1. Investment Philosophy & Process Page 1

2. Key success factors for credit investments in India On ground presence to source, understand & manage credit, coupled with processes and risk controls in line with international best practices SOURCING UNDERWRITING RISK MANAGEMENT On-ground presence Proprietary origination Established relationships Local networks for deal and promoter information Understanding of local factors On-ground presence Proprietary origination Established relationships Local networks for deal and promoter information Understanding of local factors Local - cultural / business factors Political / other linkages Legacy issues Regional & local regulations Formal & informal reference checks Lender community Local - cultural / business factors Political / other linkages Legacy issues Regional & local regulations Formal & informal reference checks Lender community Active monitoring Constant direct contact Early signs Use of local legal framework for active management Lender networks Active monitoring Constant direct contact Early signs Use of local legal framework for active management Lender networks Page 2

3. Business & Vintage Investment Philosophy Yield pick up obtained through (i) tightly covenanted and secured debt exposures (ii) created through proprietary structured debt transactions (iii) of issuers with established businesses and repayment track record, serviced by (iv) low downside risk operating cash-flows Established Businesses Strong repayment track record Strong growth potential Low / Moderate Gearing Financial Flexibility Structuring & Covenants Financial & Corporate DD Collateral Options & Structuring Ring-fencing Operating Covenants Personal Guarantees Monitoring & Risk Covenants Monitoring Credit Monitoring Market / Lender community news Site visits, management meetings Page 3

4. Investment Process 1 Proprietary deal flow through network of extensive relationships 2 Detailed Screening of the deal and Presentation to Investment Committee 3 Transaction Structuring and Preparation and Signing of the Term Sheet 4 Detailed financial, legal and technical DD, Final Approval from IC 5 Signing of Definitive Agreements and Closure of the Deal 6 Day to Day management of the Project and undertaking the exit Pro-active & selective origination, detailed due diligence & structuring combined with close monitoring of investments to deliver superior returns on the debt portfolio Page 4

5. Business & Financial Flows Financial Flexibility and Record Promoter & Mgmt Background Past & Future Trends Regulatory Backdrop Demand Supply Dynamics Covenants & Reps Operating Plan Collateral Package Business & Promoter Vintage Sector & Business Analysis Financing Terms & Covenants External Research Rating Agency, Market & Lender Checks Empanelled legal & technical agency reports Established Due – Diligence Process In-house analysis complemented with technical external inputs as required Page 5

6. Robust on-going monitoring & management Page 6