Aryabhata India Fund C Institutional USD Accumulation

Objectives and Investment Policy Investment Objective The Fund aims to achieve returns through capital appreciation and/or income. Investment Policy The Fund will aim to achieve this investment objective by primarily investing in equities of companies (i) which have their registered office in India and are listed on Regulated Markets worldwide, (ii) that exercise a significant part of their economic activity in India and are listed on Regulated Markets worldwide and/or (iii) whose equity and equity related securities are listed, traded or dealt in on Indian stock exchanges. The Fund may also invest in equity related securities of such companies (such as warrants, rights, preference shares and convertible bonds) listed or traded on regulated markets worldwide. The Fund may invest in American Depositary Receipts ("ADRs"), Indian Depositary Receipts ("IDRs") and Global Depositary Receipts ("GDRs") of Indian companies which are listed on a regulated market. The Fund may invest in open-ended and closed–ended collective investment schemes provided such investments are eligible for investment by UCITS and give exposure to investments in which the Fund may invest directly in accordance with its investment policy. The Fund may also invest up to 100% of its net assets in deposits, cash and money market instruments (which may not be listed or traded on regulated markets) in the appropriate circumstances. The Fund may also invest up to 100% of its net asset value in securities issued or guaranteed by any EU member state, its local authorities, non-EU member states or public international body of which one or more EU member states are members. The Fund is actively managed and the Investment Manager has full discretion over the composition of its portfolio, subject to the investment objective and policy. In the case of all accumulating classes, the net income and net realised and unrealised gains net of the Fund attributable to the class will be accumulated and reflected in the net asset value per share of those class. In the case of all distributing classes, the ICAV's directors shall declare dividends in respect of shares in the Fund out of capital or net income and realised and unrealised gains, net of realised and unrealised losses. Benchmark The S&P BSE 200 Index shall be used by the Fund for performance comparison purposes only. Dealing Frequency Shares can be bought or sold any day (except Saturday or Sunday) on which banks and stock exchanges in India and Ireland are generally open for business. Orders to buy and sell can be made by submitting a request by 10a.m. (Irish time) on the relevant dealing day to the Administrator Apex Fund Services (Ireland) Limited Investment Horizon The Fund is available for investment by any type of investor. The Fund may be suitable for those investors with a medium to long term time horizon who wish to gain exposure primarily to Indian equity markets and who recognise the risks of investing in an emerging market country and who can tolerate the level of volatility of returns typical of such an investment. For full investment objective and policy details, please refer to the section entitled "Investment Objective and Investment Policy" in the supplement for the Fund (the "Supplement").