An investment in Knowledge pays the best interest. - Benjamin - - PowerPoint PPT Presentation

SLIDE 1

RELATIONSHIP ACCOUNTABILITY PRODUCT

Funds Management Services

“

”

An investment in Knowledge pays the best interest.

• Benjamin Franklin

SLIDE 2

Executive Summary

Perf rforman ance

* Closed for subscription

# Flat Return

Advisory

• ry Team

Core group of 10 professionals, headed by Sarath Reddy , having considerable experience in Indian capital markets. Portf tfoli

• lio
• Risk Controls

ls Comprehensive risk management framework including in- depth stock reviews, exposure limits and marketable liquidity assessment. Robust risk monitoring mechanisms comprising of daily MTM and liquidity assessment combined with real-time tracking of corporate events and performance. Operati tional nal Risk Control Best-in-class prime broker, custodian and counter parties. Objec ecti tive Focus on identifying unique investment opportunities that consistently generate superior (risk adjusted) returns with due emphasis on capital preservation.

Unifi Capital is a discretionary , long-only India centric fund manager; specializing in event oriented top-down themes and a bottom-up focus on “growth with value”.

Fund Name Year of Inception CAGR Correlation Ann. Standard Deviation Event Arbitrage 2002 15.38% 0.05 8.50% Sector Trends Large Cap 2011 21.03% 0.88 15.06% Delisting* 2009 43.00% 0.62 14.54% Insider Shadow* 2010 17.17% 0.89 21.05% DVD* 2013 44.71% 0.72 18.95% Holdco* 2014 57.72% 0.65 28.26% Spin Off 2014 29.51% 0.76 20.96% APJ 20* 2015 35.99% 0.81 18.98% Green Fund 2017 40.61%# 0.59 8.15% Blended Fund 2017 32.69%# 0.89 15.34%

SLIDE 3

About Unifi

• Unifi focuses on long only investment

strategies as well as event arbitrage, focused on Indian equities, with a strong in-house research team, offering high levels of service supported by continuity & customization.

• Core team of five experienced capital market

professionals who co-founded the company in 2001.

• Unifi has a successful 16 year performance

record, evidenced by every fund having performed better than its benchmark.

• Unifi is headquartered in Chennai with offices

in Bangalore, Hyderabad, Mumbai and Delhi with a total team size of 57 professionals.

Rule #1: Never lose money Rule #2: Never forget Rule #1

• Warren

en E. B Buffett ett

“

”

SLIDE 4

4

Timeline of Unifi History & Events

2010 2009 2008 2006 2003 2002

2001

Unifi is founded Additional Office in Hyderabad Event Arbitrage fund Expansion into Bangalore Delisting Fund Unifi Financial subsidiary registered as NBFC Insider Shadow Fund Unifi Foundation setup India Spin-Off Fund Registered with SEBI

2012 2011

Sector Trend Fund Relaunch

2013

Deep Value Discount Fund Unifi Alternative Investment fund launched

Foray into Mumbai

Holdco Fund

2018 2014

17

Years Unifi: Historical Timeline

2015

APJ 20 Fund

2016

New office in Delhi The Green Fund Sector Trend Fund Unifi Fund Offshore

2017

Blended Fund

SLIDE 5

Domest mestic ic Funds ds

Registered with SEBI since 2002 as a PMS provider . SEBI Reg No. INPO 00000613 Clien ents s

High Networth Individuals, Family Offices, Senior Corporate Professionals and NRIs

Loca cation ions

Client base spread across India and abroad, managed through offices in Chennai, Hyderabad, Bangalore , Mumbai & Delhi

Funds Management

Fu Funds Portf tfoli

• lio

Event Arbitrage ‘Alternate Fund’, (2002) Delisting Fund, (2009)* Insider Shadow Fund, (2010)* Sector Trends Large Cap Fund, (2011) Deep Value @ Discount Fund, (2013) * Holdco Fund, (2014)* Spin Off Fund, (2014) APJ 20 Fund, (2015)*

The Green Fund, (2017)

Blended Fund, (2017) * Closed for subscription

Fund d Details ils

Date of Inception Fees 31st December 2011 1% Management Fee 20% Performance fee over LIBOR Fund Assets Administrator $ 1.96 million Apex Fund Services Ltd. Firm Assets Prime Broker About $ 540 million Kotak Mahindra (UK) Ltd. Min Investment Auditor $ 500,000 Nexia Baker & Arenson, Mauritius Bank & Custodian Legal Advisor HSBC Bank Bingham Mc Cutchen LLB (USA)

Inter erna natio ional nal Funds

Registered with FSC Mauritius since 2007

FSC Mauritius Reg. No. C107003590

Clien ents

Institutions, Family Offices

Loca cation ions

Managed by subsidiary in Mauritius (Unifi Investment Management Ltd.)

Fu Fund Details ls

Firm Assets Administrator & Custodian

• Rs. 34,500 million IL&FS Sec. Services (ISSL)

Minimum Investment Funds Auditor

• Rs. 2.5 million

K.S.Jagannathan & Co. Firm Auditor Brahmayya & Co. Average Investment Bank

• Rs. 13.69 million

HDFC Bank Legal Advisor Fees HSB Partners Combination of mgmt. & performance fees

Offsh shore e Fu Funds Portf tfoli

• lio

Unifi India Fund

SLIDE 6

Key People

Fund Management

SARATH K. REDDY MANAGING DIRECTOR AND CHIEF INVESTMENT OFFICER In a career spanning 25 years in the Indian financial sector, Sarath has handled a variety of functions across equities and fixed

• income. Having started his career with Standard Chartered Bank, Sarath took the first opportunity that came along to turn
• entrepreneur. He founded Unifi Capital in 2001 along with a highly experienced team of professionals. As Unifi’s Chief

Investment Officer, he works very closely with the analysts and fund management team. SARAVANAN V.N. RESEARCH & PORTFOLIO MANAGER Saravanan is a Chartered Accountant with 12+ years of functional experience in equity research, corporate finance, auditing and taxation. He has been with Unifi for the last 10 years and currently tracks pharmaceuticals, NBFC and domestic debt

• markets. Additional responsibilities include advising on debt fund investments, hedging and arbitrage opportunities. His prior

experience includes 3 years of articleship in PwC and 2 years with ICICI Bank’s Corporate Banking division. Saravanan manages Event arbitrage fund and the AIF High yield fund. BAIDIK SARKAR RESEARCH & PORTFOLIO MANAGER Baidik is a Chartered Accountant with 10+ years of experience in consulting, corporate finance and equity research. He has been with UNIFI for last 9 years and currently handles equity research across IT, real estate and the agricultural sector and also assists the CIO in managing the company’s Large Cap, APJ and Spin Off fund. Prior to this, Baidik worked as a Strategy Consultant with the Government Reforms and Institutional Development arm of Pricewaterhouse Coopers (PwC).

