Fund Facts. October, 2010

Transcription

1 Fund Facts October, 2010

2 Equity and debt review Equity review Industrial Production data in India continued to be volatile, with August IIP slowing to 5.6% which was lower than 9.5% consensus and much below July, which got revised up from 13.8% to 15.2%. The Capital Goods segment was again the swing factor, but if we look beyond the MoM volatility, and instead focus on the trend, then the average growth of 8.8% in the last 3 months was in line with expectations. On the inflation front, the September WPI moderated to 8.62%, in line with estimates - helped by the base effect. However, continued stickiness in primary articles and the possible rise in Fuel Index on the back of a QE2 driven commodity price rally remain concerns. $6bn capital was raised in the Indian markets in October, the majority of which was in the primary market segment - 14 IPOs in all in October. The Coal India IPO at $3.5bn was the largest IPO in Indian market history, subscribed 15x overall and 25x in QIB segment. Another noteworthy deal was $750mn raised by Tata Motors in a QIP - $550mn via the DVR route and $200mn via the ordinary share route. FIIs continued to pump in money into India - another $5.4bn in October, taking the total to $25bn YTD. DIIs however continued to sell with $2.6bn outflow in October. Telecom was the worst performing sector in October, as the launch of MNP starting late November and persistent overhang of TRAI regulation dragged the sector. An added negative was weak results from Idea, which witnessed slow traffic growth due to seasonality and high churn. Pharmaceuticals was the best performing sector in October as a few leading companies posted a big beat in results, despite adverse currency trends. Banks and IT services had mixed results - a few really strong ones, shadowed by a few 'against the grain' disappointments. Cements lagged and so did Consumers in general, excepting ITC, whose cigarette volume numbers were heartening. Autos continued to do well, barring Hero Honda. Overall, while the results season is not over yet, it looks like the aggregates are running a little below expectations. However, like the last quarter, a few big results could change that. In our portfolios we continue to be overweight themes of consumption and investment. Equity indices are back to the previous highs and it is a fact that valuations are higher than long term trading averages. However, we believe unlike in early 2008, corporate India is only at the beginning of a strong earnings growth cycle and we continue to be positive on equities from a medium to long term perspective. Debt review A tight domestic liquidity condition was the major theme governing the fixed income markets - particularly the shorter end of the curve. Liquidity conditions remained tight because of the following temporary and seasonal reasons 1) Recently concluded ~$3.4bn Coal India IPO which was over subscribed ~15times 2) Increase in currency circulation due to festive seasons 3) Limited government spending so far in the month. Liquidity condition remained tight through out the month. The net average borrowing by banks from the RBI under LAF (Liquidity Adjustment Facility) amounted to approx Rs.59,500crs during the month. In the last week of October the call rates increased by bps and moved above the repo rate due to Coal India IPO. On 29th October the RBI announced additional liquidity measures such as special LAF window and G-Sec buy back to provide liquidity support to the market. The main highlight of the second quarter monetary policy review on 2 November 2010, was that the RBI, based purely on current growth and inflation trends, believes that the likelihood of further rate actions in the immediate future is relatively low. The RBI increased the repo rate by 25bps to 6.25%, reverse repo rate by 25bps to 5.25% and kept the CRR unchanged at 6%. The RBI's GDP growth projection for is retained at 8.5% and WPI inflation (based on new series) for March 2011 at 5.5%. In the month of October, short term rates increased by 50-75bps due to tight liquidity conditions. The 10 year G-Sec yields inched up by 20-22bps to 8.11%. However, post the policy announcement on 2nd November, the bond markets rallied by bps. Other economic data points were 1) IIP: Over, the last few months, trends in industrial production have been volatile with the August numbers coming in at 5.6% (July 15.2%). However 3mma trends at 8.8% appear to be in line with the underlying momentum in the economy. 2) Inflation: WPI rose 8.62% in September v/s 8.5% in the previous month. Manufactured products slowed marginally to 4.6% from 4.8% last month. Fuel index moderated to 11.1% from 12.5% last month. Primary articles inched up to 17.5% from 15.8% levels last month. In the medium term (3-6months) we expect the yields to inch lower due to the expectations of falling inflation in the 2nd half, pause by the RBI, improving fiscal picture and global uncertainties.

