Alchemy India Long Term Fund Ltd

Table of Contents

• Fund Highlights

• About Alchemy

• Philosophy & Process

• The Investment Philosophy

• The Fund Strategy

• Fund Positioning and Performance

• The Investment Team

• Idea Generation Process

• Portfolio Construction

• Review, Risk Monitoring & Exit

• Key to Alpha Generation

• Fund Details

• Appendices

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Fund Highlights

• Alchemy India Long Term Fund (the “Fund”) is a long short equity fund with long bias,the objective of the fund is to generate absolute returns over a market cycle.

• The Fund started in June 2008 and now has over 7 year track record.

• Since inception, the Fund has outperformed S&P BSE500* by a net annualized+785bps**.

• Alchemy Investment Management Pte. Ltd. (Alchemy Singapore) is the fund manager,which receives non binding advice from Alchemy Capital Management Pvt. Ltd.(Alchemy India).

• The Fund Manager is advised by a stable and experienced investment team, a bottomup investment philosophy, a consistent investment process and a strong support team.

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USD-adjusted performance of S&P BSE500 . *S&P BSE500 is a rules-based broad index designed to measure the performance of the top 500 companies in India)

**As of 31-Mar-2016, past Performance is not the indicative of future performance

About Alchemy

• Alchemy India started its asset management business in 2002

• The group* has over 13 years of consistent track record

• The group AUM is over $ 507mn**

• The group has a very stable and experienced team of investment professionals withexperience of managing funds through bull and bear cycles.

• Alchemy High Growth, the flagship strategy of Alchemy India, has out performed itsbenchmark^ 11 out of 13 calendar years generating a net annualized alpha of +888bps^^ (INR returns)

• The investment team is well supported by an experienced Risk management,Compliance and Operations team.

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*Group Includes Alchemy Singapore and Alchemy India**As of 31-Mar-2016 ^S&P BSE500 index -

^^As of 31-March-2016, Past Performance is not the indicative of future performance

The Investment Philosophy

We believe that consistent and superior long term absolute returns can be made acrossmarket cycles by investing in growth companies with good management teams.

• We like businesses which address large and growing external opportunity, have acompetitive advantage in effectively exploiting those opportunities and have a scalablebusiness model with higher than average Return on Capital Employed (ROCE)

• We believe management teams are key to business success. We look for managementswhich have aggression, are aligned to business outcomes while simultaneously havingrespect for governance and capital allocation

While growth companies form the core of our portfolio, we tactically also invest in deepvalue opportunities and special situations that may appear due to market cycles

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The Fund’s investment program entails substantial risks and there can be no assurance that its investment objectives will be achieved.

Fund strategy

• Fund Objective: The Fund is a long short equity fund with long bias with the objectiveto generate long term absolute returns on investor’s capital.

• Long strategy: The Funds’ investment strategy involves taking long term concentratedpositions in public listed equities without being benchmarked to any index. The Fund issector and market cap agnostic.

• Short Strategy: The Fund does not seek to be consistently hedged/short. However, thefund would seek to take opportunistic short calls to hedge a part of the portfolio eitherby way of options and/or futures on the index or individual stocks.

• Portfolio: The Fund will primarily invest in listed Indian equities but from time to timemay seek investment opportunities in PIPES, IPOs and Pre-IPOs.

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*The investment objectives are merely a target and there are no assurances that it will be achieved*The proposed strategy is subject to Risk Factors and provisions of the PPM. For complete details, please refer the PPM and its supplements.

Why a Long Biased Strategy?

• India is a growing economy, with strong long term macro and micro credentials. Webelieve the best way to benefit from India’s long term secular upside is through a longbiased strategy.

• The strategy not only helps us to benefit from a rising market like a long only strategybut also affords flexibility to manage company specific and market specific risks byhedging the portfolio through shorting certain indices or stocks while simultaneouslykeeping the core portfolio intact.

