BUY RIGHT : SIT TIGHT. Buying quality companies and riding their growth cycle

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1 RST RSTBRST STBRST BUY RIGHT : SIT TIGHT Buying quality companies and riding their growth cycle RST RSTBRST RSTBRS

2 Our Unique Investment Approach to Wealth Creation : 'Buy Right: Sit Tight' At Motilal Oswal Asset Management Company (MOAMC), our investment philosophy is centered on two critical pillars of equity investing 'Buy Right: Sit Tight'. 'Buy Right' means buying quality companies at a reasonable price and 'Sit Tight' means staying invested in them for a long time to realise the full growth potential of the stocks. Process2Performance It is this inves ng process that has helped our products to beat the benchmark consistently over the years ` 1 cr invested in NTDOP Strategy in December 27 is worth ` 3.69 cr Vs ` 1 crore invested in Ni y Free Float Midcap 1 # Index which is now worth ` 1.56 cr NTDOP Strategy Inception Date: 11 Dec 27 Value Strategy Inception Date: ` 1 cr invested in Value Strategy in ch 23 is worth ` 19.7 cr # Vs ` 1 crore invested in Ni y 5 index is now worth ` 7.76 cr Delivered an annualized return of 14.3% since incep on as against 9.34% by Ni y 5 Index* MOSt Focused 25 Inception Date: 13 May 213 MOSt Focused Midcap 3 Inception Date: 24 Feb 214 Delivered an annualized return of 36.4% since incep on as against 27.25% by Ni y Free Float Midcap 1 Index* Delivered an annualized return of 3.9% since incep on as against 1.52% by Ni y 5 Index* MOSt Focused Mul cap 35 Inception Date:28 Apr 214 MOSt Focused Long Term Fund Inception Date: 21 Jan 215 Delivered an annualized return of 5.5% since incep on as against -7.71% by Ni y 5 Index* # Data as on 31, 216* Data as on Apr 3, 216 Past performance may or may not be sustained in future. For detailed performance tables, please refer page no. 11 & 13 for Mutual Fund Schemes and 9 for Strategies of Portfolio Management Services 1

3 How do we 'Buy Right'? Introducing our QGLP Mantra Over the last 19 years, our chairman, Raamdeo Agrawal (one of India's foremost value investors) has been analyzing the Indian equity market to come up with investing insights in the form of the Annual Motilal Oswal Wealth Creation Study. The learnings from all these studies have helped us evolve a unique and focused investing process - 'QGLP'. Every stock we buy in our Mutual Fund Schemes or PMS Strategies is based on our QGLP parameters where; Qfor QUALITY Gfor GROWTH Lfor LONGEVITY Pfor PRICE Quality denotes quality of the business and management Growth denotes growth in earnings and sustained RoE Longevity denotes longevity of the competitive advantage or economic moat of the business Price denotes our approach of buying a good business for a fair price rather than buying a fair business for a good price QGLP stocks have delivered more than 2% CAGR over last 2 years Here are few more examples that show how QGLP stocks have fared in terms of compounded annual growth return (CAGR) over the last 2 years or since listing; whichever is later. Infosys Sun Pharma.Inds. HDFC Bank Pidilite Inds. Cipla CAGR (%) Eicher Motors Berger Paints Kotak Mah. Bank Hero Motocorp Asian Paints In addition to the steady performance in the table, these companies also pay dividends periodically which additionally amount to about 1 to 2% of the current market value of the holdings. 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 p o r t f o l i o / s t r a t e g y / s c h e m e s. P a s t performance may or may not be sustained in future. Source: Capitaline Data as on Apr 3, 216 2

