Let me narrate few incidences which will help you appreciate that things have started moving on ground.

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2 EXPERT SPEAK Mr. Nilesh Shah April 30, 2015 Dear Friends, Equities market suddenly finds itself in the throes of a bear sentiment. The two benchmark indices, SENSEX and Nifty have declined by -7.55% and -7.49% since the Feb month. A coming together of multiple issues may have caused this change in trend. Firstly, there is an element of wariness, especially amongst FII segment with respect to the Minimum Alternative Tax (MAT) levy. While the actual tax notices do not run more than a few hundred crores, the uncertainty about the jurisdiction, the incidence and the retrospective scrutiny, has created risk perception. Until further clarification and resolution on this issue, the MAT levy may continue to dampen the investor sentiment for some more time. In the similar time frame, the nearly 45% price rally in the international crude oil prices since Jan-15 has also caused concerns in the market. The brent crude has jumped from US 45 per barrel (p/b) to around US 65 p/b. On account of this comeback in the crude oil prices, marginal anxieties with respect to current account deficit and fiscal deficit have again cropped up. The government for now seems intent on managing the fiscal and current account burden prudently. The marked-linked recent hike in the petrol and diesel prices is indicative of that intent. The government is allowing the demand-supply equation to balance itself, rather than weigh down the fiscal balancesheet. Another major issue for the market would be the government s inclination to push through critical reforms pending before parliament especially the Land Acquisition bill (LAB), the Goods and Services Tax bill (constitutional amendment) and the Real Estate Regulatory bill. On a similar note, there has been considerable success in taming CPI inflation which has come down from double digit levels to current levels of 5.17%. However, the untimely rains in Feb-March may adversely impact the agri supplies and push up inflation. More importantly, the likelihood of a below normal monsoon is a cause of concern, and needs preparation. Over the long term, it is vital that the majority of population, which is agriculture dependent for its livelihood; finds employment in industrial or services sector. For this, the widespread infiltration of the infrastructure; and the integration of the markets- becomes very critical (and thus the need for LAB & GST) to ensure sustainable and inclusive growth. Corrections in the markets are part and parcel of the journey. Current market correction provides a great opportunity to enter. Any economic parameter be it gdp growth, inflation, fiscal deficit, current account deficit, currency volatility, foreign exchange reserves, sovereign rating, interest rates for government and corporates, savings rate, investment rate have shown significant improvement over last twelve month. Qualitative parameters like transparency in decision making, availability of decision makers and regulators, auctioning of natural resources, governments push for infrastructure development etc also shows significant improvement over last twelve months. Let me narrate few incidences which will help you appreciate that things have started moving on ground. - I had a meeting with a Road contractor. He had bid for the NHAI project on E-Tender basis and got the LOA (letter of acceptance) in three hours on . In previous era, it used to take six months. Government is planning to spend four times more than last year for building of Roads. It would be fair to say that Road sector is likely to see ache din in times ahead. - At another occasion, I had a meeting with an Iron ore miner. As you are aware many iron ore mines have closed due to court orders. India had to import iron ore in last few years to run its steel plants. Iron ore mining is likely to begin in Odisha in near future, boosting domestic production by more than 20%. Many coal mines will also become operational post auctions, to sustain mining boom. - Likewise, I had meeting with a railway contractor. He mentioned that railway orders have started flowing - with transparency in tendering. As the rules of games are changing, there is a little bit of turmoil, since old business models are giving way for new and better business models. - IN another instance, I had a meeting with a power equipment supplier who mentioned that there is a hope for future as PSUs have started issuing orders. There are many people who are complaining for things which have not been accomplished; or that the pace of change is not up to their expectations. However an oil tanker can t run at the pace of a speed boat. We need to manage pulls and pressure of a boisterous democracy. Our infrastructure is below global standards. Our Governance needs to improve. Despite many more challenges in the past, SENSEX has delivered % return since I am sure future will be equally rewarding for patient Investors. Best Wishes and Regards, Nilesh Shah Managing Director 1

3 EQUITY VIEW INDIA: Global events and FPI tax uncertainty impact market sentiment Apr'15 proved to be a volatile month for Indian equities with the large cap CNX Nifty Index down 3.6% and the CNX Mid cap Index down 2.4% in INR terms. Concerns over applicability on Minimum Alternate Tax (MAT) on foreign institutional investors retrospectively, fear of Grexit, rise in oil prices, a softer rural India, a weak start to Mar'15 quarter earnings season and a weaker INR weighed on market sentiment. Net FII investment in Indian equities in Apr'15 stood at USD1.7Bn and while trends in debt were weak with outflows at USD1Mn. CYTD, FII net investment in debt and equity stood at USD 6.9Bn and USD7.8Bn respectively. Over the last 12 months, India's macro-economic variables have meaningfully improved faster than we expected due to a sharp correction in global oil prices. However, corporate earnings are yet to recover making the market vulnerable to any negative news flow in the interim. In our view, increased spending by the government in FY16 and transmission of recent policy rate cuts to lending rates will lead the earnings recovery towards end FY16 with a more pronounced effect likely in FY17. The recent correction therefore provides a more reasonable entry point for medium-term investors in a market with multi-year growth potential. The main-line large cap index NIFTY is currently trading at 14.2x FY17E EPS with earnings growth projected at 15.9% for FY16E and at 17.1% in FY17E. Minimum Alternative Tax weighs on FPI sentiment; clarification needed Minimum alternate Tax (MAT) is a tax on book profits and was intended to tax companies that were not paying tax due to tax deductions/incentives. The applicability of MAT to foreign companies has been a subject matter of debate/litigation. The Finance Bill 2015 has proposed amendments to MAT provisions exempting long-term and short-term capital gains of foreign portfolio investors (FPIs) from MAT w.e.f April 1, 2015, if transactions were routed through the stock exchanges. Accordingly, Income Tax department sent notices for FIIs to pay MAT for the past assessment years. Notably, foreign investors in India are exempt from long-term capital gains tax and pay 15% tax on short-term listed equity gains and 5% on interest income from government and other bonds. The government has since clarified that investors who are protected by their double tax avoidance treaties would be exempt from paying MAT. As per the latest reports, the Finance Minister has also exempted income from securities transactions, royalties and technical services from MAT if the normal tax rate on such income is lower than 18.5%. Hence, interest income on bonds which are subject to tax at 5% currently will not be liable to pay MAT on a prospective basis. The Finance Minister also exempted MAT on units of business trusts in REITs (real estate investment trusts) and SPVs (special purpose vehicles). However, there was no clarification given on the imposition of the tax retrospectively. Investors are awaiting a Supreme Court decision pending in the case of Castleton Investment on the applicability of MAT to foreign income for past years. Monsoons: Skymet and IMD forecasts differ; still early days Demand and growth outlook in rural India has been muted in recent times due to (a) a weak crop season in FY15 (b) falling global and domestic agri-prices (c) lower than expected subsidy/procurement support from the government and (d) slower deployment of national rural employment guarantee scheme outlays. In this context, a weak monsoon forecast does create further concerns. As per the first forecast for the 2015 monsoon season (June to September) released by the IMD (Indian Meteorological Department), rainfall for the country as a whole is most likely to be below normal. It estimates total rainfall at 93% of the Long Period Average (LPA) with a model error of ± 5%. In contrast, Skymet, a private weather forecaster, has predicted a normal monsoon for India at 102% (+/-4%) of the long-term average of 887 mm for the June-September season. It has also predicted an early and strong onset of monsoons around 27th May as against 10th June (the usual date for onset). Importantly, Skymet has forecast particularly good rains in the key agri-rich northern states of Punjab, Haryana and Uttar Pradesh. It is still too early to draw conclusions over the impact of the monsoons on real GDP growth in FY15 (agriculture has a weightage of 18% in the new GDP series). While food inflation has remained benign as per the last few readings, India has seen unseasonal rainfall in the last couple of months which could have a bearing on crop output and inflation (March CPI inflation stood at 5.17%). With the US Federal Reserve likely to keep policy rates on hold in the near future (given the weak US growth and employment trends), at this juncture we maintain our view that RBI would further cut policy rates by another 50bps in CY15 and CPI led inflation would average 5-5.5% in FY16. RBI themselves in the last monetary policy review has indicated that CPI inflation would likely fall to 4% by August 2015 before rising once again towards the end of FY16. GST and Land Acquisition Bills face stiff opposition The two key legislative changes capable of meaningfully transforming India, the GST (Goods and Services Tax) bill and the Land Acquisition bill, are still pending before the Indian Parliament and have been facing opposition. The GST Constitutional Amendment bill needs to be passed with a 2/3rd majority of the Parliament and then ratified by half of the states. The Land Acquisition Ordinance has been re-promulgated but the bill faces stiff opposition making passage of the bill in the Rajya Sabha challenging. The ruling NDA currently holds 59 seats ( out of 243 seats) in the Rajya Sabha. To break the Rajya Sabha impasse, the government has the option to hold a joint session of Parliament. However, for a bill to be presented in the joint session, it first needs to pass one house (Lok Sabha) and then fail in the next (Rajya Sabha) or 6 months should have elapsed with the bill in the other House (note 6 months does not mean six calendar months but days that the other House is in session). Also, thus far, in Indian history, only 3 joint sessions of both the houses of Parliament have been called. INR/USD dependent on global events; BoP to remain surplus INR has depreciated marginally by ~0.5% CYTD against the USD. While the INR/USD has been far stronger vis-a-vis some of the other emerging market currencies this calendar year, the recent weakness of the INR/USD in April (2% depreciation) was on the back of (a) increase in gold imports and (b) recent rise in oil prices. We believe that given over-valuation of the INR on Real Effective Exchange Rate (REER) basis, RBI is possibly allowing the INR to depreciate marginally in order to protect the export competitiveness of the country. We expect the INR/USD to average 64 in FY16 as compared to an average of in FY15. EPFO permitted to invest in Indian equities In a change that that could see over INR75Bn (USD1.2Bn) of retirement savings flowing into the Indian capital markets for the first time, the Indian Labour Ministry has notified the new investment pattern for the Employee Provident Fund Organization (EPFO). The new pattern allows the retirement fund body to invest 5% of its incremental income in Exchange Traded Funds (ETFs) from the current financial year. This is still at the lower end of 5-15% band suggested by the government. 2

4 DEBT VIEW Items Apr-15 Mar-15 Change Reverse Repo 6.50% 6.50% 0 Repo 7.50% 7.50% 0 CRR 4% 4% 0 SLR 21.50% 21.50% 0 Mibor Overnight 7.52% 8.35% -83 bps Call(O/N) 7.70% 7.80% -10bps CBLO 7.85% 9.26% -141 bps 1 yr T Bill 7.90% 7.71% 19 bps 10 G Sec 7.86% 7.73% 13 bps 5 Year AAA 8.43% 8.30% 13 bps USD/INR paise Source: RBI; ICRAonline. Key Events During the Month: Headline CPI (Consumer Price Index, New Series) for March 2015 recorded at 5.17% which was lower than market expectation. Rupee fell during the month against the US Dollar, declining in value from `62.50 to above `63.50 levels. This was on account of rise crude oil prices and high trade deficit for the month of March-15. According to the IMD(Indian Meteorological Dept.), the probability of monsoon rains to be deficient (less than 90% of long period average) or below normal (90-96% of LPA) is 33% and 35% respectively. Post RBI policy, Banks have cut their base rates by bps(basis points) US Federal Reserve meeting reaffirms the possibility of first rate hike only in the later half of the year Domestic and Global bond yield have risen by close to bps during the month of April-2015 Rupee Outlook: Rupee has weakened against dollar from to down by around 1.5%. It was mainly due to dollar outflow from equity market and demand from importers. We may expect rupee to further depreciate as it may try to stabilize India's export competitiveness in the global market. After a data that showed weakness in exports growth, RBI may be comfortable in allowing the rupee to decline, but gradually in the near term. Brent Oil Brent crude has surged 20% in April on speculation that US shale boom is over and falling rig count may limit supply. Civil war in Yemen has kept the oil market on edge. We may expect Oil prices to go marginally up from here as the global economy is picking up. Moreover, Saudi Arabia has raised its official selling prices for its Arab light grade crude to United States and Northwest Europe. These points to strong demand these regions, which is also supporting the global oil prices. Rising oil prices may have some impact in India's inflation which is already getting impacted due to unseasonal rains. Outlook Over the medium to long term period, the market would keenly track US Fed actions to determine the course of monetary policy action in that market. We believe that the US Fed is likely to show deference to general slowdown in the global economy and may approach any rate hike action in slow deliberation. We expect the average CPI inflation to be at around 5%. This is well within the RBI comfort zone, thereby creating room for additional 50 bps repo rate cut over the nd course of FY16. The April inflation print is expected to be below 5%. We perceive a high probability of a 25 bps repo rate cut on 2 June,

5 GOLD VIEW For the month, the spot gold closed at per ounce, up per ounce or 2.12%. Gold prices are going through a series of push and pull, with the metal s 30-day volatility near the highest in seven weeks. During the month, Gold prices kicked off on a positive note, the rally was prompted by a dovish FOMC statement that knocked the dollar lower and stimulated buying in yellow metal. The Gold prices went on to rally 7.1% off the March low to 1,224.40/oz in early April, as the dollar index retreated to around from 100 over the same period. During the end of the month, gold headed for the biggest two-day slump since Oct-14 after US government reported application for U.S. jobless benefits declined to the lowest in 15 years. The month also witnessed surge in gold imports in India to 100 tonnes as the market restocked ahead of the Akshaya Tritiya festival, even as the high import premiums are holding up. Going forward all eyes will be on the dollar, the dollar index (DXY) has had a great run since last July when the index was around the 80 level, climbing some 25% to the 100 level recently. Currently the most bullish aspect of the Gold prices is that, other safe-haven assets are already expensive, particularly the dollar and the treasuries. Also the equities markets world over are near record highs. This is at a time when global growth is weak and there is huge amount of government debt around. It does seem investors will need some solid safe havens again before too long. (Data Source: lbma.org.uk) 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. December 29,1998 Fund Manager Mr. Harish Krishnan CNX Nifty AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 72.51% Beta: 1.06 ## Sharpe :0.78 Standard Deviation : 15.57% Source: ICRA MFI Explorer. Beta, Standard Deviation & Sharpe Ratio are calculated on Annualised basis using 3 years history of monthly returns. ## Risk-free rate assumed to be 7.90% (3 months T-bill yield as on April 30, 2015) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 years & above Exit Load: I) For redemptions / switch outs (including SIP/STP) within 18 months from the date of allotment of units, irrespective of the amount of investment:1% ii) For redemptions / switch outs (including SIP/STP) after 18 months 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. (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Equity & Equity related (Listed/Awaiting listing on Stock Exchange) ICICI Bank Ltd. Banks 7.57% HDFC Bank Ltd. Banks 7.54% Infosys Ltd. Software 6.37% Larsen And Toubro Ltd. Construction Project 4.88% Axis Bank Ltd Banks 4.43% Tata Consultancy Services Ltd. Software 4.39% Maruti Suzuki India Limited Auto 4.20% Tata Motors Ltd. Auto 4.13% Reliance Industries Ltd. Petroleum Products 3.69% State Bank Of India Banks 3.63% HDFC Ltd. Finance 2.87% Ultratech Cement Ltd. Cement 2.74% ITC Ltd. Consumer Non Durables 2.44% IndusInd Bank Ltd. Banks 1.97% Shree Cement Ltd. Cement 1.96% Lupin Ltd. Pharmaceuticals 1.89% Britannia Industries Ltd. Consumer Non Durables 1.75% Cadila Healthcare Ltd. Pharmaceuticals 1.70% Yes Bank Ltd Banks 1.56% The Ramco Cements Ltd Cement 1.45% MRF Limited Auto Ancillaries 1.38% HCL Technologies Ltd. Software 1.33% Kajaria Ceramics Ltd. Construction 1.30% Sanofi India Ltd. Pharmaceuticals 1.25% Tech Mahindra Ltd. Software 1.24% Bharat Petroleum Corporation Ltd. Petroleum Products 1.23% Asian Paints Ltd. Consumer Non Durables 1.20% IDFC Limited Finance 1.20% Colgate Palmolive (India ) Ltd. Consumer Non Durables 1.18% Bank Of Baroda Banks 1.08% Hero MotoCorp Ltd. Auto 1.07% Container Corporation of India Ltd. Transportation 1.05% Motherson Sumi Systems Ltd. Auto Ancillaries 1.05% Bharat Forge Ltd. Industrial Products 1.04% Titan Company Ltd. Consumer Durables 1.01% Bharti Airtel Ltd. Telecom - Services 0.98% Jubilant Foodworks Limited Consumer Non Durables 0.97% Siemens Ltd. Industrial Capital Goods 0.97% Tata Chemicals Ltd. Chemicals 0.94% Alstom India Limited Industrial Capital Goods 0.92% Bharat Electronics Ltd Industrial Capital Goods 0.88% Arvind Ltd Textile Products 0.84% Tata Motors Ltd - DVR Auto 0.78% Cummins India Ltd. Industrial Products 0.70% Tata Communications Ltd Telecom - Services 0.67% Blue Dart Express Ltd. Transportation 0.49% Cipla Ltd. Pharmaceuticals 0.43% IL&FS Transportation Networks Limited Transportation 0.38% Listed/Awaiting Listing on Stock Exchange - Total 98.72% Futures Sun Pharmaceuticals Industries Ltd.-MAY % Futures (Market value represents Notional Value) - Total 0.57% 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. 0.57% Standard Chartered Bank Ltd 0.23% Term Deposits - Total 0.80% Collateral Borrowing & Lending obligation 0.75% Net Current /(Liabilities) -0.85% Grand Total 100% Notes: Term Deposit as provided above is towards margin for derivatives transactions Other than Hedging Positions through Futures as on 30th April,2015 Underlying Long/Short Futures Price Current Price of Margin Maintained When purchased the Contract in Lakhs Sun Pharmaceuticals Industries Ltd. MAY 2015 FUTURE Long Total %age of existing assets non hedged through futures 0.57% For the month ended 30th April,2015 other than hedging transactions through futures which have been squared off/expired are as follows; Total Number of contracts where futures were bought 40, Total number of contracts where futures were sold 40, Gross Notional value of contracts where futures were bought `182.5 lacs, Gross Notional value of contracts where futures were sold ` lacs and Net profit/(loss) value on all these contracts combined `4.78 lacs Total Amount Invested Total Value as on 31st Mar 2015 ( `) Returns (%) CNX Nifty ( `)# CNX Nifty Returns (%) S&P BSE SENSEX ( `)^ S&P BSE SENSEX Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Systematic Investment Plan (SIP) If you had invested `5,000 every month Inception : - December 29, The returns are calculated by XIRR approach assuming investment of `5,000/- 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, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) year 3 years 5 years 10 years Since Inception 60,000 1,80,000 3,00,000 6,00,000 9,80,000 69,901 2,67,125 4,76,135 13,16,715 50,50, ,956 2,43,074 4,31,230 11,49,981 32,46, ,097 2,40,700 4,26,759 11,35,426 33,33, Banks Software Auto Consumer Non Durables Cement Pharmaceuticals Petroleum Products Construct ion Project Finance Industrial Capital Goods Others Long term capital growth Investment in portfolio of predominantly equity & equity related securities High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 5

