FUND FACTS. December, 2015

Transcription

1 FUND FACTS December, 2015

2 Equity and Debt review Equity review Markets in December were flattish on the back of low volumes and muted activity with Nifty up 0.1%. On the other hand, continuing the trend of the last few months, CNX Midcap Index was up 1.1% aided by strong domestic flows. The markets stabilized in the second half post the Fed lift off that was accompanied by dovish commentary. FIIs were marginal net buyers in December with net inflows to the tune of US$38mn and finished the year with net buying of US$3.3bn. This was disappointing as opposed to expectations at the start of the year. In contrast, healthy buying from domestic investors saw net buying for the year of about US$10.3bn. Among DIIs, mutual funds led the buying which accounted for inflows at an impressive year end tally of US$10.8bn. Domestic Insurance companies remained net sellers for the year accounting for US$510mn outflows. Primary market activity was encouraging with good responses for IPOs of Dr. Lal Path Labs and Alkem Laboratories. October IIP surged sharply to a 5 year high at 9.8% vs 3.6% in September due to one-off from shift in festival season this year. Capital goods and consumer durables were the main contributors. November CPI rose to a 14-month high, at 5.4% vs 5% in October led by pulses and new pressure points from edible oil and sugar. November WPI came in at vs -3.81% in previous month, contracted for 13th straight month albeit it has been rising for the past 3 months. Reserve Bank of India left rates unchanged in the December policy meet in line with consensus. The dovish stance was reflected in the pre-conditions for further easing - commodity price trend, external developments, fiscal consolidation and further transmission in bank lending rates. Fed hiked rates as largely anticipated and the subsequent commentary allayed concerns on rapid hikes. Winter session concluded without much success as the much anticipated passage of GST bill was once again derailed by political bickering and slugfest. The New Year starts with hope but fairly muted expectations (as opposed to last year). Markets will be keenly awaiting bottoming of the corporate earnings that are likely to see cuts in the first half due to high initial expectations and muted economic recovery. Apart from earnings, the FII flows depending on overall sentiment around EMs will also decide the market direction. Domestically, reforms agenda needs to pick up fast to support the markets given lack of earnings momentum and poor FII flows. Source: JPMorgan Research, Citigroup Research Debt review As expected, RBI kept the policy rates under the liquidity adjustment facility (LAF) unchanged at 6.75 per cent. RBI would like to see the fiscal quality and quantity. Inflation is certainly within RBI's trajectory and uptick of CPI inflation excluding food and fuel for two months in succession warrants vigilance. RBI continues to provide liquidity under overnight repos at 0.25 per cent of bank-wise NDTL at the LAF repo rate and liquidity under 14-day term repos as well as longer term repos of up to 0.75 per cent of NDTL of the banking system through auctions. Net banking system liquidity (including term repos and SLF) conditions deteriorated as excise/custom tax and auction related outflows offset the coupon related inflows. Economic releases during the month were as follows: RBI Policy: RBI kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.75 per cent; kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liability (NDTL). RBI Continued to provide liquidity under overnight repos at 0.25 per cent of bank-wise NDTL at the LAF repo rate and liquidity under 14-day term repos as well as longer term repos of up to 0.75 per cent of NDTL of the banking system through auctions. RBI acknowledges that inflation target for January-16 at 6% is within reach. Although it is important to be vigilant. Structural reforms and productivity improvements would be main impetus for sustainable growth. The growth projection for has been kept unchanged at 7.4% with a mild downside bias. The Reserve Bank will follow developments on commodity prices, especially food and oil, even while tracking inflationary expectations and external developments. The implementation of the Pay Commission proposals, and its effect on wages and rents, will also be a factor in the Reserve Bank's future deliberations, though its direct effect on aggregate demand is likely to be offset by appropriate budgetary tightening as the Government stays on the fiscal consolidation path. The Government is examining linking small savings interest rates to market interest rates. These moves should further help transmission of policy rates into lending rates. The on-going clean-up of bank balance sheets will help create room for fresh lending. The Reserve Bank will use the space for further accommodation, when available, while keeping the economy anchored to the projected disinflation path that should take inflation down to 5 per cent by March The RBI continues to remain accommodative in its monetary policy stance. We believe the next rate cut is likely post Budget in February 17, as RBI would like to see the fiscal quality and quantity. Inflation is certainly within RBI's trajectory and uptick of CPI inflation excluding food and fuel for two months in succession warrants vigilance. Inflation November 2015: Headline CPI inflation accelerated to 5.4%YoY in November from 5%YoY in October. As the favorable base effect fades; we might see inflation to remain in the range till Dec-15. Core inflation remained steady as compared to previous month. Food inflation accelerated to 6.1%YoY in Nov from 5.2%YoY in Oct. The rise in YoY terms is mainly due to an unfavourable base effect. Rise in prices of pulses moderated to 3.6%MoM from 10.2% in Oct-15. Inflation trajectory will continue to remain under the RBI's trajectory(5.8% Mar-16E). Factors favorable: 1) Lower Global prices 2) Lower Rural wages 3) Lower MSPs 4) Lower Government spending Near-term risk to inflation outlook : food prices, given the weak summer crop output and incoming weak data on winter crop sowing. Growth October 15: Industrial Production (IP) grew by 9.8% YoY in October after a rise of 3.6% YoY in September Pickup was expected in view of significant base effect, but m-o-m momentum continues to rise. Consumer goods growth accelerated to 18.4% YoY in Oct-15 vs. a rise of 1.2%YoY in Sep-15. Capital goods grew 16.1% YoY vs. a rise of 10.3% YoY in Sep-15, marking the fourth consecutive month of double digit growth. Pickup in growth momentum is also being indicated by real broad market corporate revenue growth. As we see pick up in capex cycle and creation of employment; we may start seeing rise in consumption cycle. Lower rural wages and Govt spending is likely to impact growth and keep it muted. Continuous improvements in fundamentals of Indian economy bodes well for Fixed income market. RBI although has acknowledged the Inflation is at present on the RBI's trajectory, one cannot ignore the risks to inflation mainly in terms of Deficient monsoon and requirement of Astute food management. RBI's monetary action further will be more data dependent. External Developments will be looked closely. Source: RBI, Morgan Stanley, Kotak

