CARNELIAN STRUCTURAL SHIFT FUND

JANUARY 2024
Firm Overview
• A boutique investment management firm founded by industry veterans in April 2019 with an
aspiration to create a best-in-class asset management platform known for its values, expertise and
best practices
• Specialize in Indian equity investments for HNI’s, family offices, institutions & partners’ own capital,
across different strategies and caps & sectors
• Founding team of three motivated, passionate professionals with complementary skill sets & strong
track record of building leadership businesses in the capital market domain and enduring research
platform
• Supported by an equally motivated and passionate team of 36 professionals
• 100% founder owned – reinforcing trust and value for all stakeholders; skin in the game
• Technology, risk & compliance and process driven DNA
• We believe in investing in “quality at a reasonable price” and “risk diversification through forensic
analysis”

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Founder’s Profiles
• Chartered Accountant & CFA Charter holder, having ~ 26 years of capital markets experience, most recently
as the CEO of Edelweiss Securities Ltd, where he spent 17 years incubating & building several businesses to
leadership including Institutional Equities business and Equity Research
• Has a strong business acumen & deep understanding of Capital markets; enjoys strong reputation with
Corporate India
• Associated with several industry bodies and committees:
• Member of the CII National Council on Corporate Governance & FICCI Capital Markets Committee
VIKAS KHEMANI • Serving as an invited member of Executive Council of Bombay Management Association
(CA, CFA, CS) • Member of Young Presidents Organization (YPO) a global forum for entrepreneurs and CEOs

• ~ 26 years of financial services experience, most recently as the Dy. Head - Institutional Equity research, Head
- forensic, thematic & mid cap research at Edelweiss Securities
• Known for his non-consensus research. Pioneered differentiated forensic research, popularly known as
“Analysis Beyond Consensus” (ABC research)
• ABC research has helped investors across the globe to take informed investment decisions based on true
numbers instead of reported numbers, thus “avoiding pitfalls”- one of Carnelian’s virtues
• Has represented several committees of the CFA Institute including Chairperson of India advocacy committee
MANOJ BAHETY
(CA, CFA) and member of the US based global CDPC committee

• ~21 years of experience in the financial service industry including 7 years at Edelweiss Financial Services
across Investment Banking & Institutional Equities businesses including Equity Research & Institutional Sales
• Actively covered the financial sponsor group (FSG) and enjoys a good relationship with the investor &
corporate community
• Over the last couple of years, she has found interest in angel investing and been investing & mentoring in the
start-up world
SWATI KHEMANI
(CA) 3
Board of Advisors
• Patricia Perez-Coutts, CFA has a distinguished & extensive background with over 30 years of experience
managing emerging market equities. She joined Westwood Holdings Group, Inc. in 2012 as a Senior Vice
President & Portfolio Manager and led a team of analysts focused on managing emerging market equity
strategies.
• Prior to that she worked at AGF Investments Management for over 10 years, also managing emerging market
equity strategies
• She has won numerous industry accolades throughout her career, including six consecutive Morningstar
PATRICIA PEREZ- Canadian Investment Awards as Senior Vice President and Portfolio Manager of the AGF Emerging Markets
COUTTS Fund
(CFA) • Patricia is also an Impact investor, a philanthropist and is the Chair of the Board of Cuso International, a
Canadian development organization and is also Chair of Viridis Terra International
• She has travelled extensively the world over the years and speaks four languages fluently

• Vivek Chhachhi is a partner of CX Advisors LLP, and currently serves as the Chief Investment Officer also
leading investments in healthcare and technology
• Vivek is serving/has served on the boards of several portfolio companies including Thyrocare, Nueclear,
Thyrocare Gulf, Healthium Medtech, Natco, Veeda, Sekhmet Pharma and Anjan Drugs
• Prior to joining the Investment Advisor in 2010, he was a director with CVCI, where he had about 15 years of
experience identifying, managing and exiting a large number of portfolio companies across a wide spectrum
of industries
VIVEK CHHACHHI
(MBA) • Vivek holds a Master’s degree in Management Studies from the Jamnalal Bajaj Institute of Management
Studies, University of Mumbai and a B.Sc. degree in Computer Science from St. Stephen’s College, Delhi
University

