Brokerage Structure Effective from October 01, 2017 to December 31, 2017 Special Incentive for other than T15 Locations (%)

Transcription

1 Brokerage Structure Effective from October 01, 2017 to December 31, 2017 Name of the Scheme Amount / Special condition Distribution Incentive Special Incentive for other than T15 Locations (% Trail Year 1 (%(p.a. (A.P.M.* Trail Year 2 (%(p.a. (A.P.M.* Trail Year 3 (%(p.a.(a.p.m.* Trail Year 4 onwards (%(p.a.(a.p.m.* Schemes Axis Fund 0.25 Axis MidCap Fund 0.25 Axis Focused 25 Fund 0.25 Axis Enhanced Arbitrage Fund Hybrid Schemes / Income Schemes with Exposure Axis Income Saver 0.25 Axis Triple Advantage Fund 0.25 Axis Saver Fund 0.25 Axis Children s gift fund 0.25 Axis Dynamic Fund 0.25 ELSS Scheme Axis Long Term Fund 0.25 Scheme Axis Regular Saving Fund Axis Dynamic Bond Fund Axis Short Term Fund Axis Fixed Income Opportunities Fund Axis Banking Fund Axis Treasury Advantage Fund Axis Corporate opportunities fund Gilt Scheme Axis Constant Maturity 10 Year Fund Gold Fund Axis Gold Fund Liquid Scheme Axis Liquid Fund A.P.M.* Annualized Payable Monthly

2 Minimum Investment Amount and Load Structure October 01, 2017 to December 31, 2017 Name of the Scheme Minimum instalment Amount for Lumpsum Investments(Rs Minimum instalment Amount for Systematic Investment Plan / Systematic Transfer Plan (Rs Clawback Period for Distribution Incentive and Promotional Incentive Exit Load Schemes Axis Fund Axis MidCap Fund Axis Focused 25 Fund Axis Enhanced Arbitrage Fund If redeemed / switched out within 12 months from the date of allotment: For 10% of investment is and for remaining investment is 1%.. If redeemed / switched out after 12 months from the date of allotment:: If redeemed / switched out within 12 months from the date of allotment: For 10% of investment is and for remaining investment is 1%.. If redeemed / switched out after 12 months from the date of allotment:: If redeemed / switched out within 12 months from the date of allotment: For 10% of investment is and for remaining investment is 1%.. If redeemed / switched out after 12 months from the date of allotment:: if redeemed / switched out within 7 days from the date of allotment Hybrid Schemes / Income Schemes with Exposure Axis Income Saver % if redeemed / switched out within 12 months from the date of allotment Axis Triple Advantage Fund % if redeemed/switched out within 1 year from date of allotment Axis Saver Fund Axis Children s gift fund (Lock In Axis Children s gift fund (nonlock in Axis Dynamic Fund If redeemed / switched out within 12 months from the date of allotment: For 10% of investment is and for remaining investment is 1%.. If redeemed / switched out after 12 months from the date of allotment:: Investment will be lockedin till the child is 18 years of age or 3 years from the date of investment, whichever is later. Investment may be redeem after lock in. No exit load applicable Investment can be redeem at any point of time at NAVbased prices subject to exit load 3% if exited within 1 year,2% if exited after 1 but before 2 years,1% if exited after 2 but before 3 years,no exit load past 3 years If redeemed / switched out within 12 months from the date of allotment: For 10% of investment is and for remaining investment is 1%.. If redeemed / switched out after 12 months from the date of allotment:: ELSS Scheme Axis Long Term Fund Schemes If redeemed / switched out within 12 months from the date of allotment: For 10% of investment is and for remaining investment is 1%.. If redeemed / switched out after 12 months from the date of allotment : If redeemed / switched out within 12 months from the date of allotment: For 10% of investment is and for remaining investment is 1%.. If redeemed / switched out after 12 months from the date of allotment : Axis Regular Saving Fund Axis Dynamic Bond Fund Axis Short Term Fund Axis Fixed Income Opportunities Fund For 30% Investment : For remaining investment :1.5% if redeemed /switched out within 1 year from date of allotment, 1% if redeemed /switched out after 1 year and up to 2 year from date of allotment, 0.5% if redeemed /switched out after 2 Years and up to 3 years from date of allotment. Axis Banking and PSU Fund Axis Treasury Advantage Fund Axis Corporate Opportunities fund Gilt Scheme Axis Constant Maturity 10 Year Fund Gold Fund Axis Gold Fund Year % if redeemed / switched out within 1 year from the date of allotment Liquid Scheme Axis Liquid Fund 5000

3 Notes: A. General: 1. This is further to your empanelment with Axis Asset Management Company Limited. 2. All incentives (and any other promotional incentive outlined in the table above are applicable for the period October 01,2017 to December 31, However, Axis Asset Management Company Limited (AAMC reserves the right to change the applicable Brokerage Rates as it may deem fit without any prior intimation or notification Distribution Incentive/ Special incentive in the intermittent period in case of Regulatory Changes / Change in Industry practices in respect to payment of Brokerage on Funds or due to any other circumstances which AAMC may deem fit. 3. Top 15 cities refers to Top 15 Cities provided by AMFI & Beyond 15 cities refers to all the cities beyond the Top 15 cities. The list of Top 15 cities currently is: Ahmedabad, Bangalore, Baroda, Chandigarh, Chennai, Hyderabad, Jaipur, Kanpur, Kolkata, Lucknow, Mumbai(Including Thane & Navi Mumbai, New Delhi(including NCR, Panjim, Pune and Surat. However the list is subject to change as and when AMFI/SEBI notify the same. 4. Recovery of Distribution incentive Paid: Given the changes in the Regulations w.e.f. October 1, 2012, a new Clause of Recovery of distribution incentive (inclusive of any promotional incentive paid to the Distributor is being introduced in the following manner: a. The Distribution incentive for all schemes paid to a Distributor will be recovered from the Distributor, if the money (for which such distribution incentive was paid is redeemed (change in the broker code shall be considered as redemption before the completion of the exit load period or 1 year, whichever is lower from the date of allotment of units (specified period for such scheme/ investment. b. The Recovery will be made on a prorata basis, depending upon the number of days for which the investment has stayed invested in the fund before being redeemed within the specified period. i. No. of days will be considered for the computation of the recoveries wherever the specified period are mentioned in months 1 month will be considered as 30 days, 3 months as 91 days, 6 months as 182 days, 9 months as 270 days and 1 year as 365 days respectively. ii. For redemptions within the specified period, the recovery of the brokerage will be equal to distribution incentive paid x (No. of days for the specified period No. of days the monies have stayed in the funds / (No. of days for the specified period. c. The following example explains the same: i. A distribution incentive of is paid on an Fund, where the specified period is 1 year. For an investment of Rs. 100,000/, a distributor would be paid a sum of Rs. 750/ as the distribution incentive ii. The investor redeems this money exactly after completion of 180 days. iii. In this case, the recovery will be Rs , computed as ((750 * ( /365 as per the above formula. d. The Recovery will be made from the Brokerage payable to the Distributor for the month in which redemption has been made. E.g. If the rede ptio has ee ade i the o th of O to er 4, the re o ery ill e ade fro the Brokerage paya le for the o th of O to er 4 i No e er 4. e. In case the Brokerage payable to the Distributor is insufficient to cover the Recovery amount, the distributor shall be asked to remit the excess payment by Cheque to the AMC. In case of any delay of more than 10 days in refund of Brokerage / Commission (required to be clawed back by the distributor, the distributor shall be liable to pay the outstanding brokerage / commission together with interest at 15% p.a. on the amount outstanding. The AAMC may approach AMFI / initiate appropriate legal proceedings, as it may deem fit, in case of non payment by the distributor. 5. Recovery of Special incentive Paid: Given the changes in the Regulations w.e.f. October 1, 2012, a new clause of recovery of special incentive paid to the distributor is being introduced in the following manner: a. The special incentive paid to a distributor will be recovered in full from the distributor, if the investment (for which such special incentive was paid is redeemed before the completion of one year (365 days for such scheme/ investment. b. The Recovery will be made from the brokerage payable to the distributor for the month in which redemption has been made. E.g. If the rede ptio has ee ade i the o th of O to er, the re o ery ill e ade fro the Brokerage paya le for the o th of O to er i No e er. c. In case the Brokerage payable to the distributor is insufficient to cover the recovery amount, the recovery will be tried for three consecutive months. In case the recovery is still not possible, a demand notice will be sent to the distributor asking him to refund the money to the AMC. In case the distributor does not pay the money within 1 month from the date of the receipt of the notice, the AAMC will approach AMFI for the resolution of the same or initiate the required corrective action including legal proceedings as it may deem fit. RECOVERY OF THE DISTRIBUTION INCENTIVE OR SPECIAL INCENTIVE WILL BE AT THE ARN LEVEL AND NOT AT THE SCHEME LEVEL. THE DISTRIBUTOR AGREES THAT SOURCING OF FUNDS AFTER OCTOBER 01, 2012 FOR AXIS MUTUAL FUND SCHEME(S AFTER RECEIPT OF THIS BROKERAGE STRUCTURE INCLUDING THE ABOVE REFERRED TERMS AND CONDITIONS SHALL BE CONSTRUED AS AN AGREEMENT OF HIS/HER/ITS ACCEPTANCE TO THE TERMS AND CONDITIONS.

4 B. Statutory/ AMFI Regulations 1 The commission structure communicated by Axis Asset Management Company Limited from time to time is all inclusive i.e. inclusive of any cess, charges, taxes, etc. that may be applicable to the Distributor and eligible for all the applicable statutory deductions, including Income Tax,GST and any other indirect taxes as may be applicable if any. 2 Investment in Axis Long Term Fund (an Openended equity linked saving scheme with a 3 year lock in is currently eligible for deduction under Section 80C of the Income Tax Act, Investors should be requested to consult their tax advisor in this matter. 3 The rules and regulations of SEBI/ AMFI pertaining to brokerage payment to distributors will also be applicable for payment of the above mentioned brokerage structure. 4 The above brokerage structure is based on the present expense ratio allowed by SEBI. Any change by SEBI in the expense ratio will entail a change in the above brokerage structure. 5 In case any Assets under your ARN Code are transferred to another Distributor at the request of the Investor, you shall not be entitled to receive any trail commission on such assets. Further, the payments of Trail Commission on Assets that are transferred from another Distributor to your ARN Code shall be subject to us receiving a Cleara e Certifi ate from the previous Distributor and shall be subject to applicable rules. Please contact the AMC or in its Instruction for further details. 6 The distributors shall adhere to all applicable SEBI Regulations and more particularly SEBI circulars dated June 26, 2002 and August 27, 2009 on the Code of Conduct and other guidelines issued by AMFI from time to time for mutual fund distributors and ensure that (i no rebate is given to investors in any form and (ii there is no splitting of applications for any benefit. 7 As per the guidelines issued by SEBI (SEBI/IMD/CIR No.4/168230/09 dated June 30, 2009 upfront commission will be paid by the investor directly to his Distributor / Advisor based on his assessment of various factors including the service rendered by the Distributor / Advisor. Further, the Distributor / Advisor is required to disclose to customers all the commissions (in the form of trail commission or any other mode received by him for different competing schemes of various mutual funds from amongst which the Scheme of Axis Mutual Fund (AMF is being recommended to them. 8 In terms of SEBI / AMFI circulars / guidelines, the Channel Partners shall submit to Axis Mutual Fund all account opening and transaction documentation including Know Your Client, Power of Attorney (PoA, Account Opening Form, etc. in respect of investors / transactions through Channel Partners. Further, the payment of commission shall be made by AAMC depending on the documentation completion status. 9 SEBI has communicated to all mutual Fund/ AMCs that any sales, marketing, promotional or other literature / material about the fund house products prepared by its distributors need to adhere and comply with the guidelines issued by SEBI with respect to the advertisement by Mutual Funds. It has further advised the AMCs to take suitable steps for put in place a mechanism for proactive oversight in this regard. The Distributor shall not make representations/ statements concerning the units of the schemes other than as contained in the current SID(s, Key Information Memorandum and printed information issued by Axis Mutual Fund / Axis Asset Management Company Limited as information supplemental to such documents. The Distributor shall only use such advertising / sales material for distributing / selling activities as provided approved by Axis Asset Management Company Limited when advertising. The Distributor shall not indulge in any kind of malpractice or unethical practice to sell, market or induce any investor to buy mutual AMF units which may directly / indirectly impact Axis Mutual Fund/Axis Asset Management Company Limited in any manner. 10 In terms of a SEBI directive, the Distributor / Advisor shall not take any Irrevocable Power of Attorney from its clients in connection with investments in the schemes of Axis Mutual Fund and that the liability of Distributor / Advisor shall not be limited and depend upon his failure to discharge his obligations. 11 AMFI has vide circular dated August 27, 2010 introduced Know Your Distributor (KYD norms for Mutual Fund Distributors with effect from September 1, 2010, which is similar to Know Your Client (KYC norms for investors, requiring the distributors to submit identity proof, address, PAN and bank account details with proof. KYD norms are applicable for fresh ARN registrations and ARN renewals effective September 1, The existing ARN holders are required to comply with these norms by March 31, 2011, failing which AMCs have been mandated to suspend payment of commission till the distributors comply with the requirements. All the Distributors / Advisors are encouraged to complete the KYD requirements at the earliest. The KYD Forms and Process Note are available on AMFI website 12This brokerage structure is subject to EUIN regulations/guidelines as specified by SEBI/AMFI and/or adopted by the Mutual Fund Industry. 13 The decision of the AMC shall be considered final. 14 Any claims, disputes or difference arising under or in connection with this arrangement or anything done or omitted to be done pursuant hereto shall be subject to the exclusive jurisdiction of the civil courts in Mumbai. 15 In the event of excess payment of brokerage to the Distributor, AAMC shall have the right to deduct and appropriate the excess amount from any amounts subsequently payable by the AMC to the Distributor. In the event that no subsequent amount is payable by the AMC to the Distributor, the Distributor shall refund the same to the AMC within 30 days of demand by the AMC. 16 Mutual fund registered distributors are required to raise an invoice in favour of Axis Asset Management Company Limited.The invoice should contain Axis AMC's GSTIN ( 27AAHCA5892J1Z6 and will be addressed to Axis AMC's registered Address 1st floor, Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai , Maharashtra. In case of unregistered distributors, Axis AMC will have to calculate brokerages under reverse charge mechanism and deduct GST from the due brokerages and deposit with the treasury on distributors behalf. The GST once deducted and paid to the Government will not be reimbursed to you on subsequent furnishing of GSTIN. 17 In respect of clawback, distributor shall raise a credit note for such claw back amount within the deadline mentioned under GST law. The trail outlined as First Year will be paid from the date of allotment of the units till the end of 1st year from the date of allotment, provided the Assets remain invested in the fund. Similarly, the Second Year trail will be paid from the beginning of the second year from the date of allotment of the units till the end of the 2nd year, provided the Assets remain invested in the fund. The Third Year onwards trail will be paid from the beginning of the 3rd year from the date of the allotment till such time that the Assets, to which the trail relates to, remain invested in the fund. The trail payments will be made in each year as outlined above, provided that the Total Expense Ratio and / or Brokerage payment from the relevant fund remain unchanged as applicable on the date of the brokerage structure and on the date of actual allotment of units for which the appropriate additional incentive (FYT / SYT / TYT onwards is payable. The AMC reserves the right to review these rates and make changes as appropriate including in the event where the total expense ratio changes at a later date. The Distributor may or may not be intimated of any changes, to the computation/ payment of trail.