3 JPMorgan India Equity Fund Holdings as on 29 October 2010 (in %) Scheme returns as on 29 October 2010 Equity Holdings Infosys Technologies 7.55 Reliance Industries 6.50 HDFC Bank 5.39 ITC 4.58 Larsen & Toubro 4.28 ICICI Bank 4.27 Tata Consultancy Services 3.76 State Bank of India 3.14 Housing Development Finance Cor 3.06 Cummins India 3.00 Shriram Transport Finance Co 2.36 Tata Motors 2.36 Axis Bank 2.34 Punjab National Bank 2.24 Mahindra & Mahindra 2.13 Total of top 15 stocks Total of other equity Total of all equity Total of Cash & other receivables 4.05 Portfolio analysis: Market cap-wise Large 24.2% Mid 12.9% Small 4.8% Mega 58.2% Note: Mega-cap=above USD 10bn, Large cap=usd 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn Total expense ratio (year-to-date ratio to average AUM) Total expense ratio 2.24% Scheme BSE 200 S&P BSE CNX Sensex NIFTY 1 month 0.95% 0.45% -0.20% -0.18% 3 month 12.23% 11.41% 12.11% 12.11% 6 months 18.18% 13.98% 14.01% 14.09% 1 year 37.73% 29.59% 27.80% 26.10% 3 year 0.50% 1.38% 0.66% 0.33% Since inception 11.38% 12.06% 11.46% 10.71% Note: CAGR are given for more than one year. Absolute returns of the growth option are computed for a period of less than one year. Since inception returns are calculated on Rs. 10/- invested at inception. Past performance may or may not be sustained Active positive bets Total stocks in portfolio 51 Top 15 stocks 15.48% Total portfolio 38.85% 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 (%) 9.43 Beta 0.88 Sharpe ratio 1.04 Total portfolio turnover ratio 0.91 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Total turnover ratio (Equity) 0.60 Risk free rate of return (reverse repo) 4.50% % of total portfolio 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 87.5% Systematic Investment Plan Returns Liquidity measures 5.2% 4.2% 3.1% < >3 No. of days 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. Scheme Current SIP Total No. Total Present Returns NAV as on Start of units Amount Values as on (%) 29 October 10 (Rs.) Date Accumulated Invested (Rs.)29 October 2010 (Rs.) Last 12 months Scheme - Growth option Nov ,000 14, BSE 200 2, Nov ,000 13, BSE Sensex 20, Nov ,000 13, S&P Nifty 6, Nov ,000 13, Last 3 years Scheme - Growth option Nov-07 3, ,000 52, BSE 200 2, Nov ,000 52, BSE Sensex 20, Nov ,000 50, S&P Nifty 6, Nov ,000 50, Since Inception Scheme - Growth option Jun-07 4, ,000 59, BSE 200 2, Jun ,000 59, BSE Sensex 20, Jun ,000 56, S&P Nifty 6, Jun ,000 57, Assumptions: a) INR 1000/- as the amount of investment. b) The requested transaction date is 15th of every month. c) Valuation has been done on 29th of October Returns on SIP and are annualised and cumulative investment return for cash flows resulting out of uniform and regular monthly subscriptions have been worked out on excel spreadsheet function known as XIRR. Load not taken into consideration. Calculations assume that all payouts during the period have been reinvested in the units of the scheme at then prevailing NAV. The amounts invested in SIP and the market values of such investments at respective periodic intervals thereof are simulated for illustrative purposes for understanding the concept of SIP. The Mutual Fund or the Investment Manager does not assure any safeguard of capital and the illustrated returns are not necessarily indicative of future results and may not necessarily provide a basis for comparison with other investments. SIP does not guarantee or assure any protection against losses in declining market conditions. Dividend history Record date Rate CUM (Re/unit) dividend NAV 20 December 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 Portfolio analysis: Sector-wise Sector Cement Others# Utilities Pharma Metals/Minerals Consumer Auto Oil & Gas Technology Industrials/Infra* Financials 1.0% 2.3% 2.4% 4.0% 5.6% 7.0% 7.8% 8.8% 11.3% 16.7% 0% 4% 8% 12% 16% 20% 24% % of portfolio 29.1% 28% 32% *Includes industrial capital goods / diversified / construction / industrial products. #Includes Chemicals, fertilisers and transportation. JPMorgan India Equity Fund 14 June 2007 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. Minimum investment amount Rs.5,000 per application plus in multiples of Re.1/- thereof Additional investment amount Rs.1,000 per application plus in multiples of Re.1/- thereof Fund managers: Equity Harshad Patwardhan & Amit Gadgil Harshad Patwardhan 16 Amit Gadgil 8 Harshad Patwardhan 3 yrs, 4 months Amit Gadgil 3 yrs, 4 months Fund managers: Debt yrs, 9 months 2yrs, 6 months Entry load - Nil Exit load 1% within 12 months from the date of allotment in respect of purchase made other than through SIP. Exit load (SIP) 1%, if redeemed or switched out on or before completion of 12 months from date of allotment of units of each installment of SIP purchase BSE-200 Index Growth: Dividend: Rs crore