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Carnelian Competitive Advantage
Unique Approach, Unique Insights

Independent, entrepreneurial boutique with a reputed board of advisors

Long-term approach with high active share (differentiated portfolio)
Concentrated QARP portfolio - Quality companies (Business & Management) at a
Reasonable Price
Offers a unique blend of companies with accelerated and sustainable growth
Proprietary forensic analysis
Known for identifying larger themes, trends /stocks early

PEOPLE PROCESS
• Founders are Industry veterans with strong • Unique forensic framework – “CLEAR”
complementary skill sets • Focus on quality
• Deep understanding of Capital markets & businesses • Screen for red flags
• Strong relations with corporate India/industry • Disciplined investment process
• Team of 36 passionate/driven professionals • Differentiated approach to risk management
• 100% founder owned – skin in the game • Processes driven by core values…
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Carnelian Investment Framework

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 Investment Framework

Quality
Business
Management
01
Forensic Analysis - CLEAR
Cash flow analysis
Growth Liability analysis
Magic – accelerated earnings 02 Earnings quality analysis
growth & valuation re-rating Asset quality analysis

Compounder – sustainable
03 Related party & governance issues

earnings growth
Valuation
04 Reasonable valuation relative to
growth

Quality at a Reasonable Price

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Investment Framework - Quality

Quality Business
• Profitable
QUALITY • Free cash flow generation
• Incremental return on capital
• Opportunity & market size
Margin of safety not only lies
• Sustainable moat
in the price, but also in the
quality of business and • Environment & socially conscious
management
Quality Management
• Integrity
Strong focus on • Passionate & driven
sustainability & governance • Efficient capital allocator
• Skin in the game
• Strong risk management culture
• Strong governance
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Investment Framework - Growth

Magic (Accelerated Growth)

Aims at capturing earnings growth & valuation re-rating
GROWTH • Management/CEO change
• Industry structure change
Investing for acceleration in • New growth catalyst
growth yet to be factored in by • Product innovation
market, leads to superior • Completion of capex phase
returns.
Compounder (Sustainable Growth)
Aims at capturing sustainable earnings growth
• Large & growing opportunity size
• Sustainable moat
• Robust free cash flow generation

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Investment Framework - Forensic Analysis – “CLEAR”
Cash flow analysis
• Earnings conversion; reported vs sustainable cash flows

FORENSIC ANALYSIS - Liability analysis

CLEAR • True debt vs reported debt, contingent liability & likely
impact on future earnings; payables vs acceptances
No matter what your investing
style is, forensic analysis can
help avoid some of the pitfalls Earnings quality analysis
inherent in human • True economic profit vs reported profit, discretionary vs
misjudgment. non-discretionary profit, expense capitalization policy

Asset quality analysis

• Core vs non-core assets; intangible creation policy

Related party & governance issues

• Related party transaction, complex structures (JVs/subs),
off BS arrangement – connecting the dots
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Investment Framework - Valuation

Multi-Faceted Valuation Approach

VALUATION • P/E multiple
• P/B
• EV/EBITDA
• DCF
“Value of an asset cannot, over
the long term, grow faster than
its earnings” Identify companies with reasonable valuations in relation to
growth prospects

Pay a reasonable price, avoid overvalued companies

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Risk Approach

Type A - Capital Loss risk

• Inferior quality of management
RISK
• Disruption prone businesses

We believe knowing the Type B - Volatility risk

source of risk is the key to risk • Temporary market dislocation
management. • Macro factors
We classify risk into 3 types • Geo-political/political issues
based on the source of risk. • Liquidity

