FUND FACTS. December, 2014

Transcription

1 FUND FACTS December, 2014

2 Equity and Debt review Equity review It was a volatile month for the markets on concerns of Russian currency depreciation, full implications of the steep fall in oil prices and uncertainty on Fed decision over interest rates. At the end of it all, Nifty posted its first down month since April with a correction of ~ 3.6% even as the smaller companies index outperformed by rising ~ 1.6%. Capital market activity rebounded with 12 deals totaling US$1.8bn led by 2.8% stake sale by founder families of Infosys and 5% government divestment in SAIL. FII activity was very tepid in December and we saw net selling of US$129mn despite the $805mn of inflows on the day of Infosys block. FIIs finished the year with net buying of US$16.1bn. DIIs meanwhile turned net buyers once again buying US$855mn of equities in the month which reduced their net sell tally for the year to US$5.1bn. Among the DIIs, mutual funds took their annual tally to an impressive US$3.8bn buying. October IIP surprised negatively coming in at -4.2% vs 2.8% in the previous month, led by a 7.6% contraction in manufacturing while on a use-based classification, both consumer and capital goods were in the red at -18.6% and - 2.3% respectively. CPI eased further to 4.4% in November vs 5.5% last month, in line with expectations. In addition to the base effect and continued supply side measures, the decelerating trend in core CPI reflects subdued demand side pressure and commodity tailwinds kicking in. Inspite of lower inflation, the RBI left all key policy rates unchanged. While acknowledging the deceleration in inflation, it highlighted that a change in monetary policy stance could be premature. However, its guidance came across as dovish wherein it mentioned that a change in stance is likely early next year. While the government had a slew of key bills like Insurance, Coal, GST and Land Acquisition lined up for the winter session of the parliament, the impressive agenda failed to take off as the opposition stalled proceedings in the Upper House. Given the deadlock, the government announced the adoption of ordinance route to press ahead with the reforms consequently, ordinances were passed on land acquisition, insurance and coal although these need to be ratified by the parliament else they would cease to exist six weeks from the end of the next sitting of the parliament. BJP continued its strong showing having won a majority in Jharkhand and a strong performance in J&K. Lack of activity and global risks led to market volatility in the last month. We however, continue to believe in the structural improvements amidst the cyclical recovery in India as the government has shown intent towards reforms through issuance of ordinance. We believe that with lower inflation and government actions, the stars are aligned for a strong economic recovery in India. We continue with our overweight stance on banks, industrials, autos and cement. Source: JPMorgan Research, Citigroup Research Debt review The month of December was yet another month of easing headline inflation and moving below the RBI's inflation fan-chart. Government bonds continued to rally massively from ~8.00% to ~7.85 in a matter of 30 days on the back of easing inflation and RBI's dovish monetary policy indicating easing policy rates easing in near term. Liquidity conditions continued to ease in Q3 of due to structural and frictional factors, as well as the fine tuning of the liquidity adjustment framework. Upside risk remains from Fiscal point of view with Fiscal Deficit reaching close to 98% of its budgeted target of 4.1% in the month of November itself. Economic releases during the month were as follows: Fifth Bi-Monthly Monetary Policy: RBI kept all policy rates unchanged (Repo: 8%; CRR: 4%). Acknowledging the deceleration in inflation, RBI highlighted that a change in the monetary policy stance at the current juncture is premature given uncertainties regarding; strength and durability of ongoing disinflation impulses; trends in inflationary expectations and challenges on the fiscal front. However, RBI sees the mediumterm risks around inflation as evenly balanced, rather than to the upside at the last policy meeting. The forward guidance is dovish, with the RBI saying a change in the monetary policy stance now would be premature. However, the statement said that if the current inflation momentum and changes in inflationary expectations continue, and fiscal developments are encouraging, a change in the monetary policy stance is likely early next year, including outside the policy review cycle. We think RBI would see the continuity of Headline CPI's downward trajectory further down the line along with Fiscal situation. Inflation November 2014: CPI continued to ease to 4.4% in Nov vs 5.5% last month, in line with expectations. While base effect and continued supply side measures helped food inflation ease to 3.5%, the decelerating trend in core CPI (5.5% vs 5.9%) reflects subdued demand side pressure and commodity tailwinds kicking in. WPI also dipped to 0% in Nov, sharply lower than expectations and close to historical lows led by a broad based decline. Lower crude prices along with subdued commodity prices bodes well for Inflation as we enter the next year. India's industrial production (IIP) October 2014: Oct IIP surprised negatively coming in at -4.2% vs 2.8% in the previous month. On a sectoral basis, manufacturing contracted 7.6% while on a use-based classification, both consumer and capital goods were in the red at -18.6% and - 2.3% respectively. Production issues at the Chennai-based plant continued dragging Radio, TV communication down (-70%), excluding which, the IP could have printed at -0.2%. Incrementally fundamentals are getting better with inflation trajectory trending downward and lower fiscal deficit target of 4.1%, however; we need to see Fiscal deficit target for FY14 which has reached 98% of its fiscal target in November itself but, government has cushion in terms of surplus cash balance with RBI and deferral of plan and non-plan expenditures to next fiscal. RBI is currently monitoring the sustainability of downward inflation trajectory and would like to see positive real deposit rates in the economy for investment revival. Source: RBI, JPMorgan, CITI

