FUND FACTS. August, 2016

Transcription

1 FUND FACTS August, 2016

2 Equity and Debt review Equity review Indian equities continued its upward trajectory during the month of August led by strong FII inflows, passage of GST bill in Upper House and an in-line June 2016 quarter earnings season. The outperformance of midcaps over large caps continued during the month as NSE Nifty Midcap 100 delivered 4.0% returns vs. 1.7% for Nifty. On macro front, real GDP growth in 1Q was subdued due to sluggish investment trends and July CPI breached the 6% target but is expected to normalize in coming months. RBI left policy rates unchanged in the August policy meet in-line with market expectations. Dr.Urjit Patel was announced as the next RBI Governor ending weeks of speculation and markets interpreted the move as a sign of continuity of the current policy framework. Come Sep, watch out for updates on GST bill and upcoming FOMC meet. FIIs continued to be notable buyers in August while DIIs remained sellers led by insurance companies. Net inflows from FIIs were to the tune of $1.5bn (vs. net inflow of $1.7bn in July) bringing in their YTD tally to net inflows of $6.1bn. Domestic investors remained sellers in the month with net outflows of $661mn (vs. net selling of $902mn in July) bringing their YTD net outflows tally to $92mn. Among DIIs, Insurance companies led the selling with $857mn of outflows while Mutual funds turned net buyers in the month with inflows of $197mn. On the macro front, India s real GDP growth decelerated to 7.1%YoY in 1QFY17 from 7.9%YoY last quarter. Private sector activity as measured by GDP ex- Government Final Consumption Expenditure slowed to 5.7% YoY in 1Q from 8.4% last quarter. The trend on the investment front was sluggish as gross fixed capital formation (GFCF) contracted byv3.1%yoy in Q1 following a 1.9% decline in the previous quarter. GDP growth for rest of the year is expected to see support from consumption demand driven by good monsoons and 7th pay commission. June IIP inched up further to 2.1% vs 1.2% in May led by mining (4.7% vs 1.4%) and electricity (8.3% vs 4.7%). July CPI came in at 6.07% vs. 5.77% in June breaching the 6% target led by food items such as pulses (+27%), sugar (+22%) and vegetables (+14%). This was the fifth consecutive month of CPI increase as July had an adverse base effect. However, the CPI is expected to moderate in the coming months. Core inflation stayed flat at 4.6% while the WPI inched up in tandem with CPI for the 4th straight month to 3.55% vs 1.6% in June led by food inflation (11.8% vs 8.2% in June). July trade deficit narrowed to $7.7bn vs $8.1bn in the previous month led by sharp decline in imports. Imports were down 19%YoY in Jul to $29.45bn led primarily by gold and oil imports. Exports were back in the red with 6.8%YoY decline in the month at $21.7bn On the policy front, RBI left the policy rates unchanged in the August policy meet in-line with market expectations. Dr.Urjit Patel was announced as the next RBI Governor ending weeks of speculation. Markets interpreted the move as a sign of continuity of the current policy framework as Dr. Patel played a key role in structuring the current framework. On the monsoon front, monsoons are tracking at 2% deficit on pan India basis with North-West/Central India at 5%/7% excess rainfall while Southern/ Eastern regions at 13%/16% deficit as per India Met Department (IMD). On the political front, the much awaited GST Bill was passed by the Upper House in the Parliament session during the month of August. Post the passage of bill in the Upper House, the GST bill has also been ratified by 8 states (need 16 states to ratify before the bill can be sent for Presidential assent). Government is also considering to advance the winter Parliament session by a fortnight to meet the target of 1 Apr 17 for rollout. During the month of September, market will watch out for progress on the GST front, announcement of Monetary Policy Committee (MPC) members and upcoming meeting of US Federal Reserve Board. Sources: JPMorgan Research; Citigroup Research; Bloomberg Debt review From a global market perspective, early in the month, Japan approved a $274 billion stimulus package, which included a payment of approximately $147 to each of about 22 million low-income workers. Also, in the wake of the Brexit vote, the Bank of England cut interest rates to 0.25% and introduced a series of new measures designed to stimulate growth. In China, further evidence of an economic slowdown was reported in weakening industrial production and retail sales.federal Reserve Chairman Janet Yellen in her Jackson Hole speech highlighted the case for raising interest rates again but would be data dependent on the performance of labor market, economic activity and inflation. Moody's Investors Service retained India's growth forecast at 7.5% for 2016 and said It could consider a rating upgrade for India if the government is successful in introducing more growth-enhancing reforms. During the month, banks average borrowing under LAF (Liquidity Adjustment Facility) from RBI was INR 213 Bnv/s INR 425 Bn in July'16. After much speculation on the appointment of the next RBI Governor, the government appointed the extant RBI Deputy Governor in charge of monetary policy, Dr. Urjit Patel, as the 24th Governor of the Reserve Bank of India. Dr. Patel is expected to take office on September 6, when Governor Rajan demits office. It is largely expected, with Dr. Patel's announcement, the RBI's approach to inflation and setting of interest rates will not be very different from that under Governor Rajan, particularly now that the framework has been largely institutionalized. Economic releases/key events during the month were as follows: RBI Policy Review Meeting As largely expected, RBI kept the repo rate unchanged at 6.5% while asserting its aim to continue to improve system liquidity by progressively lowering the average ex ante liquidity deficit closer to neutral.even as the policy rate was unchanged, the accommodative stance is likely to continue as liquidity conditions are progressively eased. RBI noted that it has been engaging in front-loaded liquidity injections and FX interventions and will continue to do so as it enters the FCNR redemption period. Both growth and inflation forecasts for FY were left unchanged at 7.6% and 5% respectively. However RBI highlighted there is upside risks to inflation target of FY17. Inflation July 2016 The July-16 CPI inflation at 6.1 %( June'16: 5.8%, BBG Survey: 6%) was largely on account of higher food inflation which surged to 8% YoY (7.8% previously). Core inflation also edged higher to 4.5% YoY (from 4.4%) led by higher prices of personal care items. The pace of increase in prices of other sectors such as education, health and transport & communication eased modestly. WPI inflation surprised on the upside with 3.55% (June'16: 1.6%; Consensus: 2.8%). This was the fourth consecutive positive reading after 1.5 years of contraction. The major contributor to the surprise continues to be food inflation with 75 bps contribution to headline inflation increase of 193 bps over June print. Food inflation picked up further to 11.82% from 8.2% in June, due to the sequential surge in vegetables (8.7% mom) and pulses (8.2%). IIP June 2016 June IIP growth surprised positively to register 2.1% (May'16: 1.1%, BBG Survey: 1.6%) the highest reading in eight months. Electricity and mining sectors recorded stellar growth of 8.3% (4.7% earlier) and 4.7% (1.4% earlier). Manufacturing sector also grew, although gradually, by 0.9% (0.6% earlier). From the use-based side, capital goods remained a laggard ((-) 16.5% YoY), but consumer non-durable goods recorded its first positive reading (1% YoY) in seven months. Growth The Central Statistical Office (CSO) released data for QE Jun-16 according to the new series with base F2012. The data on a quarterly basis showed that GDP growth atmarket prices decelerated to 7.1%YoY in 1Q17 from 7.9%YoY in 4Q16. The slower than expected growth was due to a sharperslowdown in investments (-1.9% YoY in 4Q16). GDP growth by industry(gross Value Added [GVA] at basic price) decelerated to 7.3%YoY in 1Q17 from7.4%yoy in 4Q16. Total consumption growth (on a YoY basis) picked up the pace, growing by8.7%yoy in 1Q17 from 7.6%YoY in 4Q16, with a rise in governmentconsumption growth. Fiscal Deficit In July, Fiscal deficit declined 31.7%YoY vs. growth of 24.7% YoY in June. The decline in deficit level was due to a contraction (14.8% YoY) in expenditure even as total receipts grew (17.3% YoY) at a lesser pace. This implies that on a 12-month trailing sum basis too, the fiscal deficit is tracking at a lower level of 3.8% of GDP as of July-16 vs. 4.1% of GDP last month. However, this remains higher than the government's target of 3.5% in F2017. As a percentage of Budget Estimates (BE), fiscal deficit stood at 69.3% in July 2016, the same as last year. Outlook RBI continues to see upside risk to its end-march 2017 target of 5% given sticky services inflation, demand side risks from 7CPC payouts, narrowing output gap, etc.we pencil in another 25 bps cut in 2HFY17 with the monsoon's progress along with favorable base effect in 2HFY17 continuing to point towards 5% inflation by end- March However it is essential to wait out the monsoon season to gain clarity on the food inflation over the next few months (there has been some softening) and how the disinflationary impulses are panning out.in the near term, we expect the government bond market to move in a range of % with more softening biased driven by accommodative stances by major central bankers globally post Brexit Source: RBI, Morgan Stanley and Kotak

3 JPMorgan India Equity Holdings as on 31 August 2016 (in %) Equity Holdings AUTO Tata Motors Ltd Maruti Suzuki India Ltd Mahindra & Mahindra Ltd Eicher Motors Ltd Hero MotoCorp Ltd Bajaj Auto Ltd Ashok Leyland Ltd AUTO ANCILLARIES 0.84 Amara Raja Batteries Ltd BANKS HDFC Bank Ltd ICICI Bank Ltd Axis Bank Ltd IndusInd Bank Ltd State Bank of India 3.37 Yes Bank Ltd Kotak Mahindra Bank Ltd CEMENT 7.24 Ultratech Cement Ltd JK Cement Ltd The Ramco Cements Ltd JK Lakshmi Cement Ltd Dalmia Bharat Ltd CHEMICALS 1.11 Solar Industries India Ltd CONSTRUCTION 2.33 ITD Cementation India Ltd National Buildings Construction Corp. Ltd Ahluwalia Contracts (India) Ltd CONSTRUCTION PROJECT 7.10 Larsen & Toubro Ltd NCC Ltd Sadbhav Engineering Ltd CONSUMER DURABLES 2.12 Whirlpool of India Ltd Havells India Ltd CONSUMER NON DURABLES 5.38 Kansai Nerolac Paints Ltd Hindustan Unilever Ltd Britannia Industries Ltd Jyothy Laboratories Ltd FINANCE 8.89 HDFC Ltd Shriram Transport Finance Company Ltd Equitas Holdings Ltd Motilal Oswal Financial Services Ltd INDUSTRIAL PRODUCTS 0.52 Fag Bearings India Ltd MEDIA & ENTERTAINMENT 1.47 Zee Entertainment Enterprises Ltd PETROLEUM PRODUCTS 3.88 Bharat Petroleum Corporation Ltd Hindustan Petroleum Corporation Ltd Reliance Industries Ltd PHARMACEUTICALS 6.13 Sun Pharmaceuticals Ind Ltd Divi's Laboratories Ltd Lupin Ltd POWER 2.34 Power Grid Corporation of India Ltd SOFTWARE 6.06 Infosys Ltd Tata Consultancy Services Ltd TRANSPORTATION 1.16 Blue Dart Express Ltd Equity Holdings Total Debt Holdings Non-convertible Debentures Blue Dart Express Ltd. ICRA AA 0.03 Non-convertible Debentures Total 0.03 Debt Holdings Total 0.03 CBLO / Repo 1.08 Net Receivables/(Payables) (0.15) Total 0.93 Long Term Capital Growth Investments predominantly in equity and equity related securities. Active positive bets Total stocks in portfolio 49 Top 15 stocks 21.7% Total portfolio 47.2% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark S&P BSE 200. Source: BSE, Bloomberg. Quantitative indicators Standard Deviation Beta Sharpe Ratio Portfolio Turnover Ratio Risk free rate of return (FIMMDA MIBOR) 6.54% Total expense ratio (month-to-date ratio to average AUM) 3 Regular Plan 2.51% 3 Direct Plan 1.72% Sector Portfolio analysis: Market cap-wise `18k Crs - `90k Crs 26% 5 Others Utilities Oil & Gas Technology Pharma Cement Consumer 4 Industrials/Infra Auto Financials `6k Crs - `18k Crs 9% <`6k Crs 8% Dividend history >`90k Crs 57% Portfolio analysis: Sector-wise 2.3% 2.3% 3.9% 6.1% 6.1% 7.2% 9.0% 9.9% 13.6% 38.6% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% % of portfolio Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option 22-Aug Feb Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Regular Plan Dividend Option 20-Dec Aug Feb Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug JPMorgan India Equity Regular Plan - 14 June 2007 Direct Plan - 1 January 2013 An open-ended equity growth scheme The investment objective of the Scheme is to generate income and long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities including equity derivatives. However, there can be no assurance that the investment objective of the Scheme will be realised. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 21 Amit Gadgil 14 Experience managing the scheme Harshad Patwardhan 8 years, 12 months Amit Gadgil 8 years, 12 months Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load 1.00% If redeemed within 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed within 12 months from the date of allotment of units of each instalment of SIP purchase. Nil If redeemed after 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed after 12 months from the date of allotment of units of each instalment of SIP purchase. Benchmark S&P BSE-200 Index# Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. Moderately High Risk Last 12 months. As on August 31, Does not include Service Tax on Investment Management fees. Includes industrial capital goods / diversified / construction / industrial products. Includes chemicals, fertilisers and transportation.

