Enam India Vision Portfolio

April 2025

Riding the US$ 10-Trillion Opportunity

Agenda

1. Enam Asset Management Overview

2. Enam Fundamental Equities Platform

3. Enam India Vision Portfolio

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Enam Asset Management Overview
Enam Asset Management Overview

Our Journey so Far

Over 40 Years of History in the Indian Capital Markets

Outset of Launched flagship domestic Enam Group divested Enam AMC AUM Established presence Enam AMC Signatory
Enam Group PMS Product EICE its sell side business crosses US$1 billion in DIFC Dubai to UN PRI

1984 2001 2012 2014 2018 2021

1997 2011 2013 2017 2020 2023

Established Established Singapore Enam AMC wins its first Enam AMC AUM Enam AMC AUM Launched PMS
Enam AMC Subsidiary Global Mandate from one crosses US$2 billion crosses US$3 billion product EIVP
of the largest SWF
Launched Offshore Launched UCITS
fund EIGF fund EIOF

Launched domestic Enam AMC AUM

PMS Product EIDEA crosses US$4 billion

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Enam Asset Management Overview

Founders

Vallabh Bhanshali
Co-Founder
▪ Globally respected investment banker, investor, venture capitalist and capital markets expert
▪ Deep understanding and interests in diverse fields – religion, behavioural sciences and economic development

“Never forget that you don’t control success. What indeed there is, is a formula for excellence.”

Nemish Shah
Co-Founder
▪ Pioneer and leader in various initiatives in investment banking and insurance broking
▪ Devoted philanthropist and founder of Foundation for Liberal and Management Education (FLAME) with
the objective of building an institution for higher learning driven by Indian values

“Don’t trade, do value investing for better gains.”

Jiten Doshi
Co-Founder & CIO
▪ Co-founded the separately managed account business for public equities
▪ Wide experience of over 30 years in the Indian capital markets and with the Enam Group since 1992
▪ Former member of several Boards and Committees for shareholder value creation

“We believe that Reputation and Regulation are above everything else in business.”

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Enam Asset Management Overview

Strong Parentage and Culture of Compliance

ETHOS
▪ Founded by Independent Professionals who have demonstrated strong
partnership since inception
Integrity
▪ Our business motto – Founded on Values and Driven by Trust

Conservative
▪ An embedded philosophy of strong corporate governance, disclosure
standards and transparency
Understated
▪ Diverse global presence - Regulated across 7 jurisdictions

Do things right
for the long-term ▪ No breach of any compliance requirements nor any customer complaint
with any regulatory body, across all jurisdictions since inception

Respect for nature

▪ Professionally managed – No related party transactions or hirings

Take people along ▪ Amongst one of India’s well capitalized Asset Management companies
with a focused business model

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Enam Asset Management Overview

Investment Team Profile - Fund Management Team

Highly skilled and experienced investment team of 20 professionals including 16 research and
information analysts covering different sectors

Jiten Doshi Jiten co-founded Enam’s Asset Management (Enam AMC) business in 1997. He has over 30 years of experience
in capital markets and has been with the Enam Group since 1992. He is a regular speaker at global forums on
Co-Founder & CIO Indian economy like HORASIS and has advised several managements on shareholder value creation. Several
companies have gone on record to appreciate his contribution in areas such as corporate governance,
transparency, disclosure standards and effective shareholder communication. His guidance has helped
several companies improve their interface with all stake holders.

Pradeep Kumar, CFA Pradeep joined Enam AMC in February 2015. He has over 25 years of experience in Research & Fund Management.
Prior to this, he has been a successful fund manager at Kotak Asset Management (Kotak 50 Fund), Religare Asset
Senior Portfolio Manager Management (Religare Growth Fund), ABN AMRO Asset Management (ABN AMRO Opportunities Fund) and DBS
Macro Strategy Chola Asset Management (DBS Chola Opportunities Fund). He holds a Master’s degree in Finance from Sydenham
Institute of Management Studies, Mumbai. He is also a CFA® charterholder and a CIPM® certificant.

