EXPERT SPEAK. Mr. Nilesh Shah. March 31, Dear Friends,

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2 EXPERT SPEAK Mr. Nilesh Shah March 31, 2016 Dear Friends, T20 World cup is behind us. The best team on that day won. Regrettably it wasn t India. But our team did leave us with some memorable moments and meaningful insights during the tournament. Victory against Pakistan and Australia was amazing. But it is the win against Bangladesh which would continue to attract the attention long after the memory of this world cup has faded. That match was the living example of : it s not finished until it s finished. In that game, Bangladesh dominated the match for good 39.3 overs. They bowled and fielded well and constricted Indian run scoring. Then they batted well for nearly 19.3 overs. And then, when they had the match almost in grips, they lost. If we put it in numbers, Bangladesh was winning more than 95% of the total match time, but it lost the game in the remaining 4-5% timeline. That game was won at the last ball. Not first. But many equities investors expect just that. That the game be won at the first ball. That is, the equities investment be a long-undisturbed oneway bull run. Therefore many investors refuse to playout the game at the first sign of volatility. Point is: even in an almost lost game, where the probability of win was reduced to a single digit, the Indian captain did not pack his game (physically and mentally). So why do we do it, especially when the long-term game is stacked in our favour. In the history of Sensex, an investor with 20 years horizon, would have made a minimum of 7% per annum (tax free). The maximum a 20 year investor may have made is around 21% per annum, tax-free. And still we as investors hesitate. Like the Indian cricket team which didn t give up till the last ball, it is important for the investors to stay invested till the last ball. Time in the market makes money for you rather than timing the market. The behaviour of scurrying at the first hint of volatility is also visible amongst fixed income market participants. For example: just before the run-up to the budget, the yield curve had hardened up - especially in the year segment. This, despite the fact that RBI had already given a 125 bps repo cut. Despite the fact that finance minister on various occasion had expressed his comfort and commitment to maintain the fiscal deficit ratio. And despite the fact that RBI had used OMO to manage liquidity in the system. And despite the fact that CPI inflation was trending below the market expectations. Yet, despite all this, many market operators sold on long duration curve and were overweight on near duration segment. However, Kotak AMC remained invested and was overweight in the 17 yr and 30 year segment. We believed that the spreads between year gilt had widened sizeably and would average out sooner. We were of the opinion that the finance ministry would stick to its fiscal deficit commitment for FY17. We also believe that RBI has a rate cut appetite of bps in CY16. And also that, the long term gilt supply-demand equation is favourable for the investor. The same outlook is materialising now. The rally has caught up in the 30 year segment to the benefit of our investor. The fiscal deficit of 3.5% of GDP for FY17 was, as committed by the finance minister. And the RBI looks increasingly inclined to give a cut sooner than later. In fact, the government has got the ball-rolling by cutting rates in the government operated small savings schemes. Point is we stuck out in face of short term but adverse market reactions before Feb month. it s possible that some investors might have made conclusions about us based on our below-average performance in the duration segment during the Dec15-Feb 16 period. But that is because we were positioning ourselves for a long term and fundamental driven rally in the debt market post-budget. We continue to remain bullish about the duration, albeit short term volatility due to supply and liquidity vagaries cannot be ruled out. After a stupendous rally in March-16 in the equity and debt market, it is but natural for market to take a pause. Regular investment and asset allocation are two time tested tools during such pauses. Regards, Nilesh Shah Managing Director 1

3 EQUITY VIEW INDIA: Macro remains strong; global cues drive markets Indian equity markets witnessed a strong up-move along with other emerging markets in the month of March The announcement of the Union Budget on Feb 29th, 2016 which adhered to a fiscal deficit target of 3.5% of GDP in FY17 further fuelled the rally. Bond markets, too, cheered as the net borrowing program for FY17 stood at INR4.2Trn (lower than expected). This in turn has given rise to hopes of a further cut in policy rates by RBI. The large cap Nifty 50 rose 10.75% during the month of March '16 while the Nifty Midcap 100 Index rose 10.33% (INR terms). Foreign inflow into emerging markets turned positive and India was a beneficiary of the same. FIIs were net buyers in Indian equity markets to the tune of USD3.2Bn in March '16. Global factors that have driven the emerging market rally include: Accommodative monetary policies of the central banks including the European Central Bank (ECB) Rally in commodities led by hopes of sustainability of growth in China fuelled by fiscal stimulus (outcome of the NPC-National People s Congress - work report) Expectations of an improved macroeconomic position in certain emerging market countries (including India) The question that therefore arises is how sustainable is the risk-on trade? One must keep in mind that the recent US Dollar weakness has provided further support to the oil-led commodity rally. However, it is difficult to determine whether the USD rally is over in entirety or is there room for a leg up based on Fed rate action. For India especially what is more relevant is the pace of domestic recovery (whereby recent data points have been encouraging) and earnings growth trajectory especially as we move closer to the announcement of the Q4FY16 earnings season. While earnings in FY16 have been muted so far, we are hopeful of a recovery in FY17 on the back of improvement in economic activity. Currently, we are penciling in expectations of Nifty earnings growth of 18.6% FY17E and 20% in FY18E resulting in the Nifty trading at 16.5x FY17E EPS and 13.9xFY18E EPS (free float basis). We must however bear in mind that corporates would move towards a new Indian Accounting Standard (based on IFRS) reporting from Q1FY17 which could have an impact on earnings expectations. On the domestic front, there is evidence of policy actions with the passage of the Aadhar Bill which grants a statutory status to the unique identity (UID) number scheme which in turn paves the way for huge subsidy savings through direct transfer of benefits. Prior to that, the Rajya Sabha (Upper House) passed the Real Estate Bill which is pro-buyer Bill that aims to ensure accountability and transparency through more stringent rules and disclosures for builders, along with penalties in cases of violations. RBI cuts repo rates by 25bps; to focus on improving liquidity RBI (Reserve Bank of India) cut the benchmark Repo Rate by 25bps in line with expectations to 6.50%. While the rate cut was largely in line with expectations, RBI also announced a series of measures to improve the overall liquidity in the system. RBI indicated that they would like to lower the liquidity deficit from 1% of NDTL (Net Demand and Time Liabilities) closer to neutral levels over time (this would however not be immediate but would be achieved over a year or year or so). Improvement in systemic liquidity would help in better transmission of lower policy rates (cumulative rate cut of 150bps so far in the current cycle) through lower lending rates from banks as their overall cost of borrowing comes down further. The overall stance of the monetary policy remains accommodative. We had expected RBI to cut rates by 25-50bps in CY16 of which 25bps has come through. The focus now moves to better transmission of rates and bringing down the liquidity deficit. Further, while RBI anticipates that CPI (Consumer Price Inflation) will remain at ~5% in FY17, the impact of the 7th Central Pay Commission (CPC) implementation on CPI inflation could be in the range of bps. It is therefore likely that RBI stays on hold for the near term before cutting policy rates by another 25bps later in the year. With infusion of liquidity, short term rates are likely to soften as the system moves from deficit to a neutral zone. The move of bringing liquidity closer to neutral is positive and represents a significant change in the RBI's stance. This in turn would be positive for market interest rates and help in reducing the cost of funding. Global monetary policy stays accommodative; headroom for significant policy easing now limited; need for structural reforms Global monetary policy remained largely accommodative with the European Central Bank (ECB) reducing all policy rates and expanding the quantum of asset purchase (to Euro 80Bn a month as compared to Euro 60Bn earlier) as well as expanding the universe of eligible assets. While the ECB delivered a bigger-than-expected stimulus plan, it also signaled that it isn t likely to cut interest rates further. Earlier in the month, China too cut RRR (Reserve Requirement ratio) by 0.5ppt. This takes the RRR for large banks to 17%, 15% for smaller banks; the cut is effective from 1st March It is also clear that the US Federal Reserve will not be hiking rates as aggressively as the market thought earlier (our view remaining unchanged that the Fed would hike rates twice in Cy16). However, it is still likely that the Fed will remain on a tightening path notwithstanding global growth slowdown, given the expectations of US economic recovery and US inflation trajectory. The pace of Fed s future policy rate action and Yuan moves will hold the key to the course of emerging market currencies including the INR. Consumer spending, subdued oil prices and expansionary monetary policy argue against a global recession materializing. At the same time while monetary policy has been accommodative the globe over, the incremental effectiveness on growth and the room for further rate cuts appears to be diminishing. With monetary stimulus likely becoming less effective, fiscal policy and structural reforms gain importance for shaping the macro outlook and boosting global growth trajectory. India s BoP under control; expect CAD at 1.4% of GDP in FY17 India s Balance of Payments (BoP) moved back into positive territory in Q3FY16 with both the current and capital account dynamics turning favorable. CAD (Current Account Deficit) reduced to USD7.1Bn (1.3% of GDP) compared to USD8.7Bn (1.7% of GDP) in Q2FY16. The contraction in CAD was largely led by lower imports and marginal reduction in exports. Q3FY16 saw capital account surplus of USD10.5Bn compared to USD8.6Bn in Q2FY16. This was led by net FDI inflow of USD10.8Bn even as FPI flows were marginally negative. We expect the CAD to be 1.4% of GDP in FY17 and the overall BoP to remain in surplus in FY17E. INR/USD to remain on steady depreciation path; Renminbi movement remains the key risk Fundamentally, the INR appears stronger than most of the other EM currencies. With a more dovish Fed and liquidity continuing from ECB and BoJ (Bank of Japan), flows into EMs should not dry up immediately. However, movement of the Chinese Yuan will be one of the key issues to watch out for in FY17. We expect that the Chinese currency would remain on a depreciating path but are not building in a sharp devaluation of the same. For the INR too, while we do not expect a sharp bout of depreciation, we do expect a slow but steady depreciation path against the USD. Based on 36-country REER (Real Effective Exchange Rate) INR continues to be overvalued by 4-5% against the long-term average which supports the call for depreciation of the currency. The reasons for INR weakness despite lower crude oil prices include: Slowdown in exports because of weak external demand and lower commodity prices substantially offsetting the positive impact of the collapse in crude oil on India s trade deficit. Stronger USD also adversely affected INR price dynamics Some part of the decline in oil prices reflected global risk-off. This in turn hurt portfolio inflows into India thereby impacting the INR Over valuation of the INR on a REER basis We expect the INR/USD to trade in the range of in FY17 and average in FY17 (Average of 65.5 in Fy16) Key variables & their impact on equities: Key Variables Short - term Economy Corporate Earnings FII Flow DII Flow Supply of paper Interest Rates Policy/Reform Initiative Medium - term Remarks Improving growth, falling inflation Improving operating leverage, falling interest costs and improvement in working capital can accelerate earnings, but a bit back-ended (FY17) India stands out among global asset classes, with faster EPS growth & improving macro-economic variables, however it is over-owned by FII and any near-term risk-off environment impacts Indian flows Focus on improving financial savings of households er disinvestment target and repair of leveraged balance sheet to create supply in markets Fall in interest rates to help revive demand and reduce stress for companies with significant debt GST is key reform for government to focus on; if it gets passed, can provide a significant fillip 2

4 DEBT VIEW Items Mar-16 Feb-16 Change Reverse Repo 5.75% 5.75% Nil Repo 6.75% 6.75% Nil CRR 4% 4% Nil SLR 21.50% 21.50% Nil Mibor Overnight 9.00% 6.96% 204 bps Call(O/N) 9.36% 7.45% 191 bps CBLO 7.38% 6.84% 54 bps 1 yr T Bill 7.06% 7.25% -19 bps 10 G Sec 7.46% 7.63% -17 bps 5 Year AAA 8.31% 8.55% -24 bps USD/INR Source: RBI; ICRAonline. Key Events: Fiscal deficit for FY16 was at 3.9% of GDP. For FY17 the fiscal deficit target is projected at 3.5% of GDP. The borrowing programme indicated Rs 6 Lacs crs gross borrowing and 4.5Lacs crs net borrowing. The borrowing programme is relatively soft at the long end of the curve. This may lead to flattening of the curve. CPI inflation eased to a 4-month low of 5.2% in year-on-year (y-o-y) terms in February 2016 from 5.7% in January 2016, led by moderation in food inflation. However, core-cpi inflation hardened somewhat to 5.0% in February 2016 from 4.7% in January WPI inflation for the February month came at % from -0.9 % (negative for 16th month in a row) India's exports declined for the 15th month running in February to US20.73 billion, down 5.66% on MoM basis, whereas imports have also declined to US27.28 billion down 5.03% m-o-m. The trade deficit for February was at US 6.5 billion v/s US 7.6 billion in Jan. IIP (Index of industrial production) data dipped for the third month in January, reporting -1.5% growth, compared to -1.2% in December. This was led by a steep fall in manufacturing activity, mainly in industrial and investment related goods. India's current account deficit (CAD) dropped to 7.1 billion or 1.3% vs 8.7 billion or 1.7% of GDP in the third quarter of on account of narrowing trade deficit. Banks are allowed to classify bonds issued by state governments as part of the Ujwal Discom Assurance Yojana scheme(uday) under held-to-maturity(htm) category The Rajya Sabha passed a landmark Real estate Bill which improves accountability of developers, boosts transparency and has the scope to increase investor/customer confidence in real estate projects. Interest rate on small savings schemes, including PPF, Kisan Vikas Patra (KVP) and senior citizen deposits has been reduced in the range of 0.6%-1.3% w.e.f. FY17 as the government strives for market-linked rates in these savings schemes. Oil prices reached a high of 41.8/barrel from ~36 MoM and closed the month at 39.7 after signs of production freeze by OPEC. Russia, Saudi Arabia, Venezuela and Qatar announced in Feb that they were willing to freeze production at January levels. US Federal Reserve had kept its benchmark short-term interest rates unchanged amid potential risks to the US economy, signaling the central bank would slow the pace of future interest rate hikes this year. Standard & Poor s Ratings Services cut its outlook to Negative from stable for the Chinese government s credit rating, marking the second major ratings firm to take a dimmer view of China s creditworthiness in the past month. ECB cuts its cut its deposit rate to -0.4% from -0.3% and the main refinancing rate to zero from 0.05 % and increased monthly asset buys to 80 billion euros from 60 billion euros. Debt Outlook Long Term Curve : We have Monetary policy review scheduled at 5th of April 2016 We assign a 80% chance of 25bps repo rate cut and 20% of 50bps cut. The 10 yr yield has rallied by almost 40 bps and closed the financial year at 7.46%. We believe market is somewhat pricing-in a 25 bps cut. The yields might spike up in case if the cut is not delivered or the outlook is bad with a cut. However the policy will not change the direction of the easing interest rates cycle If there is a 50 bps cut given or RBI is dovish with 25 bps cut then 10 yr yields may ease immediately to 7.30%. Post that, the yield will follow the demand supply equation The Long end year maturity segment is still trading at relatively higher spread over the 10 year bond. Thus there is a case for some flattening We believe that we are in an easing cycle and duration funds can perform well over liquid funds over the course of next 1 year There may be volatility in the interim and that should be used as an opportunity to invest in duration funds. Short-Term Curve (3m -24 m): Seasonal spike is behind us & yields have dropped sharply. The 3month money market instruments will be trading at 7.25% and one year at 7.50% The above levels are already pricing in a 25 bps cut and will only move if the RBI infuses significant liquidity or cuts rate aggressively. The yield curve has become steep again and can steepen further with fall in yields Key variables & their impact on interest rates: Key Variables Short - term Medium - term Inflation Rupee Credit Demand Government Borrowing RBI Policy Global Event Risk Corporate bond Spread Debt FII flow 3 Liquidity Denotes fall in interest rates 3

5 GOLD VIEW For the month, spot gold closed at per ounce, down 0.55 per ounce or -0.04%. During the month gold prices have managed to hold up well, supported by continuing strong investor and fund buying. Gold prices started off March on a positive note. The rally came even though the U.S. dollar didn t do much against the Euro or the Yen and also the recent US Non- Farm Payroll (NFP) report, which showed a higher than expected gain in jobs, didn t hold back precious metals prices. During middle of the month the Gold prices received another boost from the FOMC. The Fed, as expected, didn t change its cash rate but it did revise down the outlook for the cash rate from 4 hikes to 2 this year. Also the FOMC addressed the concerns over the global gloom, which helped drive back up gold prices and even the US Dollar devalued against other leading currencies. During the last week the precious metals changed direction and declined along with other commodities as the US Dollar bounced back against the Euro and Japanese yen. Going forward will the recent fall in gold prices continue? Or will bullion prices change course again and rally? A lot will depend on how the upcoming events and reports unfold. In April the main event will be the upcoming release of the minutes of the FOMC meeting, US Jobs reports, factory orders, non- manufacturing PMI, and trade balance. 4

6 EQUITY SCHEMES KOTAK 50 An Open - Ended Equity INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small To generate capital appreciation from a portfolio of predominantly equity and equity related securities. The portfolio will generally comprise of equity and equity related instruments of around 50 companies which may go up to 59 companies but will not exceed 59 at any point in time. However, there is no assurance that the objective of the scheme will be realized. December 29,1998 Mr. Harish Krishnan* Nifty 50 AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 45.63% Beta: 1.06 ## Sharpe : 0.53 Standard Deviation : 16.69% Source: ICRA MFI Explorer. ## Risk-free rate(mibor) assumed to be 7.18% (Since on 31st March 2016 MIBOR was at unusually high at 9%, we are taking MIBOR as average of the entire March month). Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: i) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment: 1%. ii) For redemption/switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: Nil. Note Any exit load charged (net off Service Tax, if any) shall be credited back to the respective scheme. Units issued on reinvestment of dividends shall not be subject to entry and exit load. Total Expense Ratio ** Regular:2.18% Direct: 0.98% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 9.22 HDFC Bank Ltd. Banks 8.87 Reliance Industries Ltd. Petroleum Products 4.92 ICICI Bank Ltd. Banks 4.50 IndusInd Bank Ltd. Banks 4.31 Axis Bank Ltd Banks 3.70 Larsen And Toubro Ltd. Construction Project 3.68 ITC Ltd. Consumer Non Durables 3.59 Maruti Suzuki India Limited Auto 3.50 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 3.37 Tata Consultancy Services Ltd. Software 2.75 Ultratech Cement Ltd. Cement 2.43 Tata Motors Ltd - DVR Auto 2.28 HDFC Ltd. Finance 2.26 HCL Technologies Ltd. Software 2.19 Mahindra & Mahindra Ltd. Auto 2.16 Hero MotoCorp Ltd. Auto 2.11 Bharat Petroleum Corporation Ltd. Petroleum Products 1.88 Britannia Industries Ltd. Consumer Non Durables 1.72 Colgate Palmolive (India ) Ltd. Consumer Non Durables 1.68 Shree Cement Ltd. Cement 1.66 The Ramco Cements Ltd Cement 1.60 Lupin Ltd. Pharmaceuticals 1.48 Grasim Industries Ltd. Cement 1.45 Power Grid Corporation Of India Ltd Power 1.43 Kajaria Ceramics Ltd. Construction 1.42 Jubilant Foodworks Limited Consumer Non Durables 1.40 MRF Limited Auto Ancillaries 1.29 Notes: Term Deposit as provided above is towards margin for derivatives transactions Total amount invested (Rs) Total Value as on Mar 31, 2016 (Rs) Returns (%) Nifty 50 (Rs)# Nifty 50 Returns (%) S&P BSE SENSEX (Rs)^ S&P BSE SENSEX Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Persistent Systems Limited Software 1.28 State Bank Of India Banks 1.27 Asian Paints Ltd. Consumer Non Durables 1.18 Nestle India Ltd. Consumer Non Durables 1.11 Siemens Ltd. Industrial Capital Goods 1.11 Cadila Healthcare Ltd. Pharmaceuticals 1.06 Indraprastha Gas Ltd. Gas 1.06 Sanofi India Ltd. Pharmaceuticals 1.01 Tech Mahindra Ltd. Software 1 Alstom India Limited Industrial Capital Goods 0.85 Supreme Industries Limited Industrial Products 0.84 Adani Port and Special Economic Zone Limited Transportation 0.73 Bharat Electronics Ltd Industrial Capital Goods 0.72 Dabur India Ltd Consumer Non Durables 0.71 DR.Lal Pathlabs Ltd Healthcare Services 0.48 HDFC Ltd. Warrants Finance 0.42 Bank Of Baroda Banks 0.25 Listed/Awaiting Listing on Stock Exchange - Total TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 1.26 Collateral Borrowing & Lending obligation 5.51 Net Current /(Liabilities) Inception : - December 29, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak 50 NAV as on March 31, 2016: ` (Dividend Option), `33.821(Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Systematic Investment Plan (SIP) If you had invested `10,000 every month Banks Software Auto Consumer Non Durables Cement Pharmaceuticals Construction Project Petroleum Products Industrial Capital Goods CBLO & Term Deposits & Rev.Repo Others 1 year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 2,080, , , ,048 1,274,163 2,129,545 12,152, , , ,998 1,110,053 1,825,804 6,932, , , ,196 1,093,213 1,787,924 7,009, Investors understand that their principal will be at moderately high risk Long term capital growth Investment in portfolio of predominantly equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 5 * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no 44-53

