CROSSOVER – II INVESTOR UPDATE

Sep 2021

Strictly Private and Confidential

A SCHEME OF EDELWEISS ALTERNATIVE INVESTMENTS OPPRTUNITIES TRUST , A CATEGORY II ALTERNATIVE INVESTMENT FUND (AIF) REGISTERED WITH SEBI UNDER SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 AND HAVING SEBI REGISTRATION NUMBER IN/AIF2/17-18/0502

Edelweiss Crossover Opportunities Fund Series II (Crossover II) is managed by Edelweiss Asset Management Limited, an Edelweiss Group Company. Mr. Pranav Parikh was designated as the Fund Manager of these schemes up to November 10, 2020 and he is currently a Member of the Investment Committee of these schemes.

Performance Update

3

Pre-IPO108 Lakhs

Anchor/QIB15 Lakhs

Open Market1 Lakhs

INR 1 Cr investment in Crossover II is now ~INR 1.98 Cr (Gross)

Crossover II inception date 16th Sep’18Numbers might not add up because of rounding off. Please note these figures corresponds to average per crore investment at fund level. Each individual portfolio value might vary.Individual investors should refer to their statement of account for their actual portfolio value.

125 Lakhs As on 30th Sep ‘21

Current Investments

125 Lakhs

Cash & Other Assets

65 Lakhs

Fees & Expenses 7

Lakhs

198 LakhsAs on 30th Sep ‘21

4

Attribution analysis – Crossover Portfolio has performed across the board

Security NameCost per Cr of

investor capital (INR Lakh)

MTM/Exit Value per Cr of investor capita

(INR Lakh)

Absolute Gross Return

Contribution to Gross Return

Fund Net IRR

Unrealized P/L 55.9 124.8 141% 69%

Realized P/L 55.0 78.8 43% 24%

Dividend/Interest & Other income 4%

Total 110.9 203.6 98% 98% 36.4%

Net IRR For class A1 (minimum investment INR 1 Crore) assuming drawdowns amounts were paid on respective due date.All data as on 30th Sep ’21

5

And has outperformed benchmarks* with relatively much lower fall in value since inception

Nifty and other indices returns since launch of Crossover II i.e. 16th Sep’18 till 30th Sep’21All maximum losses as on 30th March 2020 – nearest NAV date and the max drawdown values are calculated as the lowest value reached with respect to inception value.Crossover IRR for Class A1 Units *Please refer to the performance benchmarking alternate investment funds (AIFs) as per SEBI guidelines at the end of this presentation

36.4%

23.6%

30.3%

30.7%

-3%

-24%

-39%

-50%

Crossover 2

Nifty50 TRI

Nifty Midcap100 TRI

Nifty Smallcap100 TRI

Max. Drawdown IRR

6

20.7

15.9

16.1

15.2

2.0

7.0

12.0

17.0

22.0

Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21

Crossover II Nifty 50 TRI Nifty Midcap 100 TRI Nifty smallcap 100 TRI

10.0

Crossover Funds max. decline in value since inception was <3% - even during NBFC and COVID Crises

Crossover – II portfolio exhibited significantly lower volatility and drawdowns

Source: Edelweiss Research – NSE; Inception Date: 16th September 2018 (Crossover II); NAV for Class A1 shareholders assuming that all payments are done on time. Nifty and other indices returns since launch of Crossover II i.e. 16th Sep’18 till 30th Sep’21

Fall in NAV / Index

Crossover II -3%

Nifty50 TRI -24%

MidCap100 TRI -39%

SmallCap100 TRI -50%

7All data as on 30th Sep ’21

Security Name Type of deal

Cost per Cr of investor capital

(INR Lakh)

MTM Value per Cr of investor

capital (INR Lakh)

Absolute Gross Return

Contribution to

Gross Return

Investment IRR

NSE Pre-IPO 21.9 66.4 203% 45% 58%

Sapphire Pre-IPO 12.6 30.4 140% 18% 44%

Spandana Anchor/QIB 7.0 4.7 -34% -2% -18%

CAMS Pre-IPO 4.7 11.6 165% 7% 157%

Kalyan Jewellers Anchor/QIB 3.5 2.9 -16% -1% -28%

UTI AMC Anchor/QIB 2.7 5.3 101% 3% 107%

Other Positions 3.5 3.5 0% 0%

Total Portfolio : Unrealized 55.9 124.8 123% 69%

Attribution analysis – Unrealized P/L

8

Security Name Type of deal

Cost per Cr of investor capital

(INR Lakh)

