Fact Sheet MarketGrader MarketGrader All-Cap Growth Leaders Index RESEARCH & INDEXES The MarketGrader India All-Cap Growth Leaders Index consists of the 80 most fundamentally sound companies with the best growth prospects in India, whose shares are listed in the country’s national exchanges or in the United States. Its objective is to give investors access to the best companies in the world’s fastest growing large economy without overpaying for their shares. Constituents are selected across all market cap segments and all economic sectors after they have passed rigorous size and liquidity filters.

Index Rules Performance

Investable Universe IndiaCumulative Growth Leaders Total Return, Jan. 2008 - Sep. 2020* All data as of Sep 30, 2020 All companies domiciled in India that have 125% received a MarketGrader Score consistently for at least six months, whose shares are 100% listed on the National Stock Exchange, the or on U.S. national 75% exchanges. 50%

Regulatory Requirements 25% Stocks are ineligible for Index selection if 0% they are included in the ‘Red Flag List,’ maintained and published by the National -25% Securities Depository Limited (NDSL) of India, or on the ‘Breach List,’ maintained by the -50%

Central Depository Services (India) Limited 9/30/20 -75% (CDSL), both of which govern foreign own- 12/31/07 12/31/08 12/31/09 12/31/10 12/30/11 12/31/12 12/31/13 12/31/14 12/31/15 12/30/16 12/29/17 12/31/18 12/31/19 ership limits of Indian securities. MarketGrader India All-Cap Growth Leaders India S&P BSE SENSEX MSCI India

Size Requirements All companies must have a minimum total Calendar Year Returns Annualized Returns market capitalization of USD 150 million on MG India India S&P BSE MSCI MG India India S&P MSCI the Index selection date. All-Cap Gr. SENSEX India All-Cap Gr. BSE SENSEX India 3-Years 0.80% 3.70% 2.20% 2020* 3.05% -9.83% -4.35% Liquidity Requirements 5 -Years 4.80% 6.60% 5.30% All stocks must have a minimum three- 2019 -0.24% 13.13% 7.58% Since 12/31/07 4.50% 1.40% 0.00% month average daily trading volume of USD 2 million as of the selection date. 2018 -11.20% -1.97% -7.31% Cumulative Returns MG India India S&P MSCI Selection Criteria 2017 46.77% 37.77% 38.76% All-Cap Gr. BSE SENSEX India All Index constituents are selected based 3-Years 2.40% 11.60% 6.70% 2016 -1.67% 0.86% -1.43% on their overall MarketGrader (MG) Score. 5 -Years 26.20% 37.90% 29.30% Built on a scale between zero (0) and 100, Since 12/31/07 75.60% 19.80% 0.20% this MG Score is based on 24 fundamental 2015 0.67% -8.10% -6.12% indicators across MarketGrader’s four rating 2014 37.70% 29.22% 23.87% Standard Deviation categories: Growth, Value, Profitability and MG India India S&P MSCI Cash Flow. All indicators and the final MG All-Cap Gr. BSE SENSEX India 2013 1.72% -1.94% -3.83% Score are calculated daily for all companies 3-Years 22.13% 24.41% 23.82% under coverage. 2012 29.20% 24.05% 25.97% 5 -Years 20.12% 21.67% 21.21%

Weighting Since 12/31/07 27.75% 28.03% 28.42% 2011 -31.60% -35.70% -37.17% The Index is re-weighted at each rebalance Sharpe Ratio date based on each constituent’s free float 2010 33.49% 23.99% 20.95% MG India India S&P MSCI market capitalization, with the total weight All-Cap Gr. BSE SENSEX India per constituent capped at 5% of the entire 2009 114.55% 91.91% 102.81% 3-Years 0.04 0.15 0.09 Index. 5 -Years 0.24 0.30 0.25 2008 -62.66% -61.00% -64.63% Rebalance Frequency Since 12/31/07 0.16 0.05 0.00 The Index is reconstituted and rebalanced All values in USD. *YTD values as of 09/30/2020 Frequency: Monthly. Sources: FactSet, MarketGrader.com Sources: FactSet, MarketGrader.com semi-annually, after the close of trading on U.S. exchanges on the third Friday of March Sources: FactSet, MarketGrader.com * The MarketGrader India All-Cap Growth Leaders Index was first published on February 21, 2020. Backtested performance infor- and September. mation is purely hypothetical and is solely for informational purposes. Backtested performance does not represent actual perfor- mance, and should not be interpreted as an indication of actual performance. Past performance is not indicative of future results. “Standard & Poor’s”, “S&P”are registered trademarks of Standard & Poor’s Financial Services LLC. MSCI brands and product names are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions. MarketGrader.com © 2020. Fact Sheet MarketGrader MarketGrader India All-Cap Growth Leaders Index RESEARCH & INDEXES

Index composition data as of Sep 30, 2020. All currency values in USD.

