Sometimes, all it takes is a single idea to make history. All it takes is

a single step, a single voice, and often a single man’s vision that can

give rise to a dream that lives on in the eyes of many.

Success stories of Indian entrepreneurs validate this. These

inspiring stories came to life through unwavering focus coupled

with a burning desire to succeed.

Many successful Indian entrepreneurs are characterized by a

unique brand of ingenuity, persistent diligence and a frugal

approach to their businesses that keeps them a class apart. They

have always enjoyed the upper hand when it comes to exploring

new sectors that offer varied opportunities and different

dynamics. Often more nimble-footed and spontaneous when it

comes to making unorthodox decisions, because of their freedom

from bureaucratic hierarchies, they have an aptitude to spot

opportunity early, the freshness of vision and approach and

persistence to make it happen. Coupled with a dynamic

leadership and an alignment in interest, their appetite to move the

business on to a new stage of growth is greater.

These traits juxtaposed with the Indian growth story and its sheer

size of opportunity presents a unique proposition for wealth

creation.

Presenting the Indian Entrepreneur Fund, that allows you to

ride on the drive of such entrepreneurially run and/or family

owned businesses. And align your interests with the

entrepreneurs that are tomorrow’s wealth creators.

How a single flap of a butterfly’s wings can cause a tornado half way around the world.

When you invest with an entrepreneur, you invest in an

individual’s endeavour for excellence. Into a passion that

has no substitute. Into a fire that burns to achieve the goals

it set out for.

But investments have little to do with emotions. While

instincts play an important role, they should be based on

solid fundamental and empirical evidence. So it should

interest you that along with the highest growth rates,

superior operational efficiency, improving capital

efficiency, entrepreneurial businesses represent the most

vibrant and emerging sectors of modern India. Above all,

from an investor standpoint these enterprises are the

biggest wealth creators over a long period.

Indian Entrepreneur Fund endeavours to be proxy to such

businesses to benefit from the moat-like intangible qualities

of such businesses and the passion and drive of these

entrepreneurs which results into superior business

performance and in turn wealth creation.

Why entrepreneurship spells opportunity for you?

A study of non-linear dynamics referred to as the Butterfly Effect explains how small initial changes in natural systems tend to widely diverge into compounding gains over a long term period.

INDIAN ENTREPRENEUR FUND

Advised by

“Compounding is mankind’s greatest invention because it allows for the reliable, systematic accumulation of wealth.”

- Albert Einstein

5) BIGGEST WEALTH CREATORS

5 reasons to own the Indian Entrepreneur Fund

Disclaimer: The securities investments are subject to market risk and there is no assurance or guarantee that the objectives of the fund concepts/products will be achieved. Investors are not being offered any guaranteed or assured return on the fund. The past performance does not in any manner indicate the future performance of the fund concepts. The companies/sectors referred to in this document are only for the purpose of explaining the concept of Indian Entrepreneur Fund and should not be construed as recommendations from India Emerging Opportunities Fund (IEOF). Since the fund aims to invest in entrepreneurially driven and family owned businesses, beside the risks related to investments in Equity shares, risk and challenges in family owned Enterprises shall impact the performance of the fund. The readers should exercise due caution and/or seek independent professional advice before making any investment decision or entering into any financial obligation based on information, statement or opinion which is expressed herein. All opinions, figures, charts/graphs, estimates and data included in this note are subject to change without notice. The data used in this material is obtained by the fund from the sources which it considers reliable. While utmost care has been exercised while preparing this document, the fund does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information.

5 YEARS PRICE CAGR (as on Sept’ 09)(in %)

1. Anant Raj

2. Unitech

3. JSW Steel

4. Opto Circuits

5. Jindal Steel

155.9

150.9

133.7

98.7

94.8

Areva T & D

Esab India

ABB

AlstomProjects

Siemens

115.9

51

42

41

35.9

FAMILY-OWNED FIRMS

BHEL

BEML Ltd

GMDC

SAIL

Engineers India

PUBLIC SECTORS

54.4

53.1

42.1

40.7

35.9

MULTI NATIONALS

For more information visit www.ieof.com

NEW FUNDOFFER CLOSES: 29th JAN

Investment Advisor ASK Investment Managers Pvt. Ltd., IndiaEnterprise Investment Managers Pvt. Ltd., Mauritius

FUND STRUCTURE

FUND FEATURES

SERVICE PROVIDERS

India Entrepreneur Fund (IEF): Aims to invest into a portfolio of entrepreneurially driven and/or family owned companies listed in Indian stock exchanges. IEF is structured as a commingled fund under the umbrella fund, India Emerging Opportunties Fund (IEOF), Mauritius.About IEOF: A registered sub account of licensed Foreign Institutional Investor (FII) with Securities & Exchange Board of India (SEBI). No withholding taxes in India or Mauritius due to the Double Taxation Avoidance Treaty (DTAT) between the two countries, making it a tax efficient and compliant struture.