Exit Value per Cr of investor

capital (INR Lakh)

Absolute Gross Return

Contribution to

Gross Return

Investment IRR

SBI Life Open Market 7.7 12.0 56% 4% 31%

Gland Pharma Anchor/QIB 6.0 12.2 102% 6% 290%

FSC Open Market 5.5 1.2 -79% -4% -61%

CAMS Pre-IPO 3.3 9.7 165% 6% 186%

Metropolis Anchor/QIB 3.2 4.4 38% 1% 93%

UTI AMC Anchor/QIB 3.0 6.2 101% 3% 118%

IRCTC Anchor/QIB 2.7 3.9 47% 1% 143%

Other positions 23.6 29.3 24% 6%

Total Portfolio : Realized 55.0 78.8 43% 24%

All data as on 30th Sep ’21

Attribution analysis – Realized P/L

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With performance across categories and investments

Crossover II % of Invested Corpus Absolute Gain*

Pre-IPO

NSE 19.7% 203%

Sapphire Foods 11.4% 140%

CAMS 7.3% 165%

Anchor/QIBSpandana Sphoorty 6.4% -34%Gland Pharma 5.4% 102%UTI AMC 5.1% 101%

Metropolis Healthcare 2.9% 38%

Kalyan Jewellers 3.1% -16%

Stove Kraft 2.3% 18%Polycab India 2.0% 50%Home First Finance 2.0% 13%

Shyam Metalics 1.9% 37%

Others 8.9% 62%

Open Market

SBI Life Insurance 6.9% 56%

Future Supply Chain 4.9% -79%

IRCTC 2.4% 47%Yes Bank 1.9% 45%

Others 5.4% 19%

*Absolute Gain- realised and unrealised gains as on 30th Sep ’21

A look at our late-stage PE/Pre-IPO positions

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1,2

60

1,4

61

1,5

93

1,9

00

PAT**

3,5

10

NSE: identified early, invested big

Fit with Crossover Strategy

ThematicBias

Long runway for growth

High operating leverage

FundamentalBias

Long-term growth driven by GDP growth

Foreign investor interest in EM / India

Increasing financialization of savings

LeadershipBias

Dominant #1 player, 93+% share in cash equities

and 99+% in equity derivatives

Defensible moat – “liquidity begets liquidity”

IPO visibility

IPO ready from all perspectives – scale,

profitability, governance, etc.

Strong publicly-stated intent of IPO

Public market interest

High investor interest from all classes of investors –

FIIs, DIIs, HNIs

One of the most widely held private stock

Growth in Revenue & Profitability [INR Cr]

2,1

04

2,6

09

3,0

28

3,5

14

Revenue

FY17 FY18 FY19 FY20 FY21

5,6

25

28%

**PAT is normalized for non-operating costs

High Conviction built over few months of research led to a large position built over few quarters and strategically sourced

Source: Edelweiss Research, Company financials

29%

12

81

6

96

6

1,2

04

1,3

52

Revenue

FY17 FY18 FY19 FY20

Fit with Crossover Strategy Growth in Revenue & Profitability [INR Cr]

ThematicBias

Consumption-driven compounding story

Unbranded to branded shift

FundamentalBias

Headroom for high growth

Scale of the brands proven globally

LeadershipBias

One of the largest restaurant operators - 400+

stores in India and Sri Lanka

KFC India and Pizza Hut Sri Lanka are category

leaders in respective markets

IPO visibility

Scale-wise IPO ready; investment plan envisaged

EBITDA improvement for maximal IPO outcome

IPO intent agreed among stakeholders

DRHP Filing underway

18%

Source: Edelweiss Research, VCC Edge database

2 17

48 1

97

EBITDA**

**EBITDA for FY20 is Post Ind-AS 116 and hence may not be comparable

Financial data available only till FY20 due to regulatory constraints.

Sapphire Foods: great brands and resilience shines through

13

Think & Learn: World’s most valued EdTech startup with a promising growth story

Fit with Crossover Strategy

Source: Edelweiss Research, Company data.

