For scheme speci c risk factors please refer page 9

Transcription

1 For scheme speci c risk factors please refer page 9

2 EXPERT SPEAK Mr. Nilesh Shah January 31, Dear Friends, FY 16 budget laid the road map of fiscal prudence by targeting 3.5 % fiscal deficit for FY 17. It encouraged global rating agencies to upgrade our outlook & FIIs to invest in our debt market. This year budget has to provide Rs 100,000 cr for implementation of VIIth pay commission recommendations. It also has to provide funds for public investment to keep economy on growth path. The Budget does have benefit of large savings on fuel subsidy due to lower oil prices. If the Budget raises taxes or borrowing to fund increased expenses, economy as well as market will be adversely impacted. If the Budget proposes to raise money by monetizing its assets from Land, Natural Resources & Spectrum to Investment in SUUTI market and economy will be positively impacted. Budget can consider following proposals to strengthen economic recovery and reassure investors on fiscal prudence. Launch a Fast Track Settlement Mechanism for Disputed taxes to increase revenue collections. Excess Manpower can be deployed from fighting time consuming litigations to widening of tax base and improved compliance. Fear of law through better monitoring can improve India s Tax to GDP ratio from African nations to south East Asian nation levels. Introduce Super Rich Tax including wealth tax & succession tax to mobilize revenue and narrow social divide. Globally Estate tax is levied even on common citizens. Let the rich share tax burden like the salaried class. Levy 2 % Wealth tax on Gold holding above a minimum level including on that held by Temples. Give exemption for investment in Gold Monetization so that domestic gold gets recycled. We must reduce our annual net gold imports of ~USD 22 billion. Let Domestic Saving support our Investment and job creation. Curb the menace of Black money in Real Estate and Gold through improved governance. Appoint an appropriately empowered Private Co to buy real estate including land at declared value on behalf of government and monetize it. They should be incentivized with a large profit share. The entire dealing of black money in real estate will come to a serious halt with swift execution of such punitive measure. Track Video Recording of Buyers making cash payment at Jewellers to curb black money role in Gold. Tax super rich farmers on Agriculture Income & cap their fertilizer subsidy like LPG subsidy for rich people. Encourage creative destruction by providing incentives to scrap aged automobiles. Govt s spend on such old vehicles will be far lower than taxes on replacement demand. The Economy will benefit by way of lower pollution, better fuel efficiency and more jobs in auto sector. Reduce the dependence on Foreign Savings by encouraging Indian savings to move into financial savings. Introduce Jan Nivesh yojna on the lines of immensely successful Jan Dhan yojna. It should encourage ease of doing investment by single KYC, simple documentation & appropriate distributor incentives. Encourage Retail Investors to participate in PSU Divestment through exclusive tax incentive. Incentives given will be far lower than Divestment proceeds and will help in spreading equity cult to provide risk capital to entrepreneurs With respect to our own industry, the on-going government-industry interactions in run up to the upcoming union budget have presented an opportunity for the IFAs. The IFAs may communicate with the finance ministry to provide them relief on the service tax levy. A service tax exemption to the some extent may be suggested to the ministry. This formulation might be amenable to ministry as well as benefit the wider section of the IFA community. As I have previously also highlighted, the unity and corporatisation is in the best interest of the community. It remains my cherished dream to see this idea catch momentum and snowball into a distribution behemoth. There are some good old grandmother tales. Two stories are of particular interest to me, and to us, I think. One is story of a flock of pigeons who when they get trapped, synchronise their flight and fly off with the net. Brilliant imagery. The other is the story of A father teaching his children unity by making them break single sticks and then bundling it up and making them try again. What were the grandmothers trying to tell us. I believe what they wanted to say was that no building stands on a single pillar. That no one in the herd is better off if everyone looks after only himself, and not for the rest of the group. Now how many amongst us remember the name of a white kurta-pyjama clad dabbawalla? I doubt anybody has bothered to even ask one. And yet they as a group together symbolise Indian ingenuity, skill and enterprise. Their fame is in the unified mechanism to deliver a very simple service. It is their enterprise and ingenious work as a group that has found its way in IIM-A and in Harvard B-school case studies. They have been featured in forbes magazine article and are a marvel for princes and billionaires. Why? It s excellence in unity of purpose. I say this because I see marvellous individual enterprise; islands of excellence; and brilliant service and delivery acumen in many of amongst our IFAs. But they remain that isolated islands - out of reach, and unheard of by most investors living elsewhere. The point is that time has come that IFAs come together and form a single corporate body. This body Corporate will absorb the best of selling, communicating and distributing practises which are already available within the IFA distributorship. Imagine the cross learning and fertilisation of ideas, imagine the United IFAs Inc representing as a single brand, speaking the same tone, with the same polish and the same message. Imagine the reach they will have to perhaps the last mile even in the remotest area. But only when these different IFA efficiencies and excellence models merge will a more robust, a more enriching and a more fulfilling business enterprise rise. The point is that IFAs need to come together and corporatize their individual businesses into a corporate structure to create and sustain value. This has been done before. And many times. If housewives of Girgaum (Mumbai) locality can see the benefit of coming together and can create a strong brand like Lijjat, then it only shows that it can be done. In fact, there is no better example of brilliance in joint stock and common enterprise than AMUL. Why can t Indian mutual funds industry have An Amul of the IFAs, by the IFAs and for the investors (and IFAs), if you will. And imagine the reach, the connection, the benefits which even an IFA in Chennai might gain from accessing an investor in Guwahati through such a corporate entity. Such a United IFA Inc would be able to assimilate, learn and distribute best practises of individual IFAs and distributors. Such a corporatized entity would help India mobilize and allocate her savings more effectively. It will give more depth to the domestic capital markets, accelerate financial integration and boost entrepreneurship. But it would need IFAs to let go of their personal egos, of their need to one-up the other in a small pond they operate in. Its time they merge together and swim in the ocean called Indian capital markets as a peaceful giant blue whale. Regards, Nilesh Shah Managing Director

3 EQUITY VIEW INDIA: Global issues dominate local markets The first month of the new-year 2016 proved to be a trying one for equity markets worldwide, India being no exception. The large cap Nifty index fell by 57% while the CNX Midcap index fell by 8% (in INR terms). Foreign Institutional Investors (FIIs) continued to be net sellers in the cash market to the tune of USD1.6Bn even as the Domestic Institutional Investors (DIIs) supported the market being buyers to the tune of USD987Mn. The turmoil in the global markets is showing no signs of an immediate resolution. Hence, the linkage of the performance of local markets with factors such as crude prices, worries over Europe and China are unlikely to weaken in the short term. A key structural worry emanates from the decline in the attractiveness of equities in emerging markets as an asset class and the consequent impact on FII flows. While India clearly shines from a macro perspective among the emerging market economies, the markets are not immune to global risk aversion. The factors which have impacted equity markets in January 2016 have been: Falling crude oil prices with brent crude falling 6% during the month IMF outlook on global growth: IMF expects the global economy to grow at 3.4% and 3.6% in 2016 and 2017 (earlier 3.6% and 3.8%) Growth slowdown in China together with the continuously weakening Yuan and a stronger US Dollar Muted trends in the domestic Q3FY16 earnings declared so far. Despite all the turmoil, domestic market valuations appear reasonable, with an expectation of improvement in earnings growth trajectory in FY17. The Nifty trades at 15.5X FY17E EPS and 13.1X FY18E EPS. We expect that even while the global issues would determine overall market direction in the near term, earnings trajectory and outlook (with the declaration of quarterly numbers) would determine individual stock performance. China: At the epicenter of the global worries; slower global growth a reality Worries over slower growth in China have been at the epicenter of the recent fall in global markets. As China attempts to transition from a high growth investment led economy to a slower but more sustainable consumer led economy, its GDP growth rate has gradually come down over the last several years. Also there is a growing fear that the GDP numbers do not reflect the full extent of the slowdown in the Chines e economy. In this context, China s Q4CY15 GDP growth stood at 6.8%, lower than market expectations. The Q4CY15 reported GDP growth is the lowest since Q1CY09, while the 2015 GDP growth of 6.9% (against the government s target of 7%) is the lowest annual growth since Taken together, all these events (slowdown of growth in China, fears of further devaluation of the RMB (even though it does appear that the Chinese Central Bank is keeping the RMB stable against its trade weighted basket) and the fall in crude oil prices suggests that the global economy will continue to witness increased volatility and slower growth. Such a global environment also means that commodity prices will remain contained for some time to come. Central banks infuse liquidity: ECB and BoJ at the fore; US Federal Reserve likely to raise rates at a very moderate pace With the slowdown in global growth, the month saw the Bank of Japan (BOJ) and the European Central Bank (ECB) come forward to support liquidity. Signals of more stimulus measures lifted global markets towards the end of the month. With the deflationary trend in the global economies firmly in place, monetary policy is expected to remain accommodative in the near term. The ECB President Draghi indicated that the central bank is inclined to ease rates in March on the back of a multitude of external risks threatening to keep inflation low. The opening statement released by the ECB stated that preparations will be made to ensure that all the technical conditions are in place to make the full range of policy options available for implementation at the March meeting. The BoJ also moved into the negative interest territory while adopting a 3-tier outstanding balance system. The outstanding balances of financial institutions' with BoJ will be divided into three tiers with differential interest rates. Tier 1 will attract 0.1%, Tier 2 will attract zero interest rate while Tier 3 will attract (-)0.1%. The US Federal Reserve maintained status quo on interest rates and hinted that any hikes would be gradual. The recent Fed minutes have indicated that it will focus on actual inflation build-up rather than expectation of inflation pick-up. The wage growth is yet to signal a sustained improvement though expectations are being built for some buoyancy in 2HCY16. Gains out of lower crude are likely translating into savings rather than incremental demand generation in the US Economy. RBI keeps rates on hold on February 2nd; chances of rate cut by 25bps in April increase RBI left key policy rates unchanged in line with our expectations at the sixth bi-monthly policy meeting. Consequently, the Repo Rate stands unchanged at 6.75% (Reverse Repo at 5.75%). While RBI states that monetary policy remains accommodative, the onus for future rate cuts now shifts to the central government and the outcome of the Union Budget. RBI remains focused on maintaining CPI inflation on the projected path to reach 5% by the end of FY17. We believe that RBI has room to cut policy rates further by 25-50bps in CY16 but would remain in a wait and watch mode till the announcement of the Union Budget and the steps that the government takes towards fiscal consolidation (after taking into account the 7th Pay Commission impact). The April Policy announcement would therefore be closely watched. In this context, the April policy meeting will gain importance as RBI factors in on the Union Budget, upcoming inflation numbers and currency market volatility. We believe that the chances of a 25 bps rate cut in April have increased although it does hinge on the extent of overall fiscal consolidation through the budget. RBI believes that the current momentum of economic growth is reasonable, though below what should be expected over the medium term. The upside risks to inflation comes from implementation of 7CPC (Central Pay Commission) as well as various state pay commissions. Union Budget on Feb 29; Government has the tough task of hiking capital expenditure while ensuring fiscal consolidation A key event in the month of February will be the presentation of the Union Budget on February 29, Clearly while the Government appears to be on track to meet the fiscal deficit target for FY16 in absolute terms (aided by strong tax collections), the lower than budgeted nominal GDP growth implies that there may be some slippages in fiscal deficit as % of GDP. Further, the targeted fiscal deficit for FY17 would be a key figure to watch out for given that the impact of the implementation of the 7th Pay Commission. Fiscal deficit in 9MFY16 was 88% of the FY16 budget estimate with gross tax collections growing 21.1%, higher than the 16% growth estimated in the budget. Indirect tax collections grew 34.8% (led by excise duty and service taxes) and direct taxes grew 10.7%. Total expenditure increased 6.3% within which capital expenditure increased by 33.5% while revenue expenditure grew 2.8%. The government would have to draw a fine line between fiscal consolidation and public capital expenditure to revive infrastructure spending in the economy. It is likely that with growth taking precedence, the government may slip a bit on the earlier outlined path of fiscal consolidation. A fall in the corporate income tax rate would help overall corporate earnings growth in FY17 (not yet factored into estimates). 2

4 DEBT VIEW Items Jan-16 Dec-15 Change Reverse Repo 5.75% 5.75% Nil Repo 6.75% 6.75% Nil CRR 4% 4% Nil SLR 21.50% 21.50% Nil Mibor Overnight 7.00% 7.03% -3 bps Call(O/N) 7.01% 6.68% 33 bps CBLO 7.01% 7.04% -4 bps 1 yr T Bill 7.18% 7.23% -5 bps 10 G Sec 7.78% 7.76% 2 bps 5 Year AAA 8.24% 8.30% -6 bps USD/INR Rs Source: RBI; ICRAonline. Key Events: RBI chose to keep the policy repo rate unchanged on inflation / fiscal concerns even as it highlighted that it continues to be accommodative. Headline CPI for December 2015 rose to 5.61% from 5.41%, led by a continued uptick in food inflation and a mild rise in core inflation. The core inflation was at 4.7% from 4.6%. WPI inflation for the December month came at % from -1.99% (negative for 14th month in a row). US Central bank kept interest rates unchanged in a range between 0.25 and 0.5 %. The Fed cited global uncertainty and lower than expected inflation. The Fed is expected to raise borrowing costs at a gradual pace based on data points from global economy and markets. India's exports declined for the 13th month running in December to 22 billion, down 14.75% on yoy basis, whereas imports have also declined to billion down 3.9% yoy. The trade deficit for December was at US 11.7 billion. Chinese economy grew by 6.8% in the fourth quarter of the year, easing from a reading of 6.9 % in the third quarter. Concerns over 'hard landing' of Chinese economy spooked global financial and commodity markets. Industrial production contracted by 3.2% in November -- the lowest level in over four years -- due to poor performance of manufacturing sector and a sharp decline in capital goods output. Finance ministry said that it will stick to its fiscal consolidation roadmap this year and stick to the 3.9 % fiscal deficit target. Oil prices have picked up to 34 USD/barrel after touching low of on news of production cut by OPEC. Base Metals have remained range bound during the month. Bank of Japan announced that it will deploy negative interest rates of -0.1% to boost inflation in Japan and stimulate the Japanese economy. Inflation Story: CPI Core CPI Source: Bloomberg The uptick in inflation in Dec-16 was mainly due to uptick in food inflation. But crude oil & other commodity prices remain subdued to India's advantage RBI's target of 6% CPI by Jan-16 is achievable, but containing it around 5% by FY17 and 4% by FY18 would be important Normal monsoon and secondary impact of Seventh Pay Commission is an upside risk to inflation trajectory Debt Outlook Long Term Curve : 30 yr bond yield touched 8.25% and is trading at spread of 55 bps over the new benchmark. 10 year yields are at pre-rate cut levels (in Jan 2015). This is higher than the long term average of 45 bps. We believe most of the negatives are priced in but yields will not fall in a hurry unless there is a positive surprise in the budget i.e. fiscal deficit at 3.5% (in line with FRBM targets). While RBI is still in accommodative mode and likely to cut further when space emerges, it will keep sufficient liquidity in the market. The 100 bps spread between 10 yr and overnight rates is very attractive With inflation expected to fall well below the targeted 5% by Jan 2017 and RBI s indicated real interest rate of 1.5-2%, we expect further rate cut of 50 bps in next 18 months. We believe that the stage is being set for structurally low inflation; while there will be pain in the short-term, effects will be visible in the long-term. We continue to recommend duration funds with an 18 month view. Short-Term Curve (3m -24 m): The money market curve has inverted in Jan due to tight liquidity and SEBI guidelines. We expect the curve to remain inverted till end of fiscal year post which curve may normalize due to Government spending. To take advantage of inverted curve, we would recommend ultra short term funds for the near term. 3 3

5 GOLD VIEW For the month, spot gold closed at per ounce, up per ounce or 4.77%. January may have been a bad month in a years-long bear market for most of the commodities - but Gold was an exception. During the month the turmoil in Chinese financial markets, tumbling oil prices and signs of softening U.S. growth left investors reeling and boosted the demand for yellow metal. Also the month witnessed steady rise in gold price as the decision of the Bank of Japan to send interest rates into negative territory boosted sentiments. The rising bets that the Federal Reserve will hold off on further interest-rate increases added to the appeal of bullion. With the global economy reeling from one crisis to another, with emerging market in stress, with failing currencies and collapsing commodities, market expects the crises to continue in the near future. This in our opinion the will continue the uptrend in the gold prices for the time being. 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 Mr. Harish Krishnan* Nifty 50 AAUM (` In Crores) AAUM as on Jan 31, 2016: `1, AUM (` In Crores) AUM as on Jan 31, 2016: `1, A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 38.70% Beta: 1.07 ## Sharpe : 0.37 Standard Deviation : 15.35% 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 7.00% (3 months T-bill yield as on Jan 29, 2016) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: i) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment: 1%. ii) For redemption/switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: Nil. Note Any exit load charged (net off Service Tax, if any) shall be credited back to the respective scheme. Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 2.19% Direct: 1.03% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 9.06 HDFC Bank Ltd. Banks 7.71 ICICI Bank Ltd. Banks 5.04 Reliance Industries Ltd. Petroleum Products 4.68 Larsen And Toubro Ltd. Construction Project 3.84 Axis Bank Ltd Banks 3.41 IndusInd Bank Ltd. Banks 3.39 Maruti Suzuki India Limited Auto 3.35 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 3.32 Tata Consultancy Services Ltd. Software 3.18 Ultratech Cement Ltd. Cement 2.81 ITC Ltd. Consumer Non Durables 2.28 Mahindra & Mahindra Ltd. Auto 2.25 HDFC Ltd. Finance 2.15 Power Grid Corporation Of India Ltd Power 2.10 State Bank Of India Banks 1.98 Tata Motors Ltd - DVR Auto 1.98 Colgate Palmolive (India ) Ltd. Consumer Non Durables 1.94 HCL Technologies Ltd. Software 1.64 Hero MotoCorp Ltd. Auto 1.63 Britannia Industries Ltd. Consumer Non Durables 1.62 The Ramco Cements Ltd Cement 1.56 Kajaria Ceramics Ltd. Construction 1.44 Shree Cement Ltd. Cement 1.44 Oil & Natural Gas Corporation Ltd. Oil 1.43 Notes: Term Deposit as provided above is towards margin for derivatives transactions Total amount invested (Rs) Total Value as on Dec 31, 2015 (Rs) Returns (%) Nifty 50 (Rs)# Nifty 50 Returns (%) S&P BSE SENSEX (Rs)^ S&P BSE SENSEX Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Grasim Industries Ltd. Cement 1.41 MRF Limited Auto Ancillaries 1.41 Jubilant Foodworks Limited Consumer Non Durables 1.31 Persistent Systems Limited Software 1.28 Bharat Petroleum Corporation Ltd. Petroleum Products 1.27 Asian Paints Ltd. Consumer Non Durables 1.24 Siemens Ltd. Industrial Capital Goods 1.21 Bharat Electronics Ltd Industrial Capital Goods 1.20 Adani Port and Special Economic Zone Limited Transportation 1.15 Supreme Industries Limited Industrial Products 1.01 Sanofi India Ltd. Pharmaceuticals 0.99 Cadila Healthcare Ltd. Pharmaceuticals 0.96 Lupin Ltd. Pharmaceuticals 0.95 Tata Communications Ltd Telecom - Services 0.95 IDFC Bank Limited Banks 0.92 Tech Mahindra Ltd. Software 0.89 Alstom India Limited Industrial Capital Goods 0.83 Nestle India Ltd. Consumer Non Durables 0.75 Bank Of Baroda Banks 0.60 HDFC Ltd. Warrants Finance 0.44 DR.Lal Pathlabs Ltd Healthcare Services 0.42 Listed/Awaiting Listing on Stock Exchange - Total TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 0.40 Collateral Borrowing & Lending obligation 3.02 Net Current /(Liabilities) 0.16 Grand Total 100 Systematic Investment Plan (SIP) If you had invested `10,000 every month Inception : - December 29, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak 50 NAV as on January 29, 2016: ` (Dividend Option), `32.863(Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Auto Consumer Non Durables Cement Pharmaceuticals Construction Project Petroleum Products Industrial Capital Goods CBLO & Term Deposits & Rev.Repo Others 1 year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 2,050, , , ,122 1,370,324 2,252,956 12,121, , , ,215 1,193,013 1,904,431 6,931, , , ,851 1,180,710 1,871,634 7,035, Investors understand that their principal will be at moderately high risk Long term capital growth Investment in portfolio of predominantly equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 5 * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no 44-53