7 EQUITY SCHEMES KOTAK CLASSIC EQUITY An Open - Ended Equity Growth INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small To generate capital appreciation from a diversified portfolio of equity and equity related securities. However, there is no assurance that the objective of the scheme will be realized. July 27, 2005 Mr. Harish Krishnan* Nifty 100 AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: % Beta: 0.86 ## Sharpe : 0.40 Standard Deviation : 14.10% Source: ICRA MFI Explorer. ## Risk-free rate(mibor) assumed to be 7.18% (Since on 31st March 2016 MIBOR was at unusually high at 9%, we are taking MIBOR as average of the entire March month). Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: Nil., (w.e.f December 01, 2014) Regular: 2.70% Direct: 1.10% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 7.47 HDFC Bank Ltd. Banks 5.12 Reliance Industries Ltd. Petroleum Products 3.75 Bharat Petroleum Corporation Ltd. Petroleum Products 3.57 Zee Entertainment Enterprises Ltd Media and Entertainment 3.26 Hindustan Unilever Ltd. Consumer Non Durables 2.98 HDFC Ltd. Finance 2.95 Asian Paints Ltd. Consumer Non Durables 2.90 Tata Consultancy Services Ltd. Software 2.67 Grasim Industries Ltd. Cement 2.63 Tata Motors Ltd. Auto 2.31 Hero MotoCorp Ltd. Auto 2.17 Dr Reddys Laboratories Ltd Pharmaceuticals 1.76 DR.Lal Pathlabs Ltd Healthcare Services 1.71 ITC Ltd. Consumer Non Durables 1.61 HCL Technologies Ltd. Software 1.47 Bajaj Auto Ltd. Auto 1.45 Maruti Suzuki India Limited Auto 1.42 Mahindra & Mahindra Ltd. Auto 1.39 Bajaj Finance Limited Finance 1.37 Lupin Ltd. Pharmaceuticals 1.26 Wipro Ltd. Software 1.18 Bajaj Finserv Ltd. Finance 1.16 Britannia Industries Ltd. Consumer Non Durables 1.10 Bosch Limited Auto Ancillaries 1.08 Axis Bank Ltd Banks 0.99 HDFC Ltd. Warrants Finance 0.93 Alkem Laboratories Ltd Pharmaceuticals 0.92 IndusInd Bank Ltd. Banks 0.89 Larsen And Toubro Ltd. Construction Project 0.89 Divi s Laboratories Limited Pharmaceuticals 0.88 Ashok Leyland Ltd. Auto 0.76 Power Grid Corporation Of India Ltd Power 0.70 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.60 Notes: Term Deposit as provided above is towards margin for derivatives transactions Total amount invested (Rs) Total Value as on Mar 31, 2016 (Rs) Returns (%) Nifty 100 (Rs)# Nifty 100 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Ultratech Cement Ltd. Cement 0.60 Marico Ltd. Consumer Non Durables 0.57 GAIL (India) Ltd. Gas 0.51 Cummins India Ltd. Industrial Products 0.40 Titan Company Ltd. Consumer Durables 0.37 Oracle Financial Services Software Ltd Software 0.36 TVS Motors Company Ltd Auto 0.36 Yes Bank Ltd Banks 0.31 JSW Steel Ltd. Ferrous Metals 0.28 Just Dial Limited Software 0.24 Cadila Healthcare Ltd. Pharmaceuticals 0.17 Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.14 Dish TV India Ltd. Media and Entertainment 0.14 IDFC Bank Limited Banks 0.14 Bank Of Baroda Banks 0.13 Indian Oil Corporation Ltd Petroleum Products 0.08 Listed/Awaiting Listing on Stock Exchange - Total Futures CNX NIFTY-APR ITC Ltd.-APR IndusInd Bank Ltd.-APR Maruti Suzuki India Limited-APR Yes Bank Ltd-APR ICICI Bank Ltd.-APR Bajaj Auto Ltd.-APR Bharat Heavy Electricals Ltd.-APR Larsen And Toubro Ltd.-APR Futures (Market value represents Notional Value) - Total TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 6.21 Collateral Borrowing & Lending obligation Net Current /(Liabilities) Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 1,290, , , ,643 1,206,498 2,034,785 2,301, , , ,958 1,140,909 1,893,325 2,167, , , ,998 1,110,053 1,825,804 2,092, Inception : - July 27,2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Classic Equity NAV as on March 31, 2016: ` (Dividend Option), ` (Direct Dividend Option), `32.709(Growth Option), `33.857(Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Auto Finance Media & Entertainment Consumer Non Durables Pharmaceuticals Derivatives Petroleum Products Others CBLO&Term Deposits&Rev.Repo * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no Investors understand that their principal will be at moderately high risk Long term capital growth Investment in portfolio of predominantly equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 6

8 EQUITY SCHEMES KOTAK OPPORTUNITIES An Open - Ended Equity Growth INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small To generate capital appreciation from a diversified portfolio of equity and equity related securities. However, there is no assurance that the objective of the scheme will be realized. September 9, 2004 Mr. Harsha Upadhyaya* Nifty 500 AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan: B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 28.77% Beta: 0.96 ## Sharpe :0.73 Standard Deviation : 15.91% Source: ICRA MFI Explorer. ## Risk-free rate(mibor) assumed to be 7.18% (Since on 31st March 2016 MIBOR was at unusually high at 9%, we are taking MIBOR as average of the entire March month). Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment: 1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. iv) Units issued on reinvestment of dividends shall not be subject to exit load Regular: 2.39% Direct: 1.18% 7 Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 6.83 HDFC Bank Ltd. Banks 5.11 Bajaj Finance Limited Finance 3.88 Axis Bank Ltd Banks 3.17 Shree Cement Ltd. Cement 3.17 Hero MotoCorp Ltd. Auto 2.96 ICICI Bank Ltd. Banks 2.89 Maruti Suzuki India Limited Auto 2.67 Larsen And Toubro Ltd. Construction Project 2.62 Ultratech Cement Ltd. Cement 2.55 Bharat Petroleum Corporation Ltd. Petroleum Products 2.47 IndusInd Bank Ltd. Banks 2.29 State Bank Of India Banks 2.23 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 2.18 Hindustan Petroleum Corporation Ltd Petroleum Products 2.15 UPL Ltd Pesticides 2.06 Britannia Industries Ltd. Consumer Non Durables 2.03 Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.02 Tech Mahindra Ltd. Software 1.86 HCL Technologies Ltd. Software 1.76 Tata Motors Ltd. Auto 1.76 Indraprastha Gas Ltd. Gas 1.72 MRF Limited Auto Ancillaries 1.65 Petronet LNG Ltd. Gas 1.53 Federal Bank Ltd. Banks 1.51 Reliance Industries Ltd. Petroleum Products 1.50 Dalmia Bharat Ltd Cement 1.44 The Ramco Cements Ltd Cement 1.44 ITC Ltd. Consumer Non Durables 1.42 Ashok Leyland Ltd. Auto 1.40 Lupin Ltd. Pharmaceuticals 1.39 Persistent Systems Limited Software 1.31 Healthcare Global Enterprises Ltd Healthcare Services 1.18 Va Tech Wabag Limited Engineering Services 1.12 Arvind Ltd Textile Products 1.10 Multi Commodity Exchange of Notes: Term Deposit as provided above is towards margin for derivatives transactions Total amount invested (Rs) Total Value as on Mar 31, 2016 (Rs) Returns (%) Nifty 500 (Rs)# Nifty 500 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Inception : - September 09, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Opportunities NAV as on March 31, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Others Petroleum Products Auto Pharmaceuticals Finance Consumer Non Durables Cement Industrial Products Construction Project * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no Systematic Investment Plan (SIP) If you had invested `10,000 every month year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 1,390, , , ,459 1,334,306 2,281,954 3,311, , , ,407 1,152,523 1,884,147 2,527, , , ,998 1,110,020 1,825,771 2,493, India Limited Finance 1.08 JK Cement Ltd. Cement 1.07 Bank Of Baroda Banks 1.06 Fag Bearings India Ltd. Industrial Products 1.04 Mahindra & Mahindra Ltd. Auto 1.04 AIA Engineering Limited Industrial Capital Goods 1.01 DR.Lal Pathlabs Ltd Healthcare Services 0.99 Cummins India Ltd. Industrial Products 0.97 Whirlpool of India Ltd. Consumer Durables 0.94 Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.90 Container Corporation of India Ltd. Transportation 0.89 Max Financial Services Ltd. Finance 0.83 MBL Infrastructures Ltd. Construction 0.80 National Buildings Construction Corporation Limited Construction 0.79 Techno Electric & Engineering Co Ltd. Construction Project 0.78 CESC Ltd. Power 0.75 Bharat Forge Ltd. Industrial Products 0.63 Prestige Estates Projects Limited Construction 0.62 HDFC Ltd. Warrants Finance 0.58 D-Link (India) Ltd Hardware 0.56 SKF India Ltd Industrial Products 0.55 Swaraj Engines Ltd Industrial Products 0.37 Max India Limited Healthcare Services % Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.16 Max Ventures and Industries Limited Industrial Products 0.01 Listed/Awaiting Listing on Stock Exchange - Total TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 0.50 Collateral Borrowing & Lending obligation 2.54 Net Current /(Liabilities) Investors understand that their principal will be at moderately high risk Long term capital growth Investment in portfolio of predominantly equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

9 EQUITY SCHEMES KOTAK SELECT FOCUS FUND An Open - Ended Equity INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, generally focused on a few selected sectors. However, there is no assurance that the objective of the scheme will be realized. September 11, 2009 Mr. Harsha Upadhyaya* Nifty 200 AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 27.07% Beta: 1.00 ## Sharpe : 0.87 Standard Deviation : 16.36% Source: ICRA MFI Explorer. ## Risk-free rate(mibor) assumed to be 7.18% (Since on 31st March 2016 MIBOR was at unusually high at 9%, we are taking MIBOR as average of the entire March month). Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. iv) Units issued on reinvestment of dividends shall not be subject to exit load Regular: 2.02% Direct: 0.99% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) HDFC Bank Ltd. Banks 5.97 Infosys Ltd. Software 5.49 Reliance Industries Ltd. Petroleum Products 4.95 Ultratech Cement Ltd. Cement 4.40 The Ramco Cements Ltd Cement 3.41 IndusInd Bank Ltd. Banks 3.33 Shree Cement Ltd. Cement 3.24 Hero MotoCorp Ltd. Auto 2.79 Larsen And Toubro Ltd. Construction Project 2.77 Maruti Suzuki India Limited Auto 2.75 Axis Bank Ltd Banks 2.67 Bharat Electronics Ltd Industrial Capital Goods 2.54 ICICI Bank Ltd. Banks 2.31 Britannia Industries Ltd. Consumer Non Durables 2.23 HCL Technologies Ltd. Software 2.12 Indraprastha Gas Ltd. Gas 2.09 Bajaj Finance Limited Finance 2.07 Hindustan Petroleum Corporation Ltd Petroleum Products 1.96 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.96 State Bank Of India Banks 1.91 Tata Motors Ltd. Auto 1.91 Max Financial Services Ltd. Finance 1.84 Bharat Petroleum Corporation Ltd. Petroleum Products 1.82 Ashok Leyland Ltd. Auto 1.81 Petronet LNG Ltd. Gas 1.71 Lupin Ltd. Pharmaceuticals 1.67 Godrej Consumer Products Ltd. Consumer Non Durables 1.64 MRF Limited Auto Ancillaries 1.62 Arvind Ltd Textile Products 1.54 Colgate Palmolive (India ) Ltd. Consumer Non Durables 1.28 Container Corporation of India Ltd. Transportation 1.27 ITC Ltd. Consumer Non Durables 1.24 Notes: Term Deposit as provided above is towards margin for derivatives transactions Total amount invested (Rs) SYSTEMATIC INVESTMENT PLAN (SIP) Tech Mahindra Ltd. Software 1.15 Cadila Healthcare Ltd. Pharmaceuticals 1.03 Jk Lakshmi Cement Ltd. Cement 1.03 Bajaj Finserv Ltd. Finance 1.01 Solar Industries India Limited Chemicals 0.98 Federal Bank Ltd. Banks 0.97 Techno Electric & Engineering Co Ltd. Construction Project 0.91 Bank Of Baroda Banks 0.88 AIA Engineering Limited Industrial Capital Goods 0.79 Max India Limited Healthcare Services 0.63 Navkar Corporation Limited Transportation 0.56 Kec International Ltd. Power 0.47 Whirlpool of India Ltd. Consumer Durables 0.46 HDFC Ltd. Warrants Finance 0.39 IFB Industries Ltd. Consumer Durables 0.35 CESC Ltd. Power 0.31 Bayer Cropscience Ltd. Pesticides 0.24 Kirloskar Oil Engines Ltd. Industrial Products 0.22 Siemens Ltd. Industrial Capital Goods % Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.03 Max Ventures and Industries Limited Industrial Products 0.03 Listed/Awaiting Listing on Stock Exchange - Total TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 0.59 Collateral Borrowing & Lending obligation 5.47 Net Current /(Liabilities) 0.99 Systematic Investment Plan (SIP) If you had invested `10,000 every month Total Value as on Mar 31, 2016 (Rs) Returns (%) Nifty 200 (Rs)# Nifty 200 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) Inception : - September 11, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Select Focus Fund NAV as on March 31, 2016: ` (Dividend Option), `18.461(Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Petroleum Products Gas Auto Pharmaceuticals Finance Consumer Non Durables Cement CBLO & Term Deposits & Rev.Repo Others 1 year 3 years 5 years 7 years 10 years Since Inception 120, , ,000 NA NA 790, , , ,364 NA NA 1,303, NA NA , , ,196 NA NA 1,033, NA NA , , ,998 NA NA 1,011, NA NA 7.41 Investors understand that their principal will be at moderately high risk Long term capital growth Investment in portfolio of predominantly equity & equity related securities generally focussed on a few selected sectors. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no

10 EQUITY SCHEMES KOTAK TAX SAVER An Open - Ended Equity Linked Savings INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small To generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and enable investors to avail the income tax rebate, as permitted from time to time. However, there is no assurance that the objective of the scheme will be realized. November 23, 2005 Mr. Harsha Upadhyaya* Nifty 500 AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout & Growth.... Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 16.04% Beta: 1.06 ## Sharpe : 0.55 Standard Deviation : 17.61% Source: ICRA MFI Explorer. ## Risk-free rate(mibor) assumed to be 7.18% (Since on 31st March 2016 MIBOR was at unusually high at 9%, we are taking MIBOR as average of the entire March month). Initial Investment: `500 and in multiple of `500 Investment: `500 & in multiples of `500 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: Exit Load is not applicable for Kotak Tax Saver. (applicable for all plans) Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Regular: 2.48% Direct: 1.14% 9 Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 6.37 HDFC Bank Ltd. Banks 6.04 Reliance Industries Ltd. Petroleum Products 4.72 Bajaj Finance Limited Finance 3.32 Shree Cement Ltd. Cement 3.25 Whirlpool of India Ltd. Consumer Durables 3.06 ICICI Bank Ltd. Banks 2.97 IndusInd Bank Ltd. Banks 2.95 Larsen And Toubro Ltd. Construction Project 2.92 Axis Bank Ltd Banks 2.86 Ultratech Cement Ltd. Cement 2.82 Britannia Industries Ltd. Consumer Non Durables 2.64 Bharat Petroleum Corporation Ltd. Petroleum Products 2.46 Maruti Suzuki India Limited Auto 2.43 State Bank Of India Banks 2.31 Tech Mahindra Ltd. Software 2.19 Hindustan Petroleum Corporation Ltd Petroleum Products 2.06 ITC Ltd. Consumer Non Durables 2.04 SKF India Ltd Industrial Products 1.99 Hindustan Unilever Ltd. Consumer Non Durables 1.90 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.79 Tata Motors Ltd. Auto 1.78 Techno Electric & Engineering Co Ltd. Construction Project 1.78 Solar Industries India Limited Chemicals 1.69 MRF Limited Auto Ancillaries 1.67 Ashok Leyland Ltd. Auto 1.66 Lupin Ltd. Pharmaceuticals 1.61 HCL Technologies Ltd. Software 1.42 Cadila Healthcare Ltd. Pharmaceuticals 1.38 Federal Bank Ltd. Banks 1.36 The Ramco Cements Ltd Cement 1.31 UPL Ltd Pesticides 1.25 Bank Of Baroda Banks 1.20 Total amount invested (Rs) Total Value as on Mar 31, 2016 (Rs) Returns (%) Nifty 500 (Rs)# Nifty 500 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Arvind Ltd Textile Products 1.19 Dalmia Bharat Ltd Cement 1.13 Blue Dart Express Ltd. Transportation 1.12 Multi Commodity Exchange of India Limited Finance 1.09 Container Corporation of India Ltd. Transportation 1.08 AIA Engineering Limited Industrial Capital Goods 1.02 Cummins India Ltd. Industrial Products 1.01 Max Financial Services Ltd. Finance 1.01 Navneet Education Ltd. Media and Entertainment 0.97 Bharat Forge Ltd. Industrial Products 0.95 Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.91 Thermax Ltd. Industrial Capital Goods 0.91 Hawkins Cooker Ltd Household Appliances 0.86 MBL Infrastructures Ltd. Construction 0.86 Texmaco Rail & Engineering Ltd. Industrial Capital Goods 0.74 KSB Pump Ltd Industrial Products 0.54 Kewal Kiran Clothing Limited. Textile Products 0.46 Max India Limited Healthcare Services % Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.15 Max Ventures and Industries Limited Industrial Products 0.02 Listed/Awaiting Listing on Stock Exchange - Total Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Blue Dart Express Ltd ICRA AA 0.03 Corporate Debt/Financial Institutions - Total 0.03 Collateral Borrowing & Lending obligation 2.56 Net Current /(Liabilities) Inception : - November 23, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Tax Saver NAV as on March 31, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Pharmaceuticals Consumer Non Durables Petroleum Products Cement Finance Construction Project Industrial Products Others * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 1,250, , , ,412 1,271,431 2,041,971 2,176, , , ,407 1,152,644 1,884,267 2,015, , , ,998 1,110,053 1,825,804 1,962, Auto Investors understand that their principal will be at moderately high risk long term capital growth with a 3 year lock in Investment in portfolio of predominantly equity & equity related securities. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

11 EQUITY SCHEMES KOTAK MID-CAP An Open - Ended Equity Growth INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small To generate capital appreciation from a diversified portfolio of equity and equity related securities. However, there is no assurance that the objective of the scheme will be realized. February 24, 2005 Mr. Pankaj Tibrewal* Nifty Midcap 100 AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 57.81% Beta: 1.03 ## Sharpe : 0.90 Standard Deviation : 19.99% Source: ICRA MFI Explorer. ## Risk-free rate(mibor) assumed to be 7.18% (Since on 31st March 2016 MIBOR was at unusually high at 9%, we are taking MIBOR as average of the entire March month). Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the. iv) Units issued on reinvestment of dividends shall not be subject to exit load Regular: 2.53% Direct: 1.16% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Persistent Systems Limited Software 3.29 The Ramco Cements Ltd Cement 3.26 Whirlpool of India Ltd. Consumer Durables 3.26 Techno Electric & Engineering Co Ltd. Construction Project 3.08 Finolex Cables Ltd. Industrial Products 3.02 Solar Industries India Limited Chemicals 2.91 Hawkins Cooker Ltd Household Appliances 2.72 DB Corp Limited Media and Entertainment 2.48 Mahindra & Mahindra Financial Services Ltd. Finance 2.45 IndusInd Bank Ltd. Banks 2.36 Fag Bearings India Ltd. Industrial Products 2.28 Federal Bank Ltd. Banks 2.25 Strides Arcolab Ltd. Pharmaceuticals 2.20 JK Cement Ltd. Cement 2.11 SRF Ltd. Textile Products 2.05 Hindustan Petroleum Corporation Ltd Petroleum Products 2.03 Va Tech Wabag Limited Engineering Services 2.01 ICICI Bank Ltd. Banks 2 Kewal Kiran Clothing Limited. Textile Products 1.95 Motherson Sumi Systems Ltd. Auto Ancillaries 1.93 MRF Limited Auto Ancillaries 1.89 Divi s Laboratories Limited Pharmaceuticals 1.87 Jubilant Foodworks Limited Consumer Non Durables 1.78 Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.76 Britannia Industries Ltd. Consumer Non Durables 1.73 Pennar Engineered Building Systems Limited Ferrous Metals 1.66 Atul Ltd. Chemicals 1.65 HSIL Ltd. Consumer Durables 1.63 Adani Port and Special Economic Zone Limited Transportation 1.61 Total amount invested (Rs) Total Value as on Mar 31, 2016 (Rs) Returns (%) Nifty Midcap 100 (Rs)# Nifty Midcap 100 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) NIIT Technologies Ltd Software 1.58 Bharat Forge Ltd. Industrial Products 1.54 Arvind Ltd Textile Products 1.48 UPL Ltd Pesticides 1.47 Bajaj Finance Limited Finance 1.44 Havells India Ltd. Consumer Durables 1.42 Kansai Nerolac Paints Ltd Consumer Non Durables 1.42 PVR Ltd. Media and Entertainment 1.42 Axis Bank Ltd Banks 1.41 Jk Lakshmi Cement Ltd. Cement 1.37 Voltas Ltd. Construction Project 1.32 Supreme Industries Limited Industrial Products 1.25 Cadila Healthcare Ltd. Pharmaceuticals 1.23 Navneet Education Ltd. Media and Entertainment 1.19 Alkem Laboratories Ltd Pharmaceuticals 1.16 Bharat Petroleum Corporation Ltd. Petroleum Products 1.05 Sundaram Finance Ltd. Finance 1.04 WPIL Ltd Industrial Products 1.03 Zuari Agro Chemicals Ltd Fertilisers 0.97 Shriram Transport Finance Co Ltd. Finance 0.94 SKF India Ltd Industrial Products 0.91 Balrampur Chini Mills Ltd Consumer Non Durables 0.90 Tech Mahindra Ltd. Software 0.89 Bank Of Baroda Banks 0.86 Power Mech Projects Ltd Power 0.86 Union Bank Of India Banks 0.22 Listed/Awaiting Listing on Stock Exchange - Total Collateral Borrowing & Lending obligation 2.78 Net Current /(Liabilities) 1.63 Inception : - February 24,2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Mid-cap NAV as on March 31, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Banks Industrial Products Consumer Durables Pharmaceuticals Cement Consumer Non Durables Textile Products Finance Media & Entertainment Software Others Midcap and Small cap stocks as a % age of Net : 80.22% * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 1,340, , ,467 1,012,638 1,624,092 2,672,052 3,259, , , ,488 1,315,004 2,222,148 2,741, , , ,998 1,110,053 1,825,804 2,284, Investors understand that their principal will be at moderately high risk Long term capital growth Investment in equity & equity related securities predominantly in mid cap stocks. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 10

