Jupiter India Select SICAV

Avinash Vazirani

September 2012

FOR PROFESSIONAL AUDIENCES ONLY. NOT FOR RETAIL INVESTORS

Agenda

Jupiter Asset Management

Track record and fund performance

India macro

Challenges

Investment philosophy and process

Fund details

2

Mutual funds, £18,054m

Segregated mandates, £2,927m

Private clients, £1,824m

Investment trusts, £566m

Introduction to Jupiter

Assets under management Established in 1985

434 employees including

66 Investment Professionals

One of Europe’s most successful and

respected fund management houses,

managing assets of £23.4bn

Market cap £1bn*

Source: Jupiter 30.06.12. *Source: Bloomberg as at 30.06.12.

3

Jupiter – EM Assets Under Management

£400m

£660m

£840m

£350m

£580m

£760m

£380m

£80m

£90m

£240m

£430m

£330m

£110m

£70m

£110m

£60m

£110m

£140m

£70m £50m

£140m

£70m

£260m

£300m

£190m

£0.5bn

£0.8bn

£1.2bn

£0.6bn

£1.2bn

£1.6bn

£970m

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec-11

AU

M (

£m

)

Emerging Europe India Asia China

Long-term track record and experience. Deep local knowledge.

4

Source: Jupiter as at 31.12.11. Please note: the AUM figures have been calculated according to geographical area rather than by fund manager.

5

Jupiter’s Emerging Markets and Specialists resources

India

Avinash Vazirani

Amelie Thevenet

Asia

Philip Ehrmann

Ben Surtees

Charlie Sunnucks

Emerging Europe

Elena Shaftan

Ingrid Kukuljan

Colin Croft

Global

Kathryn Langridge

Financials Guy de Blonay

Robert Mumby

Environmental Charlie Thomas

Chris Watt

Emma Howard Boyd

Abbie Llewellyn-Waters

Latin America

Kathryn Langridge Middle East

& Africa

Kathryn Langridge Ingrid Kukuljan

Building on strength and experience Long term track record

Deep local knowledge

Track record and fund performance

7

Avinash Vazirani

Fund Management Director

Avinash Vazirani

Jupiter Asset Management

18 years’ experience of investing in India

Current role Head, South Asia Equities Team

Current

responsibilities

Manager, Jupiter India Fund (Unit Trust),

Jupiter India Select SICAV and institutional assets

2007 – Current Jupiter Asset Management

Fund Management Director, International Equities

2005 – 2007

Peninsular Capital Partners LLP

Founder & Managing Partner

1997 – 2005 BNP Paribas Asset Management

CIO, South Asia & Africa

1994 – 1997 GEM Dolphin Investment Managers

CEO

1993 – 1994 John Lusty Group Plc.

COO – led MBI and subsequently sold the company

Qualification Chartered Accountant (ACA 1986)

Awards 2000 – Standard & Poor’s Fund Awards – Winner

(Peninsular South Asia Access Fund)

2002 – Standard & Poor’s Fund Awards – Winner

(Peninsular South Asia Access Fund)

2003 – Standard & Poor’s Fund Awards – Winner

(Peninsular South Asia Access Fund)

Source: Citywire, Morningstar OBSR as at 31.07.12. Past performance is no guide to the future. Note: Years of experience as at 31.07.12.

8

-200

0

200

400

600

800

1000

1200

1400

1600

Jul 95 May 98 Mar 01 Feb 04 Dec 06 Oct 09 Aug 12

% G

row

th

PSAIC/Jupiter India Select SICAV IFCI India/MSCI India

Performance track record

Source: Jupiter / Lipper 14.07.95. to 31.08.12.

Peninsular South Asia Access Fund / Jupiter India Select SICAV vs. IFCI India / MSCI India*

*The fund manager, Avinash Vazirani, managed the Peninsular South Asia Access Fund from Jan 1997 to May 2008. The Peninsular South Asia Access Fund was not a

UCITS scheme, and therefore not subject to the same regulatory framework as the Jupiter Global Fund. The performance figures of this fund are shown as a

representation of the fund manager’s experience and are not necessarily indicative of the potential performance of the Jupiter India Fund SICAV. JGF Jupiter India

SICAV launched 02.05.2008, Peninsular South Asia Access Fund launched 14.07.1995. Benchmark : IFCI India TR Index until 31.12.01, MSCI India TR from 31.12.01

IFCI India MSCI India

Peninsular South Asia Access Jupiter India Select

The investment case for India

4.4

5.8

3.8

8.5

7.6

9.5 9.6 9.3

6.7

8.4 8.4

6.5

5.4

0

2

4

6

8

10

12

FY01 FY03 FY05 FY07 FY09 FY11 FY13E

Real

GD

P G

row

th %

Indian GDP growth

10

Source: CSO, Citigroup estimates – July 2012.

