3 Asset Classes, 1 Outlook – A Year-End Panel Discussion

1. 3 Asset Classes, 1 Outlook – A Year-End Panel Discussion Speakers: Arvind Chari, CIO, Quantum Advisors Pankaj Pathak, Fund Manager, Fixed Income Nilesh Shetty, Fund Manager, Equity Chirag Mehta, Senior Fund Manager, Alternative Investments December 17, 2021 1

2. India On the Cusp of a Sustained Economic Revival Indian GDP growth peaked in 2011 and has since been a downhill India GDP growth (yoy) 20% 15% 10% 5% 0% Real GDP Nominal GDP Source: Mospi.nic.in; CMIE, Annual Data till March 2020 2

3. Business sentiments improve…. Consumer sentiments have a long way to go… Consumer Sentiments All-India Urban Rural 120 100 80 60 40 20 0 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Source: RBI, CMIE Consumer Sentiment data till October 2021 3

4. Global Fiscal Expansion powers Growth Government increases Capex spending 29% 12 7% 9% 10 Amount in Rs. Trillion 5.5 8 4.46 6 4.66 4.37 4 5.54 4.12 2 3.36 2.99 0 FY19 FY20 FY21 FY22 Centre States (Source: Indiaudget.gov.in) 4

5. The ‘Twin Balance Sheet’ problem is mending itself Borrowings/Networth Banking Sector Gross NPAs 2.00 14 1.80 12 10 1.60 8 1.40 6 1.20 4 1.00 2 0.80 0 0.60 1999-00 2001-02 2003-04 2005-06 2007-08 2009-10 2011-12 2013-14 2015-16 2017-18 2019-20 1990-91 1993-94 1996-97 1999-00 2002-03 2005-06 2008-09 2011-12 2014-15 2017-18 2020-21 Source: RBI, CMIE Annual Data till March 2021 5

6. Global Growth and Government will drive Exports Growth Export Growth (yoy) 50% 40% 30% 20% 10% 0% -10% -20% 1992-93 2002-03 1994-95 1996-97 1998-99 2000-01 2004-05 2006-07 2008-09 2010-11 2012-13 2014-15 2016-17 2018-19 2020-21 Source: RBI, CMIIE, Export Data is Annual till March 2021; MEITY, Quantum Data 6

7. Residential Housing is a big driver of investment led growth Source: Spark Capital Research, 7

8. ‘China Plus One’ Allocation would mean Global Capital will flow to India Foreign Direct Investment Foreign Portfolio Investment 50 50 40 40 USD Billion USD Billion 30 30 20 10 20 0 10 -10 0 -20 Source: RBI CMIIE. Annual Data till March 2021 8

9. India On the Cusp of a Sustained Economic Revival Investments as a % of GDP 25.0% Private Corporate Capex Household Capex 23.0% 21.0% 19.0% 17.0% 15.0% 13.0% 11.0% 9.0% 7.0% 5.0% Source: MOSPI, CMIIE, Annual Data till March 2020 9

10. Risks To The Recovery Inflation in Raw materials and increase in Crude prices may impact macro stability Job Losses amongst salaried employees during the pandemic and Rising Inflation may impact consumer discretionary spend. Although recent trends have been positive Possibility of a Third wave and Related Lockdowns 10

11. India can continue to Grow at 6.0%-6.5% World India China India average 6.1% China average 9.2% 14.0% 12.3% 11.6% 12.0% 9.9% 9.6% 9.5% 10.0% 8.8% 8.7% 8.5% 7.8% 8.0% 7.1% 7.1% 6.7% 6.5% 6.1% 5.9% 5.8% 6.0% 5.4% 5.3% 5.2% 4.9% 4.0% 3.9% 3.7% 4.0% 3.5% 3.4% 3.3% 3.2% 2.9% 2.3% 2.2% 2.0% 0.0% Jan 80 - Oct 84 Congress Nov 84 - Dec 89 Congress Jan 90 - Jun 91 Janata Dal* July 91 - May 96 Congress Jun 96 - Mar 98 DF* Apr 98 - Apr 99 BJP* Jun 99 - May 04 NDA* Jun 04 - May 09 UPA* Jun 09 - May 14 UPA* Jun 14 - Dec 20 NDA** Real GDP Growth Source: Worldbank, RBI and www.parliamentofindia.nic.in as of December 2020. Please note that data used for World GDP for 2020 is a median Estimate since World Bank data is not yet available and India GDP data is governments second advance estimate released at the end of September 11