4 QGLP Decoded : Analysing Quality Q Quality is the most important parameter when choosing a stock and can be seen as the Quality of Business x Quality of Management The relationship between the two is multiplicative and not additive. Thus, if one of the aspects is zero, Q will be equal to zero, no matter how high the other. Quality is a subjective concept, and yet there are several objective indicators of the same, as listed below: Quality business Quality management Sustained competitive advantage measured by high return ratios Industry leadership position Favourable industry structure monopoly or oligopoly like Secular and stable business, preferably consumer facing Positive demand-supply situation Competence Sound business strategy Excellence in execution Rational dividend payout policy Integrity Honest and transparent Concern for all stakeholders Growth mindset Long-range profit outlook Efficient capital allocation including growth by acquisitions A Case Study in Quality Hero Honda Great management: Hero MotoCorp started off in the mid-198s as a JV between Honda, the world's No.1 two wheeler company and Hero Group, the largest manufacturer of bicycles in India. Great business: In India, twowheelers is a great business given (1) the huge size of opportunity, and (2) limited compe on. In a developing economy, a two-wheeler is the entrylevel vehicle for motorised personal transporta on. The opportunity is enormous, both in India and globally. 3, 2,5 2, 1,5 1, PAT (Rs cr) RoE (%) - RHS Source: Internal Analysis Data as on ch 31, 215 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 an 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

5 QGLP Decoded: Measuring Growth G Earnings Growth = Sales growth x gin growth In inves ng, there are two dimensions of growth: (1) Earnings growth and (2) Valua on growth. The G of QGLP addresses earnings growth, whereas the P(rice) takes care of the Valua on growth. Earnings growth by itself doesn't mean much. It adds value only when the company earns returns on capital higher than the cost of capital. In the final analysis, G (i.e. earnings growth) is a quan ta ve reflec on of Q (i.e. quality of business and management). G has four dimensions: Volume growth Volume growth-a func on of demand growth matched by company's capacity to supply; Price growth Price growth - a func on of company's pricing power, which in turn is a func on of the compe ve landscape; Opera ng leverage Opera ng leverage - a func on of the company's opera ng cost structure; higher the fixed cost, lower the unit cost incidence on increased volumes, and higher the opera ng leverage; Financial leverage Financial leverage - a func on of capital structure; higher the d e b t- e q u i t y, h i g h e r t h e financial leverage and vice versa. A Case Study in Growth Infosys Back in 1998, Infosys clearly embodied the essence of (1) Iden fying the right business (2) Which is run by a competent management, and (3) Is acquired at a price, which is at a huge discount to its underlying value. Its PAT and RoE have grown handsomely, its P/E had climbed to over 2x, and the stock has delivered compounded annual returns of over 4% for the last 17 years. 14, 12, 1, 8, 6, 4, 2, PAT (Rs cr) RoE (%) - RHS Source: Internal Analysis Data as on ch 31, 215 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 an 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

6 QGLP Decoded: Longevity Longevity of both Q & G Having established the present quality and earnings growth of the company, the next challenge to investors is assessing how long it can sustain both. In the context of longevity, competence of management is tested at two levels: L Extending CAP Delaying growth slowdown Competitive Advantage Period (CAP) is the time during which a company generates returns on investment that exceed its cost of capital. Competition eventually drives down returns to cost of capital, and sometimes even below it. However, a company with a great business and great management keeps extending its CAP, sustaining high return both for itself and its equity investors. Competent managements can delay growth slowdown by a. b. New streams of organic growth, and/or Inorganic growth via judicious acquisi ons Case Study in Growth HDFC Bank Over the last two decades, private banks in India have emerged as a major Winner Category, with strong growth driven by consistent innova on and technology adop on. HDFC Bank has high entry barriers (brand, visibility) and great management (HDFC as promoter group). Although HDFC Bank has never been really cheap in terms of valua on, it has proved to be a long-term Winning Investment 12, 1, 8, 6, 4, 2, 24 PAT (Rs cr) RoE (%) - RHS Source: Internal Analysis Data as on ch 31, 215 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 an 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

