December 2012

India Equities

P t d B

Huzaifa HusainHead - EquitiesPineBridge Investments, India

Presented By:

This material must be read in conjunction with the Disclosure Statement.

Distributed byy

ContentsI. Firm Overview

II. Assessment of the present economic and market conditions

III. Our Equity Philosophy

IV. Positioning of PineBridge Infrastructure & Economic R f F d ( d d it h )Reform Fund (an open ended equity scheme)

V. Appendix

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I. Firm Overview

PineBridge Investments is an independent asset manager with broad investment capabilities and established track records.

EQUITIESEmerging Markets Global, Regional and CountryDeveloped Markets Global and Specialized

ALTERNATIVE INVESTMENTS

Hedge Fund Solutions Fund of Funds Customized Solutions

FIXED INCOMEEmerging and International Markets Sovereign Local Currency

AUM BY ASSET CLASSUS $69.4 Billion

Fixed IncomeUS $25.0 B

AlternativeInvestmentsUS $20 4 B Global and Specialized

CountryQuantitative Equities Research Enhanced Merger Arbitrage Socially Responsible

Customized Solutions Seed InvestingDirect Private Equity Emerging Markets Developed Markets Private Equity Fund of Funds

P i I t t

y CorporateLeveraged Finance Leveraged Loans High Yield Distressed US Investment Grade

36%29%

23%

US $20.4 B

12%

Extensive network of professionals

Primary Investments Secondary InvestmentsStructured Capital Buyouts, Recapitalizations and

Special Situations

US Investment Grade Credit Core and Core Plus Securitized Products Inflation Protection Preferred Securities Multi Strategy

EquitiesUS $16.0 B

Other1US $8.0 B

Extensive network of professionals

Employee ownership

Relationship-driven approach

Multi-Strategy Strategic Bond

ASSET ALLOCATION Balanced Funds Manager/Fund Selection

Target Risk Target Return

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AUM and data as of 30 September 2012. Due to rounding totals are approximate. Past performance is not indicative of future results.1 Other includes balanced, asset allocation and other multi-product strategies.

Strong Execution Capabilities Worldwide

PineBridge is a global organization with approximately 230 investment pp yprofessionals located in core geographies, supported by world-class infrastructure1

A t li K S th KAustraliaBahrainBrazilChileChinaEngland

KenyaLuxembourgMalaysiaMexicoPolandRomania

South KoreaSwedenSwitzerlandTaiwanThailandTurkey

Hong KongIndiaIrelandJapan

RussiaSingaporeSouth Africa

UAEUgandaUSA

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As of 30 September 2012. 1 Investment professionals include portfolio managers, traders and research analysts.

15 Years Of Serving Clients Globally

Over time, we have built an extensive platform of listed equity, fixed income and alternative investment capabilities to meet client needs.

1960s – 1980s 20121990s – 2000s

PineBridge TodayExpanding the Global PlatformOur Foundation An independent, multi-strategy

asset manager owned by Pacific Century Group and PineBridge employees

Advised by an independent Board

1996 – Consolidated AIG’s institutional asset management activities into AIG Investments to manage assets for external clients

Developed a strong network that

1960s - Provided private equity capital and investment advice to family-owned businesses in Asia

of Directors to strengthen the firm’s strategy, governance and risk management

Focused on high-alpha strategies

captures local market knowledge and identifies opportunities around the world

1988 – Launched Multi-Manager Hedge Fund of Funds

1989 - Created first Dublin-domiciled UCITS

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II. Assessment of the present economic andmarket conditions

Drivers of our economic growth rate

GDP Consumption Investment Inflation X-M*Change in 10 Yr yield

Sensex

2000 -2008 7.1 6.2 11.5 5.2 (2.8) -283 bps 210%

20082008 -2012 7.1 7.1 5.8 7.6 (6.9) +58 bps 10%

Growth Rates - % (per annum); * as a % of GDP

Imperative to improve investment growth rates…

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Source: Central Statistical Organization (http://mospi.nic.in/) Ministry of Statistics and Programme Implementation, Government of India. Estimates of GDP and other aggregates at constant (2004 - 2005) prices. Data as of 31 March 2012. We are not soliciting or recommending any action based on this material. Source – Reserve Bank of India Date – 30 June 2012, Bloomberg; values for change in 10 year yield and sensex returns are as of March end for the respective years

To grow investments we need to save more…

40.00%

25 00%

30.00%

35.00%

DP

15.00%

20.00%

25.00%

Sav

ings

(%) t

o G

D

5.00%

10.00%

-5.00%

0.00%2000 2008 2011

Government Corporate Household

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Source – Reserve Bank of India ; Central Statistical Organization (http://mospi.nic.in/) Ministry of Statistics and Programme Implementation, Government of India Date – 30 Sept 2012We are not soliciting or recommending any action based on this material

Recent Reforms

Fiscal RationalizationSubsidy rationalization

Natural resource pricing, Disinvestment, etc.Disinvestment, etc.