12. India Is An Attractive Destination For Long-term Investors… But Only Shake Hands With Management When You Know You’ll Get 5 Fingers Back! Indian Equity GDP, real +6.5% + Inflation +5.0% = GDP, nominal +11.5% If GDP = Revenues (Revenues of Typical Companies) +11.5% Profit Growth of Typical Companies +11.5% Companies, listed and in an Index > Typical Company +13.5% An Intelligent Portfolio +15.0% FX, INR 70 – 75 -2% Source: Quantum AMC The numbers in the above table are based on the assumptions and estimates made by QAMC.. “An intelligent portfolio” mentioned above refers to a portfolio constructed by an investment manager following an active approach to investing with an appropriate research and investment process in selecting stocks. These growth rates or indicative rates of return may or may not be achieved. Past performance does not guarantee future results and future performance may be lower or higher than the data given above. 12

13. Diversify your investments with our easy 12-20-80* Asset Allocation Strategy 12 Months Expense 20% Gold 80% Equity Please note the above is suggested fund allocation only and not an investment advice / recommendation 13

14. Pre-investment Block - Emergency Corpus (Liquid) 12 Months Expense 20% Gold 80% Equity Play Money Please note the above is suggested fund allocation only and not an investment advice / recommendation 14

15. Rate Hikes likely to Begin Soon… CPI Inflation Repo Rate Reverse Repo Rate Inflation holding above the Policy Repo Rate 10% 8% 6% 4% 2% 0% Source: MOSPI, RBI, Quantum Research, Data upto November 2021 15

16. …though at a Gradual Pace The RBI Talk… “…our overarching priority at this juncture is to broaden the growth impulseswhile preserving monetary and financial stability.” “Our approach will be of gradualism. We do not want to rock the boat when shore is visible.” “The RBI will ensure that financial conditions (Rate hikes and liquidity tightening) are rebalanced in a systematic, calibrated and well-telegraphedmanner.” “Our motto is to ensure a soft landing that is well timed.” “The RBI also stands committed to undertake Operation Twists (OT) and regular open market operations (OMOs) as may be required for effective monetary transmission and anchoring of interest rate expectations…” Interest Rates are expected to rise slowly; and Terminal policy rate may remain below the pre-pandemic normal level 16

17. Yield Curve is steepest in a decade; Long bonds already positioned for Rate Hikes India Sovereign Yield Curve 7.0% 30-Nov-21 28-Feb-20 6.5% 6.0% YIELD TO MATURITY 5.5% 5.0% 4.5% 4.0% 3.5% 3M 6M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 11Y 12Y 13Y 14Y 15Y 19Y 24Y 30Y TIME TO MATURITY Source: Refinitiv, Quantum Research, Data as of November 30, 2021 Past performance may or may not sustained in future 17

18. Liquidity Normalisation > Higher Short-Term Rate > Improved Outlook for Liquid Funds QLF Portfolio Yield 3 months Tbill 12% 10% 8% 6% 4% 2% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Bloomberg, Quantum Research, Data upto November 30, 2021 18

19. Our Suggestion: 12 months Emergency Money Quantum Liquid Fund – Safety First ALWAYS Prioritize Safety over Returns Zero Private Corporate Debt Invests only in Government Bonds, Treasury Bill or AAA rated PSUs Low Credit Risk = Low Liquidity Risk A reasonable portion of portfolio in cash or overnight asset Please note the above is suggested fund allocation only and not an investment advice / recommendation 19