4 JPMorgan India Smaller Companies Fund Holdings as on 29 October 2010 (in %) Scheme returns as on 29 October 2010 Equity Holdings Shriram Transport Finance Co 4.97 Cummins India 3.45 Exide Industries 3.29 Asian Paints 3.17 Lupin 2.99 Thermax India 2.78 CRISIL 2.78 IPCA Laboratories 2.72 Sobha Developers 2.68 GlaxoSmithkline Consumer Healthcare 2.67 Eicher Motors 2.63 Indian Overseas Bank 2.49 Ess Dee Aluminium 2.38 Coromandel International 2.17 Sadbhav Engineering 2.07 Total of top 15 stocks Total of other equity and equity related scurities Total of Equity & Equity related holdings Total of Cash & other receivables 3.62 Active positive bets Total stocks in portfolio 63 Top 15 stocks 27.7% Total portfolio 66.3% 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. Metals/Minerals Oil & Gas Cement Technology Utilities Others# Auto Consumer Pharma Industrials/Infra* Financials Sector Portfolio analysis: Sector-wise 0.8% 1.8% 2.3% 2.6% 3.4% 7.4% 7.7% 10.3% 10.4% 24.7% 25.1% 0% 4% 8% 12% 16% 20% 24% 28% % of portfolio *Includes industrial capital goods / diversified / construction / industrial products. #Includes Chemicals, fertilisers and transportation. Scheme CNX S&P BSE Mid CNX Sensex Cap NIFTY 1 month 2.10% 2.14% -0.20% -0.18% 3 months 10.79% 11.23% 12.11% 12.11% 6 months 19.36% 16.12% 14.01% 14.09% 1 year 45.66% 42.40% 27.80% 26.10% Since inception -5.16% 1.84% -0.31% -0.28% Note: CAGR are given for more than one year. Absolute returns of the growth option are computed for a period of less than one year. Since inception returns are calculated on Rs. 10/- invested at inception. Past performance may or may not be sustained Quantitative indicators Standard deviation (%) Beta 0.95 Sharpe ratio Portfolio turnover ratio 1.09 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Total turnover ratio (Equity) 0.90 Risk free rate of return (reverse repo) 4.50% Total expense ratio (year-to-date ratio to average AUM) Total expense ratio 2.35% % of total portfolio % Systematic Investment Plan Returns Portfolio analysis: Market cap-wise Large 23.8% Mid 38.2% Note: Mega-cap=above USD 10bn, Large cap=usd 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn Liquidity measures 18.1% 17.8% Small 37.9% 14.5% < >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. Scheme Current SIP Total No. Total Present Returns NAV as on Start of units Amount Values as on (%) 29 October 10 (Rs.) Date Accumulated Invested (Rs.)29 October 2010 (Rs.) Last 12 months Scheme - Growth option Nov-09 1, ,000 14, CNX Midcap 9, Nov ,000 14, BSE Sensex 20, Nov ,000 13, S&P Nifty 6, Nov ,000 13, Since Inception Scheme - Growth option Jan-08 6, ,000 53, CNX Midcap 9, Jan ,000 56, BSE Sensex 20, Jan ,000 48, S&P Nifty 6, Jan ,000 48, Assumptions: a) INR 1000/- as the amount of investment. b) The requested transaction date is 15th of every month. c) Valuation has been done on 29th of October Returns on SIP and are annualised and cumulative investment return for cash flows resulting out of uniform and regular monthly subscriptions have been worked out on excel spreadsheet function known as XIRR. Load not taken into consideration. Calculations assume that all payouts during the period have been reinvested in the units of the scheme at then prevailing NAV. The amounts invested in SIP and the market values of such investments at respective periodic intervals thereof are simulated for illustrative purposes for understanding the concept of SIP. The Mutual Fund or the Investment Manager does not assure any safeguard of capital and the illustrated returns are not necessarily indicative of future results and may not necessarily provide a basis for comparison with other investments. SIP does not guarantee or assure any protection against losses in declining market conditions. in future. JPMorgan India Smaller Companies Fund 26 December 2007 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. Minimum investment amount Rs 5,000 per application plus in multiples of Re. 1/- thereafter Additional investment amount Rs 1,000 per application plus in multiples of Re. 1/- thereafter Fund managers: Equity Harshad Patwardhan & Amit Gadgil Harshad Patwardhan 16 Amit Gadgil 8 Harshad Patwardhan 2yrs, 10 months Amit Gadgil 2yrs, 10 months Fund managers: Debt yrs, 9 months 2 yrs, 6 months Entry load - Nil Exit load 1% within 12 months from the date of allotment in respect of purchase made other than through SIP. Exit load (SIP) 1%, if redeemed or switched out on or before completion of 12 months from date of allotment of units of each installment of SIP purchase ***CNX Mid Cap Growth: Dividend: Rs crore

5 JPMorgan India Alpha Fund Holdings as on 29 October 2010 (in %) Equity Holdings IPCA Laboratories 0.19 Kirloskar Oil Engines 0.17 Wabco TVS India 0.13 Sobha Developers 0.08 Ess Dee Aluminium 0.07 Gujarat State Fertilizers & Chemicals 0.07 Coromandel International 0.06 Indusind Bank 0.05 Equity Holdings Total 0.82 Derivatives Futures Mahindra & Mahindra November Hdfc Bank November State Bank Of India November Exide Industries November Reliance Industries November Cummins India November Sterlite Industries November Reliance Infrastructure November NTPC November Oil & Natural Gas Corporation November Hero Honda Motors November Zee Entertainment Enterprises November Hindustan Unilever Limited November Rural Electrification Corporation November Maruti Suzuki India November ABB November NIFTY November Futures Total Derivatives Total Margin Fixed Deposits Union Bank Of India UCO Bank Margin Fixed Deposits Total CBLO / Repo Net Receivables / (payables) 7.26 Total Dividend history Record Date Rate (Re / Unit) CUM Dividend NAV 30-Mar Jun Sep Jan Apr Jul After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Scheme returns as on 29 October 2010 Scheme CRISIL Liquid Fund Index 1 month 0.45% 0.49% 3 months 1.08% 1.46% 6 months 2.86% 2.61% 1 year 5.39% 4.34% Since inception 6.35% 5.48% Note: CAGR are given for more than one year. Absolute returns of the growth option are computed for a period of less than one year. Since inception returns are calculated on Rs. 10/- invested at inception. Past performance may or may not be sustained Total expense ratio (year-to-date ratio to average AUM) Total expense ratio 1.90% Quantitative indicators Standard deviation (%) 0.23 Beta (data since inception) NA* *This measure is not applicable for this fund. Note: Modified Duration and Average Maturity are not applicable to this scheme. JPMorgan India Alpha Fund 25th September 08 An interval scheme (w.e.f. 19 September 2009) The investment objective of the Scheme is to achieve a total return in excess of the return on short-term instruments through various strategies of buying and selling equity and equity-linked Securities, including derivatives, and money market and debt securities. The strategies would be designed to minimize market exposure for investors with a medium to long term horizon. However, there can be no assurance that the investment objective of the Scheme will be realised. Minimum investment amount Rs 5,000 per application and in multiples of Re 1 thereafter Additional investment amount Rs 1,000 per application and in multiples of Re 1 Fund managers: Equity Harshad Patwardhan & Amit Gadgil Fund managers: Debt Entry load - Nil Exit load Exit load (SIP) Harshad Patwardhan 16 Amit Gadgil 8 Harshad Patwardhan Amit Gadgil 2 years, 1 month 2 years, 1 month years, 1 month 2 years, 1 month 1% within 12 months from the date of allotment in respect of purchase made other than through SIP. 1%, if redeemed or switched out on or before completion of 12 months from date of allotment of units of each installment of SIP purchase CRISIL Liquid Fund Index Growth: Dividend: Rs crore

