1. Kotak Strategic Situations India Fund II    2. Kotak Alternate Asset Managers Limited

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SUMMARY OF THE PROPOSED COMBINATION [UNDER REGULATION 13(2) OF THE COMPETITION COMMISSION OF INDIA (COMBINATIONS) REGULATIONS, 2024] a) Name of the parties to the combination 1. The parties to the combination are: a. Kotak Strategic Situations India Fund II (“Acquirer 1”); b. Kotak Alternate Asset Managers Limited (erstwhile Kotak Investment Advisors Limited) (“Acquirer 2”) (collectively, the “Acquirers”); and c. Ace Designers Limited (“Target”). The Acquirers and the Target are collectively referred to as the “Parties”. b) The nature and purpose of the combination Nature of the Combination 2. The Acquirers propose to acquire shareholding in Target through a combination of equity shares and compulsorily convertible debentures (on a fully diluted basis) ("Proposed Combination”). 3. The Proposed Combination is notifiable under Section 5(a)(i)(A) of the Competition Act, 2002 (as amended). Purpose of the Combination 4. The Proposed Combination is a financial investment undertaken in the ordinary course of its business by Acquirer 1 and is in line with its investment objectives. CONFIDENTIAL Acquirer 2 (the investment manager of Acquirer 1) proposes to invest alongside Acquirer 1 since the proposed combination presents a strong financial investment opportunity and is expected to generate favourable returns. 5. Through the Proposed Combination, the Target will raise funds and utilise them for the growth and expansion of its operations. c) The products, services and business(es) of the parties to the combination Acquirers 6. Acquirer 1 is an alternative investment fund (“AIF”) registered with the Securities Exchange Board of India (“SEBI”) under the SEBI AIF Regulations, 2012. Acquirer 1 is managed by Acquirer 2. 7. Acquirer 2 is the investment manager for Acquirer 1. It manages the investment decisions and undertakes the day-to-day management of the operations of Acquirer 1. It is submitted that, in addition to managing Acquirer 1, Acquirer 2 manages multiple other AIFs in India. Target 8. The Target is a public limited company which was incorporated in September 1986 and has its registered office in Bengaluru, Karnataka. The Target (including its affiliates) are broadly engaged in the manufacture of (i) computer numerical controlled (“CNC”) machines, (ii) metal components, (iii) precision assemblies for machine tools, and (iv) precision tools. d) The respective markets in which the parties to the combination operate CONFIDENTIAL 9. The activities of the Parties’ (including their affiliates) do not exhibit any horizontal, vertical, or complementary overlaps in any of the plausible relevant markets in India. 10. Accordingly, the Proposed Combination is being notified under Section 6(4) of the Competition Act read with Rule 3 of the Competition (Criteria of Combination) Rules, 2024. *** CONFIDENTIAL