Kaizen Private Equity March Kaizen Private Equity. All Rights Reserved.

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1 Kaizen Private Equity March Kaizen Private Equity. All Rights Reserved.

2 Education is a Large, Growing & Well Diversified Opportunity* Over $100 Bn Market * Does not include captive market opportunities Source: Kaizen Education (KE) Report LMS: Learning Management System, ICT: Information and Communication Technology, ERP: Enterprise Resource Planning 2 Kaizen Private Equity. All Rights Reserved.

3 Education Sector Overview: Numerous Industry Sub-Segments > $500 MM 3 Source: Kaizen Education (KE) Report Kaizen Private Equity. All Rights Reserved.

4 Each segment has unique nuances 4 Kaizen Private Equity. All Rights Reserved.

5 Vision (Being Debated) To be the leading value add investor in the world Delivering superior returns through operationsdriven investments in differentiated companies 5 Kaizen Private Equity. All Rights Reserved.

6 Proven Model with Results Proven track record of sector focused investing Leading education sector investor in India Experienced early and growth stage investor Experienced leadership 33 Years of investing experience; 22 years of education investing; and 38 years of education operations Thought Leader in Education Thematic investing with operations focus Transparent relationships with our limited partners 6 Kaizen Private Equity. All Rights Reserved.

7 Delivering Alpha in Portfolio Companies Average Revenue Growth Listed Education Cos Kaizen Protfolio Industry 70% 52% 55% 31% 15% 15% 15% 10% FY 12 FY 13-3% FY 14 E Deep domain understanding and operations driven approach has delivered superior growth 7 Kaizen Private Equity. All Rights Reserved.

8 OPS Driven Value Addition: Operations People Strategy Examples: Altus, Klay, UTS, authorgen UTS, Ace, Altus authorgen, UTS, Altus, Ace 8 Kaizen Private Equity. All Rights Reserved.

9 Delivering Impact Environment Social Solar power project implementation Over 2,100 jobs created Adoption of environmental friendly policies across all portfolio companies ~60% jobs for women Over 3.2 MM students in the system Kaizen Impact Governance Capital Adherence to international best practices for governance Mobilization of additional $5 MM for education by other parties Advocacy with government bodies Use of Big Five Auditors 9 Kaizen Private Equity. All Rights Reserved.

10 Thought Leadership in Education Education advisory board member at National-Level federations Whitepapers Speaking at leading education investment conferences Technology in Education World Education Summit 2013 Education in India The Economist India Summit 2013 Education Investment The IFC Education conference, Dubai 2012 Kaizen India Education Report, 2009 Kaizen Southeast Asia Education Report (in progress) Kaizen Africa Education Report (in progress) Redesigning Universities GES, Brazil 2012 Technology Application The Learner s Conference, Greece, 2013 Global India Business Meeting, Belgium, 2012 Education conference at Stanford, USA, 2012 Education Investment conference, Dubai, 2013 Education in India, INSEAD, 2012 IFC Education Investment Guide, 2010 DFID Report on Gyanshala Schools, 2011 Educational Technologies in the Indian market (co-authored with INSEAD team) Kaizen Private Equity. All Rights Reserved.

11 Team with Operations and Investing Experience Sandeep Aneja, Managing Director Experience: 18 years Years with Kaizen: 5 years Industries: Private equity, Technology, Consulting MBA, Graduate School of Business, Stanford University Monica Mehta, Director Experience: 16 years Years with Kaizen: 5 years Industries: Education, Finance MBA, Thunderbird, AGSIM Raj Shastri, Principal Experience: 12 years Years with Kaizen: 2.5 years Industries: Private Equity, Equity Research MBA, IIFT Jetu Lalvani, Executive Director Experience: 28 years Years with Kaizen: 5 years Industries: Education, Manufacturing, Energy. OPM, Harvard Business School Amit Ratanpal, Director Experience: 14 years Years with Kaizen: 4 years Industries: Private Equity, Investment Banking, Fund Management Chartered Accountant Gaurav Jain, Associate Experience: 5 years Years with Kaizen: 5 years Industries: Private Equity MBA, NMIMS 11 Kaizen Private Equity. All Rights Reserved.