20. Quantum Dynamic Bond Fund Active Duration Management If interest rate expected to go down Focus on capital appreciation If interest rate expected to rise Focus on protecting value Invest in short term securities to make the portfolio less sensitive to rising interest rate Invest in long term securities to which gain more when interest rate falls In all market conditions fund maintains credit risk at minimal levels by not investing in any Private Credit 20

21. Long Duration Funds are for Longer Period Crisil Composite Bond Index 1 year Return 3 Years Annualised Return 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Past performance may or may not sustained in future Source: AMFI, Quantum Research, Data as of November 30, 2021 21

22. Portfolio Diversifying Block (Gold) 12 Months Expense 20% Gold 80% Equity Play Money Please note the above is suggested fund allocation only and not an investment advice / recommendation 22

23. 23 Lower real yields supportive of Gold  Inflationary pressures rising: US November CPI came in at 6.8%  Federal Reserve to keep interest rates unchanged for most of 2022  Interest rate hike to lag inflation – Real interest rates continue to be lower  Asset purchases by the Fed slow down, but still continue Real interest rates continue to be under pressure Inflation in the US at 39-year highs Data as of Nov 2021. Source: Investing.com, Bloomberg 23

24. 24 Gold useful amid Policy Uncertainty & Rupee Depreciation  Speculation about faster than expected tightening by the Fed amid stronger and longer lasting inflation than it had predicted  Aggressive tightening will have its own impact on growth and could necessitate a policy u turn  Feds already behind the curve, further flip flops could lead to credibility issues  Rupee has hit 18-month low against the dollar amid eroding risk appetite  Speedier rollback of QE measures and a hardening of interest rates in the US to put further pressure on the Indian rupee 24

25. 25 Portfolio diversifier Gold remains relevant  Omicron to further soften global growth amid slowing momentum says the IMF  The Fed too has now acknowledged higher inflation with Growing concerns about stagflation  At high valuations, global equity markets are vulnerable to inflation & policy tightening-induced capital flight (Three-month moving average, annualized percent change for industrial production; deviations from 50 for PMIs) Source: IMF World Economic Outlook October 2021 25

26. Monetary Asset –Keeping up with money supply growth 1600 1400 US Money Supply - M2 Gold Prices 1200 1000 800 600 400 200 Rebased = 100 0 1974 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017 2021 Data as of October 2021 Source: fred.stlouisfed.org. Past performance may or may not sustained in future 26

27. Our Suggestion : 20% Investment in Gold Quantum Gold ETF Purity : Each and every ETF unit is backed by 24 carat physical gold Price efficiency : No making charges or high premiums • Transfers benefit of wholesale purchase prices to investors • Benefit of GST credit at Scheme level at time of selling gold • Traded close to market price of physical gold, with thin difference between buying and selling price Liquidity : Enables you to buy and sell gold on the NSE and BSE with ease. Open 24*7 Accessibility : Participate in the gold market at low denominations of 1/2 gram. • Offers an option to invest in smaller denominations of as little as Rs 500/month Regulation : Regulated by SEBI SIP : Invest through SIP route in Gold ETFs via a Gold Savings Fund No DEMAT account required Please note the above is suggested fund allocation only and not an investment advice / recommendation 27

28. Earning Block (Equity) 80% 12 Months Expense 20% Gold 80% Equity Play Money Please note the above is suggested fund allocation only and not an investment advice / recommendation 28

29. 29 Corporate Profits Hit An All Time High, Expectations Of Strong Demand Rebound Past performance may or may not be sustained in the future. Source: CMIE- Economic Outlook, Data as of Sep 2021 29

30. 30 Consensus Earnings Upgrades After Many Years of Flat Growth Past performance may or may not be sustained in the future. Past performance may or may not be sustained in the future. Source: Bloomberg Finance L.P.; as of November 30, 2021 30