• A long biased manager is able to generate alpha by better focus on underlyingcompanies as he is not as concerned with market timing issues like a typical long shortequity manager or working against secular long term trends like a market neutral equitymanager, which is challenging in a volatile market like India.

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Fund Positioning & Performance

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PeriodAILTF Annualized

Returns#BSE 500

Returns(*)

1 Yr -14.5% -13.0%

2 Yr 18.3% 5.5%

3 Yr 18.2% 5.6%5 Yr 7.6% -1.6%

Since Inception 9.3% 1.5%

Inception Date: 10th June 2008

Portfolio Concentration

No. of stock holdings 30

Top 5 stocks 32.3%

Top 10 stocks 51.1%

Highest exposure 9.5%

Net Exposure (%) 94.6

Weight by market cap (%)

Greater than USD3bn 32.5

Between USD357mn & USD3bn 31.5

Less than USD357mn 30.6

Total 94.6

*USD-adjusted performance of the benchmark S&P BSE500 index# Past Performance is not the indicative of the future performance.

Data as on 31-Mar-16

GICS Sector Allocation Weight (%)

Industrials 24.8

Financials 22.6

Consumer Discretionary 19.9

Information Technology 13.1

Health Care 7.7

Materials 4.7

Consumer Staples 1.7

TOTAL 94.6

Investment Team

Atul SharmaPortfolio Manager (Singapore)Experience: 22 yearsYear of Joining Alchemy:2015

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Hiren Ved CIOExperience: 24 yearsYear of Joining Alchemy:1999

Sachin ShahPortfolio ManagerExperience : 16 YearsYear of Joining Alchemy : 2004

Chandraprakash PadiyarPortfolio ManagerExperience: 15 yearsYear of Joining Alchemy: 2007

Amit NadekarPortfolio ManagerExperience : 15 yearsYear of Joining Alchemy: 2005

Darshan EngineerAnalystExperience: 7 yearsYear of joining Alchemy: 2011

Alchemy India provides non binding advisory services to Alchemy Singapore

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Key Responsibilities- Investment Team

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Alchemy India

• Research Advisory and Support

Alchemy Singapore

• Idea Generation

• Portfolio Construction

• Portfolio Review & Management

Idea Generation Process

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Ideation on themes/sectors and/or individual companies

Sources of Idea Generation Key Activities

• Identifying long term secular themes/trends based on the macro context and policy environment

• Company visits / Broker Conferences• Attending Sector/Industry specific

conferences• Networking with other smart

investors/analysts• Screens based on results/margin

surprises, top price performers (3/6/12 months), new 52-week highs

• Non-binding advice from Alchemy India

• Based on the thematic and bottoms up outlook, preliminary company list is drawn up for further research and visits

• Preliminary models are made and company visits conducted. The process involves getting a good understanding of the company with respect to our investment framework

Portfolio Construction

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• Typical weight at cost is 2-5%, sometimes position is built over time• Concentrated portfolio of 25-40 ideas• Market cap/benchmark agnostic

Portfolio Construction Process

• If initial findings of the company visits/interactions satisfy our investment framework, additional iterations / interactions conducted and financial model finalised

• If the stock satisfies all qualitative and quantitative criteria, and is available at a reasonable valuation, the name is included in the Investment Universe

Portfolio Review & Risk Monitoring

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Review Risk Management

Company Review• Quarterly results/conference calls• Event impact assessment• Regular visits/interaction with the investee company,

model updates

Portfolio review• Positioning – Long as well as short / hedging• Quarterly and annual update of the investment thesis• Addition / trimming of positions• Attribution review of Performers / Laggards

Exit • Risk return not in favor • We believe better opportunities available• Hypothesis not playing out as initially planned

• Monitor risk limits : no Stock > 15%, no Sector > 40%

• Analysis and action on outperformers / detractors through monthly attribution

Organizational Oversight• Risk limits monitored by

Operations team and communicated to the investment team

Key to Alpha Generation

• Disciplined investment process in conjunction with an experienced advisory teamwhich has worked together over market cycles