Type C - Opportunity cost risk

• Lack of knowledge
• Human biases

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Red Flags we avoid

RED FLAGS
• Aggressive accounting practices
• High financial leverage
• Low tax incidence
"Invert, always invert”
• Management having
• no skin in the game / misaligned objective
- Carl Jacobi
• a poor governance track record
• hurry to create value

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CARNELIAN STRUCTURAL SHIFT FUND

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Structural Shift Fund (CAT III - AIF)
• Fund designed to capture structural decadal shifts presenting large opportunity in
• Manufacturing led by conducive regulatory and global environment
• Tech evolution empowered by digitalization globally
• Concentrated QARP (quality companies at a reasonable price) portfolio
• Blend of mid & small cap listed companies with an option to invest upto 30% into unlisted
companies having
• niche core competence & large opportunity size
• proven track record
• impeccable management capabilities
• Stock holding : 20-25 ; Benchmark against BSE 500
• Subjected to stringent Carnelian filters & forensic checks (CLEAR framework)

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Pandemic accelerated 2 structural shifts
MANUFACTURING TECHNOLOGY
Manufacturing GDP set to double over
the next 5 years 26 Global
20 SA
by A
n
0b

St
- 500 1,000 1,500
n
io

og
35
at

to

row
2029-30E 1,250 25%

So Ser
as
lis
ta
om USD 225bn

ftw vice
a
gi

from USD 100bn to

are
Di
2019-20 457 15%

2014-15 312 16%

2009-10 185 18%

mi
Cl atio
fr

ou n
gr

s
row
r

m
d
2004-05 85 17%
l atfo

g
P

4
to

00
0% 5% 10% 15% 20% 25% 30% es bn
ic
Manufacturing Share (%) IT serv by
2025
India
Manufacturing GDP (in USD Bn)
Source: Carnelian Research, IBEF

Plethora of opportunities unfolding… 16

India on the cusp of manufacturing boom on account of

Govt. Reforms Cost Competitiveness

• Focus on Atmanirbhar Bharat • Labour: 1/2-1/3x China
• Manufacturing boost by production • Logistics & power costs = China
linked incentive schemes • Lowest tax rates globally @ 17%
• Tariff & non-tariff barriers • China’s cost advantages have
• State labour reforms significantly narrowed down

Proven
Entrepreneurship

China + 1 Shift Strong Domestic Markets

• Led by anti China sentiments • Domestic markets + exports/
• Over dependence on China to imports = economies of scale
create huge opportunity for China
+1

Confluence of all the above factors creating momentum for manufacturing 17

 Government initiatives and reforms
BHARATMALA PLI SCHEMES DIRECT BENEFIT
TRANSFER (DBT)

SINGLE WINDOW OPENING OF PMAY

MINING SECTOR
CLEARANCE DFCC IBC
RERA
JAN DHAN YOJNA POWER & LABOUR
REFORMS CROP
Manufacturing clusters
GST
Labour Law
Reforms
INSURANCE
FDI
Enablers creating a business friendly & competitive environment supported by infrastructure development
• Globally lowest tax rate at 17% • Production linked • Increase in limits across sectors like • Direct hire of contractual
GST - One Nation One Tax; incentives across sectors contract manufacturing, defense, workers for fixed tenure
Reduction in warehouses, efficient retail etc. with conditions of local
transportation and reduced costs • Opening mining sector to manufacturing
• Threshold increased for
private & foreign players
lowering compliance
• Creation of 35,000 kms of road allowing capital & • Creation of mega bulk drug parks,
with capital outlay of USD 5 bn technology investment manufacturing clusters with common • Power reforms will lead to
facilities and eco system reduction in T&D losses
• DFCC will result in logistic saving development thereby reducing power cost
by 37%. further 18
Further impetus through tariff & non-tariff barriers
Average applied tariff Notifications and SPS across world
20%
17% 1,600 1,516
16% 14% 1,332
1,200 1,036
12% 10% 917
777 754
800
8%
4%
4% 400 261
172
0% -
China South Japan India China South Korea Japan India
Korea Notifications SPS
Source: Ministry of commerce survey Source: Ministry of commerce survey

