ABCD Client Period Subject

Kotak India Focus Fund 31 December 2011 Board Minutes

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Date: 18th January 2011 Appointment of Director It was resolved that: Mr Ruchit Puri be appointed as additional director of the company with immideate effect, subject to the approval of FSC. The company secretary and/or any one of the directors of the Company be authorized to complete all formalities in connection herewith. Date: 25th January 2011 Renewal of Tax Residence Certificate It was resolved that the: Undertakings in the renewal of the TRC be hereby confirmed by the directors abd that any two of the directors and/or any duly appointed alternate directors and the secretary of the fund be hereby authorized to apply for the renewal of the TRC, on behalf of the fund. Date: 25th February 2011 Appointment of Pricewaterhousecoopers LLP It was resolved that the: PwC be appointed by the company for the preparation of the PFIC Annual Information Statements for the tax year from 1st January 2010 to 31st December 2010. The engagement letter dated 17th February 2011 be approved. Anyone of the directors of the company be authorized to sign the engagement letter for an on behalf of the company. A copy of duly executed Engagement Letter be kept at the registered office of the company. Date: 10th March 2011 Agreement with DTOS Limited and Sundaram Business Services It was resolved that the: Agreement Relating to Transaction Support Services dated 9 March 2011 and effective as from 15 November 2009 with Sundaram Business Services Limited in connection with transaction support services to be provided to DTOS Ltd.

ABCD Client Period Subject

Kotak India Focus Fund 31 December 2011 Board Minutes

Schedule Prepared by Reviewed by

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Shipra

This may be executed in one or more counterparts, all of which when taken together shall constitute one instrument between the parties hereto.

Date: 4th May 2011 Extension of Companys Team It was resolved that the: Consent of the board be given for the extension of the term of the company by one additional year from 1st September to 31st August 2012. A notice to that effect be sent to all Redeemable Participating Shareholders of the Company and that anyone of the Directors and/or the Secretary of the Company be authorized to sign the said notice for and on behalf of the company. Date: 17th June 2011 Approval of Engagement Letter It was resolved that the: The said engagement letter be approved Anyone of the directors or alternate director be authorized to sign te Engagement Letter, for and on behalf of the Company. A copy of the duly executed Engagement Letter be kept at the registered office of the company. The resolution may be executed in one or more counterparts, all of which when taken together shall constitute one instrument between the parties hereto. Date: 21st June 2011 Transfer of Shares It was resolved that the: The share transfer form be accepted and 33,747.10 Class B participating Shares currently held by Citco of Citco Banking Corporation (NA) NV Ref Challenger Fund, De Ruyterkade 62, PO Box 707, Curacao Netherlands Antilles be transferred to citco global custody (NA) NV o.b.o Advantage Multi Strategy Fund of Citco Banking Corporation.

Date: 28th June 2011

ABCD Client Period Subject

Kotak India Focus Fund 31 December 2011 Board Minutes

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Approval of financial statements It was resolved that the: The financial statements be approved Anyone of the directors or alternate director be authorized to sign te Engagement Letter, for and on behalf of the Company. The audit fees provided in the accounts be approved. Date: 30th June 2011 Second Extension of Companys Term It was resolved that the: Consent of the board be given for the second extension of the term of the company from 1st September 2012 to 31st August 2013. Written resolution of the shareholders of the company be passed in lieu of holding a special meeting and that the secretary of the company be authorized to send a notice relating to the extension of term of the company, together with the aforesaid resolution of all the shareholders of the company. Date: 26th August 2011 Waiver Of Management Fees for the Period from 1 Sep 2012 to 31 Aug 2013. It was resolved that the: Consent of the board be given to waive the charges for management fees for one year period of extension. A notice to that effect be sent to all Redeemable Participating Shareholders of the company and that anyone to the directors and/or the company secretary be authorized to sign the said notice for and on behalf of the company. Date: 30th September 2011 Directors and Officers Liability Insaurance It was resolved that the: Consent of the board be given for the renewal of the directors and officers liability and corporate reimbursement insurance cover for the period from 3 June 2011 to 2 June 2012.

ABCD Client Period Subject

Kotak India Focus Fund 31 December 2011 Board Minutes

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To approve the insurance cover of USD 5 million for a premium of 4,500

USD That anyone of the directors of the company or duly appointed alternate director be authorized to sign any documents relating to the above insurance cover for and on behalf of the company.

Date: 14th November 2011 Second Extension of Companys Term It was resolved that the: Notice shall be sent to all redeemable participating shareholders informing them of the second extension of the term of the company and that anyone of the directors of the company secretary be authorized to sign the said notice for and on behalf of the company. Date: 28th December 2011 Resignation and Appointment of Director It was resolved that the: To approve the resignation of Mr Venpin as Director on 31st December 2011. Mrs Lina How be appointed as Director of the find with effect from 1st January 2012, subject to the approval of the FSC. The company secretary and/or and of the directors of the fund be authorized to complete all formalities in connection therewith.

Date: 27th February 2012 Renewal of Tax Residence Certificate

ABCD Client Period Subject

Kotak India Focus Fund 31 December 2011 Board Minutes

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Shipra

It was resolved that the: Undertakings in the renewal of the TRC be hereby confirmed by the directors abd that any two of the directors and/or any duly appointed alternate directors and the secretary of the fund be hereby authorized to apply for the renewal of the TRC, on behalf of the fund. Date: 9th March 2012 Appointment of Pricewaterhousecoopers LLP It was resolved that the: The engagement letter be approved. Anyone of the directors of the company be authorized to sign the engagement letter for an on behalf of the company. A copy of duly executed Engagement Letter be kept at the registered office of the company. . Date: 6th April 2012 Transfer of Shares It was resolved that the: The share transfer form be accepted and 33,747.10 Class B participating Shares currently held by Citco of Citco Banking Corporation (NA) NV Ref Challenger Fund, De Ruyterkade 62, PO Box 707, Curacao Netherlands Antilles be transferred to citco global custody (NA) NV o.b.o Advantage Multi Strategy Fund of Citco Banking Corporation.

RESOLUTIONS OF THE SHAREHOLDERS Date: 30th June 2011 Minutes of the annual meeting held at the Registered Office

ABCD Client Period Subject

Kotak India Focus Fund 31 December 2011 Board Minutes

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It was resolved that the: KPMG Mauritius should stay on as Auditor of the company upto the next annual meeting of shareholders and that their remuneration be fixed by the Board of Directors Messrs Jimmy Wong Yuen Tien, Eric A Venpin, Louis Didier Merle, Sow Man Ah Yuk Shing and Ruchit Puri be Hereby re-appointed as directors of the company and shall hold office until next annual meeting of the shareholders. Date: 5th August 2011 Second Extension of Companys Term It was resolved that the: To approve the second extension of the Term of the company from 1 September 2012 to 31 August 2013. Date: 13 September 2011 Second Extension of Companys Term It was resolved that the: To approve the second extension of the Term of the company from 1 September 2012 to 31 August 2013. Date: 17th October 2011 Second Extension of Companys Term It was resolved that the: To approve the second extension of the Term of the company from 1 September 2012 to 31 August 2013.