MUTUAL FUND OUTLOOK- JULY, 2016

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1 MUTUAL FUND OUTLOOK- JULY, 2016 Half of the current year 2016 is behind us. Many things done, many more waiting to be. For a market watcher, this year s big story so far has to be Brexit and Rexit and for some even Mexit (Messi s exit). KEY HIGHLIGHTS In the second Bi-monthly monetary policy the Repo rate was unchanged at 6.50 per cent, Reverse Repo at 6%, Cash reserve ratio or CRR unchanged at 4%. Raghuram Rajan, India s central bank governor has announced that he will step down in September 2016, after completion of his three- year term. The UK has voted to leave the European Union. London which is the Global Financial hub may get affected as many financial companies would probably move out of London, as restricted access to the single market would be the price of leaving the EU. However, Great Britain may work out agreements with the EU and many other nations that will still allow it to sell products and services with minimal tariffs or other cross-border impositions. Negative impact of Brexit on India, if any, would be indirect. Having said that, India growth story is largely consumption driven and these external events will provide opportunity to invest. With monsoon on course and reforms agenda getting a boost, India will likely to attract higher FDI/FPI investment in the future. INDUSTRY UPDATE The overall mutual fund industry saw a net outflow of Rs 21,535 crore in June, on the back of higher redemptions in the liquid and money market schemes. The sharp volatility in Indian stocks on the back of Brexit made retail investors go for one of the highest redemptions in June. Excluding these redemptions, industry sources believe investors have poured in Rs 3,600 crore into equity mutual funds. Mutual Fund industry's asset base rose 6.5% to an all-time high of Rs lakh crore in April- June quarter helped by strong participation from retail investors and robust inflow in equity schemes. Mutual fund managers have pumped in over Rs. 600 crore into equities since the beginning of this month, taking the total to more than Rs. 7,200 crore in the current fiscal so far.

2 MYTH BUSTER Mutual Funds invest only in equities Investing in mutual funds is not only about investing in stocks or the equity market. Investor needs to understand that there are various kinds of mutual funds. Mutual funds are typically classified based on the underlying asset classes they invest in. Some invests their corpus in equity, others invests their money into debt schemes, such as government bonds and bonds issued by companies and financial institutions. There are some funds that also invests in money market instruments such as treasury bills issued by the government, call money market used primarily by banks and short-term paper issued by companies. Mutual Funds, therefore, invest in all kinds of instruments and do not confine themselves to equity. There are even mutual funds that invest in gold. Thus, the choice of a fund, in this context, needs to be based on ones risk appetite, time horizon and financial goals. MAGIC WITH MONEY We all have short-term surplus money that we keep in our savings bank account. Did you know that you can earn better returns, by investing them in a Liquid Fund? Liquid funds are open ended schemes that invest in debt and money market instruments with a maximum maturity of up to 91 days. Liquid funds provide stable returns and are suitable for investment even for a single day. In fact, the icing on the cake is, it earns interest even on Saturdays and Sundays. Since, the average maturity of a liquid fund is equal to or less than 91 days, it helps in mitigating risk arising out of interest rate volatility, provide high liquidity to portfolio and generate stable income Investors earn higher income by parking funds in a liquid fund vis a vis a savings bank account or current account. The money that lies in our savings bank account fetches around 4% interest per annum, but liquid funds generated around 7.5-8% annualized returns, in the last 1 year period. Additionally, dividends declared by liquid funds are currently subjected to a dividend distribution tax of 8.33% (including surcharge and cess) (for Individuals and HUF investors). On the contrary, your bank interest gets taxed at income tax rates (30.9% for the highest tax bracket; including surcharge). For an investor in the 30% tax bracket, a dividend plan works out to be slightly more tax efficient. Hence, it clearly makes sense to have a liquid fund in your portfolio. Moreover, liquid funds offer an alternative to invest your funds marked for meeting contingencies and those that are pending deployment into long term investments. All in all Liquid Funds are a recipe for Safety, Liquidity and returns. Hence, it is wisely said You have already worked hard for your money, why let your money work harder. Invest in Liquid Funds and let them work smarter!

