Directors Report of EAAA India Alternatives Ltd.

The Directors present their 18^th Annual Report on the
business, operations and the state of affairs of EAAA
India Alternatives Limited (formerly known as Edelweiss
Alternative Asset Advisors Limited) (the “Company”)
together with the audited financial statements for the
Financial Year ended March 31,2026:

FINANCIAL RESULTS AND PERFORMANCE
OVERVIEW

The Company delivered a robust financial performance
during FY 2025-26, reinforcing its leading position
in the income and yield-oriented alternatives space.
Fee-Paying Assets Under Management (“FPAUM”) grew
32% year-on-year, translating into a three-year Compound

Annual Growth Rate (“CAGR”) of 23%, reflecting the
resilience and scalability of the Company’s platform across
market cycles.

Total Income grew 23% year-on-year to '' 964 crore, driven
by a 21% increase in Management and Advisory Fees.
Key operating yields including Total Yield (2.45%), Cost-to-
Income Ratio (64%) and PAT Yield (0.68%) remained stable
and in line with the prior year, demonstrating disciplined
cost management despite meaningful one-time charges.

Profit After Tax (“PAT”) grew 15% year-on-year to '' 265 crore,
after absorbing (i) Employee Stock Option Plan (“ESOP”)
costs of '' 32 crore charged for the first time during the
year, and (ii) incremental employee benefit obligations of
'' 10 crore arising from the implementation of the new
Labour Codes. On a pre-ESOP and pre-exceptional basis,
Profit Before Tax grew 34% year-on-year to '' 381 crore,
reflecting the business''s underlying earnings power.

A summary of the consolidated financial performance for the financial year under review is set out below:

KEY STRATEGIC MILESTONES

During the financial year under review, the Company achieved several milestones that have materially strengthened its
strategic positioning, capital base, and future growth trajectory:

Proposed Initial Public Offering

As part of its long-term strategy to broaden its shareholder base and access the public capital markets, the Company filed its
Draft Red Herring Prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”) and the stock exchanges
on January 19, 2026, in respect of a proposed public issue aggregating up to '' 1,500 crore. The proposed listing represents

an important step in the Company’s corporate evolution
and is expected to enhance brand visibility, strengthen
governance architecture, and provide a platform for
sustained long-term value creation for all stakeholders.

Secondary Sale of Shares by Existing Shareholders

During the year, one of the existing shareholders of the
Company undertook a secondary sale of equity shares
representing approximately 4.4% of the Company’s paid-up
share capital, for an aggregate consideration of '' 375 crore.
The transaction was effected by way of transfer of existing
shares from selling shareholders to incoming investors, and
accordingly did not involve any fresh issuance of equity
share capital by the Company or any proceeds accruing to
it. The transaction attracted participation from high-quality
investors and reflects continued investor confidence in the
Company’s business model, governance framework, and
long-term growth prospects.

REVIEW OF BUSINESS OPERATIONS

The Company operates a diversified, multi-strategy
alternatives platform with a specific focus on Real Assets
and Private Credit. Through its differentiated fund verticals,
the Company offers institutional and private investors
access to risk-adjusted, income-oriented investment
opportunities across infrastructure, real estate, structured
credit and related asset classes.

As of March 31, 2026, the Company’s FPAUM reached
a record '' 44,710 crore, underpinned by consistent fund
performance and continued investor preference for yield-
oriented alternatives in an environment of elevated interest
rates and market volatility.

Fundraising, Deployment and Realisation

The Company’s operating performance across verticals
during the year is summarised below:

Realisations during the year exceeded capital deployment,
reflecting the maturity of the Company’s vintage portfolios
and the disciplined exit execution across verticals. This
performance has further strengthened investor confidence
and laid the foundation for successor fundraises across
verticals.

Key Operational Highlights

• Expansion of Global LP Base: The Company
onboarded its first Development Finance Institution
(“DFI”) investor through its maiden Energy Transition
Fund, representing a strategic milestone in the
diversification and internationalisation of its LP base.

• Citius TransNet InvIT — Public Listing: The transport
sector-focused Infrastructure Investment Trust is in the
process of its Initial Public Offering raising '' 1,105
crore.

