Special Situation India Fund (SSIF)

SEBI Registered Category II AIF (Pending Approval)

Who should invest in SSIF?

SUITABLE FOR INVESTORS LOOKING FOR INVESTMENTS WITH

Leading India focused Asset Manager Differentiated Investments

(With established track record in Sp. Sits & Credit
(investment opportunities with larger funds)
Strategies)

Cash-flow Oriented Fund Superior risk-adjusted Returns Actively Monitored Portfolio

(Focus on cash collection) (Target Gross IRR of ~23-25%) (Risk mitigation through in-depth workout)

Strictly Private and Confidential 2

EAAA Alternatives – Institutional business with over a decade of experience

14+ years ~INR 57,250 Cr* ~55% of AUM

(One of India’s Leading focused (With focus on (Contributed by Institutional
Alternative Asset Managers) Private Credit and Real Assets) Clients including Global Pension
Funds and Insurance Cos)
Track Record Assets under Management Repeat LP Relationships

70+ members 40+ members ~INR 23,000 Cr

(With expertise across (With on-ground presence (Across all products from 1st
investment life-cycle) and experience) Apr 2021 to 30th Sep 2024)

Investment Team Operating Team Cash Realized

*Data as of Sept 2024 Strictly Private and Confidential 3

Industry pioneer in Special Situations in India

Experienced team Market Leadership in the Special

with diversified skill sets across Situations investments’ strategy in India
sourcing, resolution and turnaround

Creating Impact Strong Structuring Capability

by enhancing value of collateral (E.g., Restarting acquired assets from Banks, NBFC’s,
of hotels, malls & manufacturing units) and MF’s

Investing experience Industry relationships

across NCLT, enforcements, & domain knowledge with consultation &
settlements & revival-based deals guidance from leaders across sectors

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A demonstrated track record of private credit funds

Strategy Special Situations1 Credit Yield + Upside2 Core Credit3

Fund Raised ~20,200 Cr ~10,300 Cr ~1,100 Cr

Portfolio Investment 56 26 14

Investment Exits 28 13 12

Gross Portfolio IRR ~21 - 28% ~19%* ~15-16%

No. of Funds 2 2 3

No. of Funds Exited - - 2

1 Special Situations includes the EISAFII ad ISAFIII Funds

2 Credit Yield + upside includes the ESOF II and ESOF III Funds
3 Core Credit includes ECOF, Credit Plus and CSIP Funds

*Gross HTM Portfolio IRR for ESOF III

Data as on 30th September 2024 Strictly Private and Confidential 5

Investment Strategy

6
 SSIF – Investment Strategy

1 Special Sits Overflow 2 Special Sits in Real Estate 3 Corporate Turnaround

• ISAF III Fund closed in Mar’24 at ~ INR • RE deals in ISAF-III performed well, target • Less than 100 Cr. deals
11,000 Cr overflow from ISAF III • Target mid-size corporates
• Target overflow of large ticket sized deals • Deals available at high yields with strong • Co-investment with ARCs
of ISAF III risk adjustment • Opportunistic secondary equity

Investment across Deal Tenor Collateral Cover Target Gross deal IRR
Debt & Equity 36-48 months >1x 23-25%*

Companies with Focus on Focus on Potential Turnaround

Asset Heavy Industries
Operational Track Record Deep Value Deals Capital Protection Opportunity

An estimated addressable market opportunity of INR 25,000 – 30,000 Cr exists across four investment strategies

* IRR in INR terms comprising coupon, redemption premium along with back-ended upside or equity for primary financing Strictly Private and Confidential 7
1. Special Sits Overflow Deals

EAAA Special Situations Funds witness Co-investments across EAAA Special Situation Deals Amount In INR Cr
opportunistic overflow of large ticket size deals
at regular intervals

1,360
350

1,590
Thes Funds invest based on risk approvals,

1,161
1,000
sector, and borrower concentration limits, 89

880
310
creating surplus for co-investment 230

1,200
343
150
310 585

680
245

450
440

430
150 114

280
Other domestic and global funds have invested Cement Steel Real Bank Road Real Steel Paper Steel Telecom Cement
~7,450 Crs in our Special Situation deals Estate Portfolio Estate Infra
EAAA Hold Co-investments