31. 31 Demonetization, GST, Covid: Large Companies Getting Larger Past performance may or may not be sustained in the future. Source: CMIE- Economic Outlook, Data as of Sep 2021 31

32. 32 Real Estate Affordability Best in Two Decades Past performance may or may not be sustained in the future. 32

33. 33 Pick Up in IT Hiring can have a Strong Multiplier Effect Net Addition 145,000 125,000 105,000 Past performance may or may not be sustained in the future. 85,000 65,000 45,000 25,000 5,000 -15,000 Net Hires for Infosys+ TCS +Wipro+ Tech Mahindra + Accenture Source: Company Financials, Data as of Sep 2021 33

34. 34 Strong Tailwinds for Sustained Economic Expansion • GST, Demonitisation & Covid have accelerated market share gain of large peers – Listed players should report faster earnings growth than the sector • Low Home Loan rates acting as strong catalyst for Real Estate sales • Pick up in IT hiring and Wage inflation Risks • Strong third Covid wave if any could defer economic recovery • Rapid Rise in inflation could start impacting consumer discretionary spend and interest rates 34

35. 35 Spiking PER Overstates Valuation As Pandemic Related Lockdowns Suppressed Earnings Past performance may or may not be sustained in the future. Source: Bloomberg Finance L.P., as of November 30, 2021 35

36. Our Suggestion : 80% Investment in Equity As % of S&P As % of S&P BSE BSE- -30 Index 30 Index S&P BSE S&P BSE- -30 Index** Index** 30 15% in Quantum Long Term Equity Value Fund QLTEVF* QLTEVF* Analysts’ views expressed FY2023 Analysts’ views expressed FY2024 Number of Stocks Median market cap. (USD mn) Wtd. dividend yield Historical PER of portfolio (T12M) Historical PER of portfolio (T12M) 605 426 28 11,451 1.89% 22.2 84% 82% 93% 33% 156% 61% 718 519 30 34,630 1.21% 36.7 Wt of stocks with PER < 20, historical 35% 390% 9% % Wt of stocks with PER > 20, historical 65% 72% 91% % Wt of stocks with PER > 30, historical 49% 74% 66% QLTEVF Portfolio Valuations: At A 39% Discount To The Index On T12M And 34% Less Expensive On FY23e ESTIMATES FOR FY2023 ESTIMATES FOR FY2023 Analysts polled Wtd. PER: March 2023E Wtd. EPS Growth: March 2023E PEG Ratio (excludes cash) 2023E ESTIMATES FOR FY2024 ESTIMATES FOR FY2024 Analysts polled Wtd. PER: March 2024E Wtd. EPS Growth: March 2024E PEG Ratio (excludes cash) 2024E 605 13.6 26.0% 0.5 84% 66% 100% 65% 718 20.7 25.9% 0.8 426 12.2 11.6% 1.0 82% 68% 68% 100% 519 17.9 17.0% 1.0 Please note the above is suggested fund allocation only and not an investment advice / recommendation Source: Quantum Research, Data as of November 30, 2021|* QLTEVF cash weight excluded.** S&P BSE-30 Index weight is based on free float. The figures mentioned in WTD PER, WTD EPS and PEG ratio are calculated on the basis of Bloomberg consensus estimates for companies owned by the Fund as well as the companies in the S&P BSE 30. The Fundamental Characteristics, both for portfolio as well as the benchmark, have been computed using the Aggregation Methodology 36

37. Why choose an Equity Fund Of Fund There are 44 Mutual Fund houses and 500+ equity mutual fund schemes to choose from Built-in diversification No time/inclination/ expertise to select mutual funds? Professional research & management Cost-Efficient Invest in a Fund Of Fund Can invest with limited capital via SIPs Equity scheme A Equity scheme B Equity scheme C Equity scheme D 37