3 JPMorgan India Equity Holdings as on 31 December 2015 (in %) Equity Holdings AUTO Maruti Suzuki India Ltd Tata Motors Ltd Bajaj Auto Ltd Ashok Leyland Ltd Atul Auto Ltd Eicher Motors Ltd AUTO ANCILLARIES 0.99 Amara Raja Batteries Ltd BANKS HDFC Bank Ltd Kotak Mahindra Bank Ltd IndusInd Bank Ltd ICICI Bank Ltd State Bank of India 1.47 IDFC Bank Ltd Axis Bank Ltd CEMENT 5.82 Ultratech Cement Ltd Dalmia Bharat Ltd JK Cement Ltd CHEMICALS 1.12 Solar Industries India Ltd CONSTRUCTION 1.76 National Buildings Construction Corp. Ltd Ahluwalia Contracts (India) Ltd CONSTRUCTION PROJECT 4.94 Larsen & Toubro Ltd Sadbhav Engineering Ltd Voltas Ltd NCC Ltd CONSUMER DURABLES 2.11 Havells India Ltd Whirlpool of India Ltd CONSUMER NON DURABLES 8.61 ITC Ltd Kansai Nerolac Paints Ltd Hindustan Unilever Ltd Britannia Industries Ltd FINANCE 7.02 HDFC Ltd Shriram Transport Finance Company Ltd Motilal Oswal Financial Services Ltd INDUSTRIAL CAPITAL GOODS 1.39 Alstom T&D India Ltd BEML Ltd INDUSTRIAL PRODUCTS 4.09 Fag Bearings India Ltd Cummins India Ltd Grindwell Norton Ltd 0.64 MEDIA & ENTERTAINMENT 1.70 Zee Entertainment Enterprises Ltd PETROLEUM PRODUCTS 4.52 Reliance Industries Ltd Hindustan Petroleum Corporation Ltd PHARMACEUTICALS 7.41 Divi's Laboratories Ltd Sun Pharmaceuticals Ind Ltd Lupin Ltd Torrent Pharmaceuticals Ltd POWER 1.34 Power Grid Corporation of India Ltd SOFTWARE Infosys Ltd Tata Consultancy Services Ltd HCL Technologies Ltd TELECOM - EQUIPMENT & ACCESSORIES 0.41 Astra Microwave Products Ltd TRANSPORTATION 1.17 Blue Dart Express Ltd Equity Holdings Total Debt Holdings Non-Convertible Debentures Blue Dart Express Ltd. ICRA AA 0.02 Non-Convertible Debentures Total 0.02 Debt Holdings Total 0.02 CBLO / Repo 4.20 Net Receivables/(Payables) 0.11 Total 4.31 Long Term Capital Growth Investments predominantly in equity and equity related securities. Active positive bets Total stocks in portfolio 51 Top 15 stocks 17.5% Total portfolio 44.2% 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) 6.84% Total expense ratio (month-to-date ratio to average AUM) 3 Regular Plan 2.47% 3 Direct Plan 1.63% Portfolio analysis: Market cap-wise `18k Crs - `90k Crs 24% Utilities 5 Others Oil & Gas Cement Pharma Auto Technology 4 Industrials/Infra Consumer Financials Sector `6k Crs - `18k Crs 15% <`6k Crs 8% 0% 5% 10% 15% 20% % of portfolio Dividend history >`90k Crs 53% Portfolio analysis: Sector-wise 1.3% 2.7% 4.5% 5.8% 7.4% 11.1% 11.5% 12.2% 12.4% 25% 26.7% 30% Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option 22-Aug Feb Jun Jul Aug Sep Oct Nov Dec Regular Plan Dividend Option 20-Dec Aug Feb Jun Jul Aug Sep Oct Nov Dec 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 20 Amit Gadgil 13 Experience managing the scheme Harshad Patwardhan 8 years, 5 months Amit Gadgil 8 years, 5 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 If redeemed within 12 months from the date of through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Benchmark S&P BSE-200 Index# NAV (as at 31 December 2015, in Rs.) Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option 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 December 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 3.69 Ashok Leyland Ltd Atul Auto Ltd AUTO ANCILLARIES 5.43 Amara Raja Batteries Ltd WABCO India Ltd Tube Investments Of India Ltd BANKS 7.17 IndusInd Bank Ltd IDFC Bank Ltd City Union Bank Ltd The Jammu & Kashmir Bank Ltd CEMENT 5.69 Dalmia Bharat Ltd JK Cement Ltd JK Lakshmi Cement Ltd CHEMICALS 1.69 Solar Industries India Ltd CONSTRUCTION 8.75 National Buildings Construction Corporation Ltd Kajaria Ceramics Ltd J.Kumar Infraprojects Ltd Ahluwalia Contracts (India) Ltd MBL Infrastructures Ltd CONSTRUCTION PROJECT 7.57 Sadbhav Engineering Ltd NCC Ltd Voltas Ltd Ashoka Buildcon Ltd CONSUMER DURABLES 3.28 Whirlpool of India Ltd Havells India Ltd CONSUMER NON DURABLES Kansai Nerolac Paints Ltd Britannia Industries Ltd Jubilant Foodworks Ltd GlaxoSmithKline Consumer Healthcare Ltd ENGINEERING SERVICES 0.50 VA Tech Wabag Ltd FINANCE 7.63 Gruh Finance Ltd Cholamandalam Investment & Finance Co Ltd CRISIL Ltd Motilal Oswal Financial Services Ltd Max India Ltd Shriram Transport Finance Company Ltd HOTELS, RESORTS & OTHER RECREATIONAL ACTIVITIES 0.57 EIH Ltd INDUSTRIAL CAPITAL GOODS 5.96 Texmaco Rail & Engineering Ltd 1.86 BEML Ltd Alstom T&D India Ltd Ujaas Energy Ltd Action Construction Equipment Ltd INDUSTRIAL PRODUCTS 8.06 Fag Bearings India Ltd Grindwell Norton Ltd 2.00 Supreme Industries Ltd Greaves Cotton Ltd Cummins India Ltd PETROLEUM PRODUCTS 2.70 Hindustan Petroleum Corporation Ltd PHARMACEUTICALS 8.41 Divi's Laboratories Ltd Torrent Pharmaceuticals Ltd IPCA Laboratories Ltd Cadila Healthcare Ltd SOFTWARE 1.02 Persistent Systems Ltd TELECOM - EQUIPMENT & ACCESSORIES 1.02 Astra Microwave Products Ltd TEXTILE PRODUCTS 2.43 Page Industries Ltd TRANSPORTATION 2.04 Blue Dart Express Ltd Gujarat Pipavav Port Ltd Equity Holdings Total Debt Holdings Non-Convertible Debentures Blue Dart Express Ltd. ICRA AA 0.02 Non-Convertible Debentures Total 0.02 Debt Holdings Total 0.02 Holdings as on 31 December 2015 (in %) Equity Holdings CBLO / Repo 5.67 Net Receivables/(Payables) (0.74) Total Active positive bets Total stocks in portfolio 56 Top 15 stocks 27.9% Total portfolio 72.7% 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) 6.84% % of total portfolio Sector Total expense ratio (month-to-date ratio to average AUM) 4 Regular Plan 2.39% 4 Direct Plan 2.01% Portfolio analysis: Market cap-wise 13.8% 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 5 Others Cement Pharma Auto Financials Consumer 6 Industrials / Infra `3k Crs - `6k Crs 22.0% `6k Crs - `18k Crs 45.0% Liquidity measures < >5 No. of days 1.0% 2.7% 24.0% 5.3% 5.7% 8.4% 9.1% <`3k Crs 10.0% 14.8% 15.1% 17.1% >`18k Crs 23.0% 47.1% 30.8% 0% 5% 10% 15% 20% 25% 30% 35% % 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 20 Amit Gadgil 13 Experience managing the scheme Harshad Patwardhan 7 years, 11 months Amit Gadgil 7 years, 11 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 through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Benchmark: Nifty Midcap 100### NAV (as at 31 December 2015, in Rs.) Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option 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 December 31, Does not include Service Tax on Investment Management fees. Includes chemicals, fertilisers and transportation. Includes industrial capital goods/diversified/construction / industrial products.

5 JPMorgan India Tax Advantage Holdings as on 31 December 2015 (in %) Equity Holdings AUTO Maruti Suzuki India Ltd Tata Motors Ltd Bajaj Auto Ltd Ashok Leyland Ltd Atul Auto Ltd Eicher Motors Ltd AUTO ANCILLARIES 0.98 Amara Raja Batteries Ltd BANKS HDFC Bank Ltd IndusInd Bank Ltd Kotak Mahindra Bank Ltd ICICI Bank Ltd State Bank of India 1.45 IDFC Bank Ltd Axis Bank Ltd CEMENT 5.96 Ultratech Cement Ltd Dalmia Bharat Ltd JK Cement Ltd CHEMICALS 1.11 Solar Industries India Ltd CONSTRUCTION 1.74 National Buildings Construction Corp. Ltd Ahluwalia Contracts (India) Ltd CONSTRUCTION PROJECT 5.08 Larsen & Toubro Ltd Sadbhav Engineering Ltd Voltas Ltd NCC Ltd. 0.70% CONSUMER DURABLES 2.26% Havells India Ltd. 1.28% Whirlpool of India Ltd. 0.98% CONSUMER NON DURABLES 8.11% ITC Ltd. 2.46% Kansai Nerolac Paints Ltd. 2.17% Hindustan Unilever Ltd. 1.85% Britannia Industries Ltd. 1.63% FINANCE 6.81% Housing Development Finance Corporation Ltd Shriram Transport Finance Company Ltd Motilal Oswal Financial Services Ltd INDUSTRIAL CAPITAL GOODS 1.53 Alstom T&D India Ltd BEML Ltd INDUSTRIAL PRODUCTS 4.02 Fag Bearings India Ltd Cummins India Ltd Grindwell Norton Ltd 0.67 MEDIA & ENTERTAINMENT 1.69 Zee Entertainment Enterprises Ltd PETROLEUM PRODUCTS 4.49 Reliance Industries Ltd Hindustan Petroleum Corporation Ltd PHARMACEUTICALS 7.35 Divi's Laboratories Ltd Sun Pharmaceuticals Ind Ltd Lupin Ltd Torrent Pharmaceuticals Ltd SOFTWARE Infosys Ltd Tata Consultancy Services Ltd HCL Technologies Ltd TELECOM - EQUIPMENT & ACCESSORIES 0.69 Astra Microwave Products Ltd TRANSPORTATION 1.54 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 4.93 Net Receivables/(Payables) 0.09 Total 5.02 Active positive bets Total stocks in portfolio 50 Top 15 stocks 17.4% Total portfolio 45.5% 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) 6.84% Total expense ratio (month-to-date ratio to average AUM) 3 Regular Plan 2.70% 3 Direct Plan 1.83% Portfolio analysis: Market cap-wise `6k Crs - `18k Crs 16.0% `18k Crs - `90k Crs 23.0% Sector 4 Others Oil & Gas Cement Pharma Auto Technology Consumer 5 Industrials/Infra Financials <`6k Crs 9.0% Portfolio analysis: Sector-wise 3.3% 4.5% 6.0% 7.4% 11.3% 11.4% 12.1% 12.4% 0% 5% 10% 15% % of portfolio Dividend History 20% >`90k Crs 52.0% 25% 26.7% 30% 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 & Karan Sikka (years) Harshad Patwardhan 20 Karan Sikka 12 Experience managing the scheme Harshad Patwardhan 6 years, 10 months Karan Sikka 4 years, 2 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# NAV (as at 31 December 2015, in Rs.) Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option Rs Crore Rs Crore Long Term Capital Growth Investments predominantly in equity and equity related securities. Moderately High Risk Last 12 months. As on December 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 December 2015 (in %) Equity Holdings AUTO 9.45 Maruti Suzuki India Ltd Tata Motors Ltd Bajaj Auto Ltd Eicher Motors Ltd AUTO ANCILLARIES 1.04 Bosch Ltd BANKS HDFC Bank Ltd Kotak Mahindra Bank Ltd IndusInd Bank Ltd ICICI Bank Ltd State Bank of India 1.68 IDFC Bank Ltd Axis Bank Ltd CEMENT 6.06 Ultratech Cement Ltd Shree Cements Ltd Dalmia Bharat Ltd CONSTRUCTION 1.55 National Buildings Construction Corp. Ltd CONSTRUCTION PROJECT 2.58 Larsen & Toubro Ltd CONSUMER NON DURABLES ITC Ltd Hindustan Unilever Ltd Asian Paints Ltd Britannia Industries Ltd Kansai Nerolac Paints Ltd FINANCE 7.76 HDFC Ltd Shriram Transport Finance Company Ltd INDUSTRIAL CAPITAL GOODS 1.13 Bharat Electronics Ltd INDUSTRIAL PRODUCTS 2.10 Cummins India Ltd MEDIA & ENTERTAINMENT 2.02 Zee Entertainment Enterprises Ltd PETROLEUM PRODUCTS 6.16 Reliance Industries Ltd Hindustan Petroleum Corporation Ltd PHARMACEUTICALS 8.46 Sun Pharmaceuticals Ind Ltd Divi's Laboratories Ltd Lupin Ltd Torrent Pharmaceuticals Ltd POWER 1.85 Power Grid Corporation of India Ltd SOFTWARE Infosys Ltd Tata Consultancy Services Ltd HCL Technologies Ltd Equity Holdings Total CBLO / Repo 5.28 Net Receivables/(Payables) (0.87) Total Active positive bets Total stocks in portfolio 37 Top 15 stocks 16.9% Total portfolio 35.0% 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 2.60% 4 Direct Plan 1.90% Sector Portfolio analysis: Market cap-wise `60k Crs - `150k Crs 31.0% Portfolio analysis: Sector-wise Utilities Cement Oil & Gas 6 Industrials/Infra Pharma Auto Consumer Technology Financials Quantitative indicators 7 Standard deviation 7 Beta 7 Sharpe ratio Portfolio turnover ratio Risk free rate of return (FIMMDA MIBOR) 6.84% 1.8% 6.1% 6.2% 7.4% 8.5% 10.5% 12.3% 14.1% >`150k Crs 45.0% 0% 5% 10% 15% 20% 25% % of portfolio <`60k Crs 24.0% 28.8% 30% 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 20 Amit Gadgil 13 Experience managing the scheme Harshad Patwardhan 1 year, 7 months Amit Gadgil 1 year, 7 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 through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Benchmark S&P BSE 100 Index## NAV (as at 31 December 2015, in Rs.) Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option 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 Active bets are estimated. As on December 31, Does not include Service Tax on Investment Management fees. Includes industrial capital goods / diversified / construction / industrial products. Includes 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 Equity Holdings Hedge Positions BANKS (11.87) Axis Bank Ltd Axis Bank Ltd.- FUTURES (3.85) ICICI Bank Ltd ICICI Bank Ltd.- FUTURES (3.54) Yes Bank Ltd Yes Bank Ltd.- FUTURES (3.14) HDFC Bank Ltd HDFC Bank Ltd.- FUTURES (1.33) CONSUMER NON DURABLES 2.73 (2.73) ITC Ltd ITC Ltd.- FUTURES (2.73) FINANCE 2.86 (2.86) Housing Development Finance Corporation Ltd Housing Development Finance Corporation Ltd.- FUTURES (2.86) OIL 0.67 (0.66) Oil & Natural Gas Corporation Ltd Oil & Natural Gas Corporation Ltd.- FUTURES (0.66) PETROLEUM PRODUCTS 4.18 (4.19) Reliance Industries Ltd Reliance Industries Ltd.- FUTURES (3.81) Indian Oil Corporation Ltd Indian Oil Corporation Ltd.- FUTURES (0.39) PHARMACEUTICALS (10.18) Lupin Ltd Lupin Ltd.- FUTURES (4.32) Sun Pharmaceuticals Ind Ltd Sun Pharmaceuticals Ind Ltd.- FUTURES (3.06) Aurobindo Pharma Ltd Aurobindo Pharma Ltd.- FUTURES (2.80) SOFTWARE 3.00 (3.00) Infosys Ltd Infosys Ltd.- FUTURES (3.00) Hedge Positions Total (35.50) UnHedge Positions AUTO 2.93 Bajaj Auto Ltd Maruti Suzuki India Ltd Tata Motors Ltd Ashok Leyland Ltd Eicher Motors Ltd AUTO ANCILLARIES 0.37 Bosch Ltd BANKS 7.98 HDFC Bank Ltd ICICI Bank Ltd IndusInd Bank Ltd Kotak Mahindra Bank Ltd State Bank of India 0.76 Axis Bank Ltd IDFC Bank Ltd CEMENT 0.95 Ultratech Cement Ltd Shree Cements Ltd CONSTRUCTION PROJECT 0.92 Larsen & Toubro Ltd CONSUMER NON DURABLES 3.92 ITC Ltd Asian Paints Ltd Kansai Nerolac Paints Ltd Hindustan Unilever Ltd Britannia Industries Ltd GlaxoSmithKline Consumer Healthcare Ltd FINANCE 3.26 Housing Development Finance Corporation Ltd CRISIL Ltd IDFC Ltd Shriram Transport Finance Company Ltd INDUSTRIAL CAPITAL GOODS 0.17 ABB India Ltd INDUSTRIAL PRODUCTS 0.55 Cummins India Ltd MEDIA & ENTERTAINMENT 0.73 Zee Entertainment Enterprises Ltd MINERALS/MINING 0.63 Coal India Ltd PETROLEUM PRODUCTS 1.22 Reliance Industries Ltd Hindustan Petroleum Corporation Ltd PHARMACEUTICALS 1.58 Sun Pharmaceuticals Ind Ltd Divi's Laboratories Ltd Lupin Ltd POWER 0.75 Power Grid Corporation of India Ltd SOFTWARE 5.07 Infosys Ltd Tata Consultancy Services Ltd HCL Technologies Ltd Tech Mahindra Ltd TRANSPORTATION 0.40 Blue Dart Express Ltd Holdings as on 31 December 2015 (in %) Total stocks in portfolio Total stocks in portfolio 41 6 Standard deviation 6 Beta 6 Sharpe ratio 2 Portfolio turnover ratio Risk free rate of return (FIMMDA MIBOR) 6.84% Total expense ratio (month-to-date ratio to average AUM) 4 Regular Plan 1.23% 4 Direct Plan 1.01% Others Metals/Minerals Utilities Cement Oil & Gas Pharma 5 Industrials/Infra Auto Consumer Technology Financials Sector Quantitative indicators Portfolio analysis: Market cap-wise `60k Crs - `18k Crs 6.0% `18k Crs - `90k Crs 30.0% Portfolio analysis: Sector-wise 0.4% 0.6% 0.7% 1.0% 1.2% 1.6% 1.6% 3.3% 4.7% 5.1% 0% 4% 8% Income distribution by investing in debt and money market instrument and arbitrage opportunities. Long term capital appreciation by using equity and equity related instruments. Equity Holdings % to % to NAV NAV Derivatives Equity Holdings UnHedge Positions Total Equity Holdings Total (35.50) Margin Deposit Canara Bank UNRATED 1.37 Corporation Bank UNRATED 1.31 HDFC Bank Ltd. UNRATED 5.61 Margin Deposit Total 8.29 Debt Holdings Non-Convertible Debentures Power Finance Corporation Ltd. CRISIL AAA 9.30 HDB Financial Services Ltd. CRISIL AAA 4.67 Kotak Mahindra Prime Ltd. CRISIL AAA 3.73 Tata Power Company Ltd. CARE AA 0.28 Non-Convertible Debentures Total Debt Holdings Total Money Market Instruments Money Market Bonds Fullerton India Credit Co. Ltd. ICRA AA Money Market Bonds Total 4.00 Money Market Instruments Total 4.00 CBLO / Repo 1.09 Net Receivables/(Payables) 1.77 Total 2.86 % of portfolio >`90k Crs 64.0% 11.2% 12% # 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 & Karan Sikka (years) Amit Gadgil 13 Karan Sikka 12 Experience managing the scheme Amit Gadgil 1 year, 3 months Karan Sikka 1 year, 3 months managers: Debt & Ravi Ratanpal (years) 14 Ravi Ratanpal 11 Experience managing the scheme 1 year, 3 months Ravi Ratanpal 1 year, 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 If redeemed within 12 months from the date of through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Benchmark 70% of CRISIL Liquid Index and 30% in Nifty 50 #### NAV (as at 31 December 2015, in Rs.) Direct Plan - Bonus Option Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Bonus Option Regular Plan - Dividend Option Regular Plan - Growth Option Rs Crore Rs Crore Dividend history Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option 13-Mar Jun Oct Regular Plan Dividend Option 13-Mar Jun Oct 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 ** Please note that the name of JPMorgan India Equity Savings has been changed to JPMorgan India Equity Income with effect from 14th November Since the scheme has not completed 12 months the Portfolio Turnover ratios have not been provided. As on December 31, Does not include Service Tax on Investment Management fees. Includes industrial 6 capital goods / diversified / construction / industrial products. The above chart 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.