4 JPMorgan India Mid and Small Cap Equity Holdings AUTO 1.99 TVS Motor Company Ltd Ashok Leyland Ltd AUTO ANCILLARIES 6.10 Amara Raja Batteries Ltd Tube Investments Of India Ltd WABCO India Ltd Suprajit Engineering Ltd BANKS Yes Bank Ltd IndusInd Bank Ltd City Union Bank Ltd Indian Bank 1.56 CEMENT 7.31 The Ramco Cements Ltd JK Lakshmi Cement Ltd JK Cement Ltd Dalmia Bharat Ltd CHEMICALS 2.68 Solar Industries India Ltd Vinati Organics Ltd CONSTRUCTION 5.72 Kajaria Ceramics Ltd ITD Cementation India Ltd National Buildings Construction Corporation Ltd Ahluwalia Contracts (India) Ltd KNR Constructions Ltd 0.32 CONSTRUCTION PROJECT 4.11 NCC Ltd Sadbhav Engineering Ltd CONSUMER DURABLES 7.06 Whirlpool of India Ltd Havells India Ltd Century Plyboards (India) Ltd Blue Star Ltd CONSUMER NON DURABLES 7.14 Kansai Nerolac Paints Ltd Manpasand Beverages Ltd Jyothy Laboratories Ltd Jubilant Foodworks Ltd FINANCE Cholamandalam Investment & Finance Company Ltd Shriram Transport Finance Company Ltd Gruh Finance Ltd Equitas Holdings Ltd Multi Commodity Exchange Of India Ltd Motilal Oswal Financial Services Ltd Max Financial Services Ltd HOTELS, RESORTS AND OTHER RECREATIONAL ACTIVITIES 1.74 The Indian Hotels Company Ltd INDUSTRIAL CAPITAL GOODS 3.60 V-Guard Industries Ltd Ujaas Energy Ltd Action Construction Equipment Ltd Genus Power Infrastructures Ltd INDUSTRIAL PRODUCTS 7.94 Finolex Industries Ltd Supreme Industries Ltd Jain Irrigation Systems Ltd Greaves Cotton Ltd Grindwell Norton Ltd 0.52 Fag Bearings India Ltd PESTICIDES 3.54 P I Industries Limited 2.37 Dhanuka Agritech Ltd PETROLEUM PRODUCTS 2.01 Hindustan Petroleum Corporation Ltd PHARMACEUTICALS 5.67 Torrent Pharmaceuticals Ltd Divi's Laboratories Ltd SOFTWARE 1.65 Info Edge (India) Ltd Persistent Systems Ltd TELECOM - EQUIPMENT & ACCESSORIES 0.51 Astra Microwave Products Ltd TEXTILE PRODUCTS 3.48 Page Industries Ltd TRANSPORTATION 2.40 Gujarat Pipavav Port Ltd Blue Dart Express Ltd Equity Holdings Total Debt Holdings Non-convertible Debentures Blue Dart Express Ltd. ICRA AA 0.03 Non-convertible Debentures Total 0.03 Holdings as on 31 August 2016 (in %) Equity Holdings Debt Holdings Total 0.03 CBLO / Repo 1.38 Net Receivables/(Payables) (0.28) Total Active positive bets Total stocks in portfolio 60 Top 15 stocks 37.1% Total portfolio 87.0% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark Nifty Midcap 100. Source: NSE, Bloomberg. Quantitative indicators Standard Deviation Beta Sharpe Ratio Portfolio Turnover Ratio Risk free rate of return (FIMMDA MIBOR) 6.54% % of total portfolio Sector Total expense ratio (month-to-date ratio to average AUM) 4 Regular Plan 2.43% 4 Direct Plan 1.82% Portfolio analysis: Market cap-wise 48.0% Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg. Portfolio analysis: Sector-wise Technology Oil & Gas Pharma Cement Auto 5 Others Consumer 6 Industrials / Infra `3k Crs - `6k Crs 27.0% `6k Crs - `18k Crs 46.0% Financials Liquidity measures < >5 No. of days 1.7% 2.0% 16.8% 5.7% 7.3% 8.1% 10.9% <`3k Crs 7.0% 24.0% 17.7% 21.3% >`18k Crs 20.0% 11.3% 24.2% 0% 5% 10% 15% 20% 25% 30% % of portfolio JPMorgan India Mid and Small Cap Regular Plan - 26 December 2007 Direct Plan - 1 January 2013 An open ended equity growth scheme The investment objective is to seek to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities focused on smaller companies. Generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the NSE or the BSE. The fund manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction. However, there can be no assurance that the investment objective of the scheme will be realised. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 21 Amit Gadgil 14 Experience managing the scheme Harshad Patwardhan 8 years, 6 months Amit Gadgil 8 years, 6 months Rs 5,000 per application plus in multiples of Re. 1/- thereafter Rs 1,000 per application plus in multiples of Re. 1/- thereafter Exit load 1.00% If redeemed within 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed within 12 months from the date of allotment of units of each instalment of SIP purchase. Nil If redeemed after 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed after 12 months from the date of allotment of units of each instalment of SIP purchase Benchmark: Nifty Midcap 100### Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option AUM as on 31 August 2016 Rs crore Rs crore Dividend history Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option 20-Mar Regular Plan Dividend Option 20-Mar After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. Long term capital growth Investments predominantly in equity and equity related securities focused on smaller companies (generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the National Stock Exchange or Bombay Stock Exchange.)^ Investors understand that their principal will be at High Risk ^The Manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction Active bets are estimated. Last 12 months. As on August 31, goods/diversified/construction / industrial products. Does not include Service Tax on Investment Management fees. Includes chemicals, fertilisers and transportation. Includes industrial capital

5 JPMorgan India Tax Advantage Holdings as on 31 August 2016 (in %) Equity Holdings AUTO Tata Motors Ltd Mahindra & Mahindra Ltd Maruti Suzuki India Ltd Eicher Motors Ltd Hero MotoCorp Ltd Bajaj Auto Ltd Ashok Leyland Ltd AUTO ANCILLARIES 0.71 Amara Raja Batteries Ltd BANKS HDFC Bank Ltd ICICI Bank Ltd Axis Bank Ltd State Bank of India 3.31 IndusInd Bank Ltd Yes Bank Ltd Kotak Mahindra Bank Ltd CEMENT 7.93 Ultratech Cement Ltd JK Lakshmi Cement Ltd JK Cement Ltd The Ramco Cements Ltd Dalmia Bharat Ltd CHEMICALS 0.90 Solar Industries India Ltd CONSTRUCTION 2.54 Ahluwalia Contracts (India) Ltd ITD Cementation India Ltd National Buildings Construction Corp. Ltd CONSTRUCTION PROJECT 6.84 Larsen & Toubro Ltd NCC Ltd Sadbhav Engineering Ltd CONSUMER DURABLES 1.92 Whirlpool of India Ltd Havells India Ltd CONSUMER NON DURABLES 5.02 Kansai Nerolac Paints Ltd Hindustan Unilever Ltd Britannia Industries Ltd Jyothy Laboratories Ltd FINANCE 8.80 HDFC Ltd Shriram Transport Finance Company Ltd Equitas Holdings Ltd Motilal Oswal Financial Services Ltd INDUSTRIAL PRODUCTS 0.50 Fag Bearings India Ltd MEDIA & ENTERTAINMENT 1.26 Zee Entertainment Enterprises Ltd PETROLEUM PRODUCTS 3.75 Bharat Petroleum Corporation Ltd Hindustan Petroleum Corporation Ltd Reliance Industries Ltd PHARMACEUTICALS 6.01 Sun Pharmaceuticals Ind Ltd Divi's Laboratories Ltd Lupin Ltd POWER 2.21 Power Grid Corporation of India Ltd SOFTWARE 5.09 Infosys Ltd Tata Consultancy Services Ltd TRANSPORTATION 1.13 Blue Dart Express Ltd Equity Holdings Total Debt Holdings Non-convertible Debentures Blue Dart Express Ltd. ICRA AA 0.03 Non-convertible Debentures Total 0.03 Debt Holdings Total 0.03 CBLO / Repo 3.83 Net Receivables/(Payables) 0.44 Total 4.27 Active positive bets Total stocks in portfolio 49 Top 15 stocks 21.2% Total portfolio 44.9% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark S&P BSE 200. Source: BSE, Bloomberg. Quantitative indicators Standard deviation Beta Sharpe ratio Portfolio turnover ratio Risk free rate of return (FIMMDA MIBOR) 6.54% Total expense ratio (month-to-date ratio to average AUM) 3 Regular Plan 2.70% 3 Direct Plan 1.88% Portfolio analysis: Market cap-wise `6k Crs - `18k Crs 9.0% `18k Crs - `90k Crs 26.0% Sector 4 Others Utilities Oil & Gas Technology Pharma Cement Consumer 5 Industrials/Infra Auto Financials <`6k Crs 9.0% Portfolio analysis: Sector-wise 2.0% 2.2% 3.7% 5.1% 6.0% 7.9% 8.2% 9.9% 13.1% 0% 5% 10% 15% % of portfolio Dividend History >`90k Crs 56.0% 37.4% 20% 25% 30% 35% 40% Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option 01-Jul Nov Mar Regular Plan Dividend Option 15-Dec Jan Jul Nov Mar After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. JPMorgan India Tax Advantage Regular Plan - 27 January 09 Direct Plan - 1 January 2013 An open ended equity linked savings scheme The investment objective of the Scheme is to generate income and long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related Securities. However, there can be no assurance that the investment objective of the Scheme will be realized, as actual market movements may be at variance with anticipated trends. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 21 Amit Gadgil 14 Experience managing the scheme Harshad Patwardhan 7 years, 5 months Amit Gadgil 3 months Rs 500 per application and in multiples of Rs 500 thereafter Rs 500 per application and in multiples of Rs 500 thereafter Exit load - Nil Benchmark S&P BSE-200 Index# Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore Long Term Capital Growth Investments predominantly in equity and equity related securities. Moderately High Risk Last 12 months. As on August 31, Does not include Service Tax on Investment Management fees. Includes transportation. Includes industrial capital goods / diversified / construction / industrial products.