SLIDE 7

Key People

Board of Directors

SARATH K. REDDY MANAGING DIRECTOR In a career spanning 25 years, Mr. Sarath Reddy has lead a variety of functions in the field of Investments. Having started his career in Mumbai with Standard Chartered Bank, he took the first opportunity that came along to turn into an entrepreneur. He founded Unifi Capital in 2001 with a highly experienced team of professionals. As Unifi’s Chief Investment Officer, he works very closely with the analysts and fund management team. NARENDRANATH K. EXECUTIVE DIRECTOR Narendranath is one of Unifi's co-founders. He manages day to day operations, finance and compliance. He began his financial services career in 1980. During a 20 year stint with a leading non-bank finance company, he has had hands-on exposure at a senior level to equipment leasing, hire purchase, and credit cards. Functionally, he has handled business development, client relationship, capital raising, compliance and back-room operations.

• G. MARAN

EXECUTIVE DIRECTOR Maran is one of Unifi’s co-founders and currently holds position of Executive Director. Over his 16 years in the capital markets, he has worked with some of the leading names in the financial markets. His last stint was for four years at Alpic Bank of Bahrain & Kuwait Finance Ltd. He currently manages investments for some of Unifi’s most important relationships and has also been instrumental in spearheading Unifi’s initiatives into niche investment strategies and new geographies. SANDEEP REDDY Sandeep is the co-founder of Peepul Capital. Prior to the launch of Peepul Capital in 2000, he had 10 years of experience in Strategy Consulting with PriceWaterHouse in San Francisco and with Andersen Consulting in London. He has been one of the early participants in the rapidly evolving Indian private equity industry having been active for over ten years. He takes overall responsibility in defining and executing Peepul Capital's strategy. In that role he has spawned and built a number of entities as well as driven migration through their lifecycles.

SLIDE 8

Investment Approach

Theme Development Concept V alidation & Review Portfolio Management

H Y P O T H E S I S T E S T I N G Opportunistic Investment Themes Long Term Investment Themes Handoff to Research for Testing and In-depth Analysis Resear arch Team –

Idea Generation Process

FUND D LAUNC NCH

Fu Fund Manager er –

Review & Select Investment Opportunities

Evaluation of Risk/Return scenarios INVESTMENT COMMITTEE REVIEW

SLIDE 9

Investment Philosophy

We believe that scale is not a driver but an outcome of excellence in our work. Our thematic investment styles are designed around niche investment opportunities that exist in the Indian capital markets. Usually such specialties offer limited scope for scale-up in terms of the capital we can deploy effectively. The focus is always upon discovering and taking advantage of an insight that can provide the edge, and then adding layers of research and due diligence to construct a portfolio. The common foundation of knowledge, work culture and networks underpin all our investment strategies, providing us the benefit of scale. Unifi is essentially a value investor in growth businesses. We place Value first but always also demand growth potential in a business we own. We believe that stock performance, particularly in mid and small firms, needs a catalyst; and often the best catalyst is an attractive price combined with growth. Unifi believes that both micro (firm level) and macro risks are critical in determining outcomes. We carefully evaluate the fundamentals of each business that we own, and in addition ask ourselves if the prevailing and expected conditions in the economy will act for or against our

• interest. At times, while making longer term investments, we consciously trade off adverse macro conditions for terrific entry valuations.

Defining what Value, Risk and Consistency in returns mean to us. Value investing is easy to understand but hard to practice. Our job is to buy something for less than it is at least worth and generally hold on (for years) till we can sell at a price above its fair value. Risk is typically measured by the volatility of returns generated by an asset. While this makes great sense, we include another dimension to it, and believe that the greatest risk emanates from the probability of an asset’s permanent diminution of value i.e. loss of invested capital. While earning superior returns relative to benchmark is important, it is far more important to earn superior return on each unit of risk that we are exposed. Consistency of returns relative to our initial objective (in certain strategies we allow ourselves considerable latitude to deviate in order to

• utperform eventually) as well as the benchmark is an important measure of performance. We aim to consistently generate top quartile

performance. Our People. The bedrock of our firm’s ethos is best represented by our commitment to Accountability and Continuity, both internal and

• external. We attract people who are passionate and give them time and opportunity to succeed. We maintain a tight code of conduct and have

zero tolerance for poor integrity or quality. Adhere to the clients’ mandate. Typically, our clients are smart and successful individuals. The most important investment decision is the one made by our client (with our RM’s careful advice) at the outset in choosing the asset class and the risk level. As his investment manager Unifi is committed to stick diligently to the client’s mandate and deliver the best possible outcome while remaining vigilant on the underlying risks.

SLIDE 10

Investment Strategy & Funds

Investment Philosophy India Spin-Off Fund

Tenders Offers, IPOs Buybacks etc Corporate Demergers

Sector Trend – Large Cap Fund

Three Sectors

• ffering Visible,

Predictable & Sustained Growth

Unifi’s Portfolio of Investment Strategies Event Arbitrage Fund Opportunistic Investing

Corporate Events Time Frame  3-18 Months

Fundamentally Driven, Buy & Hold

Based on sustained growth of the Indian Economy Time Frame  2-3 yrs

Holdco Fund

The Green Fund

Invest in sectors that will form the basis for “greening” of the Indian economy. The fund aims to triple capital in 5 years. Invest in sectors that will experience strong consolidation and value migration in years to

• come. The fund aims to

triple capital in 5 years.

Holding Companies

Pick about 10 stocks at a discount to intrinsic value. The fund aims to double capital in 36 months.

Blended Fund

Deep V alue @ Discount Fund APJ 20 Fund

Investments cherry picked from the portfolio

• f companies that Unifi

manages across each of the 6 distinct funds it manages

SLIDE 11

Portfolio Parameters

Pre-trade

Ongoing Surveillance

Post-trade

Firm Infrastructure

In-depth bottom-up Stock Review even in top-down investment themes. Sensible Exposure Limits:

• Sector Specific
• Company Specific

‘Marketable Liquidity’ Assessment Staggered Purchases (No Chasing) Derivatives only to preserve gains – Zero

• pen positions

Daily Mark-to-Market assessment including detailed review of extreme movements. Weekly Liquidity Attribution Assessment to ensure conformity with the theme. Real-time monitoring of corporate communications to stock exchanges and methodical tracking of sector and company specific news in media. Quarterly meet/call with management of all the portfolio companies to measure progress, review results and revalidate assumptions. Opportunistic hedging/tactical trading to respond to short-term, counter-theme market moves. Best-in-class IT infrastructure with back-up. Independent reporting lines for

• perations, funds management and

risk-monitoring; Daily MIS to clients with private web access facility. Research Access to premium databases capturing economic, sector and company specific trends. Three independent audits – Internal, Accounts specific (K.S.Jagannathan & Co) and Statutory (Brahmayya & Co.). The PMS auditors carry out an annual audit and submit an audited account to each PMS account holder.