5 Baroda Pioneer Brokerage Structure OctDec'17 T15 & B15 Super Premium All Trail B 15 Exit Load Trail 1 YR onwards Total T15 Payout % if redeemed on or before 365 days, thereafter % if redeemed on or before 365 days, thereafter % if redeemed on or before 365 days, thereafter % if redeemed on or before 365 days, thereafter % if redeemed on or before 365 days, thereafter * * 3.25% 3.00% 3.00% 2.25% 2.25% Baroda Pioneer ELSS 96 Fund ** 3.00% Funds Baroda Pioneer MIP Fund % % # Baroda Pioneer Liquid Fund 0.08% 0.08% NA 0.08% Baroda Pioneer Treasury Advantage 0.30% 0.30% NA 0.30% % % % % % if redeemed on or before 15 days; nil thereafter 0.80% 0.80% NA 0.80% if redeemed on or before 3 months, thereafter % % % if redeemed on or before one month (30 days from the date of allotment. NA Funds Baroda Pioneer Growth Fund Baroda Pioneer Large Cap Fund Baroda Pioneer Mid Cap Fund Baroda Pionner Banking & Fin Serv Fund Baroda Pioneer Balance Fund Baroda Pioneer Credit Opportunities Fund Baroda Pioneer Income Fund Baroda Pioneer Short Term Bond Baroda Pioneer Dynamic Bond Baroda Pioneer Gilt Fund If units are redeemed upto 10% of the units, on or before one year from the date of allotment : If units are redeemed over and above the 10% limit, on or before one year from the date of allotment : 1% of the applicable Net Asset Value (NAV If units are redeemed after one year from the date of allotment : Special Additional Trail Brokerage Over & above the rates mentioned above : T15 & B15 Baroda Pioneer Balance Fund % if redeemed on or before 365 days, thereafter Additional Upfront Additional upfront * Payable for investment below INR 2 Crs (per PAN.Applicable additonal upfront for investments equivalent or above INR 2 crs per application (per PAN is ** Payable for investment below INR 25 Lacs (per PAN. Applicable additonal upfront for investments Equivalent or above INR 25 Lacs per application (per PAN is In case the investment is redeemed within 6 months, the proportionate brokerage shall be recovered/clawed back/set off from future payments. # In case the investment is redeemed within 12 months, the proportionate brokerage shall be recovered/clawed back/set off from future payments. Total B15 Payout

6 Terms & Conditions 1. The above structure is valid only for the period mentioned above to the distributors to whom it is specifically communicated 2. Only AMFI / NISM registered distributors, empanelled with Baroda Pioneer AMC Ltd, are eligible for the above incentive structure. 3. Only valid application forms, with complete ARN number mentioned in the broker code column, & EUIN no. will be considered for the above incentive structure. 4. The AMC reserves the right to change the above incentive structure without any prior intimation. 5. You are advised to abide by the code of conduct and rules/regulations laid down by SEBI and AMFI from time to time. 6. Top15 Locations (T15 are as provided by AMFI. Beyond15 Locations (B15 refers to all the Locations beyond the Top15 Locations. The list of Top15 locations are as follows : Ahmedabad, Bangalore, Baroda, Chandigarh, Chennai, Hyderabad, Jaipur, Kanpur, Kolkata, Lucknow, Mumbai ( including Navi Mumbai & Thane, New Delhi (including NCR, Panjim, Pune & Surat. Clawback Terms 7. In case the investment is redeemed/switched within the exit load period, as applicable under the fund, then the proportionate (i.e. for the remaining period of exit load period of upfront commission & additional upfront incentive (if any shall be recovered/clawed back/set off from future payments or recovered through a reverse payment from the ARN Holder as the case may be. 8. The claw back amount, if applicable, will be arrived at on the basis of following formula: a. For full redemption before exit load period: Brokerage Amount paid (upfront*{(365no. of days stayed invested in the fund/365} b. For partial redemption before exit load period : Units Redeemed * Brokerage rate per unit * {(365No. of days stayed invested in fund/365} (Where Brokerage rate per unit = Gross brokerage paid/no. of units allotted 9. New SIP Mandates registered will also be subject to claw back provisions as mentioned at Sr 7 & 8 above 10. The above brokerage structure is based on the present expense ratio allowed by SEBI. Any change by SEBI in the expense ratio will entail a change in the above brokerage structure, including the annualised and long term trail, and such revised structure will be applicable to all old and new transactions with the date as may be specified. The same will be binding on the distributors. Similarly, the current structure is based on AMFI's recent best practices guidelines with regard to commission payouts. Should there be any changes to the guidelines necessitating amendments to the extent desired by BPMF, the structure would undergo change and the same will be communicated accordingly. 11. In case the investment is through split transactions having same PAN, Distributor code and scheme name and on the same day, the applicable brokerage would be computed on a consolidated amount. 12. The commission / incentive structure communicated by the AMC from time to time is all inclusive i.e. inclusive of any cess, charges, taxes, etc. that may be applicable to the distributor. The distributor is responsible for discharge of his / her / its tax obligations. 13. As per the guidelines issued by SEBI (SEBI/IMD/CIR No.4/168230/09 dated June 30, 2009 the upfront commission will be paid by the investor directly to his distributor/advisor based on his assessment of various factors including the service rendered by the distributor/advisor. Further, the distributor/advisor is required to disclose to customers all the commissions (in the form of trail commission or any other mode received by him for different competing schemes of various mutual funds from amongst which the scheme of Baroda Pioneer Mutual Fund (BPMF is being recommended to them. 14. In terms of SEBI/AMFI circulars/guidelines, the Channel Partners shall submit to the Mutual Fund all account opening and transaction documentation including Know Your Client, Power of Attorney (PoA, Account Opening Form, etc. in respect of investors/transactions through Channel Partner. Further, the payment of commission shall be made depending on the documentation completion status. 15. AMFI has vide circular dated August 27, 2010 introduced Know Your Distributor (KYD norms for Mutual Fund Distributors with effect from September 1, 2010, which is similar to Know Your Client (KYC norms for investors, requiring the distributors to submit identity proof, address, PAN and bank account details with proof. KYD norms are applicable for fresh ARN registrations and ARN renewals effective September 1, Distributors/advisors shall ensure that the Scheme Information Documents, addendums and Statement of Additional Information of the Mutual Fund are made available to their clients for making informed investment decisions. These documents can be downloaded from our website

7 LOAD & DISTRIBUTOR REMUNERATION STRUCTURE 1st October st December Brokerage Applicable Only to B15 Cities Applicable to T15 & B15 Cities Scheme Name Plan (For All Application Sizes Trail First Year Trail Second Year Trail Third Year Annual Paid Monthly Annual Paid Monthly Annual Paid Monthly Special Sales Incentive(Refer to terms & conditions for details Sales Incentive Clawback Period in Months*** BNP Paribas Fund 1.35% p.a. 1.35% p.a. 1.35% p.a. 12 BNP Paribas Mid Cap Fund 1.35% p.a. 1.35% p.a. 1.35% p.a. 12 % % p.a. % p.a. % p.a. 12 BNP Paribas Focused 25 Fund 1.35% p.a. 1.35% p.a. 1.35% p.a. 12 BNP Paribas Long Term Fund 1.35% p.a. 1.35% p.a. 1.35% p.a. 36 BNP Paribas Dividend Yield Fund Exit Load If units of the Scheme are redeemed or switched out up to 10% of the units (the limit within 12 months from the date of allotment. l If units of the scheme are redeemed or switched out in excess of the limit within 12 months from the date of allotment 1% of the applicable NAV. l If units of scheme are redeemed or switched out after 12 months from the date of allotment. 3 year lock in if redeemed/ switched out upto 1 months from the date of subscription /swtich in, if redeemed/ switched out after 1 months from the date of subscription/ switch in. 1% if redeemed/ switched out within 1 year from the date of subscription/ switch in, if redeemed/ switched out after 1 year from the date of subscription/ switch in 1% if redeemed/ switched out within 1 year from the date of subscription/ switch in, if redeemed/ switched out after 1 year from the date of subscription/ switch in 1% if redeemed or switchedout within 6 months from the date of subscription/switchin. if redeemed or switchin. No entry/ exit load will be charged on Dividend Reinvestment units. if redeemed/ switched out within 6 months from the date of subscription/ switch in, if redeemed/ switched out after 6 months from the date of subscription/ switch in if redeemed/ switched out upto 15 days from the date of subscription /swtich in, if redeemed/ switched out after 15 days from the date of subscription/ switch in. BNP Paribas Enhanced Arbitrage Fund p.a. p.a. p.a. BNP Paribas Balanced Fund 1.35% p.a. 1.35% p.a. 1.35% p.a. 12 BNP Paribas Focus 25 Fund % % p.a. % p.a. % p.a. 12 % p.a. % p.a. % p.a. BNP Paribas Flexi Fund p.a. p.a. p.a. 6 BNP Paribas Corporate Bond Fund 0.35% p.a.* 0.35% p.a. 0.35% p.a. 6 BNP Paribas Short Term Income Fund 0.70% p.a.^ 0.70% p.a. 0.70% p.a. 6 BNP Medium Term Income Fund Fund % p.a. % p.a. % p.a. 12 1% if redeemed/ switched out upto 1 year from the date of subscription /swtich in, if redeemed/ switched out after 1 year from the date of subscription/ switch in. BNP Paribas Government Securities Fund 0.55% p.a. 0.55% p.a. 0.55% p.a. BNP Paribas Money Plus Fund p.a. p.a. p.a. BNP Paribas Overnight Fund 0.02% p.a. 0.02% p.a. 0.02% p.a. BNP Paribas Monthly Income Plan Terms & Conditions as attached shall also be applicable. Brokerage rates are inclusive of GST. * 7th month onwards, proportionate clawback. ^ 4th month onwards. # Upfront sales incentive is applicable upto single application of Rs 50,00,000, for any amount above that only trail commission of the same value will be paid. The above mentioned brokerage will be payable only to distributors empanellend with us and applications logged under their registered ARN's with us No Sales Incentive will be paid for intrascheme switches. In all other switch transactions, the sales incentive will be paid as per above subject to applicable exit loads ***In case where there is no sales incentive the claw back shall not be applicable