• Anzen Energy InvIT — FPAUM Expansion: FPAUM of
Anzen Energy InvIT has nearly tripled to approximately
'' 6,700 crore since its listing in November 2022, driven
by disciplined acquisitions and consistent operational
performance of the underlying portfolio.

• Private Credit — Marquee Exits: The Private Credit
vertical witnessed several marquee exits during the
year, generating robust realisations for investors
and validating the Company’s credit underwriting
framework and portfolio monitoring practices.

OUTLOOK

The Board views the medium-term outlook for India’s
alternatives industry with measured optimism. Structural
tailwinds — including the formalisation of household savings,
institutional capital flows into Real Assets and Private Credit,
the maturation of the InvIT and REIT frameworks, and
the ongoing energy transition — are expected to support
sustained demand for the Company’s Business verticals.

Building on the strong operating momentum of FY 2025-26,
the Company remains focused on: (i) scaling its flagship and
successor fund franchises; (ii) deepening engagement with
global LPs, including sovereign wealth funds, pension funds
and DFIs; (iii) expanding product innovation in thematic
strategies such as Energy Transition and Infrastructure;
and (iv) enhancing its governance, risk management and
technology infrastructure in preparation for life as a listed
entity.

SHARE CAPITAL

The Authorised Share Capital of the Company is
'' 75,00,00,000/- (Rupees Seventy-Five crore Only) divided
into 14,80,00,000 (Fourteen crore Eighty lakhs) Equity
Shares of '' 5/- (Rupees Five Only) each and 20,00,000
(Twenty lakhs) Preference Shares of '' 5/- (Rupees Five
Only) each.

The issued, subscribed and paid-up capital of the Company
is '' 32,14,01,230/- (Rupees Thirty-Two crore Fourteen
lakhs One Thousand Two Hundred Thirty only) divided into
64,280,246 Equity Shares of face value of 5/- (Rupees Five
Only) each.

AMOUNT TO BE CARRIED TO RESERVES

There is no amount proposed to be transferred to the
reserves. For complete details on movement in Reserves
and Surplus during the financial year ended March 31,2026,
please refer to the Statement of Changes in Equity included
in the Financial Statements of the Company forming part of
this Annual Report.

UPDATE ON IPO

The Company has filed the Draft Red Herring Prospectus
dated January 19, 2026 with the Securities and Exchange
Board of India (the “SEBI”) and Stock Exchanges.
Further the Company has received in-principle approval
from National Stock Exchange (“NSE”) and BSE Limited
(“BSE”).

DIVIDEND

During the year, the Company had declared and paid interim
dividend as detailed below:

The dividend pay-out is in accordance with the Company’s
Dividend Distribution Policy which is placed on the
Company’s website athttps://www.eaaa.in/wp-content/
uploads/2026/01/2.-Dividend-Distribution-Policv.pdf

DEPOSITS

The Company did not accept any deposits within the
meaning of section 73 of the Companies Act, 2013 and
rules made thereunder and, as such, no amount of
principal or interest was outstanding, as on the date of
Balance Sheet.

MATERIAL CHANGES AND COMMITMENTS AFFECTING
THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments,
affecting the financial position of the Company which have
occurred between the end of the financial year to which the
financial statements relate and the date of this Report.

EMPLOYEES STOCK OPTION SCHEME

With a view to recognising and rewarding employees for
their association, dedication, and contributions towards the
achievement of the Company’s objectives, and to attract,
reward, and retain key talent by incentivising performance
and fostering long-term commitment to overall corporate
growth and profitability, the Company has formulated the
‘Employee Stock Option Scheme 2024’ (“ESOP 2024” or
“the Scheme”).

During the year, there has been no material variation in the
terms of aforesaid Scheme and the same is in compliance
with the Securities and Exchange Board of India (Share
Based Employee Benefits and Sweat Equity) Regulations,
2021 (“SBEB and SE Regulations”).

The details as required to be disclosed under SBEB
Regulations and SE Regulations are placed on the
Company’s website athttps://www.eaaa.in/

RISK MANAGEMENT & INTERNAL FINANCIAL
CONTROL

The Company has adopted comprehensive risk
management policy and procedures for its business of
investment management within the alternate assets domain.
Under these policies and procedures, the risk analysis is
done at the time of doing any transactions as well as on
periodic intervals.