7 QGLP Decoded : Price Price of purchase should be favourable Growth in stock price is a mul plica ve func on of growth in earnings and growth in valua on. The simplest way to improve the odds of valua on growth is by ensuring favourable purchase price. The price of a stock has to be seen in conjunc on with the value it offers. Price is what we pay; value is what we get. Therefore, stock prices are a rac ve only when they are less than the value perceived in the stock. A simple rule of thumb of favorable purchase price is low P/E. However, in certain situa ons, low P/E may not be the sole determinant of favourable price e.g. during bo om-of-the-cycle, earnings of cyclical stocks are depressed leading to high P/Es; likewise, where companies are expected to turn from loss to profit, current P/E cannot be calculated Few other measures of favorable purchase price: Discount to historical valua on bands P/E, Price/Book P PEG Ra o (i.e. P/E/Earnings growth; the lower the be er) Discount to DCF value (Discounted Cash Flow) or Replacement cost dividend yield Absolute ket cap rela ve to the size of opportunity. Case Study Shriram Transport Shriram Transport Finance captures the essence of the study, earnings growth firms with high ROE, bought at a reasonable PEG (PE/ Earnings Growth ra o), create maximum wealth. For the year ending -1, Shriram had an RoE of 25%, which is very healthy in the financial sector. In 1, the stock was available at a P/E of just 1x; thus PEG was very low. True to form (and the hig hgrowth- high- RoE-low-PEG formula), the Shriram Transport stock delivered price CAGR of a whopping 85% over the next 5 years, and 5% over the next 13 years to ,6 1,4 1,2 1, PAT (Rs cr) RoE (%) - RHS Source: Internal Analysis Data as on ch 31, 215 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 an 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

8 What next after Buying Right? Sit Tight! While Buying Right is all about following a process, sitting tight on a good buy requires Focus & Discipline Benefit of Holding Discipline Buy and Hold: We believe in focused stock portfolios and are strictly buy and hold investors and believe that picking the right business needs skill and holding onto these businesses to enable our investors to benefit from the entire growth cycle, needs even more skill. Benefit of Holding Discipline If you had invested ` 1 in Sensex in 1979, your investment would have mul plied to ` 2,398 with dividend and to ` 1,389 without dividend. 3, 2,5 If you had invested Rs 1... ` 2,398 Purchasing Power 2, 1,5 1, ` 1, Source: Bloomberg Data as on Apr 3, 216 The graph above is used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on of an investment strategy. It should not be construed as investment advice to any party Sensex Sensex cum Dividend Focus: Our por olios are high convic on por olios with 2 to 25 stocks being our ideal number. We believe in adequate diversifica on but over-diversifica on results in dilu ng returns for our investors and adding market risk Benefit of Power of Focus Diversifica on beyond your control becomes unmanageable and adds no value to your por olio. Over diversifica on can impact the overall performance of your por olio. As in case of most por olios, the top 5 good quality stocks contribute 8% of overall performance of your por olio while the rest 2% by bad quality stocks. Risk Risk reducing as the number of stocks raising but after 2 stocks in portfolio change of risk is minimal 1 Stock 2 Stocks 1 Stocks Number of Stocks Focus 7

9 BRST reduces the risk of investing in equities Investing in equity markets is a high risk high returns game. While some have made millions, many have also lost as well. BRST is a unique way to invest in the equity markets with a lower risk. History has shown that if you buy quality stocks and hold onto them for long time, you don't only reduce the risk, you also make more money. Here's proof The SENSEX The chart demonstrates how no matter when you had invested in S&P Sensex ( b r o a d e r i n d i c a t o r o f equities in India), if your investment horizon was over 7 years, the chances of a negative return is Nil. While if your investment horizon was anywhere between 1 year and 6 years there are chances for diminishing negative returns with time, a l b e i t w i t h r e d u c i n g probabilities starting from 32% in 1 year to 4% for a six year time period of investing. Its evident that the longterm investing in equities pays off well. THE IMPORTANCE OF LONG-TERM INVESTING If you had invested in any of the 7-year me periods or more between Sensex's (total return index) incep on and today, you would not have lost any money. Minimum to maximum returns for a respec ve me period (in %) % of mes returns were nega ve Average returns Investment tenor (in years) Total number of me periods: one-year: 4,16; two-year: 3,862; three-year: 3,618; four-year: 3,369; five-year: 3,118; six-year: 2,868. Source: Mint research The graph above is used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on of an investment strategy. It should not be construed as investment advice to any party. 17 A Case Study in Value Strategy Value strategy is one of our flagship PMS products and has been in existence for over 12 years. If you had invested in the Value Strategy in bad or good time and held on even for 3 years, here's what your would have made on an annualized basis. The worst loss you would have made is -3% while the positive side is whopping 81% annual returns. Bought in 3 - year rolling return As can be seen in the above two case studies, if you Buy Right : Sit Tight, the downside is limited while the upside is high. 8