12 EQUITY SCHEMES KOTAK EMERGING EQUITY An Open - Ended Equity Growth INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by investing predominantly in mid and small cap companies. However, there is no assurance that the objective of the scheme will be realized. March 30, 2007 Mr. Pankaj Tibrewal* S&P BSE MID SMALL CAP AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 46.14% Beta: 0.99 ## Sharpe :1.00 Standard Deviation : 19.64% Source: ICRA MFI Explorer. ## Risk-free rate(mibor) assumed to be 7.18% (Since on 31st March 2016 MIBOR was at unusually high at 9%, we are taking MIBOR as average of the entire March month). Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: i) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment: 1%. ii) For redemption/switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: Nil. Note Any exit load charged (net off Service Tax, if any) shall be credited back to the respective scheme. Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 2.33% Direct: 1.11% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Whirlpool of India Ltd. Consumer Durables 4.31 The Ramco Cements Ltd Cement 3.69 Solar Industries India Limited Chemicals 3.24 Persistent Systems Limited Software 3.14 Finolex Cables Ltd. Industrial Products 2.97 V-Guard Industries Ltd. Industrial Capital Goods 2.93 Hawkins Cooker Ltd Household Appliances 2.69 Mahindra & Mahindra Financial Services Ltd. Finance 2.60 SRF Ltd. Textile Products 2.49 IndusInd Bank Ltd. Banks 2.42 Strides Arcolab Ltd. Pharmaceuticals 2.30 Fag Bearings India Ltd. Industrial Products 2.23 Motherson Sumi Systems Ltd. Auto Ancillaries 2.22 Federal Bank Ltd. Banks 2.17 DB Corp Limited Media and Entertainment 2.16 Jubilant Foodworks Limited Consumer Non Durables 1.93 Kewal Kiran Clothing Limited. Textile Products 1.79 Va Tech Wabag Limited Engineering Services 1.78 Navneet Education Ltd. Media and Entertainment 1.77 PVR Ltd. Media and Entertainment 1.74 Atul Ltd. Chemicals 1.72 Jk Lakshmi Cement Ltd. Cement 1.72 Pennar Engineered Building Systems Limited Ferrous Metals 1.72 Shriram City Union Finance Ltd. Finance 1.67 Britannia Industries Ltd. Consumer Non Durables 1.64 Indraprastha Gas Ltd. Gas 1.57 ICICI Bank Ltd. Banks 1.55 PNC INFRATECH LIMITED Construction Project 1.54 SKF India Ltd Industrial Products 1.54 Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.54 Finolex Industries Ltd. Industrial Products 1.51 Divi s Laboratories Limited Pharmaceuticals 1.45 Supreme Industries Limited Industrial Products 1.40 Alkem Laboratories Ltd Pharmaceuticals 1.38 Ramkrishna Forgings Ltd. Industrial Products 1.36 Sundaram Finance Ltd. Finance 1.32 D-Link (India) Ltd Hardware 1.30 Total amount invested (Rs) Total Value as on Mar 31, 2016 (Rs) Returns (%) S&P BSE MidSmallCap (Rs)# S&P BSE MidSmallCap Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Bajaj Finance Limited Finance 1.24 Carborundum Universal Ltd. Industrial Products 1.19 Axis Bank Ltd Banks 1.18 Greaves Cotton Ltd. Industrial Products 1.10 KPIT Technologies LImited Software 1.07 Power Mech Projects Ltd Power 1.07 WPIL Ltd Industrial Products 1.05 Max Financial Services Ltd. Finance 0.96 Oberoi Realty Ltd Construction 0.96 Coromandel International Ltd. Fertilisers 0.88 Zuari Agro Chemicals Ltd Fertilisers 0.88 IDFC Bank Limited Banks 0.77 GMM Pfaudler Ltd. Engineering 0.74 Bank Of Baroda Banks 0.73 IFB Industries Ltd. Consumer Durables 0.71 Maharashtra Seamless Ltd. Ferrous Metals 0.71 Kec International Ltd. Power 0.65 Kirloskar Brothers Ltd. Industrial Products 0.64 Blue Dart Express Ltd. Transportation 0.58 Multi Commodity Exchange of India Limited Finance 0.57 Engineers India Ltd. Construction Project 0.54 Max India Limited Healthcare Services 0.33 Max Ventures and Industries Limited Industrial Products 0.02 Listed/Awaiting Listing on Stock Exchange - Total Option CNX NIFTY Put Option - April Option - Total 0.06 Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Blue Dart Express Ltd ICRA AA 0.01 Corporate Debt/Financial Institutions - Total 0.01 TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 0.43 Collateral Borrowing & Lending obligation 4.27 Net Current /(Liabilities) 0.16 Inception : - March 30, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Emerging Equity NAV as on March 31, 2016: `19.521(Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Industrial Products Pharmaceuticals Banks Consumer Durables Finance Cement Media and Entertainment CBLO & Term Deposits & Rev.Repo Chemicals Textile Products Others Midcap and Small cap stocks as a % age of Net : 90.01% * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no Systematic Investment Plan (SIP) If you had invested `10,000 every month year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 NA 1,090, , ,415 1,058,886 1,669,231 NA 2,354, NA , , ,064 1,264,267 NA 1,800, NA , , ,998 1,110,053 NA 1,584, NA Investors understand that their principal will be at moderately high risk Long term capital growth Investment in equity & equity related securities predominantly in mid & small cap companies * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 11

13 EQUITY SCHEMES KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND (formerly known as PineBridge Infrastructure & Economic Reform Fund ) An Open - Ended Equity INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The investment objective of the is to generate long-term capital appreciation f ro m a d i v e r s i f i e d p o r t f o l i o o f predominantly (at least 65%) equity and equity-related securities of companies involved in economic development of India as a result of potential investments in infrastructure and unfolding economic reforms. There is no assurance that the investment objective of the will be achieved. However, there is no assurance that the objective of the scheme will be realized. February 25, 2008 Mr. Harish Krishnan S&P BSE 100 AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 56.53% Beta: 1.17 ## Sharpe : 0.73 Standard Deviation : 21.74% Source: ICRAMFI Explorer. ## Risk-free rate(mibor) assumed to be 7.18% (Since on 31st March 2016 MIBOR was at unusually high at 9%, we are taking MIBOR as average of the entire March month). Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment 1%; ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment NIL; iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the ; iv) Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 2.64% Direct: 1.11% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Shree Cement Ltd. Cement 7.90 Ultratech Cement Ltd. Cement 7.57 Indraprastha Gas Ltd. Gas 6.26 SKF India Ltd Industrial Products 6.17 Larsen And Toubro Ltd. Construction Project 6.12 Bharti Airtel Ltd. Telecom - Services 5.72 Thermax Ltd. Industrial Capital Goods 5.21 KSB Pump Ltd Industrial Products 4.86 Kirloskar Oil Engines Ltd. Industrial Products 4.58 Fag Bearings India Ltd. Industrial Products 4.29 Cummins India Ltd. Industrial Products 3.43 Supreme Industries Limited Industrial Products 3.41 Power Grid Corporation Of India Ltd Power 3.09 Gateway Distriparks Ltd. Transportation 3.03 AIA Engineering Limited Industrial Capital Goods 2.99 Total amount invested (Rs) Total Value as on Mar 31, 2016 (Rs) Returns (%) S&P BSE 100 (Rs)# S&P BSE 100 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Container Corporation of India Ltd. Transportation 2.94 Mahindra & Mahindra Financial Services Ltd. Finance 2.71 MRF Limited Auto Ancillaries 2.69 Adani Port and Special Economic Zone Limited Transportation 2.54 Solar Industries India Limited Chemicals 2.46 Siemens Ltd. Industrial Capital Goods 2.44 Kajaria Ceramics Ltd. Construction 1.98 Gujarat Gas Company Ltd Gas 1.48 CESC Ltd. Power 1.05 Bharat Electronics Ltd Industrial Capital Goods 1.00 Listed/Awaiting Listing on Stock Exchange - Total Collateral Borrowing & Lending obligation 4.07 Net Current /(Liabilities) 0.01 Systematic Investment Plan (SIP) If you had invested `10,000 every month Inception : - February 25, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Infrastructure & Economic Reform Fund NAV as on March 31, 2016: ` (Dividend Option), `15.273(Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Industrial Products Cement Power Industrial Capital Goods Telecom - Services Gas Transportation Construction Project CBLO & Term Deposits & Rev.Repo Finance Others 1 year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 NA 980, , , ,173 1,334,163 NA 1,674, NA , , ,955 1,113,922 NA 1,408, NA , , ,998 1,110,053 NA 1,399, NA 8.54 Investors understand that their principal will be at high risk Long term capital growth Long term capital appreciation by investing in equity and equity related instruments of companies contributing to infrastructure and economic development of India * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. For last three dividends, please refer page no For scheme performance, please refer page no

14 EQUITY SCHEMES KOTAK BALANCE An Open - Ended Balanced Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium To achieve growth by investing in equity & equity related instruments, balanced with income generation by investing in debt &money market instruments. However, there is no assurance that the objective of the scheme will be realized. November 25, 1999 s Mr. Pankaj Tibrewal and Mr. Abhishek Bisen* Crisil Balanced Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Half Yearly (25th of Mar/Sep) Ratios Portfolio Turnover: 56.12% Beta: 1.05 ## Sharpe : 0.39 Standard Deviation : 11.75% Source: ICRA MFI Explorer. ## Risk-free rate(mibor) assumed to be 7.18% (Since on 31st March 2016 MIBOR was at unusually high at 9%, we are taking MIBOR as average of the entire March month). Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. iv) Units issued on reinvestment of dividends shall not be subject to exit load Regular: 2.55% Direct: 1.16% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 4.41 ICICI Bank Ltd. Banks 4.09 HDFC Bank Ltd. Banks 4.02 Larsen And Toubro Ltd. Construction Project 2.53 Maruti Suzuki India Limited Auto 2.41 Reliance Industries Ltd. Petroleum Products 2.27 The Ramco Cements Ltd Cement 2.03 IndusInd Bank Ltd. Banks 2.01 ITC Ltd. Consumer Non Durables 1.89 Axis Bank Ltd Banks 1.87 Solar Industries India Limited Chemicals 1.84 Whirlpool of India Ltd. Consumer Durables 1.76 JK Cement Ltd. Cement 1.70 Tata Motors Ltd. Auto 1.69 SRF Ltd. Textile Products 1.68 Mahindra & Mahindra Ltd. Auto 1.45 Ultratech Cement Ltd. Cement 1.42 HDFC Ltd. Finance 1.41 Mahindra & Mahindra Financial Services Ltd. Finance 1.38 Tata Consultancy Services Ltd. Software 1.38 HCL Technologies Ltd. Software 1.35 Finolex Cables Ltd. Industrial Products 1.34 Va Tech Wabag Limited Engineering Services 1.25 Fag Bearings India Ltd. Industrial Products 1.24 Hindustan Petroleum Corporation Ltd Petroleum Products 1.15 State Bank Of India Banks 1.12 Jubilant Foodworks Limited Consumer Non Durables 1.10 Adani Port and Special Economic Zone Limited Transportation 1.06 Motherson Sumi Systems Ltd. Auto Ancillaries 1.04 Engineers India Ltd. Construction Project 1 UPL Ltd Pesticides 0.97 Strides Arcolab Ltd. Pharmaceuticals 0.94 Ramkrishna Forgings Ltd. Industrial Products 0.88 Oil & Natural Gas Corporation Ltd. Oil 0.85 DB Corp Limited Media and Entertainment 0.83 Navkar Corporation Limited Transportation 0.78 HDFC Ltd. Warrants Finance 0.71 Total amount invested (Rs) Total Value as on Mar 31, 2016 (Rs) Returns (%) Crisil Balanced Fund Index (Rs)# Crisil Balanced Fund Index Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SECTOR ALLOCATION (%) Government Dated Securities Industrial Products Banks Software Finance Debentures and Bonds Auto Cement Construction Project Others Consumer Non Durables SYSTEMATIC INVESTMENT PLAN (SIP) Balrampur Chini Mills Ltd Consumer Non Durables 0.70 Havells India Ltd. Consumer Durables 0.69 Bharat Forge Ltd. Industrial Products 0.65 Coal India Ltd. Minerals/Mining 0.63 Pennar Engineered Building Systems Limited Ferrous Metals 0.63 Voltas Ltd. Construction Project 0.61 Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.59 Bank Of Baroda Banks 0.54 Federal Bank Ltd. Banks 0.46 Lupin Ltd. Pharmaceuticals 0.46 Arvind Ltd Textile Products 0.43 IDFC Bank Limited Banks 0.42 Tech Mahindra Ltd. Software 0.42 Divi s Laboratories Limited Pharmaceuticals 0.19 The Indian Hotels Company Ltd. Hotels 0.05 Listed/Awaiting Listing on Stock Exchange - Total Option CNX NIFTY Put Option - April Option - Total 0.04 Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions LIC Housing Finance Ltd. CRISIL A 0.20 Tata Sons Ltd. CRISIL AAA 0.08 Corporate Debt/Financial Institutions - Total 0.28 Public Sector Undertakings IDBI Bank Ltd. CRISIL A 9.12 Bank of India ICRA AA Public Sector Undertakings - Total 9.47 Government Dated Securities 8.48% State Government SOV % Central Government SOV % Central Government SOV % Central Government SOV 0.04 Government Dated Securities - Total Collateral Borrowing & Lending obligation 2.14 Net Current /(Liabilities) 0.30 Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 1,970, , , ,821 1,138,152 1,882,343 7,037, , , ,944 1,132,882 1,871,004 NA NA 115, , ,998 1,110,053 1,825,804 6,137, Inception : - November 25,1999. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Balance NAV as on March 31, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option) `18.803(Direct Growth Option) Investors understand that their principal will be at moderately high risk Long term capital growth Investment in equity & equity related securities balanced with income generation by investing in debt & money market instruments * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 13 * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no 44-53

15 EQUITY SCHEMES KOTAK EQUITY ARBITRAGE An Open - Ended Equity Growth Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and by investing the balance in debt and money market instruments. However, there is no assurance that the objective of the scheme will be realized. September 29, 2005 Mr. Deepak Gupta* Crisil Liquid Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Monthly (Monday preceding the last Thursday of the month), Bimonthly (Monday preceding the last Thursday of the following months - January, March, May, July, September, November) Ratio Portfolio Turnover: % Beta: 0.67 ## Sharpe : 1.41 Standard Deviation : 0.60% Source: ICRA MFI Explorer. ## Risk-free rate(mibor) assumed to be 7.18% (Since on 31st March 2016 MIBOR was at unusually high at 9%, we are taking MIBOR as average of the entire March month). Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 months & above Entry Load: Nil. Exit Load: I) For redemptions/switch outs (including STP/SWP) within 90 days from the date of allotment of units, irrespective of the amount of investment: 0.50% II) For redemptions/switch outs (including STP/SWP) after 90 days from the date of allotment of units, irrespective of the amount of investment: Nil Note - 1) Any exit load charged (net off Service Tax, if any ) shall be credited back to the. 2) Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans), (w.e.f. April 8, 2013) Regular: 1.10% Direct: 0.60% % to Net Derivatives Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Hedged Reliance Industries Ltd. Petroleum Products HDFC Bank Ltd. Banks Britannia Industries Ltd. Consumer Non Durables Adani Port and Special Economic Zone Limited Transportation Tata Motors Ltd. Auto Indiabulls Housing Finance Ltd. Finance HDFC Ltd. Finance Aurobindo Pharma Ltd. Pharmaceuticals IDFC Limited Finance Vedanta Ltd. Minerals/Mining Maruti Suzuki India Limited Auto Shriram Transport Finance Co Ltd. Finance Infosys Ltd. Software ITC Ltd. Consumer Non Durables SKS Microfinance Limited Finance Hindustan Petroleum Corporation Ltd Petroleum Products Ashok Leyland Ltd. Auto Reliance Capital Ltd. Finance Tech Mahindra Ltd. Software Bharti Infratel Ltd. Telecom - Equipment & Accessories Power Finance Corporation Ltd. Finance MRF Limited Auto Ancillaries Adani Power Ltd Power Cipla Ltd. Pharmaceuticals Reliance Power Ltd Power Dewan Housing Finance Corporation Ltd. Finance Tata Global Beverages Limited Consumer Non Durables United Spirits Ltd. Consumer Non Durables Aditya Birla Nuvo Limited Services Indian Oil Corporation Ltd Petroleum Products Coal India Ltd. Minerals/Mining Lupin Ltd. Pharmaceuticals Reliance Communications Ltd. Telecom - Services United Breweries Ltd. Consumer Non Durables Pidilite Industries Ltd. Chemicals National Thermal Power Corporation Limited Power Jet Airways (India) Ltd. Transportation L&T Finance Holdings Ltd Finance TV18 Broadcast Ltd Media and Entertainment NCC Limited Construction Project Asian Paints Ltd. Consumer Non Durables Castrol (India ) Ltd. Petroleum Products Grasim Industries Ltd. Cement Tata Communications Ltd Telecom - Services Century Textiles & Industries Ltd. Cement CESC Ltd. Power Hindalco Industries Ltd Non - Ferrous Metals India Cements Ltd. Cement DLF Limited Construction Rural Electrification Corporation Ltd Finance Dish TV India Ltd. Media and Entertainment Housing Development and Infrastructure Limited Construction * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no

16 EQUITY SCHEMES KOTAK EQUITY ARBITRAGE An Open - Ended Equity Growth 15 % to Net Derivatives GMR Infrastructure Ltd. Construction Project IRB Infrastructure Developers Ltd Construction Amara Raja Batteries Ltd. Auto Ancillaries Oracle Financial Services Software Ltd Software Siemens Ltd. Industrial Capital Goods Tata Elxsi Ltd. Software Dr Reddys Laboratories Ltd Pharmaceuticals Oil & Natural Gas Corporation Ltd. Oil Yes Bank Ltd Banks Wipro Ltd. Software Adani Enterprises Ltd Trading Karnataka Bank Ltd Banks Sun TV Limited. Media and Entertainment Tata Motors Ltd - DVR Auto LIC Housing Finance Ltd. Finance Bajaj Finance Limited Finance Power Grid Corporation Of India Ltd Power ACC Ltd. Cement Hindustan Unilever Ltd. Consumer Non Durables Jain Irrigation Systems Ltd. Industrial Products UPL Ltd Pesticides Bharat Earth Movers Ltd. Industrial Capital Goods Torrent Pharmaceuticals Ltd. Pharmaceuticals Zee Entertainment Enterprises Ltd Media and Entertainment Eicher Motors Ltd Auto Godrej Consumer Products Ltd. Consumer Non Durables The South Indian Bank Ltd. Banks Titan Company Ltd. Consumer Durables IFCI Ltd. Finance Indiabulls Real Estate Ltd Construction Jindal Steel & Power Ltd. Ferrous Metals Container Corporation of India Ltd. Transportation SRF Ltd. Textile Products Tata Chemicals Ltd. Chemicals Axis Bank Ltd Banks Indraprastha Gas Ltd. Gas Wockhardt Ltd. Pharmaceuticals Glenmark Pharmaceuticals Ltd Pharmaceuticals Dabur India Ltd Consumer Non Durables Sun Pharmaceuticals Industries Ltd. Pharmaceuticals Bharat Petroleum Corporation Ltd. Petroleum Products Ambuja Cements Ltd Cement IndusInd Bank Ltd. Banks Larsen And Toubro Ltd. Construction Project Federal Bank Ltd. Banks Strides Arcolab Ltd. Pharmaceuticals Tata Consultancy Services Ltd. Software TVS Motors Company Ltd Auto Crompton Greaves Ltd. Industrial Capital Goods Punjab National Bank Banks Andhra Bank Banks Hero MotoCorp Ltd. Auto Mahindra & Mahindra Ltd. Auto Oriental Bank of Commerce Banks Biocon Ltd. Pharmaceuticals

17 EQUITY SCHEMES KOTAK EQUITY ARBITRAGE An Open - Ended Equity Growth % to Net Derivatives Divi s Laboratories Limited Pharmaceuticals Kotak Mahindra Bank Ltd. Banks Cummins India Ltd. Industrial Products Marico Ltd. Consumer Non Durables Cadila Healthcare Ltd. Pharmaceuticals Granules India Ltd. Pharmaceuticals Jaiprakash Associates Ltd Construction Tata Power Co. Ltd. Power Engineers India Ltd. Construction Project Indo Count Industries Ltd. Textiles - Cotton Ultratech Cement Ltd. Cement Ajanta Pharma Ltd. Pharmaceuticals JSW Energy Ltd. Power Kaveri Seed Company Ltd. Consumer Non Durables NMDC Ltd. Minerals/Mining Reliance Infrastructure Ltd Power Hedged - Total Listed/Awaiting Listing on Stock Exchange - Total Mutual Fund Units Kotak Floater Short Term Direct Growth 1.02 Mutual Fund Units - Total 1.02 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Edelweiss Housing Finanance Limited CRISIL A Tata Motors Finance Ltd ICRA A JM Financial Products Limited ICRA A Corporate Debt/Financial Institutions - Total 6.21 TERM DEPOSITS Kotak Mahindra Bank Ltd IndusInd Bank Ltd Ratnakar Bank Ltd 1.55 Term Deposits - Total Collateral Borrowing & Lending obligation 0.44 Net Current /(Liabilities) 7.50 Notes: Term Deposit as provided above is towards margin for derivatives transactions Kotak Equity Arbitrage NAV as on March 31, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option), ` (Bimonthly Option), ` (Direct Bimonthly Option) SECTOR ALLOCATION (%) Commercial Paper (CP)/Certificate of Deposits (CD) Banks Pharmaceuticals Finance Petroleum Products Transportation Consumer Non Durables Software Others Auto CBLO & Term Deposits & Rev.Repo Investors understand that their principal will be at moderately low risk Income from arbitrage opportunities in the equity market Investment in arbitrage opportunities in the cash & derivatives segment of the equity market. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 16

18 EQUITY SCHEMES KOTAK EQUITY SAVINGS FUND An Open Ended Equity Fund Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and enhance returns with a moderate exposure in equity & equity related instruments. There is no assurance or guarantee that the investment objective of the scheme will be achieved. However, there is no assurance that the objective of the scheme will be realized. October 13, 2014 s Mr. Deepak Gupta & Mr. Abhishek Bisen* 75% of Crisil Liquid Fund & 25% in Nifty 50 AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Monthly (12th of every month) Quarterly (20th of March, June, September and December of every year) Ratios Portfolio Turnover: % Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 for purchase and for `0.01 for switches Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For exit within 1 year from date of allotment of units: 1%; ii) For exit after 1year from the date of allotment of units: Nil. Any exit load charged (net off Service Tax, if any) shall be credited back to the. iii) Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 1.60% Direct: 0.95% % to Net - Derivatives Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Non-Hedge Infosys Ltd. Software 2.04 HDFC Bank Ltd. Banks 1.49 Maruti Suzuki India Limited Auto 1.02 Bharat Petroleum Corporation Ltd. Petroleum Products 0.97 HDFC Ltd. Warrants Finance 0.96 Lupin Ltd. Pharmaceuticals 0.91 IndusInd Bank Ltd. Banks 0.83 Reliance Industries Ltd. Petroleum Products 0.80 Zee Entertainment Enterprises Ltd Media and Entertainment 0.78 Hindustan Unilever Ltd. Consumer Non Durables 0.75 Asian Paints Ltd. Consumer Non Durables 0.72 ITC Ltd. Consumer Non Durables 0.70 Adani Port and Special Economic Zone Limited Transportation 0.68 Tata Consultancy Services Ltd. Software 0.67 Bajaj Auto Ltd. Auto 0.66 Bajaj Finance Limited Finance 0.54 Grasim Industries Ltd. Cement 0.51 Dr Reddys Laboratories Ltd Pharmaceuticals 0.49 Yes Bank Ltd Banks 0.48 Tata Motors Ltd. Auto 0.46 Axis Bank Ltd Banks 0.43 Britannia Industries Ltd. Consumer Non Durables 0.43 Bajaj Finserv Ltd. Finance 0.42 Larsen And Toubro Ltd. Construction Project 0.42 Hero MotoCorp Ltd. Auto 0.41 HCL Technologies Ltd. Software 0.40 Alkem Laboratories Ltd Pharmaceuticals 0.36 ICICI Bank Ltd. Banks 0.36 Bosch Limited Auto Ancillaries 0.35 S H Kelkar and Company Ltd Consumer Non Durables 0.30 Mahindra & Mahindra Ltd. Auto 0.28 Wipro Ltd. Software 0.28 Ashok Leyland Ltd. Auto 0.24 Divi s Laboratories Limited Pharmaceuticals 0.22 HDFC Ltd. Finance 0.21 Dish TV India Ltd. Media and Entertainment 0.18 Bank Of Baroda Banks 0.17 Power Grid Corporation Of India Ltd Power 0.17 Marico Ltd. Consumer Non Durables 0.15 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.15 GAIL (India) Ltd. Gas 0.13 Sun Pharma Advance Research Co.Ltd Pharmaceuticals 0.11 Aurobindo Pharma Ltd. Pharmaceuticals 0.10 Cadila Healthcare Ltd. Pharmaceuticals 0.10 Ultratech Cement Ltd. Cement 0.10 Cummins India Ltd. Industrial Products 0.09 Emami Ltd. Consumer Non Durables 0.09 Titan Company Ltd. Consumer Durables 0.09 TVS Motors Company Ltd Auto 0.09 Bharti Airtel Ltd. Telecom - Services 0.08 JSW Steel Ltd. Ferrous Metals 0.07 Just Dial Limited Software 0.07 Oracle Financial Services Software Ltd Software 0.07 UPL Ltd Pesticides 0.06 CNX NIFTY Call Option - December Coal India Ltd. Minerals/Mining 0.04 Indian Oil Corporation Ltd Petroleum Products 0.04 Bharat Electronics Ltd Industrial Capital Goods 0.03 Tech Mahindra Ltd. Software 0.03 Chennai Super Kings Cricket Ltd. Media and Entertainment 0.02 Pidilite Industries Ltd. Chemicals 0.02 Shree Cement Ltd. Cement 0.02 Sun TV Limited. Media and Entertainment 0.02 Cipla Ltd. Pharmaceuticals 0.01 Godrej Consumer Products Ltd. Consumer Non Durables 0.01 Hindustan Petroleum Corporation Ltd Petroleum Products 0.01 Non-Hedged- Total Hedged GMR Infrastructure Ltd. Construction Project Reliance Capital Ltd. Finance Tata Motors Ltd. Auto Ashok Leyland Ltd. Auto India Cements Ltd. Cement ITC Ltd. Consumer Non Durables Maruti Suzuki India Limited Auto Vedanta Ltd. Minerals/Mining Tata Communications Ltd Telecom - Services Karnataka Bank Ltd Banks HDFC Bank Ltd. Banks Jain Irrigation Systems Ltd. Industrial Products Dish TV India Ltd. Media and Entertainment Infosys Ltd. Software HDFC Ltd. Finance NCC Limited Construction Project Housing Development and Infrastructure Limited Construction Century Textiles & Industries Ltd. Cement IRB Infrastructure Developers Ltd Construction Hindustan Petroleum Corporation Ltd Petroleum Products Castrol (India ) Ltd. Petroleum Products MRF Limited Auto Ancillaries Wockhardt Ltd. Pharmaceuticals SKS Microfinance Limited Finance Aurobindo Pharma Ltd. Pharmaceuticals Reliance Industries Ltd. Petroleum Products Reliance Power Ltd Power Yes Bank Ltd Banks DLF Limited Construction * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no 44-53

