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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 - Aug. 2020* All data as of Aug 31, 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 8/31/20 -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 -0.70 3.10 0.70 2020* 0.11% -8.31% -4.95% Liquidity Requirements 5 -Years 4.70 7.20 5.20 All stocks must have a minimum three- 2019 -0.24% 13.13% 7.58% Since 12/31/07 4.30 1.60 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 -2.10 9.50 2.10 2016 -1.67% 0.86% -1.43% on their overall MarketGrader (MG) Score. 5 -Years 25.90 41.50 29.00 Built on a scale between zero (0) and 100, Since 12/31/07 70.60 21.80 -0.50 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 22.08 24.42 23.83 under coverage. 2012 29.20% 24.05% 25.97% 5 -Years 20.33 22.14 21.61

Weighting Since 12/31/07 27.83 28.12 28.52 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 -0.03 0.13 0.03 Index. 5 -Years 0.23 0.33 0.24 2008 -62.66% -61.00% -64.63% Rebalance Frequency Since 12/31/07 0.15 0.06 0.00 The Index is reconstituted and rebalanced All values in USD. *YTD values as of 08/31/2020 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 - 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, 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 Aug 31, 2020. All currency values in USD.

Index Bio Top 20 Stocks by Fundamentals Average Market Cap USD $8,442.34 Ticker Name Grade Median Market Cap USD $2,480.93 540005.IN Larsen & Toubro Infotech Ltd 75.97 Average 3 Mo. Dollar Volume USD $3,191,713.08 524494.IN Limited 75.71 Average 3 Mo. Trading Volume 443,545.00 500038.IN Balrampur Chini Mills Ltd 73.67 Last Rebalance Date 3/23/20 532482.IN Granules India Limited 72.14 Companies Replaced 31 507685.IN Limited 71.01 Biggest Sector Increase Financials 533398.IN Limited 71.00 Biggest Sector Decrease Industrials 533573.IN Limited 70.96 INFY Limited Sponsored ADR 69.84 Fundamental Attributes Median 541179.IN ICICI Securities Ltd. 69.13 Trailing P/E Ratio 21.4 532819.IN Limited 66.76 Forward P/E Ratio 18.8 532541.IN NIIT Technologies Limited 66.73 Earnings Yield 5.2% 539523.IN Ltd. 66.59 Price/Book Ratio 4.1 532281.IN HCL Technologies Limited 66.39 Revenue Change - 3 Years 47.3% 524164.IN IOL Chemicals & Pharmaceuticals 66.06 Operating Income Change - 3 Years 68.8% 524804.IN Ltd 65.84 Operating Margin 17.4% 526299.IN Limited 65.18 Earnings per Share (EPS) 3-Year Growth 18.9% 500124.IN Dr. Reddy's Laboratories Ltd. 64.95 Long-Term Debt to Capital 14.9% 532540.IN Tata Consultancy Services Limited 64.62 Return on Equity 20.5% 531213.IN Manappuram Finance Limited 63.59 Dividend Yield 1.04% 500674.IN India Limited 63.06

India Growth Leaders Sector Breakdown (based on aggregate weight) Most Selections Since Inception 1.3% Consumer Discretionary Ticker Name Times 125% 9.2% Consumer Staples 532540.IN Tata Consultancy Services Limited 25 Energy 507685.IN Wipro Limited 24 100%India Growth Leaders 25.4% Financials 526299.IN Mphasis Limited 23 17.4% Health Care 125% 532755.IN Limited 23 Industrials 75% 532281.IN HCL Technologies Limited 22 5.1% Materials 100% 8.0% Technology 532819.IN Mindtree Limited 21 50% 4.6% Telecommunication 505537.IN Zee Entertainment Enterprises 21 75% 9.0% 20.2% Utilities 500790.IN Nestle India Ltd. 20 25% 500870.IN Limited 20 50% 500124.IN Dr. Reddy's Laboratories Ltd. 17 0% 532523.IN Limited 17 25% Market Cap Breakdown (based on aggregate weight) 524804.IN Aurobindo Pharma Ltd 17 1.0% -25% 2.6% 532514.IN Limited 16 0% 13.8% 53.6% 500674.IN Sanofi India Limited 16 Greater than USD 50 billion -50% 500875.IN ITC Limited 11 USD 20 billion to 50 billion INFY Infosys Limited Sponsored ADR 11 -25% USD 10 billion to 20 billion 8/31/20 28.9% -75% USD 1 billion to 10 billion 500034.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 -50% Below USD 1 billion 511218.IN Shriram Transport Finance Co. Ltd. 10 532977.IN Limited. 10 8/31/20 -75% 534816.IN Bharti Infratel Ltd. 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