Improving Investment Climate

FDI, NIB, Presidential reference to Supreme Court

Tax proposals etcTax proposals, etc.

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Energy Availability at Various Prices

25

20

Imported Gas$ 17/mmtbu

Crude Oil$ 20/mmtbu

10

15

$/mmbtu

5Domestic Gas

00 5000 10000 15000 20000 25000

TBTUs

Domestic coal$ 1.4/mmtbu

Imported coal$ 3.1/mmtbu

$ 4.2/mmtbu

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Source – Ministry OF Coal; Ministry of Petroleum & Natural Gas; Bloomberg Date – 30 Oct 2012www.coalindia.in. We are not soliciting or recommending any action based on this material

Risks

I. Geopolitical / global commodity prices – price of a calorie!

115125135 COAL (USD per MT)

130150 CRUDE (USD per bbl)

5565758595

105115

30507090

110

450500550600650

UREA (USD per MT)

10121416 INDIA LNG IMPORT PRICES (USD per mmbtu)

200250300350400450

2468

II. Stress on bank balance sheets

III Political – can politics really operate by ignoring economic

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III. Political – can politics really operate by ignoring economic implications?

Source – Federal Energy Regulatory Committee & Bloomberg Date – 30 Oct 2012We are not soliciting or recommending any action based on this material

III. Our Equity Philosophy

Equity Philosophy

Our objective is to deliver reasonably good performance

vis-a-vis the relevant index over the long term by using a

b tt h d i i i i i k bbottom up research process and minimizing risks by

investing in companies with a strong business, good

management and reasonable valuations.

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Equity Process - Highlights

Business Franchise Management Quality

Brand - Hero Motorcorp.

Capital allocationWhen researching companies, we concentrate on the following dimensions to find good investment opportunities:

FUNDAMENTAL PROGRESS

Monopoly & dominant market share – Indraprastha Gas

Capital allocation

- Jindal Steel & Power

Conservative accounting

- Infosys & HDFC Bank Ltd.Low cost producer -

Hindustan Zinc

Annual reports

Quarterly result analysisEXTENSIVE RESEARCH Company visits and

management meets

Sell side research

RESEARCH THROUGH

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For illustrative purposes only. We are not soliciting or recommending any action based on this material. There is no assurancethat any security shown is held in a portfolio.

IV P iti i fIV. Positioning of PineBridge Infrastructure & Economic Reform Fund

(an open ended equity scheme)(an open ended equity scheme)

PineBridge Infrastructure & Economic Reform Fund (an open ended equity scheme)

Infrastructure(Definition of Planning

Commission)

Resource based companies

Coal India, GMDC, Petronet LNG

Developers

Builders

JSPL, NBCC

L&T, Sadbhav Engineering

ProductsShree Cements, Ambuja Cement, AIA Engg,

Ingersoll Rand, Thermax, Krloskar Pneumatic, Titagarh Wagons, Cummins India, Timken, KBIL

Others Powergrid, REC, Concor, IGL

Economic Reforms(Reducing Fiscal Deficit)

Fertilizer Coromandel

Oil & Gas

PSU Banks

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For illustrative purposes only. We are not soliciting or recommending any action based on this material. There is no assurance that any security shown is held in a portfolio. Diversification does not insure against market loss.

Thank You

V. Appendix

India Equities Team

Qualifications Sectors Covered

Huzaifa Husain Head of Equities PGDM - IIM Bangalore PharmaceuticalsHuzaifa HusainMumbai, IndiaJoined May 2004 | 15 Yrs Exp.

Head of Equities PGDM IIM Bangalore

B. Tech - Institute of Technology, Banaras Hindu University

Pharmaceuticals

Deepak JoshiMumbai, IndiaJoined Jan 2007 | 20 Yrs Exp.

Dealer Masters in Financial Management, Mumbai University

B h l f C M b i U i it

-

| p Bachelor of Commerce, Mumbai University

Sameer KalraMumbai, IndiaJoined Dec 2011

Analyst MBA, IMT, Dubai

Bachelor of Commerce, Pune

FMCG, Auto Ancillary, Mid Caps

Sayantan Bhowmick, CFAMumbai India

Analyst PGDM - IIM Ahmedabad Financials, ConstructionMumbai, IndiaJoined June 2008 B.E. Computer Sc. & Engg. , PESIT, Bangalore

Nisha JainMumbai, IndiaJoined June 2005

Investment Advisor PGDBM- Xavier Labour Relations Institute (XLRI)

