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Expertise Access Niche VIKASA India Fund Investor Presentation

Contents

• About VIKASA Capital
• The India Story
• VIKASA India Fund
• VIKASA Investment Philosophy
• The Active Overlay
• Who Should Invest
• Fund Fact Sheet
• Our Team
• Contact Us

VIKASA Capital is a Boutique Emerging Market Investment Advisor Our Vision

At VIKASA Capital, Knowledge is the greatest asset.

Our Mission

We help provide profitable growth through our trusted network and investment management expertise, responsible for building a global community.

www.VIKASAcapital.com

Sustainability Statement

To integrate into our business decisions values, ethics and economically friendly practices for the long term benefits of our clients, employees and stakeholders.

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IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

About VIKASA Capital

Expertise Access Niche

www.VIKASAcapital.com

Investment Manager: Licenced CIS Manager

• ffering investment in securities

VIKASA Management LLC, Oklahoma (RIA): Registered Investment Advisor based out

• f Oklahoma

Our Funds : VIKASA India and Africa Fund VIKASA Capital is building a leading emerging market firm.

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

About VIKASA Capital

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

The India Story

• India stands out compared to other developed and

emerging countries due to Continued Upgrade in the growth projections

• Second Largest Growing Economy with an annual

growth rate of more than 7% in the last 3 years. Growth expected to reach double digit in the next 5 years

• Standard and Poor’s (S & P) rating services has

lowered the economic growth forecasts for both China and Japan, while raised the outlook for India

• Over $ 383 Billion of forex reserves
• Over 7000 listed companies
• Almost three fourth of Fortune 500 Companies have
• utsourced their Information Technology (IT)/ITES

services into India

• India is already the world’s Fastest Growing telecom

market

• The 4th Largest pharmaceutical industry
• Is the 5th Largest Commercial Vehicle Manufacturer
• With a globally recognized Pharmaceutical Industry

and is fast emerging destination for Healthcare

• India became a Trillion Dollar Economy (12th largest country by GDP) in FY2008
• The economy is expected to add another Trillion Dollars to annual output in 8 Years i.e. 2016
• That is likely to make India the 8’th largest economy in the world
• This is a structural transformation driven by increasing investments, growing consumption

and a young and dynamic workforce

• For equity investors : an attractive investment opportunity

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

India – Growth creates Opportunities

The manufacturing purchasing managers' index (PMI), has been above 50 (denoting expansion), driven more by manufacturing recently in the context of the Make in India Campaign. Industrial Production (IIP) has also inched higher in February 2016.

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

Business Sentiment Improvement

Source: Barclays, The above graph depicts a 3 stage bottom-up cyclical model DFC - Dedicated Freight Corridor; BTG- Boiler-Turbine- Generator; T&D- Transmission and Distribution

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

Investment Recovery

• The five Defence Acquisition Council meetings since August

2014 have cleared INR 1.4 trillion of projects for the defence sector

Defense

• Dedicated Freight Corridor promises to be a ‘game changer’

for improving the competitiveness of Indian manufacturing

Railways

• Changes made to the Insurance Act of 1938, now allow

Foreign Direct Investment (FDI) investment in Indian insurance companies from 26 percent to 49 percent

Insurance

• Several large sized projects which earlier had bottlenecks in

execution has now been shifted to ‘Make in India’ initiatives for quick execution

Make in India

• The Lok Sabha (India's lower house of parliament) already

cleared the Goods and Services Tax (GST) for uniformity of tax system, getting away with complicated tax system previously

Goods and Services Tax

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

Reforms undertaken to stimulate the Indian economy

• India to emerge as the largest supplier of productive workforce
• As per UN estimates, by 2020, India will contribute an additional 136mn people to the global labor

force

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

India – Poised to reap rich demographic dividend in years to come

• Rise in working age group will lead to a huge consumption boom
• The rise in working age group and with bulging middle class with buying power

will lead to a huge consumption boom across categories. For Eg – Sales of passenger cars is expected to grow over 147% during this period. ( 2010 – 2015)

• Housing boom, which is reflected through the total mortgages outstanding will

further lead to huge growth in acquisition of durables

(USD bn) 2015 2010 CAGR % 2 Wheelers (mn units) 16.3 9.4 12 Passenger Cars (mn units) 4.7 1.9 20 Mortgages outstanding 400 88 35 % Mortgages of GDP 36% 35% National Highways (k km) 227 133 11 Port Traffic (mn t) 1100 756 8

Demographics/ Consumer aspirations, rising income levels etc.

