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Stage set for a multi-year recovery

– How technology is transforming INDIA

2

Technology, the driving force for change in India

Digital Empowerment of citizens

Digital Infrastructure as a Core Utility to

every citizen

Governance and Services on Demand

1. Where we are - Formalisation and the digitalisation of the economy with a young population

2. The tools of change - Universal biometric identification system (Aadhaar)- Financial inclusion (Jan Dhan)- Tax reform (GST)- The pipe – electricity, mobile penetration and cost- The India stack

3. What is the likely impact - The economy and markets

The India template is unique for its ambition, scale and potential reach of a public digital infrastructure built centrally to deliver financial and basic services…

3 Source: UIDAI

Aadhaar (biometric identity scheme) – 12-digit random number

Demographic information Name, DoB or age, gender, address, mobile number and email

Biometric information 10 fingerprints, 2 iris scans and facial photo

Enrolment1,208,849,661Authentication18,686,938,446

eKYC5,254,366,238 0

1

2

3

4

5

6

May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18

Monthly eKYC transactions (bn)Since launch to 20th April 2018

The tools of change

4

The tools of change

Source: Bernstein, PMJDY

Financial inclusion – near 700m Indians remain underbanked, as does 90% of small businesses

Country Account with a FI

Money borrowed from

FI

Money saved at FI

Mobile banking

China 79 10 41 19

South Africa 69 12 33 29

Brazil 68 12 12 5

Turkey 57 20 9 9

India 53 6 14 6

Indonesia 36 13 27 4

Financial inclusion in 2014 (% of pop aged 15+)

-

100

200

300

400

500

600

700

800

900

-

50

100

150

200

250

300

350 (Rs bn)(m)

Mill

ions

Total Accounts Opened (LHS) Total Balance (Rs bn)

PMJDY bank accounts (no frills)

5

The tools of change

Source: Bloomberg, Ashburton Investments, CCI

Indirect tax reform – GST implemented July 2017

Pre GST –Tax system archaic, complicated, paper based…Cost of doing business high, due to logistics etc

Post GST implementation –Tax system unified, digitisedMassive productivity boost

START

Delivering goods from Punjab to Kerala:

PRE GST= 21 DAYSPOST GST= 9 DAYS

FINISHING

6

The tools of change

Source: NASA, Axis Capital, Bernstein, Reliance Jio, GoI

The pipe – data and electricity for all

7

The tools of change

Source: NASA, Axis Capital, Bernstein, Reliance Jio, GoI

The pipe – data and electricity for all

0

20

40

60

80

100

2011 2012 2013 2014 2015 2016 2017 2018 2019

Bharatnet aims to rollout service-ready broadband to all of India’s 250k small towns by March 2019 – progress in % terms

And the mobile data plans…

Jio (Dec 2017) IPL offers (April 2018)

• Prepaid Rs199 ($3) a month

• Rs248 ($3.70) for 51 days

• Data 1.2GB limit per day• Free local voice and text

• 153 GB of data plus free live streaming of IPL matches!

Electrification scheme having some success

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A collection of open Application Programming Interfaces (APIs) which belong to various public entities in the country.

Allows governments, businesses, startups and developers to utilise the digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery.

Core APIs: 1. Aadhaar Authentication (Essentially this turns an Aadhaar number into the person's

financial address)2. Aadhaar e-KYC3. eSign (a digital signature)4. Digital Locker 5. Unified Payment Interface (UPI) (makes sending money as easy as sending a text)6. Digital User Consent - still work in progress

Created by iSpirit, a volunteer driven, not for profit think tank, committed to transforming India.

The India Stack

Source: Indiastack.org, Cashlessindia.gov.in

The tools for change have been bought together into a single Eco-SystemTh

e In

dia

Stac

k

9

Government

Improved tax compliance

Higher tax revenue to GDP

Lower public debt to GDP

Source: Axis Capital, Ashburton Investments

The impact…

JAMDigital IndiaGST

Corporates

Improved credit access

Greater productivity / efficiency

Higher profit share in GDP

Households

Improved credit access

Higher per capita income and consumption

Higher financial saving

Boost to India’s GDP Boost to India’s Market Cap

10 Source: Morgan Stanley, Ashburton Investments

So where will India be in 4 years time?