8 JPMorgan India Economic Resurgence Holdings as on 31 December 2015 (in %) Equity Holdings AUTO Maruti Suzuki India Ltd Tata Motors Ltd Bajaj Auto Ltd Ashok Leyland Ltd Eicher Motors Ltd AUTO ANCILLARIES 4.69 Amara Raja Batteries Ltd WABCO India Ltd Bosch Ltd BANKS HDFC Bank Ltd Kotak Mahindra Bank Ltd IndusInd Bank Ltd ICICI Bank Ltd State Bank of India 1.08 IDFC Bank Ltd Axis Bank Ltd Bank of Baroda 0.46 CEMENT 9.05 Ultratech Cement Ltd Dalmia Bharat Ltd JK Cement Ltd Shree Cements Ltd CHEMICALS 1.85 Solar Industries India Ltd CONSTRUCTION 7.80 J.Kumar Infraprojects Ltd Kajaria Ceramics Ltd National Buildings Construction Corp. Ltd Ahluwalia Contracts (India) Ltd CONSTRUCTION PROJECT 8.41 Sadbhav Engineering Ltd Larsen & Toubro Ltd NCC Ltd Voltas Ltd CONSUMER DURABLES 2.40 Whirlpool of India Ltd Havells India Ltd CONSUMER NON DURABLES 2.61 Kansai Nerolac Paints Ltd ENGINEERING SERVICES 0.54 VA Tech Wabag Ltd FINANCE 6.97 HDFC Ltd Shriram Transport Finance Company Ltd INDUSTRIAL CAPITAL GOODS 9.28 Bharat Electronics Ltd BEML Ltd Alstom T&D India Ltd Texmaco Rail & Engineering Ltd 1.49 Action Construction Equipment Ltd Ujaas Energy Ltd INDUSTRIAL PRODUCTS 9.68 Fag Bearings India Ltd Cummins India Ltd Grindwell Norton Ltd 2.74 Bharat Forge Ltd TELECOM - EQUIPMENT & ACCESSORIES 1.01 Astra Microwave Products Ltd Equity Holdings Total CBLO / Repo 5.19 Net Receivables/(Payables) (0.38) Total Standard deviation 6 Beta 6 Sharpe ratio 2 Portfolio turnover ratio 3 Risk free rate of return (FIMMDA MIBOR) 6.84% Total expense ratio (month-to-date ratio to average AUM) 4 Regular Plan 2.70% 4 Direct Plan 1.94% Sector Others Consumer Cement Auto Financials 5 Industrials/Infra 1 Active positive bets Total stocks in portfolio 46 Top 15 stocks 33.5% Total portfolio 66.4% 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 Portfolio analysis: Market cap-wise `6k Crs - `18k Crs 25.0% `18k Crs - `90k Crs 22.0% Portfolio analysis: Sector-wise 2.9% 5.0% 0% 5% 10% 9.0% 15.5% % of portfolio <`6k Crs 22.0% 15% 20% 25% 30% >`90k Crs 31.0% 27.0% 35.7% 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 & Karan Sikka (years) Harshad Patwardhan 20 Karan Sikka 12 Experience managing the scheme Harshad Patwardhan 11 months Karan Sikka 11 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 If redeemed within 12 months from the date of through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Benchmark S&P BSE 200# NAV (as at 31 December 2015, in Rs.) Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option 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 Active bets are estimated. Since the scheme has not completed 12 months the Portfolio Turnover ratios have not been provided. As on December 31, Does not include Service Tax on Investment Management fees. 5 6 Includes industrial capital goods / diversified / construction / industrial products. The above chart 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 Equity Holdings Hedge Positions BANKS 2.53 (2.54) HDFC Bank Ltd HDFC Bank Ltd.- FUTURES (1.67) Axis Bank Ltd Axis Bank Ltd.- FUTURES (0.87) CONSUMER NON DURABLES 0.62 (0.62) ITC Ltd ITC Ltd.- FUTURES (0.62) FINANCE 1.16 (1.16) HDFC Ltd HDFC Ltd.- FUTURES (1.16) PETROLEUM PRODUCTS 2.26 (2.26) Reliance Industries Ltd Reliance Industries Ltd.- FUTURES (2.26) PHARMACEUTICALS 1.51 (1.52) Lupin Ltd Lupin Ltd.- FUTURES (1.52) SOFTWARE 1.12 (1.12) Infosys Ltd Infosys Ltd.- FUTURES (1.12) Hedge Positions Total 9.20 (9.22) UnHedge Positions AUTO 3.51 Maruti Suzuki India Ltd Tata Motors Ltd Bajaj Auto Ltd Eicher Motors Ltd Ashok Leyland Ltd AUTO ANCILLARIES 0.39 WABCO India Ltd BANKS HDFC Bank Ltd ICICI Bank Ltd Kotak Mahindra Bank Ltd Axis Bank Ltd IndusInd Bank Ltd State Bank of India 1.34 IDFC Bank Ltd CEMENT 1.54 Ultratech Cement Ltd Shree Cements Ltd CONSTRUCTION 0.27 J.Kumar Infraprojects Ltd CONSTRUCTION PROJECT 3.38 Larsen & Toubro Ltd Voltas Ltd Sadbhav Engineering Ltd NCC Ltd Ashoka Buildcon Ltd CONSUMER DURABLES 0.77 Havells India Ltd Whirlpool of India Ltd CONSUMER NON DURABLES 7.22 ITC Ltd Asian Paints Ltd Kansai Nerolac Paints Ltd Jubilant Foodworks Ltd Hindustan Unilever Ltd GSK Consumer Healthcare Ltd Britannia Industries Ltd FINANCE 5.79 HDFC Ltd CRISIL Ltd Shriram Transport Finance Co. Ltd Motilal Oswal Financial Services Ltd IDFC Ltd INDUSTRIAL CAPITAL GOODS 0.23 Alstom T&D India Ltd INDUSTRIAL PRODUCTS 1.21 Grindwell Norton Ltd 0.50 Cummins India Ltd Fag Bearings India Ltd MEDIA & ENTERTAINMENT 0.77 Zee Entertainment Enterprises Ltd MINERALS/MINING 0.53 Coal India Ltd Holdings as on 31 December 2015 (in %) Equity Holdings % to % to NAV NAV Derivatives PETROLEUM PRODUCTS 4.31 Reliance Industries Ltd Hindustan Petroleum Corporation Ltd PHARMACEUTICALS 3.10 Sun Pharmaceuticals Ind Ltd Lupin Ltd Divi's Laboratories Ltd POWER 0.73 Power Grid Corporation of India Ltd SOFTWARE 9.49 Infosys Ltd Tata Consultancy Services Ltd HCL Technologies Ltd Tech Mahindra Ltd TELECOM-EQUIPMENT & ACCESSORIES 0.24 Astra Microwave Products Ltd TRANSPORTATION 0.47 Blue Dart Express Ltd UnHedge Positions Total Equity Holdings Total (9.22) Margin Deposit HDFC Bank Ltd. UNRATED 2.94 Margin Deposit Total 2.94 Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN Government Bond Total Government Bond & Treasury Bill Total CBLO / Repo 1.15 Net Receivables/(Payables) 0.52 Total Standard deviation 6 Beta Sharpe ratio 2 Portfolio turnover ratio 3 Risk free rate of return (FIMMDA MIBOR) 6.84% Total expense ratio (month-to-date ratio to average AUM) 4 Regular Plan 2.53% 4 Direct Plan 1.66% Metals/Minerals Sector Others Utilities Cement Pharma Auto Oil & Gas 5 Industrials/Infra Portfolio analysis: Sector-wise Consumer Technology Financials Total stocks in portfolio Total stocks in portfolio 53 Quantitative indicators 0.5% 0.7% 0.7% 1.5% 3.1% 3.9% 4.3% 5.1% 8.8% 9.5% 0% 5% 10% 15% 20% % of portfolio 21.3% 25% Portfolio analysis: Market cap-wise `18k Crs - `90k Crs `60k Crs - `18k Crs 17.0% 9.0% `6k Crs 4.0% >`90k Crs 70.0% 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 & Karan Sikka (years) Amit Gadgil 13 Karan Sikka 12 Experience managing the scheme Amit Gadgil 9 months Karan Sikka 9 months managers: Debt & Ravi Ratanpal (years) 14 Ravi Ratanpal 11 Experience managing the scheme 9 months Ravi Ratanpal 9 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 If redeemed within 12 months from the date of through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Benchmark CRISIL Balanced Index NAV (as at 31 December 2015, in Rs.) Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Bonus Option Regular Plan - Dividend Option Regular Plan - Growth Option Rs Crore Rs Crore Long Term wealth creation solution. Balanced fund aiming for capital appreciation and current income by investing in equity as well as fixed income securities Moderately High Risk Since the scheme has not completed 12 months the Portfolio Turnover ratios have not been provided. As on December 31, Does not include Service Tax on Investment Management fees. Includes industrial capital 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 December 2015 International Mutual Units JPMorgan s - Greater China 99.66% International Mutual Units Total 99.66% CBLO / Repo 0.61% Net Receivables (Payable) (0.27%) Total 0.34% 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) 9.1 Taiwan Semiconductor (Information Technology) 5.8 AIA (Financials) 5.7 China Construction Bank (Financials) 5.4 Ping An Insurance (Financials) 4.0 China Vanke (Financials) 3.0 Hong Kong Exchange (Financials) 2.7 Cheung Kong Property (Financials) 2.4 Sino Biopharmaceutical (Health Care) 2.4 AAC Technologies (Information Technology) 2.3 Total 42.8 Statistical analysis as on 30 November years 5 years Correlation Alpha Beta Geographical breakdown as on 30 November 2015 Country China 64.0% Taiwan 18.9% Hong Kong 16.5% Cash 0.6% Total 100.0% 10 largest holdings as on 30 November 2015 Sector breakdown as on 30 November 2015 Sector Financials 36.7% Information Technology 28.9% Industrials 8.8% Consumer Discretionary 7.9% Health Care 5.3% Telecommunication Services 4.0% Energy 3.4% Utilities 3.3% Consumer Staples 1.1% Materials 