We intend to bring this overflow opportunity for investing to our domestic clients through the SSIF Fund

Strictly Private and Confidential 8

 2. Special Sits in Real Estate

SSIF Strategy for Deal Evaluation

• Special Situations across inventory funding, priority completion
funding, debt buyout and growth capital Key challenges in RE Considerations for deal
Parameters
funding evaluation
• Bespoke and long-term capital solutions
• Traditional sources of funding drying up Land Land Aggregation Risk Fully aggregated land parcels

• More than INR ~75,000 Cr. deployed in Special Situations Delay in Project
Approvals Key approvals received
Approvals
Transactions in RE over last 3 years
Financial closure with funding
• Opportunity to co-invest in other special situations funds and Construction No financial closure
and sold receivables
platforms, participate in overflow from ISAF III Developers with strong brand
Future Sales Sales Risk
recall
Evaluation of risks through a
Special Situation Transactions in RE Space Promoter Poor promoter conduct
name clearance framework
INR Cr

EAAA Special Situations RE Deals

25,000
- ~INR 2,700Cr
10 Exited Deals
Deployed
-
33,000 ~23.2% Gross IRR
25,000
- 20,000
10,000 ~INR 3,934 Cr ~INR 270Cr avg. ticket size
Realized
FY22 FY23 FY24 FY25

EAAA Alternatives estimates

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3. Corporate Turnaround

Company Turnover < INR 250 Cr INR 250 – 1,000 Cr > INR 1,000 Cr

No. of Companies ~40,000 ~11,000 ~4,000

Share of Total Debt 15% 10% 75%

Classification of Debt Performing Banks/ NBFCs Performing Banks/ NBFCs / Private Credit Funds

Typical Finance Providers Special Sits SSIF Special Sits Global & Domestic Special Situation Funds

Deal Sizes Up to INR 100 Crs > INR 100 Crs

Target Mid-segment Companies with deal sizes < INR 100 Crs through

OTS Financing and Working Capital/ Opportunistic Investments along with

Acquisition Financing under IBC CAPEX Financing Secondary Equity ARCs

OTS – One Time Settlement; IBC – Insolvency and Bankruptcy Code

Source: Probe42; EAAA Alternatives Estimates (basis ~23,000 companies listed in Capitaline (excluding finance companies))
Strictly Private and Confidential 10
SSIF – Portfolio Construct

Typical Range Average

A Gross INR Returns

1. Indicative Annual Cash Flow 0% - 14% 9% - 12%

2. Minimum Debt IRR 16% - 22% 18% - 20%

3. Upside IRR 0% - 10% 3% - 5%

Overall 23% - 25%

B Tenor 1 year – 4 years ~ 2.5 years

C Collateral 1x – 2x ~ 1.33x

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Our Processes and Team
Our Processes and Team

12
A rigorous and disciplined investment process…

Investment Process Credit / equity underwriting

• Macro environment, industry outlook, borrower, and sponsor
Investment Screening profile, management comfort, instrument, debt repayment
Investments history, financial performance, liquidity (equity).

Collateral
Name Clearance • Valuation, Liquidity, and Enforceability

Availability of exit options

Term Sheet & Due
Diligence Post investment monitoring focused on:
• Corporate actions and company news
Independent Monitoring • Financial performance
Credit Committee Credit Risk
Assessment • Collateral valuation
Actively pursue relationship-building with management
Investment
Committee
Risk oversight process:
Risk
• Oversight and regular monitoring by an independent Credit Risk
Management
Signing & Closing Team both pre and post investment

Strictly Private and Confidential 13

…with a robust risk framework

Identification of key risks

Identify

Periodic risk reports, Legal, financial, technical,

periodic valuation Report Measure commercial & ESG diligence
Risk
committee meetings Management through external consultants
Framework

Periodic monitoring, Identify manageable risk

Monitor Assess level – price in risk
Independent risk reviews
mitigation

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Head – Private Credit Strategy

Amit Agarwal
Head – Private Credit Strategy

▪ Amit has over 23 years of experience in stressed assets investments, origination,

transaction structuring, turnaround & asset reconstruction and has been a member of
Edelweiss stressed asset investment business since its inception in 2007.
▪ He currently has direct oversight over US$ 4.5 bn of assets across performing credit and
special situations fund and has led several acquisition/ investments across strategies.
▪ He is an All-India Rank Holder Chartered Accountant and holds a Bachelor’s degree in
Commerce from Lucknow University.