19 EQUITY SCHEMES KOTAK EQUITY SAVINGS FUND An Open Ended Equity Fund % to Net - Derivatives Indiabulls Housing Finance Ltd. Finance Adani Power Ltd Power IFCI Ltd. Finance Reliance Communications Ltd. Telecom - Services Dewan Housing Finance Corporation Ltd. Finance L&T Finance Holdings Ltd Finance Glenmark Pharmaceuticals Ltd Pharmaceuticals Jet Airways (India) Ltd. Transportation Indiabulls Real Estate Ltd Construction Cipla Ltd. Pharmaceuticals Amara Raja Batteries Ltd. Auto Ancillaries Rural Electrification Corporation Ltd Finance Wipro Ltd. Software Adani Enterprises Ltd Trading Tech Mahindra Ltd. Software Tata Chemicals Ltd. Chemicals IDFC Limited Finance Punjab National Bank Banks IndusInd Bank Ltd. Banks Bharat Petroleum Corporation Ltd. Petroleum Products Shriram Transport Finance Co Ltd. Finance Sun TV Limited. Media and Entertainment UPL Ltd Pesticides Aditya Birla Nuvo Limited Services Hindalco Industries Ltd Non - Ferrous Metals Indian Oil Corporation Ltd Petroleum Products National Thermal Power Corporation Limited Power Coal India Ltd. Minerals/Mining Strides Arcolab Ltd. Pharmaceuticals Power Finance Corporation Ltd. Finance TV18 Broadcast Ltd Media and Entertainment Tata Global Beverages Limited Consumer Non Durables ACC Ltd. Cement Asian Paints Ltd. Consumer Non Durables LIC Housing Finance Ltd. Finance Oracle Financial Services Software Ltd Software Reliance Infrastructure Ltd Power SRF Ltd. Textile Products Bharti Infratel Ltd. Telecom - Equipment & Accessories Dabur India Ltd Consumer Non Durables NMDC Ltd. Minerals/Mining Pidilite Industries Ltd. Chemicals Lupin Ltd. Pharmaceuticals Sun Pharmaceuticals Industries Ltd. Pharmaceuticals Tata Elxsi Ltd. Software Container Corporation of India Ltd. Transportation Hindustan Unilever Ltd. Consumer Non Durables Bharat Earth Movers Ltd. Industrial Capital Goods CESC Ltd. Power Zee Entertainment Enterprises Ltd Media and Entertainment Jaiprakash Associates Ltd Construction Oriental Bank of Commerce Banks Tata Motors Ltd - DVR Auto Torrent Pharmaceuticals Ltd. Pharmaceuticals Hedged - Total Listed/Awaiting Listing on Stock Exchange - Total Mutual Fund Units Kotak Floater Short Term Direct Growth 2.71 Mutual Fund Units - Total 2.71 Debt Instruments Debentures and Bonds Public Sector Undertakings IDBI Bank Ltd. CRISIL A 1.49 Public Sector Undertakings - Total 1.49 Government Dated Securities 8.48% State Government SOV % Central Government SOV 2.52 Government Dated Securities - Total 6.49 TERM DEPOSITS Kotak Mahindra Bank Ltd Ratnakar Bank Ltd 1.79 Term Deposits - Total Collateral Borrowing & Lending obligation 0.13 Net Current /(Liabilities) 5.77 Kotak Equity Savings Fund NAV as on March 31, 2016: ` (Growth Option), ` (Monthly Dividend Option), ` (Quarterly Dividend Option), ` (Direct Growth Option), ` (Direct Monthly Dividend Option), ` (Direct Quarterly Dividend Option) SECTOR ALLOCATION (%) CBLO & Term Deposits & Rev.Repo Banks Finance Software Pharmaceuticals Government Dated Securities Consumer Non Durables Telecom - Services Construction Project Petroleum Products Others Investors understand that their principal will be at moderately high risk Income from arbitrage opportunities in the equity market & long term capital growth Investment predominantly in arbitrage opportunities in the cash & derivatives segment of the equity market and equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 18

20 EQUITY SCHEMES KOTAK INDIA GROWTH FUND SERIES I 3 years Close- Ended Equity INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity & equity related instruments across market capitalisation and sectors. There is no assurance or guarantee that the investment objective of the scheme will be achieved. However, there is no assurance that the objective of the scheme will be realized. May 06, 2015 Mr. Harish Krishnan Nifty 200 AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout & Growth Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software HDFC Bank Ltd. Banks 8.90 ICICI Bank Ltd. Banks 6.88 IndusInd Bank Ltd. Banks 5.70 Reliance Industries Ltd. Petroleum Products 5.50 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 5.23 Maruti Suzuki India Limited Auto 5.15 Larsen And Toubro Ltd. Construction Project 4.89 Axis Bank Ltd Banks 4.77 Ultratech Cement Ltd. Cement 4.30 Hero MotoCorp Ltd. Auto 4.08 Tata Motors Ltd - DVR Auto 3.99 Britannia Industries Ltd. Consumer Non Durables 3.80 Persistent Systems Limited Software 3.65 Shree Cement Ltd. Cement 3.20 Jubilant Foodworks Limited Consumer Non Durables 3.18 Oracle Financial Services Software Ltd Software 3.03 MRF Limited Auto Ancillaries 2.92 Power Grid Corporation Of India Ltd Power 2.89 Kajaria Ceramics Ltd. Construction 2.77 Listed/Awaiting Listing on Stock Exchange - Total TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 2.22 Collateral Borrowing & Lending obligation 1.86 Net Current /(Liabilities) 0.63 Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 18.61% The scheme is a close ended scheme. The units of the scheme can be traded on the stock exchange. Entry Load: Nil. Exit Load: Nil. Regular: 2.52% Direct: 2.02% Kotak India Growth Fund Series I NAV as on March 31, 2016: `10.216(Dividend Option), ` (Direct Dividend Option), ` (Growth Option), `10.267(Direct Growth Option) SECTOR ALLOCATION (%) Banks Cement Software Auto Consumer Non Durable Petroleum Products Pharmaceuticals Construction Project CBLO & Term Deposits & Rev.Repo Others Auto Ancillaries Investors understand that their principal will be at moderately high risk Long term capital growth Investment in equity and equity related securities across market capitalisation and sectors * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 19

21 DEBT SCHEMES KOTAK LIQUID An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To provide reasonable returns and high level of liquidity by investing in debt and money market instruments of different maturities so as to spread risk across different kinds of issuers in the debt markets. However, there is no assurance that the objective of the scheme will be realized. Regular Plan - October 5, 2000; Institutional Plan - March 14, 2003; Plan A - November 4, 2003 s Mr. Deepak Agrawal* CRISIL Liquid Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` Plans: a) Regular & b) Institutional (discontinued for further subscriptions w.e.f. October 1, 2012) c) Plan A (Previously known as Institutional Premium Plan) d) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Daily, Weekly (Every Monday) (applicable for all plans) Ratios Standard Deviation: 0.20%, Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions AXIS Bank Ltd. CRISIL A Mahindra & Mahindra Financial Services Ltd. CRISIL A Bharti enterprises (Holding) Pvt. Ltd. CRISIL A HDFC Ltd. ICRA A Edelweiss Commodities Services Ltd. CRISIL A Ultratech Cement Ltd. CRISIL A Au Financiers (India) Limited FITCH A1+(IND) 3.36 ECL Finance Limited CRISIL A ONGC Manglore Petrochemicals Ltd. ICRA A Corporate Debt/Financial Institutions - Total Public Sector Undertakings Export-Import Bank of India. CRISIL A National Bank for Agriculture and Rural Developmen CRISIL A Punjab & Sind Bank CRISIL A Rural Electrification Corporation Ltd. FITCH A1+(IND) 8.28 Steel Authority of India Ltd. FITCH A1+(IND) 7.43 Corporation Bank CRISIL A Power Finance Corporation Ltd. CRISIL A Indian Railway Finance Corporation Ltd. CRISIL A IDBI Bank Ltd. CRISIL A PNB Housing Finance Ltd. CRISIL A Small Industries Development Bank Of India. CRISIL A Bank of Maharashtra CRISIL A Public Sector Undertakings - Total Net Current /(Liabilities) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.17 years Kotak Liquid Plan A Fund NAV as on March 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Weekly Dividend), ` (Direct Weekly Dividend), ` (Daily Dividend), ` (Direct Daily Dividend) Modified Duration: 0.17 yrs, Portfolio Yield: 7.86% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: Plan A - `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investment Horizon: 1-15 days Entry Load: Nil. Exit Load: Nil. Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 0.22% Direct: 0.15% SECTOR ALLOCATION (%) Commercial Paper (CP)/Certificate of Deposits (CD) Treasury Bills A1+, A1+(IND) Net Current RATING PROFILE Income over a short term investment horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at low risk * For experience, please refer page For scheme performance, please refer page no

22 DEBT SCHEMES KOTAK FLOATER SHORT TERM An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To reduce the interest rate risk associated with investments in fixed rate instruments by investing predominantly in floating rate securities, money market instruments and using appropriate derivatives. However, there is no assurance that the objective of the scheme will be realized. July 14, 2003 s Mr. Deepak Agrawal* CRISIL Liquid Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan/Options: Dividend Reinvestment & Growth (applicable for all plans Dividend Frequency Daily, Weekly (Every Monday) and Monthly (12th of every Month) Ratios Standard Deviation: 0.16%, Modified Duration:0.15 yrs, Portfolio Yield: 7.83% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: ` U n d e r growth, weekly dividend and monthly dividend option & `1,00,000 under Daily Dividend Reinvestment option, Investment: `1000 & in multiples of `1 Ideal Investment Horizon: 1-15 days Entry Load: Nil. Exit Load: Nil Note - Units issued on reinvestment of dividends shall not be subject to exit load Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Dewan Housing Finance Corporation Ltd. CARE AAA 1.38 Corporate Debt/Financial Institutions - Total 1.38 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Piramal Enterprises Limited ICRA A Suraksha Reality Ltd (Secured by Equity shares of Sun Pharmaceuticals Industries Ltd) CARE A Bharti enterprises (Holding) Pvt. Ltd. CRISIL A HDFC Ltd. ICRA A Suraksha Reality Ltd ( ) CARE A Ultratech Cement Ltd. ICRA A AXIS Bank Ltd. CRISIL A Corporate Debt/Financial Institutions - Total Public Sector Undertakings National Bank for Agriculture and Rural Developmen CRISIL A IDBI Bank Ltd. CRISIL A Steel Authority of India Ltd. CARE A Indian Railway Finance Corporation Ltd. CRISIL A Power Finance Corporation Ltd. CRISIL A1+ 7 Rural Electrification Corporation Ltd. FITCH A1+(IND) 5.77 Vijaya Bank CARE A Steel Authority of India Ltd. FITCH A1+(IND) 4 Export-Import Bank of India. CRISIL A Corporation Bank CRISIL A Public Sector Undertakings - Total TERM DEPOSITS YES Bank Ltd Term Deposits - Total 1.97 Collateral Borrowing & Lending obligation 0.65 Net Current /(Liabilities) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.15 years Kotak Floater Short Term Fund NAV as on March 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Weekly Dividend), ` (Direct Weekly Dividend), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Daily Dividend), ` (Direct Daily Dividend) SECTOR ALLOCATION (%) RATING PROFILE (%) Regular: 0.36% Direct: 0.29% Commercial Paper (CP)/Certificate of Deposits (CD) Net Current CBLO & Term Deposits & Rev.Repo Debentures and Bonds A1+, A1+(IND), AAA CBLO & Term Deposits & Rev.Repo Net Current Income over a short term investment horizon Investment in floating rate securities, debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 21 Investors understand that their principal will be at low risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

23 DEBT SCHEMES KOTAK TREASURY ADVANTAGE FUND (Formerly Known as Kotak Floater Long Term ) An Open Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The investment objective of the is to generate returns through investments in debt and money market instruments with a view to reduce the interest rate risk. However, there is no assurance or guarantee that the investment objective of the scheme will be achieved. However, there is no assurance that the objective of the scheme will be realized. August 13, 2004 Mr. Deepak Agrawal* CRISIL Liquid Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Daily, Monthly (12th of every Month) and Weekly (Every Monday) Ratios Standard Deviation: 0.48%, Modified Duration: 0.51 yrs, Portfolio Yield:8.22% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: (i) Dividend Reinvestment & Growth- `5000 & above (ii) Dividend Payout (Weekly) - `1,00,00,000 & above Investment: `1000 & in multiples of `1 Ideal Investment Horizon: 1-3 months Entry Load: Nil. Exit Load: Nil. Note - Units issued on reinvestment of dividends shall not be subject to exit load Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Kotak Mahindra Prime Ltd. CRISIL AAA 4.83 Indiabulls Housing Finance Limited CARE AAA 4.39 Mahindra & Mahindra Financial Services Ltd. FITCH AAA(IND) 4.38 HDFC Ltd. ^ CRISIL AAA 4.03 Shriram Transport Finance Co Ltd. CRISIL AA HPCL Mittal Energy Ltd. ICRA AA Karelides Traders Private Ltd. ( backed by unconditional and irrevocable undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd ) ICRA AA Shriram Transport Finance Co Ltd. FITCH AA+(IND) 2.86 Dewan Housing Finance Corporation Ltd. CARE AAA 2.09 Nabha Power Ltd. ( backed by unconditional and irrevocable guarantee by Larsen & Toubro Ltd ) ICRA AAA 1.55 SP Jammu Udhampur way Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 0.44 Tata Capital Financial Services Limited CRISIL AA Tata Capital Housing Finance Ltd; CRISIL AA Tata Motors Finance Ltd CRISIL AA 0.15 L & T Finance Limited ICRA AA Corporate Debt/Financial Institutions - Total Public Sector Undertakings State Bank Of India. CRISIL AAA 2.44 Steel Authority of India Ltd. CARE AA Power Finance Corporation Ltd. CRISIL AAA 1.01 Small Industries Development Bank Of India. CARE AAA 0.99 Rural Electrification Corporation Ltd. CRISIL AAA 0.51 Public Sector Undertakings - Total 6.05 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Note:^ Partly blocked against Interest Rate Swap(IRS) Piramal Enterprises Limited ICRA A HDFC Ltd. ICRA A Adani Port and Special Economic Zone Limited ICRA A Tata Motors Finance Ltd ICRA A IL & FS Financial Services Ltd. ICRA A ICICI Bank Ltd. ICRA A AXIS Bank Ltd. CRISIL A Corporate Debt/Financial Institutions - Total Public Sector Undertakings Canara Bank CRISIL A National Bank for Agriculture and Rural Developmen CRISIL A IDBI Bank Ltd. CRISIL A Corporation Bank CRISIL A Power Finance Corporation Ltd. CRISIL A Export-Import Bank of India. CRISIL A Small Industries Development Bank Of India. CRISIL A Andhra Bank CARE A Steel Authority of India Ltd. CARE A Oriental Bank of Commerce CRISIL A Rural Electrification Corporation Ltd. CARE A Public Sector Undertakings - Total Reverse Repo 1.29 TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 2.74 Collateral Borrowing & Lending obligation 0.45 Net Current /(Liabilities) 1.79 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.55 years. Kotak Treasury Advantage Fund NAV as on March 31, 2016: ` ( Daily Dividend Option), ` (Daily Dividend - Direct), ` (Growth Option), ` (Monthly Dividend Option), ` (Weekly Dividend Option), ` (Monthly Dividend - Direct), ` (Weekly Dividend - Direct), ` (Growth - Direct Option) RATING PROFILE Regular: 0.75% Direct: 0.40% CBLO & Term Deposits & Rev. Repo Commercial Paper (CP)/Certificate of Deposits (CD) Debentures and Bonds Net Current A1+, AAA, AAA(IND) AA+, AA+(IND), AA, AA- CBLO & Term Deposits & Rev.Repo Net Current Income over a short term investment horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at moderately low risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

24 DEBT SCHEMES KOTAK BANKING AND PSU DEBT FUND Earlier known as Kotak Mahindra Gilt Savings Savings Plan. An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To generate income by predominantly investing in debt & money market securities issued by Banks & PSUs and Reverse repos in such securities, sovereign securities issued by the Central Government and State Governments, and / or any security unconditionally guaranteed by the Govt. of India. However, there is no assurance that the objective of the scheme will be realized. December 29,1998 Mr. Deepak Agrawal* Crisil Liquid Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Daily, Monthly (12th of every Month) & Annual Ratios Standard Deviation: 0.62%, Debt Instruments Debentures and Bonds Public Sector Undertakings Rural Electrification Corporation Ltd. CRISIL AAA Power Finance Corporation Ltd. CRISIL AAA State Bank Of India. CRISIL AAA Vijaya Bank CARE AA Public Sector Undertakings - Total Government Dated Securities 8.47% State Government SOV Government Dated Securities - Total Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions AXIS Bank Ltd. CRISIL A ICICI Bank Ltd. ICRA A Corporate Debt/Financial Institutions - Total Public Sector Undertakings National Bank for Agriculture and Rural Development CRISIL A IDBI Bank Ltd. CRISIL A Public Sector Undertakings - Total Treasury Bills 364 Days Treasury Bill 04/08/2016 SOV 2 Treasury Bills - Total 2 Net Current /(Liabilities) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments 1.06 years. Kotak Banking And PSU Debt Fund NAV as on March 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Daily Dividend Reinvestment), ` (Direct Daily Dividend Reinvestment), ` (Annual Dividend), ` (Direct Annual) Modified Duration: 0.98 yrs, Portfolio Yield: 7.59% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: Dividend Payout, Dividend Re-investment & Growth `5000 & above. Investment: `1000 & in multiples of `1. Ideal Investment Horizon: 1-3 months Entry Load: Nil Exit Load: Nil Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular:0.50% Direct: 0.10% Net Current Debentures and Bonds Government Dated Securities Treasury Bills AAA, A1+, SOV Net Current AA+ Income over a short to medium term investment horizon Investment in debt & money market securities of PSUs, Banks & government securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at moderately low risk 23 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

25 DEBT SCHEMES KOTAK DURATION FUND (Formerly known as PineBridge India Short Term Fund) An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The primary objective of the is to generate income through investment primarily in low duration debt & money market securities. There is no assurance or guarantee that the investment objective of the scheme will be achieved. However, there is no assurance that the objective of the scheme will be realized. March 6, 2008 Mr. Deepak Agrawal * CRISIL Liquid Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (dividend payout is available under monthly dividend only) Dividend Frequency Weekly (every Monday), Monthly (12th of every month)and Normal (as decided by Trustees) Ratios Standard Deviation: 0.45%, Modified Duration: 0.73 yrs, Portfolio Yield: 9.02% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: Plan A - `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 for purchase and for `0.01 for switches. Ideal Investment Horizon: 1-3 months Entry Load: Nil. Exit Load: Nil. Any exit load charged (net off Service Tax, if any) shall be credited back to the ; Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 1.60% Direct: 0.87% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Innovador Realtors Pvt Ltd ( backed by unconditional and irrevocable undertaking by Piramal ) ICRA A1+(SO) Shriram Transport Finance Co Ltd. FITCH AA+(IND) 9.10 Muthoot Fincorp Ltd. CRISIL A 6.06 Karelides Traders Private Ltd. ( backed by unconditional and irrevocable undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd ) ICRA AA Pune Solapur Expressways Pvt. Ltd. ( toll road project of Tata Realty & Infrastructure Ltd, 100 subsidiary of Tata Sons ) ICRA A 5.32 Emami Realty Ltd ( Secured by Equity shares of Emami Ltd ) BRICKWORK BWR AA-(SO) 3.29 Shivprasad Realty Pvt Ltd ( backed by unconditional and irrevocable undertaking by Axis Capital ) ICRA AAA 3.29 Janalakshami Financial Services Ltd. ICRA A 3.05 Sterlite Industries (India) Ltd CRISIL AA HPCL Mittal Energy Ltd. ICRA AA Dewan Housing Finance Corporation Ltd. CARE AAA 2.13 Hero Realty Ltd ( Guaranteed by a Hero Group company ) ICRA A Sahyadri Agencies Ltd ( Secured by Equity shares of Jyothy Laboratories Ltd ) BRICKWORK BWR A(SO) 2.12 Indostar Capital Finance Private Limited CARE AA Tata Capital Financial Services Limited CRISIL AA Shriram Transport Finance Co Ltd. CRISIL AA Grand View Estate Pvt Ltd ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AA 0.91 Muthoot Finance Ltd ICRA AA Muthoot Finance Ltd CRISIL AA Tata Motors Finance Ltd CRISIL AA 0.30 Aspire Home Finance Corporation Ltd ICRA AA HDB Financial Services Ltd. CARE AAA 0.08 Tata Motors Ltd. CARE AA Corporate Debt/Financial Institutions - Total Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions HDFC Ltd. ICRA A RHC Finance Private Limited FITCH A1+(IND) 3.00 Aditya Birla Money Ltd CRISIL A JM Financial Products Limited ICRA A Corporate Debt/Financial Institutions - Total Public Sector Undertakings Corporation Bank CRISIL A Export-Import Bank of India. CRISIL A IDBI Bank Ltd. CRISIL A Small Industries Development Bank Of India. CARE A Andhra Bank CARE A National Bank for Agriculture and Rural Developmen CRISIL A Allahabad Bank CRISIL A Syndicate Bank CRISIL A Public Sector Undertakings - Total Collateral Borrowing & Lending obligation 1.82 Net Current /(Liabilities) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.83 years Kotak Duration Fund NAV as on March 31, 2016: ` (Retail Plan-Growth Option), ` (RetailPlan-Weekly Dividend),` (Retail Plan-Monthly Dividend), ` (Standard Plan-Growth Option), ` (Standard Plan-Weekly Dividend), ` (Standard Plan-Monthly Dividend), ` (Direct Plan- Growth Option), ` (Direct Plan- Weekly Dividend), ` (Direct Plan- Monthly Dividend) SECTOR ALLOCATION (%) RATING PROFILE A1+, A1+(IND), A1+(SO), AAA A+, BWR A(SO), A AA+, AA+(IND), AA,BWR AA-(SO), AA- Regular income over short term Income by focusing on low duration securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at moderate risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