10 PMS Strategy based on our BRST philosophy For whom: Our PMS products are meant for financially savvy high net worth individuals (HNIs) who wish to utilise our expertise in building a portfolio of high quality companies or who have a large portfolio of stocks but lack the bandwidth to monitor them. Benefits: With our Portfolio Management Services one can build an equity portfolio in the large cap and midcap segment with a highly personalized service. Also, the 'Buy Right : Sit Tight' approach results in low churn in our portfolios and makes the costing of our portfolio management services very attractive. Following are our flagship PMS products driven by the philosophy of 'Buy Right : Sit Tight': Value Strategy Next Trillion Dollar Opportunity Strategy (NTDOP) Concentrated large cap with only 15-2 stocks One of the longest running product in the industry with 13 years track record One of the largest corpus in the industry in a single PMS product with over Rs. 2,355cr Delivered an annualized return of 25.54% since inception as against 16.92% by Nifty 5 Index. Data as on Apr 3, 216. Returns above 1 year are annualized. Past performance may or may not be sustained in future. #Date of inception: Value Strategy - 24th ch, 23 NTDOP Strategy - 11th December, 27 Concentrated midcap portfolio with only 2-25 stocks Focused on the 'Next Trillion Dollar Growth Opportunity The corpus under this PMS product is over Rs. 2,781cr Superior track record of 8 years with consistent outperformance over benchmark for 1/2/3/4/5 years respectively 3%/13%/15%/14%/17% Delivered annualized return of 16.79% since inception as against 5.42% by Nifty Free Float Midcap 1 Index Value Strategy Performance NTDOP Strategy Performance Investment Value Value Strategy Ni y 5 Index 19.7X 7.76X Investment Value NTDOP Strategy Ni y Free Float Midcap 1 Index 3.69x 1.56x 5. 3 Jun3 Sep3 Dec3 4 Jun4 Sep4 Dec4 5 Jun5 Sep5 Dec5 6 Jun6 Sep6 Dec6 7 Jun7 Sep7 Dec7 8 Jun8 Sep8 Dec8 9 Jun9 Sep9 Dec9 1 Jun1 Sep1 Dec1 11 Jun11 Sep11 Dec11 12 Jun12 Sep12 Dec12 13 Jun13 Sep13 Dec13 14 Jun14 Sep14 Dec14 15 Jun15 Sep15 Dec Dec-7 Apr-8 Aug-8 Dec-8 Apr-9 Aug-9 Dec-9 Apr-1 Aug-1 Dec-1 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr -16 Both, Value Strategy and Nifty 5 Rebased to 1 as on 24th 23 Both, NTDOP Strategy and Nifty Free Float Midcap 1 rebased to 1 as on 11th Dec 27. The Above strategy returns are of a Model Client as on Apr 3, 216. Returns of individual clients may differ depending on time of entry in the Strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Returns below 1 year are absolute and above 1 year are annualized. Strategy returns shown above are post fees & expenses. Invest in our PMS by transferring your existing stocks In case you did not know that there is an added flexibility while investing in our PMS. You can participate by transferring your existing portfolio of stocks to us. While investing in equities over the years, you might end up in accumulating stocks which may not have done well for you or have done well in past but lack future potential. Now you can participate in our PMS by transferring such stocks to us and without increasing overall equity allocation in your portfolio. We will be most happy to restructure the same and populate it with a focused portfolio of high quality companies. 9

