Gaja Alternative Asset Management Limited IPO

The company's total income is dependent on the performance of the funds managed and advised by the company. The company derive its total income from Management Fee, Carried Interest and Income from Sponsor Commitment and its total income during the six-month period ended September 30, 2025 and Fiscals 2025, 2024, and 2023 included Management Fee from the funds managed and advised by the company and was 26.65%, 46.65%, 72.96% and 48.63% of its total income, respectively.

The historical returns attributable to the funds managed and advised by the company should not be considered as indicative of the future results of such funds or of the future funds and the returns the company may generate may be prolonged on account of the nature of these funds and may not be similar to what the company may have generated historically.

The timing and receipt of Carried Interest from the funds managed and advised by the company is unpredictable and will contribute to the volatility of our cash flows. the company's Carried Interest was ?698.60 million and 63.29% of its total income for the six-month period ended September 30, 2025 and ?644.26 million and 52.25% of our total income in Fiscal 2025.

Valuation methodologies for certain assets of the funds managed and advised by the company can be susceptible to significant subjectivity and the derived values of assets may not be realized, which could result in significant losses for such funds. The fair market value of Sponsor Commitments in Gaja Capital Funds was Rs.2,467.36 million, Rs.2,015.42 million, Rs.2,204.75 million, and Rs.2,109.72 million for the six-month period ended September 30, 2025 and Fiscals 2025, Fiscals 2024, and 2023 respectively.

The company's inability to raise sufficient capital from Limited Partners or their inability to honor capital calls in relation to the funds managed and advised by the company could adversely affect its results of operations, financial condition and cash flows.

The company, along with the funds managed and advised by us, are subject to securities regulation and any failures to comply with these regulations could subject the company to penalties or sanctions.

The auditor's report to the standalone financial statements of the Company as of and for the Fiscal ended March 31, 2025 makes reference to certain matters of emphasis and the auditor's report to the consolidated financial statements of the Company as of and for the Fiscal ended March 31, 2025 and March 31, 2024, make reference to an adverse remark. The company cannot assure that its financial information for future periods will not contain such adverse remarks.

The company has operations in foreign countries through its Subsidiaries in Cayman Islands and Mauritius, which exposes the company to risks inherent to operations in foreign jurisdictions.

The company enters into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not adversely affect its financial condition and results of operations.

One of the members of its Promoter Group, Mr. Johrilal Jain, has not provided his consent to be identified as a member of the company's Promoter Group and has not provided any information in respect of himself and his relevant entities as Promoter Group.