BRST. MOSt BRSTBRST BRST FACT SHEET. February (Continued overleaf)

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1 B B B MOSt B B B B FACT SHEET B B February 0 B Dear Investors and my dear Advisor friends, Wish you a very happy and prosperous 0. This month instead of writing a newsletter to you, I am taking the liberty of reproducing (with permission), the extracts of an interesting blog written by Mr. Jatin Khemani of Stalwart Advisors. You may use the link to access the article. I find it extremely useful and I believe it would serve as very interesting reading. Indians are known to be very smart consumers; always looking for value-for-money offerings. Fortunately or unfortunately, that should make us very good Value Investors. However, how do we know if a stock is a bargain or not? By default P/E ratio has become that barometer on which majority is trying to answer this critical question. You mention a stock and the first question would be Boss iska P/E kitnahai? (How much is its P/E?) P/E which is price-to-earnings ratio is the most commonly used valuation ratio to make sense of how expensive or cheap a stock is. The reason for its popularity is its simplicity; P/E of 0 means the business is available at a market capitalization which is 0 times its annual earnings, in other words the stock price is trading at 0 times its earnings per share (EPS). The ratio which can anyways be quickly calculated mentally is also available widely on all portals and invariably the first most people would check. Through this post, I will briefly cover three ways in which lot of us get it wrong when it comes to making sense out of P/E: Folly : er the better; always true? A lower P/E does not always imply that the stock is a bargain. Though the numerator of this ratio (price) is for everybody to see, what we ignore is the denominator (quality of earnings) where lies the most important information. This is all the more important in case of cyclical businesses. For instance look at following information pertaining to CEAT Tyres: An investor basing decision only on P/E would find it expensive in 0 at P/E of ~ and may give a pass to a potential 0- bagger, without realizing that the earnings are depressed due to sky rocketing rubber prices (key raw material) that almost went x in previous three years and effected profitability of entire industry. The same investor might find CEAT attractive now given the P/E is much lower at 0 times, again missing the point that operating margins and hence earnings are cyclically high, thanks to huge tailwind provided by falling rubber prices which doubled margins. In reality, CEAT was cheap at P/E in 0 and could be relatively expensive today at 0 P/E in 0. Then there are some businesses where inherent economics are bad or are run by crooks. These businesses are being offered to you at low P/E because of some reason and not necessarily because they are hidden gems. Until and unless there is a trigger like change of management, change of heart or a new strategy, buying such businesses only on the basis of low P/E may be akin to catching a falling knife. On the other side of the spectrum, there are some beautiful companies out there which trade at optically multiples; but what many ignore is how their earnings are grossly understated. pundits talk about such companies as ones with capacity to suffer in the short term to reap benefits in the long term. These companies are investing today to remain relevant and to have ability to continue to grow tomorrow, with meaningful investments going into research & development, technology, branding etc. which all may be creating intangible assets but are being expensed to P&L every year. Folly : Comparing apple with oranges Based on the limited data given in the table below, please answer the following three questions Company Liberty Shoes Bata India Relaxo Footwears P/E (-Dec-).... Given that all three operate in the footwear industry, can we assume they are all ditto same?. Can we conclude Liberty is cheap given valuation multiple of other two?. Can we conclude Relaxo is expensive given market leader Bata trades at lower multiple? The correct answer to all three questions is Insufficient Information. The reason is because all three may be vastly different in terms of:. Presence in different categories within that industry,. Business Model: In-house manufacturing Vs. Outsourcing (Asset light),. Different geographic exposures, reach and growth strategies. Beneficiary of Industry Tailwind vs. Own Efforts. Leveraged Balance Sheet Vs Debt-free. Complacent Management Vs Fire-in-the-belly. Lala Vs Professional Management. Big Talk vs. Proven Execution Capabilities. Standards of Corporate Governance, Transparent & Timely Disclosures 0. Respect for Minority Shareholders and other Stakeholders. Me too Vs. Differentiated, Established/Emerging Brand.. CEAT FY FY EPS.. P/E. 0. Stock Price 0 (Data as on st March, 0) (Continued overleaf)

2 B B B B Just the way no two humans are 00% alike and hence cannot be compared; we should ideally not be comparing two different companies to benchmark valuations against each other. Let s say even if both have a lot in common, aren t we assuming the peer stock is rightly valued? What if even that is grossly overvalued/undervalued and hence making this stock seem cheap/expensive? As they say, if you want to justify buying a 0 P/E stock, compare it with a 0 P/E stock and your job is done. ing valuations to a competitor is lame and a convenient short-cut which can lead to wrong decision making. Let investment bankers do that, but any serious long term investor should ideally avoid this folly. How you value a business should only be dependent on two things:. Business Quality and. Management Quality And then assign a P/E you think this business should command, rather than starting by first looking at stock s and its peer s P/E. Folly : To drive while looking at rear view mirror Majority of the investors talk about trailing-twelve-months (ttm) multiple, as that is what is widely available at finance portals like moneycontrol or BSE s website. This is nothing but earnings per share of previous four quarters / months. But aren t we betting on the future earnings? So, do entry multiples really matter? I am sure a lot of people would still answer yes to it. In that case my follow-up question would be- how would one arrive at a P/E for a company that incurred one-time loss last year and has negative earnings? One cannot as the denominator is now negative. In this case the same person will try to work out the expected earnings next year or year after that and decide whether its attractive or not. This essentially makes last year s profit/loss figure less relevant and future earnings potential the key factor. Whether you pay a trailing P/E of 0 or 0 or 0, in the long term your returns broadly would depend on three factors:. Future earnings growth: A function of sales growth, margin expansion due to operating leverage and/or sales-mix change and interest cost saving (retiring debt). A 0 P/E