26 DEBT SCHEMES KOTAK BOND SHORT TERM An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The investment objective of the is to provide reasonable returns and high level of liquidity by investing in debt instruments such as bonds, debentures and Government securities; and money market i n s t r u m e n t s s u c h a s t r e a s u r y bills,commercial papers, certificates of deposit, including repos in permitted securities of different maturities, so as to spread the risk across different kinds of issuers in the debt markets. The may invest in the call money/termmoney market in terms of RBI guidelines in this respect. To reduce the risk of the portfolio, the may also use various derivative and hedging products from time to time, in the manner permitted by SEBI. Subject to the maximum amount permitted from time to time, the may invest in offshore securities in the manner allowed by SEBI/RBI, provided such investments are in conformity with the investment objective of the and the prevailing guidelines and Regulations. However, there is no assurance that the objective of the scheme will be realized. May 2, 2002 Mr. Deepak Agrawal* Crisil Short - Term Bond Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Monthly (12th of every Month), Half Yearly (20th of Mar/Sept) and normal (as decided by Trustees) Ratios Standard Deviation: 1.06%, Issuer/Instrument Industry/ % to Net Rating Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Nabha Power Ltd. ( backed by unconditional and irrevocable guarantee by Larsen & Toubro Ltd ) ICRA AAA Reliance Jio Infocomm Limited CRISIL AAA HDFC Ltd. CRISIL AAA 7.33 Dewan Housing Finance Corporation Ltd. CARE AAA 6.48 Camden Industries Ltd. CARE AAA(SO) 6.06 Fullerton India Credit Co. Ltd. CARE AAA 5.42 HDB Financial Services Ltd. CRISIL AAA 5.10 Mandava Holdings Private Limited ( backed by unconditional and irrevocable undertaking by Axis Capital ) ICRA AAA 5 Kotak Mahindra Prime Ltd. CRISIL AAA 3.47 ONGC Manglore Petrochemicals Ltd. FITCH AAA(IND) 2.44 IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 1.31 SP Jammu Udhampur way Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 0.94 Bajaj Finance Limited FITCH AAA(IND) 0.04 IDFC Bank Limited ICRA AAA 0.04 Mahindra & Mahindra Financial Services Ltd. FITCH AAA(IND) 0.04 Corporate Debt/Financial Institutions - Total Public Sector Undertakings Issuer/Instrument Industry/ % to Net Rating Power Finance Corporation Ltd. CRISIL AAA 8.80 National Bank for Agriculture and Rural Developmen CRISIL AAA 5.76 State Bank Of India. CRISIL AAA 1.53 Rural Electrification Corporation Ltd. CRISIL AAA 1.11 Steel Authority of India Ltd. CARE AA Public Sector Undertakings - Total Government Dated Securities 8.45% State Government SOV % State Government SOV % State Government SOV % Central Government SOV 0.41 Government Dated Securities - Total 9.52 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Public Sector Undertakings Canara Bank CRISIL A Public Sector Undertakings - Total 2.10 Collateral Borrowing & Lending obligation 1.26 Net Current /(Liabilities) 3.58 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.22 years. Kotak Bond Short Term Fund NAV as on March 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Dividend), ` (Direct Dividend), ` (Direct Half Yearly Dividend) Modified Duration: 1.84 yrs, Portfolio Yield: 8.65% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: (i) Dividend Reinvestment & Growth - `5000 & above (ii) Dividend Payout (Monthly Dividend) - `50,000 & above Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 6 months & above Entry Load: Nil. Exit Load: I) For redemptions/ switch outs (including SIP/STP) within 30 days from the date of allotment of units, irrespective of the amount of investment: 0.25% ii) For redemptions / switch outs (including SIP/STP) after 30 days from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the. (applicable for all plans) Note - Units issued on reinvestment of dividends shall not be subject to exit load Total Expense Ratio Regular: 1.33%; Direct: 0.33% 25 SECTOR ALLOCATION (%) CBLO & Term Deposits & Rev.Repo Investors understand that their principal will be at moderately low risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no AAA, A1+, AAA(SO), AAA(IND), SOV Net Current CBLO & Term Deposits & Rev.Repo AA+ Income over a medium term horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 23

27 DEBT SCHEMES KOTAK FLEXI DEBT An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To maximize returns through an active management of a portfolio of debt and money market securities. However, there is no assurance that the objective of the scheme will be realized. Regular Plan- December 6, 2004 Plan A - May 26, 2008 Mr. Deepak Agrawal* CRISIL Composite Bond AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular (discontinued for further subscriptions w.e.f. October 1, 2012) b) Plan A (Previously known as Institutional Plan) c) Direct Plan / Options: Dividend Payout, Dividend Reinvestment, Growth & Bonus Dividend Frequency Daily Dividend Reinvestment, Weekly Dividend Reinvestment (Every Monday), Quarterly Dividend Payout and Reinvestment (20th of March, June, September and December of every year) Ratios Standard Deviation: 2.78%, Modified Duration: 2.28yrs, Portfolio Yield: 8.55% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: Plan A - `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investment Horizon: 6 months & above Entry Load: Nil. Exit Load: I) For redemptions/ switch outs (including SIP/STP) within 30 days from the date of allotment of units, irrespective of the amount of investment: 1.00%, ii) For redemptions/ switch outs (including SIP/STP) after 30 days from the date of allotment of units, irrespective of the amount of investment: NIL, iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the. (applicable for all plans) Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 1.13% Direct: 0.40% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Camden Industries Ltd. CARE AAA(SO) 8.67 Mandava Holdings Private Limited ( backed by unconditional and irrevocable undertaking by Axis Capital ) ICRA AAA 7.25 LIC Housing Finance Ltd. CRISIL AAA 1.67 Tata Capital Housing Finance Ltd; CRISIL AA HDFC Ltd. CRISIL AAA 1.04 SP Jammu Udhampur way Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 0.44 Corporate Debt/Financial Institutions - Total Public Sector Undertakings Power Finance Corporation Ltd. CRISIL AAA 3.03 Export-Import Bank of India. CRISIL AAA 0.45 Small Industries Development Bank Of India. CARE AAA 0.29 Rural Electrification Corporation Ltd. CRISIL AAA 0.12 Public Sector Undertakings - Total 3.89 Government Dated Securities 8.45% State Government SOV % State Government SOV % State Government SOV % Central Government SOV % State Government SOV 0.44 Government Dated Securities - Total Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Public Sector Undertakings Corporation Bank CRISIL A Power Finance Corporation Ltd. CRISIL A Canara Bank CRISIL A Public Sector Undertakings - Total Collateral Borrowing & Lending obligation 3.83 Net Current /(Liabilities) 9.81 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.90 years Kotak Flexi Debt Plan A Fund NAV as on March 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Weekly Dividend), ` (Direct Weekly Dividend), ` (Daily Dividend), ` (Direct Daily Dividend), ` (Quarterly Dividend), ` (Direct Quarterly Dividend) SECTOR ALLOCATION (%) Investors understand that their principal will be at moderately low risk RATING PROFILE Commercial Paper (CP)/Certificate of Deposits (CD) A1+, AAA, AAA(SO), SOV Net Current CBLO & Term Deposits & Rev.Repo CBLO & Term Deposits & Rev.Repo Government Dated Securities Debentures and Bonds Net Current AA Income over a medium term investment horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

28 DEBT SCHEMES KOTAK INCOME OPPORTUNITIES FUND An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The investment objective of the scheme is to generate income by investing in debt /and money market securities across the yield curve and credit spectrum. The scheme would also seek to maintain reasonable liquidity within the fund. There is no assurance that or guarantee that the investment objective of the scheme will be achieved. However, there is no assurance that the objective of the scheme will be realized. May 11, 2010 s Mr. Deepak Agrawal* Crisil Short Term Bond Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Weekly (Every Monday), Monthly (12th of every Month), Quarterly (20th of Mar, Jun, Sep and Dec of every Year), Annual (12th of March). Ratios Standard Deviation: 0.86%, Modified Duration: 1.65yrs, Portfolio Yield: 10.19% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 1 year & above Entry Load: Nil. Exit Load: I) For redemptions/ switch outs (including SIP/ STP) within 1 year from the date of allotment of units,irrespective of the amount of investment: 1%. II) For redemptions/ switch outs (including SIP/ STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: Nil. Any exit load charged (net off Service Tax, if any) shall be credited back to the. Note Units issued on reinvestment of dividends shall not be subject to exit load Regular: 1.76% Direct:0.29% Issuer/Instrument Industry/ % to Net Rating Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions DLF Emporio Ltd CRISIL AA 7.41 Janalakshami Financial Services Ltd. ICRA A 7.35 Sterlite Industries (India) Ltd CRISIL AA Au Financiers (India) Limited FITCH A+(IND) 7.23 Prestige Estates Projects Limited ICRA A Karelides Traders Private Ltd. ( backed by unconditional and irrevocable undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd ) ICRA AA Reliance Jio Infocomm Limited CRISIL AAA 5.30 Adani Power Ltd ( Secured by Equity shares of Adani Ports and SEZ Ltd ) BRICKWORK BWR AA HPCL Mittal Energy Ltd. ICRA AA SBK Properties Pvt Ltd. ( Guaranteed by a Kalyani Group company ) ICRA AA Equitas Micro Finance Ltd. CARE A 2.89 Dalmia Bharat Ltd ICRA AA Haldhar Developers Private Limited ( backed by unconditional and irrevocable undertaking by Piramal ) ICRA LAA-(SO) 2.01 SP Jammu Udhampur way Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 1.83 Grand View Estate Pvt Ltd ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AA 1.80 Shriram Transport Finance Co Ltd. FITCH AA+(IND) 1.80 HPCL Mittal Pipelines Ltd. ICRA AA Issuer/Instrument Industry/ % to Net Rating Peninsula Land Limited ICRA A 1.36 Hero Realty Ltd ( Guaranteed by a Hero Group company ) ICRA A HDB Financial Services Ltd. CRISIL AAA 0.22 Tata Capital Housing Finance Ltd; CRISIL AA HDFC Ltd. CRISIL AAA 0.08 LIC Housing Finance Ltd. CRISIL AAA 0.06 Corporate Debt/Financial Institutions - Total Public Sector Undertakings Indian Overseas Bank CARE CARE BBB 2.39 Rural Electrification Corporation Ltd. CRISIL AAA 1.59 Bank of India BRICKWORK BWR AA Tamil Nadu Generation & Distribution Corporation L ( backed by unconditional and irrevocable guarantee of Tamilnadu State Government ) ICRA A-(SO) 0.67 Public Sector Undertakings - Total 5.38 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions HDFC Ltd. ICRA A Corporate Debt/Financial Institutions - Total 9.43 Public Sector Undertakings IDBI Bank Ltd. CRISIL A Steel Authority of India Ltd. FITCH A1+(IND) 0.71 Corporation Bank CRISIL A Export-Import Bank of India. CRISIL A Public Sector Undertakings - Total 8.48 Reverse Repo 1.00 Collateral Borrowing & Lending obligation 1.36 Net Current /(Liabilities) 2.67 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.04 years. Kotak Income Opportunities Fund NAV as on March 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Weekly Dividend), ` (Direct Weekly Dividend), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Quarterly Dividend), ` (Annual Dividend), ` (Direct Annual). SECTOR ALLOCATION (%) Commercial Paper (CP)/Certificate of Deposits (CD) Debentures and Bonds Net Current CBLO & Term Deposits & Rev.Repo Investors understand that their principal will be at moderately low risk AA+, AA+(IND), AA, AA-, BWR AA-, LAA-(SO) A+, A+(IND), A, A-(SO) CBLO & Term Deposits & Rev.Repo A1+, A1+(IND), AAA CARE BBB Net Current Income over a medium term investment horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 27 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

29 DEBT SCHEMES KOTAK CORPORATE BOND FUND (Formerly known as PineBridge India Total Return Bond Fund) An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The primary objective of the is to generate income through investment primarily in low duration debt & money market securities. There is no assurance or guarantee that the investment objective of the scheme will be achieved. However, there is no assurance that the objective of the scheme will be realized. September 21, 2007 Mr. Deepak Agrawal* CRISIL Composite Bond Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` Plans: a) Regular & b) Direct Plan Options: Dividend Payout, Dividend Reinvestment and Growth (applicable for all plans) Dividend Frequency Monthly (12th of every Month), Quarterly (20th of Mar, Jun, Sep and Dec of every Year) Ratios Standard Deviation: 1.17%, Modified Duration: 1.48 yrs, Portfolio Yield: 8.13% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1for purchase and for `0.01 for switches. Ideal Investment Horizon: 1 Year & Above Entry Load: Nil. Exit Load: 1) For redemptions / switch outs (including SIP/STP) within 3 months from the date of allotment of units, irrespective of the amount of investment 2.00%; 2) For redemptions / switch outs (including SIP/STP) after 3 months from the date of allotment of units, irrespective of the amount of investment Nil Regular: 0.50% Direct: 0.29% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Bajaj Finance Limited FITCH AAA(IND) 9.56 HDFC Ltd. CRISIL AAA 9.05 Reliance Jio Infocomm Limited CRISIL AAA 5.32 Nabha Power Ltd. ( backed by unconditional and irrevocable guarantee by Larsen & Toubro Ltd ) ICRA AAA 5.31 Shriram Transport Finance Co Ltd. CRISIL AA Ultratech Cement Ltd. CRISIL AAA 1.94 Inox Air Products Ltd. CRISIL AA 1.07 Mahindra & Mahindra Financial Services Ltd. ICRA AAA 1.06 IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.44 Corporate Debt/Financial Institutions - Total Public Sector Undertakings Power Finance Corporation Ltd. CRISIL AAA 7.55 Rural Electrification Corporation Ltd. CRISIL AAA 6.41 Small Industries Development Bank Of India. CARE AAA 5.31 Export-Import Bank of India. CRISIL AAA 1.87 Airports Authority of India CRISIL AAA 1.07 National Bank for Agriculture and Rural Developmen CRISIL AAA 1.01 Steel Authority of India Ltd. CARE AA Public Sector Undertakings - Total Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Public Sector Undertakings IDBI Bank Ltd. CRISIL A Public Sector Undertakings - Total 5.30 Collateral Borrowing & Lending obligation Net Current /(Liabilities) 2.86 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 1.80 years Kotak Corporate Bond Fund NAV as on March 31, 2016: ` (Standard Plan-Growth Option), ` (Standard Plan-Weekly Dividend),` (Standard Plan-Monthly Dividend), ` (Standard Plan-Quarterly Dividend), ` (Standard Plan-Daily Dividend), ` (Retail Plan-Growth Option), ` (Retail Plan- Weekly Dividend), ` (Retail Plan- Monthly Dividend), ` (Retail Plan-Daily Dividend), ` (Direct Plan- Growth Option), ` (Direct Plan- Monthly Dividend), ` (Institutional Plan-Growth Option) Commercial Paper (CP)/Certificate of Deposits (CD) Investors understand that their principal will be at moderately low risk A1+, AAA, AAA(IND), AAA(SO) AA+, AA Net Current CBLO & Term Deposits & Rev.Repo Regular income over short term Income by investing in fixed income securities of varying maturities & credit * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

30 DEBT SCHEMES KOTAK MEDIUM TERM FUND An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The investment objective of the scheme is to generate regular income and capital appreciation by investing in a portfolio of medium term debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be achieved. However, there is no assurance that the objective of the scheme will be realized. March 21, 2014 Mr. Deepak Agrawal* CRISIL Composite Bond Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Quarterly (20th of Mar, Jun, Sep and Dec of every Year), Annually (12th of March) Ratios Standard Deviation: 1.29%, Modified Duration: 2.11 yrs, Portfolio Yield: 9.96% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Purchase: `5,000/- and in multiples of 1 for purchases and for `0.01 for switches. Purchase: `1000 & in multiples of `1.for purchases and for `0.01 for switches. Ideal Investment Horizon: 2.5 years & above Entry Load: Nil. Exit Load: i) For exit on or within 18 months from date of allotment of units: 2%, ii) For exit after 18 months from the date of allotment of units: Nil (applicable for all plans) Any exit load charged (net off Service Tax, if any) shall be credited back to the. Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 1.73% Direct: 0.30% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Reliance Jio Infocomm Limited CRISIL AAA Prestige Estates Projects Limited ICRA A Muthoot Finance Ltd ICRA AA Ashirvad Microfinance Private Limited ( 85 subsidiary of Manappuram Finance Ltd ) CARE A ECL Finance Limited CARE AA 3.69 SBK Properties Pvt Ltd. ( Guaranteed by a Kalyani Group company ) ICRA AA HPCL Mittal Energy Ltd. ICRA AA Janalakshami Financial Services Ltd. ICRA A 3.18 Peninsula Land Limited ICRA A 3.03 Intime Properties Ltd. FITCH AAA(IND) 3.02 Equitas Micro Finance Ltd. CARE A 2.75 Tata Power Company Ltd. CRISIL AA Dalmia Bharat Ltd ICRA AA HDFC Ltd. CRISIL AAA 2.39 Au Financiers (India) Limited FITCH A+(IND) 1.99 Adani Power Ltd ( Secured by Equity shares of Adani Ports and SEZ Ltd ) BRICKWORK BWR AA SP Jammu Udhampur way Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 1.83 Grand View Estate Pvt Ltd ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AA 1.72 Haldhar Developers Private Limited ( backed by unconditional and irrevocable undertaking by Piramal ) ICRA LAA-(SO) 1.69 Powergrid Vizag Transminssion Ltd. ( backed by unconditional and irrevocable guarantee by Powergrid Corp ) CRISIL AAA(SO) 1.58 Shriram Transport Finance Co Ltd. FITCH AA+(IND) 1.57 Reliance Ports And Terminals Limited CRISIL AAA 1.54 Sterlite Industries (India) Ltd CRISIL AA IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.69 India Infoline Finance Limited CARE AA 0.24 IOT Utkal Energy Services Ltd. CRISIL AAA 0.02 Corporate Debt/Financial Institutions - Total Public Sector Undertakings National Bank for Agriculture and Rural Development CRISIL AAA 3.52 Power Finance Corporation Ltd. CRISIL AAA 2.14 Bank of India BRICKWORK BWR AA Rural Electrification Corporation Ltd. CRISIL AAA 1.05 Indian Railway Finance Corporation Ltd. CRISIL AAA 1.03 Public Sector Undertakings - Total 9.49 Government Dated Securities 1.44% Central Government SOV 1.11 Government Dated Securities - Total 1.11 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Ultratech Cement Ltd. CRISIL A Corporate Debt/Financial Institutions - Total 0.39 Public Sector Undertakings Corporation Bank CRISIL A Canara Bank CRISIL A Public Sector Undertakings - Total 8.40 Reverse Repo 2.89 Collateral Borrowing & Lending obligation 0.57 Net Current /(Liabilities) 3.38 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.86 years Kotak Medium Term Fund NAV as on March 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Quarterly Dividend), ` (Direct Quarterly Dividend), ` (Annual Dividend), ` (Direct Annual) CBLO & Term Deposits & Rev.Repo Net Current Commercial Paper (CP)/Certificate of Deposits (CD) Debentures and Bonds Government Dated Securities Investors understand that their principal will be at moderate risk RATING PROFILE A1+, AAA, AAA(IND), AAA(SO), SOV A+(IND), A+, A, A- AA+(IND), AA, AA-, BWR AA-, LAA-(SO) Net Current CBLO & Term Deposits & Rev.Repo 40.6 Income over a medium term investment horizon Investment in debt, government securities & money market instruments with a portfolio weighted average maturity between 3-7 years * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 29 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

31 DEBT SCHEMES KOTAK BOND An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To create a portfolio of debt and money market instruments of different maturities so as to spread the risk across a wide maturity horizon & different kinds of issuers in the debt market. However, there is no assurance that the objective of the scheme will be realized. November 25, 1999 Mr. Abhishek Bisen* Crisil Composite Bond Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Deposit (discontinued for further subscriptions w.e.f. October 1, 2012) B) Plan A (Previously known as Regular Plan) C) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Quarterly (20th of Mar/Jun/Sep/Dec), Half Yearly (20th of Mar/Sept), Annual (12th of Mar) Ratios Standard Deviation: 4.37% Modified Duration: 6.85 yrs Portfolio Yield: 8.26% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: Plan A `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 1 year & above Entry Load: Nil. Exit Load: Nil. Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 1.76% Direct: 0.96% Issuer/Instrument Industry/ % to Net Rating Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions HPCL Mittal Energy Ltd. ICRA AA India InfraDebt Ltd CRISIL AAA 1.09 Mandava Holdings Private Limited ( backed by unconditional and irrevocable undertaking by Axis Capital ) ICRA AAA 0.76 HDFC Ltd. CRISIL AAA 0.40 JM Financial Products Limited ICRA AA 0.13 Tata Sons Ltd. CRISIL AAA 0.06 LIC Housing Finance Ltd. CRISIL AAA 0.02 Corporate Debt/Financial Institutions - Total 3.85 Public Sector Undertakings Bank of India BRICKWORK BWR AA National Bank for Agriculture and Rural Developmen CRISIL AAA 1.36 Tamil Nadu Generation & Distribution Corporation L ( backed by unconditional and irrevocable guarantee of Tamilnadu State Government ) ICRA A-(SO) 0.14 IDBI Bank Ltd. CRISIL A 0.06 Power Grid Corporation of India Ltd. CRISIL AAA 0.01 Rural Electrification Corporation Ltd. CRISIL AAA 0.01 Public Sector Undertakings - Total 3.01 Government Dated Securities 7.73% Central Government SOV % Central Government SOV % Central Government SOV % State Government SOV % State Government SOV % State Government SOV % State Government SOV % State Government SOV % State Government SOV % State Government SOV 1.44 Issuer/Instrument Industry/ % to Net Rating 7.59% Central Government SOV % State Government SOV % Central Government SOV % State Government SOV % Central Government SOV % Central Government SOV % Central Government SOV 0.01 Government Dated Securities - Total Futures GS CG /03/2029-APR Futures (Market value represents Notional Value) - Total 4.17 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Bharti enterprises (Holding) Pvt. Ltd. CRISIL A HDFC Ltd. ICRA A RHC Finance Private Limited FITCH A1+(IND) 1.07 HDFC Ltd. CRISIL A Piramal Enterprises Limited ICRA A Corporate Debt/Financial Institutions - Total Public Sector Undertakings Bank of Maharashtra CRISIL A Andhra Bank CRISIL A Power Finance Corporation Ltd. CRISIL A National Bank for Agriculture and Rural Developmen CRISIL A Rural Electrification Corporation Ltd. CARE A Steel Authority of India Ltd. FITCH A1+(IND) 0.11 Public Sector Undertakings - Total 8.12 Reverse Repo 0.60 TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 1.09 Collateral Borrowing & Lending obligation 0.46 Net Current /(Liabilities) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : years. Kotak Bond Plan A Fund NAV as on March 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Quarterly Dividend), ` (Direct Quarterly Dividend), ` (Annual Dividend), ` (Direct Annual Dividend), ` (Plan A-Bonus Plan) SECTOR ALLOCATION (%) Government Dated Securities Debentures and Bonds Commercial Paper (CP)/Certificate of Deposits (CD) Derivatives CBLO & Term Deposits & Rev.Repo Net Current Derivatives A1+, A1+(IND), AAA, SOV AA, AA-, BWR AA- A-(SO) Net Current CBLO & Term Deposits & Rev.Repo Income over long term investment horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at moderate risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