6 JPMorgan India Alpha Fund Hedging Positions through Futures as on October 29, 2010 Underlying Long / Short Futures Price when Current price of Margin maintained purchased (Rs.) the contract (Rs.) (in Rs. Lakhs) Nil Total %age of existing assets hedged through futures : NIL For the period ended October 29, 2010 following details specified for hedging transactions through futures which have been squared off/expired: Total Number of contracts where futures were bought : NIL Total Number of contracts where futures were sold : NIL Gross Notional Value of contracts where futures were bought : NIL Gross Notional Value of contracts where futures were sold : NIL Net Profit/Loss value on all contracts combined : NIL Other than Hedging Positions through Futures as on October 29, 2010 Underlying Long / Short Futures Price when Current price of Margin maintained purchased (Rs.) the contract (Rs.) (in Rs. Lakhs) ABB Ltd. Short Reliance Infrastructure Ltd. Long 1, , Exide Industries Ltd. Long HDFC Bank Ltd. Long 2, , Hero Honda Motors Ltd. Short 1, , Hindustan UniLever Ltd. Short Cummins India Ltd. Long Mahindra & Mahindra Ltd. Long Maruti Suzuki India Ltd. Short 1, , NIFTY Short 6, , NTPC Ltd. Short Oil & Natural Gas Corporation Ltd. Short 1, , Rural Electrification Corporation Ltd. Short Reliance Industries Ltd. Long 1, , State Bank of India Long 3, , Sterlite Industries Ltd. Long Zee Entertainment Enterprises Ltd. Short Total exposure due to futures (non hedging positions) as a %age of net assets : 4.42% For the period ended October 29, 2010 following details specified for non-hedging transactions through futures which have been squared off/expired: Total Number of contracts where futures were bought : 68 Total Number of contracts where futures were sold : 56 Gross Notional Value of contracts where futures were bought : Rs Lakhs Gross Notional Value of contracts where futures were sold : Rs Lakhs Net Profit/Loss value on all contracts combined : Rs.0.56 Lakhs Hedging Positions through Put Options as on October 29, 2010 Underlying Number of Option Price Current Option Contracts when purchased Price Nil Total % age of existing assets hedged through put options - NIL For the period ended October 29, 2010 following details specified for hedging transactions through options which have already been exercised/expired : Total Number of contracts entered into : NIL Gross National value of contracts : NIL Net Profit/Loss on all contracts (premium paid treated as loss) : NIL Other than Hedging Positions through Options as on October 29, 2010 Underlying Call / Put Number of Option Price Current Contracts when purchased Price Nil Total Exposure through options as a %age of net assets : NIL For the period ended October 29, 2010 following details specified with regrd to non-hedging transactions through options which have already been exercised/expired : Total Number of contracts entered into : NIL Gross National Value of contracts : NIL Net Profit/Loss on all contracts (premium paid treated as loss) : NIL Hedging Positions through swaps as on October 29, NIL

7 JPMorgan India Tax Advantage Fund Holdings as on 29 October 2010 (in %) Scheme returns as on 29 October 2010 Equity Holdings Infosys Technologies 7.54 Reliance Industries 6.51 HDFC Bank 5.26 ITC 4.57 ICICI Bank 4.09 Larsen & Toubro 4.09 Tata Consultancy Services 3.78 State Bank of India 3.02 Housing Development Finance Cor 2.94 Cummins India 2.92 Tata Motors 2.27 Shriram Transport Finance Co 2.25 Axis Bank 2.24 Punjab National Bank 2.19 Mahindra & Mahindra 2.05 Total of top 15 stocks Total of other equity Total of all equity Total of Cash & other receivables 5.69 Sector Cement Utilities Others# Pharma Metals/Minerals Consumer Auto Oil & Gas Technology Industrials/Infra* Portfolio analysis: Sector-wise Financials 1.0% 2.3% 2.5% 3.7% 5.4% 7.0% 7.6% 8.6% 11.3% % of portfolio 16.8% 28.1% 0% 3% 6% 9% 12% 15% 18% 21% 24% 27% 30% *Includes industrial capital goods / diversified / construction / industrial products. # Includes transportation. Total expense ratio (year-to-date ratio to average AUM) Total expense ratio 2.50% Scheme BSE 200 S&P BSE CNX Sensex NIFTY 1 month 0.86% 0.45% -0.20% -0.18% 3 months 11.66% 11.41% 12.11% 12.11% 6 months 16.89% 13.98% 14.01% 14.09% 1 year 36.61% 29.59% 27.80% 26.10% Since inception 47.30% 64.40% 55.51% 57.67% Note: CAGR are given for more than one year. Absolute returns of the growth option are computed for a period of less than one year. Since inception returns are calculated on Rs. 10/- invested at inception. Past performance may or may not be sustained Active positive bets Total stocks in portfolio 52 Top 15 stocks 14.8% Total portfolio 37.5% 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 (%) 6.03 Beta 0.59 Sharpe ratio 7.84 Portfolio turnover ratio 0.84 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Total turnover ratio (Equity) 0.84 Risk free rate of return (reverse repo) 4.50% Large 23.5% Systematic Investment Plan Returns Portfolio analysis: Market cap-wise Mid 12.5% Small 7.5% Note: Mega-cap=above USD 10bn, Large cap=usd 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn Dividend history Mega 56.4% Record date Rate CUM (Re/unit) dividend NAV 15-Dec Jan 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 Scheme Current SIP Total No. Total Present Returns NAV as on Start of units Amount Values as on (%) 29 October 10 (Rs.) Date Accumulated Invested (Rs.)29 October 2010 (Rs.) Last 12 months Scheme - Growth option Nov ,000 14, BSE 200 2, Nov ,000 13, BSE Sensex 20, Nov ,000 13, S&P Nifty 6, Nov ,000 13, Since Inception Scheme - Growth option Feb-09 1, ,000 27, BSE 200 2, Feb ,000 27, BSE Sensex 20, Feb ,000 26, S&P Nifty 6, Feb ,000 27, Assumptions: a) INR 1000/- as the amount of investment. b) The requested transaction date is 15th of every month. c) Valuation has been done on 29th of October Returns on SIP and are annualised and cumulative investment return for cash flows resulting out of uniform and regular monthly subscriptions have been worked out on excel spreadsheet function known as XIRR. Load not taken into consideration. Calculations assume that all payouts during the period have been reinvested in the units of the scheme at then prevailing NAV. The amounts invested in SIP and the market values of such investments at respective periodic intervals thereof are simulated for illustrative purposes for understanding the concept of SIP. The Mutual Fund or the Investment Manager does not assure any safeguard of capital and the illustrated returns are not necessarily indicative of future results and may not necessarily provide a basis for comparison with other investments. SIP does not guarantee or assure any protection against losses in declining market conditions. in future. JPMorgan India Tax Advantage Fund 27th January 09 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. Minimum investment amount Rs 500 per application and in multiples of Rs 500 thereafter Additional investment amount Rs 500 per application and in multiples of Rs 500 thereafter Fund managers: Equity Harshad Patwardhan & Amit Gadgil Harshad Patwardhan 16 Amit Gadgil 8 Harshad Patwardhan 1 yr, 9 months Amit Gadgil 1 yr, 9 months Fund managers: Debt 20 years 9 years 1 yr, 9 months 1 yr, 9 months Entry load - Nil Exit load Nil w.e.f. July 1, Exit load (SIP) Nil w.e.f. July 1, BSE-200 Index Growth: Dividend: Rs crore