Sanjeev Patkar Sanjeev joined Enam AMC in April 2022 as Portfolio Manager and Head of Research. He has over 28 years of
experience in Capital Markets, Corporate Strategy and Business Development. Prior to this, he has worked
Senior Portfolio Manager with SBI Funds Management Ltd, Almondz Global Securities Ltd, Dolat Capital Ltd, Welspun India Ltd, Kotak
and Head of Research Securities, GE Capital Asset Management Company, Jardine Fleming India Asset Management and CRISIL. He
holds a Master’s degree in Marketing from Jamnalal Bajaj Institute of Management Studies, Mumbai.

Raghavendra Reddy Raghavendra joined Enam AMC in January 2019. He has over 19 years of experience in Equity markets with
expertise across Research, Portfolio Management and Equity Advisory. Prior to this, he has worked with Ambit
Portfolio Manager Capital (PMS), Kotak Securities (PMS), HSBC Bank, ICICI Bank and K.R. Choksey Securities. He is a Post
Graduate in Management from Management Development Institute (MDI). He is also a Certified FRM (GARP).

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Enam Asset Management Overview

Investment Team Profile – Research Team

NAME TOTAL SECTORS PRIOR
EXPERIENCE COVERED EXPERIENCE

Dipen Sanghavi Consumer Durables, Home Improvement,

20 Pranav Securities
Senior Research Analyst Niche, Paints

Priti Arora Pharmaceuticals, Pharma - Research Services, Kotak Institutional Equities,

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Senior Research Analyst Hospitals, Diagnostics Labs Morgan Stanley

Vinoth Vijayaseharan Cement, Electronic Manufacturing, Logistics, Sundaram AMC, Enam AMC, Global
19
Senior Research Analyst Niche, Diversified Investment House, Enam Securities

Darpin Shah Banks, NBFC's, Credit Cards, Credit Ratings,

21 Haitong India, HDFC Securities
Senior Research Analyst Exchanges, AMC, Insurance

Dalal & Broacha Stock Broking,

Mayank Babla
12 Media, Technology, Software Services, Telecom KRChoksey Shares & Securities,
Research Analyst BP Equities
Kotak Investment Advisors, ITI AMC,
Bhavesh Jain FMCG, Speciality Chemicals,
13 Agro Chemicals
Envision Capital, Varanium Capital,
Research Analyst
Crisil, Sushil Financial

Deepak Jain Subhkam Ventures, Sharekhan,

22 Auto Ancillary, Automobiles
Research Analyst Almondz Securities and Anand Rathi

Raj Shah Engineering, Niche, Capital Goods,

Research Analyst
4 Power, Ship building
Marcellus Investment Managers

Harsh Shah Asian Market Securities, ICICI

NBFC's, Credit Cards, Credit Ratings, AMC,
6 Exchanges, Insurance
Securities, Sharekhan, Reliance
Research Analyst
General Insurance

Paarth Gala Consumer Durables, Home Improvement,

HDFC Securities, JM Financial,
Research Analyst 10 Prabhudas Lilladher,
Niche, Paints
Moneybee Group

Hemant Shah Organized Retail, Hospitality & Leisure, Asian Markets Securities,
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Research Analyst QSR, Textile & Aviation KPMG India Services LLP

Wally Fernandes Deutsche Bank , ASK Raymond

27 Data mining and information analysis James, BNP Paribas,
Information Analyst
Peregrine Capital India

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Enam Asset Management Overview

Investment Team Profile – ESG Research Team

NAME TOTAL SECTORS PRIOR
EXPERIENCE COVERED EXPERIENCE

Karl Karkaria, CFA Quantum Advisors,

12 Coverage includes all Sectors
Head of ESG Adventity Global Services

Darshan Savla
4 Coverage includes all Sectors CRISIL ESG Ratings & Analytics
Research Analyst