The Board of Directors confirm that your Company has
laid down set of standards, processes and structure which
enables to implement Internal Financial controls across
the organisation with reference to Financial Statements
and that such controls are adequate and are operating
effectively. During the year under review, no material or
serious observation has been received for inefficiency or
inadequacy of such controls.

HOLDING COMPANY

During the year under review, there has been no change
in the Company’s Holding Company. Edelweiss Securities
and Investments Private Limited (“ESIPL”) is the Holding
Company of the Company and Edelweiss Financial
Services Limited (“EFSL”) is the ultimate Holding Company
of the Company.

SUBSIDIARIES

During the year under review, EAAA Transinfra Managers
Limited was incorporated on April 18, 2025, as subsidiary of
the Company to act as the Investment Manager for future
infrastructure investment trust.

The other subsidiaries of the Company are as follows:

• EAAA Real Assets Managers Limited (formerly known
as Edelweiss Real Assets Managers Limited);

• Sekura India Management Limited; and

• EAAA Pte. Limited (formerly known as Edelweiss
Alternative Asset Advisors Pte Limited).

A statement providing details of performance and salient
features of the financial statements of the above-mentioned
Subsidiary companies, as per Section 129(3) of the Act,
is provided as Annexure A to the consolidated financial
statement and therefore, not repeated in this Report to
avoid duplication.

The audited financial statement including the consolidated
financial statement of the Company and all other documents
required to be attached thereto shall be available on the
Company’s website and can be accessed athttps://www.
eaaa.in/ .

DIRECTORS AND KEY MANAGERIAL PERSONNEL1) Appointments

Mr. C. Balagopal (DIN: 00430938) was appointed as
Non-Executive Independent Director of the Company
with effect from April 24, 2025.

Mr. Sunil Kakar (DIN: 03055561) was appointed as
Non-Executive Independent Director of the Company
with effect from April 24, 2025.

Mr. Sunil Phatarphekar (DIN: 00005164) was re¬
appointed as Non-Executive Independent Director of
the Company with effect from August 13, 2025.

Mr. Rashesh Chandrakant Shah (DIN: 00008322)
was appointed as an Executive Chairman and
Whole-Time Director of the Company with effect from
August 14, 2025.

2) Ceasations

Mr. Venkatchalam Ramaswamy (DIN: 00008509)
ceased to be the Managing Director & Chief Executive
Officer of the Company with effect from September 30,
2025.

3) Key Managerial Personnel (Kmp)

During the year under review, the following employees
were the ‘Key Managerial Personnel’ (“KMP”) of the
Company

1. Mr. Rashesh Chandrakant Shah- Executive

Chairman and Whole-Time Director*

2. Mr. Amit Agarwal- Chief Executive Officer $

3. Mr. Subahoo Chordia- Chief Executive Officer $

4. Mr. Harish Agarwal- President and Chief
Operating Officer#

5. Mr. Hemal Mehta- Chief Financial Officer

6. Mr. Deepak Mukhija- Company Secretary

* appointed as the Executive Chairman and
Whole-Time Director w.e.f. August 14, 2025

$ appointed as the Chief Executive Officer w.e.f.
June 12, 2025

# designated as Key Managerial Personnel w.e.f.
January 12, 2026

4) Director Retiring By Rotation

Ms. Ananya Suneja (DIN:07297081), retires by rotation
at the ensuing Annual General Meeting and being
eligible, has offered herself for re-appointment.

DECLARATION FROM INDEPENDENT DIRECTORS

The Board has received declarations from the Independent
Directors as per the requirement of Section 149(7) of the
Companies Act, 2013 and the Board is satisfied that the
Independent Directors meet the criteria of independence as
mentioned in Section 149(6) of the Companies Act, 2013. All
the Independent Directors of the Company have complied
with the Code for Independent Directors prescribed in
Schedule IV to the Act and the provisions of sub rule (1)
and (2) of Rule 6 of the Companies (Appointment and
Qualification of Directors) Rules, 2014 with respect to
registration with the Indian Institute of Corporate Affairs for
the Independent Directors’ Data base.