3 DID YOU KNOW?? What is STP? STP stands for Systematic Transfer Plan. It is a strategy where an investor transfers a fixed amount of money from one category of fund to another, usually from a debt fund to an equity fund. Investing a lump sum amount in stocks or equity mutual fund could be dicey for some investor considering the volatility of equity markets and returns in equity mutual fund is linked to the performance of stock markets. STP helps to keep a balance of risk and return. Further, it helps investor invest in equity at appropriate time and till then, investor enjoys debt returns. Benefits of STP Consistent Money invested in debt fund earns interest till the time it is transferred to equity fund. The returns in debt funds are usually higher than returns from savings bank account and assure relatively better performance. Averaging of Cost STP has some integral features of Systematic Investment Plan (SIP). One of the differences between STP and SIP is the source of investment. In case of the former, money is transferred usually from a debt fund and in case of latter; it is the investor's bank account. Since it is similar to SIP, STP also helps in rupee cost averaging. Rebalancing Portfolio An investor's portfolio should be balanced between equity and debt. STP helps in rebalancing the portfolio by reallocating investments from debt to equity or vice versa. How does STP work? Suppose a person wants to invest Rs.12 Lakhs in equities through STP. So first he will have to select a source scheme (debt scheme) and a target scheme (equity scheme). Rs.12 Lakhs will be first invested in the source debt fund. The investor will also decide the amount and the frequency according to which the funds will be transferred from source debt fund to the target equity fund (i.e. he may choose 1 lakh to be transferred in 12 installments on a monthly basis). In this scenario, every month on the fixed date Rs.1 lakh will be transferred from the debt fund to the desired equity fund.

4 RETURN CHART Starting with top funds of the week in Equity and Debt categories EQUITY ORIENTED FUNDS Date11-Jul-2016 Fund Birla Sun Life Frontline Equity Fund-Reg-(G) DSP BlackRock Micro Cap Fund - Reg-(G) Mirae Asset Emerging Bluechip Fund - Reg-(G) Category 1- Month 3- Month 1-Year 3-Year 5-Year 10- Year EQ-Large Cap EQ-Small Cap EQ- Mid Cap SBI Bluechip Fund-Reg-(G) EQ-Large Cap UTI Mid Cap Fund-Reg-(G) EQ- Mid Cap Source Value Research DEBT FUND DETAILS Date 11-Jul-2016 Fund Category 1- Month 3- Month 1-Year 3-Year 5-Year HDFC Income Fund-Reg-(G) Debt -Income Year Birla Sun Life Medium Term Plan-Reg-(G) DSP BlackRock Income Opportunities Fund-Reg-(G) Debt Credit Opportunities Debt Credit Opportunities HDFC Medium Term Opportunities Fund-Reg-(G) ICICI Prudential Balanced Advantage Fund-Reg-(G) Debt- Income Hybrid-Equity Source Value Research Factsheets of the above mentioned schemes are as follows

5 Tel , FaxNo, Birla Sun Life Frontline Equity Fund -Growth-Regular Plan Benchmark S&P BSE 200 Scheme Obj Equity Large Cap Scheme Type Open-ended Launch Date Aug 30, 2002 Fund Manager Mahesh Patil The Scheme aims to generate long term growth of capital, through a portfolio with a target allocation of 100% equity by aiming at being as diversified across various industries and or sectors as its chosen benchmark index. Equity Debt Other Alpha Beta Trailing s (%) 1 M 2.89 Corpus (Cr.) 52 Week High 52 Week Low Mean Std. Deviation Sharpe Ratio 3 M 6 M 1 Y 2 Y 3 Y 11, (04/07/2016) (25/02/2016) Abs Ret for <=1 Yr & CAGR for >1 Yr 5 Y 10 Y Entry N.A. Exit 1% for redemption within 365 days Ex. Ratio 2.20 Current Nav ( ) Holding Instrument Net Asset (%) HDFC Bank Equity 7.10 Infosys Equity 5.95 Reliance Industries Equity 4.44 Larsen & Toubro Equity 4.12 ITC Equity 3.69 ICICI Bank Equity 3.16 Maruti Suzuki India Equity 2.69 Indusind Bank Equity 2.61 HCL Technologies Equity 2.57 Tata Motors Equity 2.43 Sun Pharmaceutical Inds. Equity 2.30 Grasim Industries Equity 2.23 Axis Bank Equity 2.22 HDFC Equity 2.15 Yes Bank Equity 1.86 NTPC Equity 1.85 Kotak Mahindra Bank Equity 1.73 Zee Entertainment Ent. Equity 1.64 Crompton Greaves Consumer ElectricEquity 1.62 Indian Oil Corp. Equity 1.53 Hindustan Unilever Equity 1.51 Tech Mahindra Equity 1.44 Dr. Reddy`s Lab Equity 1.40 Coal India Equity 1.39 Hero Motocorp Equity 1.38 Cons Durable 1.6% Services 1.6% Healthcare 3.7% FMCG 5.2% Diversified 6.3% Automobile 6.5% Energy 9.2% Technology 10.0% Financial 20.8% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0%