3 JPMorgan India Equity Holdings as on 31 December 2014 (in %) Equity Holdings ICICI Bank Ltd HDFC Bank Ltd Infosys Ltd Larsen & Toubro Ltd State Bank of India 3.94 Axis Bank Ltd Tata Consultancy Services Ltd Maruti Suzuki India Ltd Tata Motors Ltd Ultratech Cement Ltd Eicher Motors Ltd IndusInd Bank Ltd Kotak Mahindra Bank Ltd Sun Pharmaceuticals Industries Ltd Shriram Transport Finance Company Ltd Motherson Sumi Systems Ltd ITC Ltd Lupin Ltd Kansai Nerolac Paints Ltd Blue Dart Express Ltd Bharat Forge Ltd Divi's Laboratories Ltd Dalmia Bharat Ltd Fag Bearings India Ltd Oil & Natural Gas Corporation Ltd Ashok Leyland Ltd Sadbhav Engineering Ltd Cummins India Ltd Reliance Industries Ltd Havells India Ltd Tech Mahindra Ltd HDFC Ltd HCL Technologies Ltd Solar Industries India Ltd JK Cement Ltd GlaxoSmithKline Consumer Healthcare Ltd Alstom T&D India Ltd Bank of Baroda 0.94 Thermax Ltd Voltas Ltd Info Edge (India) Ltd Astra Microwave Products Ltd VA Tech Wabag Ltd Persistent Systems Ltd Punjab National Bank 0.56 CRISIL Ltd IDFC Ltd Gujarat Pipavav Port Ltd Equity Holdings Total Non-Convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04 Non-Convertible Debentures Total 0.04 Debt Holdings Total 0.04 CBLO / Repo 0.87 Net Receivables/(Payables) 2.09 Total 2.96 Dividend history Record date Rate CUM (Re/unit) dividend NAV Regular Plan Dividend Option 22-Aug Regular Plan Dividend Option 20-Dec 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/-. Active positive bets Total stocks in portfolio 48 Top 15 stocks 22.0% Total portfolio 48.5% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg. Quantitative indicators Standard Deviation (%) 7.16 Beta 0.88 Sharpe Ratio 1.33 Portfolio Turnover Ratio* 0.87 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio Turnover Ratio (Equity) Risk free rate of return (repo) 8.00% *Last 12 As on December 31, 2014 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.57% Direct Plan~ 1.46% ~Does not include Service Tax on Investment Management fees. % of total portfolio 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Portfolio analysis: Market cap-wise `18k Crs - `90k Crs 24% 87.3% Liquidity measures 4.5% < `6k Crs - `18k Crs 12% <`6k Crs 8% No. of days >`90k Crs 56% Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMIEF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg. Sector Telecom Oil & Gas ^Others Cement Consumer Pharma Technology Auto *Industrials/Infra Portfolio analysis: Sector-wise Financials 0.7% 2.7% 3.2% 5.4% 6.1% 6.2% 12.5% 13.2% 13.6% 1.9% 6.2% 0% 5% 10% 15% 20% 25% 30% % of portfolio *Includes industrial capital goods / diversified / construction / industrial products. ^Includes chemicals, fertilisers and transportation. >3 33.3% 35% 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 17 Amit Gadgil 11 Experience managing the scheme Harshad Patwardhan 7 years, 5 months Amit Gadgil 7 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 through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark S&P BSE-200 Index# NAV (as at 31 December 2014, in Rs.) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Rs Crore Long Term Capital Growth Investments premdominantly in equity and equity related securities. High Risk. (BROWN)

4 JPMorgan India Mid and Small Cap Holdings as on 31 December 2014 (in %) Equity Holdings Motherson Sumi Systems Ltd IndusInd Bank Ltd Kansai Nerolac Paints Ltd Eicher Motors Ltd ING Vysya Bank Ltd Ashok Leyland Ltd Bharat Forge Ltd Amara Raja Batteries Ltd Torrent Pharmaceuticals Ltd Divi's Laboratories Ltd Fag Bearings India Ltd Shree Cements Ltd Yes Bank Ltd Allahabad Bank 1.98 WABCO India Ltd Havells India Ltd Solar Industries India Ltd Shriram Transport Finance Company Ltd Union Bank of India 1.82 Texmaco Rail & Engineering Ltd 1.80 Blue Dart Express Ltd Bajaj Finance Ltd Cadila Healthcare Ltd GlaxoSmithKline Consumer Healthcare Ltd MindTree Ltd Persistent Systems Ltd The Federal Bank Ltd City Union Bank Ltd Ashoka Buildcon Ltd JK Cement Ltd Lakshmi Machine Works Ltd Alstom T&D India Ltd Indian Bank 1.47 CRISIL Ltd Simplex Infrastructures Ltd Sadbhav Engineering Ltd Max India Ltd Kajaria Ceramics Ltd Voltas Ltd Dalmia Bharat Ltd Greaves Cotton Ltd Tube Investments Of India Ltd JK Lakshmi Cement Ltd J. Kumar Infraprojects Ltd Thermax Ltd Info Edge (India) Ltd Gayatri Projects Ltd Sintex Industries Ltd Astra Microwave Products Ltd EIH Ltd NCC Ltd Cummins India Ltd Action Construction Equipment Ltd MBL Infrastructures Ltd Grindwell Norton Ltd 0.90 Supreme Industries Ltd Torrent Power Ltd Whirlpool of India Ltd TIL Ltd Jain Irrigation Systems Ltd VA Tech Wabag Ltd KEC International Ltd Gruh Finance Ltd Gujarat Pipavav Port Ltd Equity Holdings Total Non-Convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04 Non-Convertible Debentures Total 0.04 Debt Holdings Total 0.04 CBLO / Repo 0.64 Net Receivables/(Payables) 0.78 Total 1.42 Quantitative indicators Standard Deviation (%) 8.70 Beta 0.93 Sharpe Ratio 0.86 Portfolio Turnover Ratio* 0.81 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio Turnover Ratio (Equity)* Risk free rate of return (repo) 8.00% *Last 12 As on December 31, 2014 & Active positive bets Total stocks in portfolio 64 Top 15 stocks 21.5% Total portfolio 71.8% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg. & Active bets are estimated. Sector Portfolio analysis: Sector-wise Utilities Telecom Technology ^Others Cement Pharma Consumer Auto Financials *Industrials / Infra Portfolio analysis: Market cap-wise `3k Crs - `6k Crs 19.0% % of total portfolio `6k Crs - `18k Crs 42.0% 47.1% Liquidity measures < >5 No. of days 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. 0.8% 1.0% 11.2% 4.4% 6.2% 8.4% 29.2% 12.5% 23.0% 0% 5% 10% 15% 20% 25% % of portfolio *Includes industrial capital goods / diversified / construction / industrial products. ^Includes chemicals, fertilisers and transportation. Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.58% Direct Plan~ 1.22% ~Does not include Service Tax on Investment Management fees. Long term capital growth Investments premdominantly 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.)^ High Risk. (BROWN) *Investores should consult their financial advisers if in doubt about whether the product is suitable for them. ^The Manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction. 5.0% <`3k Crs 11.0% 6.8% 13.1% >`18k Crs 28.0% 29.8% 30% 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 17 Amit Gadgil 11 Experience managing the scheme Harshad Patwardhan 6 years, 11 months Amit Gadgil 6 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 through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark CNX Mid Cap Index### NAV (as at 31 December 2014, in Rs.) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Rs crore