8 BOI AXA Investment Managers: Brokerage Structure Fixed Income Schemes : OND 2017 Scheme Name Application Amount Entry Load BOI AXA Liquid Fund Regular Plan (>=Rs.5,000 Regular Plan (>=Rs.5,000 Regular Plan (>=Rs.5,000 BOI AXA Treasury Advantage Fund BOI AXA Short Term Income Fund Exit Load Refer our Website for the latest Exit Load Upfront Brokerage Trail 1stYr (%p.a onwards Trail 2nd Yr onwards (%p.a 0.03% 0.03% 0.5% (payable from 7th month onwards Terms & Conditions: 1. The brokerage rates are applicable for all purchases made from 1st October 2017 to 31st December The above brokerage structure will be applicable for Normal Purchases, Switchins, Monthly SIP, Daily SIP, Monthly STP and Daily STP. 3. For SIPs / STPs, the brokerage rates applicable at the time of registration will apply for all subsequent investment installments. 4. The above brokerage structure will not be applicable for Liquity facilities, or for any other facility / product for which any specific brokerage rate has been communicated. 5. The annualised brokerage is calculated on the basis of Daily Average Assets' on the NAV and paid monthly. 6. The brokerage/commissions indicated above is on a gross basis, and is inclusive of other statutory levies.brokerage / Commission will not be released until the amount payable exceeds Rs.500/. 7.Service provided by MF agents / distributors to the mutual funds / AMC, taxable in the hands of MF agent/ distributor w.e.f.1st April Shifted to a normal forward charge of Service tax. 8. Decision of AMC pertaining to brokerage calculation and other matters pertaining thereto shall be final & binding. 9. BOI AXA Investment Managers reserves the right to seek refund in case of premature redemptions / unexpired period for which trail commission is paid. 10. The brokerage will be paid directly in your bank account as intimated by you to us. 11. The rules/ regulations of SEBI/ AMFI pertaining to brokerage payment to distributors shall also apply. Distributors shall comply with SEBI circular dated June 26, 2002 on Code of Conduct and SEBI Regulations from time to time. 12. Please refer to SEBI Circular no. SEBI/IMD/CIR No.4/168230/09 dated June 30, 2009 regarding transparency in commissions. You are requested to take note of Para numbered 4 (d of that circular which states as follows: The distributors should disclose all the commissions (in the form of trail commission or any other mode payable to them for the different competing schemes of various mutual funds from amongst which the scheme is being recommended to the investor. Distributor is required to act accordingly. 13. On change of distributor (ARN Code and on transfer of AUM from one distributor (ARN Code to another distributor (ARN Code, the trail commission in respect of transferred assets will not be paid to old distributor (ARN holder as well as to new distributor (ARN holder. 14. The brokerage rates and terms & conditions mentioned above are subject to change from time to time. 15. The brokerage structure is subject to the terms and conditions mentioned in the Distributor s agreement signed between BOI AXA Investment Managers and you. 16. BOI AXA Investment Managers reserves the right to change the brokerage structure without any prior intimation. 17. Please read the latest Scheme Information Document / Statement of Additional Information carefully to confirm scheme details. 18. Identification or tagging of a transaction as B15 transaction solely rests with BAIM, including any guidelines issued by SEBI/AMFI and claims to change the tagging will not be entertained. (Top 15 C = Top 15 Cities as per AMFI Classification; B 15 C= Beyond 15 Cities, outside of the top 15 cities as per AMFI Guidelines. 19. If the investment is redeemed within one (1 year from the date of subscription, BAIM reserves the right to claw back the commission paid for that subscription 20. The above brokerage rates are applicable for the Regular Plan only. There will be no brokerage payable for DIRECT PLAN. 21. In case the investment is redeemed/switched out/stp Out within the exit load period, as applicable, the proportionate (i.e. for the remaining period of exit load period of upfront including an additional upfront/incentive, if any, shall be recovered/clawed back/ set off from future payments, at AMC s sole discretion. 22. GST (Goods and Services tax No tax would be deducted for Distributors who have registered the GST Number with us. For others, Appropriate Tax would be deducted on reverse charge mechanism. Guidelines on implementation of Employee Unique Identification Number (EUIN EUIN is being allotted and maintained by AMFI unit of Karvy and necessary communication has been sent by AMFI to all distributors. 1. Remediation process has been reduced to 30 days from the date of transaction for transactions submitted post October 1st 2013 upto June 30th EUIN is applicable to all Sales Persons of Corporate Distributors (NonIndividual ARN Holders only 3. Individual or Sole proprietorship ARN holders are required to intimate AMFI unit of Karvy in case they employ any Sales Person for selling mutual fund products so that EUIN can be allotted to them. 4. EUIN is unique number allotted to each Sales Person holding a valid NISM certificate and associated with an ARN holder. 5. Distributors need to inform AMFI unit of Karvy in case of changes in the Sales Persons from time to time. 6. Provision is made in the application/transaction forms for affixing EUIN and the same is uploaded on the BOI AXA MF website. 7. EUIN capturing is implemented effective January 7th All distributors are requested to use new application/transaction forms. 9. EUIN is required to be mentioned in respect of Purchases, Switches, SIP/STP registrations. 10. Mentioning EUIN on each transaction/application and withholding commission for noncompliance of EUIN has been strictly implemented w.e.f October 1, 2013.The commission would continue to be withheld for distributors who are yet to submit their list of Sales Persons to AMFI unit of Karvy for registration and obtaining EUIN.

9 BOI AXA Investment Managers: Brokerage Structure Schemes : OND 2017 Scheme Name Application Amount Upfront Brokerage Exit Load Top 15 C <Rs. 2 Cr BOI AXA Fund <Rs. 2 Cr BOI AXA Manufacturing & Infrastructure Fund Lumpsum >= Rs.5000 BOI AXA Tax Advantage Fund >=Rs. 500 BOI AXA Rebalancer Fund =>Rs.2 Cr Lumpsum >= Rs.5000 Trail 1st Yr onwards (%p.a B 15 C <Rs. 2 Cr Top 15 C =>Rs.2 Cr <Rs. 2 Cr B 15 C =>Rs.2 Cr <Rs. 2 Cr 2.00% % % =>Rs.2 Cr <Rs. 2 Cr =>Rs.2 Cr <Rs. 2 Cr =>Rs.2 Cr <Rs. 2 Cr =>Rs.2 Cr 2.00% % % 1% (first year onwards Lumpsum >= Rs.5000 BOI AXA Mid Cap & Fund Lumpsum >= Rs.5000 BOI AXA Regular Return Fund Lumpsum (>= Rs. 10,000 Refer our Website for the latest Exit Load =>Rs.2 Cr Terms & Conditions: 1. The brokerage rates are applicable for all purchases made 1st October 2017 to 31st December The above brokerage structure will be applicable for Normal Purchases, Switchins, Monthly SIP, Daily SIP, Monthly STP and Daily STP. 3. For SIPs / STPs, the brokerage rates applicable at the time of registration will apply for all subsequent investment installments. 4. The above brokerage structure will not be applicable for Liquity facilities, or for any other facility / product for which any specific brokerage rate has been communicated. 5. The annualised brokerage is calculated on the basis of Daily Average Assets' on the NAV and paid monthly. 6. The brokerage/commissions indicated above is on a gross basis, and is inclusive of other statutory levies.brokerage / Commission will not be released until the amount payable exceeds Rs.500/. 7.Service provided by MF agents / distributors to the mutual funds / AMC, taxable in the hands of MF agent/ distributor w.e.f.1st April Shifted to a normal forward charge of Service tax. 8. Decision of AMC pertaining to brokerage calculation and other matters pertaining thereto shall be final & binding. 9. BOI AXA Investment Managers reserves the right to seek refund in case of premature redemptions / unexpired period for which trail commission is paid. 10. The brokerage will be paid directly in your bank account as intimated by you to us. 11. The rules/ regulations of SEBI/ AMFI pertaining to brokerage payment to distributors shall also apply. Distributors shall comply with SEBI circular dated June 26, 2002 on Code of Conduct and SEBI Regulations from time to time. 12. Please refer to SEBI Circular no. SEBI/IMD/CIR No.4/168230/09 dated June 30, 2009 regarding transparency in commissions. You are requested to take note of Para numbered 4 (d of that circular which states as follows: The distributors should disclose all the commissions (in the form of trail commission or any other mode payable to them for the different competing schemes of various mutual funds from amongst which the scheme is being recommended to the investor. Distributor is required to act accordingly. 13. On change of distributor (ARN Code and on transfer of AUM from one distributor (ARN Code to another distributor (ARN Code, the trail commission in respect of transferred assets will not be paid to old distributor (ARN holder as well as to new distributor (ARN holder. 14. The brokerage rates and terms & conditions mentioned above are subject to change from time to time. 15. The brokerage structure is subject to the terms and conditions mentioned in the Distributor s agreement signed between BOI AXA Investment Managers and you. 16. BOI AXA Investment Managers reserves the right to change the brokerage structure without any prior intimation. 17. Please read the latest Scheme Information Document / Statement of Additional Information carefully to confirm scheme details. 18. Identification or tagging of a transaction as B15 transaction solely rests with BAIM, including any guidelines issued by SEBI/AMFI and claims to change the tagging will not be entertained. (Top 15 C = Top 15 Cities as per AMFI Classification; B 15 C= Beyond 15 Cities, outside of the top 15 cities as per AMFI Guidelines. 19. If the investment is redeemed within one (1 year from the date of subscription, BAIM reserves the right to claw back the commission paid for that subscription 20. The above brokerage rates are applicable for the Regular Plan only. There will be no brokerage payable for DIRECT PLAN. 21. In case the investment is redeemed/switched out/stp Out within the exit load period, as applicable, the proportionate (i.e. for the remaining period of exit load period of upfront including an additional upfront/incentive, if any, shall be recovered/clawed back/ set off from future payments, at AMC s sole discretion. 22. GST (Goods and Services tax No tax would be deducted for Distributors who have registered the GST Number with us. For others, Appropriate Tax would be deducted on reverse charge mechanism. Guidelines on implementation of Employee Unique Identification Number (EUIN EUIN is being allotted and maintained by AMFI unit of Karvy and necessary communication has been sent by AMFI to all distributors. 1. Remediation process has been reduced to 30 days from the date of transaction for transactions submitted post October 1st 2013 upto June 30th EUIN is applicable to all Sales Persons of Corporate Distributors (NonIndividual ARN Holders only 3. Individual or Sole proprietorship ARN holders are required to intimate AMFI unit of Karvy in case they employ any Sales Person for selling mutual fund products so that EUIN can be allotted to them. 4. EUIN is unique number allotted to each Sales Person holding a valid NISM certificate and associated with an ARN holder. 5. Distributors need to inform AMFI unit of Karvy in case of changes in the Sales Persons from time to time. 6. Provision is made in the application/transaction forms for affixing EUIN and the same is uploaded on the BOI AXA MF website. 7. EUIN capturing is implemented effective January 7th All distributors are requested to use new application/transaction forms. 9. EUIN is required to be mentioned in respect of Purchases, Switches, SIP/STP registrations. 10. Mentioning EUIN on each transaction/application and withholding commission for noncompliance of EUIN has been strictly implemented w.e.f October 1, 2013.The commission would continue to be withheld for distributors who are yet to submit their list of Sales Persons to AMFI unit of Karvy for registration and obtaining EUIN

10 Commission Structure for Period October 2017 to December 2017 DHFL Pramerica Asset Managers Private Limited I Brokerage Structure (With effect from October 2017 December 2017 Upfront Trail Trail Scheme Name Exit Total Upfront Extra Incentives only for B15 Trail Applicable From Funds DHFL Pramerica Large Cap Fund. 1% < % % DHFL Pramerica Diversified Fund 1% < % % Day 1 DHFL Pramerica Midcap Opp Fund 1% < % % Day % Day 1 ELSS Funds DHFL Pramerica Longterm Fund App 4th year Amt upto Rs Lacs onwards DHFL Pramerica Longterm Fund App % % Day 1 Day 1 Amt above Rs Lacs Arbitrage Funds DHFL Pramerica Arbitrage Fund 0.5% < 1 Month % Overseas Fund of Funds DHFL Pramerica Top Euroland Offshore Fund 1% < % Day 1 DHFL Pramerica Global Agribusiness Offshore Fun 1% < % Day 1 Hybrid Funds DHFL Pramerica Balanced Advantage Fund 1% < % % Day 1 DHFL Pramerica Income Advantage Fund 1.5% < * % Day 1 DHFL Pramerica Income Fund 1% Day 1 < Funds DHFL Pramerica Dynamic Bond DHFL Pramerica Credit Opportunities Fund 1% 1% DHFL Pramerica Premier Bond Fund DHFL Pramerica Medium Term Income Fund < 1 Month % < * % % Day 1 Day 1 % % Day 1 1% < 1 Months % Day % Day % Day 1 DHFL Pramerica Short Maturity Fund % DHFL Pramerica Banking & PSU Fund % DHFL Pramerica Inflation Indexed Bond Fund % % Day 1 DHFL Pramerica Gilt Fund % 0.40% Day 1 % Day 1 DHFL Pramerica Short Term Floating Rate Fund Liquid Plus Funds DHFL Pramerica Low Duration Fund % Day 1 DHFL Pramerica Ultra ShortTerm Fund % Day 1 DHFL Pramerica Insta Cash Plus Fund % Day 1 Liquid Funds * 10% of the units allotted may be redeemed without any exit load with in 1 year from the date of allotment. DHFL Pramerica Asset Managers Pvt. Ltd. (erstwhile Pramerica Asset Managers Pvt. Ltd. nd 2 Floor, Nirlon House, Dr. A.B. Road, Worli, Mumbai Tel: Fax: Corporate Identity No. U74900MH2008FTC A joint venture between DHFL and Prudential Financial, Inc. (USA

