EDELWEISS CROSSOVER OPPORTUNITIES FUND – SERIES III A

A PRE-IPO / LATE-STAGE PRIVATE EQUITY FUND

SCHEME(S) OF EDELWEISS PRIVATE INVESTMENTS TRUST, A CATEGORY II ALTERNATIVE INVESTMENT FUND (AIF) REGISTERED UNDER SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 HAVING REGISTRATION NO. IN/AIF2/20-21/0858, EDELWEISS CROSSOVER OPPORTUNITIES FUND – SERIES III A, THE SECOND SCHEME OF THIS TRUST. KINDLY REFER TO THE PRIVATE PLACEMENT MEMORANDUM AND CONTRIBUTION AGREEMENT FOR COMPLETE DETAILS BEFORE INVESTING.

Strictly Private and Confidential and not for public circulation

2

IPOs: Attractive investment opportunity with structural growth characteristics

IPOs outperform

broader equity markets

Opportunity to participate

in market leaders

in emerging sectors

Economic growth &

PE exits to sustain quality

IPO pipeline

3

IPOs have outperformed the broader markets over long periods of time…

IPO Index¹ has outperformed Nifty50 by ~10% over the last 10 years

Source: NSE, S&P; ¹ From 01-Apr-11 to 31-Aug-21

100

716 | ~20.8% CAGR

294 | ~10.9% CAGR

Apr-11 May-12 Jul-13 Sep-14 Nov-15 Dec-16 Feb-18 Apr-19 Jun-20 Aug-21

S&P BSE IPO Nifty50

4

…providing opportunities to participate in emerging high-growth sectors

Emerging Sectors Companies IRR* Nifty50 Eq. IRR**

Consumer Retail 98% 18%

Market Infrastructure 61% 18%

Technology 276% 24%

Asset Management Companies 35% 18%

Outsourced Manufacturing 97% 14%

Insurance (Life and General) 22% 15%

Healthcare Diagnostics 38% 17%

Source: Edelweiss Research – CapitalIQ*IRR – Equal weighted IRR of companies from listing till 30-Jun-21; **Nifty50 Eq. IRR – IRR achieved by making similar investment in Nifty50 Index

Past examples of select investment outcomes in emerging sectors

5

However, not all IPOs are equal. Hence, SELECTION is essential

Source: Edelweiss Research – NSE, S&P; 1 Listing day performance of 168 IPOs analyzed from 01-Apr-11 to 30-June-20

Performance1 Average Listing Day Gain

Average Gain 12 months from IPO

Top 25% 55% 90%

Top 25-50% 14% 41%

Top 50-75% -1% 8%

Bottom 25% -22% -21%

SELE

CTI

ON

6

5,437 6,835

1,284 1,201

13,614

26,494

67,147

30,959

12,362

26,312

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

[IN

R C

r]

IPO market activity has increased substantially over last few years even through rough periods

Source: Edelweiss Research – NSE, SEBIDoes not include Public Offerings of ReITs and InvITs

7

2.7

6.3 6.5 7.0 6.6 7.7

9.4

2.5

6.0 6.8 7.1

7.9

9.7

13.3

2011 2015 2016 2017 2018 2019 2020

[IN

R L

ac C

r]

Cumulative Net FII Cumulative Net PE

Cumulative PE investments at INR 10+ Lakh Cr, have surpassed cumulative Foreign Institutional Investments (FII)

Source: Edelweiss Research – NSDL, VCC Edge; Cumulative Net: Net of Flows since 2006

Driven by: exits from a substantial pool of Private Equity(PE) investments over last 2 decades…

PE exits consistently contributing to > 25% of IPO supply…

116 2,984

6,962

17,417

9,826

3,426

14,101

2%

22%

26%

26%

32%

28%

54%

2011 2015 2016 2017 2018 2019 2020

[IN

R C

r]

IPO Proceeds to PE (INR Cr) PE % of IPO proceeds

8

…and broader economic growth and deleveraging trends

Source: Edelweiss Research – CMIE Economic Outlook2005 to 2019 Actuals; 2025 and 2030 Estimates

India to add almost 2x to its current GDP over the next decade driving need for capital

820

1,6752,103

2,875

5,000

8,400

2005 2010 2015 2019 2025 2030

[USD

Bn

]