Risk Management Framework

INFRASTRUCTURE

SLIDE 12

Market Neutral Strategies

SLIDE 13

Fund Structure

Event Arbitrage Fund

Objec ectiv tive The fund seeks to generate stable absolute returns that are consistently superior to conventional fixed income instruments by identification and quick execution of low risk – moderate gain event arbitrage opportunities arising in the equity markets from time to time. Additionally, nominal and high yield debt would be considered to ensure optimum utilisation of funds and enhance returns with uncompromising emphasis on capital preservation. Strat rategy egy The core investment strategy is to exploit corporate event arbitrage opportunities in the listed capital markets that inherently have limited correlation to economic cycles and market volatility. These opportunities are driven by corporate events like mergers, acquisitions, delisting and buyback of shares through a “tender offer”. The risk- return pay-off in most of such deals is deal-specific and hence has limited correlation to market cycles. Typically, the price at which the buyer makes an offer for purchase is higher than the prevailing market price so as to induce shareholders to offer their

• shares. Arbitrage opportunities emerge in such cases due to the perceived discount in the pre-event market price in relation to the open offer and the

post-event price, occurring largely due to asymmetric information distribution, difference in investment objectives and expectation amongst investors. Nom Nominal nal and and High gh Yi Yiel eld Deb Debt: It is quite possible that there may not sufficient Event Arbitrage opportunities at a given point of time. Hence, we do invest in debt / fixed income papers either short term or with high liquidity instead of parking money in low yielding liquid mutual funds. The focus is

• n opportunities in the AA to Investment Grade segment to optimize after tax yields while balancing risks.

Port rtfol folio Struct cture re Investments are balanced among the opportunities that are selected. Typically, exposure to any event will usually be not less than 2.5% and not more than 25% of a portfolio. Also, exposure to an event is restricted to 10% of its potential opportunity/offer size. Investment allocation towards selected

• pportunities is gradually increased over a period of time in line with our improved understanding of the event and also to mitigate the impact cost of

build-up. Sufficient liquidity in the underlying stock, credible management and the risk-reward balance are key requirements for any opportunity. Event specific hedging are also selectively considered to lock-in gains / generate higher returns.

SLIDE 14

Fund Performance

Event Arbitrage Fund

* Returns are post management fees and before performance fees.

• 15.00
• 10.00
• 5.00

0.00 5.00 10.00 15.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 900.00 1000.00

Monthly Returns Value of Rs.100 Invested MonthlyReturns UNIFI Nifty Gsec Index

SLIDE 15

Fund Performance

Event Arbitrage Fund

Period Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

CY02 0.05% 0.05% CY03 2.03% 2.04%

• 2.82%

0.16% 12.13% 3.57% 6.88% 2.78% 5.61% 6.34% 8.74% 1.41% 60.11% CY04

• 5.59%

1.55%

• 2.06%

0.67%

• 9.95%
• 0.54%

4.53% 0.59% 3.60%

• 2.09%

3.23% 7.50% 0.21% CY05 3.16% 2.39% 3.61% 0.38% 2.34%

• 0.88%

4.69% 2.80% 0.45%

• 1.13%

4.59% 3.85% 29.38% CY06 1.37% 0.54% 3.59% 5.35%

• 2.37%
• 1.74%
• 0.41%

4.96% 2.75% 2.40% 4.75% 8.51% 33.38% CY07 3.84%

• 1.98%

2.99% 1.28% 1.89% 3.28% 6.10% 1.71% 0.45% 2.53% 4.61% 2.44% 33.07% CY08 0.54% 1.50%

• 2.83%

4.84%

• 0.49%
• 0.41%

1.28% 1.21%

• 2.12%
• 5.10%
• 0.35%

1.74%

• 0.54%

CY09 1.24% 0.74% 0.99% 2.53% 3.63% 2.83% 2.43% 1.58% 3.14%

• 1.82%

1.28% 2.08% 22.60% CY10

• 0.64%

0.43% 0.42% 1.12%

• 1.86%

0.28% 0.61% 1.72% 0.43%

• 0.82%
• 0.20%

3.49% 5.01% CY11

• 3.29%
• 0.74%

3.97% 2.93%

• 1.24%
• 0.32%

0.19%

• 1.93%

0.24% 1.81%

• 1.49%
• 0.19%
• 0.30%

CY12 3.21% 0.11% 0.09% 0.30%

• 0.94%

0.97%

• 0.36%

0.38% 3.27%

• 0.12%

0.72% 0.32% 8.14% CY13 1.14% 1.35%

• 0.06%

1.14% 2.21%

• 3.42%

2.16% 0.79% 1.47% 1.90% 1.15% 1.56% 11.87% CY14 0.85% 1.82% 0.68% 1.05% 1.43% 0.22% 0.70%

• 0.21%

2.32% 0.64% 0.15% 1.69% 11.90% CY15 0.97% 1.53% 1.64% 0.59% 0.59%

• 0.88%

1.34% 1.51% 1.37% 0.57% 1.10%

• 0.26%

10.53% CY16

• 0.09%

1.21% 1.31%

• 0.22%

2.00%

• 0.35%

1.15% 1.50% 0.61% 1.05% 0.34% 0.99% 9.93% CY17 1.40% 2.05% 0.91% 0.44%

• 0.77%

2.31% 2.69% 0.52% 0.29% 1.41%

• 1.23%

1.34% 11.89%

* Returns are post management fees and before performance fees.

Portfolio Benchmark 1.23 0.66 15.38 7.98 765.45 218.53 12.13 12.78

• 9.95
• 5.08

76.24 67.96 Cumulative Returns Largest Monthly Gain Largest Monthly Loss (%) of positive Months Returns Description Average Monthly Return CAGR

8.50 6.34 0.87 0.00 Benchmark 7.38 0.07 0.05 Description Alpha Beta Correlation Comparision to Benchmarks Risk Standard Deviation Sharpe Ratio

SLIDE 16

UNIFI High Yield Fund

Unifi i Alter ernati tive e Investme ment t Fund

Objec ectiv tive Unifi High Yield Fund (HYF) is a discretionary fund focusing on event oriented arbitrage and structured investment opportunities across multiple asset classes with an objective to generate absolute returns of 15% p.a with a standard deviation of 12% or less. The endeavour is to consistently generate superior compounded annual returns than conventional fixed income instruments with uncompromising emphasis on capital preservation. Strat rategy egy Unifi HYF’s core investment strategy is to exploit corporate event arbitrage opportunities in the listed capital markets that inherently have limited correlation to economic cycles and market volatility. Typically, arbitrage opportunities emerge in such cases due to the perceived discount in the pre- event market price in relation to the open offer / post-event price, occurring largely due to asymmetric information distribution, difference in investment objectives and expectation amongst investors. In the debt segment, the focus is on high yield fixed income opportunities with accrual mind set and tax efficiency. Even ent Arb rbitr trage age opport

• pportuni

nities ties emerge from corporate events like mergers, acquisition, buybacks, regulation triggered / voluntary open offers made to the public by controlling shareholders, company delisting, declaration of special dividends etc. The risk- return pay-off in most of such deals is deal- specific and has limited correlation to market cycles. Nom Nominal nal and and High gh Yi Yiel eld Deb Debt The focus is on opportunities in the AA to Investment Grade segment to optimize after tax yields while balancing

• risks. Typically, all debt investments are made with Hold to Maturity (HTM) mind set but some of it could be traded opportunistically to maximize

capital appreciation or minimize risk. Structure Unifi AIF is a SEBI registered Category III Alternative Investment Fund incorporated in the form of a trust. It is a privately pooled investment vehicle with a defined investment policy and is supervised by independent trustees. IL&FS Securities Services Limited is the independent custodian and fund

• accountant. The fund is open ended with a monthly window for subscription and redemption.