Sanjog Wadhwani, CFA Coverage includes all Sectors Morningstar

3
Research Associate

Krishna Gupta Quantum Asset Management

2 Coverage includes all Sectors
Research Associate Company

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Enam Asset Management Overview

The Enam Edge

Focused Portfolio Management Services firm with a single investment strategy

India’s only Socially Responsible Portfolio Manager

Longest serving single manager track record

Long serving investment team with experience through various business cycles

The first Portfolio Management Service provider in India to have a Global

Investment Performance Standards (GIPS®) compliant track record

Developed a proprietary comprehensive ESG framework

GIPS ® is a registered trademark owned by CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the
content contained herein

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Enam Fundamental Equities Platform
Enam Fundamental Equities Platform

Investment Philosophy
Seek to identify high quality businesses that are structurally well-positioned, have sustainable
competitive advantages and strong execution capability for consistent long-term growth.

OPPORTUNITY LONGEVITY MANAGEMENT VALUE ACCRETIVE DISCIPLINE

Size and attractiveness Sustainable competitive Intellect and integrity EVA Positive, duration and Focus – avoid distractions
advantage magnitude

Total addressable market Predictability, adaptability Strategic alignment Free cash flows Assess opportunities
and resilience irrespective of market
conditions

Quality and sustainability Barriers to entry: Minority shareholder Return on incremental Unwavering culture of
▪ Technology and process
of growth protection capital learning from mistakes
▪ Access to natural
resources/markets
Mitigation of risk ▪ Costs, productivity and Ambition driven and Inadequate capital Ignorance and denial always
efficiency
fine tuned by global allocation can be harmful drive mediocrity
▪ Brands and distribution
network macroeconomic scenario

Replicability and scalability Adaptability and innovation Incremental improvements Being part of a herd never
of the business model to generate abnormal returns helped anybody

Differentiate between
value-based / event-based
and hyped-based buying

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Enam Fundamental Equities Platform

Research Process
Research and Investment Process

INDICATIVE UNIVERSE

▪ Nifty 500
▪ Selective coverage includes listed companies
outside of Nifty 500
▪ Selective IPOs
UNIVERSE
NIFTY 500+ OTHER
SELECTED IDEAS INDICATIVE SELECTION CRITERIA

▪ Market Cap > INR 8400 crs

▪ PAT > INR 250 crs
▪ Key Ratios
RESEARCH & ANALYSIS ▪ Qualitative aspects
200+ COMPANIES ▪ Thematic views
INVESTMENT UNIVERSE

ENAM INVESTMENT UNIVERSE

IDEA GENERATION ▪ Universe selection is a comprehensive and

ongoing feature of the investment process,
40 - 50
STOCKS narrowed with sophisticated proprietary
financial analysis
▪ 200+ companies are selected using this rigorous
research process
PORTFOLIO CONSTRUCTION, RISK 15-30 STOCKS ▪ Represents over 65% of Indian market cap
MANAGEMENT & MONITORING
▪ Revised periodically/quarterly

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 Enam Fundamental Equities Platform

Investment Process

DETAILED IDEA GENERATION PORTFOLIO

UNIVERSE FINANCIAL & PORTFOLIO REVIEW
ANALYSIS CONSTRUCTION

DEFINING THE IN-DEPTH HIGH CONVICTION TRACKING EXISTING

PLAYING FIELD ANALYSIS INVESTMENTS INVESTMENTS

UNIVERSE SELECTION WE UNDERTAKE A VERY OUR PROCESS PORTFOLIO MONITORING

IS A COMPREHENSIVE & COMPREHENSIVE BUT A INVOLVES: INVOLVES:
ONGOING FEATURE OF OUR SIMPLE MODEL FOR A FINANCIAL
INVESTMENT PROCESS: ANALYSIS. THIS INVOLVES:

▪ Quarterly review by the Investment ▪ Dissecting the P&L to arrive at ▪ Financial Analysis ▪ Closely monitoring domestic and
team real profits from Operations - this global macro factors
goes a long way to determine ▪ Discussions amongst the
▪ Process involves comprehensive the sustainable margins investment team and external ▪ Actively engaged with the
analysis based on various criteria: analysts company management
▪ Balance Sheet Analysis to
- Market Cap evaluate efficient utilization of ▪ Management meetings ▪ FORECAST SHEET – Acts like an
- PEG capital investment monitoring radar
- Key Ratios ▪ Understanding of internal and screen across our invested
- Qualitative aspects ▪ Close monitoring of key drivers external levers governing the companies and alternate
- Thematic views that may impact the operating sustainability of performance opportunities in the market
- Bottom up approach performance
▪ Meeting competitors to assess ▪ Strict adherence to risk
TEAM HAS EXTENSIVE KNOWLEDGE competitive strengths management guidelines
OF COMPANIES AT GRASS ROOT
LEVEL ▪ Evaluating potential returns ▪ Target valuations to rebalance
portfolio
▪ Ascertaining attractive entry levels

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Enam Fundamental Equities Platform

Multiple Opportunities of Wealth Creation

Structural Emerging
Opportunities Opportunities
- Current leaders - Emerging leaders
- Consistent growth - Niche businesses &
- Benefitting from macros changing scale/trajectory
- Beneficiaries of
megatrends/tailwinds

Disruptive Special Opportunities

Opportunities - Change in regulations
- New businesses - Technology shifts
challengers & disrupting - Change in promoters/management
status quo - Change in market structure
- Benefitting from - Business model transformation
innovation - Change in balance sheet
- Corporate action – merger/
demerger
- New products launches

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Enam Fundamental Equities Platform

A Snapshot of Portfolio Construction

15-25 STOCKS
SECTOR / THEME
(WHEN FULLY
AGNOSTIC
INVESTED)

COMBINATION OF
FLEXIBLE TO
STRUCTURAL
STRADDLE ENTIRE MEDIUM-TO-LOW
GROWTH AND
MARKET CHURN
SUSTAINABLE
CAP-CURVE
VALUATIONS

MULTI-FACTOR
BOTTOM-UP
RISK
SECURITY
MANAGEMENT
SELECTION
MATRIX

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Enam Fundamental Equities Platform

Exit Strategy

Target Valuation / Multiples realised

fresh review of investment thesis

Portfolio
Rebalancing / Alternative opportunities with
superior risk reward
Exit

Weakening of the investment thesis

regulation/ governance/ competition

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Enam Fundamental Equities Platform

Risk Management

Approach to Risk Management

▪ Our approach to Risk management is fully integrated with our investment process
▪ The investment team strictly follows a well designed, dynamic and prudent risk management policy to mitigate
the inherent risk in equities
▪ Understanding the sources of investment performance
▪ Regular review of risk management to understand and manage portfolio risk

Formal Portfolio Control

▪ Limits individual stock exposure to 10% at cost, limits sector exposure to 25% at cost, limits individual business
groups to 25% at cost; not more than 10% of the free float of any stock
▪ No leverage, no short selling, no hedging
▪ Diversification and liquidity management - portfolio is representative of stocks that can be liquidated with
minimal impact under normal market conditions
▪ Qualitative review of portfolio holdings

Supervision

▪ Regular monitoring to ensure compliance with risk management guidelines

▪ Oversight, discussions within the teams and monthly reviews

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Enam India Vision Portfolio (EIVP)
Enam India Vision Portfolio

Product Details
Investment objective Generate capital appreciation through investments in equities with a long-term perspective

Types of securities Listed equities and related instruments

Debt and related instruments (such as Liquid Mutual funds, ETFs, etc.)
Bank Fixed Deposits

Investment approach Construct a high quality, high conviction, long-only portfolio

Allocation across industries and capitalization ranges including companies which are typically
under-researched and offer a higher return potential