11 Note: The Table below references the List of the Top 15 cities for which the Structure outlined above will be Applicable Table 1: List of Cities ( Part of Top 15 Cities Mumbai (Include Thane and Navi Mumbai New Delhi ( Includes NCR Region Bangalore Hyderabad ( Includes Secunderabad Chennai Kolkatta Ahmedabad Kanpur Lucknow Surat Vadodara Pune Jaipur Chandigarh Ludhiana The above Table outlines the List of Top 15 cities released by AMFI as per the criteria outlines in the SEBI circular no. CIR/IMD/DF/21/2012 dated September 13, 2012, which shall be amended from time to time. The *Brokerage Structure (Total Upfront outlined above will be applicable for all investments sourced from Investors including NonResident Indians (NRIs and other eligible Foreign Investors, Additionally Extra Incentives applicable only for B 15 for all investments sourced from Investors residing in all locations not covered in the cities outlined in the Table 1 and will not be applicable to investments made by NRIs and other eligible foreign investors. Please note that the list of Cities comprising T15 & B15 will be as notified by AMFI from time to time Terms and Conditions: 1. The Brokerage structure mentioned above is applicable for the period October 2017 to December 2017 however; DHFL Pramerica Asset Managers Private Limited (AMC reserves the right to change the brokerage/commission rates without any prior intimation. The above brokerage structure is based on the present expense ratio charged to the schemes and any change in the expense ratio will also entail a change in the above brokerage structure. 2. Frequency of Payment of Upfront Brokerage: The upfront brokerage payable, if any, as per the above structure will be paid on a monthly basis as per the existing process. 3. Recovery of Upfront Brokerage Paid: The recovery of Upfront Brokerage paid to the Distributor will be made in the following circumstances: DHFL Pramerica Asset Managers Pvt. Ltd. (erstwhile Pramerica Asset Managers Pvt. Ltd. nd 2 Floor, Nirlon House, Dr. A.B. Road, Worli, Mumbai Tel: Fax: Corporate Identity No. U74900MH2008FTC A joint venture between DHFL and Prudential Financial, Inc. (USA

12 The Upfront Brokerage paid to a Distributor will be recovered from the Distributor, if the investment for which such upfront brokerage was paid is redeemed/switched out to any other scheme or to the Direct Plans before the completion of the clawback period. Claw back period will be proportionate to the exit load period OR for a period of one year in instances where upfront brokerage is paid and no exit load is applicable. The basis for the same will be as outlined in points (b and (d below. a. For Brokerage Structure outlined above (Total Upfront, the recovery will be made on prorata basis, depending upon the number of days for which the investment has stayed invested in the fund before being redeemed / switched out to any other scheme or to the Direct Plan before the completion of exit load period for the specified fund from the date of allotment. For redemptions before the clawback period, the recovery of brokerage will be equal to (upfront brokerage paid x (no of days for the clawback periodno of days the monies have stayed in the funds/(no of days for the clawback period. b. The following example explains the same: An upfront brokerage of % is paid on an Fund, where the Exit Load period is 1 Year. For and investment of Rs. 1, 00,000/, a distributor would be paid a sum of Rs. 1000/ as the upfront brokerage. The investor redeems this money exactly after completion of 180 days. In this case, the recovery will be of Rs , computed as ((1000*(365180/365 as per the above formula. c. For **Brokerage Structure outlined above (Extra Incentives only for B 15, FULL RECOVERY of the additional brokerage paid will be done in case the Investor redeems/switches out to any other scheme or to the Direct Plan the amount before the completion of ONE YEAR from the date of allotment, irrespective of the Exit Load period applicable to the Fund. The following example explains the same An upfront brokerage of 2.50% (% upfront & additional upfront is paid on an Fund, where the Exit Load period is 1 Year. For and investment of Rs. 1, 00,000/, a distributor would be paid a sum of Rs. 2500/ as the upfront brokerage. The investor redeems this money exactly after completion of 180 days. In this case, the recovery will be of Rs / ((1000*(365180/ d. The Recovery will be made from the Brokerage payable to the Distributor for the month in which redemption has been made. E.g. If the redemption has been made in the month of Mar h, the recovery will be made from the brokerage payable for the month of Mar h in April. e. In case the Brokerage payable to the Distributor is insufficient to cover the Recovery amount, the Recovery will be tried for three consecutive months, including the first month when the recovery was tried to be affected. In case the Recovery is still not possible, a demand notice through Registered Post A.D. will be sent to the Distributor asking him to refund the money to the AMC. In case the distributor does not pay the money within 1 month from the date of receipt of the notice, the AMC will initiate appropriate legal proceeding including approaching AMFI for the resolution of the same. 4. Please refer to the Scheme Information document (SID of the scheme of DHFL Pramerica Mutual Fund, Statement of Additional Information (SAI together with the addendum issued from time to time, for the minimum amounts for investments, exit loads and other statutory/scheme related information. DHFL Pramerica Asset Managers Pvt. Ltd. (erstwhile Pramerica Asset Managers Pvt. Ltd. nd 2 Floor, Nirlon House, Dr. A.B. Road, Worli, Mumbai Tel: Fax: Corporate Identity No. U74900MH2008FTC A joint venture between DHFL and Prudential Financial, Inc. (USA

13 5. The computation done by KARVY, Registrar & Transfer Agent of DHFL Pramerica Mutual Fund will be considered to be final for the purpose of the brokerage computation. 6. The above brokerage structure and the payout thereof are applicable only till the time the Distributor is empanelled with the AMC. 7. Brokerage will be paid out only for transactions received after the distributor is empanelled with the AMC. 8. Brokerage Payable on SwitchesInter Scheme switches will be treated as a normal purchase. Upfront brokerage will be paid on switches made between schemes (and not plans within the same scheme, which will be treated like a normal purchase as mentioned above. 9. The regulations/guidelines issued by SEBI or any other statutory authorities and guidance/ circulars issued by AMFI pertaining to brokerage payment to distributors from time to time will also be applicable for payment of the above mentioned brokerage structure. 10. Any transfer of assets from one distributor to another distributor shall be subject to the provisions of the Best Practices Guidelines on Transfer of AUM from one ARN to another ARN stipulated by AMFI, as amended from time to time. 11. As per guidelines issued by SEBI Circular No. SEBI/IMD/CIR No. 4/168230/09 dated June 30, 2009, the distributors should disclose all the commissions (in the form of trail commission or any other mode payable to them for the different competing schemes of various mutual funds from amongst which scheme of DHFL Pramerica Mutual Fund (PMF is being recommended to the investor. Please ensure compliance. 12. The brokerage structure communicated from time to time is all inclusive of a that may be applicable to the distributor. ess, harges, ta es, le s et Both Parties will comply with the provisions of Goods and Services Tax Laws (hereinafter referred to as GST La s hi h i ludes ut is ot li ited to Goods a d Ser i es tax Act shall mean Central Goods a d Ser i es ta A t, CGST ; U io Territor Goods a d Ser i es ta A t, UTGST ; Respe ti e State Goods a d Ser i es ta A t SGST a d I tegrated Goods a d Ser i es ta A t, IGST. A ha ge in details such as address, GSTN and contact details shall be intimated to other Party within 10 (ten days of change Both parties shall be responsible for complying with the requirements of GST Laws such as, including but not limited to, issuing invoice as per GST Laws requirement, uploading the details of the same on GSTN portal, filing of GST returns etc AMC shall not be held liable in case of any mismatch in the report generated by GSTN due to any omission by Distributors in providing such information to AMC AMC reserves the right to clawback or withhold any future brokerage payments for non/incorrect submission of GSTN details to AMC or for any liability, tax, interest, penalty, charges etc. arising on account of noncompliance of GST Laws. DHFL Pramerica Asset Managers Pvt. Ltd. (erstwhile Pramerica Asset Managers Pvt. Ltd. nd 2 Floor, Nirlon House, Dr. A.B. Road, Worli, Mumbai Tel: Fax: Corporate Identity No. U74900MH2008FTC A joint venture between DHFL and Prudential Financial, Inc. (USA

14 12.5 Bills raised on and after July 1, 2017 by Registered Distributors should carry tax rate as applicable under GST Laws. Invoices shall be raised in the name of DHFL Pramerica Asset Managers Private Limited with following mandatory details of AMC:Name DHFL Pramerica Asset Managers Private Limited Address 2nd Floor, Nirlon House, Dr. A. B. Road, Worli, Mumbai Place of Supply Mumbai GST No. 27AACCD9994M1ZR 13. The distributors shall adhere to all applicable SEBI Regulations in force from time to time and more particularly to SEBI circular dated June 26, 2002 and August 27, 2009 on the code of conduct and other guidelines issued by AMFI from time to time for distributors and ensure that (i no splitting of applications for any benefit is done and (ii no rebate is given to investors in any form. 14. Distributors will not be entitled on any brokerage on their own investments. 15. Provisions of forfeiture of brokerage will be applicable to transactions on or after April 1, For transactions upto march 31, 2014, AMC will release brokerage to distributors who fulfill the EUIN compliance requirements, albeit after the remediation period applicable to the transactions. The remediation period of 30 days from the date of transaction will be applicable for transactions after June 30, 2014 as well. DHFL Pramerica Asset Managers Pvt. Ltd. (erstwhile Pramerica Asset Managers Pvt. Ltd. nd 2 Floor, Nirlon House, Dr. A.B. Road, Worli, Mumbai Tel: Fax: Corporate Identity No. U74900MH2008FTC A joint venture between DHFL and Prudential Financial, Inc. (USA

15 Brokerage Period: Distributor: Transaction Types: From DSP BlackRock Mutual Fund 1st Oct 2017 To 31st Dec 2017 Lump Sum Purchases; Switch Ins, SIP/STP Upfront (Trial Paid in advance Type of Brokerage Trail Year 1 Total Payout Year 1 Clawback Additional B15 Incentive Location T15 & B15 T15 & B15 T15 Transaction Limit (Rs All Amt All Amt All Amt % % % % % % % % % 1.30% 1.30% 1.30% 1.20% 1.30% 1.30% 1.30% 1.20% 2.00% 2.00% 2.00% % % % % % 1.30% % % % % % % % DSPBR Top 100 Fund DSPBR Fund DSPBR Small and Midcap Fund DSPBR India TIGER Fund DSPBR Micro Cap Fund DSPBR Focus 25 Fund DSPBR Opportunities Fund DSPBR NRNE Fund DSPBR Technology.com Fund ELSS DSPBR Tax Saver Fund Hybrid DSPBR Balanced Fund DSPBR Savings Fund DSPBR MIP Fund International FOF DSPBR Global Allocation Fund DSPBR US Flexible Fund DSPBR World Agriculture Fund DSPBR World Gold Fund DSPBR World Mining Fund DSPBR World Energy Fund Domestic FOF DSPBR Dynamic Asset Allocation Fund Upfront (Trial Paid in advance Type of Brokerage Year 3 Year 4 & Onwards 3.30% 3.30% 3.15% 3.30% 2.95% 3.15% 3.00% 2.50% 3.00% 1.30% 1.30% 1.30% 1.20% 1.30% 1.30% 1.30% 1.20% 1.30% 1.30% 1.30% 1.20% 2.90% 1.30% 1.30% % 2.90% 2.50% 3.05% 1.30% 1.30% 1.30% 1.20% 1.20% 1.20% 1.20% 2.70% 2.70% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 2.00% 3.50% Trail Year 1 Total Payout Year 1 Additional B15 Incentive Total Payout Year 1 B15 Clawback T15 & B15 T15 & B15 T15 Transaction Limit (Rs All Amt All Amt All Amt % % % % % % % % % % % 0.40% 0.80% 0.30% 0.40% 0.80% 0.30% Trail Brokerage for : T15 & B 15 Year 2 Location Schemes: DSPBR Bond Fund DSPBR Income Opportunities Fund DSPBR Short Term Fund DSPBR Strategic Bond Fund DSPBR Banking and PSU Fund DSPBR Government Securities Fund Constant Maturity 10 Year GSEC fund DSPBR Money Manager Fund DSPBR Liquidity Fund DSPBR Ultra Short Term Fund DSPBR Treasury Bill Fund Total Payout Year 1 B15 % % % % % % % % % % % 0.40% 2.35% 0.80% 0.30% Trail Brokerage for : T15 & B 15 Year 2 Year 3 & Onwards 0.40% 0.30% 0.40% 0.30% Exit Load Schemes Exit Load All & DSPBR FOF's (Overseas Holding period from date of allotment: <12 months 1%; >=12 months All Hybrid & DSPBR DAAF Fund If the units redeemed or switchedout are upto 10% of the units purchased or switchedin within 12 months from the date of allotment If units are redeemed or switched out on or after 12 months from the date of allotment 1% If units are redeemed or switchedout are in excess of 10% of the units purchased or switchedin within 12 months from the date of allotment DSPBR Tax Saver Fund Investments in DSPBR Tax Saver Fund are subject to lockin period of 36 months from the allotment. DSPBR Income Opportunities Fund If the units redeemed or switchedout are upto 10% of the units purchased or switchedin within 12 months from the date of allotment If units are redeemed or switched out on or after 12 months from the date of allotment 1% If units are redeemed or switchedout are in excess of 10% of the units purchased or switchedin within 12 months from the date of allotment DSPBR Bond Fund Holding period from date of allotment: <=12 months 1%; >12 months All other Fixed Income Funds