6 Tel , FaxNo, DSP Blackrock Micro Cap Fund - Regular Plan - Growth Benchmark S&P BSE SMALL CAP Scheme Obj Equity Small Cap Scheme Type Open-ended Launch Date Jun 14, 2007 Fund Manager Jay Kothari The aim of the fund is to seek long-term capital appreciation by investing in a portfolio that is substantially constitutes of stocks that are not part of the top 300 companies by market capitalisation. Focus of the scheme is to deliver superior long term performance by selecting stocks of companies those are uncorrelated to broader markets & not sector specific. Equity Debt Other Alpha Beta Trailing s (%) 1 M 6.95 Corpus (Cr.) 52 Week High 52 Week Low Mean Std. Deviation Sharpe Ratio 3 M 6 M 1 Y 2 Y 3 Y 2, (05/07/2016) (29/02/2016) Y 10 Y 1.64 Abs Ret for <=1 Yr & CAGR for >1 Yr Entry N.A. Exit 1% for redemption within 364 days Ex. Ratio 2.49 Current Nav ( ) Holding Instrument Net Asset (%) Sharda Cropchem Equity 4.58 SRF Equity 4.34 KPR Mills Equity 4.20 Navin Fluorine International Equity 3.36 Finolex Cables Equity 3.12 Eveready Industries (I) Equity 2.93 Atul Equity 2.80 APL Apollo Tubes Equity 2.68 Aarti Industries Equity 2.63 Cera Sanitaryware Equity 2.58 V-Guard Industries Equity 2.49 Thyrocare Technologies Equity 2.43 DCB Bank Equity 2.39 NIIT Technologies Equity 2.35 Manappuram Finance Equity 2.35 Indoco Remedies Equity 2.24 Repco Home Finance Ltd. Equity 2.15 Finolex Inds. Equity 2.10 Somany Ceramics Equity 1.95 Solar Industries Equity 1.86 Symphony Equity 1.86 Majesco Equity 1.69 Siti Cable Network Equity 1.60 Chambal Fertilisers & Chem. Equity 1.57 Suprajit Eng Equity 1.56 Others Metals FMCG Engineering 3.2% 2.7% 2.9% 3.1% Technology Cons Durable Construction Healthcare 4.0% 4.3% 4.5% 4.7% Financial 6.9% Textiles 8.5% Chemicals 18.9% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0%

7 Tel , FaxNo, Mirae Asset Emerging Bluechip Fund - Regular Plan Growth Benchmark NIFTY FREE FLOAT MIDCAP 100 Scheme Obj Equity Mid Cap Scheme Type Open-ended Launch Date Jul 09, 2010 Fund Manager Neelesh Surana To generate income and capital appreciation from a diversified portfolio predominantly investing in Indian equities and equity related securities of companies which are not part of the top 100 stocks by market capitalization and have market capitalization of atleast Rs.100 Crores at the time of investment. Equity Debt Other Alpha Beta Trailing s (%) 1 M 4.53 Corpus (Cr.) 52 Week High 52 Week Low Mean Std. Deviation Sharpe Ratio 3 M 6 M 1 Y 2 Y 3 Y 1, (04/07/2016) (25/02/2016) Y 10 Y 1.54 Abs Ret for <=1 Yr & CAGR for >1 Yr Entry N.A. Exit 2% for redemption within 182 days 1% for redemption between days Ex. Ratio 2.40 Current Nav ( ) Holding Instrument Net Asset (%) Kotak Mahindra Bank Equity 3.94 Indusind Bank Equity 3.84 HPCL Equity 3.74 Exide Inds. Equity 3.08 Torrent Pharmaceuticals Equity 3.07 Federal Bank Equity 2.79 Voltas Equity 2.72 ICICI Bank Equity 2.51 Dabur India Equity 2.49 Tata Chemicals Equity 2.44 Motherson Sumi Systems Equity 2.43 Gateway Distriparks Equity 2.31 Lupin Equity 2.24 Info Edge (India) Equity 2.24 Sundaram Finance Equity 2.23 Natco Pharma Equity 2.22 Zee Entertainment Ent. Equity 2.21 Ujjivan Financial Services Equity 2.09 Petronet LNG Equity 1.72 FAG Bearings India Equity 1.72 Container Corp. Equity 1.67 Credit Analysis & Research Equity 1.64 The Ramco Cements Equity 1.56 AIA Engineering Equity 1.55 eclerx Services Equity 1.54 Others Construction 1.6% 1.6% Automobile Chemicals FMCG Cons Durable 2.4% 2.4% 2.5% 2.7% Engineering Energy 4.8% 5.5% Healthcare 7.5% Services 10.0% Financial 19.0% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0%