DIRECTOR E-KYC

The Ministry of Corporate Affairs have vide amendments to
the Companies (Appointment and Qualification of Directors)
Rules 2014, mandated registration of KYC of all the
Directors. All the Directors of the Company have complied
with said requirement in the FY 2025-26.

BOARD AND COMMITTEE MEETINGSBoard

During the Financial year 2025-26, 08 (Eight) meetings of
the Board of Directors were held.

Audit Committee

As on date of this report, the Audit Committee consists of
Mr. Sunil Phatarphekar (Chairperson), Ms. Neeta Mukerji
(Member) and Ms. Sampa Bhasin (Member).

During the year under review, 5 (Five) meetings of the Audit
Committee were held.

Nomination and Remuneration Committee

As on date of this report, the Nomination and Remuneration
Committee consists of Mr. William Preston Hutchings
(Chairperson), Mr. Sunil Phatarphekar (Member), Ms.
Priyadeep Chopra (Member) and Ms. Sampa Bhasin
(Member).

During the year under review, 6 (Six) meetings of the
Nomination and Remuneration Committee were held.

Corporate Social Responsibility Committee

In accordance with the provisions of Section 135 of the
Companies Act, 2013 (the “Act”), the Board of Directors
of the Company has constituted the Corporate Social
Responsibility Committee (“CSR Committee”). As of
March 31, 2026, the Committee was comprising of the
following Directors:

Mr. Sunil Phatarphekar;

Ms. Neeta Mukerji and
Ms. Sampa Bhasin.

During the year under review, 2 (two) meetings of the
Corporate Social Responsibility Committee were held.

Further details on CSR related activities are provided in
Annexure B to this Report.

Risk Management Committee

As on date of this report, the Risk Management Committee
was constituted which consists of Mr. Rashesh Chandrakant
Shah (Chairperson), Mr. William Preston Hutchings
(Member), Ms. Neeta Mukerji (Member) and Mr. Harish
Agarwal (Member - President & Chief Operating Officer).

During the year under review, no meeting was held.

Stakeholders Relationship Committee

As on date of this report, the Stakeholders Relationship
Committee was constituted which consists of Ms. Priyadeep
Chopra (Chairperson), Mr. Sunil Phatarphekar (Member)
and Ms. Neeta Mukerji (Member).

During the year under review, no meeting was held.

Independent Directors Meeting

During the year under review, 1 (One) meeting of
Independent Directors was held.

CSR REPORT

The CSR Report on the activities undertaken during the year
under review is provided as Annexure B to this Report.

The CSR Policy is available on the website of the Company
athttps://www.eaaa.in/investor-relations/ .

POLICY ON REMUNERATION OF DIRECTORS AND
KEY MANAGERIAL PERSONNEL

The Company has adopted a Remuneration Policy for
the remuneration payable to the Independent Directors,
Non-executive Directors, Managing Director/Executive
Directors, KMPs, and other Senior level employees of the
Company. The said Remuneration Policy is available on the
Company’s website and can be accessed athttps://www.
eaaa.in/wp-content/uploads/2026/01/5.-Nomination-and-
Remuneration-policv.pdf

LOANS, INVESTMENTS AND GUARANTEES

The particulars of loans given and investments made by
the Company are provided in the financial statement. The
details of the investments are also given in the notes of the
financial statement attached to this report.

RELATED PARTY TRANSACTIONS

All the Related Party Transactions entered by the Company
are on arm’s length basis and in the ordinary course of
business. Particulars of contracts or arrangements with the
related Parties as referred to in sub-section (1) of Section
188 and forming part of this report as Annexure C is
provided in the financial statement. All the Related Party
Transactions as required under Ind AS 24 are reported in
the Notes to the financial statements.

INFORMATION REQUIRED UNDER SEXUAL HARASSMENT
OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL), ACT, 2013

The Company has framed a Policy on Prevention of Sexual
harassment at workplace (“the Policy”). During the year
under review, no cases were reported under the Policy. The
Company has complied with the provisions relating to the
constitution of Internal Complaints Committee under the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.

WHISTLE BLOWER POLICY/ VIGIL MECHANISM

The Company has adopted a Whistle Blower/ Vigil
mechanism Policy to report genuine concerns/grievances.
The details are available on the website of the Company at
https://www.eaaa.in/investor-relations/ .