38. 86% of large-cap funds underperform over 1 & 3 year period 38

39. Diversified portfolios have suffered during times of Market Polarisation Index movement – BSE 200 1 year 3 years 5 years Portfolio Concentration Top 10 contributors 43% 55% 60% Stocks Top 1 Top 5 Top 10 Top 30 Top 100 QEFOF BSE 200 Difference 5.8% 7.9% 23.7% 30.8% 34.2% 43.3% 55.5% 65.1% 84.0% 89.2% Reliance Industries Ltd 6.2 % 11.5 % 13.3 % 2.2% 7.2% 9.1% 9.6% 5.2% HDFC Bank Ltd 0.9 % 5.1 % 7.9 % Infosys Ltd 9.4 % 11.6 % 10.2 % ICICI Bank Ltd 6.7 % 6.9 % 6.6 % Housing Development Finance Corp Ltd 3.2 % 3.8 % 5.4 % Top Gainers – BSE 200 Adani Transmission Ltd JSW Energy Ltd Adani Total Gas Ltd Adani Enterprises Ltd Tata Power Co Ltd/The Tata Motors Ltd L&T Technology Services Ltd Mindtree Ltd Vedanta Ltd Indian Railway Catering & Tour - BSE % Chg 1 year 379.3 % 370.1 % 360.5 % 316.8 % 237.9 % 228.7 % 208.3 % 208.2 % 197.8 % 193.7 % Data as of November 2021 39

40. Our Suggestion : 80% Investment in Equity 70% in Quantum Equity Fund of Fund Research based Fund selection Funds with consistent performance across market cycles Balance between Risk & Return • 500+ Equity schemes • • • Avoid Portfolio concentration Invest in diversified portfolio of Large and Mid Cap There is just one NAV to track and just one folio – no hassles of making and tracking multiple investments • • 5 – 10 Funds in your portfolio 40

41. Performance Performance as on 30th November 2021 (Returns in %) Scheme Name 1 Year 2 Years 3 Years 5 Years 7 Years 10 Years Since Inception CAGR CAGR Quantum Equity FoF Fund(G)-Direct Plan 35.57 20.53 16.64 14.65 11.99 15.97 14.51 S&P BSE 200 - TRI 36.30 22.43 18.29 17.17 12.62 15.78 13.37 S&P BSE SENSEX - TRI 30.56 19.52 17.67 17.80 11.69 15.01 12.82 NIFTY 50 - TRI 32.49 19.96 17.38 17.04 11.58 14.79 12.67 S&P BSE Mid-Cap - TRI 47.52 29.29 19.24 15.83 14.60 17.39 14.81 S&P BSE Small-Cap - TRI 66.90 44.73 25.83 18.81 14.84 17.67 14.85 Portfolio Schemes Axis Bluechip Fund-Reg(G) 28.85 20.09 19.32 19.34 12.73 16.96 NA Canara Rob Bluechip Equity Fund-Reg(G) 31.15 40.30 23.07 29.16 20.25 21.86 18.12 19.21 12.84 16.61 15.49 23.15 NA 22.08 Canara Rob Emerg Equities Fund-Reg(G) Invesco India Growth Opp Fund(G) 33.43 18.90 16.28 16.56 12.71 16.26 14.53 Invesco India Midcap Fund(G) 45.77 32.19 22.46 18.59 15.19 20.64 20.23 Kotak Flexicap Fund(G) 28.62 16.77 15.45 14.84 12.57 17.29 NA Mirae Asset Large Cap Fund-Reg(G) 33.17 43.77 19.20 29.15 16.86 21.06 16.73 17.83 13.63 15.94 18.00 22.37 17.18 19.27 Principal Emerging Bluechip Fund(G) UTI Flexi Cap Fund-Reg(IDCW) 43.40 32.42 25.19 20.37 14.63 18.10 16.76 Source: Ace MF. Past performance may or may not be sustained in the future. Load is not taken into consideration in scheme returns calculation. Data as of 30th November 2021.Different Plans shall have different expense structure. Returns are net of Total Expenses and calculated on the basis of Compounded Annualized Growth Rate (CAGR). For performance of other Schemes Managed by Mr. Chirag Mehta please see slide number 55 and 56 41

