Welcome

Quest Investment Advisors Pvt. Ltd.

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September 2011

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Our mission statement..

“Ensure transparency and strive for excellence in our business through a disciplined process

that is more enjoyable than the outcome”.

We are.. ..an independent research house, in the business of equity

research, portfolio management and investment advisory since 1988

..a team of professionals having corporate / capital market background who have been with us for an average of 7 years

..a SEBI registered Portfolio Manager (registration no. INP000001421) offering discretionary PMS services since October 2007

..also associated with a Singapore based FII

..committed long term players

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Our Core team..

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Fund Manager

Head – Research

Head - Controller & Compliance

Accounts & Administration (7) –

Support Team

Vice President - Research (3)

PMS Operations (4)

Research Analyst (3)

Corporate Advisor - Equities

Head - Equities

Chief Executive Officer

..has an average experience of 23 years, and has been with Quest for an average of 7 years

Our investment philosophy..

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Sound businesses backed by management with honesty and integrity

Sound businesses backed by management with honesty and integrity that are available at discount to their intrinsic value

..is to construct a concentrated portfolio comprising of companies where there is high margin of safety

Macro economic factors, technology, market movements

Forecasting these is not our strength

Our investment strategy.. To identify companies in the small and mid cap category that

are under researched and..the intrinsic value of the share is yet to be discovered by the

market To construct a reasonably concentrated portfolio and..nurture the investment as a private equity investor over 3 to 5

years To get a fillip from the recently notified SEBI regulation ..we can now own upto 25% of a fundamentally strong company

without having to make an open offer Is to remain invested and benefit as the company changes

orbit from a small cap to a mid cap and..gain from the P/E expansion and the price discovery process

of our investee companies

..is to identify a few big winners and own those companies 6

Our Research process.. ..is a bottom-up approach to identify growth companies

with a simple business model ..is based on a rigorous fundamental analysis to evaluate

a company’s business model and earnings visibility ..seeks to identify key factors that provide a competitive

edge to a business and the sustainability of those factors ..blends the qualitative evaluation of management with

the quantitative estimation ..seeks to identify companies with a cash surplus or low

debt and have the potential to generate free cash flow ..follows a disciplined approach for value creation over 3

to 5 years

..combines the Science with the Art of stock selection 7

Our performance..

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..is consistent across various benchmarks and over different time periods

Composite Performance of all clients as on 30 September 2011

Period

Performance %

Portfolio Sensex Nifty BSE 500

BSE Midcap

Nifty Jr.

BSE 100

BSE 200

BSE Small cap

1 Month (0.9) (1.4) (1.2) (1.6) (2.3) (1.7) (1.3) (1.6) (3.5)

3 Months (4.3) (12.6) (12.4) (12.0) (10.6) (12.5) (12.1) (12.3) (15.6)

6 Months 0.5 (15.3) (15.2) (14.1) (10.8) (13.0) (14.6) (14.7) (15.8)

1 Year (14.3) (18.2) (18.2) (20.3) (24.7) (22.4) (19.1) (20.1) (33.5)

2 Years 16.8 (5.3) (5.0) (6.5) (9.4) (6.7) (6.0) (6.5) (15.7)

3 Years 20.1 (5.8) (5.8) (7.6) (11.8) (7.5) (6.9) (7.4) (17.9)

Since inception –October 2007

15.8 (8.6) (8.3) (10.7) (15.5) (12.1) (9.7) (10.4) (21.8)

* Returns over 1 year period are annualized.* Performance Figures are after adjusting all expenses and all fees including Performance Fees.* Return percentages have been computed using XIRR method (Discounted Cash Flows over uneven timeframe) in order to reflect the time value.

Our performance..

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..is consistent across various benchmarks and over different time periods

Composite Performance of all clients as on 30 September 2011

Period

Calendar Year (CY) Performance %

Portfolio Sensex Nifty BSE 500

BSE Midcap

Nifty Jr.

