A Fund designed to seek long-term capital appreciation through investment primarily in equity related securities of companies in India that are run by efficient management, have a sustainable and robust business model and are available at reasonable valuations. India Advantage Fund Ltd. is an open-ended Investment Company incorporated in Mauritius which has been investing in India since 1996.

Risk Factors Investing in India involves certain considerations in addition to the risks normally associated with making investments in securities. The value of shares and the income from them may go down as well as up and there can be no assurance that on a redemption, or otherwise, investors, will receive back the amount originally invested. Accordingly, the Fund is only suitable for investment by investors who understand the risks involved and who are able and willing to withstand the loss of their investment. In particular, prospective investors should consider the following risks:- (a) Currency Fluctuations: The Fund intends to invest mainly in securities denominated in Rupees, whereas the Shares are denominated in US dollars. The US dollar price at which shares are valued and may be redeemed is therefore subject to fluctuations in the Rupee/ US dollar exchange rate. In the case of redemptions of the shares, the Company will use all reasonable endeavors to pay the net redemption proceeds within the periods stated under "Redemptions" in the Section entitled "Subscriptions and Redemptions" above, but there is no assurance that this will be achieved. Since calculations of the Net Asset Value of the Fund will normally reflect the Rupee/US dollar exchange rate prevailing on the day preceding the relevant Valuation Day, the Fund (and Shareholders whose shares are not being redeemed ) will bear the risk of depreciation of the Rupee against the US dollar during the period from the relevant Valuation Day to the date of payment. However, if, such a depreciation shall have caused a material change in the Net Asset Value of the Fund between a Valuation Day and the day when the net redemption proceeds are available for payment to Shareholders whose Shares are being redeemed on that day, the Directors or BSLAMC (Mauritius) may require a recalculation of the applicable Redemption Price (See under 'Redemptions" in the Section entitled "Subscriptions and Redemptions" above.) At present, the Company is unable to hedge against currency exposure by means of forward foreign exchange contracts. (b) Potential Market Volatility and Limited Liquidity: The Indian securities markets are smaller and more volatile than the securities markets of the United Kingdom, the United States, and certain other OECD countries. The Indian stock market has in the past experienced substantial price volatility and no assurance can be given that such volatility will not occur in the future. The above factors could negatively affect the Net Asset Value of the Fund and the ability to redeem shares and the price at which the shares trade or may be redeemed. (c) Governmental Economic and Political Considerations: The Fund and the redemption price and liquidity of the Shares may be affected generally by exchange rates and controls, interest rates, changes in Indian or Mauritian governmental policy, taxation, social and religious tensions and political, economic or other developments in or affecting India or Mauritius. (d) Liquidity of Shares: Redemptions of Shares will be subject to the restrictions on redemption which are described under "Redemptions" in the Section entitled "Subscriptions and Redemptions" above. In addition redemption of Shares may be subject to suspension or limitation as described under "Suspension of Dealings" in the Section entitled "Subscriptions and Redemptions " above. (e) Taxation Considerations: The Directors believe that the benefits of the India/Mauritius Double Tax Treaty are available and that the tax treatment of the Fund should be as stated in the Section entitled "Taxation", but there can be no assurance that the Indian tax authorities will accept that this is the case. For more complete information on the Fund, including investment objectives and policies, sales charge, expenses, risks and other matters of importance to prospective investors, refer to current offering document. The sale of shares in the Fund may be restricted in certain jurisdictions. In particular, shares may not be offered or sold, directly or indirectly in the United States or to U.S. persons, as is more fully described in the Fund's offering document.

LEGAL DISCLAIMER BSLAMC currently provides management and advisory services to Birla Mutual Fund and may provide such services to other clients in the future. BSLAMC and BSLAMC (Mauritius) and their respective affiliates may promote manage, sponsor or be otherwise involved in further collective investment vehicles. The Directors will endeavor to ensure that any conflict, which may arise in relation to the Fund, is resolved fairly. In particular BSLAMC and BSLAMC (Mauritius) will use their best endeavors to ensure that the allocation of investment opportunities among the Fund and the accounts of any other clients is carried out in a fair and equitable manner. BSLAMC and BSLAMC (Mauritius) and their respective affiliates may provide services to, or deal with, the Fund, as principal or agent, provided that the terms on which such services are provided or upon which such transactions are effected shall be no less favorable to the fund than could have been expected had the service or transaction been effected with, by or through an independent third party.