Private Credit Strategies

Special Performing Private Core

Situations Credit Credit

Strictly Private and Confidential 15

Highly Experienced Investment Team

Investment team members have an association with Edelweiss Group of nearly 10 years

Srinath Narasimhan, Managing Director Pankaj Kalra, Investment Director

• Over 15 years of experience in distress asset investments • Over 19 years of investment experience
• Leads origination and monitoring of investments, managed • Spearheading Real Estate investments for Special Situation Strategy
portfolio of USD 2 Bn+ across sectors
• Managed ~USD 940mn portfolio , Realized ~USD 710mn, Exited
• Awarded by Turnaround Management Association for his role in
historic Essar Steel case deals worth USD 360mn
• Ex - Edelweiss ARC Ltd, ArcelorMittal Nippon Steel India Ltd • Ex - Bank of America, SARE Group
• CA, CS, M.Com • B.Tech, MBA - IIM Ahmedabad

Jigar Karania, Principal Harshit Changoiwala, Senior Investment Associate

• Over 10 years of experience in special situations investments • Over 10 years of experience in stressed asset investments
• Responsible for originating high yield investment transactions, and • Involved in deal sourcing, managing portfolio of USD 150mn
deal negotiation, and monitoring existing investments across steel power and textile sectors
• Closed deals worth USD 650mn, exited USD 450mn at target IRR • Associated with Edelweiss stressed asset business since 2015
• Ex - Edelweiss ARC Ltd • Ex - Edelweiss ARC Ltd
• CA (All India 41st rank), B.Com • CA (All India 4th rank), CFA, B.Com

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…Guided by Expert Review Committee

Amit Agarwal Kriti Ghosh Sushanth Nayak

Head – Private Credit Managing Director Chief Risk Officer

• 23+ years of experience in stressed • Has over 21 years of investment • 23+ years of experience across
assets investments, origination, experience. Prior to joining the corporate banking, distressed assets,
transaction structuring, turnaround & Edelweiss special situations fund, structured credit, private equity and
asset reconstruction worked as an Investment Director at credit rating
• Core member of Edelweiss stressed SSG Advisors, also worked with • Done deals in the infrastructure,
asset investment business since its Lehman Brothers as Vice President healthcare, hospitality, media and real
inception and is credited with several Asia Special Situations Group. estate sectors
large & marquee investments as well • Holds an MBA (Finance) from IIM,
as successful exits Calcutta, and B-Tech. (Electrical
Engineering) from IIT, Kanpur

Strictly Private and Confidential 17

Key Terms
Target Fund Size Total up to INR 3,000 Cr (INR 1,000 Cr + INR 2,000 Cr Green-shoe Option)
Sponsor + EW Group Commitment Up to INR 50 Cr till final close
Minimum Commitment INR 1 Cr
Current Drawdown Schedule 5% upfront + subsequent drawdowns as per the approval of deals over an investment period
Target Gross Returns ~23 - 25% (Indicative)
Hurdle Rate 11% p.a. (pre-tax)
Commitment Amount Fees on Capital Commitment Carry (with 100% catch-up)
INR 1 Cr - 9.99 Cr 1.75% p.a. 15.0%
Management Fees* & Upside INR 10 Cr - 24.99 Cr 1.50% p.a. 14.0%
Sharing/ Carry INR 25 Cr - 59.99 Cr 1.25% p.a. 13.0%
INR 60 Cr - 99.99 Cr 1.15% p.a. 12.0%
INR 100 Cr and above 1.00% p.a. 10.0%
Fund Expenses^ Capped at 0.3% per annum of the aggregate capital commitment
Commitment Period 3 years from initial close (extendable by 6 months at the discretion of the IM)
Tenure Initial close End of 3rd year Up-to 6th year
Investment Period / Reinvestment Period
3 years from Initial Close Start of Exit Period

6 years from date of Initial Close (Extendable by 1+1 years). Average expected holding period of 3-4years.
Nature of Income to be considered as Interest Income, Business Income and Capital Gains. Please refer to fund tax note for more details
Taxation
and further consult your tax advisors
Compensating Contribution Post Initial close, additional amount will have to be paid above the fund drawdown amount as per Clause 7.2.2 of Contribution Agreement
Above mentioned terms are only Key Terms. Please refer to the Private Placement Memorandum (PPM ) for complete details.| ^ in case of SR transactions through ARC, ARC will additionally charge their deal expenses for using ARC vehicle | *Management Fees will be
charged on commitment amount during the commitment period and post commitment period, the fee will be on net invested capital | GST will be applicable - up and above the management fee and fund expenses.

