WHITE OAK CAPITAL MANAGEMENT

White Oak India Pioneers Equity Portfolio

May 2021

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These materials are provided solely on the basis of request received from the recipient and it should not be construed as an investment advice and form a primary basis for any
person’s or investor’s investment decisions. See the important disclaimer at the end of this presentation.

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Agenda

i. Introduction, Portfolio Manager Profile & Portfolio Strategy

ii. Investment Culture & Team Structure
iii. Portfolio Construction & Risk Management
iv. White Oak India Pioneers Equity Portfolio
v. Case Studies
vi. Summary of Terms
vii. Investment Case for Indian Equities
viii. Appendix

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White Oak Overview
Firmwide AUM Split (%) – By Geography
Company Overview
Offices:
AUM 2 : Headcount:
India, Mauritius, Singapore,
~ US$4.2 bn 98
Switzerland and UK 19%

• Founded by Prashant Khemka in June 2017

• Prior to White Oak Prashant served as the CIO and Lead PM of

81%
both Goldman Sachs India since March 2007, and Global
Emerging Markets Equity since June 2013
India Offshore % India Onshore %

• Research underpinned on a ‘proprietary analytical model’ 1

Firmwide AUM Split (%) – By Type of Investors

honed over two decades; replicable across markets and
5%
businesses
10%
• Performance first culture built-upon:

(a) team of local experts with global experience

51%
34%
(b) bottom-up stock selection philosophy

(c) disciplined fundamental research

Institutions FO, HNWI, Retail, WM, PB
(d) balanced portfolio construction
Asset Managers, FoF Endowment, Foundation
1Under process of getting patented as OpcoFinco™ framework . 2AUM as of 31 May 2021.

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Founder’s Profile and Track Record
Extensive investing record across India, GEM and the US
▪ Prashant joined Goldman Sachs Asset Management (GSAM) in 2000 in the US Growth Equity team
▪ In 2004, he became Senior PM and Co-Chair of the Investment Committee on the US Growth Equity team which managed US$25 bn
▪ Returned to Mumbai in 2006 to start GSAM India business, where he served as CIO and CEO / Co-CEO until 2013
▪ In 2013, Prashant moved to Singapore as CIO and Lead PM of both India and Global Emerging Markets
▪ Directly managed more than US$5.0 bn out of the USD$6.5 bn managed by his team
▪ Prashant and the funds managed by him at GSAM earned several awards including Citywire AAA rating and FundCalibre Elite rating
▪ Prashant is AAA rated by Citywire for his rolling 3 year risk-adjusted performance to April 2021

CIO and Lead PM of GS India Equity CIO and Lead PM of GS GEM Equity
▪ Prashant launched GS India Equity strategy in March 2007 with US$ ▪ Prashant took over as CIO and Lead PM of GS GEM Strategy in 2013
5.0mn seed capital from Goldman Sachs with approximately US$600 mn in total assets
▪ Scaled GS India Equity business to US$2.5 bn with distribution ▪ Scaled GEM business to US$2.6 bn with distribution across multiple
across multiple channels in Europe, Asia, and USA channels in Europe, Asia and USA
▪ Since inception the strategy delivered peer group leading ▪ During his tenure, the strategy delivered peer group leading
cumulative 265.8% gross USD returns1 vs. 66.1% for its benchmark cumulative 36.3% gross USD returns2 vs. 13.1% for its benchmark
3000 ~ 2.5bn 3000 ~ 2.6bn
2500 2500
2000 2000
1500 1500
1000 1000 ~ 675mn
500 0 500
0
0
2007 2017
2013 2017
GSAM India Equity AUM (US$ mn) GSAM GEM Equity AUM (US$ mn)
1Past performance Gross of Fees in US$ for GS India Equity Portfolio. 2Past performance Gross of Fees in US$ for GS EM Equity Portfolio.
“Past performance is not a reliable indicator of future results and returns may increase or decrease as a result of currency fluctuations. There can be no assurance that comparable results can be achieved or that
similar investment strategy can be implemented or that investment objectives can be achieved.”

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 Investment Culture:
Team, Philosophy, Process &
Portfolio Construction

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Focused Investment Culture
Performance first

Team of local experts with global experience Bottom up stock selection based Philosophy
Strong culture of performance Buy great businesses at attractive values
Aligned with client portfolio Invest in business, don’t bet on macro
Judgment
Edge

Information India Analytical

India Portfolio Edge
Edge
Portfolio

Knowledge
Edge
Time tested Process Balanced Portfolio Construction
Disciplined fundamental research Aim to avoid top down bets on macro factors
Proprietary OpcoFinco™ analytical framework honed over two decades Aim to ensure performance a function of stock selection

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Our Team
Well resourced team of local experts with global experience

Investment Years of Coverage Investment Years of Coverage Investment Years of Coverage Investment Coverage
Team1 Experience Team2 Experience Team2 Experience Team2

Prashant 22 Founder Ramesh 17 Technology, Trupti 12 Retail, Vishwamithra Generalist

Khemka 3 Mantri Industrials, Agrawal Building Shashishekara
Building Materials
Materials

Manoj 24 Pharma, Parag 13 Financials Akshay 6 Financials Vineet Narang Generalist

Garg Auto Jariwala Jogani

Sanjay 31 Trading Rishi 16 Healthcare, Aman 2 Forensics, Darshak Lodhiya Generalist

Vaid Advisor Maheshwari Consumer, Kapadia ESG,
Realty Primary
Research

Rohit 16 Consumer, Anand 9 Financials

Chordia Telecom Bhavnani

Sagar Arya 6 Auto, Neeraj 4 Industrials

Pharma, Parkash
Consumer

Ayush 9 Technology, Chaitanya 2 Trading

Abhijeet Consumer Kapur Advisor
Discretionary
, Industrials

1Employees of White Oak Capital Partners Pte.. 2White Oak Capital Management Consultants LLP (WOCM) in Mumbai. WOCM also acts as the Investment Advisor, providing non-binding, non-exclusive
investment research advice to offshore mandates involving Indian securities. ,3 Manager rating provided by Citywire © for rolling 3-year risk-adjusted performance to March 2021

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Investment Philosophy
Outsized returns can be earned over time by investing in great businesses at attractive valuations

Attributes we look for Factors we evaluate

Great Business Superior returns on incremental • Industry competitive intensity

Well managed and
capital • Sustainable competitive advantage

scalable business,
• Industry potential versus current size
Scalable long term opportunity • Expanding market share and scope
with superior
returns on capital
Strong execution and • Drive to create long-term value
governance • Interests aligned with minority shareholders

Our Valuation Framework Insights we derive

Valuation
Intrinsic value = present value • Economic FCF rather than accounting one
Current price at a of future cash flows • Terminal value based on greatness of business

substantial discount
Value excess returns on capital • Assess cash flows net of cost of capital
to intrinsic value vs capital employed • OpcoFinco™ multiples for relative comps

𝐶𝐹
𝑉𝑎𝑙𝑢𝑒 𝑜𝑓 𝑎 𝑏𝑢𝑠𝑖𝑛𝑒𝑠𝑠 =
𝑟 −𝑔

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OpcoFinco™ Framework
ABC Company

ABC FinCo
ABC OpCo
Financing Company
Operating Company
Owns all capital investments of
ABC Capital-light

PPE PPE rental charge (Operating lease cost)

Working Working capital financing charge

Capital
Taxes Government

EROIC FCF(Year1, Year2, . . . .)

Invested Capital (IC) V(ABC Opco) = V(EROIC)

V(ABC FinCo) = IC V(EROIC) = PV(Excess ROIC cash
flows)

𝐄𝐕 = 𝐈𝐂 + 𝐕 𝐄𝐑𝐎𝐈𝐂

𝑷𝒓𝒊𝒄𝒆 𝐕𝐦 𝐄𝐑𝐎𝐈𝐂
=
𝑬𝑹𝑶𝑰𝑪 𝐄𝐱𝐜𝐞𝐬𝐬 𝐑𝐨𝐈𝐂 𝐅𝐂𝐅

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Investment Philosophy
Aim to avoid businesses with weaker characteristics

Poor Weak returns on Substitution or

corporate governance incremental capital obsolescence risk

Siphoning of cash or value Excessive competition in Existential threat from

capital-intensive industry technological developments
Manipulation of stock prices
Misallocation of capital
Unethical business practices
Empire building Examples
Misaligned interests Print media from online
Examples Wind energy from solar
Examples Conglomeration without Combustion engine from
Numerous across sectors capabilities electric vehicles
Certain commodity
companies

Beware of value traps

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Investment Process
We distil from a broad investible universe

Observe a broad universe

Screen out poor governance
Avoid weak characteristics
Investment Universe Stay alert to structural changes
~ 750 with MCAP > US$150mn Look for desired attributes

Identify and research

great businesses
Analyse in depth
Maintain ongoing research
Great Businesses Assess relative greatness
~ 150

Invest in the attractively valued

Attractive Value Wait until value emerges
40 - 60 Act when opportunity presents

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Investment Process
We aim to avoid misgoverned companies
Cheating existing
Partners
▪ Siphoning off cash or
value
▪ Conflicted covert
related-party
transactions
▪ Different ownership in
similar businesses
▪ Different ownership of
new ventures
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Forms of Misgovernance
Cheating Investors Unethical or Illegal Misaligned Interests Poor
Business Conduct or objectives Accounting
▪ Stock price ▪ Unethical means of ▪ Business run for benefit ▪ Aggressive accounting
manipulation procuring of promoters assumptions
contracts
▪ Price rigging followed ▪ Limited concern for ▪ Transactions without
by bespoke ▪ Illegal links with shareholder interests business merit
placements authorities
▪ Abusing companies for ▪ Front-loading
▪ Talking up prospects ▪ Illegitimate family planning reasons revenues, back-
ahead of insider sales cartelization ending expenses
▪ Talking up prospects ▪ Earnings smoothing
before secondary
offering
He that lieth down with dogs shall rise up with fleas – Benjamin Franklin
12
Investment Process
We aim to adhere to a time tested analytical framework in a disciplined manner

Company visits & field work Business Assessment

Supply chain meetings Financial modelling

Idea
Analysis
Generation

Ongoing Decision &

Evaluation Sizing

Business evolution Combination of business & value

Monitor value gap Compare across opportunities

Keep perspective of business cycles, rather than accounting years

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 Portfolio Construction
& Risk Management

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Portfolio Construction & Risk Management
We aim to ensure performance is a result of skill rather than chance

• Balanced portfolio of select companies Pro-cyclical companies*

agnostic to benchmark Counter-cyclical companies*
Market cycle*
• Focus on ensuring alpha generation is a
function of stock selection

• Aim to consciously avoid market timing or

sector rotation or other such top-down bets
Outperformance

Market Returns
over the cycle*
• Understand, monitor, and aim to contain
residual factor risks that are by-product of
stock selection

• Typical exposure limits

Single stock: 10% at market value
Single promoter group: 25%
Single industry: 30%

We never forget that in macro, we only have hunches: in the micro, we can develop justifiably deep conviction
- Seth Klarman
*For Illustration Purpose only

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Opportunity Funnel
Higher inefficiencies in mid and small cap

Overvalued

Fairly valued Large Cap Mid Cap Small Cap

Investment opportunities

Undervalued

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Portfolio Strategy

Investment Objective Sustained capital appreciation through superior returns over time

Benchmark S&P BSE 500 TR

Inception Date April 2019

Investment Approach Bottom-up

Investment Style Style Agnostic

Market Cap All Cap

Estimated Holdings 40 – 60

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 White Oak India Pioneers
Equity Portfolio

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Portfolio Performance: White Oak India Pioneers Equity Portfolio
09 April 2019 - 31 May 2021, Net of Fees in INR

Benchmark % Excess Returns S&P BSE 100 Large S&P BSE 150 S&P BSE 250
` Portfolio
S&P BSE 5001 (bps) cap1 Mid cap1 Small cap1

YTD 2021 15.2% 15.5% -38 13.0% 25.3% 29.3%

2020 34.9% 18.4% +1651 16.6% 26.3% 27.9%

Partial 2019 6.7% 3.5% +320 5.4% -0.3% -11.2%

Since Inception
26.6% 17.6% +896 16.5% 23.6% 19.6%
(Annualised)

Since Inception
65.9% 41.7% +2419 38.8% 57.7% 46.9%
(Cumulative)

Inception Date: 09 April 2019. 1 All indices are Net Total Return in INR. Performance is net of all fees and expenses (including taxes). Performance shown since 9 April 2019 as client
monies were managed from this date. Performance related information provided herein is not verified by SEBI. Past performance is not a reliable indicator of future results.

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Market Cap Attribution Analysis1
Stock selection drives performance : 09 April 2019 - 31 May 2021

Attribution by Market Cap1

Sector Portfolio Benchmark Attribution
Average Total Average Total Selection Allocation Total
Large Cap Weight Return Weight Return Effect Effect Attribution
(%) (%) (%) (%) (%) (%) (%)

Large Cap 62.1 56.9 81.0 42.2 7.8 -0.4 7.4

Mid Cap

Mid Cap 22.8 137.5 13.2 44.3 17.9 0.8 18.7

Small Cap Small Cap 12.1 109.1 5.8 27.3 11.4 -3.2 8.2

-4 - 4 8 12 16 20
Cash/Futures/Others 3.0 0.0 0.0 0.0 - - -3.7

Total Attribution (%) Allocation Effect (%) Selection Effect (%) Total 100.0 72.2 100.0 41.6 37.1 -6.6 30.5

1FactSet’s
Attribution Analysis. Performance is gross of fees, taxes and expenses. Market Cap Classification as per Securities and Exchange Board of India (SEBI) guidelines for
Mutual Funds. Performance related information provided herein is not verified by SEBI.

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Sector Attribution Analysis1
Stock selection drives performance : 09 April 2019 – 31 May 2021

Attribution by Sector
Sector Portfolio Benchmark Attribution
Average Total Average Total Selection Allocation Total
Comm Services Weight Return Weight Return Effect Effect Attribution
(%) (%) (%) (%) (%) (%) (%)
Consumer Disc
Comm Services 2.8 50.4 2.7 20.8 0.6 -0.2 0.4
Consumer Staples Consumer Disc 11.9 51.4 8.6 30.1 2.7 -0.2 2.5
Energy Consumer Staples 9.0 35.4 9.5 20.9 2.4 -0.5 1.9
Financials Energy 0.0 0.0 10.0 44.7 0.0 -2.2 -2.2
Health Care Financials 32.8 46.2 32.6 22.4 8.4 0.5 8.9

Industrials Health Care 12.8 154.4 5.4 79.9 6.9 7.9 14.8

Information Tech
Industrials 5.3 69.1 6.6 35.0 1.4 0.5 1.8
Information Tech 15.4 115.4 11.9 82.1 3.8 0.9 4.7
Materials
Materials 6.3 127.3 9.0 83.7 1.8 0.3 2.1
Real Estate
Real Estate 0.9 22.7 0.6 26.6 0.2 -0.2 0.0
Utilities
Utilities 0.0 0.0 3.0 72.5 0.0 -0.5 -0.5
-4 -2 - 2 4 6 8 10
Cash/Futures/Others 3.0 0.0 0.0 0.0 - - -4.0
Allocation Effect (%) Selection Effect (%) Total 100.0 72.2 100.0 41.6 28.3 2.2 30.5

1Factset’s Attribution Analysis: GICS Classification. Performance is gross of fees, taxes and expenses. Performance related information provided herein is not verified by SEBI.

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Portfolio Performance
Top 10 contributors and detractors for 09 April 2019 - 31 May 2021

Ending Total Contribution Ending Total Contribution

Top 10 Contributors Top 10 Detractors
Weight (%) Return (%) to Alpha (bps) Weight (%) Return (%) to Alpha (bps)

Navin Fluorine International 2.4 +265.5 +403 Delta Corp 0.0 -72.5 -225
Coforge 5.2 +177.6 +370 Axis Bank 5.3 -42.2 -191
IPCA Laboratories 0.0 +134.9 +284 Infosys 7.3 +54.6 -116
Muthoot Finance 0.0 +97.1 +279 HDFC Asset Management 0.5 +18.5 -79
Larsen & Toubro Infotech 0.0 +116.6 +269 Bharti Airtel 0.0 -29.1 -75
Torrent Pharmaceuticals 0.0 +35.3 +267 Jyothy Labs 0.0 -28.9 -73
Abbott India 1.7 +78.9 +266 United Breweries 0.0 -10.5 -71
Bajaj Finance 1.9 +86.8 +212 Godrej Industries 0.0 -28.0 -69
Dixon Technologies 2.7 +255.8 +193 V I P Industries 0.0 -43.4 -69
JB Chemicals & Pharmaceuticals 0.0 +129.4 +190 Indigo Paints 2.7 -6.3 -64

Performance related information provided herein is not verified by SEBI.

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Portfolio Composition
As at 31 May 2021
GICS Sector Weights1
34.8%
31.2%
0

21.2%
0
12.6% 12
81 11.0% 10.6%
10.2% 9.0% 9.0%
8.4% 8.0%
7.0% 6.0% 6.2%
6
25 3.7% 3.6% 2.6%
7 5 91 8
75 83 0.0% 13 0.0% 33 0.8% 0.6% 0.6%
4 19 49 3 1 20 1 12
Consumer Disc Information Tech Financials Industrials Materials Energy Utilities Health Care Consumer Staples Comm Services Real Estate

Portfolio S&P BSE 500

Market Cap Weights1,2 Key characteristics3

Portfolio Sensex
78.8% Number of Holdings 48 30

Weighted Avg Market Cap US $28.8 bn US $78.4 bn

54.1%
FY21 ROE 17.3% 13.1%
99 30.8%
FY22 OpcoFinco™ P/FCF 36.9x 45.2x
21
14.5% 12.3%
6.7% FY23 OpcoFinco™ P/FCF 29.1x 35.2x
17
144 9 258 FY22 P/E 23.4x 26.5x
Large Cap Mid Cap Small Cap FY23 P/E 19.4x 21.9x

Portfolio S&P BSE 500 Projected Revenue 3 year cagr 15.6% 9.8%

Projected Earnings 3 year cagr 21.4% 18.9%

1Thenumber inside the bars denote the number of companies in each classification. ETF’s and Index futures are included in large cap. 2 Market Cap Classification as per Securities and
Exchange Board of India (SEBI) guidelines for Mutual Funds. 3White Oak Research, Bloomberg.

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 Case Studies*

*The following case studies are illustrative examples only. The illustrated companies included here may or may not necessarily be held in any portfolio at any time in the past or currently.

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Case Studies* - Infoedge

India’s leading classifieds company

• Infoedge’s Naukri.com is India’s dominant

online jobs portal with 70%+ traffic share. It also
owns 99acres.com which is the No. 1 online
real-estate classifieds portal with 50% traffic
share

• India’s low internet penetration provides a long

runway of growth for these dominant classified
businesses

• Management has an excellent track record of

execution. It has also made investments in
India’s leading food delivery company (Zomato),
and India’s top online policy aggregator
(Policybazar)

*The following case studies are illustrative examples only. The illustrated companies included here may or may not necessarily be held in any portfolio at any time in the past or currently.

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Case Studies* - Navin Fluorine International

Emerging leader in fluorination

• Established in 1967, NFIL has successfully

transitioned its business model from a domestic
focused, commoditised inorganic fluoride
manufacturer to a well-established specialty
chemical and CRAMS player globally

• Fluorination is one of the fastest growing

chemistry globally owing to its lipophilic
properties which increases the potency and
efficacy of formulations. Development
capabilities (esp. multi-step) in fluorine have a
long gestation period and hence there are only a
handful of players in fluorine chemistry globally

• NFIL has seen renewed aggression under the

leadership of Radhesh Welling who has more
than 25 years of experience in the speciality
chemicals industry. Post his joining, the
management has created the right incentive
structure for employees at all levels to ensure
value accretive growth
*The following case studies are illustrative examples only. The illustrated companies included here may or may not necessarily be held in any portfolio at any time in the past or currently.

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Structure and Key Terms
Investment Approach White Oak India Pioneers Equity Portfolio

Structure Discretionary Portfolio Management Services

Portfolio Manager White Oak Capital Management Consultants LLP

Investment Objective
The objective of the strategy is to achieve long term capital appreciation by primarily investing in ‘listed securities’ in India.
The investment strategy is long only with a bottom-up stock selection approach. The investment philosophy is, that
outsized returns are earned over time by investing in great businesses at attractive values. A great business, in our view, is
one that is well managed, scalable, and generates superior returns on incremental capital. Valuation is attractive when the
current market price is at a substantial discount to intrinsic value.

Minimum Investment INR 50 lakhs

< INR 10 cr > INR 10 cr

Investment Amount &
Management Fees
2.50% per annum 2.00% per annum

Exit Load Nil

Operating Expenses At actuals, capped at maximum prescribed by regulations

Client Onboarding Direct or through intermediation

Benchmark S&P BSE 500 TR Index

Custodian Kotak Mahindra Bank Limited & HDFC Bank Limited

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 Investment Case for
Indian Equities

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Alpha Opportunity – Most Compelling Reason to Invest

Source: The Wall Street Journal.

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The Long-term Case for Indian Equities

•Once in an era transformation

Economic evolution
•Multi-generational opportunity

•Key driver for global growth over coming years

Strong domestically driven growth
•Attractive demographics, domestic consumption and investment

Profitable and diverse corporate •Superior corporate profitability, superior asset mix

universe •Entrepreneurially driven capital allocation

Institutional infrastructure of a •Independent Central Bank, Election Commission and Judiciary

mature democracy •Strong property rights under a Common Law system

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 Corporate Earnings
Historical growth and returns: Compounded Annual Growth Rates

FY93-FY21:
11.6% CAGR

FY93-FY21:
12.3% FY93-FY21:
FY 09-21: 6.2% CAGR
CAGR 11.5%
CAGR

FY 03-08: 25% CAGR

FY 96-03: 1% CAGR
FY 93-96: 45% CAGR
FY99

FY12
FY93

FY94

FY95

FY96

FY97

FY98

FY00

FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21
Corporate Profits as a Percentage of GDP Average Return on Equity from 2000-2020

Nifty profit to GDP (%) India 17.3%

3.4

2.7 2.8
2.6 2.6 2.6
2.4 2.3 2.6 2.8 2.2
Asia Pacific ex-Japan 12.4%
Average of 2.4%
1.6 1.8
2.4 2.1 2.0 2.0
2.0 Emerging Markets 13.0%

World 11.1%
FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

Source: Motilal Oswal Institutional Research, Bloomberg, White Oak Research.

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 Valuation History
Sensex Forward P/E 1,2 MSCI India P/E premium over MSCI EM %2,3
30 80%

70%
25 Average since
21.9 60%
2014: 20.7x
50%
20
Average: 17.2x
40%
15 30%

20%
10 Average +/-1 std dev
10%

5 0%

2012

2021
2005

2006

2007

2008

2009

2010

2011

2013

2014

2015

2016

2017

2018

2019

2020
May-93

May-97

May-01

May-05

May-09

May-13

May-17

May-21
Sensex Forward P/B 1,2 MSCI India P/B premium over MSCI EM %2,3
140%
4.0

120%

3.0 Average=2.6x 3.0 100%

80%

2.0 60%

40%

1.0 Average +/-1 std dev

20%
May-09
May-93

May-97

May-01

May-05

May-13

May-17

May-21

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021
Source: Bloomberg, Motilal Oswal Institutional Research, UBS. 1Data as of May 2021. 2 Sensex is the benchmark index of India's Bombay Stock Exchange (BSE). The Sensex is comprised of 30 of the largest and most
actively-traded stocks on the BSE, providing a gauge of India's economy. 3The MSCI India Index is designed to measure the performance of the large and mid cap segments of the Indian market.

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Entrepreneurial Capital Allocation
Low government ownership in India

State-Owned Enterprise weights in Emerging markets MSCI India Sector Mix

70%
Information
Technology, 16.5% Materials, 10.0%
60%
Communication
50% Services, 2.9%
Industrials, 4.3%
40% Utilities, 4.4%
Health Care, 5.7%
Real Estate, 0.3%
30%
Consumer
20% Average: 17% Discretionary, 8.3%

10%
Financials
0% Consumer Staples, 9.2%
26.3%
Taiwan
Colombia

India
Poland

Indonesia

Malaysia

China

Brazil

Chile

Turkey

Korea
Czech Republic

Russia

Thailand

EM

Energy, 12.3%

Source: Bloomberg, UBS, White Oak Research as of end May 2021.

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Minority Protection

Minority Investor Protection Rank – India vs EMs Minority Investor Protection Rank – India vs DMs

120 120
105

100 100

80 72 80

61 61 61
57 57
60 60
45
37 36
40 40
28
25

20 13 13 20 13
7 7
2 3
0 0
Indonesia
India
Malaysia

Korea

China
Thailand

Brazil

Mexico

Russia
South Africa

India

France
Canada

United Kingdom

Australia

Germany

Switzerland
Japan
United States
Source: World Bank Doing Business Report 2020.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 34

A tale of two decades – India vs US
Total Return (US$)

2000 - 2010 2010 – 2020 2000 – 2020

15% 12% 15% 15%

11%
10% 10% 10%
6%
5%
5% 5% 5%

0% 0% 0%
-1% 0%
-5% -5% -5%
MSCI India S&P 500 MSCI India S&P 500 MSCI India S&P 500

Earnings Growth (US$)

2000 - 2010 2010 – 2020 2000 – 2020

15% 14% 15% 15%

10% 10% 8% 10%

6%
5%
5% 2% 5% 5%

0% 0% 0%
-1%
-5% -5% -5%
MSCI India S&P 500 MSCI India S&P 500 MSCI India S&P 500
Source: Bloomberg. *Data shown above is for fiscal year ending March 2020.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 35

 Mid-Cap Multiples Premium/Discount
Midcap Prem/Disc across Markets % (on 12 m Fwd PE)
100%

80%

60%

40%

20%

0%
USA Japan UK Canada France Germany China India Brazil South Korea Taiwan
-20%
May-17 May-18 May-19 May-20 May-21
-40%

India’s historical Mid Cap vs Large Cap stocks premium % (on 12 m Fwd PE)

40%

30%

20%

10%

0%

-10% Average: -5.1%

-20%

-30%

-40%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Source: Bloomberg. Data as of May 2021, data for SMID vs Large cap 12m forward PE ratio for respective country’s MSCI index.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 36

Macroeconomic Indicators are supportive

Inflation and Interest Rates Fiscal deficit

20 CPI Inflation (%) Repo Rate (%)- RHS 10.0 Fiscal deficit as % GDP
9.0 9.4
10
15
8.0 8 6.8
7.0 6 4.6
10
6.0 4

5.0 2
5
0
4.0

FY92

FY94

FY96

FY98

FY00

FY02

FY04

FY06

FY08

FY10

FY12

FY14

FY16

FY18

FY20

FY22*
0 3.0
2002 2005 2008 2011 2014 2017 2020

Forex reserves Sovereign External Debt to GDP (%)

Sovereign External Debt to GDP (%)
35% 32%
28%
700 India Foreign Exchange Reserve US$ bn 30%
588
600 25%
500 20% 18%
16%
400 13%
15%
10%
300 10% 6% 6%
200 4% 4%
5% 1% 2%
100
0%
0

Thailand
China

Indonesia
Turkey
HK

Brazil

Mexico

Japan

US
India

Russia

Korea
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021

Source: Bloomberg, Reserve Bank of India. * FY222 budgeted estimate as per FY22 Union Budget announcement, Updated through May 2021.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 37

 Equity Market Inflows
Foreign Institutional Investors (FII) Flows (USD billion) SIP inflows into mutual funds (US$bn)

1.4
Net FII flows 1.3
SIP refers to Systematic Investment Plan
1.2 1.2

29
25 1.0
23
20
17 18 17 0.8
14
11
8 9 8
7 6 0.6
2 3 3 3
1
0.4

-1 0.2
-5
0.0
-13

Oct-16

Oct-17

Oct-18

Oct-19

Oct-20
Apr-17

Apr-18

Apr-19

Apr-20

Apr-21
YTD21
2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
FDI in India (US$bn) Domestic Savings in Equities (%)

60 56 54 4.6 4.5 4.4

50 45 3.9 4.0
42 43 3.5 3.7
39
40 35 2.9
33 2.7
29 31 2.6
27 2.4
30 2.2 2.2

20

10

FY14
FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY15

FY16

FY17

FY18

FY19
FY17
FY11

FY12

FY13

FY14

FY15

FY16

FY18

FY19

FY20

FY21

Source: Bloomberg, NSDL, SEBI, AMFI. FII inflows data for calendar year. .

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 38

Robust Long-term Market Returns

India United States

2000 2020 Delta 2000 2020 Delta

Economy

Nominal GDP ($ billion) 477 2,709 5.7x 10,285 20,933 2.0x

Per Capita GDP ($) 465 1,965 4.2x 35,252 63,416 1.8x

Corporate Earnings per share ($)1 0.2 0.6 2.8x 54 123 2.3x

Equity Market Index ($)1 6 22 3.9x 1,469 3,756 2.6x

Market Cap ($ billion)2 184 2,520 13.7x 15,226 42,641 2.8x

Major macroeconomic and geopolitical setbacks

• 2000: coming out of Kargil war (1999) with Pakistan

• Terrorist attack on Parliament 2001, Mumbai train attacks in 2006, attacks on Mumbai Hotels in 2008

• 2008: Global Financial Crisis

• Oil Price volatility from $25 per bbl to over $145

• 2010 - 2014: Telecom spectrum (2G) scam; Commonwealth Games scam; Coal scam; Bribe-for-loan and other scams

• 2020: Covid pandemic

Source: Bloomberg, Reserve Bank of India. 1MSCI India (MXIN Index), S&P 500 (SPX index). 2WCAUINDI Index, WCAUUS Index.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 39

Guaranteed Real Loss vs Compounding Gains
Fixed deposit vs Equities
Equity returns since 1985

₹140
₹135 .
₹ 2,766
₹2,800
₹2,600
₹2,400
₹2,200
₹2,000
₹1,800
₹1,600 25%
₹1,400
₹1,200
₹1,000
₹800
₹600
₹ 13 . ₹400
135
1 15%
₹200
₹- ₹8 ₹-
1985

1990

1995

2000

2005

2010

2015

2020

1985

1990

1995

2000

2005

2010

2015

2020
Inflation FD (net of tax) Inflation FD (net of tax)

Sensex Top performers Sensex Top performers

Source: Bloomberg

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 40

Risk to the Investment Case1

Near term risks

▪ Uncertainty related to Covid pandemic

▪ Sharp reversal in global markets

▪ Sharp spike in oil prices

Other commonly held concerns

▪ Weak infrastructure

▪ Geo-political tensions

▪ Social unrest due to wealth disparity or caste system

▪ Trade wars

1Note that these are not all the risks to the investment case but only a high level summary of certain key risks.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 41

High Frequency Indicators- Improving till March
% YoY Apr-20 Jun-20 Mar-21
-100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100%
-24%
Electricity -4%
23%
-60%
Petrol -15%
27%
-84%
E-way bills -12%
78%
-49%
Custom Duties -10%
65%
-35%
Railway Freight -6%
26%
-40%
TV Ads 25%
29%
-87%
Toll revenues -18%
31%
-85%
4-w sales -50%
95%
5%
Bank Credit 6%
7%

Data as on March 31, 2021. Source: CMIE, Jefferies

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 42

High Frequency Indicators- Moderation in April and May
Avg daily E- way bills generated (mn) Avg daily import duty collection (Rs bn)
20
16.1
2.3 2.3 14.7
2.5 2.1 2.1 2.0 16 14.3 14.5 13.8
1.9 1.8 2.0 12.3
1.8
2.0 1.6 1.6
1.4 12 10.2 9.8 9.7 9.7
1.4 1.3 9.3
1.5 8.5 8.5
7.5 7.3
0.8 8 5.7
1.0
0.5 0.3 4
0.0 0
Mar-20

Mar-21
May-20

Jan-21

May-21
Sep-20

Feb-21
Jul-20

Nov-20
Apr-20

Dec-20

Apr-21
Jun-20

Aug-20

Oct-20
FY20 (Apr-Feb)

Mar-20

May-20

Jan-21

Mar-21

May-21
Sep-20

Dec-20

Feb-21
Apr-20

Jul-20

Nov-20

Apr-21
Jun-20

Aug-20

Oct-20
FY20 (Apr-Feb)
Daily average freight traffic (railways)-mn tonnes Electricity consumption ('000 MU)
4.2 123 119
4.5 3.9 4.0 130
3.8 3.7 114 111 114 111
4.0 3.7 3.7 109 107 111 105 107
3.3 3.3 3.4 3.5 115 100 103 106
3.5 3.1 3.1 3.0 98
2.7 100 85
3.0
2.5 2.2 85
2.0 70
1.5 55
1.0 40
Mar-20

May-20

Jan-21

Mar-21

May-21
Sep-20

Dec-20

Feb-21
Jul-20
Apr-20

Jun-20

Aug-20

Oct-20

Nov-20

Apr-21
FY20 (Apr-Feb)

FY20 (Apr-Feb)

Apr-20

Apr-21
Mar-20

May-20

Jan-21

Mar-21

May-21
Sep-20

Feb-21
Jul-20

Dec-20
Jun-20

Aug-20

Oct-20

Nov-20
Source: Kotak, CMIE, White Oak Research

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 43

High Frequency Indicators- Moderation in April and May
India manufacturing PMI
Total container traffic (mn TEUs)
59 58 58
60 57 56 56 55 56
52 52 52 51
2.1 1.9
47 1.9 1.7 1.7
50 46 1.7 1.7 1.6
1.6
1.7 1.5 1.4 1.5 1.5
1.5 1.4 1.4
40
1.3 1.2
31 1.1
27 1.1 1.0
30
0.9
20 0.7
0.5
Mar-20

May-20

Jan-21

Mar-21

May-21
Jul-20

Sep-20

Dec-20

Feb-21
Oct-20
Apr-20

Nov-20

Apr-21
Jun-20

Aug-20
FY20 (Apr-Feb)

Mar-21
Mar-20

Jan-21
May-20

Jul-20

Sep-20

Dec-20

May-21
Feb-21
Apr-20

Oct-20

Nov-20

Apr-21
Jun-20

Aug-20
FY20 (Apr-Feb)
India- domestic civil aviation data Daily average property transactions, Maharashtra
0.4 3,000
Millions

Daily passenger traffic Departures (rhs)

0.3 2,500 9,000
8,000 6,884
0.3 7,000
2,000
6,000
0.2 5,000 3,477
1,500 4,000
0.2 2,218
3,000
1,000 2,000
0.1
1,000
0.1 500 0

Mar-20

May-20

Jan-21

Mar-21

May-21
Sep-20

Feb-21
Jul-20

Dec-20
Apr-20

Jun-20

Aug-20

Oct-20

Nov-20

Apr-21
FY20 (Apr-Feb)
0.0 0
12-Jun

08-Jan
22-Jan
04-Sep
29-May

26-Jun

18-Sep

05-Feb
19-Feb
05-Mar
19-Mar

14-May
28-May
11-Dec
25-Dec
10-Jul
24-Jul

02-Oct
16-Oct
30-Oct
07-Aug
21-Aug

13-Nov
27-Nov

02-Apr
16-Apr
30-Apr

Source: Kotak, CMIE, White Oak Research

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 44

Structural Reforms to further ‘Ease of Doing Business’

Labour reforms & competitive federalism

• Landmark labour reforms – significant simplification of complex, archaic, pre-independence era laws

• Increased instances of competitive federalism – subsidies, tax concessions, easier land availability and approvals

Agriculture and mining reforms

• Amendments to Essential Commodities Act – deregulation of production, supply, distribution and prices

• Liberalization of coal mining – ending government’s monopoly

Privatisation: non-strategic SOEs to be privatised

• Defence: Encouraging domestic production; Foreign Direct Investment (FDI) increased to 74% from 49% in key
sectors

• Privatisation of Power Distribution and Airports

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 45

Strong momentum in reforms agenda…

Phase III- Growth enhancing

• Corporate tax rate cuts -
India’s tax rate the lowest
among EMs
Phase II- Growth enabling • Production Linked
• Labour reforms - easing of Incentives (PLI) - facilitating
compliance burden ‘Make in India’
Phase I- ‘Restructuring’
• Outright privatisation- Oil • National Infrastructure
marketing companies, SOE Pipeline - addressing infra
• GST- creating a common banks, Logistics bottlenecks, improving
market • Mining & Agri reforms- competitiveness of the
• Modern bankruptcy law - Liberalisation of coal mining; economy
Time bound resolution of bad sweeping changes in agri sector
loans
• Real Estate regulation
reform- Increasing
transparency in real estate

Source: White Oak Research

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 46

…Reflected in improved ‘Ease of Doing Business’ rankings

Ranks across various components of Ease of Doing Business (across 189 countries)

142
Ease of doing business 63

Starting a business 158

136

Dealing with construction 184

permits 27

Getting electricity 137

22

Getting credit 36
25

Protecting minority investors 7

13

Resolving insolvency 137

52

0 20 40 60 80 100 120 140 160 180 200

2015 2020

Source: World Bank (Doing Business report 2020), White Oak Research as of end February 2021.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 47

Landmark Tax Reforms
Base tax rate comparison across SE Asia
35
30 30
30
25 25 25 25 24
25 23.2
22
20 20 20
20 17
15
15

10 In September 2019,
5 effective corporate tax
0 rates reduced from 35% to
Malaysia
China

Vietnam
Bangladesh

Indonesia

Korea

India (new)
Japan

Singapore
Thailand
India (old)

India (new
Taiwan
Philippines

25% for all companies and

mfg)
to 17% for new
manufacturing companies
▪ Biggest tax reform after Goods and Services Tax (GST) since the mid-90s, eliminating risk
of rising tax expectations

▪ Reduced cost of doing business in India to attract new investments in the country

▪ Adds momentum to the formalization of the economy by increasing tax compliance

Making corporate India competitive

Source: UBS, White Oak Research

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 48

PLI : A potential gamechanger for manufacturing

Sector Size (US$bn) What is different?

Auto & Comps 7.8

Electronics 6.7 Time bound

manufacturing
EV battery/cell- 2.4
manufacturing
Pharma 2.1
Focus on creating ‘national
champions’
Food products 1.5
White goods 0.9
Incremental production (not only
Others 5.6 exports)
Total 27.0

Source: PIB, Credit Suisse, White Oak Research as of end February 2021.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 49

Electronics sector: Production target of $143bn in 5 years
Make in India

India’s share in smartphone manufacturing has Can have significant impact on GDP as well
doubled in last 2 years

70% 30 0.7%
Smartphone production (India % Global)
GDP Impact ($ Bn) As % of GDP (RHS)
60% Govt target of 1bn 25 0.6%
handsets by 2025
50% Mobile Phones 0.5%
20
40% 0.4%
15
30%
0.3%

20% 10
0.2%
10%
5 0.1%
0%
FY21e

FY22e

FY23e

FY24e

FY25e
FY17

FY18

FY19

FY20

0 0.0%
FY22e FY23e FY24e FY25e FY26e

• Apple, Samsung, Xiaomi: scaling up India operations substantially

• During the first five months of scheme’s implementation, the applicant companies have produced goods worth ~INR 350bn while
generating additional employment of 22,000 jobs
Source: Credit Suisse, White Oak Research as of end February 2021.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 50

Shifting Supply Chains: Specialty Chemicals
Make in India
Expected 5Y CAGR of specialty chemicals
13%
Indian speciality chemicals industry positioned strongly to win
global market share
7%
• MNCs seek to diversify procurement away from China 5%

• Covid has exposed global supply chain vulnerability 3%

2%
1%
• China’s erstwhile competitive advantages of labour cost,
and lax compliance are weakening China North America Western Europe Japan India Global

Market share: 2006 Market share: 2019

US,
US 14%
Advantage India Others 22% Others
28% 27%
• Strong adherence to global manufacturing standards
Europe
• Capabilities in complex chemistry 15%

• Strong IP protection India India

2% 4% Japan
4%
China Europe
13% 28%
Japan China
7% 36%

Source: UBS, Ministry of Commerce, CMIE, White Oak Research as of end February 2021.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 51

Indian Pharma: Critical to global healthcare
Make in India

• India has over 65% of world’s vaccine manufacturing capacity

• Accounts for 40% of US generic volume (largest pharma market)
• India has 2nd highest number of US FDA approved plants
• Emerging destination for Contract Development and Manufacturing
• Medical Tourism offers huge growth potential for India given world class infrastructure and significant cost advantage

India’s market share in US generics India has the largest FDA approved plants after the US
Market share %, calendar year-ends, 2011-19
40 Volume Value
FDF API
36 450
400 384
32
345
28 350

24 300

20 250
188
16 200

12 150

8 100 82
52 46
4 50
0 0
2011 2012 2013 2014 2015 2016 2017 2018 2019 US India China Italy Germany Spain

Source: IQVIA, White Oak Research as of December 2020.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 52

IT Services: Emerging Dominance
IT Industry Size ($ bn)
• Indian IT services is ~$147 bn industry
147
150 136
• Grown 3.6x in the past decade (11.5% CAGR) 125
125 116
107
• Highly scalable business model 98
100 87
77
• Five Indian vendors with c$10bn revenue 75 59
69

50 40

• Sustained market share gains against global competition 25

0
• Market share up from 6.6% in 2010 to 12.1% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

• Winning against global competitors such as IBM, DXC, IT Services IT Enabled Services Engineering R&D Services

Capgemini
Indian IT Market Share %
14.0
12.1
11.6 11.9
• Global tech leaders setting up ER&D centres in India 12.0 10.9 11.3
10.2
9.3
• Large attractive talent pool of STEM graduates 10.0 8.7
7.5 7.7
8.0
• 47% of global captives set up in India 5.7
6.7
5.1 5.4
6.0
• Microsoft, Google, Amazon have large setups in India 4.0 2.8

• 70-80% of H1B visas issued to Indians 2.0

CY20e
CY09
CY06

CY07

CY08

CY10

CY11

CY12

CY13

CY14

CY15

CY16

CY17

CY18

CY19
Source: Nasscom, Kotak, White Oak Research as of December 2020.

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 53

Lessons from 2020
Macro- Shacro
20-20 from 2020: The futility of predicting investment returns based on macroeconomic worries and events

Lesson #1

• The usual perennial macroeconomic worries of the well-known unknowns variety are a colossal waste of time
• They hardly influence the future returns from equity markets, if any at all

Lesson #2

• Nobody has a crystal ball to forecast cataclysmic risk events of the unknown unknown variety, ex: the pandemic
• Market implications remain unpredictable even if one were bestowed with perfect prior knowledge

Lesson #3

• Investment decisions bereft of bottom up analysis, and instead driven by macro considerations, are fraught with
high risk of substantial absolute and relative losses

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 54

White Oak’s Perspective

The value of the market at any time is present value of aggregate perpetual future cash flows
The market is fairy valued at all times

Relevance of Macro

• View macros as source of random risks, not as opportunity to add alpha

• Consciously avoid top-down misadventures – market timing, sector rotation
• Stay fully invested, with a bottom up approach to investing in great businesses at attractive valuations
• Maintain a balanced portfolio construction approach at all times

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 55

Nifty through CY 20

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 56

Nifty 2008 - 2020

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 57

Lower interest rates have led to a structural re-rating

60 18

16

50

14

40 12

Long-Term Interest Rates, %

Price-Earnings Ratio (P/E10)

10

30

20 6

10

0 0
1900 1920 1940 1960 1980 2000 2020
Price/ E10 Ratio Long term interest rates (%, RHS)

*Price/ (average earnings over 10 years) or Cyclically adjusted PE (CAPE), adapted from Robert Shiller (Yale University, http://www.econ.yale.edu/~shiller/data.htm)

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 58

 Covid and Vaccination – Impact on markets

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE

 Covid-19: Situation Update
India - Covid cases India-Covid deaths
4,20,000 4,500
7 day average: 3,251
4,000
3,50,000
3,500
2,80,000 3,000
7 day average: 2,500
2,10,000
1,53,270 2,000
1,40,000 1,500
1,000
70,000
500
0 0
Mar-20

Mar-21
Mar-21

Mar-20
May-20

Jan-21

May-21

May-20

Jan-21

May-21
Feb-20

Sep-20

Feb-21

Feb-20

Sep-20

Feb-21
Jul-20
Apr-20

Nov-20

Dec-20

Apr-21

Apr-20

Jul-20

Nov-20

Dec-20

Apr-21
Jun-20

Aug-20

Oct-20

Jun-21

Jun-20

Aug-20

Oct-20

Jun-21
Daily 7 day average Daily 7 day average

Total Deaths (per Severity of India

Population Median Total Daily Deaths Scaled to India’s
Country reported mn on the same
(mn) Age deaths (peak 7 days avg) population
cases (mn) population) scale
United States 331 38.5 33.3 595,833 1,800 3,432 14,309 0.29x
India 1,380 28.7 28.4 337,989 245 4,190 4,190 1.00x
Brazil 213 33.2 16.7 467,706 2,200 3,124 20,282 0.21x
Turkey 84 32.0 5.3 47,768 567 356 5,825 0.72x
Russia 146 40.3 5.0 120,217 824 555 5,248 0.80x
United Kingdom 68 40.6 4.5 128,057 1,887 1,253 25,471 0.16x
Spain 47 43.9 3.7 80,049 1,712 865 25,531 0.16x
Mexico 129 29.0 2.4 228,146 1,770 1,427 15,274 0.27x
Israel 9 30.0 0.8 6,415 742 65 9,966 0.42x
Source: WHO, data as of 2nd June

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 60

Covid-19: Vaccination contained surges in other countries
United Kingdom 7 DMA of daily new cases United Kingdom 7 DMA of daily deaths

70,000 Peak: 1,400 Peak:

58,829 1,253
60,000 1,200
Peak: 944
50,000 1,000
40,000 Peak: 800
Peak:
30,000 25,365 600 486
20,000 400
Peak:
10,000 4,867 200
0 0
Mar-20

May-20

Jan-21

Mar-21

May-21

Mar-20

May-20

Jan-21

Mar-21

May-21
Sep-20

Feb-21

Sep-20

Feb-21
Jul-20

Dec-20

Dec-20
Oct-20

Jul-20
Apr-20

Jun-20

Aug-20

Nov-20

Apr-21

Apr-20

Jun-20

Aug-20

Oct-20

Nov-20

Apr-21
Israel 7 DMA of daily new cases Israel 7 DMA of daily deaths
10,000 Peak: 8,600 70 Peak: 65
9,000
8,000 60
7,000 Peak:
50
6,276 Peak: 39
6,000
40
5,000
4,000 30
3,000
Peak: 623 20
2,000
Peak: 10
1,000 10
0 0
Sep-20

Feb-21
Mar-20

May-20

Jan-21

Mar-21

May-21
Dec-20
Jul-20
Apr-20

Aug-20

Oct-20

Nov-20

Apr-21
Jun-20

Mar-20

Jan-21

Mar-21
May-20

May-21
Jul-20

Sep-20

Dec-20

Feb-21
Apr-20

Oct-20

Nov-20

Apr-21
Jun-20

Aug-20
Source: WHO

STRICTLY PRIVATE AND CONFIDENTIAL - DO NOT REPRODUCE OR DISTRIBUTE 61

 1,000
2,000
3,000
4,000
5,000
6,000
7,000
9,000
8,000

0
19 Dec 20
26 Dec 20
02 Jan 21
09 Jan 21
16 Jan 21
23 Jan 21
30 Jan 21
06 Feb 21

10%
20%
30%
40%
50%
60%

0%
13 Feb 21
20 Feb 21 19 Dec 20
Case study: Israel

Daily Cases
27 Feb 21 26 Dec 20

Case load declined

06 Mar 21
13 Mar 21 02 Jan 21

Source: WHO, Bloomberg, Investec, White Oak Research

20 Mar 21 09 Jan 21
27 Mar 21
03 Apr 21 16 Jan 21
25%

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10 Apr 21 23 Jan 21
17 Apr 21
24 Apr 21 30 Jan 21
01 May 21 06 Feb 21
Percent of People Vaccinated (First Dose)

13 Feb 21

20 Feb 21

27 Feb 21

0
10
30
40
50
70

20
60

19 Dec 20 06 Mar 21
26 Dec 20
13 Mar 21
02 Jan 21
09 Jan 21 20 Mar 21
Once 25% of population got vaccinated

16 Jan 21 27 Mar 21
23 Jan 21
30 Jan 21 03 Apr 21
06 Feb 21 10 Apr 21
13 Feb 21
17 Apr 21
20 Feb 21
Deaths

27 Feb 21
Percent of Population Completely Vaccinated

24 Apr 21
06 Mar 21
01 May 21
13 Mar 21
As did the death rate

20 Mar 21
27 Mar 21
03 Apr 21
10 Apr 21
17 Apr 21
24 Apr 21
01 May 21
62
 Covid-19: Vaccination progress in India
45% Between July to August we expect 600
40% 25% of population to receive at least
500
35% 1 dose
30% 400
25%
300
20%
15% 200
10%
100
5%
0% 0
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21

% population with 1st dose % population with second dose

Total doses administered (RHS, mn)

Progress so far: Roadmap ahead: Vaccine supply expected to more than double over the
next three months from 60mn doses in May to 150mn doses between
• 220mn doses have been administered (in absolute terms, among August/September
the highest globally)
• All adults above 18 years made eligible for vaccination
• 38% of the vulnerable population (45+ years) has received at least
one dose • Emergency authorization granted to vaccines approved globally

• 23% of India’s total urban population has received at least one • Private sale of vaccines allowed at pre-declared prices
dose

Source: WHO, ICMR, Kotak, White Oak Research

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Covid-19: Active cases down 53% from recent peak
2,400
Daily new Covid cases (7 day average) Active cases indexed to 100
12,000
2,100

10,000 1,800 India

8,000 1,500

1,200
6,000
900 Maharashtra
4,000 Mumbai
600

2,000 300

0 0

10-Mar-21

22-Mar-21

09-May-21

21-May-21
03-Apr-21

15-Apr-21

27-Apr-21

02-Jun-21
May-21
Sep-20

Jan-21

Mar-21
Feb-21
Jul-20

Nov-20

Dec-20

Apr-21
Jun-20

Aug-20

Oct-20

Jun-21
Mumbai Pune

Deceleration in incremental case load:

• India’s second wave began in Maharashtra with Mumbai and Pune emerging as the early hotspots.

• The state was also amongst the first to implement localized lockdowns in the first week of April.

• The case load is declining for most states including Maharashtra.

• Few states including Maharashtra have announced calibrated re-opening.

Source: WHO, ICMR, UBS, White Oak Research, data as of 2nd June

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Covid-19: Lockdowns less restrictive than in first wave

First lockdown (Mar-Apr’20) Present situation

Type of restrictions Countrywide, strict Localised, strict in many cases

Manufacturing activity Other than essential sectors like Most units allowed to function
pharma, metals, chemicals, rest but with restrictions
stopped functioning
Construction activity Stopped Allowed with restrictions

Public transport Passenger trains, buses, civil Allowed with restrictions

aviation completely stopped
E-Commerce Not allowed for non-essentials Allowed for non-essentials in
many areas
Corporate preparedness Unprepared Better prepared (e.g. stocking up
distributors)
Systemic liquidity Tight entering into the lockdown Easy liquidity conditions
Oxford Stringency Index 96-1001 822

Source: WHO, Oxford University COVID-19 Government Response Tracker: Higher the index, higher is the ‘strictness’, 1 Between Mar-Apr, 2020; 2 As of May 31st , 2021

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Covid-19: Market volatility absent in second wave
Fears of a bottomless pit
Nature of pandemic totally BSE-500 vs Covid cases
unknown Millions
23,000 28
Globally, India’s lockdown
21,000
strictest 24

Corporates unprepared
19,000 20
Uncertainty over job losses

17,000 No vaccine in sight 16

15,000 12
Problem of a finite time horizon
Nature of pandemic known
13,000 8
-40%
Corporates better prepared
11,000 4
Vaccination progress underway

9,000 0
Mar-20

Jan-21

Mar-21
May-20

May-21
Feb-20

Jul-20

Sep-20

Dec-20

Feb-21
Apr-20

Oct-20

Nov-20

Apr-21
Jun-20

Aug-20

Jun-21
BSE 500 India Covid-19 total case count (RHS)

Total cases 500 173,491 1,695,988 8,137,199 10,266,674 28,400,000

Source: WHO, Bloomberg, White Oak Research

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 Appendix

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Portfolio Performance - India Acorn Fund Limited*
01 September 2017 - 31 May 2021, Net of Fees in INR

Benchmark % Excess Returns S&P BSE 100 S&P BSE 150 S&P BSE 250
` Fund Large cap1 Mid cap1 Small cap1
S&P BSE 5001 (bps)

YTD 2021 17.1% 15.5% +161 13.0% 25.3% 29.3%

2020 38.9% 18.4% +2049 16.6% 26.3% 27.9%

2019 13.4% 9.0% +444 11.8% 0.9% -8.4%

2018 1.3% -1.8% +310 3.0% -13.0% -23.7%

Partial 2017 20.6% 9.2% +1140 7.0% 16.7% 17.7%

S.I. (Annualised)2 24.2% 13.3% +1088 13.8% 13.7% 8.5%

S.I. (Cumulative)2 125.5% 59.9% +6561 62.3% 62.1% 35.9%

India Acorn Fund (Cayman) : 01 Sept 2017. 1All indices are Net Total Return. 2 The NAV for 31 May 2021 is based on estimates and hence the performance might be restated post the
final valuation. The performance is net of all fees and expenses for Founder class shares at the Master Fund level. Fund performance in INR v/s S&P BSE 500 TR Index. The performance
is after accounting for all taxes paid on realized gains but doesn’t account for potential taxes on unrealized gains. Please note the published NAV of India Acorn Fund (Cayman) is after
adjusting for potential taxes on unrealised gain, and to that extent its performance may differ from the above. Performance is calculated using Net NAV of India Acorn Fund (Cayman).
*White Oak Capital Management acts as an investment advisor to India Acorn Fund Limited. Past performance is not a reliable indicator of future results.

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Average Quarterly Performance in Different Market Environments
01 September 2017 – 31 May 2021, for Founder class shares
Up Markets Overall Down Markets

10.8%

8.8%

5.8%

3.7%

210 232
200
bps bps
bps

-5.3%

-7.6%

Outperformed 8 out of 11 up quarters1 Outperformed 12 out of 16 quarters1 Outperformed 4 out of 5 down quarters1
Average Alpha: +200 bps Average Alpha: +210 bps Average Alpha: +232 bps

Portfolio Quarterly Average Returns S&P BSE 500 Quarterly Average Returns Average Alpha
1Quarters considered for data are calendar year quarters- except Q3CY17 part: 01 Sep 2017 to 30 Sep 2017 and Q2CY21 part: 01 Apr 2021 to 31 May 2021. Past performance is not a reliable
indicator of future results.

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Market Cap Attribution Analysis - India Acorn Fund Limited*
Stock selection drives performance : 01 September 2017 - 31 May 2021

Attribution by Market Cap1

Sector Fund Benchmark Attribution
Average Total Average Total Selection Allocation Total
Large Cap Weight Return Weight Return Effect Effect Attribution
(%) (%) (%) (%) (%) (%) (%)

Large Cap 41.5 115.2 79.8 67.3 14.3 -3.3 11.0

Mid Cap

Mid Cap 24.5 263.8 13.5 52.5 39.4 1.6 41.1

Small Cap Small Cap 28.2 206.4 6.8 7.6 59.8 -24.1 35.6

-30 -20 -10 - 10 20 30 40 50 60 Cash/Futures/Others 5.8 2.2 0.0 0.0 - - -4.5

Total Attribution (%) Allocation Effect (%) Selection Effect (%) Total 100.0 143.1 100.0 59.9 113.5 -30.3 83.2

1Factset Attribution Analysis. Performance is gross of fees, taxes and expenses. Market Cap Classification as per Securities and Exchange Board of India (SEBI) guidelines for Mutual
Funds. * White Oak Capital Management acts as an investment advisor to India Acorn Fund Limited.

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Sector Attribution Analysis - India Acorn Fund Limited*
Stock selection drives performance : 01 September 2017 - 31 May 2021

Attribution by Sector1
Sector Fund Benchmark Attribution
Average Total Average Total Selection Allocation Total
Comm Services Weight Return Weight Return Effect Effect Attributio
(%) (%) (%) (%) (%) (%) n (%)
Consumer Disc
Comm Services 3.9 177.8 2.6 0.4 8.5 -0.1 8.3
Consumer Staples Consumer Disc 14.5 149.5 9.7 20.5 22.4 -1.9 20.5
Energy Consumer Staples 8.6 37.9 9.5 41.9 -0.6 2.0 1.3
Financials Energy 0.0 0.0 9.5 87.2 0.0 -4.5 -4.5
Health Care Financials 26.9 97.6 32.1 41.0 13.7 1.8 15.6

Industrials Health Care 9.2 305.1 5.2 97.7 10.9 4.0 14.9

Information Tech
Industrials 8.0 191.8 7.2 38.2 14.1 -0.9 13.3
Information Tech 13.1 272.7 11.1 184.1 3.6 1.5 5.1
Materials
Materials 9.4 268.6 9.3 82.1 12.1 0.6 12.7
Real Estate
Real Estate 0.6 -10.7 0.6 27.6 0.6 0.3 1.0
Utilities
Utilities 0.0 0.0 3.1 73.5 0.0 0.7 0.7
-10 -5 - 5 10 15 20 25
Cash/Futures/Others 5.8 2.2 0.0 0.0 - - -5.6
Allocation Effect (%) Selection Effect (%) Total 100.0 143.1 100.0 59.9 85.4 -2.1 83.2

1 Factset Attribution Analysis: GICS Classification. Performance is gross of fees, taxes and expenses. * White Oak Capital Management acts as an investment advisor to India Acorn Fund
Limited.

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Portfolio Performance - India Acorn Fund Limited*
Top 10 contributors and detractors for 01 September 2017 - 31 May 2021

Ending Total Return Contribution Ending Total Return Contribution

Top 10 Contributors Top 10 Detractors
Weight (%) (%) to Alpha (bps) Weight (%) (%) to Alpha (bps)

Larsen & Toubro Infotech 0.0 +395.9 +710 Dishman Carbogen 0.0 -65.1 -262
Info Edge India 0.6 +327.0 +637 Bharti Airtel 0.0 -12.9 -240
Navin Fluorine International 2.3 +480.4 +492 Karur Vysya Bank 0.0 -20.4 -209
IPCA Laboratories 0.0 +269.6 +473 Camlin Fine Sciences 0.0 -57.3 -198
V I P Industries 0.0 +15.3 +463 Godrej Industries 0.0 -33.3 -126
KEI Industries 0.0 +35.6 +447 Heritage Foods 0.0 -22.1 -122
Dixon Technologies 2.7 +532.2 +434 Maruti Suzuki India 0.7 -16.9 -110
L&T Technology Services 0.8 +223.0 +412 Infosys 6.0 +57.7 -102
Intellect Design Arena 2.6 +389.9 +409 ABB India 0.0 -5.4 -80
Balkrishna Industries 0.0 +6.7 +375 United Breweries 0.0 -15.8 -79

* White Oak Capital Management acts as an investment advisor to India Acorn Fund Limited. Past performance is not a reliable indicator of future results.

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Profiles of Investment Professionals
Prashant Khemka, CFA Ramesh Mantri
Founder, White Oak Capital Management Consultants Senior Investment Analyst
Prashant founded White Oak Capital Management in June 2017. Prior to this he was the Ramesh has 17 years of experience in investing and financial analysis across sectors.
CIO and lead portfolio manager of GS India Equity at Goldman Sachs Asset Management Ramesh had founded Ashoka Capital Advisers that advised a fund and family offices
(GSAM) during March 2007 to March 2017, and also for the Global Emerging Markets on equity investment in South Asia. Earlier, he was part of the two member team
(GEM) Equity during June 2013 to March 2017. As lead PM, he managed all mutual funds which invested in South Asia in equity and debt for Alden Global Capital, a US based
and separate accounts under these strategies. Prashant started his professional investing hedge fund for over 7 years. Prior to this he was an analyst at CRISIL (majority owned
career in 1998 at SSGA in Boston as senior portfolio officer of Enhanced International by Standard and Poor’s), India’s leading rating agency and covered the financial
equity in the quant group. He started his career at GSAM in 2000 as a research analyst in sector. Ramesh is a CFA charter holder, MBA from Faculty of Management Studies,
US Growth Equity, and by 2004 he rose to become Senior Portfolio Manager and Co-Chair Delhi and passed the Chartered Accountancy course.
of the Investment Committee. Prashant returned to Mumbai in 2006 to start GSAM India
business and served as the CIO and CEO/Co-CEO of their domestic Asset Management Parag Jariwala, CFA
Company. In 2013, in addition to India he was also made the CIO and lead PM of GEM
Senior Investment Analyst
equity. He won several accolades as the CIO and Lead PM of GS India Equity. He and his
Parag has completed over 13 years in institutional equity research Banking and
fund won several awards including AAA rating from Citywire and Elite rating from Fund
Financial Services Institutions (BFSI) sector. Prior to joining White Oak, he worked as a
calibre among others. Prashant graduated with honors from Mumbai University with a
lead analyst with Religare Capital. Before that he has worked with Macquarie and
BE in Mechanical Engineering and earned an MBA in Finance from Vanderbilt University,
other domestic sell side firms covering BFSI sector. He was highly rated by marquee
where he received the Matt Wigginton Leadership Award for outstanding performance in
institutional clients for his original think pieces and primary research work in the
Finance. He was awarded the CFA designation in 2001 and is a fellow of the Ananta
sector. Parag is a chartered accountant and MBA from K J Somaiya Institute of
Aspen Centre, India.
Management of Mumbai University. He also holds CFA charter from the CFA Institute
(AIMR).
Manoj Garg
Senior Investment Analyst
Manoj has 24 years of relevant experience. He has a strong track record in equity
research in healthcare and pharmaceuticals over the last 11 years working as lead analyst
at leading brokerage houses in India. Most recently, he was with Merrill Lynch where he
was highest voted analyst by external as well as internal clients. He ranked #1 / #2 in the
All Asia Institutional Survey 2015/2016 in the Healthcare category. He began his career in
the pharmaceutical industry working with companies like Cipla and Ipca for 10 years. He
graduated as Gold medallist from Nagpur University with an MBA in Finance.