5 JPMorgan India Tax Advantage Holdings as on 31 December 2014 (in %) Equity Holdings ICICI Bank Ltd HDFC Bank Ltd Infosys Ltd Larsen & Toubro Ltd Axis Bank Ltd Tata Consultancy Services Ltd Maruti Suzuki India Ltd State Bank of India 3.63 Tata Motors Ltd Eicher Motors Ltd Ultratech Cement Ltd Sun Pharmaceuticals Industries Ltd IndusInd Bank Ltd Kotak Mahindra Bank Ltd Shriram Transport Finance Company Ltd Motherson Sumi Systems Ltd Lupin Ltd Kansai Nerolac Paints Ltd Blue Dart Express Ltd ITC Ltd Bharat Forge Ltd Divi's Laboratories Ltd Dalmia Bharat Ltd Ashok Leyland Ltd Fag Bearings India Ltd Oil & Natural Gas Corporation Ltd Sadbhav Engineering Ltd Cummins India Ltd Havells India Ltd Voltas Ltd Tech Mahindra Ltd HCL Technologies Ltd Whirlpool of India Ltd Reliance Industries Ltd JK Cement Ltd Solar Industries India Ltd HDFC Ltd Alstom T&D India Ltd Thermax Ltd Info Edge (India) Ltd GlaxoSmithKline Consumer Healthcare Ltd Astra Microwave Products Ltd Persistent Systems Ltd VA Tech Wabag Ltd CRISIL Ltd IDFC Ltd Bank of Baroda 0.49 Punjab National Bank 0.47 Gujarat Pipavav Port Ltd Equity Holdings Total Non-Convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04 Non-Convertible Debentures Total 0.04 Debt Holdings Total 0.04 CBLO / Repo 2.17 Net Receivables/(Payables) 1.98 Total 4.15 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.70% Direct Plan~ 1.74% ~Does not include Service Tax on Investment Management fees. Active positive bets Total stocks in portfolio 49 Top 15 stocks 21.2% Total portfolio 47.9% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg. Quantitative indicators Standard deviation (%) 5.20 Beta 0.71 Sharpe ratio 3.75 Portfolio turnover ratio* 0.94 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)* Risk free rate of return (repo) 8.00% *Last 12 As on December 31, 2014 Portfolio analysis: Market cap-wise `6k Crs - `18k Crs 14.0% `18k Crs - `90k Crs 24.0% Dividend History <`6k Crs 8.0% >`90k Crs 55.0% 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/-. Sector Telecom Oil & Gas ^Others Cement Pharma Consumer Technology *Industrials/Infra Portfolio analysis: Sector-wise Auto Financials 0.7% 2.5% 3.1% 5.1% 6.1% 7.0% 12.4% 13.5% 0% 5% 10% 15% 13.6% 20% % of portfolio 25% 30% 31.7% 35% *Includes industrial capital goods / diversified / construction / industrial products. ^Includes transportation. 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 17 Karan Sikka 7 Experience managing the scheme Harshad Patwardhan 5 years, 10 months Karan Sikka 3 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 Exit load (SIP) - Nil Benchmark S&P BSE-200 Index# NAV (as at 31 December 2014, in Rs.) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Rs crore Long Term Capital Growth Investments premdominantly in equity and equity related securities. High Risk. (BROWN)

6 JPMorgan India Top 100 Holdings as on 31 December 2014 (in %) Equity Holdings HDFC Bank Ltd ICICI Bank Ltd Infosys Ltd Axis Bank Ltd Larsen & Toubro Ltd State Bank of India 4.85 Tata Consultancy Services Ltd Maruti Suzuki India Ltd Tata Motors Ltd HDFC Ltd Kotak Mahindra Bank Ltd Shree Cements Ltd Sun Pharmaceuticals Industries Ltd ITC Ltd Ultratech Cement Ltd Bharat Forge Ltd Cummins India Ltd Shriram Transport Finance Company Ltd Eicher Motors Ltd Bosch Ltd Tech Mahindra Ltd Lupin Ltd Asian Paints Ltd Motherson Sumi Systems Ltd Oil & Natural Gas Corporation Ltd Reliance Industries Ltd HCL Technologies Ltd Divi's Laboratories Ltd Titan Company Ltd GlaxoSmithKline Consumer Healthcare Ltd Bank of Baroda 0.87 IDFC Ltd ABB India Ltd Adani Ports & Special Economic Zone Ltd Equity Holdings Total CBLO / Repo 1.17 Net Receivables/(Payables) 2.64 Total 3.81 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.61% Direct Plan~ 1.32% ~Does not include Service Tax on Investment Management fees. & Active positive bets Total stocks in portfolio 34 Top 15 stocks 22.8% Total portfolio 39.6% 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. & Active bets are estimated. Sector Portfolio analysis: Sector-wise ^Others Oil & Gas Cement Pharma Consumer *Industrials/Infra Portfolio analysis: Market cap-wise `60k Crs - `150k Crs 30.0% % of total portfolio 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. Auto Technology Financials Quantitative indicators Standard deviation (%) 2.53 Beta 0.84 Sharpe ratio Portfolio turnover ratio^ - (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)^ Risk free rate of return (repo) 8.00% ^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been As on December 31, 2014 Liquidity measures 96.7% <1 1-2 No. of days 0.7% 3.1% 5.4% 5.9% 6.3% 10.2% 13.8% 13.9% >`150k Crs 46.0% 3.3% <`60k Crs 24.0% 36.9% 0% 5% 10% 15% 20% 25% 30% 35% 40% % of portfolio *Includes industrial capital goods / diversified / construction / industrial products. ^Includes transportation. 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 17 Amit Gadgil 11 Experience managing the scheme Harshad Patwardhan 7 months Amit Gadgil 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 through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark S&P BSE 100 Index## NAV (as at 31 December 2014, in Rs.) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option 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. (BROWN) *Investores should consult their financial advisers if in doubt about whether the product is suitable for them.

