The Mayur Hedge Fund

For More Information Contact:

Global Investment House, KSCC

Tel: +965 295 1000
Fax: +965 295 1269
Email: mayur@global.com.kw
Website: www.globalinv.net

Shailesh Dash, CFA

Director of Mayur Asset Management
Head of Alternatives Investments Department
Global Investment House
T: +965 295 1200
F: +965 295 1268
E: shaileshdash@global.com.kw

Joseph Joseph
Head of Hedge Funds
Global Investment House Kuwait
T: +965 295 1247
F: +965 295 1269
E: jjoseph@global.com.kw

Dileep Madgavkar
Director & Head Funds Advisory,
Global Investment House India
T: +91 2222048693
M: +91 93239 49822
E: dileep@gihipl.com
The Mayur Hedge Fund
Executive Summary Exceptional Growth Story & Demographic Sweet Spot

Why is India an attractive investment opportunity?

India presents one of the most persuasive opportunities for growth in the
world and offers compelling investment prospects. India offers various
reasons to invest, some of which are:

USD
• India’s GDP is growing at 8% annually and is expected to continue at
this rate for the next few years
• India has the fastest growing population in the world, expanding at
the rate of around 16 million per year. India’s population will exceed
1.4 billion people, more than China’s by 2030
• Expanding consumer sector is driven by the growing Indian middle
class which is in excess of 330 million people
Nifty Index Contribution
• Government investment in the country’s infrastructure is soaring at
9.9% from 2007
• Manufacturing now accounts for almost 30% of India’s economy
which is growing at a very strong rate of 10% annually
• India’s system of financial intermediation is more efficient than that
of China. India’s independence on foreign capital is also a sign of
strength
• Indian companies efficient use of capital has resulted in double digit
RoEs on the back of lower borrowing costs, productivity, optimum
utilization and innovative usage of resources

What is the strategy of The Mayur Hedge Fund?

The investment aims to achieve absolute returns of 15-20% per annum
by investing in a basket of well managed listed equities, high quality
companies that have the potential to grow at a robust rate. The fund will
invest in small to medium capitalization equities, but has the latitude
Strong Return on Investments
to invest in large capitalization stocks also. The Indian market is quite
diverse with over 5000 listed companies. The portfolio is constructed to be Country Index Current Forward ROE GDP GDP
diversified across sectors and with a strategic allocation. The fund aims to P/E P/E 2008 2009
USA S&P 21.9 14.42 21.07 1.3 1.4
build and maintain a diversified portfolio of well researched exposures and
France CAC 11.41 9.99 18.90 1.7 2.0
is capable of offering strong downside protection as well as upside gains Germany DAX 12.38 11.04 17.78 1.6 1.8
by shorting equities and index strategies. The fund will also participate Japan Nikkie 25 16.85 17.62 11.37 1.4 1.6
in opportunistic, event-driven, pre- and post-IPO activities. India has a Hong Kong Hang Seng 13.14 14.82 22.36 5.0 5.0
robust derivatives market with over USD7.7 billion turnover per day which India Nifty 15.77 13.81 34.21 8.0 8.0
provides liquidity to make this strategy feasible. Brazil IBOV 15.01 13.49 24.19 4.5 4.0
China Shenzen 26.08 19.73 19.00 10.0 9.5
Source: Bloomberg as at June 26 2008
What about risk management?
The portfolio will be diversified across industries, geographies, security
types and market capitalization. Secondly, the valuation of each position
will include consistent analytics via proven methodologies and do not
exceed a reasonable valuation given an expected rate of growth. Thirdly,
the positions in the portfolio comply with certain concentration limits.
The areas of concentration include 10% limit on exposure to any single
Expected Long Strategy Breakdown 65%
security, 25 % net exposure to market sector concentration and 30 % net
exposure to market capitalization concentration.

Additionally, the portfolio may deploy a net exposure of minimum

25%, and maximum 75% i.e. on the low side the portfolio would have
to be 62.5% long and 37.5% short to have a net exposure of 25%. On
the maximum side the portfolio could be 87.5% long and 12.5% short
to achieve a net long exposure of 75%. In the event that the fund has
tactically switched to cash to the max 25% allowable, it could be 50% long
and 25% short and still achieve the net 25% long as a means of protecting
against overvaluations.
As of 1 June 2008

The portfolio will be prohibited from employing leverage. Notwithstanding

the previous constraint, up to 50% of the portfolio may be liquidated for Expected Short Strategy Breakdown 35%
cash within three business days in instances where the portfolio managers
deem that doing so would be beneficial to the portfolio value of the fund.

