We aim to build a unique asset management franchise by bringing together multiple

specialist teams to actively manage diversified credit funds.

The name "Mosaic" reflects our approach of combining diverse, uncorrelated credit
assets to achieve higher returns per unit of risk.

Strictly Private & Confidential

GOOD TIME TO ADD
MACRO TAILWINDS
CREDIT FUNDS Post-NPA cycle: Best corporate credit profile since 2007
Default rate: A-rated corporates' transition to D has fallen to
0.86% (2013-23) vs 1.9% (2007-17)¹
Risk Premiums comparable to Equities:
Performing* Credit funds deliver apx 5% IMPROVED SUPPLY OF CREDIT & PRICING
excess return over bonds.
RBI policy: Disfavors Banks/NBFCs doing projects and structured
finance, resulting in better risk pricing
Volatility: Credit funds** have the volatility
Capex cycle: Improved opportunities in corporate finance
of short-term funds

FAVOURABLE AND MATURING LEGAL FRAMEWORK

Shock Absorbers: The high carry of the fund
absorbs the NPA shocks well. A 14% Insolvency & Bankruptcy Code (2016) and RERA have led to better
portfolio will nearly yield 12%, even after a borrower discipline
10% NPA shock*** Development of robust regulatory & tax framework for AIFs

TAX HARMONISATION AND ASSET ALLOCATION

Tax harmonization equalizes debt mutual funds and AIFs
*Assuming a carry of 14-15% Investors are underweight credit risks and fixed-income
**Open-ended Credit Mutual Funds’s
¹Source: Crisil & ICRA
standard deviation
***Assuming only 25% recovery
CREDIT FUNDS: SOLVING FOUR PROBLEMS

PROBLEMS MOSAIC APPROACH

DIVERSIFIED
CONCENTRATED
We will invest across three uncorrelated sectors Financials, Corporate
Most AIFs are single credit-segment oriented
and residential RE- reducing the overall RISK of the portfolios

BETTER ORIGINATION
LIMITED ORIGINATION
Our multiple specialist teams have better coverage and
Most AIFs’ origination funnel is limited
relations to source better priced trades across sectors

RISK MANAGEMENT EXIT FOCUSED

Most AIFs chase pricing and match duration, behaving like Our long and rich experience in EXITs will help us navigate difficult
High-Yield fixed maturity plans markets better

CONFLICTED INDEPENDENT
Most AIFs have inherent conflicts of interest and are We wil remain asset managers with no other business,
AUM growth focused resulting in no conflicts of interest
OUR STRENGTHS

PRIVATE MARKET Deep knowledge of the Indian promoter, developer and transaction
EXPERIENCE ecosystem, aiding in deal sourcing and underwriting

PUBLIC MARKET Proficiency in policy, macro trends, cross market dynamics and relative
EXPERIENCE pricing enabling construction of robust portfolios

RICH & LONG EXPERIENCE What sets us apart is our collective experience and skill in timely exits,
OF MANAGING RISKS acquired from our previous leadership roles

INDEPENDENT FUND HOUSE Owned and run by fund managers which ensures longevity and continuity of
WITH NO CONFLICT investment managers with no conflict

Unique strategy of bringing together multiple specialist teams with vast leadership experience; Will help create a
‘Mosaic’ of diverse uncorrelated credit assets and aim to deliver higher returns without corresponding increase in risk
 STEERING SUCCESS: 24+ YEARS OF
FUND MANAGEMENT & LEADERSHIP
Independent Director at JM Financial Products
Board advisor at IIM Udaipur, Center of Financial Research
Faculty at IIM Mumbai, teaching SAPM (Security Analysis and Portfolio Management)

Fund Manager, Co-CIO and Head of Fixed Income at Aditya Birla Sun Life Mutual Fund (2006-21)
Directly managed INR 70,000 cr as Fund Manager at ABSL AMC
Delivered 4.5% excess return over average competition in credit fund through ILFS & Covid19 crisis (2018-21)*
Grew ABSL Debt AUM from less than INR 10,000 cr to 1.6 lakh cr, elevating ABSL from 8th largest to top-2 in India