6 JPMorgan India Top 100 Holdings as on 31 August 2016 (in %) Equity Holdings AUTO Tata Motors Ltd Maruti Suzuki India Ltd Mahindra & Mahindra Ltd Eicher Motors Ltd Hero MotoCorp Ltd Bajaj Auto Ltd AUTO ANCILLARIES 0.52 Bosch Ltd BANKS HDFC Bank Ltd Axis Bank Ltd ICICI Bank Ltd IndusInd Bank Ltd State Bank of India 3.59 Kotak Mahindra Bank Ltd Yes Bank Ltd CEMENT 7.59 Ultratech Cement Ltd Shree Cements Ltd CONSTRUCTION PROJECT 5.74 Larsen & Toubro Ltd CONSUMER NON DURABLES 5.56 Asian Paints Ltd Hindustan Unilever Ltd Britannia Industries Ltd FINANCE 8.63 HDFC Ltd Shriram Transport Finance Company Ltd MEDIA & ENTERTAINMENT 1.89 Zee Entertainment Enterprises Ltd PETROLEUM PRODUCTS 5.26 Reliance Industries Ltd Bharat Petroleum Corporation Ltd Hindustan Petroleum Corporation Ltd PHARMACEUTICALS 6.96 Sun Pharmaceuticals Ind Ltd Divi's Laboratories Ltd Lupin Ltd POWER 2.23 Power Grid Corporation of India Ltd SOFTWARE 7.79 Infosys Ltd Tata Consultancy Services Ltd Equity Holdings Total CBLO / Repo 2.07 Net Receivables / (Payables) (1.23) Total Active positive bets Total stocks in portfolio 32 Top 15 stocks 23.7% Total portfolio 37.0% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (S&P BSE 100 Index). Source: BSE, Bloomberg. Total expense ratio (month-to-date ratio to average AUM) 4 Regular Plan 2.68% 4 Direct Plan 1.50% Sector Portfolio analysis: Market cap-wise `60k Crs - `150k Crs 44.0% Portfolio analysis: Sector-wise Utilities Oil & Gas 6 Industrials/Infra Pharma Consumer Cement Technology Auto Financials Quantitative indicators 7 Standard deviation - 7 Beta - 7 Sharpe ratio - Portfolio turnover ratio Risk free rate of return (FIMMDA MIBOR) 6.54% 2.2% 5.3% 5.7% 7.0% 7.5% 7.6% 7.8% 16.2% <`60k Crs 15.0% >`150k Crs 41.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% % of portfolio 39.9% JPMorgan India Top June 2014 An open-ended equity growth scheme The primary investment objective of the Scheme is to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the top 100 companies, by market capitalisation, listed in India. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 21 Amit Gadgil 14 Experience managing the scheme Harshad Patwardhan 2 year, 2 months Amit Gadgil 2 year, 2 months Rs 5,000 per application plus in multiples of Re. 1/- thereafter Rs 1,000 per application plus in multiples of Re. 1/- thereafter Exit load If redeemed within 12 months from the date of allotment in respect of purchase made other than through SIP - 1%; If redeemed after 12 months from the date of allotment in respect of purchase made other than through SIP - Nil Benchmark S&P BSE 100 Index## Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore Long term capital growth. Investment in equity and equity-related securities of the top 100 largest companies, by market capitalization, listed in India. High Risk 3 Active bets are estimated. As on August 31, Does not include Service Tax on Investment Management fees. Includes industrial capital goods / diversified / construction / industrial products. Includes 1 7 transportation. Since the scheme has not completed 3 years standard deviation, beta and the sharpe ratio has not been provided.

7 ** JPMorgan India Equity Income Equity Holdings % to % to NAV NAV Derivatives Hedge Positions BANKS (10.52) Axis Bank Ltd Axis Bank Ltd.- FUTURES (3.90) ICICI Bank Ltd ICICI Bank Ltd.- FUTURES (3.83) HDFC Bank Ltd HDFC Bank Ltd.- FUTURES (2.79) FINANCE 3.46 (3.49) HDFC Ltd HDFC Ltd.- FUTURES (3.49) MINERALS/MINING 2.24 (2.25) Coal India Ltd Coal India Ltd.- FUTURES (2.25) PETROLEUM PRODUCTS 5.27 (5.27) Reliance Industries Ltd Reliance Industries Ltd.- FUTURES (4.37) Indian Oil Corporation Ltd Indian Oil Corporation Ltd.- FUTURES (0.90) PHARMACEUTICALS (13.21) Aurobindo Pharma Ltd Aurobindo Pharma Ltd.- FUTURES (4.91) Sun Pharmaceuticals Ind Ltd Sun Pharmaceuticals Ind Ltd.- FUTURES (4.18) Lupin Ltd Lupin Ltd.- FUTURES (4.12) SOFTWARE 2.89 (2.91) Infosys Ltd Infosys Ltd.- FUTURES (2.91) Hedge Positions Total (37.65) UnHedge Positions AUTO 5.13 Tata Motors Ltd Maruti Suzuki India Ltd Mahindra & Mahindra Ltd Bajaj Auto Ltd Eicher Motors Ltd Hero MotoCorp Ltd AUTO ANCILLARIES 0.36 Bosch Ltd BANKS HDFC Bank Ltd Axis Bank Ltd ICICI Bank Ltd State Bank of India 1.16 Kotak Mahindra Bank Ltd IndusInd Bank Ltd Yes Bank Ltd CEMENT 1.58 Ultratech Cement Ltd Shree Cements Ltd CONSTRUCTION PROJECT 1.80 Larsen & Toubro Ltd CONSUMER NON DURABLES 2.40 Asian Paints Ltd Hindustan Unilever Ltd Kansai Nerolac Paints Ltd Jyothy Laboratories Ltd Britannia Industries Ltd FINANCE 2.60 HDFC Ltd MEDIA & ENTERTAINMENT 0.57 Zee Entertainment Enterprises Ltd MINERALS/MINING 0.52 Coal India Ltd PETROLEUM PRODUCTS 1.82 Reliance Industries Ltd Bharat Petroleum Corporation Ltd Hindustan Petroleum Corporation Ltd PHARMACEUTICALS 1.91 Sun Pharmaceuticals Ind Ltd Lupin Ltd Divi's Laboratories Ltd POWER 0.56 Power Grid Corporation of India Ltd SOFTWARE 2.37 Infosys Ltd Tata Consultancy Services Ltd Holdings as on 31 August 2016 (in %) Equity Holdings % to % to NAV NAV Derivatives TRANSPORTATION 0.22 Blue Dart Express Ltd UnHedge Positions Total Equity Holdings Total (37.65) Margin Deposit Corporation Bank UNRATED 1.36 HDFC Bank Ltd. UNRATED 9.86 Margin Deposit Total Debt Holdings Non-convertible Debentures HDB Financial Services Ltd. CRISIL AAA 6.66 Power Finance Corporation Ltd.CRISIL AAA 6.64 Kotak Mahindra Prime Ltd. CRISIL AAA 3.30 Non-convertible Debentures Total Debt Holdings Total CBLO / Repo 1.18 Net Receivables/(Payables) 0.83 Total 2.01 Total stocks in portfolio Total stocks in portfolio 35 6 Standard deviation - 6 Beta - 6 Sharpe ratio - Portfolio turnover ratio Risk free rate of return (FIMMDA MIBOR) 6.54% Total expense ratio (month-to-date ratio to average AUM) 4 Regular Plan 1.33% 4 Direct Plan 1.11% Others Metals/Minerals Utilities Cement 5 Industrials/Infra Oil & Gas Pharma Technology Consumer Auto Financials Sector Quantitative indicators Portfolio analysis: Market cap-wise `18k Crs - `90k Crs 25.0% Portfolio analysis: Sector-wise 0.2% 0.5% 0.6% `6k Crs - `18k Crs 2.0% 1.6% 1.8% 1.8% 1.9% 2.4% 3.0% 5.5% 0% 4% 8% % of portfolio `6k Crs 1.0% >`90k Crs 72.0% 12% 13.5% 16% After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. JPMorgan India Equity Income 13 October 2014 An open-ended equity scheme The investment objective of the scheme is to provide capital Appreciation and income distribution to the investors by using equity and e q u i t y r e l a t e d i n s t r u m e n t s, a r b i t r a g e opportunities, and investments in debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated and the scheme does not assure or guarantee any returns. managers: Equity Amit Gadgil & Harshad Patwardhan (years) Amit Gadgil 14 Harshad Patwardhan 21 Experience managing the scheme Amit Gadgil 1 year, 10 months Harshad Patwardhan 3 months managers: Debt (years) 12 Experience managing the scheme 1 year, 10 months Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load 1.00% If redeemed within and including 12 months from the date of allotment in respect of Purchases made other than through Systematic Investment Plan ( SIP ); and if redeemed within and including 12 months from the date of allotment of units of each installment of SIP purchase Nil If redeemed after 12 months from the date of allotment Benchmark 70% of CRISIL Liquid Index and 30% in Nifty 50 #### Direct Plan - Bonus Option Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Bonus Option Regular Plan - Dividend Option Regular Plan - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore Dividend history Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option 13-Mar Jun Oct Apr Jul Regular Plan Dividend Option 13-Mar Jun Oct Apr Jul Income distribution by investing in debt and money market instrument and arbitrage opportunities. Long term capital appreciation by using equity and equity related instruments. Moderately High Risk ** Please note that the name of JPMorgan India Equity Savings has been changed to JPMorgan India Equity Income with effect from 14th November As on August 31, Does not include Service Tax on Investment Management fees. Includes industrial capital goods / diversified / construction / industrial products. The above chart represents the unhedged 3 6 equity positions only. Since the scheme has not completed 3 years standard deviation, beta and the sharpe ratio has not been provided.