5,525

Deleveraging: a focus area for Corporate India(below: D/E for ~20,000 non-financial companies)

Source: Edelweiss Research – CMIE Economic OutlookNote: Based on data of ~20,000 non-financial companies compiled from MCA corporate database

1.8

1.2

1.4

0.9

1.2

0.8

FY92 FY96 FY00 FY04 FY08 FY12 FY16 FY20

[Deb

t/Eq

uit

y R

atio

(x)

]

9

Pre-IPO / Late-stage PE: Most attractive way to participate in high-quality IPOs

Favourable

risk-reward

Relatively

less crowded space

Compelling proposition

driving wider acceptance

10

Pre-IPO / Late-stage PE provides access to high-quality companies at significant discount to IPO Listing Price…

Source: Edelweiss Research –SEBI, VCCEdgeFor all companies that got listed between 1-Jul-17 and 30-Jun-21 with Pre-IPO/Late-Stage DealBBQ Nation excluded as the business was significantly impacted by COVID

Time to IPO Pre-IPO Discount to IPO Private-to-Public Multiple expansion Examples

24 - 36 months 74% 2.2x

12 - 24 months 38% 1.6x

3 - 12 months 32% 1.3x

0 - 3 months 3% 1.7x

DIS

CO

UN

T TO

IPO

11

…and is relatively less crowded

ListedIPOUnlisted 0 – 30 months

MUTUAL FUNDS / RETAILGROWTH PRIVATE EQUITY

High Supply of Capital High Supply of CapitalLow supply of Capital

PRE-IPO / LATE-STAGE PE (CROSSOVER)

Illiquidity Discount

• 50+ PE funds active in India

• High illiquidity risk – key risk in Indian PE

• 2-3 active dedicated Pre-IPO funds in India

• Low-moderate illiquidity risk

• Competitive global and domestic institutional investor base

• Minimal illiquidity risk

12

Value Proposition of a Pre-IPO / Late-stage PE investment is compelling for key stakeholders…

FOR COMPANY

• Growth before IPO

• Price Benchmarking

• Deleveraging

• Recapitalization prior to IPO

FOR PROMOTER / PARENT

• Liquidity for Group Parent

• Paring large stakes prior to IPO (avoid lock-in, overhang)

• Consolidation of minorityshareholding

FOR PE FUNDS

• Exit pressure (End of fund life)

• Partial liquidity prior to IPO

• Price Benchmarking

• Reduce locked in shares

13

…driving wider acceptance, with Pre-IPOs being considered in ~50% of new IPOs and growing

Source: Edelweiss Research estimates – based on Offer Documents and conversations with intermediaries/IPO banks

4%

25%

4%

19%

29%

4%

25%

13%

31%

50%

2016 2017 2018 2019 2020

% of IPOs with Pre-IPO % of IPOs with Pre-IPO Conversations

14

Crossover Funds: Bringing together the expertise, leadership

and track-record in Pre-IPO / Late-stage PE investing

Proprietary investment

framework designed for

Pre-IPOs / Late-stage PE

Crossover edge built on

hybrid private + public

market capabilities

Track record of delivering

high risk-adjusted returns

and timely liquidity

15

Crossover strategy is built on 3 pillars of value-creation designed for Pre-IPO/ Late-stage PE investing…

Pillars of Value Creation

Team with blend of PE-style

rigour, analytical background

and public markets expertise

Team’s proprietary sourcing for Pre-IPO / late-stage PE

and IPOs

Edelweiss’ relationships

Crossover Brand in Pre-IPOs

Exit management focus during selection of

investment and post investment

Risk management capabilities

SELECTION ACCESSRISK

MANAGEMENT

16

…with the right blend of experience and “hybrid” capabilities required to succeed in this category

PE expertise

• PE deal-making: sourcing, diligence, negotiations• Portfolio management of private companies• Private exit management

Assessment of IPO-readiness, and public market expertise

• IPO readiness assessment: intent and ability• Evaluation of public market appeal of IPO story• Execution capabilities to tread public markets

Fund structure & mandate customized for Pre-IPO / Late-stage PE

• Mandate for private secondary trades• Flexibility in investment tenures• Ability for lock-ins of positions• Tolerance for public market volatility