FUND MANAGER OF THE YEAR AWARDS

CIO of the year, Best Fund Best Fund Best Fund Manager of the Most astute investor One of the most astute
2016, 2018 manager of the manager of the year, 2011, 2012 (winner), of the year investors of the year
year, 2011 year, 2012 2013 (runner up) (2010, 2012, 2014, 2015) (2009, 2011, 2013, 2016)

DEBT FUND HOUSE OF THE YEAR AWARDS

MANEESH DANGI
FOUNDER & CEO, MOSAIC ASSET
MANAGEMENT
Outlook Morningstar S&P Crisil Bloomberg Lipper Wealth Forum
(2009, 2010, 2011, 2013) (2015) (2008, 2009) (2014) (2008) (2012)
PGDBM, FRM (GARP)

*Valueresearch
 20+ YEARS OF EXPERIENCE IN PRIVATE & PUBLIC CREDIT MARKETS

2022-23: MD & CIO of JM Credit Alternatives

INR 16,000 Cr 2016-22: MD - Structured Finance Group
Underwritten Started the Private Credit Underwriting/Syndications business
in last 15 years Prop lending/investment from NBFC

INR 3,000 Cr 2009-16: Executive Director – Fixed Income Structuring & Sales
Direct Lending/ Handled origination, structuring, underwriting and distribution of private credit deals
investments Trading & sales of IG Credits

<1.25% 2007-09: Vice President – Debt Capital Markets

NPA Origination, structuring & execution of IG Bonds, INR CLOs and INR Private Credits
One of the top-5 underwriters of INR Bonds
R. GOPI KRISHNA
CO-FOUNDER & CIO STRUCTURED 100% 2004-07: Associate – Debt Capital Markets
FINANCE RECOVERY Origination, structuring & execution of USD Bonds, INR Bonds, INR CLOs and INR Private Credits
Largest underwriter of INR CLOs and USD Bonds
PGDM, IIM AHMEDABAD

INR 1.25 Lakh Cr

Underwritten 20+ YEARS OF EXPERIENCE IN REAL ESTATE LENDING
in last 24 years

INR 50,000 Cr 2004-24:

Builder book managed Professor of Finance with 12 years of academia experience
(125 developers, 200 projects)

INR 8,000 Cr 2010-23: Deputy Managing Director

Mid market builder book* Responsible for transforming small NBFC into leading HFC in India
*(20 – 100 cr ticket size)
Created India’s most successful LAP franchise with over INR 50,000 Cr in disbursements

ASHWINI KUMAR HOODA <1%

NPA 2000-10: Head of corporate real estate and structured finance book
CO-FOUNDER & CIO - REAL ESTATE Managed book of INR 9,000 Cr with zero NPA
MBA JAMNALAL BAJAJ ~17% International Housing Program from Wharton School, UPenn
B.TECH., IIT ROORKEE YIELD
 CHIEF MENTOR AND BOARD ADVISOR
Ajay Srinivasan has a proven track record of building and scaling businesses
across India and Asia

Starting at ICICI in 1987, he moved to be a part of a team that built new

businesses for ITC's financial arm, becoming Deputy CEO and Chief Investment
Officer of ITC Threadneedle Mutual Fund in 1996

In 1998, he became the first CEO of ICICI Pru AMC, which grew into India's largest
private asset management company

He then moved to Hong Kong in 2001, leading Prudential Asia's asset management
business as its first CEO. Under his leadership, the business expanded across 10
markets with $70 Bn in assets within seven years

In 2007, he joined Aditya Birla Group to lead their financial services business. As
the first CEO of Aditya Birla Capital, he built a leading, diversified financial
services conglomerate with profitability amongst the top 100 corporates in the
AJAY SRINIVASAN country

PGDBM - IIM AHEMDABAD Ajay studied Economics at St Stephen’s College, Delhi and is an alumnus of IIM
Ahmedabad
OUR SENIOR MANAGEMENT TEAM