8 JPMorgan India Economic Resurgence Holdings as on 31 August 2016 (in %) Equity Holdings AUTO 7.70 Maruti Suzuki India Ltd Mahindra & Mahindra Ltd Eicher Motors Ltd Ashok Leyland Ltd AUTO ANCILLARIES 2.90 WABCO India Ltd Amara Raja Batteries Ltd BANKS HDFC Bank Ltd ICICI Bank Ltd Axis Bank Ltd Yes Bank Ltd State Bank of India 4.36 IndusInd Bank Ltd Bank of Baroda 0.76 CEMENT Ultratech Cement Ltd Shree Cements Ltd Dalmia Bharat Ltd JK Cement Ltd The Ramco Cements Ltd JK Lakshmi Cement Ltd CHEMICALS 1.79 Solar Industries India Ltd CONSTRUCTION 8.47 ITD Cementation India Ltd Kajaria Ceramics Ltd Ahluwalia Contracts (India) Ltd National Buildings Construction Corp. Ltd KNR Constructions Ltd 0.77 J.Kumar Infraprojects Ltd CONSTRUCTION PROJECT Larsen & Toubro Ltd NCC Ltd Sadbhav Engineering Ltd CONSUMER DURABLES 4.34 Blue Star Ltd Whirlpool of India Ltd Century Plyboards (India) Ltd CONSUMER NON DURABLES 1.83 Kansai Nerolac Paints Ltd ENGINEERING SERVICES 0.72 VA Tech Wabag Ltd FINANCE 3.68 Shriram Transport Finance Company Ltd Equitas Holdings Ltd INDUSTRIAL CAPITAL GOODS 7.23 V-Guard Industries Ltd Action Construction Equipment Ltd Ujaas Energy Ltd Texmaco Rail & Engineering Ltd 0.78 BEML Ltd Bharat Electronics Ltd INDUSTRIAL PRODUCTS 3.77 Jain Irrigation Systems Ltd Fag Bearings India Ltd Cummins India Ltd Grindwell Norton Ltd 0.62 PETROLEUM PRODUCTS 2.05 Bharat Petroleum Corporation Ltd TELECOM - EQUIPMENT & ACCESSORIES 0.54 Astra Microwave Products Ltd Equity Holdings Total CBLO / Repo 0.24 Net Receivables/(Payables) 0.82 Total Standard deviation - 6 Total expense ratio (month-to-date ratio to average AUM) 4 Regular Plan 2.70% 4 Direct Plan 1.93% Sector Oil & Gas Others Consumer Auto Cement 5 Industrials/Infra Portfolio analysis: Sector-wise Financials 1 Active positive bets Total stocks in portfolio 48 Top 15 stocks 34.4% Total portfolio 72.3% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (S&P BSE 200). Source: BSE, Bloomberg. Quantitative indicators Beta - 6 Sharpe ratio - Portfolio turnover ratio Risk free rate of return (FIMMDA MIBOR) 6.54% Portfolio analysis: Market cap-wise `6k Crs - `18k Crs 13.0% `18k Crs - `90k Crs 21.0% 2.1% 2.3% 6.2% 0% 5% 10% 10.6% 12.9% <`6k Crs 29.0% >`90k Crs 37.0% 15% 20% 25% 30% % of portfolio 31.2% 33.7% 35% 40% JPMorgan India Economic Resurgence 3 February 2015 An open-ended equity scheme The primary investment objective of the scheme is to generate long term capital appreciation, from a diversified portfolio that is substantially constituted of equity and equity related securities of companies with focus on riding economic cycles through dynamic allocation between various sectors and stocks at different stages of economic activity. However, there can be no assurance that the investment objective of the scheme will be realised. managers Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 21 Amit Gadgil 14 Experience managing the scheme Harshad Patwardhan 1 year, 6 months Amit Gadgil 3 months Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load 1.00% If redeemed within 12 months from the date of allotment in respect of Purchase made other than through SIP; and within 12 months from the date of allotment in respect of each Purchase made through SIP. Nil If redeemed after 12 months from the date of allotment Benchmark S&P BSE 200# Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore Long-term capital growth. Investment in equity and equity-related securities of companies with a focus on riding economic cycles through dynamic allocation between various sectors and stocks at different stages of economic activity. High Risk 1 3 Active bets are estimated. As on August 31, Does not include Service Tax on Investment Management fees. Includes industrial capital goods / diversified / construction / industrial products. The above chart 6 represents the unhedged equity positions only. Since the scheme has not completed 3 years standard deviation, beta and the sharpe ratio has not been provided.

9 JPMorgan India Balanced Advantage Equity Holdings % to % to NAV NAV Derivatives Hedge Positions BANKS 2.72 (2.73) Axis Bank Ltd Axis Bank Ltd.- FUTURES (1.38) HDFC Bank Ltd HDFC Bank Ltd.- FUTURES (1.35) FINANCE 2.04 (2.06) HDFC Ltd HDFC Ltd.- FUTURES (2.06) PETROLEUM PRODUCTS 3.33 (3.34) Reliance Industries Ltd Reliance Industries Ltd.- FUTURES (3.34) PHARMACEUTICALS 0.07 (0.07) Lupin Ltd Lupin Ltd.- FUTURES (0.07) Hedge Positions Total 8.16 (8.20) UnHedge Positions AUTO 9.14 Tata Motors Ltd Maruti Suzuki India Ltd Mahindra & Mahindra Ltd Hero MotoCorp Ltd Bajaj Auto Ltd Eicher Motors Ltd AUTO ANCILLARIES 0.35 WABCO India Ltd BANKS HDFC Bank Ltd ICICI Bank Ltd Axis Bank Ltd State Bank of India 2.00 Kotak Mahindra Bank Ltd IndusInd Bank Ltd Yes Bank Ltd CEMENT 2.35 Ultratech Cement Ltd Shree Cements Ltd CONSTRUCTION PROJECT 3.23 Larsen & Toubro Ltd CONSUMER DURABLES 0.42 Whirlpool of India Ltd CONSUMER NON DURABLES 3.82 Asian Paints Ltd Hindustan Unilever Ltd Kansai Nerolac Paints Ltd Jyothy Laboratories Ltd Britannia Industries Ltd Jubilant Foodworks Ltd FINANCE 5.51 HDFC Ltd Motilal Oswal Financial Services Ltd MEDIA & ENTERTAINMENT 0.76 Zee Entertainment Enterprises Ltd MINERALS/MINING 0.59 Coal India Ltd PETROLEUM PRODUCTS 4.71 Reliance Industries Ltd Bharat Petroleum Corporation Ltd Hindustan Petroleum Corporation Ltd PHARMACEUTICALS 3.01 Sun Pharmaceuticals Ind Ltd Lupin Ltd Divi's Laboratories Ltd POWER 0.97 Power Grid Corporation of India Ltd SOFTWARE 5.13 Infosys Ltd Tata Consultancy Services Ltd TRANSPORTATION 0.27 Blue Dart Express Ltd UnHedge Positions Total Equity Holdings Total (8.20) Long Term wealth creation solution. Holdings as on 31 August 2016 (in %) 6 Standard deviation - 6 Beta - Sharpe ratio - 2 Portfolio turnover ratio 1.31 Total expense ratio (month-to-date ratio to average AUM) 4 Regular Plan 2.57% 4 Direct Plan 1.70% Others Metals/Minerals Sector Utilities Cement Pharma 5 Industrials/Infra Portfolio analysis: Sector-wise Oil & Gas Consumer Technology Auto Financials Total stocks in portfolio Total stocks in portfolio 38 Quantitative indicators 3 Risk free rate of return (FIMMDA MIBOR) 6.54% 0.3% 0.6% 1.0% 3.2% 4.7% 5.0% 5.1% 0% 5% 10% 15% 20% 25% 30% % of portfolio Portfolio analysis: Market cap-wise `18k Crs - `90k Crs 20.0% `6k Crs - `18k Crs 4.0% >`90k Crs 75.0% Balanced fund aiming for capital appreciation and current income by investing in equity as well as fixed income securities Equity Holdings % to % to NAV NAV Derivatives Margin Deposit HDFC Bank Ltd. UNRATED 4.68 Margin Deposit Total 4.68 Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN Government Bond Total Government Bond & Treasury Bill Total CBLO / Repo 0.86 Net Receivables/(Payables) 1.97 Total % 3.0% 9.5% 24.3% `6k Crs 1.0% JPMorgan India Balanced Advantage 9 April 2015 An open-ended balanced scheme The investment objective of the scheme is to generate long term capital appreciation and current income from a portfolio that is invested in Equity and equity related securities as well as in fixed income securities. However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated and the scheme does not assure or guarantee any returns. managers: Equity Amit Gadgil & Harshad Patwardhan (years) Amit Gadgil 14 Harshad Patwardhan 21 Experience managing the scheme Amit Gadgil 1 Year, 4 months Harshad Patwardhan 3 months managers: Debt (years) 12 Experience managing the scheme 1 Year, 4 months Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load 1.00% If redeemed within 12 months from the date of allotment in respect of Purchases made other than through Systematic Investment Plan ("SIP"); and if redeemed within 12 months from the date of allotment of units of each installment of SIP purchase. Nil - If redeemed after 12 months from the date of allotment. Benchmark CRISIL Balanced Index Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Bonus Option Regular Plan - Dividend Option Regular Plan - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore Moderately High Risk 3 Since the scheme has not completed 12 months the Portfolio Turnover ratios have not been provided. As on August 31, Does not include Service Tax on Investment Management fees. Includes industrial capital 2 6 goods / diversified / construction / industrial products. The above chart represents the unhedged equity positions only. Since the scheme is not completed 3 years standard deviation, beta and sharpe ratio has not been provided.

10 JPMorgan Greater China Equity Off-shore Details of JPMorgan Greater China Equity Off-shore Holding as on 31 August 2016 International Mutual Units JPMorgan s - Greater China 99.91% International Mutual Units Total 99.91% CBLO / Repo 0.35% Net Receivables (Payable) (0.26%) Total 0.09% Total expense ratio (month-to-date ratio to average AUM) JPMorgan Greater China Equity JPMorgan s - Greater China Offshore (underlying fund) Regular Plan~ 1.73% 0.96% Direct Plan~ 0.62% 0.96% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - Greater China (underlying fund) Equity holding Weight (%) Tencent (Information Technology) 9.7 Taiwan Semiconductor (Information Technology) 8.4 Alibaba (Information Technology) 5.9 AIA (Financials) 5.4 China Construction Bank (Financials) 3.1 Ping An Insurance (Financials) 2.9 CNOOC (Energy) 2.8 China Merchants Bank (Financials) 2.7 Cheung Kong Property (Financials) 2.6 Largan Precision (Information Technology) 2.5 Total 46.0 Statistical analysis as on 31 July years 5 years Correlation Alpha Beta Geographical breakdown as on 31 July 2016 Country China 62.2% Taiwan 21.2% Hong Kong 16.2% Cash 0.4% Total 100.0% 10 largest holdings as on 31 July 2016 Sector breakdown as on 31 July 2016 Sector Information Technology 38.9% Financials 26.6% Consumer Discretionary 12.2% Industrials 8.1% Health Care 4.6% Energy 2.8% Utilities 2.3% Telecommunication Services 1.9% Consumer Staples 1.7% Materials 0.5% Cash 0.4% Total 100.0% The scheme does not offer Dividend Option. It offers only Growth Option, under which no dividend can be declared. JPMorgan Greater China Equity Off-shore Regular Plan - 26 August 2009 Direct Plan - 1 January 2013 An open ended fund of funds scheme The primary investment objective of the Scheme is to provide long term capital appreciation by investing in JPMorgan s - Greater China, an equity fund which invests primarily in a diversified portfolio of companies that are domiciled in, or carrying out the main part of their economic activity in, a country of Greater China region. However, there can be no assurance that the investment objective of the Scheme will be realized. manager 12 years Experience managing the scheme 7 months Rs 10,000 per application plus in multiples of Re. 1/- thereafter Rs 1,000 per application plus in multiples of Re. 1/- thereafter Exit load If redeemed within 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed within 12 months from the date of allotment of units of each installment of SIP purchase - 1% If redeemed after 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed after 12 months from the date of allotment of units of each installment of SIP purchases Nil. Benchmark of the underlying fund MSCI Golden Dragon Index Regular Plan - Growth Option Direct Plan - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore Long Term Capital Growth Investment in JPMorgan s Greater China, an equity fund which invests primarily in a diversified portfolio of companies that are domiciled in, or carrying out the main part of their economic activity in, a country of Greater China region High Risk