7 ** JPMorgan India Equity Income Holdings as on 31 December 2014 (in %) Equity Holdings % to % to NAV NAV Derivatives UnHedge Positions ICICI Bank Ltd Infosys Ltd Axis Bank Ltd ITC Ltd State Bank of India 1.70 Maruti Suzuki India Ltd HDFC Bank Ltd HDFC Ltd Tata Consultancy Services Ltd Tata Motors Ltd Reliance Industries Ltd Asian Paints Ltd Shree Cements Ltd IndusInd Bank Ltd Kotak Mahindra Bank Ltd Larsen & Toubro Ltd Sun Pharmaceuticals Industries Ltd Ultratech Cement Ltd Shriram Transport Finance Co. Ltd Oil & Natural Gas Corporation Ltd HCL Technologies Ltd Lupin Ltd Tech Mahindra Ltd Cummins India Ltd Bosch Ltd Eicher Motors Ltd Bharat Forge Ltd Motherson Sumi Systems Ltd Titan Company Ltd Divi's Laboratories Ltd ABB India Ltd GSK Consumer Healthcare Ltd IDFC Ltd UnHedge Positions Total Hedge Positions Lupin Ltd Lupin Ltd - Futures. (4.21) Reliance Industries Ltd Reliance Industries Ltd - Futures. (3.94) HDFC Bank Ltd HDFC Bank Ltd - Futures. (3.80) Aurobindo Pharma Ltd Aurobindo Pharma Ltd - Futures. (2.64) HPCL 2.38 HPCL - Futures (2.40) IndusInd Bank Ltd IndusInd Bank Ltd.-Futures (2.11) JSW Steel Ltd JSW Steel Ltd - Futures. (2.04) HDFC Ltd HDFC Ltd. - Futures (2.03) ITC Ltd ITC Ltd. - Futures. (1.92) Tata Steel Ltd Tata Steel Ltd - Futures. (1.91) Asian Paints Ltd Asian Paints Ltd - Futures. (1.86) ICICI Bank Ltd ICICI Bank Ltd - Futures. (1.80) Axis Bank Ltd Axis Bank Ltd. - Futures (1.78) ONGC Ltd ONGC Ltd. - Futures. (1.70) Grasim Industries Ltd Grasim Industries Ltd. - Futures (1.44) Maruti Suzuki India Ltd Maruti Suzuki India Ltd. - Futures (1.20) Indian Oil Corporation Ltd Indian Oil Corporation Ltd.-Futures (0.54) Hedge Positions Total (37.32) Equity Holdings Total (37.32) Margin Deposits Canara Bank 4.25 Corporation Bank 2.29 Margin Deposits Total 6.54 Non-Convertible Debentures Welspun Corp Ltd. CARE AA Sintex Industries Ltd. CARE AA Tata Power Company Ltd. CARE AA 0.50 Non-Convertible Debentures Total Debt Holdings Total 24.28% CBLO / Repo 1.99 Net Receivables/(Payables) 1.15 Total 3.14 ^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been As on December 31, 2014 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 1.50% Direct Plan~ 0.84% ~Does not include Service Tax on Investment Management fees. Pharma Oil & Gas Cement *Industrials/Infra Consumer *Includes industrial capital goods / diversified / construction / industrial products. The above chart represents the unhedged equity positions only. Income distribution by investing in debt and money market instrument and arbitrage opportunities. Long term capital appreciation by using equity and equity related instruments. Medium Risk (YELLOW) Sector Auto Technology Financials Quantitative indicators Standard deviation (%) 0.75 Beta 0.31 Sharpe ratio Portfolio turnover ratio^ - (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)^ Risk free rate of return (repo) 8.00% & Active positive bets Total stocks in portfolio 33 Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg. & Active bets are estimated. Portfolio analysis: Market cap-wise `18k Crs - `90k Crs 26.0% % of total portfolio Liquidity measures 100% Portfolio analysis: Sector-wise 1.4% 1.6% 1.6% 1.7% 3.2% 3.7% 4.2% 0% 4% 8% % of portfolio >`90k Crs 74.0% 0.0% <1 1-2 No. of days 11.6% 12% # JPMorgan India Equity Income 13 October 2014 An open-ended equity scheme The investment objective of the scheme is to provide capital appreciaton and income distrubution 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 11 Karan Sikka 7 Experience managing the scheme Amit Gadgil 3 months Karan Sikka 3 months managers: Debt & Ravi Ratanpal (years) 13 Ravi Ratanpal 10 Experience managing the scheme 3 months Ravi Ratanpal 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 through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark 70% of CRISIL Liquid Index and 30% in CNX Nifty NAV (as at 31 December 2014, in Rs.) Regular Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Bonus Option Direct Plan - Growth Option Direct Plan - Dividend Option Direct Plan - Bonus Option Rs Crore ** Please note that the name of JPMorgan India Equity Savings has been changed to JPMorgan India Equity Income with effect from 14th November 2014.

8 JPMorgan Greater China Equity Off-shore Details of JPMorgan Greater China Equity Off-shore Holding as on 31 December 2014 International Mutual Units JPMorgan s - Greater China % International Mutual Units Total % CBLO / Repo 0.50% Net Receivables (Payable) (0.98%) Total (0.48%) Total expense ratio (year-to-date ratio to average AUM) JPMorgan Greater China Equity JPMorgan s - Greater China Offshore (underlying fund) Regular Plan~ 1.70% 1.00% Direct Plan~ 0.70% 1.00% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - Greater China (underlying fund) Equity holding Weight (%) Taiwan Semiconductor (Information Technology) 8.0 Tencent Holdings (Information Technology) 6.8 AIA Group (Financials) 5.0 China Construction Bank (Financials) 4.8 Cheung Kong (Financials) 3.4 China Telecom (Telecommunication Services) 2.7 China Minsheng Bank (Financials) 2.4 Agricultural Bank of China (Financials) 2.2 Alibaba (Information Technology) 2.1 Bank of China (Financials) 2.0 Total 39.4 Statistical analysis as on 30 November years 5 years Correlation Alpha Beta Geographical breakdown as on 30 November 2014 Country China 55.3% Taiwan 25.4% Hong Kong 18.8% Cash 0.5% Total 100.0% 10 largest holdings as on 30 November 2014 Sector breakdown as on 30 November 2014 Sector Financials 38.7% Information Technology 30.3% Industrials 6.0% Health Care 5.7% Consumer Discretionary 4.7% Telecommunication Services 4.3% Energy 2.9% Utilities 2.8% Consumer Staples 2.8% Materials 1.3% Cash 0.5% Total 100.0% Quarterly Outlook: We have reduced exposure to Chinese financial and energy stocks given softening mainland economic fundamentals and have increased exposure to Greater China technology and healthcare. 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 13 years Experience managing the scheme 5 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 through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI Golden Dragon Index NAV (as at 30 December 2014, in Rs.) Regular Plan - Growth Option Direct Plan - Growth Option 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. (BROWN)

9 JPMorgan ASEAN Equity Off-shore Details of JPMorgan ASEAN Equity Off-shore Holding as on 31 December 2014 International Mutual Units JPMorgan s - ASEAN Equity % International Mutual Units Total % CBLO / Repo 0.67% Net Receivables / (Payables) (0.86%) Total (0.19%) Total expense ratio (year-to-date ratio to average AUM) JPMorgan ASEAN Equity Off-shore ASEAN Equity (underlying fund) Regular Plan~ 1.75% 0.95% Direct Plan~ 0.69% 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 2014 Equity holding Weight (%) DBS (Financials) 5.5% Singapore Telecommunications (Telecommunication Services) 3.9% United Overseas Bank (Financials) 3.9% Oversea-Chinese Banking (Financials) 3.2% Bank Central Asia (Financials) 3.1% Kasikornbank (Financials) 3.1% Malayan Bankaing (Financials) 2.7% PTT (Energy) 2.6% Tenaga Nasional (Utilities) 2.6% Telekomunikasi Indonesia (Telecommunication Services) 2.3% Total 32.9% Geographical breakdown as on 30 November 2014 Country Singapore 27.8% Thailand 22.8% Indonesia 17.1% Malaysia 16.9% Philippines 8.1% Hong Kong 0.7% Vietnam 0.7% Cash 5.9% Total 100.0% Statistical analysis as on 30 November years 5 years Correlation Alpha Beta Sector breakdown as on 30 November 2014 Sector Financials 41.5% Industrials 13.0% Telecommunication Services 10.5% Consumer Discretionary 7.4% Consumer Staples 6.8% Energy 5.3% Utilities 5.1% Health Care 2.0% Materials 1.6% Information Technology 0.9% Cash 5.9% Total 100.0% Quarterly Outlook: External risks arising from the higher US 10year yield may cause shortterm volatility, but given that many ASEAN interest rates and exchange rates have adjusted in the last 18 months, the impact from a gradual rise in US interest rates should not be severe. 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 13 years Experience managing the scheme 3 years, 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 through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund Morgan Stanley Capital International (MSCI) South East Asia Index NAV (as at 30 December 2014, in Rs.) Regular Plan - Growth Option Direct Plan - Growth Option in future. 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. (BROWN)