Basis of selection of Seek to identify high-quality businesses that are structurally well-positioned, have sustainable
securities competitive advantages and strong execution capability for consistent long-term growth

Benchmark S&P BSE 500 TRI, being the broad-based benchmark for the Indian market appropriately
reflecting the investment strategy

Geography India

Portfolio allocation Asset class Indicative allocation Risk Profile

Equities and related instruments 0–100% High
Debt and related instruments 0–100% Medium to Low
Cash at bank & Fixed Deposits 0–100% Medium to Low

Investment horizon 3+ years

Subscription Ongoing
Minimum Initial Investment – As prescribed by SEBI (Currently Rs.50 lacs)

Redemption 30 days’ notice

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Enam India Vision Portfolio

Highlights

OPPORTUNITY TO FOCUSED
NAVIGATING THE
CAPITALISE ON PORTFOLIO
INDIA GROWTH
ENAM INVESTMENT WITH PRUDENT
OPPORTUNITY
PHILOSOPHY DIVERSIFICATION

LONG-TERM
INVESTMENT WELL CALIBRATED SEAMLESS CLIENT
HORIZON RISK MANAGEMENT ON-BOARDING
(3-5 YEARS FRAMEWORK PROCESS
AND ABOVE)

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Enam India Vision Portfolio

Performance Track Record

Key Ratios EIVP BSE 500 TRI
Standard Deviation 12.2% 13.0%
EIVP Sharpe Ratio 0.66 0.83
Beta 0.78 -
20.0% BSE 500 TRI
17.0%

14.4%
15.0%

10.0%
7.3%
6.4% 6.0% 6.0%

5.0%
3.0% 3.0%

0.0%

-5.0% -4.4%
-5.6%

-10.0%

-11.8%
-12.8%
-15.0%

1 Month 3 Months 6 Months FYTD 1 Year Since Inception

Notes:
1. Data as of March 31, 2025
2. EIVP inception date: January 17, 2023
3. EIVP returns are net of total fees and expenses and is based on aggregation of all the clients in the same strategy using TWRR method
4. Benchmark: BSE 500 TRI
5. Risk-free Rate = 6.340% (3-Month Indian Government T-Bill as of March 31, 2025)
6. Performance data of Portfolio Manager and Investment Approach provided hereunder is not verified by SEBI
7. Past performance is not indicative of future returns
8. Please note that performance of client portfolio may vary from that of other investors and that generated by the Investment Approach across all investors due to:
a. The timing of inflows and outflows of funds; and
b. Differences in the portfolio composition because of restrictions and other constraints

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Enam India Vision Portfolio

Portfolio Positioning

Market Cap Allocation Sectoral Allocation

0%
2% 4% 2%
4%
4% 23%

4%

4%
37% 37%

5%

7% 14%

7%
24%
8% 13%

Large Cap ( > INR 100000 crs) BFSI - Banks & NBFC Hospitals
Mid Cap (INR 33000 crs - 100000 crs) Pharmaceuticals Agro Chemicals
Small Cap (< INR 33000 crs) Cash & FMCG Engineering
Cash Equivalent Telecom Diversified
Consumer Durables Automobiles
Logistics & Allied Services Others
Niche Cash & Cash Equivalent

Notes:
1. Portfolio as on March 31, 2025
2. Exposures may not add up to 100% due to rounding off
3. Sectoral breakup is based on internal classification
4. Sectors having exposure less than 2% are classified as Others