8 JPMorgan JF Greater China Equity Off-shore Fund Details of JPMorgan JF Greater China Equity Off-shore Fund Holdings as of 29 October 2010 (in %) International mutual fund units JPMorgan Funds - JF Greater China Fund International mutual fund units total Cash & other receivables CBLO / Repo 0.62 Net Receivables / (Payables) 0.22 Cash & other receivables Total 0.83 Scheme returns as on 29 October 2010 Scheme MSCI Golden Dragon Index 1 month 3.45% 2.86% 3 months 8.19% 6.79% 6 months 11.63% 9.19% 1 year 8.86% 6.77% Since inception 12.06% 9.86% Note: CAGR are given for more than one year. Absolute returns of the growth option are computed for a period of less than one year. Since inception returns are calculated on Rs. 10/- invested at inception. Past performance may or may not be sustained Total expense ratio (year-to-date ratio to average AUM) Total expense ratio 0.66% Details of JPMorgan Funds - JF Greater China Equity Fund (underlying fund) Equity holding Weight (%) CNOOC (Energy) 4.50 China Construction Bank (Financials) 4.10 China Mobile (Telecommunication Services) 3.50 Cheung Kong (Financials) 3.30 Taiwan Semiconductor (Information Technology) 3.00 Bank of China (Financials) 2.90 Tencent Holdings (Information Technology) 2.70 Hon Hai Precisoin Industry (Information Technology) 2.70 Ping An Insurance (Financials) 2.70 Industrial & Commercial Bank of China (Financials) 2.30 Total Geographical breakdown as on 30 September 2010 Country Fund China 57.7% Taiwan 25.8% Hong Kong 15.2% Cash 1.3% Total 100.0% Statistical analysis as on 30 September years 5 years Correlation Alpha % Beta Performance as on 30 September 2010 JF A (acc) - USD 10 largest holdings as on 30 September /09/05 30/09/06 30/09/07 30/09/08 30/09/09 30/09/10 Sector breakdown as on 30 September 2010 Sector Fund Financials 35.2% Information Technology 20.3% Materials 9.9% Energy 8.8% Industrials 6.8% Consumer Discretionary 6.5% Consumer Staples 4.6% Telecommunication Services 3.5% Health Care 1.6% Utilities 1.5% Cash 1.3% Total 100.0% JPMorgan JF Greater China Equity Off-shore Fund 26 August 2009 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 Funds - JF Greater China Equity Fund, 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. Minimum investment amount Rs 10,000 per application plus in multiples of Re. 1/- thereafter Additional investment amount Rs 1,000 per application plus in multiples of Re. 1/- thereafter Fund manager 9 years 1 yr, 2 months Entry load - Nil Exit load 1% within 12 months from the date of allotment in respect of purchase made other than through SIP Exit load (SIP) 1%, if redeemed or switched out on or before completion of 12 months from date of allotment of units of each installment of SIP purchase MSCI Golden Dragon Index (Total Return Net) Regular Growth: in future. Rs crore Portfolio Review: Global equities rallied strongly in September as developed market economic indicators stabilized, and markets attempted to price in another round of quantitative easing by the US Federal Reserve. Hong Kong was the strongest of the three Greater China markets, led by property counters, as the market expressed confidence that government cooling measures would not derail the physical property market, while continued talks of RMB internationalization benefited HK bank stocks. MSCI Taiwan bounced as investors began pricing an end to the dual corrections in semiconductor and LCD panel inventories. Finally, MSCI China lagged the rally somewhat as Policy tightening worries dampened enthusiasm about better-than-expected macroeconomic data. The Fund outperformed against this backdrop. Outlook: We retain our positive outlook on Greater China equity markets, but are watching nearterm movements in Mainland asset prices and inflation numbers closely. We have continued to expand our overweight position in China on a bottom-up basis as we add new secular growth themes, but are looking for signs of a peak in policy risk for further upside in stocks (financials have continued to lag). We are marginally reducing our weight in Hong Kong from a top-down standpoint given relative performance and absolute share prices. While a near-term correction is probable, we would view it as a buying opportunity, as long as signs of overheating in Mainland China diminished.

