Advised by

Indian Entrepreneur Fund

Advised by

India Entrepreneur Fund: Introduction

• Note: * Promoter / Family stake of at least 26% is desired in most portfolio companies, except in rare and fit cases. ** Disclaimer - An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past Performance is not indicative of future results. Currency exchange rates may affect the value of investments. Copyright © 2012 by McGraw-Hill International [UK] Limited [S&P], a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.Please visit www.ieof.com for further details of the ranking.

Fund Objective:

Invest in high growth mid-market “Entrepreneur run and/or family owned businesses”*; listed on the Indian stockmarkets

IEF has been recently awarded a Fund Management Grading of ‘Silver’ by S&P Capital IQ **

Fund Tenure:

3 year Fund investing in high quality, high growth, mid-market companies

Expected Returns

Superior long term compounding returns representing growth of underlying companies

Pro-investor Fee Structure:

Performance fee charged at the end of fund tenure (not every year)

Experienced Team:

Team of 10 experienced investment professionals led by Bharat Shah who has nearly two decades of experiencein capital markets, has deep insight into Indian businesses and enjoys a pervasive interface with Indian corporatecommunity especially with promoters and entrepreneurs

Indian Entrepreneur Fund Update:

Launch – March 2010

US$ 61 mn under the strategy (Pooled fund size US$ ~ 24 mn) as on 31 January 13

Clients include family offices and private clients from Middle East, North Africa and Europe

IEF has returned 12 % vs. (6) % for BSE 500 since inception (26 March 2010 – 31 January 2013)

Advised by

Fund Summary – Indian Entrepreneur Fund

Performance Snapshot

(in % USD) 1 Mth 3 Mths 6 Mths 1 Yr 2 Yrs

Since Inception

(26 Mar 10-31 Jan 13)

2013 (Jan YTD)

2012 20112010*

(26 Mar-Dec)

IEF 3 7 17 10 4 12 3 24 (27) 21

BSE 500 4 9 22 9 (7) (6) 4 28 (39) 16

Top 5 Sectors

Sectors Portfolio (% )

Healthcare 20

Auto 14

Financials 14

FMCG 11

Retail 10

Cash 4

Top 5 Positions

Stock NAV (%)

Sun Pharmaceuticals 7

Asian Paints 7

Divis Laboratories 7

Lupin 7

Bajaj Finserv 7

Total 34

Note: * IEF was launched on 26-Mar-2010

Advised by

Fund Philosophy

Invest in Entrepreneurs

Of vision, integrity and passion

Who have their ‘own skin in the game’

Execution capability and track record

Invest in ‘Growth’ businesses

Capable of doubling their bottom line in 3-4 years

That are capital efficient

That are seasoned (proven business models) players who have the potential to get ‘seeded’(become leaders)

Which focus on wealth creation for their shareholders

Invest in attractive mid-market companies at attractive prices

Buy ‘growth’ businesses at ‘value’ prices

Focus on creating adequate margin of safety

Often could be under-researched, under-owned or contrarian investing

Eschew risk of small/micro caps and start ups

Portfolio Construction

Concentrated portfolio of 18-20 holdings

Active management, buy and hold approach

Exposure to sunrise, innovation led and cutting edge sectors

Advised by

Why Entrepreneurial/Family Businesses?

Theoretical Underpinnings

Passion, Conviction and Commitment

Longer term view

Own skin in the game – Alignment ofinterest

Entrepreneurs often spotopportunities early

Dynamic leadership

High score on innovation andintellectual capital

Empirical Findings

Continued Dominance

Fastest growing businesses

Superior operating margins

Improving capital efficiency

Operate in sunrise industries/sectors

Biggest wealth creators

Advised by

Investment Rationale: Indian Entrepreneur Fund

Advised by

Family Owned Businesses in India (FOBs)

Note:

Top 500 publically listed companies as per market capitalization (as on 30-Dec-11) and companies with PBT greater than INR 100 cr outside

the top 500 companies

Banks and FIs are excluded throughout this research study for definitional consistencies

Entrepreneur/Family Owned Firms comprise ~60% of market cap of top 500 companies.