stock would fail to generate good returns if the business fails to grow its earnings per share, whereas a 0 P/E stock can create massive wealth if its earnings grow consistently at 0-0% CAGR. That is what makes earnings growth the most important driver of stock returns in the long run. Classic example is Page Industries which was never cheap but due to consistent and high growth in earnings created massive wealth over last - years.. Exit multiple: A function of market perception of further growth potential in the business, over the next period. Aneminent professor, who has been a guiding force in investing community, has explained the relevance of thinking in terms of exit multiples really well. He suggests that investors should be conservative while assigning exit P/E. According to him an investor should use conservative assumptions as compared to the actual performance of the business in the past and never assumean exit multiple more than 0x, the idea behind the assumption is to create multiple sources of margin of safety.. Dividends: A function of reinvestment opportunity within the business If you invest in large companies generating lot of free cash and high payout, dividends can make meaningful contribution to returns. However in our case, we primarily invest in emerging companies from small & mid cap space, and these companies have a huge run way to grow by reinvesting capital; dividend payouts are low and hence the yields contribute insignificantly to overall returns. Now, there is no way we can predict the earnings of a company for next year or for 00 with any precision. However, as investors we would fail in our role if we do not even have a range of possible outcomes with their likely probabilities. We do not know whether company X from our portfolio can report Rs. EPS in 00, but can we attach a high (lets say 0-0%) probability that the figure will be above Rs 0 and with a reasonable exit multiple of we can at least make XX% CAGR in this stock, which is above or close to our hurdle rate? And the answer is Yes We Can. By keeping assumptions conservative and working out a base case (highly likely) scenario, one can position himself for good luck. At the end of the day, investing is never certain, it s all about probabilities. To Summarize: While using P/E as a valuation tool we need to make sure we are not committing any of the following mistakes:. Assuming lower is always better and vice-versa. ing P/E against peers or industry average ignoring the differences in business quality and management quality. Considering only trailing multiples with little regard to exit multiple and future earnings potential. I would like to thank Mr. Jatin Khemani for his permission to reproduce from his blog. Talking of PEs I had an interesting experience when I recently met a prospective investor in Delhi in the end of December 0. After a long discussion on investing in equities and our stock picking process of buying Q-G-L-P stocks, he asked me what s the average PE on the Sensex. I told him it is approximately times. This means I have to pay Rs. for every Re. of earnings received. I said yes that s what it means. Being a smart business man his immediate retort was; what kind of business is this!!! On Rs., in some instruments the interest I can earn itself is Rs. per year, which means by paying Rs. I can earn Rs.. in fixed income, why should I Rs. Rs to earn Re. in your equities??? I explained to him that yes we are today buying investment worth Rs. that is yielding Re. currently but if it is indeed a Q-G-L-P investment the Re. will be compounding at 0% year on year. At the end of 0 years from now the bond would have added cash flows of Rs. on an investment of Rs. while the stock based on its 0% earnings growth would have added cash flows worth Rs..!!! Which one is better? And then the investor just shocked me with his next question! He asked me: Oh! If that s the case why do people try to buy companies that are cheap but do not have a bankable track record or probability of growth!!! Because if you buy cheap say at PE and the earnings do not grow they remain at Re. or thereabouts or they do not bounce back for - years after you supposedly bought cheap and turn around only after a delay what happens??? This insightful question on buying cheap vs buying expensive set me thinking and I have worked out some permutations and combinations of how an investment in cheap vs expensive could play out. Suffice it to say (Continued overleaf)

3 B B B B buying cheap is not necessarily a winning proposition and buying expensive is definitely not necessarily a risky bet. It all depends on earnings profile and growth in earnings and if at all there is any conclusion I d say one is better off buying companies with track record of growth even if they are perceived to be expensive!!! Have a look and the only thing this reminds me of is the popular Marathi adage Dista tasa nasta (what appears is not)!!! The table above is used to explain the concept and is for illustration purpose only. It should not be used for development or implementation of an investment strategy and should not be construed as an investment advice to any party. Past performance may or may not be sustained in future. Case Cash Flow Company with Earnings % Bond with Annual 0% The table above is used to explain the concept and is for illustration purpose only. It should not be used for development or implementation of an investment strategy and should not be construed as an investment advice to any party. Past performance may or may not be sustained in future. Case Cash Flow Cheap company with low PE but Growth doesn t play out Bond with Annual 0% Year 0 Dec- - - Year 0 Dec- - - Year Dec-.. Year Dec-.0. Year Dec-.. Year Dec-.0. Year Dec-.. Year Dec-.0. Year Dec-.. Year Dec-.0. Year Dec-0.0. Year Dec-0.0. Year Dec-.. Year Dec-.0. Year Dec-.. Year Dec-.0. Year Dec-.0. Year Dec-.0. Year Dec-.. Year Dec-.0. Year 0 Dec-.0. Year 0 Dec-.0. Year 0 (Principal assuming no change in share price) Case Cash Flow Company with Earnings 0% for first years & then % Bond with Annual 0% Case Cash Flow Cheap Company with low PE but Growth doesn t play out for years and then its 0% CAGR Bond with Annual 0% Year 0 Dec- - - Year 0 Dec- - - Year Dec-.0. Year Dec-.0. Year Dec-.. Year Dec-.0. Year Dec-.. Year Dec-.0. Year Dec-.0. Year Dec-.. Year Dec-0.. Year Dec-0.. Year Dec-.. Year Dec-.. Year Dec-.. Year Dec-.. Year Dec-.. Year Dec-.. Year Dec-.. Year Dec-.0. Year 0 Dec-.00. Year 0 Dec-.. Year 0 (Principal assuming no change in share price) Dec-.00 Year 0 (Principal assuming no change in share price) Dec-.0 IRR.%.% IRR.%.% Dec-.00 Year 0 (Principal assuming no change in share price) Dec-.0 IRR.%.% IRR.%.% Happy Investing Aashish P Somaiyaa Managing Director & CEO The Stocks mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of an investment strategy. It should not be construed as investment advice to any party. The stocks may or may not be part of our portfolio/strategy/ schemes. Past performance may or may not be sustained in future.