8 Tel , FaxNo, SBI Blue Chip Fund - Regular Plan - Growth Scheme Obj Equity Large Cap Launch Date Feb 14, 2006 The scheme would invest in stocks of companies whose market capitalization is atleast equal to or more than the least market capitalised stock of BSE 100 Index. Benchmark S&P BSE 100 Scheme Type Open-ended Fund Manager Sohini Andani Entry N.A. Exit 1% for redemption within 365 days Ex. Ratio 2.39 Current Nav ( ) Equity Corpus (Cr.) 6, Holding Instrument Net Asset (%) Debt HDFC Bank Equity Week High (04/07/2016 Infosys Equity 5.46 Other Week Low (25/02/2016 Reliance Industries Equity 4.47 Sun Pharmaceutical Inds. Equity 3.76 Indusind Bank Equity 2.95 Alpha 9.26 Mean Larsen & Toubro Equity 2.73 HPCL Equity 2.66 Beta 0.92 Std. Deviation UPL Equity 2.59 Sharpe Ratio 1.04 Maruti Suzuki India Equity 2.56 Ultratech Cement Equity 2.52 Mahindra & Mahindra Equity 2.47 Cholamandalam Invest. & Fin. Equity 2.46 Trailing s (%) Shriram Transport Finance Equity 2.37 Abs Ret for <=1 Yr & CAGR for >1 Yr Tata Consultancy Services Equity 2.32 The Ramco Cements Equity M 3 M 6 M 1 Y 2 Y 3 Y 5 Y 10 Y Bharat Electronics Equity M&M Financial Services Equity 1.94 Tata Motors DVR Equity 1.92 Voltas Equity 1.92 Divi`s Laboratories Equity 1.90 Aurobindo Pharma Equity 1.81 Grasim Industries Equity 1.80 Motherson Sumi Systems Equity 1.77 HDFC Equity 1.69 Titan Company Equity 1.48 Engineering Chemicals 2.0% 2.6% Cons Durable 3.4% Diversified Construction 4.5% 4.8% Energy Healthcare Technology 7.1% 7.5% 7.8% Automobile 8.7% Financial 18.0% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0%

9 Tel , FaxNo, UTI - Mid Cap Fund Growth Plan Scheme Obj Equity Mid Cap Launch Date Apr 07, 2004 An open-ended equity fund with the objective to provide `Capital appreciation` by investing primarily in mid cap stocks. Benchmark NIFTY FREE FLOAT MIDCAP 100 Scheme Type Open-ended Fund Manager Lalit Gopalan Nambiar Entry N.A. Exit 1% for redemption within 364 days Ex. Ratio 2.37 Current Nav ( ) Equity Corpus (Cr.) 3, Holding Instrument Net Asset (%) Debt 0.90 M&M Financial Services Equity Week High (07/08/2015 SRF Equity 2.78 Other Week Low (25/02/2016) Cholamandalam Invest. & Fin. Equity 2.55 Eicher Motors Equity 2.25 Titan Company Equity 2.23 Alpha Mean Indraprastha Gas Equity 2.12 Mphasis Equity 1.96 Beta 1.00 Std. Deviation Indusind Bank Equity 1.84 Sharpe Ratio 1.36 JK Lakshmi Cement Equity 1.83 Apollo Tyres Equity 1.80 Crompton Greaves Consumer ElectricEquity 1.73 Bajaj Corp Ltd. Equity 1.67 Trailing s (%) Britannia Inds. Equity 1.48 Abs Ret for <=1 Yr & CAGR for >1 Yr United Spirits Equity 1.47 Indoco Remedies Equity M 3 M 6 M 1 Y 2 Y 3 Y 5 Y 10 Y Pidilite Industries Equity Karur Vysya Bank Equity 1.44 Exide Inds. Equity 1.44 Whirlpool Equity 1.43 Arvind Equity 1.41 Tata Chemicals Equity 1.38 UPL Equity 1.35 Container Corp. Equity 1.25 Petronet LNG Equity 1.24 JSW Steel Equity 1.23 Others 3.9% Healthcare Construction Technology 1.5% 1.8% 2.0% Services 3.4% Automobile Chemicals Textiles 4.0% 4.2% 4.2% FMCG 4.6% Cons Durable 5.4% Financial 10.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

