INDIA ENHANCED EQUITY FUND

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1 DSP BlackRock INDIA ENHANCED EQUITY FUND Alternative Investment Fund Quarterly Report uly-september 201 ALTERNATIVE INVESTMENT FUND Investment Commentary We maintained a cautious view on the overall market during the quarter. We reduced our net exposure from around 3 in end-uly to around 17% in end-august and ended the quarter at around 2. Fund Manager In uly, the markets saw a moderation in volatility, as Greece related concerns eased down. However, by September, uncertainty over Federal Reserve s interest rate hiking cycle, and intermittent fears about China added volatility to asset classes globally. Consequently, we moderated our outlook through the quarter as we saw little short term macro catalysts while earning numbers for companies remained tepid. Q1 FY2016 S&P BSE SENSEX earnings were below estimates with sales down %, EBITDA up and flat PAT (vs. estimates of +%). Overall at the index level, we have seen c. 3- downgrades, but FY16 earnings growth assumptions are still in mid-teens which has potential risk of downgrades. We continue to monitor earnings trends closely to keep a track of upgrades or downgrades of operating parameters. Towards the end of the quarter, we increased some risk exposure to the market, as we covered some of our short positions as they achieved their target prices. We continue to add to some beaten down names, where we think valuations look attractive. We will continue to look for signs of increased government policy action - PSU bank recapitalization plan has been initiated, while GST and land acquisition bill remain. Gaurav Pant Fund Manager Gaurav joined DSP BlackRock in March 2014 as part of the Alternative Investment Business. After completing his PGDM from Indian Institute of Management Ahmedabad, Gaurav started at the London office of Goldman Sachs working in the Financing Group of the Investment Banking Division. In 2007 he moved to the Goldman Sachs Principal Strategies division, focusing on European equities. Gaurav joined Dalton Capital in 2011 and set up a long-short fund for Indian equities. Performance of Global Indices (uly-september 201) Performance of Domestic Indices (uly-september 201) RUSSIA -1% BSE- IT 10. S AFRICA KOREA -3% BSE- HEALTHCARE 7.3% MEXICO BSE- TECK. INDIA (SENSEX) US (S&P 00) FRANCE - BSE- MID-CAP BSE- FMCG -0.% 1.1% FTSE 100 BSE- SMALL-CAP -0.% MSCI WORLD TURKEY - - BSE- REALTY -1. THAILAND - MSCI India -4.3% GERMANY TAIWAN MSCI EM % NIFTY SENSEX % INDONESIA -1 BSE- BANKEX -6. APAN MSCI ASIA -1-1 BSE- AUTO -7.1% BRAZIL -1% BSE- POWER -8.9% SINGAPORE HONG KONG CHINA-H -2-21% -1 BSE OIL&GAS BSE- CAP GOODS % CHINA-A -29% BSE- METAL % -3-2% -2-1% Sources: Citibank, Motilal Oswal, Morgan Stanley

2 India Macro Quarterly GDP Growth (YoY%) Purchasing Managers Index (PMI) un-12 Dec-12 un-13 Dec-13 un-14 Dec-14 un-1 48 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-1 The economy grew at 7. in April - une quarter; higher than the 6.7% growth recorded in the same quarter last fiscal Manufacturing PMI continues to be volatile but remains in expansionary mode. Inflation Deficits Sep-12 Sep-13 Sep-14 Sep-1 CPI (LHS) Core CPI (LHS) WPI (RHS) Core WPI (RHS) un-9 un-96 un-97 un-98 un-99 un-00 un-01 un-02 un-03 un-04 un-0 un-06 un-07 un-08 un-09 un-10 un-11 un-12 Current account deficit as a % of GDP (LHS) un-13 12M trailing g trade balance as a % of GDP (RHS) un-14 un Consumer Price Index (CPI) inflation has started increasing at a moderate pace due to waning base effect and increase in vegetable and pulse prices. Wholesale Price Index (WPI) inflation inflation has registered eleven consecutive negative readings. Current account deficit remains low as a result of lower crude prices and falling imports. Domestic Retail Sales Growth Index of Industrial Production (YoY%) 2% 2 2 1% 1% % % un-10 un-11 un-12 un-13 un-14 un-1 - Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-1 Domestic retail sales growth continues to retain its weakening bias. IIP registered its highest growth in almost 3 years giving an indication that the economy could be in the nascent stages of a recovery. Source: Morgan Stanley, Deutsche Bank