ThematicBias

Large market potential: Global EdTech to grow at

16%+ pa till 2025

Indian EdTech expected to grow at CAGR of 67% pa

FundamentalBias

Superior product offering: BYJU’s core app has a

category-leading renewal rate and paid user NPS

Attractive unit economics with improving return

ratios

LeadershipBias

BYJU’s Learning App – #1 Indian K12 focused firm

with 5.4x MAU compared to #2 player

WhiteHat JR/Great Learning/Aakash/EPIC– Among

top 2 in their respective sub-industry

Exit visibility High comfort on exit-ability either through IPO or

secondary market in the next 2-3 years

Public market interest

BYJU’s brand is widely known in Indian households;

Soon to be globally known with Future school

offering; Will attract high interest from investors of

all classes

Growth in Revenue [INR Cr] and Engagement Metrics

FY18-21 CAGR

69%

165%

FY18-21 CAGR

NA 1.4

0

2.2

5 3.9

9

BYJU's app paid subscribers

46

1

1,2

81

2,1

10

8,5

62

Consolidated Revenue

FY18 FY19 FY20 FY21

*FY21 Revenues are based on proforma consolidated basis for all acquisitions till Aug 2021App Subscribers are in Million. Data not available for FY18

14

50

3 66

1

71

2

72

1

73

5

Revenue

FY17 FY18 FY19 FY20 FY21

CAMS – Leader in a duopoly at attractive price

Fit with Crossover Strategy Growth in Revenue & Profitability [INR Cr]

ThematicBias

• Long-term secular growth in mutual fund industry• Duopolistic nature of RTA business• High barriers to entry - High technology intensity

and nation-wide branch presence

FundamentalBias

• Headroom for significant growth• Excellent financial profile and return ratios• Other business segments (Payments, Insurance,

etc.) to add further upside optionality in medium/long term

LeadershipBias

• CAMS is the market leader with ~70% market share

• RTA services – low-cost critical input with high switching costs

IPO visibility• Investment 1-month prior to IPO – post-DRHP• Pre-IPO lock-in for 1-year till Sept-2021

Source: Edelweiss Research, Company Financials

10%

12

3 14

6

13

5 17

2 20

5

PAT

14%

15

Disclaimers

AIF Benchmarking as on 30th September 2020 – As per SEBI GuidelinesPlease find below performance data as per SEBI circular SEBI/HO/IMD/DF6/CIR/P/2020/24 dated February 5, 2020, read along with SEBI circular SEBI/HO/IMD/DF6/CIR/P/2020/99 dated June 12, 2020, notifying mandatory performancebenchmarking of Alternative Investment Funds (AIFs).Edelweiss Crossover Opportunities Fund–Series II: IRR -1.59% vs CRISIL AIF CAT II Benchmark Vintage Year FY19: IRR 26.62%| AIF Benchmark Indices data as provided by rating agency – CRISIL till 30th September 2020. Schemes that havecompleted at least one year since their first close as on September 30, 2020, have been considered. Returns and ratios refer to post-expense, pre-carry, pre-tax values. Only those vintage years have been considered that have at least threeschemes available.Past Performance is not an indication of future performance. Investments in the Securities Market are subject to Market Risk. Please read the Private Placement Memorandum (PPM) and Scheme related documents carefully before investing.This document has been prepared by Edelweiss Asset Management Limited (“Edelweiss”) Investment Manager of Edelweiss Multi Strategy Investment Trust (SEBI Reg. No.IN/AIF3/12-13/0004) and Edelweiss Alpha Fund (SEBI Reg. No.IN/AIF3/13-14/0047), a Cat. III Alternative Investment Funds (AIF) and Edelweiss Alternative Investment Opportunities Trust (SEBI Reg No. IN/AIF2/17-18/0502), a Cat. II AIF. This Document is strictly confidential and is intended for the use byrecipient 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 Edelweiss. The information set forth has been obtained from sourcesbelieved by Edelweiss to be reliable however Edelweiss does not make any warranty as to the information’s accuracy or completeness. The terms and conditions presented in the fund structure are subject in their entirety to the Fund’s offeringdocument / Private Placement Memorandum (PPM) as amended from time to time. 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 anyperson to whom it would be unlawful to make such an offer.