16 Brokerage Notes 1 Brokerage rates mentioned above are applicable for all the purchases made from 1st July 2017 to 30th Sept 2017 a Trail paid in advance ( Upfront brokerage : The upfront brokerage payments are computed on the investment value and are paid in arrears at the end of each month (unless specified otherwise. b Trail brokerage: The trail amount is calculated on the basis of Daily Average Assets' on the NAV. This is paid in arrears at the end of each month (unless specified otherwise. 2 Upfront brokerage and B15 special incentive, will be subject to recovery (claw back in accordance with following terms and conditions (including manner: Upfront brokerage a. The Upfront brokerage paid to a Distributor will be recovered, if the investment (on which such upfront brokerage was paid gets redeemed before the completion of one year from the date of investment in the respective scheme. b. The recovery would be made on a prorata basis, i.e. for residual no. of days to complete the said one year. c. Following formula will be used to compute the recoverable amount: For redemption before the said one year period, the recovery of the brokerage will be equal to: Upfront Brokerage Paid * (One year from the date of investment Number of days investment stayed / 365. Example: Applicable Upfront Brokerage: 0.40%. Investment Value: Rs. 100,000. Exit load: 1%. Exit load period or defined holding period: 1 year. Redemption by the investor: At the end of 180 days. Clawback of Brokerage will be as follows: Upfront brokerage paid: Rs. 400 (100,000*0.40% Brokerage claw back amount: Rs (400*((365180/365 Special Incentive (applicable on mobilization from B15 cities only. a. If the investment is redeemed within one year from the date of subscription from the respective scheme, DSP BlackRock Investment Managers Pvt. Ltd (DSPBRIM will claw back the entire special incentive paid on that subscription. 3 Switches: Inter scheme switches will be treated as a normal purchase. Upfront brokerage will be paid on switches made between schemes (and not plans within the same scheme, which will be treated like a normal purchase as mentioned above. 4 Additional B15 Inventive in Balanced Fund will be reviewed on monthly basis. 5 The brokerage structure communicated for schemes of DSP BlackRock Mutual Fund (DSPBRMF from timetotime is on an allinclusive basis (gross rate, i.e. inclusive of any cess, charges, taxes etc that may be incurred by DSP BlackRock Investment Managers Pvt. Ltd. (DSPBRIM and / or DSPBRMF. Further, the brokerage payable would be subject to all the statutory deductions, including income tax, etc. 6 Systematic Investment Plan (SIP/ Systematic Transfer Plan (STP: The brokerage would be paid as the rate of commission prevalent at the time of the trigger of the SIP/STP installment and not the as per the rate prevalent at the time of registration of the SIP/STP. 7 The proposed brokerage structure is applicable for regular plan only. NO brokerage/commission (Upfront, Trail, Special Incentive will be payable on Direct Plans. 8 The rules and regulations of SEBI / AMFI pertaining to brokerage payment to distributors will also be applicable for payment of the above mentioned brokerage structure. In case the brokerage paid to the distributor is found to be in excess of limits defined by the SEBI / AMFI, DSPBRIM or DSPBRMF reserves the right to recover / adjust, such excess brokerage paid to the distributor. 9 The above brokerage structure is based on the present total expense ratio permitted by the Regulations. Any downward revision in the limits of total expense ratio by the Regulations or due to significant increase in AUM of respective schemes or significant increase in scheme operating expenses will entail a downward change in all forms of applicable brokerage for existing assets and business mobilized during this period. 10 DSPBRIM and DSPBRMF reserves the right to change, withdraw, and / or amend the above mentioned terms and conditions, without any prior notice. 11 DSPBRIM and DSPBRMF reserve the right to withhold / not pay upfront brokerage /trail brokerage or whatsoever brokerage on any transaction / application, at its sole discretion. 12 Brokerage payment (including trail brokerage will be made by respective schemes of DSPBRMF and/or DSPBRIM. The clawback amount can be adjusted against any commission payments to the distributors, whether paid/incurred by DSPBRMF or DSPBRIM. 13 The brokerage /Incentive structure mentioned hereinabove is solely payable to AMFI/NISM certified distributors of DSRBRIM. DSPBRIM and DSPBRMF shall not be responsible for any losses incurred by anyone due to change in the brokerage structure. All distributors shall abide by the code of conduct and rules/regulations laid down by SEBI and AMFI. Also, it is specifically mentioned that the distributor will neither pass on or rebate brokerage /incentive back to investors nor tempt them with gifts /rebate. DSPBRIM/DSPBRMF will take disciplinary action against any distributor who is found violating the rules, regulations and code of conduct. The distributor shall disclose all commissions (upfront, trail or any other mode payable to them for the different competing schemes of various Mutual Funds from amongst, which the scheme is being recommended to the investor.

17 Statement of Commissions Payable to Distributors Platinum category for October 2017 December 2017 Name of AMC: HDFC Asset Management Company Limited Name of Mutual Fund: HDFC Mutual Fund B 15 Cities: Other than Mumbai (including Thane & Navi Mumbai, Delhi (including NCR, Bangalore, Kolkata, Chennai, Pune, Ahmedabad, Hyderabad, Baroda, Ludhiana, Jaipur, Lucknow, Surat, Kanpur and Chandigarh Brokerage Rate applicable for Lumpsum & SIP Investments Category Scheme Name Oriented Schemes Index Balanced Oriented Schemes HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC HDFC Capital Builder Fund Core & Satellite Fund Fund Savings Fund Growth Fund Infrastructure Fund Large Cap Fund Mid Cap Opportunities Fund Premier Multi Cap Fund Small Cap Fund Top 200 Fund Index Fund Nifty Plan Index Fund Sensex Plan Index Fund Sensex Plus Plan Prudence Fund Balanced Fund Childrens Gift Fund Investment Plan ( HDFC Childrens Gift Fund Investment Plan ( Lock In HDFC Arbitrage Fund HDFC Long Term Advantage Fund (Lock In ELSS HDFC Tax Saver Fund (Lock In Retirement Planning HDFC Retirement Savings Fund (All Plans HDFC Monthly Income Plan Short Term Plan Hybrid Oriented HDFC Monthly Income Plan Long Term Plan HDFC Multiple Yield Fund Plan 2005 HDFC High Interest Fund Dynamic Plan Income HDFC Income Fund HDFC Banking and PSU Fund HDFC Corporate Opportunities Fund HDFC Floating Rate Income Fund Long Term Plan Short Term HDFC High Interest Fund STP HDFC Medium Term Opportunities Fund HDFC Short Term Opportunities Fund HDFC Regular Savings Fund HDFC Gilt Fund Short Term Plan Gilt HDFC Gilt Fund Long Term Plan HDFC Cash Management Fund Call Plan Liquid HDFC Cash Management Fund Savings Plan HDFC Liquid Fund HDFC Cash Management Fund Treasury Advantage Plan Ultra Short Term HDFC Floating Rate Income Fund Short Term Plan Multi Asset FOF HDFC Dynamic PE Ratio Fund of Funds Gold FOF HDFC Gold Fund Arbitrage Exit Load Period Months Months Months Months Months Months Months Months Months Months Months 3 days 3 days 3 days 3 Years Refer SID 1 Month 3 Years 3 Years 5 Years lockin 15 Months 6 Months 18 Months 6 Months Clawback Period T15 & B15 Trail paid in Trail Yr1 Total (AB Trail Yr Advance (@ APM (p.a for T15 & 2&3 1 yr (A (B B15 (p.a B15 Additional Total B15 Payout B Payout in 15 Cities # 1st Year# % % % % % % % % % % % % % % % % % % % % % % % % % 2.50% 2.50% 2.50% 2.00% 2.50% 2.50% SIP/STP Perpertual Trail % % % % % % 0.40% % % % % % % % 0.40% % % % % 0.40% % % % % 0.30% % % 0.40% % 0.40% % % % % 0.30% % 0.30% % 0.40% 2.75% 2.50% 2.75% 2.50% 2.50% % 0.40% % % % Trail 4th yr onwards Lumpsum Incentive Perpertual For all instalments of SIPs/STPs registered between 1st October st December 2017 ( (both days included. Addlitional Perpetual Trail is for fresh mobilisation during the period 1st October st December 2017 till asset last, excluding switches from equity oriented schemes (other than Arbitrage/ Index Funds APM Annualised payable monthly Subject to revision prospectively Lockin is from the date of investment till the child attains age of 18 years or at the end of 3 years from date of investment, whichever is later

18 General Terms: Brokerage Structures are subject to the terms of empanelment and applicable laws and regulations, including SEBI (Mutual Fund Regulations, AMFI Regulations, laws relating to Goods and Services Tax, Income Tax, etc. AMC reserves the right to change the brokerage/incentive without any prior intimation or notification at its sole discretion, and the Distributors shall not dispute the same. AMC shall not be responsible for any losses incurred due to changes in the brokerage/incentive structure Any recovery/claw back/proportionate set off etc., of brokerage shall be at the sole discretion of the AMC, and the Distributors shall not dispute the same Notes Refer KIM for minimum application amount In case of change in Broker/Distributor Code, Trail paid in advance shall be recovered/clawed back/set off proportionately from the future brokerage payments T15 means Mumbai (including Thane & Navi Mumbai, Delhi (including NCR, Bangalore, Kolkata, Chennai, Pune, Ahmedabad, Hyderabad, Vadodara, Ludhiana, Jaipur, Lucknow, Surat, Kanpur and case the investment is redeemed within the exit load period, as applicable, the proportionate (i.e for the remaining period of exit load of trail paid in advance/incentive, (if any paid shall be recovered/clawed back/set off from the future brokerage payments, payments, at AMC s sole discretion #In case the investment is redeemed within 12 months, the upfront (including additional upfront/trail payable in advance/incentive, if any brokerage paid shall be recovered/clawed back/set off fully from the future brokerage payments, at AMC s sole discretion. In respect of all purchases (including switch ins w.e.f 1st January 2013 from Regular Plan (Distributor Plan to Direct Plan in any scheme, all upfront commissions (including additional upfront/trail payable in advance/incentive, if any paid shall be recovered/clawed back/set off fully/proportionately from future brokerage payments. The classification of cities for T15 as mentioned above is advised by AMFI and is subject to revision, if any. The commission rates mentioned above shall be inclusive of Goods and Services Tax and other relevant statutory/regulatory levies as applicable. You are advised to abide by the code of conduct and/or rules/regulations laid down by SEBI and AMFI. Please refrain from offering brokerage to your subbrokers, if any, at a rate higher than the brokerage as aforementioned. The AMC reserves the right to suspend the brokerage payable to you, if brought to our notice that higher brokerage is offered to subbrokers or you have violated the code of conduct conduct and/or rules/regulations laid down by SEBI and AMFI In accordance with the clause 4(d of SEBI Circular No. SEBI/IMD/CIR No. 4/168230/09 dated June 30, 2009, the distributors should disclose all the commissions (in the form of trail or any other mode payable to them for the different competing schemes of various mutual funds from amongst which the scheme is being recommended to the investor. Distributors are advised to ensure compliance of the same.

19 Brokerage Structure of ARN67218 applicable from 1st October 2017 till further notice T15 & B15 Scheme Detail Amount / Time Slab / Trxn. Type Upfront Brokerage 1st Year Trail 2nd Year Onwards Trail Additional Market Expansion (B15 Scheme Wise Clawback if Redeemed / Switched Exit Load Fund IDFC Classic Fund % % Upfront : Trail : 1st year IDFC Dynamic Fund % % Upfront : Trail : 1st year 2.00% IDFC Fund % % IDFC Focus Fund % % IDFC Infrastructure Fund % % IDFC Sterling Fund % % IDFC Premier Fund % % Upfront : Trail : 1st year Upfront : Trail : 1st year Upfront : Trail : 1st year Upfront : Trail : 1st year 2.00% Upfront : Trail : 1st year Wef 10th May 16, 1% if redeemed within 365 days Wef for 10% of invt=0,bal invt1% if red/swt out in 12 months 1% for 365 days 1% for 365 Days 1% for 365 days 1% for 365 days wef 07Sep2015 1% for 365 days ELSS IDFC Tax Advantage (ELSS Fund 1.35% 1.35% Upfront : Trail : 1st year 2nd year %, 3rd year %, 4th year onwards Upfront : Trail : 1st year % Upfront : Trail : 1st year Upfront : Trail : 1st year Upfront : Trail : 1st year Upfront : Trail : 1st year % 1.5% for 18 months 1% for 7 days Balance Fund IDFC Balanced Fund % Market Expansion Trail : For 10% of invt, For bal. invt 1% if red/swt out in 12 mnts Hybrid fund IDFC Asset Allocation Fund FOF Moderate Plan IDFC Asset Allocation Fund FOF Aggressive Plan IDFC Asset Allocation Fund FOF Conservative Plan IDFC Monthly Income Plan 0.80% 0.80% % % 1.5% for 18 months 1.5% for 18 Months Wef for 10% of invt=0,bal invt1% if red/swt out in 12 months Index fund IDFC Nifty Fund Money Market fund IDFC Banking & PSU Fund IDFC Cash fund IDFC Money Manager FundTreasury Plan IDFC Ultra Short Term Fund 0.40% Short term fund IDFC All Seasons Bond Fund 0.40% for 3months 0 to 3 Months 0.40%, 4 to 0.40% 0.30% IDFC Corporate Bond Fund 0.30% 0.40% W.e.f. 12th Aug, % if red/switch out within 365 days. effective from 22 June 2017, W.E.F 23rd May 2016 Wef 11th May 17, if redeemed within 6th month IDFC Credit Opportunities Fund IDFC Money Manager Fund Investment Plan IDFC Super Saver Income Fund Short Term Plan IDFC Super Saver Income Fund Medium Term Plan Long term debt fund IDFC Dynamic Bond Fund % IDFC Super Saver Income Fund Investment Plan 0.80% 0.80% W.E.F 17Oct2016 Wef for 10% of inv 0%, Bal at 1% upto 365 Days Gilt Fund IDFC Government Securities Fund Investment Plan ARN67218 Brokerage Structure for October,17 1