• Bottom up idea generation from an under researched universe

• Ability to identify themes / trends early

• Good network of relationships

• Concentrated positions on high conviction ideas

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Fund Details*

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Fund Type Open Ended

Minimum Investment US$ 500,000

Subscription Frequency Monthly

Subscription Charge Up to 2%

Management Fee 1.5% p.a. charged monthly in arrears

Performance Fee 15% p.a. with High Water Mark

Lock in One year hard lock

RedemptionsCalendar Quarterly post expiry of lock-in period

Notice Period 45 days

Exit Load No Exit load, post expiry of lock in period

*Please refer the PPM and its supplement for the complete details on the terms

Fund Structure (US taxable investor)

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Investor US Taxable Investors

Partnership Feeder Fund - Cayman Island

Alchemy India Fund (Cayman) Partners LP

A Limited Partnership incorporated under Cayman Islands laws.Registered with Cayman Island Monetary Authority (CIMA)

Master Fund -Mauritius

Alchemy India Long Term Fund Ltd

A company incorporated with Limited Liability under Mauritius laws.Registered with Financial Services Commission (FSC), holding Global

Business License Category 1 (GBL).Acting as deemed FPI under SEBI (FPI) Regulations.

Investment Manager & General Partner -Singapore

Alchemy Investment Management Pte Ltd

A company incorporated with Limited Liability under Singapore laws. Licensed Fund Management Co by Monetary Authority of Singapore

(MAS). Registered Investment Advisor with Securities exchange Commission (SEC)

of USA.Investment Manager of the Master Fund and General Partner of the

Partnership Feeder Fund

Fund Structure (US tax-exempt &Non US investor)

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Investor US Tax-exempt & Non US Investors

Company Feeder Fund - Cayman Island

Alchemy India Equity Fund (Cayman) Ltd

A Limited Company incorporated under Cayman Island laws, Registered with Cayman Island Monetary Authority (CIMA)

Master Fund -Mauritius

Alchemy India Long Term Fund Ltd

A company incorporated with limited Liability under Mauritius laws.Registered with Financial Services Commission (FSC), holding Global

Business License Category 1 (GBL). Acting as deemed FPI under SEBI (FPI) Regulations

Investment Manager –Singapore

Alchemy Investment Management Pte Ltd

A Company incorporated with Limited Liability under Singapore laws. Licensed Fund Management Co. by Monetary Authority of Singapore

(MAS). Registered Investment Advisor with Securities exchange Commission(SEC)

of USA.Investment Manager of the Master & Feeder Fund

Fund Service Providers

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Fund Administrator

Deutsche International Trust Corp. (Mauritius)

Ltd

Partnership Feeder, Cayman

Master Fund, Mauritius

Fund Banker

Barclays Bank

Fund Banker

Deutsche Bank

Fund Banker

Barclays Bank

Fund Administrator

Custom House Fund Services, Malta

Company Feeder, Cayman

Fund Administrator

CIM Fund Services, Mauritius

Fund Auditor

KPMG, Cayman Island

Fund Auditor

KPMG, Mauritius

Fund Auditor

KPMG, Cayman Island

Fund Custodian

Standard Chartered Bank, Mumbai

Appendices

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Month-wise Fund Performance

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Alchemy India Long Term Fund - Performance (%) Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec YTD

