistics as on June 30, 2021

23
 Case Studies - Unlisted
These stocks are for illustration purpose only and may or may not form the part of the actual portfolio

Packaging Solutions Company

• One of the largest producers of high quality folding cartons.
Business Model • Clientele includes industry leaders in FMCG, Food & Beverages, Pharma, Electronics, Retail and Apparels
segment.
• With more than fifty years of experience in the printing and packaging industry, the company combines its
technical expertise with market insights to deliver customized solutions that exceed customer
expectations.
• Holds vast domain knowledge across industries which gives them an edge over competitors
Favorable Factors
• Offers a complete range of carton styles complemented by a wide variety of print finishes such as
lamination, foiling, embossing, window patching and security features.
• Their expertise lies in printing high quality graphics on a range of substrates including metallized and
holographic films.
• As per Mordor Intelligence, the Packaging Industry in India is expected to register a CAGR of
approximately 26.7% during the period (2022-2027).
Industry Growth
• India’s growing economy, favorable demographics, changing lifestyles and increased media penetration are
the key drivers.
Source: MO AMC Research 24
Virtue of Long Term Investing

To make money in stocks you must have –

 the Vision to see them
 the Courage to buy them &
 the Patience to hold them

Patience is the rarest of the three.

- Thomas Phelps
Author, 100 to 1 In The Stock Market

25
Investment Strategy

26
 Investment Strategy
Invest in companies with strong • Invest in early stage companies, pre–IPOs,
QGLP and Flexibility to invest at the time of DRHP filing; near IPO
~20% in other bottom up stock through anchor allocation
opportunities • Leverage deal sourcing capabilities MOPE

Listed Unlisted –
Equities Soonicorns
0-100% 0-49%

Value
Trillion Dollar Disruption
Migration

• Housing • Defense/PLIs • Fintech

• Retail Chains • Green Energy • Electric Vehicles
• Luggage • Industrial • Renewables 27
• QSR Infrastructure
Fund Manager

• Manish has been managing the Strategy since inception and also serves as
the Director of the Motilal Oswal India Fund, Mauritius.

• He has over 25 years of experience in equity research and fund

management, with over 14 years with Motilal Oswal PMS.

• He has been the guiding pillar in the PMS investment process and has been
managing various PMS strategies and AIFs at MOAMC.

• Manish holds various post graduate degrees including an MBA in Finance,

Manish Sonthalia FCA, Company Secretary (CS) and Cost & Works Accountancy (CWA).

28
 Key Terms & Structure of the Fund

Name of the
Motilal Oswal Vision 2030 Fund
Fixed Fee Structure
scheme

Type Category III, close ended scheme Lumpsum

Min Capital
Management
SIP Classes Commitment (Rs
Classes Fee
6 years from final closing with 2 year Crores)
Tenure
extension subject to approval
B1 B5 2<5 2.50%
No. of stocks Upto 30 stocks (inclusive of unlisted)
B2 B6 5 < 10 1.75%
Market cap Flexi, shall invest across market cap
B3 B7 10 < 25 1.50%
Benchmark Nifty 500 TRI

30% of the Capital Commitment and B4* B8* >= 25 1.25%

Initial
balance at the discretion of the Investment
Drawdown
Manager.

Lock In 24 Months from final closing

>2 and <3 yrs – 3%

>3 and <4 yrs – 2% *B4 and B8 are eligible for Co-investment in Unlisted Equity
Exit Load Please refer PPM for further details.
>4 and <6 yrs – 1% In case of defaults in SIP/drawdown, penalty of 8% + GST shall be levied on entire Capital Commitment. Please
> 6 yr – Nil refer PPM for further details.
29
 Tax Update
The rate at which a Cat III fund pays tax on each of these types of income is explained in the table below:
Surcharge Education Cess (applied Maximum
Nature of Income Type of
Period Basic Tax (applied on both tax and Marginal Rate
earned by the Fund instruments
on tax) surcharge) (MMR)
Upto 12
Short Term Capital gains Cash Equity 15% 15% 4% 17.94%
months
Long Term Capital gains > 12 months Cash Equity 10% 15% 4% 11.96%
Dividend Income - - 30% 15% 4% 35.88%
Unlisted – Long Term Upto 24 20% - with
Cash Equity 37% 4% 28.50%
Capital gains months indexation
Unlisted – Short Term
> 24 months Cash Equity 30% 37% 4% 42.74%
Capital gains
As per Criteria same as
Unlisted becoming listed As per listed Cash Equity 15% 4%
listed listed security
• Tax on both realized and unrealized gains is factored in the NAV on an ongoing basis.Thus, it is a post-tax post management fee NAV.
• Tax is paid by the trust as a representative assessee on behalf of the investor.
• Since the tax is discharged by the fund on behalf of investors, they do not have to pay additional tax separately. This holds true in case of
resident individual investors. Investors with different legal entity should consult their tax advisor.
• No TDS certificate is received by the investor for Cat III fund.
• The fund shares a tax letter post the completion of audit for relevant financial year.
30
The above rates are as per the budget of FY21-22.
 Allowed Country list to invest