42. Risk is as much Relevant Risk Ratios - Period (Since inception of Quantum Equity FoF) Risk Free Rate: 6.00% 20-Jul-2009 To 30-Nov-2021 Beta Up Down Capture Ratio SD Sharpe Sortino Jensen`s Down Side Risk Information Ratio Scheme Name (Correlation ) Capture Ratio Annualised Alpha Quantum Equity FoF Fund(G)-Direct Plan S&P BSE 200 - TRI 16.88 0.93 0.159 0.265 0.09 53.53 0.03 96.21 90.38 17.72 1.00 0.145 0.239 0.00 56.96 100.00 100.00 Past performance may or may not be sustained in the future. Source: Ace MF 42

43. * Includes cash held by the underlying schemes and QEFOF Data as on 30tht November 2021; Source – ACE MF A Well Diversified Portfolio Market cap wise exposure Top stocks of the look through QEFOF portfolio November 2021 % 5.75 5.64 5.42 3.78 3.05 2.49 2.12 2.09 1.97 1.91 Stocks ICICI Bank Ltd. Infosys Ltd. HDFC Bank Ltd. Reliance Industries Ltd. Bajaj Finance Ltd. Tata Consultancy Services Ltd. Axis Bank Ltd. State Bank Of India Avenue Supermarts Ltd. Larsen & Toubro Ltd. % of Total Portfolio Market Cap QEFOF QEFOF BSE 200 BSE 200 Large Cap 61.14 86.88 Mid Cap 28.69 13.12 Small Cap 6.04 - Cash* 4.03 - Total 100 100 Data as of Nov 2021. Stock specific disclaimer - Stocks referred above are not recommendation of Quantum Mutual Fund/AMC. The Fund may or may not have any present or future positions in these Stocks. The above information of stocks which is already available in publicly access media for information and illustrative purpose only and not an endorsement / views / opinion of Quantum Mutual Fund /AMC. The above information should not be constructed as research report or recommendation to buy or sell of any stocks. Past Performance may or may not be sustained in future. 43

44. Sector allocation view of the active stock picking done by various fund managers of the underlying schemes S&P BSE-200 Index November 2021 QEFOF look through portfolio November 2021 Sector Communication Services Consumer Disc. Consumer Staples Energy Financials Healthcare Industrials Materials Real Estate Technology Utilities Cash Equiv. Total No. of Securities 3.0% 7.6% 8.1% 9.8% 31.9% 5.2% 6.2% 9.1% 0.6% 14.3% 4.2% 0.0% 100% 201 2.1% 11.8% 5.2% 4.2% 27.7% 7.7% 11.4% 9.3% 0.3% 12.2% 2.3% 5.6% 100% 184* Data as of Nov 2021. Sector related disclaimer - Sectors referred above are not recommendation of Quantum Mutual Fund/AMC. The Fund may or may not have any present or future positions in these Sectors. The above information of Sectors which is already available in publicly access media for information and illustrative purpose only and not an endorsement / views / opinion of Quantum Mutual Fund /AMC. The above information should not be constructed as research report or recommendation to buy or sell of any stocks from any Sector. Past Performance may or may not be sustained in future. 44

45. Expensive on a trailing basis, potential of superior forward earnings Portfolio Characteristics Number of Stocks QEFOF BSE200 171 * 192 # Median market cap. (USD mn) 5,293 5,886 Wtd. dividend yield 0.83% 1.28% Wtd. PER: March 2024E 19.1 17.2 Wtd. EPS Growth: March 2024E 22.0% 17.5% PEG Ratio (excludes cash) 0.87 0.98 Historical PER of portfolio (T12M) 40.5 35.9 Wt of stocks with PER < 20, historical 88% 84% % Wt of stocks with PER > 20, historical 13% 16% % Wt of stocks with PER > 30, historical 69% 66% * Out of 184 stock in the portfolio, the fundamental estimates could be found only for 171 stocks. * Out of 201 stock in the portfolio, the fundamental estimates could be found only for 192 stocks. Data as of November 2021 45

