Welcome

1. Welcome Quest Investment Advisors Pvt. Ltd. September 2011

2. Our mission statement.. “Ensure transparency and strive for excellence in our business through a disciplined process that is more enjoyable than the outcome”.

3. We are.. • ..an independent research house, in the business of equity research, portfolio management and investment advisory since 1988 • ..a team of professionals having corporate / capital market background who have been with us for an average of 7 years • ..a SEBI registered Portfolio Manager (registration no. INP000001421) offering discretionary PMS services since October 2007 • ..also associated with a Singapore based FII ..committed long term players

4. Our Core team.. ..has an average experience of 23 years, and has been with Quest for an average of 7 years

5. Our investment philosophy.. Macro economic factors, technology, market movements Forecasting these is not our strength Sound businesses backed by management with honesty and integrity Sound businesses backed by management with honesty and integrity that are available at discount to their intrinsic value ..is to construct a concentrated portfolio comprising of companies where there is high margin of safety

6. Our investment strategy.. • To identify companies in the small and mid cap category that are under researched and • ..the intrinsic value of the share is yet to be discovered by the market • To construct a reasonably concentrated portfolioand • ..nurture the investment as a private equity investor over 3 to 5 years • To get a fillip from the recently notified SEBI regulation • ..we can now own upto 25% of a fundamentally strong company without having to make an open offer • Is to remain invested and benefit as the company changes orbit from a small cap to a mid cap and • ..gain from the P/E expansionand the price discovery process of our investee companies ..is to identify a few big winners and own those companies

7. Our Research process.. • ..is a bottom-up approach to identify growth companies with a simple business model • ..is based on a rigorous fundamental analysis to evaluate a company’s business model and earnings visibility • ..seeks to identify key factors that provide a competitive edge to a business and the sustainability of those factors • ..blends the qualitative evaluation of management with the quantitative estimation • ..seeks to identify companies with a cash surplus or low debt and have the potential to generate free cash flow • ..follows a disciplined approach for value creation over 3 to 5 years ..combines the Science with the Art of stock selection

8. Our performance.. Composite Performance of all clients as on 30 September 2011 ..is consistent across various benchmarks and over different time periods * Returns over 1 year period are annualized. * Performance Figures are after adjusting all expenses and all fees including Performance Fees. * Return percentages have been computed using XIRR method (Discounted Cash Flows over uneven timeframe) in order to reflect the time value.

9. Our performance.. Composite Performance of all clients as on 30 September 2011 ..is consistent across various benchmarks and over different time periods * Absolute returns for the respective period. * Performance Figures are after adjusting all expenses and all fees including Performance Fees. * Return percentages have been computed using XIRR method (Discounted Cash Flows over uneven timeframe) in order to reflect the time value.

10. Is backed by fundamentals.. ..and is consistent with our investment philosophy of seeking high margin of safety

11. Our investment portfolio.. • Agri input companies • Farm equipment companies • ..sectors that will benefit from need to improve agri productivity and a booming rural economy • Infrastructure equipment/service providers that will benefit from increased spending on infrastructure • Wellness and healthcare business that will benefit from a growing awareness and spending on a healthy lifestyle • Speciality chemical / water treatment business that will benefit from an increasing consumer spending • Education providers that will benefit from changing demographics ..has been constructed to benefit from the India Story

12. Risks in our investment strategy.. • ..a short term shift in sentiment away from growth to liquid or momentum stocks We believe a fundamentally strong company creates value over 3 to 5 years • ..liquidity in individual stocks We believe if a business does well, liquidity will follow • ..a macro economic variable can impact our investee companies in a specific sector in the short term Our portfolio is concentrated yet diversified to mitigate the risks ..is monitored and moderate over long term

13. QuestPMS.. • ..is a discretionary Portfolio Management Service • ..has professional partners • ..has a transparent fee structure and charges a Fixed fee and a Performance fee • Fixed fee is charged @1% per annum • Performance fee is charged @15% on the total return, with a 8% Hurdle Rate with Catch-Up • ..other expenses - brokerage, custodian charges, audit fees, etc. incurred for operating the PMS account at actuals • ..provides transaction details on a monthly basis ..is known for professional ethics and transparency

14. Quest Foundation.. • ..set up as a charitable institution in 2009 by the Directors • ..presently operates from a 4,000 sq.ft premises owned by the Directors and has been made available to the Foundation • ..currently • hosts Iyengar Yoga classes for over 350 students • has sponsored NutanGyaanDhara, a free public library that has over 3,500 titles on varied subjects like spirituality, healthcare, meditation, yoga, diet etc. • Stated objective: “10% of profits of Quest are to be used to support activities of external charitable institutions” ..our obligation to society

15. We partner you.. • ..in identifying opportunities in a world that is witnessing a shift to countries such as India • ..in identifying companies that will benefit from fundamental growth • ..in creating a portfolio that is “built to last” and not driven by liquidity and momentum Thank You ..in Wealth Creation

16. Disclaimer • Investors are not being offered any guaranteed / assured returns. • Investments in equities are subject to market and other risks. • Value of investments may go up or down due to various factors and forces affecting the capital market. • Our past performance does not indicate the future performance of the portfolio manager and/or the portfolio management scheme. • Investors are urged to apply appropriate caution while making investment in the QuestPMS scheme. • There is no capital guarantee in the QuestPMS scheme.