Hong Kong Nigeria Switzerland Uganda Myanmar

Singapore Indonesia Bahrain Brunei Guyana

United kingdom Sri-Lanka Qatar Zambia Saint Kitts and Nevis

United Arab Emirates New Zealand Luxembourg Saudi Arabia South Korea

Dubai International Financial Centre (“DIFC”) Taiwan Monaco Romania Ireland

Democratic Republic of Congo Tanzania Nepal Philippines Azerbaijan

Australia Turkey South Africa Germany Japan

Belgium Kuwait Morocco Madagascar Spain

Sultanate of Oman Malaysia Kazakhstan China Finland

Thailand The Netherlands PARAGUAY Ghana Mauritius

Kenya Sweden Cyprus Botswana

Please reach out to the operations team as the list shall be updated timely.
Please write to aifservice@motilaloswal.com or AMC team for countries other than the ones mentioned above. 31
Annexure

32
 Decoding QGLP

Q Quality
G Growth
Potential for External factors
Quality of Business Quality of Management Robust Growth for the past 3 – 5
growth in the
years
future Internal factors

Cost Volume
Competitive Company Unquestionable Demonstrable Growth Favorable Inorganic growth (if any)
Landscape Financials Integrity Competence Mindset Price Mix

L Longevity
P Price
Expected 3 – 5 yr EPS
TTM P/E PEG < 1.5
CAGR

Business relevance 10 Sustainable / expanding

External factors P/E vs benchmark P/E Current Price Target price in 3 years
years from now moat

Market capitalization
Potential for upside Past 3-year price
movement over the
going forward CAGR
last 3 – 5 years

33
Source: MO AMC Research
Why AIF? – From an Investor’s Standpoint

Fund Return = Client Return

Ability to invest via IPOs
Due to homogeneity and closed structure

Longevity
• In other products, fund managers are forced
Discipline to stay invested during the entire tenure of fund to pay additional premium on listing day for
potential multi-baggers
• Whereas in AIF, Fund Managers enjoy decent
Flexibility in deployment of funds allocation in IPOs at issue price and thereby
add on the listing day gains too
Drawdown structure allows the fund manager for timing market
opportunities

Benefit of Pool Structure

Execution efficiency of pool account

34
Acceptance of Accredited Investors
Minimum capital commitment from an accredited investor is INR 25 lacs.

If an Investor becomes ineligible to be Accredited Investor

• Covers scenario where an AI is becoming ineligible involuntarily. For eg. Decrease in net worth, lead time
between expiration of AI certificate and renewal application.
• In this case, the investor still remains deemed Accredited Investor for the rest of the tenure and the
investment(s) already made by him shall continue to be reckoned as investment by an Accredited
Investor.

If an investors who have availed lower ticket size Withdraws the ‘Consent’ voluntarily:
• Investor is required to bring up the investment to the minimum investment size (1 Cr in this case) that is
mandated for non-Accredited Investors
• 30 days buffer shall be given for arranging the additional funding
• Compulsory redemption in case of failure subject to the exit load and/or penalty clause at the discretion
of the Investment Manager.

• BASL shall provide the accreditation certificate. Open the link in google chrome for registration:
https://membership.bseasl.com/login.aspx?flag=A 35
 Disclaimer
The content is issued on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this document is for
general purposes only and not a complete disclosure of every material fact and terms and conditions. The information / data herein alone is not sufficient and shouldn’t be
used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party.

All opinions, figures, charts/graphs, estimates and data included in this presentation are as on date and are subject to change without notice. The statements contained herein
may include statements of future expectations and other forward-looking statements that are based on our current views and assumptions and involve known and unknown
risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Readers shall be fully
responsible / liable for any decision taken on the basis of this presentation. Investments in Securities are subject to market and other risks and there is no assurance or
guarantee that the objectives of any of the Schemes will be achieved.The scheme may not be suited to all categories of investors.

The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such.
Opinions, if any, expressed are our opinions as of the date of appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in
this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. Recipient shall understand that the aforementioned statements cannot
disclose all the risks and characteristics. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return,
etc. and take professional advice before investing.

As with any investment in securities, the Value of the portfolio under management may go up or down depending on the various factors and forces affecting the capital
market.
This document is not for public distribution and has been furnished solely for information and must not be reproduced or redistributed to any other person. Persons into
whose possession this document may come are required to observe these restrictions.

Investment in Securities is subject to market and other risks and there is no assurance or guarantee that the objectives of any of the Schemes of Alternative Investment
Funds will be achieved.Please read Private Placement Memorandum of the Scheme carefully before investing.

33
Thank You!

37