9 JPMorgan India Liquid Fund Holdings as on 29 October 2010 (in %) Name of the instrument Rating % to NAV Money Market Instruments Certificate of Deposit Axis Bank P Central Bank of India A Punjab National Bank PR Corporation Bank P Indusind Bank P Canara Bank P Oriental Bank of Commerce P Oriental Bank of Commerce A UCO Bank P Federal Bank PR Punjab & Sindh Bank A Certificate of Deposit Total Commercial Paper Reliance Capital A Religare Finvest A ECL Finance A Export Import Bank Of India A Edelweiss Capital P ECL Finance P Commercial Paper Total Money Market Instruments Total CBLO / Repo 0.23 Net Receivables / (Payables) 0.95 Total 1.18 Scheme returns as on 29 October 2010 Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Super Institutional Dividend - Monthly 25-Aug Sep Oct Retail Dividend - Monthly 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 Rating profile A1+, P1+, PR % Returns Super CRISIL Liquid Retail CRISIL Liquid Institutional Growth Fund Index Growth Fund Index 7 days 0.13% 0.12% 0.12% 0.12% 15 days 0.27% 0.26% 0.27% 0.26% 30 days 0.55% 0.50% 0.53% 0.50% 3 months 1.55% 1.46% 1.49% 1.46% 6 months 2.99% 2.61% 2.89% 2.61% 1 year 5.15% 4.34% 4.94% 4.34% 3 year 6.86% 6.09% NA NA Since inception 6.89% 6.11% 5.95% 5.52% Note: The of the retail plan of the scheme is 16th September CAGR are given for more than one year. Absolute returns of the growth option are computed for a period of less than one year. Since inception returns are calculated on Rs. 10/- invested at inception. Past performance may or may not be sustained Modified duration Average maturity Total expense ratio (year-to-date ratio to average AUM) In days Super Institutional Growth Retail Growth % 0.55% *The assigned rating AAAf is valid only for "JPMorgan India Liquid Fund". 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 Fund, which could vary with market developments % 67.56% Certificate of Deposit Asset allocation (% of total) 31.26% Commercial Paper 1.18% Cash and Others JPMorgan India Liquid Fund Super Institutional - 21 September 2007 Retail - 16 September 2008 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. Fund manager (in years) 20 9 Experience in managing this scheme 3 yrs, 1 month 2yrs, 6 months Retail Plan Minimum initial application amount Rs. 5,000 per application and in multiples of Re. 1 Minimum additional application amount Rs per application and in multiples of Re. 1 Minimum Amount / No. of Units for Redemption Rs or 500 units Super-Institutional Plan Minimum initial application amount Rs. 1 Crore per application and in multiples of Re. 1 Minimum additional application amount Re. 1 per application and in multiples of Re. 1 Minimum Amount / No. of Units for Redemption Rs or 500 units Entry Load - Nil Entry Load (SIP) Nil Exit Load Nil Exit Load (SIP) Nil CRISIL Liquid Fund Index Super Institutional Growth Super Institutional Dividend - Daily Super Institutional Dividend - Weekly Super Institutional Dividend - Monthly Retail Growth Retail Dividend - Daily Retail Dividend - Weekly Retail Dividend - Monthly Rs crore

10 JPMorgan India Treasury Fund Holdings as on 29 October 2010 (in%) Name of the instrument Rating % to NAV Money Market Instruments Certificate of Deposit Corporation Bank P Central Bank of India A Allahabad Bank A Punjab National Bank PR Punjab National Bank P Indusind Bank P Indusind Bank A Oriental Bank of Commerce P IDBI Bank A State Bank Of Patiala A Federal Bank P Federal Bank PR Certificate of Deposit Total Commercial Paper Religare Finvest A Reliance Capital A DSP Merill Lynch Capital P ECL Finance P Fullerton India Credit Co. A Shree Renuka Sugars A Commercial Paper Total Money Market Instruments Total CBLO / Repo 0.03 Net Receivables/(Payables) 1.75 Total 1.77 Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Super Institutional Dividend - Monthly 25-Aug Sep Oct Retail Dividend - Monthly 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 Commercial Paper Cash and others Modified duration Average maturity Total expense ratio (year-to-date ratio to average AUM) In days Super Institutional Growth Retail Growth % 0.75% **The assigned rating AAAf is valid only for "JPMorgan India Treasury Fund". 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 Fund, which could vary with market developments. Please note that w.e.f. 18th February 2009, the name of JPMorgan India Liquid Plus Fund has been changed to JPMorgan India Treasury Fund Asset allocation (% of total) 69.37% Certificate of deposit Rating profile A1, P1+, PR % Scheme returns as on 29 October 2010 Returns Super CRISIL Liquid Retail CRISIL Liquid Institutional Growth Fund Index Growth Fund Index 3 months 1.54% 1.46% 1.48% 1.46% 6 months 2.92% 2.61% 2.80% 2.61% 1 year 5.36% 4.34% 5.10% 4.34% 3 year 7.12% 6.09% NA NA Since inception 7.16% 6.11% 6.13% 5.51% Note: The of the retail plan of the scheme is 16th September CAGR are given for more than one year. Absolute returns of the growth option are computed for a period of less than one year. Since inception returns are calculated on Rs. 10/- invested at inception. Past performance may or may not be sustained 1.77% 28.86% 1.77% JPMorgan India Treasury Fund Super Institutional - 21 September 2007 Retail - 16 September 2008 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. Fund manager (in years) 20 9 Experience in managing this scheme 3 yrs, 1 month 2yrs, 6 months Retail Plan Minimum initial application amount Rs. 5,000 per application and in multiples of Re. 1 Minimum additional application amount Rs per application and in multiples of Re. 1 Minimum Amount/No. of Units for Redemption Rs or 500 units Super-Institutional Plan Minimum initial application amount Rs. 1 Crore per application and in multiples of Re. 1 Minimum additional application amount Re. 1 per application and in multiples of Re. 1 Minimum Amount/No. of Units for Redemption Rs or 500 units Entry Load - Nil Entry Load (SIP) Nil Exit Load Nil Exit Load (SIP) Nil CRISIL Liquid Fund Index Super Institutional Growth Super Institutional Dividend - Daily Super Institutional Dividend - Weekly Super Institutional Dividend - Monthly Retail Growth Retail Dividend - Daily Retail Dividend - Weekly Retail Dividend - Monthly Rs crore

