ALTERNATIVE INVESTMENT OPPORTUNITIES NOVEMBER 2016

CATEGORY III ALTERNATIVE INVESTMENT FUND (AIF) SEBI REGISTRATION NO.: IN/AIF3/12-13/0004
 NOTICE
The presentation material has been prepared by Forefront Alternative Investment Advisors LLP (Forefront) and is strictly confidential
and intended for the use by the recipient only. Forefront is the sponsor and investment manager of Forefront Alternative Investment
Trust, a Category III Alternative Investment Fund (AIF) registered with the Securities and Exchange Board of India under the SEBI
(Alternative Investment Funds) Regulations, 2012 (the Regulations).This presentation material is for information and illustrative
purposes only and should not be considered to be an offer, or solicitation of an offer, to buy or sell any securities or units of funds or
to enter into any contribution agreements. The information set forth has been obtained from sources believed by Forefront to be
reliable; however Forefront does not make any warranty as to the informations accuracy or completeness. Performance may vary by
client and can differ due to timing of investment, strategies employed and other market conditions. All recipients of this material
should before dealing and or transacting in any of the products referred to in this material may make their own investigation and seek
appropriate professional advice. Please read the Private Placement Memorandum carefully before investing.

The Fund is organised as a scheme of a Category III AIF, which is organised as an irrevocable contributory trust under the Indian
Trusts Act, 1882 and is launched for the purpose of making investments primarily in equities and equity derivatives, fixed income
securities and debentures and Indian mutual funds. The Fund is registered with SEBI as a Category III AIF under the SEBI
(Alternative Investments Fund) Regulations, 2012. The Income Tax Act, 1961 (the Act) contains specific provisions for taxation of
SEBI-registered Category I and Category II AIF and investors in such AIFs. These provisions do not apply to a Category III AIF,
which is the applicable registration for the Fund. Accordingly, the taxation of the Fund will be governed by trust taxation provisions
contained in the Act The Trustee of the Fund will discharge from the Fund the tax on the income earned by the Fund on behalf of the
investors in its representative capacity. Section 14 of the Act provides that income earned by a tax payer should be characterized
under either one of the heads of income as applicable. In the context of the Fund, the relevant heads of income are: Business
Income; Capital Gains; and Income from Other Sources (IFOS).Conceptually, income arising from sale of securities could be
characterized either as Business Income or as Capital gains. While the ITA does not provide specific guidance on how this
characterization should be made, Court rulings set out considerations that would influence the decision on characterization of
income. Principles emanating from various court rulings have also been summarized in Circular no 4/2007 dated June 15, 2007
issued by the Central Board of Direct Taxes (CBDT). The above CBDT Circular also recognizes that a tax payer can hold assets in
the nature of capital assets resulting in Capital gains as well as in the nature of stock-in-trade resulting in Business Income.
Resultantly, a tax payer can have income in the nature of Business Income and Capital gains from the activity of investing in, inter-
alia, shares / securities of Indian companies. The actual determination of the character of income being in the nature of Business
Income or Capital gains will be based on facts and circumstances and is to be tested on the basis of existing jurisprudence. Please
carefully peruse the section on tax treatment titled Tax Considerations in the Private Placement Memorandum as well as the full
Disclaimer at the end of this presentation.

2
Asset Class Performance Varies Drastically Across Years
Performance of Different Asset Classes Over the Last 10 Years Calendar Year Absolute Returns

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

LC LC MC Gold MC Gold Gold MC G EQ MC Bonds Gold

36% 40% 60% 17% 89% 22% 33% 31% 23% 35% 9% 16%

MC MC LC Bonds LC LC Bonds LC LC LC MC Bonds

34% 40% 55% 9% 76% 18% 7% 28% 7% 31% -1% 14%

G EQ Gold Gold G EQ Gold MC G EQ G EQ MC Bonds G EQ MC

8% 21% 22% -42% 28% 16% -8% 14% 4% 14% -3% 4%

Bonds G EQ G EQ LC G EQ G EQ LC Bonds Bonds G EQ LC G EQ

5% 19% 8% -52% 28% 9% -25% 10% 4% 3% -4% 4%

Gold Bonds Bonds MC Bonds Bonds MC Gold Gold Gold Gold LC

0% 4% 7% -56% 4% 5% -27% 9% -18% 2% -7% 2%

LC = Large Caps MC = Mid Caps G EQ = Global Equities Bonds = Debt Gold = INR Gold