2016

Fund Performance -10.7 -13.2 16.5 -9.6

Benchmark* -8.0 -9.1 14.4 -4.2

2015

Fund Performance 6.4 4.7 4.0 -6.5 0.0 0.9 5.7 -9.5 0.3 1.7 -1.1 3.8 9.6

Benchmark* 8.5 0.9 -4.8 -4.7 2.8 -1.1 2.6 -9.5 0.5 2.5 -3.2 1.2 -5.3

2014

Fund Performance -5.3 3.5 15.8 0.7 13.5 7.7 4.0 4.5 2.5 2.0 2.8 -1.4 60.4

Benchmark* -5.1 3.5 11.1 0.2 12.8 4.5 0.2 2.3 -1.1 4.5 2.5 -4.2 33.9

2013

Fund Performance -2.5 -10.0 -5.3 6.6 -2.0 -10.3 -3.6 -13.7 13.1 10.2 0.8 6.0 -13.7

Benchmark* 3.9 -7.4 -2.2 4.6 -3.3 -8.9 -4.8 -12.3 11.5 11.5 -2.3 3.9 -8.6

2012

Fund Performance 20.5 5.4 -4.1 -1.0 -10.1 4.8 -0.5 2.1 15.7 -3.0 9.0 0.9 42.5

Benchmark* 21.5 6.3 -5.7 -3.5 -12.7 6.6 -0.3 0.6 14.9 -3.8 4.2 1.0 27.6

2011

Fund Performance -13.3 -5.8 13.9 6.7 -0.8 1.5 6.4 -11.7 -4.7 2.8 -16.5 -10.6 -31.3

Benchmark * -12.7 -2.3 9.9 0.5 -4.0 1.1 -0.9 -12.5 -7.4 6.1 -15.4 -7.5 -38.9

2010

Fund Performance -0.1 1.2 6.5 7.0 -10.2 5.4 4.8 4.0 11.6 -0.4 -7.1 3.4 27.0

Benchmark * -4.3 0.5 8.7 3.4 -7.9 4.2 1.9 -0.2 14.8 1.5 -7.0 5.9 21.2

2009

Fund Performance -8.3 -7.1 2.5 11.1 43.5 0.0 7.7 5.6 3.9 -3.2 4.3 5.3 74.6

Benchmark * -5.8 -8.9 8.5 19.2 41.6 -1.7 7.5 0.3 10.3 -4.1 8.3 3.5 97.4

2008

Fund Performance -1.7 4.3 -0.2 -11.8 -24.4 -10.0 10.0 -32.4

Benchmark * -11.2 7.1 -1.1 -18.9 -30.5 -8.8 12.3 -45.7

Data as on 31-Mar-2016; Fund Inception Date : 11th June 2008. Past Performance is not the indicative of the future performance.Returns presented are for Class B shares of Alchemy India Long Term Fund Limited and are net of fees and expenses. Fees charges to individual investors may vary and, as such, returns achieved by investors may differ from those shown above., *USD adjusted Performance of the benchmark S&P BSE500 index

The Alchemy Group founders

Rakesh Jhunjhunwala : He is one of the successful and acclaimed investor in the Indiancapital markets. He has made all his wealth by investing and trading in the Indian marketsfor over 30 years. While he is not involved in the day to day functioning of the firm, hismentorship and guidance has helped the group develop consistent ethos and performance.

Ashwin Kedia : He brings more than 2 decades of equity market experience in primaryresearch and corporate connect.

Lashit Sanghvi : He is the Co–Founder & Whole Time Director & CEO of Alchemy India.

Hiren Ved : He is the Whole Time Director and the CIO of Alchemy India.

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Alchemy Milestone

• 1991: The story of Alchemy began in 1991 when Lashit Sanghvi and Ashwin Kedia, with a common passion for equity markets, set up Alchemy Research to provide research on Indian Equities to large investors.

• 1995: Alchemy Stock Broking was born, when Rakesh Jhunjhunwala, a well regarded investor and a client of Alchemy Research, impressed by the quality of research and independent thought process of Lashit and Ashwin, encouraged the two to start a sell side firm. The Broking firm was later sold in 2010.

• 1999: Alchemy India was formed to provide Separate Account Management Services (Known in India as Portfolio Management Services). Hiren Ved, who knew Lashit and Ashwin since 1991, joined as a co-founder and CIO.