Crossover PE Funds Mutual Funds

17

Crossover brings together multiple levers to generate Alpha

▪ IPO investments with Pre-IPO discounts – investment at private market valuations with visibility of IPO exit at public

market valuations

▪ Early identification & access to high-quality future leaders of new & emerging India

▪ Value creation through influencing outcomes & driving performance in portfolio companies through PE-style engagement

▪ Access to best terms in private investments, driven by ability to provide bespoke solutions to specific pre-IPO situations

1

2

3

4

18

Crossover has delivered on its promise of risk-adjusted returns and liquidity

^ Edelweiss Crossover Opportunities Fund (Crossover I) & Edelweiss Crossover Opportunities Fund – Series II (Crossover II) are Category II Alternative Investment Funds, managed by Edelweiss Asset Management Limited, an Edelweiss Group Company. Mr. Pranav Parikh was designated as the Fund Manager of these schemes up to 10-Nov-20 and he is currently a Member of the Investment Committee of these schemes.Crossover I – IRR from launch date 17-Nov-17 to 31-Aug-21, Crossover II - IRR from launch date 16-Sep-18 to 31-Aug-21; IRRs of Nifty and other indices IRRs for respective periods

Fund/Index IRR**

Crossover I^ 16.1%

Nifty50 TRI 13.1%

Nifty Midcap100 TRI 8.6%

Nifty Smallcap100 TRI 1.4%

Fund/Index IRR**

Crossover II^ 31.1%

Nifty50 TRI 23.0%

Nifty Midcap100 TRI 27.5%

Nifty Smallcap100 TRI 28.3%

Key Metrics INR Cr

Drawn down 1,432

Distributed 70%

Key Metrics INR Cr

Drawn down 464

Distributed -

Crossover I Crossover II

Invested Portfolio (by deal-types) Invested Portfolio (by deal-type)

**Please refer to the performance benchmarking with Alternative Investment Funds (AIFs) as per SEBI guidelines at the end of this Presentation

71%

24%

5%

Pre-IPO

Open Market

Anchor/ QIB

71%

10%

19%

Pre-IPO

Open Market

Anchor/ QIB

19

…with significantly lower volatility and drawdowns through periods of crises…

Source: Edelweiss Research – NSE; Inception Date: 17-Nov-17 (Crossover I)/ 16-Sep-18 (Crossover II); NAV for Class A1 shareholders assuming that all payments are done on time

Crossover Funds max. decline in value since inception was <5% - even during NBFC and COVID Crises

Fall in NAV / Index

Crossover -5%

Nifty50 TRI -14%

MidCap100 TRI -39%

SmallCap100 TRI -56%

Fall in NAV / Index

Crossover II -3%

Nifty50 TRI -24%

MidCap100 TRI -39%

SmallCap100 TRI -50%

Crossover I Crossover II

19.0

17.5

15.0

12.6

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Nov-17 Jul-18 Feb-19 Oct-19 May-20 Jan-21 Aug-21

NA

V

Crossover I Nifty 50 TRI

Nifty Midcap 100 TRI Nifty smallcap 100 TRI

18.5

15.4 15.1 14.3

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Sep-18 Feb-19 Jul-19 Dec-19 May-20 Oct-20 Mar-21 Aug-21

Crossover II Nifty 50 TRI

Nifty Midcap 100 TRI Nifty smallcap 100 TRI

20

…and demonstrated success in selection and providing access to high quality IPOs

Source: Edelweiss Research – NSE, Prime Database; *IPO Market = All IPOs listed between 17-Nov-17 and 30-Jun-20 [45 Nos.]; Crossover Picks = IPO companies where Crossover invested >10 Cr; #Abs. Return includes – price gains as on 30-Jun-21

Crossover IPO selections’ 1-yr returns beats IPO

market by ~18%

Amber CAMS Polycab Affle

Listing day gain 44% 13% 22% 18%

Absolute Return# 241% 127% 267% 478%

Crossover Access Pre-IPO Pre-IPO Anchor/QIB Anchor/QIB

Capital for INR 1 Cr Allocation 1 Cr 1 Cr 24 Cr 24 Cr

NII Access IPO IPO IPO IPO

Capital for INR 1 Cr Allocation 519 Cr 112 Cr 110 Cr 199 Cr

Crossover to NII Allocation (same application amount)

519x 112x 5x 8x

Crossover provides an effective way to access the

most sought-after IPOs

Investing through Crossover provides significantly better allocations

14%

24%

20%

42%

Avg. Listing Day Gain Avg. Gains 1-yr from listing

IPO Market* Crossover picks

21

THEMATICBIAS

LEADERSHIP BIAS

FUNDAMENTAL BIAS

Growing sectors driven by structural Indian underpenetrated consumer growth

▪ Large market potential and underpenetrated

▪ Visible room for structural growth over at least 5+ years

Leadership in high growth sectors

▪ Capabilities as a market leader or path to leadership

▪ Higher growth than industry (increasing market share)

Profitable growth with low leverage

▪ Higher growth in revenues and profitability compared to peers and industry

▪ High or improving return ratios with scale

▪ Low or no leverage and low susceptibility to market shocks

Crossover portfolio construction is based on proprietary value investment approach focused on fundamentals…

22

…resulting in a portfolio of high-quality leaders across sectors

The companies mentioned here are/were part of the portfolio of Crossover I and/or Crossover II or Crossover III

LARGEST STOCK EXCHANGE LARGEST PRIVATE LIFE INSURANCE COMPANY LEADING MICROFINANCE COMPANY IN INDIA LEADING MUTUAL FUND TRANSFER AGENCY

LARGEST MANUFACTURER OF WIRES & CABLES LARGEST A/C MFR. LARGEST INJECTIBLES MFR.

3rd LARGEST FOOD PLATFORM 2nd LARGEST PHARMA RETAIL CHAIN TOP 3 DIAGNOSTIC FIRM

STRUCTURAL GROWTH CONSUMER END-PRODUCTS – OEM/ODM

GROWTH ORIENTED CONSUMER SERVICES

DISRUPTIVE MOBILE AD-TECH COMPANY LARGEST B2B MARKETPLACE IN INDIA LARGEST VERNACULAR CONTENT PLATFORM

FAST-GROWING TECHNOLOGY NICHE LEADERS

LEADERS IN FINANCIAL SERVICES

23

Case studies: Value creation in Pre-IPO deals

Selection and Sourcing Entry at right valuations Fundamental growth

24

NSE: identified early, invested big

Fit with Crossover Strategy

ThematicBias

▪ Long runway for growth

▪ High operating leverage

FundamentalBias

▪ Long-term growth driven by GDP growth

▪ Foreign investor interest in EM / India

▪ Increasing financialization of savings

LeadershipBias

▪ Dominant #1 player, 95+% share in cash equities and

99+% in equity derivatives

▪ Defensible moat – “liquidity begets liquidity”

IPO visibility

▪ IPO ready from all perspectives – scale, profitability,

governance, etc.

▪ Strong publicly-stated intent of IPO

Public market interest

▪ High investor interest from all classes of investors –

FIIs, DIIs, HNIs

▪ One of the most widely held private stock

Growth in Revenue & Profitability [INR Cr]

**PAT is normalized for non-operating costs

High Conviction built over few months of research led to a large position built over few quarters and strategically sourced

Source: Edelweiss Research, Company financials

1,2

60

1,4

61

1,5

93

1,9

00

PAT**

3,5

10

2,1

04

2,6

09

3,0

28

3,5

14

Revenue

FY17 FY18 FY19 FY20 FY21

5,6

25

FY17-21 CAGR

29%

FY17-21 CAGR

28%

25

81

6

96

6

1,2

04

1,3

52

Revenue

FY17 FY18 FY19 FY20

Sapphire Foods: great brands and resilience shines through

Fit with Crossover Strategy Growth in Revenue & Profitability [INR Cr]

ThematicBias

▪ Consumption-driven compounding story

▪ Unbranded to branded shift

FundamentalBias

▪ Headroom for high growth

▪ Scale of the brands proven globally

LeadershipBias

▪ One of the largest restaurant operators - 400+ stores

in India and Sri Lanka

▪ KFC India and Pizza Hut Sri Lanka are category leaders

in respective markets

IPO visibility

▪ Scale-wise IPO ready; investment plan envisaged

EBITDA improvement for maximal IPO outcome

▪ IPO intent agreed among stakeholders

18%

FY17-20 CAGR

Source: Edelweiss Research, VCC Edge database

2 17

48

19

7

EBITDA**

**EBITDA for FY20 is Post Ind-AS 116 and hence may not be comparable

26

MedPlus: one of the strongest omni channel pharma retail chain – bought in at great value

Fit with Crossover Strategy

ThematicBias

▪ Healthcare – secular growth story

▪ Unorganized to organized shift of pharma retail

FundamentalBias

▪ High growth driven by strong SSSG and store expansion

▪ Strong store economics, combined with scale benefits

and operating leverage

LeadershipBias

▪ Second largest pharma retail chain

▪ Best-positioned to build a dominant pan-India omni-

channel business

IPO visibility

▪ IPO ready – needed to tide over deep-discounting from

online competitors before launching IPO

▪ IPO intent agreed among stakeholders

Public market interest

▪ Expected high interest at listing, given the secular growth

story, quality of operations and pricing of similar retail

players

Source: Edelweiss Research, Company financials

1,9

89

2,0

95

2,2

35

2,8

29

Revenue

FY17 FY18 FY19 FY20

12%

FY17-20 CAGR

Growth in Revenue & Profitability [INR Cr]

78

63 66

91

EBITDA

27

Edelweiss Crossover Opportunities Fund – Series III : Building on strength

• Third series in the Crossover strategy launched in Feb’21

• Recognized and graded by CRISIL to have the highest standard in fund management capability and investment process

▪ Organization structure

▪ Investment policy & processes

▪ Risk management practices

CRISIL’s Grading Criteria

▪ Investment, research & dealing team

▪ Client communication

▪ Quantitative track record

Read the detailed report here

Edelweiss Crossover Opportunities Fund – Series III is the first Scheme of Edelweiss Private Investments Trust, a Category II AIF registered with SEBI.

28

EDELWEISS CROSSOVER OPPORTUNITIES FUND – SERIES III A

A continuum of Series III

Strategy & portfolio

construction

Fund terms &

investment details

About Edelweiss

Wealth Management

EDELWEISS CROSSOVER OPPORTUNITIES FUND – SERIES III A (CROSSOVER III A) IS THE SECOND SCHEME OF EDELWEISS PRIVATE INVESTMENTS TRUST, A CATEGORY II ALTERNATIVE INVESTMENT FUND (AIF) REGISTERED UNDER SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 AND HAVING REGISTRATION NO. IN/AIF2/20-21/0858 AND MANAGED BY ESL SECURITIES LIMITED.

29

Investment strategy “Crossover” style

Pre-IPO / Late-stage PE (unlisted)

51 – 75%

• Proactive sourcing – PE & promoter relationships

• Focus on value-addition – solutioning approach

• Target companies up to 24 months to IPO

• PE deal-making capabilities

• Portfolio & exit management of private investments

• Assessment of IPO-readiness and IPO appeal

Allocation Range

Strategy

Capabilities

SelectDeals

IPO (listed)

25 – 49%

• High quality SELECTION of IPOs

• Superior ACCESS through Anchor and QIB

• IPO evaluation leveraging Edelweiss ecosystem

intelligence

• Leverage Crossover brand and Edelweiss network

for Anchor allocation

Select deals are investments made under Crossover I and / or Crossover II and / or Crossover III and / or Crossover III A shared for explanatory purposes under the two investment buckets

30

Ver Se Innovation: Continuing with our history of partnering with industry leaders (Investment has been warehoused for Crossover III A)

Fit with Crossover Strategy

Source: Edelweiss Research. A portfolio investment done by Crossover III and warehoused for Crossover III A.