2011 2001

Categories No. of Firms Avg. Market Cap.% of Market Cap.

(Top 500) % of Market Cap.

(Top 500)

Entrepreneur run and/or Family Owned Businesses (FOB)

409 $1 bn 54 46

Public Sector Undertakings (PSU) 44 $ 6 bn 26 18

Multi-National Corporations (MNC) 58 $ 2 bn 11 24

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Growth of FOBs

Entrepreneurial firms are the fastest growing category

Operating Profits growing at ~30% annualized over last 8 years

Note:

Banks & FIs are excluded from the above study for definitional consistencies.

Audited consolidated results as on 31-March-2011 are considered for the above study.

Source: Capitaline

Advised by

FOBs in Emerging Sectors

Entrepreneurial firms are present across vibrant and emerging sectors

Entrepreneurs identify sunrise sectors early e.g. IT, Telecom etc.

Entrepreneurial firms include a blend forming part of both manufacturing as well as servicessectors

Note:

Banks & FIs are excluded from the above study for definitional consistencies.

Audited consolidated results as on 31-March-2011 are considered for the above study.

Figures above are percentage of market cap of that category (FOB,MNC & PSU) within Top 500

Top 5 - FOB Top 5 - MNC Top 5 - PSU

IT - Software 19% FMCG 28%Mining & Mineral products

23%

Refineries 11% Pharmaceuticals 12% Crude Oil & Natural Gas 19%

Automobile 7% Cement 9%Power Generation & Distribution

18%

Pharmaceuticals 6% Automobile 8% Refineries 9%

Telecom-Service 6% Consumer Durables 7%Capital Goods-Non Electrical Equipment

7%

Source: Capitaline

Advised by

Operating Efficiency

High operating efficiency for Entrepreneurial firms

Tight cost control

Declining trend for state owned firms

Note:

Banks & FIs are excluded from the above study for definitional consistencies

Audited company results as on 31-March-2011 are considered for the above study.

Improving RoE for Entrepreneurial firms

Source: Capitaline

Advised by

Capital Efficiency

FOBs have good capital efficiency backed by superior growth rates

CAPEX done; FOB primed for growth

Most MNCs are brand businesses, not asset intensive

PSUs are overcapitalized !

Note:

Banks & FIs are excluded from the above study for definitional consistencies

Audited company results as on 31-March-2010 are considered for the above study.

Source: Capita line

27% CAGR

12% CAGR

14% CAGR

Advised by

Wealth Creation

Note:

Returns as on Dec-11

Bank & FIs are excluded from the above study for definitional consistencies (as on Dec 2011)

TOP PERFORMERS – 5 Years % price CAGR ( as on Dec 2011)

FOBs PSUs MNCs

Responsive Ind 262% MMTC 37% Whirlpool India 37%

Symphony 152% G M D C 37% GlaxoSmith C H L 37%

TTK Prestige 85% Indraprastha Gas 29% Castrol India 35%

PI Industries 79% Petronet LNG 29% CRISIL 35%

Kwality Diary 77% Engineers India 23% Nestle 32%

TOP PERFORMERS – 10 Years % price CAGR ( as on Dec 2011)

FOBs PSUs MNCs

Praj Inds. 75% G M D C 48% CRISIL 56%

Jindal Steel 70% G S F C 42% Areva T&D 53%

Sesa Goa 66% BEML Ltd 41% Elantas Beck 47%

Kemrock Indis. 62% SAIL 35% Kansai Nerolac 45%

Opto Circuits 60% Bharat Electron 34% Siemens 43%

Source: Capitaline & Bloomberg

Entrepreneurial firms significantly outperformed PSUs and MNCs in Wealth Creation