SLIDE 17

Fund Performance

Monthly Performance in (%)

Year Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Annual FY14 0.92% 1.56%

• 0.70%

1.60% 1.02% 0.87% 1.18% 1.07% 2.84% 0.79% 2.20% 0.95% 14.40% FY15 1.15% 1.43% 1.22% 1.44% 1.13% 1.20% 1.14% 1.36% 1.48% 1.28% 1.38% 1.83% 16.82% FY16 0.92% 1.14% 0.75% 1.58% 1.26% 0.87% 1.24% 0.82% 1.31% 1.12% 0.59% 2.51% 14.93% FY17 1.00% 1.14% 0.83% 1.24% 1.10% 1.38% 0.79% 1.28% 0.77% 0.90% 0.80% 1.97% 13.70% FY18 1.60% 0.32% 1.00% 1.15% 1.42% 2.25% 0.90% 1.40% 0.80% 11.19%

• 4%
• 3%
• 2%
• 1%

0% 1% 2% 3% 4% 5% 50 70 90 110 130 150 170 190 210 Apr/13 Jul/13 Sep/13 Dec/13 Mar/14 Jun/14 Sep/14 Dec/14 Mar/15 Jun/15 Sep/15 Dec/15 Mar/16 Jun/16 Sep/16 Dec/16 Mar/17 Jun/17 Sep/17 Dec/17 Monthly Returns Value of Rs.100 Invested

Monthly Returns UNIFI AIF Birla Sh. Term Opp. Fund Fran Temp Corp. Bond BSL Dynamic Bond Fund(G) Reliance Dynamic Bond(G)

SLIDE 18

Unifi AIF Trust

Trustees ees:

• Mr. RAVI SANTHANAM

An engineer from IIT, Madras and a management graduate from IIM, Calcutta, he brings to the table insights and experience gained over the last three decades including over a decade as Managing Director and CEO of large business organizations like Hindustan Motors and Mahindra group.

• Mr. Santhanam has a track record of growing businesses by building organizations, brands and stakeholder relationships. He also has completed

an Advanced Management Program from Harvard Business School, Boston.

• Mr. M. S. SUNDARA RAJAN
• M. S. Sundara Rajan is an Indian banking consultant, economist and was previously the chairman of Indian Bank. Mr Rajan is a M.A. (Econ),

CAIIB and A.C.S. He is a visiting faculty to many institutions. His core expertise is in investment banking, project finance, corporate restructuring and capital market. Rajan won the Golden Peacock Award on behalf of Indian Bank in October 2009.He has been part of several key strategic initiatives at Indian Bank including taking it to public markets via IPO, introduction of Biometric ATM and introduction of touch screen kiosk across its branches in India.

Unifi AIF Trust

Bank

HDFC Bank

Tenure

Open ended; Monthly subscription and redemption

Fees

1% fixed and 20% performance above the hurdle rate of 10% (per tax) per annum

NAV Calculation

Monthly NAV - Audited Bond valuation - S&P CRISIL Equities – Mark to market

Independent Custodian & Accountant

IL&FS-Securities Services Ltd

Minimum Commitment

INR 1 crore

Performance Reporting

Monthly NAV & Quarterly Review

Auditor

K.S.Jagannathan & Co

SLIDE 19

Pure Equity Strategies

SLIDE 20

Fund Structure

Sector r Trend- Large Cap ap Fund

Objec ectiv tive A historical analysis of market performance suggests that the broader indices at any given point in time are driven by a few sectors; each a function

• f its exclusive set of headwinds and tailwinds. Thus, an investment in the right sector at the right time is a definite means of earning superior

returns over the benchmark indices. The underlying driver of this style is to align with sectors and companies that are in the favourable end of the business cycle and underweighting sectors facing industry head winds. The portfolio will largely (>85%) consist of companies within the blue chip universe of BSE200 while the fund management strategy is aligned with identifying and participating in growth as defined by (a) visibility of medium to long term earnings, (b) strong balance sheet metrics, (c) competitive MOAT and, (d) how the risk/reward is positioned at existing

• valuations. The fund manager at any given point in time reserves the flexibility to participate in an opportunity outside of BSE200 (not exceeding

15% of the portfolio) that is backed by in-house fundamental conviction. Strat rategy egy The investment strategy will be to manage differential sector exposure levels to constituents of BSE 200, relative to the Sensex. Alpha will be generated by maintaining an overweight stance on sectors expected to lead the market and by going under weight/ avoiding sectors that are expected to lag the market. The benchmark for performance evaluation is BSE 30 and universe for investment in BSE 200. Port rtfol folio Struct cture re 60-70% of the portfolio will be invested in Top-3 sectors of BSE- 30 and the remaining will be invested in bottom up ideas from BSE 200; all sectors participating in India’s growth are represented in BSE 200. The average market cap of companies in BSE 200 is US$4.7 bn. and the median market cap is US$2 bn. BSE 200 companies consist of front line leaders in their respective industries and are companies that have the best operating levers, financial metrics and governance norms to perform. Among the BSE 200, BSE 30 stocks (Sensex) will likely have a majority of the exposure.

SLIDE 21

Sector r Trend –Large Cap ap Fund

Fund Performance

Period Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year CY11

• 1.25%
• 1.25%

CY12 12.63% 4.89%

• 2.32%
• 0.22%
• 7.69%

6.67% 0.63% 0.43% 8.31%

• 0.15%

5.69% 0.88% 32.12% CY13 1.81%

• 6.72%
• 0.82%

3.26% 0.87%

• 1.55%
• 3.19%
• 1.74%

5.52% 8.89%

• 1.59%

3.34% 7.35% CY14

• 4.14%

5.10% 3.25% 1.72% 8.64% 5.84% 0.76% 6.42% 0.80% 5.88% 4.93% 3.62% 51.39% CY15 1.81% 2.88%

• 1.73%
• 3.70%

4.66% 0.25% 4.68%

• 3.46%

1.56%

• 1.96%
• 1.30%
• 0.18%

3.09% CY16

• 4.75%
• 9.57%

14.45% 2.41% 2.99% 3.66% 4.19% 3.51%

• 0.93%

2.19%

• 6.58%
• 1.33%

8.47% CY17 8.85% 2.32% 5.66% 4.10% 1.92% 0.84% 3.73% 0.72%

• 1.07%

2.29%

• 1.85%

3.08% 34.68%

* Returns are post management fees and before performance fees.

• 15.00
• 10.00
• 5.00

0.00 5.00 10.00 15.00 20.00 60.00 90.00 120.00 150.00 180.00 210.00 240.00 270.00 300.00 330.00 360.00 Monthly Returns Value of Rs.100 Invested

MonthlyReturns UNIFI SENSEX

SLIDE 22

Fund Structure *SUBSCRIPTION CLOSED

Deep V alue @ Discount t Fund

Objec ectiv tive The Fund seeks to achieve above-average returns with below-average risk. The market’s current focus is on short-term issues, rather than on a long- term structural shift. Today’s valuations allow for exceptional returns along with substantial downside protection. The Fund aims to double investors’ capital in 36 months or less. Philos

• soph
• phy
• Focus on absolute returns.
• Intrinsic value is not a single, precise number; rather, it is a range.
• Buy at a discount to intrinsic value, conservatively calculated.
• Look for situations where the market is not only ignoring the future, but also a bit of the present.
• The combination of both a bargain price at the time of purchase and the value add from retained earnings over the holding period

will contribute to investment returns.