32 DEBT SCHEMES KOTAK GILT INVESTMENT An Open - Ended Dedicated Gilt Unit INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To generate risk-free returns through investments in sovereign securities issued by the Central and /or State Government(s) and/ or reverse repos in such securities. However, there is no assurance that the objective of the scheme will be realized. Regular Plan - December 29, 1998; PF & Trust Plan - November 11, 2003 Mr. Abhishek Bisen* ISEC Composite AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` Plans- A) Regular Non Direct Plan, B) PF & Trust Non Direct Plan, C) Regular Direct Plan, D) PF & Trust Direct Plan/ Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Quarterly (20th of Mar/Jun/Sep/Dec) Ratios Standard Deviation: A) Regular Plan: 4.58%, B) PF & Trust Plan: 4.57%, Modified Duration: 8.17 yrs, Portfolio Yield: 8.11% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 1 year & above Entry Load: (a) Regular Plan - Entry: Nil. (b) PF & Trust Plan - Entry: Nil. (applicable for all plans) Exit Load: (a) Regular Plan - Exit: Nil. (b) PF&Trust Plan - Exit: Nil. (applicable for all plans) Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 1.40% Direct: 0.40% Issuer/Instrument Industry/ % to Net Rating Government Dated Securities 7.73% Central Government SOV % Central Government SOV % Central Government SOV % State Government SOV % State Government SOV % State Government SOV % State Government SOV 3.49 Issuer/Instrument Industry/ % to Net Rating 8.5% State Government SOV % State Government SOV % Central Government SOV % State Government SOV 0.12 Government Dated Securities - Total Collateral Borrowing & Lending obligation Net Current /(Liabilities) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : years. Kotak Gilt Investment Fund NAV as on March 31, 2016: ` (Regular-Growth), ` (Regular-Growth-Direct), ` (Regular-Dividend), ` (Regular-Dividend-Direct), ` (PF & Trust-Growth), ` (PF & Trust-Growth Direct), ` (PF & Trust-Dividend) SECTOR ALLOCATION (%) CBLO & Term Deposits & Rev.Repo Investors understand that their principal will be at moderate risk SOV Net Current CBLO & Term Deposits & Rev.Repo Income over a long investment horizon Investments in sovereign securities issued by the Central and/or State Government(s) and / or reverse repos in such securities. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 31 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

33 DEBT SCHEMES KOTAK MONTHLY INCOME PLAN An Open Ended Income. Monthly Income is not assured & is subject to availability of distributable surplus Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium To enhance returns over a portfolio of Debt Instruments with a moderate exposure in Equity and Equity related Instruments. However, there is no assurance that the objective of the scheme will be realized. December 02, 2003 s Mr. Devender Singhal & Mr. Abhishek Bisen* CRISIL MIP Blended AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Monthly (12th of every Month) Quarterly (20th of Mar/Jun/Sep/Dec) Ratios Standard Deviation: 5.85%, Modified Duration:5.96yrs, Portfolio Yield: 8.46% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: (i) Dividend Reinvestment & Growth and Dividend Payout (Quarterly) - `5000 & above (ii) Dividend Payout (Monthly) - `50,000 & above Investment: `1000 & in multiples of `1 Ideal Investments Horizon - 1 year & above Entry Load: Nil. Exit Load: i) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment: 1%. ii) For redemption/switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: Nil. Note Any exit load charged (net off Service Tax, if any) shall be credited back to the respective scheme. Units issued on reinvestment of dividends shall not be subject to entry and exit load Regular: 2.41% Direct: 0.53% Issuer/Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) ITC Ltd. Consumer Non Durables 1.67 Tata Motors Ltd. Auto 1.42 Infosys Ltd. Software 0.98 Britannia Industries Ltd. Consumer Non Durables 0.95 HDFC Bank Ltd. Banks 0.79 ICICI Bank Ltd. Banks 0.72 Hindustan Petroleum Corporation Ltd Petroleum Products 0.65 Whirlpool of India Ltd. Consumer Durables 0.63 Maruti Suzuki India Limited Auto 0.61 Dish TV India Ltd. Media and Entertainment 0.59 Tata Communications Ltd Telecom - Services 0.59 The Ramco Cements Ltd Cement 0.52 Alkem Laboratories Ltd Pharmaceuticals 0.46 Balrampur Chini Mills Ltd Consumer Non Durables 0.44 Hawkins Cooker Ltd Household Appliances 0.44 State Bank Of India Banks 0.43 IFB Industries Ltd. Consumer Durables 0.42 Motherson Sumi Systems Ltd. Auto Ancillaries 0.39 Reliance Industries Ltd. Petroleum Products 0.39 Marksans Pharma Ltd Pharmaceuticals 0.38 Dalmia Bharat Ltd Cement 0.37 Finolex Cables Ltd. Industrial Products 0.37 Persistent Systems Limited Software 0.37 Hindalco Industries Ltd Non - Ferrous Metals 0.36 Shoppers Stop Ltd. Retailing 0.36 IndusInd Bank Ltd. Banks 0.35 Axis Bank Ltd Banks 0.33 Engineers India Ltd. Construction Project 0.32 Techno Electric & Engineering Co Ltd. Construction Project 0.32 Yes Bank Ltd Banks 0.32 Sun TV Limited. Media and Entertainment 0.31 Tech Mahindra Ltd. Software 0.27 Adani Port and Special Economic Zone Limited Transportation 0.24 HSIL Ltd. Consumer Durables 0.23 Century Textiles & Industries Ltd. Cement 0.22 Issuer/Instrument Industry/ % to Net Rating Bharat Petroleum Corporation Ltd. Petroleum Products 0.20 Hero MotoCorp Ltd. Auto 0.20 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.20 JSW Energy Ltd. Power 0.17 Pennar Engineered Building Systems Limited Ferrous Metals 0.16 Federal Bank Ltd. Banks 0.14 HDFC Ltd. Warrants Finance 0.08 Listed/Awaiting Listing on Stock Exchange - Total Futures Infosys Ltd.-APR TVS Motors Company Ltd-APR Hero MotoCorp Ltd.-APR Futures (Market value represents Notional Value) - Total 0.91 Debt Instruments Debentures and Bonds Public Sector Undertakings IDBI Bank Ltd. CRISIL A 8.77 Rural Electrification Corporation Ltd. CRISIL AAA 0.08 Public Sector Undertakings - Total 8.85 Government Dated Securities 8.48% State Government SOV % Central Government SOV % Central Government SOV Government Dated Securities - Total TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 0.49 Collateral Borrowing & Lending obligation 4.50 Net Current /(Liabilities) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments :10.25 years. Kotak Monthly Income Plan Fund NAV as on March 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Quarterly Dividend), ` (Direct Quarterly Dividend) SECTOR ALLOCATION (%) CBLO & Term Deposits & Rev.Repo Derivatives Investors understand that their principal will be at moderate risk AAA, SOV RATING PROFILE Derivatives CBLO & Term Deposits & Rev.Repo AA- Income & capital growth over a long term horizon Investment in a portfolio of debt instruments with a moderate exposure in equity & equity related Instruments. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

34 DEBT SCHEMES KOTAK MULTI ASSET ALLOCATION FUND An Open - Ended Debt Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium The investment objective of the scheme is to generate income by investing predominantly in debt and money market securities, to generate growth by taking moderate exposure to equity and equity related instruments and provide diversification by investing in Gold ETFs. However, there is no assurance that the objective of the scheme will be realized. January 21, 2011 s Mr. Deepak Gupta & Mr. Abhishek Bisen* 75% CRISIL Short Term Bond Fund, 15% Nifty 50 and 10% Price of Gold. AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth ) Dividend Frequency Monthly (12th of Every Month), Quarterly (20th of Mar/Jun/Sep/Dec), Annual (12th of March) Ratios Standard Deviation: 4.15%, Modified Duration:0.13 yrs, Portfolio Yield: 7.44% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: `10000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 1 year & above Entry Load: Nil. Exit Load: i) For exit within 1 year from the date of allotment of units: 1%. ii) For exit after 1 year from the date of allotment of units: Nil. iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the. Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 2.45% Direct: 2.05% Issuer/Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) HDFC Bank Ltd. Banks 1.21 Infosys Ltd. Software 1.19 Maruti Suzuki India Limited Auto 0.71 IndusInd Bank Ltd. Banks 0.66 Bharat Petroleum Corporation Ltd. Petroleum Products 0.65 Lupin Ltd. Pharmaceuticals 0.63 Hindustan Unilever Ltd. Consumer Non Durables 0.55 Zee Entertainment Enterprises Ltd Media and Entertainment 0.52 Asian Paints Ltd. Consumer Non Durables 0.46 Dr Reddys Laboratories Ltd Pharmaceuticals 0.43 Reliance Industries Ltd. Petroleum Products 0.43 ITC Ltd. Consumer Non Durables 0.42 Tata Consultancy Services Ltd. Software 0.42 Bajaj Auto Ltd. Auto 0.39 Bajaj Finance Limited Finance 0.39 HCL Technologies Ltd. Software 0.34 Tata Motors Ltd. Auto 0.33 Bosch Limited Auto Ancillaries 0.32 Britannia Industries Ltd. Consumer Non Durables 0.30 Grasim Industries Ltd. Cement 0.30 Larsen And Toubro Ltd. Construction Project 0.30 Bajaj Finserv Ltd. Finance 0.29 ICICI Bank Ltd. Banks 0.27 Axis Bank Ltd Banks 0.25 Yes Bank Ltd Banks 0.23 Hero MotoCorp Ltd. Auto 0.22 Ashok Leyland Ltd. Auto 0.20 Wipro Ltd. Software 0.18 Dish TV India Ltd. Media and Entertainment 0.15 Mahindra & Mahindra Ltd. Auto 0.15 HDFC Ltd. Finance 0.14 Divi s Laboratories Limited Pharmaceuticals 0.13 Marico Ltd. Consumer Non Durables 0.09 Power Grid Corporation Of India Ltd Power 0.09 Sun Pharma Advance Research Co.Ltd Pharmaceuticals 0.09 Cadila Healthcare Ltd. Pharmaceuticals 0.08 Ultratech Cement Ltd. Cement 0.08 Cummins India Ltd. Industrial Products 0.07 Emami Ltd. Consumer Non Durables 0.07 Issuer/Instrument Industry/ % to Net Rating Sun Pharmaceuticals Industries Ltd.Pharmaceuticals 0.07 Aurobindo Pharma Ltd. Pharmaceuticals 0.06 Bank Of Baroda Banks 0.06 Bharti Airtel Ltd. Telecom - Services 0.06 Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.06 GAIL (India) Ltd. Gas 0.06 Titan Company Ltd. Consumer Durables 0.05 TVS Motors Company Ltd Auto 0.05 JSW Steel Ltd. Ferrous Metals 0.04 Just Dial Limited Software 0.04 UPL Ltd Pesticides 0.04 Coal India Ltd. Minerals/Mining 0.03 Indian Oil Corporation Ltd Petroleum Products 0.03 Cipla Ltd. Pharmaceuticals 0.02 Oracle Financial Services Software Ltd Software 0.02 Tech Mahindra Ltd. Software 0.02 Bharat Electronics Ltd Industrial Capital Goods 0.01 Godrej Consumer Products Ltd. Consumer Non Durables 0.01 Hindustan Petroleum Corporation Ltd Petroleum Products 0.01 IDFC Bank Limited Banks 0.01 Pidilite Industries Ltd. Chemicals 0.01 Sun TV Limited. Media and Entertainment 0.01 Listed/Awaiting Listing on Stock Exchange - Total Mutual Fund Units Kotak Mutual Fund - Kotak Gold ETF Mutual Fund Units 7.97 Mutual Fund Units - Total 7.97 Futures CNX NIFTY-APR Futures (Market value represents Notional Value) - Total Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Hindalco Industries Ltd. CRISIL AA Corporate Debt/Financial Institutions - Total 2.78 TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 3.49 Collateral Borrowing & Lending obligation Net Current /(Liabilities) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments: 0.19 years. Kotak Multi Asset Allocation Fund NAV as on March 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Quarterly Dividend), ` (Direct Quarterly Dividend), ` (Annual Dividend), ` (Direct Annual) Debentures and Bonds Net Current Derivatives Mutual Fund Units Investors understand that their principal will be at moderate risk Mutual Fund Units AA- Derivatives Income & capital growth over a long term horizon Investment in a portfolio of debt instruments with a moderate exposure in equity & equity related instruments and provides diversification by investing in Gold ETFs * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 33 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

35 Details of exposure across all Debt Funds of Kotak Mahindra Mutual Fund as on 31 March 2016 Issuer Name %age of Exposure to Debt AUM AXIS Bank Ltd Aasan Developers and Constructions Private Limited ( Guaranteed by a Piramal Group Company ) 0.18 Adani Port and Special Economic Zone Limited 0.25 Adani Power Ltd ( Secured by Equity shares of Adani Ports and SEZ Ltd ) 0.38 Aditya Birla Finance Ltd Aditya Birla Money Ltd 0.06 Airports Authority of India 0.07 Allahabad Bank 0.01 Andhra Bank 0.55 Ashirvad Microfinance Private Limited ( 85% subsidiary of Manappuram Finance Ltd ) 0.13 Aspire Home Finance Corporation Ltd 0.18 Au Financiers (India) Limited 0.82 Bajaj Capital Ventures Pvt. Ltd. (Secured by Equity shares of Bajaj Corp. Ltd ) 0.19 Bajaj Finance Limited 0.99 Bank of India 0.25 Bank of Maharashtra 0.46 Bhanu Vyapaar Private Limited ( Secured by Equity shares of Emami Ltd ) 0.11 Bharti enterprises (Holding) Pvt. Ltd CBLO/REVERSE REPO 1.98 Camden Industries Ltd.(backed by unconditional and irrevocable undertaking of Axis Capital) 0.56 Canara Bank 1.38 Central Government 8.14 Cholamandalam Investment and Finance Company Ltd 0.01 Continental Drug Company P Ltd ( Secured by Equity shares of Zee Ltd ) 0.26 Corporation Bank 2.63 DLF Emporio Ltd 0.26 Dalmia Bharat Ltd 0.25 Dewan Housing Finance Corporation Ltd ECL Finance Limited 0.55 Edelweiss Commodities Services Ltd Edelweiss Financial Services Limited 0.20 Edelweiss Housing Finanance Limited 0.13 Edisons Untility Works Pvt.Ltd. ( Secured by Equity shares of Zee Entertainment Enterprises Ltd ) 0.25 Emami Enclave Markets Pvt Ltd. ( Secured by Equity shares of Emami Ltd ) 0.11 Emami Realty Ltd ( Secured by Equity shares of Emami Ltd ) 0.27 Equitas Micro Finance Ltd Export-Import Bank of India Fullerton India Credit Co. Ltd GSPC Distribution Networks Ltd. ( backed by unconditional and irrevocable guarantee of Gujarat State Petroleum Corp group ) 0.03 Grand View Estate Pvt Ltd ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.47 HDB Financial Services Ltd HDFC Ltd HPCL Mittal Energy Ltd HPCL Mittal Pipelines Ltd Haldhar Developers Private Limited ( backed by unconditional and irrevocable undertaking by Piramal) 0.17 Hero Realty Ltd ( Guaranteed by a Hero Group company ) 0.25 Point Properties Pvt LTD (backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.05 Hindalco Industries Ltd Hinduja Leyland Finance Ltd ICICI Bank Ltd ICICI Home Finance Company Limited 0.26 IDBI Bank Ltd IDFC Bank Limited 0.22 IL & FS Financial Services Ltd IOT Utkal Energy Services Ltd India Infoline Finance Limited 0.26 India Infoline Housing Finance Ltd India InfraDebt Ltd 0.13 Indiabulls Housing Finance Limited 0.51 Indian Oil Corporation Ltd Indian Overseas Bank 0.08 Indian Railway Finance Corporation Ltd Indostar Capital Finance Private Limited 0.19 Infrastructure Leasing & Financial Services Limite 0.03 Innovador Realtors Pvt Ltd ( backed by unconditional and irrevocable undertaking by Piramal ) 0.58 Inox Air Products Ltd Intime Properties Ltd Industry / Sector Issuer Name %age of Exposure to Debt AUM JM Financial Products Limited 0.08 Janalakshami Financial Services Ltd Jyothy Laboratories Limited 0.08 Karelides Traders Private Ltd. ( backed by unconditional and irrevocable undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd ) 0.93 Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd L & T Finance Limited 0.37 LIC Housing Finance Ltd MA MAULTI TRADE PVT LTD ( Secured by Equity shares of Bajaj Corp. Ltd ) 0.19 Mahindra & Mahindra Financial Services Ltd Manappuram Finance Ltd 0.17 Mandava Holdings Private Limited ( backed by unconditional and irrevocable undertaking by Axis Capital ) 0.44 Muthoot Finance Ltd 0.24 Muthoot Fincorp Ltd Nabha Power Ltd. ( backed by unconditional and irrevocable guarantee by Larsen & Toubro Ltd ) 1.61 National Bank for Agriculture and Rural Developmen 5.14 National Housing Bank 0.33 ONGC Manglore Petrochemicals Ltd Oriental Bank of Commerce 0.03 PNB Housing Finance Ltd Peninsula Land Limited 0.15 Piramal Enterprises Limited 2.53 Power Finance Corporation Ltd Power Grid Corporation of India Ltd Powergrid Vizag Transminssion Ltd. ( backed by unconditional and irrevocable guarantee by Powergrid Corp ) 0.05 Prestige Estates Projects Limited 0.51 Pune Solapur Expressways Pvt. Ltd. ( toll road project of Tata Realty & Infrastructure Ltd, 100% subsidiary of Tata Sons ) 0.22 Punjab & Sind Bank 1.37 RHC Finance Private Limited 0.25 Raymond Ltd Reliance Jio Infocomm Limited 1.46 Reliance Ports And Terminals Limited 0.05 Rural Electrification Corporation Ltd SBK Properties Pvt Ltd. ( Guaranteed by a Kalyani Group company ) 0.22 SP Jammu Udhampur way Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.26 Sahyadri Agencies Ltd ( Secured by Equity shares of Jyothy Laboratories Ltd ) 0.26 Shapoorji Pallonji Energy Gujarat Private Limited (backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.15 Shivprasad Realty Pvt Ltd ( backed by unconditional and irrevocable undertaking by Axis Capital ) 0.14 Shriram Transport Finance Co Ltd Small Industries Development Bank Of India Sneha Abasan Pvt Ltd ( Secured by Equity shares of Emami Ltd ) 0.08 Sneha Enclave Pvt Ltd ( Secured by Equity shares of Emami Ltd ) 0.05 State Bank Of India State Bank of Hyderabad 0.13 State Government 6.25 Steel Authority of India Ltd Sterlite Industries (India) Ltd 0.43 Sundaram BNP Paribas Home Finance Ltd 0.11 Sundaram Finance Ltd Suraksha Reality Ltd (Secured by Equity shares of Sun Pharmaceuticals Industries Ltd ) 1.77 Syndicate Bank 0.01 Tamil Nadu Generation & Distribution Corporation L ( backed by unconditional and irrevocable guarantee of Tamilnadu State Government ) 0.04 Tata Capital Financial Services Limited 0.55 Tata Capital Housing Finance Ltd; 0.87 Tata Motors Finance Ltd 0.23 Tata Motors Ltd Tata Power Company Ltd Tata Sons Ltd Ultratech Cement Ltd Vijaya Bank 0.71 Vizag General Cargo Berth Private Limited ( backed by unconditional and irrevocable guarantee of Vedanta Ltd ) 0.03 YES Bank Ltd TOTAL %age of Exposure to Debt AUM BANK CASH(CBLO/REVERSE REPO) 1.98 CORPORATES FINANCIAL SERVICES GOI/TBILLS NBFC REAL ESTATE 0.77 TOTAL Includes Hybrid schemes - debt scheme schemes having equity exposure 34

36 FUND OF FUNDS KOTAK ASSET ALLOCATOR FUND An Open Ended Fund of Funds (Earlier known as Kotak Equity FOF ) Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium The investment objective of the scheme is to generate long-term capital appreciation from a portfolio created by investing in specified open-ended equity, and debt schemes of Kotak Mahindra Mutual Fund. However, there is no assurance that the investment objective of the will be realized. However, there is no assurance that the objective of the scheme will be realized. August 9, 2004 Mr. Deepak Gupta* Crisil Balanced Fund AAUM (` In Crores) AAUM as on Mar 31, 2016: ` AUM (` In Crores) AUM as on Mar 31, 2016: `26.80 A) Regular Plan B) Regular Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) 1% if exit before 1 year from date of allotment. II) Nil if exit after 1 year from the date of allotment. Exit Load shall be applicable incase of switch from Regular Plan (where broker code is mentioned) to Direct Plan Exit Load shall not be applicable: Incase of switch from Regular Plan (where no broker code is mentioned) to Direct Plan In case of switch from Direct Plan to Regular Plan. III) Any exit load charged (net off Service Tax, if any) shall be credited back to the. Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 1.50% Direct: 0.76% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units Kotak Select Focus Fund Direct Growth Equity Kotak Mahindra Bond Plan Debt Kotak Liquid Plan A Debt Kotak Floater Long Term Direct Growth Debt 7.80 Mutual Fund Units - Total Net Current /(Liabilities) 2.78 Kotak Asset Allocator Fund NAV as on March 31, 2016: ` (Dividend Option), `60.444(Direct Dividend Option), `61.182(Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Equity Debt Others Investors understand that their principal will be at moderate risk Long term capital growth Investment in open-ended diversified equity schemes and debt schemes of Kotak Mahindra Mutual Fund * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 35 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