0.0% Cash 0.6% Total 100.0% 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 Equity, an equity fund which invests primarily in a diversified portfolio of companies incorporated or which have their registered office located in, or derive the predominant part of their economic activity from, a country in the Greater China region. manager 14 years Experience managing the scheme 6 yrs, 3 mnths 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 through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Benchmark of the underlying fund MSCI Golden Dragon Index NAV (as at 30 December 2015, in Rs.) Regular Plan - Growth Option Direct Plan - Growth Option 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 December 2015 International Mutual Units JPMorgan s - ASEAN Equity 98.26% International Mutual Units Total 98.26% CBLO / Repo 2.36% Net Receivables / (Payables) (0.62%) Total 1.74% Total expense ratio (month-to-date ratio to average AUM) JPMorgan ASEAN Equity Off-shore ASEAN Equity (underlying fund) Regular Plan~ 1.75% 0.95% Direct Plan~ 0.44% 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 30 November 2015 Equity holding Weight (%) Singapore Telecommunications (Telecommunication Services) 5.3% DBS (Financials) 5.1% United Overseas Bank (Financials) 5.1% Oversea-Chinese Banking (Financials) 3.6% Bank Central Asia (Financials) 3.6% PTT (Energy) 3.0% Telekomunikasi Indonesia (Telecommunication Services) 3.0% Kasikornbank (Financials) 2.7% SM Prime (Financials) 2.2% Public Bank (Financials) 2.2% Total 35.8% Geographical breakdown as on 30 November 2015 Country Singapore 31.1% Thailand 21.8% Indonesia 19.4% Malaysia 14.5% Philippines 8.2% Vietnam 2.0% Cash 3.0% Total 100.0% Statistical analysis as on 30 November years 5 years Correlation Alpha Beta Sector breakdown as on 30 November 2015 Sector Financials 44.6% Industrials 15.0% Telecommunication Services 10.1% Consumer Discretionary 7.2% Consumer Staples 6.4% Energy 5.7% Health Care 3.7% Utilities 3.2% Materials 1.1% Information Technology 0.0% Cash 3.0% Total 100.0% 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 14 years Experience managing the scheme 4 yrs, 5 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 through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Benchmark of the underlying fund MSCI South East Asia Index NAV (as at 30 December 2015, in Rs.) Regular Plan - Growth Option Direct Plan - Growth Option in future. 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 December 2015 International Mutual Units JPMorgan s - US Value 99.21% International Mutual Units Total 99.21% CBLO / Repo 0.32% Net Receivables / (Payables) 0.47% Total 0.79% Total expense ratio (month-to-date ratio to average AUM) JPMorgan US Value Equity Off-shore US Value Equity (underlying fund) Regular Plan~ 1.85% 0.85% Direct Plan~ 1.20% 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 30 November 2015 Equity holding Weight (%) Wells Fargo (Financials) 4.5% Exxon Mobil (Energy) 3.0% Pfizer (Health Care) 2.8% Johnson & Johnson (Health Care) 2.7% Bank of America (Financials) 2.2% Capital One (Financials) 2.1% AIG (Financials) 2.0% Loews (Financials) 1.8% Merck & Co. (Health Care) 1.8% Citigroup (Financials) 1.6% Total 24.5% Statistical analysis as on 30 November years 5 years E Correlation E Alpha E Beta Sector breakdown as on 30 November 2015 Sector Financials 35.5% Consumer Discretionary 12.8% Health Care 9.7% Energy 8.8% Industrials 7.0% Information Technology 6.7% Utilities 6.3% Consumer Staples 4.4% Materials 3.9% Telecommunication Services 2.0% Cash 2.9% Total 100.0% JPMorgan US Value Equity Off-shore 7 August, 2013 An Open-ended of s Scheme To provide longterm capital growth by investing primarily in a value style biased portfolio of US companies. manager 14 years Experience managing the scheme 2 yrs, 4 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 through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Benchmark of the underlying fund Russell 1000 Value Index NAV (as at 30 December 2015, in Rs.) Regular Plan - Growth Option Direct Plan - Growth Option Rs Crore Rs Crore 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 Details of JPMorgan Europe Dynamic Equity Offshore Holding as on 31 December 2015 International Mutual Units JPMorgan Europe Dynamic Equity Offshore 99.20% International Mutual Units Total 99.20% CBLO / Repo 1.24% Net Receivables / (Payables) (0.44%) Total 0.80% Total expense ratio (month-to-date ratio to average AUM) JPMorgan Europe Dynamic Equity Offshore Europe Dynamic Equity (underlying fund) Regular Plan~ 1.67% 1.00% Direct Plan~ 0.57% 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 Europe Dynamic Equity Offshore 10 largest holdings as on 30 November 2015 Equity holding Weight (%) BT (Telecommunication Services) 2.6% Novo Nordisk (Health Care) 2.5% Anheuser-Busch Inbev (Consumer Staples) 2.3% Rio Tinto (Materials) 2.2% BNP Paribas (Financials) 2.1% Imperial Tobacco (Consumer Staples) 2.0% Land Securities (Financials) 2.0% AXA (Financials) 1.9% British Land (Financials) 1.9% Reckitt Benckiser (Consumer Staples) 1.8% Total 21.3% Geographical breakdown as on 30 November 2015 Country United Kingdom 30.4% France 18.0% Germany 15.0% Netherlands 7.4% Switzerland 6.6% Denmark 6.0% Spain 3.6% Finland 2.8% Belgium 2.7% Italy 2.4% Others 0.9% Cash 4.2% Total 100.0% Statistical analysis as on 30 November years 5 years Correlation Alpha Beta Sector breakdown as on 30 November 2015 Sector Financials 25.6% Industrials 16.2% Consumer Discretionary 14.9% Consumer Staples 11.4% Health Care 7.9% Information Technology 5.3% Telecommunication Services 4.4% Materials 4.3% Utilities 3.6% Energy 2.2% Cash 4.2% Total 100.0% JPMorgan Europe Dynamic Equity Offshore 7 February, 2014 An Open-ended of s Scheme 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. manager 14 years Experience managing the scheme 1 yr, 11 mnths 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 through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Benchmark of the underlying fund MSCI Europe Index NAV (as at 30 December 2015, in Rs.) Regular Plan - Growth Option Direct Plan - Growth Option Rs Crore Rs Crore Long-term Capital Growth Investments in equity and equity-related securities of European companies High Risk

14 JPMorgan Emerging Markets Opportunities Equity Off-shore Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Holding as on 31 December 2015 International Mutual Units JPMorgan Emerging Markets Opportunities Equity Offshore % International Mutual Units Total % CBLO / Repo 0.78% Net Receivables / (Payables) (0.87%) Total (0.09%) Total expense ratio (month-to-date ratio to average AUM) JPMorgan Emerging Markets Opportunities Emerging Markets Opportunities Equity Off-shore Equity Off-shore (underlying fund) Regular Plan~ 1.65% 1.05% Direct Plan~ 1.30% 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 Emerging Markets Opportunities Equity Off-shore 10 largest holdings as on 30 November 2015 Equity holding Weight (%) Tencent (Information Technology) 4.2% Samsung Electronics (Information Technology) 4.0% Housing Development Finance (Financials) 3.1% China Merchants Bank (Financials) 2.8% Magnit (Consumer Staples) 2.8% Kia Motors (Materials) 2.7% Ping An Insurance (Financials) 2.6% Turkiye Halk Bankasi (Financials) 2.2% MediaTek (Information Technology) 2.1% PICC Property & Casualty 2.1% Total 28.6% Geographical breakdown as on 30 November 2015 Country China 29.5% South Korea 14.2% Taiwan 12.3% India 8.2% Russia 7.3% South Africa 5.7% Brazil 5.6% Thailand 3.9% Saudi Arabia 3.0% Turkey 2.2% Others 4.7% Cash 3.4% Total 100.0% Statistical analysis as on 30 November years 5 years Correlation - - Alpha - - Beta - - Sector breakdown as on 30 November 2015 Sector Financials 34.0% Information Technology 24.3% Consumer Discretionary 18.9% Consumer Staples 5.0% Telecommunication Services 3.9% Energy 3.6% Industrials 2.9% Materials 2.9% Utilities 0.6% Health Care 0.5% Cash 3.4% 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 14 years Experience managing the scheme 1 yr, 6 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 