The winning asset class changes year on year and is difficult to predict
All asset classes are volatile because of global and domestic macroeconomic conditions

Please see disclosures . Returns of Large cap Equity funds Nifty, Mid Caps CNX Mid cap, Gold Gold INR, Global Equities S&P 1200
Index, Bonds Crisil Bond Fund Index 3
With Equities, Sector Performance Varies Significantly By Year
Performance of Different Sectors Over the Last 10 Years Calendar Year Absolute Returns

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Cons Cap G Cap G FMCG Auto Cons FMCG Banks IT Cons Cons Energy
115% 56% 117% -14% 204% 68% 10% 57% 60% 66% 24% 24%
Cap G IT Energy Pharma IT Auto Pharma RE Pharma Banks Pharma Banks
94% 41% 115% -33% 133% 38% -13% 53% 23% 65% 15% 8%
FMCG Energy Cons IT Cap G Banks IT FMCG FMCG Auto IT Auto
56% 40% 95% -51% 104% 33% -16% 47% 11% 52% 5% 8%
Auto Banks RE Banks Cons Pharma Cons Cons Auto Cap G FMCG FMCG
50% 39% 71% -52% 98% 34% -17% 46% 7% 50% 1% 2%
IT Auto Banks Energy Banks IT Auto Auto Energy Pharma Auto Cap G
47% 30% 61% -55% 84% 32% -20% 40% 4% 47% -1% -2%
Energy Pharma FMCG Auto Energy FMCG Energy Pharma Cap G IT Energy RE
40% 22% 20% -57% 73% 32% -29% 39% -6% 17% -3% -5%
Banks FMCG Pharma Cap G RE Cap G Banks Cap G Banks FMCG Cap G Pharma
37% 17% 17% -65% 70% 9% -32% 35% -9% 10% -9% -7%
Pharma Cons Auto Cons Pharma Energy Cap G Energy Cons Energy Banks Cons
2% 9% 3% -72% 69% 1% -48% 13% -25% 12% -10% -8%
IT RE FMCG RE RE IT RE RE RE IT
14% -82% 40% -26% -52% -1% -32% 8% -14% -11%

Sector performance is even more dynamic than asset class performance

It is valuable to benefit not only from sectors that are doing well but also sectors that are doing poorly

Please see disclosures . Auto BSE auto Index, Banking BSE Banking Index , Capital Goods BSE Capital Goods Index, Consumer
Durables index BSE Consumer Durables Index , Oil & Gas BSE Oil & Gas Index , FMCG BSE FMCG Index, Real Estate BSE Real 4
Estate Index, BSE BSE Health Care Index, IT BSE IT Index
The Equity Market Shows High Divergence Within the NIFTY

Performance of the Index and the Top 25 and Bottom 25 Names in a Calendar Year

80% NIFTY 50 - Index Return

59% Top 25 Return
60% 51%

40% 31% 35%

28%
21% 23%
18%
20% 9% 7% 10%

0%
-4% -5% -7%
-20%
-16%
-40% -25%
-40%
-60% -46%
2015 2014 2013 2012 2011 2010

2015 2014 2013 2012 2011 2010

Maruti Eicher Motors HCL Indus Ind HUL Bajaj Auto
Winning
Lupin Yes Bank Tech Mahindra Zee ITC Bank of Baroda
Names
Auro Pharma Bosch TCS Tata Motors Ambuja Tata Motors
Bhel Reliance SBI Infosys L&T Power Grid
Losing
ONGC Wipro Bhel GAIL Bhel Bhel
Names
SBI Tata Steel Yes Bank NTPC SBI Maruti

There is significant dispersion between the best performing and worst performing set of names even in years
when the index is relatively flat. Funds should be able to profit from both sides of the index.