10 JPMorgan US Value Equity Off-shore Details of JPMorgan US Value Equity Off-shore Holding as on 31 December 2014 International Mutual Units JPMorgan s - US Value % International Mutual Units Total % CBLO / Repo 0.56% Net Receivables / (Payables) (1.01%) Total (0.45%) Total expense ratio (year-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~ 0.87% 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 2014 Equity holding Weight (%) Wells Fargo (Financials) 4.1% Exxon Mobil (Energy) 3.8% Johnson & Johnson (Health Care) 2.8% Pfizer (Health Care) 2.5% Bank of America (Financials) 2.2% Capital One (Financials) 2.1% Chevron (Energy) 2.1% Procter & Gamble (Consumer Staples) 2.1% Merck & Co. (Health Care) 2.0% DISH Network (Consumer Discretionary) 1.9% Total 25.6% Statistical analysis as on 30 November years 5 years Correlation Alpha Beta Sector breakdown as on 30 November 2014 Sector Financials 33.6% Consumer Discretionary 15.6% Health Care 10.6% Energy 10.0% Information Technology 7.1% Industrials 6.6% Consumer Staples 5.9% Utilities 5.1% Materials 4.1% Telecommunication Services 1.4% 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 13 years Experience managing the scheme 1 yr, 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 through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund Russell 1000 Value Index NAV (as at 30 December 2014, in Rs.) Regular Plan - Growth Option Direct Plan - Growth Option Rs. 196 crore Quarterly Outlook: While the timing of a rise in interest rates continues to drive investor sentiment in the short term, we believe markets will welcome rising rates as they should confirm that the US economy is on stable ground. Given an increase in the number of Americans working, a robust manufacturing sector, and signs pointing to increased levels of capital investment, we believe that US corporate profits will increase and US equity markets will continue to advance. Long Term Capital Growth Investments in equity and equity-related securities of US companies High Risk. (BROWN)

11 JPMorgan Europe Dynamic Equity Off-shore Details of JPMorgan Europe Dynamic Equity Offshore Holding as on 31 December 2014 International Mutual Units JPMorgan Europe Dynamic Equity Offshore % International Mutual Units Total % CBLO / Repo 1.08% Net Receivables / (Payables) (1.40%) Total (0.32%) Total expense ratio (year-to-date ratio to average AUM) JPMorgan Europe Dynamic Equity Offshore Europe Dynamic Equity (underlying fund) Regular Plan~ 1.63% 1.00% Direct Plan~ 0.67% 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 2014 Equity holding Weight (%) Royal Dutsh Shell (Energy) 2.9% Novartis (Health Care) 2.9% Orange (Telecommunication Services) 2.4% Allianz (Financials) 2.3% Roche (Health Care) 2.3% Pandora (Consumer Discretionary) 2.0% Shire (Health Care) 1.9% ING (Financials) 1.9% Lloyds Banking (Financials) 1.8% Cap Gemini (Information Technology) 1.8% Total 22.2% Geographical breakdown as on 30 November 2014 Country United Kingdom 28.1% Germany 14.0% France 9.4% Switzerland 8.9% Netherlands 8.7% Denmark 6.5% Spain 6.4% Sweden 4.0% Ireland 2.6% Others 7.4% Cash 4.0% Total 100.0% Statistical analysis as on 30 November years 5 years Correlation Alpha Beta Sector breakdown as on 30 November 2014 Sector Financials 25.4% Consumer Discretionary 10.4% Health Care 10.0% Telecommunication Services 9.6% Consumer Staples 8.4% Materials 8.4% Industrials 8.1% Information Technology 6.9% Energy 5.2% Utilities 3.6% Cash 4.0% 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 13 years Experience managing the scheme 11 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 through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI Europe Index NAV (as at 30 December 2014, in Rs.) Regular Plan - Growth Option Direct Plan - Growth Option Rs crore Outlook: European equity valuations are once again attractive, and the fact that earnings revisions have turned positive suggests that a lot of bad economic news has already been discounted. Long-term Capital Growth Investments in equity and equity-related securities of European companies High Risk. (BROWN)

12 JPMorgan Emerging Markets Opportunities Equity Off-shore Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Holding as on 31 December 2014 International Mutual Units JPMorgan Emerging Markets Opportunities Equity Offshore 69.66% International Mutual Units Total 69.66% CBLO / Repo 1.33% Net Receivables / (Payables) 29.01% Total 30.34% Total expense ratio (year-to-date ratio to average AUM) JPMorgan Emerging Markets Opportunities Emerging Markets Opportunities Equity Off-shore Equity Off-shore (underlying fund) Regular Plan~ 1.60% 1.10% Direct Plan~ 0.96% 1.10% 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 2014 Equity holding Weight (%) Infosys Technologies (Information Technology) 3.4% Taiwan Semiconductor (Information Technology) 2.8% Great Wall Motor (Consumer Discretionary) 2.6% Tencent (Information Technology) 2.4% Samsung Fire & Marine Insurance (Financials) 2.3% Samsung Electronics (Information Technology) 2.2% Kasikornbank (Financials) 2.2% Lukoil (Energy) 2.1% MediaTek (Information Technology) 2.1% Hon Hai Precision Industry (Information Technology) 2.1% Total 24.2% Geographical breakdown as on 30 November 2014 Country China 26.2% South Korea 15.0% Taiwan 12.6% Brazil 10.5% India 8.4% South Africa 5.1% Russia 4.8% Turkey 4.8% Thailand 4.1% Others 8.2% Cash 0.3% Total 100.0% Statistical analysis as on 30 November years 5 years Correlation Alpha Beta Sector breakdown as on 30 November 2014 Sector Information Technology 24.8% Consumer Discretionary 24.7% Financials 22.4% Materials 5.8% Consumer Staples 5.4% Energy 5.2% Industrials 4.6% Telecommunication Services 4.5% Utilities 2.1% Health Care 0.2% Cash 0.3% Total 100.0% Outlook: The recent negative headlines and their effect on markets remind us why valuation discipline and patience are so important when investing in a cyclical asset class such as emerging markets. The recent correction has taken emerging market valuations back below 1.5x book value. We believe this reflects a healthy dose of scepticism and is the area around which longterm investors may wish to add exposure. 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 13 years Experience managing the scheme 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 Exit load (SIP) If redeemed within 12 months from the date of allotment of Units of each installment of SIP purchase 1%; If redeemed after 12 months from the date of allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI Emerging Market Index NAV (as at 30 December 2014, in Rs.) Regular Plan - Growth Option Direct Plan - Growth Option 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. (BROWN)