What are the benefits of investing in The Mayur Hedge Fund?

• This Fund is structured as a hedge fund and not a long only fund,
the reason being that the Mayur Hedge Fund will be positioned to
take advantage through different market cycles, conditions and the
volatility in the Indian market.
• The Mayur Hedge Fund presents a good way to diversify from the
GCC markets and provides a natural hedge, as they are not highly
correlated. As of 1 June 2008
• Another attractive element of The Mayur Hedge Fund is that it
provides diversification across a broad spectrum of industries, unlike
China (highly concentrated on low cost industrial manufacturing
companies) and Brazil (highly concentrated on mines and minerals
companies).

What are the key factors that differentiate The Mayur Hedge Fund
by Global?
• Intense focus on Indian market which we believe offers a unique
investment approach and skill-set to exploit opportunities.
Right Entry Point- Down more than 30% from the Peak
• A proven track record and expertise of investment professionals.
• On ground presence and research in India since 2006. Sensex Index
• Strong local contact with established corporate relationships.
• Disciplined and solid base investment process which guides portfolio (32%)
construction and asset allocation decisions.
• The pursuit of innovative investment ideas through a well defined
research process.
• The commitment to rigorous and comprehensive risk management
process.

Asset Manager Overview

Who is the Investment Manager?

Mayur Asset Management Company, a Mauritius domiciled company is a Source: Bloomberg as at 27 June 2008
wholly owned subsidiary of Global. It is managed by Global’s dynamically
evolving Hedge Funds team which has invested across over 80 different
hedge funds comprising US, Europe, Middle East and Asian managers.
The team will be part of the investment committee which oversees the
implementation of a thorough investment approach and adheres to strict
risk management guidelines to generate superior absolute returns.

Who is the Investment Advisor?

The fund will be advised by the team in Global Investment House India
Private Limited (a wholly owned subsidiary of Global) based in Mumbai
and headed by Dileep Madgavkar, Director and Head of Fund Advisory.
Dileep, has over 20 years of work experience in bull & bear markets in Performance of Diversified Equity Funds as of December 31, 2003*
India. He was the former Chief Investment Officer of ICICI Prudential Asset Compound Annualized Return
Management Co. Ltd., one of India’s largest private mutual funds where Flagship Funds 1 Year 2 Years 3 Years 5 Years
he managed to grow the assets under management from approximately Dynamic Fund 98.5 -- -- --
USD 40million to over USD4 billion (100X) from 1998 to 2003. This Growth Fund 94.7 47.9 23.6 29.4
period was one of the most challenging which saw India’s nuclear blast, Power Fund 126.3 67.8 33.1 32.5
Kargil war with Pakistan, severe draughts, floods, general elections, dot Tax Fund 150.4 68.5 38.7 --
com crash and 9/11 event. Dileep’s track record during this period was BSE Sensex 72.9 33.8 13.7 13.8
Source: ICICI Prudential
impressive as shown in the Performance table, where he consistently had *The track record of Dileep while at ICICI Prudential India
outperformed the BSE Sensex. From ICICI Prudential, Dileep moved to
Prudential Asset Management in Hong Kong as Investment Director for
a more regional role where he launched the first dedicated India China
fund out of Japan.
Who is the Sponsor?
- Global Investment House (K.S.C.C) is one of the premier investment banks in the Middle East.

- Global is currently listed on the Kuwait Stock Exchange (since May 2003), the Bahrain Stock Exchange (since October 2004) and the Dubai Financial market
(since September 2005) and is regulated by Central Bank of Kuwait, Central Bank of Bahrain, Central Bank of Jordan and several capital markets regulatory
authorities. Global has also listed its Global Depositary Receipts (“GDRs”) on the regulated market for listed securities of the London Stock Exchange plc
(“LSE”) (ticker GLOB) on 21 May 2008. Global has become the 34th company from the Middle East to list on the Exchange and the fifth this year.
- Global has assets under management in excess of US$ 9.5 billion, and a market capitalization of approximately US$5bn. Global is the largest private sector
investment company in the entire GCC and broader MENA region, with over 450 employees and shareholders that include Dubai Investment Group
Capital, Public Institute for Social Security of Kuwait and various other financial institutions in the region.