Strictly Private and Confidential 18

Key Terms and Case Studies
Case Studies and Deal Pipeline

19
Special Sits Overflow - Investment in a Cement company (Exited)

Company Overview Deal Overview

▪ Aggregate capacity of 5.75 MTPA & 7.25 MTPA of clinker and cement, respectively.
Deal Type Primary Financing (OTS)
▪ Integrated facilities: capitve power plant, railway siding & limestone mines with proven reserves
Instrument NCDs & OCDs
▪ Optionality to acquire additional land for limestone reserves already allotted.
Investment / Exit Date Mar-21 / Feb-24
Investment Opportunity
Overall Deal Size INR 2,064 Crs
▪ Loss funding of other business segment (Tyre Business) of the Company. Loss making business
demerged prior to funding Invested Amount INR 688 Cr

▪ Fund had the opportunity to refinance debt of standalone cement business (post demerger) and to Overflow to Investors INR 1,376 Cr
solve for working capital gap created from funding loss making business
IRR 26.7%
▪ Considering large deal size, Fund Co-invested along with two other investors (1/3rd share each).
Resolution / Exit Strategy
Investment Thesis
▪ Improved working capital position by stipulating covenants on
Attractive Sector Long-term growth with favourable tailwind of infra spend net current assets
▪ Deleveraging path through debt to EBITDA covenants
Attractive entry EV Entry EV of $35-36/tn; cover of ~2.1x @ $75 / tn
▪ Implemented strict cash-flow control to bring discipline and
Single location >5 MTPA integrated facility with proven long-term mining enable operational turnaround
Integrated Asset
reserves
▪ Exit achieved through refinancing in Feb-24
EBITDA growth potential Correcting operational inefficiencies, transportation mix and market mix

Key Highlights

▪ Regular cashflows were ensured on the back of improved profitability; Company prepaid few installments by monetizing noncore asset.
▪ Majority of OCDs were redeemed in Jan-22 (against maturity of Aug-22) from funds raised by rights issue; balance OCDs redeemed in Aug-22.
▪ NCDs were refinanced in Feb-24 (against maturity of Feb-26) on the back of a strategic sale.

Strictly Private and Confidential 20

Special Sits Overflow - Priority Funding for NCLT resolution (Exited)

Company Overview Investment Summary

▪ Largest mixed use real estate project in the heart of Mumbai with 1.4mn sft. of commercial, Deal Type Primary Financing
retail and residential spaces
Instrument Listed NCDs
▪ Incomplete project with approvals in place and ~70% complete before investment in 2018.
Investment / Exit Date Mar-18 / Aug-23
Investment Opportunity
Overall Deal Size INR 475 Cr
▪ Project stuck on account of cost overruns and non disbursal of balance commitments from
banks for completion. Net Invested Amount INR 240 Cr

▪ Fund decided to consider only ~50% investment considering the risk involved and sold ~50% to Overflow to Investors INR 235 Cr
a large global investment firm Realized IRR 19,4%
▪ INR 475 Cr priority funding disbursed for project completion (1) INR 392 Cr by the fund (INR
152 Cr down sold to co-investor), (2) INR 83 Cr by co-investor Resolution / Exit Strategy
Investment Rationale
▪ Priority financing under a court approved resolution plan.
Marquee Asset Marquee asset in the heart of Mumbai having good saleability ▪ Entire Investment amount utilized towards working capital for project
completion including INR 75 Cr disbursed in peak COVID-19 period.
Collateral
3x gross collateral cover at Entry on Investment Amount ▪ Exit through project cash inflows
Cover
NCLT Approved NCLT approved funding having priority charge over cash flows of the company