Advised by

Snapshot

Criteria / Category FOBs PSUs MNCs

Growth Highest Growth ratesIn aggregate, underperform FOB companies

Shown steady but lower growth than FOBs

Capital EfficiencyHigh Growth coupled with improving capital efficiency

Good efficiency ratios; although much lower growth

High capital efficiency

Investment / CapexGross block doubled in last 3 years

Are over capitalized Have invested very little in capex

Alignment of InterestPromoter's own skin in the game

Social priorities, Low-float?Transparency may be an issue and may impact minority shareholders

Wealth Creation of Shareholders'

Highest Wealth Creation Low contribution Steady contribution of wealth

Sector/IndustriesNew age/Sunrise sectors, innovation led, intellectual property rich

Natural resources, Commodities, Power and Energy

Pharma, FMCG, Automobile

Decision Making Speedy and DynamicOver-regulated /bureaucratic and hence could often lack speed, tends to be rigid

Usually driven by parent company priorities

Business EnvironmentCompetitive environment; often results in more efficiency

Natural monopolies in many sectors they operate

Often satellite operations of parent companies abroad

Corporate GovernanceImproving with emphasis on independent professional boards

Governmental practices Overall good governance

Advised by

Some Successful Family Firms

Industry Spectrum

NEW AGE TO TRADITIONAL

Size Spectrum

TELECOM TECHNOLOGY HEALTHCARE POWER AUTO CONSUMER FINANCE

AGRO COMMODITIES

COMMODITY

LARGEBhartiAirtel

Infosys, Wipro, TCS

Sun Pharma, Dr Reddy's

Adani Ent.

Bajaj Auto, Mahindra

Asian Paints, Dabur

Kotak Bank

CoromandelJindal Steel & Power, Sterlite

MID-SIZEDTulip Tele

InfotechEnterprises

Divis Lab, Opto, Lupin,

Apollo Hospitals

Torrent Power

Motherson Sumi

Marico, Emami

Shriram Transport Finance

Rallis IndiaJSW Steel, Sesa Goa

Advised by

Value Proposition – Indian Entrepreneur Fund

Investing into Entrepreneurs

Who run some of the fastest growing companies in India

That represent the fastest growing economic entity in one of the fastest growing economy

Identification of Entrepreneurial Businesses

Bottom up stock picking – Large universe of 399 family owned businesses to choicest 20 businesses

Rigorous filtering process using well defined criteria to construct the portfolio

4-6 interactions with the managements to review portfolio companies

The ASK Advantage

Leading discretionary money management boutique in India

Large research team – 9 investment professionals

Deep interface with Indian corporate sector – especially with promoters and entrepreneurs

25 years + existence, home grown company

Unique Fund Structure

3 year Fund, exit charge to disincentivize early exit

Back ended performance fee charge at the end of portfolio tenure- strong alignment of interest

Optimum compounding not affected by potential performance fee charge every year

Advised by

Research Methodology

Top 500 as per market capitalization. Condition of minimum PBT of INR 100 cr (~USD 20 mn) ledto inclusion of another 91 cos outside the top 500 as per market capitalization591

Only companies > 25% promoter / family holding (except in very rare and fit cases)

Universe of Entrepreneur and/or Family Owned Business = 399 cos399

Compare each category on Growth, Profitability, Productivity, Capital efficiency parameters etc. Subjective evaluation by our research team on management quality, their past track record,

capital allocations decisions, executions capabilities, corporate governance standards etc. led toelimination of 121 companies from the above list

278

Detailed analysis on each of these companies including spreadsheets and valuation models

2 micro level filters – a) strong earnings growth rate and b) capital efficiency (RoCE/RoE) of over20%

86

Two more micro level filters while selection of stocks a) Price-Value gap (margin of safety) of 25%and b) Defined minimum levels of stock liquidity

Indian Entrepreneur Portfolio

18-20

Note: * FOB – Family Owned Business ; MNC – Multi-national corporations ; PSU – Public Sector Undertakings ; PPF – Pure Professional Firms

Advised by

Stringent filters lead to quality

Our research methodology helps us picking stocks with attributes such as:

• Are among leaders in their own segment

• Generate ROCE (Return on capital employed) generally in excess of 35%

• Strong free cash generation capabilities

• Superior management pedigree and excellent corporate governance standards

Since the portfolio aims to invest in entrepreneurially driven and family owned businesses, beside the risks related to investments in Equity shares, risk and challenges in family owned Enterprises as mentioned here under could impact the performance of the portfolio. (The list of risk as mentioned here under is not exhaustive).

Succession planning

Corporate governance concerns

Centralized decision making

Nepotism

Control retention concerns can affect capital structures

Capital allocation issues

Risks Associated with Investments in IEP

Advised by

Lupin

• Only Indian firm to make successful foray in US branded and Japanese market

• Focused on the large and evolving generic pharma opportunity

• Strong product pipeline

• Track record of strong and sustained domestic growth

• Earnings growth of 20-25% for the next few years

A few stock examples

Exide

• Largest player in the lead battery segment in India

• Growing auto sales and increasing usage of batteries to drive revenues

• Increasing vehicle base to create large sustainable consumer business

• Ability to pass on increase in raw material prices

• Track record of sustained earnings growth

• Superior business RoCE of ~40%

Advised by

Kotak Bank

• Kotak Bank provides a wide range of financial services and has a strong RoA of 2.1% on a consolidated basis.

Considering Basel III guidelines requiring higher core capital, banks with higher RoA would be preferred play.

• Kotak Bank has the potential to leverage its balance sheet and boost ROE in the long term. Risk-reward is

favorable for KMB

• Asset quality outlook remains sanguine given KMB’s large exposure to retail lending, high quality exposure

within corporate lending and absence of exposure to troubled sectors such as infrastructure and airlines

• All its capital market related businesses are currently subdued and turnaround of these businesses would

provide additional phillip to the bank.

Divi’s Labs

• Divi’s is one of India’s leading players in the lucrative CRAMS (Contract Research and Manufacturing Services)

space, (global market of US$65bn+).

• Enjoys high margins and ROCE

• Strong relationship with global pharma majors (both innovators and generics)

• Expected to deliver strong growth in coming years, backed by strong order visibility, steady improvement in

new facility utilization

• Net cash position of Rs4.5bn, RoE’s of 28% being much higher than peers

A few stock examples

Advised by

Fund Features

Name Indian Entrepreneur Fund

Launch March 26, 2010

Geography Indian Equities

Strategy Long only

Domicile Mauritius

Base Currency USD

Fund Structure Pooled/Commingled fund

Umbrella Fund India Emerging Opportunities Fund* (IEOF)

Umbrella Fund Size USD 137 mn (as on 31 Jan 2013)

IEF Size USD 24 mn (as on 31 Jan 2013)

ISIN/WKNMU0185S00027 (Retail A)/ MU0185S00035 (Retail B)/ MU0185S00043 (Retail C)MU0185S00050 (Institutional A)/ MU0185S00068 (Institutional B)

Bloomberg TickerINDENPR MP (Retail A) / INDENR2 MP (Retail B) / INDENR3 MP (Retail C)INDENI2 MP (Institutional A) / INDENI1 MP (Institutional B)

Liquidity Weekly once (every Thursday)

Note: * 1) IEOF is the flagship fund under ASKIM’s advise. It facilitate creation of customized accounts under the defined strategy like Growth,Eagle (Deep Value), Lighthouse (Infrastructure) & Strategic (concentrated) portfolios. 2) IEF is a pooled share class under IEOF.

Advised by

Fund Features

Service Providers

Administration Deutsche International Trust Corporation (Mauritius) Ltd.