ThematicBias

▪ Serving next 500 mn Indian internet users

▪ Digital advertising to grow 3x over next 4 - 5 years

FundamentalBias

▪ Successful monetization model with best-in class Ad Tech

platform

▪ Growing advertiser interest for vernacular reach

LeadershipBias

▪ Dailyhunt – #1 vernacular language news app with over

200 Mn MAU (Jul-21)

▪ Josh – #1 short-form video app with 110 Mn MAU

Exit visibility▪ Given the scale and segment leadership, multiple exit

options - listing, secondary exit to PE (or) strategic buyer

Public market interest

▪ Rare home-grown digital media platform of scale with

demonstrated monetization model

▪ Digital shift in media consumption and spends

Growth in Revenue [INR Cr] and Engagement Metrics

26

80

13

8 17

7

Dailyhunt App MAU**

**MAU – Monthly Active Users (Mn)

10

3

15

2

49

1 70

0

Revenue

FY18 FY19 FY20 FY21

FY18-21 CAGR

88%

89%

FY18-21 CAGR

31

Edelweiss Crossover Opportunities Fund - Series III A

Fund Details

Fund Type Close ended Category II AIF

Investment Manager ESL Securities Limited

Fund Size INR 1,000 Cr with a Green shoe option of INR 1,000 Cr

Minimum Investment INR 1 Crore

Fund Tenure & Closings5 years from Final CloseWith maximum of two extensions of 1 year each

Commitment Period 30 months from Final Close

Sponsor Contribution 2.5% or INR 5 Cr, whichever is lower

Upfront Drawdown Upto 20% of the Commitment Amount

Trustee Vistra ITCL (India) Limited

Legal Advisor Khaitan & Co

Tax Advisor Deloitte Haskins & Sells LLP

Fund Details

Placement Fee Up to 2%

Management Fee*

Class A1 A2 A3

Fee 2.00% 1.75% 1.50%

Commitment 1-5 Cr 5-15 Cr 15+Cr

Performance Fee (No Catch Up)

20% 20% 15%

Hurdle Rate10% p.a. pre-tax and post expenses in INR

terms on CAGR basis

Fund Expenses At actuals, capped at 25 bps p.a.

*On Capital Commitments during the Commitment Period and on the daily average of Outstanding Capital thereafter

32

Fund's select themes of interest for future investments

Consumer Internet Fintech Banking, Financial Services & Insurance

Consumer Brands Specialized Manufacturing Business Services

Leading consumer businesses leveraging digital channels

Fintech companies harnessing power of tech & data for financial services

Fast-growing financial services companies with clear edge in specific

categories

New-age consumer brands serving specific niches

Value-added manufacturers with differentiation

Business services that critically enable new-age business models

1 2 3

4 5 6

33

Pre-IPO / Late-stage PE - a compelling strategy for every equity portfolio

▪ Difficult to get meaningful allocations in high quality IPOs

▪ Unlisted equity markets are not easily accessible

▪ Consistent allocation ensures participation whenever any high-quality

Pre-IPO / IPO hits the market

▪ Low correlation with broader equity markets adds diversificationAlternate assets

Equity - Listed

Equity - Pre-IPO / Late-stage PE

Fixed Income

Note: Portfolio components & weights shown are for illustration only

Systematic allocation to Pre-IPO / Late-stage PE adds significant value to an equity portfolio

Why this should be a core portfolio allocation?

ESL SECURITIES LIMITED IS THE INVESTMENT MANAGEMENT ARM OF EDELWEISS WITH A FOCUS ON ALTERNATIVES

EDELWEISS INVESTMENT MANAGEMENT

35

About us

International perspectives & processeswith local presence & decision making

US$38bnAUM

Founded

2002

11 offices across the globe

200+investment

professionals

Edelweiss PAG

Dedicated to alternatives in Asia Pacific...with focus on India

KEY INVESTORS

$41 bn $6 bn $1 bn 2.2 mn +

Assets Managed

Balance Sheet

Mark Capitalization

Clients

ABSOLUTE RETURNS

PRIVATE EQUITY REAL ESTATE

Second largest non-Bank

Wealth Management business

in India

India’s No. 1 Alternative Asset

Manager as per AUM

36

Leadership team at Edelweiss Wealth Management

Ashish KehairCEO,

Edelweiss Wealth Management

23+ years experience

▪ Extensive experience across Private Banking

and Wealth Management, Asset Management,

Structured products and Treasury

▪ Responsible for expanding the group's wealth

management business across geographies

▪ Prior to Edelweiss, he was associated with the

ICICI Group and IDFC Bank

Varun BajpaiCo-Head,

Institutional Client Group

~20 years experience

Anshu KapoorHead,

Investment Management

20+ years experience

▪ Joined Edelweiss in 2010 to start the Private Wealth Management (UHNI) business

▪ Prior to Edelweiss, he was associated with Merrill Lynch, HSBC Private Bank and ICICI Bank

Shiv SehgalCo-Head,

Institutional Client Group

~20 years experience

▪ Responsible for Institutional Equities and

Asset Services business

▪ Prior to Edelweiss, he was associated with

Goldman Sachs

▪ Responsible for Investment Banking and

Fixed Income business

▪ Prior to Edelweiss, he was associated with

JM Group and Macquarie Group

37

Crossover Fund Manager

Pranav Parikh, CFA

Managing Partner & Head, Private Equity

▪ Chartered Financial Analyst

(CFA), CFA Institute, USA 2002

▪ MBA (Finance), UTA, TX, USA,

1996; BS Industrial Engineering,

MS University, India, 1994

▪ Over 20 years of successful investment experience in US and Indian markets with a focus on risk-adjusted returns.

▪ Previously with Q Investments, a $ 4 bn highly respected multi-strategy funds based in the US.

▪ Long standing buy side experience across the most sophisticated capital structures and various strategies including public

and private equity as well as credit strategies including high yield, convertibles, distressed debt and special situations such as

merger and convertible arbitrage, spin-offs, recaps & LBOs.

Education Achievement

▪ Has managed Crossover I & II under Edelweiss Asset Management Ltd. Previously set up

and created Q Investments’ franchise in India with investments in private equity and

public markets.

▪ Recognized as Private Equity Deal Maker of the Year, India by Global M&A Network, US

▪ Profitable exits from key investments in India while providing significant cash returns to

investors during one of the toughest times globally for the investments industry

Experience

38

Deepak MittalInvestment Director

▪ ~15 years of experience in investment management, private equity and management consulting with

Edelweiss, Samara Capital and BCG

▪ Deepak has invested ~$350mm across 9 private market investments in the past 10 years as minority and

buyouts transactions

▪ MS, Stanford University, USA; MBA, ISB Hyderabad, India; B.Tech., IIT Kanpur, India

Amit KumarMgmt. Associate

▪ ~1 year of consulting experience in TMT industry at Zinnov

▪ Joined Edelweiss in Apr 2021

▪ MBA, IIM Calcutta;

▪ B.E.(Hons.), BITS-Pilani, India

Patanjali ChintaMgmt. Associate

▪ ~2 years of consulting experience at PricewaterhouseCoopers

▪ Joined Edelweiss in June 2020

▪ MBA(Finance), SPJIMR, Mumbai;

▪ B.Tech., BITS-Pilani, India

Crossover Team

39

Disclaimers

AIF Benchmarking as on 30th September 2020 – As per SEBI GuidelinesPlease find below performance data as per SEBI circular SEBI/HO/IMD/DF6/CIR/P/2020/24 read along with SEBI circular SEBI/HO/IMD/DF6/CIR/P/2020/99 notifying mandatory performance benchmarking of Alternative Investment Funds.Edelweiss Crossover Opportunities Fund: IRR 2.17% vs CRISIL AIF CAT II Benchmark Vintage Year FY18: IRR 8.69% | Edelweiss Crossover Opportunities Fund–Series II: IRR -1.59% vs CRISIL AIF CAT II Benchmark Vintage Year FY19: IRR 26.62%AIF Benchmark Indices data as provided by rating agency – CRISIL till 30th September 2020. Schemes that have completed at least one year since their first close as on September 30, 2020, have been considered. Returns and ratios refer topost-expense, pre-carry, pre-tax values. Only those vintage years have been considered that have at least three schemes available.