4 B Motilal Oswal MOSt Focused Fund B B Continuous Offer Entry / Exit Load Motilal Oswal MOSt Focused Fund (MOSt Focused ) An Open Ended Equity Scheme The investment objective of the Scheme is to achieve long term capital appreciation by investing in upto companies with long term sustainable competitive advantage and growth potential. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. Index Minimum Application Amount : `,000/- and in multiples of ` /- thereafter. Additional Application Amount : `,000/- and in multiples of `/- thereafter. Normally within Business days from acceptance of Nil * Co-* *For Equity Component. Debt Component - Mr. Abhiroop Mukherjee Performance Date Since Inception till Dec., 0 Dec., 0 to Dec., 0 Dec., 0 to Dec., 0 Scheme Motilal Oswal MOSt Focused Fund.%.0%.%.% -.0%.% (An Open Ended Equity Scheme) May 0 Regular Growth Plan `. Regular Dividend Plan `. Direct Growth Plan `. Latest AUM (st Jan. 0) Portfolio Turnover Ratio Dividend History Record Date Jan 0 Direct Plan Regular Plan Dividend per Unit (Rs.) Cum Dividend Ex Dividend.... Pursuant to payment of dividend, per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value Rs. 0/-. Past performance may or may not be sustained in future. Holdings Direct Dividend Plan `. (` crores) `.0 (` crores).00 Current Value of Standard of Rs 0,000 Motilal Oswal MOSt Focused Fund,, `. per unit : Rs (May, 0); 0. (Dec., 0);.0 (Dec., 0);.0 (Dec., 0). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same s are on page no.,,, and 0. Industry Allocation Mr. Taher Badshah He has years of experience in fund management and investment research. He has been managing this fund since inception. Mr. Siddharth Bothra He has a rich experience of more than years in the field of research and investments. He has been co-managing this fund since May, 0. Banks Software Finance Industrial Products Transportation Auto Consumer Non Durables Pharmaceuticals Cash & Equivalent.0%.%.% All the Returns shown above are of Regular Plan Growth Option.% 0.%.0%.% Industry classification as recommended by AMFI.%.% Record Date Nov 0 Direct Plan Regular Plan SIP Performance (As on Dec., 0) Year MOSt Focused Focused Invested Amount No of Units,.,.,0.,. Market Value,.,. 0,.,.0 Returns (CAGR) -.% -.%.%.% Returns for one year are absolute. Returns for more than one year are compounded annualized. For SIP returns, monthly investment of Rs. 0000/- invested on the st day of every month has been considered. Past performance may or may not be sustained in the future. Sr. No. 0 0 Scrip Dividend per Unit (Rs.)..0 Cum Dividend N.A. Ex Dividend...0. Since Inception MOSt Weightage Infosys Limited.% HDFC Bank Limited.0% Kotak Mahindra Bank Limited.% Interglobe Aviation Limited.0% Eicher Motors Limited.% Britannia Industries Limited.% Cummins India Limited.% Bharat Forge Limited.% Oracle Financial Services Software Limited.0% IndusInd Bank Limited.% Max Financial Services Limited.% Container Corporation of India Limited.% Maruti Suzuki India Limited.% Lupin Limited.0% CRISIL Limited.% Housing Development Finance Corporation Limited.% Tata Consultancy Services Limited.% Max India Limited.% Max Ventures & Industries Ltd 0.% Cash and Equivalent.%

5 B Motilal Oswal MOSt Focused Midcap 0 Fund B B Continuous Offer Entry / Exit Load Motilal Oswal MOSt Focused Midcap 0 Fund (MOSt Focused Midcap 0) An Open Ended Equity Scheme The investment objective of the Scheme is to achieve long term capital appreciation by investing in a maximum of 0 quality midcap companies having long-term competitive advantages and potential for growth. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. Nifty Midcap 00 Index Minimum Application Amount: `,000/- and in multiples of ` /- thereafter. Additional Application Amount: `,000/- and in multiples of ` /- thereafter. Normally within Business days from acceptance of Nil * Co-* Mr. Taher Badshah He has years of experience in fund management and investment research. He has been managing this fund since inception. Mr. Siddharth Bothra *For Equity Component. For Debt Component - Mr. Abhiroop Mukherjee Performance Date Since Inception till Dec., 0 Dec., 0 to Dec., 0 He has a rich experience of more than years in the field of research and investments. He has been co-managing this fund since May, 0. Scheme MOSt Focused Midcap 0.%.% Nifty Midcap 00.00%.% (An Open Ended Equity Scheme) February 0 Regular Growth Plan `. Regular Dividend Plan `. Direct Growth Plan `.0 Latest AUM (st Jan. 0) Portfolio Turnover Ratio Additional Holdings Direct Dividend Plan `. (` crores) 0. `. Current Value of Standard of Rs 0,000 MOSt Focused Midcap 0 per unit : Rs (Feb, 0);. (Dec., 0); 0. (Dec., 0). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same s are on page no.,,, and 0. Industry Allocation Finance Auto Ancillaries Software Pharmaceuticals Construction Project Consumer Non Durables Consumer Durables Auto Retailing Petroleum Products Industrial Capital Goods Cash & Equivalent.