FACTSHEET AUGUST 2015

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2 DEBT MARKET COMMENTARY August 10 year G-Sec 3M CDs 6M CDs 12M CDs Currency 10 Year US Treasury Month Opening Intra Month High Intra Month Low Month Closing Inflation July CPI was a pleasant surprise. It softened significantly more than expected, and came at multi-month low of 3.8% (as against the consensus of 4.4%) from a high of 5.4% in June. Food inflation was the reason for cheer here. The food and beverages group eased to 2.89% in July 2015 from 5.73% in June 2015, a fall of more than 280 bps this month. Given the base effect and government pro-activeness in breaking the poor monsoon-high food inflation equation, by efficient mobilization and utilization of buffer food grains, food inflation was expected to trend lower, but this number beat that expectation also. Wholesale prices declined -4.05% in July, the ninth consecutive monthly fall and the steepest in about four decades, primarily due to cheaper food items, oil and manufactured products. In June, Wholesale Price Index (WPI)-based deflation (the rate of fall in prices) stood at 2.40%. Macros Industrial growth, as measured by IIP growth, was higher than market estimates. It strengthened to 3.8% yoy in June, from 2.7% in May. This indicates a slow recovery and improving consumer sentiments. India trade deficit widened sharply in July to the highest in eight months, at USD 12.8 bn. Coming at 7.0% for June 2015 quarter, Indias GDP slowed down as compared to previous quarter number of 7.5% (Jan-Mar 2015). Liquidity / Rates Markets are enjoying comfortable liquidity currently. Led by excess liquidity, banks parked on an average approximately 23,500 crores, with RBI during month of august compared to average of 8500 crores in July. The overnight rates were softer and below the operative rate of 7.25% for the most of the days of month. RBI conducted regular variable reverse repos to keep the levels from crashing down, and there by maintained them in an optimal band. Substantial government spending, low credit off take is keeping the system in a very comfortable zone as far as liquidity is concerned. China currency deprecation-by 3%, stunned the markets and shockwaves were felt globally. Indian rupee and equity also faced the brunt to an extent, with bonds actually being supported due to value buying. 10 year sovereign fluctuated in a very narrow range and at month end was 3 bps lower at 7.78% as compared to the open at 7.81%. RBI Policy As expected by us, RBI kept the key rates unchanged, i.e. the repo rate was kept unchanged at 7.25 at its bi-monthly monetary policy meeting on 4th August It mentioned that uncertain monsoon till date, better transmission of by banks of earlier rate cuts and US Fed policy actions, these are the factors it is keeping a watch on to decide on further cuts going ahead. RBI said that it had already front-loaded the cuts in the system and hence there was no need to do further cuts at current juncture. Outlook A weaker Chinese yuan, led to rupee depreciation also. From a macroeconomic perspective, this will be advantageous, India with depreciated rupee will benefit in terms of enhance trade competitiveness. Additionally, a stronger US dollar, led by a weaker Chinese yuan, might be adding to the uncertainty of US Fed hike in September. Furthermore, domestic inflation scenario getting more and more comfortable-all this is making gilts attractive. As we had mentioned in the previous month commentary, a mildly dovish statement will set the stage for returning of positive sentiment to the markets-and thats what has exactly happened. Markets have turned bullish. 