FUND FACTS. April, 2015

Transcription

1 FUND FACTS April, 2015

2 Equity and Debt review Equity review Markets continued the weakness displayed last month with Nifty down 3.65% for the month. The mid cap index despite taking a bigger beating than last month, continued to outperform the larger companies (down 2.40%). The fall this month was augmented by negative news around poor results, probability of poor monsoon, lack of progress in the parliament and tax notices to FPIs under MAT despite subsequent clarifications. The capital markets saw heightened activity with a large US$3.2bn deal of Sun Pharma. This led to FIIs emerging net buyers to the tune of US$1.2bn taking their YTD tally to US$7.2bn. DIIs were also net buyers in the order of US$1.8bn which overturned their YTD deficit to net buying of $960mn. Mutual funds (US$1.1bn) and insurance companies (US$710mn) both contributed to this. On the macro front, the industrial production brought some cheer, surprising on the upside at 5.5% with a broad based pick up seen across manufacturing, mining and electricity. March CPI came in slightly below expectations at 5.2% following the 5.4% print the previous month. There was a deceleration in food inflation to 6.2% vs 6.8% despite the unseasonal rains and a marginal pick-up in fuel inflation from 4.7% to 5.1%. Core CPI inflation was unchanged at 3.9% despite firming up of the transportation group on higher petrol prices. WPI reading surprised positively as well, coming in at a record low of -2.3%. The deceleration was seen in both food (6.3% vs 7.7%) and core inflation (-0.4% vs 0.1%). In line with expectations, the RBI left policy rates, including the CRR and SLR, unchanged. It mentioned that lack of transmission of policy rates despite weak off-take and the front loading of two rate cuts was a key disappointment forcing some banks to announce cut in base rates. March trade deficit widened to $11.8bn vs. $6.8bn the previous month on account of rebound in gold imports to $5bn vs. $2bn in February and further slowdown in exports. There was disappointment on the policy front as the budget session of the parliament resumed after a recess in April but similar to the winter session the government failed to make much headway. Key bills like GST and Land Acquisition remained conspicuous by their absence amidst opposition furor seeking relief for farmers following the unseasonal rainfall and the public suicide by a farmer. A boiling topic of discussion this month was around the Minimum Alternate Tax (MAT) notices being issued by the Indian tax authorities to certain FPIs. The government however engaged in a participatory discussion with stakeholders wherein it came out with clarifications regarding the subjudice nature of the case and the fact that tax treaties will prevail and there will be more clarity introduced in the Finance Bill. Even though India seems to be well placed with a medium to long term view given the improving macro and structural reforms being effected, poor earnings and lack of quick progress is likely to weigh in on the market performance presenting good buying opportunities. Debt review Month of April was governed by strict monitoring by RBI from the liquidity point of view. Liquidity remained tight due to lack of government spending but systemic inflows on account of coupon payments & TBill inflows provided some relief. A policy month, but not policy action. RBI left policy rates, including the CRR and SLR, unchanged. It mentioned that lack of transmission of policy rates despite weak off-take and the front loading of two rate cuts was a key disappointment. Some of the banks have since announced cuts in their base rates. 10 Year benchmark continued to show weakness and appears to be in range of in absence of any triggers in market and weekly supply of government bonds continue to hit the market. Economic releases during the month were as follows: RBI Policy:- RBI left policy rates, including the CRR and SLR, unchanged; Repo: 7.5%; CRR: 4% and SLR: 21.5%, but continued with regulatory measures in line with its five pillar approach. The key reasons for holding rates seem to be (1) Lack of transmission in banks' lending rates despite earlier cuts; and (2) Absence of incremental data post the Mar rate cut. While maintaining its accommodative stance, the RBI said that further action would depend on (1) Transmission to lending rates; (2) Inflation dynamics especially food inflation; (3) On-going supply-side measures with respect to land, power and reducing pipe-line of stalled projects; and (4) Normalization of US rates. Inflation March 2015: CPI for the month of March came below market expectations at 5.2% vs. 5.4% print the previous month. Food Prices slumped to 6.2% vs 6.8% despite the unseasonal rains and a marginal pick-up in fuel inflation from 4.7% to 5.1%. Core CPI inflation remained at 3.9% despite hike in petrol prices. WPI Inflation again came at a record low of -2.3% reflecting the prices at producer's level and lower Global commodity price levels. The deceleration was seen in both food and core inflation. With Rural wage growth and MSP prices growing in lower single digits. Strong disinflationary forces will continue to govern the headline CPI and trend lower. Growth: February IIP growth was fairly strong at 5.0% with manufacturing growth at 5.2% and mining growth at 2.5%. Cumulatively, industrial growth in Apr-Feb FY15 stood at 2.8% vs 0% in Apr-Feb FY14, suggesting improvement in activity but only at a gradual pace Incrementally fundamentals are getting better with inflation trajectory trending downward and structural improvement in twin deficits i.e. Fiscal and Current account deficit. RBI is currently monitoring the sustainability of downward inflation trajectory and would like to see positive real deposit rates in the economy for investment revival. Source: JPMorgan Research, Citigroup Research Source: RBI, CITI, Kotak