Real GDP growth (%) – year ending 31 March GDP by expenditure in 2010

-10

0

10

20

30

40

50

60

70

80

90

100

110

India China ASEAN

%

Net exports Gross capital formation

Government consumption Private consumption

Demographic dividend

India is a young country

11

Literacy rates

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

1991 2010

Adult Youth

Source: Euromonitor, CEIC, CLSA Asia-Pacific Markets – June 2012.

12

Poor people getting richer

Rising middle class to drive growth

Source: National Council for Applied Economic Research income models, Euromonitor, BCG income distribution adjustment model, BCG analysis, 29.02.12.

Note: Spending is calculated in nominal dollars. $1 = 46 rupees.

India is following China

13

0

2000

4000

6000

8000

10000

1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010

India China

Per capita GDP (PPP basis, US$)

Source: IMF, IIFL Research 31.12.11.

14

Domestic consumption growth

*CEIC, Standard Chartered Research – October 2011. **Hewitt, CEIC, Standard Chartered Research, Citigroup – October 2011.

Rural wages*… Consumption is resilient**…

…undergoing a paradigm shift …despite falling urban wages growth

The systematic and steep rise in non-food consumption in India post 1991

15

Source: CEIC, Ambit Capital Research 31.12.11.

16

High propensity to save

The EM consumer is underleveraged

Source: IMF IFS, Central Bank data, Bank of America Merrill Lynch Global research estimates. Data to end 2009.

CSO, Ministry of Finance, Citigroup estimates – February 2012.

23.2

25.7

32.4

34.6

32.0 32.3 33.5

0

5

10

15

20

25

30

35

40

FY01 FY03 FY05 FY07 FY09 FY11 FY13E

% G

DP

Gross domestic savings as % of GDP

17

Economy - led by services and internal consumption

GDP growth driven by domestic consumption

Exports as % of GDP

Services now account for 59% of GDP

Source: CSO, Citigroup Global Markets – February 2012.

Growing role of services in GDP – % share

Source: WTO, IMF, IIFL Research. Not including oil exports

18

India is relatively insulated from the global slowdown

*Centre for Monitoring Indian Economy, Citigroup – August 2011. **Haver, IMF, Citi Investment Research & Analysis. (Data for 2010).

Direction of Indian exports* Government debt in selected countries**

Exports are only 20% of GDP

The share of US and Europe has come

down from 52.3% in 2000 to 31.7% in 2011

India’s debt is largely domestic

Current concerns

Growth is slowing down

20

Source: Emerging Advisors Group – April 2012.

Investment growth falling… …But still high in absolute terms

21

Source: Emerging Advisors Group – April 2012. Fund manager views of the at the time of writing and will change in the future.

Investment growth

Investment pickup now underway

Source: Markit September 2012

PMI

22

And this is what the GDP deflator tells you This is what CPI tells you

Inflation – too high?

Source: Emerging Advisors Group – April 2012. Note: CPI = Consumer Price Index.

23

Source: Bloomberg – August 2012 .

Monetary policy – start of the easing cycle

2

3

4

5

6

7

8

9

10

11

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

10 year gvt bond yield Cash Reserve Ratio Repo rate

Government finances: not so bad

24

Government debt to GDP – decreasing

75.7

81.0

85.3 86.0

80.1

78.3

74.0

68.6

70.7 70.6

67.0 66.1

60

65

70

75

80

85

90

CY '00 CY '01 CY '02 CY '03 CY '04 CY '05 CY '06 CY '07 CY '08 CY '09 CY '10 CY '11E

% G

DP

Source: International Monetary Fund, Reserve Bank of India , First Global Research – April 2012.

Indian equity market

Financials 28%

IT 16%

Energy 13%

Consumer Staples

10%

Materials 8%

Consumer Discretionary

8%

Health Care 6%

Industrials 5%

Utilities 4%

Telecoms 2%

Indian Equity market

India market capitalization: USD1.12trn

(as of 7th September 2012)

Current market cap of Nifty stocks:

USD633.8bn (as of 7th September 2012)

Average daily trading volume

(up to 30.06.12):

26

MSCI India sector breakdown

(USD in bn) YTD 2011 2010

Cash 2.5 2.9 4.3

Derivatives 25.2* 28.0 22.0

Source: Bloomberg, MSCI India – 31.08.12. *For current year we have taken the INR @ 56, for 2011 INR @ 49, for 2010 INR @ 45

Valuations – now significantly lower

1-year rolling forward P/E* 1-year rolling forward P/B & ROE**

Source: BSE, RBI, Kotak Institutional Equities estimates September 2012.