10 year G-Sec at % band is an attractive range for investment currently. RBI in the upcoming September is most likely to do a 25 bps cut in the repo rate from 7.25 to 7.00, led primarily by a) lower inflation going ahead, due to falling commodity prices (in light of Chinese slowdown), b) need to kick-start the sluggish economy, to prevent deflation challenge getting initiated due to fears of global slowdown, c) occurrence of monetary transmission of rate cuts, led by some of the major commercial banks, which will be view positively by RBI, and lastly d) structural drivers forcing the interest rate downwards in India in next months, led primarily by RBI pushing the banks to a new system of calculating base rates, which is likely to lead in falling base rate and consequent lower rate lending to corporates. For investors with an appetite for volatility, depending on risk appetite and investment horizon, intermittently elevated levels should be utilized to take enhanced exposure to duration - they are likely to generate smart returns. Risk and volatility averse investors should focus on accrual led constant income created by higher yields. In a falling rate scenario, short-term fund will be a good avenue for those looking to lock high accrual and enjoy a constant and non-volatile high carry, while simultaneously earning higher return as compared to fixed deposits. Malay Shah Head Fixed Income

3 EQUITY MARKET COMMENTARY Key Domestic News India's June-September monsoon rains are likely to be below the prior forecast of 88 the long-term average, the IMD said. This could make 2015 the driest year since 2009 and put pressure on farm output and lead to spike in CPI inflation Complete monsoon session of parliament was washed out without any significant work getting done, as opposition continued with its demand for resignation of Union Minister Ms. Sushma Swaraj & Chief Ministers of MP & Rajasthan In a big relief to foreign institutional investors (FIIs), the government accepted recommendation of a high level panel that minimum alternate tax (MAT) should not be imposed on overseas portfolio investors retrospectively. Key Domestic Economic Data Indias real GDP growth slowed to 7.0% in Q from 7.5% in Q1, lower than expected, while GVA growth rose to 7.1% from 6.1%, above expectations. Real private consumption growth moderated to a still-robust 7.4% y-o-y, while fixed investment growth picked up to 4.9%, indicating some recovery in the capex cycle. India's fiscal deficit for the first four months of stood at Rs 3.85 lakh crore, 69.3 the full-year target, compared with 61.2% cent for the same period last year, on the back of a boost in capital expenditure by the government. The government spent 34 the budgeted plan expenditure in the first four months of the current financial year, higher than 23% in the same period last year. July 2015 CPI dived lower to 3.8% from 5.4% last month, much below expectation of %, led by lower food inflation. Similarly, Core CPI also fell to 3.7% from 5.0% last month due to lower fuel prices and other services inflation. WPI for July 2015 dived lower to -4.1% ahead of expectations. Sequential contraction was seen across segments fuel inflation was the most, followed by primary articles and manufacturing. Growth of Indian manufacturing production waned in August on the back of softer improvements in both domestic and foreign demand. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) declined to 52.3 in August from 52.7 in July. Key Global Events Hard landing concerns in China came to forefront as China Manufacturing PMI fell below estimates to a 77-month low of 47.1 in August, compared to a final reading of 47.8 in July indicating that despite stimulus, slowdown is gathering pace. Greece geared up for its fifth election in six years with an opinion poll showing leftist leader Alexis Tsipras ahead despite a wave of defections from his Syriza party over the terms of the country's massive new bailout US FOMC minutes continue to see an improving economy and labor situation, suggesting the possibility of a hike at the next meeting (mid-september) is on the table. Outlook Over short term, we continue to expect volatility due to concerns on China, US Fed rate hike decision, slower than expected economic recovery