Key Highlights
• Replacing L&T – the litigating RCC contractor with Capacit Projects for completion of balance RCC works;
• Active and close monitoring of construction during the investment tenor of ~5 years
• In absence of developer led sales efforts, actively worked with sales team for improved sales and marketing efforts to fast track sales. Spearheaded the retail area tie up with
Westside, Pantaloons, others and eventual pre-leased sale.
Strictly Private and Confidential 21
 Special Sits in Real Estate - Leading RE Developer from Bangalore (Exited)

Company Overview Investment Summary

▪ Engaged in residential, commercial real estate and hospitality in Bangalore. Completed projects aggregate Deal Type Primary Financing
to 13.7mn sqft. Till date
Instrument Listed NCDs
▪ Delivered marquee projects in the past with good brand recall. Mix of ongoing and ready to launch
projects in developed micro-markets with high salability Date
Nov-21 / Mar-23
Invested / Exit

Investment Opportunity Invested Amount INR 550 Cr

▪ IL&FS crisis and working capital issues led to overall challenges in project execution Realized Amount INR 710 Cr
▪ Fund provided the Balance cost to complete the projects & additional working capital IRR 27.3%

Investment Rationale Resolution / Exit Strategy

• All projects in well-established & growing micro markets ▪ Construction recommenced in full swing post funding across 3 projects
Project Profile
• Balance cost fully funded by working capital and sold receivables ▪ Exit through cash inflows from existing projects and land sale in worst
case
Collateral cover of ~5x comprising of ~2.5x cover from projects & 2.5x from land
Collateral Cover ▪ 77% overall aggregated repayment from projects and planned land sale,
parcels on ‘as is where is’ basis
23% from refinance.
Controlled transaction with 100% debt control and having sole and exclusive charge on
Complete Control
projects and land parcels

Key Highlights
▪ Post Tranche I funding, company sold 2.2mn sqft. with sales value of INR 1,140.8 Cr & collected INR 732.6 Cr laying out the foundation for further tranche funding.
▪ The transaction helped in improving the Group perception aiding its other projects also, thereby providing a win-win situation for all stakeholders
▪ Company was able to refinance the residual high-cost ISAF III exposure of INR 372 Cr by ~12% bank debt in Aug-24 thereby effecting a full turnaround
▪ 64% Debt Reduction for the Group. Peak group debt of ~INR 3,800 Cr in 2023 currently reduced to net debt of less than ~INR 1,400 Cr (aided by timely working capital infusion for project
launches and Group asset sale
Strictly Private and Confidential 22
Special Sits in Real Estate - Debt Acquisition for Operating IT Asset (Exited)

Company Overview Investment Summary

▪ Company owns and operates a completed 9.5 lakhs sft. Grade A - IT Tech Park across ~7 acres Deal Type Debt Buyout
freehold land on main IT corridor of Chennai
Instrument Unlisted NCDs
▪ 90% area leased on long term basis with Global IT tenants at a 11 year Weighted Average Lease
Expiry (WALE); Largest IT Tenant incurred capex of INR ~200 Cr for opening up its office. Investment / Exit Date Dec-22 / Aug-23
▪ 100% rental realization during COVID-19 period; ~INR 40.9 Cr lease rental (excluding CAM)
collected in FY ’22, ~INR 42.4 Cr rental collection projected for FY ’23 Invested Amount INR 313 Cr
▪ Operating asset with single lender having full control on cash flows and security Realized Amount INR 455.3 Cr

Investment Opportunity Realized IRR 73.8%

▪ Ballooning of outstanding debt due to Covid related delays in leasing led to debt defaults
▪ Balance sheet issues of existing Lender to hold on the NPA assets led to secondary sale of
exposure at discount

Investment Rationale Resolution / Exit Strategy

Collateral Quality collateral cover of 1.64x on a 90% leased Grade A Tech Park. ▪ Exclusive first charge on the Tech park including escrow of lease rentals
Cover Land freehold and fully acquired. Asset fully complete and operational. ▪ Running Cash yield of 13.5% from NOI of leased building plus upside on
sale of asset
Attractive
Attractive yield of 13.5% on proposed buyout price ▪ Exit envisaged through sale of asset under a negotiated settlement.
Entry Price
Complete Controlled transaction with 100% debt control and having sole and exclusive
Control charge on assets and cash flows of operational IT Tech Park