13 JPMorgan India Liquid Holdings as on 31 December 2014 (in %) Name of the instrument Rating % to NAV Money Market Instruments Certificate of Deposit Canara Bank CRISIL A IDBI Bank Ltd. CRISIL A Bank of Maharashtra CRISIL A Kotak Mahindra Bank Ltd. ICRA A Punjab & Sind Bank CRISIL A Corporation Bank CRISIL A Union Bank of India CRISIL A Indian Overseas Bank ICRA A State Bank of Patiala CRISIL A Certificate of Deposit Total Commercial Paper Edelweiss Financial Services Ltd. CRISIL A Welspun Corp Ltd. CARE A ECL Finance Ltd. CRISIL A Nirma Ltd. CRISIL A Commercial Paper Total Money Market Instruments Total Fixed Deposit IDBI Bank Ltd. UNRATED 4.84 Fixed Deposit Total 4.84 CBLO / Repo Net Receivables/(Payables) 0.31 Total Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan % 0.32%~ 0.52%~ 0.17%~ *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. #Gross yield. ~Does not include Service Tax on Investment Management fees. Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Super Institutional Plan - Monthly Dividend Option 27-Oct Nov Dec Retail Plan - Monthly Dividend Option 27-Oct Nov Dec Direct 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 ICRA A1+, CRISIL A1+, CARE A1+ Unrated 51.84% Certificate of Deposit 25.79% 69.37% Asset allocation (% of total) 17.53% Commercial Paper 4.84% Fixed Deposit 25.79% Cash and Other Receivables 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) 13 Ravi Ratanpal 10 Experience in managing this scheme 6 years, 6 months Ravi Ratanpal 3 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 Exit Load (SIP) Nil Benchmark CRISIL Liquid Index NAV (as at 31 December 2014, in Rs.) Retail Plan - Growth Option Retail Plan - Daily Dividend Option Retail Plan - Weekly Dividend Option Retail Plan - Monthly Dividend Option Super Institutional Plan - Growth Option Super Institutional Plan Daily Dividend Option Super Institutional Plan Weekly Dividend Option Super Institutional Plan Fortnightly Dividend Option Super Institutional Plan Monthly Dividend Option Super Institutional Plan - Bonus Option Super Institutional Plan Annual Dividend Option Direct Plan - Growth Option Direct Plan - Daily Dividend Option Direct Plan - Weekly Dividend Option Direct Plan - Bonus Option Rs crore Income Over Short Term Investments in money market and debt securities Low Risk. (BLUE)

14 JPMorgan India Treasury Holdings as on 31 December 2014 (in%) Name of the instrument Rating % to NAV Corporate Debt Non-Convertible Debentures Bharat Aluminium Company Ltd. CRISIL AA SREI Equipment Finance Ltd. CARE AA 2.96 Fullerton India Credit Company Ltd. ICRA AA Power Finance Corporation Ltd. CRISIL AAA 0.13 Non-Convertible Debentures Total 8.15 Corporate Debt Total 8.15 Money Market Instruments Certificate of Deposit Kotak Mahindra Bank Ltd. ICRA A Canara Bank ICRA A Oriental Bank of Commerce CRISIL A Bank of Baroda ICRA A Bank of Baroda CRISIL A Canara Bank CRISIL A State Bank of Patiala CRISIL A Certificate of Deposit Total Commercial Paper Dewan Housing Finance Corp. Ltd. CRISIL A Commercial Paper Total Money Market Bonds Indiabulls Housing Finance Ltd. CRISIL AA Bajaj Finance Ltd. CRISIL AA Shriram Transport Fin. Co. Ltd. CRISIL AA 1.64 HDFC Ltd. CRISIL AAA 1.31 LIC Housing Finance Ltd. CRISIL AAA 0.44 Fullerton India Credit Company Ltd. ICRA AA Money Market Bonds Total 9.01 Money Market Instruments Total Fixed Deposit Syndicate Bank UNRATED 6.56 Fixed Deposit Total 6.56 CBLO / Repo 1.65 Net Receivables/(Payables) 1.52 Total 3.17 Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Super Institutional Plan - Monthly Dividend Option 27-Oct Nov Dec Retail Plan - Monthly Dividend Option 27-Oct Nov Dec Direct Plan - Monthly Dividend Option 27-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 90.27% CRISIL AA, CRISIL AA-, CRISIL AA+, CRISIL AAA, ICRA AA+, ICRA A1+, CRISIL A1+, CARE AA Unrated Commercial Paper Cash and Other Receivables Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan % 0.49%~ 1.09%~ 0.34%~ **The assigned rating AAAmfs 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. #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. ~Does not include Service Tax on Investment Management fees % Corporate Debt 3.17% Asset allocation (% of total) 47.02% Certificate of deposit 26.09% 9.01% Money Market Bond 3.17% 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) 13 Ravi Ratanpal 10 Experience in managing this scheme 6 years, 6 months Ravi Ratanpal 3 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 Exit Load (SIP) Nil Benchmark CRISIL Liquid Index NAV (as at 31 December 2014, in Rs.) Retail Plan - Growth Option Retail Plan - Daily Dividend Option Retail Plan - Weekly Dividend Option Retail Plan - Monthly Dividend Option Super Institutional Plan - Growth Option Super Institutional Plan - Dividend Option Super Institutional Plan Daily Dividend Option Super Institutional Plan Weekly Dividend Option Super Institutional Plan Fortnightly Dividend Option Super Institutional Plan Monthly Dividend Option Super Institutional Plan - Bonus Option Direct Plan - Growth Option Direct Plan - Bonus Option Direct Plan - Daily Dividend Option Direct Plan - Monthly Dividend Option Direct Plan - Fortnightly Dividend Option Direct Plan - Annual Dividend Option Rs crore Optimal Returns Over Short Term Investments primarily in a mix of short term debt and money market instruments Low Risk. (BLUE)

15 JPMorgan India Active Bond Holdings as on 31 December 2014 (in%) Name of the instrument % to NAV Corporate Debt Non-Convertible Debentures Export Import Bank of India CRISIL AAA Power Finance Corporation Ltd. CRISIL AAA LIC Housing Finance Ltd. CRISIL AAA Rural Electrification Corporation Ltd. CRISIL AAA Tata Sons Ltd. CRISIL AAA 7.24 Power Grid Corporation of India Ltd. CRISIL AAA 4.26 Housing Development Finance Corporation Ltd. CRISIL AAA 2.72 Housing Development Finance Corporation Ltd. ICRA AAA 2.25 Power Grid Corporation of India Ltd. ICRA AAA 1.57 Rural Electrification Corporation Ltd. CARE AAA 1.13 GAIL (India) Ltd. CARE AAA 0.94 Infrastructure Leasing & Financial Services Ltd. FITCH AAA 0.38 Infrastructure Development Finance Company Ltd. ICRA AAA 0.37 HDB Financial Services Ltd. CARE AAA 0.15 National Bank for Agriculture & Rural Development CRISIL AAA 0.08 Non-Convertible Debentures Total Corporate Debt Total Money Market Instruments Certificate of Deposit Canara Bank ICRA A Certificate of Deposit Total 1.84 Money Market Instruments Total 1.84 CBLO / Repo 7.57 Net Receivables/(Payables) 3.88 Total Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Retail Plan - Dividend Option 07-Oct Jan Institutional Plan - 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 88.55% CARE AAA, CRISIL AAA, FITCH AAA, ICRA AAA, ICRA A1+ Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Institutional Plan Retail Plan Direct Plan % 0.90%~ 1.99%~ 0.87%~ #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. #Gross yield. ~Does not include Service Tax on Investment Management fees Asset allocation (% of total) 86.71% Corporate Debt 1.84% Certificate of Deposit 11.45% 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) 13 Ravi Ratanpal 10 Experience in managing this scheme 6 years, 5 months Ravi Ratanpal 2 years, 11 months Exit load - (w.e.f. July 2, 2013) 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 2014, in Rs.) Direct Plan - Annual Dividend Option Direct Plan - Dividend Option Direct Plan - Growth Option Retail Plan - Growth Option Retail Plan - Dividend Option Institutional Plan - Growth Option Institutional Plan - Dividend Option Rs crore Optimal Returns Over Medium To Long Term Investments in debt and money market instruments with an active management of the portfolio Medium Risk. (YELLOW)