• 2002: Alchemy starts its onshore Separate Managed Account business

• 2005: Alchemy gets its first offshore Institutional mandate

• 2007: Alchemy Singapore was incorporated

• 2008: AILTF was launched

• 2015: Alchemy Singapore obtained registration as an Investment advisor with SEC of US

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The Onshore SMA track record

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^ Alchemy High Growth managed by Alchemy Capital Management Pvt Ltd. (India), * S&P BSE 500 ~Inception Date : 08th May 2002, ^Portfolio returns are on absolute basis and in INR terms , ^^since inception returns are CAGR returns. Data as on 31-March-16. Past Performance is not the indicative of the future performance.The performance shown is that of all client accounts that invested in the Alchemy High Growth strategy since its inception in 2002. Returns presented are net of fees and expenses. Fees charged to accounts may vary, and as such, results achieved may differ from those shown.

Period Portfolio^ Returns Benchmark Returns* Alpha

CY 2016 -10.6% - 4.2% -6.3%

CY 2015 7.6% -0.8% 8.4%

CY 2014 55.5% 37.0% 18.5%

CY 2013 1.7% 3.3% -1.5%

CY 2012 56.3% 31.2% 25.1%

CY 2011 -21.6% -27.4% 5.8%

CY 2010 17.5% 16.4% 1.2%

CY 2009 58.7% 90.2% -31.5%

CY 2008 -56.1% -58.1% 2.1%

CY 2007 77.9% 63.0% 14.9%

CY 2006 40.8% 38.9% 1.9%

CY 2005 96.5% 36.6% 60.0%

CY 2004 26.1% 17.5% 8.7%

CY 2003 134.9% 101.1% 33.8%

CY 2002~ 4.8% -2.4% 7.2%

Since Inception^^ 25.4% 16.6% 8.9%

Alchemy Singapore Team Bio’s

Atul Sharma, Portfolio Manager

Mr. Atul Sharma has over two decades of global business advisory and direct investment experience. Mr. Sharmahas advised Asian Governments, Sovereign Wealth Funds, Conglomerates, MNCs and Multilateral Agencies acrossseveral industry sectors to address critical challenges related to economic development, creating economicprofits/shareholder value, business strategy, growth, cost & balance sheet management and corporategovernance. He is a strong advocate of the fundamentals driven investment style that lays emphasis on the rightcombination of concepts/metrics like economic moats, ROIC, growth and valuation multiples.

Prior to joining Alchemy, Mr. Sharma was an independent advisor helping clients identify and execute their privateequity /direct investments and an adjunct faculty at a University in Singapore. Prior to this, Mr. Sharma worked forover 15 years in corporate finance and management consulting firms; including business leadership roles in SternStewart & Co and advisory leadership roles in Accenture, Coopers & Lybrand and Arthur Andersen. Mr. Sharma hasan MBA degree from the Asian Institute of Management and a B.Sc. Physics degree from St. Xavier’s collegeMumbai.

Anis Bohra –Sr. Vice President, Chief Operating Officer

Anis has over 9 years of experience in fund accounting and fund operations. He has worked with Morgan Stanleyfor 4 years prior to joining Alchemy in Morgan Stanley’s fund services department looking after global hedge funds.In 2010, he joined Alchemy (India Office) in the offshore operations team and graduated to leading the operationsteam. After spending close to 5 years at Alchemy India office, Anis has moved to Alchemy Singapore office in thecapacity of COO. Anis has done M.B.A. (Finance) from M.E.T. Mumbai and holds a Bachelors degree in Accountingfrom Mumbai University.