in India and disappointment over parliament logjam on land acquisition & GST bills. However, we believe that economic cycle in India is slowly, steadily turning around and quality of Indian macros has improved significantly. Investment cycle is picking up gradually, is expected to pick up pace over next few quarters. GDP growth and corporate earnings should see some improvement over next few quarters. The ongoing correction is good opportunity for investors with medium to long-term horizon. Hard landing in China, weak monsoons, central governments failure to push through big-ticket reforms and a reversal in crude oil prices continue to be key risk to our outlook. Sumit Bhatnagar, CFA - Equity 2

4 Liquid Fund (An Open-ended Liquid scheme) Credit Risk Rating AAAmfs by CRISIL# 3 Credit Quality 25 October 2011 Mr. Malay Shah work experience: More than 12 years CRISIL Liquid Fund Index Growth Option: ` Daily Dividend Option: ` Weekly Dividend Option: ` Existing Plan Growth Option: ` Daily Dividend Option: ` Weekly Dividend Option: ` The Scheme offers the following - Growth Option - Dividend Option (Daily, Weekly, Fortnightly & Monthly) Default Option / Facility / Frequency Default Option Growth Default dividend facility Reinvestment Default dividend frequency Monthly Minimum Additional Purchase Amount: Entry Load: Not Applicable Exit Load: Nil ` Crores Fund Style Interest Rate Sensitivity To provide a high level of liquidity with returns commensurate with low risk through a portfolio of money market and debt securities with maturity of upto 91days. However, there can be no assurance that the investment objective of the Scheme will be achieved. Name of Instrument/Issue Certificate of Deposits Corporation Bank Kotak Mahindra Bank Ltd IDBI Bank Limited Punjab & Sind Bank ICICI Bank Ltd Indian Overseas Bank ING Vysya Bank Ltd The South Indian Bank Ltd Axis Bank Limited Andhra Bank Dena Bank State Bank Of Hyderabad Vijaya Bank State Bank Of Bikaner & Jaipur Treasury Bills Treasury Bills Fixed Deposit HDFC Bank Ltd Commercial Papers RHC Holding Private Ltd HDFC Ltd Bharat Aluminium Company Ltd IL&FS Transportation Networks Ltd Cox & Kings Ltd IFCI Ltd HCL Infosystems Ltd Dalmia Cement (Bharat) Ltd Edelweiss Commodities Services Ltd Aspire Home Finance Corporation Ltd TVS Credit Services Ltd Religare Comtrade Ltd Sterling AND Wilson Pvt Ltd Religare Securities Ltd Future Retail Ltd Aadhar Housing Finance Private Limited. Adhunik Cement Ltd Dalmia Cement East Ltd. L & T Infrastructure Finance Co. Ltd. Subros Ltd Kotak Commodity Services Ltd Forbes and Company Ltd Fixed rates bonds - Corporate Tata BlueScope Steel Ltd. CBLO/Reverse Repo/Net current assets Average Maturity Days Period Last 7 days till 30th June 2015 Last 15 days till 30th June 2015 Last 30 days till 30th June th June 2014 till 30th June th June 2012 till 30th June 2015 Since Inception (CAGR) Since Inception (Value#) (INR) NAV/ Index Value (as of 30th June 2015) Quantitative Indicators Modified Duration Days Gross YTM Liquid Fund Existing Plan , Liquid Fund Rating AA Crisil Liquid Fund Index (Scheme Portfolio Crisil 1 Yr T- Bill Index (Additional # Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, Returns shown for 7 days, 15 days and 30 days are computed on Simple Annualised basis, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future. Mr. Malay Shah is also the for Ultra Short Term Fund, Gilt Fund, Income Fund, Short Term Fund and Arbitrage Fund Dividend History - Monthly Option (Existing Plan) Record Date Face Value NAV Dividend/Unit ` 1000 ` ` ` 1000 ` ` ` 1000 ` ` Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. Scheme Performance // Fixed Deposit , Rating Profile AA , % 0.56% 11.02% Adjusted for net current assets ,