16 JPMorgan India Short Term Income Holdings as on 31 December 2014 (in%) Name of the instrument Rating % to NAV Corporate Debt Non-Convertible Debentures Sintex Industries Ltd. CARE AA 5.72 HPCL Mittal Energy Ltd. ICRA AA Fullerton India Credit Company Ltd. ICRA AA Power Finance Corporation Ltd. ICRA AAA 2.11 HPCL Mittal Pipelines Ltd. ICRA AA ECL Finance Ltd. CRISIL AA Sesa Sterlite Ltd. CRISIL AA Nirma Ltd. CRISIL AA 0.37 Power Grid Corp. of India Ltd. CRISIL AAA 0.21 The Indian Hotels Company Ltd. ICRA AA 0.13 Non-Convertible Debentures Total Corporate Debt Total Money Market Instruments Certificate of Deposit IDBI Bank Ltd. CRISIL A Canara Bank ICRA A State Bank of Patiala CRISIL A Canara Bank CRISIL A Certificate of Deposit Total Money Market Bonds Indiabulls Housing Finance Ltd. CRISIL AA LIC Housing Finance Ltd. CRISIL AAA 0.02 Indian Oil Corporation Ltd. ICRA AAA 0.02 Money Market Bonds Total Money Market Instruments Total Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN 2.86 Government Bond Total 2.86 Government Bond And Treasury Bill Total 2.86 CBLO / Repo Net Receivables/(Payables) 0.44 Total % Rating profile 84.35% CRISIL AA, CRISIL AA-, CRISIL AA+, CRISIL AAA, ICRA AA, ICRA AA-, ICRA AA+, ICRA AAA, ICRA A1+, CRISIL A1+, CARE AA SOVEREIGN Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Regular Plan - Monthly Dividend Option 27-Oct Nov Dec Regular Dividend - Adhoc 21-Jan Direct Plan - Monthly Dividend Option 27-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/-. Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan % 1.05%~ 0.60%~ #The assigned rating AAAmfs is valid only for "JPMorgan India Short Term Income ". 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. #Gross yield. ~Does not include Service Tax on Investment Management fees % Corporate Debt Asset allocation (% of total) 12.79% 55.02% Certificate of Deposit 11.09% Money Market Bond 2.86% Government Bond 12.79% 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) 13 Ravi Ratanpal 10 Experience in managing this scheme 4 years, 8 months Ravi Ratanpal 2 years, 11 months Exit load - Within six months from the date of through SIP : 0.50% Within six months from the date of allotment in respect of purchase made through SIP : 0.50% After six months from the date of allotment in respect of purchases made other than through SIP and After six 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 2014, in Rs.) Regular Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Weekly Dividend Option Regular Plan - Fortnightly Dividend Option Regular Plan - Monthly Dividend Option Direct Plan - Monthly Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Direct Plan - Weekly Dividend Option Rs crore Income Over Short to Medium Term Investments primarily in money market and short term debt instruments. Low Risk. (BLUE)

17 JPMorgan India Banking and PSU Debt Holdings as on 31 December 2014 (in%) Name of the instrument Rating % to NAV Corporate Debt Non-convertible Debentures Power Finance Corporation Ltd. CRISIL AAA Kotak Mahindra Prime Ltd. CRISIL AAA Power Grid Corp. of India Ltd. CRISIL AAA IDBI Bank Ltd. CRISIL AA Rural Electrification Corp. Ltd. CRISIL AAA 7.96 Export Import Bank of India CRISIL AAA 7.80 HPC Ltd. CRISIL AAA 6.47 NABARD CRISIL AAA 5.23 Power Grid Corp. of India Ltd. ICRA AAA 1.31 HDB Financial Services Ltd. CRISIL AAA 1.31 Airports Authority of India Ltd. ICRA AAA 1.30 Indian Railway Fin. Corp. Ltd. CRISIL AAA 1.30 Power Finance Corporation Ltd. ICRA AAA 1.29 Bank of Baroda CRISIL AAA 1.29 NHPC Ltd. ICRA AAA 1.29 Housing & Urban Dev. Corp. Ltd. CRISIL AA Non-convertible Debentures Total Corporate Debt Total Money Market Instruments Certificate of Deposit State Bank of Patiala CRISIL A Certificate of Deposit Total 5.52 Money Market Instruments Total 5.52 CBLO / Repo 1.41 Net Receivables / (Payables) 5.41 Total % #Gross yield. ~Does not include Service Tax on Investment Management fees. Rating profile 93.18% Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan % 0.55%~ 0.25%~ Asset allocation (% of total) 87.66% Corporate Debt Income Over Short to Medium Term Investments in debt securities and money market instruments issued by Banks and PSUs. Medium Risk (YELLOW) 5.52% Money Market 6.82% Cash & Other Receivables CRISIL AA+, CRISIL AAA, ICRA AAA, CRISIL A1+ Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Direct Plan - Monthly Dividend Option 27-Oct Nov Dec Regular Plan - Monthly Dividend Option 27-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/-. 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) 13 Ravi Ratanpal 10 Experience in managing this scheme 1 year, 4 months Ravi Ratanpal 1 year, 4 months Exit load Within one year 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 : 1.50% After one year but within two years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after one year but within two years from the date of allotment in respect of each Purchase made through SIP: 1.00% After two years but within three years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after two years but within three years from the date of allotment in respect of each Purchase made through SIP: 0.50% After three years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after three years 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 2014, in Rs.) Direct Plan - Growth Option Direct Plan - Dividend 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 Rs crore