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. July 27, 2005 Fund Manager Mr. Emmanuel Elango CNX 100 AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover:99.81% Beta: 0.87 ## Sharpe :0.84 Standard Deviation : 13.03% Source: ICRA MFI Explorer. Beta, Standard Deviation & Sharpe Ratio are calculated on Annualised basis using 3 years history of monthly returns. ## Risk-free rate assumed to be 7.90% (3 months T-bill yield as on April 30, 2015) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 years & above Exit Load: Nil. (applicable for all plans), (w.e.f December 01, 2014) Equity & Equity related Listed/Awaiting listing on Stock Exchange HDFC Bank Ltd. Banks 7.87% Infosys Ltd. Software 6.48% HDFC Ltd. Finance 5.89% Larsen And Toubro Ltd. Construction Project 5.19% ICICI Bank Ltd. Banks 4.40% Maruti Suzuki India Limited Auto 4.22% Tata Consultancy Services Ltd. Software 3.28% Britannia Industries Ltd. Consumer Non Durables 3.18% National Thermal Power Corporation Limited Power 3.05% Power Grid Corporation Of India Ltd Power 2.89% Axis Bank Ltd Banks 2.68% IDFC Limited Finance 2.63% Hindustan Unilever Ltd. Consumer Non Durables 2.55% Reliance Industries Ltd. Petroleum Products 2.52% ITC Ltd. Consumer Non Durables 2.35% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 2.26% Cairn India Limited Oil 2.01% Yes Bank Ltd Banks 1.96% The Ramco Cements Ltd Cement 1.87% Mahindra & Mahindra Ltd. Auto 1.77% Bharat Heavy Electricals Ltd. Industrial Capital Goods 1.64% Ultratech Cement Ltd. Cement 1.60% Cadila Healthcare Ltd. Pharmaceuticals 1.53% Hero MotoCorp Ltd. Auto 1.52% MBL Infrastructures Ltd. Construction 1.32% Lupin Ltd. Pharmaceuticals 1.19% NMDC Ltd. Minerals/Mining 1.17% Ahluwalia Contracts (India) Ltd. Cement 1.16% City Union Bank Ltd. Banks 1.15% Tata Motors Ltd - DVR Auto 1.15% Tata Motors Ltd. Auto 1.15% Total Amount Invested Returns (%) CNX 100 ( `)# CNX 500 Returns (%) CNX Nifty ( `)^ CNX Nifty Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) UPL Ltd Pesticides 1.14% Idea Cellular Ltd. Telecom - Services 1.09% Tata Steel Limited. Ferrous Metals 1.07% IndusInd Bank Ltd. Banks 1.06% Bharti Airtel Ltd. Telecom - Services 1.05% Tech Mahindra Ltd. Software 1.01% Hindustan Zinc Ltd. Non - Ferrous Metals 1.00% Hindalco Industries Ltd Non - Ferrous Metals 0.99% Indraprastha Gas Ltd. Gas 0.98% HCL Technologies Ltd. Software 0.94% UFO Moviez Limited Media and Entertainment 0.94% Multi Commodity Exchange of India Limited Finance 0.73% State Bank Of India Banks 0.69% Oil & Natural Gas Corporation Ltd. Oil 0.34% Cipla Ltd. Pharmaceuticals 0.27% Power Finance Corporation Ltd. Finance 0.22% Rural Electrification Corporation Ltd Finance 0.21% The Indian Hotels Company Ltd - CCD Hotels 0.11% Listed/Awaiting Listing on Stock Exchange - Total 97.47% Debt Instruments Debentures and Bonds Public Sector Undertakings National Thermal Power Corporation Ltd. CRISIL AAA 0.26% Public Sector Undertakings - Total 0.26% TERM DEPOSITS Standard Chartered Bank Ltd 0.11% Term Deposits - Total 0.11% Collateral Borrowing & Lending obligation 1.71% Net Current /(Liabilities) 0.45% Grand Total 100% Systematic Investment Plan (SIP) If you had invested `5,000 every month Total Value as on 31st Mar 2015 ( `) 1 year 3 years 5 years Since Inception 60,000 1,80,000 3,00,000 5,85,000 67,548 2,59,210 4,70,007 12,07, ,626 2,47,631 4,39,262 11,17, ,956 2,43,074 4,31,230 10,86, Inception : - July 27,2005. The returns are calculated by XIRR approach assuming investment of `5,000/- 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, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Auto Finance Consumer Non Durables Power Pharmaceuticals Construction Project Cement Petroleum Products Others Long term capital growth Investment in portfolio of predominantly equity & equity related securities High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 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. September 9, 2004 Fund Manager Mr. Harsha Upadhyaya CNX 500 AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan: B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 31.21% Beta: 0.96 ## Sharpe :0.94 Standard Deviation : 14.86% Source: ICRA MFI Explorer. Beta, Standard Deviation & Sharpe Ratio are calculated on Annualised basis using 3 years history of monthly returns. ## Risk-free rate assumed to be 7.90% (3 months T-bill yield as on April 30, 2015) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 years & above 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. (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Equity & Equity related Listed/Awaiting listing on Stock Exchange ICICI Bank Ltd. Banks 6.01% Infosys Ltd. Software 4.90% Axis Bank Ltd Banks 4.48% HDFC Bank Ltd. Banks 4.37% State Bank Of India Banks 4.26% Britannia Industries Ltd. Consumer Non Durables 4.16% Maruti Suzuki India Limited Auto 3.23% Bajaj Finance Limited Finance 3.19% Motherson Sumi Systems Ltd. Auto Ancillaries 3.18% Larsen And Toubro Ltd. Construction Project 2.83% Tech Mahindra Ltd. Software 2.67% Shree Cement Ltd. Cement 2.62% Tata Motors Ltd. Auto 2.54% Federal Bank Ltd. Banks 2.34% Ultratech Cement Ltd. Cement 2.32% Bharat Petroleum Corporation Ltd. Petroleum Products 2.29% Lupin Ltd. Pharmaceuticals 2.24% IndusInd Bank Ltd. Banks 2.15% Hindustan Petroleum Corporation Ltd Petroleum Products 1.87% MRF Limited Auto Ancillaries 1.74% UPL Ltd Pesticides 1.71% MBL Infrastructures Ltd. Construction 1.64% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.63% HCL Technologies Ltd. Software 1.58% ITC Ltd. Consumer Non Durables 1.53% Multi Commodity Exchange of India Limited Finance 1.48% Bosch Limited Auto Ancillaries 1.42% Indraprastha Gas Ltd. Gas 1.36% Tata Consultancy Services Ltd. Software 1.36% Bank Of Baroda Banks 1.33% Notes: SYSTEMATIC INVESTMENT PLAN (SIP) Systematic Investment Plan (SIP) If you had invested `5,000 every month Inception : - September 09, The returns are calculated by XIRR approach assuming investment of `5,000/ - 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, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) Term Deposit as provided above is towards margin for derivatives transactions Total Amount Invested Total Value as on 31st Mar 2015 ( `) Returns (%) CNX 500 ( `)# CNX 500 Returns (%) CNX Nifty ( `)^ CNX Nifty Returns (%) SECTOR ALLOCATION (%) Container Corporation of India Ltd. Transportation 1.29% Hindustan Unilever Ltd. Consumer Non Durables 1.21% Petronet LNG Ltd. Gas 1.17% Arvind Ltd Textile Products 1.13% JK Cement Ltd. Cement 1.12% Cummins India Ltd. Industrial Products 1.09% Whirlpool of India Ltd. Consumer Durables 1.03% AIA Engineering Limited Industrial Capital Goods 1.00% Ashok Leyland Ltd. Auto 0.99% Bharat Forge Ltd. Industrial Products 0.99% National Buildings Construction Corporation Limited Construction 0.99% Apollo Tyres Ltd. Auto Ancillaries 0.96% CESC Ltd. Power 0.95% Prestige Estates Projects Limited Construction 0.95% The Ramco Cements Ltd Cement 0.88% D-Link (India) Ltd Hardware 0.87% UFO Moviez Limited Media and Entertainment 0.71% SKF India Ltd Industrial Products 0.67% Yes Bank Ltd Banks 0.66% Kec International Ltd. Power 0.47% Swaraj Engines Ltd Industrial Products 0.38% Tourism Finance Corporation of India Ltd. Finance 0.30% 6% Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.15% Listed/Awaiting Listing on Stock Exchange - Total 98.39% TERM DEPOSITS Kotak Mahindra Bank Ltd. 0.55% Standard Chartered Bank Ltd 0.12% Term Deposits - Total 0.67% Collateral Borrowing & Lending obligation 0.67% Net Current /(Liabilities) 0.27% Grand Total 100% 1 year 3 years 5 years 10 years Since Inception 60,000 1,80,000 3,00,000 6,00,000 6,35,000 71,528 2,81,251 5,03,705 14,39,596 16,92, ,458 2,53,468 4,44,884 11,54,440 13,04, ,955 2,43,309 4,31,690 11,48,839 13,04, Banks Software Auto Ancillaries Cement Consumer Non Durables Auto Finance Petroleum Products Pharmaceuticals Construction Others Long term capital growth Investment in portfolio of predominantly equity & equity related securities High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 7

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. September 11, 2009 Fund Manager Mr. Harsha Upadhyaya CNX 200 AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 42.66% Beta: 1.01 ## Sharpe :1.05 Standard Deviation : 15.51% Source: ICRA MFI Explorer. Beta, Standard Deviation & Sharpe Ratio are calculated on Annualised basis using 3 years history of monthly returns. ## Risk-free rate assumed to be 7.90% (3 months T-bill yield as on April 30, 2015) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 years & above 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. (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Equity & Equity related Listed/Awaiting listing on Stock Exchange Infosys Ltd. Software 5.01% HDFC Bank Ltd. Banks 5.00% Axis Bank Ltd Banks 4.17% ICICI Bank Ltd. Banks 4.07% Larsen And Toubro Ltd. Construction Project 4.04% State Bank Of India Banks 3.99% Tata Motors Ltd. Auto 3.78% Maruti Suzuki India Limited Auto 3.25% Ultratech Cement Ltd. Cement 3.07% Hindustan Unilever Ltd. Consumer Non Durables 2.72% Britannia Industries Ltd. Consumer Non Durables 2.63% Shree Cement Ltd. Cement 2.63% Bharat Electronics Ltd Industrial Capital Goods 2.57% Tech Mahindra Ltd. Software 2.48% HCL Technologies Ltd. Software 2.36% Max India Ltd. Finance 2.36% Bosch Limited Auto Ancillaries 2.14% Container Corporation of India Ltd. Transportation 2.08% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 2.05% Bajaj Finance Limited Finance 2.01% ITC Ltd. Consumer Non Durables 1.92% Indraprastha Gas Ltd. Gas 1.71% Bank Of Baroda Banks 1.68% MRF Limited Auto Ancillaries 1.60% Hero MotoCorp Ltd. Auto 1.52% Yes Bank Ltd Banks 1.50% Jk Lakshmi Cement Ltd. Cement 1.43% Bharat Petroleum Corporation Ltd. Petroleum Products 1.41% Cadila Healthcare Ltd. Pharmaceuticals 1.35% Petronet LNG Ltd. Gas 1.34% Hindustan Petroleum Corporation Ltd Petroleum Products 1.30% Notes: Term Deposit as provided above is towards margin for derivatives transactions Other than Hedging Positions through Futures as on 30th April,2015 Underlying Long/Short Futures Price Current Price of Margin Maintained When purchased the Contract in Lakhs Petronet LNG Ltd. MAY 2015 FUTURE LONG Total %age of existing assets non hedged through futures 0.11% For the month ended 30th April,2015 other than hedging transactions through futures which have been squared off/expired are as follows; Total Number of contracts where futures were bought 635, Total number of contracts where futures were sold 635, Gross Notional value of contracts where futures were bought ` lacs, Gross Notional value of contracts where futures were sold ` lacs and Net profit/(loss) value on all these contracts combined `20.30 lacs Total Amount Invested Returns (%) CNX 200 ( `)# CNX 200 Returns (%) CNX Nifty ( `)^ CNX Nifty Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Federal Bank Ltd. Banks 1.28% Ashok Leyland Ltd. Auto 1.24% Arvind Ltd Textile Products 1.16% IndusInd Bank Ltd. Banks 1.14% Motherson Sumi Systems Ltd. Auto Ancillaries 1.10% IFB Industries Ltd. Consumer Durables 1.07% Bajaj Finserv Ltd. Finance 1.00% Lupin Ltd. Pharmaceuticals 0.84% AIA Engineering Limited Industrial Capital Goods 0.79% Godrej Consumer Products Ltd. Consumer Non Durables 0.73% Astral Polytechnik Ltd Industrial Products 0.66% Apollo Tyres Ltd. Auto Ancillaries 0.65% The Ramco Cements Ltd Cement 0.61% CESC Ltd. Power 0.54% Siemens Ltd. Industrial Capital Goods 0.46% Whirlpool of India Ltd. Consumer Durables 0.46% INOX WIND LIMITED Power 0.42% Bayer Cropscience Ltd. Pesticides 0.40% Kirloskar Brothers Investments Ltd Finance 0.34% Kec International Ltd. Power 0.29% 6% Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.04% Listed/Awaiting Listing on Stock Exchange - Total 94.39% Futures Petronet LNG Ltd.-MAY % Futures (Market value represents Notional Value) - Total 0.11% TERM DEPOSITS Kotak Mahindra Bank Ltd. 0.40% Standard Chartered Bank Ltd 0.16% Term Deposits - Total 0.56% Collateral Borrowing & Lending obligation 6.18% Net Current /(Liabilities) -1.24% Grand Total 100% Systematic Investment Plan (SIP) If you had invested `5,000 every month Total Value as on 31st Mar 2015 ( `) Inception : - September 11, The returns are calculated by XIRR approach assuming investment of `5,000/- 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, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Auto Consumer Non Durables Cement CBLO & Term Deposits & Rev.Repo Finance Auto Ancillaries Pharmaceuticals Construction Project Others 1 year 3 years 5 years Since Inception 60,000 1,80,000 3,00,000 3,35,000 71,164 2,90,962 5,32,095 5,87, ,143 2,50,424 4,40,716 4,99, ,955 2,43,309 4,31,690 4,91, Long term capital growth Investment in portfolio of predominantly equity & equity related securities generally focussed on a few selected sectors. High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 8

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. November 23, 2005 Fund Manager Mr. Deepak Gupta CNX 500 AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 48.89% Beta: 1.10 ## Sharpe :0.73 Standard Deviation : 16.95% Source: ICRA MFI Explorer. Beta, Standard Deviation & Sharpe Ratio are calculated on Annualised basis using 3 years history of monthly returns. ## Risk-free rate assumed to be 7.90% (3 months T-bill yield as on April 30, 2015) Initial Investment: `500 and in multiple of `500 Investment: multiples of `500 `500 & in Ideal Investments Horizon: 3 years & above Exit Load: Exit Load is not applicable for Kotak Tax Saver. (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Equity & Equity related Listed/Awaiting listing on Stock Exchange ICICI Bank Ltd. Banks 6.08% Infosys Ltd. Software 4.76% HDFC Bank Ltd. Banks 4.64% Whirlpool of India Ltd. Consumer Durables 4.50% Axis Bank Ltd Banks 3.76% State Bank Of India Banks 3.71% Larsen And Toubro Ltd. Construction Project 3.66% Maruti Suzuki India Limited Auto 3.04% Tech Mahindra Ltd. Software 2.69% Shree Cement Ltd. Cement 2.50% IndusInd Bank Ltd. Banks 2.35% Tata Motors Ltd. Auto 2.19% SKF India Ltd Industrial Products 2.08% Bajaj Finance Limited Finance 2.06% Britannia Industries Ltd. Consumer Non Durables 2.02% Bharat Petroleum Corporation Ltd. Petroleum Products 1.95% Ultratech Cement Ltd. Cement 1.91% ITC Ltd. Consumer Non Durables 1.87% Lupin Ltd. Pharmaceuticals 1.81% Federal Bank Ltd. Banks 1.80% Reliance Industries Ltd. Petroleum Products 1.76% Hindustan Unilever Ltd. Consumer Non Durables 1.73% Solar Industries India Limited Chemicals 1.55% Hindustan Petroleum Corporation Ltd Petroleum Products 1.53% MBL Infrastructures Ltd. Construction 1.51% MRF Limited Auto Ancillaries 1.50% Century Plyboards (India) Ltd. Consumer Durables 1.46% UPL Ltd Pesticides 1.45% HCL Technologies Ltd. Software 1.44% Cadila Healthcare Ltd. Pharmaceuticals 1.39% Container Corporation of India Ltd. Transportation 1.34% Bank Of Baroda Banks 1.29% Bharat Forge Ltd. Industrial Products 1.28% Multi Commodity Exchange of India Limited Finance 1.28% Total Amount Invested SYSTEMATIC INVESTMENT PLAN (SIP) Techno Electric & Engineering Co Ltd. Construction Project 1.19% Max India Ltd. Finance 1.18% AIA Engineering Limited Industrial Capital Goods 1.17% Bosch Limited Auto Ancillaries 1.15% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.15% Arvind Ltd Textile Products 1.04% Navneet Education Ltd. Media and Entertainment 1.03% Yes Bank Ltd Banks 1.03% Ashok Leyland Ltd. Auto 0.99% Blue Dart Express Ltd. Transportation 0.99% Cummins India Ltd. Industrial Products 0.97% Hawkins Cooker Ltd Household Appliances 0.90% Texmaco Rail & Engineering Ltd. Industrial Capital Goods 0.83% Apollo Tyres Ltd. Auto Ancillaries 0.80% The Ramco Cements Ltd Cement 0.72% The Indian Hotels Company Ltd. Hotels 0.63% Kewal Kiran Clothing Limited. Textile Products 0.62% CMC Ltd. Software 0.57% Thermax Ltd. Industrial Capital Goods 0.50% Tourism Finance Corporation of India Ltd. Finance 0.50% KSB Pump Ltd Industrial Products 0.45% The Indian Hotels Company Ltd - CCD Hotels 0.14% 6% Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.13% Listed/Awaiting Listing on Stock Exchange - Total 98.57% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Blue Dart Express Ltd ICRA AA 0.03% Corporate Debt/Financial Institutions - Total 0.03% TERM DEPOSITS Standard Chartered Bank Ltd 0.10% Term Deposits - Total 0.10% Collateral Borrowing & Lending obligation 1.32% Net Current /(Liabilities) -0.02% Grand Total 100% Systematic Investment Plan (SIP) If you had invested `5,000 every month Total Value as on 31st Mar 2015 ( `) Returns (%) CNX 500 ( `)# CNX 500 Returns (%) CNX Nifty ( `)^ CNX Nifty Returns (%) 1 year 3 years 5 years Since Inception 60,000 1,80,000 3,00,000 5,65,000 73,748 2,81,451 4,93,644 11,22, ,473 2,53,313 4,44,548 10,28, ,956 2,43,074 4,31,230 10,14, Inception : - November 23, The returns are calculated by XIRR approach assuming investment of `5,000/- 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, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Auto Consumer Durables Consumer Non Durables Petroleum Products Cement Finance Construction Project Industrial Products Others long term capital growth with a 3 year lock in Investment in portfolio of predominantly equity & equity related securities. High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 9