11 JPMorgan India Active Bond Fund Holdings as on 29 October 2010 (in%) Name of the instrument % to NAV 7.17% GOI (MD 14/06/2015) Sovereign Govt. Securities Total CBLO / Repo Net Receivables / (Payables) 4.61 Total Scheme returns as on 29 October 2010 Returns Institutional CRISIL Composite Retail CRISIL Composite Growth Bond Fund Index Growth Bond Fund Index 3 months NA NA 0.99% 1.00% 6 months NA NA 3.34% 1.85% 1 year NA NA 5.69% 5.32% Since inception 0.08% 0.09% 3.62% 7.14% Note: CAGR are given for more than one year. Absolute returns of the growth option are computed for a period of less than one year. Since inception returns are calculated on Rs. 10/- invested at inception. Past performance may or may not be sustained Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Retail Dividend 7-Oct Jan Institutional Dividend 7-Oct Jan After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Sovereign 39% Rating profile 61% Modified duration Average maturity Total expense ratio (year-to-date ratio to average AUM) In years Institutional Growth Retail Growth % 2.00% #The assigned rating AAAf is valid only for "JPMorgan India Active Bond Fund". 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 Fund, which could vary with market developments Asset allocation (% of total) 61% Government Secuities 39% JPMorgan India Active Bond Fund 27th June 2008 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. Minimum investment amount Retail Plan: Rs 5,000 per application and in multiples of Re 1 Institutional Plan: Rs. 1,00,00,000 per application and in multiples of Re. 1 Additional investment amount Rs 1,000 per application and in multiples of Re 1 thereafter under both the plans. Fund manager (in years) 20 9 Experience in managing this scheme 2 yrs, 4 months 2 yrs, 4 months Entry load - Nil Exit load - w.e.f. September 2, 2010 Retail plan: For any amount, if redeemed within one month of allotment of units: 0.25% Institutional plan: For any amount, if redeemed within one month of allotment of units: 0.25% Exit load (SIP)- only for retail plan - w.e.f. September 2, 2010 For any amount, if redeemed within one month of allotment of units: 0.25% CRISIL Composite Bond Fund Index Growth - Retail Dividend - Retail Growth - Institutional Rs crore

12 JPMorgan India Short Term Income Fund Holdings as on 29 October 2010 (in%) Name of the instrument Rating % to NAV Money Market Instruments Certificate of Deposit Central Bank of India A Axis Bank P Punjab & Sindh Bank A Dhanalaxmi Bank PR Certificate of Deposit Total Commercial Paper Fullerton India Credit Co. A Commercial Paper Total Money Market Instruments Total Govt Securities 7.80% GOI (MD 03/05/2020). Sovereign % GOI (MD 02/08/2022) Sovereign 6.55 Govt Securities Total CBLO / Repo 0.49 Net Receivables / (payables) 0.88 Total 1.37 Note: Absolute returns of the growth option are computed for a period of less than one year. Since inception returns are calculated on Rs. 10/- invested at inception. Past performance may or may not be sustained Modified duration Average maturity Total expense ratio (year-to-date ratio to average AUM) In days , % Scheme returns as on 29 October 2010 Return Scheme CRISIL Short Term Bond Fund Index 30 days 0.33% 0.31% 3 months 1.13% 1.20% 6 months 2.42% 1.94% Since inception 3.11% 2.73% 53.93% Certificate of Deposit Dividend details (Re / Unit) Asset allocation (% of total) Rating profile A1+, P1+, PR1+, Sovereign 98.63% Record Date Gross Dividend CUM Dividend NAV Monthly Dividend 25-Aug Sep Oct After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). #The assigned rating AAAf is valid only for "JPMorgan India Short Term Income Fund". 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 Fund, which could vary with market developments. 1.37% 15.66% Commercial Paper 29.05% Government Securities 1.37% Cash & Others JPMorgan India Short Term Income Fund 26th March 2010 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. Minimum investment amount Rs 5,000 per application and in multiples of Re 1 Additional investment amount Rs 1,000 per application and in multiples of Re 1 Fund manager (in years) 20 9 Experience in managing this scheme 7 months 7 months Entry load - Nil Exit load Within 15 days from the date of allotment in respect of Purchase made other than through SIP: 0.15% Within 15 days from the date of allotment in respect of each Purchase made through SIP: 0.15% CRISIL Short - Term Bond Fund Index Super Institutional Growth Super Institutional Dividend - Weekly Super Institutional Dividend - Forthnightly Super Institutional Dividend - Monthly Rs crore