5 Ultra Short Term Fund (An Open-ended Debt scheme) Credit Risk Rating AAAmfs by CRISIL# Credit Quality 6 January 2012 Mr. Malay Shah work experience: More than 12 years CRISIL Liquid Fund Index The Scheme offers the following options - Growth - Dividend Option (Daily, Weekly, Fortnightly & Monthly) Default Option / Facility Default Option Growth Default Dividend Facility Reinvestment Minimum Additional Purchase Amount: Entry Load: Not Applicable Exit Load: NIL ` Crores Fund Style Growth Option: ` Daily Dividend Option: ` Fortnightly Dividend Option: ` Weekly Dividend Option: ` Monthly Dividend Option: ` Existing Plan Growth Option: ` Daily Dividend Option: ` Weekly Dividend Option: ` Monthly Dividend Option: ` Interest Rate Sensitivity To provide liquidity with return commensurate with low risk through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be achieved. Name of Instrument/Issue Certificate of Deposits Kotak Mahindra Bank Ltd Axis Bank Limited IDBI Bank Limited Bank Of India Corporation Bank Canara Bank Indusind Bank Limited State Bank Of Patiala Punjab & Sind Bank Treasury Bills Treasury Bills Commercial Papers HDFC Ltd RHC Finance Pvt Ltd IL&FS Transportation Networks Ltd Shapoorji Pallonji & Company Ltd. HCL Infosystems Ltd S D Corporation Private Ltd. Dewan Housing Finance Corp. Ltd Cox & Kings Ltd Religare Enterprises Ltd RHC Holding Private Ltd JK Lakshmi Cement Ltd AU Financiers (India) Ltd IFCI Ltd Vedanta Ltd Fixed Rates Bonds - Corporate 10.80% Dewan Housing Finance Corp. Ltd 15.60% Tata BlueScope Steel Ltd 10.50% Dalmia Cement (Bharat) Ltd 10.25% Jyothy Labs Ltd 10.81% Writers and Publishers Pvt Ltd 9.00% Shriram Transport Fin Co Zero Coupon Bonds - Corporate ICICI Bank Ltd CBLO/Reverse Repo/Net current assets Average Maturity Days Quantitative Indicators Modified Duration Days Gross YTM 8.22 Dividend History - Monthly Option (Existing Plan) Record Date Face Value NAV Dividend/Unit ` 1000 ` ` ` 1000 ` ` ` 1000 ` ` Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. Period Last 7 days till 30th June 2015 Last 15 days till 30th June 2015 Last 30 days till 30th June th June 2014 till 30th June th June 2012 till 30th June 2015 Since Inception (CAGR) Since Inception (Value#) (INR) NAV/ Index Value (as of 30th June 2015) Scheme Performance Ultra Short Term Fund Existing Plan , Ultra Short Term Fund Rating AAA AA AA+ AAA /AAA/ Crisil Liquid Fund Index (Scheme Portfolio Crisil 1 Yr T- Bill Index (Additional # Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, Returns shown for 7 days, 15 days and 30 days are computed on Simple Annualised basis, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future. Mr. Malay Shah is also the for Liquid Fund, Gilt Fund, Income Fund, Short Term Fund and Arbitrage Fund , Rating Profile AA+ AA , % 0.29% 1.74% 2.89% 9.03% Adjusted for net current assets ,

6 Short Term Fund (An Open-ended Debt scheme) Fund Style Credit Quality The Scheme will endeavor to generate stable returns over short term with a low risk strategy while maintaining liquidity through a portfolio comprising debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be achieved. Interest Rate Sensitivity Name of Instrument/Issue Commercial Papers HCL Infosystems Ltd IL&FS Transportation Networks Ltd Rating Portfolio Mr. Malay Shah work experience: More than 12 years Fixed Rates Bonds - Corporate 10.81% Writers and Publishers Pvt Ltd 12.50% Religare Finvest Ltd 11.10% IL&FS Transportation Networks Ltd CBLO/Reverse Repo/Net Current Assets A CRISIL Short Term Bond Fund Index 13 September 2013 Growth Option: ` Monthly Dividend Option: ` Regular Plan Growth Option: ` Weekly Dividend Option: ` Monthly Dividend Option: ` The Scheme offers the following options - Growth - Dividend Option (Weekly, Fortnightly & Monthly) Default Option / Facility Default Option Growth Default Dividend Facility Reinvestment Average Maturity 0.60 Years Quantitative Indicators Modified Duration 0.54 Years Gross YTM Dividend History - Monthly Option (Regular Plan) Record Date Face Value NAV ` 1000 ` ` 1000 ` ` 1000 ` Dividend/Unit ` ` ` Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. Rating Profile 46.95% 37.25% A 13.51% Minimum Additional Purchase Amount: Entry Load: Not Applicable Exit Load: 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. Period 30th June 2014 till 30th June 2015 Since Inception (CAGR) Since Inception (Value#) (INR) NAV/ Index Value (as of 30th June 2015) Scheme Performance Short Term Fund Regular Plan # Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future. Mr. Malay Shah is also the for Liquid Fund, Ultra Short Term Fund, Gilt Fund, Income Fund and Arbitrage Fund , Short term Fund , Crisil Short Term Bond Fund Index (Scheme , ` Crores