3 JPMorgan India Equity Holdings as on 30 April 2015 (in %) Equity Holdings HDFC Bank Ltd ICICI Bank Ltd Larsen & Toubro Ltd Infosys Ltd Maruti Suzuki India Ltd Sun Pharmaceuticals Industries Ltd Kotak Mahindra Bank Ltd Tata Motors Ltd State Bank of India 3.11 Axis Bank Ltd HDFC Ltd IndusInd Bank Ltd Britannia Industries Ltd Tata Consultancy Services Ltd Lupin Ltd Eicher Motors Ltd Kansai Nerolac Paints Ltd Bharat Forge Ltd Ultratech Cement Ltd GlaxoSmithKline Consumer Healthcare Ltd Blue Dart Express Ltd Oil & Natural Gas Corp Ltd Ashok Leyland Ltd Havells India Ltd Fag Bearings India Ltd Divi's Laboratories Ltd Sadbhav Engineering Ltd Dalmia Bharat Ltd Shriram Transport Finance Company Ltd Solar Industries India Ltd Motherson Sumi Systems Ltd IDFC Ltd HCL Technologies Ltd Alstom T&D India Ltd Cummins India Ltd JK Cement Ltd Voltas Ltd Tech Mahindra Ltd VA Tech Wabag Ltd Info Edge (India) Ltd Asian Paints Ltd Astra Microwave Products Ltd Gayatri Projects Ltd Bank of Baroda 0.38 NCC Ltd Equity Holdings Total Debt Holdings Non-convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04 Non-convertible Debentures Total 0.04 Debt Holdings Total 0.04 CBLO / Repo 5.02 Net Receivables/(Payables) 0.75 Total 5.77 Dividend history Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option 22-Aug Feb Regular Plan Dividend Option 20-Dec Aug Feb After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. Active positive bets Total stocks in portfolio 45 Top 15 stocks 18.2% Total portfolio 46.7% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg. Quantitative indicators Standard Deviation (%) 7.06 Beta 0.89 Sharpe Ratio 1.33 Portfolio Turnover Ratio* 0.81 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio Turnover Ratio (Equity) Risk free rate of return (repo) 7.50% *Last 12 As on April 30, 2015 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.55% Direct Plan~ 1.34% ~Does not include Service Tax on Investment Management fees. % of total portfolio 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Portfolio analysis: Market cap-wise `18k Crs - `90k Crs 27% 88.2% Liquidity measures 1.9% < `6k Crs - `18k Crs 10% <`6k Crs 8% No. of days >`90k Crs 55% Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMIEF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg. Sector Oil & Gas ^Others Cement Pharma Consumer Technology Auto *Industrials/Infra Portfolio analysis: Sector-wise Financials 1.6% 3.6% 4.3% 7.2% 8.9% 10.5% 12.4% 14.9% 5.1% 4.9% 0% 5% 10% 15% 20% 25% 30% 35% % of portfolio *Includes industrial capital goods / diversified / construction / industrial products. ^Includes chemicals, fertilisers and transportation. >3 30.9% JPMorgan India Equity Regular Plan - 14 June 2007 Direct Plan - 1 January 2013 An open-ended equity growth scheme The investment objective of the Scheme is to generate income and long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities including equity derivatives. However, there can be no assurance that the investment objective of the Scheme will be realised. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 17 Amit Gadgil 11 Experience managing the scheme Harshad Patwardhan 7 years, 9 months Amit Gadgil 7 years, 9 months Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark S&P BSE-200 Index# Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option Rs Crore Long Term Capital Growth Investments predominantly in equity and equity related securities. High Risk. (BROWN)