11 MF Schemes based on our BRST philosophy For whom: Our equity expertise can be accessed by individual investors with an approach to long term savings through our Mutual Fund products for as low as Rs. 5 through a systematic investment plan (SIP). Benefits: Our Mutual Fund Schemes pass through a rigorous investment process with an aim to deliver consistent performance. Investments in the Schemes can also be conveniently done online. As an investment house, since we have only one investment philosophy, we aim to keep life simple for us and our investors by having a focused menu of equity funds one large cap, one midcap, one multicap and one tax saver fund. Following are our Mutual Fund Equity Schemes driven by the philosophy of 'Buy Right : Sit Tight': MOSt Focused 25 MOSt Focused Midcap 3 Concentrated portfolio of upto 25 large cap companies Invests in enduring wealth creators churn No Entry and Exit Load Minimum investment as low as Rs.1 through SIP and Rs. 5 through lumpsum Concentrated portfolio of upto 3 midcap companies Invests in emerging wealth creators churn No Entry and Exit Load Minimum investment as low as Rs.1 through SIP and Rs.5 through lumpsum MOSt Focused Multicap 35 Concentrated portfolio of upto 35 quality companies Invests in enduring and emerging wealth creators churn No Entry and Exit Load Minimum investment as low as Rs.1 through SIP and Rs.5 through lumpsum MOSt Focused Long Term Concentrated portfolio of select companies Invests in enduring and emerging wealth creators churn No Entry and Exit Load Minimum investment as low as Rs. 5 Growth of equities with the added advantage of tax savings under section 8C of the Income Tax Act,

12 Mutual Fund Schemes Performance MOSt Focused 25 Date Scheme Motilal Oswal MOSt Focused 25 Fund Nifty 5 Current Value of Standard Investment of Rs 1, Motilal Oswal MOSt Focused 25 Fund Nifty 5 Since Inception till 31, % 9.34% 14,65 12,939 31, 215 to 31, , 214 to 31, % 46.13% -8.86% 26.65% N.A. NAV per unit : Rs 1. (May 13, 213); (. 31, 214); (. 31, 215); (. 31, 216) 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 NAV 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 return shown above are of regular plan growth option. Date Since Inception till 31, , 215 to 31, , 214 to 31, 215 Scheme MOSt Focused Midcap % -2.% 81.37% Nifty Free Float Midcap % -1.91% 5.96% Nifty 5 Current Value of Standard Investment of Rs 1, MOSt Focused Midcap 3 Nifty 5 NAV per unit : Rs 1. (Feb 24, 214); (. 31, 214); (. 31, 215); (. 31, 216) 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 NAV 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 return shown above are of regular plan growth option. Date Since Inception till 31, , 215 to 31, 216 Scheme MOSt Focused Multicap 35 Fund 3.9% -2.48% Nifty % -7.54% 11.26% -8.86% 26.65% MOSt Focused Midcap 3 Nifty Free Float Midcap 1 19,77 16,582 12,59 NAV per unit : Rs 1. (Apr 28, 214); (. 31, 215); (. 31, 216) 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 nonbusiness date (NBD), the NAV 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 return shown above are of regular plan growth option. Date Since Inception till 31, , 215 to 31, 216 Scheme MOSt Focused Long Term Fund 5.5% -.94% Nifty % -7.54% Additional Additional Nifty % -8.86% N.A. MOSt Focused Multicap 35 Current Value of Standard Investment of Rs 1, MOSt Focused Multicap 35 Nifty 5 16,596 12,125 11,445 N.A. Nifty 5 MOSt Focused Long Term Fund Additional Nifty 5 Current Value of Standard Investment of Rs 1, MOSt Focused Long Term Fund Nifty 5 1,64 9,88 8,865 NAV per unit : Rs 1. (Jan 21, 215); (. 31, 215); (. 31, 216) 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 nonbusiness date (NBD), the NAV 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 return shown above are of regular plan growth option % -8.86% N.A. Nifty 5 Fund Manager: Mr. Taher Badshah is the Fund Manager of the schemes MOSt Focused 25, MOSt Focused Midcap 3 and Co Fund Manager of the scheme MOSt Focused Multicap 35. He is also the Fund Manager for the schemes MOSt Shares M5 and MOSt Shares Midcap 1 returns of which are given on page no. 13. Mr. Gautam Sinha Roy is the Fund Manager of the schemes MOSt Focused Multicap 35 and MOSt Focused Long Term. Mr. Siddharth Bothra is the Co-Fund Manager of the schemes MOSt Focused 25 and MOSt Focused Midcap 3. Mr. Abhiroop Mukherjee is the Fund Manager (for Debt Component) of the schemes MOSt Focused 25, MOSt Focused Midcap 3, MOSt Focused Multicap 35 and MOSt Focused Long Term. He is also the Fund Manager of the scheme MOSt Ultra Short Term Bond the return of which are given on page no. 13. Mr. Swapnil Mayekar is the Fund Manager (for Foreign Securities) of the scheme, MOSt Focused Multicap 35. He is also the Fund Manager for the Scheme MOSt Shares NASDAQ 1 the returns of which is given on page no

