DWS Group GmbH & Co. KGaA

SUMMARY OF THE PROPOSED COMBINATION (Under Regulation 13(2) of the Competition Commission of India (Combination) Regulations, 2024)

A. Name of the Parties to the Proposed Combination 1. DWS Group GmbH & Co. KGaA (“Acquirer”); and 2. Nippon Life India AIF Management Limited (“Target”).

B. Nature and purpose of the Proposed Combination 3. The Proposed Combination is an acquisition of shares in accordance with Section 5(a)(i)(A) of the Competition Act, 2002 (as amended). It involves subscription to shares of the Target by the Acquirer amounting to acquisition of minority shareholding in the Target. 4. The Proposed Combination will lead to the formation of a strategic joint venture for conducting the business of: (a) managing, advising, or sponsoring Alternative Investment Funds (“AIFs”), portfolio management services (including managing of segregated accounts, co- investment portfolio management services), investment advisory services, management of REITs/SM-REITs/InVITs, and (b) distribution of any products in relation to the foregoing.

C. Products, services and business(es) of the Parties 5. The Acquirer is an asset manager with global reach. The Acquirer offers individuals, institutions and large corporations access to comprehensive investment solutions and portfolios across the full spectrum of investment disciplines.

The Target is engaged in the business of: (i) alternative asset management, and (ii) acts as an investment manager and/or sponsor, as applicable, to SEBI registered AIFs. It is also registered with SEBI as a co-investment portfolio manager.

D. Respective market(s) in which the parties to the combination operate 7. The following activities by the entities belonging to the Acquirer’s group exhibit a vertical relationship with the activity of management of AIFs in India undertaken by the Target: a. provision of custodian services in India; b. distribution of AIFs in India; and c. provision of brokerage services in India.

---