7 EQUITY SCHEMES KOTAK CLASSIC EQUITY An Open - Ended Equity Growth INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small To generate capital appreciation from a diversified portfolio of equity and equity related securities. July 27, 2005 Mr. Harish Krishnan* Nifty 100 AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: % Beta: 0.83 ## Sharpe : 0.32 Standard Deviation : 12.61% 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 7.00% (3 months T-bill yield as on Jan 29, 2016) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: Nil., (w.e.f December 01, 2014) Regular: 2.70% Direct: 1.21% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 7.79 HDFC Bank Ltd. Banks 7.43 Bharat Petroleum Corporation Ltd. Petroleum Products 4.21 Zee Entertainment Enterprises Ltd Media and Entertainment 3.55 Dr Reddys Laboratories Ltd Pharmaceuticals 3.54 Lupin Ltd. Pharmaceuticals 3.47 HCL Technologies Ltd. Software 3.18 Hindustan Unilever Ltd. Consumer Non Durables 3.15 IndusInd Bank Ltd. Banks 3.01 Tata Consultancy Services Ltd. Software 2.69 Asian Paints Ltd. Consumer Non Durables 2.57 Tata Motors Ltd. Auto 2.31 Bosch Limited Auto Ancillaries 2.30 Bajaj Finance Limited Finance 2.15 Britannia Industries Ltd. Consumer Non Durables 1.70 ITC Ltd. Consumer Non Durables 1.69 HDFC Ltd. Finance 1.68 Maruti Suzuki India Limited Auto 1.67 Dish TV India Ltd. Media and Entertainment 1.66 Ashok Leyland Ltd. Auto 1.48 Axis Bank Ltd Banks 1.47 DR.Lal Pathlabs Ltd Healthcare Services 1.45 Grasim Industries Ltd. Cement 1.22 Ultratech Cement Ltd. Cement 1.07 HDFC Ltd. Warrants Finance 1.05 Bajaj Finserv Ltd. Finance 1.00 Mahindra & Mahindra Ltd. Auto 1.00 Larsen And Toubro Ltd. Construction Project 0.97 Alkem Laboratories Ltd Pharmaceuticals 0.94 Cummins India Ltd. Industrial Products 0.89 Reliance Industries Ltd. Petroleum Products 0.88 Wipro Ltd. Software 0.84 IDFC Bank Limited Banks 0.80 Cadila Healthcare Ltd. Pharmaceuticals 0.70 Bank Of Baroda Banks 0.61 Bharti Infratel Ltd. Telecom - Notes: Term Deposit as provided above is towards margin for derivatives transactions Total amount invested (Rs) Total Value as on Dec 31, 2015 (Rs) Returns (%) Nifty 100 (Rs)# Nifty 100 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Equipment & Accessories 0.55 Yes Bank Ltd Banks 0.45 Oracle Financial Services Software Ltd Software 0.44 Divi s Laboratories Limited Pharmaceuticals 0.43 Bajaj Auto Ltd. Auto 0.37 The Indian Hotels Company Ltd - CCD Hotels 0.15 Hindustan Petroleum Corporation Ltd Petroleum Products 0.14 TVS Motors Company Ltd Auto 0.14 Indian Oil Corporation Ltd Petroleum Products 0.11 Sun TV Limited. Media and Entertainment 0.10 Hero MotoCorp Ltd. Auto 0.08 Listed/Awaiting Listing on Stock Exchange - Total Futures CNX NIFTY-FEB Maruti Suzuki India Limited-FEB IndusInd Bank Ltd.-FEB ICICI Bank Ltd.-FEB Bajaj Auto Ltd.-FEB Yes Bank Ltd-FEB Larsen And Toubro Ltd.-FEB Rural Electrification Corporation Ltd-FEB Axis Bank Ltd-FEB Bank Of Baroda-FEB Cadila Healthcare Ltd.-FEB Ashok Leyland Ltd.-FEB Dish TV India Ltd.-FEB Britannia Industries Ltd.-FEB Bajaj Finance Limited-FEB Futures (Market value represents Notional Value) - Total TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 6.27 Collateral Borrowing & Lending obligation Net Current /(Liabilities) Grand Total 100 Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 1,260, , , ,296 1,305,859 2,145,301 2,337, , , ,743 1,238,484 2,007,606 2,207, , , ,215 1,193,013 1,923,575 2,117, Inception : - July 27,2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Classic Equity NAV as on January 29, 2016: ` (Dividend Option), ` (Direct Dividend Option), `32.143(Growth Option), `33.172(Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Auto Finance Media & Entertainment Consumer Non Durables Pharmaceuticals Derivatives Petroleum Products Others CBLO&Term Deposits&Rev.Repo * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no Investors understand that their principal will be at moderately high risk Long term capital growth Investment in portfolio of predominantly equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 6

8 EQUITY SCHEMES KOTAK OPPORTUNITIES An Open - Ended Equity Growth INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small To generate capital appreciation from a diversified portfolio of equity and equity related securities. September 9, 2004 Mr. Harsha Upadhyaya* Nifty 500 AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan: B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 30.49% Beta: 0.95 ## Sharpe :0.55 Standard Deviation : 14.63% 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 7.00% (3 months T-bill yield as on Jan 29, 2016) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment: 1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. iv) Units issued on reinvestment of dividends shall not be subject to exit load Regular: 2.39% Direct: 1.21% 7 Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 5.74 HDFC Bank Ltd. Banks 5.20 Bajaj Finance Limited Finance 3.98 Maruti Suzuki India Limited Auto 3.06 Axis Bank Ltd Banks 3.05 ICICI Bank Ltd. Banks 2.92 Shree Cement Ltd. Cement 2.77 State Bank Of India Banks 2.69 Bharat Petroleum Corporation Ltd. Petroleum Products 2.53 Larsen And Toubro Ltd. Construction Project 2.47 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 2.41 Ultratech Cement Ltd. Cement 2.33 Hindustan Petroleum Corporation Ltd Petroleum Products 2.31 IndusInd Bank Ltd. Banks 2.29 Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.19 Britannia Industries Ltd. Consumer Non Durables 2.11 Tech Mahindra Ltd. Software 2.04 UPL Ltd Pesticides 1.96 HCL Technologies Ltd. Software 1.94 Indraprastha Gas Ltd. Gas 1.76 Lupin Ltd. Pharmaceuticals 1.67 MRF Limited Auto Ancillaries 1.60 Tata Motors Ltd. Auto 1.59 Federal Bank Ltd. Banks 1.56 Petronet LNG Ltd. Gas 1.56 The Ramco Cements Ltd Cement 1.45 ITC Ltd. Consumer Non Durables 1.43 Arvind Ltd Textile Products 1.37 Dalmia Bharat Ltd Cement 1.36 Ashok Leyland Ltd. Auto 1.20 Persistent Systems Limited Software 1.19 Multi Commodity Exchange of India Limited Finance 1.15 Fag Bearings India Ltd. Industrial Products 1.12 Cummins India Ltd. Industrial Products 1.10 Mahindra & Mahindra Ltd. Auto 1.10 Notes: Term Deposit as provided above is towards margin for derivatives transactions Total amount invested (Rs) Total Value as on Dec 31, 2015 (Rs) Returns (%) Nifty 500 (Rs)# Nifty 500 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Inception : - September 09, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Opportunities NAV as on January 29, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Others Petroleum Products Auto Pharmaceuticals Finance Consumer Non Durables Cement Industrial Products CBLO & Term Deposits & Rev.Repo * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no Systematic Investment Plan (SIP) If you had invested `10,000 every month year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 1,360, , , ,800 1,464,039 2,447,594 3,406, , , ,442 1,262,164 2,010,491 2,603, , , ,215 1,192,979 1,923,541 2,529, Tata Consultancy Services Ltd. Software 1.07 Bosch Limited Auto Ancillaries 1.04 Motherson Sumi Systems Ltd. Auto Ancillaries 0.99 Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.96 Bank Of Baroda Banks 0.94 AIA Engineering Limited Industrial Capital Goods 0.92 Max Financial Services Ltd. Finance 0.92 Container Corporation of India Ltd. Transportation 0.89 MBL Infrastructures Ltd. Construction 0.88 Va Tech Wabag Limited Engineering Services 0.88 DR.Lal Pathlabs Ltd Healthcare Services 0.86 National Buildings Construction Corporation Limited Construction 0.84 JK Cement Ltd. Cement 0.82 Whirlpool of India Ltd. Consumer Durables 0.82 CESC Ltd. Power 0.74 Techno Electric & Engineering Co Ltd. Construction Project 0.73 Prestige Estates Projects Limited Construction 0.69 HDFC Ltd. Warrants Finance 0.68 Power Grid Corporation Of India Ltd Power 0.66 D-Link (India) Ltd Hardware 0.65 Bharat Forge Ltd. Industrial Products 0.62 SKF India Ltd Industrial Products 0.52 Swaraj Engines Ltd Industrial Products 0.38 Max India Limited Healthcare Services % Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.16 Max Ventures and Industries Limited Industrial Products 0.01 Listed/Awaiting Listing on Stock Exchange - Total TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 0.52 Collateral Borrowing & Lending obligation 4.03 Net Current /(Liabilities) 0.29 Grand Total 100 Investors understand that their principal will be at moderately high risk Long term capital growth Investment in portfolio of predominantly equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

9 EQUITY SCHEMES KOTAK SELECT FOCUS FUND An Open - Ended Equity INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, generally focused on a few selected sectors. September 11, 2009 Mr. Harsha Upadhyaya* Nifty 200 AAUM (` In Crores) AAUM as on Jan 31, 2016: `3, AUM (` In Crores) AUM as on Jan 31, 2016: `3, A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 33.23% Beta: 1.01 ## Sharpe : 0.69 Standard Deviation : 15.33% 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 7.00% (3 months T-bill yield as on Jan 29, 2016) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. iv) Units issued on reinvestment of dividends shall not be subject to exit load Regular: 2.03% Direct: 1.03% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) HDFC Bank Ltd. Banks 6.20 Infosys Ltd. Software 5.65 Ultratech Cement Ltd. Cement 3.78 Maruti Suzuki India Limited Auto 3.33 The Ramco Cements Ltd Cement 3.33 IndusInd Bank Ltd. Banks 3.29 Shree Cement Ltd. Cement 3.02 Reliance Industries Ltd. Petroleum Products 2.96 Larsen And Toubro Ltd. Construction Project 2.76 Bharat Electronics Ltd Industrial Capital Goods 2.73 Axis Bank Ltd Banks 2.70 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 2.30 Britannia Industries Ltd. Consumer Non Durables 2.23 ICICI Bank Ltd. Banks 2.19 Max Financial Services Ltd. Finance 2.15 HCL Technologies Ltd. Software 2.11 Hindustan Petroleum Corporation Ltd Petroleum Products 2.10 Arvind Ltd Textile Products 2.02 State Bank Of India Banks 1.99 Bajaj Finance Limited Finance 1.94 Bharat Petroleum Corporation Ltd. Petroleum Products 1.94 Tata Motors Ltd. Auto 1.83 Indraprastha Gas Ltd. Gas 1.82 Lupin Ltd. Pharmaceuticals 1.80 Petronet LNG Ltd. Gas 1.68 MRF Limited Auto Ancillaries 1.65 Ashok Leyland Ltd. Auto 1.64 Colgate Palmolive (India ) Ltd. Consumer Non Durables 1.45 Container Corporation of India Ltd. Transportation 1.33 Tech Mahindra Ltd. Software 1.33 ITC Ltd. Consumer Non Durables 1.26 Bajaj Finserv Ltd. Finance 1.18 Notes: Term Deposit as provided above is towards margin for derivatives transactions Total amount invested (Rs) SYSTEMATIC INVESTMENT PLAN (SIP) Bosch Limited Auto Ancillaries 1.11 Cadila Healthcare Ltd. Pharmaceuticals 1.08 Hindustan Unilever Ltd. Consumer Non Durables 1.08 Federal Bank Ltd. Banks 1.06 Jk Lakshmi Cement Ltd. Cement 1 Solar Industries India Limited Chemicals 0.93 Techno Electric & Engineering Co Ltd. Construction Project 0.90 Bank Of Baroda Banks 0.83 AIA Engineering Limited Industrial Capital Goods 0.76 Max India Limited Healthcare Services 0.69 Navkar Corporation Limited Transportation 0.68 Godrej Consumer Products Ltd. Consumer Non Durables 0.56 IFB Industries Ltd. Consumer Durables 0.49 HDFC Ltd. Warrants Finance 0.48 Kec International Ltd. Power 0.47 Whirlpool of India Ltd. Consumer Durables 0.43 IDFC Bank Limited Banks 0.37 CESC Ltd. Power 0.33 Kirloskar Oil Engines Ltd. Industrial Products 0.28 Siemens Ltd. Industrial Capital Goods 0.24 Bayer Cropscience Ltd. Pesticides % Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.03 Max Ventures and Industries Limited Industrial Products 0.03 Listed/Awaiting Listing on Stock Exchange - Total Futures CNX NIFTY-FEB ICICI Bank Ltd.-FEB Ultratech Cement Ltd.-FEB Futures (Market value represents Notional Value) - Total 0.92 TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 0.93 Collateral Borrowing & Lending obligation 7.09 Net Current /(Liabilities) Grand Total 100 Systematic Investment Plan (SIP) If you had invested `10,000 every month Total Value as on Dec 31, 2015 (Rs) Returns (%) Nifty 200 (Rs)# Nifty 200 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) 1 year 3 years 5 years Since Inception 120, , , , , , ,966 1,312, , , ,059 1,040, , , ,215 1,007, Inception : - September 11, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Select Focus Fund NAV as on January 29, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Petroleum Products Industrial Capital Goods Auto Pharmaceuticals Finance Consumer Non Durables Cement CBLO & Term Deposits & Rev.Repo Others Investors understand that their principal will be at moderately high risk Long term capital growth Investment in portfolio of predominantly equity & equity related securities generally focussed on a few selected sectors. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no

10 EQUITY SCHEMES KOTAK TAX SAVER An Open - Ended Equity Linked Savings INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small To generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and enable investors to avail the income tax rebate, as permitted from time to time. November 23, 2005 Mr. Harsha Upadhyaya* Nifty 500 AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 13.83% Beta: 1.09 ## Sharpe : 0.30 Standard Deviation : 16.80% 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 7.00% (3 months T-bill yield as on Jan 29, 2016) Initial Investment: `500 and in multiple of `500 Investment: `500 & in multiples of `500 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: Exit Load is not applicable for Kotak Tax Saver. (applicable for all plans) Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Regular: 2.47% Direct: 1.22% 9 Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 6.30 HDFC Bank Ltd. Banks 6.12 Axis Bank Ltd Banks 3.22 ICICI Bank Ltd. Banks 2.98 Bajaj Finance Limited Finance 2.94 IndusInd Bank Ltd. Banks 2.93 Reliance Industries Ltd. Petroleum Products 2.92 Shree Cement Ltd. Cement 2.85 Maruti Suzuki India Limited Auto 2.77 State Bank Of India Banks 2.74 Britannia Industries Ltd. Consumer Non Durables 2.73 Larsen And Toubro Ltd. Construction Project 2.73 Whirlpool of India Ltd. Consumer Durables 2.66 Ultratech Cement Ltd. Cement 2.56 Bharat Petroleum Corporation Ltd. Petroleum Products 2.51 Tech Mahindra Ltd. Software 2.39 Hindustan Petroleum Corporation Ltd Petroleum Products 2.21 ITC Ltd. Consumer Non Durables 2.06 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.97 SKF India Ltd Industrial Products 1.90 Hindustan Unilever Ltd. Consumer Non Durables 1.84 Techno Electric & Engineering Co Ltd. Construction Project 1.65 MRF Limited Auto Ancillaries 1.61 Tata Motors Ltd. Auto 1.60 HCL Technologies Ltd. Software 1.56 Solar Industries India Limited Chemicals 1.56 Lupin Ltd. Pharmaceuticals 1.54 Arvind Ltd Textile Products 1.47 Ashok Leyland Ltd. Auto 1.41 Federal Bank Ltd. Banks 1.39 Cadila Healthcare Ltd. Pharmaceuticals 1.37 The Ramco Cements Ltd Cement 1.31 Blue Dart Express Ltd. Transportation 1.20 Total amount invested (Rs) Total Value as on Dec 31, 2015 (Rs) Returns (%) Nifty 500 (Rs)# Nifty 500 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) UPL Ltd Pesticides 1.18 Multi Commodity Exchange of India Limited Finance 1.16 Cummins India Ltd. Industrial Products 1.14 Max Financial Services Ltd. Finance 1.11 Navneet Education Ltd. Media and Entertainment 1.10 Container Corporation of India Ltd. Transportation 1.07 Bank Of Baroda Banks 1.06 Texmaco Rail & Engineering Ltd. Industrial Capital Goods 1.04 Thermax Ltd. Industrial Capital Goods 1.04 Bosch Limited Auto Ancillaries 0.99 Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.97 MBL Infrastructures Ltd. Construction 0.95 Bharat Forge Ltd. Industrial Products 0.94 AIA Engineering Limited Industrial Capital Goods 0.93 Hawkins Cooker Ltd Household Appliances 0.92 Dalmia Bharat Ltd Cement 0.82 Adani Port and Special Economic Zone Limited Transportation 0.72 Kewal Kiran Clothing Limited. Textile Products 0.56 KSB Pump Ltd Industrial Products 0.48 Max India Limited Healthcare Services 0.36 The Indian Hotels Company Ltd - CCD Hotels % Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.16 Max Ventures and Industries Limited Industrial Products 0.02 Listed/Awaiting Listing on Stock Exchange - Total Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Blue Dart Express Ltd ICRA AA 0.03 Corporate Debt/Financial Institutions - Total 0.03 Collateral Borrowing & Lending obligation 1.60 Net Current /(Liabilities) 0.48 Grand Total 100 Inception : - November 23, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Tax Saver NAV as on January 29, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Banks Software Pharmaceuticals Consumer Non Durables Petroleum Products Cement Finance Construction Project Industrial Products Others * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 1,220, , , ,780 1,390,793 2,171,575 2,231, , , ,442 1,262,290 2,010,616 2,069, , , ,215 1,193,013 1,923,575 1,983, Auto Investors understand that their principal will be at moderately high risk long term capital growth with a 3 year lock in Investment in portfolio of predominantly equity & equity related securities. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

11 EQUITY SCHEMES KOTAK MID-CAP An Open - Ended Equity Growth INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small To generate capital appreciation from a diversified portfolio of equity and equity related securities. February 24, 2005 Mr. Pankaj Tibrewal* Nifty Midcap 100 AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 61.84% Beta: 0.98 ## Sharpe : 0.66 Standard Deviation : 18.89% 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 7.00% (3 months T-bill yield as on Jan 29, 2016) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the. iv) Units issued on reinvestment of dividends shall not be subject to exit load Regular: 2.52% Direct: 1.24% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) The Ramco Cements Ltd Cement 3.27 Hawkins Cooker Ltd Household Appliances 2.85 Persistent Systems Limited Software 2.82 Whirlpool of India Ltd. Consumer Durables 2.79 Finolex Cables Ltd. Industrial Products 2.72 IndusInd Bank Ltd. Banks 2.69 Solar Industries India Limited Chemicals 2.67 Techno Electric & Engineering Co Ltd. Construction Project 2.60 DB Corp Limited Media and Entertainment 2.49 Fag Bearings India Ltd. Industrial Products 2.45 Federal Bank Ltd. Banks 2.31 Kewal Kiran Clothing Limited. Textile Products 2.26 Divi s Laboratories Limited Pharmaceuticals 2.23 Motherson Sumi Systems Ltd. Auto Ancillaries 2.20 Supreme Industries Limited Industrial Products 2.08 JK Cement Ltd. Cement 2.04 MRF Limited Auto Ancillaries 2.04 Britannia Industries Ltd. Consumer Non Durables 2.03 ICICI Bank Ltd. Banks 2.01 SRF Ltd. Textile Products 1.88 Arvind Ltd Textile Products 1.82 NIIT Technologies Ltd Software 1.81 Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.80 Va Tech Wabag Limited Engineering Services 1.77 HSIL Ltd. Consumer Durables 1.72 Jubilant Foodworks Limited Consumer Non Durables 1.71 Strides Arcolab Ltd. Pharmaceuticals 1.71 Kansai Nerolac Paints Ltd Consumer Non Durables 1.68 Bajaj Finance Limited Finance 1.67 Mahindra & Mahindra Financial Services Ltd. Finance 1.67 Axis Bank Ltd Banks 1.63 UPL Ltd Pesticides 1.62 Total amount invested (Rs) Total Value as on Dec 31, 2015 (Rs) Returns (%) Nifty Midcap 100 (Rs)# Nifty Midcap 100 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Pennar Engineered Building Systems Limited Ferrous Metals 1.58 Cadila Healthcare Ltd. Pharmaceuticals 1.57 Voltas Ltd. Construction Project 1.53 Bharat Forge Ltd. Industrial Products 1.52 Navneet Education Ltd. Media and Entertainment 1.46 PVR Ltd. Media and Entertainment 1.45 Adani Port and Special Economic Zone Limited Transportation 1.43 Atul Ltd. Chemicals 1.40 DR.Lal Pathlabs Ltd Healthcare Services 1.38 Havells India Ltd. Consumer Durables 1.26 Hindustan Petroleum Corporation Ltd Petroleum Products 1.24 Alkem Laboratories Ltd Pharmaceuticals 1.20 Container Corporation of India Ltd. Transportation 1.16 WPIL Ltd Industrial Products 1.15 Zuari Agro Chemicals Ltd Fertilisers 1.10 Shriram Transport Finance Co Ltd. Finance 1.08 Bharat Petroleum Corporation Ltd. Petroleum Products 1.06 Sundaram Finance Ltd. Finance 1.01 Bank Of Baroda Banks 0.96 Tech Mahindra Ltd. Software 0.96 Power Mech Projects Ltd Power 0.90 SKF India Ltd Industrial Products 0.86 Jk Lakshmi Cement Ltd. Cement 0.81 Union Bank Of India Banks 0.59 Balrampur Chini Mills Ltd Consumer Non Durables 0.54 MBL Infrastructures Ltd. Construction 0.48 Listed/Awaiting Listing on Stock Exchange - Total Collateral Borrowing & Lending obligation 1.29 Net Current /(Liabilities) Grand Total 100 Inception : - February 24,2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Mid-cap NAV as on January 29, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Banks Industrial Products Consumer Durables Pharmaceuticals Cement Consumer Non Durables Textile Products Finance Media & Entertainment Software Others Midcap and Small cap stocks as a % age of Net : 84.91% * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 1,310, , ,362 1,076,039 1,790,525 2,818,739 3,324, , , ,217 1,468,162 2,396,703 2,847, , , ,215 1,193,013 1,923,575 2,314, Investors understand that their principal will be at moderately high risk Long term capital growth Investment in equity & equity related securities predominantly in mid cap stocks. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 10