Source: NSE, as of 31st Dec. 5

Challenges in Investing Today

No asset class in India has consistency of returns asset classes are volatile and it is hard to identify the winner

Markets are volatile and show a high degree of dispersion at both the sector and the stock level

Long only funds only capture the winning sector / stock opportunities they do well when markets perform

Timing of markets will become a big determinant of returns for long only funds

Investors need an investment option that can be dynamic and capture opportunities in rising and falling markets

The Need for Alternative Investments

Please see disclosures

6
Alternative Investments Superior Risk Return Profile

High Return Small/Micro Cap Funds

Mid Cap Funds

Alternative
Equity Funds
(Forefront Alternative
Equity Scheme) Large Cap
Diversified
Absolute Return
Low Funds High
Volatility (Edelweiss Alpha Fund) Volatility
(Debt) (Equity)

Capital Protected Funds

Debt Funds

Low Return

1. Absolute return funds deliver superior returns to fixed income with similar volatility

2. Alternative equity funds deliver superior returns to large caps with lower volatility

Please see disclosures

7
Why Absolute Return Funds?

Absolute return funds seek to deliver positive returns with low correlation to equity markets

Absolute Return funds have the ability to generate positive returns in rising and falling markets

1.Long and Short 2. Managing Net 3. Limiting

Approach Market Exposure Downside

Profit from winners and Ability to manage Protecting downside in

losers both by taking market exposure the portfolio through
long positions in depending on short positions in the
winning stocks and conditions unlike long portfolio and low net
short positions in only funds which market exposure
losing stocks always have 100%
exposure

Ideal low volatility investment solution eliminating the need for market timing.

Please see disclaimers at the end of the presentation. Please see Private Placement Memorandum for details
8
Why Edelweiss Alpha Fund?

Fund Objective - To deliver moderate absolute returns with low volatility

Returns: Expected returns of 15%* per annum in bull, bear or range bound markets

Risk: Low volatility and low beta to equity markets; minimal capital downside in a quarter

Track Record: 3.5+ years of superior absolute returns delivered to investors with minimal capital downside

Fund Strategy - Actively managed portfolio approach focused on long-short stock picking

Low Risk
Arbitrage Long Short Edelweiss
Strategies Portfolio Alpha Fund

*No assurance or guarantee of any kind of investment return or actual fund size is being provided. Expected returns are pre fees an taxes
.Please see the offering memorandum for complete terms and conditions. 9
What We Do Long Short Strategy Overview

Long short strategy driven by a combination of top down and bottom up fundamentals

Stock selection between long and short positions is the key source of alpha in the investment process

Focus on taking global and macro views on sectors/stocks to take long and short positions

Focus on large liquid securities in the futures and options universe that have a low entry and exit cost

Long Strategy Short Strategy

Market fails to understand Overvalued sectors/

Fundamental company specific changes,
Fundamental Companies,
overall sector trends, identifiable catalyst
industry cycle and valuation
Stocks were near term
Market underestimates
Trading Shorts valuations diverge from
Growth Mispriced companys ability (inability) short term expectations ,
to invest new capital at high or stocks to
return hedge existing long
positions

Contrarian view founded on

Oversold short- term news flow

Please see disclaimers at the end of the presentation

10
Alpha AIF Performance 30th November 2016
The fund has generated 22% annualized since inception with extremely low volatility

Edelweiss Alpha Fund Nifty

120%

100%

80%

60%

40%

20%

0%

-20%
Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16

Annualized Returns
Edelweiss Alpha Fund 21.9%

Long Returns 16.5%

Short Returns 3.5%

Nifty Returns 11.3%

CRISIL Liquid Returns 9.8%

Data as on 30th November 2016. Risk Free Rate assumed at 1 year treasury bill rate.
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Alpha AIF Performance Financial Year Wise (30th November 2016)
The fund has delivered positive absolute returns regardless of market conditions,
with almost one fourth the volatility of NIFTY and minimal drawdowns