India hardly used non-trade tariff barriers like China/other countries which is set to change;
• No global tenders less than INR 200 cr
• No automatic FDI approval to 200 countries sharing borders
• Special registration required for participating in contracts with neighboring countries

GOI has planned substantial changes on import policies including tariff & non-tariff barriers on imports 19
 Aided by cost competitiveness
Labor Cost Comparison Logistics cost at a glance Components of logistic cost (as a % of GDP)
Metric China India Vietnam Cost China India USA Cost India Developed countries
USD / Mo wages 800 200 475 Logistics performance index 3.6 3.2 3.9 Transportation 7% 5-6%
Productivity 1 2.5 1 Logistics spent as a % of GDP 18 14 8.5 Inventory cost 6.3% 2-3%
Source: Worldbank, Industry
Equalized Mo 800 500 712 Administration 0.7% 0.5-1%
Cost comparison 0 -37% -11%

Power cost is same as China & Vietnam Inefficiency set to go –DFC & Every small reform like fastag, etc. has a
infrastructure reforms
Germany 0.33 big impact on the logistics cost by
Japan 0.22 reducing the time travel by ~15-20%.
Total inefficiency 4.0%
UK 0.22
Opportunity to bring efficiency of 3-4%
USA 0.13 Theft & damages 1.1%
Indonesia 0.10 (GST, More efficient supply chain,
Longer distances 1.1%
S. Africa 0.09 Infrastructure)
China 0.08 Higher transit inventory 0.3%
India 0.08 Lower speed 0.3%
Vietnam 0.08
Higher road share 1.2%
Argentina 0.01

0 0.2 0.4 0% 5%
Source: statista.com Source: Nuvama reports

India is becoming cost competitive at a global scale 20

China+1 shift will create big opportunities
Worlds over dependence on China currently

28% Global 58% global

16% Global GDP manufacturing footwear
(ranked no. 1) production
(Ranked no. 1)

36% World’s
70-85% World 17% Capital
chemical
solar power goods exports
production
components as % of total
(ranked no. 1)
export

35% Textile & 10% Auto

clothing exports component exports 60-65% Global
as a % of total as a % of total auto electric vehicles
exports component exports

China will continue to be a big player; however small SHIFTs will create BIG opportunities for India 21
Which sectors will benefit
Metric Import Substitution Export Opportunity Market Consolidation

Chemical, API & Pharma

Capital goods

Consumer Electronics & Durables

Auto & Auto Ancillaries

Defense

Industrial Capex Ancillaries

Building Materials

Who will benefit – characteristics of companies

• Core competence/ niche capability Reliability factor
• Proven track record / platform Cost effectiveness
• Strong balance sheet Differentiated IPs
• Strong Governance Customer base
• Existing presence (market share)
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Technology
Key emerging tech shifts accelerated post pandemic

TECHNOLUTION
Software as a service
Digitalisation
(Saas)

Tech enabled
Cloud migration platform business

IT Services

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Technology – IT Services
• Covid has prompted companies worldwide to rethink & shift; Indian IT Tech companies an important clog in
the wheel
• Demand for digital spending is “global” & supply is only “local”
• IT services exports industry to grow from USD 225bn in 2022 to USD 350bn by 2026
• 50% of the revenue getting spent as salaries/wages in the economy as first order effect which will boost
consumption. Second and third order effect yet to follow.