12 EQUITY SCHEMES KOTAK EMERGING EQUITY An Open - Ended Equity Growth INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by investing predominantly in mid and small cap companies. March 30, 2007 Mr. Pankaj Tibrewal* S&P BSE MID SMALL CAP AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 47.83% Beta: 1.01 ## Sharpe : 0.76 Standard Deviation : 19.27% 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 7.00% (3 months T-bill yield as on Jan 29, 2016) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: i) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment: 1%. ii) For redemption/switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: Nil. Note Any exit load charged (net off Service Tax, if any) shall be credited back to the respective scheme. Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 2.33% Direct: 1.12% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) The Ramco Cements Ltd Cement 3.65 Whirlpool of India Ltd. Consumer Durables 3.55 Solar Industries India Limited Chemicals 2.95 Hawkins Cooker Ltd Household Appliances 2.88 V-Guard Industries Ltd. Industrial Capital Goods 2.72 IndusInd Bank Ltd. Banks 2.67 Persistent Systems Limited Software 2.67 Finolex Cables Ltd. Industrial Products 2.57 Fag Bearings India Ltd. Industrial Products 2.43 SRF Ltd. Textile Products 2.32 DB Corp Limited Media and Entertainment 2.28 Federal Bank Ltd. Banks 2.26 Supreme Industries Limited Industrial Products 2.26 Kewal Kiran Clothing Limited. Textile Products 2.19 Strides Arcolab Ltd. Pharmaceuticals 2.17 Navneet Education Ltd. Media and Entertainment 2.09 Mahindra & Mahindra Financial Services Ltd. Finance 2.04 Motherson Sumi Systems Ltd. Auto Ancillaries 2.01 Shriram City Union Finance Ltd. Finance 1.84 Jubilant Foodworks Limited Consumer Non Durables 1.78 Va Tech Wabag Limited Engineering Services 1.74 Britannia Industries Ltd. Consumer Non Durables 1.71 PVR Ltd. Media and Entertainment 1.68 Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.68 Pennar Engineered Building Systems Limited Ferrous Metals 1.63 Divi s Laboratories Limited Pharmaceuticals 1.60 PNC INFRATECH LIMITED Construction Project 1.58 Alkem Laboratories Ltd Pharmaceuticals 1.56 Finolex Industries Ltd. Industrial Products 1.53 Ramkrishna Forgings Ltd. Industrial Products 1.53 SKF India Ltd Industrial Products 1.48 ICICI Bank Ltd. Banks 1.46 Sundaram Finance Ltd. Finance 1.45 Greaves Cotton Ltd. Industrial Products 1.42 Atul Ltd. Chemicals 1.40 Total amount invested (Rs) Total Value as on Dec 31, 2015 (Rs) Returns (%) S&P BSE MidSmallCap (Rs)# S&P BSE MidSmallCap Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) D-Link (India) Ltd Hardware 1.40 Bajaj Finance Limited Finance 1.36 Jk Lakshmi Cement Ltd. Cement 1.36 Axis Bank Ltd Banks 1.33 Carborundum Universal Ltd. Industrial Products 1.22 KPIT Technologies LImited Software 1.18 WPIL Ltd Industrial Products 1.18 Power Mech Projects Ltd Power 1.15 IDFC Bank Limited Banks 1.08 Max Financial Services Ltd. Finance 1.06 Blue Dart Express Ltd. Transportation 1.02 Oberoi Realty Ltd Construction 1.01 Zuari Agro Chemicals Ltd Fertilisers 1.01 IFB Industries Ltd. Consumer Durables 0.95 GMM Pfaudler Ltd. Engineering 0.84 Maharashtra Seamless Ltd. Ferrous Metals 0.80 Kirloskar Brothers Ltd. Industrial Products 0.75 Bank Of Baroda Banks 0.72 Indraprastha Gas Ltd. Gas 0.72 Coromandel International Ltd. Fertilisers 0.71 Multi Commodity Exchange of India Limited Finance 0.61 MBL Infrastructures Ltd. Construction 0.38 Max India Limited Healthcare Services 0.34 Max Ventures and Industries Limited Industrial Products 0.02 Listed/Awaiting Listing on Stock Exchange - Total Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Blue Dart Express Ltd ICRA AA 0.01 Corporate Debt/Financial Institutions - Total 0.01 TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 0.45 Collateral Borrowing & Lending obligation 5.61 Net Current /(Liabilities) Grand Total 100 Inception : - March 30, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Emerging Equity NAV as on January 29, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Industrial Products Pharmaceuticals Banks Consumer Durables Finance Cement Media and Entertainment Others Chemicals Textile Products CBLO & Term Deposits & Rev.Repo Midcap and Small cap stocks as a % age of Net : 89.40% * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no Systematic Investment Plan (SIP) If you had invested `10,000 every month year 3 years 5 years 7 years Since Inception 120, , , ,000 1,060, , ,943 1,160,478 1,883,413 2,463, , , ,909 1,461,024 1,926, , , ,215 1,193,013 1,595, Investors understand that their principal will be at moderately high risk Long term capital growth Investment in equity & equity related securities predominantly in mid & small cap companies * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 11

13 EQUITY SCHEMES KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND (formerly known as PineBridge Infrastructure & Economic Reform Fund ) An Open - Ended Equity INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The investment objective of the is to generate long-term capital appreciation f ro m a d i v e r s i f i e d p o r t f o l i o o f predominantly (at least 65%) equity and equity-related securities of companies involved in economic development of India as a result of potential investments in infrastructure and unfolding economic reforms. There is no assurance that the investment objective of the will be achieved. February 25, 2008 Mr. Harish Krishnan S&P BSE 100 AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 64.73% Beta: 1.23 ## Sharpe : 0.54 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 7.00% (3 months T-bill yield as on Jan 29, 2016) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment 1%; ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment NIL; iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the ; iv) Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 2.64% Direct: 1.17% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Indraprastha Gas Ltd. Gas 7.29 Shree Cement Ltd. Cement 7.18 Ultratech Cement Ltd. Cement 7.11 Bharti Airtel Ltd. Telecom - Services 6.08 SKF India Ltd Industrial Products 6.07 Larsen And Toubro Ltd. Construction Project 5.95 Thermax Ltd. Industrial Capital Goods 5.66 Kirloskar Oil Engines Ltd. Industrial Products 5.31 KSB Pump Ltd Industrial Products 4.91 Fag Bearings India Ltd. Industrial Products 4.88 Supreme Industries Limited Industrial Products 4.44 Cummins India Ltd. Industrial Products 4.24 Power Grid Corporation Of India Ltd Power 3.40 AIA Engineering Limited Industrial Capital Goods 3.02 Container Corporation of Total amount invested (Rs) Total Value as on Dec 31, 2015 (Rs) Returns (%) S&P BSE 100 (Rs)# S&P BSE 100 Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) India Ltd. Transportation 2.68 Gateway Distriparks Ltd. Transportation 2.66 MRF Limited Auto Ancillaries 2.45 Kajaria Ceramics Ltd. Construction 2.37 Siemens Ltd. Industrial Capital Goods 2.34 Solar Industries India Limited Chemicals 2.27 Adani Port and Special Economic Zone Limited Transportation 2.25 IDFC Bank Limited Banks 1.56 CESC Ltd. Power 1.04 Mahindra & Mahindra Financial Services Ltd. Finance 0.62 Coal India Ltd. Minerals/Mining 0.54 Listed/Awaiting Listing on Stock Exchange - Total Collateral Borrowing & Lending obligation 2.87 Net Current /(Liabilities) 0.81 Grand Total 100 Inception : - February 25, The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Infrastructure & Economic Reform Fund NAV as on January 29, 2016: ` (Dividend Option), `14.401(Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Systematic Investment Plan (SIP) If you had invested `10,000 every month Industrial Products Cement Power Industrial Capital Goods Telecom - Services Gas Transportation Construction Project CBLO & Term Deposits & Rev.Repo Auto Ancillaries Others 1 year 3 years 5 years 7 years Since Inception 120, , , , , , , ,636 1,427,226 1,670, , , ,522 1,208,940 1,423, , , ,215 1,193,013 1,405, Investors understand that their principal will be at high risk Long term capital growth Long term capital appreciation by investing in equity and equity related instruments of companies contributing to infrastructure and economic development of India * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. For last three dividends, please refer page no For scheme performance, please refer page no

14 EQUITY SCHEMES KOTAK BALANCE An Open - Ended Balanced Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium To achieve growth by investing in equity & equity related instruments, balanced with income generation by investing in debt &money market instruments. November 25, 1999 s Mr. Pankaj Tibrewal and Mr. Abhishek Bisen* Crisil Balanced Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Half Yearly (25th of Mar/Sep) Ratios Portfolio Turnover: 74.45% Beta: 0.94 ## Sharpe : 0.26 Standard Deviation : 9.60% 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 7.00% (3 months T-bill yield as on Jan 29, 2016) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. iv) Units issued on reinvestment of dividends shall not be subject to exit load Regular: 2.55% Direct: 1.24% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 4.32 HDFC Bank Ltd. Banks 4.04 ICICI Bank Ltd. Banks 3.14 Larsen And Toubro Ltd. Construction Project 2.57 Reliance Industries Ltd. Petroleum Products 2.31 The Ramco Cements Ltd Cement 2.03 IndusInd Bank Ltd. Banks 1.93 ITC Ltd. Consumer Non Durables 1.90 Axis Bank Ltd Banks 1.88 Solar Industries India Limited Chemicals 1.58 HDFC Ltd. Finance 1.52 HCL Technologies Ltd. Software 1.47 Ultratech Cement Ltd. Cement 1.41 Maruti Suzuki India Limited Auto 1.36 Supreme Industries Limited Industrial Products 1.35 Tata Consultancy Services Ltd. Software 1.34 Fag Bearings India Ltd. Industrial Products 1.33 Mahindra & Mahindra Ltd. Auto 1.27 Whirlpool of India Ltd. Consumer Durables 1.19 Engineers India Ltd. Construction Project 1.16 SRF Ltd. Textile Products 1.16 Finolex Cables Ltd. Industrial Products 1.14 Jubilant Foodworks Limited Consumer Non Durables 1.11 Tata Motors Ltd. Auto 1.10 Coal India Ltd. Minerals/Mining 1.09 Hindustan Petroleum Corporation Ltd Petroleum Products 1.09 UPL Ltd Pesticides 1.08 JK Cement Ltd. Cement 1.07 State Bank Of India Banks 1.07 Strides Arcolab Ltd. Pharmaceuticals 1.04 Voltas Ltd. Construction Project 1.02 Mahindra & Mahindra Financial Services Ltd. Finance 1.00 Adani Port and Special Economic Zone Limited Transportation 0.93 Hindustan Unilever Ltd. Consumer Non Durables 0.92 Oil & Natural Gas Corporation Ltd. Oil 0.92 Navkar Corporation Limited Transportation 0.88 Va Tech Wabag Limited Engineering Services 0.87 Ramkrishna Forgings Ltd. Industrial Products 0.86 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.86 Notes: Term Deposit as provided above is towards margin for derivatives transactions Total amount invested (Rs) Total Value as on Dec 31, 2015 (Rs) Returns (%) Crisil Balanced Fund Index (Rs)# Crisil Balanced Fund Index Returns (%) Nifty 50 (Rs)^ Nifty 50 Returns (%) SECTOR ALLOCATION (%) Government Dated Securities Industrial Products Banks Software CBLO & Term Deposits & Rev.Repo Petroleum Products Auto Cement Construction Project Others Consumer Non Durables SYSTEMATIC INVESTMENT PLAN (SIP) HDFC Ltd. Warrants Finance 0.82 Alkem Laboratories Ltd Pharmaceuticals 0.78 DB Corp Limited Media and Entertainment 0.78 Container Corporation of India Ltd. Transportation 0.75 Balrampur Chini Mills Ltd Consumer Non Durables 0.70 IDFC Bank Limited Banks 0.68 Havells India Ltd. Consumer Durables 0.65 Gujarat State Petronet Ltd. Gas 0.64 Bharat Forge Ltd. Industrial Products 0.63 Amara Raja Batteries Ltd. Auto Ancillaries 0.62 Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.62 Bank Of Baroda Banks 0.60 Lupin Ltd. Pharmaceuticals 0.54 Pennar Engineered Building Systems Limited Ferrous Metals 0.53 Arvind Ltd Textile Products 0.52 Federal Bank Ltd. Banks 0.47 Tech Mahindra Ltd. Software 0.45 MRF Limited Auto Ancillaries 0.36 S H Kelkar and Company Ltd Consumer Non Durables 0.34 The Indian Hotels Company Ltd - CCD Hotels 0.05 Listed/Awaiting Listing on Stock Exchange - Total Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions LIC Housing Finance Ltd. CRISIL AAA 0.21 Tata Sons Ltd. CRISIL AAA 0.08 Corporate Debt/Financial Institutions - Total 0.29 Government Dated Securities 7.68% Central Government SOV % Central Government SOV % Central Government SOV % Central Government SOV % Central Government SOV % Central Government SOV % Central Government SOV % Central Government SOV % Central Government SOV 0.04 Government Dated Securities - Total Collateral Borrowing & Lending obligation 7 Net Current /(Liabilities) Grand Total 100 Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 120, , , ,000 1,200,000 1,940, , , ,117 1,207,472 1,968,328 7,150, , , ,458 1,182,988 1,931,125 NA NA 114, , ,215 1,193,013 1,923,575 6,271, Inception : - November 25,1999. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Kotak Balance NAV as on January 29, 2016: ` (Dividend Option), `14.559(Direct Dividend Option), ` (Growth Option) ` (Direct Growth Option) Investors understand that their principal will be at moderately high risk Long term capital growth Investment in equity & equity related securities balanced with income generation by investing in debt & money market instruments * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 13 * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no 44-53

15 EQUITY SCHEMES KOTAK EQUITY ARBITRAGE An Open - Ended Equity Growth Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and by investing the balance in debt and money market instruments. September 29, 2005 Mr. Deepak Gupta* Crisil Liquid Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: `4, AUM (` In Crores) AUM as on Jan 31, 2016: `4, A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Monthly (Monday preceding the last Thursday of the month), Bimonthly (Monday preceding the last Thursday of the following months - January, March, May, July, September, November) Ratio Portfolio Turnover: % Beta: 0.66 ## Sharpe : 1.81 Standard Deviation : 0.58% 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 7.00% (3 months T-bill yield as on Jan 29, 2016) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 months & above Entry Load: Nil. Exit Load: I) For redemptions/switch outs (including STP/SWP) within 90 days from the date of allotment of units, irrespective of the amount of investment: 0.50% II) For redemptions/switch outs (including STP/SWP) after 90 days from the date of allotment of units, irrespective of the amount of investment: Nil Note - 1) Any exit load charged (net off Service Tax, if any ) shall be credited back to the. 2) Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans), (w.e.f. April 8, 2013) Regular: 1.10% Direct: 0.60% % to Net Derivatives Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Hedged Reliance Industries Ltd. Petroleum Products Britannia Industries Ltd. Consumer Non Durables Aurobindo Pharma Ltd. Pharmaceuticals Adani Port and Special Economic Zone Limited Transportation Axis Bank Ltd Banks Indiabulls Housing Finance Ltd. Finance Hindustan Petroleum Corporation Ltd Petroleum Products HDFC Ltd. Finance Tata Motors Ltd. Auto Vedanta Ltd. Minerals/Mining HDFC Bank Ltd. Banks IDFC Limited Finance Yes Bank Ltd Banks Reliance Infrastructure Ltd Power Indian Oil Corporation Ltd Petroleum Products MRF Limited Auto Ancillaries Eicher Motors Ltd Auto Asian Paints Ltd. Consumer Non Durables Glenmark Pharmaceuticals Ltd Pharmaceuticals 1-1 Infosys Ltd. Software ITC Ltd. Consumer Non Durables Reliance Capital Ltd. Finance Power Grid Corporation Of India Ltd Power Shriram Transport Finance Co Ltd. Finance Jubilant Foodworks Limited Consumer Non Durables Tata Global Beverages Limited Consumer Non Durables Aditya Birla Nuvo Limited Services Sun TV Limited. Media and Entertainment Reliance Power Ltd Power State Bank Of India Banks Bharti Infratel Ltd. Telecom - Equipment & Accessories Castrol (India ) Ltd. Petroleum Products Lupin Ltd. Pharmaceuticals Adani Power Ltd Power Wockhardt Ltd. Pharmaceuticals DLF Limited Construction SKS Microfinance Limited Finance Tata Communications Ltd Telecom - Services Amara Raja Batteries Ltd. Auto Ancillaries Dewan Housing Finance Corporation Ltd. Finance NCC Limited Construction Project TV18 Broadcast Ltd Media and Entertainment Biocon Ltd. Pharmaceuticals Century Textiles & Industries Ltd. Cement Jet Airways (India) Ltd. Transportation UPL Ltd Pesticides CESC Ltd. Power Strides Arcolab Ltd. Pharmaceuticals Ajanta Pharma Ltd. Pharmaceuticals India Cements Ltd. Cement SRF Ltd. Textile Products * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no

16 EQUITY SCHEMES KOTAK EQUITY ARBITRAGE An Open - Ended Equity Growth 15 % to Net Derivatives Titan Company Ltd. Consumer Durables Oracle Financial Services Software Ltd Software LIC Housing Finance Ltd. Finance Jindal Steel & Power Ltd. Ferrous Metals IRB Infrastructure Developers Ltd Construction Zee Entertainment Enterprises Ltd Media and Entertainment Bharat Earth Movers Ltd. Industrial Capital Goods Bharat Petroleum Corporation Ltd. Petroleum Products Tata Chemicals Ltd. Chemicals Wipro Ltd. Software Dish TV India Ltd. Media and Entertainment Housing Development and Infrastructure Limited Construction Jain Irrigation Systems Ltd. Industrial Products IFCI Ltd. Finance Bosch Limited Auto Ancillaries Dabur India Ltd Consumer Non Durables GMR Infrastructure Ltd. Construction Project Siemens Ltd. Industrial Capital Goods Indraprastha Gas Ltd. Gas Sun Pharmaceuticals Industries Ltd. Pharmaceuticals Karnataka Bank Ltd Banks Hexaware Technologies Ltd. Software Rural Electrification Corporation Ltd Finance L&T Finance Holdings Ltd Finance Pidilite Industries Ltd. Chemicals Cadila Healthcare Ltd. Pharmaceuticals Hindalco Industries Ltd Non - Ferrous Metals United Breweries Ltd. Consumer Non Durables Tech Mahindra Ltd. Software The South Indian Bank Ltd. Banks Bajaj Finance Limited Finance Hero MotoCorp Ltd. Auto Indiabulls Real Estate Ltd Construction Ashok Leyland Ltd. Auto Unitech Ltd Construction Torrent Pharmaceuticals Ltd. Pharmaceuticals Adani Enterprises Ltd Trading Tata Motors Ltd - DVR Auto Andhra Bank Banks Cipla Ltd. Pharmaceuticals Hindustan Unilever Ltd. Consumer Non Durables Kotak Mahindra Bank Ltd. Banks Tata Power Co. Ltd. Power Godrej Consumer Products Ltd. Consumer Non Durables Larsen And Toubro Ltd. Construction Project Apollo Tyres Ltd. Auto Ancillaries Oriental Bank of Commerce Banks Allahabad Bank. Banks CEAT Ltd. Auto Ancillaries National Thermal Power Corporation Limited Power Apollo Hospitals Enterprises Ltd. Healthcare Services Container Corporation of India Ltd. Transportation Exide Industries Ltd Auto Ancillaries HCL Technologies Ltd. Software Cairn India Limited Oil

17 EQUITY SCHEMES KOTAK EQUITY ARBITRAGE An Open - Ended Equity Growth % to Net Derivatives Engineers India Ltd. Construction Project Crompton Greaves Ltd. Industrial Capital Goods Mcleod Russel India Ltd Consumer Non Durables PTC India Ltd. Power Reliance Communications Ltd. Telecom - Services Jaiprakash Associates Ltd Construction Divi s Laboratories Limited Pharmaceuticals Syndicate Bank Banks Coal India Ltd. Minerals/Mining Godrej Industries Ltd Consumer Non Durables MindTree Ltd. Software Motherson Sumi Systems Ltd. Auto Ancillaries Petronet LNG Ltd. Gas Punjab National Bank Banks Hedged - Total Listed/Awaiting Listing on Stock Exchange - Total Mutual Fund Units Kotak Floater Short Term Direct Growth Mutual Fund Units Kotak Liquid Plan A Mutual Fund Units 4.06 Mutual Fund Units - Total Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Tata Motors Finance Ltd ICRA A Corporate Debt/Financial Institutions - Total 1.59 TERM DEPOSITS Kotak Mahindra Bank Ltd IndusInd Bank Ltd Ratnakar Bank Ltd 1.88 Term Deposits - Total Collateral Borrowing & Lending obligation 0.60 Net Current /(Liabilities) Notes: Term Deposit as provided above is towards margin for derivatives transactions Kotak Equity Arbitrage NAV as on January 29, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option), ` (Bimonthly Option), ` (Direct Bimonthly Option) SECTOR ALLOCATION (%) Mutual Fund Units CBLO & Term Deposits & Rev.Repo Banks Pharmaceuticals Finance Petroleum Products Transportation Consumer Non Durables Power Others Auto Investors understand that their principal will be at moderately low risk Income from arbitrage opportunities in the equity market Investment in arbitrage opportunities in the cash & derivatives segment of the equity market. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 16