- Global plays an important role in promoting investment opportunities to investors through expert financial engineering. The Company operates all of its
business based on its core values which include trust, ethical approach, quality, commitment and innovation. The Company serves a client base in excess
of 6500 corporate and retail clients through a dedicated client relationship department.

- In recognition of its performance and reputation in the region, Global has won numerous local and international awards, such as «Best Equity House in
Kuwait» in 2008, 2006 and 2005 awarded by Euromoney, «Deal of the Year Award» in 2006 awarded by The Banker magazine and «Best Investment Bank in
Kuwait» in 2007 awarded by Euromoney and in 2008 by AsiaMoney.

Terms Of Offering (Overview)

Fund Name The Mayur Hedge Fund
Initial Minimum Investment US$250,000
Subsequent Minimum Investment US$100,000
Subscription Monthly
Redemption Quarterly
Redemption Notice 45 Days
Reporting NAV Monthly
Lock-Up Period 1 year from date of investment
Management Fee 2%
Performance Fee 20% (High Water Mark)
Subscription Fee Up to US$499,999 2.0%
Up to US$999,999 1.5%
Above US$1,000,000 1.0%
Redemption Fee None
Legal Structure Open ended expert fund domiciled in Mauritius
Custodian HSBC, India
Administrator IMM (Mauritius)
Legal Advisor Nishithdesai Associates (India)
Auditor KPMG, Mauritius

Disclaimer
The Mayur Hedge Fund (the “Fund») will be an exempted company incorporated with limited liability under the law of the Mauritius Islands. Applications for interests in the feeder funds of the Fund
(“Interests”) can only be made on the basis of the current prospectus of the relevant feeder fund (together with the Fund, the “Funds”). Investing in the Interests involves certain risks, as more fully described
in the prospectuses of the feeder funds. There can be no assurance that the investment objective of the Funds will be met or that its investment program will be successful. Interests have not been and will
not be registered under any securities laws of the United States of America or any of its territories or possessions or areas subject to its jurisdiction, and may not be offered for sale or sold to nationals or
residents thereof except pursuant to an exemption from the registration requirements of the Securities Act of 1933 of the United States, as amended, and any applicable state laws. These materials do not
constitute an offer to buy or sell any security. This document has been prepared and issued by Global Investment House (GIH). It refers to the Funds which are unregulated collective investment schemes
for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the “Act”) and whose promotion is accordingly restricted by law. This document constitutes a financial promotion for
the purposes of the Financial Services and Markets Act 2000 (the “Act”) and the handbook of rules and guidance issued from time to time by the FSA (the «FSA Rules»). This document is being issued inside
and outside the United Kingdom to and/or is directed at persons who are Professional Clients or Eligible Counterparties for the purposes of the FSA Rules. The investments and investment services to which
this document relates are only available to the persons referred to above and other persons should not act or rely on it. This document is exempt from the scheme promotion restriction in Section 238 of the
Act on the communication of invitations or inducements to participate in unregulated collective investment schemes on the grounds that it is being issued only to the types of person referred to above. The
investment programmes of the Funds are speculative and entail substantial risks. Interests may be subject to sudden and large falls in price or value and there could be a large loss on realization which could
equal the amount invested. As there is no recognized market for the Interests, it may be difficult for an investor to sell or realize the Interests or to obtain reliable information about their value or the extent
of the risks to which they are exposed. Changes in rates of exchange may have an adverse effect on the value, price or income of the Interests. References to future returns are not promises or even estimates
of actual returns an investor may achieve. The forecasts and material contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The
information herein reflects prevailing conditions and GIH’s judgment as of this date, all of which are subject to change. Past performance or experience does not give a guide for the future. The investment
strategy described herein involves one or more investment management entities which are part of the GIH group of affiliated companies. Some of the functions described herein are performed by employees
of affiliated companies of GIH. The portfolio characteristics and risk controls set forth are not static and may change over time. GIH does not represent that the statistics, investment guidelines, capital
allocation and limits disclosed herein will remain constant over time. 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 information and opinions contained in this document are for background purposes only and do not purport to be full or complete. No reliance may be placed for any purpose on the
information or opinions contained in this document or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the
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