%.%.0%.%.%.%.%.%.% Industry classification as recommended by AMFI All the Returns shown above are of Regular Plan Growth Option.%.0%.% Dividend History Record Date March, 0 Direct Plan Regular Plan.0% -.0% Dividend per Unit (Rs.) , `0. (` crores) Cum Dividend Pursuant to payment of dividend, per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value Rs. 0/-. Past performance may or may not be sustained in future. SIP Performance (As on Dec., 0) Year Nifty Midcap 00 N.A., Ex Dividend Since Inception MOSt MOSt Focused Nifty Midcap * Focused Nifty Midcap Midcap 0 00 Midcap 0 00 Invested Amount * No of Units,0.,00.,.,.,.0,. Market Value,0.,.,. 00,. 0,.,0. Returns (CAGR).0%.% -.%.%.%.% * Also represents addition benchmark Returns for one year are absolute. Returns for more than one year are compounded annualized. For SIP returns, monthly investment of Rs. 0000/- invested on the st day of every month has been considered. Past performance may or may not be sustained in the future. Sr. No. 0 0 Scrip, Weightage Amara Raja Batteries Limited.% CRISIL Limited.% WABCO India Limited.% Mindtree Limited.% Max Financial Services Limited.% Tata Elxsi Limited.% S H Kelkar And Company Limited.% Havells India Limited.% Sundaram Finance Limited.% Ajanta Pharma Limited.0% Multi Commodity Exchange of India Limited.% Voltas Limited.% Bajaj Finance Limited.% Repco Home Finance Limited.0% TVS Motor Company Limited.% Aditya Birla Fashion And Retail Limited.% Hindustan Petroleum Corporation Limited.% Alkem Laboratories Limited.% Thermax Limited.% Power Mech Projects Limited.% Max India Limited.% Max Ventures & Industries Ltd 0.% Cash and Equivalent.0%

6 B Motilal Oswal MOSt Focused Multicap Fund B B Continuous Offer Entry / Exit Load Motilal Oswal MOSt Focused Multicap Fund (MOSt Focused Multicap ) An Open Ended Diversified Equity Scheme The investment objective of the Scheme is to achieve long term capital appreciation by primarily investing in a maximum of equity & equity related instruments across sectors and market capitalization levels. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. 0 Index Minimum Application Amount: `,000/- and in multiples of ` /- thereafter. Additional Application Amount: `,000/- and in multiples of ` /- thereafter. Normally within Business days from acceptance of Nil Performance Date Since Inception till Dec., 0 Dec., 0 to Dec., 0 Scheme MOSt Focused Multicap 0.00%.0% 0.% -0.% April 0 Regular Growth Plan `. Regular Dividend Plan `. Direct Growth Plan `. (An Open Ended Diversified Equity Scheme) Latest AUM (st Jan. 0) Portfolio Turnover Ratio * Additional Holdings Direct Dividend Plan `00. (` crores) `0. (` crores) 0. `. Current Value of Standard of Rs 0,000 per unit : Rs (Apr, 0);. (Dec., 0);. (Dec., 0). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same s are on page no.,,,, 0 and. Industry Allocation SIP Performance (As on Dec., 0) Year * Also represents addition benchmark Returns for one year are absolute. Returns for more than one year are compounded annualized. For SIP returns, monthly investment of Rs. 0000/- invested on the st day of every month has been considered. Past performance may or may not be sustained in the future. 0.% -.0% Mr. Gautam Sinha Roy He has close to years of experience in the fund management and investment research. He has been managing this fund since th May 0. Co-* Mr. Taher Badshah MOSt Focused Midcap 0 * He has a rich experience of more than years in fund management and investment. He has been co-managing this fund since May, 0. *For Equity Component. For Debt Component - Mr. Abhiroop Mukherjee, For Foreign Securities - Mr. Swapnil Mayekar MOSt Focused Multicap, MOSt Focused Midcap 0 N.A. Since Inception, 0 Invested Amount * No of Units,000.0,.,0.,.,.,. Market Value,0.,.,.,.,. 0,. Returns (CAGR).% -.% -.%.%.0% -0.%, Sr. No. Scrip Weightage Banks Auto.% Software.% Petroleum Products.% Pharmaceuticals.% Finance 0.% Consumer Non Durables.% Transportation.0% Industrial Products.% Cash & Equivalent 0.% Industry classification as recommended by AMFI 0.% 0 0 HDFC Bank Limited.% Infosys Limited.% IndusInd Bank Limited.% Eicher Motors Limited.0% Hindustan Petroleum Corporation Limited.% Interglobe Aviation Limited.0% Britannia Industries Limited.% Maruti Suzuki India Limited.% Tata Consultancy Services Limited.% Ajanta Pharma Limited.% Housing Development Finance Corporation Limited.% Bharat Petroleum Corporation Limited.% Alkem Laboratories Limited.% Lupin Limited.% United Spirits Limited.% Max Financial Services Limited.0% State Bank of India.% Sundaram Finance Limited.% Supreme Industries Limited.% Max India Limited 0.% Max Ventures & Industries Ltd 0.0% Cash and Equivalent 0.% All the Returns shown above are of Regular Plan Growth Option

