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Elephant Capital Names New Chairman

Vikram Lall has been named chairman of India-focused private equity firm Elephant Capital. He replaces Pramath Raj Sinha. Lall has been a non-executive director of Elephant Capital since October. Sinha will remain as a non-executive director on the board.

PRESS RELEASE

Elephant Capital, the India focussed private equity fund, announces that Pramath Raj Sinha will be stepping down from the Board as Chairman and will be replaced by Vikram Lall with immediate effect.

Vikram Lall has been a non-executive director of Elephant Capital since 11 October 2010. Pramath Raj Sinha will remain as a non-executive director on the Board.

As outlined in the Circular sent to shareholders on 27 May 2011, the Board and the Manager are focussed on realising the Company’s existing investment portfolio over time and, subject to the Company’s working capital requirements, returning realised capital to shareholders. These Board changes are a step in the process of achieving this objective.