11 JPMorgan ASEAN Equity Off-shore Details of JPMorgan ASEAN Equity Off-shore Holding as on 31 August 2016 International Mutual Units JPMorgan s - ASEAN Equity 99.44% International Mutual Units Total 99.44% CBLO / Repo 0.65% Net Receivables / (Payables) (0.09%) Total 0.56% Total expense ratio (month-to-date ratio to average AUM) JPMorgan ASEAN Equity Off-shore JPMorgan s - ASEAN Equity (underlying fund) Regular Plan~ 1.75% 0.95% Direct Plan~ 0.41% 0.95% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - ASEAN Equity (underlying fund) 10 largest holdings as on 31 July 2016 Equity holding Weight (%) Singapore Telecommunications (Telecommunication Services) 5.8% Telekomunikasi Indonesia (Telecommunication Services) 5.5% Bank Central Asia (Financials) 4.0% PTT (Energy) 4.0% DBS (Financials) 3.4% Oversea-Chinese Banking (Financials) 3.1% CP All (Consumer Staples) 2.8% Tenaga Nasional (Utilities) 2.5% Bank Rakyat Indonesia (Financials) 2.4% United Overseas Bank (Financials) 2.3% Total 35.8% Geographical breakdown as on 31 July 2016 Country Singapore 24.7% Indonesia 23.8% Thailand 22.9% Malaysia 12.1% Philippines 10.9% Vietnam 1.8% Cash 3.8% Total 100.0% Statistical analysis as on 31 July years 5 years Correlation Alpha Beta Sector breakdown as on 31 July 2016 Sector Financials 39.4% Telecommunication Services 13.1% Consumer Discretionary 10.8% Consumer Staples 10.3% Industrials 6.7% Energy 6.3% Utilities 4.9% Health Care 3.0% Materials 1.7% Information Technology 0.0% Cash 3.8% Total 100.0% The scheme does not offer Dividend Option. It offers only Growth Option, under which no dividend can be declared. JPMorgan ASEAN Equity Off-shore Regular Plan - 1 July 2011 Direct Plan - 1 January 2013 An Open-ended of s Scheme The primary investment objective of the Scheme is to provide long term capital growth by investing predominantly in JPMorgan s ASEAN Equity, an equity fund which invests primarily in companies of countries which are members of the Association of South East Asian Nations (ASEAN). However, there can be no assurance that the investment objective of the Scheme will be realized. manager 12 years Experience managing the scheme 7 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load If redeemed within 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed within 12 months from the date of allotment of units of each installment of SIP purchase - 1%. If redeemed after 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed after 12 months from the date of allotment of units of each installment of SIP purchases Nil. Benchmark of the underlying fund MSCI South East Asia Index Regular Plan - Growth Option Direct Plan - Growth Option in future. AUM as on 31 August 2016 Rs Crore Rs Crore Long Term Capital Growth Investments predominantly in JPMorgan s ASEAN Equity, an equity fund which invests primarily in companies of countries which are members of the Association of South East Asian Nations High Risk

12 JPMorgan US Value Equity Off-shore Details of JPMorgan US Value Equity Off-shore Holding as on 31 August 2016 International Mutual Units JPMorgan s - US Value 99.97% International Mutual Units Total 99.97% CBLO / Repo 0.43% Net Receivables / (Payables) (0.40%) Total 0.03% Total expense ratio (month-to-date ratio to average AUM) JPMorgan US Value Equity Off-shore JPMorgan s - US Value Equity (underlying fund) Regular Plan~ 1.85% 0.85% Direct Plan~ 1.11% 0.85% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - US Value Equity (underlying fund) 10 largest holdings as on 31 July 2016 Equity holding Weight (%) Wells Fargo (Financials) 3.8% Pfizer (Health Care) 3.0% Exxon Mobil (Energy) 3.0% Johnson & Johnson (Health Care) 2.7% Merck & Co. (Health Care) 2.1% Loews (Financials) 2.0% Capital One (Financials) 2.0% Bank of America (Financials) 2.0% AIG (Financials) 1.8% Chevron (Energy) 1.6% Total 24.0% Statistical analysis as on 31 July years 5 years E Correlation E Alpha E Beta Sector breakdown as on 31 July 2016 Sector Financials 34.3% Consumer Discretionary 12.6% Health Care 10.7% Energy 9.2% Information Technology 7.9% Utilities 6.9% Industrials 6.8% Consumer Staples 4.6% Materials 3.5% Telecommunication Services 1.9% Cash 1.6% Total 100.0% JPMorgan US Value Equity Off-shore 7 August, 2013 An Open-ended of s Scheme The primary investment objective of the Scheme is to seek to provide long term capital growth by investing predominantly in the JPMorgan s - US Value, an equity fund which invests primarily in a value style biased portfolio of US companies. However, there can be no assurance that the investment objective of the Scheme will be realised. manager 12 years Experience managing the scheme 7 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load If redeemed within 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed within 12 months from the date of allotment of units of each installment of SIP purchase - 1% If redeemed after 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed after 12 months from the date of allotment of units of each installment of SIP purchases Nil Benchmark of the underlying fund Russell 1000 Value Index Regular Plan - Growth Option Direct Plan - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore The scheme does not offer Dividend Option. It offers only Growth Option, under which no dividend can be declared. E The time difference between NAV calculation and the US market can distort this figure. All equity indices stated as Net are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise. Long Term Capital Growth Investments in equity and equity-related securities of US companies High Risk

13 JPMorgan Europe Dynamic Equity Off-shore JPMorgan Europe Dynamic Equity Off-shore Holding as on 31 August 2016 International Mutual Units JPMorgan Europe Dynamic Equity Offshore % International Mutual Units Total % CBLO / Repo 20.04% Net Receivables / (Payables) (20.06%) Total 0.02% Total expense ratio (month-to-date ratio to average AUM) JPMorgan Europe Dynamic JPMorgan s - Europe Dynamic Equity Off-shore (underlying fund) Regular Plan~ 1.67% 1.00% Direct Plan~ 0.61% 1.00% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - Europe Dynamic (underlying fund) 10 largest holdings as on 31 July 2016 Equity holding Weight (%) Nestle (Consumer Staples) 3.4% Roche (Health Care) 3.0% British American Tobacco (Consumer Staples) 2.9% Unilever (Consumer Staples) 2.8% GlaxoSmithKline (Health Care) 2.7% Reckitt Benckiser (Consumer Staples) 2.6% Total (Energy) 2.4% Novo Nordisk (Health Care) 2.2% Siemens (Industrials) 2.0% Imperial Brands (Consumer Staples) 1.8% Total 25.8% Geographical breakdown as on 31 July 2016 Country United Kingdom 24.4% France 16.2% Germany 14.8% Switzerland 12.2% Netherlands 5.5% Denmark 4.3% Italy 3.6% Norway 3.1% Sweden 2.7% Spain 2.5% Others 2.4% Cash 8.3% Total 100.0% Statistical analysis as on 31 July years 5 years E Correlation E Alpha E Beta Sector breakdown as on 31 July 2016 Sector Consumer Staples 17.5% Financials 14.1% Industrials 12.1% Health Care 11.0% Consumer Discretionary 10.9% Materials 10.1% Energy 5.7% Information Technology 5.5% Utilities 3.7% Telecommunication Services 1.1% Cash 8.3% Total 100.0% JPMorgan Europe Dynamic Equity Offshore 7 February, 2014 An Open-ended of s Scheme The primary investment objective of the Scheme is to seek to provide long term capital growth by investing predominantly in the JPMorgan s - Europe Dynamic, an equity fund which invests primarily in an aggressively managed portfolio of European companies. However, there can be no assurance that the investment objective of the Scheme will be realized. manager 12 years Experience managing the scheme 7 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load If redeemed within 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed within 12 months from the date of allotment of units of each installment of SIP purchase - 1% If redeemed after 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed after 12 months from the date of allotment of units of each installment of SIP purchases Nil Benchmark of the underlying fund MSCI Europe Index Regular Plan - Growth Option Direct Plan - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore The scheme does not offer Dividend Option. It offers only Growth Option, under which no dividend can be declared. Long-term Capital Growth Investments in equity and equity-related securities of European companies High Risk

14 JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan Emerging Markets Opportunities Equity Off-shore Holding as on 31 August 2016 International Mutual Units JPMorgan Emerging Markets Opportunities Equity Off-shore 79.73% International Mutual Units Total 79.73% CBLO / Repo Net Receivables / (Payables) 20.27% Total 20.27% Total expense ratio (month-to-date ratio to average AUM) JPMorgan Emerging Markets JPMorgan s - Emerging Markets Opportunities Equity Off-shore Opportunities (underlying fund) Regular Plan~ 1.65% 1.05% Direct Plan~ 1.29% 1.05% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - Emerging Markets Opportunities (underlying fund) 10 largest holdings as on 31 July 2016 Equity holding Weight (%) Taiwan Semiconductor (Information Technology) 4.7% Tencent (Information Technology) 4.5% Housing Development Finance (Financials) 4.6% HDFC Bank (Financials) 3.7% AIA (Financials) 3.7% Tata Consultancy Services (Information Technology) 3.3% BID (Consumer Staples) 2.7% Magnit (Consumer Staples) 2.6% Samsung Electronics (Information Technology) 2.3% ITC (Consumer Staples) 2.2% Total 34.3% Geographical breakdown as on 31 July 2016 Country India 21.7% China 18.6% South Africa 17.4% Brazil 11.7% Taiwan 8.4% Russia 4.6% South Korea 3.2% Indonesia 3.0% Thailand 1.8% Peru 1.3% Others 5.4% Cash 2.9% Total 100.0% Statistical analysis as on 31 July years 5 years Correlation Alpha Beta Sector breakdown as on 31 July 2016 Sector Financials 27.5% Information Technology 23.5% Consumer Discretionary 14.2% Consumer Staples 13.8% Industrials 6.7% Energy 4.8% Materials 3.2% Health Care 3.0% Utilities 0.4% Telecommunication Services 0.0% Cash 2.9% Total 100.0% JPMorgan Emerging Markets Opportunities Equity Off-shore 7 July, 2014 An Open-ended of s Scheme The primary investment objective of the Scheme is to seek to provide long term capital growth by investing predominantly in the JPMorgan s - Emerging Markets Opportunities, an equity fund which invests primarily in an aggressively managed portfolio of emerging market companies. However, there can be no assurance that the investment objective of the Scheme will be realised. manager 12 years Experience managing the scheme 7 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load If redeemed within 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed within 12 months from the date of allotment of units of each installment of SIP purchase - 1% If redeemed after 12 months from the date of allotment in respect of purchase made other than through SIP; and If redeemed after 12 months from the date of allotment of units of each installment of SIP purchases Nil Benchmark of the underlying fund MSCI Emerging Market Index Regular Plan - Growth Option Direct Plan - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore The scheme does not offer Dividend Option. It offers only Growth Option, under which no dividend can be declared. Long-term Capital Growth Investments predominantly in JPMorgan s - Emerging Markets Opportunities s, an equity oriented fund which invest primarily in an aggressively managed portfolio of emerging market companies. High Risk

15 JPMorgan India Liquid Holdings as on 31 August 2016 (in %) Name of the instrument Rating % to NAV Money Market Instruments Certificate of Deposit Canara Bank CRISIL A State Bank of Patiala ICRA A Certificate of Deposit Total Commercial Paper HDFC Ltd. CRISIL A NABARD CRISIL A National Housing Bank CRISIL A Commercial Paper Total 9.92 Money Market Instruments Total CBLO / Repo Net Receivables/(Payables) 0.93 Total % Rating profile CRISIL A1+,ICRA A1+ Total 74.71% Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (month-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan % 0.13%~ 0.18%~ 0.05%~ #Gross yield. ~Does not include Service Tax on Investment Management fees. Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Retail Plan Monthly Dividend Option 27-Jun Jul Aug Direct Plan Monthly Dividend Option 25-Aug Sep Oct Super Institutional Plan Monthly Dividend Option 27-Jun Jul Aug After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/ % Certificate of Deposit Asset allocation (% of total) 9.92% Commercial Paper Total Cash and Other Receivables «AAAmfs rating by crisil. The assigned rating AAAmfs is valid only for "JPMorgan India Liquid ". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the, which could vary with market developments % JPMorgan India Liquid Super Institutional - 21 September 2007 Retail - 16 September 2008 Direct Plan - 1 January 2013 An open ended Liquid Scheme The investment objective of the Scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. However, there can be no assurance that the investment objectives of the Scheme will be realized. managers (in years) 12 Experience in managing this scheme 4 years, 11 months Minimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 Entry Load - Nil Entry Load (SIP) Nil Exit Load Nil Benchmark CRISIL Liquid Index Direct Plan - Bonus Option Direct Plan - Daily Dividend Option Direct Plan - Growth Option Retail Plan - Daily Dividend Option Retail Plan - Growth Option Retail Plan - Monthly Dividend Option Retail Plan - Weekly Dividend Option Super Institutional Plan - Annual Dividend Option Super Institutional Plan - Bonus Option Super Institutional Plan - Daily Dividend Option Super Institutional Plan - Fortnightly Dividend Option Super Institutional Plan - Growth Option Super Institutional Plan - Monthly Dividend Option Super Institutional Plan - Weekly Dividend Option AUM as on 31 August 2016, Rs Crore Rs Crore Income Over Short Term Investments in money market and debt securities Low Risk