7 B Motilal Oswal MOSt Focused Long Term Fund B B Continuous Offer Motilal Oswal MOSt Focused Long Term Fund (MOSt Focused Long Term) An open ended equity linked saving scheme with a year lock-in. The investment objective of the Scheme is to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related instruments. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. 0 Index Minimum Application Amount: ` 00/- and in multiples of ` 00/- thereafter. Additional Purchase: ` 00/- and in multiples of ` 00/- thereafter. Normally within Business days from acceptance of (An Open Ended Equity Linked Saving Scheme with a year lock-in) January 0 Regular Growth Plan `0. Regular Dividend Plan `0. Direct Growth Plan `0.0 Latest AUM (st Jan. 0) Portfolio Turnover Ratio Direct Dividend Plan `. (` crores) `. (` crores) 0. `0.0 Entry / Exit Load Nil * Mr. Gautam Sinha Roy He has close to years of experience in the fund management and investment research. He has been managing this fund since inception. * For Equity Component. For Debt Component - Mr. Abhiroop Mukherjee Industry Allocation Holdings Sr. No. Scrip Weightage Banks Auto.% Finance.% Software.% Petroleum Products 0.% Pharmaceuticals.% Consumer Non Durables.0% Transportation.0% Industrial Products.% Cash & Equivalent.0% Industry classification as recommended by AMFI Returns for MOSt Long Tern will be provided for quarter ending March, 0. 0.% 0 0 HDFC Bank Limited.0% IndusInd Bank Limited.% Infosys Limited.0% Eicher Motors Limited.% Interglobe Aviation Limited.0% Hindustan Petroleum Corporation Limited.% Britannia Industries Limited.% Maruti Suzuki India Limited.% Max Financial Services Limited.% Housing Development Finance Corporation Limited.% Supreme Industries Limited.% Bharat Petroleum Corporation Limited.% Alkem Laboratories Limited.% Lupin Limited.% State Bank of India.% Ajanta Pharma Limited.% Tata Consultancy Services Limited.% Sundaram Finance Limited.% United Spirits Limited.% Max India Limited.% Max Ventures & Industries Ltd 0.% Cash & Equivalent.0%

8 B Motilal Oswal MOSt Ultra Short Term Bond Fund B B Continuous Offer Entry / Exit Load Portfolio Motilal Oswal MOSt Ultra Short Term Bond Fund An Open Ended Debt Scheme The investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. CRISIL Short Term Bond Fund Index Minimum Application Amount : `,000/- and in multiples of `/- thereafter. Additional Application Amount : `000/- and in multiples of `/- thereafter. Normally within Business day from acceptance of Nil Security Issuer Weightage Axis Bank CD Axis Bank.% Corporation Bank CD Corporation Bank.% Canara Bank CD Canara Bank.% Vijaya Bank CD Vijaya Bank.% Punjab & Sind Bank CD Punjab & Sind Bank.% Syndicate Bank CD Syndicate Bank.% Canara Bank CD Canara Bank.% Andhra Bank CD Andhra Bank.% Reverse REPO/Cash/Others.% Rating Rating Quantitative Indicators Average Maturity* YTM 0.yrs /. days.% *For Motilal Oswal MOSt Ultra Short Term Bond Fund Modified Duration is equal to its Average maturity Performance Mr. Abhiroop Mukherjee He has over years of experience in the Financial Services Industry. He has been managing this fund since inception. Date Since Inception till Dec, 0 Dec, 0 to Dec, 0 Dec, 0 to Dec, 0 Scheme Motilal Oswal MOSt Ultra Short Term Bond Fund.%.%.% % to Net Assets CRISIL A+.% CARE A+.% Cash & Equivalent.% CRISIL Short Term Bond Fund Index.%.% 0.0% Additional CRISIL Liquid Fund Index.%.%.% Latest AUM (st Jan. 0) Dividend History Quarterly Dividend (Direct Plan) Record Date Dividend Option (An Open Ended Debt Scheme) Dividend per Unit (Rs.) September 0 Direct Plan - Growth Direct Plan - Daily Dividend Direct Plan - Weekly Dividend Direct Plan - Fortnightly Dividend Direct Plan - Monthly Dividend Direct Plan - Quarterly Dividend Regular Plan - Growth Regular Plan - Daily Dividend Regular Plan - Weekly Dividend `.0 ` `0.00 `0.00 `0.0 `0.0 `. ` `0.00 Regular Plan - Fortnightly Dividend `0.00 Regular Plan - Monthly Dividend Regular Plan - Quarterly Dividend `0. (` crores) `.(` crores) Cum Dividend `0.0 `0.0 Ex Dividend June, Sept., Dec., Quarterly Dividend (Regular Plan) Record Date Dividend Option Dividend per Unit (Rs.) Cum Dividend Ex Dividend Sept., Dec., Monthly Dividend (Direct Plan) Record Date Dividend Option Dividend per Unit (Rs.) Cum Dividend Ex Dividend Nov, Dec., Jan., Monthly Dividend (Regular Plan) Record Date Dividend Option Dividend per Unit (Rs.) Cum Dividend Ex Dividend Nov, Dec., Jan., Pursuant to payment of dividend, per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value Rs. 0/-. Past performance may or may not be sustained in future. Current Value of Standard of Rs 0000 Motilal Oswal MOSt Ultra Short Term Bond Fund CRISIL Short Term Bond Fund Index CRISIL Liquid Fund Index.. 0. per unit : Rs.. (Dec., 0);.0 (Dec., 0);Rs. 0. (Dec., 0); Rs (Sept., 0).Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or maynot be sustained in the future. The performance of the Schemes managed by same is on page no., and. N.A.