through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Benchmark of the underlying fund MSCI Emerging Market Index NAV (as at 30 December 2015, in Rs.) Regular Plan - Growth Option Direct Plan - Growth Option Rs Crore Rs Crore 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 December 2015 (in %) Name of the instrument Rating % to NAV Money Market Instruments Certificate of Deposit ICICI Bank Ltd. CRISIL A Kotak Mahindra Bank Ltd. CRISIL A HDFC Bank Ltd. CRISIL A Andhra Bank CRISIL A Axis Bank Ltd. CRISIL A IDBI Bank Ltd. CRISIL A Oriental Bank of Commerce ICRA A Punjab & Sind Bank CRISIL A IndusInd Bank Ltd. CRISIL A Corporation Bank CRISIL A Canara Bank CRISIL A Certificate of Deposit Total Commercial Paper Fullerton India Credit Co. Ltd. ICRA A NABARD CRISIL A HDFC Ltd. CRISIL A Commercial Paper Total Money Market Instruments Total CBLO / Repo 8.38 Net Receivables/(Payables) 0.29 Total 8.67 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 26-Oct Nov Dec Direct Plan Monthly Dividend Option 25-Aug Sep Oct Super Institutional Plan Monthly Dividend Option 26-Oct Nov Dec 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 CRISIL A1+, ICRA A1+ Total 78.60% Certificate of Deposit 91.33% Asset allocation (% of total) 12.73% Commercial Paper 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. 8.67% 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 & Ravi Ratanpal (in years) 14 Ravi Ratanpal 11 Experience in managing this scheme 7 years, 6 months Ravi Ratanpal 4 years, 3 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 NAV (as at 31 December 2015, in Rs.) 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 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 December 2015 (in%) Name of the instrument Rating % to NAV Corporate Debt Non-Convertible Debentures Steel Authority of India Ltd. CARE AAA 5.68 Non-Convertible Debentures Total 5.68 Corporate Debt Total 5.68 Money Market Instruments Certificate of Deposit IDBI Bank Ltd. CRISIL A Punjab & Sind Bank CRISIL A Kotak Mahindra Bank Ltd. CRISIL A HDFC Bank Ltd. CRISIL A Andhra Bank CRISIL A Axis Bank Ltd. CRISIL A ICICI Bank Ltd. CRISIL A Canara Bank CRISIL A Corporation Bank CRISIL A IndusInd Bank Ltd. CRISIL A Certificate of Deposit Total Commercial Paper NABARD CRISIL A HDFC Ltd. CRISIL A LIC Housing Finance Ltd. CRISIL A Commercial Paper Total Money Market Instruments Total Government Bond and Treasury Bill Government Bond Government of India SOVEREIGN 9.01 Government Bond Total 9.01 Government Bond & Treasury Bill Total 9.01 CBLO / Repo 6.07 Net Receivables/(Payables) 3.75 Total 9.82 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/-. Rating profile CARE AAA, CRISIL A1+ SOVEREIGN Total 81.17% 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 % 5.68% Corporate Debt 9.82% Asset allocation (% of total) 62.60% Certificate of deposit 12.89% Commercial Paper 9.01% Government Bond & Treasury Bill «BBBmfs rating by crisil. The assigned rating BBBmfs is valid only for "JPMorgan India Treasury ". 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. 9.82% 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 & Ravi Ratanpal (in years) 14 Ravi Ratanpal 11 Experience in managing this scheme 7 years, 6 months Ravi Ratanpal 4 years, 3 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 NAV (as at 31 December 2015, in Rs.) 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 Segregated Asset - Growth Option Super Institutional Plan - Annual Dividend Option Super Institutional Plan - Bonus 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 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 December 2015 (in%) Name of the instrument % to NAV Corporate Debt Non-Convertible Debentures Nuclear Power Corporation CRISIL AAA Rural Electrification Corporation Ltd. CRISIL AAA 7.96 LIC Housing Finance Ltd. CRISIL AAA 7.96 Export Import Bank of India CRISIL AAA 6.55 Power Grid Corporation of India Ltd. CRISIL AAA 5.83 Power Finance Corporation Ltd. CRISIL AAA 5.82 Housing Development Finance Corporation Ltd. CRISIL AAA 5.20 Tata Sons Ltd. CRISIL AAA 4.95 Housing Development Finance Corporation Ltd. ICRA AAA 4.33 HDB Financial Services Ltd. CARE AAA 2.44 Rural Electrification Corporation Ltd. CARE AAA 2.17 GAIL (India) Ltd. CARE AAA 1.78 Power Grid Corporation of India Ltd. ICRA AAA 1.51 Infrastructure Leasing & Financial Services Ltd. FITCH AAA 0.73 India Infradebt Ltd. CRISIL AAA 0.70 National Bank for Agriculture & Rural Development CRISIL AAA 0.14 Non-convertible Debentures Total Corporate Debt Total Money Market Instruments Money Market Bonds IDFC Bank Ltd. ICRA AAA 0.71 Money Market Bonds Total 0.71 Money Market Instruments Total 0.71 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) 2.98 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/ % Rating profile 14.39% 69.57% CARE AAA, CRISIL AAA, FITCH AAA, ICRA AAA 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) 0.71% Money Market Bonds Optimal Returns Over Medium To Long Term Investments in debt and money market instruments with an active management of the portfolio Government Bond & Treasury Bill 14.39% 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 & Ravi Ratanpal (in years) 14 Ravi Ratanpal 11 Experience in managing this scheme 7 years, 5 months Ravi Ratanpal 3 years, 11 months Exit load - (w.e.f. April 15, 2015) 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 : 1.00% 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 NAV (as at 31 December 2015, in Rs.) Direct Plan - Dividend Option Direct Plan - Growth Option Institutional Plan - Dividend Option Institutional Plan - Growth Option Retail Plan - Dividend Option Retail Plan - Growth Option 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 % Moderate Risk

18 JPMorgan India Short Term Income Holdings as on 31 December 2015 (in%) Name of the instrument Rating % to NAV Corporate Debt Non-Convertible Debentures Steel Authority of India Ltd. CARE AAA 7.60 Power Grid Corp. of India Ltd. CRISIL AAA 1.55 The Indian Hotels Company Ltd. ICRA AA 1.02 Non-convertible Debentures Total Corporate Debt Total Money Market Instruments Certificate of Deposit Andhra Bank CRISIL A Kotak Mahindra Bank Ltd. CRISIL A ICICI Bank Ltd. CRISIL A Axis Bank Ltd. CRISIL A Canara Bank CRISIL A HDFC Bank Ltd. CRISIL A Certificate of Deposit Total Money Market Bonds Power Finance Corporation Ltd. CRISIL AAA 1.97 Money Market Bonds Total 1.97 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) 0.69 Total 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/-. Rating profile 27.39% 57.44% CARE AAA, CRISIL A1+, CRISIL AAA, ICRA AA SOVEREIGN 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 % 0.00% 0.00% #Gross yield % 10.17% Corporate Debt Asset allocation (% of total) 45.30% Certificate of Deposit 1.97% Money Market Bonds 15.17% Govt. Bond & Treasury Bill 27.39% 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 & Ravi Ratanpal (in years) 14 Ravi Ratanpal 11 Experience in managing this scheme 5 years, 8 months Ravi Ratanpal 3 years, 11 months Exit load - Nil (w.e.f. Feb. 1, 2015) Benchmark CRISIL Short-Term Bond Index NAV (as at 31 December 2015, in Rs.) 