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. February 24, 2005 Fund Manager Mr. Pankaj Tibrewal CNX Midcap AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 82.76% Beta: 0.99 ## Sharpe :0.91 Standard Deviation : 19.37% Source: ICRA MFI Explorer. Beta, Standard Deviation & Sharpe Ratio are calculated on Annualised basis using 3 years history of monthly returns. ## Risk-free rate assumed to be 7.90% (3 months T-bill yield as on April 30, 2015) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 years & above 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.(applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Equity & Equity related Listed/Awaiting listing on Stock Exchange Techno Electric & Engineering Co Ltd. Construction Project 3.94% Federal Bank Ltd. Banks 3.01% Solar Industries India Limited Chemicals 2.86% Kewal Kiran Clothing Limited. Textile Products 2.57% Yes Bank Ltd Banks 2.53% Cadila Healthcare Ltd. Pharmaceuticals 2.50% Shriram Transport Finance Co Ltd. Finance 2.47% Supreme Industries Limited Industrial Products 2.46% ICICI Bank Ltd. Banks 2.45% Finolex Cables Ltd. Industrial Products 2.38% Whirlpool of India Ltd. Consumer Durables 2.35% MRF Limited Auto Ancillaries 2.32% JK Cement Ltd. Cement 2.16% DB Corp Limited Media and Entertainment 2.14% IndusInd Bank Ltd. Banks 2.14% Atul Ltd. Chemicals 2.11% Britannia Industries Ltd. Consumer Non Durables 2.09% The Ramco Cements Ltd Cement 2.05% Motherson Sumi Systems Ltd. Auto Ancillaries 2.04% Bajaj Finance Limited Finance 2.00% Divi s Laboratories Limited Pharmaceuticals 1.80% Shree Cement Ltd. Cement 1.76% Tech Mahindra Ltd. Software 1.74% MBL Infrastructures Ltd. Construction 1.69% Bharat Forge Ltd. Industrial Products 1.67% Jubilant Foodworks Limited Consumer Non Durables 1.66% Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.64% NIIT Technologies Ltd Software 1.60% Tube Investments of India Ltd. Consumer Durables 1.59% Arvind Ltd Textile Products 1.50% Total Amount Invested Total Value as on 31st Mar 2015 ( `) Returns (%) CNX Midcap ( `)# CNX Midcap Returns (%) CNX Nifty ( `)^ CNX Nifty Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Persistent Systems Limited Software 1.47% Havells India Ltd. Consumer Durables 1.44% Adani Port and Special Economic Zone Limited Transportation 1.43% HSIL Ltd. Consumer Durables 1.40% Bharat Petroleum Corporation Ltd. Petroleum Products 1.37% Kansai Nerolac Paints Ltd Consumer Non Durables 1.37% UPL Ltd Pesticides 1.30% Va Tech Wabag Limited Engineering Services 1.30% WPIL Ltd Industrial Products 1.30% INOX WIND LIMITED Power 1.29% Navneet Education Ltd. Media and Entertainment 1.28% Hawkins Cooker Ltd Household Appliances 1.27% Titan Company Ltd. Consumer Durables 1.27% Dish TV India Ltd. Media and Entertainment 1.23% LIC Housing Finance Ltd. Finance 1.21% Voltas Ltd. Construction Project 1.17% Fag Bearings India Ltd. Industrial Products 1.16% Zuari Agro Chemicals Ltd Fertilisers 1.15% Strides Arcolab Ltd. Pharmaceuticals 1.13% Union Bank Of India Banks 1.11% Bank Of Baroda Banks 1.10% SKF India Ltd Industrial Products 1.05% Jk Lakshmi Cement Ltd. Cement 0.97% Oriental Bank of Commerce Banks 0.96% Axis Bank Ltd Banks 0.79% Bajaj Finserv Ltd. Finance 0.76% CESC Ltd. Power 0.73% SRF Ltd. Textile Products 0.72% TTK Prestige Limited Consumer Durables 0.68% Listed/Awaiting Listing on Stock Exchange - Total 98.63% Collateral Borrowing & Lending obligation 1.34% Net Current /(Liabilities) 0.03% Grand Total 100% Systematic Investment Plan (SIP) If you had invested `5,000 every month 1 year 3 years 5 years 10 years Since Inception 60,000 1,80,000 3,00,000 6,00,000 6,10,000 74,060 3,08,858 5,59,342 14,93,669 15,18, ,220 2,76,493 4,74,824 12,95,898 13,17, ,956 2,43,074 4,31,230 11,49,981 11,70, Inception : - February 24,2005. The returns are calculated by XIRR approach assuming investment of `5,000/- 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, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) 4.81 SECTOR ALLOCATION (%) Banks Industrial Products Consumer Durables Pharmaceuticals Cement Finance Consumer Non Durables Construction Project Chemicals Software Others Midcap and Small cap stocks as a % age of Net : 83.16% Long term capital growth Investment in equity & equity related securities predominantly in mid cap stocks. High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 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. March 30, 2007 Fund Manager Mr. Pankaj Tibrewal S&P BSE MID CAP AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 25.59% Beta: 0.99 ## Sharpe :1.08 Standard Deviation : 18.95% Source: ICRA MFI Explorer. Beta, Standard Deviation & Sharpe Ratio are calculated on Annualised basis using 3 years history of monthly returns. ## Risk-free rate assumed to be 7.90% (3 months T-bill yield as on April 30, 2015) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 years & above Exit Load: I) For redemptions / switch outs (including SIP/STP) within 2 years from the date of allotment of units, irrespective of the amount of investment: 1% ii) For redemptions / switch outs (including SIP/STP) after 2 years 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. (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Equity & Equity related Listed/Awaiting listing on Stock Exchange Whirlpool of India Ltd. Consumer Durables 5.02% Shriram City Union Finance Ltd. Finance 2.88% The Ramco Cements Ltd Cement 2.86% MBL Infrastructures Ltd. Construction 2.65% Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.60% V-Guard Industries Ltd. Industrial Capital Goods 2.52% Hawkins Cooker Ltd Household Appliances 2.46% Persistent Systems Limited Software 2.43% Federal Bank Ltd. Banks 2.34% Yes Bank Ltd Banks 2.28% Solar Industries India Limited Chemicals 2.23% Amara Raja Batteries Ltd. Auto Ancillaries 2.10% Navneet Education Ltd. Media and Entertainment 2.02% DB Corp Limited Media and Entertainment 1.95% Supreme Industries Limited Industrial Products 1.93% Shree Cement Ltd. Cement 1.83% Ramkrishna Forgings Ltd. Industrial Products 1.78% Kewal Kiran Clothing Limited. Textile Products 1.75% IFB Industries Ltd. Consumer Durables 1.72% D-Link (India) Ltd Hardware 1.71% Jk Lakshmi Cement Ltd. Cement 1.68% IndusInd Bank Ltd. Banks 1.65% Marksans Pharma Ltd Pharmaceuticals 1.64% WPIL Ltd Industrial Products 1.64% Greaves Cotton Ltd. Industrial Products 1.62% Strides Arcolab Ltd. Pharmaceuticals 1.61% Bharat Electronics Ltd Industrial Capital Goods 1.60% Divi s Laboratories Limited Pharmaceuticals 1.60% Oberoi Realty Ltd Construction 1.56% Zuari Agro Chemicals Ltd Fertilisers 1.52% Britannia Industries Ltd. Consumer Non Durables 1.51% Tech Mahindra Ltd. Software 1.46% Alembic Pharmaceuticals Ltd. Pharmaceuticals 1.44% Blue Dart Express Ltd. Transportation 1.44% Bajaj Finance Limited Finance 1.42% ICICI Bank Ltd. Banks 1.41% Total Amount Invested Returns (%) S&P BSE Midcab ( `)# SYSTEMATIC INVESTMENT PLAN (SIP) Max India Ltd. Finance 1.36% SKF India Ltd Industrial Products 1.30% Biocon Ltd. Pharmaceuticals 1.26% Rural Electrification Corporation Ltd Finance 1.26% Godrej Consumer Products Ltd. Consumer Non Durables 1.21% Motherson Sumi Systems Ltd. Auto Ancillaries 1.21% Va Tech Wabag Limited Engineering Services 1.20% Bank Of Baroda Banks 1.15% Maharashtra Seamless Ltd. Ferrous Metals 1.14% Kirloskar Brothers Ltd. Industrial Products 1.13% Coromandel International Ltd. Fertilisers 1.10% Finolex Industries Ltd. Industrial Products 1.08% Eveready Industries India Ltd. Consumer Non Durables 1.06% Dish TV India Ltd. Media and Entertainment 1.02% Grindwell Norton Ltd. Industrial Products 1.01% WABCO India Ltd. Auto Ancillaries 0.98% Multi Commodity Exchange of India Limited Finance 0.90% Carborundum Universal Ltd. Industrial Products 0.86% Titan Company Ltd. Consumer Durables 0.71% GMM Pfaudler Ltd. Engineering 0.69% Bata India Ltd. Consumer Durables 0.67% Shasun Pharmaceuticals Ltd. Pharmaceuticals 0.65% UFO Moviez Limited Media and Entertainment 0.62% Fag Bearings India Ltd. Industrial Products 0.54% The South Indian Bank Ltd. Banks 0.47% KPIT Technologies LImited Software 0.42% Century Plyboards (India) Ltd. Consumer Durables 0.35% Bharat Bijlee Ltd Industrial Capital Goods 0.08% Listed/Awaiting Listing on Stock Exchange - Total 97.29% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Blue Dart Express Ltd ICRA AA 0.01% Corporate Debt/Financial Institutions - Total 0.01% Collateral Borrowing & Lending obligation 4.82% Net Current /(Liabilities) -2.12% Grand Total 100% Systematic Investment Plan (SIP) If you had invested `5,000 every month Total Value as on 31st Mar 2015 ( `) S&P BSE Midcab Returns (%) CNX Nifty ( `)^ CNX Nifty Returns (%) Inception : - March 30, The returns are calculated by XIRR approach assuming investment of `5,000/- 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, 2015: ` (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 Software Auto Ancillaries Others Midcap and Small cap stocks as a % age of Net : 78.41% 1 year 3 years 5 years Since Inception 60,000 1,80,000 3,00,000 4,85,000 78,201 3,37,280 6,10,649 11,33, ,753 2,71,597 4,58,367 8,22, ,956 2,43,074 4,31,230 7,95, Long term capital growth Investment in equity & equity related securities predominantly in mid & small cap companies High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 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 from a diversified portfolio of 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. February 25, 2008 Fund Manager Mr. Harish Krishnan S&P BSE 100 AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 52.95% Beta: 1.40 ## Sharpe :0.68 Standard Deviation : 21.09% Source: ICRAMFI Explorer. Beta, Standard Deviation &Sharpe Ratio are calculated onannualised basis using 3 years history of monthly returns. ## Risk-free rate assumed to be 7.90% (3 months T-bill yield as on April 30, 2015) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 years & above 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) Bonus units and units issued on reinvestment of dividends shall not be subject to entry and exit load. (applicable for all plans) Equity & Equity related Listed/Awaiting listing on Stock Exchange Cummins India Ltd. Industrial Products 11.04% Kirloskar Brothers Investments Ltd Finance 10.26% Shree Cement Ltd. Cement 10.14% Bharti Airtel Ltd. Telecom - Services 9.64% KSB Pump Ltd Industrial Products 8.17% SKF India Ltd Industrial Products 6.68% Container Corporation of India Ltd. Transportation 6.55% Total Amount Invested SECTOR ALLOCATION (%) SYSTEMATIC INVESTMENT PLAN (SIP) Indraprastha Gas Ltd. Gas 6.55% Thermax Ltd. Industrial Capital Goods 6.17% Larsen And Toubro Ltd. Construction Project 5.72% Ultratech Cement Ltd. Cement 4.77% AIA Engineering Limited Industrial Capital Goods 3.87% Supreme Industries Limited Industrial Products 3.47% Coromandel International Ltd. Fertilisers 3.40% MBL Infrastructures Ltd. Construction 1.66% Listed/Awaiting Listing on Stock Exchange - Total 98.09% Collateral Borrowing & Lending obligation 2.28% Net Current /(Liabilities) -0.37% Grand Total 100% Systematic Investment Plan (SIP) If you had invested `5,000 every month Total Value as on 31st Mar 2015 ( `) Returns (%) S&P BSE 100 ( `)# S&P BSE 100 Returns (%) CNX Nifty ( `)^ CNX Nifty Returns (%) Inception : - February 25, The returns are calculated by XIRR approach assuming investment of `5,000/- 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, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) Industrial Products Cement Finance Industrial Capital Goods Telecom - Services Gas Transportation Construction Project Fertilisers CBLO & Term Deposits & Rev.Repo Others 1 year 3 years 5 years Since Inception 60,000 1,80,000 3,00,000 4,30,000 73,411 3,04,881 5,13,219 8,26, ,228 2,45,587 4,33,620 7,10, ,956 2,43,074 4,31,230 7,04, 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 High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 12

14 EQUITY SCHEMES KOTAK BALANCE An Open - Ended Balanced INVESTMENT STYLE Style Maturity Value Blend Growth Size Large Mid Small Short Medium Long Volatility Low Medium High To achieve growth by investing in equity & equity related instruments, balanced with income generation by investing in debt &money market instruments. November 25, 1999 Fund Managers Mr. Emmanuel Elango and Mr. Abhishek Bisen Crisil Balanced Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: `503.1 A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Half Yearly (25th of Mar/Sep) Ratios Portfolio Turnover: % Beta: 0.98 ## Sharpe :0.73 & Standard Deviation : 9.95% Source: ICRA MFI Explorer. Beta, Standard Deviation & Sharpe Ratio are calculated on Annualised basis using 3 years history of monthly returns. ## Risk-free rate assumed to be 7.90% (3 months T-bill yield as on April 30, 2015) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 years & above 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. (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Equity & Equity related Listed/Awaiting listing on Stock Exchange HDFC Bank Ltd. Banks 4.66% HDFC Ltd. Finance 4.57% Infosys Ltd. Software 4.06% ICICI Bank Ltd. Banks 3.59% Larsen And Toubro Ltd. Construction Project 3.44% Maruti Suzuki India Limited Auto 2.61% Tata Consultancy Services Ltd. Software 1.99% Axis Bank Ltd Banks 1.97% IDFC Limited Finance 1.95% ITC Ltd. Consumer Non Durables 1.74% The Ramco Cements Ltd Cement 1.59% Reliance Industries Ltd. Petroleum Products 1.57% Hindustan Unilever Ltd. Consumer Non Durables 1.51% Britannia Industries Ltd. Consumer Non Durables 1.48% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.48% Power Grid Corporation Of India Ltd Power 1.47% National Thermal Power Corporation Limited Power 1.40% Tech Mahindra Ltd. Software 1.35% Lupin Ltd. Pharmaceuticals 1.32% Ahluwalia Contracts (India) Ltd. Cement 1.28% Ultratech Cement Ltd. Cement 1.28% Cairn India Limited Oil 1.25% HCL Technologies Ltd. Software 1.23% MBL Infrastructures Ltd. Construction 1.17% Idea Cellular Ltd. Telecom - Services 0.89% Tata Motors Ltd. Auto 0.87% Bharti Airtel Ltd. Telecom - Services 0.83% UPL Ltd Pesticides 0.81% Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.75% City Union Bank Ltd. Banks 0.74% Hero MotoCorp Ltd. Auto 0.71% Federal Bank Ltd. Banks 0.68% Amara Raja Batteries Ltd. Auto Ancillaries 0.67% Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.65% Mahindra & Mahindra Ltd. Auto 0.65% JK Cement Ltd. Cement 0.62% Tata Steel Limited. Ferrous Metals 0.53% Cadila Healthcare Ltd. Pharmaceuticals 0.50% Tata Motors Ltd - DVR Auto 0.50% Hindalco Industries Ltd Non - Ferrous Metals 0.47% Oil & Natural Gas Corporation Ltd. Oil 0.47% Voltas Ltd. Construction Project 0.47% Yes Bank Ltd Banks 0.43% Indraprastha Gas Ltd. Gas 0.39% Cipla Ltd. Pharmaceuticals 0.34% NMDC Ltd. Minerals/Mining 0.34% Wipro Ltd. Software 0.33% Hindustan Zinc Ltd. Non - Ferrous Metals 0.31% State Bank Of India Banks 0.31% Rural Electrification Corporation Ltd Finance 0.14% Power Finance Corporation Ltd. Finance 0.13% MOIL Limited Minerals/Mining 0.12% The Indian Hotels Company Ltd - CCD Hotels 0.04% Listed/Awaiting Listing on Stock Exchange - Total 64.65% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions IOT Utkal Energy Services Ltd. CRISIL AAA 5.71% Shivprasad Realty Pvt Ltd ICRA AAA 4.35% Haldhar Developers Private Limited ICRA LAA-(SO) 1.80% LIC Housing Finance Ltd. CRISIL AAA 0.19% Shriram Transport Finance Co Ltd. FITCH AA+(IND) 0.09% Tata Sons Ltd. CRISIL AAA 0.07% Corporate Debt/Financial Institutions - Total 12.21% Public Sector Undertakings Nabha Power Ltd. ICRA AAA 0.36% National Thermal Power Corporation Ltd. CRISIL AAA 0.26% Rural Electrification Corporation Ltd. CRISIL AAA 0.15% Public Sector Undertakings - Total 0.77% Government Dated Securities 8.15% Central Government SOV 9.14% 9.2% Central Government SOV 7.42% 1.44% Central Government SOV 3.02% Government Dated Securities - Total 19.58% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions AXIS Bank Ltd. CRISIL A % Corporate Debt/Financial Institutions - Total 8.80% TERM DEPOSITS Kotak Mahindra Bank Ltd. 0.72% Standard Chartered Bank Ltd 0.08% Term Deposits - Total 0.80% Collateral Borrowing & Lending obligation 1.79% Net Current /(Liabilities) -8.60% Grand Total 100% Kotak Balance NAV as on March 31, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) Notes: Term Deposit as provided above is towards margin for derivatives transactions SECTOR ALLOCATION (%) Government Dated Securities Debentures and Bonds Banks Software Commercial Paper (CP)/ Certificate of Deposits (CD) Finance Consumer Non Durables Auto Cement Construction Project Others Long term capital growth Investment in equity & equity related securities balanced with income generation by investing in debt & money market instruments High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 13

15 EQUITY SCHEMES KOTAK EQUITY ARBITRAGE An Open - Ended Equity Growth INVESTMENT STYLE Style Maturity Value Blend Growth Size Large Mid Small Short Medium Long Volatility Low Medium High 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. September 29, 2005 Fund Manager Mr. Deepak Gupta Crisil Liquid Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: ` 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: 1.02 ## Sharpe :1.49 Standard Deviation : 0.53% Source: ICRA MFI Explorer. Beta, Standard Deviation & Sharpe Ratio are calculated on Annualised basis using 3 years history of monthly returns. ## Risk-free rate assumed to be 7.90% (3 months T-bill yield as on April 30, 2015) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 months & above 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) within 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) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans), (w.e.f. April 8, 2013) Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Reliance Industries Ltd. Petroleum Products 3.99% IDFC Limited Finance 3.48% HDFC Bank Ltd. Banks 3.23% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 3.12% HDFC Ltd. Finance 2.96% Infosys Ltd. Software 2.65% Aurobindo Pharma Ltd. Pharmaceuticals 2.23% Power Grid Corporation Of India Ltd Power 2.12% Axis Bank Ltd Banks 1.97% IndusInd Bank Ltd. Banks 1.39% Larsen And Toubro Ltd. Construction Project 1.38% ICICI Bank Ltd. Banks 1.36% Yes Bank Ltd Banks 1.36% Lupin Ltd. Pharmaceuticals 1.30% Strides Arcolab Ltd. Pharmaceuticals 1.19% Tech Mahindra Ltd. Software 1.12% JSW Steel Ltd. Ferrous Metals 1.10% Ultratech Cement Ltd. Cement 1.09% Rural Electrification Corporation Ltd Finance 1.00% Century Textiles & Industries Ltd. Cement 0.99% Hero MotoCorp Ltd. Auto 0.90% Eicher Motors Ltd Auto 0.77% Maruti Suzuki India Limited Auto 0.72% Cipla Ltd. Pharmaceuticals 0.65% Hindustan Petroleum Corporation Ltd Petroleum Products 0.65% Tata Steel Limited. Ferrous Metals 0.63% Tata Global Beverages Limited Consumer Non Durables 0.58% LIC Housing Finance Ltd. Finance 0.55% Glenmark Pharmaceuticals Ltd Pharmaceuticals 0.53% Grasim Industries Ltd. Cement 0.49% Oil & Natural Gas Corporation Ltd. Oil 0.49% ITC Ltd. Consumer Non Durables 0.44% Tata Chemicals Ltd. Chemicals 0.42% Jindal Steel & Power Ltd. Ferrous Metals 0.41% Coal India Ltd. Minerals/Mining 0.40% Dabur India Ltd Consumer Non Durables 0.40% Union Bank Of India Banks 0.39% Apollo Tyres Ltd. Auto Ancillaries 0.38% Amtek Auto Ltd. Auto Ancillaries 0.34% Dish TV India Ltd. Media and Entertainment 0.34% Sesa Sterlite Ltd. Minerals/Mining 0.34% Bosch Limited Auto Ancillaries 0.32% Cairn India Limited Oil 0.32% Tata Consultancy Services Ltd. Software 0.32% Wipro Ltd. Software 0.32% Divi s Laboratories Limited Pharmaceuticals 0.31% Just Dial Limited Software 0.31% Motherson Sumi Systems Ltd. Auto Ancillaries 0.29% Reliance Capital Ltd. Finance 0.29% Dr Reddys Laboratories Ltd Pharmaceuticals 0.25% Biocon Ltd. Pharmaceuticals 0.24% Syndicate Bank Banks 0.24% Indiabulls Housing Finance Ltd. Finance 0.23% Tata Communications Ltd Telecom - Services 0.23% Arvind Ltd Textile Products 0.22% Asian Paints Ltd. Consumer Non Durables 0.22% IRB Infrastructure Developers Ltd Construction 0.22% L&T Finance Holdings Ltd Finance 0.21% Hindustan Unilever Ltd. Consumer Non Durables 0.20% Jain Irrigation Systems Ltd. Industrial Products 0.20% Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.19% IFCI Ltd. Finance 0.19% Hedging Positions through Futures as on 30th April, 2015 Indian Oil Corporation Ltd Petroleum Products 0.19% Titan Company Ltd. Consumer Durables 0.19% CESC Ltd. Power 0.18% Hindalco Industries Ltd Non - Ferrous Metals 0.18% HCL Technologies Ltd. Software 0.17% Jaiprakash Associates Ltd Construction 0.17% Adani Enterprises Ltd Trading 0.16% Karnataka Bank Ltd Banks 0.16% SKS Microfinance Limited Finance 0.15% Zee Entertainment Enterprises Ltd Media and Entertainment 0.14% Bank of India Banks 0.13% Bajaj Auto Ltd. Auto 0.12% MRF Limited Auto Ancillaries 0.12% Unitech Ltd Construction 0.12% Adani Port and Special Economic Zone Limited Transportation 0.11% Bharat Petroleum Corporation Ltd. Petroleum Products 0.11% Aditya Birla Nuvo Limited Services 0.10% Ambuja Cements Ltd Cement 0.10% DLF Limited Construction 0.10% Engineers India Ltd. Construction Project 0.09% Exide Industries Ltd Auto Ancillaries 0.09% Industrial Development Bank of India Ltd. Banks 0.09% Reliance Power Ltd Power 0.09% Wockhardt Ltd. Pharmaceuticals 0.09% Idea Cellular Ltd. Telecom - Services 0.08% Oriental Bank of Commerce Banks 0.08% Shriram Transport Finance Co Ltd. Finance 0.08% Andhra Bank Banks 0.07% Hexaware Technologies Ltd. Software 0.07% Adani Power Ltd Power 0.06% GMR Infrastructure Ltd. Construction Project 0.06% NHPC Limited Power 0.06% Mahindra & Mahindra Ltd. Auto 0.05% Siemens Ltd. Industrial Capital Goods 0.05% Apollo Hospitals Enterprises Ltd. Healthcare Services 0.04% Bharti Airtel Ltd. Telecom - Services 0.04% Indiabulls Real Estate Ltd Construction 0.04% Indraprastha Gas Ltd. Gas 0.04% Jaiprakash Power Ventures Ltd. Power 0.04% National Thermal Power Corporation Limited Power 0.04% Reliance Infrastructure Ltd Power 0.04% State Bank Of India Banks 0.04% ACC Ltd. Cement 0.02% Federal Bank Ltd. Banks 0.02% JSW Energy Ltd. Power 0.02% Mcleod Russel India Ltd Consumer Non Durables 0.02% Power Finance Corporation Ltd. Finance 0.02% PTC India Ltd. Power 0.02% Sun TV Limited. Media and Entertainment 0.02% Tata Motors Ltd - DVR Auto 0.02% United Breweries Ltd. Consumer Non Durables 0.02% Bata India Ltd. Consumer Durables 0.01% Crompton Greaves Ltd. Industrial Capital Goods 0.01% Housing Development and Infrastructure Limited Construction 0.01% Jubilant Foodworks Limited Consumer Non Durables 0.01% Tata Power Co. Ltd. Power 0.01% Voltas Ltd. Construction Project 0.01% Listed/Awaiting Listing on Stock Exchange - Total 59.54% Mutual Fund Units Kotak Quarterly Interval Plan Series % Mutual Fund Units - Total 0.76% Underlying Long/Short Futures Price Current Price of Margin Maintained When purchased the Contract in Lakhs IDFC Limited MAY 2015 FUTURE SHORT , HDFC Bank Ltd. MAY 2015 FUTURE SHORT , Sun Pharmaceuticals Industries Ltd. MAY 2015 FUTURE SHORT , HDFC Ltd. MAY 2015 FUTURE SHORT , Reliance Industries Ltd. MAY 2015 FUTURE SHORT , Infosys Ltd. MAY 2015 FUTURE SHORT , Aurobindo Pharma Ltd. MAY 2015 FUTURE SHORT , Power Grid Corporation Of India Ltd. MAY 2015 FUTURE SHORT , Axis Bank Ltd. MAY 2015 FUTURE SHORT , IndusInd Bank Ltd. MAY 2015 FUTURE SHORT Larsen And Toubro Ltd. MAY 2015 FUTURE SHORT ICICI Bank Ltd. MAY 2015 FUTURE SHORT Yes Bank Ltd. JUNE 2015 FUTURE SHORT Lupin Ltd. MAY 2015 FUTURE SHORT Reliance Industries Ltd. JUNE 2015 FUTURE SHORT , Strides Arcolab Ltd. MAY 2015 FUTURE SHORT Tech Mahindra Ltd. MAY 2015 FUTURE SHORT JSW Steel Ltd. MAY 2015 FUTURE SHORT Ultratech Cement Ltd. MAY 2015 FUTURE SHORT Rural Electrification Corporation Ltd. MAY 2015 FUTURE SHORT Century Textiles & Industries Ltd. MAY 2015 FUTURE SHORT Hero MotoCorp Ltd. MAY 2015 FUTURE SHORT Eicher Motors Ltd. MAY 2015 FUTURE SHORT Maruti Suzuki India Limited. MAY 2015 FUTURE SHORT Hindustan Petroleum Corporation Ltd. MAY 2015 FUTURE SHORT Cipla Ltd. MAY 2015 FUTURE SHORT Tata Steel Limited. MAY 2015 FUTURE SHORT Tata Global Beverages Limited. MAY 2015 FUTURE SHORT LIC Housing Finance Ltd. MAY 2015 FUTURE SHORT Glenmark Pharmaceuticals Ltd. MAY 2015 FUTURE SHORT Grasim Industries Ltd. MAY 2015 FUTURE SHORT Oil & Natural Gas Corporation Ltd. MAY 2015 FUTURE SHORT ITC Ltd. MAY 2015 FUTURE SHORT Tata Chemicals Ltd. MAY 2015 FUTURE SHORT Jindal Steel & Power Ltd. MAY 2015 FUTURE SHORT Dabur India Ltd. MAY 2015 FUTURE SHORT Coal India Ltd. MAY 2015 FUTURE SHORT Union Bank Of India. MAY 2015 FUTURE SHORT Apollo Tyres Ltd. MAY 2015 FUTURE SHORT Dish TV India Ltd. MAY 2015 FUTURE SHORT Sesa Sterlite Ltd. MAY 2015 FUTURE SHORT Amtek Auto Ltd. MAY 2015 FUTURE SHORT Wipro Ltd. MAY 2015 FUTURE SHORT Cairn India Limited. MAY 2015 FUTURE SHORT Bosch Limited. MAY 2015 FUTURE SHORT Tata Consultancy Services Ltd. MAY 2015 FUTURE SHORT Just Dial Limited. MAY 2015 FUTURE SHORT Divi s Laboratories Limited. MAY 2015 FUTURE SHORT Reliance Capital Ltd. MAY 2015 FUTURE SHORT Motherson Sumi Systems Ltd. MAY 2015 FUTURE SHORT Dr Reddys Laboratories Ltd. MAY 2015 FUTURE SHORT Syndicate Bank. MAY 2015 FUTURE SHORT Biocon Ltd. MAY 2015 FUTURE SHORT Tata Communications Ltd. MAY 2015 FUTURE SHORT IRB Infrastructure Developers Ltd. MAY 2015 FUTURE SHORT Indiabulls Housing Finance Ltd. MAY 2015 FUTURE SHORT Arvind Ltd. MAY 2015 FUTURE SHORT Asian Paints Ltd. MAY 2015 FUTURE SHORT L&T Finance Holdings Ltd. MAY 2015 FUTURE SHORT Jain Irrigation Systems Ltd. MAY 2015 FUTURE SHORT Hindustan Unilever Ltd. MAY 2015 FUTURE SHORT