9 B Motilal Oswal MOSt Shares M0 ETF B B Continuous Offer Motilal Oswal MOSt Shares M0 ETF (MOSt Shares M0) An Open Ended Exchange Traded Fund The Scheme seeks investment return that corresponds (before fees and expenses) generally to the performance of the Index (Underlying Index), subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. Index On NSE: Investors can buy/sell units of the Scheme in round lot of unit and in multiples thereof. Directly with the Mutual Fund: Investors can buy/sell units of the Scheme only in creation unit size i.e. 0,000 units and in multiples thereof. Normally within Business days from acceptance of (An Open Ended Exchange Traded Fund) - Growth Plan Latest AUM (st Jan. 0) Tracking Error* Standard Deviation Sharpe Ratio# Portfolio Turnover Ratio Beta NSE & BSE Symbol Bloomberg Code M0 MOSTM0 July 00 `. `. (` crores) `. (` crores) 0.% (Annualised) (Annualised) 0..0 *Against the benchmark Index. # Risk free returns based on last overnight MIBOR cut-off of.00% ISIN Code Entry Load INFL0 NIL Mr. Taher Badshah Reuters Code M0.NS Exit Load He has years of experience in fund management and investment research. He has been managing this Fund Since August 0, 0. NIL Performance Date Scheme Current Value of Standard of Rs. 0,000/- Motilal Oswal MOSt Shares M0 ETF Returns Since Inception till Dec., 0.%.% Dec., 0 to Dec., 0 -.% -.0% Dec., 0 to Dec., 0.%.% Dec., 0 to Dec., 0.0%.% Dec., 0 to Dec., 0.0%.0% Dec., 00 to Dec., 0 -.% -.% Motilal Oswal MOSt Shares M0 ETF per unit : Rs. (Dec., 0); Rs. (Dec., 0);.0(Dec., 0); Rs. (Dec., 0); Rs.00 (Dec., 0); Rs 0. (Dec., 00); Rs.0 (July, 00) Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same is on page no.,, and 0., N. A., Industry Allocation Top 0 Holdings Banks Software Consumer Non Durables Auto Pharmaceuticals Petroleum Products Finance Construction Project Cement Power Telecom - Services Oil Minerals/Mining Media & Entertainment Transportation Gas Non - Ferrous Metals Ferrous Metals Auto Ancillaries Industrial Capital Goods Cash & Equivalent.%.%.%.0%.%.% 0.% 0.% 0.% 0.% 0.% 0.% 0.% 0.0% 0.%.%.%.%.%.%.0% Sr. No. 0 Scrip Weightage Infosys Limited.% HDFC Bank Limited.% Housing Development Finance Corporation Limited.% ITC Limited.% Reliance Industries Limited.% ICICI Bank Limited.% Tata Consultancy Services Limited.% Sun Pharmaceuticals Industries Limited.% Larsen & Toubro Limited.% Kotak Mahindra Bank Limited.0% Industry classification as recommended by AMFI

10 B Motilal Oswal MOSt Shares Midcap 00 ETF B B Continuous Offer Motilal Oswal MOSt Shares Midcap 00 ETF (MOSt Shares Midcap 00) An Open ended Index Exchange Traded Fund The Scheme seeks investment return that corresponds (before fees and expenses) to the performance of Nifty Midcap 00 Index (Underlying Index), subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. Nifty Midcap 00 Index On NSE/BSE: Investors can buy/sell units of the Scheme in round lot of unit and in multiples thereof. Directly with the Mutual Fund: Investors can buy/sell units of the Scheme only in creation unit size i.e.,0,000 units and in multiples thereafter. Normally within Business days from acceptance of (An Open Ended Index Exchange Traded Fund) - Growth Plan Latest AUM (st Jan. 0) Tracking Error* Standard Deviation Sharpe Ratio# Portfolio Turnover Ratio Beta NSE / BSE Symbol Bloomberg Code Reuters Code M00 MOST00 M00.NS January 0 `. `. (` crores) `. (` crores) 0.% (Annualised). 0. (Annualised) *Against the benchmark Nifty Midcap 00 Total Return Index. # Risk free returns based on last overnight MIBOR cut-off of.00% (Data as on st January 0) ISIN Code Entry Load Exit Load INFL00 NIL NIL Mr. Taher Badshah He has years of experience in fund management and investment research. He has been managing this Fund Since August 0, 0. Performance Date Scheme Additional Current Value of Standard of Rs. 0,000/- Nifty Midcap 00 Index Motilal Oswal MOSt Shares Midcap 00 ETF Nifty Midcap 00 Index Motilal Oswal MOSt Shares Midcap 00 ETF Returns Since Inception till Dec., 0.%.%.% Dec., 0 to Dec., 0.%.% -.0% Dec., 0 to Dec., 0.%.%.% Dec., 0 to Dec., % -.0%.% Dec., 0 to Dec., 0 0.%.%.0%,,0 per unit : Rs. (Dec., 0); Rs.00 (Dec., 0); Rs. (Dec., 0); Rs. (Dec., 0); Rs.. (Dec., 0) Rs. (Jan, 0). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same is on page no.,, and. N. A., Industry Allocation Top 0 Holdings Pharmaceuticals.% Consumer Non Durables.% 0.0%.% Finance Petroleum Products Industrial Capital Goods.% Software.% Auto Ancillaries.% Power.% Consumer Durables.% Banks.% Auto.% Cement.% Ferrous Metals.% Transportation.% Gas.0% Chemicals.% Healthcare Services.% Textile Products.% Construction.0% Telecom -Services.0% Construction Project -.0% Minerals/Mining.% Hotels Resorts And Other Recreational Activities.0% Oil 0.% Non -Ferrous Metals 0.% Media & Entertainment 0.0% 0.% 0.% Industrial Products Cash & Equivalent Industry classification as recommended by AMFI Sr. No. 0 Scrip Weightage Indian Oil Corporation Limited.% Britannia Industries Limited.% Divi's Laboratories Limited.% Hindustan Petroleum Corporation Limited.0% Ashok Leyland Limited.0% Bajaj Finance Limited.% Marico Limited.0% Bajaj Finserv Limited.% Glenmark Pharmaceuticals Limited.% JSW Steel Limited.% 0