Auditors Ernst & Young, Mauritius

Banker & Custodian Deutsche Bank, Mauritius & Deutsche Bank, India resp.

Fee Structure (Retail) Fee Structure (Institutional)

Minimum Investment US$20,000 –US$250,000

US$ 250,000 – US$1million Above US$ 1 million

Management Fee 2.50% p.a 2.25%p.a. 1.25%p.a. 1.75 % p.a 1% p.a.

Performance Fee - -

20% over 10% annualized hurdle

(to be charged at the end of fund tenure)

NA

20% over 10% annualized hurdle(to be charged at the end of fund

tenure)

Exit Charges Up to 1% in the First year

Note: Please refer to the subscription agreement for details on subscription fees.

Advised by

India Opportunity

Advised by

Indian Economy – Size and Diversity

In current dollars terms, the GDP stands at US$ 1.7tn.

In purchasing power parity terms, India is the third largest economy at US$ 4.5tn

Holy trinity of key bulwarks: Consumption, Savings and Investments

Consumption accounting for 57% of GDP, Savings at 32% and Investments also at 32%

GDP is well-balanced across Services (56% of GDP), Manufacturing and Industry (29%)

and Agriculture (15%)

Largely domestic economy (82% of GDP), making it more resilient to external shocks

Rising middle class

Robust banking sector and well-developed capital markets

Strong capital efficiency of corporate sector

Private capital accounting for over 85% of incremental capital formation

Favorable demographics

Advised by

Global Developments

Recent round of monetary easing by the US Fed and ECB has started a rally across asset classes

Structural issues continue to plague the Western world

Economic growth in the EU should remain weak.

US growth is dependent on the handling of the fiscal cliff after the November Presidential elections

Growth outlook in China will become clearer after the regime change is over

In China the current phase of investment led growth has to give way to a more balanced growth

On fundamentals , we expect moderation in global commodity and crude oil prices

Given issues in the global system, we have to be prepared for large volatility in asset classes

Impact of rounds of monetary easing is waning

Advised by

Some significant weaknesses have crept in

Weakness are largely self induced..

And are more tactical in character

Policy Inaction

High fiscal deficit

Fiscal discipline has slipped

High inflation

High oil prices have made matters worse

India Update - Some Significant Concerns

Advised by

However, Structural Strengths Remain

Savings at over 30% of GDP is one of the best in the world

Indian GDP growth is supported by well balanced spread across Services, Manufacturing and

Agriculture

Balanced consumption led growth

Growth has come with rising capital efficiency

Favorable demographics and a rising middle class with rising incomes

Top notch intellectual capital

A vibrant and well regulated banking and financial services sector

Largely, a domestic economy (so less affected by global issues)

Advised by

Burst of Economic Reforms Recently

New found demonstration of political resolve by the Government

Relaxation of foreign investments in number of areas like retail, aviation and insurance

Hike in fuel and gas prices and limitation of gas subsidy

Planned disinvestment in Public Sector Undertakings

Virtual shelving of unpopular tax rules (General Anti Avoidance Rules or GAAR)

More sectors could be opened to attract foreign capital

Impact of these measures include

Likely reduction in fiscal deficit

Stronger rupee

Raise confidence

Improved growth outlook

September alone has witnessed FII inflows to the tune of USD 3.6 bn

Advised by

Parameters Trends and Outlook

Inflation Has peaked out

Oil Expected to further soften

Interest Rate Has peaked out

Earnings Growth outlook has bottomed out

Valuation Below Long Term average

Capex Cycle Likely to restart

Sentiment Improved

Rupee Recent strengthening to sustain

India – Outlook

Advised by

Rich diversity of business with high ROEs

RoE of Indian companies is far superior in comparison to other countries.

India has a rich diversity of businesses and sectors: Strong representation from many

intellectual capital backed businesses.