The Policy provides for adequate safeguards against the
victimisation of the persons who use the vigil mechanism.
The vigil mechanism is overseen by the Audit Committee.

ANNUAL RETURN

Pursuant to Section 134(3)(a) and Section 92(3) of the
Companies Act, 2013 read with Rule 12 of the Companies
(Management and Administration) Rules, 2014, the Annual
Return of the Company, has been placed on the Company’s
website and can be accessed athttps://www.eaaa.in/.

CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNINGS/
OUTGO

A. Conservation of Energy

i) the steps taken or impact on conservation of
energy - The operations of your Company are not
energy-intensive. However, adequate measures
have been initiated for conservation of energy.

ii) the steps taken by the Company for utilising
alternate source of energy - though the operations
of the Company are not energy intensive, the
Company shall explore alternative source of
energy, as and when the necessity arises.

iii) the capital investment on energy conservation
equipment - Nil

B. Technology Absorption

(i) the efforts made towards technology absorption
- The minimum technology required for the
business has been absorbed.

(ii) the benefits derived like product improvement,
cost reduction, product development or import
substitution - Not Applicable

(iii) in the case of imported technology (imported
during the last three years reckoned from the
beginning of the financial year) - Not Applicable

a) the details of technology imported;

b) the year of import;

c) whether the technology has been fully
absorbed;

d) if not fully absorbed, areas where absorption
has not taken place, and the reasons thereof;
and

iv) the expenditure incurred on Research and
Development: Not Applicable

C. Foreign Exchange Earnings and Outgo

Foreign exchange earnings and outgo during the
Financial Year under review were '' 3,972.39 mn
(previous Financial Year '' 2,173.39 mn) and '' 60.98
mn (previous Financial Year '' 10.95) respectively.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

The Company is committed to integrate ESG in its business
strategy and investment procedures, through a Responsible
Investing approach. To reaffirm this commitment, we
became signatory to the United Nations-supported
Principles for Responsible Investment (“PRI”) in January
2023. We have completed our first mandatory UN PRI
report in FY 2024-25 reporting cycle. We have developed a
customised ESG and RI Policy framework which is guided
by the principles of the UN Global Compact (UNGC) and
UNPRI.

We have been publishing ESG Reports since FY 20 -
a practice that we will continue going forward. The ESG
Report is based on globally accepted standards like
Equator Principles, International Labour Organisation
(ILO), IFC, Global Reporting Initiative (GRI), Sustainable
Development Goals (SDGs), UN Global Compact (UNGC)
and Sustainability Accounting Standards Board (SASB).

We are fully committed to contribute to India’s clean energy
transition and our funds invested 2085 crore till date
towards renewable energy assets. We Invested ~$2.4 bn
(As on Sep 2025) in special situations since inception, that
helps to free up capital of banks/non-banks and/or helps in
the revival of companies. This capital helps to free up capital
of banks/non-banks and / or helps in revival of companies.
Approximately 125.7 mn liters of water is saved in FY
2025-26 through robotic cleaning of the solar panels and
rainwater harvesting systems in our infrastructure assets.

We continue to be committed to the health and safety
of employees. In FY 26, Sekura’s Energy and Highways
assets received multiple recognitions for safety,
sustainability, CSR, and road safety excellence, including
International Safety Awards with Distinction and Merit
from the British Safety Council, a Best in Region Award
(North), the National Highways Excellence Award in the
Green Highways category, Road Safety Awards, OHSSAI
HSE Excellence & ESG Global Awards, the Excellence
in Public Safety Awareness and Engagement Award, and
CSR recognitions for Women Empowerment and Skilling
& Employability.

STATUTORY AUDITOR’S REPORT

The Auditor’s Report on Audited Financial Statements for
the Financial Year ended March 31, 2026 issued by M/s.
Nangia & Co. LLP, Chartered Accountants, Mumbai (FRN
002391C/N500069) Statutory Auditor of the Company is
self-explanatory and does not contain any qualification,
reservation or adverse remark or disclaimer.

During the year under review, the Statutory Auditors have
not reported any incident of fraud to the Board of Directors.

SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Act and the
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, M/s. Ashita Kaul & Associates,
Company Secretaries, was appointed to undertake the
Secretarial Audit of the Company for the financial year
2025-26. In this regard, the Report submitted by the
Secretarial Auditor is annexed as Annexure D. During the
year under review, the Secretarial Auditor has not reported
any qualifications or negative remarks.