20 IDFC Government Securities Fund Short Term Plan IDFC Government Securities FundProvident FundPlan WEF 11 Dec 2014 if redeemed/switch out in 1 Month for 1 months WEF 12 Aug 2016 Arbitrage Fund IDFC Arbitrage Fund 0 to 3 Months %, 4 to % % IDFC Arbitrage Plus Fund 0 to 3 Months %, 4 to % % Terms & Conditions : i T15 refers to Top 15 Cities provided by AMFI & B15 refers to all the cities beyond the Top 15 cities. Schemewise Claw Back provision if redeemed/switched within claw back period: Ÿ Ÿ The Upfront in T15 & B15 will be proportionately recovered/clawed back from the future Brokerage payments of the Distributor. The Market Expansion incentive (Upfront or Trail is applicable only for 1st year & for B15 Cities. The same will be completely (100% recovered/clawed back from the future Brokerage payments of the distributor. ii The changes effected in the current month s brokerage rates are highlighted in green for your attention. iii Upfront & Trail will be paid as per the brokerage structure on switches within equity schemes (i.e. (CEF/SEF/DEF/INFRA/IEF/EQTY FUND/PEF with effect from 1st April 15. iv In Asset Allocation Funds, there is no exit load on switches within the asset allocation funds and there is no limit to the number of switches between Asset Allocation Funds. Upfront brokerage is not eligible for such switches. v No upfront brokerage will be paid in case of switches within sub plans of any schemes for e.g. Dividend to Growth or vice versa. vi In case EUIN or the investor declaration is not provided within the timelines as prescribed by AMFI from time to time, brokerage on the concerned transaction shall be forfeited permanently. vii The brokerage/incentives would be inclusive of Goods and Service Tax/ Cess and any other applicable tax, if any; as per the current regulations. viii Any brokerage payout related discrepancies have to be intimated to us within 45 days from the date of release of brokerage. ix AMC reserves the right to change the structure without any prior intimation. x With effect from 1st July 2017, Goods and Service Tax (GST is applicable on distributor brokerage. xi All distributors who have correctly updated the GST number with AMFI would be treated as registered distributors under GST and no deduction would be done from their payouts, whereas in case of Unregistered distributor or a distributor having registration number but failing to update the details with AMFI would also be treated as unregistered distributor and the applicable tax rate would be deducted from his payouts and appropriate procedure as per the Goods and Services Tax Act, would be followed. xii In case of NFO brokerage the distributor will have to raise separate invoice favoring IDFC AMC Limited with HO address on it and quoting the GST number of IDFC AMC, Maharashtra on it. However, for rest all brokerages (normal upfront, trail and incentives the distributor will have to raise the invoice favoring IDFC Mutual Fund and quote the GST number accordingly ARN67218 Brokerage Structure for October,17 2

21 INDIABULLS ASSET MANAGEMENT COMPANY LIMITED 1st September 2017 to 31st December, 2017 Commission Structure for Distributors EQUITY Load Structure Category Scheme Brokerage Investment Details Entry Load Indiabulls Blue Chip Fund Minimum Rs. 500 and in multiples of Re.1/ thereafter. Indiabulls Value Discovery Fund Minimum Rs. 500 and in multiples of Re.1/ thereafter. Indiabulls Arbitrage Fund Minimum Rs. 500 and in multiples of Re.1/ thereafter. Exit Load 1% if exited within 1 year of allotment and if exited after 1 year of allotment 1% if exited within 1 year of allotment and if exited after 1 year of allotment if exited within 1 month of allotment and if exited after 1 month of allotment Upfront Trail p.a. (1st Yr Trail p.a. (2nd Yr onwards 2.25% 2.25% 2.25% 2.25% % % FIXED INCOME Indiabulls Income Fund Minimum Rs. 500 and in multiples of Re.1/ thereafter. MIP Minimum Rs. 500 and in multiples of Re.1/ thereafter. 1% if exited within 1 year of allotment & if exited after 1 year of allotment 1.90% 1.90% Indiabulls Short Term Fund Minimum Rs. 500 and in multiples of Re.1/ thereafter. % % Gilt Indiabulls Gilt Fund Minimum Rs. 500 and in multiples of Re.1/ thereafter. Indiabulls Ultra Short Term Fund Minimum Rs. 500 and in multiples of Re.1/ thereafter. _ 0.40% 0.40% Liquid Indiabulls Liquid Fund Minimum Rs. 500 and in multiples of Re.1/ thereafter. _ 1.The commission rates are applicable for all purchases made from 1st September 2017 till 31st December 2017, only under regular plan. 2.The above commission structure will be applicable for normal purchases, switchins, SIPs and STPs >Rs. 10, For SIP/STP, the commission rates applicable at the time of registration will apply for all subsequent investment installments. 4.The annualized commission is calculated on the basis of 'Daily Average Assets' on the NAV and paid on monthly basis. 5.The Commission indicated above is on a gross basis, and is inclusive of applicable GST and statutory levies, if any. 6.In case of unregistered distributor, GST shall be paid under reverse charge. 7.Commission will not be released until the amount payable exceeds Rs. 100 on or before the end of the fiscal year end. 8.Multiple applications with common PAN would be clubbed together and taken as one application. 9.Decision of the AMC pertaining to brokerage calculation and the other matters pertaining thereto shall be final & binding. 10.The AMC reserves the right to seek refund in case of premature redemptions / unexpired period for which commission is paid. Commission paid is subject to clawback as per code of conduct issued by AMFI and SEBI Regulations. Distributors shall refund to AMC, either by set off against future commissions or payment, all incentives of any nature, including commissions received. 11.The commission will be directly credited in your bank account, wherever applicable, as intimated by you. 12.Please refer to SEBI Circular No. SEBI/IMD/Cir No. 4/168230/09 dated June 30, 2009 regarding transparency in commission. You are requested to take note and act accordingly of paragraph 4 (d of the said circular which states as follows : The distributors should disclose all the commission (in form of trail commission or any other mode payable to them for the different competing schemes of various mutual funds from amongst which the scheme is being recommended to the investor. 13.The Commission structure indicated above is subject to review from time to time and the AMC reserves the right to change the commission structure/period without any prior intimation. 4. Effe ti e Septe e,, AMFI has i t odu ed the K o You Dist i uto KYD o s appli a le to all the Mutual Fu d Dist i uto s fo f esh ARN egist atio a d ARN e e al. As ad ised y AMFI, ad iso s a e e ui ed to e KYD o plied. 15.You are required to submit a Declaration of Self Certification (DSC in the prescribed format latest by June 30 each year. In case of nonreceipt of the DSC by June 30, payment of all types of commission shall be suspended till the requirements of furnishing the DSC are complied with. 16.The commission structure is subject to EUIN regulations/ guidelines as specified by SEBI/ AMFI from time to time. Advisors shall also comply with the Code of Conduct for intermediaries as prescribed by SEBI/AMFI and amended from time to time. 17. Please read the latest Scheme Information Document (SID, Statement of Additional Information (SAI and Key Information Memorandum (KIM and various addendum issued from time to time to confirm the scheme details. 18. Commission Structure received from indiabulls.amc@indiabulls.com shall be considered valid.amc will not entertain or obliged to consider commission shared through any other ID of AMC or its Employees. 19.All your Queries related to brokerages should be to written to indiabulls.amc@indiabulls.com 20.Indiabull Asset Management Company limited will not be liable for any brokerage communications received from any other IDs. Mutual Fund investments are subject to market risks, read all scheme related documents (SID/SAI/KIM carefully. Please refer our website

22 1 2, &34 5 0, &34 Large Cap Diversified Category: Invesco India Business Leaders Fund ELSS/ Tax Saver Category: Invesco India Tax Plan Arbitrage Category: Invesco India Arbitrage Fund Multi Cap Diversified Category: Invesco India Growth Fund Invesco India Contra Fund Thematic Category: Invesco India PSU Fund Invesco India Banking Fund Invesco India Corporate Bond Opportunities Fund Invesco India Medium Term Bond Fund Mid Cap Diversified Category: Invesco India Mid Cap Fund Invesco India Mid N Small Cap Fund International FoF Category: Invesco India Pan European Fund Invesco India Global Income Fund Fixed Income Duration Category: Invesco India Active Income Fund Invesco India Gilt Fund Fixed Income Accrual Category: # % & ' ( (* # %& ', ( ( # & * %& ( ; 0, %&,. /. %& 0 2 %& ' 3 %& %& ,. %& 2 3A. 1 ( %& 45 # * %& 1 %& * 6 %& 6 %& /. 3A. ( > 8 #? * 9 / < ' 1 < ; 6< '1@ *< > = # > 7? > 8# '1 > 3 & 7 7 H< 3 4 > 1 (< > 7 ' 8 % ; 7'? 7 > 4 > > 1 G # > 7 % # 7 > # % 4 4 > ' #.% ( % / % <B B & 4 >7 ' 7D C 1 7& B3 3 8% B ' <7 5 C %1.<7 3 > '17 7D 4 ' E 73 7F < < > # # 5 > > 7> 71 4? > 4 '1 # % 7>. 4 ' # > # 7 <3 4 1 ' < <? > '1 *< > 5 <J 1 ; A# 0. 4? 4??> > & % %?, G *C < 3 1 < ? ' 1 G > 3? '5?1. % *? H0 6? I ' K? 6 7 I7 < & C? ' F 7 C <? C > > 7 ( :

23 BROKERAGE STRUCTURE FOR OCTDEC, 2017 ARN67218 SCHEME NAME Kotak 50 Kotak Opportunities Kotak Select Focus Kotak Classic Kotak Balance Kotak Emerging Kotak MidCap Kotak Infrastructure & Economic Reform Fund ASSET CLASS EXIT PERIOD Advisor Name ifast Financial India Pvt Ltd CLAWBACK PERIOD Kotak US Fund Kotak Savings Scheme Trail 4th year Trail 2nd / 3rd year onwards Trail 1st year N/A Kotak Asset Allocator Fund Total B15 incentive Kotak Tax Saver Fund Kotak Global Emerging Fund Special incentive for B15 Upfront T15 Kotak Tax Saver Fund Kotak World Gold Fund Slabs <=1.5 lakhs >1.5 lakhs Kotak Arbitrage Fund Kotak Monthly Income Plan Kotak Multi Asset Allocation Fund Kotak Income Opportunities Fund 30 days Months N/A N/A N/A Kotak Treasury Advantage Fund N/A Kotak Corporate Bond Fund N/A N/A N/A Kotak Medium Term Fund Kotak Bond Fund Kotak Bond Short Term Fund Kotak Gilt Investments Fund Kotak Banking and PSU Fund Kotak Low Duration Fund Kotak Gold Fund Kotak Flexi Fund Kotak Liquid Fund Kotak Floater Short Term TERMS AND CONDITIONS: I. GENERAL i. Brokerage Structures are subject to the terms of empanelment and applicable laws and regulations, including SEBI (Mutual Fund Regulations, AMFI Regulations, laws relating to Service Tax, Income Tax, etc. ii. All Upfront/Trail Brokerages will be calculated for every calendar month and will be paid out in the following month. iii. This brokerage structure is applicable till further notice and is subject to changes at the discretion of AMC/ Trustee. iv. In case of any regulatory changes with respect to expense ratio, the past / present brokerage structure may be reviewed by the AMC. v. The AMC reserves the right not to pay upfront brokerage on assets mobilised through multiple / split applications from the same investor, where such arrangement is made with an intention to avail upfront brokerage otherwise not available on the investment. vi. The load structures may change at the discretion of AMC / Trustee. Please refer to the latest applicable load structure in the Offer Document(s / Addenda to the Offer Document(s. vii. Switches will be eligible for brokerage (upfront/trail as per the distributor's applicable brokerage in the scheme but subject to applicable clawback of the switch out scheme. Option changes within the same scheme are not treated as switches viii. In accordance with the clause 9(2 of SEBI Circular No. CIR/IMD/21/2012 dated Sept 13, 2012, the brokerage paid on B15 cities shall be subject to full clawback if redeemed within one year from the date of investment. The brokerage paid for T15 cites will be subject to proportionate clawback as per the clawback period mentioned in the structure. ix. In the eventuality of the clawback brokerage being higher than that month s upfront & trail brokerage payable, the broker shall refund the same forth. x. The AMC at its discretion, if it believes that the upfront payable to a distributor is in excess of the trail being currently payable to him, may pay the upfront in staggered installments over one year. xi. The AMC reserves the right to suspend the brokerage payable, if brought to our notice that higher brokerage is offered to subbrokers or you have violated the code of conduct and/or rules/regulations laid down by SEBI and AMFI