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Profiles of Investment Professionals
Rishi Maheshwari
Senior Investment Analyst
Rishi has 16 years of private equity and investment banking experience gained in the
US, India and Middle East. Prior to his current role, he served as a Managing Director of
The Abraaj Group’s deal execution team in South Asia. His responsibilities included
investment strategy development, local relationship management (including
regulators), deal sourcing & execution and portfolio monitoring (including board
participation). Prior to joining Abraaj, he worked in the Investment Banking division at
Goldman Sachs in New York & Chicago before moving to India as a part of Goldman’s
start-up team. At Goldman Sachs, he was a part of the Industrials Group and was
involved in 10+ transactions, including sell-side and buyside M&A’s, bank & bond
financings and equity offerings. Additionally, he assisted the Executive Office in various
capacities regarding India operations.
Rishi holds a Bachelor of Science degree in Finance from the Indiana University,
Bloomington.
Rohit Chordia
Senior Investment Analyst
Rohit has over 16 years of total experience with over 14 years in the investment
industry having covered the Indian Telecom, Consumers and IT services sectors as a
sell-side analyst at Kotak Institutional Equities. Rohit was consistently ranked amongst
the top analysts in both his lead coverage sectors in polls conducted by Institutional
Investor and Asia Money. Prior to his sell-side stint, Rohit spent a couple of years
working with Ameriprise Financial as a financial analyst on areas like competitive
intelligence and cost reengineering.
Rohit holds a Post Graduate Diploma in Management from IIM Calcutta and a B.E.
(Honours) degree from BITS, Pilani.
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Sagar Arya
Investment Analyst
Sagar has 6 years of experience in credit and venture capital. Prior to joining White Oak
Capital, he worked as a Senior Associate at DMI Capital and was responsible for
investment decisions across sectors like Healthcare, Renewables, Chemicals and
Consumer. He also worked as an Investment Advisor at Angaros, a Singapore based
Venture Capital. He received a Bachelor’s degree in Commerce from Delhi University
and has done Masters in Finance from SP Jain School of Global Management. He is also
pursuing CFA and is a Level 3 candidate.
Ayush Abhijeet
Investment Analyst
Prior to joining White Oak Capital Ayush worked as an Investment Analyst at Avendus
Capital in Indian public equities. Before starting a career in Investment Management he
had stints with Deutsche Bank and Credit Suisse in macro structuring and trading in
Mumbai. He also had a short stint with UBS Investment Bank's FICC trading desk in
Singapore. He holds a B.Tech from IIT Delhi and a PGDM from IIM Ahmedabad.
Trupti Agrawal
Investment Analyst
Trupti has 12 years of total work experience, since starting her career as a statutory
auditor with Ernst & Young's affiliate in India, S. R. Batliboi & Co. She later joined the
credit team at L&T Infrastructure Finance Limited where she was responsible for
evaluating credit for large projects and corporate finance deals across Infrastructure,
Resources and Capital goods. She has also been an entrepreneur and has run her own
ecommerce venture prior to joining White Oak Capital.
Trupti is a Chartered Accountant and a graduate of commerce from Osmania
University.
74
Profiles of Investment Professionals
Akshay Jogani
Investment Analyst
Akshay has five years of private equity and investment banking experience in India.
Prior to his current role at White Oak, Akshay worked as an Associate in the Investment
team at Multiples Alternate Asset Management, an India focussed private equity fund
where he evaluated investment opportunities in Financial Services, Healthcare and
Technology sectors. His responsibilities included deal sourcing, investment analysis,
and managing portfolio value creation activities. Prior to Multiples, Akshay worked in
the Investment Banking division at Rothschild in the Mumbai office where he was a
part of the Telecom Media and Technologies, and the Transportation group. Akshay
was involved in marquee transactions in the sector including spectrum auctions, M&As
and buy and sell-side advisory.
Akshay holds a Bachelor of Engineering in Telecommunications from the Mumbai
University and an MBA in Finance & Strategy from the Indian School of Business
Anand Bhavnani, CFA | FRM
Investment Analyst
Anand has more than 9 years of experience across Equity Research, Fund Management
and Derivatives. Before joining White Oak, at Unifi Capital he assisted the CIO in
managing Blend & Deep Value Discount (DVD) funds and tracked Chemicals, Pharma
and select midcaps across sectors. Prior to Unifi Capital, he worked with Sameeksha
Capital and had a short stint with Citi Global Markets in London. He started his career
in financial markets as a Derivatives trader with Futures First.
Anand has done M Sc. in Financial Economics from University of Oxford and graduated
with distinction from Nirma Institute of Technology in Electronics & Communication
engineering.
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Aman Kapadia
Management Trainee
Prior to joining White Oak Capital, Aman has worked as an Investigative Journalist with
BloombergQuint where he was responsible for research and reportage of corporate
governance issues. Prior to that, Aman worked as an Internal Auditor with Sharp &
Tannan Associates for a total of 3 years as an articled assistant and later as employee.
Aman is a Chartered Accountant and a graduate of commerce from Veer Narmad South
Gujarat University.
Neeraj Parkash
Investment Analyst
Neeraj has 4 years of experience in equity research on the buy side. Prior to joining
White Oak, he worked as an investment analyst at Nepean Capital, an India focused
mid and small-cap fund, where he covered a wide range of sectors including
healthcare, chemicals, consumer, and financial services. Prior to Nepean Capital, he
was an equity research analyst at Lazard Asset Management, in New York, covering the
healthcare sector within US Equities.
Neeraj has a Bachelor of Arts in Economics and Psychology from Cornell University,
New York.
75
Profiles of Investment Professionals
Sanjay Vaid a

Trading Advisor
Sanjay has over 31 years of experience in the asset management, equity trading, and
equities broking industry. Prior to joining us he was Director & Head of Equity Sales
Trading at Religare Capital Markets. Before that he was Executive Director –
Fundamental Equity trading at Goldman Sachs Asset Management (GSAM), responsible
for trading for GS India equity fund. Before joining GSAM, he was Co-Head Equities at
SBICAP Securities. Prior to that he was responsible for trading at HSBC Asset
Management and SBI Mutual Fund, which are amongst the largest India funds. Sanjay
began his career with Unit Trust of India, working in various capacities for 15 years.
Sanjay graduated with honors in Economics from Delhi University and earned an MBA
in Finance from Faculty of Management Studies, Delhi University. He is a Certified
Associate of Indian Institute of Bankers (CAIIB).

Chaitanya Kapur
Trading Advisor
Chaitanya is a Chartered Accountant and has received a bachelor’s degree in
Commerce (Accounting and Finance) from Mumbai University. He has worked as an
Articled Assistant at Deloitte Haskins & Sells LLP where he worked on statutory audits
in the Automobile, Financial services, Pharmaceutical, Chemicals and Industrial sectors.

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Wise Words that Reflect Our Thinking
▪ Investing is a marathon not a sprint - Anonymous

▪ To time the market is not merely difficult, its impossible - White Oak
Borrowed from ”Don ko pakadna mushkil hi nahin, namumkin hai ”- Bollywood movie Don, 1978

▪ Investor returns are a function of time in the market rather than timing the market - Anonymous

▪ We never forget that in macro, we only have hunches: in the micro, we can develop justifiably deep conviction -
Seth Klarman, 2017

▪ Don’t miss the forest for the trees - John Heywood, 1546

▪ Don’t miss the trees for the forest - Anonymous

▪ He that lieth down with dogs shall rise up with fleas - Benjamin Franklin, 1739

▪ Stay hungry. Stay foolish - Whole Earth Catalog, 1971

▪ Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has
been lost in corrections themselves – Peter Lynch

▪ Absent a lot of surprises, stocks are relatively predictable over twenty years. As to whether they’re going to be
higher or lower in two to three years, you might as well flip a coin to decide.– Peter Lynch

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 Disclaimer

Terms & Conditions with respect to this Presentation:

The purpose of this presentation is to provide general information of a product structure to prospective investors in a manner to assist them in understanding the product. The
Presentation is purely for information purposes and should not be construed to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any
securities. This Presentation is for the personal information of the authorized recipient(s) and is not for public distribution and should not be reproduced or redistributed to any
other person or in any form without prior permission of White Oak Capital Management Consultants LLP (White Oak Capital Management). While reasonable endeavors have been
made to present reliable data in the Presentation, but White Oak Capital Management does not guarantee the accuracy or completeness of the data in the Presentation. White Oak
Capital Management or any of its connected persons including its subsidiaries or associates or partners or employees shall not be in any way responsible for any loss or damage that
may arise to any person from any inadvertent error in the information contained, views and opinions expressed in this Presentation. Past performance should not be taken as an
indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates
contained in this Presentation reflect a judgment of its original date of publication by White Oak Capital Management and are subject to change without notice. This Presentation is
not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such
distribution, publication, availability or use would be contrary to local law, regulation or which would subject White Oak Capital Management and its affiliates to any registration or
licensing requirement within such jurisdiction The product described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in
whose possession this Report/Presentation may come are required to inform themselves of and to observe such restrictions.

This presentation is qualified in its entirety by the Disclosure Document/Contribution Agreement and other related documents, copies of which will be provided to prospective
investors. All investors must read the detailed Disclosure Document/Contribution Agreement including the Risk Factors and consult their tax advisors, before making any investment
decision/contribution to be managed under the Portfolio Management Services offered by White Oak Capital Management. Capitalized terms used herein shall have the meaning
assigned to such terms in the PPM and other documents.

Portfolio Manager: White Oak Capital Management Consultants LLP

Contact Details – Registered and Corporate Office - Unit 6 B2/B3, 6th Floor, Cnergy Building, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025. Tel: (91-22) 62308100 / 8182

Investor Queries - Email: contact@whiteoakindia.com

Registration Details – INP000005865

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