AUDITORS
Statutory Auditors

In accordance with provisions of Section 139 of the
Companies Act, 2013 and the Rules framed thereunder (the
Act), M/s. Nangia & Co. LLP, Chartered Accountants were
appointed as the Auditors of the Company at the 15^th Annual
General Meeting (AGM) held in the year 2023 to hold office
till the conclusion of 20^th Annual General Meeting of the
Company to be held in the year 2028.

Secretarial Auditors

In accordance with provisions of Section 204 of the
Companies Act, 2013 and the Rules framed thereunder (the
Act), M/s. Ashita Kaul & Associates, Company Secretaries
were appointed as the Secretarial Auditors of the Company
from Financial Year 2025-26 to Financial Year 2029-30 at
the 17^th Annual General Meeting.

COMPLIANCES AS TO SECRETARIAL STANDARDS

The Company has complied with the provisions of
Secretarial Standards i.e. Secretarial Standard-1 and
Secretarial Standard-2 applicable to the Company, during
the Financial Year 2025-26.

EMPLOYEES

The Company recognises that human capital is the key
to success and growth in the Company’s business. As on
March 31,2026, the Company has 192 employees.

PERFORMANCE EVALUATION OF DIRECTORS, BOARD
AND COMMITTEES

Pursuant to Section 178 read with Schedule IV of the
Companies Act, 2013, the Company is required to run the
process of evaluation of the performance of the Board, its
committees and individual directors and assess the quality,
quantity and timeliness of flow of information between the

Company management and the Board, that is necessary
for the Board to effectively and reasonably perform it’s
duties.

Accordingly, Independent Directors at their meeting held on
March 26, 2026, have undertaken the following:

a) Performance evaluation of the Non-independent
Directors

b) Performance evaluation of the ‘Board as a whole’;

c) Performance evaluation of the Chairperson; and

d) Assessment of the quality, quantity and timeliness of
flow of information between the Company management
and the Board.

Further, the Board at its meeting held on April 22, 2026,
assessed the performance of the Independent Directors
and the sub-committees of the Board.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134 of the Companies Act, 2013 (the
Act), the Board of Directors confirm that:

(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with
proper explanation relating to material departures;

(ii) such accounting policies have been selected and
applied consistently and made judgments and
estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the
Company as at March 31,2026, and of the profit of the
Company for the financial year ended on that date;

(iii) proper and sufficient care has been taken for the
maintenance of adequate accounting records
in accordance with the provisions of the Act for
safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

(iv) the annual accounts have been prepared on a going
concern basis; and

(v) Proper systems had been devised to ensure
compliance with the provisions of all applicable laws
and that such systems were adequate and operating
effectively.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY
THE REGULATORS OR COURTS

There are no significant material orders passed by the
Regulators/ Courts which would impact on the going
concern status of the Company and its future operations.

COST RECORDS

The Company is not required to maintain cost records as
specified by the Central Government under subsection (1)
of section 148 of the Companies Act, 2013.

OTHER DISCLOSURES

No disclosure is required in respect of the details relating
to the deposits covered under Chapter V of the Companies
Act, 2013, issue of Equity Shares with differential rights as
to dividend, voting or otherwise, sweat equity shares, as
there were no transactions on these matters during the year
ended March 31,2026.

Further, there are no material changes and commitments
affecting the financial position of the Company which have
occurred between the end of the period to which the financial
statements relate and the date of the report.

ACKNOWLEDGEMENTS

The Board of Directors wish to acknowledge the continued
support extended and guidance given by the Securities
and Exchange Board of India, Ministry of Corporate Affairs,
Banks, government authorities and other stakeholders. The
Board would like to acknowledge the support of its clients
and members. Your Directors would also like to take this
opportunity to express their appreciation for the dedicated
efforts of the employees of the Company.

For and on behalf of the Board of Directors
EAAA India Alternatives Limited

(formerly known as Edelweiss Alternative Asset Advisors Limited)

Rashesh Chandrakant Shah

Executive Chairman and Whole-Time Director
DIN:00008322

Date: April 22, 2026