27

4

8

12

16

20

24

28

Sep 02 Sep 04 Sep 06 Sep 08 Sep 10 Sep 12

12 months rolling forward P/E (X)

10

15

20

25

30

0

1

2

3

4

5

6

Sep 02 Sep 04 Sep 06 Sep 08 Sep 10 Sep 12

P/B (X) RoE (%) (RHS)

The investment philosophy and process

Our philosophy

Identification and focus on longer-term trends

Fundamentals always come through

Focus on companies with a sound business, good management

and corporate governance, with interest of shareholders at heart

Preference for “price makers”

Seeking above average growth at reasonable valuations

GARP investing (Growth At Reasonable Price)

29

Investment process

30

Bottom-up stock picking

High conviction

Focus on fundamentals

Direct company contact

Performance driven

Do not “closet track” the index

Buy and hold, not traders

Avoid hyped sectors

Know what you invest in

Focus on returns

Jupiter India: fund details

Portfolio breakdown – Jupiter India Select SICAV

Portfolio features Top 10 holdings

Market cap split**

Holding % Fund

Godfrey Phillips India 9.5

Nestle India 4.8

Opto Circuits India 4.4

Sun Pharmaceutical Industries 3.7

ICICI Bank 3.5

United Spirits 3.1

ING Vysya Bank 2.6

Tech Mahindra 2.6

Tata Motors 2.4

Infosys Technologies 2.3

Source: Jupiter as at 31.08.12. *Some of this exposure is through derivatives. **Large: >$2bn, Mid: $0.5bn – $2bn, Small: <$0.5bn.

Number of holdings* 82

Equities 99.5%

Cash 0.5%

Large, 38.6%

Mid, 44.8%

Small, 16.1% Cash, 0.5%

32

33

Source: Jupiter / FactSet, in USD, as at 31.08.12.

0% 5% 10% 15% 20% 25% 30%

Oil & Gas

Telecommunications

Basic Materials

Utilities

Consumer Services

Technology

Health Care

Industrials

Consumer Goods

Financials

MSCI India Jupiter India Select SICAV

Jupiter India Select SICAV – Sector breakdown

Selected ratios – 31 August 2012

Jupiter India Select Nifty Index

Portfolio characteristics

Return on Equity 19.27% 18.12%

Dividend yield 1.72% 1.61%

Valuations

Trailing 12M P/E 11.78x 12.54x

Historical Price-to-Book 1.49x 2.22x

34

Source: Jupiter, Bloomberg – 31.08.12.

Disclosure

35

2639_SCV_INDIA_AV

Jupiter Asset Management Limited (‘JAM’) is registered in England and Wales (nos. 2036243). The registered office is 1 Grosvenor Place,

London SW1X 7JJ. JAM is authorised and regulated by the Financial Services Authority whose address is 25 The North Colonnade, Canary

Wharf, London E14 5HS.

This presentation is intended for investment professionals and not for the benefit of private retail investors. However any one attending the

presentation or who has the opportunity to view the accompanying slides should bear in mind that the value of an investment in a unit trust

and the income from it can go down as well as up. It may be affected by exchange rate variations and you may not get back the amount

invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term. Quoted

yields are not guaranteed. Past performance should not be seen as a guide to future performance.

This fund can invest more than 35% of its value in securities issued or guaranteed by an EEA state. The Key Investor Information Document

and the Fund Prospectus are available from Jupiter on request. The Key Investor Information Document (KIID) is available in the following

languages: English, Dutch, Finnish, Swedish, Portuguese, French and German.

This Fund will be investing in a single geographic area which is in the course of development and therefore is an area at greater risk of

volatility. Fees and expenses are generally higher in emerging markets than they are in western markets. Returns may also be affected by

changing political, regulatory and fiscal measures.

For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of an investment please contact

your financial advisor. Any data or views given should not be construed as investment advice. Every effort is made to ensure the accuracy of

the information but no assurance or warranties are given.

This document contains information based on the MSCI India Index and MSCI Emerging Markets India. Neither MSCI nor any other party

involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with

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