Edelweiss Crossover Opportunities Fund - Series III (Crossover III) and Edelweiss Crossover Opportunities Fund - Series III A (“The Scheme” or “Crossover III A”) are scheme(s) of Edelweiss Private Investments Trust, a Category II AlternativeInvestment Fund (AIF) registered under SEBI (Alternative Investment Funds) Regulations, 2012 and having registration no. IN/AIF2/20-21/0858.The names of the stocks mentioned in the document may or may not form part of the portfolio of the Scheme.Past Performance is not an indication of future performance. Investments in the Securities Market are subject to Market Risk. Please read the Private Placement Memorandum (PPM) and Scheme related documents carefully beforeinvesting. This document has been prepared by ESL Securities Limited (“Edelweiss”) Investment Manager to the Schemes of Edelweiss Private Investments Trust. Edelweiss Securities Limited is the sponsor to the AIFs. This Document isstrictly confidential and is intended for the use by recipient only and may not be circulated, redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of Edelweiss. Theinformation set forth has been obtained from sources believed by Edelweiss to be reliable however Edelweiss does not make any warranty as to the information's accuracy or completeness. The terms and conditions presented in the fundstructure are subject in their entirety to the Fund's offering document / Private Placement Memorandum (PPM) as amended from time to time. This representation does not constitute an offer or solicitation to any person in any jurisdictionin which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such an offer.Investors must take their own investment decision and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile,which might be relevant to the subscription, purchase, holding, redemption or disposal of any investments. Performance may vary by investor and can differ due to timing of investment, strategies employed and other market conditions.For data reference to any third party in this document (material) no such party will assume any liability for the same. Edelweiss (including its affiliates) and any of its officers, partners, directors, personnel and employees, shall not be liablefor any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, and consequential, as also any loss of profit in any way arising from the use of this material in any manner. The recipient aloneshall be fully responsible/are liable for any decision taken on the basis of this material. Edelweiss has/may include statements/ opinions/ recommendations in this document which contain words or phrases such as “will”, “expect”, “should”and similar expressions or variations of such expressions, that are “forward looking statements”. The yields may fluctuate depending on various factors affecting capital/debt markets. Actual results may differ materially from thosesuggested by the forward looking statements due to risks or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countriesglobally, which have an impact on our services and/or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices, the performance of thefinancial markets in India and globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the industry. Hypothetical results are presented for illustrative purposes only.Notwithstanding the foregoing, each investor (and each director, partner, employee, representative, or other agent thereof) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of anyFund and its investments and all materials of any kind (including opinions or other tax analyses) that are provided to such investor relating to such tax treatment and tax structure, provided however, that such disclosure shall not include thename (or other identifying information not relevant to the tax structure or tax treatment) to any person and shall not include information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws.Edelweiss does not assume any responsibility for any mistakes which might appear in contents received from third parties. For data reference to any third party in the material in this document, no such party will assume any liability for thesame. Any action taken by you on the basis of the information contained herein is your responsibility alone and Edelweiss or its directors, partners or employees will not be liable in any manner for the consequences of such action taken byyou. Edelweiss and/or its directors, partners and/or its employees may have interests or positions, financial or otherwise, in the securities mentioned in this documentation.There is a risk of substantial loss associated with trading in equities, futures, options, leverage, etc. Before investing please carefully consider your financial position and risk tolerance to determine if the proposed trading style isappropriate, seek appropriate professional advice. Investors should realize that when engaging in leverage, trading in futures, commodities and/or granting/writing options one could lose the full balance of their account. It is also possibleto lose more than the initial deposit. All funds committed should be purely risk capital. The portfolio risk management process includes an effort to monitor and manage risk but should not be confused with and does not imply low risk.The risks and mitigation measures at the fund level are enumerated below:Concentration Risk: Applicable as per the SEBI (AIF) Regulations, 2012 and adhered to at all times. Foreign Exchange Risk: Not ApplicableLeverage Risk: As per the SEBI (AIF) Regulations, 2012 and adhered to at all times. Strategy Risk at Investee Company level: LowEnvironmental, Social and Corporate Governance Risks: At fund level: Robust mechanism is in place. Reputation Risk: At fund level, continuous monitoring mechanism of investments and appropriate controls are in place.Conflict of Interest: Presently, the Fund is availing securities broking services, distribution services and custody services of its group entities viz. Edelweiss Broking Limited, Edelweiss Securities Limited and Edelweiss Capital Services Limited.Such transactions are at arms length relationship basis and in the ordinary course of its business.Realization Risk at Fund and Investee Company level: Realization value from the investments may not fully protect the investment in all cases.At investee company levels: Data on extra-financial risks is available in public domain while details of leverage risk at investee company levels are not available;Realization risk and strategy risk (i.e., change in or divergence from business strategy at investee company level) is not applicable.