10 Tel , FaxNo, HDFC Income Fund - Regular Plan - Growth Scheme Obj Debt Income Launch Date Sep 11, 2000 The scheme seeks to optimise returns while maintaining a balance of safety, yield and liquidity from a portfolio of debt and money market instruments. Benchmark CRISIL COMPOSITE BOND Scheme Type Open-ended Fund Manager Shobhit Mehrotra Entry N.A. Exit 0.5% for redemption within 180 days Ex. Ratio 1.92 Current Nav ( ) Equity 0.00 Corpus (Cr.) 2, Holding Instrument Net Asset (%) Debt % GOI 2040 Central Week High (11/07/2016 Other Week Low (16/07/ % GOI 2033 Central % GOI 2032 Central % GOI 2027 Central Alpha Mean 6.55 Beta 2.21 Std. Deviation % GOI 2034 GOI Securities % GOI 2044 Central 5.60 Avg. Mat. Sharpe Ratio 0.30 M. Duration Yr 8.33% GOI 2036 Central 5.00 YTM % 8.6% GOI 2028 Central 4.87 Trailing s (%) Abs Ret for <=1 Yr & CAGR for >1 Yr 9.2% GOI 2030 Central M 3 M 6 M 1 Y 2 Y 3 Y 5 Y 10 Y 7.95% GOI 2032 GOI Securities % GOI 2042 Central 2.92 Tata Power Bonds/NCDs % Food Corporation of India 2028Bonds % State Bank of Travancore 2026Bonds % State Bank of India 2023 Bonds % GOI 2043 Central % Tata Steel Debenture % NTPC 2024 Debenture 0.93 Bank of Baroda Bonds % GOI 2041 Central % GOI 2025 Central % IDBI Bank Bonds % Bank of Baroda Bonds 0.42 Andhra Pradesh Expressway 2022 Debenture 0.42 State Bank of India Bonds/NCDs 0.37

11 HDFC Income Fund - Regular Plan - Growth Scheme Obj Debt Income Launch Date Sep 11, 2000 Benchmark CRISIL COMPOSITE BOND Scheme Type Open-ended Fund Manager Shobhit Mehrotra A 0.5% AA+ 0.9% AA 1.4% AA- 2.0% AAA 6.4% SOV 82.9% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