• Aim to be rational, not merely contrarian.
• Cheap price in relation to value is often the single biggest catalyst.

Strat rategy egy The fund as the name suggests concentrates on identifying Deep Value buys (within a market cap range of Rs 2000- 10000 million) that arise out of situations such as: pockets of cyclical pessimism towards the industry or the company, valuation mismatch that arise from de-mergers of disparate divisions into companies, compulsions of large institutional investors causing value buying opportunities. While we track the performance of our firms actively, the fund will hold a very passive, concentrated portfolio of 8-10 stocks with virtually no trading. Port rtfol folio

• Struct

cture re The Fund will operate on the PMS platform where the investor’s assets will remain either in cash with a bank/liquid fund (pending deployment), or in the form of stock with CDSL. In either case, the assets will be under the investor’s name. The fund would remain open ended, but the expected time frame to realize the full value of the investment is about 36 months. Capital would be returned to the investor either when the portfolio doubles

• r at the completion of 36 months, whichever is earlier.

SLIDE 23

Deep V alue at Discount Fund

Fund Performance

Period Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year CY12

• 0.81%
• 0.81%

CY13 0.66%

• 3.56%
• 1.32%

2.22% 0.83%

• 3.32%
• 2.89%

1.24% 3.94% 4.88% 7.14% 9.99% 20.55% CY14

• 5.66%

8.12% 8.43% 8.58% 18.59% 11.38% 3.69% 16.17% -2.17% 1.45% 10.98% 8.99% 129.41% CY15 6.17%

• 3.16%

7.32%

• 3.11%

4.22%

• 2.36%

11.85% 0.92% 0.54%

• 3.32%

2.66% 6.70% 30.75% CY16

• 4.66%
• 8.83%

10.08% 7.60%

• 2.43%

8.55% 5.76% 0.27% 3.24% 9.06%

• 4.32%
• 2.20%

21.83% CY17 3.58% 2.95% 4.50% 6.37% 2.57% 2.55% 4.82% 0.27% 1.37% 6.97% 1.39% 3.94% 49.75%

* Returns are post management fees and before performance fees.

• 15.00
• 10.00
• 5.00

0.00 5.00 10.00 15.00 20.00 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 450.00 500.00 550.00 600.00 650.00 700.00 04-12-2012 04-12-2013 04-12-2014 04-12-2015 04-12-2016 04-12-2017 Monthly Returns Value of Rs.100 Invested MonthlyReturns Unifi Midcap

SLIDE 24

Deep V alue at Discount Fund - II II

Fund Performance

* Returns are post management fees and before performance fees.

Period Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year CY13

• 1.34%

4.94% 6.23% 5.01% 9.83% 26.86% CY14

• 5.88%

7.40% 8.75% 9.38% 20.48% 8.63% 1.80% 3.98% 10.25% 2.46%

• 0.13%

8.02% 103.00% CY15 2.44% 2.03% 10.51%

• 1.62%

2.46%

• 3.16%

12.40%

• 3.35%

4.82%

• 2.22%

2.22% 4.73% 34.39% CY16

• 3.10%
• 9.98%

15.48% 6.56%

• 3.44%

5.58% 4.05% 0.13% 3.63% 11.55% -2.67%

• 3.12%

24.28% CY17 4.41% 3.09% 7.17% 10.53% 0.35% 4.08% 5.09% 2.21% 2.48% 5.63% 1.25% 4.79% 64.28%

• 15.00
• 10.00
• 5.00

0.00 5.00 10.00 15.00 20.00 25.00 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 450.00 500.00 550.00 600.00 650.00 700.00 750.00 05-08-2013 05-08-2014 05-08-2015 05-08-2016 05-08-2017 Monthly Returns Value of Rs.100 Invested

MonthlyReturns UNIFI BSE MIDCAP

SLIDE 25

Fund Structure *SUBSCRIPTION CLOSED

Holdco Fund

Objec ectiv tive e The objective of the fund is to seek to unlock value by investing in listed holding companies across a wide array of industries. Holding companies in the fund’s universe are defined as those entities which hold stakes in other listed entities, and trade at a significant discount to the NAV of the underlying assets. Backgr kgrou

• und

The main reasons for discounts are :

• Distribution tax if assets are to be distributed.
• Lack of control discount because minority shareholders cannot exercise control over the method and timing of distribution.
• Uncertainty over future growth of the underlying assets.
• Tendency of the controlling promoter to unlock value but instead of distribution to shareholders, re-invest in empire building.

Regulatory changes, like the Companies Act 2013 have enabled certain shareholder rights and brought sweeping changes in how companies approach “Related Party Transactions”. The renewed thrust of SEBI in ensuring higher level of corporate governance would motivate promoters to consider delisting their holding companies. Strat rategy egy To invest in holding companies which are sub-scale and run as group holding companies rather than strategic investment companies. Companies that have stakes in strong operating business but are typically run by, for and of the promoter are the most likely ones to feel the heat of change in regulatory landscape. Port rtfol folio

• Struct

cture re The Fund will operate on the PMS platform where the investor’s assets will remain either in cash with a bank/liquid fund (pending deployment), or if deployed, in the form of stock with CDSL. In either case, the assets will be under the investor’s name. While the tracking and monitoring of the investments will be active, the activity at account level will be passive, resulting in lower transaction costs and better post-tax return. The fund would remain open ended, but the expected time frame to realize the full value of the investment is about 60 months. Capital would be returned to the investor either when the portfolio doubles or at the completion of 60 months, whichever is earlier.

SLIDE 26

Holdco Fund

Fund Performance

* Returns are post management fees and before performance fees.

Year Jan Feb Mar Apr Apr May Jun Jul Aug Sep Oct Oct Nov Nov Dec Year

CY 14 1.09% 11.47% 5.55% 9.04% 25.79% 3.60% 10.76%

• 3.02%

81.57% CY 15 2.70%

• 4.40%
• 2.18%

3.92% 4.76% 0.26% 12.33%

• 8.09%
• 3.68%

11.35% 3.22% 2.33% 22.59% CY 16

• 11.19%
• 12.97%

12.89% 4.82% 1.86% 7.29% 4.59% 19.52%

• 1.99%

14.95%

• 13.03%
• 1.54%

20.53% CY 17 7.09% 4.10% 16.31% 7.99%

• 4.03%

1.66% 2.48% 6.40% 3.28% 9.54% 2.14% 15.12% 98.13%

• 15.00
• 10.00
• 5.00

0.00 5.00 10.00 15.00 20.00 25.00 30.00 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 450.00 500.00 550.00 600.00 23-05-2014 23-07-2014 23-09-2014 23-11-2014 23-01-2015 23-03-2015 23-05-2015 23-07-2015 23-09-2015 23-11-2015 23-01-2016 23-03-2016 23-05-2016 23-07-2016 23-09-2016 23-11-2016 23-01-2017 23-03-2017 23-05-2017 23-07-2017 23-09-2017 23-11-2017 Monthly Returns Value of Rs.100 Invested