A. DHANANJAYA GIRISH KAMATH

CHIEF RISK OFFICER CHIEF OPERATING OFFICER
PGDM, IIM Bangalore BE, PGDM

30+ years of experience in providing oversight 30+ Years as a professional with diverse experience spanning across
and strategic leadership for credit risk Consulting, Power and Financial Services
Chief Compliance and Risk Officer of Aditya Birla Led the HR and Business Excellence verticals for Aditya Birla Sunlife Asset
Capital (2008-23) responsible for overseeing the Management (2013-2019) a period during which the Organization witnessed
compliance and risk functions across all financial unprecedented growth in AuM to emerge as the third largest player
services businesses of the group including MF, ABSLAMC recognized as a top 10 Great Place to Work in BFSI, with high
NBFC and Insurance engagement and low attrition)
Head of Compliance ABN Amro Bank during Senior Consultant in Leadership and Change Management at PwC and Grow
2002-08 Talent (2002-2010)
1988-2002, Head of transaction banking and Trained Assessor in Organizational Diagnostics using Malcolm Baldridge and
customer services at Bank of America European Federation of Quality models; completed assignments for Tata
Group and CII
OUR SENIOR PORTFOLIO MANAGERS

ADITI DESHPANDE AMIT THAKKAR

MD & SENIOR PM MD AND SENIOR PM
CA & IIM Calcutta CA - 29th All India Rank

20+ years in structured finance, capital markets, 20+ years of experience in capital raising, fund
mid-market corp lending specializing in underwriting management, investment banking & property
& risk management development
National Credit Head at Aditya Birla Finance (2016- Experience in managing real estate asset classes
24), managing INR 10,000 Cr loan portfolio with Gross such as residential/ housing, office parks, and
NPA below 0.5% industrial/warehousing on a pan-India basis
VP, Credit Risk at JM Financial (2014-16), overseeing Significant experience in transaction structuring and
credit assessment & deal negotiations underwriting
Head of Credit Research at CRISIL (2013-2014), Strong knowledge of pan India real estate markets/
conducting credit research & financial modelling development controls and regulation
Sector Lead at Bank of America (2007-13), managing Previously worked with JLL, Cushman & Wakefield,
global credit risk SSG Group & Samman capital
THREE SEGMENTS OF OUR PORTFOLIO
FINANCIALS CORPORATE FINANCE RESIDENTIAL DEVELOPERS

Policy cycle: When regulatory and monetary Equity or risk cycle: When system experiences Real estate cycle: Boom/bust in Real estate
SOURCE OF RISK policy tightens, access to finance deteriorates risk off – the risk in this segment rises investment and price cycle, developer behavior
for financiers and micro market demand/supply

On Balance Sheet Funding / Securitisation / Cash flow based: OpCo / M&A / LAP Funding Project Funding / Inventory Funding
DEAL TYPE
Sub-debt Asset based: LAS / M&A Funding

Regular cash flow trades SF exposures may have lower coupon and part RE exposures have a decent mix of coupon (10-
CASH FLOW
Coupon equals YTM of payment can be back ended 12%) and rest of the flows are back ended

LIQUIDITY High Moderate High at later stage of Project

UNDERWRITING
Standardized Templates Bespoke Standardized Templates
STANDARDS

STRENGTH OF THE Good template & financial cycle Promoter connect, industry cycle, sound Knowledge of micro market and relationship
TRADE business model, transaction structuring with developers

YIELD 12-14% p.a. 14-16% p.a. 16-18% p.a.

FULLY INVESTED
PORTFOLIO 20-30% 40-60% 20-30%
COMPOSITION

COLLATERAL Underlying loans Assets/shares of the borrower; Other collateral Land + Project assets + Project Cashflows
OUR RISK IS LESSER

DIVERSIFIED Our portfolio risk is substantially reduced as it is diversified across three

major sectors - which are uncorrelated, and are in different stages of cycle.