16 EQUITY SCHEMES KOTAK EQUITY ARBITRAGE An Open - Ended Equity Growth (Contd) Underlying Long/Short Futures Price Current Price of Margin Maintained When purchased the Contract in Lakhs Colgate Palmolive (India ) Ltd. MAY 2015 FUTURE SHORT IFCI Ltd. MAY 2015 FUTURE SHORT Titan Company Ltd. MAY 2015 FUTURE SHORT Indian Oil Corporation Ltd. MAY 2015 FUTURE SHORT Hindalco Industries Ltd. MAY 2015 FUTURE SHORT CESC Ltd. MAY 2015 FUTURE SHORT HCL Technologies Ltd. MAY 2015 FUTURE SHORT Jaiprakash Associates Ltd. MAY 2015 FUTURE SHORT Karnataka Bank Ltd. MAY 2015 FUTURE SHORT Adani Enterprises Ltd. MAY 2015 FUTURE SHORT SKS Microfinance Limited. MAY 2015 FUTURE SHORT Zee Entertainment Enterprises Ltd. MAY 2015 FUTURE SHORT Bank of India. MAY 2015 FUTURE SHORT MRF Limited. MAY 2015 FUTURE SHORT Unitech Ltd. MAY 2015 FUTURE SHORT Bajaj Auto Ltd. MAY 2015 FUTURE SHORT Adani Port and Special Economic Zone Limited. MAY 2015 FUTURE SHORT Bharat Petroleum Corporation Ltd. MAY 2015 FUTURE SHORT DLF Limited. MAY 2015 FUTURE SHORT Ambuja Cements Ltd. MAY 2015 FUTURE SHORT Aditya Birla Nuvo limited. MAY 2015 FUTURE SHORT Exide Industries Ltd. MAY 2015 FUTURE SHORT Industrial Development Bank of India Ltd. MAY 2015 FUTURE SHORT Wockhardt Ltd. MAY 2015 FUTURE SHORT Engineers India Ltd. MAY 2015 FUTURE SHORT Reliance Power Ltd. MAY 2015 FUTURE SHORT Idea Cellular Ltd. MAY 2015 FUTURE SHORT Shriram Transport Finance Co Ltd. MAY 2015 FUTURE SHORT Oriental Bank of Commerce. MAY 2015 FUTURE SHORT Hexaware Technologies Ltd. MAY 2015 FUTURE SHORT Andhra Bank. MAY 2015 FUTURE SHORT GMR Infrastructure Ltd. MAY 2015 FUTURE SHORT NHPC limited. MAY 2015 FUTURE SHORT Adani Power Ltd. MAY 2015 FUTURE SHORT Siemens Ltd. MAY 2015 FUTURE SHORT Mahindra & Mahindra Ltd. MAY 2015 FUTURE SHORT Indiabulls Real Estate Ltd. MAY 2015 FUTURE SHORT Bharti Airtel Ltd. MAY 2015 FUTURE SHORT Apollo Hospitals Enterprises Ltd. MAY 2015 FUTURE SHORT Indraprastha Gas Ltd. MAY 2015 FUTURE SHORT Jaiprakash Power Ventures Ltd. MAY 2015 FUTURE SHORT National Thermal Power Corporation limited. MAY 2015 FUTURE SHORT Reliance Infrastructure Ltd. MAY 2015 FUTURE SHORT State Bank Of India. MAY 2015 FUTURE SHORT Tata Motors Ltd. DVR MAY 2015 FUTURE SHORT Power Finance Corporation Ltd. MAY 2015 FUTURE SHORT JSW Energy Ltd. MAY 2015 FUTURE SHORT PTC India Ltd. MAY 2015 FUTURE SHORT Mcleod Russel India Ltd. MAY 2015 FUTURE SHORT United Breweries Ltd. MAY 2015 FUTURE SHORT Federal Bank Ltd. MAY 2015 FUTURE SHORT ACC Ltd. MAY 2015 FUTURE SHORT Sun TV limited. MAY 2015 FUTURE SHORT Bata India Ltd. MAY 2015 FUTURE SHORT Crompton Greaves Ltd. MAY 2015 FUTURE SHORT Tata Power Co. Ltd. MAY 2015 FUTURE SHORT Jubilant Foodworks limited. MAY 2015 FUTURE SHORT Housing Development and Infrastructure limited. MAY 2015 FUTURE SHORT Voltas Ltd. MAY 2015 FUTURE SHORT Mahindra & Mahindra Financial Services Ltd. MAY 2015 FUTURE SHORT UCO Bank. MAY 2015 FUTURE SHORT UPL Ltd. MAY 2015 FUTURE SHORT Hindustan Zinc Ltd. MAY 2015 FUTURE SHORT India Cements Ltd. MAY 2015 FUTURE SHORT Total %age of existing assets hedged through futures % Money Market Instruments Central Bank Of India CRISIL A % Commercial Paper(CP)/Certificate of Deposits(CD) Public Sector Undertakings - Total 29.60% Public Sector Undertakings TERM DEPOSITS IDBI Bank Ltd. CRISIL A % Kotak Mahindra Bank Ltd % Bank Of Baroda CRISIL A % Ratnakar Bank Ltd 1.07% UCO Bank CRISIL A % Term Deposits - Total 12.58% Punjab & Sind Bank CRISIL A % Collateral Borrowing & Lending obligation 2.54% Canara Bank CRISIL A % Net Current /(Liabilities) -5.02% Dena Bank CRISIL A % Grand Total % Notes: Term Deposit as provided above is towards margin for derivatives transactions For the month ended 30th April,2015 hedging transactions through futures which have been squared off/expired are as follows; Total Number of contracts where futures were bought 83065, Total number of contracts where futures were sold 12914, Gross Notional value of contracts where futures were bought ` lacs, Gross Notional value of contracts where futures were sold ` lacs and Net profit/(loss) value on all these contracts combined ` lacs Kotak Equity Arbitrage NAV as on March 31, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option), ` (Bimonthly Option), ` (Direct Bimonthly Option) 4.94 SECTOR ALLOCATION (%) Commercial Paper (CP)/Certificate of Deposits (CD) CBLO & Term Deposits & Rev.Repo Banks Pharmaceuticals Finance Software Petroleum Products Cement Power Auto Others Income from arbitrage opportunities in the equity market Investment in arbitrage opportunities in the cash & derivatives segment of the equity market. Low risk (Blue) * Investment in arbitrage opportunities in the cash & derivatives segment of the equity market. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 15

17 EQUITY SCHEMES KOTAK EQUITY SAVINGS FUND An Open Ended Equity Fund INVESTMENT STYLE Style Maturity Value Blend Growth Size Large Mid Small Short Medium Long Volatility Low Medium High 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. October 13, 2014 Fund Managers Mr. Deepak Gupta & Mr. Abhishek Bisen 75% of Crisil Liquid Fund & 25% in CNX Nifty AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Monthly (12th of every month) Quarterly (20th of March, June, September and December of every year) Ratios Portfolio Turnover: % Beta: 0.86 ## Sharpe :0.01 Standard Deviation : 3.49% & Source: ICRAMFI Explorer. Beta, Standard Deviation & Sharpe Ratio are calculated on Annualised basis using 3 years history of monthly returns. ## Risk-free rate assumed to be 7.90% (3 months T-bill yield as on April 30, 2015) 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. Bonus units and units issued on reinvestment of dividends shall not be subject to entry and exit load. Equity & Equity related (Listed/Awaiting listing on Stock Exchange) HDFC Bank Ltd. Banks 7.07% IDFC Limited Finance 5.56% Infosys Ltd. Software 3.50% Maruti Suzuki India Limited Auto 3.06% Power Grid Corporation Of India Ltd Power 2.81% IndusInd Bank Ltd. Banks 2.63% Axis Bank Ltd Banks 2.62% Yes Bank Ltd Banks 2.38% Tech Mahindra Ltd. Software 2.21% Aurobindo Pharma Ltd. Pharmaceuticals 2.06% HDFC Ltd. Finance 2.00% Reliance Industries Ltd. Petroleum Products 1.94% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.87% ICICI Bank Ltd. Banks 1.57% HCL Technologies Ltd. Software 1.55% Oil & Natural Gas Corporation Ltd. Oil 1.53% Grasim Industries Ltd. Cement 1.47% National Thermal Power Corporation Limited Power 1.39% Lupin Ltd. Pharmaceuticals 1.25% Hindustan Unilever Ltd. Consumer Non Durables 1.21% Tata Steel Limited. Ferrous Metals 1.11% Larsen And Toubro Ltd. Construction Project 0.97% IRB Infrastructure Developers Ltd Construction 0.95% Tata Motors Ltd. Auto 0.95% Strides Arcolab Ltd. Pharmaceuticals 0.87% ITC Ltd. Consumer Non Durables 0.73% Cipla Ltd. Pharmaceuticals 0.67% Eicher Motors Ltd Auto 0.65% Jaiprakash Associates Ltd Construction 0.61% Cairn India Limited Oil 0.58% Britannia Industries Ltd. Consumer Non Durables 0.54% Asian Paints Ltd. Consumer Non Durables 0.52% JSW Energy Ltd. Power 0.49% Adani Port and Special Economic Zone Limited Transportation 0.47% Bharat Forge Ltd. Industrial Products 0.46% Motherson Sumi Systems Ltd. Auto Ancillaries 0.46% Bharat Electronics Ltd Industrial Capital Goods 0.44% State Bank Of India Banks 0.44% National Buildings Construction Corporation Limited Construction 0.42% GMR Infrastructure Ltd. Construction Project 0.41% Tata Global Beverages Limited Consumer Non Durables 0.39% Ashok Leyland Ltd. Auto 0.34% Bank of India Banks 0.33% UPL Ltd Pesticides 0.33% Bosch Limited Auto Ancillaries 0.30% Shriram Transport Finance Co Ltd. Finance 0.29% Zee Entertainment Enterprises Ltd Media and Entertainment 0.29% Hindustan Petroleum Corporation Ltd Petroleum Products 0.28% Bata India Ltd. Consumer Durables 0.25% VRL Logistics Ltd. Transportation 0.25% LIC Housing Finance Ltd. Finance 0.24% Dr Reddys Laboratories Ltd Pharmaceuticals 0.23% Hero MotoCorp Ltd. Auto 0.23% Wockhardt Ltd. Pharmaceuticals 0.23% Jaiprakash Power Ventures Ltd. Power 0.20% Apollo Hospitals Enterprises Ltd. Healthcare Services 0.18% JSW Steel Ltd. Ferrous Metals 0.18% Tata Consultancy Services Ltd. Software 0.17% Bharat Petroleum Corporation Ltd. Petroleum Products 0.16% Titan Company Ltd. Consumer Durables 0.16% Adani Power Ltd Power 0.15% Siemens Ltd. Industrial Capital Goods 0.15% Coal India Ltd. Minerals/Mining 0.14% TVS Motors Company Ltd Auto 0.12% Union Bank Of India Banks 0.12% L&T Finance Holdings Ltd Finance 0.11% Rural Electrification Corporation Ltd Finance 0.11% Adani Enterprises Ltd Trading 0.10% INOX WIND LIMITED Power 0.09% Engineers India Ltd. Construction Project 0.08% UFO Moviez Limited Media and Entertainment 0.08% Century Textiles & Industries Ltd. Cement 0.07% Karnataka Bank Ltd Banks 0.07% Wipro Ltd. Software 0.07% Ambuja Cements Ltd Cement 0.06% Dabur India Ltd Consumer Non Durables 0.06% Jain Irrigation Systems Ltd. Industrial Products 0.05% Tata Communications Ltd Telecom - Services 0.05% Havells India Ltd. Consumer Durables 0.04% Punjab National Bank Banks 0.04% Amtek Auto Ltd. Auto Ancillaries 0.03% Cummins India Ltd. Industrial Products 0.02% Indiabulls Real Estate Ltd Construction 0.02% Industrial Development Bank of India Ltd. Banks 0.02% Exide Industries Ltd Auto Ancillaries 0.01% Glenmark Pharmaceuticals Ltd Pharmaceuticals 0.01% Tata Motors Ltd - DVR Auto 0.01% Ultratech Cement Ltd. Cement 0.01% Listed/Awaiting Listing on Stock Exchange - Total 69.34% Hedging Positions through Futures as on 30th April, 2015 Underlying Long/Short Futures Price Current Price of Margin Maintained When purchased the Contract in Lakhs HDFC Bank Ltd. MAY 2015 FUTURE SHORT IDFC Limited MAY 2015 FUTURE SHORT Power Grid Corporation Of India Ltd MAY 2015 FUTURE SHORT Yes Bank Ltd JUNE 2015 FUTURE SHORT Aurobindo Pharma Ltd. MAY 2015 FUTURE SHORT Infosys Ltd. MAY 2015 FUTURE SHORT Maruti Suzuki India Limited MAY 2015 FUTURE SHORT Grasim Industries Ltd. MAY 2015 FUTURE SHORT National Thermal Power Corporation Limited MAY 2015 FUTURE SHORT IndusInd Bank Ltd. MAY 2015 FUTURE SHORT Tech Mahindra Ltd. MAY 2015 FUTURE SHORT Tata Steel Limited. MAY 2015 FUTURE SHORT Axis Bank Ltd MAY 2015 FUTURE SHORT Oil & Natural Gas Corporation Ltd. MAY 2015 FUTURE SHORT HDFC Ltd. MAY 2015 FUTURE SHORT Sun Pharmaceuticals Industries Ltd. MAY 2015 FUTURE SHORT Strides Arcolab Ltd. MAY 2015 FUTURE SHORT Reliance Industries Ltd. MAY 2015 FUTURE SHORT Reliance Industries Ltd. JUNE 2015 FUTURE SHORT Cairn India Limited MAY 2015 FUTURE SHORT IRB Infrastructure Developers Ltd MAY 2015 FUTURE SHORT Jaiprakash Associates Ltd MAY 2015 FUTURE SHORT ITC Ltd. MAY 2015 FUTURE SHORT HCL Technologies Ltd. MAY 2015 FUTURE SHORT Adani Port and Special Economic Zone Limited MAY 2015 FUTURE SHORT ICICI Bank Ltd. MAY 2015 FUTURE SHORT Cipla Ltd. MAY 2015 FUTURE SHORT JSW Energy Ltd. MAY 2015 FUTURE SHORT GMR Infrastructure Ltd. MAY 2015 FUTURE SHORT Tata Global Beverages Limited MAY 2015 FUTURE SHORT Bank of India MAY 2015 FUTURE SHORT Lupin Ltd. MAY 2015 FUTURE SHORT Hindustan Petroleum Corporation Ltd MAY 2015 FUTURE SHORT Bata India Ltd. MAY 2015 FUTURE SHORT Hero MotoCorp Ltd. MAY 2015 FUTURE SHORT Wockhardt Ltd. MAY 2015 FUTURE SHORT Jaiprakash Power Ventures Ltd. MAY 2015 FUTURE SHORT Eicher Motors Ltd MAY 2015 FUTURE SHORT Hindustan Unilever Ltd. MAY 2015 FUTURE SHORT JSW Steel Ltd. MAY 2015 FUTURE SHORT