7 Income Fund (An Open-ended Debt scheme) Fund Style Credit Quality To generate a steady stream of income and/or medium to long term capital appreciation/gain through investment in fixed income securities. However, there can be no assurance that the investment objective of the scheme will be achieved. Mr. Malay Shah work experience: More than 12 years CRISIL Composite Bond Fund Index Interest Rate Sensitivity Name of Instrument/Issue Fixed Rate Bonds - Corporate 8.35% Petronet LNG Limited 9.40% IFCI Ltd 9.55% Hindalco Industries Ltd 10.81% Writers and Publishers Pvt Ltd religare finvest ltd 10.25% Jyothy Labs Ltd Fixed Rate Bonds - Government 8.60% GOI - 02-Jun-2028 Rating AA+ A+ AA Portfolio CBLO/Reverse Repo/Net Current Assets March 2013 Growth Option: ` Monthly Dividend Option: ` Quarterly Dividend Option: ` Half Yearly Dividend Option: ` Regular Plan Growth Option: ` Monthly Dividend Option: ` Quarterly Dividend Option: ` Half Yearly Dividend Option: ` The Scheme offers the following - Growth Option - Dividend Option (Daily, Weekly, Fortnightly & Monthly) Default Option / Facility / Frequency Default Option Growth Default dividend facility Reinvestment Default dividend frequency Monthly Minimum Additional Purchase Amount: Entry Load: Not Applicable Exit Load: 1% if redeemed/switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. Average Maturity 5.74 Years Quantitative Indicators Modified Duration 3.26 Years Gross YTM 8.82 Dividend History - Monthly Option (Regular Plan) Record Date Face Value NAV Dividend/Unit ` ` ` ` ` ` ` ` ` Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. Period 30th June 2014 till 30th June 2015 Since Inception (CAGR) Since Inception (Value#) (INR) NAV/ Index Value (as of 30th June 2015) Scheme Performance Income Fund Regular Plan # Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future. Mr. Malay Shah is also the for Liquid Fund, Ultra Short Term Fund, Gilt Fund, Short Term Fund and Arbitrage Fund , Income Fund , Rating Profile AA+ A+ AA 25.30% 23.22% 12.08% 11.99% 11.95% Crisil Composite Bond Fund Index (Scheme , ` Crores 6

8 Gilt Fund (An Open-ended Gilt scheme) Fund Style Credit Quality Mr. Malay Shah work experience: More than 12 years I-Sec Composite Index Interest Rate Sensitivity The scheme seeks to generate income and capital appreciation by investing predominantly in sovereign securities issued by Central Government (including Treasury Bills) and/or by State Government, without any restriction on the maturity of the portfolio. However, there is no assurance that the investment objective of the scheme will be realized and the scheme does not assure or guarantee any returns. Name of Instrument/Issue Fixed rates bonds - Government 8.60% GOI - 02-Jun % GOI 21-Sep % GOI 09-Jun % GOI 25-May-2025 CBLO/Reverse Repo/Net Current Assets Rating Portfolio January 2013 Growth Option: ` Indirect Plan Growth Option: ` Weekly Dividend Option: ` Fortnightly Dividend Option: ` Monthly Dividend Option: ` The Scheme offers the following Growth Option, Dividend Option & Bonus Option Default Option / Facility / Frequency Default Option Growth Default Dividend Facility Reinvestment Minimum Additional Purchase Amount: Entry Load: Not Applicable Exit Load: 1% if redeemed/switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. Average Maturity Years Quantitative Indicators Modified Duration 6.43 Years Gross YTM 7.94 Dividend History - Monthly Option (Regular Plan) Record Date Face Value NAV Dividend/Unit ` 1000 ` ` ` 1000 ` ` ` 1000 ` ` Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. Period 30th June 2014 till 30th June 2015 Since Inception (CAGR) Since Inception (Value#) (INR) NAV/ Index Value (as of 30th June 2015) Scheme Performance Gilt Fund Regular Plan Rating Profile 97.20% # Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future. Mr. Malay Shah is also the for Liquid Fund, Ultra Short Term Fund, Income Fund, Short Term Fund and Arbitrage Fund , Gilt Fund , I-Sec Composite Index (Scheme , ` Crores