Index Bio Top 20 Stocks by Fundamentals Average Market Cap USD $7,497.96 Ticker Name Grade Median Market Cap USD $1,800.55 506767.IN Alkyl Amines Chemicals Limited 81.93 Average 3 Mo. Dollar Volume USD $2,759,881.07 540005.IN Larsen & Toubro Infotech Ltd 75.97 Average 3 Mo. Trading Volume 287,135.00 524494.IN Limited 75.34 Last Rebalance Date 9/21/20 541179.IN ICICI Securities Ltd. 73.55 Companies Replaced 37 532281.IN HCL Technologies Limited 73.37 Biggest Sector Increase Health Care 540222.IN Laurus Labs Ltd. 73.01 Biggest Sector Decrease Consumer Discretionary 506943.IN JB Chemicals & Pharmaceuticals 72.23 532482.IN Granules India Limited 71.96 Fundamental Attributes Median 524348.IN Aarti Drugs Limited 71.77 Trailing P/E Ratio 22.4 533398.IN Limited 71.00 Forward P/E Ratio 21.6 533573.IN Limited 70.96 Earnings Yield 6.0% 507685.IN Limited 70.64 Price/Book Ratio 5.0 INFY Limited Sponsored ADR 69.46 Revenue Change - 3 Years 43.9% 523704.IN Mastek Limited 68.96 Operating Income Change - 3 Years 70.0% 506395.IN Limited 68.57 Operating Margin 17.9% 532466.IN Oracle Financial Services Software 67.77 Earnings per Share (EPS) 3-Year Growth 19.3% 542726.IN IndiaMART InterMESH Ltd. 67.38 Long-Term Debt to Capital 14.9% 532488.IN Divi's Laboratories Limited 66.74 Return on Equity 21.2% 539523.IN Ltd. 66.29 Dividend Yield 0.83% 524164.IN IOL Chemicals & Pharmaceuticals 66.25

India Growth Leaders Sector Breakdown (based on aggregate weight) Most Selections Since Inception 1.7% 0.4% Consumer Discretionary Ticker Name Times 125% 15.1% Consumer Staples 532540.IN Tata Consultancy Services Limited 26 1.2% Energy 507685.IN Wipro Limited 25 100%India Growth Leaders 29.5% Financials 526299.IN Limited 24 Health Care 125% 532755.IN Limited 24 Industrials 75% 16.7% 532281.IN HCL Technologies Limited 23 Materials 100% Technology 532819.IN Limited 22 50% 6.9% Telecommunication 500790.IN Nestle India Ltd. 21 75% 4.9% 23.5% Utilities 500870.IN Limited 21 25% 532488.IN Divi's Laboratories Limited 20 50% 500124.IN Dr. Reddy's Laboratories Ltd. 18 0% 524804.IN Ltd 18 25% Market Cap Breakdown (based on aggregate weight) 500674.IN India Limited 17 1.4% -25% 2.8% 506285.IN Bayer Cropscience India Limited 13 0% 14.6% 55.7% 500408.IN Tata Elxsi Limited 13 Greater than USD 50 billion -50% 500875.IN ITC Limited 12 USD 20 billion to 50 billion INFY Infosys Limited Sponsored ADR 12 -25% USD 10 billion to 20 billion 9/30/20 25.5% -75% USD 1 billion to 10 billion 532466.IN Oracle Financial Services Software 11 12/31/07 12/31/08 12/31/09 12/31/10 12/30/11 12/31/12 12/31/13 12/31/14 12/31/15 12/30/16 12/29/17 12/31/18 12/31/19 -50% Below USD 1 billion 534816.IN Bharti Infratel Ltd. 11 532702.IN State Petronet Limited 10 9/30/20 -75% 532331.IN Limited 10 12/31/07 12/31/08 12/31/09 12/31/10 12/30/11 12/31/12 12/31/13 12/31/14 12/31/15 12/30/16 12/29/17 12/31/18 12/31/19

MarketGrader.com © 2020. Sources: FactSet, MarketGrader.com