13 Power of Compounding Systematic Investment Plan (SIP) is a smart and hassle free mode for investing your money in our open ended equity schemes with as small as Rs. 5 at a regular interval (weekly, fortnightly, monthly & quarterly) If you are skeptical about the best time to invest in the equity market, SIP is the right vehicle. Buy Right schemes and invest regularly in them through SIP to create wealth over the years. The graph illustrates the difference in the value of Rs. 1 invested at different rates of interests for 3 years. 7 Lac 6 Lac 5 Lac 4 Lac 3 Lac 2 Lac 1 Lac Lac Lac 4.32 Lac % 1% 15% The above is for illustration purpose only & should not be considered as an investment advice. The actual result may vary from depicted results depending on scheme selected. It should not be construed to be indicative of scheme performance in any manner. Past performance may or may not be sustained in future Unique Benefits of our Equity Mutual Funds Schemes No Exit Load Fund houses are seen to deduct 1-2.5% as exit load Exit load applied on the exit value, which means, the higher your returns the more will be the exit load Hence we don't charge exit load in any of our equity mutual funds schemes Churn er por olio churn can increase the fund expenses dispropor onately affec ng the returns of the fund directly Frequent churn may not let you reap the full growth poten al of the stocks leading to poor returns Hence we research extensively before we buy any stock and hold onto them for years to reap the full growth poten al Conviction Too many stocks become unmanageable for the fund managers Over-diversified por olio takes away the poten al of quality stocks Risk comes from not knowing the stocks hence diversifica on beyond ones control can increase the risk Hence we believe in adequate diversifica on with less number of stocks in our por olio 12

14 Passive Funds Performance MOSt Ultra Short Term Bond Fund Date Scheme MOSt Ultra Short Term Bond Fund CRISIL Short Term Bond Fund Index Additional CRISIL Liquid Fund Index Current Value of Standard Investment of Rs 1 MOSt Ultra Short Term Bond Fund CRISIL Short Term Bond Fund Index CRISIL Liquid Fund Index Returns(INR) Since Inception till 31, , 215 to 31, , 214 to 31, % 6.65% 7.78% 8.15% 4.38% 1.18% 8.9% 8.3% 8.95% N.A. NAV per unit : Rs (. 31, 216); (. 31, 215); (. 31, 214); Rs. 1. (Sept. 6, 213) 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 NAV 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 return shown above are of regular plan growth option. MOSt Shares M5 Date Since Inception till 31, , 215 to 31, , 214 to 31, , 213 to 31, , 212 to 31, , 211 to 31, 212 Scheme Current Value of Standard Investment of Rs. 1,/- Motilal Oswal MOSt Shares M5 ETF Returns 5.59% -8.37% 23.35% 25.9% 2.3% -1.31% Nifty 5 Returns 6.55% -8.86% 26.65% 17.98% 7.31% -9.23% Motilal Oswal MOSt Shares M5 ETF Returns 13,618 N. A. Nifty 5 14,337 NAV per unit : Rs (. 31, 216); Rs (. 31, 215); Rs (. 31, 214); Rs (. 31, 213); Rs (. 31, 212); Rs (. 31, 211); Rs (July 28, 21) 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 NAV 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. Date Since Inception till 31, , 215 to 31, , 214 to 31, , 213 to 31, , 212 to 31, , 211 to 31, 212 MOSt Shares Midcap 1 Scheme Additional Current Value of Standard Investment of Rs. 1,/- Nifty Free Float Nifty 5 Motilal Oswal MOSt Shares Nifty Free Float Midcap 1 Returns Midcap 1 ETF Midcap 1 Index Returns Index 1.61% 9.65% 6.81% 16,836 16,97 14,55 Motilal Oswal MOSt Shares Midcap 1 ETF Returns -1.35% 51.29% 18.1% -3.3% -2.92% -1.91% 5.96% 16.36% -4.2% -4.9% Nifty 5 NAV per unit : Rs (. 31, 216); Rs (. 31, 215); Rs (. 31, 214); Rs (. 31, 213); Rs (. 31, 212); Rs (. 31, 211); Rs (Jan. 31, 211) 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 NAV 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 % 26.65% 17.98% 7.31% -9.23% N. A. MOSt Shares NASDAQ 1 Date Since Inception till 31, , 215 to 31, , 214 to 31, , 213 to 31, , 212 to 31, , 211 to 31, 212 Scheme Additional Current Value of Standard Investment of Rs. 1,/- MOSt Shares NASDAQ 1 Nifty 5 MOSt Shares NASDAQ 1 Index Nifty 5 NASDAQ 1 Returns Index Returns NASDAQ % 8.25% 28.8% 4.31% 7.62% 35.21% 23.57% 8.52% 28.3% 4.14% 7.68% 36.1% 6.16% -8.86% 26.65% 17.98% 7.31% -9.23% 28,71 28,876 13,49 N. A. NAV per unit : Rs (. 31, 216); Rs (. 31, 215); Rs (. 31, 214); Rs (. 31, 213); Rs (. 31, 212); Rs (. 31, 211); Rs (ch 29, 211) 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 NAV 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. 13