Key Highlights
▪ Debt Acquired at 58% discount to total dues and at a 13.5% entry yield
▪ Post acquisition of debt, entered into a negotiated settlement of debt through sale of asset with the company in 8 months
Strictly Private and Confidential 23
Corporate Turnaround - IMFL Player

Company Overview Investment Summary

▪ One of the largest brandy manufacturers in South India; has millionaire brands Deal Type Debt + Equity
▪ Main manufacturing facility in Shrirampur, Maharashtra Investment February 2022
Investment Opportunity Investment Amount INR 161.1 Cr
▪ Undertook significant debt-fueled capex in FY 13 for installing grain-based ENA capacity Realization till date INR 262.5 Cr
▪ Split of Andhra Pradesh resulted in a mismatch in bottling capacity and sales volume in the state Realized IRR 46.8%
of Andhra Pradesh and Telangana. Taxes on inter-state liquor movement affected profitability. Expected IRR 63%
▪ Delay in refund of MVAT, partial ban of alcohol in Kerala in FY 15 led to further stress and default. *as of Nov 30, 2024

Resolution / Exit Strategy

Investment Rationale
▪ Acquired debt from multiple lenders and implemented restructuring in
Successful restructuring Restructuring implemented in FY 21 post debt aggregation FY 21.

Improving performance
Company performance on the upswing; improving volumes and ▪ Part of debt converted to equity to bring debt to a sustainable level.
selling prices
▪ Company reduced debt via operational cash flows and equity fundraise
Company raised equity of INR 1,260 mn via issuance of equity ▪ Balance debt refinanced by a private bank.
Equity raise
and convertible warrants.
▪ Volumes improved to ~11 mn cases this year from 5.5 mn cases in FY 21
On path to fully repay debt. Significant upside potential if
Upside potential ▪ EBITDA improved to INR 2,000+mn. Company turned net debt free.
company’s upswing in operations continues

Key Highlights
▪ Company’s EBITDA improved 4x+ post restructuring. Operational cash flows utilized towards debt reduction and strengthening balance sheet.
▪ Equity raise enabled company to focus on its marketing efforts and enhancing its team, further aiding sales volumes.
▪ Post restructuring, Company’s equity price improved 20x+ from debt equity conversion price as a result of uptick in Company’s operations.
▪ Realized returns till date of 47% IRR due to significant Turnaround and equity exposure. Fund still participating in upside by holdings a ~1.5% equity stake.
Strictly Private and Confidential 24
Corporate Turnaround - Secondary Steel Producer (Exited)

Company Overview Investment Summary

▪ 0.24 MTPA Steel Billets & 0.1 MTPA Steel TMT facility in Gandhidham, Gujarat
Deal Type Primary Financing (OTS)
▪ Facility located close to Kandla Port – strategic location for raw material sourcing
Instrument NCDs
▪ Key products include Sponge Iron, Mild Steel Billets, TMT bars
Investment / Exit Date March 2019 / October 2022
▪ Plant operating at optimum utilization since FY15 with positive EBITDA
Invested Amount INR 127 Cr
▪ Other Assets - 0.11 MTPA secondary steel facility in Pithampur, Madhya Pradesh
Realized Amount INR 204 Cr
Investment Opportunity
Realized IRR 25.3%
▪ Slowdown in Steel Industry & redundancy of Structural Steel capacity led to NPA with
Lenders Turnaround Strategy / Exit
▪ Company entered One Time Settlement (OTS) with Lenders which was funded by the Fund
▪ Debt Control: Aggregated 83% debt from banks via OTS settlement and
Investment Rationale restructured remaining debt.

Favorable steel demand-supply due to strong urban and ▪ Strict Monitoring: Implemented strict cash-flow control to bring discipline &
Strong Underlying Business enable operational turnaround.
infra push
Attractive debt settlement Lender’s debt settled at 36% of principal dues ▪ Working Capital Support: Provided working capital support by extending
moratorium on servicing during Covid-19
Control on debt stack &
83% share in debt, remaining debt restructured ▪ Exit: Exit achieved through operational cash flows and refinancing of balance
revival plan
debt through low cost bank funding
Company paid INR 190 Crs to lenders over 2 years from
High Promoter Contribution
FY18 to FY19

Key Highlights
▪ Exit achieved through operational cashflows and refinancing

Strictly Private and Confidential 25

Deal Pipeline

Deal Size Tenor

Sr.No. Sector Deal Type IRR (%)
(INR Crs) (months)