Index Value

P/E CY12

P/E CY13

ROE CY11

ROE CY12

Basic Materials

(%)

Consumer Goods (%)

Financials (%)

Industrials (%)

Oil & Gas (%)

IT (%)Telecom

(%)Health

care (%)Utilities

(%)

No of Sectors >10%

Brazil 66704 11 10 19 20 22 13 30 4 17 0 3 1 6 4

India 17503 17 15 25 22 7 15 25 12 14 17 3 3 3 5

China 2439 10 9 18 17 18 9 21 16 24 1 1 3 4 4

Russia 1680 6 6 21 19 13 0 19 0 56 0 4 0 6 3

Korea 2018 10 9 12 15 13 19 14 19 5 21 2 1 2 5

Advised by

Correlation of Indian markets with GDP

Correlation of GDP growth vis-à-vis Corporate Earnings growth, Market Cap growth and rerating of Indian markets

Please refer to the next slide for notes

YearReal GDP

Growth (%)Index =

100

Nominal GDP

Growth (%)

Index = 100

PAT Growth (%)

Index = 100M.Cap

Growth (%)Index =

100M.Cap /

GDP

Mar-03 4.0 104 7.8 108 45.8 146 8.8 109 26%

Mar-04 8.1 112 12.2 121 44.3 210 99.3 217 46%

Mar-05 7.0 120 17.1 142 37.6 290 47.7 320 58%

Mar-06 9.5 132 14.1 162 21.3 351 68.5 540 86%

Mar-07 9.6 144 16.6 188 44.1 506 23.0 664 91%

Mar-08 9.3 158 15.9 218 26.9 642 36.0 903 107%

Mar-09 6.7 168 15.7 253 -18.5 524 -35.6 581 59%

Mar-10 8.4 182 14.9 290 36.9 717 97.7 1148 102%

Mar-11 8.4 198 17.5 341 17.3 841 9.7 1260 95%

Mar-12 6.5 210 15.0 392 -5.8 792 -16.7 1050 69%

Advised by

Correlation between GDP growth and Corporate earnings

Over last 10 years, real GDP more than doubled while Corporate net profits have risen eight times

Real GDP growth and Corporate earnings have shown a close correlation of 3 – 4 times

Re-rating of Indian markets

Over time, Indian markets have witnessed steady rerating in response to structural improvements

Market cap to GDP ratio of only 69% (March 2012) shows undervaluation which even presentlystands at 74% only

Correlation between GDP growth and Market cap growth

Over last 10 years, the nominal GDP has quadrupled while market cap has risen more than ten fold

Nominal GDP growth rate and Market cap growth has shown a strong correlation of 2 – 3 times

Correlation of Indian markets with GDP

Advised by

Returns of Various Global Markets

Analysis as on 31st December 2012 (CAGR %)

Markets 20 years 10 years 5 years 1 year

India 11 19 -1 26

China 5 5 -15 3

Australia 6 5 -6 13

USA 7 5 0 7

UK 4 4 -2 6

Japan -2 2 -7 23

Brazil N.A. 18 -1 7

Russia N.A. 16 -8 11

MSCI EM Index 6 14 -3 15

Advised by

Conclusion

Invest in the Indian growth story byinvesting in the Indian entrepreneurs

“ “

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About ASK Investment Managers

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ASK Wealth Advisors

Established in 2007

ASK Property Investment

Advisors Established in 2009

Financial Planning &

Wealth Advisory

Group Overview

Real Estate Advisory

ASK Investment Managers

Established in 1994

Discretionary money

management in Indian equities

ASK GROUP

ASK PraviEstablished in

2011

Private Equity Advisory

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Introduction : ASK Investment Managers

Leading private money management firm in India

Singular focus on managing money in Indian equities – ‘long only’ style

Long term investors

‘Bottom-up’ fundamentals driven value-based stock picking philosophy

Disciplined research and investment process

Experienced team of 3 portfolio managers and 6 investment professionals headed by a CIO

Purely discretionary money management

Clients include family offices, pension funds, private clients across the globe

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Key Tenets of our Investment Philosophy