Investors must take their own investment decision 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 ordomicile, which might be relevant to the subscription, purchase, holding, redemption or disposal of any investments. Performance may vary by investor and can differ due to timing of investment, strategies employed and other marketconditions. For data reference to any third party in this document (material) no such party will assume any liability for the same. Edelweiss (including its affiliates) and any of its officers, partners, directors, personnel and employees, shall not beliable 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 aloneshall be fully responsible/are liable for any decision taken on the basis of this material. Edelweiss has/may included statements/opinions/recommendations in this document which contain words or phrases such as “will”, “expect”, “should” andsimilar expressions or variations of such expressions, that are “forward looking statements”. The yields may fluctuate depending on various factors affecting capital/debt markets. Actual results may differ materially from those suggested by theforward 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 havean 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, the performance of the financial markets in Indiaand globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the industry. Hypothetical results are presented for illustrative purposes only.Notwithstanding the foregoing, each 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 Fundand its investments and all materials of any kind (including opinions or other tax analyses) that are provided to such investor relating to such tax treatment and tax structure, provided however, that such disclosure shall not include the name (orother identifying information not relevant to the tax structure or tax treatment) to any person and shall not include information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws. Edelweiss doesnot 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 actiontaken by you on the basis of the information contained herein is your responsibility alone and Edelweiss or its directors, partners or employees will not be liable in any manner for the consequences of such action taken by you. Edelweiss and/orits directors, partners and/or its employees may have interests or positions, financial or otherwise, in the securities mentioned in this documentation.There is a risk of substantial loss associated with trading in equities, futures, options, leverage, etc. Before investing please carefully consider your financial position and risk tolerance to determine if the proposed trading style is appropriate,seek appropriate professional advice. Investors should realize that when engaging in leverage, trading in futures, commodities and/or granting/writing options one could lose the full balance of their account. It is also possible to lose more thanthe initial deposit. All funds committed should be purely risk capital. 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.

16

The risks and mitigation measures at the fund level are enumerated below:Concentration Risk: Applicable as per the SEBI (AIF) Regulations, 2012 and adhered to at all times.Foreign Exchange Risk: Not ApplicableLeverage Risk: As per the SEBI (AIF) Regulations, 2012 and adhered to at all times.Realization Risk at Fund and Investee Company level: Realization value from the investments may not fully protect our investment in all cases.Strategy Risk at Investee Company level: LowReputation Risk: At fund level, continuous monitoring mechanism of investments and appropriate controls are in place.Environmental, Social and Corporate Governance Risks: At fund level: Robust mechanism is in place.At investee company levels: Data on extra-financial risks is available in public domain while details of leverage risk at investee company levels are not available;Realization risk and strategy risk (i.e. change in or divergence from business strategy at investee company level) is not applicable.Conflict of Interest: Presently, the Fund is availing securities broking services and custody services of its group entities viz. Edelweiss Broking Limited, Edelweiss Securities Limited and Edelweiss Custodial Services Limited. Such transactions areat arms length relationship basis and in the ordinary course of its business. Edelweiss Global Wealth Management Limited is the sponsor to the AIFs.The risks and mitigation measures at the fund level are enumerated below:Concentration Risk: Applicable as per the SEBI (AIF) Regulations, 2012 and adhered to at all times.Foreign Exchange Risk: Not ApplicableLeverage Risk: As per the SEBI (AIF) Regulations, 2012 and adhered to at all times.Realization Risk at Fund and Investee Company level: Realization value from the investments may not fully protect our investment in all cases.Strategy Risk at Investee Company level: LowReputation Risk: At fund level, continuous monitoring mechanism of investments and appropriate controls are in place.Environmental, Social and Corporate Governance Risks: At fund level: Robust mechanism is in place.At investee company levels: Data on extra-financial risks is available in public domain while details of leverage risk at investee company levels are not available;Realization risk and strategy risk (i.e. change in or divergence from business strategy at investee company level) is not applicable.Conflict of Interest: Presently, the Fund is availing securities broking services and custody services of its group entities viz. Edelweiss Broking Limited, Edelweiss Securities Limited and Edelweiss Custodial Services Limited. Such transactions areat arms length relationship basis and in the ordinary course of its business. Edelweiss Global Wealth Management Limited is the sponsor to the AIFs.

Disclaimers