46. 46 Approach to ESG Evaluation Proprietary research (Blended Approach) Scoring system Data Sources Company disclosures Company disclosures (30% weight) Companies are evaluated on their levels of disclosures provided in their sustainability reports / business responsibility reports / annual reports. Companies with higher disclosures get higher scores. •Sustainability reports (GRI Framework) •Business Responsibility Reports (BRR) and annual reports •Sustainability Accounting Standards Board (SASB) publications •Pollution Control Board Filings •Industry associations (WBCSD, WRI) •News reports •Management interaction •Binary scoring systems: +1 for disclosure, 0 for non disclosure •Scores standardized from 0 (minimum) to 100 (maximum) Qualitative factors •Negative scoring system: Dependent on relative performance v/s peers or v/s national / global regulations •Penalty for ESG non compliance •Scores standardized from 0 (maximum) to -100 (minimum) Qualitative factors (70% weight) •Evaluate companies on their ESG performance relative to their peers on material ESG aspects. •Check for any past violations / red flags of certain E&S metrics and corporate governance regulations Consolidated score •Ranges from +30 (maximum) to -70 (minimum) 46

47. Avoid companies with weak financial sustainability… Leverage (60% Weight) RoIC Growth (10% Weight) (30% Weight) RoIC > 12% Consider 10 year and 3-year historical average. Cyclical and Structural industry factors assessed. Debt : Equity < 1:1 Consider 10-year historical, current leverage ratio and prospects (including one- offs). Growth > 7% Consider last 3-year FCFF CAGR. Financial Assessment – An Integral part of our ESG research. Companies meeting close to the minimum threshold are assessed on the current and future financial prospects. We review in-house equity analyst estimates (if available) and consensus estimates. • • • 47

48. 48 ESG scores drive sector weightages… Quantum India ESG Equity Quantum India ESG Equity Fund (Nov 2021) Fund (Nov 2021) 14% 20% 25% 11% - 3% 5% 2% 3% 2% - - 2% 3% - 4% 1% 100% 100% Nifty 100 ESG Nifty 100 ESG Index (Nov 2021) Index (Nov 2021) 28% 23% 13% 8% 5% 4% 3% 4% 3% 3% 2% 2% 1% 1% - - - 100% 100% BSE 200 Index BSE 200 Index (Nov 2021) (Nov 2021) 32% 14% 11% 5% 4% 11% 3% 2% 2% 3% 3% 4% 1% 1% 1% 1% 2% 100% 100% Sector Sector Financial Services IT Consumer Goods Automobile Pharma Oil & Gas Cement & Cement Products Consumer services Telecom Power Construction Metals Fertilisers & pesticides Healthcare services Services Chemicals Industrial manufacturing Total Total 45 45 88 88 201 201 No. of Securities No. of Securities 48 Source: Quantum Asset Management Company Pvt Ltd. As on November 30, 2021

49. 49 Our Suggestion: 80% Investment in Equity 15% in QESG Portfolio Characteristics versus BSE-30 TRI QESG BSE-30 TRI Weighted dividend yield 1.22% 1.21% Weighted EPS Growth: March 2024E 21.93% 17.05% PEG Ratio (excludes cash) 1.00 1.05 T12M PE 44.4x 36.7x Weightage of stocks with PER < 20 7% 9% Weightage of stocks with PER > 20 93% 91% Weightage of stocks with PER > 30 82% 66% Past performance may or may not be sustained in future. Source: Quantum Asset Management Company Pvt Ltd As of November 30, 2021 49

50. Equities or Fixed Income or Gold? How do you pick the winning asset class? 50