18 JPMorgan India Government Securities Holdings as on 31 December 2014 (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 4.32 Net Receivables / (Payables) (2.75) Total 1.57 Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Regular Plan - Monthly Dividend Option 25-Sep Oct Nov 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/-. #Gross yield. ~Does not include Service Tax on Investment Management fees. Rating profile 98.43% Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan % 1.25%~ 0.67%~ Asset allocation (% of total) 98.43% Government Bond 1.57% SOVEREIGN 1.57% 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) 13 Ravi Ratanpal 10 Experience in managing this scheme 11 months Ravi Ratanpal 11 months Exit load - If redeemed within 12 month 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; 2.00% If redeemed after 12 month but within 24 months from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 12 months but within 24 months from the date of allotment in respect of each Purchase made through SIP; 1.50% If redeemed after 24 month but within 36 months from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 24 months but within 36 months from the date of allotment in respect of each Purchase made through SIP; 1.00% If redeemed after 36 month from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 36 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 2014, in Rs.) Direct Plan - Growth Option Direct Plan - Weekly Dividend Option Regular Plan - Dividend Option Regular Plan - Growth Option Regular Plan - Monthly Dividend Option Regular Plan - Weekly Dividend Option Regular Plan - Annual Dividend Option Rs crore Credit risk free returns over Medium to Long Term Investment in Government Securities Low Risk. (BLUE)

19 JPMorgan India Corporate Debt Opportunities Holdings as on 31 December 2014 (in%) Name of the instrument % to NAV Corporate Debt Non-Convertible Debentures Sintex Industries Ltd. CARE AA Welspun Corp Ltd. CARE AA Nirma Ltd. CRISIL AA HPCL Mittal Pipelines Ltd. ICRA AA HPCL Mittal Energy Ltd. ICRA AA The Indian Hotels Company Ltd. ICRA AA 8.56 Shriram Transport Fin. Co. Ltd. CRISIL AA 5.87 Cholamandalam Inv.&Fin.Co.Ltd. ICRA AA 5.62 Tata Power Company Ltd. CARE AA 3.94 Non-Convertible Debentures Total Corporate Debt Total CBLO / Repo 2.84 Net Receivables / (Payables) 2.89 Total 5.73 Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan % 0.75%~ 0.38%~ #Gross yield. ~Does not include Service Tax on Investment Management fees Asset allocation (% of total) 94.27% Corporate Debt Total 5.73% Rating profile 5.73% Cash & Other Receivables 94.27% CRISIL AA, ICRA AA, ICRA AA-, CARE AA, CARE AA- JPMorgan India Corporate Debt Opportunities 22 September 2014 An open 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) 13 Ravi Ratanpal 10 Experience in managing this scheme 4 months Ravi Ratanpal 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 2014, in Rs.) Direct Plan - Annual Dividend Option Direct Plan - Growth Option Direct Plan - Bonus Option Direct Plan - Dividend Option Regular Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Fortnightly Dividend Option Regular Plan - Monthly Dividend Option Regular Plan - Weekly Dividend Option Regular Plan - Annual Dividend Option 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. Medium Risk (YELLOW)

20 Scheme Returns JPMorgan India Equity - Regular Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 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## 21,606 19,821 19,361 #S&P BSE 200 ##S&P BSE SENSEX JPMorgan India Equity - Direct Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 Rs To (Absolute) #S&P BSE 200 ##S&P BSE SENSEX JPMorgan India Mid and Small Cap - Regular Option Returns as on 31 December 2014 NAV as on December 31, 2014 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## 17,808 14,158 13,619 #CNX MIDCAP ##S&P BSE SENSEX JPMorgan India Mid and Small Cap - Direct Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 Rs To (Absolute) #CNX MIDCAP ##S&P BSE SENSEX JPMorgan India Tax Advantage - Regular Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 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## 29,619 32,291 30,541 #S&P BSE 200 ##S&P BSE SENSEX JPMorgan India Tax Advantage - Direct Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 Rs To (Absolute) #S&P BSE 200 ##S&P BSE SENSEX JPMorgan Greater China Equity OffShore - Regular Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 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 Scheme (Rs) Benchmark (Rs) # 19,156 19,031 #MSCI Golden Dragon Index JPMorgan Greater China Equity OffShore - Direct Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) To (Absolute) #MSCI Golden Dragon Index ^ in the future Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corpoate Debt Opportunties JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 1 & 2 JPMorgan India Top 100 JPMorgan India Equity Income 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 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan India Corpoate Debt Opportunties JPMorgan India Equity Income Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 1 & 2 JPMorgan India Equity Income 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.

21 Scheme Returns JPMorgan ASEAN Equity Off-shore - Regular Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 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 16,619 15,695 #Morgan Stanley Capital International (MSCI) South East Asia Index JPMorgan ASEAN Equity Off-shore - Direct Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) To (Absolute) #Morgan Stanley Capital International (MSCI) South East Asia Index JPMorgan US Value Equity Offshore -Regular Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) To (Absolute) #Russell 1000 Value Index JPMorgan US Value Equity Offshore -Direct Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) To (Absolute) #Russell 1000 Value Index JPMorgan India Liquid - Retail Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 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## 16,159 15,855 14,726 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Liquid - Super Institutional Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 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 ## 17,736 17,012 15,412 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Liquid - Direct Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 Rs days days days To (Absolute) #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 Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corpoate Debt Opportunties JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 1 & 2 JPMorgan India Top 100 JPMorgan India Equity Income 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 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan India Corpoate Debt Opportunties JPMorgan India Equity Income Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 1 & 2 JPMorgan India Equity Income 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

22 Scheme Returns JPMorgan India Treasury - Retail Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 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 Returns as on 31 December 2014 NAV as on December 31, 2014 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 ## 16,123 15,855 14,726 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 17,964 17,012 15,412 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Treasury - Direct Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 Rs To (Absolute) #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Short Term Income - Regular Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 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 ## 14,977 14,579 13,517 #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index JPMorgan India Short Term Income - Direct Plan Growth Option JPMorgan India Active Bond - Retail Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 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 Returns as on 31 December 2014 NAV as on December 31, 2014 Rs To (Absolute) #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 14,793 16,445 15,558 #CRISIL Composite Bond Index ##CRISIL 10 Year Gilt Index Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corpoate Debt Opportunties JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 1 & 2 JPMorgan India Top 100 JPMorgan India Equity Income 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 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan India Corpoate Debt Opportunties JPMorgan India Equity Income Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 1 & 2 JPMorgan India Equity Income 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

23 Scheme Returns JPMorgan India Active Bond - Institutional Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 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 31 December 2014 NAV as on December 31, 2014 Rs To (Absolute) #CRISIL Composite Bond Index ##CRISIL 10 Year Gilt Index JPMorgan India Banking and PSU Debt -Regular Plan Growth Option Returns as on 31 December 2014 NAV as on December 31, 2014 Rs 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 31 December 2014 NAV as on December 31, 2014 Rs To (Absolute) #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 Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corpoate Debt Opportunties JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 1 & 2 JPMorgan India Top 100 JPMorgan India Equity Income 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 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan India Corpoate Debt Opportunties JPMorgan India Equity Income Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 1 & 2 JPMorgan India Equity Income 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

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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 CNX Midcap 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 CNX Midcap 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 CNX Midcap 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 CNX Midcap 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 CNX Midcap 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 CNX Midcap 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. 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. 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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