3 Incremental Capital Output Ratio (ICOR) Investment Projects Revived un-12 un-13 un-14 un-1 0 un-10 Sep-10 Dec-10 Mar-11 un-11 Sep-11 Dec-11 Mar-12 un-12 Sep-12 Dec-12 Mar-13 un-13 Sep-13 Dec-13 Mar-14 un-14 Sep-14 Dec-14 Mar-1 un-1 Sep-1 Incremental Capital Output Ratio (ICOR) has been largely flattish but has strengthened recently. The number of investment projects being revived though lower than last quarter remains higher than average Credit and Deposit Growth G-Sec Yields 2 2 Credit Growth Deposit Growth 2 1 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-1 Oct-0 an-07 Apr-08 ul-09 Oct-10 an-12 Apr-13 ul-14 Oct-1 3M T-Bill 10Y G-Sec Both, credit growth and deposit growth had shown a weakening bias but have now stabilized and are slowly increasing Yields continue to decline as RBI cut interest rates by 0bps and continued its easing cycle. Source: Morgan Stanley, Deutsche Bank

4 Valuation Metrics of Portfolio Companies Company EPS/BVPS* P/B RoE CMP # Mkt-Cap P/E (x) EPS (Rs) / BVPS (Rs)* CAGR (%) (x) (%) (Rs) (US$ mn) FY14-FY16E FY16E FY17E FY1 FY1 FY1 FY16E FY17E Ambuja Cement 208, Aurobindo Pharma 830 7, Bank of Baroda* 162, Cummins 1,066 4, HDFC Bank* 1,077 42, ICICI Bank* , IDFC* 60 1, IndusInd Bank* 907 8, Infosys 1,139 41, ITC , SW Steel 879 3,388 (18.0) yothy Labs Kotak Mahindra Bank* , Larsen & Toubro 1,37 20, Lupin 1,84 13, Mahindra & Mahindra 1,263 12, Maruti Suzuki 4,0 21, NTPC , Power Grid Corp of India , Prestige Estate Projects* 203 1, Punjab National Bank* 131 4, Reliance Industries , State Bank of India* , Tata Chemicals 417 1, Tata Motors , TCS 2,499 78, Tech Mahindra 36 8, Ultratech Cement* 2,833 12, Union Bank* 164 1, Voltas 27 1, Wipro 72 22, *BVPS considered for valuation; # Current market price Source: Bloomberg; Portfolio as of September 30, 201

5 Portfolio details Top long positions# Security % to NAV HDFC Bank 4.9% Infosys 3. IDFC Ltd 3.1% Maruti Suzuki 2.9% Ambuja Cements 2.9% Top short positions # Security % to NAV Wipro -1.% PNB -1.% SW Steel -1.% # based on holdings as of September 30, 201 Gross Exposure* 117% Net Exposure** 2 *Gross Exposure includes all positions (Long and Short) including market exposure from options bought (not just premium paid) but excluding Fixed Deposits and liquid investments. **Net Exposure includes all positions including market exposure from options bought (not just premium paid) and after off setting cash and derivative positions for the same security. Fixed Deposits and investments in liquid mutual funds have been excluded. Monthly performance an Feb Mar Apr May~ un ul Aug Sep Oct Nov Dec % % 1.93% 4.7% 4.2% % 0.13% % % Absolute Performance 1M 3M 6M 1Yr YTD Since Inception % 7.0% % Note: Performance is computed based on Class A1 NAV (Gross basis) i.e. before fixed expenses/applicable taxes/performance fee. ~Inception date May 12, 2014 Disclaimer: DSP BlackRock Investment Managers Pvt. Ltd. ( DSPBRIM ) is the Investment Manager of the DSP BlackRock Alternative Investment Fund (the Fund ). The Fund has received registration with SEBI, as a Category III Alternative Investment Fund, under Securities and Exchange Board of India (Alternative Investment Funds) Regulations, This material is prepared by DSPBRIM strictly for the specified audience and is not intended for distribution to public and is not to be disseminated or circulated to any other party outside of the intended purpose. In the preparation of the material contained in this document, DSPBRIM has used information that is publicly available, including information developed in-house. Information gathered and material used in this document is believed to be from reliable sources. DSPBRIM however does not warrant the accuracy, reasonableness and / or completeness of any information. We have included statements / opinions / recommendations in this document, which contain words, or phrases such as will, expect, should, believe and similar expressions or variations of such expressions that are forward looking statements. Actual results may differ materially from those suggested by the forward looking statements. All figures and other data given in this document are dated and the same may or may not be relevant in future. Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of the Scheme. Names of the securities/companies used in the document is purely for illustration purposes and may or may not form part of the Scheme s portfolio. The Fund and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Fund or its particular scheme will be achieved. Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that the future performance of the Fund, will be profitable or equal to corresponding indicated performance levels. No client or prospective client should assume that any information presented in this material as the receipt of, or a substitute for, personalized individual advise from the adviser or any other investment professional. This facts/figures used in this material are is strictly for information and /or illustrative purposes only. Any reliance the recipient may place on such information is therefore strictly at his / her / their own risk. Contributors are requested to read and understand the contents of the Private Placement Memorandum and annexure and addendum thereto and the Contribution Agreement before investing. For more information contact your Relationship Manager ALTERNATIVE INVESTMENT FUND

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