37 FUND OF FUNDS KOTAK US EQUITY FUND (formerly known as PineBridge India US Equity Fund) An Open Ended Fund of Funds Investing Overseas INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The primary investment objective of the scheme is to provide long term capital appreciation by investing in units of a fund that invests predominantly in equity and equity related securities of companies having assets, products or operations in the United States. However, there is no assurance that the investment objective of the will be realized. However, there is no assurance that the objective of the scheme will be realized. December 20, 2013 Mr. Deepak Gupta* Standard & Poor's 500 Total Return Net Index in USD is the benchmark of the underlying scheme. The same converted into INR using RBI reference rate will be the benchmark for the scheme. AAUM (` In Crores) AAUM as on Mar 31, 2016: `4.81 AUM (` In Crores) AUM as on Mar 31, 2016: `4.84 A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment 1%; ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment NIL; iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the ; Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 1.40% Direct: 0.65% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units Pinebridge US Large Cap Research Enhance Fund Overseas Mutual Fund Mutual Fund Units - Total Net Current /(Liabilities) 1.17 Kotak US Equity Fund NAV as on March 31, 2016: ` (Dividend Option), ` (Direct Dividend Option), `11.780(Growth Option), `11.984(Direct Growth Option) SECTOR ALLOCATION (%) Overseas Mutual Fund Others Investors understand that their principal will be at high risk Long term capital growth Long term capital appreciation by investing in Units of PineBridge US Large Cap Research Enhanced Fund which in turn invests in equity and equity related securities of companies having assets, products or operations in the United States. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For scheme performance, please refer page no

38 FUND OF FUNDS KOTAK GLOBAL EMERGING MARKET FUND An Open - Ended Equity (As on March, 2016) INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The investment objective of the scheme is to generate long-term capital appreciation by investing in an overseas mutual fund scheme that invest in a diversified portfolio of securities as prescribed by SEBI from time to time in global emerging markets. However, there is no assurance that the objective of the scheme will be realized. September 26, 2007 s Mr. Deepak Gupta (Dedicated fund manager for s overseas investment) & Mr.Abhishek Bisen* MSCI Emerging Market AAUM (` In Crores) AAUM as on Mar 31, 2016: `29.19 AUM (` In Crores) AUM as on Mar 31, 2016: `29.53 A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For exit within 1 year from the date of allotment of units: 1%. ii) For exit after 1 year from the date of allotment of units: Nil iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the. Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 1.85% Direct: 1.35% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units MGF Asian Small Equity Fund Class I Overseas Mutual Fund ishares MSCI Emerging Markets ETF Overseas Mutual Fund Mutual Fund Units - Total Net Current /(Liabilities) 1.38 Kotak Global Emerging Market Fund NAV as on March 31, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Overseas Mutual Fund Others Investors understand that their principal will be at high risk Long term capital growth Investment in overseas mutual fund schemes that invest in a diversified portfolio of securities in global emerging markets * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 37 * For experience, please refer page For scheme performance, please refer page no

39 FUND OF FUNDS KOTAK WORLD GOLD FUND (formerly known as PineBridge World Gold Fund ) An Open Ended Fund of Funds INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The primary investment objective of the is to provide long term capital appreciation by investing predominantly in units of Falcon Gold Equity Fund. The may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes. The may also invest a certain portion of its corpus in debt and money market securities and/or units of debt/liquid schemes of Mutual Funds, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the will be realized. June 6, 2008 Mr. Deepak Gupta* Financial Times Gold Mines Total Price Index, in USD is the benchmark of Falcon Gold Equity Fund. The above translated to INR using the RBI Reference Rate will be the benchmark of Kotak World Gold Fund. AAUM (` In Crores) AAUM as on Mar 31, 2016: `39.93 AUM (` In Crores) AUM as on Mar 31, 2016: `40.49 A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 for purchase and for `0.01 for switches Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment 1%; ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment NIL; iii) Any exit load charged (net off ServiceTax, if any) shall be credited back to the ; Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 1.90% Direct: 1.29% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units Falcon Gold Equity ASIA Overseas Mutual Fund Mutual Fund Units - Total Collateral Borrowing & Lending obligation 3.60 Net Current /(Liabilities) Kotak World Gold Fund NAV as on March 31, 2016: `7.000 (Dividend Option), `7.169(Direct Dividend Option), `8.444(Growth Option), `8.639 (Direct Growth Option) SECTOR ALLOCATION (%) Overseas Mutual Fund Others CBLO & Term Deposits & Rev.Repo Investors understand that their principal will be at high risk Long term capital growth Long term capital appreciation by investing in units of Falcon Gold Equity Fund which in turn invests in international securities of gold production, processing and marketing companies * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For scheme performance, please refer page no

40 ETF SCHEMES KOTAK GOLD ETF An Open Ended Gold Exchange Traded Fund The investment objective of Kotak Gold ETF is to generate returns that are in line with the returns on investment in physical gold, subject to tracking error. July 27, 2007 Mr. Abhishek Bisen* Physical Gold AAUM (`In Crores) AAUM as on Mar 31, 2016: ` AUM (`In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan Through Exchange:10 Units, Through AMC: Units, Ideal Investment Horizon: 3 years and above Entry Load: Nil. Exit Load: Nil Regular: 1.00% Direct: NA Issuer / Instrument Industry/ % to Net Rating Gold Gold Fineness99.5 Gold Listed/Awaiting Listing on Stock Exchange - Total Kotak Gold ETF NAV as on March 31, 2016: ` Tracking Error: 0.06 NAV Issuer / Instrument Industry/ % to Net Rating Net Current /(Liabilities) Sector Allocation (%) 0.10 Gold Others Investors understand that their principal will be at moderate risk Returns in line with physical gold over medium to long term, subject to tracking error Investment in physical gold * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 39 * For experience, please refer page For scheme performance, please refer page no 44-53

41 ETF SCHEMES KOTAK NIFTY ETF An Open Ended Exchange Traded Fund [Eligible scheme under Rajiv Gandhi Equity Savings (RGESS)] The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of the CNX Nifty subject to tracking errors. February 2, 2010 Mr. Deepak Gupta* Nifty 50 AAUM (`In Crores) AAUM as on Mar 31, 2016: ` AUM (`In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan Ratios Portfolio Turnover: 38.65% Tracking Error: 0.09% Through Exchange:1 Unit, Through AMC: 5000 Units, Ideal Investment Horizon: 3 years and above Entry Load: Nil. Exit Load: Nil Regular:0.10% Direct: NA Issuer / Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 8.60 HDFC Bank Ltd. Banks 7.46 ITC Ltd. Consumer Non Durables 6.53 HDFC Ltd. Finance 6.17 Reliance Industries Ltd. Petroleum Products 6.10 ICICI Bank Ltd. Banks 4.86 Tata Consultancy Services Ltd. Software 4.74 Larsen And Toubro Ltd. Construction Project 3.52 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 3.14 Tata Motors Ltd. Auto 2.64 Axis Bank Ltd Banks 2.62 Kotak Mahindra Bank Ltd. Banks 2.47 Hindustan Unilever Ltd. Consumer Non Durables 2.19 State Bank Of India Banks 2.13 Mahindra & Mahindra Ltd. Auto 1.97 Maruti Suzuki India Limited Auto 1.75 Bharti Airtel Ltd. Telecom - Services 1.68 IndusInd Bank Ltd. Banks 1.67 HCL Technologies Ltd. Software 1.62 Asian Paints Ltd. Consumer Non Durables 1.38 Oil & Natural Gas Corporation Ltd. Oil 1.36 Dr Reddys Laboratories Ltd Pharmaceuticals 1.35 Hero MotoCorp Ltd. Auto 1.31 Coal India Ltd. Minerals/Mining 1.30 Wipro Ltd. Software 1.28 Lupin Ltd. Pharmaceuticals 1.25 Bajaj Auto Ltd. Auto 1.18 Ultratech Cement Ltd. Cement 1.16 National Thermal Power NAV Issuer / Instrument Industry/ % to Net Rating Corporation Limited Power 1.13 Power Grid Corporation Of India Ltd Power 1.08 Tech Mahindra Ltd. Software 1.04 Yes Bank Ltd Banks 1 Cipla Ltd. Pharmaceuticals 0.92 Grasim Industries Ltd. Cement 0.87 Bharat Petroleum Corporation Ltd. Petroleum Products 0.83 Eicher Motors Ltd Auto 0.83 Adani Port and Special Economic Zone Limited Transportation 0.80 Tata Steel Limited. Ferrous Metals 0.76 Zee Entertainment Enterprises Ltd Media and Entertainment 0.75 Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.72 Aurobindo Pharma Ltd. Pharmaceuticals 0.71 Bosch Limited Auto Ancillaries 0.67 Ambuja Cements Ltd Cement 0.64 GAIL (India) Ltd. Gas 0.59 Tata Motors Ltd - DVR Auto 0.51 Bank Of Baroda Banks 0.49 ACC Ltd. Cement 0.46 Idea Cellular Ltd. Telecom - Services 0.43 Tata Power Co. Ltd. Power 0.41 Hindalco Industries Ltd Non - Ferrous Metals 0.40 Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.36 Listed/Awaiting Listing on Stock Exchange - Total Net Current /(Liabilities) 0.17 Kotak Nifty ETF NAV as on March 31, 2016 : ` Sector Allocation (%) Banks Software Consumer Non Durables Auto Pharmaceuticals Finance Petroleum Products Construction Project Cement Power Others Investors understand that their principal will be at moderate risk Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

42 ETF SCHEMES KOTAK SENSEX ETF An Open Ended Exchange Traded Fund [Eligible scheme under Rajiv Gandhi Equity Savings (RGESS)] The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of the BSE SENSEX subject to tracking errors. June 6, 2008 Mr. Deepak Gupta* S&P BSE SENSEX AAUM (`In Crores) AAUM as on Mar 31, 2016: ` AUM (`In Crores) AUM as on Mar 31, 2016: ` A) Regular Plan B) Direct Plan Ratios Portfolio Turnover: 21.95% Tracking Error: 0.12% Through Exchange:1 Unit, Through AMC: Units, Ideal Investment Horizon: 3 years and above Entry Load: Nil. Exit Load: Nil Regular: 0.25% Direct: NA Issuer / Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software HDFC Bank Ltd. Banks 9.20 ITC Ltd. Consumer Non Durables 8.05 HDFC Ltd. Finance 7.61 Reliance Industries Ltd. Petroleum Products 7.54 ICICI Bank Ltd. Banks 6 Tata Consultancy Services Ltd. Software 5.63 Larsen And Toubro Ltd. Construction Project 4.35 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 3.87 Axis Bank Ltd Banks 3.28 Tata Motors Ltd. Auto 3.21 Hindustan Unilever Ltd. Consumer Non Durables 2.71 State Bank Of India Banks 2.70 Mahindra & Mahindra Ltd. Auto 2.43 Maruti Suzuki India Limited Auto 2.15 Bharti Airtel Ltd. Telecom - Services 2.14 Asian Paints Ltd. Consumer Non Durables 1.71 Dr Reddys Laboratories Ltd Pharmaceuticals 1.70 Oil & Natural Gas Kotak Sensex ETF NAV as on March 31, 2016 : ` NAV Issuer / Instrument Industry/ % to Net Rating Corporation Ltd. Oil 1.68 Coal India Ltd. Minerals/Mining 1.61 Wipro Ltd. Software 1.58 Hero MotoCorp Ltd. Auto 1.56 Lupin Ltd. Pharmaceuticals 1.54 Bajaj Auto Ltd. Auto 1.43 National Thermal Power Corporation Limited Power 1.16 Cipla Ltd. Pharmaceuticals 1.13 Adani Port and Special Economic Zone Limited Transportation 0.98 Tata Steel Limited. Ferrous Metals 0.93 GAIL (India) Ltd. Gas 0.73 Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.45 Listed/Awaiting Listing on Stock Exchange - Total Net Current /(Liabilities) 0.32 Sector Allocation (%) Banks Software Auto Consumer Non Durables Pharmaceuticals Finance Petroleum Products Construction Project Telecom - Services Others Oil Investors understand that their principal will be at moderate risk Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 41 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

43 ETF SCHEMES KOTAK BANKING ETF An Open Ended Exchange Traded Fund The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of stocks as represented by the CNX Bank Index subject to tracking errors. There can be no assurance or guarantee that the investment objective of the plan will be achieved. December 04, 2014 Mr. Deepak Gupta* Nifty Bank AAUM (`In Crores) AAUM as on Mar 31, 2016: ` AUM (`In Crores) AUM as on Mar 31, 2016: ` Option - Dividend Payout Ratios Portfolio Turnover: 21.04% Tracking Error: 0.11% Through Exchange:1 Unit, Through AMC: Units, Ideal Investment Horizon: 3 years and above Entry Load: Nil. Exit Load: Nil Regular:0.20% Direct: NA Issuer / Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) HDFC Bank Ltd. Banks ICICI Bank Ltd. Banks Axis Bank Ltd Banks Kotak Mahindra Bank Ltd. Banks State Bank Of India Banks 9.12 IndusInd Bank Ltd. Banks 7.13 Yes Bank Ltd Banks 4.28 Bank Of Baroda Banks 2.10 Kotak Banking ETF NAV as on March 31, 2016: ` NAV Issuer / Instrument Industry/ % to Net Rating Federal Bank Ltd. Banks 1.21 Punjab National Bank Banks 0.96 Canara Bank Banks 0.41 Bank of India Banks 0.36 Listed/Awaiting Listing on Stock Exchange - Total Net Current /(Liabilities) Sector Allocation (%) Investors understand that their principal will be at moderate risk Banks Others Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

44 ETF SCHEMES KOTAK PSU BANK ETF An Open Ended Exchange Traded Fund The investment objective of the scheme is to provide returns that closely correspond to the total returns of CNX PSU Bank Index, subject to tracking errors. November 8, 2007 Mr. Deepak Gupta* Nifty PSU Bank AAUM (`In Crores) AAUM as on Mar 31, 2016: ` AUM (`In Crores) AUM as on Mar 31, 2016: `16.64 A) Regular Plan B) Direct Plan Ratios Portfolio Turnover: 80.89% Tracking Error: 0.27% Through Exchange:1 Unit, Through AMC: Units, Ideal Investment Horizon: 3 years and above Entry Load: Nil. Exit Load: Nil Total Regular: 0.48% Direct: NA Issuer / Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) State Bank Of India Banks Bank Of Baroda Banks Punjab National Bank Banks 6.48 Union Bank Of India Banks 3.41 Canara Bank Banks 2.75 Industrial Development Bank of India Ltd. Banks 2.70 Bank of India Banks 2.42 Kotak PSU Bank ETF NAV as on March 31, 2016: ` NAV Issuer / Instrument Industry/ % to Net Rating Syndicate Bank Banks 1.42 Andhra Bank Banks 1.26 Allahabad Bank. Banks 1.25 Oriental Bank of Commerce Banks 1.16 Indian Overseas Bank Banks 1.01 Listed/Awaiting Listing on Stock Exchange - Total Net Current /(Liabilities) 0.04 Sector Allocation (%) 0.04 Banks Others Investors understand that their principal will be at moderate risk Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 43 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

45 Performances as on March 31, 2016 Kotak 50 - Dividend Returns ^ Nifty 50 # S&P BSE Sensex ## (`) # # (`) Dec 29, 1998 (Since Inception) 19.73% 13.47% 13.05% 224,093 88,677 83,189 Mar 31, 2015 To Mar 31, % -8.86% -9.36% Mar 31, 2014 To Mar 31, % 26.65% 24.89% NA Mar 31, 2013 To Mar 31, % 17.98% 18.85% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Classic Equity - Growth Returns ^ Nifty 500 # Nifty 50 ## (`) # # (`) Jul 27, 2005 (Since Inception) 11.73% 12.13% 11.94% 32,709 33,997 33,368 Mar 31, 2015 To Mar 31, % -8.07% -8.86% Mar 31, 2014 To Mar 31, % 29.14% 26.65% NA Mar 31, 2013 To Mar 31, % 18.25% 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Opportunities Fund - Growth Returns^ Nifty 500 # Nifty 50 ## (`) # # (`) Sep 09, 2004 (Since Inception) 19.44% 14.14% 14.30% 78,041 46,141 46,928 Mar 31, 2015 To Mar 31, % -7.54% -8.86% Mar 31, 2014 To Mar 31, % 33.56% 26.65% NA Mar 31, 2013 To Mar 31, % 17.72% 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Select Focus Fund - Growth Returns ^ Nifty 200 # Nifty 50 ## (`) # # (`) Sep 11, 2009 (Since Inception) 12.91% 7.63% 7.46% 22,162 16,199 16,023 Mar 31, 2015 To Mar 31, % -8.11% -8.86% Mar 31, 2014 To Mar 31, % 31.47% 26.65% NA Mar 31, 2013 To Mar 31, % 17.57% 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 44

46 Kotak Tax Saver - Growth Returns^ Nifty 500 # Nifty 50 ## (`) # # (`) Nov 23, 2005 (Since Inception) 10.78% 10.68% 11.07% 28,882 28,606 29,665 Mar 31, 2015 To Mar 31, % -7.54% -8.86% Mar 31, 2014 To Mar 31, % 33.56% 26.65% NA Mar 31, 2013 To Mar 31, % 17.72% 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Midcap Fund - Growth Returns ^ Nifty Midcap 100 # Nifty 50 ## (`) # # (`) Feb 24, 2005 (Since Inception) 15.88% 14.02% 12.68% 51,353 42,944 37,651 Mar 31, 2015 To Mar 31, % -1.91% -8.86% Mar 31, 2014 To Mar 31, % 50.96% 26.65% NA Mar 31, 2013 To Mar 31, % 16.36% 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Emerging Equity - Growth Returns^ S&P BSE Midcap # Nifty 50 ## (`) # # (`) Mar 30, 2007 (Since Inception) 10.79% 9.33% 8.14% 25,170 22,335 20,249 Mar 31, 2015 To Mar 31, % -3.34% -8.86% Mar 31, 2014 To Mar 31, % 51.11% 26.65% NA Mar 31, 2013 To Mar 31, % 14.86% 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Infrastructure & Economic Reform Fund - Growth Returns^ S&P BSE 100 # Nifty 50 ## (`) # # (`) Feb 25, 2008 (Since Inception) 4.94% 4.61% 5.03% 14,782 14,409 14,880 Mar 31, 2015 To Mar 31, % -8.96% -8.86% Mar 31, 2014 To Mar 31, % 28.32% 26.65% NA Mar 31, 2013 To Mar 31, % 18.11% 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate)

47 Kotak Balance Returns ^ CRISIL Balanced Fund # Nifty 50 ## (`) # # (`) Nov 25, 1999 (Since Inception) 14.31% NA 10.98% 89,211 NA 54,935 Mar 31, 2015 To Mar 31, % -2.90% -8.86% Mar 31, 2014 To Mar 31, % 22.53% 26.65% NA Mar 31, 2013 To Mar 31, % 13.40% 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Equity Arbitrage Fund - Growth Returns ^ Crisil Liquid Fund # Nifty 50 ## (`) # # (`) Sep 29, 2005 (Since Inception) 7.81% 7.44% 10.89% 22,032 21,255 29,635 Mar 31, 2015 To Mar 31, % 8.06% -8.86% Mar 31, 2014 To Mar 31, % 8.98% 26.65% NA Mar 31, 2013 To Mar 31, % 9.54% 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Liquid - Plan A - Growth Returns^ Crisil Liquid Fund # CRISIL 1 Year T-Bill ## (`) # # (`) Nov 04, 2003 (Since Inception) 7.52% 6.95% 5.87% 24,596 23,023 20,302 Mar 31, 2015 To Mar 31, % 8.06% 7.69% Mar 31, 2014 To Mar 31, % 8.98% 8.74% NA Mar 31, 2013 To Mar 31, % 9.54% 5.84% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long termis based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Note-With effect from October 1, 2012 the scheme features has been changed. For more details please refer page 23. Kotak Floater - ST - Growth Returns (%) ^ Crisil Liquid Fund # CRISIL 1 Year T-Bill ## (`) # # (`) Jul 14, 2003 (Since Inception) 7.41% 6.88% 5.86% 24,824 23,316 20,628 Mar 31, 2015 To Mar 31, % 8.06% 7.69% Mar 31, 2014 To Mar 31, % 8.98% 8.74% NA Mar 31, 2013 To Mar 31, % 9.54% 5.84% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 46

48 Kotak Treasury Advantage Fund - Growth Returns ^ Crisil Liquid Fund # CRISIL 1 Year TBill ## (`) # # (`) Aug 13, 2004 (Since Inception) 7.87% 7.15% 5.99% 24,148 22,337 19,686 Mar 31, 2015 To Mar 31, % 8.06% 7.69% Mar 31, 2014 To Mar 31, % 8.98% 8.74% NA Mar 31, 2013 To Mar 31, % 9.54% 5.84% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Banking and PSU Debt Fund - Growth Returns^ Crisil Liquid Fund # CRISIL 1 Year TBill ## (`) # # (`) Dec 29, 1998 (Since Inception) 7.29% NA 6.64% 33,709 NA 30,361 Mar 31, 2015 To Mar 31, % 8.06% 7.69% Mar 31, 2014 To Mar 31, % 8.98% 8.74% NA Mar 31, 2013 To Mar 31, % 9.54% 5.84% Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Duration Fund - Growth Returns^ CRISIL Liquid Fund # CRISIL 1 Year T-Bill ## (`) # # (`) Mar 06, 2008 (Since Inception) 7.71% 7.73% 6.44% 18,216 18,245 16,558 Mar 31, 2015 To Mar 31, % 8.06% 7.69% Mar 31, 2014 To Mar 31, % 8.98% 8.74% NA Mar 31, 2013 To Mar 31, % 9.54% 5.84% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRAMFI Explorer. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year:cagr(compounded Annualised Growth Rate). Kotak Bond Short Term Plan - Growth Returns^ Crisil Short Term Bond Fund# CRISIL 1Year T-Bill ## (`) # # (`) 47 May 02, 2002 (Since Inception) 7.72% 7.16% 5.90% 28,177 26,184 22,212 Mar 31, 2015 To Mar 31, % 8.47% 7.69% Mar 31, 2014 To Mar 31, % 10.32% 8.74% NA Mar 31, 2013 To Mar 31, % 8.86% 5.84% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term& long termis based on the average maturity of the scheme. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate).