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 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 December 2015 (in%) Name of the instrument Rating % to NAV Corporate Debt Non-Convertible Debentures Power Grid Corp. of India Ltd. CRISIL AAA 8.52 Steel Authority of India Ltd. CARE AAA 8.51 Power Finance Corporation Ltd. CRISIL AAA 7.60 IDBI Bank Ltd. CRISIL AA NABARD CRISIL AAA 7.42 Rural Electrification Corp. Ltd. CRISIL AAA 6.62 Hindustan Petroleum Corp. Ltd. CRISIL AAA 5.42 Export Import Bank of India CRISIL AAA 4.00 LIC Housing Finance Ltd. CRISIL AAA 3.63 Indian Railway Fin. Corp. Ltd. CRISIL AAA 1.09 Power Finance Corporation Ltd. ICRA AAA 1.08 Housing & Urban Dev. Corp Ltd. CARE AAA 1.07 Non-convertible Debentures Total Corporate Debt Total Money Market Instruments Certificate of Deposit Punjab National Bank CARE A HDFC Bank Ltd. CRISIL A Corporation Bank CRISIL A ICICI Bank Ltd. CRISIL A Certificate of Deposit Total Money Market Bonds Kotak Mahindra Prime Ltd. CRISIL AAA 4.99 HDB Financial Services Ltd. CRISIL AAA 1.08 Airports Authority of India Ltd. ICRA AAA 1.08 NHPC Ltd. ICRA AAA 1.07 Power Finance Corporation Ltd. CRISIL AAA 0.21 NABARD CRISIL AAA 0.17 Money Market Bonds Total 8.60 Money Market Instruments Total CBLO / Repo 5.35 Net Receivables/(Payables) 3.44 Total 8.79 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 26-Oct Nov Dec Regular Plan Monthly Dividend Option 26-Oct Nov Dec 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) Rating profile 91.21% CARE A1+, CARE AAA, CRISIL A1+, CRISIL AA+, CRISIL AAA, ICRA AAA 62.52% Corporate Debt Asset allocation (% of total) 20.09% Certificate of Deposit 8.60% Money Market Bonds 8.79% 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 & Ravi Ratanpal (in years) 14 Ravi Ratanpal 11 Experience in managing this scheme 2 years, 4 months Ravi Ratanpal 2 years, 4 months Exit load (w.e.f. 17 August 2015) 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 NAV (as at 31 December 2015, in Rs.) Direct Plan - Growth Option Direct Plan - Monthly Dividend Option Direct Plan - Weekly 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 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 December 2015 (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 5.11 Net Receivables/(Payables) 0.60 Total 5.71 #Gross yield. ~Does not include Service Tax on Investment Management fees. Record Date Gross Dividend CUM Dividend NAV Regular Plan Monthly Dividend Option 25-Aug Sep Oct 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 94.29% 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%~ Dividend details (Re / Unit) 5.71% Asset allocation (% of total) 94.29% Government Bond & Treasury Bill 5.71% Cash & Other Receivables 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 & Ravi Ratanpal (in years) 14 Ravi Ratanpal 11 Experience in managing this scheme 1 year, 11 months Ravi Ratanpal 1 year, 11 months Exit load - (w.e.f. 11 May 2015) 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 NAV (as at 31 December 2015, in Rs.) Direct Plan - Growth Option Direct Plan - Weekly Dividend Option Regular Plan - Annual Dividend Option Regular Plan - Dividend Option Regular Plan - Growth Option Regular Plan - Monthly Dividend Option Regular Plan - Weekly Dividend Option 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 December 2015 (in%) Name of the instrument % to NAV Corporate Debt Non-Convertible Debentures Power Grid Corp. of India Ltd. CRISIL AAA 9.25 Rural Electrification Corp. Ltd. CRISIL AAA 9.17 Export Import Bank of India CRISIL AAA 9.09 Power Finance Corporation Ltd. CRISIL AAA 9.09 Fullerton India Credit Co. Ltd. ICRA AA Indian Railway Fin. Corp. Ltd. CRISIL AAA 6.23 Steel Authority of India Ltd. CARE AAA 6.04 The Indian Hotels Company Ltd. ICRA AA 5.06 LIC Housing Finance Ltd. CRISIL AAA 4.86 NABARD CRISIL AAA 4.83 Shriram Transport Fin. Co. Ltd. CRISIL AA HDB Financial Services Ltd. CARE AAA 3.09 Cholamandalam Inv. & Fin. Co Ltd. ICRA AA 3.08 HDFC Ltd. CRISIL AAA 3.04 Kotak Mahindra Prime Ltd. CRISIL AAA 3.04 Tata Power Company Ltd. CARE AA 2.15 Non-Convertible Debentures Total Corporate Debt Total CBLO / Repo Net Receivables/(Payables) 1.75 Total % Rating profile 87.66% CARE AA,CARE AAA,CRISIL AA+,CRISIL AAA,ICRA AA,ICRA AA+ 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 Dividend details (Re / Unit) 10 0 Asset allocation (% of total) 75.15% Corporate Debt 24.85% Cash & Other Receivables Record Date Gross Dividend CUM Dividend NAV Regular Plan Monthly Dividend Option 26-Oct Nov Dec 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/-. 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 & Ravi Ratanpal (in years) 14 Ravi Ratanpal 11 Experience in managing this scheme 1 year, 4 months Ravi Ratanpal 1 year, 4 months Exit load - 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: 1.5%. 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: 0.50%. If redeemed after 36 months from the date of 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 NAV (as at 31 December 2015, in Rs.) 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 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 December NAV as on December 31, 2015 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 22,184 19,529 18,388 #S&P BSE 200 ##S&P BSE SENSEX JPMorgan India Equity - Direct Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs To (Absolute) To (Absolute) #S&P BSE 200 ##S&P BSE SENSEX JPMorgan India Mid and Small Cap -Regular Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 19,479 15,073 12,934 #Nifty Midcap 100 ##S&P BSE SENSEX JPMorgan India Mid and Small Cap - Direct Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs To (Absolute) To (Absolute) #Nifty Midcap 100 ##S&P BSE SENSEX JPMorgan India Tax Advantage - Regular Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 30,601 31,814 29,006 #S&P BSE 200 ##S&P BSE SENSEX JPMorgan India Tax Advantage - Direct Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs To (Absolute) To (Absolute) #S&P BSE 200 ##S&P BSE SENSEX JPMorgan Greater China Equity Off-Shore - Regular Plan Growth Option Returns as on December NAV as on December 30, 2015 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) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the ^ in the future Scheme (Rs) Benchmark (Rs) # 18,869 18,425 #MSCI Golden Dragon 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 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 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 Ravi Ratanpal JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan India Corporate Debt Opportunities JPMorgan India Equity Income JPMorgan India Balanced Advantage Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 2 JPMorgan India Equity Income JPMorgan India Economic Resurgence 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 - Direct Plan Growth Option Returns as on December NAV as on December 30, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) To (Absolute) To (Absolute) #MSCI Golden Dragon Index JPMorgan ASEAN Equity Off-shore - Regular Plan Growth Option Returns as on December NAV as on December 30, 2015 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) Current value of Standard Investment of Rs. 10,000 (in Rs.) Scheme (Rs) Benchmark (Rs)# invested since inception in the 14,775 13,329 #Morgan Stanley Capital International (MSCI) South East Asia Index JPMorgan ASEAN Equity Off-shore - Direct Plan Growth Option Returns as on December NAV as on December 30, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) To (Absolute) To (Absolute) #Morgan Stanley Capital International (MSCI) South East Asia Index JPMorgan US Value Equity Off-shore -Regular Plan Growth Option Returns as on December NAV as on December 30, 2015 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 Value Index JPMorgan US Value Equity Off-shore -Direct Plan Growth Option Returns as on December NAV as on December 30, 2015 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 Value Index JPMorgan India Liquid - Retail Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs Since Inception - CAGR days days days To (Absolute) To (Absolute) To (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 17,454 17,161 15,937 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Top 100 -Regular Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs of the period mentioned (Rs.) Returns (%)^ Returns# (%) Benchmark To (Absolute) #S&P BSE 100 ## S&P BSE SENSEX JPMorgan India Top 100 -Direct Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs of the period mentioned (Rs.) Returns (%)^ Returns# (%) Benchmark To (Absolute) ^ in the future #S&P BSE 100 ## 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 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 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 Ravi Ratanpal JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan India Corporate Debt Opportunities JPMorgan India Equity Income JPMorgan India Balanced Advantage Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 2 JPMorgan India Equity Income JPMorgan India Economic Resurgence 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.