1 Wire Manufacturing Corporate Turnaround 80 48 24% - 26%

2 Pharma Corporate Turnaround 90 48 24% - 26%
3 Iron & Steel Special Sits Overflow 200 36 23% - 25%
4 Sugar Corporate Turnaround 90 36 22%-24%
5 SR Investment Corporate Turnaround 80 48 22%-24%
6 Textile Corporate Turnaround 100 48 22%-24%
7 Real Estate – Retail Special Sits in Real Estate 300 48 22% - 24%
8 Paper Special Sits Overflow 200 36 21% - 23%
9 Steel Corporate Turnaround 70 36 21% - 23%
Total 1,210

Strictly Private and Confidential 26

India Coverage - Leadership profile

Vibhor Gujarati
Head - India Coverage, EAAA Alternatives
▪ One of the key founding members of the EAAA India Alternatives.
▪ In his 12+ years at Edelweiss, he has been instrumental in raising funds across broad asset
classes such as infra yield, CRE yield, special situations, stressed credit, core & performing
credit, real estate credit, as well as private equity.
▪ He has ~24 years of experience in Asset Management Business & Coverage, Fundraising,
Market Strategy as well as Alliance & Distribution across Business Partners, Family Office,
Institutions, Corporates and UHNI’s.
▪ He holds an MBA degree in Marketing and BE in Mechanical Engineering.

For further details, please contact:

Email Id: [email protected]

Strictly Private and Confidential 27

Performance Benchmarking

**As per SEBI Master Circular SEBI/HO/AFD-1/AFD-1-PoD/P/CIR/2024/39 dated May 07, 2024, notifying mandatory performance benchmarking of Alternative Investment Funds (AIFs), CRISIL AIF
Benchmark - Cat II (INR) are as follows:

Vintage No. of Schemes CRISIL AIF Benchmark - CAT II

FY17 38 11.86%
FY21 34 13.76%
FY19 59 23.32%
FY23 39 10.99%
FY22 92 9.24%

Returns refer to post-expense, pre-carry, pre-tax values. Kindly note, that data provided by CRISIL is only till 30th September, 2023 and 59 Schemes mentioned in the benchmark report includes all
category II AIF’s in equity & debt asset class, disregarding the strategy and objective of each Category II AIF.

Strictly Private and Confidential 28

Disclaimer

This presentation is being issued by EAAA India Alternatives Limited (“EAAA”) (formerly known as Edelweiss Alternative Asset Advisors Limited) on a strictly private and confidential basis to you and a limited number of other sophisticated investors to explore the investors’
interest with respect to the Special Situation India Fund (the “Fund”), a scheme of Special Situation India Trust, to be registered with the Securities and Exchange Board of India as Category II Alternative Investment Fund. The AIF is not categorized as special situation funds
under AIF Regulations. By accepting delivery of this presentation, you acknowledge and agree that this presentation contains, amongst other information, proprietary information belonging solely to EAAA and that you will keep confidential all information contained within it,
and will not disclose any such information to any person without the prior written consent of EAAA (provided that you may disclose this presentation as required by applicable law and regulation and on a confidential basis to your legal, tax or investment advisers (if any) for
the purposes of obtaining advice in connection with this presentation or its subject matter). You agree to promptly return this presentation (except as may be required for legal or regulatory purposes) to EAAA upon its request. If you have not received this presentation from
EAAA or a person authorised by EAAA (as confirmed by EAAA in writing), the delivery is unauthorised and you should return this presentation to EAAA immediately. This presentation contains general information only and is not intended to constitute an offer to sell or an
invitation, recommendation or solicitation of an offer to buy any interests issued by EAAA or any of the Funds under its management in any jurisdiction and may not be distributed in any jurisdiction except in accordance with legal requirements applicable in such jurisdiction.
This presentation is not intended to be comprehensive or to provide specific investment advice or services. This presentation is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any decision or action
that may affect you or your business. Any decision or action taken by you on the basis of the information contained herein is your responsibility and EAAA will not be liable in any manner for the consequences of such decision or action. In deciding whether to make an
investment with EAAA, you must rely on your own evaluation of the terms of the proposed investment and the merits and risks involved, and, if applicable, upon receipt and careful review of any confidential memorandum, prospectus or similar documents, and you should
seek independent legal, tax, investment or other advice where necessary. The contents of this presentation do not constitute and should not be construed as legal, tax or investment advice.

