GTC: An India Financial Opportunity

GRAND TRUNK CAPITAL AN INDIA FINANCIAL OPPORTUNITY

2!

The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

To create a large financial services conglomerate in India !

India’s 1.4B people are actively transitioning from a cash based economy to credit and online financial services.

Consumer loans currently represent only 22% of India’s banking system and only 1 Indian bank is in the world’s top 50 despite having the worlds 6th largest economy. Grand Trunk Capital is an early mover with deep expertise and network in India that is perfectly positioned to capitalize on this economic shift.!

3!

An investment holding company (“HoldCo”) focused on strategic investments across the Indian financial services industry The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

• Large underpenetrated investment opportunity unique in a global context • Strategic stakes/board seats/ Berkshire Hathaway model • Ability of the Holdco to list as a public company – access to capital markets as well as liquidity for investors

Emphasis on financial businesses that are being fundamentally transformed by technology and India’s digital connectivity surge

Drive returns by leveraging expanded scale, consolidation and accelerated technology adoption across complementary business platforms • Create a synergistic ecosystem

Team with extensive experience and success in India for over 15 years.

• Deep set of strategic relationships – business, regulatory, political • Team in India and the US with expertise across the space • Team has invested more than $2bn in the Indian financial sector

Initial corpus of $500mm to be expanded to $2bn • Will leverage initial capital with other external investors • Capital raising can be done in stages and via public markets: both debt and equity can be raised into the HoldCo

PRIVATE & CONFIDENTIAL!

4!

The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

The Team!

5!

The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

SAM GUPTA Chief Executive Officer, Chief Investment Officer and controlling owner of Grand Trunk Capital Management, L.P.

Co-Founder and Managing Director of QIF Management, a joint venture with Soros Fund Management. Launched at $300m and grew to a $3.0 billion fund

Co-Founder of Passport India Fund, private investment fund specializing in long-term investment in the Indian markets

Partner at Encompass Ventures, a US & Asia focused private equity firm

Managing Director at Wasserstein Ventures, a private equity firm

MBA from The Wharton School at the University of Pennsylvania; BS from Washington University

6!

The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

SHOBHIT GUPTA

Research Analyst at QIF Management

Research Analyst at SAC Capital, focused on India

Director of Operations at DCD India

M.B.A from Tuck School of Business, Dartmouth College

TODD M ELSBERG

Co-Founder and Managing Partner at 37North Capital

Chief Operating Officer at RocketSpace

Global Director of Strategic Business Operations at Equinix

Director, Commercial Integration at Deutche Post DHL

B.S. in Business Administration, University of Denver

VIVIENNE CHUA, CPA

Senior Manager at Ernst & Young, San Francisco Asset Management Group

Supervising Senior at Ernst & Young, Cayman Islands Asset Management Group

B.A. in Communications with Business Administration, University of California, Los Angeles PRIVATE & CONFIDENTIAL!

7!

The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model

AN EXPERIENCED TEAM & BOARD

BOARD/ADVISORY • • • • • • •

Ex-Technology Executive at top US ecommerce company Globally known VC investor / pioneer COO at top US family office Founder of multibillion dollar payments company Partner & Chief Investment Officer at large global asset company Managing Director at one of the world’s largest Private Equity funds Attorney & former USA Deputy Assistant Secretary of State

INVESTMENT/OPERATIONS

Appendix Disclaimers Thank You

TEAM MEMBER

BACKGROUND/ROLE

Sam Gupta Shobhit Gupta Todd Elsberg Vivienne Chua Founder & ex-chairman of digital payments company

CEO Director Investment Relations Operations Technology/CTO

INDIA BOARD & OPERATIONS TEAM • • • • • • PRIVATE & CONFIDENTIAL!

Ex India Banking Association Chairman Senior Banker/ former CEO of large Bank Senior Analyst/ Norwest 2 Investment analysts IAS/ top bureaucrat Ex RBI official

8!

The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

Past Experience!

9!