18 EQUITY SCHEMES KOTAK EQUITY SAVINGS FUND An Open Ended Equity Fund (Contd) Underlying Long/Short Futures Price Current Price of Margin Maintained When purchased the Contract in Lakhs Apollo Hospitals Enterprises Ltd. MAY 2015 FUTURE SHORT Titan Company Ltd. MAY 2015 FUTURE SHORT Adani Power Ltd MAY 2015 FUTURE SHORT Coal India Ltd. MAY 2015 FUTURE SHORT Union Bank Of India MAY 2015 FUTURE SHORT L&T Finance Holdings Ltd MAY 2015 FUTURE SHORT Rural Electrification Corporation Ltd MAY 2015 FUTURE SHORT Adani Enterprises Ltd MAY 2015 FUTURE SHORT Engineers India Ltd. MAY 2015 FUTURE SHORT Century Textiles & Industries Ltd. MAY 2015 FUTURE SHORT Karnataka Bank Ltd MAY 2015 FUTURE SHORT LIC Housing Finance Ltd. MAY 2015 FUTURE SHORT Larsen And Toubro Ltd. MAY 2015 FUTURE SHORT Dabur India Ltd MAY 2015 FUTURE SHORT Tata Communications Ltd MAY 2015 FUTURE SHORT Zee Entertainment Enterprises Ltd MAY 2015 FUTURE SHORT Wipro Ltd. MAY 2015 FUTURE SHORT Jain Irrigation Systems Ltd. MAY 2015 FUTURE SHORT Shriram Transport Finance Co Ltd. MAY 2015 FUTURE SHORT Ambuja Cements Ltd MAY 2015 FUTURE SHORT Amtek Auto Ltd. MAY 2015 FUTURE SHORT State Bank Of India MAY 2015 FUTURE SHORT Indiabulls Real Estate Ltd MAY 2015 FUTURE SHORT Industrial Development Bank of India Ltd. MAY 2015 FUTURE SHORT Ultratech Cement Ltd. MAY 2015 FUTURE SHORT Tata Motors Ltd - DVR MAY 2015 FUTURE SHORT Glenmark Pharmaceuticals Ltd MAY 2015 FUTURE SHORT Bharat Petroleum Corporation Ltd. MAY 2015 FUTURE SHORT Exide Industries Ltd MAY 2015 FUTURE SHORT Total %age of existing assets hedged through futures % Futures (Market value represents Notional Value) - Total % Kotak Mahindra Bank Ltd. 8.42% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Tata Capital Housing Finance Ltd; CRISIL AA+ 3.36% Corporate Debt/Financial Institutions - Total 3.36% TERM DEPOSITS Notes: Term Deposit as provided above is towards margin for derivatives transactions Ratnakar Bank Ltd 2.88% Standard Chartered Bank Ltd 0.02% Term Deposits - Total 11.32% Collateral Borrowing & Lending obligation 18.00% Net Current /(Liabilities) 43.11% Grand Total 100% For the month ended 30th April,2015 hedging transactions through futures which have been squared off/expired are as follows; Total Number of contracts where futures were bought 9301, Total number of contracts where futures were sold 1067, Gross Notional value of contracts where futures were bought `26, lacs, Gross Notional value of contracts where futures were sold ` lacs and Net profit/(loss) value on all these contracts combined ` lacs For the month ended 30th April,2015 other than hedging transactions through futures which have been squared off/expired are as follows; Total Number of contracts where futures were bought 47, Total number of contracts where futures were sold 47, Gross Notional value of contracts where futures were bought ` lacs, Gross Notional value of contracts where futures were sold ` lacs and Net profit/(loss) value on all these contracts combined `4.07 lacs For the month ended 30th April,2015 other than hedging transactions through options which have already been exercised/expired are as follows; Total number of contracts entered into were 6064, Gross Notional Value of contracts is `12278lacs and Net Profit/(Loss) on all contracts is `21.57 lacs. Kotak Equity Savings Fund NAV as on March 31, 2015: ` (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 Auto Power Consumer Non Durables Debentures and Bonds Petroleum Products REST 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 Medium risk (Yellow) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 17

19 DEBT SCHEMES KOTAK LIQUID An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Low Medium High 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 Regular Plan - October 5, 2000; Institutional Plan - March 14, 2003; Plan A - November 4, 2003 Fund Managers Mr. Deepak Agrawal & Mr. Abhishek Bisen CRISIL Liquid Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: ` 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 & Bonus (applicable for all plans) Dividend Frequency Daily, Weekly (Every Monday) (applicable for all plans) Ratios Standard Deviation: 0.12%, Modified Duration: 0.16 yrs, YTM: 8.29% 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: multiples of `1 `1000 & in Ideal Investment Horizon: 1-15 days Exit Load: Nil. (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Debt Instruments Debentures and Bonds Corporate Debt / Financial Institutions HDB Financial Services Ltd. CRISIL AAA 1.15% Tata Capital Financial Services Limited ICRA AA+ 0.90% Corporate Debt/Financial Institutions - Total 2.05% Public Sector Undertakings Power Finance Corporation Ltd. CRISIL AAA 2.69% Public Sector Undertakings - Total 2.69% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions HDFC Ltd. ICRA A % Edelweiss Financial Services Limited CRISIL A % Edelweiss Commodities Services Ltd. CRISIL A % Sesa Sterlite Ltd. CRISIL A % India Infoline Finance Limited ICRA A % IndusInd Bank Ltd. CRISIL A % Au Financiers (India) Limited FITCH A1+(IND) 3.32% Reliance Capital Ltd. CRISIL A % AXIS Bank Ltd. CRISIL A % Adani Port and Special Economic Zone Limited ICRA A % SECTOR ALLOCATION (%) Bharat Alluminum Co. Ltd. CRISIL A % Vardhman Textiles Ltd. CRISIL A % L & T Finance Limited CRISIL A % Corporate Debt/Financial Institutions - Total 56.78% Public Sector Undertakings Vijaya Bank CRISIL A % Export-Import Bank of India. CRISIL A % Oriental Bank of Commerce CRISIL A % Corporation Bank CRISIL A % Export-Import Bank of India. ICRA A % UCO Bank CRISIL A % Andhra Bank CRISIL A % State Bank of Bikaner & Jaipur CRISIL A % Syndicate Bank CRISIL A % Rural Electrification Corporation Ltd. CARE A % Bank Of Baroda CRISIL A % IDBI Bank Ltd. CRISIL A % Public Sector Undertakings - Total 50.74% TERM DEPOSITS Indian Overseas Bank 6.72% Ratnakar Bank Ltd 3.36% Karur Vysya Bank Ltd. 0.56% Term Deposits - Total 10.64% Net Current /(Liabilities) % Grand Total % Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.16 years Kotak Liquid Plan A Fund NAV as on March 31, 2015: ` (Growth Option), ` (Direct Growth Option), ` (Dividend), ` (Direct Dividend), ` (Daily Dividend), ` (Direct Daily Dividend) RATING PROFILE Commercial Paper (CP)/Certificate of Deposits (CD) CBLO & Term Deposits & Rev.Repo Net Current Debentures and Bonds A1+, AAA, A1+(IND), A1+ CBLO & Term Deposits & Rev.Repo AA+ Net Current Income over a short term investment horizon Investment in debt & money market securities Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 18

20 DEBT SCHEMES KOTAK FLOATER SHORT TERM An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Low Medium High 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. July 14, 2003 Fund Managers Mr. Deepak Agrawal & Mr. Abhishek Bisen CRISIL Liquid Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan/Options: Dividend Reinvestment & Growth (applicable for all plans Dividend Frequency Daily Weekly (Every Monday), Monthly (12th of every Month) Ratios Standard Deviation: 0.16%, Modified Duration: 0.11yrs, YTM: 8.54% 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: multiples of `1 `1000 & in Ideal Investment Horizon: 1-15 days Exit Load: Nil (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Debt Instruments Debentures and Bonds Corporate Debt / Financial Institutions Kal Airways Pvt Ltd. CARE A1+(SO) 4.43% Sundaram Finance Ltd. ICRA AA+ 2.21% IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.07% Corporate Debt/Financial Institutions - Total 6.71% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions HDFC Ltd. ICRA A % Edelweiss Financial Services Limited CRISIL A % Karur Vysya Bank Ltd. CRISIL A % Hinduja Leyland Finance Ltd. CARE A % Tata Motors Finance Solutions Private Limited CRISIL A % Shapoorji Pallonji and Company Private Limited ICRA A % Cholamandalam Investment and Finance Company Ltd ICRA A % Deepak Fertilizers & Petrochemicals Corp Ltd CARE A % JM Financial Asset Reconstruction Co. Pvt. Ltd ICRA A % Sadbhav Engineering Ltd. CARE A % Religare Finvest Ltd. CRISIL A % Piramal Enterprises Limited ICRA A % Religare Finvest Ltd. FITCH A1+(IND) 1.64% AXIS Bank Ltd. CRISIL A % IndusInd Bank Ltd. CRISIL A % Aditya Birla Money Ltd CRISIL A % India Infoline Finance Limited ICRA A % Corporate Debt/Financial Institutions - Total 48.70% Public Sector Undertakings Andhra Bank CRISIL A % Bank Of Baroda CRISIL A % Canara Bank CRISIL A % IDBI Bank Ltd. CRISIL A % Export-Import Bank of India. CRISIL A % Oriental Bank of Commerce CRISIL A % Dena Bank CRISIL A % Vijaya Bank CRISIL A % Indian Bank CRISIL A % Central Bank Of India CRISIL A % UCO Bank CRISIL A % Public Sector Undertakings - Total 37.39% TERM DEPOSITS The South Indian Bank Ltd. 4.42% Indian Overseas Bank 2.21% HDFC Bank Ltd. 1.10% Term Deposits - Total 7.73% Collateral Borrowing & Lending obligation 0.07% Net Current /(Liabilities) -0.60% Grand Total % Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.11 years Kotak Floater Short Term Fund NAV as on March 31, 2015: ` (Growth Option), ` (Direct Growth Option), ` (Weekly Dividend), ` (Direct Weekly Dividend), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Daily Dividend), ` (Direct Daily Dividend) SECTOR ALLOCATION (%) RATING PROFILE (%) Commercial Paper (CP)/Certificate of Deposits (CD) CBLO & Term Deposits & Rev.Repo Net Current Debentures and Bonds A1+, A1+(SO), A1+, AAA(SO), A1+(IND), A1+ AA+ CBLO & Term Deposits & Rev.Repo Net Current Income over a short term investment horizon Investment in floating rate securities, debt & money market securities Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 19

21 DEBT SCHEMES KOTAK TREASURY ADVANTAGE FUND (Formerly Known as Kotak Floater Long Term ) An Open Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Low Medium High 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 August 13, 2004 Fund Managers Mr. Deepak Agrawal & Mr. Abhishek Bisen CRISIL Liquid Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Daily Monthly (12th of every Month), Weekly (Every Monday) Ratios Standard Deviation: 0.38%, Modified Duration: 0.44 yrs, YTM: 8.71% 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: multiples of `1 `1000 & in Ideal Investment Horizon: 1-3 months Exit Load: Nil.(applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions HPCL Mittal Energy Ltd. ICRA AA- 5.81% Larsen & Toubro Shipbuilding Ltd.CRISIL AAA 3.20% HDB Financial Services Ltd. CRISIL AAA 2.62% Kotak Mahindra Prime Ltd. CRISIL AAA 2.33% Indiabulls Housing Finance Ltd CARE AAA 2.32% Lands End Properties Private Limited CARE AA+(SO) 1.38% Tata Capital Financial Services Limited CRISIL AA+ 1.23% Talwandi Sabo Power Limited CRISIL AA+(SO) 1.16% GE Capital Services India. CRISIL AAA 0.70% Shriram Transport Finance Co Ltd. FITCH AA+(IND) 0.35% Hero FinCorp Ltd. CRISIL AA+ 0.23% Shriram City Union Finance Ltd. CRISIL AA- 0.23% LIC Housing Finance Ltd. CRISIL AAA 0.21% IDFC Limited ICRA AAA 0.12% Tata Sons Ltd. CRISIL AAA 0.12% Tata Power Company Ltd. CRISIL AA- 0.06% Tata Capital Housing Finance Ltd; CRISIL AA+ 0.03% Cholamandalam Investment and Finance Company Ltd ICRA AA 0.01% Corporate Debt/Financial Institutions - Total 22.11% Public Sector Undertakings Nabha Power Ltd. CRISIL AAA 2.09% Public Sector Undertakings - Total 2.09% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Sesa Sterlite Ltd. CRISIL A % Tata Motors Finance Solutions Private Limited CRISIL A % HDFC Ltd. ICRA A % Shapoorji Pallonji and Company Private Limited ICRA A % Reliance Capital Ltd. CRISIL A % Tata Power Company Ltd. ICRA A % ING Vysya Bank Ltd CRISIL A % ICICI Home Finance Company Limited ICRA A % HDFC Ltd. CRISIL AAA 2.20% AXIS Bank Ltd. CRISIL A % S D Corporation Private Limited ICRA A % Sundaram Finance Ltd. CRISIL A % Bajaj Electricals Ltd ICRA A % Edelweiss Financial Services Ltd CRISIL A % Corporate Debt/Financial Institutions - Total 49.42% Public Sector Undertakings UCO Bank CRISIL A % Andhra Bank CRISIL A % IDBI Bank Ltd. CRISIL A % Punjab & Sind Bank CRISIL A % Vijaya Bank CRISIL A % Bank of India CRISIL A % Canara Bank CRISIL A % Public Sector Undertakings - Total 23.73% Treasury Bills 364 Days Treasury Bill 05/04/2016 SOV 0.71% Treasury Bills - Total 0.71% TERM DEPOSITS HDFC Bank Ltd. 2.43% Kotak Mahindra Bank Ltd. 0.14% Term Deposits - Total 2.57% Collateral Borrowing & Lending obligation 1.28% Net Current /(Liabilities) -1.91% Grand Total % Notes For the month ended 30th April,2015 hedging transactions through futures which have been squared off/expired are as follows; Total Number of contracts where futures were bought 10000, Gross Notional value of contracts where futures were bought ` lacs and Net profit/(loss) value on all these contracts combined ` lacs Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.45 years. Kotak Treasury Advantage Fund NAV as on March 31, 2015: ` ( 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 Commercial Paper (CP)/Certificate of Deposits (CD) Debentures and Bonds Treasury Bills CBLO & Term Deposits & Rev.Repo Net Current AAA, A1+, AAA, A1+, AAA, SOV Net Current AA+(SO), AA+, AA+(SO), AA+(IND), AA, AA- CBLO & Term Deposits & Rev.Repo Income over a medium term investment horizon Investment in debt & money market securities Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 20

22 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 Low Medium High 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. December 29,1998 Fund Managers Mr. Abhishek Bisen & Mr. Deepak Agrawal Crisil Liquid Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Daily, Monthly (12th of every Month) & Annual Ratios Standard Deviation: 0.36%, Modified Duration: 0.49 yrs, YTM: 8.17% 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: multiples of `1. `1000 & in Ideal Investment Horizon: 1-3 months Exit Load: Nil (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions ICICI Bank Ltd. ICRA A % AXIS Bank Ltd. CRISIL A % ING Vysya Bank Ltd CRISIL A % Corporate Debt/Financial Institutions - Total 47.20% Public Sector Undertakings Central Bank Of India CRISIL A % IDBI Bank Ltd. CRISIL A % Andhra Bank CRISIL A % Canara Bank CRISIL A % Dena Bank CRISIL A % Punjab & Sind Bank CRISIL A % Public Sector Undertakings - Total 50.95% Net Current /(Liabilities) 1.85% Grand Total % Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.49 years. Kotak Banking And PSU Debt Fund NAV as on March 31, 2015: ` (Growth Option), ` (Direct Growth Option), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Daily Dividend Reinvestment), ` (Direct Daily Dividend Reinvestment), ` (Annual Dividend), ` (Direct Annual) Net Current Income over a short to medium term investment horizon Investment in debt & money market securities of PSUs, Banks & government securities Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 21

23 DEBT SCHEMES KOTAK LOW DURATION FUND (Formerly known as PineBridge India Short Term Fund) An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Low Medium High 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. Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions AXIS Bank Ltd. CRISIL A % March 6, 2008 Fund Managers Mr. Deepak Agrawal & Mr. Abhishek Bisen CRISIL Liquid Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: `70.49 Corporate Debt/Financial Institutions Hero Realty Ltd ICRA A % Hero FinCorp Ltd. CRISIL AA % Dalmia Bharat Ltd ICRA AA % Corporate Debt/Financial Institutions - Total 43.47% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions - Total 8.49% Public Sector Undertakings Punjab National Bank CRISIL A % Public Sector Undertakings - Total 5.35% Collateral Borrowing & Lending obligation 39.92% Net Current /(Liabilities) 2.77% Grand Total % A) Regular B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment, Growth & Bonus (dividend payout is available under monthly dividend only) (applicable for all plans) Dividend Frequency Weekly and Monthly Ratios Standard Deviation: 0.73%, Modified Duration: 0.41 yrs, YTM: 8.67% 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. Note: Any exit load charged (net off Service Tax, if any) shall be credited back to the ; Bonus units and units issued on reinvestment of dividends shall not be subject to entry and exit load. Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.45 years Kotak Low Duration Fund NAV as on March 31, 2015: ` (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). ` (Direct Plan- Bonus) SECTOR ALLOCATION (%) RATING PROFILE Regular income over short term Income by focusing on low duration securities Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 22

24 DEBT SCHEMES KOTAK BOND SHORT TERM An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Low Medium High 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.There is no assurance that the investment objective of the will be realised. May 2, 2002 Fund Managers Mr. Abhishek Bisen & Mr. Deepak Agrawal Crisil Short - Term Bond Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Monthly (12th of every Month), Half Yearly (20th of Mar/Sept) Ratios Standard Deviation: 0.88%, Modified Duration: 1.16 yrs, YTM: 8.42% 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: multiples of `1 `1000 & in Ideal Investments Horizon: 6 months & above Exit Load: (w.e.f. December 11, 2014) 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) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Issuer/Instrument Industry/ % to Net Rating Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Mandava Holdings Private Limited ICRA AAA 8.65% Dewan Housing Finance Corporation Ltd. CARE AAA 7.20% Dalmia Bharat Ltd ICRA AA- 6.07% Kotak Mahindra Prime Ltd. CRISIL AAA 5.91% Talwandi Sabo Power Limited CRISIL AA+(SO) 3.46% HDB Financial Services Ltd. CARE AAA 3.26% Reliance Jio Infocomm Limited CRISIL AAA 2.86% IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 2.50% HDFC Ltd. CRISIL AAA 2.40% Mahindra & Mahindra Financial Services Ltd. ICRA AAA 1.43% Shriram City Union Finance Ltd. CRISIL AA- 0.37% ECL Finance Limited CARE AA 0.29% Larsen & Toubro Shipbuilding Ltd. ICRA AAA 0.29% Tata Motors Finance Ltd CRISIL AA 0.29% Shriram Transport Finance Co Ltd. CRISIL AA 0.19% IDFC Limited ICRA AAA 0.06% Tata Capital Housing Finance Ltd; CRISIL AA+ 0.04% HDB Financial Services Ltd. CRISIL AAA 0.01% Corporate Debt/Financial Institutions - Total 45.28% Public Sector Undertakings Power Finance Corporation Ltd. CRISIL AAA 12.54% Issuer/Instrument Industry/ % to Net Rating Nabha Power Ltd. ICRA AAA 7.19% Rural Electrification Corporation Ltd. CRISIL AAA 0.79% Export-Import Bank of India. CRISIL AAA 0.10% National Bank for Agriculture and Rural Development CRISIL AAA 0.05% Rural Electrification Corporation Ltd. CARE AAA 0.01% Public Sector Undertakings - Total 20.68% Government Dated Securities 8.15% Central Government SOV 6.45% 1.44% Central Government SOV 1.45% Government Dated Securities - Total 7.90% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions HDFC Ltd. ICRA A % Corporate Debt/Financial Institutions - Total 3.75% Public Sector Undertakings Andhra Bank CRISIL A % Dena Bank CRISIL A % Punjab & Sind Bank CRISIL A % Oriental Bank of Commerce CRISIL A % Bank of Maharashtra CRISIL A % Public Sector Undertakings - Total 18.58% Collateral Borrowing & Lending obligation 0.37% Net Current /(Liabilities) 3.44% Grand Total % Notes Hedging Positions through swaps as on 30 April 2015 in Underlying 1.44% INFLATION INDEX GS 05/06/2023 of Notional Value ` 25,00,00,000.00, Receive Fixed (Swap maturity 1828 days) & Pay Floating (Daily Reset) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.10 years. Kotak Bond Short Term Fund NAV as on March 31, 2015: ` (Growth Option), ` (Direct Growth Option), ` (Dividend), ` (Direct Dividend), ` (Half Yearly Dividend), ` (Direct Half Yearly Dividend) CBLO & Term Deposits & Rev.Repo Income over a medium term horizon Investment in debt & money market securities Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) AA+, AA+(SO), AA, AA- CBLO & Term Deposits & Rev.Repo 23

25 DEBT SCHEMES KOTAK FLEXI DEBT An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Low Medium High To maximize returns through an active management of a portfolio of debt and money market securities. Regular Plan- December 6, 2004 Plan A - May 26, 2008 Fund Managers Mr. Deepak Agrawal & Mr. Abhishek Bisen CRISIL Composite Bond AAUM ( ` In Crores) AAUM as on March 31, 2015: ` 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 (applicable for all plans) 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) (applicable for all plans) Ratios Standard Deviation: 1.67%, Modified Duration: 1.77 yrs, YTM: 8.80% 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: multiples of `1 `1000 & in Ideal Investment Horizon: 6 months & above Exit Load: I) For redemptions/ switch outs (including SIP/STP) within 180 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 180 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) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Reliance Jio Infocomm Limited CRISIL AAA 7.47% Talwandi Sabo Power Limited CRISIL AA+ 1.51% Corporate Debt/Financial Institutions - Total 8.98% Government Dated Securities SECTOR ALLOCATION (%) % Central Government SOV 16.42% 9.2% Central Government SOV 13.28% 8.83% Central Government SOV 6.33% Government Dated Securities - Total 36.03% Collateral Borrowing & Lending obligation 1.35% Net Current /(Liabilities) 53.64% Grand Total % Notes For the month ended 30th April,2015 hedging transactions through futures which have been squared off/expired are as follows; Total Number of contracts where futures were bought 2500, Gross Notional value of contracts where futures were bought ` lacs and Net profit/(loss) value on all these contracts combined `(12.88) lacs Hedging Positions through swaps as on 30 April 2015 in Underlying 1.44% INFLATION INDEX GS 05/06/2023 of Notional Value ` 50,00,00,000.00, Receive Fixed (Swap maturity 1828 days) & Pay Floating (Daily Reset) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.94 years Kotak Flexi Debt Plan A Fund NAV as on March 31, 2015: ` (Growth Option), ` (Direct Growth Option), ` (Weekly Dividend), ` (Direct Weekly Dividend), ` (Daily Dividend), ` (Direct Daily Dividend), ` (Quarterly Dividend), ` (Direct Quarterly Dividend) Net Current CBLO & Term Deposits & Rev.Repo Government Dated Securities Debentures and Bonds RATING PROFILE Net Current AA+ AAA, SOV CBLO & Term Deposits & Rev.Repo Income over a medium term investment horizon Investment in debt & money market securities Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 24

26 DEBT SCHEMES KOTAK INCOME OPPORTUNITIES FUND An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Low Medium High 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. May 11, 2010 Fund Managers Mr. Deepak Agrawal & Mr. Abhishek Bisen Crisil Short Term Bond Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Weekly (Every Monday), Monthly (12th of every Month), Quarterly (20th of March / June / September / December), Annual (12th of March). Ratios Standard Deviation: 0.83%, Modified Duration: 1.88 yrs, YTM: 10.10% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns.s using 3 years history of monthly returns. Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 1 year & above 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: 2%. 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. Note 1) Any exit load charged (net off Service Tax, if any) shall be credited back to the. 2) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Issuer/Instrument Industry/ % to Net Rating Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions DLF Emporio Ltd CRISIL AA 8.97% Adani Power Ltd BRICKWORK BWR AA- 8.83% Dalmia Bharat Ltd ICRA AA- 7.57% Larsen & Toubro Shipbuilding Ltd. ICRA AAA 6.19% Janalakshami Financial Services Pvt Ltd. ICRA A- 5.33% Gerah Enterprises Private Limited ICRA A+ 4.44% Haldhar Developers Private Limited ICRA LAA-(SO) 3.73% Dewan Housing Finance Corporation Ltd. CARE AAA 3.55% SBK Properties Pvt Ltd. ICRA A+ 3.25% Indostar Capital Finance Private Limited CARE AA- 3.11% Manappuram Finance Ltd CRISIL A+ 2.23% Hero Realty Ltd ICRA A+ 1.96% Shivprasad Realty Pvt Ltd ICRA AAA 1.79% HPCL Mittal Pipelines Ltd. ICRA AA- 1.70% Peninsula Land Limited ICRA A 1.64% Mandava Holdings Private Limited ICRA AAA 1.33% Talwandi Sabo Power Limited CRISIL AA+(SO) 1.33% Shriram City Union Finance Ltd. CRISIL AA- 0.13% HDB Financial Services Ltd. CARE AAA 0.11% SECTOR ALLOCATION (%) Debentures and Bonds Commercial Paper (CP)/Certificate of Deposits (CD) Net Current Issuer/Instrument Industry/ % to Net Rating Shriram Transport Finance Co Ltd. FITCH AA+(IND) 0.01% Corporate Debt/Financial Institutions - Total 67.20% Public Sector Undertakings North Easetern Electric Power Corpn Ltd. ICRA AA- 7.68% Indian Overseas Bank CARE A+ 3.38% Tamil Nadu Generation & Distribution Corporation L ICRA A-(SO) 2.29% State Bank Of India. CRISIL AAA 0.02% Public Sector Undertakings - Total 13.37% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions HDFC Ltd. ICRA A % Adani Port and Special Economic Zone Limited ICRA A % Corporate Debt/Financial Institutions - Total 2.24% Public Sector Undertakings Bank of Maharashtra CRISIL A % Punjab & Sind Bank CRISIL A % Dena Bank CRISIL A % Public Sector Undertakings - Total 10.76% Net Current /(Liabilities) 6.43% Grand Total % Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.46 years. Kotak Income Opportunities Fund NAV as on March 31, 2015: ` (Growth Option), ` (Direct Growth Option), ` (Weekly Dividend), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Quarterly Dividend), ` (Direct Quarterly Dividend), ` (Annual Dividend), ` (Direct Annual) Income over a medium term horizon Investment in debt & money market securities Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) Net Current 25

27 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 Low Medium High 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. September 21, 2007 Fund Managers Mr. Deepak Gupta & Mr. Abhishek Bisen CRISIL Composite Bond Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: `8.97 Plans: a) Regular & b) Direct Plan Options: Dividend Payout, Dividend Reinvestment and Growth (applicable for all plans) Dividend Frequency Monthly and Quarterly Ratios Standard Deviation: 2.27%, Modified Duration: 0.47 yrs, YTM: 8.25% 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: Above 1 Year & Exit Load: 1) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment 2.00%; 2) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment Nil Debt Instruments Debentures and Bonds Corporate Debt / Financial Institutions Ultratech Cement Ltd. CRISIL AAA 7.20% Larsen & Toubro Shipbuilding Ltd.CRISIL AAA 7.07% Tata Capital Financial Services Limited CRISIL AA+ 3.94% Corporate Debt/Financial Institutions - Total 18.21% Public Sector Undertakings National Bank for Agriculture and Rural Development CRISIL AAA 7.88% Export-Import Bank of India. CRISIL AAA 5.89% Power Finance Corporation Ltd. CRISIL AAA 4.73% Rural Electrification Corporation Ltd. CRISIL AAA 3.99% Airports Authority of India CRISIL AAA 3.97% Public Sector Undertakings - Total 26.46% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Public Sector Undertakings UCO Bank CRISIL A % Public Sector Undertakings - Total 3.92% Collateral Borrowing & Lending obligation 51.09% Net Current /(Liabilities) 0.32% Grand Total % Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.55 years Kotak Corporate Bond Fund NAV as on March 31, 2015: ` (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) Regular income over short term Income by investing in fixed income securities of varying maturities & credit Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 26

28 DEBT SCHEMES KOTAK MEDIUM TERM FUND An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Low Medium High 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. March 28, 2014 Fund Managers Mr. Deepak Agrawal & Mr. Abhishek Bisen CRISIL Composite Bond Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Quarterly (20th of March / June / September / December), Annually (12th of March) Ratios Standard Deviation: 1.18%, Modified Duration: 1.95 yrs, YTM: 10.18% 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 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) Note: Any exit load charged (net off Service Tax, if any) shall be credited back to the. Bonus units and units issued on reinvestment of dividends shall not be subject to entry and exit load. Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions SBK Properties Pvt Ltd. ICRA A % Haldhar Developers Private Limited ICRA LAA-(SO) 6.79% Adani Power Ltd BRICKWORK BWR AA- 6.25% Reliance Jio Infocomm Limited CRISIL AAA 5.71% Dalmia Bharat Ltd ICRA AA- 5.67% Gerah Enterprises Private LimitedICRA A+ 5.03% Janalakshami Financial Services Pvt Ltd. ICRA A- 5.03% Peninsula Land Limited ICRA A 4.75% Dewan Housing Finance Corporation Ltd. CARE AAA 4.40% Tata Power Company Ltd. CRISIL AA- 4.25% Shriram City Union Finance Ltd. CRISIL AA- 3.40% Manappuram Finance Ltd CRISIL A+ 3.16% Shivprasad Realty Pvt Ltd ICRA AAA 2.79% Hero Realty Ltd ICRA A+ 2.53% Lands End Properties Private Limited CARE AA+(SO) 2.33% HPCL Mittal Energy Ltd. ICRA AA- 2.15% Talwandi Sabo Power Limited CRISIL AA+(SO) 1.89% IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 1.33% Mandava Holdings Private Limited ICRA AAA 1.26% Larsen & Toubro Shipbuilding Ltd. CRISIL AAA 1.25% HDB Financial Services Ltd. CRISIL AAA 0.83% India Infoline Finance Limited CARE AA 0.39% LIC Housing Finance Ltd. CRISIL AAA 0.37% ECL Finance Limited CARE AA 0.21% Tata Motors Ltd. CARE AA 0.13% IOT Utkal Energy Services Ltd. CRISIL AAA 0.03% Corporate Debt/Financial Institutions - Total 82.26% Public Sector Undertakings Power Finance Corporation Ltd. CRISIL AAA 3.40% Bank of India BRICKWORK BWR AAA 3.38% Rural Electrification Corporation Ltd. CRISIL AAA 0.04% Public Sector Undertakings - Total 6.82% Government Dated Securities 1.44% Central Government SOV 3.17% Government Dated Securities - Total 3.17% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions AXIS Bank Ltd. CRISIL A % Corporate Debt/Financial Institutions - Total 4.93% Collateral Borrowing & Lending obligation 0.59% Net Current /(Liabilities) 2.23% Grand Total 100% Notes Hedging Positions through swaps as on 30 April 2015 in Underlying 1.44% INFLATION INDEX GS 05/06/2023 of Notional Value `25,00,00,000.00, Receive Fixed (Swap maturity 1828 days) & Pay Floating (Daily Reset) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.56 years Kotak Medium Term Fund NAV as on March 31, 2015: ` (Growth Option), ` (Direct Growth Option), ` (Quarterly Dividend), ` (Direct Quarterly Dividend), ` (Annual Dividend), ` (Direct Annual) Debentures and Bonds Net Current Commercial Paper (CP)/Certificate of Deposits (CD) Government Dated Securities CBLO & Term Deposits & Rev.Repo RATING PROFILE AA+(SO), AA, BWR AA-, AA-, LAA-(SO) A+, A, A- BWR AAA, AAA, A1+, AAA, AAA(SO), AAA, SOV Net Current CBLO & Term Deposits & Rev.Repo 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 Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown)

29 DEBT SCHEMES KOTAK BOND An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Low Medium High 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. November 25, 1999 Fund Managers Mr. Abhishek Bisen & Mr. Deepak Agrawal Crisil Composite Bond Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: ` 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 & Bonus applicable for all plans) Dividend Frequency Quarterly (20th of Mar/Jun/Sep/Dec), Half Yearly (20th of Mar/Sept), Annual (12th of Mar) (applicable for all plans) Ratios Standard Deviation: 3.79% Modified Duration: 8.04 yrs YTM: 7.94% 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: multiples of `1 `1000 & in Ideal Investments Horizon: 1 year & above Exit Load: Nil. Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Issuer/Instrument Industry/ % to Net Rating Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions HPCL Mittal Pipelines Ltd. ICRA AA- 3.78% HPCL Mittal Energy Ltd. ICRA AA- 2.94% Reliance Jio Infocomm Limited CRISIL AAA 1.93% Reliance Utilities And Power Private Limited CRISIL AAA 1.37% India InfraDebt Ltd CRISIL AAA 0.46% IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.30% Tata Motors Finance Ltd CRISIL AA 0.13% Reliance Ports And Terminals Limited CRISIL AAA 0.05% LIC Housing Finance Ltd. CRISIL AAA 0.03% HDFC Ltd. CRISIL AAA 0.02% Ultratech Cement Ltd. CRISIL AAA 0.02% Corporate Debt/Financial Institutions - Total 11.03% Public Sector Undertakings Bank of India BRICKWORK BWR AAA 2.63% Tamil Nadu Generation & Distribution Corporation L ICRA A-(SO) 1.18% IDBI Bank Ltd. CRISIL AA- 0.32% PNB Housing Finance Ltd. CRISIL AA+ 0.10% Steel Authority of India Ltd. CARE AAA 0.02% SECTOR ALLOCATION (%) Issuer/Instrument Industry/ % to Net Rating Public Sector Undertakings - Total 4.25% Government Dated Securities 9.2% Central Government SOV 24.20% 8.3% Central Government SOV 16.51% 9.23% Central Government SOV 15.16% 8.32% Central Government SOV 8.85% 8.83% Central Government SOV 7.96% 8.15% Central Government SOV 5.36% 1.44% Central Government SOV 3.78% 8.17% Central Government SOV 1.38% 8.12% Central Government SOV 0.04% 8.75% State Government SOV 0.03% 8.77% State Government SOV 0.02% Government Dated Securities - Total 83.29% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Public Sector Undertakings Dena Bank CRISIL A % Public Sector Undertakings - Total 0.66% Collateral Borrowing & Lending obligation 0.23% Net Current /(Liabilities) 0.54% Grand Total 100% 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, 2015: ` (Growth Option), ` (Direct Growth Option), ` (Quarterly Dividend), ` (Direct Quarterly Dividend), ` (Annual Dividend), ` (Direct Annual Dividend), ` (Plan A-Bonus Plan), ` (Plan A-Bonus Plan - Direct), ` (Bond Plan A-Direct HF dividend) Income over long term investment horizon Investment in debt & money market securities Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 28

30 DEBT SCHEMES KOTAK GILT INVESTMENT An Open - Ended Dedicated Gilt Unit INVESTMENT STYLE Maturity Short Medium Long Volatiliy Low Medium High 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. Regular Plan - December 29, 1998; PF & Trust Plan - November 11, 2003 Fund Managers Mr. Abhishek Bisen & Mr. Deepak Agrawal ISEC Composite AAUM ( ` In Crores) AAUM as on March 31, 2015: ` 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: 4.16%, B) PF & Trust Plan: 4.18%, Modified Duration: 8.62 yrs, YTM: 7.63% 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: multiples of `1 `1000 & in 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) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Issuer/Instrument Industry/ % to Net Rating Government Dated Securities 9.2% Central Government SOV 28.06% 8.3% Central Government SOV 26.39% 8.15% Central Government SOV 25.85% 9.23% Central Government SOV 11.71% 8.32% Central Government SOV 3.57% SECTOR ALLOCATION (%) Government Dated Securities CBLO & Term Deposits & Rev.Repo Net Current Issuer/Instrument Industry/ % to Net Rating 1.44% Central Government SOV 2.03% 8.33% Central Government SOV 0.21% Government Dated Securities - Total 97.82% Collateral Borrowing & Lending obligation 0.09% Net Current /(Liabilities) 2.09% Grand Total 100% 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, 2015: ` (Regular-Growth), ` (Regular-Growth-Direct), ` (Regular-Dividend), ` (Regular-Dividend-Direct), ` (PF & Trust-Growth), ` ( PF & Trust-Growth Direct), ` ( PF & Trust-Dividend) 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. Low risk (Blue) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 23 29

31 DEBT SCHEMES KOTAK MONTHLY INCOME PLAN An Open Ended Income. Monthly Income is not assured & is subject to availability of distributable surplus INVESTMENT STYLE Style Maturity Value Blend Growth Size Large Mid Small Short Medium Long Volatility Low Medium High To enhance returns over a portfolio of Debt Instruments with a moderate exposure in Equity and Equity related Instruments. December 02, 2003 Fund Managers Mr. Pankaj Tibrewal & Mr. Abhishek Bisen CRISIL MIP Blended AAUM ( ` In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Monthly (12th of every Month) Quarterly (20th of Mar/Jun/Sep/Dec) Ratios Standard Deviation: 4.19%, Modified Duration: 5.07 yrs, YTM: 8.42% 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 Exit Load: (w.e.f January 01, 2015) 1) For redemptions / switch outs (including SIP/STP) within 3 years from the date of allotment of units, irrespective of the amount of investment:1% 2) For redemptions / switch outs (including SIP/STP) after 3 years 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. (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Issuer/Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) ICICI Bank Ltd. Banks 1.01% HDFC Bank Ltd. Banks 0.95% Infosys Ltd. Software 0.93% Larsen And Toubro Ltd. Construction Project 0.82% State Bank Of India Banks 0.80% Maruti Suzuki India Limited Auto 0.79% Techno Electric & Engineering Co Ltd. Construction Project 0.76% Ultratech Cement Ltd. Cement 0.75% Axis Bank Ltd Banks 0.72% ITC Ltd. Consumer Non Durables 0.71% IndusInd Bank Ltd. Banks 0.58% Shriram Transport Finance Co Ltd. Finance 0.54% Tata Motors Ltd. Auto 0.54% Whirlpool of India Ltd. Consumer Durables 0.54% Tata Consultancy Services Ltd. Software 0.51% Wipro Ltd. Software 0.49% JK Cement Ltd. Cement 0.47% Shree Cement Ltd. Cement 0.46% Finolex Cables Ltd. Industrial Products 0.45% Reliance Industries Ltd. Petroleum Products 0.45% Bharti Airtel Ltd. Telecom - Services 0.42% Lupin Ltd. Pharmaceuticals 0.42% Yes Bank Ltd Banks 0.40% Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.39% HSIL Ltd. Consumer Durables 0.38% Supreme Industries Limited Industrial Products 0.38% Atul Ltd. Chemicals 0.37% Hindustan Petroleum Corporation Ltd Petroleum Products 0.37% Hero MotoCorp Ltd. Auto 0.36% Federal Bank Ltd. Banks 0.32% HCL Technologies Ltd. Software 0.31% Bank Of Baroda Banks 0.29% Jubilant Foodworks Limited Asian Paints Ltd. Consumer Non Durables 0.28% Consumer Non Durables 0.27% SECTOR ALLOCATION (%) Issuer/Instrument Industry/ % to Net Rating Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.26% SRF Ltd. Textile Products 0.23% Oil & Natural Gas Corporation Ltd. Oil 0.21% Tech Mahindra Ltd. Software 0.20% VRL Logistics Ltd. Transportation 0.20% Punjab National Bank Banks 0.16% Strides Arcolab Ltd. Pharmaceuticals 0.12% Info Edge (India) Ltd. Software 0.10% D-Link (India) Ltd Hardware 0.05% Listed/Awaiting Listing on Stock Exchange - Total 19.76% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions IOT Utkal Energy Services Ltd. CRISIL AAA 8.39% Inox Air Products Ltd. CRISIL AA 0.80% ECL Finance Limited CARE AA 0.40% Corporate Debt/Financial Institutions - Total 9.59% Public Sector Undertakings Indian Overseas Bank CARE A+ 7.09% Power Grid Corporation of India Ltd. CRISIL AAA 0.02% Public Sector Undertakings - Total 7.11% Government Dated Securities 8.83% Central Government SOV 29.15% 9.23% Central Government SOV 13.52% 8.15% Central Government SOV 8.05% 9.2% Central Government SOV 7% Government Dated Securities - Total 57.72% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions AXIS Bank Ltd. CRISIL A % Corporate Debt/Financial Institutions - Total 6.98% TERM DEPOSITS Standard Chartered Bank Ltd 0.02% Term Deposits - Total 0.02% Collateral Borrowing & Lending obligation 3.15% Net Current /(Liabilities) -4.33% Grand Total 100% Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 9.86 years. Kotak Monthly Income Plan Fund NAV as on March 31, 2015: ` (Growth Option), ` (Direct Growth Option), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Quarterly Dividend), ` (Direct Quarterly Dividend) RATING PROFILE Commercial Paper (CP)/Certificate of Deposits (CD) A1+, AAA, SOV 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. Medium risk (Yellow) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 30

32 DEBT SCHEMES KOTAK MULTI ASSET ALLOCATION FUND An Open - Ended Debt INVESTMENT STYLE Style Maturity Value Blend Growth Size Large Mid Small Short Medium Long Volatility Low Medium High 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. January 21, 2011 Fund Managers Mr. Deepak Gupta (w.e.f September 10, 2013) and Mr. Abhishek Bisen 75% CRISIL Short Term Bond Fund, 15% CNX Nifty and 10% Price of Gold. AAUM ( ` In Crores) AAUM as on March 31, 2015: `45.41 A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans)) Dividend Frequency Monthly (12th of Every Month), Quarterly (20th of Mar/Jun/Sep/Dec), Annual (12th of March) Ratios Standard Deviation: 3.35%, Modified Duration: 3.04 yrs, YTM: 8.18% 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: multiples of `1 `1000 & in Ideal Investments Horizon: 1 year & above 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. (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Issuer/Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 1.23% Axis Bank Ltd Banks 1.16% IndusInd Bank Ltd. Banks 1.04% Maruti Suzuki India Limited Auto 1.01% ICICI Bank Ltd. Banks 0.86% HDFC Ltd. Finance 0.83% Hindustan Unilever Ltd. Consumer Non Durables 0.75% HCL Technologies Ltd. Software 0.74% Larsen And Toubro Ltd. Construction Project 0.73% Lupin Ltd. Pharmaceuticals 0.72% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.70% Tata Motors Ltd. Auto 0.70% HDFC Bank Ltd. Banks 0.69% Tech Mahindra Ltd. Software 0.66% Reliance Industries Ltd. Petroleum Products 0.40% Asian Paints Ltd. Consumer Non Durables 0.39% Britannia Industries Ltd. Consumer Non Durables 0.39% Oil & Natural Gas Corporation Ltd. Oil 0.37% Bharat Forge Ltd. Industrial Products 0.34% Eicher Motors Ltd Auto 0.34% Bharat Electronics Ltd Industrial Capital Goods 0.33% Motherson Sumi Systems Ltd. Auto Ancillaries 0.33% State Bank Of India Banks 0.33% National Buildings Construction Corporation Limited Construction 0.32% Ashok Leyland Ltd. Auto 0.26% VRL Logistics Ltd. Transportation 0.26% UPL Ltd Pesticides 0.25% Bosch Limited Auto Ancillaries 0.23% IRB Infrastructure Developers Ltd Construction 0.22% Cipla Ltd. Pharmaceuticals 0.21% Yes Bank Ltd Banks 0.20% Dr Reddys Laboratories Ltd Pharmaceuticals 0.19% Zee Entertainment Enterprises Ltd Media and Entertainment 0.17% Shriram Transport Finance Co Ltd. Finance 0.16% Bharat Petroleum Corporation Ltd. Petroleum Products 0.15% LIC Housing Finance Ltd. Finance 0.12% TVS Motors Company Ltd Auto 0.12% Siemens Ltd. Industrial Capital Goods 0.11% Aurobindo Pharma Ltd. Pharmaceuticals 0.10% INOX WIND LIMITED Power 0.10% ITC Ltd. Consumer Non Durables 0.10% SECTOR ALLOCATION ` (%) Issuer/Instrument Industry/ % to Net Rating JSW Energy Ltd. Power 0.09% Punjab National Bank Banks 0.04% Havells India Ltd. Consumer Durables 0.03% Tata Consultancy Services Ltd. Software 0.03% Ambuja Cements Ltd Cement 0.02% Cairn India Limited Oil 0.02% Canara Bank Banks 0.02% Cummins India Ltd. Industrial Products 0.02% Hindustan Petroleum Corporation Ltd Petroleum Products 0.02% Tata Steel Limited. Ferrous Metals 0.02% Wipro Ltd. Software 0.02% IDFC Limited Finance 0.01% Ultratech Cement Ltd. Cement 0.01% Listed/Awaiting Listing on Stock Exchange - Total 18.66% Mutual Fund Units Kotak Mutual Fund - Kotak Gold ETF Mutual Fund Units 6.36% Mutual Fund Units - Total 6.36% Futures CNX NIFTY-MAY % Futures (Market value represents Notional Value) - Total -0.56% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Hindalco Industries Ltd. CRISIL AA+ 1.86% Fullerton India Credit Co. Ltd. ICRA AA+ 0.46% Corporate Debt/Financial Institutions - Total 2.32% Public Sector Undertakings Power Finance Corporation Ltd. CRISIL AAA 13.90% Public Sector Undertakings - Total 13.90% Government Dated Securities 8.83% Central Government SOV 24.00% 8.15% Central Government SOV 11.60% 9.2% Central Government SOV 5.04% Government Dated Securities - Total 40.64% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions AXIS Bank Ltd. CRISIL A % Corporate Debt/Financial Institutions - Total 8.94% TERM DEPOSITS Kotak Mahindra Bank Ltd. 2.27% Standard Chartered Bank Ltd 0.02% Term Deposits - Total 2.29% Collateral Borrowing & Lending obligation 15.33% Net Current /(Liabilities) -7.88% Grand Total 100% Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 4.67 years. Kotak Multi Asset Allocation Fund NAV as on March 31, 2015: ` (Growth Option), ` (Direct Growth Option), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Quarterly Dividend), ` (Direct Quarterly Dividend), ` (Annual Dividend), (Direct Annual) Derivatives Commercial Paper (CP)/Certificate of Deposits (CD) Mutual Fund Units Net Current RATING PROFILE 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 Medium risk (Yellow) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) A1+, AAA, SOV AA+ Derivatives

33 FUND OF FUNDS KOTAK ASSET ALLOCATOR FUND An Open Ended Fund of Funds (Earlier known as Kotak Equity FOF ) INVESTMENT STYLE Style Maturity Value Blend Growth Size Large Mid Small Short Medium Long Volatility Low Medium High 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. August 9, 2004 Fund Manager Mr. Deepak Gupta Crisil Balanced Fund AAUM ( ` In Crores) AAUM as on March 31, 2015: `27.00 A) Regular Plan B) Regular Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 years & above 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 (applicable for all plans). Bonus units and units issued on reinvestment of dividends shall not be subject to entry and exit load. (applicable for all plans) Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units Kotak Liquid Plan A Debt 50.98% Kotak Mahindra Bond Plan Debt 19.27% Kotak Floater Long Term Direct Growth Debt 17.86% Kotak Select Focus Fund Direct Growth Equity 11.12% Mutual Fund Units - Total 99.23% Net Current /(Liabilities) 0.77% Grand Total % Kotak Asset Allocator Fund NAV as on March 31, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Others Long term capital growth Investment in open-ended diversified equity schemes and debt schemes of Kotak Mahindra Mutual Fund High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 32

34 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. December 20, 2013 Fund Manager 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 March 31, 2015: `5.22 A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 years & above 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) Bonus units and units issued on reinvestment of dividends shall not be subject to entry and exit load. Mutual Fund Units PINEBRIDGE US LARGE CAP RESEARCH ENHANCE Overseas Mutual Fund 94.20% Mutual Fund Units - Total 94.20% Net Current /(Liabilities) 5.80% Grand Total % Kotak US Equity Fund NAV as on March 31, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Others 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. High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 33

35 FUND OF FUNDS KOTAK GLOBAL EMERGING MARKET 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 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. September 26, 2007 Fund Managers Mr. Deepak Gupta (Dedicated fund manager for Fund Managers overseas investment) & Mr.Abhishek Bisen MSCI Emerging Market AAUM ( ` In Crores) AAUM as on March 31, 2015: `38.91 A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: multiples of `1 `1000 & in Ideal Investments Horizon: 3 years & above 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. (applicable for all plans) Bonus units and units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units MGF ASIAN SMALL EQUITY FUND CLASS I Overseas Mutual Fund 77.73% ishares MSCI Emerging Markets ETF** Overseas Mutual Fund 18.01% Mutual Fund Units - Total 95.74% Collateral Borrowing & Lending obligation 7.48% Net Current /(Liabilities) -3.22% Grand Total % Kotak Global Emerging Market Fund NAV as on March 31, 2015: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Mutual Fund CBLO & Term Deposits & Rev.Repo Others Long term capital growth Investment in overseas mutual fund schemes that invest in a diversified portfolio of securities in global emerging markets High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 34

36 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 Fund Manager 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 March 31, 2015: `35.74 A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) 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 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 ; iv) Bonus units and units issued on reinvestment of dividends shall not be subject to entry and exit load. Mutual Fund Units FALCON GOLD EQUITY ASIA Overseas Mutual Fund 96.33% Mutual Fund Units - Total 96.33% Collateral Borrowing & Lending obligation 6.45% Net Current /(Liabilities) -2.78% Grand Total % Kotak World Gold Fund NAV as on March 31, 2015: `6.180 (Dividend Option), `6.240 (Direct Dividend Option), `7.455 (Growth Option), `7.555 (Direct Growth Option) SECTOR ALLOCATION (%) Overseas Mutual Fund Others 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 High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 35 6

37 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 Fund Manager Mr. Abhishek Bisen Physical Gold AAUM ( `In Crores) AAUM as on March 31, 2015: ` A) Regular Plan B) Direct Plan Through Exchange:10 Units, Through AMC: Units, Ideal Investment Horizon: 3 years and above Exit Load: Nil (applicable for all plans) 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, 2015: ` NAV Sector Allocation (%) Issuer / Instrument Industry/ % to Net Rating Net Current /(Liabilities) -0.09% Grand Total % Gold Others Returns in line with physical gold over medium to long term, subject to tracking error Investment in physical gold High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 36

38 ETF SCHEMES KOTAK NIFTY ETF An Open Ended Exchange Traded Fund [Eligible scheme under Rajiv Gandhi Equity Savings (RGESS)] ( As on April 30, 2015) 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 8, 2010 Fund Manager Mr. Deepak Gupta CNX Nifty AAUM ( `In Crores) AAUM as on March 31, 2015: `77.09 A) Regular Plan B) Direct Plan Ratios Portfolio Turnover: % Through Exchange:1 Unit, Through AMC: 5000 Units, Ideal Investment Horizon: 3 years and above Exit Load: Nil (applicable for all plans) Issuer / Instrument Industry/ % to Net Rating Equity & Equity related Listed/Awaiting listing on Stock Exchange Infosys Ltd. Software 6.77% HDFC Bank Ltd. Banks 6.71% ICICI Bank Ltd. Banks 6.70% HDFC Ltd. Finance 6.43% ITC Ltd. Consumer Non Durables 6.30% Reliance Industries Ltd. Petroleum Products 4.96% Larsen And Toubro Ltd. Construction Project 4.66% Tata Consultancy Services Ltd. Software 4.40% Axis Bank Ltd Banks 3.37% Tata Motors Ltd. Auto 3.36% State Bank Of India Banks 2.91% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 2.87% Kotak Mahindra Bank Ltd. Banks 2.38% Hindustan Unilever Ltd. Consumer Non Durables 2.10% Oil & Natural Gas Corporation Ltd. Oil 1.90% Bharti Airtel Ltd. Telecom - Services 1.84% Mahindra & Mahindra Ltd. Auto 1.84% Maruti Suzuki India Limited Auto 1.72% HCL Technologies Ltd. Software 1.67% Coal India Ltd. Minerals/Mining 1.63% Lupin Ltd. Pharmaceuticals 1.48% Dr Reddys Laboratories Ltd Pharmaceuticals 1.47% Tech Mahindra Ltd. Software 1.32% IndusInd Bank Ltd. Banks 1.24% Wipro Ltd. Software 1.23% Asian Paints Ltd. Consumer Non Durables 1.20% Issuer / Instrument Industry/ % to Net Rating Cipla Ltd. Pharmaceuticals 1.13% Power Grid Corporation Of India Ltd Power 1.09% National Thermal Power Corporation Limited Power 1.08% Hero MotoCorp Ltd. Auto 0.97% Ultratech Cement Ltd. Cement 0.96% Yes Bank Ltd Banks 0.95% Bajaj Auto Ltd. Auto 0.91% Tata Steel Limited. Ferrous Metals 0.84% Sesa Sterlite Ltd. Minerals/Mining 0.81% Grasim Industries Ltd. Cement 0.80% IDFC Limited Finance 0.78% Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.75% Bharat Petroleum Corporation Ltd. Petroleum Products 0.69% Idea Cellular Ltd. Telecom - Services 0.68% Ambuja Cements Ltd Cement 0.62% Zee Entertainment Enterprises Ltd Media and Entertainment 0.60% GAIL (India) Ltd. Gas 0.58% Hindalco Industries Ltd Non - Ferrous Metals 0.58% Bank Of Baroda Banks 0.55% Tata Power Co. Ltd. Power 0.48% ACC Ltd. Cement 0.47% Cairn India Limited Oil 0.42% Punjab National Bank Banks 0.42% NMDC Ltd. Minerals/Mining 0.35% Listed/Awaiting Listing on Stock Exchange - Total 99.97% Net Current /(Liabilities) 0.03% Grand Total % NAV Kotak Nifty ETF NAV as on March 31, 2015 : ` Sector Allocation (%) Banks Software Consumer Non Durables Auto Finance Pharmaceuticals Petroleum Products Construction Project Cement Minerals/Mining Others Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 37

39 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 Fund Manager Mr. Deepak Gupta S&P BSE SENSEX AAUM ( `In Crores) AAUM as on March 31, 2015: ` 8.10 A) Regular Plan B) Direct Plan Ratios Portfolio Turnover: 21.99% Through Exchange:1 Unit, Through AMC: Units, Ideal Investment Horizon: 3 years and above Exit Load: Nil (applicable for all plans) Issuer / Instrument Industry/ % to Net Rating Equity & Equity related Listed/Awaiting listing on Stock Exchange HDFC Bank Ltd. Banks 8.32% ICICI Bank Ltd. Banks 8.27% Infosys Ltd. Software 8.07% HDFC Ltd. Finance 7.92% ITC Ltd. Consumer Non Durables 7.77% Reliance Industries Ltd. Petroleum Products 6.13% Larsen And Toubro Ltd. Construction Project 5.75% Tata Consultancy Services Ltd. Software 5.41% Axis Bank Ltd Banks 4.11% Tata Motors Ltd. Auto 4.11% State Bank Of India Banks 3.56% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 3.50% Hindustan Unilever Ltd. Consumer Non Durables 2.61% Oil & Natural Gas Corporation Ltd. Oil 2.36% Issuer / Instrument Industry/ % to Net Rating Maruti Suzuki India Limited Auto 2.13% Coal India Ltd. Minerals/Mining 1.97% Dr Reddys Laboratories Ltd Pharmaceuticals 1.82% Wipro Ltd. Software 1.55% Cipla Ltd. Pharmaceuticals 1.39% National Thermal Power Corporation Limited Power 1.33% Hero MotoCorp Ltd. Auto 1.20% Bajaj Auto Ltd. Auto 1.12% Tata Steel Limited. Ferrous Metals 1.04% Sesa Sterlite Ltd. Minerals/Mining 0.99% Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.92% GAIL (India) Ltd. Gas 0.73% Hindalco Industries Ltd Non - Ferrous Metals 0.71% Tata Power Co. Ltd. Power 0.59% Listed/Awaiting Listing on Stock Exchange - Total 99.95% Bharti Airtel Ltd. Telecom - Services 2.30% Mahindra & Mahindra Ltd. Auto 2.27% Net Current /(Liabilities) 0.05% Grand Total % NAV Kotak Sensex ETF NAV as on March 31, 2015 : ` Sector Allocation (%) Banks Software Auto Consumer Non Durables Finance Pharmaceuticals Petroleum Products Construction Project Minerals/Mining Oil Others Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 38

40 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 11, 2014 Fund Manager Mr. Deepak Gupta CNX Bank AAUM ( `In Crores) AAUM as on March 31, 2015: ` Option - Dividend Payout Ratios Portfolio Turnover: 7.98% Through Exchange:1 Unit, Through AMC: Units, Ideal Investment Horizon: 3 years and above Exit Load: Nil (applicable for all plans) Issuer / Instrument Industry/ % to Net Rating Equity & Equity related Listed/Awaiting listing on Stock Exchange HDFC Bank Ltd. Banks 25.81% ICICI Bank Ltd. Banks 25.79% Axis Bank Ltd Banks 12.97% State Bank Of India Banks 11.20% Kotak Mahindra Bank Ltd. Banks 9.15% IndusInd Bank Ltd. Banks 4.79% Yes Bank Ltd Banks 3.67% Kotak Banking ETF NAV as on March 31, 2015: ` NAV Issuer / Instrument Industry/ % to Net Rating Bank Of Baroda Banks 2.13% Punjab National Bank Banks 1.60% Federal Bank Ltd. Banks 1.51% Canara Bank Banks 0.73% Bank of India Banks 0.64% Listed/Awaiting Listing on Stock Exchange - Total 99.99% Net Current /(Liabilities) 0.01% Grand Total 100% Sector Allocation (%) Banks Others Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 39

41 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 Fund Manager Mr. Deepak Gupta CNX PSU Bank AAUM ( `In Crores) AAUM as on March 31, 2015: `21.74 A) Regular Plan B) Direct Plan Ratios Portfolio Turnover: % Through Exchange:1 Unit, Through AMC: Units, Ideal Investment Horizon: 3 years and above Exit Load: Nil (applicable for all plans) Issuer / Instrument Industry/ % to Net Rating Equity & Equity related Listed/Awaiting listing on Stock Exchange State Bank Of India Banks 60.46% Bank Of Baroda Banks 11.51% Punjab National Bank Banks 8.62% Canara Bank Banks 3.92% Bank of India Banks 3.48% Union Bank Of India Banks 2.62% Industrial Development Bank of India Ltd. Banks 2.04% NAV Issuer / Instrument Industry/ % to Net Rating Oriental Bank of Commerce Banks 1.81% Allahabad Bank. Banks 1.68% Syndicate Bank Banks 1.47% Andhra Bank Banks 1.30% Indian Overseas Bank Banks 1.04% Listed/Awaiting Listing on Stock Exchange - Total 99.95% Net Current /(Liabilities) 0.05% Grand Total % Kotak PSU Bank ETF NAV as on March 31, 2015: ` Sector Allocation (%) Banks Others Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk maybe represented as: Investors understand that their principal will be at Low risk (Blue) Medium risk (Yellow) High risk (Brown) 40

42 Performances as on March 31, 2015 Kotak 50 - Dividend CNX Nifty # (%) S&P BSE Sensex ## # # ( `) Since inception till Mar 31, ,787 97,301 91,776 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 CNX 500 #(%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, ,084 34,234 36,613 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 CNX 500 #(%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, ,675 49,903 51,492 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 CNX 200 #(%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, ,809 17,629 17,581 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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). 41

43 Kotak Tax Saver - Growth CNX 500 #(%) CNX Nifty ## (%) # # ( `) Since inception till Mar 31, ,398 30,938 32,550 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 CNX Midcap #(%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, ,159 43,781 41,313 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 S&P BSE Midcap #(%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, ,754 19,673 22,219 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 S&P BSE 100 #(%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, ,682 15,822 16,117 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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)

44 Kotak Balance CRISIL Balanced Fund # (%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, NA ,826 N.A 60,278 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 Crisil Liquid Fund #(%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, ,624 19,650 32,518 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 Crisil Liquid Fund #(%) CRISIL 1 Year T-Bill ##(%) # # ( `) Since inception till Mar 31, ,732 21,284 18,817 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 Crisil Liquid Fund #(%) CRISIL 1 Year T-Bill ##(%) # # ( `) Since inception till Mar 31, ,928 21,556 19,120 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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). 43

45 Kotak Treasury Advantage Fund - Growth Crisil Liquid Fund #(%) CRISIL 1 Year TBill ##(%) # # ( `) Since inception till Mar 31, ,270 20,651 18,246 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 Crisil Liquid Fund #(%) CRISIL 1 Year TBill ##(%) # # ( `) Since inception till Mar 31, N.A ,111 N.A 28,141 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 Low Duration Fund - Growth CRISIL Liquid Fund #(%) CRISIL 1 Year T-Bill ##(%) # # ( `) Since inception till Mar 31, ,172 16,868 15,344 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 Crisil Short Term Bond Fund #(%) CRISIL 1Year T-Bill ##(%) # # ( `) Since inception till Mar 31, ,107 24,102 20,587 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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). 44

46 Kotak Flexi Debt Fund - Plan A - Growth Crisil Composite Bond Fund #(%) CRISIL 1 Year T-Bill ##(%) # # ( `) Since inception till Mar 31, ,608 15,736 15,131 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 Crisil Short Term Bond Fund #(%) CRISIL 1 Year TBill ##(%) # # ( `) Since inception till Mar 31, ,949 14,770 13,692 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 Crisil Composite Bond Fund #(%) CRISIL 1 Year Gilt ##(%) # # ( `) Since inception till Mar 31, ,836 17,318 15,717 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 CRISIL Composite Bond Fund #(%) CRISIL 10 Year Gilt ##(%) # # ( `) Since inception till Mar 31, /03/2014 to 31/03/ /03/2013 to 31/03/2014 N.A /03/2012 to 31/03/2013 N.A 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). 45

47 Kotak Bond - Plan A - Growth Crisil Composite Bond Fund #(%) CRISIL 10 Year Gilt ##(%) # # ( `) Since inception till Mar 31, N.A N.A 39,924 N.A N.A 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 ISEC Composite #(%) CRISIL 10 Year Gilt ##(%) # # ( `) Since inception till Mar 31, N.A N.A 47,823 N.A N.A 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ Kotak Gilt Investment PF & Trust Plan - Growth ISEC Composite #(%) CRISIL 10 Year Gilt ##(%) # # ( `) Since inception till Mar 31, ,630 17,912 17,408 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 Crisil MIP Blended #(%) CRISIL 10 Year Gilt ##(%) # # ( `) Since inception till Mar 31, ,326 24,012 17,530 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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). 46

48 Kotak Multi Asset Allocation Fund - Growth 75% Crisil Short term Bond Fund,15% CNX Nifty & 10% Prices of Gold #(%) CRISIL 10 Year Gilt ##(%) # # ( `) Since inception till Mar 31, ,310 14,520 13,262 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 Standard & Poor s 500 Total Return Net #(%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, ,341 11,709 13,533 31/03/2014 to 31/03/ /03/2013 to 31/03/2014 N.A /03/2012 to 31/03/2013 N.A 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 Financial Times Gold Mines Total-Price #(%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, ,542 6,781 18,705 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 Physical Gold Price #(%) CRISIL 10 Year Gilt ##(%) # # ( `) Since inception till Mar 31, ,619 29,952 16,293 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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). 47

49 Kotak Nifty ETF CNX Nifty #(%) S&P BSE Sensex ##(%) # # ( `) Since inception till Mar 31, ,650 17,579 17,297 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 SENSEX ETF S&P BSE Sensex #(%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, ,171 17,954 18,348 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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 PSU Bank ETF CNX PSU Bank #(%) CNX Nifty ##(%) # # ( `) Since inception till Mar 31, ,027 11,819 14,900 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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). 48