49 Kotak Flexi Debt Fund - Plan A - Growth Returns^ Crisil Composite Bond Fund # CRISIL 1 Year T-Bill ## (`) # # (`) May 26, 2008 (Since Inception) 8.43% 7.77% 6.44% 18,874 17,990 16,325 Mar 31, 2015 To Mar 31, % 8.24% 7.69% Mar 31, 2014 To Mar 31, % 14.59% 8.74% NA Mar 31, 2013 To Mar 31, % 4.39% 5.84% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Income Opportunities Fund - Growth Returns^ Crisil Short Term Bond Fund # CRISIL 1 Year TBill ## (`) # # (`) May 11, 2010 (Since Inception) 8.66% 8.35% 6.84% 16,312 16,046 14,772 Mar 31, 2015 To Mar 31, % 8.47% 7.69% Mar 31, 2014 To Mar 31, % 10.32% 8.74% NA Mar 31, 2013 To Mar 31, % 8.86% 5.84% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Corporate Bond Fund - Growth Returns ^ Crisil Composite Bond Fund # CRISIL 1 Year Gilt ## (`) # # (`) Sep 21, 2007 (Since Inception) 8.20% 7.67% 6.39% 19,585 18,790 16,966 Mar 31, 2015 To Mar 31, % 8.24% 7.69% Mar 31, 2014 To Mar 31, % 14.59% 8.74% NA Mar 31, 2013 To Mar 31, % 4.39% 5.84% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Medium Term Fund - Growth Returns ^ CRISIL Composite Bond Fund # CRISIL 10 Year Gilt ## (`) # # (`) Mar 28, 2014 (Since Inception) 10.47% 11.34% 11.19% 12,218 12,412 12,377 Mar 31, 2015 To Mar 31, % 8.24% 7.97% Mar 31, 2014 To Mar 31, % 14.59% 14.57% NA N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 48

50 Kotak Bond - Plan A - Growth Returns^ Crisil Composite Bond Fund # CRISIL 10 Year Gilt ## (`) # # (`) Nov 25, 1999 (Since Inception) 9.18% NA NA 42,047 NA NA Mar 31, 2015 To Mar 31, % 8.24% 7.97% NA Mar 31, 2014 To Mar 31, % 14.59% 14.57% Mar 31, 2013 To Mar 31, % 4.39% -0.96% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Gilt - Investment Regular Plan - Growth Returns^ ISEC Composite # CRISIL 10 Year Gilt ## (`) # # (`) Dec 29, 1998 (Since Inception) 9.84% NA NA 50,532 NA NA Mar 31, 2015 To Mar 31, % 8.22% 7.97% NA Mar 31, 2014 To Mar 31, % 15.60% 14.57% Mar 31, 2013 To Mar 31, % 3.96% -0.96% Kotak Gilt Investment PF & Trust Plan - Growth Returns^ ISEC Composite # CRISIL 10 Year Gilt ## (`) # # (`) Nov 11, 2003 (Since Inception) 7.28% 7.25% 5.23% 23,901 23,812 18,820 Mar 31, 2015 To Mar 31, % 8.22% 7.97% NA Mar 31, 2014 To Mar 31, % 15.60% 14.57% Mar 31, 2013 To Mar 31, % 3.96% -0.96% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Monthly Income Plan - Growth Returns ^ Crisil MIP Blended # CRISIL 10 Year Gilt ## (`) # # (`) Dec 02, 2003 (Since Inception) 7.47% 7.85% 5.32% 24,313 25,412 18,953 Mar 31, 2015 To Mar 31, % 5.67% 7.97% NA Mar 31, 2014 To Mar 31, % 16.45% 14.57% Mar 31, 2013 To Mar 31, % 6.52% -0.96% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term& long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 49

51 Kotak Multi Asset Allocation Fund - Growth Returns ^ 75% Crisil Short term Bond Fund,15% Nifty 50 & 10% Prices of Gold # CRISIL 10 Year Gilt ## (`) # # (`) Jan 21, 2011 (Since Inception) 7.70% 8.72% 7.18% 14,700 15,442 14,338 Mar 31, 2015 To Mar 31, % 6.32% 7.97% NA Mar 31, 2014 To Mar 31, % 11.10% 14.57% Mar 31, 2013 To Mar 31, % % N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. #Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak US Equity Fund - Growth Returns ^ Standard & Poor s 500 Total Return Net # Nifty 50 ## (`) # # (`) Dec 20, 2013 (Since Inception) 7.45% 11.01% 9.64% 11,780 12,688 12,334 Mar 31, 2015 To Mar 31, % 8.05% -8.86% NA Mar 31, 2014 To Mar 31, % 17.28% 26.65% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. #Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak World Gold Fund - Growth Returns ^ Financial Times Gold Mines Total-Price # Nifty 50 ## (`) # # (`) Jun 06, 2008 (Since Inception) -2.22% -3.48% 6.79% 8,388 7,583 16,722 Mar 31, 2015 To Mar 31, % 28.08% -8.86% NA Mar 31, 2014 To Mar 31, % % 26.65% Mar 31, 2013 To Mar 31, % % 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Gold ETF Returns^ Physical Gold Price # CRISIL 10 Year Gilt ## (`) # # (`) Jul 27, 2007 (Since Inception) 13.52% 14.88% 6.74% 30,070 33,372 17,614 Mar 31, 2015 To Mar 31, % 11.47% 7.97% NA Mar 31, 2014 To Mar 31, % -6.19% 14.57% Mar 31, 2013 To Mar 31, % -6.28% -0.96% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 50

52 Kotak Nifty ETF Returns ^ Nifty 50 # S&P BSE Sensex ## (`) # # (`) Feb 08, 2010 (Since Inception) 9.32% 8.23% 7.84% 17,292 16,256 15,903 Mar 31, 2015 To Mar 31, % -8.86% -9.36% NA Mar 31, 2014 To Mar 31, % 26.65% 24.89% Mar 31, 2013 To Mar 31, % 17.98% 18.85% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak SENSEX ETF Returns^ S&P BSE Sensex # Nifty 50 ## (`) # # (`) Jun 06, 2008 (Since Inception) 7.50% 6.42% 6.79% 17,600 16,274 16,722 Mar 31, 2015 To Mar 31, % -9.36% -8.86% NA Mar 31, 2014 To Mar 31, % 24.89% 26.65% Mar 31, 2013 To Mar 31, % 18.85% 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak PSU Bank ETF Returns^ Nifty PSU Bank # Nifty 50 ## (`) # # (`) Nov 08, 2007 (Since Inception) 0.05% -1.93% 3.71% 10,039 8,487 13,579 Mar 31, 2015 To Mar 31, % % -8.86% NA Mar 31, 2014 To Mar 31, % 24.53% 26.65% Mar 31, 2013 To Mar 31, % % 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Global Emerging Equity Market Fund Returns^ MSCI Emerging Market Index # Nifty 50 ## (`) # # (`) Sep 26, 2007 (Since Inception) 2.77% 1.97% 5.41% 12,616 11,805 15,663 Mar 31, 2015 To Mar 31, % -8.85% -8.86% NA Mar 31, 2014 To Mar 31, % 1.94% 26.65% Mar 31, 2013 To Mar 31, % 5.88% 17.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 51

53 Kotak Asset Allocator Fund - Growth Returns ^ CRISIL Balanced Fund # S&P BSE SENSEX ## (`) # # (`) Aug 09, 2004 (Since Inception) 16.82% 11.85% 14.50% 61,182 36,848 48,425 Mar 31, 2015 To Mar 31, % -2.90% -9.36% NA Mar 31, 2014 To Mar 31, % 22.53% 24.89% Mar 31, 2013 To Mar 31, % 13.40% 18.85% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Banking ETF Returns ^ Nifty Bank # Nifty 50## (`) ## (`) Dec 10, 2014 (Since Inception) -9.26% -9.77% -5.70% Mar 31, 2015 To Mar 31, % % -8.86% NA N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Equity Savings Fund - Growth Returns ^ 75% Crisil Liquid Fund Index & 25% Nifty 50 # Nifty 50 ## (`) ## (`) Oct 13, 2014 (Since Inception) 6.49% 3.17% -1.27% 10,966 10,469 9,815 Mar 31, 2015 To Mar 31, % -1.24% -8.86% NA N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). FMP's and Gold Fund Performance as on March 31, 2016 Kotak FMP Series (1061D) - Reg - Growth Returns ^ Crisil Short Term Bond Fund # CRISIL 1 Year T-Bill ## (`) ## (`) Dec 23, 2013 (Since Inception) 10.81% 9.50% 8.23% 12,626 12,290 11,967 Mar 31, 2015 To Mar 31, % 8.47% 7.69% NA Mar 31, 2014 To Mar 31, % 10.32% 8.74% OTHER PERFORMANCE 52

54 Kotak FMP Series (546D) - Reg - Growth Returns (%) ^ Crisil Short Term Bond Fund # CRISIL 1 Year T-Bill ## (`) ## (`) Jan 08, 2014 (Since Inception) 8.99% 9.50% 8.21% 12,113 12,241 11,921 Mar 31, 2015 To Mar 31, % 8.47% 7.69% NA Mar 31, 2014 To Mar 31, % 10.32% 8.74% Kotak FMP Series (733D) - Reg - Growth Returns (%) ^ Crisil Short Term Bond Fund # CRISIL 1 Year T-Bill ## (`) ## (`) Aug 07, 2013 (Since Inception) 9.18% 9.73% 8.26% 12,621 12,790 12,340 Mar 31, 2015 To Mar 31, % 8.47% 7.69% NA Mar 31, 2014 To Mar 31, % 10.32% 8.74% Kotak FMP Series (371D) - Reg - Growth Returns (%) ^ Crisil Short Term Bond Fund # CRISIL 1 Year T-Bill ## (`) ## (`) Dec 16, 2013 (Since Inception) 8.40% 9.53% 8.26% 12,030 12,318 11,993 Mar 31, 2015 To Mar 31, % 8.47% 7.69% NA Mar 31, 2014 To Mar 31, % 10.32% 8.74% Kotak Gold Fund Returns ^ Physical Gold Price # CRISIL 10 Year Gilt ## (`) ## (`) Mar 25, 2011 (Since Inception) 4.45% 6.87% 6.91% 12,446 13,962 13,985 Mar 31, 2015 To Mar 31, % 11.47% 7.97% NA Mar 31, 2014 To Mar 31, % -6.19% 14.57% Mar 31, 2013 To Mar 31, % -6.28% -0.96% N.A stands for data not available. Past Performance may or may not be sustained in future. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of ## Name of ^ Past performance may or may not be sustained in the future All payouts during the period have been reinvested in the units the scheme at the then prevailingnav. Returns <= 1 year:absolute; Returns > 1 year:cagr(compoundedannualised Growth Rate). 53

55 ABOUT OUR FUND MANAGERS Name: Mr. Harsha Upadhyaya (experience in managing these funds since) Kotak Opportunities (Aug 1, 12), Kotak Select Focus Fund (Aug 1, 12), Kotak Tax Saver (Aug. 25,'15) Business Experience Mr. Harsha has nearly two decades of rich experience spread over Equity Research and Fund Management. His prior stints have been with companies such as DSP BlackRock, UTI Asset Management, Reliance Group and SG Asia Securities. Mr. Harsha is a Bachelor of Engineering (Mechanical) from National Institute of Technology, Suratkal, a Post Graduate in Management (Finance) from Indian Institute of Management, Lucknow and Chartered Financial Analyst from the CFA Institute. Name: Mr. Harish Krishnan (experience in managing these funds since) Kotak 50 (Nov. 15, 13), Kotak Infrastructure & Economic Reform Fund (Jan31,'15), Kotak Classic Equity (Aug. 25,'15), Kotak India Growth Fund Series I (May 06, 15) Business Experience Mr. Harish has a decade of experience spread over Equity Research and Fund Management. Prior to joining Kotak Mutual Fund, he was based out of Singapore and Dubai, managing Kotak's offshore funds. Mr. Harish has also worked at Infosys Technologies Ltd in his earlier stint. He is a Bachelor of Technology (Electronics & Communications) from Government Engineering College, Trichur, a post Graduate in Management from Indian Institute of Management, Kozhikode and a Chartered Financial Analyst from the CFA Institute. Name: Mr. Pankaj Tibrewal (experience in managing these funds since) Kotak Midcap (Jan. 21, 10), Kotak Emerging Equity (May 27,'10), Kotak Balance (Aug. 25,'15) Business Experience Mr. Pankaj is a graduate in Commerce from St. Xavier's College, Kolkata and holds a Master's degree in Finance from Manchester University. He has been associated with the mutual fund industry since 2003 where he has managed several debt and equity schemes. He has been a part of the organization since January Mr. Pankaj's earlier stint was with Principal Mutual Fund. Name: Mr. Deepak Gupta (experience in managing these funds since) Kotak Equity Arbitrage (Sept.1, 08), Kotak Asset Allocator Fund (Earlier Know as Kotak Equity FOF) (Sept.1, 08), Kotak Global Emerging Market Fund (Apr.4, 11), (Dedicated fund manager for over seas investment), Kotak Balance (Aug. 25,'15), Kotak Multi Asset Allocation Fund (Sept.10, 13), Kotak Equity Savings Fund (Oct. 13, '14), Kotak World Gold Fund (Jan.31, 15), Kotak US Equity Fund (Jan.31, 15), Kotak PSU Bank ETF (Nov. 8, 07), Kotak SENSEX ETF (Jun. 6, 08), Kotak NIFTY ETF (Feb. 8, 10), Kotak Banking ETF (Dec. 11, 14) Business Experience Mr. Deepak has almost 10 years of experience in the mutual fund industry. He had joined the Equity Fund Management team as a research analyst. He is now an Equity. Mr. Deepak is a Graduate in Commerce from Mumbai University. He is a qualified Chartered Accountant, a Cost Accountant and has cleared the AIMR CFA Level 3. Performance of top 3 and bottom 3 schemes of the Top 3 Bottom 3 Mr. Deepak Gupta Refer Page No. Kotak Equity Arbitrage Fund - Growth 14 Kotak Asset Allocator Fund - Growth 35 Kotak US Equity Fund - Growth 36 Kotak Banking ETF 42 Kotak Global Emerging Market Fund - Growth 37 Kotak PSU Bank ETF 43 54

56 Name: Mr. Abhishek Bisen (experience in managing these funds since) Kotak Balance (Apr. 15, 2008), Kotak Monthly Income Plan (Apr. 15, 08), Kotak Bond (Plan A) (Apr 15, 2008), Kotak Gilt Investment (Regular & PF-Trust) (Apr. 15, 08), Kotak Global Emerging Market Fund (Apr. 15, 08), Kotak Multi Asset Allocation Fund (Jan. 21, 11), Kotak Equity Savings Fund (Oct. 13, '14), Kotak Gold ETF (Jul. 27, 07), Kotak Gold Fund (Mar. 25, '11) Business Experience Mr. Abhishek has been associated with the company since October 2006 and his key responsibilities include fund management of debt schemes. Prior to joining Kotak AMC, Me, Abhishek was working with Securities Trading Corporation Of India Ltd where he was looking at Sales & Trading of Fixed Income Products apart from doing Portfolio Advisory. He has been awarded twice as one of the ly Commended Investors in Indian Rupees Bonds from the Asset magazine Hong Kong. His educational background is B.A (Management) and MBA (Finance). Performance of top 3 and bottom 3 schemes of the Top 3 Bottom 3 Mr. Abhishek Bisen Refer Page No. Kotak Gold Fund - Growth 53 Kotak Gilt - Investment - PF and Trust - Growth 31 Kotak Gilt - Investment - Regular - Growth 31 Kotak Multi Asset Allocation Fund - Growth 33 Kotak Balance - Dividend 13 Kotak Global Emerging Market Fund - Growth 37 Name: Mr. Deepak Agrawal (experience in managing these funds since) (Kotak Bond Short Term (Apr. 14, 08), Kotak Flexi Debt (Jul. 11, 07), Kotak Floater Short Term (Jul. 11, 07), Kotak Liquid (Jul. 11, 07), Kotak Kotak Banking and PSU Debt Fund (Apr. 14, 08), Kotak Treasury Advantage Fund (Formerly Known as Kotak Floater Long Term ) (Jul. 11, 07), Kotak Income Opportunities Fund (May 11, '10), Kotak Medium Term Fund (Mar. 21, 14), Kotak Duration Fund (Jan. 31, 15), Kotak Corporate Bond Fund (Jan. 31, 15), All Fix Maturity Plans in existence (Aug. 13,'15), All Quarterly Interval Plans (QIPs) (Aug. 13,'15) Business Experience Mr. Deepak's career has started from Kotak AMC when he joined the organization in December 2002 where he was initially in Research, Dealing and then moved into Fund Management from November Mr. Deepak is a Post Graduate in Commerce, Chartered Account and Company Secretary. Performance of top 3 and bottom 3 schemes of the Top 3 Bottom 3 Mr. Deepak Agrawal Refer Page No. Kotak Medium Term Fund - Regular Plan - Growth 29 Kotak FMP Series (1061D) - Regular Plan - Growth 52 Kotak Income Opportunities Fund - Growth 27 Kotak FMP Series (546D) - Regular Plan - Growth 53 Kotak FMP Series (733D) - Regular Plan - Growth 53 Kotak FMP Series (371D) - Regular Plan - Growth 53 Name: Mr. Devender Singhal (experience in managing these funds since) Kotak Monthly Income Plan (Aug. 25, 15) Business Experience Mr. Devender has been associated with the Kotak Group since July He is responsible for the research coverage of FMCG, Automobiles and Media sectors at Kotak AMC since Feb Devender has an overall working experience of 14 years in equity research and fund management. Prior to joining Kotak AMC, Devender worked with the PMS divisions of Kotak, Religare, Karvy and P N Vijay Financial Services. 55

57 DIVIDEND HISTORY Equity s Kotak Equity Arbitrage Fund Mar Feb Jan Kotak Equity Arbitrage Fund - Bimonthly Dividend Mar Jan Nov Kotak 50 - Dividend Jun Dec Feb Kotak Classic Equity Record Date Nov Jul Jan Kotak Opportunities Record Date Cum Dividend NAV Cum Dividend NAV Aug Aug Nov Kotak Midcap Record Date Cum Dividend NAV Kotak Asset Allocator Fund (Earlier Know as Kotak Equity FOF) `/Unit `/Unit `/Unit Feb Feb Feb Kotak Tax Saver Record Date Cum Dividend NAV `/Unit Mar Jan Dec Kotak Emerging Equity Record Date Cum Dividend NAV `/Unit Apr May May Aug Individual/ HUF: Others: Kotak Select Focus Record Date Cum Dividend NAV `/Unit Oct Sept Oct Kotak Equity Saving Fund - Monthly Dividend Option Record Date Mar Feb Jan Kotak Infrastructure and Economic Reform Record Date Cum Dividend NAV `/Unit Jun ETF SCHEMES Kotak PSU Bank ETF Record Date Cum Dividend NAV Nov Feb Kotak SENSEX ETF Record Date Cum Dividend NAV Cum Dividend NAV `/Unit Kotak Equity Saving Fund - Quarterly Dividend Mar Dec Sep Hybrid s Kotak Balance Mar Feb Jan Kotak Monthly Income Plan - Monthly Dividend Mar Individual/ HUF: Others: Feb Individual/ HUF: Others: Jan Individual/ HUF: Others: Kotak Monthly Income Plan - Quarterly Dividend Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Jun Individual/ HUF: Others: `/Unit `/Unit Nov June Kotak Nifty ETF Record Date Cum Dividend NAV `/Unit Nov Jan May DEBT SCHEMES Kotak Bond Plan A-Quarterly Dividend Mar Individual/ HUF: Others: Sep Individual/ HUF: Others: Sep Individual/ HUF: Others:

58 Debt s Kotak Bond Plan A-Annual Dividend Mar Individual/ HUF: Others: Mar Individual/ HUF: Others: Kotak Bond Short Term - Monthly Dividend Mar Individual/ HUF: Others: Feb Individual/ HUF: Others: Jan Individual/ HUF: Others: Kotak Bond Short Term-Half Yearly Dividend Sep Individual/ HUF: Others: Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Kotak Income Opportunities Fund-Annual Dividend Mar Individual/ HUF: Others: Mar Individual/ HUF: Others: Mar Individual/ HUF: Others: Kotak Income Opportunities Fund-Monthly Dividend Mar Individual/ HUF: Others: Feb Individual/ HUF: Others: Jan Individual/ HUF: Others: Kotak Income Opportunities Fund-Quarterly Dividend Mar Individual/ HUF: Others: Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Kotak Floater Short Term-Monthly Dividend Mar Individual/ HUF: Others: Feb Individual/ HUF: Others: Jan Individual/ HUF: Others: Kotak Treasury Advantage Fund-Monthly Dividend Mar Individual/ HUF: Others: Feb Individual/ HUF: Others: Jan Individual/ HUF: Others: Debt s Kotak Flexi Debt Plan A-Quarterly Dividend Sep Individual/ HUF: Others: Jun Individual/ HUF: Others: Mar Individual/ HUF: Others: Kotak Corporate Bond Fund-Standard Monthly Dividend Mar Individual/ HUF: Others: Feb Individual/ HUF: Others: Jan Individual/ HUF: Others: Kotak Corporate Bond Fund-Retail Monthly Dividend Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Apr Individual/ HUF: Others: Kotak Corporate Bond Fund-Standard Quarterly Dividend Mar Individual/ HUF: Others: Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Kotak Gilt Investment Regular Plan-Dividend Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Jun Individual/ HUF: Others: Kotak Gilt Investment Provident Fund and Trust Plan-Dividend Mar Individual/ HUF: Others: Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Kotak Banking and PSU Debt Fund-Monthly Dividend Mar Individual/ HUF: Others: Feb Individual/ HUF: Others: Jan Individual/ HUF: Others: Kotak Banking and PSU Debt Fund-Annual Dividend Mar Individual/ HUF: Others: Mar Individual/ HUF: Others: Mar Individual/ HUF: Others:

59 Debt s Kotak Duration Fund-Retail Monthly Dividend Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Apr Individual/ HUF: Others: Kotak Duration Fund-Standard Monthly Dividend Mar Individual/ HUF: Others: Feb Individual/ HUF: Others: Jan Individual/ HUF: Others: Kotak Multi Asset Allocation Fund-Annual Dividend Mar Individual/ HUF: Others: Mar Individual/ HUF: Others: Mar Individual/ HUF: Others: Debt s Asset Allocation Graph Kotak Multi Asset Allocation Fund-Monthly Dividend Jun Individual/ HUF: Others: Apr Individual/ HUF: Others: Mar Individual/ HUF: Others: Kotak Multi Asset Allocation Fund-Quarterly Dividend Mar Individual/ HUF: Others: Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Kotak Medium Term Fund-Quarterly Dividend Mar Individual/ HUF: Others: Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Kotak Medium Term Fund-Annual Dividend Mar Individual/ HUF: Others: Mar Individual/ HUF: Others: This asset allocation guide helps you to determine the suggested equity exposure at different valuations levels based on the Sensex. Valuation levels of the Sensex based on rolling 12month fwd EPS estimate of 1624 Suggested equity allocation (Assuming 50% equity allocation as neutral) 56 58