Aims for Capital Preservation

Capital Growth…in that order

Our Investment Approach

Price the value rather than valuing the price

Buy “growth” businesses at “value” prices

Disciplined investing into outstanding businesses

Seek compounding opportunities

Investment Philosophy

Advised by

Research Process

Advised by

Integrated risk management and review mechanism throughout the investment process

Disciplined Buy and Sell mechanism

Discipline of buying businesses with reasonable margin of safety

High discount factor (of 15%) for cash flows in our financial models builds conservatism in value estimation

Individual stock cap at 10% and Sector cap at 25%

Role of compliance & risk management teams – ongoing monitoring and reporting

Risk Management

Advised by

Disciplined adherence to investment philosophy / process

Strong in-house proprietary research

Team bandwidth and experience

Strong relationships and industry interfaces

Comprehensive understanding of Indian businesses and industries

Comprehension of long term secular nature of India opportunity

Long term performance track record

6-8 interactions per year with the management team of every portfolio company

Investment Edges

Advised by

Bharat Shah – Executive Director – ASK Group Internationally renowned with over two decades of capital markets experience

Prior to joining ASK, was CIO at Birla MF, one of India’s largest Mutual Fund houses managing nearlyUSD 1.65 bn

Built ASK Investment Managers into one of India’s largest providers of discretionary PMS services,managing close to USD 500 mn.

Prateek Agrawal - CIO – ASK Investment Managers Has 18 years of capital market experience including 10 years on the sell side with SBI Capital Markets,

the largest Indian Investment bank and rest on the buy side

Sell side experience includes a fair exposure to project advisory and investment banking

Prior to joining ASK, was Head of Equities at Bharti Axa investment Managers and ABN AMROMF. Managed equity assets of nearly USD 45 mn In Bharti AXA. At ABN Amro MF, managed nearlyUSD 260 mn and advised offshore assets worth USD 700 mn

Sumit Jain – Portfolio Manager 6 years of experience with ASK Investment Managers

Manages Indian Entrepreneur Portfolio and Lighthouse Infrastructure strategy

Also engaged in research of business within ASKIM universe, identifying new investmentopportunities and tracking their performance at regular intervals

Biography

Advised by

Investment Team Structure

The Investment Team is mentored by Bharat Shah, Group Director

Advised by

RISK FACTORS:

Equities as an asset class carry a higher risk in comparison to debt. While risk cannot be totally eliminated, it can be mitigated througha well-designed investment strategy. ASK Investment Managers Portfolios seek to mitigate risk and deliver superior returns throughresearch-based investing. However, this objective may not be fully achieved due to various reasons such as unfavorable marketmovements, misjudgment by portfolio manager, adverse political or economic developments etc.

DISCLAIMER:

Any information contained in this material shall not be deemed to constitute an advice, an offer to sell/purchase or as an invitation orsolicitation to do for security of any entity and further ASK Investment Managers Private Limited (ASKIM) and its employees/directorsshall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising from the use of this information.Recipients of this information should exercise due care and caution and read the offer document (if necessary obtaining the advice offinance/other professionals) prior to taking any decision on the basis of this information.

ASK Investment Managers Private Limited has not independently verified all the information and opinions given in this material.Accordingly, no representative or warranty, express or implied, is made as to the accuracy, completeness or fairness of the informationand opinions contained in this material.

The information contained in this presentation is intended to introduce ASK Investment Managers Private Ltd to Australian wholesale clients. This information is of a general nature only and does not constitute an invitation or an offer in respect of any financial product or a recommendation to buy or sell any financial product or to carry out any other transaction.

This or any material is provided to parties that are clients/ potential clients of ASK Investment Managers Private Limited (ARBN 146 559 980) (“ASKIM”), corporate authorized representative of Falconer & Co Ltd (AFSL No. 244315).

Disclaimer

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Thank You