9 Blue Chip Fund (An Open-ended Equity scheme) Fund Style Investment Style Growth Blend Value To provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies. However there can be no assurance that the investment objective of the scheme will be achieved. Mr. Sumit Bhatnagar - Work Experience: 14 years S & P CNX Nifty Index Large Medium Small Capitalisation Industry Allocation of Equity Holding Petroleum Products Consumer Non - Durables Pharmaceuticals Auto Software Finance Industrial Products Transportation Construction Projects Chemicals Services Industrial Capital Goods Textile Products Cement Construction Net Assets February 2012 Growth Option: ` Dividend Option: ` Equity & Equity Related Holdings Cash & Cash Equivalents and Net Current Assets Existing Plan Growth Option: ` Dividend Option: ` Top 10 Holdings - Company Equity & Equity Related Industry % to NAV The Scheme offers the following Growth Option & Dividend Option Default Option / Facility / Frequency Default Option Growth Default Dividend Facility Reinvestment Reliance Industries Ltd Maruti Udyog Ltd Britannia Industries Limited Dewan Housing Finance Corp. Ltd Bharat Forge Ltd Larsen Toubro Ltd HCL Technologies Jyothy Laboratories Ltd ICICI Bank Ltd Chennai Petroleum Corporation Ltd Petroleum Products Auto Consumer Non - Durables Finance Industrial Products Construction Project Software Consumer Non - Durables Petroleum Products Minimum Additional Purchase Amount: Top 10 Equity & Equity related Holdings Entry : Not Applicable Exit : 1% if redeemed/switched out within first year, NIL if redeemed/switched out after one year from the date of allotment ` Crores Period 30th June 2014 till 30th June th June 2012 till 30th June 2015 Since Inception (CAGR) Since Inception (Value#) (INR) NAV/ Index Value (as of 30th June 2015) No Dividend has been declared in this scheme Scheme Performance Blue Chip Fund - Existing Plan , Blue Chip Fund , S&P CNX Nifty Index (Scheme & Additional , , # Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future. Mr. Sumit Bhatnagar is also the for Arbitrage Fund. 8

10 Arbitrage Fund (An Open-ended Equity scheme) Mr. Sumit Bhatnagar Work Experience: 14 years Mr. Malay Shah work experience: More than 12 years CRISIL Liquid Fund Index December 19, 2014 Growth Option: ` Dividend Option: ` To generate income by predominantly investing in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be realized. Industry Allocation of Equity Holding Finance Petroleum Products Auto Construction Projects Software Media & Entertainment Pharmaceuticals Grand Net Assets Regular Plan Growth Option: ` Dividend Option: ` Company Industry / Rating % to NAV The Scheme offers the following Growth, Dividend & Bonus Option Default Option / Facility / Frequency Dividend Option Dividend Payout Facility & Dividend Reinvestment Facility ` 500 and in multiples of `1/- thereafter Minimum Additional Purchase Amount ` 500 and in multiples of ` 1/- thereafter Top 10 Equity & Equity Related Holdings HDFC Limited Reliance Industries Ltd Maruti Udyog Ltd HDFC Bank Ltd Larsen Toubro Ltd ICICI Bank Ltd Canara Bank Tech Mahindra Ltd Sun TV Limited Axis Bank Ltd Finance Petroleum Products Auto Construction Projects Software Media & Entertainment Entry: Not Applicable Exit: 0.25% if redeemed/switched out within one month from the date of allotment, Nil - if redeemed/switched out after one month from the date of allotment Equity & Equity Related Holdings. Margin Fixed Deposits Religare Securities Ltd Writers and Publishers Pvt. Ltd. Capital First Limited IL&FS Transportation Networks Ltd Dewan Housing Finance Corp. Ltd Religare Finance Ltd CBLO/Reverse Repo/Net Current Assets (including Cash and Cash equivalents) [ICRA] BWR CARE AA+ [ICRA]A CARE AAA [ICRA] ` Crores Dividend History - Monthly Option (Regular Plan) Record Date Face Value NAV Dividend/Unit ` ` ` ` ` ` 0.10 Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. Mr. Sumit Bhatnagar is also the for Blue Chip Fund. Mr. Malay Shah is also the for Liquid Fund, Ultra Short Term Fund, Short Term Fund, Income Fund & Gilt Fund. Since Arbitrage Fund has been in existence for less than 1 year as on June 30, 2015, past performance has not been provided. 9

11 Product Labeling of All Schemes Name Of Scheme Liquid Fund (An Open-ended Liquid Scheme) This Product Is Suitable For Investors Who Are Seeking* High level of liquidity with commensurate returns over short term. Through investment in money market & debt securities with maturity of upto 91days. Low Risk RISKOMETER Ultra Short Term Fund (An Open-ended Debt Scheme) Liquidity with commensurate returns over short term. Through investment in money market and debt securities. Moderately Low Risk Gilt Fund (An Open-ended Gilt Scheme) Income and capital appreciation over medium to long term. Through investment in sovereign securities issued by Central Government (including Treasury Bills) and/ or by State Government, without any restriction on the maturity of the portfolio. Moderate Risk Income Fund (An Open-ended Debt Scheme) Regular income and/or capital appreciation over medium to long term. Through investment in fixed income securities. Moderate Risk Short Term Fund (An Open-ended Debt Scheme) Stable returns over short term while maintaining liquidity. Through investment in debt and money market instruments. Moderate Risk #CRISIL Disclaimer: A CRISIL credit quality rating on a bond fund reflects CRISIL's current opinion on the degree of protection offered by the rated instrument from losses related to credit defaults. It does not constitute an audit by CRISIL of the fund house, the scheme, or companies in the scheme's portfolio. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the rated scheme: it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. CRISIL reserves the right to suspend, withdraw or revise its rating at any time, on the basis of any new information or unavailability of information or any other circumstances, which CRISIL believes may have an impact on the rating. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATlNG DESK at CRISILratingdesk@crisil.com or at (+91 22)

12 Blue Chip Capital appreciation over long-term Fund (An Open-ended A portfolio that is invested predominantly Note: Equity Risk Scheme) is represented as: in equity and equity-related securities of blue-chip large-cap companies. High Risk Arbitrage Fund (An Open-ended Equity Scheme) To generate reasonable returns over short to medium term. Investment predominantly in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. Moderately Low Risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Asset Management Company Limited CIN: U65991DL2008PLC Registered Office: M - 62 & 63, 1st Floor, Connaught Place, New Delhi Tel: (011) ; Fax: (011) Corporate Office: Finance Centre Tower - 1, 11th Floor, Senapati Bapat Marg, Elphinstone West, Mumbai Tel: (022) ; Fax: (022) Call: SMS: IBMF to customercare@indiabullsamc.com Website: AMC Branches: Bangalore: Plot No.87/6, Richmond Road, Richmond Town, Bangalore Chennai: Apex Chambers, 3rd Floor, No.20, Sir Theyagaraya Road (Pondy Bazar) T. Nagar, Chennai Kolkata: 11, Ground Floor, Constantia Complex, Dr U.N Brahmachari Street, Kolkatta New Delhi: M- 61 & 62, 1st Floor, Middle Circle, Connaught Place, New Delhi Pune: Office No.002, Zenith Complex, Shivajinagar, Pune Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.