MonthlyReturns Unifi BSE500

SLIDE 27

Fund Structure

Spin-off f Fund

Objec ectiv tive e The fund seeks to generate superior risk adjusted returns relative to market indices by investing in stocks of companies undergoing Spin-offs. Typically, such an action by the company will help remove the holding company discount that the market attributes and thereby enhance the stock’s

• valuation. Unifi’s proposition is to gain from the information asymmetry linked value-price mismatch, by closely tracking the entire Spin-Off process

and investing in such companies after a detailed review of their fundamentals. Strat rategy egy and Invest stment ment Univers erse Our universe is built from the Spin-offs approved by Boards of respective companies as filed with the stock exchanges. At any point in time, our portfolio may include 20% of companies that may not have publicly announced a demerger but we believe, through our primary research, are close to doing so. From the universe of such companies, we would select ideas to invest based on a bottom up approach that we have been practicing over the last fourteen years. Port rtfol folio

• Struct

cture re The Fund will operate on the PMS platform where the investor’s assets will remain either in cash with a bank/liquid fund (pending deployment), or if deployed, in the form of stock with CDSL. In either case, the assets will be under the investor’s name. The fund would remain open ended, but it would be advisable to keep an investment perspective of 36 months to provide enough time for the market to price the impact of Spin-offs. The fund would build a portfolio of about 10 companies, where the exposure to any chosen sector will usually not exceed 30%. While the tracking and monitoring of the investments will be active, the activity at the account level will be passive, resulting in lower transaction costs and better post-tax return.

SLIDE 28

Spin-off f Fund

Fund Performance

* Returns are post management fees and before performance fees.

Year Jan Feb Mar Apr Apr May Jun Jul Aug Sep Oct Oct Nov Nov Dec Year

CY 14

• 3.15%

7.21% 3.84% CY 15 5.97%

• 0.16%

3.82%

• 3.06 %

1.83%

• 2.95%

8.96%

• 2.73%

6.92% 0.81% 14.98% 2.34% 41.44% CY 16

• 7.20%
• 14.81%

15.67% 5.27% 1.36% 1.56% 4.67% 0.89%

• 1.73%

8.65%

• 9.81%
• 3.46%
• 2.72%

CY 17 5.92% 2.61% 1.98% 10.02% 0.40% 2.10% 2.18% 2.53%

• 0.63%

8.64% 5.66% 6.27% 58.74%

• 20.00
• 15.00
• 10.00
• 5.00

0.00 5.00 10.00 15.00 20.00 70.00 80.00 90.00 100.00 110.00 120.00 130.00 140.00 150.00 160.00 170.00 180.00 190.00 200.00 210.00 220.00 230.00 240.00 Monthly Returns Value of Rs.100 Invested MonthlyReturns UNIFI BSE MIDCAP

SLIDE 29

Fund Structure *SUBSCRIPTION CLOSED

APJ 20

Objec ectiv tive e The Fund seeks to achieve absolute returns with below-average risk over a horizon of 4-5 years. The fund would invest in sectors that will benefit from the next stage of India’s growth on the back of improvement in India’s economic and policy climate. The Fund endeavours to grow investors’ capital by 3x in 5 years time or less. Invest estmen ent t Strategy ategy We believe that select participants in the following industries (a) agriculture, (b) speciality chemicals, (c) mining, (d) hi tech manufacturing and (e) infrastructure will see a new wave of growth over the next 5 years and will be a direct beneficiary of India’s macro policy initiatives as well as inherent demographic strengths it has built over a period of time. Over the years, each of the target sectors has built a niche set competencies that have bordered on being disruptive. This has translated to them enjoying a quasi-oligopolistic status in their industry. However, these developments in absolute terms are at a small number. The evolution of the end user industry is such that, this base is poised to experience high growth and operating advantage over the next few years. In other words, each of these firms, have a high inbuilt option to participate in a disproportionate pay off. Our endeavour is to participate with concentrated positions across sectors that will be a direct or proxy beneficiary of the growth in the specified industries. While our study of the opportunities reveals the underlying and obvious risks that could play out in future, we believe the risk reward equation is favourable to an equity investor at current valuations considering the next 5 years’ potential growth. Univer erse se The Fund’s investment universe is the set of all listed companies whose market capitalization ranges from Rs. 200 cr. and above. The Fund’s primary source of investment ideas will come from firms within industries that are a proxy to the following industries: (a) agriculture, (b) speciality chemicals, (c) mining, (d) hi tech manufacturing and (e) infrastructure. The investee companies would necessarily be one that has built a niche for itself over the years and is set to leverage on the same to deliver a pace of return that is disproportionate on the upside, in the coming years. Port rtfol folio

• Struct

cture re The Fund will operate on the PMS platform where the investor’s assets will remain either in cash with HDFC Bank/liquid fund (pending deployment), or in the form of stock with CDSL. In either case, the assets will be under the investor’s name. The Fund will hold a concentrated portfolio of about 12-20 stocks, across various sectors. There is likely to be low turnover in the Fund. While the Fund will be open-ended, the expected time horizon for an investment in the Fund is 60 months. There will be no benchmarking over the life of the Fund.

SLIDE 30

APJ 20

Fund Performance

Year Jan Feb Mar Apr Apr May Jun Jul Aug Sep Oct Oct Nov Nov Dec Year

CY 15 5.78% 0.48% 2.65% 4.38% 13.88% CY 16

• 5.88%
• 11.24%

16.32% 3.48% 6.02% 4.07% 2.34% 5.54%

• 3.48%

3.85%

• 1.37%
• 1.24%

17.00% CY 17 8.75%

• 0.06%

10.54% 3.82%

• 1.31%

0.59% 4.28%

• 1.90%

4.05% 10.74%

• 1.07%

6.50% 53.78%

* Returns are post management fees and before performance fees.

• 15.00
• 10.00
• 5.00

0.00 5.00 10.00 15.00 20.00 50.00 60.00 70.00 80.00 90.00 100.00 110.00 120.00 130.00 140.00 150.00 160.00 170.00 180.00 190.00 200.00 210.00 220.00 Monthly Returns Value of Rs.100 Invested MonthlyReturns UNIFI BSE MIDCAP

SLIDE 31

Fund Structure

The Green Fund

Objec ectiv tive e The idea of a vibrant Green economy, brought about by the looming threat of climate change, has been identified as a key theme that we currently believe will transform industries and create enormous opportunities for investors. Green investments refer broadly to companies that operate primarily in the renewable energy, clean technology and environmental technology

• space. These would include companies that provide products and services offering solutions to environmental problems or that improve the

efficiency of natural resource use. Invest estmen ent t Strategy ategy The Fund will focus on investing in companies which would provide the support infrastructure for a “Green Economy” This would include manufacturers/producers of renewable energy systems , organic chemicals, emission control products, energy efficiency products, water & waste management solutions. As this is an evolving theme newer business models are expected to develop during the course of time. Unifi’s key strength has been its ability to identify the next generation of winners from the small and midcap space. In continuation of this strategy Unifi would primarily focus in the small and midcap space to identify companies which fit into the Green theme.. Univer erse se The Universe of Companies would be broadly selected from the following sectors:

• 1. Renewable & Alternative energy
• 2. Energy efficiency
• 3. Water infrastructure & technologies
• 4. Pollution reduction
• 5. Waste recycling and management
• 6. Environmental support services
• 7. Green Chemicals

These sectors are only indicative of our current thinking and it is entirely possible that as our research progresses we might look at companies beyond these sectors. But in all cases the Green theme would be the underlying basis for selection. Port rtfol folio

• Struct

cture re The portfolio is likely to have around 15 stocks in the PMS platform. The investor's assets will always remain in the investor's name with ILFS as

• custodian. While the tracking and monitoring of the investments will be active, the activity level of trades will be passive.

