Investment Opportunity in True North Fund VII

Opportunity - True North Fund VII Investment Strategy Invest in 12-151 mid-sized, profitable, India-centric businesses. Our investment strategy identifies fast-growing and structurally attractive segments in our focus sectors Target Returns² (Pre-tax) Taxation (expected) Focus Sectors Target Strategy Mix Concentration Limits Average Hold Period4 Avg Ticket Size5 Fund Tenure Hurdle (Pre-tax) Management Fee GP Share of Profits 1Approximate range: Contingent on deal flow/size 2Indicative range that TN aspires to deliver Gross IRR 23% -25% Net IRR 18% -19% Long Term Capital Gains (40% exits through listing) Financial Services, Healthcare, Consumer & Technology 25% Digital-first 75% Native/ Traditional <40% Single Sector <10% Single Investment³ 4-6 Years INR 450 Cr to INR 675 Cr ($60M to $90M) 10 Years from Final Closing (Extendable with appropriate approvals) 10% Internal Rate of Return (INR) 2% p.a. plus applicable taxes (On Committed Capital during the commitment period & then on Invested capital) 20% (with 100% catch-up) 3 Regulatory limit for single investment is 25% 4Expected in ordinary course truenorth 0 8 5This fund will invest into deals alongside a larger international pool of money being raised in a separate vehicle managed by same Sponsor and/or its affiliates For ICICI Securities Clients Only

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