16 JPMorgan India Treasury Holdings as on 31 August 2016 (in %) Name of the instrument Rating % to NAV Money Market Instruments Certificate of Deposit Canara Bank CRISIL A State Bank of Patiala ICRA A Kotak Mahindra Bank Ltd. CRISIL A Certificate of Deposit Total Commercial Paper NABARD CRISIL A Commercial Paper Total 4.12 Money Market Instruments Total Government Bond and Treasury Bill Government Bond Government of India SOVEREIGN Government Bond Total Government Bond and Treasury Bill Total CBLO / Repo Net Receivables/(Payables) 2.43 Total % Rating profile 26.20% CRISIL A1+,ICRA A1+ SOVEREIGN Total 47.69% Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Retail Plan Monthly Dividend Option 25-Jun Jul Aug Direct Plan Monthly Dividend Option 25-Jun Jul Aug Super Institutional Plan Monthly Dividend Option 25-Jun Jul Aug After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. Cash and Other Receivables Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (month-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan % 0.00% 0.00% 0.00% #Gross yield. Please note that w.e.f. 18th February 2009, the name of JPMorgan India Liquid Plus has been changed to JPMorgan India Treasury % Certificate of deposit Asset allocation (% of total) 26.11% Government Bond & Treasury Bill 4.12% Commercial Paper 47.69% JPMorgan India Treasury Super Institutional - 21 September 2007 Retail - 16 September 2008 Direct Plan - 1 January 2013 An open ended income scheme The investment objective is to provide liquidity and optimal returns to the investors by investing primarily in a mix of short-term debt and money market instruments which results in a portfolio having marginally higher maturity and moderately higher credit risk as compared to a liquid fund, at the same time maintaining a balance between safety and liquidity. However, there can be no assurance that the investment objective of the Scheme will be realized. managers (in years) 12 Experience in managing this scheme 4 years, 11 months Minimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 Entry Load - Nil Entry Load (SIP) Nil Exit Load Nil Benchmark: CRISIL Liquid Index Direct Plan - Daily Dividend Option Direct Plan - Growth Option Direct Plan - Weekly Dividend Option Retail Plan - Daily Dividend Option Retail Plan - Growth Option Retail Plan - Monthly Dividend Option Retail Plan - Weekly Dividend Option Segregated Asset - Growth Option Super Institutional Plan - Daily Dividend Option Super Institutional Plan - Dividend Option Super Institutional Plan - Growth Option Super Institutional Plan - Monthly Dividend Option Super Institutional Plan - Weekly Dividend Option AUM as on 31 August 2016 Rs Crore Rs Crore Optimal Returns Over Short Term Investments primarily in a mix of short term debt and money market instruments Moderately Low Risk

17 JPMorgan India Active Bond Holdings as on 31 August 2016 (in %) Name of the instrument % to NAV CORPORATE DEBT NON-CONVERTIBLE DEBENTURES Nuclear Power Corporation CRISIL AAA 8.36 LIC Housing Finance Ltd. CRISIL AAA 8.29 Tata Sons Ltd. CRISIL AAA 8.12 Power Grid Corporation of India Ltd. CRISIL AAA 7.20 Housing Development Finance Corporation Ltd. CRISIL AAA 6.05 Export Import Bank of India CRISIL AAA 5.99 Rural Electrification Corporation Ltd. CRISIL AAA 5.87 HDB Financial Services Ltd. CARE AAA 3.89 GAIL (India) Ltd. CARE AAA 2.82 Power Finance Corporation Ltd. CRISIL AAA 1.20 Infrastructure Leasing & Financial Services Ltd. FITCH AAA 1.19 India Infradebt Ltd. CRISIL AAA 1.13 Non-convertible Debentures Total Corporate Debt Total Money Market Instruments Certificate of Deposit State Bank of Patiala ICRA A Canara Bank CRISIL A Certificate of Deposit Total Money Market Bonds National Bank for Agriculture & Rural Development CRISIL AAA 0.23 Money Market Bonds Total 0.23 Money Market Instruments Total Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN Government Bond Total Government Bond And Treasury Bill Total CBLO / Repo Net Receivables/(Payables) 3.94 Total Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Institutional Plan Annual Dividend Option 07-Oct Jan Regular Plan Monthly Dividend Option 07-Oct Jan After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Face value of the Unit is Rs. 10/ % 14.18% Rating profile 74.95% CARE AAA,CRISIL A1+,CRISIL AAA,FITCH AAA,ICRA A1+ SOVEREIGN Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (month-to-date ratio to average AUM) In days Institutional Plan Retail Plan Direct Plan % 0.90%~ 1.75%~ 0.87%~ #Gross yield. ~Does not include Service Tax on Investment Management fees % Corporate Debt Asset allocation (% of total) 0.23% Money Market Bond 10.87% Government Bond & Treasury Bill 14.18% Cash & Other Receivables JPMorgan India Active Bond Retail Plan - 27 June 2008 Institutional Plan - 27 June 2008 Direct Plan - 1 January 2013 An open ended income scheme To generate optimal returns while maintaining liquidity through active management of the portfolio by investing in debt and money market instruments. However, there can be no assurance that the investment objective of the Scheme will be realized. Rs. 5,000 per application and in multiples of Re 1 Re 1 per application and in multiples of Re 1 managers (in years) 12 Experience in managing this scheme 4 years, 7 months Exit load - (w.e.f. August 25, 2016) Within 12 months from the date of allotment in respect of Lumpsum & Within 12 months from the date of allotment in respect of each purchase made through SIP : Nil After 12 months from the date of allotment in respect of Lumpsum & After 12 months from the date of allotment in respect of each purchase made through SIP : Nil Benchmark CRISIL Composite Bond Index Direct Plan - Dividend Option Direct Plan - Growth Option Institutional Plan - Dividend Option Institutional Plan - Growth Option Retail Plan - Dividend Option Retail Plan - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore «AAAmfs rating by crisil. The assigned rating AAAmfs is valid only for "JPMorgan India Active Bond ". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the, which could vary with market developments. Optimal Returns Over Medium To Long Term Investments in debt and money market instruments with an active management of the portfolio Moderate Risk

18 JPMorgan India Short Term Income Holdings as on 31 August 2016 (in %) Name of the instrument Rating % to NAV Corporate Debt Non-convertible Debentures Power Grid Corp. of India Ltd. CRISIL AAA 2.91 Non-convertible Debentures Total 2.91 Corporate Debt Total 2.91 Money Market Instruments Certificate of Deposit Kotak Mahindra Bank Ltd. CRISIL A Canara Bank CRISIL A State Bank of Patiala ICRA A Certificate of Deposit Total Commercial Paper HDFC Ltd. CRISIL A NABARD CRISIL A Commercial Paper Total 8.78 Money Market Instruments Total Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN 8.77 Government Bond Total 8.77 Government Bond And Treasury Bill Total 8.77 CBLO / Repo Net Receivables / (Payables) 1.95 Total % Rating profile CRISIL A1+,CRISIL AAA,ICRA A1+ Total SOVEREIGN 49.87% 8.77% Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Direct Plan Monthly Dividend Option 25-Jun Jul Aug Regular Plan Dividend Option 21-Jan Regular Plan Monthly Dividend Option 25-Jun Jul Aug After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (month-to-date ratio to average AUM) In days Segregated Asset* Regular Plan* Direct Plan* % 0.00% 0.00% 0.00% #Gross yield % Corporate Debt Asset allocation (% of total) 29.67% Certificate of Deposit 8.77% Government Bond 49.87% Cash & Other Receivables JPMorgan India Short Term Income Regular Plan - 25 March 2010 Direct Plan - 1 January 2013 An open ended income scheme The investment objective is to generate income by investing primarily in money market and short term debt instruments. However, there can be no assurance that income can be generated, regular or otherwise or that the investment objective of the Scheme will be realised. Rs 5,000 per application and in multiples of Re 1 Rs 1,000 per application and in multiples of Re 1 managers (in years) 12 Experience in managing this scheme 4 years, 7 months Exit load - Nil Benchmark CRISIL Short-Term Bond Index Direct Plan - Growth Option Direct Plan - Monthly Dividend Option Regular Plan - Dividend Option Regular Plan - Fortnightly Dividend Option Regular Plan - Growth Option Regular Plan - Monthly Dividend Option Regular Plan - Weekly Dividend Option Segregated Asset - Growth Option AUM as on 31 August 2016 Rs Crore Rs Crore Income Over Short to Medium Term Investments primarily in money market and short term debt instruments. Moderately Low Risk

19 JPMorgan India Banking and PSU Debt Holdings as on 31 August 2016 (in %) Name of the instrument Rating % to NAV Corporate Debt Non-convertible Debentures Power Grid Corp. of India Ltd. CRISIL AAA 8.30 IDBI Bank Ltd. ICRA AA 7.37 NABARD CRISIL AAA 6.28 Hindustan Petroleum Corp. Ltd. CRISIL AAA 5.26 Export Import Bank of India CRISIL AAA 3.88 LIC Housing Finance Ltd. CRISIL AAA 3.55 Rural Electrification Corp. Ltd. CRISIL AAA 2.12 Indian Railway Finance Corp. Ltd. CRISIL AAA 1.19 Power Finance Corporation Ltd. ICRA AAA 1.05 Housing & Urban Dev. Corp Ltd. CARE AAA 1.04 HDFC Ltd. CRISIL AAA 0.83 HDB Financial Services Ltd. CRISIL AAA 0.69 Small Industries Dev. Bank of (I) CARE AAA 0.44 National Housing Bank CRISIL AAA 0.10 Non-convertible Debentures Total Corporate Debt Total Money Market Instruments Certificate of Deposit Canara Bank CRISIL A ICICI Bank Ltd. ICRA A State Bank of Patiala ICRA A Axis Bank Ltd. CRISIL A Certificate of Deposit Total Commercial Paper National Housing Bank CRISIL A HDFC Ltd. CRISIL A Commercial Paper Total 4.94 Money Market Bonds Power Finance Corporation Ltd. CRISIL AAA 7.89 Rural Electrification Corp. Ltd. CRISIL AAA 6.37 NABARD CRISIL AAA 1.04 HDB Financial Services Ltd. CRISIL AAA 1.04 Airports Authority of India Ltd. ICRA AAA 1.03 HDFC Ltd. CRISIL AAA 0.41 Money Market Bonds Total Money Market Instruments Total CBLO / Repo 8.47 Net Receivables/(Payables) 2.87 Total Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (month-to-date ratio to average AUM) In days Regular Plan Direct Plan % 0.55%~ 0.25%~ #Gross yield. ~Does not include Service Tax on Investment Management fees. Record Date Gross Dividend CUM Dividend NAV Direct Plan Monthly Dividend Option 27-Jun Jul Aug Regular Plan Monthly Dividend Option 27-Jun Jul Aug After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/ Dividend details (Re / Unit) 11.34% Rating profile 88.66% CARE AAA,CRISIL A1+,CRISIL AAA,ICRA A1+,ICRA AA, ICRA AAA 42.10% Corporate Debt Asset allocation (% of total) 23.84% Certificate of Deposit 17.78% Money Market Bonds 11.34% Cash & Other Receivables JPMorgan India Banking and PSU Debt 13 September 2013 An open ended income scheme The investment objective of the Scheme is to seek to generate income by investing predominantly in a portfolio of Debt Securities and Money Market Instruments issued by banks and PSUs. However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated. Rs 5,000 per application and in multiples of Re 1 Rs 1,000 per application and in multiples of Re 1 managers (in years) 12 Experience in managing this scheme 2 years, 12 months Exit load - If redeemed within 12 months from the date of allotment in respect of Purchase made other than through SIP; if redeemed within one year from the date of allotment in respect of each Purchase made through SIP: 1.00% If redeemed after 12 months from the date of allotment in respect of Purchase made other than through SIP, If redeemed after 12 months from the date of allotment in respect of each Purchase made through SIP: Nil Benchmark CRISIL Short Term Bond Index Direct Plan - Growth Option Direct Plan - Monthly Dividend Option Direct Plan - Weekly Dividend Option Regular Plan - Dividend Option Regular Plan - Growth Option Regular Plan - Monthly Dividend Option Regular Plan - Weekly Dividend Option AUM as on 31 August 2016 Rs Crore Rs Crore Income Over Short to Medium Term Investments in debt securities and money market instruments issued by Banks and PSUs. Moderately Risk