DEEP EXPERIENCE Our leadership team’ deep experience of originating good transactions and
exiting in difficult situations, reduce the risk of adverse selection and
improve recovery

LIQUIDITY AND DRAG Short-duration assets and financials will give us adequate liquidity, reduce
drag, provide continuous cash flows

SECURITY All our exposures will be well secured by Tangible and Enforceable
collateral, increasing our recovery
MOSAIC MULTIYIELD FUND - SERIES 1: SUMMARY TERMS
FUND/SCHEME SCHEME SIZE LAUNCH DATE FUND TENOR CO INVESTMENT PORTFOLIO YIELD
Multiyield Fund – Series INR 500 Cr + 500 Cr Oct 2024 4 year 11 months + OPPORTUNTIES FOR Targeted at 16% p.a.
1 (Cat II AIF) 1 year + 1 year INVESTORS >10CR

COMMITMENT PERIOD REINVESTMENT INVESTOR PAYOUT CARRY/HURDLE RATE MOD DURATION (APX) OPERATING FEES
24 months During 4-year 11 months Quarterly; Only Principal 15% Carry; 10% p.a. Hurdle 3.5 year 0.25% p.a. Cumulative
from initial close Reinvested Rate with no catch-up (All series)
Guidance~ 10% pa

FEE STRUCTURE

DESCRIPTION SCHEME SERIES (DISTRIBUTOR) MANAGEMENT FEES (P.A.) SET UP FEES (ONE TIME)

INR 1.00 Cr to less than INR 10.00 Cr B1 1.50% 0.75%

INR 10.00 Cr to less than INR 25.00 Cr B2 1.25% 0.50%

More than 25.00 Cr B3 1.00% 0.25%

DISCLAIMER
This presentation is to provide general information to prospective investors to assist them in making an investment decision in the Units of Mosaic Asset Management MultiYield Fund – Series 1, which is a scheme of Mosaic Asset Management MultiYield
Fund. It does not purport to contain all the information that the prospective investor may require to make the investment decision. This presentation is made for informational purposes only and should not be regarded as an official opinion of any kind or a
recommendation to the prospective investors to invest in the Units of the Scheme. It does not constitute an offer, solicitation or an invitation to the public in general to invest in “Mosaic Asset Management MultiYield Fund and/or Mosaic Asset Management
MultiYield Fund – Series 1”, which has filed its registration application and is in the process of obtaining registration as a Category II alternative investment fund with SEBI. This presentation is intended for the use of prospective investors only to whom it is
addressed and who are willing and eligible to invest in “Mosaic Asset Management MultiYield Fund and/or Mosaic Asset Management MultiYield Fund – Series 1”.

The information and statistical data contained in this presentation is proprietary or extracted from publicly available information or is obtained from sources believed to be reliable but in no way warrants its accuracy or completeness. We do not represent
that any information, including any third party information, is accurate or complete and it should not be relied upon without proper investigation on the part of the investor/s.

Certain information contained herein has been obtained from published sources and/or prepared by third parties and in certain cases has not been updated through the date hereof. While such information is believed to be reliable for the purposes used
herein, none of the parties, any party’s affiliated funds, or any of their respective partners, shareholders, directors, officers, employees, agents or affiliates assumes any responsibility and should not be held liable for the accuracy of such information. Mosaic
Asset Management Private Limited or any of its director/s or principal officer/employees or agents do not assure/give guarantee for any accuracy of any of the facts/interpretations in this presentation and shall not be liable to any person for any claim or
demand for damages or otherwise in relation to this opinion or its contents and including, without limitation, any express or implied representation or warranty with respect to such information.

An investment in any strategy, including the strategy described herein, involves a high degree of risk. The aimed returns mentioned anywhere in this presentation are purely indicative and are not promised or guaranteed in any manner. Returns are dependent
on prevalent market factors, liquidity and credit conditions. The aimed returns mentioned anywhere in this document are estimated on a pre-tax basis unless specified otherwise, are purely indicative and are not promised or guaranteed in any manner.
Instrument returns depicted are in the current context and may be significantly different in the future. There is no guarantee that aimed returns may be met. Opinions, estimates and projections in this presentation constitute our current judgment and are
subject to change without notice. Any projections, forecasts and estimates contained in this presentation are necessarily speculative in nature and are based upon certain assumptions. It can be expected that some or all of such assumptions will not
materialize or will vary significantly from actual results. The Investment Manager does not guarantee that the results indicated herein will be achieved and that the investors will receive the indicated return or any return at all, and shall not be held liable for
the same. The prospective investors are responsible to ensure that they are eligible to invest in the units of Mosaic Asset Management MultiYield Fund – Series 1.