IT Services Exports (USD bn) IT Digital Services (USD bn) ERD Industry Size (USD bn)

2025E 60
2026E 350 2025E 150

2022 225 2020 60 2020 30

0 200 400 0 50 100 150 200 0 20 40 60 80

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Risk factors
• Global meltdown of economy affecting overall demand
• World’s softening stance against China
• Geo – Political risks
• Banking system risks
• Slowing down of reforms and change in government policies
• Significant currency appreciation

25
PORTFOLIO PERFORMANCE &
ATTRIBUTES

26
 Performance as on 31 st December 2023

80.0
70.0 68.0

60.0
51.7
50.0
40.0 35.3
30.0 25.3 24.9 27.5

20.0 17.8 15.2

14.1 12.1
10.0 5.6 8.0

0.0
1M 3M 6M 12M Inception CAGR Inception Absolute

Structural Shift Fund BSE 500

Note - Inception Date -14th April 2022. Above returns are at fund level, net of all expenses and gross of taxes.

Disclaimer: Investments are subject to market risk. Past performance figures is not verified by SEBI. Past performances are not indicative of future performance. Please refer risk
associated with investment as published on our website. Above information should not be regarded as an official opinion or recommendation of any kind. 27
Faster, Stronger, Cheaper
Faster revenue & earnings
growth vs BSE 500
Stronger return on
29.3 equity

Margin of Safety
in Valuation
20.7
18.5
16.1 Minimal
13.1 13.7 Leverage

Huge
outperformance
with less volatility
0.8 1.0 0.6 0.6 1.0
0.1
Revenue Growth Earnings Growth ROE (FY25E) PEG Ratio D/E Ratio Portfolio Beta
CAGR (FY23-25E) CAGR (FY23-25E)

Shift (AIF) BSE500

Source – Bloomberg consensus

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 Holdings as on 31 st December 2023

Sector Allocation
30%
25.3%
21.4%
20% 18.3%

11.4%
10%
4.9% 4.5%
2.8% 2.2% 2.2% 2.1%
0%

Major Portfolio Holdings

Security Sector % Security Sector %
Orchid Pharma Pharma, API & Chemical 6.4% Aarti Industries Ltd Pharma, API & Chemical 4.0%
Laurus Labs Pharma, API & Chemical 6.0% Bharat Heavy Electricals Engineering & Capital Goods 3.7%
Dynamatic Tech Engineering & Capital Goods 5.1% Kirloskar Pneumatic Engineering & Capital Goods 3.6%
Concord Biotech Pharma, API & Chemical 4.3% Quick Heal Tech IT 3.4%
Eclerx Services IT 4.3% Newgen Software Tech IT 3.2%
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FUND STRUCTURE

30
Fund structure
Trustee Amicorp Trustees
Carnelian Alternative
(India) Private Limited
Investment Trust

Computer Age
Carnelian Capital Sponsor RTA Management Services
Advisors LLP
Limited (CAMS)
Carnelian
Structural Shift
Carnelian Asset Investment
Fund (CSSF) Custodian Nuvama Custodial
Management & Manager
Services Limited
Advisors Pvt Ltd

Distributions Portfolio Entities /

Investors /
Investments
Contributors Contributions

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CSSF – Fund features

FUND SIZE
Category III INR 500 crore with
close ended AIF Greenshoe of INR 500 crore

TENOR
COMMITMENT AMOUNT
5 years from final close;
Minimum INR 1 crore (100% upfront) Extendable by 2 years.

INVESTMENT
Invest in the structural themes through
listed and unlisted (upto 30%) securities
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Fund Features
Key Terms
Fund Name Carnelian Structural Shift Fund
Structure Close ended Category III Alternative Investment Fund (AIF)
Investment Manager Carnelian Asset Management & Advisors Pvt Ltd
Term 60 Months (from date of final closing)
First Closure 14th April 2022
Benchmark S&P BSE 500
Trustee Amicorp Trustees (India) Private Limited
Custody Nuvama Custodial Services Limited
Legal & Tax Advisor I.C. Universal Legal, Advocates & Solicitors
Registrar & Transfer Agent Computer Age Management Services (CAMS)
Auditor NGS & Co. LLP, Chartered Accountants
Redemption# After 14th April 2024. Quarterly Redemption Window thereafter.
No specific pass-through status accorded to a Category III AIFs. Trust taxation principles to
Taxation*
apply to the AIF and practically, taxes to be discharged at the AIF level.