Indicative Consumption, Savings and Infra metrics

2015 2010 DTH subscriber base (mn) 54 18 Passenger car sales p.a. (mn) 5 2 Mortgages Outstanding (USD bn) 400 88

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

Confluence of many factors to drive growth

VIKASA India EIF I Fund

Investment Objective

• The Fund seeks long-term capital appreciation through the exposure to securities listed on the Bombay

Stock Exchange: BSE 30 and BSE 500 Investment Strategy

• The Fund will invest monies primarily in equity and equity related instruments in Indian Companies
• The Fund will invest in securities selected on the basis of Enhanced Index approach
• The Enhanced Index Fund approach is a way of capturing the strength of indexing while maintaining

flexibility to adapt to the changing market conditions on both a macro and micro level

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

42% 47% 47%

• 52%

81% 17%

• 25%

26% 9% 30%

• 60%
• 40%
• 20%

0% 20% 40% 60% 80% 100% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

S&P BSE SENSEX Performance

• S&P BSE SENSEX comprises of 30 stocks representing

large, well-established and financially sound companies across key sectors of the Indian economy

• Over the past 10 years, the S&P BSE SENSEX was

down only twice in 2008 and 2011

• Compound Annual Growth Rate (CAGR) of the SENSEX
• ver the past 10 years is 15.3%
• Very competitive stocks within the index attracting

foreign investors

• Most of the companies in the BSE 30 belong to sectors,

which are core to the India Growth story

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Telecom Power Metal, Metal Products & Mining Capital Goods Health Care Transport Equipement Oil & Gas FMCG Information Technology Finance

SENSEX - Sector Allocation

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IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

The S&P BSE SENSEX

Axis Bank

• Has shown consistent earnings growth over

the years

• One of the best net interest margins across

the industry

• Is among the top banks having best asset

quality

• High Return on Assets (RoA)

Source: Bloomberg

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

VIKASA’s Core Holding – Axis Bank

TCS

Leader in the global marketplace and among the top 10 technology firms in the world, is an IT services, business solutions and outsourcing company A part of the Tata group, India’s largest industrial conglomerate, TCS has over 318,000 of the world’s best-trained consultants in 46 countries Reported profit of $927.37 million for the financial year ending 31 March 2015

Source: Bloomberg

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

VIKASA Core Holding – Tata Consultancy Services (TCS)

Maruti Suzuki

Maruti Suzuki India Ltd. is India’s largest passenger vehicle company which offers 14 models with over 200 variants across the Industry segments like: Passenger cars, Utility vehicles and Vans. Strong Balance Sheet figures with relatively lower debt to equity in the industry Reported revenue of $8 billion for the year ended 31 March 2015

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

VIKASA Core Holding – Maruti Suzuki

Source: Bloomberg

Sun Pharma

Sun Pharmaceutical Industries Ltd is an international specialty pharmaceutical company with over 75% sales from global markets Sun Pharma has 18 manufacturing sites

• worldwide. There are 6 manufacturing sites each

in India and US and one each in Canada, Brazil, Mexico, Hungary, Israel and Bangladesh Over 450% up since May 2010 www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

VIKASA Core Holding – Sun Pharma

Source: Bloomberg

• Infosys is a pioneer of the global off shoring model
• It competes with companies like IBM and Accenture
• Infosys got listed on NASDAQ in 1999

Tata Motors

• Ford spent US$ 50 Billion* over two decades of its
• wnership of Jaguar without ever turning an annual
• profit. Tata Motors purchased Jaguar Land Rover from

Ford in 2008, for US$ 2.3 Billion, and in a mere 5 years makes an annual profit equal to the acquisition price

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

VIKASA Core Holding – competing with global peers

Infosys

Investment Philosophy

• The Fund will capture the benefits of the index with an active overlay to respond to market conditions. The Index

Approach is passively managed, so as to replicate the BSE SENSEX Index which comprises of 30 companies with the highest market capitalization in the Bombay Stock Exchange. An active overlay that responds to changes in market conditions combined with an index approach creates an Enhanced Index Approach

• Our Investment Strategy is designed to capture the growth story of India with our Enhanced Index Approach which is

unique

• VIKASA India EIF I Fund captures the benefits of the index with an active overlay to respond to market conditions

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

Active Overlay

We adopt a bottom up & top down research approach in order to spot opportunities for investment in our active overlay portfolio

Portfolio poised to profit TOP DOWN

Identify companies with good growth prospects by screening for:

• Reasonable Valuation
• History of Earning Growths
• Positive Earnings Surprises
• Future Growth Expectations

Identify Investment Theme and Trends:

• Macroeconomic picture
• Sector / Industry Growth
• Geopolitical Landscape

BOTTOM UP

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IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Private and Confidential

Investors looking to participate in the growth potential of India Investors looking to invest in companies, which are poised to

• utperform the benchmark over the

long term

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

Who Should Invest?