All statements, other than statements of historical fact included in herein, including, without limitation, those regarding the Fund’s financial position, business strategy, plans and objectives for future operations, investment objectives and the revenue
illustrations contained herein, are forward-looking statements.. Due to various risks, uncertainties or actual events, results may differ materially from those contemplated in such forward-looking statements. Further, the readers should bear in mind that past
performance is not necessarily indicative of future results, and there can be no assurance of future results. Except where otherwise indicated, the information provided herein is based on matters that exist as of the date of preparation and not as of any
future date. We have no obligation to update, modify or amend this presentation or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently
becomes inaccurate. No assurance or guarantee is given for any accuracy of any of the facts/ interpretations in this presentation.

The contents of this presentation should not be treated as advice relating to investment, legal or taxation matters. The prospective investors shall (i) rely on their own examination of the Fund, the Scheme and the Units, including the merits and risks
involved, and (ii) shall make and will continue to make their own assessment of the Fund. It is recommended that, prospective investors consult their stockbroker, banker, legal adviser and other professional advisers to understand the contents of this
presentation. This presentation is qualified in its entirety by other detailed documents, copies of which will be provided to prospective investors who make a request for the same.

All investors or prospective investors must read the detailed private placement memorandum including the risk factors mentioned therein before making any investment decision/contribution to the Fund or the Scheme. The private placement memorandum
shall be personal to each eligible investor. In considering the performance information contained herein, prospective investors should bear in mind that past performance is not necessarily indicative of future results; and there is no assurance that " Mosaic
Asset Management MultiYield Fund and/or Mosaic Asset Management MultiYield Fund – Series 1" will achieve comparable results or will be able to implement its investment strategy and investment approach or achieve the investment objective as mentioned
in the presentation.

Without the prior written permission of “Mosaic Asset Management Private Limited” (i) the information in this document may not be disclosed or otherwise provided to others; and (ii) this document may not be reproduced or provided to others, in each case
who are not directly concerned with your decision regarding such investment. You will be responsible for communicating the confidential nature of the information and this document to all such persons and the compliance by all such persons with these
restrictions.

This document is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary
to law, regulation or which would subject Investment Manager and/or its affiliated entity(ies) to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to a
certain category of investors. Persons in whose possession this report may come, are required to inform themselves of and to observe such restrictions.
ANNEXURES
WHAT ARE INVESTOR CHOICES IN CREDIT AIFs?
FUND TYPE PERFORMING CREDIT SPECIAL SITUATION VENTURE DEBT DISTRESSED

No incipient stress Temporary dislocation due New age/tech based Companies which have
No past history of stress to external or internal companies turned NPAs
BASIC Core business is Stable uncertainties Evolving business model Shut plants
CHARACTERISTIC Core business is somewhat Low on vintage May/may not be operating
shaky

INDICATIVE PRE-TAX
12-15% p.a. 14-18% p.a. 18-24% p.a. 25%+ p.a.
PORTFOLIO YIELD

RISK Relatively Low Moderate High High

SAFETY OF PRINCIPAL Safe Moderate Low; based on cycle Low

Coupon Either Cash Coupon or PIK Only Coupon Event based cashflows
PERIODIC Principal - mostly Principal mostly rear ended Principal mostly rear ended
CASHFLOWS amortising

Mainly Cashflows from Asset monetization Next round of VC funding Turnaround of business
REPAYMENT/EXIT business Capital market event Capital market event Asset monetisation
STRATEGY Refinance by traditional Refinance Collateral enforcement
lenders
FUND RELATIVE POSITIONING
RETURN
VENTURE DEBT