15 Product Labeling Name of the Scheme This product is suitable for investors who are seeking* Motilal Oswal MOSt Focused 25 Fund (MOSt Focused 25) Return by investing in upto 25 companies with long term sustainable competitive advantage and growth potential Investment in Equity and equity related instruments subject to overall limit of 25 companies Motilal Oswal MOSt Focused Midcap 3 Fund (MOSt Focused Midcap 3) Motilal Oswal MOSt Focused Multicap 35 Fund (MOSt Focused Multicap 35) Long-term capital growth Investment in equity and equity related instruments in a maximum of 3 quality mid-cap companies having long-term competitive advantages and potential for growth Long-term capital growth Investment in a maximum of 35 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) Long-term capital growth Investment predominantly in equity and equity related instruments Investors understand that their principal will be at Moderately risk Motilal Oswal MOSt Shares M5 ETF (MOSt Shares M5) Return that corresponds generally to the performance of the Nifty 5 Index (Underlying Index), subject to tracking error Investment in equity securities of Nifty 5 Index Motilal Oswal MOSt Shares Midcap 1 ETF (MOSt Shares Midcap 1) Return that corresponds generally to the performance of the Nifty Free Float Midcap 1 Index, subject to tracking error Investment in equity securities of Nifty Free Float Midcap 1 Index Riskometer Motilal Oswal MOSt Shares NASDAQ-1 ETF (MOSt Shares NASDAQ 1) Return that corresponds generally to the performance of the NASDAQ 1 Index, subject to tracking error Investment in equity securities of NASDAQ 1 Index Moderately Moderate Moderately Investors understand that their principal will be at risk Riskometer Motilal Oswal MOSt Ultra Short Term Bond Fund (MOSt Ultra Short Term Bond) Optimal returns consistent with moderate levels of risk Investment in debt securities and money market securities with average maturity less than equal to 12 months Moderately Moderate Moderately 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. Disclaimer This document has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this document is for general purposes only and not a complete disclosure of every material fact. The information / data herein alone is not sufficient and shouldn't be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. All opinions, figures, estimates and data included in this document are as on date mentioned in the document. The document does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. The Stocks mentioned in the document are used for the purpose of explaining the concept and should not be construed as investment advice. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on our current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Readers shall be fully responsible/liable for any decision taken on the basis of this document. Investments in Securities are subject to market and other risks and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. The returns of PMS Strategies are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategies. The above returns are calculated on NAV basis and based on closing market prices. Returns above one year are annualized. The stocks forming part of the existing portfolio under Value Strategy and NTDOP Strategy may or may not be bought for new client. Past performance may or may not be sustained in future and does not indicate the future performance of any of the schemes/strategies and should not be used as a basis for comparison with other investments. Name of the PMS Strategy does not in any manner indicate its future prospects and returns. Investors are advised to consult his / her own professional advisor. Mutual Fund investments are subject to market risks, read all scheme related documents carefully 14

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