TEAM PAST EXPERIENCE The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

Have invested more than $2bn in the financial sector over the years, across

PSU banks/private sector banks, Non-bank financials since 2001

Yes Bank: Pre-IPO investor in a new bank

Kotak Mahindra Bank: Pre-IPO investor in an NBFC transformed into a bank

IndusInd Bank

Reliance Capital: Early investor in fast growing financial services company & one of the largest asset managers in India

ABNL/MAX: Insurance companies

Shriram Transport: Early investor in niche financing business

ICICI bank: Post restructuring investor

Pantaloon Retail: Early investor in India’s largest retail chain

Investor in India’s state owned banks

Large investor in infra-sector space (key to banks)

10!

The Opportunity

PAST INVESTMENTS IN THE FINANCIAL SPACE

Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

Shriram Finance: Rural Vehicle financing business Largest Foreign investor Owned 7% of the equity Stock appreciated 990% in 4 years

Reliance Capital : Fast growing consumer Financial Services company Largest foreign investor Stake Size ~$700mm Stock appreciated 1935% in 4 years

Kotak Mahindra Bank (Pre IPO/Private Equity investment) Yes Bank (Pre IPO/Private Equity investment) ICICI Bank $200 mm stake Stock appreciated 190% in 2.5 years

Max Life: Fast growing private sector insurance company Stock appreciated 88% in 1 year

Aditya Birla Nuvo: Consumer Finance firm Stock appreciated 230% in 2 years PRIVATE & CONFIDENTIAL!

11!

2013 BANK FUND The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

Yes DCB Bank Bank

PRIVATE & CONFIDENTIAL!

Indusind Bank

Federal Bank

Capital First

Ni5y Index

Bank Ni5y Index

4 year returns CAGR

43%

39%

41%

30%

46%

14%

23%

2 year returns CAGR

42%

47%

33%

39%

37%

14%

21%

12!

The Opportunity Executive Summary Team & Board Past Experience Indian Financial 
 Services Industry The Model Appendix Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

The Indian Financial !

Services industry presents ! a unique opportunity.!

13!

1

Large, growing market – and plenty of room for growth • Huge population actively transitioning to both traditional and online financial services • Large market segments are underpenetrated but developing fast

The Opportunity

•

Executive Summary

•

Team & Board Past Experience

Only 1 Indian bank in world’s top 50 – despite being the world’s sixth largest economy Larger companies (and returns) yet to be created

Public Sector giving way to a highly profitable private sector

2

Indian Financial Services Industry

•

The Model

• •

Appendix

Inefficient public sector that controls 70% of assets losing out to the nimble and better run private sector companies. The opportunity for private sector firms gets amplified by the prospects of market share gains Ability to focus on market segments that state-owned bank cannot address Private sector firms tend to be highly profitable

Disclaimers

3

Thank You

India’s digital revolution underway – many new opportunities • Government is actively pushing transition to online/digital Financial Services to increase financial services penetration in the country • Rapid ramp up of digital connectivity and pervasive digital financial system enables fundamental changes in business models • Financial architecture still evolving – opportunities abound across the sector to create leaders at a large scale

4

Strong regulatory regime – Vital enabler but also creates barriers for competition • Strong independent regulator lowers sector risks and is an enabler for the industry • At the same time, cultural/regulatory issues make it hard for outside investors to access this opportunity • Local presence, knowledge and relationships are key differentiators

PRIVATE & CONFIDENTIAL!

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INDIA IS CREATING

Executive Summary

PERVASIVE DIGITAL FINANCIAL INFRASTRUCTURE

Team & Board

Unprecedented regulatory push towards a digital financial services industry

The Opportunity

Past Experience Indian Financial Services Industry The Model Appendix

Proliferation of Digitally Enabled Banking

Wide Adoption of Universal Digital Identity System

Universal digital payment/ transaction system

India’s Jan Dhan Yojana has created more than 250mm new bank accounts with 180mm debit cards in the last 3 years. Bringing institutional financial services to India’s population

UIDAI and it’s biometric Aadhar card has created over 1 billion digital identities in India. This system is linked to a growing set of government and private sector services

India’s NPCI payment system provides universal domestic digital transaction and payment services. Also provides connectivity to digital bank accounts and Aadhar accounts

Disclaimers

IMPACT: Thank You

• Move towards using organized financial channels in contrast to traditional informal systems • Sustained increase in deposits with banks • Increased product and service innovation • Adoption of mobile phone driven payment systems

BUT STILL IN THE EARLY STAGES… • Industry models are only just beginning to evolve • M&A to speed up • As industry size increases, absolute dollar returns for investors to get larger

PRIVATE & CONFIDENTIAL!