24 SIP/STP BROKERAGE STRUCTURE FOR OCTDEC 2017 ARN67218 SCHEME NAME ASSET CLASS Advisor Name ifast Financial India Pvt Ltd EXIT PERIOD CLAWBACK PERIOD Upfront T15 Upfronting > Rs. 10,000 <= Rs.10,000 Special incentive for B15 Total B15 incentive Trail 1st year Trail 2nd / 3rd year Trail 4th year onwards Kotak 50 Kotak Opportunities Kotak Select Focus Kotak Classic Kotak Balance Kotak Emerging Kotak MidCap Kotak Infrastructure & Economic Reform Fund Kotak Tax Saver Fund N/A Kotak Global Emerging Fund Kotak World Gold Fund Kotak US Fund Kotak Asset Allocator Fund Kotak Savings Scheme Kotak Arbitrage Fund Kotak Monthly Income Plan Kotak Multi Asset Allocation Fund Kotak Income Opportunities Fund 30 days Months Kotak Banking and PSU Fund N/A Kotak Low Duration Fund N/A Kotak Gold Fund N/A Kotak Medium Term Fund Kotak Bond Fund Kotak Bond Short Term Fund Kotak Gilt Investments Fund Kotak Flexi Fund Kotak Treasury Advantage Fund N/A Kotak Corporate Bond Fund N/A Kotak Liquid Fund N/A N/A Kotak Floater Short Term TERMS AND CONDITIONS: I. GENERAL i. Only fresh SIPs will be eligible. ii. Any upfronting paid is subject to proportionate clawback if the SIP is Ceased / Stopped / Closed before its Maturity Date iii. This brokerage structure is applicable till further notice and is subject to changes at the discretion of AMC/ Trustee. iv. In case of any regulatory changes with respect to expense ratio, the past / present brokerage structure may be reviewed by the AMC. v. For B15 locations, the Special Incentive B15 is in addition to the T15 upfront brokerage vi. T15 cities Brokerage, will be with applicable proportionate clawback and B15 cities Brokerage (ie special incentive will be with full Clawback to the extent of units redeemed (except Kotak Tax Saver scheme where no clawback will be applicable vii. The load structures may change at the discretion of AMC / Trustee. Please refer to the latest applicable load structure in the Offer Document(s / Addenda to the Offer Document(s. viii. Brokerage Structures are subject to the terms of empanelment and applicable laws and regulations, including SEBI (Mutual Fund Regulations, AMFI Regulations, laws relating to Service Tax, Income Tax, etc. ix. The payout of Existing SIP Structure will be done after a gap of 30 days on a monthly basis. For example, SIP incentive calculation for the month of July, 2015 will be done in Sept, 2015 and paid along with Aug, 2015 brokerage in Sept, 2015 x. Distributors are requested to adhere to the terms and conditions set forth by the SEBI Code of conduct for MF intermediaries wrt commission disclosures xi. The AMC reserves the right to suspend the brokerage payable, if brought to our notice that higher brokerage is offered to subbrokers or you have violated the code of conduct and/or rules/regulations laid down by SEBI and AMFI xii. Kotak Mahindra Asset Management Co. Ltd. Reserves the right to withdraw or suspend or modify this incentive program at any time, without giving any reasons thereof. xiii. If Sip Installment Amount is <=Rs.10,000 and tenure is >=3 years; Upfronting for only 36 Months will be paid as per above structure. From 37th month onwards installments, upfront brokerage per installment will be payable as per the lumpsum structure. xiv. For <= 1 year SIP Tenure, Upfront brokerage per installment plus trail as per the respective lumpsum structure will be applicable

25 Commission Structure for L&T Mutual Fund (1st October 2017 to 31st December 2017 ARN67218 Name of the Fund Prepaid Commission Year 1 Trail (apm Year 2 onwards Total Earnings for T15 Cities In first 3 Years B15 Incentive Total Earnings for B15 Cities In first 3 Years 3.25% 4.75%, Balanced and Hybrid Funds L&T India Large Cap Fund L&T Infrastructure Fund L&T India Value Fund L&T Mid Cap Fund L&T India Prudence Fund L&T Business Cycles Fund L&T Fund L&T Emerging Businesses Fund L&T India Special Situations Fund L&T Tax Advantage Fund L&T Savings Fund L&T Monthly Income Plan L&T Dynamic Fund * % L&T Arbitrage Opportunities Fund % Arbitrage Fund Funds L&T Income Opportunities Fund L&T Resurgent India Corporate Bond Fund L&T Triple Ace Bond Fund * 0.80% 0.80% 2.40% 2.90% 0.30% 0.30% 0.90% 0.90% L&T Short Term Income Fund L&T Flexi Bond Fund L&T Gilt Fund L&T Short Term Opportunities Fund L&T Banking and PSU Fund L&T Floating Rate Fund L&T Ultra Short Term Fund 0.70% 0.70% 2.10% 2.10% 0.40% 0.40% 1.20% 1.20% % % L&T Cash Fund 0.65% 0.65% 1.95% 1.95% L&T Liquid Fund Liquid Funds For investments > Rs.3 Crore, no prepaid commission will be paid. The prepaid commission indicated above would be paid out in 12 equal instalments.

26 Commission Structure for L&T Mutual Fund Terms and Conditions (1st October 2017 to 31st December 2017 ARN67218 General a b c This is further to your empanelment with L&T Investment Management Limited on behalf of L&T Mutual Fund. st st The aforesaid structure is effective from 1 October 2017 to 31 December 2017 and will remain effective till further notice and may change at the discretion of AMC as a result of any changes in the law. Prepaid Commission: L&T IM wishes to enhance the quality of service provided to its investors to improve retention of investments in its schemes. For this purpose, the AMC intends to fund the distributors through a prepayment of commission to enable them to service their clients. The prepayment will be based on the amount invested by the customer at the rates specified in the table above to the extent it is payable to the distributor. The distributor is entitled to keep the commission paid if the investor stays through the exit period. In the event the investment is withdrawn before completion of this period, the proportionate commission paid which corresponds to the balance exit load period would be recovered or adjusted against other amounts payable to such distributors on account of deficiency of service. Prepaid Commission will be calculated on a monthly basis on the amount invested by the investor. The amount payable to the distributor shall be paid in the following month. d Trail CommissionYear 1: The Trail Commission is calculated on the basis of Daily Average Assets'. The amount payable to the distributor shall be paid in the following month. e Trail Commission Year 2 onwards: Trail will be applicable on all assets procured subject to the assets staying with the Scheme for more than 1 year from the date of subscription. The amount payable to the distributor shall be paid in the following month. f Commission/Incentive will be paid on switches/systematic transfer from one scheme to another scheme. However, no commission will be paid in case of change of option in the same scheme except for L&T tax Advantage Fund. g If the total commission payout to the distributor for a month (including prepaid commission/incentive is less than Rs. 250/, the same would be accrued and carried forward to subsequent months for payouts, h AMC reserves the right to change the commission structure at its sole discretion, without giving any notice. i The AMC reserves the right not to pay Commission/Incentive on assets mobilized through multiple / split applications from the same investor where such arrangement is made with an intention to earn Commission/Incentive otherwise not available on the investment. j In accordance with the clause 4(d of SEBI Circular No. SEBI/IMD/CIR No. 4/168230/09 dated June 30, 2009, the distributors should disclose all the commissions (in the form of trail commission or any other mode payable to them for the different competing schemes of various mutual funds from amongst which the scheme is being recommended to the investor. Distributors are advised to ensure compliance of the same. k The rules and regulations of SEBI/AMFI pertaining to commission/incentive payment to distributors will also be applicable for payment of the commission/incentive as per the structure stated above. l The aforesaid commission/incentive structure is based on the present expense ratio allowed by SEBI. Any change by SEBI in the expense ratio will entail a change in the aforesaid commission structure. AMC reserves the right to change, withdraw and / or amend, the above mentioned terms and conditions without any prior notice. m For change of broker code cases, payment of commission will be governed by the requirements of SEBI and / or AMFI. n The discharge of liability towards GST will be sole responsibility of the distributor were distributor is registered under GST and L&T Investment Management Limited (LTIM shall have no obligation in this behalf. However, if the distributor is not registered under GST, LTIM will deduct and discharge GST liability for the said distributor under Reverse Charge Mechanism (RCM. However, the AMC reserves the right to deduct any other applicable statutory dues. B15 Incentive a B15 incentive is over and above the existing commission and incentives. b B15 incentive will be payable on the applications procured from residents of all the cities beyond the following 15 cities(as per Pincode Master circulated by AMFI from time to time : Mumbai (including Thane & Navi Mumbai, Delhi (including NCR, Bangalore, Kolkata, Chennai, Pune, Ahmedabad, Hyderabad, Baroda, Ludhiana, Jaipur, Lucknow, Surat, Kanpur and Chandigarh c Applications procured from Nonresident Indians will not be eligible for B15 incentive. d In case the investment is redeemed (lump sum & SIP/STP within 12 months, the entire B15 incentive paid as above shall be recovered or adjusted against other amounts payable in accordance with requirements of SEBI and/or AMFI. e Identification or tagging of a transaction as B15 transaction will be at the sole discretion of AMC and as per the guidelines and list of Pin codes issued by SEBI and/or AMFI from time to time. f Any claims by distributors to change the tagging will not be entertained. g B15 Incentive on application amounts > Rs. 25, 00,000 will be paid in 12 monthly equated instalments. However, this cap will not be applicable to L&T Tax Advantage Fund. h The AMC reserves the right not to pay Commission/Incentive on assets mobilized through multiple / split applications from the same investor where such arrangement is made with an intention to earn Commission/Incentive otherwise not available on the investment. THE DISTRIBUTOR AGREES THAT SOURCING OF FUNDS FOR L&T MUTUAL FUND SCHEME(S AFTER RECEIPT OF THIS BROKERAGE STRUCTURE INCLUDING ABOVE REFERRED TERMS AND CONDITIONS SHALL BE CONSTRUED AS AN AGREEMENT OF HIS/HER/ITS ACCEPTANCE TO THE TERMS AND CONDITIONS.

27 Brokerage Structure October, 2017 to December, 2017 Platinum Category Scheme Name Exit Load PLATINUM CATEGORY (P Trail APM from Day 1 onwards (% Funds LIC MF Fund * 1% if exit within 1 year LIC MF Growth Fund * 1% if exit within 1 year LIC MF Midcap Fund * 1% if exit within 1 year Funds Thematic LIC MF Banking & Financial Services Fund * 1% if exit within 1 year LIC MF Infrastructure Fund * 1% if exit within 1 year Hybrid Funds LIC MF Monthly Income Plan 1% if exit within 1 year 1.35 LIC MF Balanced Fund * 1% if exit within 1 year LIC MF Children's Fund 0.40 Tax Saver Funds LIC MF Unit Linked Insurance Scheme * LIC MF Tax Plan * Index and Exchange Traded Funds LIC MF Index Fund Sensex Plan 1% for exit within one month 0.85 LIC MF Index Fund Nifty Plan 1% for exit within one month 0.85 LIC MF Exchange Traded Fund Nifty LIC MF Exchange Traded Fund Nifty LIC MF Exchange Traded Fund Sensex 0.05 LIC MF GSec Long Term Exchange Traded Fund** 0.05 Fixed Income Funds LIC MF Bond Fund 1% if exit within 1 year 0.15 LIC MF Income Plus Fund LIC MF GSec Fund if exit within 30 days LIC MF Savings Plus Fund 0.35 LIC MF Liquid Fund 0.05 * Exclusive B15 Upfront Brokerage is % for Platinum Category Distributors for LUMPSUM investments. As regards SIP/STPs transactions except LIC MF Tax Plan, the Exclusive B15 Brokerage offered during the period 1st January, 2016 to 31st December, 2017 for SIP/STP Transactions shall be payable ONLY UPTO 31/12/2017. ** Taxation as per Category Chief Marketing Officer See Overleaf for Terms and Conditions