12 Team with Operations and Investing Experience Name Age Years of Investing Experience Years of Operations Experience Experience prior to Kaizen Sandeep Aneja years of Investing (Outlook Ventures and Wingspring in USA) 4 years business development and operations (ActionBase Corp, Booz Allen & Hamilton and Hagler Bailly USA) Jetu Lalvani years of Entrepreneurship in manufacturing, instrumentation and chemicals 28 years of experience in leading and managing educational institutes Amit Ratanpal years of Investment banking, asset management and capital market advisory (ICICI Bank, Birla Sunlife Group) Monica Mehta years of education entrepreneurship 3 years of capital market (ASK Raymond James Securities, Darashaw & Co.) Raj Shastri years of Investing ( Helix Investments and Guggenheim capital management) 5years of equity research (Thomas Weisel Partners, Motilal Oswal Securities, Evalueserve ) 12 Kaizen Private Equity. All Rights Reserved.

13 Eminent Education and Investment Advisors Sergio Abramovich Vice President at DeVry Inc. USA Led entry for DeVry into Latin America Prof. Arun Nigvekar Ex-Chairman for UGC and part of National Councils Advises Indian Govt. for development of higher education Jens Zimmerman Partner and MD at New Silk Route Led two of the largest education investments in Asia Dr. (Mrs.) Indu Shahani Mumbai Sheriff, Member at UGC and Advisor to IB Board Board member of large higher education organizations in India Akhil Shahani Member CII (Confederation of Indian Industry) Education ventures, Social start-ups and Philanthropy 13 Kaizen Private Equity. All Rights Reserved.

14 Strategy for Next Fund Education to remain core focus Geographic expansion to South East Asia Stage Agnostic Planned Exits Significant influence & control OPS-driven value addition Local knowledge and presence Strong global networks Researched investment themes Fund Strategy Components 14 Kaizen Private Equity. All Rights Reserved.

15 Characteristics of Target Companies High barriers to entry Solving a core pain (must have) Large established markets or new high growth markets Cross border opportunities Tangible Outcomes (admission, scores, certifications) Differentiated (unique, execution, brand, IP) Open to control or significant influence 15 Kaizen Private Equity. All Rights Reserved.

16 Disclaimer This presentation is intended only for the benefit of potential investors to whom the presentation is made or delivered for the purpose of considering a possible investment in the Kaizen Private Equity. The presentation is not and should not be deemed to constitute an offer to invest or a solicitation of an offer to invest, to or from the public in general or to or from any person other than the person to whom the same is addressed. Any reproduction hereof in whole or in part, or the disclosure of its contents or the distribution of the presentation, without the prior written consent of Kaizen Private Equity, is prohibited. The contents of the presentation are provisional and may be subject to change. The presentation is neither a prospectus nor an offer or invitation to apply for units of fund. The information contained herein is not exhaustive and must be read in conjunction with the information memorandum and other documents. While reasonable care has been taken to ensure that the information included herein is correctly and fairly represented, Kaizen, and other parties involved in the preparation hereof assume no liability for the relevance, accuracy or completeness of the contents herein. In making an investment decision, potential investors must rely on their own examination of the fund documents and the terms of the offering, including the merits and risks involved. Before making an investment, each potential investor should make its independent assessment and inquiries and consult its own advisors as to legal, business, tax and related matters concerning an investment in fund. The Fund and its portfolio companies are subject to several risk factors that may affect the fund performance. Contact: SANDEEP ANEJA sandeep.aneja@kaizenpe.com Cell: JETU LALVANI jetu.lalvani@kaizenpe.com Investment Advisor Address: Kaizen Management Advisors Private Limited 202 Suraj Prakash CHS, 86 Shankar Ghanekar Marg, Prabhadevi, Mumbai , India. Office: +91 (22) Fax: +91 (22) Kaizen Private Equity. All Rights Reserved.