Macro metrics FY17 FY22 (E) CAGR %US$/INR 67 68 0.4GDP (US$ tn) 2.3 3.9 11.7GDP per capita 1,742 2,842 10.3Pvt Consumption (US$ tn) 1.3 2.4 12.4% GDP 59% 61%Gross Domestic Savings (US$ bn)

699 1,132 10.1

Market metrics FY17 FY22 (E) CAGR %GDP (US$ bn) 2,263 3,929 12Mcap (US$ bn) 2,404 4,911 20Sensex 34,503 70,484 20Sensex EPS (Rs) 1,427 3,294 18Trailing Sensex PE (x) 24 21Income pyramid (mn Indian households) 2017 2022 (E)

Population (mn)

Rich (>US$95k) 3 7 33Middle class (>US$20k to US$95K) 32 44 219Aspirers (>US$8k to US$20K) 74 100 499Deprived (<US$8K) 141 133 667

0

40

80

120

160

2017 2022

Indian households (mn) – the bulging middleRich

Middle Class

Aspirers

Deprived

11

Fund performance

Source: Ashburton Investments, Morningstar 30 April 2018. Past performance is not necessarily an indication of future performance

The investment performance is for illustrative purposes only. Calculated on a bid to bid basis and does not take any initial fees into account. Income is reinvested on the ex-dividend date. Actual performance will differ based on the initial fees applicable, the actual investment date and the date of reinvestment of income. Past performance is not necessarily an indication of future performance. “Performance is based on the Ashburton India Equity Opportunities Fund, which transferred to Ashburton Investments SICAV on 07/01/2014. The “ Institutional” share class was launched on 08/01/2014 on the same fee basis. Past performance is not necessarily an indication of future performance.

YTD 1 month 6 months 1 year 2 years 3 years 5 years Since launch

Ashburton India Equity Opportunities Fund (I) USD -5.8% 4.9% 2.0% 9.9% 39.4% 27.8% 99.6% 129.5%

MSCI India GR USD -3.1% 4.1% 0.9% 12.6% 35.2% 26.3% 45.9% 66.5%

6080

100120140160180200220240260

Ashburton India Equity Opportunities Fund (I) Fund USD MSCI India GR USD

Ashburton Investments | A part of the FirstRand Group12

Disclaimer

Source: Ashburton Investments

Issued by Ashburton (Jersey) Limited which has its registered office at 17 Hilary Street, St Helier, Jersey JE4 8SJ, Channel Islands. Regulated by the Jersey Financial Services Commission. Ashburton Investments is a registered trading name ofAshburton (Jersey) Limited www.ashburtoninvestments.com.Not all products and services described in this document are available in all jurisdictions and some are available on a limited basis only due to local regulatory and legal requirements. The material contained herein is not intended for use bypersons located in or resident in jurisdictions which restrict its distribution. Persons accessing this document are required to inform themselves about and observe any relevant restrictions.This document does not constitute or form part of an offer or an invitation to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments and is expressly not intended forpersons who due to their nationality or place of residence are not permitted access to such information under local law.Past performance is not necessarily a guide to future returns. Any investment is speculative in nature and involves significant risks. The value of investments and the income derived from them can go down as well as up, and you may not recoverthe amount of your original investment. 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Ashburton CIS is an approved collective investment schemes manager regulated by the Financial Services Board and a full member of the Association of Saving and Investments South Africa.Singapore: Certain sub-Funds of Ashburton Investments SICAV have been entered into the List of Restricted Schemes by the Monetary Authority of Singapore and are available to Institutional investors as defined by Singapore laws. Thisdocument does not constitute an offer to sell and should not be taken as a substitute for the offering document of the sub-fund/restricted scheme You are advised to read the Ashburton Investments SICAV Prospectus and relevant Singaporewrapper which are available free of charge at www.ashburtoninvestments.comMiddle East: For professional clients only. This document does not, and is not intended to, constitute either directly or indirectly an invitation, solicitation, offer, promotion or advertisement of financial services or products in the United ArabEmirates, Kuwait, Bahrain, Oman or Qatar and accordingly should not be construed as such. This document is being sent/issued to a limited number of institutional and/or sophisticated investors with understanding that the financial services orproducts mentioned in this document have not been approved or licensed by or registered with the applicable licensing, or regulatory authorities or governmental agencies in the above countries; and on the condition that it will not be provided toany person other than the original recipient, is not for general circulation and may not be reproduced or used for any other purpose.United States of America: Neither Ashburton (Jersey) Limited nor the Shares in any Fund have been registered under the Securities Act of 1933 or the Investment Company Act of 1940, except in the case of a transaction which does not violateUS Securities laws. 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