28 Terms and Conditions 1 Exclusive B15 Brokerage: Upfront Brokerage paid shall be completely clawed back, set off or recovered from the distributor, if the investments get redeemed before the exit load period or before completion of 1 year in Funds and before completion of 3 months from other thanequity funds from the date of allotment of units. The credit note shall be issued for the said brokerage reversal, if any. 2 The above brokerage structure is valid only for the period from 1st October, 2017 to 31st December, 2017 and LIC Mutual Fund Asset Management Limited LICMF AMC reser es the right to cha ge the sa e ithout a y prior otice. 3 T15 refers to the Top 15 Cities provided by AMFI and B15 refers to all other Cities beyond the Top 15 Cities. In addition, the NRI investments shall be considered as T15 investments for the purpose of brokerage payment. 4 LIC MF AMC reserves the right to change / modify / discontinue / withhold the rates and slabs mentioned at its sole discretion without any prior intimation or in case of Regulatory Changes / Changes in Industry Practices in respect of Brokerage. LIC MF AMC, its employees or Trustees shall not be responsible for any loss incurred by anyone due to change, errors or omissions in the brokerage structure. 5 The brokerage structure is applicable for types of transactions ie., Lumpsum, SIP/STP and switchin transactions. 6 The brokerage / incentive amount shall be Gross and inclusive of all statutory levies, if any. The payment to the distributors shall be after deducting any statutory levies, if any as per prevailing provisions of Law. The brokerage shall be paid only to AMFI / NISM Certified & KYD complied distributors. Distributors are advised to abide by the code of conduct and rules/regulations laid down by SEBI/AMFI from time to time. LICMF AMC shall be constrained to initiate necessary action, if any distributor(s who found violating code of conduct or regulations. 7 This brokerage structure is subject to EUIN regulations/guidelines as specified by SEBI/AMFI and/or adopted by the Mutual Fund Industry. 8 If the ARN is registered under GST and GSTIN is provided to RTA M/s Karvy Computershare Pvt Ltd Kar y, then brokerage/gst payment shall be made on forward charge mechanism basis and shall arrange to pay gross brokerage to the ARN else brokerage/gst payment shall be made on reverse charge mechanism basis where the net brokerage is paid to the ARN, after adjusting the GST. GST remitted to Government shall not be reimbursed subsequently upon furnishing the GSTIN. 9 In terms of a SEBI directive, the Distributor/Advisor shall not take any irrevocable Power of Attorney from its clients in connection with investments in the schemes of LIC Mutual Fund and the liability of Distributor / Advisor shall not be limited to his failure to discharge his obligations. 10 Any claims, disputes or difference arising under or in connection with this arrangement or anything done or omitted to be done pursuant hereto shall be subject to the exclusive jurisdiction of the civil courts in Mumbai. 11 In the event of any excess payment of brokerage to the distributors, LICMF AMC shall reserve the right to deduct and appropriate the excess amount from any amounts subsequently payable to the distributor. In such event, no subsequent amount is payable by LICMF AMC to the distributor till the time the excess gets adjusted, Distributor shall refund the excess amount (unadjusted if any to LICMF AMC within 30 days of demand. 12 The Distributors/ARNs are requested to update their Bank Account details with our RTA M/s Karvy. The threshold limit for payment of upfront/trail brokerage through NEFT/RTGS is Rs.500/ and through warrant/dd is Rs.1,000/. If the upfront/trail brokerage payable is less than threshold limit, the same will be kept on hold and will be released once the cumulative upfront/trail brokerage reaches the threshold limit. LIC Mutual Fund Asset Management Ltd. Investment Managers to LIC Mutual Fund Formerly known as LIC Nomura Mutual Fund Asset Management Co. Ltd. Industrial Assurance Building, 4th Floor, Opp. Churchgate Station, Mumbai To know more, please visit Call us at Office , Toll free number Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

29 Brokerage Structure for Schemes of Mirae Asset Mutual Fund for ifast Financial India Pvt Ltd (ARN67218 Period : 01OCT2017 To 31DEC2017 (For Load Structure please refer to the latest SID/SAI on our website Asset Class ELSS ELSS Hybrid Liquid Scheme name Distribution Incentive # Mirae Asset Dynamic Bond Fund Mirae Asset Savings Fund Mirae Asset Tax Saver Fund (<=150,000 INR Mirae Asset Tax Saver Fund (>150,000 INR Mirae Asset China Advantage Fund Mirae Asset Emerging Bluechip Fund Mirae Asset Great Consumer Fund Mirae Asset India Opportunities Fund Mirae Asset Prudence Fund Mirae Asset Cash Management Fund Upfront Fee B15 Special Incentive % % % % % % % % % % % % % % % % % % % % Trailer Fees (Per Annum Paid on Average Per Month* 1st year 2nd year 3rd year 4th year & Onwards % % % % 0.65% 0.65% 0.65% 0.65% 0.03% 0.03% 0.03% 0.03% # not applicable on switches made between Direct Plan to any other Plan within the same scheme or asset class Terms and Conditions: I. In case the investment is redeemed within one year from the date of investment or exit load period, whichever is later or unless specified, the proportionate (i.e. for the remaining period of upfront (including additional upfront/ incentive, if any and the entire B15 Special Incentive paid shall be recovered/clawed back/ set off from the future brokerage payments. II. Annualized commission including Trail Commission will be computed on monthly average AUM and paid monthly. III. All commissions/incentives are Gross and inclusive of all statutory levies including GST (as amended from time to time. IV. GST on such commissions/incentives is payable by the distributor as service provider or by the Fund as service recipient. In absence of valid GST registration number of the distributor registered with the Mutual Fund, the Net amount after deducting GST will be paid to the distributor. V. For invoice generation and reporting process, please visit VI. Switch from Regular/Savings Plan to Direct Plan and vice versa shall be subject to exit load, if any. VII. For switches within equity schemes only Trail is payable. VIII. * The AMC reserves the right to change the brokerage structure at any time, without prior notice. The above commission structure supersedes all the previous commission structure(s which were communicated prior to this date for this period if any. For latest brokerage structures, load structure and Scheme Information Document(s of respective schemes, Statement of Additional Information and Addendum s issued from time to time, please refer to our website IX. In accordance with the clause 4(d of SEBI Circular No. SEBI/ IMD/ CIR No. 4/168230/09 dated June 30, 2009, the distributors shall disclose all commissions (in the form of trail commission or any other mode payable to them for the different competing Schemes of various Mutual Funds from amongst which the Scheme is being recommended to the investor. Distributors are advised to ensure compliance of the same. THE DISTRIBUTOR AGREES THAT SOURCING OF FUNDS FOR MIRAE ASSET MUTUAL FUND SCHEME(S AFTER RECEIPT OF THIS BROKERAGE STRUCTURE INCLUDING THE ABOVE REFERRED TERMS AND CONDITIONS SHALL BE CONSTRUED AS AN AGREEMENT OF HIS/HER/ITS ACCEPTANCE TO THE TERMS AND CONDITIONS. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. THURSDAY OCT 05 10:39:

30 Motilal Oswal Asset Management Company Limited Corp. & Regd. Office : 10th Floor, Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai Board: / Fax: CIN : U67120MH2008PLC th September 28, 2017 Dear Friends, Subject: Quarterly Brokerage Communication Q3 FY 2018 It has been a splendid year so far for the Industry. We are increasingly seeing growth in overall assets and retail penetration in equities especially the growing SIP book. This certainly deserves recognition for all the efforts put in by you 'The Distribution Community' the relentless hard work in reaching out to investors and communicating long term benefits of investing through mutual funds which are certainly paying off. Although early signs, but we are also seeing new distributors joining this business after a long haul, this is also very encouraging as our distribution penetration has been fairly concentrated and there is no doubt we need more and more people in this business to cater to a diverse population like ours. It is indeed heartening that whatever we have been prophesizing over the years about financialization of savings, formalization of the economy, increased tax surveillance and crackdown on parallel economy, structurally lower interest; everything has finally begun to play out and how th It is a pleasure to inform you that we have clocked new milestone by crossing USD 4 billion of AUM as 30 August Your faith in our AMC, its philosophy and the insightful QGLP process have been the single guiding force that has led to increased acceptance from investors. Summary of our Mutual Fund Scheme wise AUM is as follows: Scheme nd AUM (As on 22 September 2017 in cr F F F FLTF 664 DEF 1223 (MOAMC AUM as on 22nd Sep is Crores, which includes PMS AUM of Crores and AIF AUM of 1148 Crores & MF AUM of Crores While, we are delivering well on performance across our schemes, we have also expanded our investment team this quarter with the arrival on board of Mr. Akash Singhania who joins us from DHFL Pramerica to exclusively manage our mid cap fund MOSt Focused MidCap 30. While the performance of this fund has been stellar over the 3 years since inception; it has been inconsistent in the last year or so. With focused attention and a dedicated manager for each strategy now, we are quite certain that we will be able to deliver wealth creation in our investors' portfolios. Please see below for our performance highlights so far: Scheme Name 1 Year 3 Year Since Inception Motilal Oswal MOSt Focused Multicap 35 Fund Nifty Alpha THINK EQUITY THINK MOTILAL OSWAL

31 Scheme Name 1 Year 3 Year Since Inception Motilal Oswal MOSt Focused Midcap 30 Fund Nifty Free Float Midcap Alpha Scheme Name 1 Year 3 Year Since Inception Motilal Oswal MOSt Focused 25 Fund Nifty Alpha Months 1 Year Since Inception Motilal Oswal MOSt Focused Long Term Fund Nifty Alpha Scheme Name Scheme Name 3 Months 6 Months 1 Year/Since Inception Motilal Oswal MOSt Focused Dynamic Fund CRISIL Balanced Fund Aggressive Index Alpha th Data as on 27 September 2017 * Less than 1 year Absolute returns, Greater than or Equal to 1 year Compound Annualized returns We are pleased to enclose herewith the new brokerage structure for Q As you know brokerage structures are directly linked to Distributable TER (Total Expense Ratio which again depends on the size of the funds and corresponding economies of scale for a growing fund like ours. The TER has to be adjusted downwards as per prescribed regulations. Therefore, with successively each of the funds crossing certain thresholds the incremental sharing of Distributable TER amongst our partners has to be aligned based on potential as well as performance. We are ideally not in favor of making changes to pricing structures but being a relatively young AMC we have had a spate of instances where schemes are crossing multiple AuM thresholds and hence it compels us to review the numbers. We do not expect any further changes through this financial year except anything caused by regulatory changes or adjustments to B15 commissions which are hitherto unavoidable. In the light of current practice of constant sharing life time perpetual trail, it is important and critical for us as mutual partners to arrive at a fair sharing of expense ratio to sustain and build our business models. At Motilal Oswal AMC we do have further constraints because we have a single philosophy and very limited suite of products with limited capacity on fund size. Our investment universe is fairly limited and eventually at some point in time we will have to review the strategy for taking in inflows on sustained basis. Also, our entire group corpus is fully invested in our own funds and to that extent it is worth appreciating that unbridled expansion of corpus resulting in dilution of returns will hurt us as much if not more than our investors and channel partners. Keeping the narrow strategy and limited corpus in mind, we have to be clear that we are not in the business of managing unlimited corpus at any margin and any return. We are in the business of managing a finite corpus with respectable margins and good relative performance. Hence calibrating our margins, our corpus and keeping an eye on performance is critical. Our endeavor is to deliver sustained superior riskadjusted returns over long term; this is a unique business where our interests are directly linked to those of the investors. Coming to B 15, we are reducing the B 15 rates w.e.f 1st October 2017 essentially due to large mobilizations from B 15 locations in the recent past and thereby the payouts exceeding the income from the additional TER which SEBI has permitted to charge on regular THINK EQUITY THINK MOTILAL OSWAL

32 option of the respective schemes. Essentially, the practice is to net out the B 15 charge and payouts before the end of financial year and cannot be rolled over to next financial year. Thus, any fallout on excess commission paid during the year would have to be shelled out by the AMC compensating the scheme directly. We are monitoring the flows and income block regularly and at the earliest possible opportunity we will restore these payouts to pass on the benefits to our partners. In light of the new GST regime, I urge you to get in touch with your relationship manager at MOAMC and understand the procedure to be followed regarding GST invoicing and related credits. For any queries, please reach out to your relationship manager or me at akhil.chaturvedi@motilaloswal.com Wish you a great year and season s greetings in advance. Best Wishes Akhil Chaturvedi EVP & Head Sales & Distribution Mutual Fund investments are subject to market risks, read all scheme related documents carefully THINK EQUITY THINK MOTILAL OSWAL

33 Motilal Oswal Asset Management Company (MOAMC Mutual Fund Distributor Revenue Structure Period: October December 2017 Trail Commission (in bps per annum / Upfront incentive for SIP & STP Scheme Trail Commission 1st Year & Onwards Upfront for SIP & STP Trail Commission for SIP & STP (from first year and onwards. MOSt Focused Long Term Fund (ELSS MOSt Focused 25 Fund MOSt Focused Midcap 30 Fund MOSt Focused Multicap 35 Fund MOSt Focused Dynamic Fund MOSt Ultra Short Term Bond Fund The above rates are exclusive of GST (Goods and Services Tax. The liability of paying the GST is on the Distributor. The reimbursement of the GST shall be claimed by the distributor by filing the applicable GST returns and submitting a valid Invoice to MOAMC. The AMC shall reimburse the GST only after matching the filed return with the GSTN. The GST registration number should be mandatorily mentioned on the Invoice. In case there is any change in the process of claiming reimbursement of GST, MOAMC will send a separate communication. Terms and conditions: The document is confidential and should not be shared with any person or institution not intended to receive this. Above mentioned rates are applicable only for empanelled distributors with MOAMC. Commission is payable only when ARN code is mentioned in the relevant column in the application form (Broker and Subbroker code. Commission as per above structure is payable only on Regular Plan of the Schemes. As per SEBI regulations, no commission will be paid on the Direct Plan of the Schemes. Trail commission payout is calculated on an annualized basis and is payable on a monthly basis. The Trail commission for business mobilized and activated till the end of a month will be paid monthly by 10th of the following month under normal circumstances. Trail commission will be paid out only when the amount of commission payable is Rs. 100 or more. The Distributors shall adhere to SEBI circular dated June 26, 2002 on Code of Conduct and SEBI Regulations and ensure that no rebate is given to investors in any form. MOAMC reserves the right to amend / change commissions any time at its discretion without any prior notice. The decision of MOAMC will be considered final and binding to in case of disputes, if arises. Confidential