Gross Returns Long Returns Short Returns Nifty Returns

50%
39%
40% 34%
30% 27%
21%
20% 13%
11% 12%
7% 9%
10% 7% 5% 6% 6%
3%
0%
-10% -4%
-9%
-20%
FY13-14 FY14-15 FY15-16 FY16-17

Key Ratios

Sharpe Ratio 3.24

Annualized Volatility Fund 4.99%

Annualized Volatility NIFTY 15.74%

Beta to NIFTY 0.06

Max Drawdown -0.2%

FY16-17 Data as on 30th November 2016. All returns are gross of fees and taxes
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Alpha AIF Terms and Structure
Fund Type SEBI Alternative Investment Fund - Category III

Scheme Edelweiss Alpha Fund

Investment Manager Forefront Alternative Investment Advisors LLP

Fund Tenure Open Ended

Minimum Investment Rs. 1 Crore

Taxation at Marginal Maximum Rate (Income from Business/ Profession) at Fund Level.
Taxation
Please read detailed taxation clauses in PPM*

Fees

Entry Load / Set up Fees 2% charged upfront

Management Fee 1.0% per annum charged bi-monthly

10% of profits charged quarterly with catch up ( subject to high watermark)

Performance Fee
Hurdle Rate of 10% p.a., (calculated on a quarterly basis i.e. 2.41% per quarter.) ;

Subscription 15th of every month and 30/31st of every month

Redemption Monthly with at least 5 working days notice

Exit Load 2% under 3 Months, 1% under 6 Months

Please see disclaimers at the end of the presentation* PPM: For detailed terms & conditions, please carefully read and understand
provisions of Private Placement Memorandum 13
Asset Management Company and Investment Team

Investment Management House - Edelweiss Global Asset Management

One of Indias largest diversified financial services firms, spanning asset management, wealth management, capital
markets, and insurance with over 30+ investment professionals.

One of Indias most respected asset management businesses with ~40,000 crores of assets across distressed assets,
credit and real estate funds, mutual funds, and alternative investment funds.

History of successful acquisitions in the asset management space with Forefront Capital (2014), JP Morgan (2016),
and Ambit Alpha Fund (2016).

A leading Category III AIF manager, with two of the best performing and oldest funds in the alternative investment fund
Category III space (Forefront Alternative Equity Scheme and Edelweiss Alpha Fund)

Sandeep Bhandari Fund Manager, Edelweiss Alpha Fund, Edelweiss Global Asset Management

Investment professional with 11 years of India experience in the equity markets across long-short equities, arbitrage,
options trading and special situations strategies.
Formerly a trader with the Edelweiss Group proprietary team managing a team of traders across multiple strategies,
with the objective of delivering superior absolute returns with very limited downside. Significant amount of
experience in short and long dated options strategies.
Most recently headed trading research and advisory for the Retail Capital Markets business, where has developed
and identified investment opportunities across asset classes. Investment experience focus on fundamental long-
short trading and short term event triggered long-short ideas.
Qualified Chartered Accountant. Graduated from Sydenham College of Commerce and Economics.

Please see disclaimers at the end of the presentation 14

Investment Leadership Teams

Nalin Moniz, CFA CIO, Fund Manager, Forefront Alt. Equity Scheme , Edelweiss Global Asset Management

Co-Founder, Forefront Capital Management Private Limited, an Edelweiss group company; Designated Partner and Fund Manager
Forefront Alternative Investment Advisors LLP
Portfolio Manager, Goldman Sachs Asset Management (New York, USA)
5 years of India investment track record on the PMS, AIF, and FII platform covering fundamental equities, event arbitrage, and
commodities
Global research and investment management experience at one of the worlds largest hedge funds in equities, bonds and credit
Graduated magna cum laude from Management & Technology Program at the University of Pennsylvania with a B.S. Economics
(Wharton School) and B.S.E in Computer Engineering (Moore School of Engineering).