Private and Confidential

FUND FACT SHEET

FUND FACTS

Inception Date 2nd September 2014 Dealing Frequency Monthly Investment Manager VIKASA Investment Management Ltd Benchmark S&P BSE SENSEX Domicile Mauritius Custodian Edelweiss Custody Services Administrator Apex Fund Administrators Auditors KPMG Valuation Day Last business day of the month Dealing Day First business day of the month Performance Fees Nil Exit Fees Nil

Management Fees

Management Fee 0.85%

Fund Chart

Asset Allocation % Weight (P)

Equities 89.4% Cash 10.6% Email: Info@VIKASAcapital.com Website: www.VIKASAcapital.com Fund Managers Comments Prevision of a good monsoon and predictions on whether or not the Fed will hike rates in June, kept Indian Markets animated in May. BSE SENSEX and NIFTY both performed strongly in May, returning 4.1% and 4.0% respectively. During the month, Indian rupee lost 1.2% against US Dollar closing at 67.2. Against this backdrop, VIKASA India EIF I Fund gained 2.90% for the month, while its benchmark gained 2.88% in USD terms. Most of the top holding of the fund advanced positively. Among the top holdings, Larsen and Toubro and HDFC Financial were the top performers generating return of 17% and 14% respectively.

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance

Looking ahead, global markets may witness further volatility, due to Brexit and subdued global growth. Domestically, the Reserve Bank of India may halt the interest rate despite marginal profit growth for

• Inc. Topline revenue growth is still lackluster due to subdued demand. At this junction, our stance is to book profit and increase our cash level. Market is currently trading above its 10 year average PE. Any

market correction will be optimised for buying fundamentally strong companies. Date: 31st May 2016 Current NAV : USD 93.00 Investment Objective: The Fund's main objective is to achieve long term capital appreciation by investments in a diversified portfolio of equities.

VIKASA India EIF I Fund

May, 2016

Larsen and Toubro which represents 4.6% of the portfolio, published steady results for financial year ending 31 March 2016. The company registered a growth of 18.55% in net profit while its revenue increased by 18.34% on a year

• n year basis. It is believed that Larsen and Toubro has recently bagged a new

contract worth USD 360 million, to construct a football stadium in Qatar. The fund’s weight in ITC was increased in May. The company now represents 7.9% of the holdings. ITC is one of India largest conglomerate in the FMCG

• sector. Lately, as part of its expansion program, ITC has announced to introduce

20 new products next month. The company has also stated that it would set up eight new integrated factories for its food division in states such as West Bengal, Assam, Karnataka, Tamil Nadu, Punjab and Maharashtra. The stock returned 8% in May.

TOP 10 Holdings %

Infosys Limited 7.9% ITC Ltd 7.9% HDFC Bank Ltd - FII 7.5% Housing Development Finance Corporation Ltd 6.5% Reliance Industries Limited 5.9% ICICI Bank Ltd 4.7% Larsen & Toubro Limited 4.6% Yes Bank Ltd 4.3% Tata Consultancy Services Ltd 4.1% Axis Bank Ltd 2.7% Performances May-16 2015 QTD YTD VIKASA India EIF I Fund 2.90%

• 7.32%

4.09% 0.67% SENSEX 2.88%

• 9.39%

3.62% 0.55%

Our Team

Mithilesh Soobarah

• Fund Manager

Roshen Pujari

• President
• CEO

Will Yousey

• Financial Advisor and Chief Compliance

Officer

Devendra Seebaluck

• Portfolio Manager
• Managing Director , VIKASA Mauritius.

Blake Lawrence

• General Counsel

Kanika Green

• Inside Legal Counsel

www.VIKASAcapital.com

IMPRTANT LEGAL NOTICE: This report is provided by VIKASA India EIF I Fund for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance. The information contained in this document has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by VIKASA Capital ("VIKASA"). The information in this document is publicly accessible for viewing and contains articles form websites, periodicals and other sources of public information. VIKASA reserves the right to change, modify, add or remove portions of any content at any time without notice and without liability. Those who access this document do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

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www.VIKASAcapital.com

VIKASA Disclaimer The information contained herein is confidential and proprietary. It is provided for informational purposes only, and is not complete. It does not contain certain material information about making investments in securities, and does not include important disclosures and risk factors. All securities transactions involve substantial risk of loss, including the risk of total loss of investment. Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments. Investments carry a risk of capital loss. Emerging markets may carry a higher than average risk of investment. This is neither an offer to sell nor a solicitation of any offer to buy any securities in any fund managed by VIKASA nor shall there be any sale of a security in any jurisdiction where such solicitation or sale would be unlawful. The information contained in this material or otherwise provided to you is provided for information purposes only. Data as of April, 2015.

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VIKASA Capital

PO Box 1598 Bethany, Oklahoma City 73008 1.800.507.3731 www.VIKASAcapital.com

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