18 EQUITY SCHEMES KOTAK EQUITY SAVINGS FUND An Open Ended Equity Fund Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and enhance returns with a moderate exposure in equity & equity related instruments. There is no assurance or guarantee that the investment objective of the scheme will be achieved. October 13, 2014 s Mr. Deepak Gupta & Mr. Abhishek Bisen* 75% of Crisil Liquid Fund & 25% in Nifty 50 AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Monthly (12th of every month) Quarterly (20th of March, June, September and December of every year) Ratios Portfolio Turnover: % Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 for purchase and for `0.01 for switches Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For exit within 1 year from date of allotment of units: 1%; ii) For exit after 1year from the date of allotment of units: Nil. Any exit load charged (net off Service Tax, if any) shall be credited back to the. iii) Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 1.60% Direct: 0.98% % to Net - Derivatives Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Non-Hedge Infosys Ltd. Software 1.69 IndusInd Bank Ltd. Banks 1.33 HDFC Bank Ltd. Banks 1.28 Maruti Suzuki India Limited Auto 1.24 Lupin Ltd. Pharmaceuticals 1.15 HDFC Ltd. Warrants Finance 1.08 Bharat Petroleum Corporation Ltd. Petroleum Products 1.06 Dr Reddys Laboratories Ltd Pharmaceuticals 0.99 HCL Technologies Ltd. Software 0.85 Zee Entertainment Enterprises Ltd Media and Entertainment 0.81 Hindustan Unilever Ltd. Consumer Non Durables 0.79 Tata Consultancy Services Ltd. Software 0.68 Asian Paints Ltd. Consumer Non Durables 0.63 Bajaj Finance Limited Finance 0.60 Bosch Limited Auto Ancillaries 0.59 Axis Bank Ltd Banks 0.58 Bajaj Finserv Ltd. Finance 0.54 Britannia Industries Ltd. Consumer Non Durables 0.51 ICICI Bank Ltd. Banks 0.45 S H Kelkar and Company Ltd Consumer Non Durables 0.44 Dish TV India Ltd. Media and Entertainment 0.41 Larsen And Toubro Ltd. Construction Project 0.40 Tata Motors Ltd. Auto 0.39 Bajaj Auto Ltd. Auto 0.37 Alkem Laboratories Ltd Pharmaceuticals 0.36 Ashok Leyland Ltd. Auto 0.36 Yes Bank Ltd Banks 0.36 HDFC Ltd. Finance 0.30 Bank Of Baroda Banks 0.29 ITC Ltd. Consumer Non Durables 0.29 Sun Pharma Advance Research Co.Ltd Pharmaceuticals 0.24 Cummins India Ltd. Industrial Products 0.20 Emami Ltd. Consumer Non Durables 0.20 Cadila Healthcare Ltd. Pharmaceuticals 0.19 Grasim Industries Ltd. Cement 0.19 Wipro Ltd. Software 0.19 Ultratech Cement Ltd. Cement 0.18 Aurobindo Pharma Ltd. Pharmaceuticals 0.15 Bharti Airtel Ltd. Telecom - Services 0.13 Reliance Industries Ltd. Petroleum Products 0.12 Mahindra & Mahindra Ltd. Auto 0.11 UPL Ltd Pesticides 0.11 Divi s Laboratories Limited Pharmaceuticals 0.10 Coal India Ltd. Minerals/Mining 0.08 Oracle Financial Services Software Ltd Software 0.08 CNX NIFTY Call Option - December Cipla Ltd. Pharmaceuticals 0.04 Bharat Electronics Ltd Industrial Capital Goods 0.03 Hindustan Petroleum Corporation Ltd Petroleum Products 0.03 Indian Oil Corporation Ltd Petroleum Products 0.03 Shree Cement Ltd. Cement 0.03 TVS Motors Company Ltd Auto 0.03 Chennai Super Kings Cricket Ltd. Media and Entertainment 0.02 Hero MotoCorp Ltd. Auto 0.02 Adani Port and Special Economic Zone Limited Transportation 0.01 Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.01 Marico Ltd. Consumer Non Durables 0.01 Non-Hedged- Total Hedged Tata Communications Ltd Telecom - Services Strides Arcolab Ltd. Pharmaceuticals Reliance Capital Ltd. Finance Reliance Infrastructure Ltd Power Vedanta Ltd. Minerals/Mining HDFC Bank Ltd. Banks Jain Irrigation Systems Ltd. Industrial Products ITC Ltd. Consumer Non Durables India Cements Ltd. Cement Wockhardt Ltd. Pharmaceuticals Axis Bank Ltd Banks Maruti Suzuki India Limited Auto SKS Microfinance Limited Finance MRF Limited Auto Ancillaries Infosys Ltd. Software Castrol (India ) Ltd. Petroleum Products Larsen And Toubro Ltd. Construction Project Tata Motors Ltd. Auto Housing Development and Infrastructure Limited Construction IFCI Ltd. Finance Century Textiles & Industries Ltd. Cement Aurobindo Pharma Ltd. Pharmaceuticals Hero MotoCorp Ltd. Auto Yes Bank Ltd Banks State Bank Of India Banks Reliance Industries Ltd. Petroleum Products Reliance Power Ltd Power Adani Power Ltd Power NCC Limited Construction Project Indiabulls Housing Finance Ltd. Finance * For experience, please refer page For last three dividends, please refer page no For scheme performance, please refer page no 44-53

19 EQUITY SCHEMES KOTAK EQUITY SAVINGS FUND An Open Ended Equity Fund % to Net - Derivatives Bharat Earth Movers Ltd. Industrial Capital Goods Power Grid Corporation Of India Ltd Power Sun TV Limited. Media and Entertainment Tata Chemicals Ltd. Chemicals L&T Finance Holdings Ltd Finance UPL Ltd Pesticides Indiabulls Real Estate Ltd Construction Adani Enterprises Ltd Trading Eicher Motors Ltd Auto Dish TV India Ltd. Media and Entertainment Hexaware Technologies Ltd. Software Wipro Ltd. Software IDFC Limited Finance Tata Global Beverages Limited Consumer Non Durables Hindustan Petroleum Corporation Ltd Petroleum Products Indian Oil Corporation Ltd Petroleum Products Amara Raja Batteries Ltd. Auto Ancillaries Shriram Transport Finance Co Ltd. Finance Aditya Birla Nuvo Limited Services TV18 Broadcast Ltd Media and Entertainment Adani Port and Special Economic Zone Limited Transportation Dewan Housing Finance Corporation Ltd. Finance IRB Infrastructure Developers Ltd Construction Glenmark Pharmaceuticals Ltd Pharmaceuticals Asian Paints Ltd. Consumer Non Durables Colgate Palmolive (India ) Ltd. Consumer Non Durables LIC Housing Finance Ltd. Finance Bharti Infratel Ltd. Telecom - Equipment & Accessories Dabur India Ltd Consumer Non Durables SRF Ltd. Textile Products Bharat Petroleum Corporation Ltd. Petroleum Products Hindustan Unilever Ltd. Consumer Non Durables HDFC Ltd. Finance Karnataka Bank Ltd Banks Syndicate Bank Banks Tech Mahindra Ltd. Software CESC Ltd. Power Cipla Ltd. Pharmaceuticals DLF Limited Construction Jaiprakash Associates Ltd Construction Oriental Bank of Commerce Banks Ajanta Pharma Ltd. Pharmaceuticals HCL Technologies Ltd. Software Jubilant Foodworks Limited Consumer Non Durables Hedged - Total Listed/Awaiting Listing on Stock Exchange - Total Mutual Fund Units Kotak Floater Short Term Direct Growth Mutual Fund Units - Total Government Dated Securities 7.73% Central Government SOV % Central Government SOV % Central Government SOV % Central Government SOV % Central Government SOV 0.64 Government Dated Securities - Total 6.24 TERM DEPOSITS Kotak Mahindra Bank Ltd Ratnakar Bank Ltd 1.81 Term Deposits - Total Collateral Borrowing & Lending obligation 1.08 Net Current /(Liabilities) Grand Total 100 Notes: #Term Deposit as provided above is towards margin for derivatives transactions Kotak Equity Savings Fund NAV as on January 29, 2016: ` (Growth Option), ` (Monthly Dividend Option), ` (Quarterly Dividend Option), ` (Direct Growth Option), ` (Direct Monthly Dividend Option), ` (Direct Quarterly Dividend Option) SECTOR ALLOCATION (%) CBLO & Term Deposits & Rev.Repo Banks Finance Software Pharmaceuticals Government Dated Securities Consumer Non Durables Power Auto Unrated Others Investors understand that their principal will be at moderately high risk Income from arbitrage opportunities in the equity market & long term capital growth Investment predominantly in arbitrage opportunities in the cash & derivatives segment of the equity market and equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 18

20 EQUITY SCHEMES KOTAK INDIA GROWTH FUND SERIES I 3 years Close- Ended Equity INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity & equity related instruments across market capitalisation and sectors. There is no assurance or guarantee that the investment objective of the scheme will be achieved. May 06, 2015 Mr. Harish Krishnan Nifty 200 AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout & Growth Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software HDFC Bank Ltd. Banks 9.04 ICICI Bank Ltd. Banks 7.09 Reliance Industries Ltd. Petroleum Products 5.97 Maruti Suzuki India Limited Auto 5.68 IndusInd Bank Ltd. Banks 5.67 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 5.45 Larsen And Toubro Ltd. Construction Project 4.90 Axis Bank Ltd Banks 4.55 Hero MotoCorp Ltd. Auto 4.09 Britannia Industries Ltd. Consumer Non Durables 3.94 Ultratech Cement Ltd. Cement 3.92 Tata Motors Ltd - DVR Auto 3.88 Persistent Systems Limited Software 3.62 Power Grid Corporation Of India Ltd Power 3.40 Kajaria Ceramics Ltd. Construction 3.31 MRF Limited Auto Ancillaries 2.92 Shree Cement Ltd. Cement 2.82 Oracle Financial Services Software Ltd Software 2.61 Jubilant Foodworks Limited Consumer Non Durables 2.52 Listed/Awaiting Listing on Stock Exchange - Total TERM DEPOSITS Kotak Mahindra Bank Ltd Term Deposits - Total 0.86 Collateral Borrowing & Lending obligation 3.20 Net Current /(Liabilities) 0.11 Grand Total 100 Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover: 13.89% The scheme is a close ended scheme. The units of the scheme can be traded on the stock exchange. Entry Load: Nil. Exit Load: Nil. Regular: 2.52% Direct: 2.02% Kotak India Growth Fund Series I NAV as on January 29, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), `9.9001(Direct Growth Option) SECTOR ALLOCATION (%) Banks Cement Software Consumer Non Durable Petroleum Products Pharmaceuticals Construction Project CBLO & Term Deposits & Rev.Repo Auto Others Power Investors understand that their principal will be at moderately high risk Long term capital growth Investment in portfolio of predominantly equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 19

21 DEBT SCHEMES KOTAK LIQUID An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To provide reasonable returns and high level of liquidity by investing in debt and money market instruments of different maturities so as to spread risk across different kinds of issuers in the debt markets Regular Plan - October 5, 2000; Institutional Plan - March 14, 2003; Plan A - November 4, 2003 s Mr. Deepak Agrawal* CRISIL Liquid Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: ` 7, AUM (` In Crores) AUM as on Jan 31, 2016: ` 6, Plans: a) Regular & b) Institutional (discontinued for further subscriptions w.e.f. October 1, 2012) c) Plan A (Previously known as Institutional Premium Plan) d) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Daily, Weekly (Every Monday) (applicable for all plans) Ratios Standard Deviation: 0.17%, Modified Duration: 0.10 yrs, Portfolio Yield: 7.25% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: Plan A - `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investment Horizon: 1-15 days Entry Load: Nil. Exit Load: Nil. Note - Units issued on reinvestment of dividends shall not be subject to exit load Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Bajaj Finance Limited ICRA A LIC Housing Finance Ltd. CRISIL A Piramal Enterprises Limited ICRA A Au Financiers (India) Limited FITCH A1+(IND) 3.20 Mahindra & Mahindra Financial Services Ltd. CRISIL A HDFC Ltd. ICRA A1+ 2 Corporate Debt/Financial Institutions - Total Public Sector Undertakings Export-Import Bank of India. CRISIL A Power Finance Corporation Ltd. CRISIL A Chennai Petroleum Corporation Ltd. ICRA A Steel Authority of India Ltd. CARE A Small Industries Development Bank Of India. CARE A National Bank for Agriculture and Rural Developmen CRISIL A IDBI Bank Ltd. CRISIL A Public Sector Undertakings - Total Treasury Bills 91 Days Treasury Bill 28/03/2016 SOV Days Treasury Bill 31/03/2016 SOV Days Treasury Bill 10/03/2016 SOV 0.40 Treasury Bills - Total Collateral Borrowing & Lending obligation 0.18 Net Current /(Liabilities) Grand Total 100 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.10 years Kotak Liquid Plan A Fund NAV as on Januray 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Weekly Dividend), ` (Direct Weekly Dividend), ` (Daily Dividend), ` (Direct Daily Dividend) SECTOR ALLOCATION (%) RATING PROFILE Regular: 0.10% Direct: 0.04% Commercial Paper (CP)/Certificate of Deposits (CD) Treasury Bills CBLO & Term Deposits & Rev.Repo Net Current A1+, A1+(IND), A1+, SOV CBLO & Term Deposits & Rev.Repo Net Current Income over a short term investment horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at low risk * For experience, please refer page For scheme performance, please refer page no

22 DEBT SCHEMES KOTAK FLOATER SHORT TERM An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To reduce the interest rate risk associated with investments in fixed rate instruments by investing predominantly in floating rate securities, money market instruments and using appropriate derivatives. July 14, 2003 s Mr. Deepak Agrawal* CRISIL Liquid Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: ` 8, AUM (` In Crores) AUM as on Jan 31, 2016: ` 7, 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: 0.20%, Modified Duration: 0.11 yrs, Portfolio Yield: 7.63% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: ` U n d e r growth, weekly dividend and monthly dividend option & `1,00,000 under Daily Dividend Reinvestment option, Investment: `1000 & in multiples of `1 Ideal Investment Horizon: 1-15 days Entry Load: Nil. Exit Load: Nil Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 0.19% Direct: 0.14% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Lands End Properties Private Limited ( backed by unconditional and irrevocable undertaking by Indian Hotel) CARE AA+(SO) 1.14 HDB Financial Services Ltd. CRISIL AAA 0.45 Corporate Debt/Financial Institutions - Total 1.59 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Bajaj Finance Limited ICRA A ECL Finance Limited CRISIL A Suraksha Reality Ltd CARE A1+(SO) 6.76 HDFC Ltd. ICRA A Edelweiss Commodities Services Ltd. CRISIL A Larsen and Toubro Ltd. CRISIL A Tata Power Company Ltd. ICRA A ONGC Manglore Petrochemicals Ltd. ICRA A Suraksha Reality Ltd CARE A Adani Transmission Ltd FITCH A1+(IND) 2.71 RHC Finance Private Limited FITCH A1+(IND) 2.70 Manappuram Finance Ltd CRISIL A Edelweiss Financial Services Limited CRISIL A Sadbhav Engineering Ltd. CARE A Adani Port and Special Economic Zone Limited ICRA A Aditya Birla Nuvo Limited ICRA A HDFC Bank Ltd. CRISIL A ICICI Bank Ltd. ICRA A Piramal Enterprises Limited ICRA A Mahindra & Mahindra Financial Services Ltd. CRISIL A Bharat Aluminum Co. Ltd. CRISIL A1+(SO) 0.41 Aditya Birla Money Ltd CRISIL A Corporate Debt/Financial Institutions - Total 70 Public Sector Undertakings Small Industries Development Bank Of India. CARE A National Bank for Agriculture and Rural Developmen CRISIL A Rural Electrification Corporation Ltd. CARE A Punjab & Sind Bank CRISIL A Steel Authority of India Ltd. CARE A Public Sector Undertakings - Total Treasury Bills 91 Days Treasury Bill 31/03/2016 SOV Days Treasury Bill 10/03/2016 SOV 4.39 Treasury Bills - Total Collateral Borrowing & Lending obligation 1.20 Net Current /(Liabilities Grand Total 100 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 January 31, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Weekly Dividend), ` (Direct Weekly Dividend), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Daily Dividend), ` (Direct Daily Dividend) SECTOR ALLOCATION (%) RATING PROFILE (%) Commercial Paper (CP)/Certificate of Deposits (CD) CBLO & Term Deposits & Rev.Repo Net Current Debentures and Bonds Treasury Bills A1+, A1+(SO), AAA, A1+(IND), A1+, SOV CBLO & Term Deposits & Rev.Repo Net Current AA+(SO) Income over a short term investment horizon Investment in floating rate securities, debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 21 Investors understand that their principal will be at low risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

23 DEBT SCHEMES KOTAK TREASURY ADVANTAGE FUND (Formerly Known as Kotak Floater Long Term ) An Open Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The investment objective of the is to generate returns through investments in debt and money market instruments with a view to reduce the interest rate risk. However, there is no assurance or guarantee that the investment objective of the scheme will be achieved August 13, 2004 Mr. Deepak Agrawal* CRISIL Liquid Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: `4, AUM (` In Crores) AUM as on Jan 31, 2016: `4, A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Daily Monthly (12th of every Month), Weekly (Every Monday) Ratios Standard Deviation: 0.42%, Modified Duration: 0.48 yrs, Portfolio Yield: 8.65% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: (i) Dividend Reinvestment & Growth- `5000 & above (ii) Dividend Payout (Weekly) - `1,00,00,000 & above Investment: `1000 & in multiples of `1 Ideal Investment Horizon: 1-3 months Entry Load: Nil. Exit Load: Nil. Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 0.68% Direct: 0.33% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Kotak Mahindra Prime Ltd. CRISIL AAA 5.17% HDFC Ltd.^ CRISIL AAA 4.89% Indiabulls Housing Finance Limited CARE AAA 4.70% Mahindra & Mahindra Financial Services Ltd. FITCH AAA(IND) 4.70% Shriram Transport Finance Co Ltd. CRISIL AA+ 3.69% Karelides Traders Private Ltd. (backed by an irrevocable and unconditional undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd) ICRA AA- 3.41% Shriram Transport Finance Co Ltd. FITCH AA+(IND) 3.07% Adani Power Ltd (Secured by Equity shares of Adani Ports and SEZ Ltd) BRICKWORK BWR A % Dewan Housing Finance Corporation Ltd. CARE AAA 2.24% Nabha Power Ltd. (backed by unconditional and irrevocable guarantee by Laresen & Toubro Ltd. ) ICRA AAA 1.66% L & T Finance Limited ICRA AA+ 0.71% LIC Housing Finance Ltd. CRISIL AAA 0.59% SP Jammu Udhampur way Ltd. (backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd) ICRA AAA 0.48% HPCL Mittal Energy Ltd. ICRA AA- 0.34% Tata Capital Financial Services Limited CRISIL AA+ 0.24% Tata Capital Housing Finance Ltd; CRISIL AA+ 0.16% Tata Motors Finance Ltd CRISIL AA 0.16% Grand View Estate Pvt Ltd (backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd) ICRA AA 0.12% Corporate Debt/Financial Institutions - Total 39.13% Public Sector Undertakings State Bank Of India. CRISIL AAA 2.63% Power Finance Corporation Ltd. CRISIL AAA 1.13% Note:^ Partly blocked against Interest Rate Swap(IRS) Rural Electrification Corporation Ltd. CRISIL AAA 0.01% Public Sector Undertakings - Total 3.77% Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Piramal Enterprises Limited ICRA A % Reliance Jio Infocomm Limited CARE A % Sun Pharmaceutical Industries Ltd. ICRA A % Mahindra & Mahindra Financial Services Ltd. CRISIL A % Larsen and Toubro Ltd. CRISIL A % Adani Port and Special Economic Zone Limited ICRA A % Tata Capital Financial Services Limited ICRA A % HDFC Ltd. ICRA A % ICICI Bank Ltd. ICRA A % Tata Motors Finance Ltd ICRA A % IL & FS Financial Services Ltd. ICRA A % AXIS Bank Ltd. CRISIL A % Sun Pharmaceutical Industries Ltd. CRISIL A % Corporate Debt/Financial Institutions - Total 36.41% Public Sector Undertakings National Bank for Agriculture and Rural Developmen CRISIL A % Small Industries Development Bank Of India. CARE A % Export-Import Bank of India. CRISIL A % Small Industries Development Bank Of India. CRISIL A % Vijaya Bank CARE A % Public Sector Undertakings - Total 12.27% Reverse Repo 1.08% Treasury Bills 91 Days Treasury Bill 28/03/2016 SOV 4.18% Treasury Bills - Total 4.18% Collateral Borrowing & Lending obligation 1.58% Net Current /(Liabilities) 1.58% Grand Total 100% Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.52 years. Kotak Treasury Advantage Fund NAV as on January 29, 2016: ` (Daily Dividend Option), ` (Daily Dividend - Direct), ` (Growth Option), ` (Monthly Dividend Option), ` (Weekly Dividend Option), ` (Monthly Dividend - Direct), ` (Weekly Dividend - Direct), `23.963(Growth - Direct Option) Treasury Bills CBLO & Term Deposits & Rev. Repo Commercial Paper (CP)/Certificate of Deposits (CD) Debentures and Bonds Net Current RATING PROFILE BWR A1+, A1+, AAA, A1+, AAA, AAA(IND), A1+, AAA, SOV AA+, AA+(IND), AA+, AA,AA- CBLO & Term Deposits & Rev.Repo Net Current Income over a short term investment horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at moderately low risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

24 DEBT SCHEMES KOTAK BANKING AND PSU DEBT FUND Earlier known as Kotak Mahindra Gilt Savings Savings Plan. An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To generate income by predominantly investing in debt & money market securities issued by Banks & PSUs and Reverse repos in such securities, sovereign securities issued by the Central Government and State Governments, and / or any security unconditionally guaranteed by the Govt. of India. December 29,1998 Mr. Deepak Agrawal* Crisil Liquid Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Daily, Monthly (12th of every Month) & Annual Ratios Standard Deviation: 0.52%, Debt Instruments Debentures and Bonds Public Sector Undertakings Power Finance Corporation Ltd. CRISIL AAA 14 Steel Authority of India Ltd. CARE AAA State Bank Of India. CRISIL AAA 9.60 Rural Electrification Corporation Ltd. CRISIL AAA 6.45 Vijaya Bank CARE AA Public Sector Undertakings - Total Government Dated Securities 8.47 State Government SOV Government Dated Securities - Total Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions AXIS Bank Ltd. CRISIL A ICICI Bank Ltd. ICRA A Corporate Debt/Financial Institutions - Total Public Sector Undertakings National Bank for Agriculture and Rural Developmen CRISIL A Small Industries Development Bank Of India. CRISIL A Rural Electrification Corporation Ltd. CRISIL A Vijaya Bank CARE A Export-Import Bank of India. CRISIL A Punjab & Sind Bank CRISIL A Public Sector Undertakings - Total Treasury Bills 364 Days Treasury Bill 04/08/2016SOV 1.66 Treasury Bills - Total 1.66 Net Current /(Liabilities) Grand Total 100 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments 0.88 years. Kotak Banking And PSU Debt Fund NAV as on January 29, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Daily Dividend Reinvestment), ` (Direct Daily Dividend Reinvestment), ` (Annual Dividend), ` (Direct Annual) Modified Duration: 0.81 yrs, Portfolio Yield: 8.06% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: Dividend Payout, Dividend Re-investment & Growth `5000 & above. Investment: `1000 & in multiples of `1. Ideal Investment Horizon: 1-3 months Entry Load: Nil. Exit Load: Nil Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 0.50% Direct: 0.10% Net Current Debentures and Bonds Government Dated Securities Treasury Bills AAA, A1+, AAA, A1+, SOV Net Current AA+ Income over a short to medium term investment horizon Investment in debt & money market securities of PSUs, Banks & government securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at moderately low risk 23 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