SPECIAL SITUATIONS
PERFORMING CREDIT

DISTRESSED/
SPECIAL SITUATIONS

RISK
The use of logos belonging to third-party companies, organizations, or entities ("Third-Party Logos") is for illustrative and reference purposes only. All Third-Party
Logos are the property of their respective owners, and we do not claim any rights or ownership over any Third-Party Logos. Further, the inclusion of Third-Party
Logos does not imply any endorsement, sponsorship, or affiliation with the respective owners.
MOSAIC’ INVESTING FRAMEWORK

SELECTION REJECTION
PHILOSOPHY FRAMEWORK FRAMEWORK PORTFOLIO

Active sector Above-average Poor governance Diversified across

allocation margin and Wilful default sectors
Framework based coverage ratio Deep cyclical Granular with low
decision making Moderate leverage Sub-optimal concentration
Macro and Micro Enforceable & risk/return profile risk
assimilation tangible security
Exit focused
MOSAIC’ RISK MANAGEMENT

MONITORING REMEDIAL ACTIONS EXIT STRATEGY

Corporate & Financials Encourage and assist the firm to If macroeconomic conditions
Macro: Macroeconomy & Raise equity significantly worsen or the firm's
policy environment, Secure long-term debt. condition deteriorates, reducing
industrywide trends Sell inventory units (even at our margin of safety, we will
Micro: Firm business, reduced prices if necessary). consider
operational & financial Provide additional collateral if
performance, and covenants required. Negotiating with promoters
. and requesting early
Real estate payments
Macro: Industrywide demand, Triggering Events of Default
supply and absorption trends; (EODs)
micro-market trends Utilizing step-in rights
Micro: Approvals, sales
velocity, pricing trends, cash
flow and escrow
CREDIT vs EQUITY NIFTY PERFORMING CREDIT

~20-25% expensive vs long

HISTORIC VALUATION Average
term average

10% NPA SHOCK No directly observable effect ~2% p.a.

STANDARD DEVIATION
Equities are expensive currently. Even at ~13% ~5%
(3 YEAR)
16% ROE, broader markets will only deliver
WHEN TO INVEST? Early Cycle Mid Cycle
a 3% return over bonds in medium term. In
contrast, performing credit is expected to SKEW
Only 22% of stocks deliver 95%+ credits deliver better
better than Bonds than Bonds
yield 5% more than bonds.
Long - Call Option (Firm Short - Put Option (Firm
CHARACTER
The risk of a U.S. recession or margin Assets) Assets)

contraction could lead to a 20-25% HISTORIC RISK PREMIUM

~3% p.a. ~5% p.a.
correction in equities, while the impact on (3 YEAR MEDIAN)
credit will be minimal, as corporate balance HISTORIC RISK PREMIUM
sheets don't deteriorate abruptly. (POINT TO POINT EXCESS ~5% p.a. ~5% p.a.
RETURN ON BONDS)

Nifty delivers only 3-4% median excess returns over bonds or

fixed deposits for investment horizon of 3 years
CREDIT vs BONDS BONDS PERFORMING CREDIT

HISTORIC REAL YIELD

0-1% p.a. ~5% p.a.
(POINT TO POINT)

EXPECTED REAL YIELD ~2% p.a. ~7% p.a.

An A/BBB mixed portfolio experienced a 3%

EFFECT OF 10% NPA LOSS Zero 2.2% p.a.
default (3-year transition rate) over the
past decade. At this rate, such portfolios
HISTORIC NPA LOSS Zero 0.5%
will incur a loss of 50 basis points.¹

WHEN TO INVEST End of Cycle Mid Cycle

Even in a stress scenerio, a portfolio
yielding 15% p.a. with a 10% default rate in
the middle of a 4-year fund, and a 25% RISK Duration Credit risk

recovery rate results in a net yield of

12.80% p.a. MACRO REGIME Do well in deflation Do well in Inflation

Performing credit fund will deliver as much as

FD even if a quarter of the portfolio turns NPA

Source: Crisil & ICRA