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Alchemy India Team Bio’s

Hiren Ved, Co-Founder and Chief Investment Officer

Hiren started his career in the equity markets in 1991 at an early age of 21. He started his career by workingwith KR Choksey & Co, a sell side firm known for its value investment approach. Starting as an analyst, hegraduated to becoming the Head of Research by building a solid foundation in bottom-up research. In 1994, hejoined Prime Securities, a local Investment Bank as an investment analyst and subsequently became the Headof Equities overlooking the investments of the internal treasury in both the listed and Private Equity space. In1999, he teamed up with his friends to co-found Alchemy Capital Management, a boutique investmentmanagement firm focused on public equities. Over the years, he has built a solid and stable investment teamwhich Alchemy believes to have delivered consistent above average investment returns. He holds a graduatedegree in Accounting from Mumbai University and a post graduation in Management & Cost Accounting fromICWAI.

Sachin Shah – Portfolio Manager

Sachin has over 16 years of experience in research and portfolio management. He has worked for various Buy &Sell side firms like UTI Mutual Fund, SG Asia Securities, HDFC Bank & ASK Raymond James before joiningAlchemy Capital Management in 2004 where he first started as an analyst and then graduated to co-manageportfolios as a portfolio manager. In 2007, he moved to Singapore as Director and Portfolio Manager forAlchemy Investment Management, Singapore and helped launch the Alchemy India Long Term Fund in June2008. In mid-2009, he returned back to the India Office and continues to provide portfolio advisory to the fund.Sachin has an M.B.A (Finance) from NMIMS, Bombay University and has cleared all 3 levels of CFA Programfrom The CFA Institute, USA.

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Alchemy India Team Bio’s

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Chandraprakash Padiyar – Portfolio Manager

Chandraprakash has over 15 years of experience in research and portfolio management. He started his career as aresearch analyst at UTI Mutual Fund and then graduated to become a Fund Manager for a few of their equity schemes.Chandraprakash joined Alchemy Capital Management in 2007 as a portfolio manager for domestic HNI clients.Chandraprakash has an M.B.A (Finance) from SIBM, Pune University and has cleared all 3 levels of CFA Program fromThe CFA Institute, USA.

Amit Nadekar – Portfolio Manager

Amit has over 15 years of diverse experience across equity research, corporate strategy, taxation, accounts and audits.He started his career with First Global Securities as a US Banking & Financial sector analyst before moving to RaymondLtd as a part of Corporate Strategy team. Amit joined Alchemy Capital Management in 2005 and is a part of theinvestment team with core responsibility for investments across BFSI, Consumer and IT sectors. Amit has an M.B.A(Finance) from JBIMS, Mumbai University and is also a Chartered Accountant.

Darshan Engineer – Research Analyst

Darshan has around 7 years of experience in credit and equity research. Darshan completed his computer engineeringfrom SPCE, Mumbai in 2005 after which he worked as a software engineer at TCS for 2 years. Thereafter, he completedhis MBA (Finance) from JBIMS, Mumbai in 2009. He joined CRISIL, India’s largest credit rating agency where he ratedbank loans of Indian mid-corporates and led a team of 3 analysts. In July 2011, he joined Alchemy Capital Managementwhere he first worked with the offshore debt team to analyze FCCBs and bonds issued by Indian Corporates,government entities, etc. He also provided credit analysis to the equity team and has since then been a part of theequity investment team.

Alchemy India Team Bio’s

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Lashit Sanghvi : Co –Founder & CEO

Lashit’s journey with Alchemy began when he co-founded Alchemy Equity Research & Securities in 1992 andAlchemy Share & Stock Broking Pvt Ltd. He has over 18 years of experience and has featured in CNBC’s “Wizardsof Dalal Street”, a showcase of India’s most successful investors. His area of expertise also involves evaluation ofPrivate Equity investment opportunities and development of systems for dealing function and back office.

Pooja Keswani - Chief Operating Officer

Pooja Keswani is a Chartered Accountant with over two decades of experience spanning across sectors likeFMCG, BPO & Financial Services. Prior to joining Alchemy in 2009, her key assignments included Procter &Gamble, Willis Insurance captive BPO and Motilal Oswal, holding positions of Sr. Financial Analyst, National SalesFinance Manager, Head of Operations, Chief Financial Officer & Head of Business Solutions.