SLIDE 32

The Green Fund

Fund Performance

Year Jan Feb Mar Apr Apr May Jun Jul Aug Sep Oct Oct Nov Nov Dec Year

CY 17

• 0.21%

4.51% 3.03% 6.45% 3.80% 1.64% 2.66% 0.10% 0.92% 6.99% 4.02% 0.96% 40.61%

* Returns are post management fees and before performance fees.

• 1.00

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 80.00 90.00 100.00 110.00 120.00 130.00 140.00 150.00 Monthly Returns Value of Rs.100 Invested MonthlyReturns UNIFI BSE MIDCAP

SLIDE 33

Fund Structure

Blended ded Fund

Objec ectiv tive e Unifi Capital actively manages six bottom up equity strategies that sift through opportunities across the breadth of the markets. Across the funds, the mandate is to participate in opportunities that arise from a mix of emergent themes, corporate actions and of course attractiveness of core

• fundamentals. The objective of all the respective funds under management is to deliver superior risk adjusted returns from an absolute perspective.

The Blended Portfolio Strategy is targeted at individuals who have a relatively longer term horizon and seek a passive style of investing which relies

• n the fund manager’s discretion of choosing the best opportunities from UNIFI’s thematic fund universe in a dynamically changing investment

universe. Invest estmen ent t Strategy ategy Investments under this fund will be cherry picked from across the portfolio of companies that Unifi manages across each of the 6 distinct funds it

• manages. In effect, the endeavor is to be able to identify the “the best of the best”. This fund aims in cutting down the investors switching cost and

effort in migrating between best opportunities at any diverse point of time. Value creation requires a mental model which goes beyond the obvious. It requires a meticulous mindset which is able to sift through reams of information and assimilate only that which is relevant in identifying value accretive opportunities. Metaphorically this could be compared to searching the proverbial needle in a haystack. This fund investment strategy will be to pick the best opportunities from the following themes. Spin Off: In a single corporate structure with multiple businesses, the sum of the value of the separate parts is often less than that of the whole. A de-merger of disparate businesses, unlocks the financial and management bandwidth required for the respective businesses to grow. Spin off fund invests in situations that offer great scope for the businesses to realize their full growth potential and attract commensurate market valuation. DVD: Few segments of the market tend to be mispriced in spite of visible growth prospects, resulting in such stocks trading at a deep discount to their intrinsic value. Reasons could vary from inadequate understanding of a business by most analysts, low relative market cap and liquidity or the lack of correlation to benchmark indices. DVD invests in such businesses and exploits market inefficiencies. HoldCo Co: Many holding companies are run as group holding companies rather than strategic investment companies. This results in a perennial discount in their valuations but such discounts are not a constant. The Holdco fund identifies strong underlying businesses and looks for massive valuation discounts that are likely to recover as promoters feel the heat of change in the regulatory landscape; meantime benefiting from value convergence in a rising market.

SLIDE 34

Fund Structure

APJ PJ 20 20: As always, markets fancy few sectors that have done well in the past ignoring the rest. Of the sectors which are less understood, few like specialist chemicals, agri, precision manufacturing have become globally competitive and are privy to an expanding market opportunity. APJ20 invests in firms that have evolved and are in a ripe position to benefit from such growth prospects. Gree een Fund: The investment focus of the green fund is on companies which provide products and services that help in reducing the carbon footprint in the environment and/or result in more efficient use of natural resources. Within the context of this strategy, the sectors that have been identified for creating the portfolio are - emission control, energy efficiency, water management and waste management. Insider er Shadow

• w Fund:

The Insider Shadow Fund invests in companies which have repurchased their own shares or where its promoters’ have acquired additional shares at market prices. Such an action demonstrates their conviction on company’s growth prospects or inherent value not captured in stock price at that

• point. The proposition is to gain from the eventual balancing of the value-price mismatch in the market.

Univer erse se The fund’s investment universe would include the diverse investment opportunities within the following mentioned funds at any specific point of time: SPIN OFF, DVD, HOLDCO, APJ20, Green fund and the Insider Shadow Fund. The fund’s investments will be majorly concentrated in small and midcap space wherein it is difficult for “institutional” type of capital to invest and where Unifi’s relatively smaller size helps us to focus in niche areas of the market. Port rtfol folio

• Struct

cture re The portfolio is likely to have around 15 stocks in the PMS platform. The investor's assets will always remain in the investor's name with ILFS as

• custodian. While the tracking and monitoring of the investments will be active, the activity level of trades will be passive.

SLIDE 35

Blended ded Fund

Fund Performance

Year Jan Feb Mar Apr Apr May Jun Jul Aug Sep Oct Oct Nov Nov Dec Year

CY 17 0.62% 7.59%

• 0.31%

3.05% 11.60% 0.64% 6.24% 32.69%

* Returns are post management fees and before performance fees.

• 10.00
• 5.00

0.00 5.00 10.00 15.00 80.00 90.00 100.00 110.00 120.00 130.00 140.00

Monthly Returns Value of Rs.100 Invested

MonthlyReturns UNIFI BSE MIDCAP

SLIDE 36

ANNEXURE

SLIDE 37

Inside der r Shadow Fund

Objec ectiv tive Generate superior risk adjusted returns, in relation to the broad market, by investing in fundamentally sound companies where the promoters’ have acquired additional shares at market prices or companies that have repurchased their own shares. Typically, such an action by a company or a controlling shareholder demonstrates their conviction that the company’s growth prospects or inherent value has not been captured in its stock price at that point. Strat rategy egy The strategy is to create and update (on a daily basis), a universe of companies where the promoter is increasing his stake at market prices either through creeping acquisitions or buyback route, where complete disclosures of stock purchases have been made to the exchanges, and that seem to be motivated either by an undervalued stock price or an impending improvement in business prospects that are still to be reflected in the market price. From this universe the fund cherry picks for investment, firms using a bottom-up fundamental evaluation validated by the fund manager having a positive view of the sector in which the firm operates. An emphasis is placed on companies whose promoters have increased their stake in the recent past & where the current market price is trading at a discount or at an acceptable premium to the price at which the promoter increased his stake. The extent of financial outlay by the promoter or company has to be meaningful in relation to the size of the firm. Port rtfol folio Struct cture re The fund intends to keep investments balanced among companies, but may significantly vary exposure to companies as situations evolve. Typically, the fund will hold about 20 positions ranging from 2.5% to 10% of the portfolio, with a median of 5%.