25 DEBT SCHEMES KOTAK DURATION FUND (Formerly known as PineBridge India Short Term Fund) An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The primary objective of the is to generate income through investment primarily in low duration debt & money market securities. There is no assurance or guarantee that the investment objective of the scheme will be achieved. March 6, 2008 Mr. Deepak Agrawal * CRISIL Liquid Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: ` 1, AUM (` In Crores) AUM as on Jan 31, 2016: `1, A) Regular B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (dividend payout is available under monthly dividend only) Dividend Frequency Weekly (every Monday), Monthly (12th of every month)and Normal (as decided by Trustees) Ratios Standard Deviation: 0.36%, Modified Duration: 0.38 yrs, Portfolio Yield: 9.74% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: Plan A - `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 for purchase and for `0.01 for switches. Ideal Investment Horizon: 1-3 months Entry Load: Nil. Exit Load: Nil. Any exit load charged (net off Service Tax, if any) shall be credited back to the ; Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 0.97% Direct: 0.25% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Innovador Realtors Pvt Ltd ICRA A1+(SO) Adani Power Ltd (Secured by Equity shares of Adani Ports and SEZ Ltd) BRICKWORK BWR A Shriram Transport Finance Co Ltd. FITCHAA+(IND) 8.19 HPCL Mittal Energy Ltd. ICRA AA- 7 Karelides Traders Private Ltd. (backed by an irrevocable and unconditional undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd) ICRA AA Muthoot Fincorp Ltd. CRISIL A 5.44 Pune Solapur Expressways Pvt. Ltd. (toll road project of Tata Realty & Infrastructure Ltd, 100 subsidiary of Tata Sons) ICRA A 4.78 Shivprasad Realty Pvt Ltd (backed by unconditional and irrevocable undertaking by Axis Capital ) ICRA AAA 2.96 Dewan Housing Finance Corporation Ltd. CARE AAA 2.92 Emami Realty Ltd ( Secured by Equity shares of Emami Ltd) BRICKWORK BWR AA(SO)2.91 Sterlite Industries (India) Ltd CRISIL AA Tata Capital Financial Services Limited CRISIL AA Hero Realty Ltd (Guaranteed by a Hero Group company ) ICRA A Sahyadri Agencies Ltd (Secured by Equity shares of Jyothy Laboratories Ltd) BRICKWORK BWR A(SO) 1.87 Indostar Capital Finance Private Limited CARE AA Shriram Transport Finance Co Ltd. CRISIL AA Muthoot Finance Ltd ICRA AA Muthoot Finance Ltd CRISIL AA Tata Motors Finance Ltd CRISIL AA 0.27 HDB Financial Services Ltd. CARE AAA 0.07 Tata Motors Ltd. CARE AA Corporate Debt/Financial Institutions - Total Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Edelweiss Financial Services Limited CRISILA Talwandi Sabo Power Limited (backed by unconditional and irrevocable guarantee of Vedanta Ltd) CRISIL A1+(SO) 4.37 Mahindra & Mahindra Financial Services Ltd. CRISIL A HDFC Ltd. ICRA A Reliance Capital Ltd. CRISIL A Reliance Jio Infocomm Limited CARE A Corporate Debt/Financial Institutions - Total Public Sector Undertakings Rural Electrification Corporation Ltd.CRISILA National Bank for Agriculture and Rural Developmen CRISIL A Small Industries Development Bank Of India. CRISIL A IDBI Bank Ltd. CRISIL A Power Finance Corporation Ltd. CRISIL A Punjab & Sind Bank CRISIL A Public Sector Undertakings - Total 3.80 Reverse Repo 1 Treasury Bills 91 Days Treasury Bill 28/03/2016 SOV 4.60 Treasury Bills - Total 4.60 Collateral Borrowing & Lending obligation 0.07 Net Current /(Liabilities) Grand Total 100 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.42 years Kotak Duration Fund NAV as on January 29, 2016: ` (Retail Plan-Growth Option), ` (RetailPlan-Weekly Dividend),` (Retail Plan-Monthly Dividend), ` (Standard Plan-Growth Option), ` (Standard Plan-Weekly Dividend), ` (Standard Plan-Monthly Dividend), ` (Direct Plan- Growth Option), ` (Direct Plan- Weekly Dividend), ` (Direct Plan- Monthly Dividend) SECTOR ALLOCATION (%) Treasury Bills RATING PROFILE A+, BWR A(SO), A BWR A1+, AAA, A1+,A1+(SO), AAA, SOV AA+, AA+(IND), AA,BWR AA-(SO), AA Regular income over short term Income by focusing on low duration securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at moderate risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

26 DEBT SCHEMES KOTAK BOND SHORT TERM An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The investment objective of the is to provide reasonable returns and high level of liquidity by investing in debt instruments such as bonds, debentures and Government securities; and money market i n s t r u m e n t s s u c h a s t r e a s u r y bills,commercial papers, certificates of deposit, including repos in permitted securities of different maturities, so as to spread the risk across different kinds of issuers in the debt markets. The may invest in the call money/termmoney market in terms of RBI guidelines in this respect. To reduce the risk of the portfolio, the may also use various derivative and hedging products from time to time, in the manner permitted by SEBI. Subject to the maximum amount permitted from time to time, the may invest in offshore securities in the manner allowed by SEBI/RBI, provided such investments are in conformity with the investment objective of the and the prevailing guidelines and Regulations. There is no assurance that the investment objective of the will be realised. May 2, 2002 Mr. Deepak Agrawal* Crisil Short - Term Bond Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: ` 2, AUM (` In Crores) AUM as on Jan 31, 2016: ` 3, A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Monthly (12th of every Month), Half Yearly (20th of Mar/Sept) and normal (as decided by Trustees) Ratios Standard Deviation: 0.84%, Modified Duration: 2.23 yrs, Portfolio Yield: 8.54% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: (i) Dividend Reinvestment & Growth - `5000 & above (ii) Dividend Payout (Monthly Dividend) - `50,000 & above Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 6 months & above Entry Load: Nil. Exit Load: I) For redemptions/ switch outs (including SIP/STP) within 30 days from the date of allotment of units, irrespective of the amount of investment: 0.25% ii) For redemptions / switch outs (including SIP/STP) after 30 days from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the. (applicable for all plans) Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 1.35%; Direct: 0.35% Issuer/Instrument Industry/ % to Net Rating Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Reliance Jio Infocomm Limited CRISIL AAA Nabha Power Ltd. (backed by unconditional and irrevocable guarantee by Laresen & Toubro Ltd. ) ICRA AAA 8.67 Dewan Housing Finance Corporation Ltd. CARE AAA 6.57 Mandava Holdings Private Limited (backed by unconditional and irrevocable undertaking by Axis Capital) ICRAAAA 5.48 HDFC Ltd. CRISIL AAA 5.47 Fullerton India Credit Co. Ltd. CARE AAA 3.91 HDB Financial Services Ltd. CRISIL AAA 3.68 Kotak Mahindra Prime Ltd. CRISIL AAA 2.50 SP Jammu Udhampur way Ltd. (backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 1.03 IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 1 Nabha Power Ltd. ICRA AAA 0.64 Mahindra & Mahindra Financial Services Ltd. FITCH AAA(IND) 0.06 IDFC Bank Limited ICRA AAA 0.03 Corporate Debt/Financial Institutions - Total Public Sector Undertakings National Bank for Agriculture and Rural Developmen CRISIL AAA 7.83 Power Finance Corporation Ltd. CRISIL AAA 7.30 Issuer/Instrument Industry/ % to Net Rating Rural Electrification Corporation Ltd. CRISIL AAA 5.01 State Bank Of India. CRISIL AAA 1.11 Steel Authority of India Ltd. CARE AAA 0.46 Public Sector Undertakings - Total Government Dated Securities 8.83 Central Government SOV Central Government SOV Central Government SOV Central Government SOV Central Government SOV 0.84 Government Dated Securities - Total Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Mahindra & Mahindra Financial Services Ltd. CRISIL A Sundaram Finance Ltd. CRISIL A Corporate Debt/Financial Institutions - Total 7.04 Public Sector Undertakings Vijaya Bank CARE A Public Sector Undertakings - Total 0.06 Reverse Repo 1.38 Collateral Borrowing & Lending obligation 0.33 Net Current /(Liabilities) 2.20 Grand Total 100 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.96 years. Kotak Bond Short Term Fund NAV as on January 29, 2016: ` (Growth Option), ` (Direct Growth Option), `10.12 (Dividend), ` (Direct Dividend), ` (Half Yearly Dividend), ` (Direct Half Yearly Dividend) SECTOR ALLOCATION (%) CBLO & Term Deposits & Rev. Repo Investors understand that their principal will be at moderately low risk AAA, A1+, AAA, AAA(SO), AAA(IND), AAA, SOV Net Current CBLO & Term Deposits & Rev.Repo Income over a medium term horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 25 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

27 DEBT SCHEMES KOTAK FLEXI DEBT An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To maximize returns through an active management of a portfolio of debt and money market securities. Regular Plan- December 6, 2004 Plan A - May 26, 2008 Mr. Deepak Agrawal* CRISIL Composite Bond AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular (discontinued for further subscriptions w.e.f. October 1, 2012) b) Plan A (Previously known as Institutional Plan) c) Direct Plan / Options: Dividend Payout, Dividend Reinvestment, Growth & Bonus Dividend Frequency Daily Dividend Reinvestment, Weekly Dividend Reinvestment (Every Monday), Quarterly Dividend Payout and Reinvestment (20th of March, June, September and December of every year) Ratios Standard Deviation: 2.45%, Modified Duration: 2.06yrs, Portfolio Yield: 8.06% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: Plan A - `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investment Horizon: 6 months & above Entry Load: Nil. Exit Load: I) For redemptions/ switch outs (including SIP/STP) within 30 days from the date of allotment of units, irrespective of the amount of investment: 1.00%, ii) For redemptions/ switch outs (including SIP/STP) after 30 days from the date of allotment of units, irrespective of the amount of investment: NIL, iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the. (applicable for all plans) Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 1.14% Direct: 0.40% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Reliance Jio Infocomm Limited CRISIL AAA 8.66% Tata Capital Housing Finance Ltd; CRISIL AA+ 1.44% Corporate Debt/Financial Institutions - Total 10.10% Public Sector Undertakings Power Finance Corporation Ltd. CRISIL AAA 0.34% Rural Electrification Corporation Ltd. CRISIL AAA 0.12% Public Sector Undertakings - Total 0.46% Government Dated Securities 7.16% Central Government SOV 27.47% 1.44% Central Government SOV 16.56% 8.25% State Government SOV 0.43% Government Dated Securities - Total 44.46% Net Current /(Liabilities) 44.98% Grand Total 100% Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.85 years Kotak Flexi Debt Plan A Fund NAV as on January 29, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Weekly Dividend), ` (Direct Weekly Dividend), ` (Daily Dividend), ` (Direct Daily Dividend), ` (Quarterly Dividend), ` (Direct Quarterly Dividend) SECTOR ALLOCATION (%) Net Current Government Dated Securities Debentures and Bonds RATING PROFILE AAA, SOV AA+ Net Current Income over a medium term investment horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at moderately low risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

28 DEBT SCHEMES KOTAK INCOME OPPORTUNITIES FUND An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The investment objective of the scheme is to generate income by investing in debt /and money market securities across the yield curve and credit spectrum. The scheme would also seek to maintain reasonable liquidity within the fund. There is no assurance that or guarantee that the investment objective of the scheme will be achieved. May 11, 2010 s Mr. Deepak Agrawal* Crisil Short Term Bond Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: ` 1, AUM (` In Crores) AUM as on Jan 31, 2016: ` 1, A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Weekly (Every Monday), Monthly (12th of every Month), Quarterly (20th of March / June / September / December), Annual (12th of March). Ratios Standard Deviation: 0.61%, Modified Duration: 1.70yrs, Portfolio Yield: 10.63% 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: `1000 & in multiples of `1 Ideal Investments Horizon: 1 year & above Entry Load: Nil. Exit Load: I) For redemptions/ switch outs (including SIP/ STP) within 1 year from the date of allotment of units,irrespective of the amount of investment: 1%. II) For redemptions/ switch outs (including SIP/ STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: Nil. Any exit load charged (net off Service Tax, if any) shall be credited back to the. Note Units issued on reinvestment of dividends shall not be subject to exit load Regular: 1.95% Direct:0.44% Issuer/Instrument Industry/ % to Net Rating Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Sterlite Industries (India) Ltd CRISIL AA DLF Emporio Ltd CRISIL AA 8.21 Au Financiers (India) Limited FITCH A+(IND) 8.10 Karelides Traders Private Ltd. (backed by an irrevocable and unconditional undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd) ICRA AA Prestige Estates Projects Limited ICRA A Dalmia Bharat Ltd ICRA AA Dewan Housing Finance Corporation Ltd. CARE AAA 5.25 Janalakshami Financial Services Ltd. ICRA A 4.90 Adani Power Ltd (Secured by Equity shares of Adani Ports and SEZ Ltd) BRICKWORK BWR AA-4.10 Reliance Jio Infocomm Limited CRISIL AAA 3.88 SBK Properties Pvt Ltd. (Guaranteed by a Kalyani Group company) ICRA AA Equitas Micro Finance Ltd. CARE A 3.25 HPCL Mittal Energy Ltd. ICRA AA Haldhar Developers Private Limited ( backed by unconditional and irrevocable undertaking by Piramal) ICRA LAA-(SO) 3.03 SP Jammu Udhampur way Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 2.05 Shriram Transport Finance Co Ltd. FITCH AA+(IND) 2.03 HPCL Mittal Pipelines Ltd. ICRA AA Peninsula Land Limited ICRA A 1.52 Issuer/Instrument Industry/ % to Net Rating Hero Realty Ltd (Guaranteed by a Hero Group company ) ICRA A HDB Financial Services Ltd. CRISIL AAA 0.25 Tata Capital Housing Finance Ltd; CRISIL AA HDFC Ltd. CRISIL AAA 0.09 LIC Housing Finance Ltd. CRISIL AAA 0.07 Corporate Debt/Financial Institutions - Total Public Sector Undertakings Indian Overseas Bank BRICKWORK BWR A Bank of India BRICKWORK BWR AA+0.86 Tamil Nadu Generation & Distribution Corporation L (backed by unconditional and irrevocable guarantee of Tamilnadu State Government ) ICRA A-(SO) 0.76 State Bank Of India. CRISIL AAA 0.02 Public Sector Undertakings - Total 4.68 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions ICICI Bank Ltd. ICRA A Corporate Debt/Financial Institutions - Total 5.22 Public Sector Undertakings Punjab & Sind Bank CRISIL A Public Sector Undertakings - Total 0.40 Treasury Bills 91 Days Treasury Bill 28/03/2016 SOV 3.05 Treasury Bills - Total 3.05 Collateral Borrowing & Lending obligation 2.50 Net Current /(Liabilities) 3.09 Grand Total 100 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.14 years. Kotak Income Opportunities Fund NAV as on January 29, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Weekly Dividend), `10.173(Direct Weekly Dividend), ` (Monthly Dividend), ` (Direct Monthly Dividend), `10.638(Quarterly Dividend), ` (Annual Dividend), ` (Direct Annual). SECTOR ALLOCATION (%) Commercial Paper (CP)/Certificate of Deposits (CD) Debentures and Bonds Treasury BIlls Net Current CBLO & Term Deposits & Rev.Repo CBLO & Term Deposits & Rev.Repo BWR AA+, AA+, AA+(IND), AA, BWR AA-, AA-, LAA-(SO) AAA, A1+, AAA, A1+, AAA, SOV Net Current A+(IND), A+, BWR A, A, A-, A-(SO) Income over a medium term investment horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at moderately low risk 27 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

29 DEBT SCHEMES KOTAK CORPORATE BOND FUND (Formerly known as PineBridge India Total Return Bond Fund) An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The primary objective of the is to generate income through investment primarily in low duration debt & money market securities. There is no assurance or guarantee that the investment objective of the scheme will be achieved. September 21, 2007 Mr. Deepak Agrawal* CRISIL Composite Bond Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` 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: 0.78%, Modified Duration: 1.65 yrs, Portfolio Yield: 8.31% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1for purchase and for `0.01 for switches. Ideal Investment Horizon: 1 Year & Above Entry Load: Nil. Exit Load: 1) For redemptions / switch outs (including SIP/STP) within 3 months from the date of allotment of units, irrespective of the amount of investment 2.00%; 2) For redemptions / switch outs (including SIP/STP) after 3 months from the date of allotment of units, irrespective of the amount of investment Nil Regular: 0.50% Direct: 0.28% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Reliance Jio Infocomm Limited CRISIL AAA Nabha Power Ltd. (backed by unconditional and irrevocable guarantee by Laresen & Toubro Ltd.) ICRA AAA IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 9.72 HDFC Ltd. CRISIL AAA 9.27 Shriram Transport Finance Co Ltd. CRISIL AA Ultratech Cement Ltd. CRISIL AAA 4.86 Inox Air Products Ltd. CRISIL AA 2.68 Mahindra & Mahindra Financial Services Ltd. ICRA AAA 2.65 Corporate Debt/Financial Institutions - Total Public Sector Undertakings Power Finance Corporation Ltd. CRISIL AAA 5.35 Export-Import Bank of India. CRISIL AAA 4.71 Airports Authority of India CRISIL AAA 2.69 Rural Electrification Corporation Ltd. CRISIL AAA 2.69 National Bank for Agriculture and Rural Developmen CRISIL AAA 2.50 Steel Authority of India Ltd. CARE AAA 2.15 Public Sector Undertakings - Total Collateral Borrowing & Lending obligation Net Current /(Liabilities) 7.06 Grand Total 100 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 1.91 years Kotak Corporate Bond Fund NAV as on January 29, 2016: ` (Standard Plan-Growth Option), ` (Standard Plan- Weekly Dividend),` (Standard Plan-Monthly Dividend), ` (Standard Plan-Quarterly Dividend), ` (Standard Plan-Daily Dividend), ` (Retail Plan-Growth Option), ` (Retail Plan- Weekly Dividend), ` (Retail Plan- Monthly Dividend), ` (Retail Plan-Daily Dividend), ` (Direct Plan- Growth Option), ` (Direct Plan- Monthly Dividend), ` (Institutional Plan-Growth Option) AAA, AAA(SO), AAA Net Current AA+, AA CBLO & Term Deposits & Rev.Repo Regular income over short term Income by investing in fixed income securities of varying maturities & credit * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at moderately low risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

30 DEBT SCHEMES KOTAK MEDIUM TERM FUND An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium The investment objective of the scheme is to generate regular income and capital appreciation by investing in a portfolio of medium term debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be achieved. March 21, 2014 Mr. Deepak Agrawal* CRISIL Composite Bond Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: ` 1, AUM (` In Crores) AUM as on Jan 31, 2016: ` 1, A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Quarterly (20th of March / June / September / December), Annually (12th of March) Ratios Standard Deviation: 0.98%, Modified Duration: 2.15 yrs, Portfolio Yield: 10.34% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Purchase: `5,000/- and in multiples of 1 for purchases and for `0.01 for switches. Purchase: `1000 & in multiples of `1.for purchases and for `0.01 for switches. Ideal Investment Horizon: 2.5 years & above Entry Load: Nil. Exit Load: i) For exit on or within 18 months from date of allotment of units: 2%, ii) For exit after 18 months from the date of allotment of units: Nil (applicable for all plans) Any exit load charged (net off Service Tax, if any) shall be credited back to the. Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 1.97% Direct: 0.39% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Reliance Jio Infocomm Limited CRISIL AAA Dewan Housing Finance Corporation Ltd. CARE AAA 6.97 Prestige Estates Projects Limited ICRA A Muthoot Finance Ltd ICRA AA Ashirvad Microfinance Private Limited ( 85 subsidiary of Manappuram Finance Ltd ) CARE A ECL Finance Limited CARE AA 4.11 SBK Properties Pvt Ltd. ( Guaranteed by a Kalyani Group company) ICRA AA- 4 Janalakshami Financial Services Ltd. ICRA A 3.52 L & T Finance Limited ICRA AA Intime Properties Ltd. ( ) FITCH AAA(IND) 3.37 Peninsula Land Limited ICRA A 3.36 Equitas Micro Finance Ltd. CARE A 3.06 Tata Power Company Ltd. CRISIL AA Haldhar Developers Private Limited ( backed by unconditional and irrevocable undertaking by Pirama) ICRA LAA-(SO) 2.51 Au Financiers (India) Limited FITCH A+(IND) 2.21 Adani Power Ltd (Secured by Equity shares of Adani Ports and SEZ Ltd) BRICKWORK BWR AA SP Jammu Udhampur way Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd) ICRA AAA 2.04 Powergrid Vizag Transminssion Ltd. ( backed by unconditional and irrevocable guarantee by Powergrid Corp ) CRISIL AAA(SO) 1.76 Shriram Transport Finance Co Ltd. FITCH AA+(IND) 1.75 Reliance Ports And Terminals Limited CRISIL AAA 1.71 Sterlite Industries (India) Ltd CRISIL AA HDFC Ltd. CRISIL AAA 0.87 IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.78 India Infoline Finance Limited CARE AA 0.27 IOT Utkal Energy Services Ltd. CRISIL AAA 0.02 Corporate Debt/Financial Institutions - Total Public Sector Undertakings Power Finance Corporation Ltd. CRISIL AAA 2.38 Bank of India BRICKWORK BWR AA Public Sector Undertakings - Total 4.41 Government Dated Securities 1.44 Central Government SOV 2.33 Government Dated Securities - Total 2.33 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Talwandi Sabo Power Limited CRISIL A1+(SO) 3.49 Corporate Debt/Financial Institutions - Total 3.49 Treasury Bills 91 Days Treasury Bill 28/03/2016 SOV Days Treasury Bill 04/08/2016 SOV 0.84 Treasury Bills - Total 1.88 Collateral Borrowing & Lending obligation 2.12 Net Current /(Liabilities) 3.28 Grand Total 100 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.94 years Kotak Medium Term Fund NAV as on January 29, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Quarterly Dividend), ` (Direct Quarterly Dividend), ` (Annual Dividend), ` (Direct Annual) CBLO & Term Deposits & Rev.Repo Debentures and Bonds Treasury Bills Government Dated Securities Investors understand that their principal will be at moderate risk Net Current RATING PROFILE AAA, AAA(SO), AAA(IND), AAA, SOV A+(IND), A+, A, A- BWR AA+, AA+(IND), AA+, AA, BWR AA-, AA-, LAA-(SO) 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 * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 29 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