Radhika Gupta Business Head, Multi-Strategy and Alternative Funds, Edelweiss Global Asset Management

Co-Founder, Forefront Capital Management Private Limited, an Edelweiss group company and Designated Partner Forefront
Alternative Investment Advisors LLP
Principal Officer, Forefront Capital Management Private Limited, Portfolio Management Services
Portfolio Manager, AQR Capital Management, Greenwich, Connecticut and Consultant, McKinsey and Company (Technology,
pharmaceutical, retail)
5 years of India investment management and product development experience
Global research and investment management experience at an $80 billion dollar hedge fund / liquid alternatives manager focusing
on equities, currencies, bonds
Graduated summa cum laude from Management & Technology Program at the University of Pennsylvania with a B.S. Economics
(Wharton School) and B.S.E in Computer Engineering (Moore School of Engineering)

Please see disclaimers at the end of the presentation 15

 Comparison and Positioning
Equity AIF Alpha AIF Equity MFs Balanced MFs

Investment
2 years 1 year 2-3 years 1 year
Tenure

Avg. Equity
50-60% 10% 90-100% 65%
Exposure

Range of
65%-100%
Equity 40-140% 0-30% Limited variation
Exposure

Return
Higher than equities Higher than fixed income Equity returns Lower than equities
Profile

Fixed income plus

Risk Profile Lower than equities Equity risk Lower than equities
Minimal drawdown
Long only equities
Cash futures arbitrage Long only Long only
Strategies Shorting and hedges
Long-short strategies Fixed income/arbitrage
Event arbitrage and others

Downside
Shorts Shorts Limited
protection Reducing equity allocation
Variable exposure Limited market exposure
tools

Typical
0.6 0.2 0.9 0.7
Beta

Please see disclaimers at the end of the presentation. Beta is the average beta off top 5 Balanced Funds and Large cap mutual funds 16
 Disclaimers
Past Performance is not an indication of future performance. All performance figures contained herein reflect the reinvestment of dividends and represent unaudited details of realized and unrealized gains and losses prepared by
Forefront Alternative Investment Advisors LLP (Forefront) Investment Manager of Forefront Alternative Investment Trust, a SEBI registered Cat. III Alternative Investment Fund having SEBI Registration No.IN/AIF3/12-13/0004 (FAIT).
There is a risk of substantial loss associated with trading equities, futures, options and leverage. Before investing carefully consider your financial position and risk tolerance to determine if the proposed trading style is appropriate.
Investors should realize that when engaging in leverage, trading futures, commodities and/or granting/writing options one could lose the full balance of their account. It is also possible to lose more than the initial deposit. All funds
committed should be purely risk capital. Forefront is the Sponsor and Investment Manager of FAIT. All information is presented and prepared by Forefront. There is no guarantee as to the above informations accuracy or completeness.
The portfolio risk management process includes an effort to monitor and manage risk but should not be confused with and does not imply low risk. The terms and conditions presented in the fund structure are subject in their entirety to
the Funds offering document/ Private Placement Memorandum (PPM) as amended from time to time. Please refer to the offering document /PPM for a complete description. This representation does not constitute an offer or solicitation
to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such an offer. Prospective investors should inform themselves and take appropriate advice as to
any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile, which might be relevant to the subscription, purchase, holding, redemption or
disposal of any investments. Post Tax Returns are available in the individual client statements.

This presentation (document) has been prepared by Forefront and is strictly confidential and is intended for the use by recipient only and may not be circulated, redistributed, retransmitted or disclosed, in whole or in part, or in any form
or manner, without the express written consent of Forefront. Receipt of this document constitutes your agreement not to circulate, redistribute, retransmit or disclose to others the contents, opinions, conclusion, or information contained
herein. The information set forth has been obtained from sources believed by Forefront to be reliable however Forefront does not make any warranty as to the informations accuracy or completeness. Performance may vary by client
and can differ due to timing of investment, strategies employed and other market conditions. Investments in the Securities Market are subject to Market Risk. Please read the PPM and Scheme related documents carefully before
investing.

Forefront however does not warrant the accuracy, reasonableness and/or completeness of any information. For data reference to any third party in this document (material) no such party will assume any liability for the same. Forefront
and/or any affiliate of Forefront does not in any way through this material solicit any offer for purchase, sale of any financial transaction/commodities/products of any financial instrument dealt in this material. All recipients of this material
should before dealing and or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice. The details of investments stated in this material may not be suitable for all
investors. Any person subscribing to or investigating in any product/financial instruments should do so on the basis of and after verifying the terms attached to such product/financial instrument.