20 JPMorgan India Government Securities Holdings as on 31 August 2016 (in %) Name of the instrument % to NAV Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN Government Bond Total Government Bond & Treasury Bill Total CBLO / Repo Net Receivables/(Payables) (11.48) Total Asset allocation (% of total) 85.97% Government Bond & Treasury Bill 14.03% Cash & Other Receivables #Gross yield. ~Does not include Service Tax on Investment Management fees. Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Regular Plan Monthly Dividend Option 27-Jun Jul Aug After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/ % Rating profile SOVEREIGN 85.97% Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (month-to-date ratio to average AUM) In days Regular Plan Direct Plan % 1.25%~ 0.75%~ JPMorgan India Government Securities 13 February 2014 An open ended gilt scheme The investment objective of the Scheme is to generate income through investment in Securities of various maturities issued and/or created by the Central Government and State Governments of India. However, there can be no assurance that the investment objectives of the Scheme will be realized. Rs 5,000 per application and in multiples of Re 1 Rs 1,000 per application and in multiples of Re 1 managers (in years) 12 Experience in managing this scheme 2 years, 7 months Exit load - If redeemed within 12 months from the date of allotment in respect of Purchase made other than through SIP; if redeemed within 12 months from the date of allotment in respect of each Purchase made through SIP: 1.00% If redeemed after 12 months from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 12 months from the date of allotment in respect of each Purchase made through SIP: Nil Benchmark I-Sec Mi-BEX Direct Plan - Growth Option Regular Plan - Annual Dividend Option Regular Plan - Dividend Option Regular Plan - Growth Option Regular Plan - Monthly Dividend Option Regular Plan - Weekly Dividend Option AUM as on 31 August 2016 Rs Crore Rs Crore Credit risk free returns over Medium to Long Term Investment in Government Securities Moderately Risk

21 JPMorgan India Corporate Debt Opportunities Holdings as on 31 August 2016 (in %) Name of the instrument % to NAV Corporate Debt Non-convertible Debentures NABARD CRISIL AAA 8.95 Rural Electrification Corp. Ltd. CRISIL AAA 8.87 Power Grid Corp. of India Ltd. CRISIL AAA 8.75 Export Import Bank of India CRISIL AAA 8.69 Power Finance Corporation Ltd. CRISIL AAA 8.66 Fullerton India Credit Co. Ltd. ICRA AA Indian Railway Finance Corp. Ltd. CRISIL AAA 5.97 The Indian Hotels Company Ltd. ICRA AA 5.11 LIC Housing Finance Ltd. CRISIL AAA 4.65 Shriram Transport Fin. Co. Ltd. CRISIL AA Cholamandalam Inv & Fin. Co. Ltd. ICRA AA 2.92 HDB Financial Services Ltd. CARE AAA 2.92 Kotak Mahindra Prime Ltd. CRISIL AAA 2.89 Non-convertible Debentures Total Corporate Debt Total Money Market Instruments Certificate of Deposit Canara Bank CRISIL A ICICI Bank Ltd. ICRA A Certificate of Deposit Total Money Market Bonds HDFC Ltd. CRISIL AAA 2.88 Money Market Bonds Total 2.88 Money Market Instruments Total CBLO / Repo 3.62 Net Receivables / (Payables) 3.75 Total 7.37 Rating profile 2.88% 92.63% Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (month-to-date ratio to average AUM) In days Regular Plan Direct Plan % 1.00%~ 0.49%~ #Gross yield. ~Does not include Service Tax on Investment Management fees % CARE AAA,CRISIL A1+,CRISIL AA+,CRISIL AAA,ICRA A1+,ICRA AA,ICRA AA % Corporate Debt Dividend details (Re / Unit) Asset allocation (% of total) Money Market Bonds 12.07% Certificate of Deposit Record Date Gross Dividend CUM Dividend NAV Regular Plan Monthly Dividend Option 27-Jun Jul Aug After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Face value of the Unit is Rs. 10/ % Cash & Other Receivables JPMorgan India Corporate Debt Opportunities 22 September 2014 An open ended income scheme The investment objective is to generate regular income and opportunities for capital appreciation while maintaining liquidity through active management of a diversified portfolio comprising of corporate bonds and securities across the investment grade credit rating and maturity spectrum. However, there can be no assurance that the investment objectives of the Scheme will be realized. Rs 5,000 per application and in multiples of Re 1 Rs 1,000 per application and in multiples of Re 1 managers (in years) 12 Experience in managing this scheme 1 year, 12 months Exit Load - (w.e.f. 22 July 2016) If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed within 18 months from the date of allotment of units of each installment of SIP purchase: Nil. If redeemed after 18 months but within 36 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed after 18 months but within 36 months from the date of allotment of units of each installment of SIP purchase: Nil. If redeemed after 36 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed after 36 months from the date of allotment of units of each installment of SIP purchase: Nil. Benchmark CRISIL Short Term Bond Index Direct Plan - Bonus Option Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Annual Dividend Option Regular Plan - Dividend Option Regular Plan - Fortnightly Dividend Option Regular Plan - Growth Option Regular Plan - Monthly Dividend Option Regular Plan - Weekly Dividend Option in future. AUM as on 31 August 2016 Rs Crore Rs Crore Regular income & capital appreciation through active management across time frames. Investment in corporate bonds and securities across the investment grade credit rating and maturity spectrum. Moderately Risk

22 Scheme Returns JPMorgan India Equity - Regular Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 22,909 20,324 19,003 #S&P BSE 200 ##S&P BSE SENSEX JPMorgan India Equity - Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) JPMorgan India Mid and Small Cap - Regular Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 19,800 15,550 13,372 #Nifty Free Float Midcap 100 ##S&P BSE Sensex JPMorgan India Mid and Small Cap - Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) JPMorgan India Tax Advantage - Regular Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 31,409 33,107 29,978 #S&P BSE 200 ##S&P BSE SENSEX JPMorgan India Tax Advantage - Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) ^ in the future Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 16,680 14,362 13,791 #S&P BSE 200 ##S&P BSE SENSEX Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 22,333 16,059 13,791 #Nifty Free Float Midcap 100 ##S&P BSE Sensex Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 16,615 14,362 13,791 #S&P BSE 200 ##S&P BSE SENSEX Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Economic Resurgence Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 2 JPMorgan India Top 100 JPMorgan India Equity Income JPMorgan India Balanced Advantage JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corporate Debt Opportunities JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income JPMorgan India Balanced Advantage NOTES 1. The returns for close ended schemes have not been disclosed as these are not comparable with other schemes. 2. Returns of only those schemes that have completed one year has been given.

23 Scheme Returns JPMorgan Greater China Equity Off-Shore - Regular Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) JPMorgan Greater China Equity Off-Shore - Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) JPMorgan ASEAN Equity Off-shore - Regular Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme (Rs) Benchmark (Rs) # 13,263 12,874 #MSCI Golden Dragon Index Scheme (Rs) Benchmark (Rs)# 16,524 14,985 #MSCI South East Asia Index JPMorgan ASEAN Equity Off-shore - Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) #MSCI South East Asia Index JPMorgan US Value Equity Off-shore -Regular Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) To (Absolute) To (Absolute) #Russell 1000 Index JPMorgan US Value Equity Off-shore -Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) To (Absolute) To (Absolute) #Russell 1000 Index JPMorgan India Liquid - Retail Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR days days days To (Absolute) To (Absolute) To (Absolute) Scheme (Rs) Benchmark (Rs) # 18,250 18,771 #MSCI Golden Dragon Index Scheme (Rs) Benchmark (Rs)# 12,274 11,243 Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 18,071 17,825 16,502 #Crisil Liquid Index ##Crisil 1 Yr T-Bill Index Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Economic Resurgence Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 2 JPMorgan India Top 100 JPMorgan India Equity Income JPMorgan India Balanced Advantage JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corporate Debt Opportunities JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income JPMorgan India Balanced Advantage NOTES 1. The returns for close ended schemes have not been disclosed as these are not comparable with other schemes. 2. Returns of only those schemes that have completed one year has been given. ^ in the future

24 Scheme Returns JPMorgan India Top 100 -Regular Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs of the period mentioned (Rs.) Returns (%)^ Returns# (%) Benchmark To (Absolute) To (Absolute) #S&P BSE 100 ##S&P BSE Sensex JPMorgan India Top 100 -Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs of the period mentioned (Rs.) Returns (%)^ Returns# (%) Benchmark To (Absolute) To (Absolute) #S&P BSE 100 ##S&P BSE Sensex JPMorgan India Equity Income -Regular Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs of the period mentioned (Rs.) Returns (%)^ Returns# (%) Benchmark To (Absolute) #70% of CRISIL Liquid Index and 30% in Nifty 50 ##S&P BSE Sensex JPMorgan India Equity Income -Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs of the period mentioned (Rs.) Returns (%)^ Returns# (%) Benchmark To (Absolute) #70% of CRISIL Liquid Index and 30% in Nifty 50 ##S&P BSE Sensex JPMorgan India Liquid - Super Institutional Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR days days days To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 19,864 19,135 17,270 #Crisil Liquid Index ##Crisil 1 Yr T-Bill Index JPMorgan India Liquid - Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR days days days To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 13,386 13,390 12,877 #Crisil Liquid Index ##Crisil 1 Yr T-Bill Index Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Economic Resurgence Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 2 JPMorgan India Top 100 JPMorgan India Equity Income JPMorgan India Balanced Advantage JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corporate Debt Opportunities JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income JPMorgan India Balanced Advantage NOTES 1. The returns for close ended schemes have not been disclosed as these are not comparable with other schemes. 2. Returns of only those schemes that have completed one year has been given. ^ in the future

25 Scheme Returns JPMorgan India Treasury - Retail Plan - Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) JPMorgan India Treasury - Super Institutional Plan - Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) JPMorgan India Treasury - Super Institutional Plan - Growth Option (including Segregated Asset) NAV as on June 30, 2016 Rs Returns as on June Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 16,478 17,825 16,502 #Crisil Liquid Index ##Crisil 1 Yr T-Bill Index JPMorgan India Treasury - Retail Plan - Growth Option (including Segregated Asset) NAV as on June 30, 2016 Rs Returns as on June Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 17,857 17,825 16,502 #Crisil Liquid Index ##Crisil 1 Yr T-Bill Index Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 18,429 19,135 17,270 #Crisil Liquid Index ##Crisil 1 Yr T-Bill Index Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 19,975 19,135 17,270 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Economic Resurgence Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 2 JPMorgan India Top 100 JPMorgan India Equity Income JPMorgan India Balanced Advantage JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corporate Debt Opportunities JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income JPMorgan India Balanced Advantage NOTES 1. The returns for close ended schemes have not been disclosed as these are not comparable with other schemes. 2. Returns of only those schemes that have completed one year has been given. JPMorgan India Treasury - Direct Plan - Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 12,288 13,390 12,877 #Crisil Liquid Index ##Crisil 1 Yr T-Bill Index ^ in the future