This summary has been prepared solely as a preliminary document to be issued to a selected number of persons on a Private circulation basis to determine potential interest regarding the Fund. An offer or solicitation with respect to the Fund will and can only be made to
qualified investors through a final Private Placement Memorandum and contribution agreement (or other offering materials issued by the Fund) and will be subject to the terms and conditions contained in those documents. The information contained herein is quantified in
its entirety by reference to such offering materials. The offering materials and forms of the agreements relating to the Fund should be reviewed carefully prior to an investment in the Fund. There can be no assurance that the Fund will achieve its investment objectives.
Accordingly, prior to investing, you should read and consider all the risk factors contained in the offering materials issued by the Fund. Although EAAA has used all reasonable efforts to ensure that the information provided in this presentation is correct, EAAA and its
members, partners, stockholders, managers, directors, officers, employees, advisers, representatives and agents make no representation and give no warranty that such information is accurate, complete or current, and you should not rely on the information provided in this
presentation for any purpose. EAAA does not accept any responsibility whatsoever or liability for any direct, indirect or consequential loss or damage suffered or incurred by you or any other person or entity, however caused, in any way in connection with the information
provided in this presentation or the authenticity, accuracy or completeness of such information. This presentation may contain information about the historic performance, performance targets and performance projections of funds managed or advised by EAAA (each, a
“Fund” and together, the “Funds”). Although EAAA believes that the assumptions underlying and the opinions and estimations contained in this information are reasonable, this information has not been audited or verified by an independent party. This information could also
include performance that has been calculated based, in whole or in part, on unrealised valuations. There can be no assurance that partially realised or unrealised investments will be realised at the valuations indicated and used to calculate the performance information set
out in this presentation. Estimates of unrealised value are subject to many variables that change over time (e.g., the ability to consummate attractive investments, future operating results, asset values, market conditions at the time of realisation, any related transaction costs
and the timing and manner of sale), and therefore the amounts actually realised will vary, in some cases materially, from the estimated unrealised values used in connection with the calculations referenced in this presentation. EISAF II Strategy is managed /advised by various
Edelweiss Group Companies.

In considering the performance information in this presentation, you should bear in mind that future events cannot be predicted with any certainty, and past or target performance is not a guarantee, projection or prediction and is not necessarily indicative of future results.
Due to various risks and uncertainties, actual events or results, the actual performance of the investments may differ materially from those reflected or contemplated in this presentation. Actual events or results often depend upon factors that are beyond the control of EAAA.
There can be no assurance that any of the Funds will achieve comparable results, that historical trends will continue, that estimated or target returns will be met or that any of the Funds will be able to implement its investment strategy and investment approach or achieve its
investment objectives. As used throughout this presentation, and unless otherwise indicated, all returns are presented on a “gross” basis. Gross IRs and gross multiples of invested capital (i.e., the total combined value divided by the invested amount) do not reflect
management fees, “carried interest,” taxes (whether borne by investors or entities through which they participate in investments), broken-deal expenses and other transaction costs in connection with the disposition of unrealised investments and other expenses to be borne
by investors in a Fund, which will reduce returns and in the aggregate are expected to be substantial. Prospective investors should review carefully the notes and other qualifying information accompanying the presentation of performance information and feel free to ask the
manager / advisor any questions on types of fees they might pay.
Case studies presented herein are for illustrative purposes only, have been selected in order to provide examples of the types of investments made by EAAA and do not purport to be a complete list thereof. It should not be assumed that investments made in the future will be
comparable in quality or performance to the investments described herein.

Nothing in this document should be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or to engage in any other transaction, and this presentation may not be relied upon for the purposes
of entering into any investment transaction. Any investment should only be made by investors who understand and accept the risks involved. In any jurisdiction, this presentation is being distributed or directed only at the specific request of the recipient(s). Persons who are
not relevant persons must not act on or rely on this document or any of its contents. Any proposal or activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Recipients must not distribute, publish,
reproduce, or disclose this presentation, in whole or in part, to any other person.

Strictly Private and Confidential 29