31 DEBT SCHEMES KOTAK BOND An Open - Ended Debt INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To create a portfolio of debt and money market instruments of different maturities so as to spread the risk across a wide maturity horizon & different kinds of issuers in the debt market. November 25, 1999 Mr. Abhishek Bisen* Crisil Composite Bond Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: ` 5, AUM (` In Crores) AUM as on Jan 31, 2016: ` 4, A) Deposit (discontinued for further subscriptions w.e.f. October 1, 2012) B) Plan A (Previously known as Regular Plan) C) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Quarterly (20th of Mar/Jun/Sep/Dec), Half Yearly (20th of Mar/Sept), Annual (12th of Mar) Ratios Standard Deviation: 3.24% Modified Duration: 8.24 yrs Portfolio Yield: 8.25% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: Plan A `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 1 year & above Entry Load: Nil. Exit Load: Nil. Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 1.76% Direct: 0.96% Issuer/Instrument Industry/ % to Net Rating Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions HPCL Mittal Energy Ltd. ICRA AA India InfraDebt Ltd CRISIL AAA 0.02 Corporate Debt/Financial Institutions - Total 2.31 Public Sector Undertakings Bank of India Small Industries Development BRICKWORK BWR AA Bank Of India. CARE AAA 1.01 Tamil Nadu Generation & Distribution Corporation L (backed by unconditional and irrevocable guarantee of Tamilnadu State Government ) ICRA A-(SO) 0.63 Rural Electrification Corporation Ltd. CRISILAAA 0.12 Power Grid Corporation of India Ltd. CRISIL AAA 0.11 Public Sector Undertakings - Total 3.26 Government Dated Securities 7.73 Central Government SOV Central Government SOV Central Government SOV Issuer/Instrument Industry/ % to Net Rating 8.17 Central Government SOV Central Government SOV Central Government SOV Central Government SOV Central Government SOV Central Government SOV 0.01 Government Dated Securities - Total Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions L & T Infrastructure Finance Company Ltd. CARE A Edelweiss Financial Services Limited CRISIL A Manappuram Finance Ltd CRISIL A Aditya Birla Money Ltd CRISIL A Corporate Debt/Financial Institutions - Total 2.69 Public Sector Undertakings Small Industries Development Bank Of India. CARE A Public Sector Undertakings - Total 3.77 Collateral Borrowing & Lending obligation 0.04 Net Current /(Liabilities) 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 January 29, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Quarterly Dividend), ` (Direct Quarterly Dividend), ` (Annual Dividend), ` (Direct Annual Dividend), `27.1 (Plan A-Bonus Plan), ` (Deposit Dividend) SECTOR ALLOCATION (%) Government Dated Securities Debentures and Bonds Commercial Paper (CP)/Certificate of Deposits (CD) CBLO & Term Deposits & Rev.Repo Net Current A1+, A1+(IND), A1+, SOV BWR AA+, AA- A-(SO) Net Current CBLO & Term Deposits & Rev.Repo 102 Income over long term investment horizon Investment in debt & money market securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Investors understand that their principal will be at moderate risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

32 DEBT SCHEMES KOTAK GILT INVESTMENT An Open - Ended Dedicated Gilt Unit INVESTMENT STYLE Maturity Short Medium Long Volatiliy Medium To generate risk-free returns through investments in sovereign securities issued by the Central and /or State Government(s) and/ or reverse repos in such securities. Regular Plan - December 29, 1998; PF & Trust Plan - November 11, 2003 Mr. Abhishek Bisen* ISEC Composite AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` Plans- A) Regular Non Direct Plan, B) PF & Trust Non Direct Plan, C) Regular Direct Plan, D) PF & Trust Direct Plan/ Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Quarterly (20th of Mar/Jun/Sep/Dec) Ratios Standard Deviation: A) Regular Plan: 3.36%, B) PF & Trust Plan: 3.37%, Modified Duration: 8.11 yrs, Portfolio Yield: 8.14% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 1 year & above Entry Load: (a) Regular Plan - Entry: Nil. (b) PF & Trust Plan - Entry: Nil. (applicable for all plans) Exit Load: (a) Regular Plan - Exit: Nil. (b) PF&Trust Plan - Exit: Nil. (applicable for all plans) Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 1.40% Direct: 0.40% Issuer/Instrument Industry/ % to Net Rating Government Dated Securities 7.73 Central Government SOV Central Government SOV Central Government SOV Central Government SOV Central Government SOV Central Government SOV Central Government SOV 3.81 Issuer/Instrument Industry/ % to Net Rating 1.44 Central Government SOV State Government SOV 0.11 Government Dated Securities - Total Collateral Borrowing & Lending obligation 4.31 Net Current /(Liabilities) Grand Total 100 Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments :15.64 years. Kotak Gilt Investment Fund NAV as on January 29, 2016: ` (Regular-Growth), ` (Regular-Growth-Direct), ` (Regular-Dividend), ` (Regular-Dividend-Direct), ` (PF & Trust-Growth), ` (PF & Trust-Growth Direct), ` (PF & Trust-Dividend) SECTOR ALLOCATION (%) CBLO & Term Deposits & Rev.Repo SOV Net Current CBLO & Term Deposits & Rev.Repo 31 Investors understand that their principal will be at moderate risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no Income over a long investment horizon Investments in sovereign securities issued by the Central and/or State Government(s) and / or reverse repos in such securities. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 23

33 DEBT SCHEMES KOTAK MONTHLY INCOME PLAN An Open Ended Income. Monthly Income is not assured & is subject to availability of distributable surplus Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium To enhance returns over a portfolio of Debt Instruments with a moderate exposure in Equity and Equity related Instruments. December 02, 2003 s Mr. Devender Singhal & Mr. Abhishek Bisen* CRISIL MIP Blended AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan/Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Monthly (12th of every Month) Quarterly (20th of Mar/Jun/Sep/Dec) Ratios Standard Deviation: 3.14%, Modified Duration: 5.59yrs, Portfolio Yield: 7.96% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: (i) Dividend Reinvestment & Growth and Dividend Payout (Quarterly) - `5000 & above (ii) Dividend Payout (Monthly) - `50,000 & above Investment: `1000 & in multiples of `1 Ideal Investments Horizon - 1 year & above Entry Load: Nil. Exit Load: i) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment: 1%. ii) For redemption/switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: Nil. Note Any exit load charged (net off Service Tax, if any) shall be credited back to the respective scheme. Units issued on reinvestment of dividends shall not be subject to entry and exit load Regular: 2.41% Direct: 1.23% Issuer/Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) ITC Ltd. Consumer Non Durables 1.95% Infosys Ltd. Software 1.48% Reliance Industries Ltd. Petroleum Products 1.02% Tata Motors Ltd. Auto 1% ICICI Bank Ltd. Banks 0.96% HDFC Bank Ltd. Banks 0.90% Maruti Suzuki India Limited Auto 0.80% Hindustan Petroleum Corporation Ltd Petroleum Products 0.69% TVS Motors Company Ltd Auto 0.60% IFB Industries Ltd. Consumer Durables 0.57% Britannia Industries Ltd. Consumer Non Durables 0.52% Navkar Corporation Limited Transportation 0.49% Axis Bank Ltd Banks 0.47% Supreme Industries Limited Industrial Products 0.44% PNC INFRATECH LIMITED Construction Project 0.43% Shoppers Stop Ltd. Retailing 0.41% State Bank Of India Banks 0.41% Motherson Sumi Systems Ltd. Auto Ancillaries 0.40% Zee Entertainment Enterprises Ltd Media and Entertainment 0.39% Whirlpool of India Ltd. Consumer Durables 0.38% Dalmia Bharat Ltd Cement 0.35% IndusInd Bank Ltd. Banks 0.35% Power Mech Projects Ltd Power 0.35% Persistent Systems Limited Software 0.34% Sun TV Limited. Media and Entertainment 0.32% Hawkins Cooker Ltd Household Appliances 0.31% Alkem Laboratories Ltd Pharmaceuticals 0.30% Tata Communications Ltd Telecom - Services 0.30% HSIL Ltd. Consumer Durables 0.29% Techno Electric & Engineering Co Ltd. Construction Project 0.29% Yes Bank Ltd Banks 0.28% Issuer/Instrument Industry/ % to Net Rating Dish TV India Ltd. Media and Entertainment 0.25% Federal Bank Ltd. Banks 0.24% Bank Of Baroda Banks 0.23% Adani Port and Special Economic Zone Limited Transportation 0.22% Marksans Pharma Ltd Pharmaceuticals 0.22% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.22% IDFC Bank Limited Banks 0.21% Finolex Cables Ltd. Industrial Products 0.20% Pennar Engineered Building Systems Limited Ferrous Metals 0.16% HDFC Ltd. Warrants Finance 0.10% Listed/Awaiting Listing on Stock Exchange - Total 19.84% Debt Instruments Debentures and Bonds Public Sector Undertakings Indian Overseas Bank BRICKWORK BWR A- 0.48% Rural Electrification Corporation Ltd. CRISIL AAA 0.09% Public Sector Undertakings - Total 0.57% Government Dated Securities 8.24% Central Government SOV 16.08% 7.73% Central Government SOV 14.61% 7.16% Central Government SOV 12.99% 8.08% Central Government SOV 12.84% 7.68% Central Government SOV 10.95% 7.59% Central Government SOV 8.25% 8.17% Central Government SOV 0.84% Government Dated Securities - Total 76.56% TERM DEPOSITS Kotak Mahindra Bank Ltd. 0.17% Term Deposits - Total 0.17% Collateral Borrowing & Lending obligation 13.34% Net Current /(Liabilities) % Grand Total 100% Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments :9.59 years. Kotak Monthly Income Plan Fund NAV as on January 29, 2016: `23.75 (Growth Option), `24.33 (Direct Growth Option), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Quarterly Dividend), ` (Direct Quarterly Dividend) SECTOR ALLOCATION (%) CBLO & Term Deposits & Rev.Repo AAA, SOV BWR A RATING PROFILE CBLO & Term Deposits & Rev.Repo Investors understand that their principal will be at moderate risk * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no Income & capital growth over a long term horizon Investment in a portfolio of debt instruments with a moderate exposure in equity & equity related Instruments. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 32

34 DEBT SCHEMES KOTAK MULTI ASSET ALLOCATION FUND An Open - Ended Debt Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium The investment objective of the scheme is to generate income by investing predominantly in debt and money market securities, to generate growth by taking moderate exposure to equity and equity related instruments and provide diversification by investing in Gold ETFs. January 21, 2011 s Mr. Deepak Gupta & Mr. Abhishek Bisen* 75% CRISIL Short Term Bond Fund, 15% Nifty 50 and 10% Price of Gold. AAUM (` In Crores) AAUM as on Jan 31, 2016: ` AUM (` In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth ) Dividend Frequency Monthly (12th of Every Month), Quarterly (20th of Mar/Jun/Sep/Dec), Annual (12th of March) Ratios Standard Deviation: 2.72%, Modified Duration: 4.08yrs, Portfolio Yield: 7.54% Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Initial Investment: `10000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 1 year & above Entry Load: Nil. Exit Load: i) For exit within 1 year from the date of allotment of units: 1%. ii) For exit after 1 year from the date of allotment of units: Nil. iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the. Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 2.45% Direct: 0.69% Issuer/Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) HDFC Bank Ltd. Banks 1.50% Infosys Ltd. Software 1.41% IndusInd Bank Ltd. Banks 1.11% Maruti Suzuki India Limited Auto 1.03% Lupin Ltd. Pharmaceuticals 0.97% Dr Reddys Laboratories Ltd Pharmaceuticals 0.87% Bharat Petroleum Corporation Ltd. Petroleum Products 0.84% Hindustan Unilever Ltd. Consumer Non Durables 0.73% HCL Technologies Ltd. Software 0.72% Zee Entertainment Enterprises Ltd Media and Entertainment 0.66% Asian Paints Ltd. Consumer Non Durables 0.50% Bajaj Finance Limited Finance 0.48% Bosch Limited Auto Ancillaries 0.48% Tata Consultancy Services Ltd. Software 0.48% Bajaj Finserv Ltd. Finance 0.43% Britannia Industries Ltd. Consumer Non Durables 0.42% ICICI Bank Ltd. Banks 0.39% Axis Bank Ltd Banks 0.35% Tata Motors Ltd. Auto 0.35% Larsen And Toubro Ltd. Construction Project 0.34% Dish TV India Ltd. Media and Entertainment 0.32% Ashok Leyland Ltd. Auto 0.29% Bajaj Auto Ltd. Auto 0.29% ITC Ltd. Consumer Non Durables 0.26% HDFC Ltd. Finance 0.21% Sun Pharma Advance Research Co.Ltd Pharmaceuticals 0.20% Grasim Industries Ltd. Cement 0.17% Wipro Ltd. Software 0.17% Cadila Healthcare Ltd. Pharmaceuticals 0.16% Cummins India Ltd. Industrial Products 0.15% Emami Ltd. Consumer Non Durables 0.15% Ultratech Cement Ltd. Cement 0.14% Yes Bank Ltd Banks 0.14% Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.12% Bank Of Baroda Banks 0.11% Reliance Industries Ltd. Petroleum Products 0.11% Aurobindo Pharma Ltd. Pharmaceuticals 0.10% Bharti Airtel Ltd. Telecom - Services 0.10% Issuer/Instrument Industry/ % to Net Rating Divi s Laboratories Limited Pharmaceuticals 0.08% Mahindra & Mahindra Ltd. Auto 0.07% UPL Ltd Pesticides 0.07% Coal India Ltd. Minerals/Mining 0.06% Cipla Ltd. Pharmaceuticals 0.04% Hindustan Petroleum Corporation Ltd Petroleum Products 0.03% TVS Motors Company Ltd Auto 0.03% Hero MotoCorp Ltd. Auto 0.02% Indian Oil Corporation Ltd Petroleum Products 0.02% Adani Port and Special Economic Zone Limited Transportation 0.01% Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.01% Marico Ltd. Consumer Non Durables 0.01% Listed/Awaiting Listing on Stock Exchange - Total 17.70% Mutual Fund Units Kotak Mutual Fund - Kotak Gold ETF Mutual Fund Units 7.34% Mutual Fund Units - Total 7.34% Futures CNX NIFTY-FEB % Futures (Market value represents Notional Value) - Total -0.40% Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Hindalco Industries Ltd. CRISIL AA- 2.76% Corporate Debt/Financial Institutions - Total 2.76% Government Dated Securities 7.73% Central Government SOV 33.54% 7.16% Central Government SOV 13.42% Government Dated Securities - Total 46.96% TERM DEPOSITS Kotak Mahindra Bank Ltd. 3.49% Term Deposits - Total 3.49% Collateral Borrowing & Lending obligation 20.93% Net Current /(Liabilities) 1.22% Grand Total 100% Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments: 7.49 years. Note: #Term Deposit as provided above is towards margin for derivatives transactions Kotak Multi Asset Allocation Fund NAV as on January 29, 2016: ` (Growth Option), ` (Direct Growth Option), ` (Monthly Dividend), ` (Direct Monthly Dividend), ` (Quarterly Dividend), ` (Direct Quarterly Dividend), ` (Annual Dividend), ` (Direct Annual) Net Current Derivatives Mutual Fund Units SOV Mutual Fund Units AA- Derivatives Investors understand that their principal will be at moderate risk Income & capital growth over a long term horizon Investment in a portfolio of debt instruments with a moderate exposure in equity & equity related instruments and provides diversification by investing in Gold ETFs * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 33 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

35 Details of exposure across all Debt Funds of Kotak Mahindra Mutual Fund as on 31 December 2015 Issuer Name %age of Exposure to Debt AUM AXIS Bank Ltd Aasan Developers and Constructions Private Limited (Guaranteed by a Piramal Group Company) 0.17 Adani Port and Special Economic Zone Limited 0.50 Adani Power Ltd (Secured by Equity shares of Adani Ports and SEZ Ltd) 1.06 Adani Transmission Ltd 0.49 Aditya Birla Finance Ltd Aditya Birla Money Ltd 0.05 Aditya Birla Nuvo Limited 0.25 Airports Authority of India 0.06 Ashirvad Microfinance Private Limited (85% subsidiary of Manappuram Finance Ltd) 0.12 Au Financiers (India) Limited 0.80 Bajaj Finance Limited 4.76 Bank of India 0.25 Bhanu Vyapaar Private Limited (Secured by Equity shares of Emami Ltd) 0.10 Bharat Alluminum Co. Ltd CBLO/REVERSE REPO 1.59 Central Government Chennai Petroleum Corporation Ltd Cholamandalam Investment and Finance Company Ltd 0.01 DLF Emporio Ltd 0.25 Dalmia Bharat Ltd 0.25 Dewan Housing Finance Corporation Ltd ECL Finance Limited 1.86 Edelweiss Commodities Services Ltd Edelweiss Financial Services Limited 0.91 Edelweiss Housing Finanance Limited 0.13 Emami Enclave Markets Pvt Ltd. (Secured by Equity shares of Emami Ltd) 0.10 Emami Realty Ltd (Secured by Equity shares of Emami Ltd) 0.26 Equitas Micro Finance Ltd Export-Import Bank of India Fullerton India Credit Co. Ltd GSPC Distribution Networks Ltd. (backed by unconditional and irrevocable guarantee of Gujarat State Petroleum Corp group) 0.03 Grand View Estate Pvt Ltd (backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd) 0.21 HDB Financial Services Ltd HDFC Bank Ltd HDFC Ltd HPCL Mittal Energy Ltd HPCL Mittal Pipelines Ltd Haldhar Developers Private Limited (backed by unconditional and irrevocable undertaking by Piramal) 0.22 Hero Realty Ltd. (one of the holding company of Hero MotorCorp Ltd.) 0.25 Hindalco Industries Ltd ICICI Bank Ltd ICICI Home Finance Company Limited 0.25 IDBI Bank Ltd IDFC Bank Limited 0.21 IL & FS Financial Services Ltd IOT Utkal Energy Services Ltd India Infoline Finance Limited 0.25 India Infoline Housing Finance Ltd India InfraDebt Ltd 0.00 Indiabulls Housing Finance Limited 0.49 Indian Oil Corporation Ltd Indian Overseas Bank 0.09 Indian Railway Finance Corporation Ltd Indostar Capital Finance Private Limited 0.18 Infrastructure Leasing & Financial Services Limite 0.02 Innovadors Realty (backed by unconditional and irrevocable undertaking by Piramal) 0.56 Inox Air Products Ltd Intime Properties 0.10 Janalakshami Financial Services Ltd Jyothy Laboratories Limited 0.08 Karelides Traders (backed by an irrevocable and unconditional undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd) 0.91 Kotak Mahindra Bank Ltd Kotak Mahindra Prime Ltd Issuer Name %age of Exposure to Debt AUM L & T Finance Limited 0.51 L & T Infrastructure Finance Company Ltd LIC Housing Finance Ltd Lands End Properties Private Limited 0.28 Larsen and Toubro Ltd Mahindra & Mahindra Financial Services Ltd Manappuram Finance Ltd 0.65 Mandava Holdings Private Limited (backed by unconditional and irrevocable undertaking by Axis Capital) 0.43 Muthoot Finance Ltd 0.24 Muthoot Fincorp Ltd Nabha Power Ltd. (backed by unconditional and irrevocable guarantee by L&T) 1.57 National Bank for Agriculture and Rural Developmen 3.62 National Housing Bank 0.32 ONGC Manglore Petrochemicals Ltd PNB Housing Finance Ltd Peninsula Land Limited 0.14 Piramal Enterprises Limited 2.02 Power Finance Corporation Ltd Power Grid Corporation of India Ltd Powergrid Vizag Transminssion Ltd. (backed by unconditional and irrevocable guarantee by Powergrid Corp) 0.05 Prestige Estates Projects Limited 0.49 Pune Solapur Expressways Pvt. Ltd Punjab & Sind Bank 0.27 RHC Finance Private Limited 0.49 Raymond Ltd Reliance Capital Ltd Reliance Jio Infocomm Limited 2.23 Reliance Media Works Limited (backed by unconditional and irrevocable guarantee of Reliance Capital Ltd) 0.03 Reliance Ports And Terminals Limited 0.05 Rural Electrification Corporation Ltd SBK Properties Pvt Ltd. (Guaranteed by a Kalyani Group company) 0.21 SP Jammu Udhampur way Ltd (backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd) 0.25 Sadbhav Engineering Ltd Sahyadri Agencies Ltd (Secured by Equity shares of Jyothy Laboratories Ltd) 0.25 Shivprasad Realty Pvt Ltd (backed by unconditional and irrevocable undertaking by Axis Capital) 0.13 Shriram Transport Finance Co Ltd Small Industries Development Bank Of India Sneha Abasan Pvt Ltd (Secured by Equity shares of Emami Ltd) 0.08 Sneha Enclave Pvt Ltd (Secured by Equith shares of Emami Ltd) 0.05 State Bank Of India State Bank of Hyderabad 0.12 State Government 2.27 Steel Authority of India Ltd Sterlite Industries (India) Ltd 0.42 Sun Pharmaceutical Industries Ltd Sundaram BNP Paribas Home Finance Ltd 0.11 Sundaram Finance Ltd Suraksha Reality Ltd (Secured by Equit shares of Sun Pharmaceuticals Industries Ltd) 1.73 Talwandi Sabo Power Limited 0.30 Tamil Nadu Generation & Distribution Corporation Ltd (backed by unconditional and irrevocable guarantee of Tamilnadu State Government) 0.10 Tata Capital Financial Services Limited 0.78 Tata Capital Housing Finance Ltd; 0.86 Tata Motors Finance Ltd 0.22 Tata Motors Ltd Tata Power Company Ltd Tata Sons Ltd Ultratech Cement Ltd Vijaya Bank 0.17 Vizag General Cargo Berth Private Limited (backed by unconditional and irrevocable guarantee of Vedanta Ltd) 0.02 Total Industry / Sector %age of Exposure to Debt AUM BANK 2.71 CASH(CBLO/REVERSE REPO) 1.59 CORPORATES FINANCIAL SERVICES GOI/TBILLS NBFC REAL ESTATE 0.74 Total Includes Hybrid schemes - debt scheme schemes having equity exposure 34