11 B Motilal Oswal MOSt Shares NASDAQ - 00 ETF B B Continuous Offer Motilal Oswal MOSt Shares NASDAQ - 00 ETF (MOSt Shares NASDAQ 00) An open ended Index Exchange Traded Fund The Scheme seeks investment return that corresponds (before fees and expenses) generally to the performance of the NASDAQ-00 Index, subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. NASDAQ - 00 Index On NSE & BSE: Investors can buy/sell units of the Scheme in round lot of unit and in multiples thereof. Directly with the Mutual Fund: Investors can buy/sell units of the Scheme only in creation unit size i.e. 00,000 units and in multiples thereafter. Normally within Business days from acceptance of (An Open Ended Index Exchange Traded Fund) - Growth Plan Latest AUM (st Dec. 0) Tracking Error* Standard Deviation Sharpe Ratio# Portfolio Turnover Ratio Beta NSE & BSE Symbol Bloomberg Code N00 MOSTNDX March 0 `.0 `. (` crores) `.0(` crores) 0.% (Annualised).. (Annualised) *Against the benchmark NASDAQ-00 Total Return Index. # Risk free returns based on last overnight MIBOR cut-off of.00% ISIN Code Entry Load INFL00 NIL Reuters Code N00.NS or N00.BO Exit Load NIL Mr. Swapnil Mayekar He has 0 years of experience in the financial services industry. He has been managing this Fund since August 0, 0. Performance Date Scheme Additional Current Value of Standard of Rs. 0,000/- NASDAQ-00 Index (In INR) (%) MOSt Shares NASDAQ 00 NASDAQ 00 Index MOSt Shares NASDAQ 00 Returns Since Inception till Dec., 0.%.%.0% Dec., 0 to Dec., 0.%.% -.0% Dec., 0 to Dec., 0.%.%.% Dec., 0 to Dec., 0.%.%.% Dec., 0 to Dec., 0.%.%.0%,0, per unit : Rs 0. (Dec., 0); Rs 0. (Dec., 0); Rs 0. (Dec., 0); Rs. (Dec., 0); Rs.(Dec., 0); Rs 0. (March, 0). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Scheme managed by same is on page no.. N. A., Industry Allocation Top 0 Holdings Software & Services Technology Hardware & Equipment Pharmaceuticals Biotechnology Retailing Semiconductors & Semiconductor Media Food Beverage & Tobacco Food & Staples Retailing Consumer Services Health Care Equipment & Services Telecommunication Services Capital Goods Automobiles & Components Transportation Commercial & Professional Services Consumer Durables & Apparel Cash & Equivalent - 0.0%.0%.% 0.%.%.%.%.%.%.0%.% 0.% 0.% 0.0% 0.% 0.%.% Sr. No. 0 Scrip Weightage Apple.0% Microsoft Corporation.% Amazon.com.0% Alphabet INC-Class C.% Facebook.% Alphabet INC-Class A.% Intel Corporation.% Comcast Corporation.% Cisco Systems.% Gilead Sciences.% Industry Classification is as per Global Industry Classification Standard (GICS).

12 B B B Note: Motilal Oswal MOSt 0 Year Gilt Fund stands wound down as on October, 0. Total Expense Ratio: Motilal Oswal MOSt Focused Fund: Direct Plan-.%, Regular Plan-.%; Motilal Oswal MOSt Focused Midcap 0 Fund: Direct Plan-.%, Regular Plan-.%; Motilal Oswal MOSt Focused Multicap Fund: Direct Plan-.%, Regular Plan-.%; Motilal Oswal MOSt Focused Long Term Fund: Direct Plan-.%, Regular Plan-.%; Motilal Oswal MOSt Ultra Short Term Bond Fund: Direct Plan- 0.%, Regular Plan-.00%; Motilal Oswal MOSt Shares M0 ETF.00%; Motilal Oswal MOSt Shares Midcap 00 ETF.00%; Motilal Oswal MOSt Shares NASDAQ-00 ETF.00%. Disclaimer: The information contained herein should not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of Motilal Oswal Asset Management Company Limited (MOAMC). Any information herein contained does not constitute and shall be deemed not to constitute an advice, an offer to sell/purchase or as an invitation or solicitation to do so for any securities. MOAMC shall not be liable for any direct or indirect loss arising from the use of any information contained in this document from time to time. Readers shall be fully responsible/liable for any decision taken on the basis of this document. The information / data herein alone is not sufficient and shouldn t be used for the development or implementation of an investment strategy. Mutual Fund s are subject to market risks, read all scheme related documents carefully.