Chirag Pandya - Executive Vice President, Group Head – Compliance & Legal

Chirag is a member of Institute of Company Secretaries of India, he also holds degree in Law and post graduationin Investment Banking. Chirag has about 15 years of experience in the area of Compliance, Legal and Risk. Priorto joining Alchemy in Nov 2009, he has worked with BNP Paribas, Marico & Reliance in various roles.

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General Risk factors

•Investments in financial instruments or other products carry significant risk, including possible loss of the principal amount invested. Financialinstruments or other products denominated in foreign currency are subject to exchange rate fluctuations, which may have an adverse effect onthe price or value of an investment in such products.•Please read Offer Documents (includes Private Placement Memorandum and Subscription Agreement)/ Investment Agreement carefully beforeinvesting. Investors are expected to understand the risk factors associated with investment & act on the information solely at their own risk.•As a condition for providing this information, you agree that Alchemy Investment Management Pte. Ltd., its Group or affiliates (collectively,“Alchemy”) do not accept any liability in any way arising to them for any loss or damage (whether direct, indirect or consequential), from anyuse of this document or the information contained herein.

General Disclaimers• Information and opinions contained in the document are disseminated for the information of authorized recipients only and are not to berelied upon as advisory or authoritative or taken in substitution for the exercise of due diligence and judgment by any recipient. This documentand its contents has not been approved or sanctioned by any government authority or regulator.•This document does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be madeonly by means of the appropriate confidential Offering Documents/ Investment Agreement that will be furnished to prospective investors.Before making an investment decision, investors are advised to review the confidential Offering Documents/ Investment Agreement carefullyand consult with their tax, financial and legal advisors. This document contains a depiction of the activities of Alchemy and the advisory servicesthat it provides. This depiction does not purport to be complete and is qualified in its entirety by the more detailed discussion contained in theconfidential Offering Documents/ Investment Agreement. Any reproduction or distribution of this document, as a whole or in part, or thedisclosure of the contents hereof, without the prior written consent of Alchemy, is prohibited.•Performance estimates contained herein are without benefit of audit and subject to revision. Past performance does not guarantee futureresults. Future returns will likely vary and investment results will fluctuate. In considering any performance data contained herein, investorsshould bear in mind that past performance is not indicative of future results, and there can be no assurance that implementation of theinvestment strategy or the investment objectives will achieve comparable results.

Risk Factors & Disclaimers

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General Disclaimers (cont’d)

• The information and opinions contained in this document may contain “forward-looking statements”, which can be identified by the use offorward-looking terminology such as “may”, “will”, “seek”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue” or“believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, including thoseset forth under the confidential Offering Documents / Investment Agreement, actual events or results or the actual performance may differmaterially from those reflected or contemplated in such forward-looking statements.•Index performance and yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposesdue to, among other matters, volatility, credit or other factors (such as number and types of securities).

Investor(s) are invited to ask questions and obtain additional information, concerning the contents of this document or any other relevantmatters, which shall be provided, to the extent the Investment Manager possesses such information or can acquire it without unreasonableeffort or expense.

Queries:If you have any queries or questions, you can contact us directly on clientservicing@alchemysingapore.com or reach out to;

Alchemy Investment Management Pte Ltd.11th Floor, Straits Trading Building, 9 Battery Road, Singapore 049910 Dir: (+65) 6597 7084 Fax: (+65) 6410 9590 www.alchemysingapore.com

Risk Factors & Disclaimers

Alchemy Investment Management Pte. Ltd.Registered Address : 30 Cecil Street, 19-08 Prudential Tower, Singapore 049712.

Corporate Office : 11th Floor, Straits Trading Building, 9 Battery Road, Singapore 049910Tel : + 65 6597 7084 / +65 9650-5619 | Email : clientservicing@alchemysingapore.com