36 FUND OF FUNDS KOTAK ASSET ALLOCATOR FUND An Open Ended Fund of Funds (Earlier known as Kotak Equity FOF ) Style Value INVESTMENT STYLE Maturity Blend Growth Size Large Mid Small Short Medium Long Volatility Medium The investment objective of the scheme is to generate long-term capital appreciation from a portfolio created by investing in specified open-ended equity, and debt schemes of Kotak Mahindra Mutual Fund. However, there is no assurance that the investment objective of the will be realized. August 9, 2004 Mr. Deepak Gupta* Crisil Balanced Fund AAUM (` In Crores) AAUM as on Jan 31, 2016: `25.87 AUM (` In Crores) AUM as on Jan 31, 2016: `25.78 A) Regular Plan B) Regular Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) 1% if exit before 1 year from date of allotment. II) Nil if exit after 1 year from the date of allotment. Exit Load shall be applicable incase of switch from Regular Plan (where broker code is mentioned) to Direct Plan Exit Load shall not be applicable: Incase of switch from Regular Plan (where no broker code is mentioned) to Direct Plan In case of switch from Direct Plan to Regular Plan. III) Any exit load charged (net off Service Tax, if any) shall be credited back to the. Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 1.65% Direct: 1.14% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units Kotak Select Focus Fund Direct Growth Equity Kotak Mahindra Bond Plan Debt Kotal Liquid Plan A Debt Kotak Floater Long Term Direct Growth Debt 7.98 Mutual Fund Units - Total Net Current /(Liabilities) 0.52 Grand Total 100 Kotak Asset Allocator Fund NAV as on January 29, 2016: ` (Dividend Option), `58.988(Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Equity Debt Others Investors understand that their principal will be at moderate risk Long term capital growth Investment in open-ended diversified equity schemes and debt schemes of Kotak Mahindra Mutual Fund * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 35 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

37 FUND OF FUNDS KOTAK US EQUITY FUND (formerly known as PineBridge India US Equity Fund) An Open Ended Fund of Funds Investing Overseas INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The primary investment objective of the scheme is to provide long term capital appreciation by investing in units of a fund that invests predominantly in equity and equity related securities of companies having assets, products or operations in the United States. However, there is no assurance that the investment objective of the will be realized. December 20, 2013 Mr. Deepak Gupta* Standard & Poor's 500 Total Return Net Index in USD is the benchmark of the underlying scheme. The same converted into INR using RBI reference rate will be the benchmark for the scheme. AAUM (` In Crores) AAUM as on Jan 31, 2016: `4.98 AUM (` In Crores) AUM as on Jan 31, 2016: `4.77 A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment 1%; ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment NIL; iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the ; Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 1.40% Direct: 0.65% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units Pinebridge US Large Cap Research Enhance Fund Overseas Mutual Fund Mutual Fund Units - Total Net Current /(Liabilities) 0.87 Grand Total 100 Kotak US Equity Fund NAV as on January 29, 2016: ` (Dividend Option), ` (Direct Dividend Option), `11.362(Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Overseas Mutual Fund Others Investors understand that their principal will be at high risk Long term capital growth Long term capital appreciation by investing in Units of PineBridge US Large Cap Research Enhanced Fund which in turn invests in equity and equity related securities of companies having assets, products or operations in the United States. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For scheme performance, please refer page no

38 FUND OF FUNDS KOTAK GLOBAL EMERGING MARKET FUND An Open - Ended Equity 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 s Mr. Deepak Gupta (Dedicated fund manager for s overseas investment) & Mr.Abhishek Bisen* MSCI Emerging Market AAUM (` In Crores) AAUM as on Jan 31, 2016: `29.14 AUM (` In Crores) AUM as on Jan 31, 2016: `29.15 A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For exit within 1 year from the date of allotment of units: 1%. ii) For exit after 1 year from the date of allotment of units: Nil iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the. Note - Units issued on reinvestment of dividends shall not be subject to exit load Regular: 1.92% Direct: 1.42% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units MGF Asian Small Equity Fund Class I Overseas Mutual Fund ishares MSCI Emerging Markets ETF Overseas Mutual Fund Mutual Fund Units - Total Collateral Borrowing & Lending obligation 3.43 Net Current /(Liabilities) 0.07 Grand Total 100 Kotak Global Emerging Market Fund NAV as on January 29, 2016: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Overseas Mutual Fund CBLO & Term Deposits & Rev.Repo Others Investors understand that their principal will be at high risk Long term capital growth Investment in overseas mutual fund schemes that invest in a diversified portfolio of securities in global emerging markets * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 37 * For experience, please refer page For scheme performance, please refer page no

39 FUND OF FUNDS KOTAK WORLD GOLD FUND (formerly known as PineBridge World Gold Fund ) An Open Ended Fund of Funds INVESTMENT STYLE Style Value Blend Growth Size Large Mid Small The primary investment objective of the is to provide long term capital appreciation by investing predominantly in units of Falcon Gold Equity Fund. The may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes. The may also invest a certain portion of its corpus in debt and money market securities and/or units of debt/liquid schemes of Mutual Funds, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the will be realized. June 6, 2008 Mr. Deepak Gupta* Financial Times Gold Mines Total Price Index, in USD is the benchmark of Falcon Gold Equity Fund. The above translated to INR using the RBI Reference Rate will be the benchmark of Kotak World Gold Fund. AAUM (` In Crores) AAUM as on Jan 31, 2016: `29.69 AUM (` In Crores) AUM as on Jan 31, 2016: `30.71 A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth Dividend Frequency Trustee s Discretion Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Investment: `1000 & in multiples of `1 for purchase and for `0.01 for switches Ideal Investments Horizon: 3 years & above Entry Load: Nil. Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment 1%; ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment NIL; iii) Any exit load charged (net off ServiceTax, if any) shall be credited back to the ; Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load. Regular: 1.90% Direct: 1.30% Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units Falcon Gold Equity ASIA Overseas Mutual Fund Mutual Fund Units - Total Collateral Borrowing & Lending obligation 2.33 Net Current /(Liabilities) Grand Total 100 Kotak World Gold Fund NAV as on January 29, 2016: `5.233 (Dividend Option), `5.355 (Direct Dividend Option), `6.313(Growth Option), `6.452 (Direct Growth Option) SECTOR ALLOCATION (%) Overseas Mutual Fund Others CBLO & Term Deposits & Rev.Repo Investors understand that their principal will be at high risk Long term capital growth Long term capital appreciation by investing in units of Falcon Gold Equity Fund which in turn invests in international securities of gold production, processing and marketing companies * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For scheme performance, please refer page no

40 ETF SCHEMES KOTAK GOLD ETF An Open Ended Gold Exchange Traded Fund The investment objective of Kotak Gold ETF is to generate returns that are in line with the returns on investment in physical gold, subject to tracking error. July 27, 2007 Mr. Abhishek Bisen* Physical Gold AAUM (`In Crores) AAUM as on Jan 31, 2016: ` AUM (`In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan Through Exchange:10 Units, Through AMC: Units, Ideal Investment Horizon: 3 years and above Entry Load: Nil. Exit Load: Nil Regular: 1.00% Direct: NA Issuer / Instrument Industry/ % to Net Rating Gold Gold Fineness99.5 Gold Listed/Awaiting Listing on Stock Exchange - Total Kotak Gold ETF NAV as on January 29, 2016: ` Tracking Error: 0.06 NAV Issuer / Instrument Industry/ % to Net Rating Net Current /(Liabilities) 0.14 Grand Total Sector Allocation (%) 0.14 Gold Others Investors understand that their principal will be at moderate risk Returns in line with physical gold over medium to long term, subject to tracking error Investment in physical gold * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 39 * For experience, please refer page For scheme performance, please refer page no 44-53

41 ETF SCHEMES KOTAK NIFTY ETF An Open Ended Exchange Traded Fund [Eligible scheme under Rajiv Gandhi Equity Savings (RGESS)] The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of the CNX Nifty subject to tracking errors. February 2, 2010 Mr. Deepak Gupta* Nifty 50 AAUM (`In Crores) AAUM as on Jan 31, 2016: ` AUM (`In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan Ratios Portfolio Turnover: 38.24% Tracking Error: 0.09% Through Exchange:1 Unit, Through AMC: 5000 Units, Ideal Investment Horizon: 3 years and above Entry Load: Nil. Exit Load: Nil Regular: 0.10% Direct: NA Issuer / Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software 8.61 HDFC Bank Ltd. Banks 7.70 HDFC Ltd. Finance 6.90 ITC Ltd. Consumer Non Durables 6.66 Reliance Industries Ltd. Petroleum Products 6.33 ICICI Bank Ltd. Banks 4.95 Tata Consultancy Services Ltd. Software 4.56 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 3.52 Larsen And Toubro Ltd. Construction Project 3.34 Kotak Mahindra Bank Ltd. Banks 2.61 Axis Bank Ltd Banks 2.53 Tata Motors Ltd. Auto 2.41 Hindustan Unilever Ltd. Consumer Non Durables 2.15 Mahindra & Mahindra Ltd. Auto 2.11 State Bank Of India Banks 2.06 Maruti Suzuki India Limited Auto 2.01 HCL Technologies Ltd. Software 1.78 IndusInd Bank Ltd. Banks 1.68 Coal India Ltd. Minerals/Mining 1.52 Lupin Ltd. Pharmaceuticals 1.52 Oil & Natural Gas Corporation Ltd. Oil 1.50 Bharti Airtel Ltd. Telecom - Services 1.48 Asian Paints Ltd. Consumer Non Durables 1.46 Dr Reddys Laboratories Ltd Pharmaceuticals 1.46 Wipro Ltd. Software 1.34 Power Grid Corporation Of India Ltd Power 1.21 NAV Issuer / Instrument Industry/ % to Net Rating Bajaj Auto Ltd. Auto 1.18 Hero MotoCorp Ltd. Auto 1.16 Tech Mahindra Ltd. Software 1.14 Cipla Ltd. Pharmaceuticals 1.10 National Thermal Power Corporation Limited Power 1.09 Ultratech Cement Ltd. Cement 1.08 Yes Bank Ltd Banks 0.90 Bharat Petroleum Corporation Ltd. Petroleum Products 0.85 Zee Entertainment Enterprises Ltd Media and Entertainment 0.85 Grasim Industries Ltd. Cement 0.80 Adani Port and Special Economic Zone Limited Transportation 0.71 GAIL (India) Ltd. Gas 0.63 Tata Steel Limited. Ferrous Metals 0.62 Bosch Limited Auto Ancillaries 0.59 Ambuja Cements Ltd Cement 0.56 Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.46 Bank Of Baroda Banks 0.44 ACC Ltd. Cement 0.43 Idea Cellular Ltd. Telecom - Services 0.43 Tata Power Co. Ltd. Power 0.40 Hindalco Industries Ltd Non - Ferrous Metals 0.34 Vedanta Ltd. Minerals/Mining 0.29 Cairn India Limited Oil 0.26 Punjab National Bank Banks 0.25 Listed/Awaiting Listing on Stock Exchange - Total Net Current /(Liabilities) 0.04 Grand Total 100 Kotak Nifty ETF NAV as on January 29, 2016 : ` Sector Allocation (%) Banks Software Consumer Non Durables Auto Pharmaceuticals Finance Petroleum Products Construction Project Cement Power Others Petroleum Products Investors understand that their principal will be at moderate risk Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

42 ETF SCHEMES KOTAK SENSEX ETF An Open Ended Exchange Traded Fund [Eligible scheme under Rajiv Gandhi Equity Savings (RGESS)] The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of the BSE SENSEX subject to tracking errors. June 6, 2008 Mr. Deepak Gupta* S&P BSE SENSEX AAUM (`In Crores) AAUM as on Jan 31, 2016: ` 9.71 AUM (`In Crores) AUM as on Jan 31, 2016: ` A) Regular Plan B) Direct Plan Ratios Portfolio Turnover: 15.49% Tracking Error: 0.13% Through Exchange:1 Unit, Through AMC: Units, Ideal Investment Horizon: 3 years and above Entry Load: Nil. Exit Load: Nil Regular: 0.25% Direct: NA Issuer / Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Infosys Ltd. Software HDFC Bank Ltd. Banks 9.20 HDFC Ltd. Finance 8.28 ITC Ltd. Consumer Non Durables 8.01 Reliance Industries Ltd. Petroleum Products 7.62 ICICI Bank Ltd. Banks 5.96 Tata Consultancy Services Ltd. Software 5.46 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 4.21 Larsen And Toubro Ltd. Construction Project 4.03 Axis Bank Ltd Banks 3.07 Tata Motors Ltd. Auto 2.86 Hindustan Unilever Ltd. Consumer Non Durables 2.60 State Bank Of India Banks 2.55 Mahindra & Mahindra Ltd. Auto 2.52 Maruti Suzuki India Limited Auto 2.43 Lupin Ltd. Pharmaceuticals 1.82 Bharti Airtel Ltd. Telecom - Services 1.81 Oil & Natural Gas Corporation Ltd. Oil 1.81 NAV Issuer / Instrument Industry/ % to Net Rating Coal India Ltd. Minerals/Mining 1.80 Dr Reddys Laboratories Ltd Pharmaceuticals 1.76 Asian Paints Ltd. Consumer Non Durables 1.75 Wipro Ltd. Software 1.61 Bajaj Auto Ltd. Auto 1.42 Hero MotoCorp Ltd. Auto 1.39 Cipla Ltd. Pharmaceuticals 1.32 National Thermal Power Corporation Limited Power 1.31 Adani Port and Special Economic Zone Limited Transportation 0.87 GAIL (India) Ltd. Gas 0.77 Tata Steel Limited. Ferrous Metals 0.75 Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.56 Listed/Awaiting Listing on Stock Exchange - Total Net Current /(Liabilities) 0.07 Grand Total 100 Kotak Sensex ETF NAV as on January 29, 2016 : ` Sector Allocation (%) Banks Software Auto Consumer Non Durables Pharmaceuticals Finance Petroleum Products Construction Project Telecom - Services Others Oil Investors understand that their principal will be at moderate risk Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 41 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

43 ETF SCHEMES KOTAK BANKING ETF An Open Ended Exchange Traded Fund The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of stocks as represented by the CNX Bank Index subject to tracking errors. There can be no assurance or guarantee that the investment objective of the plan will be achieved. December 04, 2014 Mr. Deepak Gupta* Nifty Bank AAUM (`In Crores) AAUM as on Jan 31, 2016: ` AUM (`In Crores) AUM as on Jan 31, 2016: ` Option - Dividend Payout Ratios Portfolio Turnover: 14.24% Tracking Error: 0.11% Through Exchange:1 Unit, Through AMC: Units, Ideal Investment Horizon: 3 years and above Entry Load: Nil. Exit Load: Nil Regular: 0.20% Direct: NA Issuer / Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) HDFC Bank Ltd. Banks ICICI Bank Ltd. Banks Kotak Mahindra Bank Ltd. Banks Axis Bank Ltd Banks State Bank Of India Banks 8.73 IndusInd Bank Ltd. Banks 7.10 Yes Bank Ltd Banks 3.83 Bank Of Baroda Banks 1.85 Kotak Banking ETF NAV as on January 29, 2016: ` NAV Issuer / Instrument Industry/ % to Net Rating Federal Bank Ltd. Banks 1.25 Punjab National Bank Banks 1.07 Canara Bank Banks 0.44 Bank of India Banks 0.34 Listed/Awaiting Listing on Stock Exchange - Total Net Current /(Liabilities) Grand Total 100 Sector Allocation (%) Investors understand that their principal will be at moderate risk Banks Others Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no

44 ETF SCHEMES KOTAK PSU BANK ETF An Open Ended Exchange Traded Fund The investment objective of the scheme is to provide returns that closely correspond to the total returns of CNX PSU Bank Index, subject to tracking errors. November 8, 2007 Mr. Deepak Gupta* Nifty PSU Bank AAUM (`In Crores) AAUM as on Jan 31, 2016: ` AUM (`In Crores) AUM as on Jan 31, 2016: `15.82 A) Regular Plan B) Direct Plan Ratios Portfolio Turnover: 86.65% Tracking Error: 0.27% Through Exchange:1 Unit, Through AMC: Units, Ideal Investment Horizon: 3 years and above Entry Load: Nil. Exit Load: Nil Total Regular: 0.48% Direct: NA Issuer / Instrument Industry/ % to Net Rating Equity & Equity related (Listed/Awaiting listing on Stock Exchange) State Bank Of India Banks Bank Of Baroda Banks 13 Punjab National Bank Banks 7.50 Union Bank Of India Banks 3.63 Canara Bank Banks 3.06 Industrial Development Bank of India Ltd. Banks 2.44 Bank of India Banks 2.37 Kotak PSU Bank ETF NAV as on January 29, 2016: ` NAV Issuer / Instrument Industry/ % to Net Rating Oriental Bank of Commerce Banks 1.51 Syndicate Bank Banks 1.51 Andhra Bank Banks 1.35 Allahabad Bank. Banks 1.32 Indian Overseas Bank Banks 0.90 Listed/Awaiting Listing on Stock Exchange - Total Net Current /(Liabilities) 0.05 Grand Total 100 Sector Allocation (%) 0.05 Banks Others Investors understand that their principal will be at moderate risk Long term capital growth Investment in stocks comprising the underlying index and endeavours to track the benchmark index * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 43 * For experience, please refer page For scheme performance, please refer page no For last three dividends, please refer page no 56-58

45 Performances as on December 31, 2015 Kotak 50 - Dividend Returns ^ Nifty 50 # S&P BSE Sensex ## (`) #(`) # # (`) Dec 29, 1998 (Since Inception) 20.23% 13.86% 13.46% 229,915 91,060 85,736 Dec 31, 2014 To Dec 31, % -4.06% -5.03% NA Dec 31, 2013 To Dec 31, % 31.39% 29.89% Dec 31, 2012 To Dec 31, % 6.76% 8.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Classic Equity - Growth Returns ^ Nifty 500 # Nifty 50 ## (`) #(`) # # (`) Jul 27, 2005 (Since Inception) 12.33% 12.79% 12.53% 33,658 35,120 34,265 Dec 31, 2014 To Dec 31, % -2.41% -4.06% NA Dec 31, 2013 To Dec 31, % 33.17% 31.39% Dec 31, 2012 To Dec 31, % 6.46% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Opportunities Fund - Growth Returns^ Nifty 500 # Nifty 50 ## (`) #(`) # # (`) Sep 09, 2004 (Since Inception) 20.31% 14.89% 14.91% 81,019 48,090 48,189 Dec 31, 2014 To Dec 31, % -0.72% -4.06% NA Dec 31, 2013 To Dec 31, % 37.82% 31.39% Dec 31, 2012 To Dec 31, % 3.61% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Select Focus Fund - Growth Returns ^ Nifty 200 # Nifty 50 ## (`) #(`) # # (`) Sep 11, 2009 (Since Inception) 14.00% 8.57% 8.22% 22,848 16,800 16,454 Dec 31, 2014 To Dec 31, % -1.90% -4.06% NA Dec 31, 2013 To Dec 31, % 35.53% 31.39% Dec 31, 2012 To Dec 31, % 4.44% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 44

46 Kotak Tax Saver - Growth Returns^ Nifty 500 # Nifty 50 ## (`) #(`) # # (`) Nov 23, 2005 (Since Inception) 11.49% 11.41% 11.65% 30,027 29,815 30,462 Dec 31, 2014 To Dec 31, % -0.72% -4.06% NA Dec 31, 2013 To Dec 31, % 37.82% 31.39% Dec 31, 2012 To Dec 31, % 3.61% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Midcap Fund - Growth Returns ^ Nifty Midcap 100 # Nifty 50 ## (`) #(`) # # (`) Feb 24, 2005 (Since Inception) 16.58% 14.89% 13.27% 52,881 45,113 38,663 Dec 31, 2014 To Dec 31, % 6.46% -4.06% NA Dec 31, 2013 To Dec 31, % 55.91% 31.39% Dec 31, 2012 To Dec 31, % -5.10% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Emerging Equity - Growth Returns^ S&P BSE Midcap # Nifty 50 ## (`) #(`) # # (`) Mar 30, 2007 (Since Inception) 11.85% 10.66% 8.71% 26,678 24,299 20,794 Dec 31, 2014 To Dec 31, % 8.04% -4.06% NA Dec 31, 2013 To Dec 31, % 54.37% 31.39% Dec 31, 2012 To Dec 31, % -4.65% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Infrastructure & Economic Reform Fund - Growth Returns^ S&P BSE 100 # Nifty 50 ## (`) #(`) # # (`) Feb 25, 2008 (Since Inception) 5.33% 5.20% 5.55% 15,029 14,891 15,279 Dec 31, 2014 To Dec 31, % -3.25% -4.06% NA Dec 31, 2013 To Dec 31, % 32.28% 31.39% Dec 31, 2012 To Dec 31, % 5.87% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate)