12 Tel , FaxNo, BSL Medium Term Plan - Growth-Regular Plan Benchmark CRISIL AA ST BOND INDEX Scheme Obj Debt Income Scheme Type Open-ended Launch Date Mar 25, 2009 Fund Manager Maneesh Dangi The primary investment objective of the Scheme is to generate regular income through investments in debt & money market instruments in order to make regular dividend payments to unitholders. The Fund intends to optimise returns by keeping its portfolio duration between 1 year to 5 years. At anytime the maturity of the portfolio will be governed by the fund manager`s perception of the interest rate scenario prevailing in the economy. Entry N.A. Exit 2% for redemption within 365 days 1% for redemption between days Ex. Ratio 1.66 Current Nav ( ) Equity 0.00 Corpus (Cr.) 5, Holding Instrument Net Asset (%) Debt ECL Finance 2017 Debenture Week High (05/07/2016) 7% RKN Retail Pvt Debenture 6.57 Other Week Low (13/07/ % GOI 2044 Central % GOI 2026 GOI Securities % RHC Holdings 2019 Debenture 4.45 Alpha 4.25 Mean % GOI 2030 GOI Securities % Relationship Properties 2018 Debenture 3.82 Beta 2.15 Std. Deviation 1.88 Adani Power 2018 Structured 3.66 Avg. Mat. Sharpe Ratio 2.49 Obligation 11% RHC Holdings 2019 Structured 3.38 M. Duration Yr Obligation YTM % 11% IL&FS Education and TechnologDebenture 3.37 Trailing s (%) Abs Ret for <=1 Yr & CAGR for >1 Yr 9.84% Tata Motors Finance SolutionsPrivately Placed 3.36 Debts 7.59% GOI 2029 GOI Securities M 3 M 6 M 1 Y 2 Y 3 Y 5 Y 10 Y Canara Bank 2016 Certificate of Deposit Birla Sun Life Cash Plus - Dir Mutual Funds-Debt 2.43 Dewan Housing Fin. Corpn Debenture % IL&FS Education and TechnoDebenture % Dewan Housing Fin. Corpn. 201Debenture % GOI 2021 Central % Coffee Day Natural Resources 2Debenture % Hero Realty 2019 Debenture % Tata Realty and Infrastructure Debenture % Coffee Day Enterprises 2018 Debenture % Indiabulls Housing Finance 20Debenture % GOI 2023 GOI Securities 1.41 Punjab & Sind Bank 2016 Certificate of 1.25 Deposit

13 BSL Medium Term Plan - Growth-Regular Plan Benchmark CRISIL AA ST BOND INDEX Scheme Obj Debt Income Scheme Type Open-ended Launch Date Mar 25, 2009 Fund Manager Maneesh Dangi A+ 1.7% - 2.4% A1+ 4.2% AAA 5.2% AA 12.6% AA- 14.2% A 16.1% SOV 21.2% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0%

14 Tel , FaxNo, DSP Blackrock Income Opportunities Fund - Regular Plan - Growth Benchmark NIFTY 500 Scheme Obj Debt Income Scheme Type Open-ended Launch Date May 12, 2003 Fund Manager Dhawal Dalal The scheme seeks to generate returns commensurate with risk from a portfolio constituted of money market securities and debt securities. Entry N.A. Exit 1% for redemption within 365 days Ex. Ratio 1.80 Current Nav ( ) Equity 0.00 Corpus (Cr.) 3, Holding Instrument Net Asset (%) Debt 0.00 IL&FS Transportation Networks 2019Structured Week High (05/07/2016 Obligation Other Week Low (09/07/ % DLF Emporio 2021 Bonds/NCDs % Sobha 2019 Debenture % Power Grid Corp Bonds 3.40 Prism Cement 2019 Bonds 3.39 Alpha 3.62 Mean % National Bank Agr. Rur. Devp 20Bonds % LIC Housing Fin Bonds 3.31 Beta 2.05 Std. Deviation 1.74 Peninsula Land 2017 Bonds 3.18 Avg. Mat. Sharpe Ratio % Janalakshmi Financial ServicDebenture 3.18 M. Duration Yr 11% Aspire Home Finance Corp. 201Debenture 3.17 IL&FS Energy Development 2017 Debenture 3.03 YTM % Coffee Day Enterprises 2017 Structured 2.91 Trailing s (%) Obligation Abs Ret for <=1 Yr & CAGR for >1 Yr 8.23% PNB Housing Finance 2019 Bonds M 3 M 6 M 1 Y 2 Y 3 Y 5 Y 10 Y 10% Coffee Day Natural Resources 2Debenture Liquid Investment and Trading 2016 Debenture % Reliance Jio Infocomm 2020 Debenture % Reliance Utilities and Power 20Debenture % Power Grid Corp Bonds % Reliance Gas Transportation Bonds/NCDs 1.77 India Infoline Housing Finance 2018 Debenture % Janalakshmi Financial ServicDebenture % Export-Import Bank 2021 Bonds % Dalmia Cement (Bharat) Ltd 2Debenture % Dalmia Cement (Bharat) Ltd 2Structured 1.56 Obligation 8.2% National Bank Agr. Rur. Devp 20Privately Placed 1.46 Debts AA+ 2.7% A+ 3.1% A- 3.4% AA- 6.1% AA 6.6% A 19.7% AAA 27.9% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% 28.0%