Fund Structure

*SUBSCRIPTION CLOSED

SLIDE 38

Inside der r Shadow Fund

Fund Performance

Period Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year CY10 4.96% 3.73% 2.55% 4.22% 3.02%

• 6.21%

1.47% 14.08% CY11

• 9.78%
• 5.92%

4.22% 5.04%

• 4.58%
• 0.28%

0.49%

• 11.02%
• 1.67%
• 2.03%
• 10.30%
• 8.49%
• 37.48%

CY12 15.65% 4.96%

• 2.23%

0.39%

• 7.13%

3.78%

• 2.00%
• 2.50%

10.55% 2.99% 0.63% 1.27% 27.31% CY13

• 4.04%
• 9.83%
• 2.37%

3.26%

• 0.06%
• 2.80%
• 4.19%
• 5.12%

4.83% 6.85% 0.64% 6.01%

• 7.94%

CY14

• 6.33%

2.61% 8.87% 2.76% 11.84% 13.59% 0.44% 10.95% 5.17% 2.03% 2.24% 0.25% 67.42% CY15 6.18% 2.62% 5.16%

• 4.68%

1.22% 2.22% 11.67%

• 7.95%

6.97%

• 0.60%

1.35% 1.32% 26.84% CY16

• 7.52%
• 8.25%

14.73% 4.69%

• 0.47%

4.41% 5.43% 1.79%

• 1.28%

7.73%

• 7.15%
• 3.57%

8.23% CY17 9.52% 9.75% 4.97% 7.69%

• 2.46%

1.74% 0.88% 0.55%

• 1.44%

9.47% 0.54% 16.68% 73.11%

* Returns are post management fees and before performance fees.

• 15.00
• 10.00
• 5.00

0.00 5.00 10.00 15.00 20.00 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 450.00 500.00 01/05/2010 01/09/2010 01/01/2011 01/05/2011 01/09/2011 01/01/2012 01/05/2012 01/09/2012 01/01/2013 01/05/2013 01/09/2013 01/01/2014 01/05/2014 01/09/2014 01/01/2015 01/05/2015 01/09/2015 01/01/2016 01/05/2016 01/09/2016 01/01/2017 01/05/2017 01/09/2017 Monthly Returns Value of Rs.100 Invested MonthlyReturns UNIFI BSE Smallcap

SLIDE 39

Delistin ting g Fund*

Objec ectiv tive Several multinational companies which listed their Indian subsidiaries during the 1970s to comply with the then GOI rules have been seeking to delist. The SEBI (Delisting of Equity Shares Regulation of 2009) brought in much greater clarity in the delisting process and effectively shifted the balance of power in favour of minority shareholders. The Delisting Fund sought to achieve attractive absolute rate of return by investing in companies that have a high likelihood of delisting. The amendments made by SEBI to SCCR, 1957, Securities Contracts (Regulation) (Amendment) Rules, 2010, effective from 04.06.2010 and Securities Contracts (Regulation) (Second Amendment) Rules, 2010, effective from 09.08.2010, with respect to increasing the level of public shareholding in Listed Companies to at least twenty five percent and any listed company which has public shareholding below twenty five percent, shall increase it to at least twenty five percent within a period of three years catalysed this opportunity. The price discovered in the delisting process invariably offered a substantial premium over the then prevailing market price. Strat rategy egy The fund built a portfolio of 10-12 companies from an universe of about 40, that have a high probability of delisting, without compromising on the fundamentals and valuations. We ran several filters that examined their technology/product and market position versus the sector, financial strength, return ratios, management’s track record and valuations. Port rtfol folio Struct cture re The fund invested into a diversified portfolio of 5-10 companies. Not more than 40% was invested in one sector and single stock investment was capped at 20% of the portfolio. Market capitalization of 100Cr was considered as a minimum threshold limit for stock selection. Most, if not all of the exits, were through the market to derive maximum tax advantage. Use of derivatives was provisioned to hedge the portfolio without exposing the fund to any leverage.

* The fund was conceptualized and launched in 2009 as a 18-24 month closed ended structure. Partial redemption was made at the end of 12 months and 100% proceeds were returned to investors in March 2011.

Fund Structure

*SUBSCRIPTION CLOSED

SLIDE 40

Delistin ting g Fund*

Year Apr Apr May Jun Jul Aug Sep Oct Oct Nov Nov Dec Jan Feb Mar Retur urns FY09

• 3.36%

7.23% 5.01% 6.18% 3.77%

• 1.17%

5.51% 6.43% 42% FY10 8.85%

• 5.46%

11.01%

• 0.16%
• 0.44%

4.52% 3.45%

• 1.43%

1.58%

• 2.05%

0.28%

• 21%

RETURNS Unifi BSE 500 Average Monthly Return 2.97% 1.08% Cumulative Returns 71.82% 19.56% Largest Monthly Gain 11.01% 9.53% Largest Monthly Loss

• 5.46%
• 10.46%

% of positive months 68.42% 68.42% RISK Standard Deviation (Annualized) 14.54% 18.78% Sharpe Ratio 2.25 0.21 COMPARISON TO BENCHMARKS Alpha 30.96% Beta 0.45 Correlation 0.62 R-Squared 0.38

* The fund was conceptualized and launched in 2009 as a 18-24 month closed ended structure. Partial redemption was made at the end of 12 months and 100% proceeds were returned to investors in March 2011.

Fund Performance

• 8%
• 6%
• 4%
• 2%

0% 2% 4% 6% 8% 10% 12% 90 100 110 120 130 140 150 160 170 180 Aug/09 Aug/09 Sep/09 Oct/09 Nov/09 Dec/09 Jan/10 Feb/10 Mar/10 Apr/10 May/10 Jun/10 Jul/10 Aug/10 Sep/10 Oct/10 Nov/10 Dec/10 Jan/11 Feb/11

Monthly Returns Value of Rs.100 Invested

Monthly Returns Unifi BSE 500

* Returns are post management fees and before performance fees.

SLIDE 41

For further information visit:

www.unificap.com

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• Dr. Annie Besant Road, Worli,

Mumbai – 400018. INDIA Mb: +91 9930112828, +91 9819525063 DELHI: No 818, International Trade Tower, Nehru Place, New Delhi - 110019, India Mb: +91 9930112828,

Disclaimer Securities, investments are subject to market risks and there can be no assurance or guarantee that the objectives will be achieved. As with any investment in securities, the value of the portfolio under management may go up or down, depending on the various factors and forces affecting the capital market. Past performance of the Portfolio Managers is not an indication of the future performance of the Portfolio Managers. Investors in the fund are not being offered any guaranteed / assured returns. This information has been compiled from sources we believe to be reliable, but we do not hold ourselves responsible for its completeness or accuracy. References to actions of specific companies have been made as a matter of fact but the comments on such actions represent only our judgment and analysis and not that of the specific companies. This material is not an offer to sell or a solicitation to buy any securities or any financial instruments mentioned in the report. Unifi Capital Pvt. Ltd. and their officers and employees may or may not have a position with respect to the securities / other financial instruments mentioned herein. Unifi Capital Pvt. Ltd. may from time to time, have a consulting relationship with a company being reported upon. All opinions and estimations included in this report constitute our judgment as of this date and are subject to change without notice.