4 JPMorgan India Mid and Small Cap Holdings as on 30 April 2015 (in %) Equity Holdings Kansai Nerolac Paints Ltd Amara Raja Batteries Ltd Britannia Industries Ltd Ashok Leyland Ltd Bharat Forge Ltd WABCO India Ltd Eicher Motors Ltd Divi's Laboratories Ltd Yes Bank Ltd Fag Bearings India Ltd IndusInd Bank Ltd Motherson Sumi Systems Ltd Torrent Pharmaceuticals Ltd NCC Ltd Cadila Healthcare Ltd The Federal Bank Ltd JK Lakshmi Cement Ltd JK Cement Ltd Solar Industries India Ltd Havells India Ltd Grindwell Norton Ltd 1.67 Kajaria Ceramics Ltd GlaxoSmithKline Consumer Healthcare Ltd Jubilant Foodworks Ltd City Union Bank Ltd EIH Ltd CRISIL Ltd Voltas Ltd Dalmia Bharat Ltd Bajaj Finance Ltd Alstom T&D India Ltd Simplex Infrastructures Ltd Blue Dart Express Ltd Astra Microwave Products Ltd The Jammu & Kashmir Bank Ltd Shriram Transport Finance Company Ltd MindTree Ltd Motilal Oswal Financial Services Ltd Cummins India Ltd VA Tech Wabag Ltd Lakshmi Machine Works Ltd Ashoka Buildcon Ltd Max India Ltd Texmaco Rail & Engineering Ltd 1.05 Kaveri Seed Company Ltd Sadbhav Engineering Ltd J.Kumar Infraprojects Ltd MBL Infrastructures Ltd Mahindra & Mahindra Financial Services Ltd 0.95 Gruh Finance Ltd Action Construction Equipment Ltd Sintex Industries Ltd Tube Investments Of India Ltd Whirlpool of India Ltd TIL Ltd Union Bank of India 0.85 Allahabad Bank 0.80 Greaves Cotton Ltd Thermax Ltd Info Edge (India) Ltd Gayatri Projects Ltd Supreme Industries Ltd Persistent Systems Ltd Torrent Power Ltd Gujarat Pipavav Port Ltd Indian Bank 0.45 Equity Holdings Total Debt Holdings Non-Convertible Debentures Blue Dart Express Ltd. ICRA AA 0.03 Non-Convertible Debentures Total 0.03 Debt Holdings Total 0.03 CBLO / Repo 4.95 Net Receivables / (Payables) (0.70) Total 4.25 & Active positive bets Total stocks in portfolio 66 Top 15 stocks 21.2% Total portfolio 67.0% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg. & Active bets are estimated. Sector Quantitative indicators Standard Deviation (%) 8.53 Beta 0.93 Sharpe Ratio 0.90 Portfolio Turnover Ratio* 0.50 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio Turnover Ratio (Equity)* Risk free rate of return (repo) 7.50% *Last 12 As on April 30, 2015 % of total portfolio Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.51% Direct Plan~ 0.34% ~Does not include Service Tax on Investment Management fees Portfolio analysis: Sector-wise Utilities Technology Cement ^Others Pharma Consumer Auto Financials *Industrials / Infra Portfolio analysis: Market cap-wise `3k Crs - `6k Crs 26.0% 44.9% Liquidity measures < >5 No. of days Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg. 0.6% 2.6% 15.0% 6.2% 18.6% 13.1% 19.3% 21.5% *Includes industrial capital goods/diversified/construction / industrial products. ^Includes chemicals, fertilisers and transportation. Long term capital growth Investments predominantly in equity and equity related securities focused on smaller companies (generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the National Stock Exchange or Bombay Stock Exchange.)^ High Risk. (BROWN) *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. ^The Manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction. <`3k Crs 9.0% `6k Crs - `18k Crs 34.0% 4.8% 6.9% 14.1% >`18k Crs 31.0% 28.1% 0% 5% 10% 15% 20% 25% 30% % of portfolio JPMorgan India Mid and Small Cap Regular Plan - 26 December 2007 Direct Plan - 1 January 2013 An open ended equity growth scheme The investment objective is to seek to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities focused on smaller companies. Generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the NSE or the BSE. The fund manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction. However, there can be no assurance that the investment objective of the scheme will be realised. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 17 Amit Gadgil 11 Experience managing the scheme Harshad Patwardhan 7 years, 3 months Amit Gadgil 7 years, 3 months Rs 5,000 per application plus in multiples of Re. 1/- thereafter Rs 1,000 per application plus in multiples of Re. 1/- thereafter Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark: CNX Mid Cap Index### Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option Rs crore Dividend history Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option 20-Mar Regular Plan Dividend Option 20-Mar