15 Tel , FaxNo, HDFC Medium Term Opportunities Fund - Regular Plan - Growth Benchmark CRISIL COMPOSITE BOND Scheme Obj Debt Income Scheme Type Open-ended Launch Date Jun 29, 2010 Fund Manager Anupam Joshi The scheme seeks to generate regular income through investments in Debt/Money Market Instruments and Government Securities with maturities not exceeding 60 months. Entry N.A. Exit N.A. Ex. Ratio 0.28 Current Nav ( ) Equity 0.00 Corpus (Cr.) 4, Holding Instrument Net Asset (%) Debt % GOI 2020 GOI Securities Week High (05/07/2016) 8.12% GOI 2020 Central 7.36 Other Week Low (09/07/ % Rural Electrification 2020 Bonds % Rural Electrification 2019 Bonds % Power Finance Corp Bonds 4.52 Alpha 2.31 Mean % State Bank of Punjab 2019 State Development 4.43 Beta 0.93 Std. Deviation 2.35 Loan 7.8% GOI 2020 Central 4.31 Avg. Mat. Sharpe Ratio % Export-Import Bank 2021 Bonds 4.26 M. Duration Yr 8.4% Power Finance Corp Bonds 3.78 YTM % 7.85% Power Finance Corp Bonds/Debentures 3.18 Trailing s (%) Abs Ret for <=1 Yr & CAGR for >1 Yr 8.33% NTPC 2021 Bonds/NCDs % HDFC 2020 Debenture M 3 M 6 M 1 Y 2 Y 3 Y 5 Y 10 Y 8.37% National Bank Agr. Rur. Devp 2Debenture % Power Grid Corp Bonds % Petronet LNG 2019 Bonds/NCDs % HDFC 2018 Bonds/Debentures % Rural Electrification 2020 Debenture % L&T Finance 2017 Bonds % Power Grid Corp Bonds % Power Finance Corp Non Convertible 1.18 Debenture 8.52% Power Finance Corp Bonds % National Bank Agr. Rur. Devp 2Bonds/NCDs % LIC Housing Fin Debenture % NTPC 2020 Bonds % Power Grid Corp Bonds 0.87 AA+ 4.0% SOV 24.3% AAA 46.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0%

16 Tel , FaxNo, ICICI Prudential Balanced Advantage Fund - Growth Benchmark CRISIL BALANCED FUND AGGRESS Scheme Obj Hybrid Equity Oriented Scheme Type Open-ended Launch Date Dec 30, 2006 Fund Manager Ashwin Jain The scheme seeks to provide capital appreciation and income distribution to the investors by using equity derivatives strategies, arbitrage opportunities and pure equity investments. Entry N.A. Exit 1% for redemption within 540 days Ex. Ratio 2.21 Current Nav ( ) Equity Corpus (Cr.) 11, Holding Instrument Net Asset (%) Debt HDFC Bank Equity Week High (04/07/2016) National Bank Agr. Rur. Devp 90-D 08Commercial Paper 4.08 Other Week Low (25/02/2016) 8.6% GOI 2028 Central 2.94 Infosys Equity 2.70 ITC Equity 2.56 Alpha 6.30 Mean ICICI Bank Equity 2.46 Tech Mahindra Equity 2.38 Beta 0.77 Std. Deviation % GOI 2024 Central 2.29 Sharpe Ratio 1.01 Motherson Sumi Systems Equity 2.25 HCL Technologies Equity 2.24 Coal India Equity 2.19 Trailing s (%) Cipla Equity 2.13 Abs Ret for <=1 Yr & CAGR for >1 Yr Export-Import Bank 91-D 10/08/2016 Commercial Paper M 3 M 6 M 1 Y 2 Y 3 Y 5 Y 10 Y Axis Bank Equity % HDFC 2018 Bonds/Debentures 1.90 ACC Equity % GOI 2022 Central 1.73 NTPC Equity 1.68 Wipro Equity 1.67 M&M Financial Services Equity 1.62 Divi`s Laboratories Equity 1.51 Power Grid Corp. Equity 1.51 Larsen & Toubro Equity 1.47 Bajaj Finserv Equity 1.42 IDBI Bank 2017 Certificate of 1.40 Deposit Others 4.9% AAA 1.9% FMCG Diversified 2.6% 2.7% Automobile Healthcare 4.5% 4.8% Energy 7.4% Technology 9.0% A % SOV Financial 12.7% 13.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%