Forefront (including its affiliates) and any of its officers, partners, directors, personnel and employees, shall not be liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, and
consequential, as also any loss of profit in any way arising from the use of this material in any manner. The recipient alone shall be fully responsible/are liable for any decision taken on the basis of this material.

Forefront has included statements/opinions/recommendations in this document which contain words or phrases such as will, expect, should and similar expressions or variations of such expressions, that are forward looking
statements. Financial products and instruments are subject to market risks and yields may fluctuate depending on various factors affecting capital/debt markets. Please note that past performance of financial products and instruments
does not necessarily indicate the future prospects and performance thereof. Actual results may differ materially from those suggested by the forward looking statements due to risks or uncertainties associated with our expectations with
respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and/or investments, the monetary and interest policies of
India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or rates or prices, the performance of the financial markets in India and globally, changes in domestic and foreign laws,
regulations and taxes and changes in competition in the industry. By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains
or losses could materially differ from those that have been estimated.

All performance figures contained herein reflect the reinvestment of dividends and all other earnings and represent unaudited estimates of realized and unrealized gains and losses prepared by Forefront and its group entities,
associates Realized performance is represented as realized performance net of costs of the stated scheme or fund unless stated otherwise. Upon request, Forefront can share additional details on performance calculation
methodology.*The standard deviation and beta of the scheme / fund is calculated based on daily Net Asset Value (NAV).

Hypothetical performance results (e.g. quantitative backtests) where used have many inherent limitations some of which, but not all, are described herein. No representation is being made that any account will or is likely to achieve
profits or losses similar to those shown herein. In fact there are frequently differences between hypothetical performance results and the actual results subsequently realized by any trading program. One of the limitations of hypothetical
performance results is that they are prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk and no trading record can completely account for the impact of financial risk in actual trading.
There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results, all of which can
adversely affect actual trading results. Hypothetical results are presented for illustrative purposes only.

There is a risk of substantial loss associated with trading in futures, options and leverage. Before investing carefully consider your financial position and risk tolerance to determine if the proposed trading style is appropriate. Investors
should realize that when engaging in leverage, trading in futures and/or granting/writing options one could lose the entire amount (full balance) of their investments. It is also possible to lose more than the initial deposit. The investment
amount committed should be purely risk capital. The portfolio management process includes efforts to monitor and manage risk, but should not be confused with and does not imply low risk.

The terms and conditions presented in the fund structure are subject in their entirety to the Funds PPM (the offering document). Please refer to the PPM/offering document for a complete description. This representation does not
constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such an offer. Opinions expressed are current opinions as of
the date appearing in the material only. No part of this material without written consent of Forefront be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer,
director or authorized agent of the recipient. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the
countries of their citizenship, residence or domicile, which might be relevant to the subscription, purchase, holding, redemption or disposal of any investments.

Notwithstanding the foregoing, each investor and prospective investor (and each director, partner, employee, representative, or other agent thereof) may disclose to any and all persons, without limitation of any kind, the tax treatment
and tax structure of any Fund and its investments and all materials of any kind (including opinions or other tax analyses) that are provided to such investor or prospective investor relating to such tax treatment and tax structure, provided
however, that such disclosure shall not include the name (or other identifying information not relevant to the tax structure or tax treatment) of any person and shall not include information for which nondisclosure is reasonably necessary
in order to comply with applicable securities laws. Forefront does not assume any responsibility for any mistakes which might appear in contents received from third parties. For data reference to any third party in the material in this
document, no such party will assume any liability for the same. Any action taken by you on the basis of the information contained herein is your responsibility alone and Forefront or its directors or employees will not be liable in any
manner for the consequences of such action taken by you. Forefront and/or its directors and/or its employees may have interests or positions, financial or otherwise, in the securities mentioned in this presentation.

For detailed information on the Scheme please refer to the PPM.

17