Investment Manager

CustodiansDeutsche Bank, Mauritius & Deutsche Bank, India

FII / Fund Administrator Deutsche International Trust Corporation (Mauritius) Limited

Auditors Ernst & Young, Port Louis, Mauritius

Launch Date Monday, 7-December-2009Monday, 7 Dec 2009 - Friday, 29 January 2010NFO Period

Minimum Initial Investment

Exit Charges

Fee options

Liquidity

Exit Loads applicable on redemption amount in addition to the above fees are chargeable as per slabs described below on exit before 3 years.Year 1 : 3% ; Year 2 : 2 %; Year 3: 1 %; > 3 Years : No exit load

Once a week ( Every Thursday)

US$ 20,000 - US$ 250,000

2.5% p.a i) 2.25% p.a ii) 1.25% p.a + 20% over 10 % on XIRR basis

US$ 250,000 - US$ 1 million Above 1 million

i) 1.75% p.a ii) 1% p.a+ 20% over 10 % on XIRR basis

403020100

SALESGROWTH

OP. PROFITGROWTH

8 Year CAGR

PBTGROWTH

FOBPSUMNC

Sales and Profit before Tax for Entrepreneurial/Family firms have grown at nearly 30% CAGR for the last 8 years. Family firms have significantly outperformed both PSUs and MNCs in Sales and Profit growth over the last 3, 5 & 8 years.

Entrepreneurial firms have almost consistently had superior operating margins. Tight cost control and better operational margins are hence reasons why they weather tough economic climate better than others.

FOBPSUMNC

2520151050

2001

2002

OP

M (%

)

2003

2004

2005

2006

2007

2008

2009

Operating Profit Margin

There has been a significant improvement in the Return on Equity of Entrepreneurial firms since 2001. In fact, in 2007 and 2008, they were the highest at 24%

FOBPSUMNC

2530

20151050

2001

2002

RoE

(%)

2003

2004

2005

2006

2007

2008

2009

Return on Equity ( RoE)

Capital Expenditure

for Entrepreneurial firms

has doubled in the last three

years. While 2009 was

challenging, these firms

are primed for growth in the

years to come. Also, the capital

efficiency (RoCE)

of these enterprises has

registered an overall

improvement since 2001.

FOBPSUMNC

250300

200150100500

2001

2002C

apita

l For

mat

ion

(in b

illio

n)

2003

2004

2005

2006

2007

2008

2009

Capital Formation ( Gross Block + Cap. WIP )

27% CAGR

15% CAGR

13% CAGR

2X in 3 yrs

MNCs in India are mostly brand businesses and not very assets intensive. Overall,

MNCs have invested very little for their future growth. PSUs on the other hand are

over capitalized.

1) HIGHEST GROWTH RATES 2) SUPERIOR OPERATING MARGINS

4) POISED FOR FUTURE GROWTH3) RETURN ON EQUITY (RoE)

INDIAN ENTREPRENEUR FUND

Notes: 1) * Performance Linked Fee (Calculated and charged on March 31, 2013 or early exit due to partial or full redemption whichever is earlier. Post March 31, 2013, calculated and charged on March 31 every year or partial or full redemption, whichever is earlier) 2) In case the client withdraws /terminates the agreement midyear, the returns will be annualized using XIRR method, for the purpose of arriving at the performance linked fees. The returns in excess of the various slabs as mentioned in the table above will be calculated and accordingly the fee will be charged to the client on a pro rata basis prior to exit load calculation. 3) Redemption period is calculated from the date of initial or additional inflow . #Redemption amount is arrived at after calculation / charging of all Fees and Expenses (including Performance Linked Fee) 4) Some recurring charges like custody fee, transaction charges, service tax and cess or any other such statutory levies as applicable will be payable by the client. For additional information refer to the detailed term sheet.