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Disclaimer
■ Enam Asset Management Company Private Limited (Enam AMC) is a SEBI registered Portfolio Manager (Registration No. INP000000225) and provides services
strictly in accordance with the SEBI (Portfolio Managers) Regulations, 2020. ■ Please read the Disclosure Document prior to engaging our services. ■ Any information
contained in this document shall not be deemed to constitute as an advice, an offer to sell/purchase or as an invitation or solicitation to do so. ■ Data provided herein is
not verified by SEBI. ■ Investment in securities is risky and there is no assurance of returns or preservation of capital. ■ Please exercise due care and caution and if
necessary, obtain the advice of other professionals prior to taking any decision on the basis of this information. ■ Enam AMC is not registered with SEBI as a Mutual Fund.
■ Investments in Securities are subject to market and other risks and there is no assurance or guarantee that the objectives of any of the strategies/products of the
Portfolio Management Services (PMS) will be achieved. ■ Investors in the PMS Product are not being offered any guaranteed/assured returns. ■ Past performance of the
portfolio manager does not indicate the future performance for any of the strategies/products. ■ The names of the portfolios do not in any manner indicate their
prospects or return. ■ The investments may not be suited to all categories of investors. ■ Neither Enam AMC, nor any person connected with it, accepts any liability
arising from the use of this material. ■ The recipient of this material should rely on their investigations and take their own professional advice. ■ Neither Enam AMC, nor
any person connected with it, accepts any liability arising from the use of this material. ■ Opinions, if any, expressed are our opinions as of the date of appearing on this
material only. ■ While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons
that prevent us from doing so. ■ The portfolio manager is not responsible for any loss or shortfall resulting from the operation of the strategy. ■ Recipient shall
understand that the aforementioned statements/presentation cannot disclose all the risks and characteristics. ■ The recipient is requested to take into consideration
all the risk factors including their financial condition, suitability to risk return profile, and the like and take professional advice before investing. ■ As with any investment
in securities, the value of the portfolio under management may go up or down depending on the various factors and forces affecting the capital market. ■ Prospective
investors and others are cautioned that any forward - looking statements are not predictions and may be subject to change without notice. ■ For tax consequences,
each investor is advised to consult his / her own professional tax advisor. ■ This document is not for public distribution and has been furnished solely for information and
must not be reproduced or redistributed to any other person. ■ Persons into whose possession this document may come are required to observe these restrictions.
■ No part of this material may be duplicated in any form and/or redistributed without Enam AMC’s prior written consent. ■ Distribution Restrictions – This material
should not be circulated in countries where restrictions exist on soliciting business from potential clients residing in such countries. ■ Recipients of this material should
inform themselves about and observe any such restrictions. ■ Recipients shall be solely liable for any liability incurred by them in this regard and will indemnify Enam
AMC’s for any liability it may incur in this respect. ■ Neither any information nor any opinion provided herein constitutes a solicitation or offer by Enam AMC’s to buy or
sell any securities, futures, options, or other financial instruments or provide any investment advice or services or insurance products or mutual fund units or any other
financial products. ■ Enam AMC or its employees, affiliates, directors and persons involved in preparation in this information may buy or sell or take possession in
instruments dependent or independent of the opinion and information contained herein at any time. ■ The Investment in securities is subject to market, investment
risk, the investment discussed and/or recommended herein may not be suitable for all the investors. ■ The person using the information provided herein may take
investment decision after considering his investment objectives and risk factors. ■ The information, opinions and material provided herein are subject to change
without any prior notice. ■ Enam AMC may have business relationship with the companies mentioned herein and may enter or might have entered into any contract or
have any transaction in the ordinary course of its business.

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www.enamamc.com

ENAM ASSET MANAGEMENT COMPANY PRIVATE LIMITED

810, Raheja Chambers,
Free Press Journal Road, Nariman Point,
Mumbai – 400 021. India.

Email: invest@enamamc.com

ENAM ASSET MANAGEMENT (SINGAPORE) PTE . LTD.

50 Raffles Place,
19 th Floor, Singapore Land Tower,
Singapore 048623

Email: invest.sg@enamamc.com

ENAM ASSET MANAGEMENT (MIDDLE EAST) PV T. LTD.

Emirates Financial Tower, South Tower Level 5,
Office 501-B, DIFC,
Dubai. United Arab Emirates.

Email: invest.uae@enamamc.com