BSE 100

BSE 200

BSE Small cap

CY2011 (YTD) (12.8) (19.8) (19.4) (19.9) (21.7) (19.9) (19.3) (20.0) (29.1)

CY2010 54.9 22.2 22.1 18.1 14.0 15.5 18.7 18.6 11.1

CY2009 134.5 70.4 66.5 81.0 99.3 118.3 75.0 78.7 127.3

CY2008 (33.6) (59.5) (59.1) (66.1) (77.4) (71.5) (62.9) (64.3) (82.3)

CY2007 (from October 2007)

25.9 7.9 10.3 18.9 32.0 27.6 15.0 17.0 55.1

* Absolute returns for the respective period.* Performance Figures are after adjusting all expenses and all fees including Performance Fees.* Return percentages have been computed using XIRR method (Discounted Cash Flows over uneven timeframe) in order to reflect the time value.

Is backed by fundamentals..

..and is consistent with our investment philosophy of seeking high margin of safety

QuestPMS Fundamentals as on 30 September 2011

FY11A FY12E FY13EGross turnover (Rs. crores) 1,772 2,121 2,608

Average Growth (%) 13.6% 19.7% 23.0%

Weighted Average EPS (Rs.) 15.4 18.5 24.6

EPS Growth (%) 18.2% 20.4% 32.9%

RONW (%) 21% 22% 25%

ROCE (%) 26% 27% 31%

Market Capitalisation (Rs. crores) 3,130

Enterprise Value (Rs. crores) 2,448

P/ E (x) 14.7 12.2 9.2

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Our investment portfolio.. Agri input companies Farm equipment companies

..sectors that will benefit from need to improve agri productivity and a booming rural economy

Infrastructure equipment/service providers that will benefit from increased spending on infrastructure

Wellness and healthcare business that will benefit from a growing awareness and spending on a healthy lifestyle

Speciality chemical / water treatment business that will benefit from an increasing consumer spending

Education providers that will benefit from changing demographics

..has been constructed to benefit from the India Story 11

Risks in our investment strategy.. ..a short term shift in sentiment away from growth to liquid or

momentum stocks

We believe a fundamentally strong company creates value over 3 to 5 years

..liquidity in individual stocks

We believe if a business does well, liquidity will follow ..a macro economic variable can impact our investee

companies in a specific sector in the short term

Our portfolio is concentrated yet diversified to mitigate the risks

..is monitored and moderate over long term

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QuestPMS.. ..is a discretionary Portfolio Management Service

..has professional partners

..has a transparent fee structure and charges a Fixed fee and a Performance fee Fixed fee is charged @1% per annum Performance fee is charged @15% on the total return, with a 8%

Hurdle Rate with Catch-Up

..other expenses - brokerage, custodian charges, audit fees, etc. incurred for operating the PMS account at actuals

..provides transaction details on a monthly basis

..is known for professional ethics and transparency

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Quest Foundation.. ..set up as a charitable institution in 2009 by the Directors ..presently operates from a 4,000 sq.ft premises owned by

the Directors and has been made available to the Foundation

..currently hosts Iyengar Yoga classes for over 350 students has sponsored Nutan Gyaan Dhara, a free public library

that has over 3,500 titles on varied subjects like spirituality, healthcare, meditation, yoga, diet etc.

Stated objective: “10% of profits of Quest are to be used to support activities of external charitable institutions”

..our obligation to society14

We partner you.. ..in identifying opportunities in a world that is

witnessing a shift to countries such as India ..in identifying companies that will benefit from

fundamental growth ..in creating a portfolio that is “built to last” and not

driven by liquidity and momentum

Thank You

..in Wealth Creation15

Disclaimer Investors are not being offered any guaranteed / assured

returns. Investments in equities are subject to market and other

risks. Value of investments may go up or down due to various

factors and forces affecting the capital market. Our past performance does not indicate the future

performance of the portfolio manager and/or the portfolio management scheme.

Investors are urged to apply appropriate caution while making investment in the QuestPMS scheme.

There is no capital guarantee in the QuestPMS scheme.16