24 Scheme Returns JPMorgan India Equity Income -Direct Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) To (Absolute) #70% of CRISIL Liquid Index and 30% in Nifty 50 JPMorgan India Equity Income -Regular Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) To (Absolute) #70% of CRISIL Liquid Index and 30% in Nifty 50 JPMorgan India Liquid - Super Institutional Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs Since Inception - CAGR days days days To (Absolute) To (Absolute) To (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the JPMorgan India Liquid - Direct Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs days days days To (Absolute) To (Absolute) #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Treasury - Retail Plan - Growth Option Returns as on December NAV as on December 31, 2015 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 19,173 18,413 16,679 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 15,884 17,161 15,937 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Treasury - Retail Plan - Growth Option (including Segregated Asset) Returns as on December Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 17,217 17,161 15,937 #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 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 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 Ravi Ratanpal JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan India Corporate Debt Opportunities JPMorgan India Equity Income JPMorgan India Balanced Advantage Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 2 JPMorgan India Equity Income JPMorgan India Economic Resurgence 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 - Super Institutional Plan - Growth Option Returns as on December NAV as on December 31, 2015 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the JPMorgan India Treasury - Super Institutional Plan - Growth Option (including Segregated Asset) Returns as on December Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the JPMorgan India Treasury - Direct Plan - Growth Option Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 17,767 18,413 16,679 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 19,258 18,413 16,679 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index Returns as on December NAV as on December 31, 2015 Rs To (Absolute) To (Absolute) #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Treasury - Direct Plan - Growth Option (including Segregated Asset) Returns as on December To (Absolute) To (Absolute) #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Short Term Income - Regular Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the (Rs) (Rs) Benchmark ## 13,542 15,840 14,629 #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index JPMorgan India Short Term Income - Regular Plan - Growth Option (including Segregated Asset) Returns as on December Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the (Rs) (Rs) Benchmark ## 15,806 15,840 14,629 #CRISIL Short-Term Bond 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 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 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 Ravi Ratanpal JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan India Corporate Debt Opportunities JPMorgan India Equity Income JPMorgan India Balanced Advantage Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 2 JPMorgan India Equity Income JPMorgan India Economic Resurgence 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

26 Scheme Returns JPMorgan India Short Term Income - Direct Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs To (Absolute) To (Absolute) #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index JPMorgan India Short Term Income - Direct Plan - Growth Option (including Segregated Asset) Returns as on December To (Absolute) To (Absolute) #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index JPMorgan India Active Bond - Retail Plan - Growth Option Returns as on December NAV as on December 31, 2015 Rs Since Inception - CAGR To (Absolute) To (Absolute) To (Absolute) Scheme Benchmark # Additional Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the (Rs) (Rs) Benchmark## 15,809 17,865 16,707 #CRISIL Composite Bond Index ##CRISIL 10 Year Gilt Index JPMorgan India Active Bond - Institutional Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs To (Absolute) To (Absolute) #CRISIL Composite Bond Index ##CRISIL 10 Year Gilt Index JPMorgan India Active Bond - Direct Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs To (Absolute) To (Absolute) #CRISIL Composite Bond Index ##CRISIL 10 Year Gilt Index JPMorgan India Banking and PSU Debt -Regular Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs To (Absolute) To (Absolute) #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index JPMorgan India Banking and PSU Debt -Direct Plan Growth Option Returns as on December NAV as on December 31, 2015 Rs To (Absolute) To (Absolute) #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index JPMorgan Europe Dynamic Equity Off-shore -Regular Plan Growth Option Returns as on December NAV as on December 30, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns#(%) To (Absolute) #MSCI Europe 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 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 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 Ravi Ratanpal JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan India Corporate Debt Opportunities JPMorgan India Equity Income JPMorgan India Balanced Advantage Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 2 JPMorgan India Equity Income JPMorgan India Economic Resurgence 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

27 Scheme Returns JPMorgan Europe Dynamic Equity Off-shore -Direct Plan Growth Option Returns as on December NAV as on December 30, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns#(%) To (Absolute) #MSCI Europe Index JPMorgan Emerging Markets Opportunities Equity Off-shore -Direct Plan Growth Option NAV as on December 30, 2015 Rs Returns as on December 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 December 30, 2015 Rs Returns as on December 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 December NAV as on December 31, 2015 Rs To (Absolute) #I-Sec Mi-BEX ##CRISIL 10 Year Gilt Index JPMorgan India Government Securities - Direct Plan - Growth Option Returns as on December NAV as on December 31, 2015 Rs To (Absolute) JPMorgan India Corporate Debt Opportunities - Regular Plan - Growth Option #I-Sec Mi-BEX ##CRISIL 10 Year Gilt Index NAV as on December 31, 2015 Rs Returns as on December To (Absolute) JPMorgan India Corporate Debt Opportunities - Direct Plan - Growth Option #CRISIL Short Term Bond Index NAV as on December 31, 2015 Rs Returns as on December To (Absolute) #CRISIL Short Term Bond 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 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 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 Ravi Ratanpal JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 501 JPMorgan India Hybrid Series 2 JPMorgan India Corporate Debt Opportunities JPMorgan India Equity Income JPMorgan India Balanced Advantage Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 2 JPMorgan India Equity Income JPMorgan India Economic Resurgence 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

28 Systematic Investment Plan (SIP) Returns of Equity Schemes as on December 31, 2015 Based on SIP of Rs. 10,000 per month executed on 10th of every month 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 10,20,000 Market Value as on December 31, ,17,566 4,61,298 8,76,381 14,10,721 17,95,631 Scheme Returns (%) ^ Benchmark Returns (%) # Additional Benchmark Returns (%) ## Inception Date: 14/06/2007 #S&P BSE 200 ##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 9,60,000 Market Value as on December 31, ,21,338 5,83,073 12,02,275 20,66,787 24,56,961 Scheme Returns (%) ^ Benchmark Returns (%) # Additional Benchmark Returns (%) ## a Inception Date: 26/12/2007 #Nifty 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, ,30,000 Market Value as on December 31, ,17,852 4,65,711 8,79, ,66,033 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, ,80,000 Market Value as on December 31, ,14, ,78,620 Scheme Returns (%) ^ Benchmark Returns (%) # Additional Benchmark Returns (%) ## Inception Date: 23/06/2014 #S&P BSE 100 SIP Date - 10th of every month Since Inception Date - 10th of subsequent month SIP returns are calculated by an IRR approach. ^ in the future. Returns of only those schemes that have completed one year has been given. ## 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, ,40,000 Market Value as on December 31, ,21, ,43,022 Scheme Returns (%) ^ Benchmark Returns (%) # Additional Benchmark Returns (%) ## Inception Date: 13/10/2014 #70% CRISIL Liquid Index & 30% Nifty 50 ##S&P BSE SENSEX «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. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of AIPL. For more information on any of AIPL s indices please visit None of AIPL, BSE, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of AIPL, BSE, S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC or their affiliates nor their third party licensors shall have any errors, omissions, or interruptions of any index or the data included therein.

29 ##S&P BSE The S&P BSE 100 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. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of AIPL. For more information on any of AIPL s indices please visit None of AIPL, BSE, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of AIPL, BSE, S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC or their affiliates nor their third party licensors shall have any errors, omissions, or interruptions of any index or the data included therein. ### The JPMorgan India Mid and Small Cap ( Product ) is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). 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. 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 Midcap 100 Index 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 Midcap 100 Index 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 Midcap 100 Index 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 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. #### The JPMorgan India Equity Income ( Product ) is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). 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 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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