#subject to certain restrictions and at the discretion of Investment Manager

*Investors are strongly urged to consult their tax advisors with specific reference to their own situations.
For more details , please refer to private placement memorandum. 33
Fee structure
Fixed Fee Plan Semi Variable Fee Plan
Commitment
Amt. (In Cr.) Management Management Hurdle Performance Fee
Unit Class Unit Class
Fee p.a.* Fee p.a.* Rate$ (without catch up)**
1-5 Class A1 2.50% Class B1 2.00% 8.00% 15.00%
5-15 Class A2 2.25% Class B2 1.75% 8.00% 15.00%
15-25 Class A3 2.00% Class B3 1.50% 8.00% 15.00%
>25 Class A4 1.75% Class B4 1.25% 8.00% 15.00%

Above Fee structure as applicable for clients originated by distributors.

* Accrue daily, payable on monthly basis plus taxes and all statutory levies as applicable.
** Payable at the time of fund closure subject to high watermark principal plus taxes and all statutory levies as applicable.
$ Hurdle rate is IRR per annum pre-tax and post expenses in INR terms (based on Microsoft excel XIRR function) compounded annually.
Refer PPM for more details

Note:
1. Lock-in till14.04.2024
2. Redemption Fees -
Exit window after expiry of lock-in Fees
Within 12 month 5%
12-24 month 4%
24-36 month 3%
After 36 month 2%

34
Awards & Testimonials

35
Awards and recognition

36
What our investors say..
Farah Malik Bhanji, MD – Metro Brands
Vikas, Swati and the Carnelian team have done an excellent job managing our money. They have been one of the top
performing funds in our portfolio for the year. Having been invested with them since inception, we have seen their
strategy play out through the Covid period with great success. Carnelian’s clarity and fidelity to their thesis and process
inspires a lot of confidence and the results speak for themselves. I wish them all the best for their future endeavours and
look forward to being a part of their journey.

Gopal Srinivasan, Chairman & Managing Director - TVS Capital Funds

Find a great manager like Vikas. I have invested in his funds and I think give people like him money because this requires
a very strong navigation, break, clutch, acceleration and steering system to manage so that would be my advise to most
people that there is alpha in the market and alpha can be best sought out in the hands of professionals like Vikas.

Abhishek Dalmia, Chairman – Renaissance Group

In investing, big money is made by being a contrarian. Humans derive comfort from being part of a crowd (group think).
It is rare to find someone who has the conviction to stand apart from the crowd and is willing to bet money on his
conviction. Vikas is that sort of guy. He bet on revival of Indian manufacturing at the peak of the first covid lockdown when
he launched the Shift Strategy. The performance of the fund demonstrates that he got it right.

Chaitanya Desai, MD - Apar Industries

Carnelian tries to achieve an absolute long term consistent return with substantial alpha keeping in mind the risk reward
ratio. They are pretty much modern in their investments but also traditional when it comes to capital protection utilising
their expertise in Forensic Accounts.
Their culture is such that fiduciary duty to the clients is at the heart of all their actions and processes. We are definitely
IMPRESS'ed by their approach to their investments.

37
What our investors say..
Apurva Parekh, Executive Director - Pidilite Industries
I am impressed by the fund’s vision, investment philosophy, diligence process and long term approach. I have known
Vikas Khemani for many years. He has deep domain knowledge and sound understanding of Indian businesses and
economy. This has allowed Vikas to consistently identify superior businesses and trends ahead of the market.

Russell Mehta, MD – Rosy Blue India

Have known Vikas for many years now and I love/admire his enthusiasm, passion and aggression to invest which is very
well and equally balanced with deep and meaningful research, level headedness and receptiveness. He has canny ability
to foresee trends!

