Investment Opportunity in True North Fund VII

General Disclaimer, Disclosures and Risk Factors • . • • • • The contents of this material have been prepared for initial discussions only and may undergo change in the future and are qualified in their entirety by the private placement memorandum ("Memorandum") of True North Fund VII (the "Fund") and the definitive documentation to be entered into for the Fund (the "Fund Documents"). Any inconsistency between the contents of this material and the Memorandum or the Fund Documents shall be resolved in favour of the Memorandum and the Fund Documents. In case of any inconsistency between this material and the Memorandum and the Fund Documents, the contribution Fund Documents shall prevail. This material has not been approved by any supervisory authority and the required regulatory approvals referred to herein, may not be obtained yet or may not have been applied for yet. The Memorandum and this material has been prepared on the assumption that the legal and tax structure required to conduct the activities of the Fund has been fully implemented and that all requisite legal, regulatory, tax and other clearances have been obtained by the Fund, and its sponsor, investment manager, trustee and their affiliates (as relevant). The information contained herein is strictly confidential and proprietary to True North and is meant solely for the benefit of the addressee and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of the True North. Further, certain information in this material has been obtained from third parties and none of True North, its affiliates or their respective partners or employees assume any responsibility for the accuracy or completeness of such information. Further, the information contained herein should not be construed as forecast or promise. This material is provided on the understanding that each recipient will maintain the confidentiality of, and not distribute, disclose, reproduce or use (in whole or in part) the information without the prior written consent of True North. Each recipient agrees to promptly return this material at the True North's request. By accepting delivery of this material, the recipient shall be taken to have agreed to such responsibility. The recipient of this material is urged to read the Memorandum and is advised to consult their own legal and tax consultants/advisors before making any investment in the Fund. By accepting delivery of this material, the recipient shall be taken to have agreed to the above. The recipients should also note that there can be no assurance that any of the prospective investments, if any, described in this material, will be consummated or any other arrangements with any other person will fructify, or in either case continue even if consummated or fructified. The committees or boards mentioned in this material may differ or change from time to time. Further, the investment professionals and members of any committee or board referred to herein involved in investments may differ or change from time to time. Further, references to any persons supporting the Fund or otherwise participating in the Fund or being involved in any manner should not be construed as arrangements that are subject to legally binding commitments. The information set forth in this material has been compiled as of the date hereof unless stated otherwise herein and the delivery of this material does not create any implication that the information contained herein is correct as of, or at any time subsequent to, the date mentioned herein. True North does not undertake to update or correct any information herein. No representation or warranty, express or implied, is made or assurance given by True North, it's affiliates or their respective partners or employees and, without prejudice to any liability for, or remedy in respect of, fraudulent misrepresentation, no responsibility or liability or duty of care is or will be accepted by True North, it's affiliates or their respective partners or employees: (A) as to the fairness, accuracy, completeness, currency, reliability or reasonableness of the information or opinions contained in this material; or (B) for updating this material, correcting any inaccuracies. None of True North, it's affiliates or their respective partners or employees shall be liable for any loss (direct, indirect or consequential) or damage suffered by any person as a result of relying on any statement herein or omission from, as per this material. Nothing contained herein may be relied upon as a guarantee, promise, assurance or a representation as to the future. No assurance can be given that the investment objective or investment strategy of the Fund will be achieved or that the investors will receive return of their investment or not incur losses, including loss of capital. The recipient is cautioned not to put undue reliance on any of the assumptions, scenarios, projections, target returns, expected coupons / returns or other information contained herein. Investing in securities including equities and derivatives involves certain risks and considerations associated generally with making investments in securities. The value of the investments may be affected generally by factors affecting financial markets, such as price and volume, volatility in interest rates, currency exchange rates, changes in regulatory and administrative policies of the government or any other appropriate authority (including tax laws) or other political and economic developments. Consequently, there can be no assurance that the objective of the Fund would achieve. The value of the portfolio may fluctuate and can go up or down. Investors could lose some or all of their investment. The securities/sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not have any future positions in these securities/sector(s). Investor could lose some or all of their investment. As with all debt securities, changes in interest rates may affect valuation of the portfolios, as the prices of securities generally increase as interest rates decline and generally decrease as interest rates rise. Lack of a well-developed secondary market, which may restrict the selling ability of the portfolio(s) and may lead to the investment(s) incurring losses till the security is finally sold. True North does not guarantee the returns and / or maturity proceeds thereon. All recipients of this material must before dealing, and/or transacting in any of the products referred to in this material must make their own investigation, seek appropriate professional advice and carefully read the Memorandum. Actual results may differ materially from those suggested in this note due to risk 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, inflation, etc. There is no assurance or guarantee that the objectives of the Fund will be achieved. True North's investment decisions may not be always profitable, as actual market movements may be at variance with anticipated trends. The investors are not being offered any guaranteed or assured returns. True North reserves the right to modify or make investments in accordance with the provisions of the Fund Documents. The details of the deals/investments observed in the recent past is provided only for illustration. There is no guarantee or assurance of such deals/investments will be executed by True North 23 truenorth 0 For ICICI Securities Clients Only