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The Opportunity Executive Summary Team & Board Past Experience Indian Financial 
 Services Industry The Model Appendix Disclaimers Thank You

Good quality financial franchises in India have outpaced global returns 5 year returns (%) in USD! 350!

300!

250!

200!

150!

100!

50!

0!

-50!

-100!

PRIVATE & CONFIDENTIAL!

MSCI US Financials!

HDFC Bank!

MSCI World Financial!

MSCI Europe Financials!

MSCI China Financials!

Capital First!

Yes Bank!

MSCI Japan Financials!

Kotak Bank!

JP Morgan!

INDIAN FINANCIALS HAVE BEATEN GLOBAL BENCHMARKS

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The Opportunity

The financial ecosystem is closely knit.!

Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix

RETAIL/CUSTOMER FOCUSED

Wallet/E payments/ Payments Bank

Disclaimers Thank You

Private Wealth

RETAIL/CUSTOMER FOCUSED

BACKEND/CORE TECHNOLOGY

General/Life Insurance

Analytics

Bank/NBFC (core holding)

Credit Agency

Asset Manager

PRIVATE & CONFIDENTIAL!

Other Banks

Blockchain Technology

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BUILDING A

A ‘BERKSHIRE HATHAWAY’ MODEL FOR THE FINANCIAL SERVICES INDUSTRY IN INDIA

The Opportunity Combining traditional lending skillset with the use of new technology & balance sheet scale to create a category leader

Executive Summary Team & Board

Build a key team of banking and digital experts to create a modern digital financial services company

Past Experience Indian Financial Services Industry

Acquire lead stake in a lending franchise (Bank/NBFC) and to create the financial services platform

The Model Appendix Disclaimers Thank You

Acquire stakes other important businesses • Non-banking Financial Companies (NBFCs) with profitable niches that can be exploited with technology and appropriate scale • Financial technology firms that can help increase revenue potenMal, efficiencies and/or improve credit appraisal • Insurance, asset managers Create scale & value across the platform Synergies across companies to increase revenue opportuniMes & efficiencies Increased use of fin-tech across the plaUorm to lower costs and improve credit analysis • ExperMse of board and team to help scale up businesses profitably • Access to capital (both equity & debt) becomes easier for porUolio companies • ConsolidaMon within the plaUorm can create scale impossible for individual companies • •

Investor returns created by increasing scale & profitability of companies in the ecosystem PRIVATE & CONFIDENTIAL!

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The Opportunity

ADVANTAGES OF A HOLDING COMPANY STRUCTURE

Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

Source of long-term (perpetual) capital – can access global capital markets Subsequent financing – both debt and equity – to sustain investment strategy

Multiple paths to liquidity for investors IPO of holding company Capital raises in holding company or portfolio companies Debt & Equity opportunities

Permanent nature of vehicle makes it easier to recruit a top-notch local team – both operational and advisory

Leverage minimal capital for disproportionate control across multiple investments Combined influence/returns will exceed “sum of the parts” - due to strategic alignment

Scarcity value: no similar approaches currently known for this vast market

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The Opportunity Executive Summary

INVESTMENT TARGETS UNDER CONSIDERATION Banks

Possible Targets

Team & Board

Public Sector Bank

-

Past Experience

Private Sector Banks

5

Small Finance Banks & MicroďŹ nance Banks

2

Indian Financial Services Industry

Payments Banks

2

The Model

Non-banks

Appendix

Housing Finance

2

Consumer & Niche lending

3

Life Insurance

4

General insurance

5

ARC

1

Infrastructure Finance

-

Investment Trusts

-

Brokerages

2

Private Wealth

2

Credit Agencies

2

AnalyMcs

3

Wallets/Digital Payments Companies

2

Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

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The Opportunity

Now is the right time to invest in emerging leaders!

Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

India’s nationwide digital push with Identity, payments and connectivity is rapidly changing the financial industry. Transitioning industry is creating opportunities

Rich data available to lenders and service providers State-owned banks unable to keep up New business models and new risks emerge for the industry

India’s financial sector has been in the news for the bad assets problem but resolution is now being pursued at an unprecedented speed and scale

Banks have begun using the Bankruptcy and Insolvency code of 2016 to address defaulters National Company Law Tribunal set up in 2016 has now started adjudicating on large defaulters and disposing off bad assets.

We are seeing a spate of asset selloffs to clean up bank books

Frauds recently uncovered in State-owned banks to slow down their lending and hence increase market share for private sector banks State-owned banks to incur losses and conserve balance sheets

PRIVATE & CONFIDENTIAL!

21!

The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

Appendix: The Indian Financial Services Sector

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The Opportunity

The Indian Financial Services industry is unique in global context

Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

With a population of 1.4 billion, the potential scale of the market can only be matched by China

Rudimentary financial services delivery in place but transforming fast.

Fertile ground for new technology & skipping traditional financial intermediaries

The country’s digital financial infrastructure is being largely built by the government. Companies building services on top of or along with that ecosystem

Western style law & private sector/foreign investor rights

Young population and $1700 per capita GDP

Level of regulatory oversight is potentially higher than other markets.

Positive for health of the industry but can place restrictions for investors

Still in the EARLY Stages: only 1 Indian bank amongst the top 50 banks in the world

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The Opportunity

Private Sector Growth – At the Expense of State-Owned Banks

Executive Summary Team & Board

Indian Financial Services Industry The Model Appendix

280!

260!

240!

220!

200!

180!

Disclaimers

% growth in loans from base year (2013)!

Past Experience

Private Sector vs. State-owned banks: Percentage Loan growth!

160!

Thank You 140!

120!

100!

2013!

Total Loans !

(SBIN IN Equity)!

PRIVATE & CONFIDENTIAL!

2014!

Total Loans !

(HDFCB IN Equity)!

2015!

Total Loans !

(PNB IN Equity)!

2016!

Total Loans !

(AXSB IN Equity)!

Total Loans !

(KMB IN Equity)!

P R I V A T E S E C T O R B A N K S A R E G R O W I N G F A S T

S T A T E O W N E D B A N K S A R E S T R U G G L I N G

2017!

Total Loans !

(BOB IN Equity)!

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The Opportunity

Indian Financials have a strong track record of generating investor returns

Executive Summary Yes Bank

IndusInd Bank

Bajaj Finance

Kotak Mahindra Bank

5 year PAT Growth CAGR

28%

29%

35%

26%

CumulaMve 5 year stock return

484%

491%

1430%

334%

Market cap created in the last 5 years ($ Billion)

$ 5.61

$7.75

$6.37

$13.48

Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

Price/Book of Strong Financial Franchises is consistently high!

12.0 !!

11.5 !

11.0 !

10.5 !

10.0 !

9.5 9.0 !

8.5 !

8.0 !

7.5 !

7.0 !

6.5 !

6.0 !

5.5 !

5.0 !

4.5 !

4.0 !

3.5 !

3.0 !

2.5 !

2.0 !

1.5 !

1.0 !

0.5 !

0.0 !

2009! 2010! 2010! 2010! 2011! 2011! 2011! 2012! 2012! 2012! 2013! 2013! 2013! 2014! 2014! 2014! 2015! 2015! 2015! 2016! 2016! 2016! 2017!

Bajaj Finance!

Kotak Mahindra Bank!

Yes Bank!

Indusind Bank!

Ratnakar Bank!

HDFC Bank!

Gruh Finance!

Sundaram Finance!

!

OPPORTUNITY TO BUY CHEAPER FIRST AND CONSOLIDATE/TRANSFORM I N T O A H I G H E R V A L U E D , L A R G E R S C A L E & M O R E E F F I C I E N T E N T I T Y PRIVATE & CONFIDENTIAL!

25!

TRADITIONAL BANKING VS. FINTECH The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

Room for both to grow. Elements of each to stay relevant

Fintech is a great enabler for traditional banking, but profits will stay with asset book holders

Scope of regulatory oversight should not be underestimated by Fintech and investors Regulation driven by central bank is extensive Impacts business models and strategy

Ownership restriction likely to emerge for Fintech companies once they reach scale

Non-consumer banking dwarfs consumer banking in terms of assets and profits. Technology bringing in changes in this space as well

26!

The Opportunity

Large, Growing Market 
 for Financial Services

Executive Summary BANK ASSETS: $1.4 TRILLION (2015)

Team & Board 40.0

Past Experience

37.2

Domestic Bank Assets ($ Tn)

35.0 30.0 25.0

20.6

20.0

0.6

0.4

0.3 Singapore

0.8

Indonesia

1.2

Thailand

1.4

Russia

1.9

Switzerland

2.5

India

3.6

S Korea

4.2

France

Appendix

China

Japan

0.0 USA

The Model

5.1

5.0

Germany

10.0

Brazil

12.8

15.0

UK

Indian Financial Services Industry

Disclaimers Thank You BANKING SECTOR GROWTH 30%

10 Year Domestic Credit Growth CAGR

25% 20% 15% 10%

PRIVATE & CONFIDENTIAL!

Germany

Japan

US

UK

France

Indonesia

India

China

Brazil

0%

Russia

5%

27!

The Opportunity

Low Penetration = 
 Long-term Growth Ahead

Executive Summary Team & Board DOMESTIC CREDIT TO GDP

Past Experience 350%

Indian Financial Services Industry

300%

The Model 250%

Appendix Disclaimers Thank You

200%

150%

100%

50%

0% India

PRIVATE & CONFIDENTIAL!

China

Switzerland

UK

US

Japan

28!

The Opportunity

Low Penetration = 
 Long-term Growth Ahead

Executive Summary Team & Board INSURANCE PENETRATION (%) TO GDP

Past Experience Indian Financial Services Industry

16

14

The Model 12

Appendix 10

Disclaimers Thank You

8

6

4

2

0

PRIVATE & CONFIDENTIAL!

Indonesia

Thailand

Singapore

India

Korea

HK

Taiwan

29!

The Opportunity

Low Penetration = 
 Long-term Growth Ahead

Executive Summary Team & Board CREDIT CARDS/TOTAL POPULATION (%)

Past Experience Indian Financial Services Industry

250

235

The Model Appendix Disclaimers

200

150 122

Thank You 100

50

10 1.6 0 India

PRIVATE & CONFIDENTIAL!

Malaysia

Korea

USA

30!

The Opportunity

Low Penetration = 
 Long-term Growth Ahead

Executive Summary Team & Board CONSUMER LOAN/GDP

Past Experience Indian Financial Services Industry

80%

70%

The Model Appendix

60%

Disclaimers

50%

Thank You

40%

30%

20%

10%

0% India

PRIVATE & CONFIDENTIAL!

Thailand

Korea

HK

Malaysia

Taiwan

Singapore

31!

INDIA’S FINANCIAL SECTOR LANDSCAPE

Banks The Opportunity Executive Summary

1

Team & Board Past Experience 2

Indian Financial Services Industry

New Age Private Sector Banks

High ROE, high growth banks Strong management teams & well evolved product offerings

The Model Appendix

Public Sector Banks (State-owned)

~70% of the Indian banking sector Inefficient, dependent on government policy

3

Disclaimers Thank You

Regional Private Sector Banks

Limited geographical spread & limited product offerings but strong regional franchises Cheap valuations but high growth

4

New Private Sector Banks

Two new private sector banks starting operations in 2015 Public market and private market transactions possible

5

Payment Banks & Small Banks

New bank categories with restrictive banking licenses Mostly privately held but recent listings show investor appetite

PRIVATE & CONFIDENTIAL!

32!

INDIA’S FINANCIAL SECTOR LANDSCAPE

Non-Banks The Opportunity Executive Summary

1

Team & Board Past Experience

2

Indian Financial Services Industry

Housing Finance

Stable, competitive and low delinquency business Consumer & Niche Finance

Several profitable niches enable high ROEs and high growth Autos/Gold/Micro Finance/Personal Loans

The Model

3

Appendix

Infrastructure Finance

Mostly government owned

Disclaimers 4

Thank You

Brokerages

Lack of scale & predictability of earnings

PRIVATE & CONFIDENTIAL!

5

Insurance

Strong growth given low penetration

5

Infrastructure Debt Funds and REITs

New structures for fixed income investors

33!

BANKING SECTOR OPPORTUNITY:

TAKEAWAYS The Opportunity Executive Summary

1

Large, growing and underpenetrated market with ample room for future growth

India is one of the most attractive markets for financial services

Team & Board Past Experience 2

Indian Financial Services Industry

Profitability high for well run companies. Tremendous value created for investors

A well regulated financial system and a profitable one

The Model Appendix

3

Overall scale of the financials industry in India is still relatively small in the global context

The financial industry is still relatively young. Larger market caps in dollar values yet to be captured

Disclaimers Thank You

4

Value in the financial services industry being captured by the private sector

The public sector cannot compete with more competent, nimble and focused private sector competition

PRIVATE & CONFIDENTIAL!

34!

The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

This document ( “Document”) is for discussion purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase ownership interests (the “Interests”) in any company or companies (the “Companies”) managed by or to be launched by Grand Trunk Capital Management L.P. (“GTCM” or “GTC”). This Presentation is furnished on a confidential basis to a limited number of sophisticated investors for the purpose of providing certain information about an investment in Interests in the Companies. Only prospective investors who meet the Companies‘ investor suitability criteria will be permitted to invest. Any such offer or solicitation of Interests in the Companies shall be made only by means of the Companies’ confidential private placement memorandum, as amended from time to time (the “Memorandum”), which qualifies in its entirety the information set forth herein and contains detailed information concerning the terms and risks of an investment in the Companies (including risk factors, fees and charges and regulatory and tax considerations). Some or all alternative investment programs may not be suitable for certain investors.

Market data contained herein is based upon information that GTCM considers reliable under the circumstances, however, GTCM does not represent that it is accurate, complete or up to date and it should not be relied upon as such. Past or targeted performance is not necessarily indicative of future results and there can be no assurance that the Companies will achieve comparable results or that the Companies will be able to implement its strategy or achieve its investment objectives.

The information contained in this document is confidential and intended solely for the use of GTCM and its affiliates and the prospective client to whom it is presented. It is not intended to be published, reproduced or distributed to any other persons.

Certain information contained in this Presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or other comparable terminology. Due to various risks and uncertainties, including those described in this Presentation, actual events or results or the actual performance of the Companies may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements.

Risk Disclaimer An investment in a company entails a high degree of risk and no assurance can be given that the Companies’ investment objective will be achieved or that investors will receive a return of their capital. Prior to making an investment, prospective investors should carefully consider the information set forth in the Memorandum and should evaluate the risk factors set forth therein. These risk factors, individually or in the aggregate, could have a material adverse effect on the Companies and their investments. As further discussed in the Memorandum, among the risks of an investment in the Companies are the absence of regulatory oversight, the lack of operating history, the competition for suitable investment opportunities, the lack of liquidity of investments and the economic, political and regulatory risks of investments in emerging markets.

Other potential risks that potential investors should be aware of include the following: • An investment is speculative and involves a high degree of risk.

• An investment may be leveraged.

• Past results of portfolio manager (PM) or GTCM are not necessarily indicative of future performance.

• Performance can be volatile and an investor could lose all or a substantial amount of his or her investment.

• The Companies are not intended to provide an investor with an investment program that is diversified or otherwise tailored to suit an investor’s overall investment needs.

• There is no secondary market for the investor’s interest in the Companies and there are restrictions on transferring interests in the Companies.

• Companies’ fees and expenses may offset the Companies’ profits.

• GTCM has total trading authority over its Companies and is subject to certain conflicts of interest.

• Neither the Securities and Exchange Commission nor any securities administrator has passed on, or endorsed, the merits of these interests.

• GTCM will receive performance-based compensation. Such compensation may result in riskier investments.

PRIVATE & CONFIDENTIAL!

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The Opportunity Executive Summary Team & Board Past Experience Indian Financial Services Industry The Model Appendix Disclaimers Thank You

PRIVATE & CONFIDENTIAL!

THANK YOU