CA, CS

Power, Real Estate, Metals, Fertilizer & Agrichemicals, Capital Goods

Bachelor of Commerce - Kolkata University

Gopi Krishna. KMumbai, IndiaJoined June 2008

Investment Advisor PGDM - IIM Ahmedabad

B-Tech - IIT Kanpur

Oil & Gas, Auto, Media, IT

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As on 30 Sept 2012

Investment Philosophy

Over the long term, neither growth nor value

investment styles will dominate the returns of

EXCEPTIONALGROWTH

HIGH STABLE GROWTH

HIGH CYCLICAL GROWTH

MATURE COMPANIES

MATURE COMPANIES

investment styles will dominate the returns of

the other

W t i th i di t

Sun PharmaAdvanced Research

Infosys Torrent PowerHindustan Zinc - Turnaround

- Cyclical We categorize the companies according to

where they are in their respective life cycles

Soundness ofBusiness Plan

Growth at a Reasonable PriceTimeliness of Investment

Value with a Trigger

Cyclical- Defensive

Categorization determines how companies

are analyzedCategorizing companies allows our analysts to concentrate

Business Plan Timeliness of Investment Trigger

on fundamentals that are relevant to a particular stage of growth

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We are not soliciting or recommending any action based on this material. There is no assurance thatany security shown is held in a portfolio.

Investment Process - Operationalization

Step : 1 Projecting 3 years future earnings

Step : 2 Categorization of companies basis economic growth rates

Answer three questions

Step : 3 1 - Fundamental Progress2 - Fundamental Revision3 - Valuations

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We are not soliciting or recommending any action based on this material.

Equity Investment Platform

In-house intranet-based knowledge system

Ensures analysis of all companies in a

common format

Access to 10 Year historical data of

companies

Eliminates “ad-hoc decision making”; helps

reduce self generated biases

Latest sell side analyst estimates Recording of company visits

“Speak the same language”Speak the same language

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We are not soliciting or recommending any action based on this material.

Portfolio Construction

Investible universeIn- depth fundamental

analysisPortfolio

construction

Opportunity set of approx. 500 companies, index and non-index ideas Screen for liquidity

Free float and daily

Typically 30 – 40 companies

Continuous company review Weekly meeting Target price updates

Qualitative assessment according to growth category (approx. 200 company meetings per year)

Business franchisetrading volume

Ongoing idea generation Sell-side ideas IPOs Analyst input Brainpools

Earning revision alerts Timely follow-up research Sell discipline

Risk monitoring/control

Management quality

Relative valuations

Investment case and Brainpools

Quantitative analysis and growth categorization of approximately 290 companies Earnings growth

est e t case a drecommendation Stock note Valuation model Stocks ranked from 1 – 5 1 = strong buy

5 strong sell Earnings growth Price-to-cash flow Return on equity Dividend discount model Price-to-book Return on assets

5 = strong sell Team discussion

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Price-to-earnings EV / EBITDA

Stock numbers and ranking scale may change based on criteria decided by the Investment Manager or depending on market conditions. Therecan be no assurance that any stated ranges can be met. Any objectives stated are subject to change.

Risk Management is integral to the process

Stock risk

• In-depth due diligence – site visits, management meetings, peer group comparison• Equity platform for investment – access to earnings forecasts, company notes, company

visit logs, ratings and valuations• Ensures fund manager discipline as no company can be bought if not covered

Buy & sell discipline

• Stocks rated “sell” cannot be bought in the fund• If an analyst gives a sell recommendation, the stock is sold • Complete audit trail is maintained

25We are not soliciting or recommending any action based on this material.

Disclosures

PineBridge Investments is a group of international companies that provides investment advice and markets asset management products and services to clients around the world. PineBridge Investments is a registered trademark proprietary to PineBridge Investments IP Holding Company Limited.

Readership: This document is intended solely for the addressee(s). Its content may be legally privileged and/or confidential.

Opinions: The views have been expressed by Mr. Huzaifa Husain, Head – Equities, PineBridge Investments, India. Any opinions expressed in this document may be subject to change without notice. We are not soliciting or recommending any action based on this material.

Past results are not indicative of future results. We are not soliciting or recommending any actiong g ybased on this material. Neither the asset management company nor any person connected with itaccepts any liability arising from the use of this information. The views expressed in the document, ifany, should not be construed as investment advice to any party. Recipients of the informationcontained herein should exercise due care and caution and read all the scheme related documents(including , if necessary, obtaining the advice of tax / legal / accounting / financial / other

f i l ) f ll i t t ki d i i ti itti t t th b i f thprofessionals) carefully prior to taking any decision, acting or omitting to act, on the basis of theinformation contained herein. The recipient of this material should rely on their investigations and taketheir own professional advice.

Mutual Fund investments are subject to market risks, read all scheme related documentscarefully

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carefully.

PineBridge Investments Web Address: www.pinebridge.com