50 FMP's and Gold Fund Performance as on March 31, 2015 Kotak FMP - Series 131 (1061 Days) - Reg - Growth Crisil Short Term Bond Fund #(%) CRISIL 1 Year T-Bill ##(%) ## ( `) Since inception till Mar 31, ,564 11,314 11,092 31/03/2014 to 31/03/ /03/2013 to 31/03/2014 N.A /03/2012 to 31/03/2013 N.A Kotak FMP - Series 140 (1095 Days) - Reg - Growth Crisil Short Term Bond Fund #(%) CRISIL 1 Year T-Bill ##(%) ## ( `) Since inception till Mar 31, ,222 11,629 10,958 31/03/2014 to 31/03/ /03/2013 to 31/03/2014 N.A /03/2012 to 31/03/2013 N.A Kotak FMP - Series 150 (1109 Days) - Reg - Growth Crisil Short Term Bond Fund #(%) CRISIL 1 Year T-Bill ##(%) ## ( `) Since inception till Mar 31, ,117 11,468 10,880 31/03/2014 to 31/03/ /03/2013 to 31/03/2014 N.A /03/2012 to 31/03/2013 N.A Kotak FMP - Series 141 (454 Days) - Reg - Growth Crisil Short Term Bond Fund #(%) CRISIL 1 Year T-Bill ##(%) ## ( `) Since inception till Mar 31, ,039 11,167 10,968 31/03/2014 to 31/03/ /03/2013 to 31/03/2014 N.A /03/2012 to 31/03/2013 N.A

51 OTHER PERFORMANCE Kotak FMP - Series 149 (386 Days) - Reg - Growth Crisil Short Term Bond Fund #(%) CRISIL 1 Year T-Bill ##(%) ## ( `) Since inception till Mar 31, ,912 11,039 10,876 31/03/2014 to 31/03/ /03/2013 to 31/03/2014 N.A /03/2012 to 31/03/2013 N.A Kotak FMP - Series 85 (3 Years) - Reg - Growth Crisil Short Term Bond Fund #(%) CRISIL 1 Year T-Bill ##(%) ## ( `) Since inception till Mar 31, ,979 13,044 12,403 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/2013 N.A Kotak Gold Fund Physical Gold Price #(%) CRISIL 10 Year Gilt ##(%) ## ( `) Since inception till Mar 31, ,622 13,056 12,936 31/03/2014 to 31/03/ /03/2013 to 31/03/ /03/2012 to 31/03/ 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). 50

52 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) Business Experience Mr. Harsha Upadhyaya has 18 years of rich experience spread over Equity Research & Fund Management. His prior stints have been with companies such as Prabhudas Lilladher Pvt. Ltd, SG Asia Securities, Reliance Group, UTI Asset Management Co. Ltd and DSP Blackrock Name: Mr. Harish Krishnan (experience in managing these funds since) Kotak 50 (Nov. 15, 13), Kotak Infrastructure & Economic Reform Fund (Jan31,'15) Business Experience Mr. Harish Krishnan has 9 years 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. He has also worked at Infosys Technologies Ltd in his earlier stint. Name: Mr. Pankaj Tibrewal (experience in managing these funds since) Kotak Midcap (Jan. 21, 10), Kotak Emerging Equity (May 27,'10), Kotak Monthly Income Plan (Dec. 20, 10) Business Experience Mr. Pankaj Tibrewal has more than 6 years experience in fund management area. Prior to joining Kotak AMC, he was in the fund management team of Principal PNB Asset Management Private Ltd. Name: Mr. Emmanuel Elango (experience in managing these funds since) Kotak Classic Equity (Sep. 1, 08), Kotak Balance (Jul. 11, 11) Business Experience Mr. Emmanuel Elango s association with the AMC has been since July Mr. Elango started his career as a Designer Engineer with Bosch. After his management studies, Mr. Elango has also worked with JP Morgan and Franklin Templeton AMC in India. His total experience is 10 years. 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 Tax Saver (Sept.10, 13), 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 Low Duration Fund (Jan. 31, 15), Kotak Corporate Bond Fund (Jan. 31, 15), Kotak PUS 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 Gupta has 8 years of experience in the mutual fund industry and 5 years of experience in fund management related areas. Performance of top 3 and bottom 3 schemes of the Fund Manager Fund Manager Top 3 Bottom 3 Mr. Deepak Gupta Refer Page No. Kotak Taxsaver 9 Kotak Nifty ETF 37 Kotak Asset Allocator Fund 32 Kotak Equity Arbitrage Fund 14 Kotak Global Emerging Market Fund 34 Kotak World Gold Fund 35 51

53 Name: Mr. Abhishek Bisen (experience in managing these funds since) Kotak Balance (Apr. 15, 2008), Kotak Monthly Income Plan (Apr. 15, 2008), Kotak Bond Short Term (Apr 15, 2008), Kotak Bond (Plan A) (Apr. 15, 2008), Kotak Banking and PSU Debt Fund (Apr 15, 2008), Kotak Gilt Investment (Regular & PF-Trust) (Apr. 15, 2008), Kotak Flexi Debt (Apr. 15, 2008), Kotak Treasury Advantage Fund (Formerly Known as Kotak Floater Long Term ) (Apr. 15, 2008) Kotak Floater Short Term (Apr. 15, 2008), Kotak Liquid (Regular, Institutional & Plan A) (Apr. 15, 2008), Kotak Income Opportunities Fund (May 11, '10), Kotak Global Emerging Market Fund (Apr. 15, 08), Kotak Multi Asset Allocation Fund (Jan. 21, 11), Kotak Medium Term Fund (Mar. 21, 14), Kotak Equity Savings Fund (Oct. 13, '14), Kotak Low Duration Fund (Jan. 31, 15), Kotak Corporate Bond Fund (Jan. 31, 15), Kotak Gold ETF (Jul. 27, 07) Business Experience Mr. Abhishek Bisen has been associated with the company since October 2006 and his key responsibilities include fund management of debt schemes. Prior to joining Kotak AMC, 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. His earlier assignments also include 2 years of merchant banking experience with a leading merchant banking firm. Performance of top 3 and bottom 3 schemes of the Fund Manager Fund Manager Top 3 Bottom 3 Mr. Abhishek Bisen Refer Page No. Kotak Balance 13 Kotak Gilt Investment PF & Trust Plan 29 Kotak Monthly Income Plan 30 Kotak Global Emerging Market Fund 34 Kotak Gold ETF 36 Kotak Gold Fund 47 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 Bond (Plan A ) (Apr. 14, 08), Kotak Kotak Banking and PSU Debt Fund (Apr. 14, 08), Kotak Gilt - Investment & PF-Trust Plan (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 TermFund (Mar. 21, 14) Business Experience Mr. Deepak Agrawal 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 2006 Performance of top 3 and bottom 3 schemes of the Fund Manager Fund Manager Top 3 Bottom 3 Mr. Deepak Agrawal Refer Page No. Kotak Gilt Investment PF & Trust Plan 29 Kotak Gilt - Investment Regular Plan 29 Kotak Bond - Plan A 28 Kotak Banking and PSU Debt Fund 21 Kotak Floater - Short Term Plan 19 Kotak Liquid - PlanA 18 Name: Mr. Mayank Prakash (experience in managing these funds since) All Fixed Maturity Plans (FMPs), All Quarterly Interval Plans (QIPs) Business Experience Mr. Mayank Prakash has been associated with the company since September He has 4 years of experience in fund management related areas. Performance of top 3 and bottom 3 schemes of the Fund Manager Fund Manager Top 3 Bottom 3 Mr. Mayank Prakash Refer Page No. Kotak FMP - Series 131 (1061 Days) 49 Kotak FMP - Series 140 (1095 Days) Kotak FMP - Series 150 (1109 Days) Kotak FMP - Series 141 (454 Days) Kotak FMP - Series 149 (386 Days) 50 Kotak FMP - Series 85 (3 Years)

54 Details of exposure across all Debt Funds of Kotak Mahindra Mutual Fund as on 30th April 2015 Issuer Name %age of Exposure to Debt AUM Adani Port and Special Economic Zone Limited 0.35% Adani Power Ltd 0.48% Aditya Birla Finance Ltd. 0.02% Aditya Birla Money Ltd 0.08% Airports Authority of India 0.08% Andhra Bank 2.36% Au Financiers (India) Limited 0.47% AXIS Bank Ltd. 1.47% Bajaj Electricals Ltd 0.08% Bajaj Finance Limited 0.83% Bank Of Baroda 0.85% Bank of India 0.67% Bank of Maharashtra 0.73% Bharat Alluminum Co. Ltd. 0.40% Canara Bank 0.78% Central Bank Of India 0.54% Central Government 17.99% Cholamandalam Investment and Finance Company Ltd 0.38% Corporation Bank 0.73% Dalmia Bharat Ltd 0.79% Deepak Fertilizers & Petrochemicals Corp Ltd 0.32% Dena Bank 1.00% Dewan Housing Finance Corporation Ltd. 0.64% DLF Emporio Ltd 0.32% ECL Finance Limited 0.08% Edelweiss Commodities Services Ltd. 0.87% Edelweiss Financial Services Limited 2.50% Edelweiss Housing Finanance Limited 0.34% Emami Enclave Markets Pvt Ltd. 0.12% Export-Import Bank of India. 2.29% Fullerton India Credit Co. Ltd. 0.00% GE Capital Services India. 0.12% Gerah Enterprises Private Limited 0.64% GSPC Distribution Networks Ltd. 0.04% Haldhar Developers Private Limited 0.32% HDB Financial Services Ltd. 1.11% HDFC Bank Ltd. 0.50% HDFC Ltd. 6.25% Hero FinCorp Ltd. 0.08% Hero Realty Ltd 0.56% Hindalco Industries Ltd. 0.00% Hinduja Leyland Finance Ltd. 0.63% HPCL Mittal Energy Ltd. 1.39% HPCL Mittal Pipelines Ltd. 0.69% ICICI Bank Ltd. 0.25% ICICI Home Finance Company Limited 0.47% IDBI Bank Ltd. 1.62% IDFC Limited 0.37% India Infoline Finance Limited 0.88% India Infoline Housing Finance Ltd. 0.08% India InfraDebt Ltd 0.08% Indiabulls Housing Finance Limited 0.37% Indian Bank 0.49% Indian Overseas Bank 1.43% Indian Railway Finance Corporation Ltd. 0.02% Indostar Capital Finance Private Limited 0.17% IndusInd Bank Ltd. 0.64% Infrastructure Leasing & Financial Services Limite 0.03% ING Vysya Bank Ltd 0.46% Inox Air Products Ltd. 0.02% IOT Utkal Energy Services Ltd. 0.44% Janalakshami Financial Services Pvt Ltd. 0.32% JM Financial Asset Reconstruction Co. Pvt. Ltd 0.32% JM Financial Products Limited 0.19% Jyothy Laboratories Limited 0.18% Kal Airways Pvt Ltd. 0.64% Karur Vysya Bank Ltd. 0.77% Kotak Mahindra Bank Ltd. 0.03% Kotak Mahindra Prime Ltd. 0.77% Industry / Sector Issuer Name %age of Exposure to Debt AUM L & T Finance Limited 0.02% Lands End Properties Private Limited 0.34% Larsen & Toubro Shipbuilding Ltd. 0.72% LIC Housing Finance Ltd. 0.76% Mahindra & Mahindra Financial Services Ltd. 0.58% Manappuram Finance Ltd 0.20% Mandava Holdings Private Limited 0.56% Nabha Power Ltd. 1.10% National Bank for Agriculture and Rural Developmen 0.46% National Housing Bank 0.35% National Thermal Power Corporation Ltd. 0.00% NHPC Limited 0.02% North Easetern Electric Power Corpn Ltd. 0.28% Oriental Bank of Commerce 1.88% Peninsula Land Limited 0.18% Piramal Enterprises Limited 0.24% PNB Housing Finance Ltd. 0.02% Power Finance Corporation Ltd. 2.86% Power Grid Corporation of India Ltd. 0.39% Punjab & Sind Bank 0.55% Punjab National Bank 0.06% Ratnakar Bank Ltd 0.48% Raymond Ltd. 0.29% Reliance Capital Ltd. 0.94% Reliance Jio Infocomm Limited 0.71% Reliance Media Works Limited 0.04% Reliance Ports And Terminals Limited 0.01% Reliance Utilities And Power Private Limited 0.23% Religare Finvest Ltd. 0.55% Rural Electrification Corporation Ltd. 1.41% S D Corporation Private Limited 0.16% Sadbhav Engineering Ltd. 0.32% Sahyadri Agencies Ltd 0.20% SBK Properties Pvt Ltd. 0.38% Sesa Sterlite Ltd. 2.10% Shapoorji Pallonji and Company Private Limited 1.27% Shivprasad Realty Pvt Ltd 0.17% Shriram City Union Finance Ltd. 0.24% Shriram Transport Finance Co Ltd. 0.10% Sneha Abasan Pvt Ltd 0.10% Sneha Enclave Pvt Ltd 0.06% Standard Chartered Bank Ltd 0.00% State Bank of Bikaner & Jaipur 0.32% State Bank of Hyderabad 0.16% State Bank Of India. 0.05% State Government 1.76% Steel Authority of India Ltd. 0.14% Sundaram BNP Paribas Home Finance Ltd 0.13% Sundaram Finance Ltd. 0.56% Syndicate Bank 0.32% Talwandi Sabo Power Limited 0.47% Tamil Nadu Generation & Distribution Corporation L 0.28% Tata Capital Financial Services Limited 0.77% Tata Capital Housing Finance Ltd; 0.78% Tata Motors Finance Ltd 0.15% TATA MOTORS FINANCE SOLUTIONS PRIVATE LIMITED 1.54% Tata Motors Ltd. 0.05% Tata Power Company Ltd. 0.58% Tata Sons Ltd. 0.13% The South Indian Bank Ltd. 0.64% UCO Bank 1.77% Ultratech Cement Ltd. 0.16% Vardhman Textiles Ltd. 0.16% Vijaya Bank 2.68% Vizag General Cargo Berth Private Limited 0.03% Vodafone India Limited 0.01% YES Bank Ltd. 0.02% CCIL 3.13% %age of Exposure to Debt AUM BANKS 24.23% CASH (CBLO / REVERSE REPO) 3.13% CORPORATES 17.10% FINANCIAL SERVICES 18.17% GOI / TBILLS 19.75% NBFC 14.81% Real Estate 2.82% - includes Hybrid schemes - debt scheme schemes having equity exposure 53

55 DIVIDEND HISTORY Equity s Kotak Equity Arbitrage Fund Record Date Cum Dividend NAV `/Unit Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Kotak 50 - Dividend Record Date Cum Dividend NAV `/Unit Dec Feb Feb Feb Jan Jan Mar Feb Jan July Dec Dec Jun Nov Jan Oct Dec Oct Kotak Classic Equity Record Date Cum Dividend NAV `/Unit Jul Jan Jul Kotak Opportunities Record Date Cum Dividend NAV `/Unit Aug Sept Nov May Sept Mar Jan Sept Sept Mar Feb Kotak Midcap Record Date Cum Dividend NAV `/Unit Feb Feb Feb Feb Apr Aug Kotak Tax Saver Record Date Cum Dividend NAV `/Unit Dec Nov Feb Feb Kotak Emerging Equity Record Date Cum Dividend NAV `/Unit Apr May May Apr Kotak Asset Allocator Fund (Earlier Know as Kotak Equity FOF) Record Date Cum Dividend NAV `/Unit Aug Individual/ HUF: Others: Kotak Select Focus Record Date Kotak Equity Saving Fund - Monthly Dividend Option Record Date Cum Dividend NAV Cum Dividend NAV `/Unit Sept Oct `/Unit Apr Mar Feb Jan

56 Hybrid s Kotak Balance Record Date Cum Dividend NAV `/Unit Mar Sep Mar Sep Mar Sep Mar Sept Mar Sept Mar Sept Mar Sept Sept Mar Dec May ETF SCHEMES Kotak PSU Bank ETF Record Date Nov Feb Kotak SENSEX ETF Record Date Kotak Nifty ETF Record Date Cum Dividend NAV Cum Dividend NAV Cum Dividend NAV `/Unit `/Unit Nov June `/Unit Nov Jan May Kotak Monthly Income Plan - Monthly Dividend Record Date Kotak Monthly Income Plan - Quarterly Dividend Record Date Cum Dividend NAV Cum Dividend NAV `/Unit Apr Individual/ HUF: Others: Mar Individual/ HUF: Others: Feb Individual/ HUF: Others: Jan Individual/ HUF: Others: `/Unit Mar Individual/ HUF: Others: Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: June Individual/ HUF: Others:

57 NOTES 56

58 RISK FACTORS Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Disclaimer on market outlooks: The outlook provided is only a subjective understanding of an uncertain market phenomena, which may or may not occur, and may also not have any effect on the performance of the scheme, clement or otherwise. This outlook should not be construed as a reason for investment into the scheme based on prospect of future performance, which may not accrue as anticipated by the statement. SERVICES & FACILITIES Network of Transaction Acceptance Points: Submit transaction requests at your convenience across our 27 Investor Service Centres and 171 Transaction Points of CAMS. (To locate these, visit the Contact Us section on our website, Electronic Credit of Dividends and Redemption Proceeds: Now get your dividend payouts and redemption proceeds paid directly into your bank account with any bank, provided the same is connected under Core Banking System of RBI. Ensure your complete core banking account details are updated at our end. Systematic Investments, Withdrawals and Transfers: Our Systematic Investment Facility provides you with the option of investing a fixed amount over a period of time, in a disciplined manner. Through this process, you benefit from Rupee Cost Averaging (buying more Units at lower NAV), and avoid the uncertainties involved with trying to time the market. Through our Systematic Withdrawal Facility, withdraw fixed amounts, or the entire appreciation on your investment, in any scheme periodically and benefit by averaging out on market fluctuations. To systematically transfer investments from one Kotak scheme to another, try our Systematic Transfer Facility. This tool also helps you manage your investment portfolio among Kotak Mutual s, in line with your asset allocation plan. Dividend Transfer Plan: Avail of the facility to transfer your dividend proceeds from one scheme to another. This facility is available for physical units held by an investor under the Dividend Options (other than Daily Reinvestment Sub-option) of all open ended s of Kotak Mahindra Mutual Fund. Internet Transaction: Invest Online. Hassle-free transaction processing at your fingertips. You can now purchase, switch, redeem and invest in NFO, electronically through our Internet Transaction Facility. You can also view/ download your account statement at any time. This facility has been extended to new investors of Kotak Mutual Fund as well. You need not be an existing investor of Kotak Mutual Fund to transact online. New investor just need to log onto to our Internet Transaction Portal & start investing. For more details please log on to: assetmanagement.kotak.com Mobile Transaction: Have the convenience of transacting, on the go! Use the Kotak Mutual Fund Mobile App for transacting. You can simply download this app from your App Store (Google Play, Windows 8 or Ios) and use the Internet transaction PIN to start transacting. Communication: Opt in for value-added information through , Daily NAV and Dividend Updates, Monthly Updates and more. You can also receive your account statement and your transaction confirmation details by updation of your address at our end. To update your address, you just need to give a call on (toll-free) from your registered contact number, and your address will be recorded after due verification. Website Utilities: Plan and track your investments better. Use our Risk Profiler to assess your risk appetite, Life goal planner to know the future value of your financial goals and the funds that you need to invest per month to fulfill these goals, and our SIP-O-Meter to know how much returns SIP can generate for you. Just log on to our website (assetmanagement.kotak.com) and access all these facilities. For details contact us at: KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED 6th Floor, Kotak Infiniti, Building No. 21, Infinity Park, Off Western Express Highway, Gen. A. K. Vaidya Marg, Malad (East), Mumbai Tel.: Fax: mutual@kotak.com Website: assetmanagement.kotak.com Corporate Office of Asset Management Company: 3rd floor, Sheil Estate Building, Dani Corporate Park, 159-A, C S T Road, Kalina, Santacruz (E), Mumbai Contact Details Agra: Ahmedabad: / Ajmer: Aligarh: Allahabad: Ambala: /71 Amritsar: / Anand: Aurangabad: Bangalore: / 51 Bareilly: Bhavnagar: Bhilai: Bhopal: Bhubaneshwar: / Bhuj: Calicut: Chandigarh: / Chennai: / Cochin: / Coimbatore: Cuttack: / Dehradun: / Dhanbad: / Durgapur: / Goa: Gorakpur: Gurgaon: Guwahati: Hubli: Hyderabad: / 41/ 42 Indore: Jaipur: / Jalandhar: Jalgaon: / 32 Jammu: Jamnagar: Jamshedpur: / / Jodhpur: Kanpur: / Kolhapur: / 91 Kolkata: / 12/ 13/ 14 Kottayam: Lucknow: / Ludhiana: / Mangalore: Meerut: Mumbai: Mumbai: (Thane): / 186 Muradabad: Mysore: Nagpur: /8577 Nashik: New Delhi: / 02 Panipat: Patiala: Patna: Pondicherry: Pune: / Raipur: Rajkot: Ranchi: / / Rourkela: / Salem: Shimla: / Silliguri: Surat: / Trichur: Trichy: Trivandrum: Udaipur: Vadodara: / Vapi: / Varanasi: Vijayawada: Vishakapatnam:

59 58