13 B Product Suitability B B Name of the Scheme This product is suitable for investors who are seeking* Motilal Oswal MOSt Focused Fund (MOSt Focused ) Motilal Oswal MOSt Focused Midcap 0 Fund (MOSt Focused Midcap 0) Motilal Oswal MOSt Focused Multicap Fund (MOSt Focused Multicap ) Return by investing in upto companies with long term sustainable competitive advantage and growth potential in Equity and equity related instruments subject to overall limit of companies Long-term capital growth in equity and equity related instruments in a maximum of 0 quality mid-cap companies having long-term competitive advantages and potential for growth Long-term capital growth in a maximum of equity and equity related instruments across sectors and market capitalization levels. Moderately Riskometer Moderate Moderately Motilal Oswal MOSt Focused Long Term Fund (MOSt Focused Long Term) Motilal Oswal MOSt Shares M0 ETF (MOSt Shares M0) Motilal Oswal MOSt Shares Midcap 00 ETF (MOSt Shares Midcap 00) Long-term capital growth predominantly in equity and equity related instruments; Return that corresponds generally to the performance of the Index (Underlying Index), subject to tracking error in equity securities of Index Return that corresponds generally to the performance of the Nifty Midcap 00 Index, subject to tracking error in equity securities of Nifty Midcap 00 Index Investors understand that their principal will be at Moderately risk Riskometer Motilal Oswal MOSt Shares NASDAQ-00 ETF (MOSt Shares NASDAQ 00) Return that corresponds generally to the performance of the NASDAQ 00 Index, subject to tracking error in equity securities of NASDAQ 00 Index Moderately Moderate Moderately Motilal Oswal MOSt Ultra Short Term Bond Fund (MOSt Ultra Short Term Bond Fund) Optimal returns consistent with moderate levels of risk in debt securities and money market securities with average maturity less than equal to months Moderately Riskometer Moderate Moderately Investors understand that their principal will be at risk Investors understand that their principal will be at Moderately risk *Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Risk Disclosure and Disclaimer Statutory Details: Constitution: Motilal Oswal Mutual Fund has been set up as a trust under the Indian Trust Act,. Trustee: Motilal Oswal Trustee Company Ltd. Manager: Motilal Oswal Asset Management Company Ltd. Sponsor: Motilal Oswal Securities Ltd. Risk Factors: () All Mutual Funds and securities investments are subject to market risks and there can be no assurance that the Scheme's objectives will be achieved () As the price / value / interest rates of the securities in which the Scheme invests fluctuates, the Net Asset Value () of units issued under the Scheme may go up or down depending upon the factors and forces affecting the securities market () Past performance of the Sponsor/AMC/Mutual Fund and its affiliates does not indicate the future performance of the Scheme and may not provide a basis of comparison with other investments () The name of the Schemes does not in any manner indicate the quality of the Schemes, its future prospects and returns. Investors are therefore urged to study the terms of offer carefully and consult their Advisor before they invest in the Scheme () The Sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the Mutual Fund beyond the initial contribution made by it of an amount of Rs. Lac towards setting up of the Mutual Fund () The present Schemes are not guaranteed or assured return Schemes. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. IISL Disclaimer: MOSt Shares M0 and MOSt Shares Midcap 00: MOSt Shares M0 and MOSt Shares Midcap 00 offered by Motilal Oswal Asset Management Company Limited (MOAMC) or its affiliates is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL) and its affiliates. IISL and its affiliates do not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) to the owners of MOSt Shares M0 and MOSt Shares Midcap 00 or any member of the public regarding the advisability of investing in securities generally or in the MOSt Shares M0 and MOSt Shares Midcap 00 linked to Index and Nifty Midcap 00 Index respectively or particularly in the ability of Index and Nifty Midcap 00 Index to track general stock market performance in India. Please read the full Disclaimers in relation to the Index and Nifty Midcap 00 Index in the Scheme Information Document. NASDAQ-00 Disclaimer: MOSt Shares NASDAQ 00: NASDAQ, OMX, NASDAQ OMX, NASDAQ-00, and NASDAQ-00 Index, are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as the Corporations ) and are licensed for use by MOAMC. MOSt Shares NASDAQ 00 (the Product) has not been passed on by the Corporations as to their legality or suitability. The Product are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT. NSE Disclaimer: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Scheme Information Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Scheme Information Document. BSE Disclaimer: It is to be distinctly understood that the permission given by Bombay Stock Exchange Ltd. should not in any way be deemed or construed that the SID has been cleared or approved by Bombay Stock Exchange Ltd. nor does it certify the correctness or completeness of any of the contents of the SID. The investors are advised to refer to the SID for the full text of the Disclaimer Clause of the Bombay Stock Exchange Ltd. RR0000_0_00

14 BR T S B BUY RIGHT : SIT TIGHT Buying quality companies and riding their growth cycle B BR T S B Sit Tight Approach QGLP