47 Kotak Balance Returns ^ CRISIL Balanced Fund # Nifty 50 ## (`) #(`) # # (`) Nov 25, 1999 (Since Inception) 14.70% NA 11.34% 91,049 NA 56,411 Dec 31, 2014 To Dec 31, % 0.48% -4.06% NA Dec 31, 2013 To Dec 31, % 25.34% 31.39% Dec 31, 2012 To Dec 31, % 6.05% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Equity Arbitrage Fund - Growth Returns ^ Crisil Liquid Fund # Nifty 50 ## (`) #(`) # # (`) Sep 29, 2005 (Since Inception) 7.83% 7.42% 11.46% 21,675 20,841 30,432 Dec 31, 2014 To Dec 31, % 8.23% -4.06% NA Dec 31, 2013 To Dec 31, % 9.21% 31.39% Dec 31, 2012 To Dec 31, % 9.03% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Liquid - Plan A - Growth Returns^ Crisil Liquid Fund # CRISIL 1 Year T-Bill ## (`) #(`) # # (`) Nov 04, 2003 (Since Inception) 7.50% 6.92% 5.85% 24,108 22,574 19,959 Dec 31, 2014 To Dec 31, % 8.23% 8.22% NA Dec 31, 2013 To Dec 31, % 9.21% 8.56% Dec 31, 2012 To Dec 31, % 9.03% 5.86% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long termis based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Note-With effect from October 1, 2012 the scheme features has been changed. For more details please refer page 23. Kotak Floater - ST - Growth Returns (%) ^ Crisil Liquid Fund # CRISIL 1 Year T-Bill ## (`) #(`) # # (`) Jul 14, 2003 (Since Inception) 7.39% 6.85% 5.83% 24,332 22,862 20,279 Dec 31, 2014 To Dec 31, % 8.23% 8.22% NA Dec 31, 2013 To Dec 31, % 9.21% 8.56% Dec 31, 2012 To Dec 31, % 9.03% 5.86% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 46

48 Kotak Treasury Advantage Fund - Growth Returns ^ Crisil Liquid Fund # CRISIL 1 Year TBill ## (`) #(`) # # (`) Aug 13, 2004 (Since Inception) 7.86% 7.13% 5.97% 23,668 21,902 19,353 Dec 31, 2014 To Dec 31, % 8.23% 8.22% NA Dec 31, 2013 To Dec 31, % 9.21% 8.56% Dec 31, 2012 To Dec 31, % 9.03% 5.86% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Banking and PSU Debt Fund - Growth Returns^ Crisil Liquid Fund # CRISIL 1 Year TBill ## (`) #(`) # # (`) Dec 29, 1998 (Since Inception) 7.27% NA 6.64% 33,026 NA 29,848 Dec 31, 2014 To Dec 31, % 8.23% 8.22% NA Dec 31, 2013 To Dec 31, % 9.21% 8.56% Dec 31, 2012 To Dec 31, % 9.03% 5.86% Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Duration Fund - Growth Returns^ CRISIL Liquid Fund # CRISIL 1 Year T-Bill ## (`) #(`) # # (`) Mar 06, 2008 (Since Inception) 7.68% 7.72% 6.42% 17,848 17,890 16,278 Dec 31, 2014 To Dec 31, % 8.23% 8.22% NA Dec 31, 2013 To Dec 31, % 9.21% 8.56% Dec 31, 2012 To Dec 31, % 9.03% 5.86% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRAMFI Explorer. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year:cagr(compounded Annualised Growth Rate). Kotak Bond Short Term Plan - Growth Returns^ Crisil Short Term Bond Fund# CRISIL 1Year T-Bill ## (`) #(`) # # (`) 47 May 02, 2002 (Since Inception) 7.71% 7.12% 5.88% 27,609 25,619 21,836 Dec 31, 2014 To Dec 31, % 8.66% 8.22% NA Dec 31, 2013 To Dec 31, % 10.47% 8.56% Dec 31, 2012 To Dec 31, % 8.27% 5.86% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term& long termis based on the average maturity of the scheme. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate).

49 Kotak Flexi Debt Fund - Plan A - Growth Returns^ Crisil Composite Bond Fund # CRISIL 1 Year T-Bill ## (`) #(`) # # (`) May 26, 2008 (Since Inception) 8.30% 7.68% 6.42% 18,332 17,556 16,049 Dec 31, 2014 To Dec 31, % 8.63% 8.22% NA Dec 31, 2013 To Dec 31, % 14.31% 8.56% Dec 31, 2012 To Dec 31, % 3.79% 5.86% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Income Opportunities Fund - Growth Returns^ Crisil Short Term Bond Fund # CRISIL 1 Year TBill ## (`) #(`) # # (`) May 11, 2010 (Since Inception) 8.62% 8.32% 6.83% 15,946 15,700 14,522 Dec 31, 2014 To Dec 31, % 8.66% 8.22% NA Dec 31, 2013 To Dec 31, % 10.47% 8.56% Dec 31, 2012 To Dec 31, % 8.27% 5.86% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Corporate Bond Fund - Growth Returns ^ Crisil Composite Bond Fund # CRISIL 1 Year Gilt ## (`) #(`) # # (`) Sep 21, 2007 (Since Inception) 8.18% 7.60% 6.37% 19,176 18,337 16,679 Dec 31, 2014 To Dec 31, % 8.63% 8.22% NA Dec 31, 2013 To Dec 31, % 14.31% 8.56% Dec 31, 2012 To Dec 31, % 3.79% 5.86% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Medium Term Fund - Growth Returns ^ CRISIL Composite Bond Fund # CRISIL 10 Year Gilt ## (`) #(`) # # (`) Mar 28, 2014 (Since Inception) 10.58% 11.49% 10.85% 11,937 12,112 11,989 Dec 31, 2014 To Dec 31, % 8.63% 7.39% NA N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 48

50 Kotak Bond - Plan A - Growth Returns^ Crisil Composite Bond Fund # CRISIL 10 Year Gilt ## (`) #(`) # # (`) Nov 25, 1999 (Since Inception) 9.12% NA NA 40,792 NA NA Dec 31, 2014 To Dec 31, % 8.63% 7.39% NA Dec 31, 2013 To Dec 31, % 14.31% 14.14% Dec 31, 2012 To Dec 31, % 3.79% -0.68% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Gilt - Investment Regular Plan - Growth Returns^ ISEC Composite # CRISIL 10 Year Gilt ## (`) #(`) # # (`) Dec 29, 1998 (Since Inception) 9.78% NA NA 48,935 NA NA Dec 31, 2014 To Dec 31, % 8.37% 7.39% NA Dec 31, 2013 To Dec 31, % 15.12% 14.14% Dec 31, 2012 To Dec 31, % 4.12% -0.68% Kotak Gilt Investment PF & Trust Plan - Growth Returns^ ISEC Composite # CRISIL 10 Year Gilt ## (`) #(`) # # (`) Nov 11, 2003 (Since Inception) 7.15% 7.16% 5.07% 23,139 23,159 18,232 Dec 31, 2014 To Dec 31, % 8.37% 7.39% NA Dec 31, 2013 To Dec 31, % 15.12% 14.14% Dec 31, 2012 To Dec 31, % 4.12% -0.68% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Monthly Income Plan - Growth Returns ^ Crisil MIP Blended # CRISIL 10 Year Gilt ## (`) #(`) # # (`) Dec 02, 2003 (Since Inception) 7.52% 7.87% 5.15% 24,018 24,974 18,360 Dec 31, 2014 To Dec 31, % 6.79% 7.39% NA Dec 31, 2013 To Dec 31, % 16.83% 14.14% Dec 31, 2012 To Dec 31, % 4.41% -0.68% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term& long term is based on the average maturity of the scheme. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 49

51 Kotak Multi Asset Allocation Fund - Growth Returns ^ 75% Crisil Short term Bond Fund,15% Nifty 50 & 10% Prices of Gold # CRISIL 10 Year Gilt ## (`) #(`) # # (`) Jan 21, 2011 (Since Inception) 7.58% 6.52% 6.87% 14,355 13,669 13,889 Dec 31, 2014 To Dec 31, % -4.10% 7.39% NA Dec 31, 2013 To Dec 31, % 12.65% 14.14% Dec 31, 2012 To Dec 31, % 6.12% -0.68% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. #Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak US Equity Fund - Growth Returns ^ Standard & Poor s 500 Total Return Net # Nifty 50 ## (`) #(`) # # (`) Dec 20, 2013 (Since Inception) 8.28% 11.77% 12.34% 11,752 12,535 12,665 Dec 31, 2014 To Dec 31, % 6.21% -4.06% NA Dec 31, 2013 To Dec 31, % 16.21% 31.39% Dec 31, 2012 To Dec 31, 2013 NA 49.46% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. #Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak World Gold Fund - Growth Returns ^ Financial Times Gold Mines Total-Price # Nifty 50 ## (`) #(`) # # (`) Jun 06, 2008 (Since Inception) -6.18% -8.84% 7.40% 6,167 4,963 17,171 Dec 31, 2014 To Dec 31, % % -4.06% NA Dec 31, 2013 To Dec 31, % % 31.39% Dec 31, 2012 To Dec 31, % % 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Gold ETF Returns^ Physical Gold Price # CRISIL 10 Year Gilt ## (`) #(`) # # (`) Jul 27, 2007 (Since Inception) 11.97% 13.32% 6.54% 25,952 28,720 17,063 Dec 31, 2014 To Dec 31, % -7.02% 7.39% NA Dec 31, 2013 To Dec 31, % 1.82% 14.14% Dec 31, 2012 To Dec 31, % % -0.68% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailingnav. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 50

52 Kotak Nifty ETF Returns ^ Nifty 50 # S&P BSE Sensex ## (`) #(`) # # (`) Feb 08, 2010 (Since Inception) 10.17% 9.08% 8.74% 17,704 16,693 16,389 Dec 31, 2014 To Dec 31, % -4.06% -5.03% NA Dec 31, 2013 To Dec 31, % 31.39% 29.89% Dec 31, 2012 To Dec 31, % 6.76% 8.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak SENSEX ETF Returns^ S&P BSE Sensex # Nifty 50 ## (`) #(`) # # (`) Jun 06, 2008 (Since Inception) 8.14% 7.07% 7.40% 18,084 16,772 17,171 Dec 31, 2014 To Dec 31, % -5.03% -4.06% NA Dec 31, 2013 To Dec 31, % 29.89% 31.39% Dec 31, 2012 To Dec 31, % 8.98% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak PSU Bank ETF Returns^ Nifty PSU Bank # Nifty 50 ## (`) #(`) # # (`) Nov 08, 2007 (Since Inception) 2.00% -0.09% 4.16% 11,755 9,926 13,944 Dec 31, 2014 To Dec 31, % % -4.06% NA Dec 31, 2013 To Dec 31, % 67.07% 31.39% Dec 31, 2012 To Dec 31, % % 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). Kotak Global Emerging Equity Market Fund Returns^ MSCI Emerging Market Index # Nifty 50 ## (`) #(`) # # (`) Sep 26, 2007 (Since Inception) 3.13% 1.40% 5.92% 12,899 11,217 16,084 Dec 31, 2014 To Dec 31, % % -4.06% NA Dec 31, 2013 To Dec 31, % -2.51% 31.39% Dec 31, 2012 To Dec 31, % 7.28% 6.76% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). 51

53 Kotak Asset Allocator Fund - Growth Returns ^ CRISIL Balanced Fund # S&P BSE SENSEX ## (`) #(`) # # (`) Aug 09, 2004 (Since Inception) 17.17% 12.20% 15.14% 60,863 37,131 49,907 Dec 31, 2014 To Dec 31, % 0.48% -5.03% NA Dec 31, 2013 To Dec 31, % 25.34% 29.89% Dec 31, 2012 To Dec 31, % 6.05% 8.98% N.A stands for data not available. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer # Name of. ## Name of. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns <= 1 year: Absolute; Returns > 1 year: CAGR (Compounded Annualised Growth Rate). OTHER PERFORMANCE 52

54 FMP's and Gold Fund Performance as on December 31, 2015 Kotak FMP - Series 129 (371 Days) - Reg - Growth Returns ^ Crisil Short Term Bond Fund # CRISIL 1 Year T-Bill ## (`) #(`) ## (`) Dec 16, 2013 (Since Inception) 8.49% 9.58% 8.40% 11,811 12,052 11,790 Dec 31, 2014 To Dec 31, % 8.66% 8.22% NA Dec 31, 2013 To Dec 31, % 10.47% 8.56% Kotak FMP - Series 113 (1094D) - Reg - Growth Returns (%) ^ Crisil Short Term Bond Fund # CRISIL 1 Year T-Bill ## (`) #(`) ## (`) Sep 03, 2013 (Since Inception) 9.65% 10.04% 8.45% 12,389 12,491 12,076 Dec 31, 2014 To Dec 31, % 8.66% 8.22% NA Dec 31, 2013 To Dec 31, % 10.47% 8.56% Kotak Gold Fund Returns ^ Physical Gold Price # CRISIL 10 Year Gilt ## (`) #(`) ## (`) Mar 25, 2011 (Since Inception) 1.76% 3.92% 6.57% 10,868 12,016 13,548 Dec 31, 2014 To Dec 31, % -7.02% 7.39% NA Dec 31, 2013 To Dec 31, % 1.82% 14.14% Dec 31, 2012 To Dec 31, % % -0.68% N.A stands for data not available. Past Performance may or may not be sustained in future. Note: Point to Point (PTP) Returns in INR show the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. For (Debt s): classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of ## Name of ^ Past performance may or may not be sustained in the future All payouts during the period have been reinvested in the units the scheme at the then prevailingnav. Returns <= 1 year:absolute; Returns > 1 year:cagr(compoundedannualised Growth Rate). 53

55 ABOUT OUR FUND MANAGERS Name: Mr. Harsha Upadhyaya (experience in managing these funds since) Kotak Opportunities (Aug 1, 12), Kotak Select Focus Fund (Aug 1, 12), Kotak Tax Saver (Aug. 25,'15) Business Experience Mr. Harsha has nearly two decades of rich experience spread over Equity Research and Fund Management. His prior stints have been with companies such as DSP BlackRock, UTI Asset Management, Reliance Group and SG Asia Securities. Mr. Harsha is a Bachelor of Engineering (Mechanical) from National Institute of Technology, Suratkal, a Post Graduate in Management (Finance) from Indian Institute of Management, Lucknow and Chartered Financial Analyst from the CFA Institute. Name: Mr. Harish Krishnan (experience in managing these funds since) Kotak 50 (Nov. 15, 13), Kotak Infrastructure & Economic Reform Fund (Jan31,'15), Kotak Classic Equity (Aug. 25,'15), Kotak India Growth Fund Series I (May 06, 15) Business Experience Mr. Harish has a decade of experience spread over Equity Research and Fund Management. Prior to joining Kotak Mutual Fund, he was based out of Singapore and Dubai, managing Kotak's offshore funds. Mr. Harish has also worked at Infosys Technologies Ltd in his earlier stint. He is a Bachelor of Technology (Electronics & Communications) from Government Engineering College, Trichur, a post Graduate in Management from Indian Institute of Management, Kozhikode and a Chartered Financial Analyst from the CFA Institute. Name: Mr. Pankaj Tibrewal (experience in managing these funds since) Kotak Midcap (Jan. 21, 10), Kotak Emerging Equity (May 27,'10), Kotak Balance (Aug. 25,'15) Business Experience Mr. Pankaj is a graduate in Commerce from St. Xavier's College, Kolkata and holds a Master's degree in Finance from Manchester University. He has been associated with the mutual fund industry since 2003 where he has managed several debt and equity schemes. He has been a part of the organization since January Mr. Pankaj's earlier stint was with Principal Mutual Fund. Name: Mr. Deepak Gupta (experience in managing these funds since) Kotak Equity Arbitrage (Sept.1, 08), Kotak Asset Allocator Fund (Earlier Know as Kotak Equity FOF) (Sept.1, 08), Kotak Global Emerging Market Fund (Apr.4, 11), (Dedicated fund manager for over seas investment), Kotak Balance (Aug. 25,'15), Kotak Multi Asset Allocation Fund (Sept.10, 13), Kotak Equity Savings Fund (Oct. 13, '14), Kotak World Gold Fund (Jan.31, 15), Kotak US Equity Fund (Jan.31, 15), Kotak PSU Bank ETF (Nov. 8, 07), Kotak SENSEX ETF (Jun. 6, 08), Kotak NIFTY ETF (Feb. 8, 10), Kotak Banking ETF (Dec. 11, 14) Business Experience Mr. Deepak has almost 10 years of experience in the mutual fund industry. He had joined the Equity Fund Management team as a research analyst. He is now an Equity. Mr. Deepak is a Graduate in Commerce from Mumbai University. He is a qualified Chartered Accountant, a Cost Accountant and has cleared the AIMR CFA Level 3. Performance of top 3 and bottom 3 schemes of the Top 3 Bottom 3 Mr. Deepak Gupta Refer Page No. Kotak Equity Savings Fund - Growth 17 Kotak Asset Allocator Fund - Growth 35 Kotak US Equity Fund - Growth 36 Kotak Banking ETF 42 Kotak World Gold Fund - Growth 38 Kotak PSU Bank ETF 43 54

56 Name: Mr. Abhishek Bisen (experience in managing these funds since) Kotak Balance (Apr. 15, 2008), Kotak Monthly Income Plan (Apr. 15, 08), Kotak Bond (Plan A) (Apr 15, 2008), Kotak Gilt Investment (Regular & PF-Trust) (Apr. 15, 08), Kotak Global Emerging Market Fund (Apr. 15, 08), Kotak Multi Asset Allocation Fund (Jan. 21, 11), Kotak Equity Savings Fund (Oct. 13, '14), Kotak Gold ETF (Jul. 27, 07), Kotak Gold Fund (Mar. 25, '11) Business Experience Mr. Abhishek has been associated with the company since October 2006 and his key responsibilities include fund management of debt schemes. Prior to joining Kotak AMC, Me, Abhishek was working with Securities Trading Corporation Of India Ltd where he was looking at Sales & Trading of Fixed Income Products apart from doing Portfolio Advisory. He has been awarded twice as one of the ly Commended Investors in Indian Rupees Bonds from the Asset magazine Hong Kong. His educational background is B.A (Management) and MBA (Finance). Performance of top 3 and bottom 3 schemes of the Top 3 Bottom 3 Mr. Abhishek Bisen Refer Page No. Kotak Monthly Income Plan - Growth 32 Kotak Gilt - Investment - PF and Trust - Growth 31 Kotak Gilt - Investment - Regular - Growth 31 Kotak Global Emerging Market Fund - Growth 37 Kotak Gold ETF 39 Kotak Gold Fund - Growth 53 Name: Mr. Deepak Agrawal (experience in managing these funds since) (Kotak Bond Short Term (Apr. 14, 08), Kotak Flexi Debt (Jul. 11, 07), Kotak Floater Short Term (Jul. 11, 07), Kotak Liquid (Jul. 11, 07), Kotak Kotak Banking and PSU Debt Fund (Apr. 14, 08), Kotak Treasury Advantage Fund (Formerly Known as Kotak Floater Long Term ) (Jul. 11, 07), Kotak Income Opportunities Fund (May 11, '10), Kotak Medium Term Fund (Mar. 21, 14), Kotak Duration Fund (Jan. 31, 15), Kotak Corporate Bond Fund (Jan. 31, 15), All Fix Maturity Plans in existence (Aug. 13,'15), All Quarterly Interval Plans (QIPs) (Aug. 13,'15) Business Experience Mr. Deepak's career has started from Kotak AMC when he joined the organization in December 2002 where he was initially in Research, Dealing and then moved into Fund Management from November Mr. Deepak is a Post Graduate in Commerce, Chartered Account and Company Secretary. Performance of top 3 and bottom 3 schemes of the Top 3 Bottom 3 Mr. Deepak Agrawal Refer Page No. Kotak Duration Fund - Growth 24 Kotak Medium Term Fund - Regular Plan - Growth 29 Kotak Income Opportunities Fund - Growth 27 Kotak FMP Series (371D) - Regular Plan - Growth 53 Kotak FMP Series (1094D) - Regular Plan - Growth 53 Kotak Flexi Debt -Plan A Growth 26 Name: Mr. Devender Singhal (experience in managing these funds since) Kotak Monthly Income Plan (Aug. 25, 15) Business Experience Mr. Devender has been associated with the Kotak Group since July He is responsible for the research coverage of FMCG, Automobiles and Media sectors at Kotak AMC since Feb Devender has an overall working experience of 14 years in equity research and fund management. Prior to joining Kotak AMC, Devender worked with the PMS divisions of Kotak, Religare, Karvy and P N Vijay Financial Services. 55

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

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

59 Debt s Kotak Duration Fund-Retail Monthly Dividend Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Apr Individual/ HUF: Others: Kotak Duration Fund-Standard Monthly Dividend Jan Individual/ HUF: Others: Dec Individual/ HUF: Others: Nov Individual/ HUF: Others: Kotak Multi Asset Allocation Fund-Annual Dividend Mar Individual/ HUF: Others: Mar Individual/ HUF: Others: Mar Individual/ HUF: Others: Debt s Asset Allocation Graph Kotak Multi Asset Allocation Fund-Monthly Dividend Jun Individual/ HUF: Others: Apr Individual/ HUF: Others: Mar Individual/ HUF: Others: Kotak Multi Asset Allocation Fund-Quarterly Dividend Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Jun Individual/ HUF: Others: Kotak Medium Term Fund-Quarterly Dividend Dec Individual/ HUF: Others: Sep Individual/ HUF: Others: Jun Individual/ HUF: Others: Kotak Medium Term Fund-Annual Dividend Mar Individual/ HUF: Others: This asset allocation guide helps you to determine the suggested equity exposure at different valuations levels based on the Sensex. Valuation levels of the Sensex based on rolling 12month fwd EPS estimate of 1624 Market Cheap Attractive Fair Fair Value Plus Stretched Bubble Over Invested Neutral + Neutral Neutral - Under Invested Exit Equity Allocaion 80% - 90% 65% - 75% 50% 35% - 45% 15%- 25% 5% - 10% Suggested equity allocation (Assuming 50% equity allocation as neutral) 56 58