CLSA India Private Limited
AAKASH EDUCATIONAL SERVICES LIMITED – DRAFT RED HERRING PROSPECTUS

IMPORTANT: You must read and agree with the terms and conditions of the following disclaimer before continuing.

The following disclaimer applies to the Draft Red Herring Prospectus of Aakash Educational Services Limited (the "Company") dated July 19, 2018 and submitted to the Securities Exchange Board of India ("SEBI") on July 19, 2018 (the "Draft Red Herring Prospectus") and hosted on this website in connection with the initial public offering of equity shares by the Company (the "Offer") where CLSA India Private Limited is associated as the book running lead manager. The Draft Red Herring Prospectus has been made available on this website in electronic form solely to comply with the Indian SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("SEBI ICDR Regulations").

By accessing the Draft Red Herring Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them from time to time. You are therefore advised to read the following terms and conditions carefully before reading, accessing or making any other use of the Draft Red Herring Prospectus.

You are reminded that you have accessed the Draft Red Herring Prospectus on the basis that you are a person into whose possession the Draft Red Herring Prospectus may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located. The Draft Red Herring Prospectus is directed at, and is intended for distribution to, and use by, residents of India only. The information in this portion of our website, including the Draft Red Herring Prospectus, is not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia) and is not intended to be viewed by any person in the United States nor by any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act") unless such person is a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act) and a "qualified purchaser" (as defined in Section 2(a)(51) of the U.S. Investment Company Act of 1940, as amended) (such person, an "Entitled QP").

The Draft Red Herring Prospectus has been hosted on this website as prescribed under Regulation 9(1) of the SEBI ICDR Regulations. CLSA India Private Limited ("CLSA"), as one of the book running lead managers to the Offer has taken all necessary steps to ensure that the contents of the Draft Red Herring Prospectus as appearing on this website are identical to the Draft Red Herring Prospectus submitted to SEBI for its comments in accordance with Regulation 61(1) of the SEBI ICDR Regulations. You are reminded that documents transmitted in electronic form may be altered or changed during the process of transmission and consequently, neither CLSA nor any of its affiliates accept any liability or responsibility whatsoever in respect of alterations or changes which have taken place during the course of transmission of electronic data.

The contents of the Draft Red Herring Prospectus are for your information only. The Draft Red Herring Prospectus does not constitute an offer to sell or an invitation to subscribe to the securities offered in any jurisdiction to any person to whom it is unlawful to make an offer or invitation in such jurisdiction. The Draft Red Herring Prospectus is not an offer of securities for sale into the United States, Canada or Japan. The securities referred to therein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of the securities is being made in the United States. The Company has not been, and will not, register as an "investment company" within the meaning of the U.S. Investment Company Act of 1940, as amended, and is relying on the exemption from registration provided by Section 3(c)(7) thereunder. Any person into whose possession the Draft Red Herring Prospectus comes is required to inform him or herself about and to observe any such restrictions. CLSA is not soliciting any action based on the Draft Red Herring Prospectus, and it should not be construed as an offer to sell or the solicitation of an offer to buy any securities.

Any potential investor should note that investment in equity and equity-related securities involve a high degree of risk. Any decision on whether to invest in the equity shares described in the Draft Red Herring Prospectus may be made only after a red herring prospectus has been registered with the Registrar of Companies, National Capital Territory of Delhi and Haryana at New Delhi (the "Red Herring Prospectus") and must be made solely on the basis of the Red Herring Prospectus as there may be material changes in the Red Herring Prospectus. Potential investors are advised to read the section titled "Risk Factors" in the Red Herring Prospectus carefully before making an investment decision in the Offer.

CLSA will not be responsible for any loss or damage that could result from interception and interpretation by any third parties of any information being made available to you through this website. CLSA cannot and does not guarantee the accuracy, timeliness or completeness of the information being made available to you in the Draft Red Herring Prospectus beyond the date of the Draft Red Herring Prospectus.

Neither CLSA, nor any of its affiliates nor their directors, officers and employees will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or disruption of this website, or resulting from the act or omission of any other party involved in making this website or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials.

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