Yogesh Agrawal, MD – Ajanta Pharma

I was confident of Vikas’ s ground up experience in investing which earned him sharp acumen in spotting the businesses
that have potential to provide above index returns. Today, I can confidently say that Carnelian has lived up to the promise
and delivered me sound and much above index returns so far. I am fully assured about the long term performance
of Carnelian fund and would strongly recommend them to others. I wish team Carnelian all the best and healthy growth
in future.

Yogesh Mahansaria, MD – Mahansaria Tyres India

Vikas and his team have a great passion for investing, clarity of thinking, and deep research capabilities - all of this gave
us lot of confidence to be an early investor in Carnelian Funds. Their performance over time has validated our confidence,
leading us to enhance our investments with them over time; one of the best performing funds in our portfolio.

Sohil Chand, Senior Advisor, NVP India

I have known Vikas for a while & been an investor since early days. It has been the best performing PMS in my portfolio
over 20 PMSes!
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Disclaimer
This document has been prepared by Carnelian Asset Management & Advisors Private Limited (“Carnelian”) and is provided to you for information
only. This document does not constitute a prospectus, offer, invitation or solicitation and is not intended to provide the sole basis for any evaluation
of the investment product or any other matters discussed in this document. This document is made available to you because Carnelian believes
that you have sufficient knowledge, experience and/or professional advice to understand and make your own independent evaluation of the risks
and rewards of the investments and/or other matters discussed in this document and to make your own independent decision whether to
implement the same. Any view expressed in the document is generic and not a personal recommendation and/or advice. It does not consider your
risk tolerance, financial situation, knowledge and experience. Please discuss with your investment advisor if you seek advice on whether the
proposed investment product are appropriate for you. The investments discussed in this document may not be suitable for all investors.
Investments are subject to market risk. There can be no assurance or guarantee that any investment will achieve any specific return. Unless
expressly stated, product performances are not guaranteed by Carnelian or their affiliates or any government entity. Past performance is not
necessarily an indicator of future performance. Actual results may vary significantly from the forward-looking statements contained in this
presentation due to various risks and uncertainties, including the effect of economic and political conditions in India and outside India, volatility in
interest rates and the securities market, new regulations and government policies that may impact the business of Carnelian as well as its ability to
implement the strategy. The information contained in this document has been obtained from sources that Carnelian believes are reliable, but
Carnelian does not represent or warrant that it is accurate or complete, and such information may be incomplete or condensed. Neither Carnelian,
nor any affiliate, nor any of their respective officers, directors, partners, or employees accepts any liability whatsoever for any direct or
consequential loss arising from any upon this document or its contents, or for any omission. The views in this document are generally those of
Carnelian and are subject to change without notice, and Carnelian has no obligation to update its views or the information in this document.
Carnelian or its affiliates may have acted upon or have made use of material in this document prior to its publication. Carnelian does not provide
legal or tax advice and should you deem it necessary to obtain such advice, you should approach independent professional tax or legal advisors to
obtain the same. This document is confidential and may not be reproduced or disclosed (in whole or part) to any other person without our prior
written permission. The manner of distribution of this document and the availability of the products may be restricted by law or regulation in certain
countries and persons who come into possession of this document are required to inform themselves of and observe such restrictions. This
document is not directed to, nor intended for distribution or use by, any person or entity in any jurisdiction or country where the publication or
availability of this document or such distribution or use would be contrary to local law or regulation, including for the avoidance of doubt the US.
The contents of this document have not been reviewed by any regulatory authority in India or in any other jurisdiction. If you have any doubt about
any of the contents of this document, you should obtain independent professional advice. The name of the strategy does not in any manner
indicate the quality of the strategy, its future prospects or returns. The product strategies mentioned in the document may change depending upon
the market conditions and the same may not be relevant in future. The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any
recommendation of the same and the strategy may or may not have any future position in these sector(s)/stock(s)/issuer(s). This strategy and this
presentation have been prepared for potential investors in India and may not be published or distributed in the United States. This strategy does
not constitute an offer of units for sale or the solicitation of any offer to buy Units in any jurisdiction, including the United States. 39
THANK YOU

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