26 Scheme Returns JPMorgan India Treasury - Direct Plan - Growth Option (Including Segregated Asset) NAV as on June 30, 2016 Rs Returns as on June Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 13,311 13,385 12,864 #Crisil Liquid Index ##Crisil 1 Yr T-Bill Index JPMorgan India Short Term Income - Regular Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 14,040 16,545 15,151 #Crisil Short Term Bond Index ##Crisil 1 Yr T-Bill Index JPMorgan India Short Term Income - Regular Plan - Growth Option (including Segregated Asset) NAV as on June 30, 2016 Rs Returns as on June Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 13,052 13,565 12,864 #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index JPMorgan India Short Term Income - Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 11,334 13,565 12,866 #Crisil Short Term Bond Index ##Crisil 1 Yr T-Bill Index Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Economic Resurgence Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 2 JPMorgan India Top 100 JPMorgan India Equity Income JPMorgan India Balanced Advantage JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corporate Debt Opportunities JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income JPMorgan India Balanced Advantage NOTES 1. The returns for close ended schemes have not been disclosed as these are not comparable with other schemes. 2. Returns of only those schemes that have completed one year has been given. JPMorgan India Short Term Income - Direct Plan - Growth Option (Including Segregated Asset) NAV as on June 30, 2016 Rs Returns as on June Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 13,222 13,565 12,864 #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index ^ in the future

27 Scheme Returns JPMorgan India Active Bond - Retail Plan - Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 16,391 18,750 17,575 #Crisil Composite Bond Index ##Crisil 10 Yr Gilt Index JPMorgan India Active Bond - Institutional Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 13,863 18,750 17,575 #Crisil Composite Bond Index ##Crisil 10 Yr Gilt Index JPMorgan India Active Bond - Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 13,334 13,463 12,699 #Crisil Composite Bond Index ##Crisil 10 Yr Gilt Index JPMorgan India Banking and PSU Debt -Regular Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs To (Absolute) To (Absolute) #Crisil Short Term Bond Index ##Crisil 1 Yr T-Bill Index JPMorgan India Banking and PSU Debt -Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs To (Absolute) To (Absolute) #Crisil Short Term Bond Index ##Crisil 1 Yr T-Bill Index Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Economic Resurgence Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 2 JPMorgan India Top 100 JPMorgan India Equity Income JPMorgan India Balanced Advantage JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corporate Debt Opportunities JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income JPMorgan India Balanced Advantage NOTES 1. The returns for close ended schemes have not been disclosed as these are not comparable with other schemes. 2. Returns of only those schemes that have completed one year has been given. JPMorgan Europe Dynamic Equity Off-shore -Regular Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns#(%) To (Absolute) To (Absolute) #MSCI Europe Index JPMorgan Europe Dynamic Equity Off-shore -Direct Plan Growth Option Returns as on June NAV as on June 30, 2016 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns#(%) To (Absolute) To (Absolute) ^ in the future #MSCI Europe Index

28 Scheme Returns JPMorgan Emerging Markets Opportunities Equity Off-shore -Direct Plan Growth Option NAV as on June 30, 2016 Rs Returns as on June Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns#(%) To (Absolute) #MSCI Emerging Markets Index JPMorgan Emerging Markets Opportunities Equity Off-shore -Regular Plan Growth Option NAV as on June 30, 2016 Rs Returns as on June Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns#(%) To (Absolute) #MSCI Emerging Markets Index JPMorgan India Government Securities - Regular Plan - Growth Option Returns as on June NAV as on June 30, 2016 Rs To (Absolute) To (Absolute) #I sec - Mi BEX Index ##Crisil 10 Yr Gilt Index JPMorgan India Government Securities - Direct Plan - Growth Option Returns as on June NAV as on June 30, 2016 Rs To (Absolute) To (Absolute) #I sec - Mi BEX Index ##Crisil 10 Yr Gilt Index JPMorgan India Corporate Debt Opportunities - Regular Plan - Growth Option NAV as on June 30, 2016 Rs Returns as on June To (Absolute) #Crisil Short Term Bond Index ##Crisil 10 Yr Gilt Index JPMorgan India Corporate Debt Opportunities - Direct Plan - Growth Option NAV as on June 30, 2016 Rs Returns as on June To (Absolute) #Crisil Short Term Bond Index ##Crisil 10 Yr Gilt Index JPMorgan India Economic Resurgence -Regular Plan Growth Option NAV as on June 30, 2016 Rs Returns as on June To (Absolute) #S&P BSE 200 ##S&P BSE Sensex JPMorgan India Economic Resurgence -Direct Plan Growth Option NAV as on June 30, 2016 Rs Returns as on June To (Absolute) #S&P BSE 200 ##S&P BSE Sensex JPMorgan India Balanced Advantage -Regular Plan Growth Option NAV as on June 30, 2016 Rs Returns as on June To (Absolute) #CRISIL Balanced - Aggressive Index ##S&P BSE Sensex JPMorgan India Balanced Advantage -Direct Plan Growth Option NAV as on June 30, 2016 Rs Returns as on June To (Absolute) #CRISIL Balanced - Aggressive Index ##S&P BSE Sensex Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Economic Resurgence Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 2 JPMorgan India Top 100 JPMorgan India Equity Income JPMorgan India Balanced Advantage JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corporate Debt Opportunities JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income JPMorgan India Balanced Advantage NOTES 1. The returns for close ended schemes have not been disclosed as these are not comparable with other schemes. 2. Returns of only those schemes that have completed one year has been given. ^ in the future

29 Systematic Investment Plan (SIP) Returns of Equity Schemes as on June 30, 2016 Based on SIP of Rs. 10,000 per month executed on 1st of every month JPMorgan India Balanced Advantage - Regular - Growth 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested 1,20, ,40,000 Market Value as on June 30, ,24, ,44,900 Scheme Returns (%) ^ Benchmark Returns (%) # Additional Benchmark Returns (%) ## Inception Date: 09/04/2015 #CRISIL Balanced - Aggressive Index ##S&P BSE Sensex JPMorgan India Economic Resurgence - Regular Plan - Growth Option 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested 1,20, ,60,000 Market Value as on June 30, ,24, ,64,430 Scheme Returns (%) ^ Benchmark Returns (%) # Additional Benchmark Returns (%) ## Inception Date: 03/02/2015 #S&P BSE 200 ##S&P BSE Sensex JPMorgan India Equity - Regular Plan - Growth Option 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested 1,20,000 3,60,000 6,00,000 8,40,000 10,80,000 Market Value as on June 30, ,25,130 4,41,363 8,66,305 13,22,014 19,18,978 Scheme Returns (%) ^ Benchmark Returns (%) # Additional Benchmark Returns (%) ## Inception Date: 14/06/2007 #S&P BSE 200 ##S&P BSE Sensex JPMorgan India Equity Income - Regular Plan - Growth Option 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested 1,20, ,00,000 Market Value as on June 30, ,24, ,09,138 Scheme Returns (%) ^ Benchmark Returns (%) # Additional Benchmark Returns (%) ## Inception Date: 13/10/2014 #Composite Index II ##S&P BSE Sensex JPMorgan India Mid and Small Cap - Regular Plan - Growth Option 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested 1,20,000 3,60,000 6,00,000 8,40,000 10,20,000 Market Value as on June 30, ,25,182 5,20,668 11,30,964 18,16,795 25,61,114 Scheme Returns (%) ^ Benchmark Returns (%) # Additional Benchmark Returns (%) ## Inception Date: 26/12/2007 #Nifty Free Float Midcap 100 ##S&P BSE Sensex JPMorgan India Tax Advantage - Regular Plan- Growth Option 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested 1,20,000 3,60,000 6,00,000 8,40,000 8,90,000 Market Value as on June 30, ,24,516 4,42,679 8,64,337 13,16,277 14,65,577 Scheme Returns (%) ^ Benchmark Returns (%) # Additional Benchmark Returns (%) ## Inception Date: 27/01/2009 #S&P BSE 200 ##S&P BSE Sensex JPMorgan India Top Regular Plan - Growth Option 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested 1,20, ,40,000 Market Value as on June 30, ,25, ,50,820 Scheme Returns (%) ^ Benchmark Returns (%) # Additional Benchmark Returns (%) ## Inception Date: 23/06/2014 #S&P BSE 100 ##S&P BSE Sensex SIP returns are calculated by an XIRR approach ^ in the future SIP returns are calculated by an IRR approach. ^ in the future. Returns of only those schemes that have completed one year has been given.

30 «Disclaimer: A CRISIL rating on a bond fund reflects CRISIL's current opinion on the degree of protection offered by the rated instrument from losses related to credit defaults. It does not constitute an audit by CRISIL of the fund house, the scheme, or companies in the scheme s portfolio. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the rated scheme: it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (+91 22) #S&P BSE The S&P BSE 200 is a product of AIPL, which is a joint venture of S&P Dow Jones Indices LLC or its affiliates ( SPDJI ) and BSE, and has been licensed for use by JPMorgan Asset Management India Private Limited. Standard & Poor s and S&P are registered trademarks of Standard & Poor s Financial Services LLC( S&P ); BSE is a registered trademark of BSE Limited ( BSE ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); and these trademarks have been licensed for use by AIPL and sublicensed for certain purposes by JPMorgan Asset Management India Private Limited. Asia Index Private Limited All rights reserved. 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IISL makes no representation or warranty, express or implied to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the Nifty Midcap 100 Index to track general stock market performance in India. The relationship of IISL to the JPMorgan Asset Management India Pvt. Ltd. is in respect of the using of the trade name and the trade name of Nifty Midcap 100 Index for benchmarking purposes, which is determined, composed and calculated by IISL without regard to the JPMorgan Asset Management India Pvt. Ltd or the Product. IISL has no obligation to take the needs of JPMorgan Asset Management India Pvt. Ltd. or the owners of the Product into consideration in determining, composing or calculating the Nifty Midcap 100 Index. 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IISL makes no representation or warranty, express or implied to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the Nifty 50Index to track general stock market performance in India. The relationship of IISL to the JPMorgan Asset Management India Pvt. Ltd. is in respect of the using of the trade name and the trade name of Nifty 50Index for benchmarking purposes, which is determined, composed and calculated by IISL without regard to the JPMorgan Asset Management India Pvt. Ltd or the Product. IISL has no obligation to take the needs of JPMorgan Asset Management India Pvt. Ltd. or the owners of the Product into consideration in determining, composing or calculating the Nifty 50Index. IISL is not responsible for nor has participated in the determination of the timing of, prices at, or quantities of the Product to be issued or in determination or calculation of the equation by which the product is to be converted into cash. IISL has no obligation or liability in connection with the administration, marketing or trading of the Product. IISL does not guarantee the accuracy and/or the completeness of the Nifty 50Index or any data included therein and they shall have no liability for any errors, omissions, or interruptions therein. IISL makes no warranty, express or implied, as to the results to be obtained by the Principal JPMorgan Asset Management India Pvt. Ltd., owners of the Product, or any other persons or entities from the use of the Nifty 50Index or any data included therein. IISL makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Nifty 50Index or any data included therein. Without limiting any of the foregoing, in no event shall IISL have any liability for any special, punitive, indirect or consequential damages (including lost profits), even

31 if notified of the possibility of such damages. The calculation of returns assume that all payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Distribution taxes are not considered. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. The views expressed are those of J.P. Morgan Asset Management. They are subject to change at any time. These views do not necessarily reflect the opinions of any other firm. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. Past performance may or may not be sustained JPMorgan Asset Management India Pvt. Ltd. offers only the units of the schemes under JPMorgan Mutual, a mutual fund registered with SEBI.

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