13

14 Asset allocation pattern: JPMIEF: Equity and equity-related instruments %, Debt and money market instruments 0-35%. JPMILF: Money market instruments (including cash and reverse repo and debt instruments with maturity upto 91 days) - Up to 100% ; Securitised debt instruments with maturity upto 91 days - Up to 30%; Investment in Derivatives - Up to 10% of the net asset of the Scheme. JPMITF: Money Market & Debt instruments with maturity / average maturity / interest rate reset not greater that 1 year 70% - 100% and Debt instruments with maturity greater than 1 year but less than 3 years* 0-30%. * Debt Instruments include securitised debt. Securitised debt can be up to 50% of the net assets. Investment in Derivatives - Up to 50% of the net asset of the Scheme. JPMISCF: Equity and equity-related Securities of Smaller Companies* 65% - 100%; Equity and equity-related Securities of companies other than Smaller Companies* - 0% - 35%; Debt and money market instruments 0% - 35%. * Includes investments in equity and equity related securities issued by domestic companies; including derivatives traded on the Futures and Options segment of Indian stock exchanges not exceeding 50% of the net assets of the Scheme, offshore securities, ADRs and GDRs not exceeding 50% of the net assets of the Scheme. Investment in securitised debt may be made to the extent of 20% of net assets of the Scheme. JPMIABF: Money market and Debt instruments with maturity/ average maturity/ interest rate reset not greater than 1 year 10% - 100%; Debt*instruments including government securities and corporate debt 0% - 90%*. Debt instruments include securitised debt. Securitised debt (excluding foreign securitised debt) can be up to 50% of the net assets of the scheme. Investment in derivatives also up to 50% of the net asset of the Scheme. *For details pertaining to asset allocation please refer to the SID of the respective schemes. th $ JPMIAF: (w.e.f. 19 September 09) Equity Derivatives Exposure - 0% - 100%; Equity and equity related Securities 0% - 100%; Debt and money market $ instruments and mutual funds 0% - 100%. Offshore Securities, ADRs and GDRs up-to 50% of the net assets of the Scheme. Investment in securitised debt may be made to the extent of 20% of net assets of the Scheme. The notional value of derivatives shall not exceed the AUM of the Scheme. $ The asset allocation pattern is of dynamic nature and the Fund Manager has the flexibility of switching between equity and debt asset class. JPMITAF: Equity and equity- related Securities* 80% - 100%; Debt and money market instruments 0% - 20%. *Equity related Securities shall mean equities, cumulative convertible preference shares and fully convertible debentures and bonds of companies. Investment may also be made in partly convertible issues of debentures and bonds including those issued on rights basis subject to the condition that, as far as possible, the non-convertible portion of the debentures so acquired or subscribed, shall be disinvested within a period of 12 (twelve) months. JPMJFGCEOF: Units / shares of JPMorgan Funds JF Greater China JF Greater China 80% - 100% ; Money market instruments and/ or units of liquid schemes 0% - 20%. 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. JPMISTIF: Money market and *Debt instruments including government securities with maturity / average maturity / residual maturity / interest rate reset not greater than 1 year: %; *Debt instruments with maturity / average maturity / residual maturity / interest rate reset greater than 1 year: 0-35%; *Debt Instruments include securitised debt. Securitised debt can be up to 50% of the net assets. Investment in Derivatives - Gross exposure up to 50% of the net asset of the Scheme. Risk Factors: Mutual funds and securities investments are subject to market risks and there is no assurance or guarantee against loss in the Scheme or that the Scheme's objectives will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme can go up or down depending on various factors and forces affecting capital markets. Past performance of the Sponsor / AMC / Mutual Fund does not indicate the future performance of the Scheme. Investors in the Scheme are not being offered a guaranteed or assured rate of return. JPMorgan India Equity Fund, JPMorgan India Liquid Fund, JPMorgan India Treasury Fund, JPMorgan India Smaller Companies Fund, JPMorgan India Active Bond Fund, JPMorgan India Alpha Fund, JPMorgan India Tax Advantage Fund, JPMorgan JF Greater China Equity Off-shore fund and JPMorgan India Short Term Income Fund are only the name of the respective schemes and they do not in any manner indicate the quality of the Scheme(s) or their future prospects and returns. Mutual funds invest in securities which may not always be profitable and there can be no guarantee against loss resulting from investing in the Scheme. The Scheme's value may be impacted by fluctuations in the bond markets, fluctuations in interest rates, prevailing political, economic and social environments, changes in government policies and other factors specific to the issuer of the securities, tax Laws, liquidity of the underlying instruments, settlement periods, trading volumes, etc. Redemptions due to a change in the fundamental attributes of the Scheme or due to any other reason may entail tax consequences. Such tax shall be borne by the investor and the Mutual Fund shall not be liable for any tax consequences that may arise. For scheme specific risk factors, please refer to the Scheme Information Document. Statutory details: Sponsor: JPMorgan Asset Management (Asia) Inc. Trustee: JPMorgan Mutual Fund India Private Limited, a company incorporated under the Companies Act, Asset Management Company: JPMorgan Asset Management India Private Limited, a company incorporated under the Companies Act, JPMorgan Mutual Fund has been established as a Trust under the Indian Trusts Act, 1882, by JPMorgan Asset Management (Asia) Inc., liability restricted to initial contribution of Rs1 lakh. Please refer to the Scheme Information Document and Statement of Additional Information before investing. Scheme Information Document, Key Information Memorandum and application forms and Statement of Additional Information are available at Investor Service Centres and distributors. *** The JPMorgan India Smaller Companies Fund ( 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. Registered office: JPMorgan Asset Management India Private Limited Kalpataru Synergy, 3rd Floor, West Wing, Santacruz (East), Mumbai Tel.: Website: Toll free number: (JPMF) Tel.: Ahmedabad : 302, Megha House, Near Law Garden, Mithakhali Six Road, Navrangpura, Ahmedabad Bengaluru : 501, 5th Floor, Prestige Centre Point, 7, Cunningham Road, Bengaluru Tel.: Chennai : T V Loganathan Towers, 2nd Floor, No. 95, V. M. Street, R.K. Salai, Mylapore, Chennai Tel.: Kolkata : 22 Camac Street, Block-B, 5th Floor, Kolkata Tel.: Fax: Mumbai : Kalpataru Synergy, 3rd Floor, West Wing, Santacruz (East), Mumbai Tel.: New Delhi : , 7th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi Tel.: Pune : Office No. 301, Nandadeep, Above Odyssey Shop, F.C. Rd., Shivajinagar, Pune Tel.: / 01 AdvantEdge: