This note is confidential and is intended only for the personal use of the prospective investors to whom it is addressed or delivered and must not be reproduced or redistributed or disclosed in any form to any other person or duplicated or used for any purpose other than the purpose for which it is meant without the prior written consent of the Manager.

This note is neither a general offer or solicitation to invest in the Fund. Prospective investors shall note that no returns/objectives from the Fund/Trust are assured or guaranteed as investment in securities are subject to market and other risks. This note does not purport to be all-inclusive, nor does it contain all of the information which a prospective investor may desire. An offering on a private placement basis will be made pursuant to a private placement memorandum and other definitive fund documents, which will be furnished to eligible prospective investors on a confidential basis at their request for their consideration of such offering. Any such offer or solicitation shall only be made pursuant to a final confidential private placement memorandum (as amended or supplemented from time to time) of the Fund, which will contain numerous disclosures concerning the risks of investing in such Fund. The information contained herein is qualified in its entirety by the Fund’s private placement memorandum and the other fund documents. The Manager (including its affiliate) and any of its directors, shareholders, officers, employees and other personnel will not accept any liability, loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this note in any manner whatsoever.

Except where otherwise indicated herein, the information provided herein is based on matters that exist as of the date of preparation and not as of any future date. The contents of this note are provisional and may be subject to change without notice. In the preparation of the material contained in this note, the Manager has used information that is publicly available and certain research reports including information developed in-house. The Manager shall not be liable for relevance, accuracy or completeness of the information contained herein or for complies with his/her requirement as otherwise applicable with respect to the recipient of this note and disclaim any and all liability as to the information set forth herein or omissions here from, including, without limitation, any express or implied denote or warranty with respect to such information.

This note may include certain statements which contain words or phrases as a "believe," "expect," "anticipate," "intend," and similar expressions that are speculative and forward-looking, which may be formed on the basis of historical information or past performance. This may include statements relating to a company's general business plans and strategy, its future growth prospects, and future developments in its industry and its competitive and regulatory environment. All opinions, figures, charts/graphs, estimates and data included in this note are as on date and are subject to change without notice. Actual results may differ materially from those suggested by the speculative and forward-looking statements due to risks, uncertainties or assumptions.

This note cannot be copied, reproduced, in whole or in part or otherwise distributed without prior written approval of the Manager. Prospective investors should make an independent assessment, and consult their own counsel, business advisor and tax advisor as to legal, business and tax related matters concerning this note and the other related documents before investing in the Fund. The information contained in this note has been prepared by Manager for general guidance and does not constitute a professional advice and no person should act upon any information contained herein without obtaining specific professional advice.

The information in this note has not been evaluated from the specific legal-regulatory requirement of any particular jurisdiction other than India. The Trust and the Manager is not registered/licensed with or approved by any regulatory or governmental authority of any other jurisdiction other than India as of date. Neither the Manager nor its directors, shareholders employees and agents would be held responsible for any reliance placed on the content of this note or for any decision based on it.