5 JPMorgan India Tax Advantage Holdings as on 30 April 2015 (in %) Equity Holdings HDFC Bank Ltd ICICI Bank Ltd Larsen & Toubro Ltd Infosys Ltd Maruti Suzuki India Ltd Sun Pharmaceuticals Industries Ltd Tata Motors Ltd Axis Bank Ltd Kotak Mahindra Bank Ltd HDFC Ltd Tata Consultancy Services Ltd State Bank of India 2.46 IndusInd Bank Ltd Lupin Ltd Eicher Motors Ltd Ultratech Cement Ltd Bharat Forge Ltd Kansai Nerolac Paints Ltd Britannia Industries Ltd GlaxoSmithKline Consumer Healthcare Ltd Ashok Leyland Ltd Divi's Laboratories Ltd Oil & Natural Gas Corp Ltd Fag Bearings India Ltd JK Cement Ltd Blue Dart Express Ltd Sadbhav Engineering Ltd Motherson Sumi Systems Ltd Havells India Ltd Shriram Transport Finance Company Ltd Dalmia Bharat Ltd VA Tech Wabag Ltd Cummins India Ltd Solar Industries India Ltd Voltas Ltd Gayatri Projects Ltd IDFC Ltd Whirlpool of India Ltd HCL Technologies Ltd Alstom T&D India Ltd Tech Mahindra Ltd Asian Paints Ltd Info Edge (India) Ltd Astra Microwave Products Ltd Bank of Baroda 0.40 NCC Ltd Equity Holdings Total Debt Holdings Non-Convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04 Non-Convertible Debentures Total 0.04 Debt Holdings Total 0.04 CBLO / Repo 3.84 Net Receivables/(Payables) 0.95 Total 4.79 Long Term Capital Growth Investments predominantly in equity and equity related securities. High Risk. (BROWN) Active positive bets Total stocks in portfolio 46 Top 15 stocks 16.7% Total portfolio 48.0% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg. Quantitative indicators Standard deviation (%) 5.16 Beta 0.71 Sharpe ratio 3.63 Portfolio turnover ratio* 0.74 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)* Risk free rate of return (repo) 7.50% *Last 12 As on April 30, 2015 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.70% Direct Plan~ 0.03% ~Does not include Service Tax on Investment Management fees. Portfolio analysis: Market cap-wise `6k Crs - `18k Crs 11.0% `18k Crs - `90k Crs 27.0% Sector Oil & Gas ^Others Cement Pharma Consumer Technology Auto *Industrials/Infra Financials <`6k Crs 9.0% Portfolio analysis: Sector-wise 1.7% 3.4% 5.0% 7.5% 8.9% 9.8% 13.0% 0% 5% 10% 15% 16.2% % of portfolio 20% >`90k Crs 53.0% 25% 30% *Includes industrial capital goods / diversified / construction / industrial products. ^Includes transportation. Dividend History Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option 01-Jul Nov Mar Regular Plan Dividend Option 15-Dec Jan Jul Nov Mar After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/ % JPMorgan India Tax Advantage Regular Plan - 27 January 09 Direct Plan - 1 January 2013 An open ended equity linked savings scheme The investment objective of the Scheme is to generate income and long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related Securities. However, there can be no assurance that the investment objective of the Scheme will be realized, as actual market movements may be at variance with anticipated trends. managers: Equity Harshad Patwardhan & Karan Sikka (years) Harshad Patwardhan 17 Karan Sikka 7 Experience managing the scheme Harshad Patwardhan 6 years, 2 months Karan Sikka 3 years, 6 months Rs 500 per application and in multiples of Rs 500 thereafter Rs 500 per application and in multiples of Rs 500 thereafter Exit load - Nil Exit load (SIP) - Nil Benchmark S&P BSE-200 Index# Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option Rs crore

6 JPMorgan India Top 100 Holdings as on 30 April 2015 (in %) Equity Holdings HDFC Bank Ltd ICICI Bank Ltd Infosys Ltd Larsen & Toubro Ltd Maruti Suzuki India Ltd Tata Motors Ltd State Bank of India 3.98 Kotak Mahindra Bank Ltd Axis Bank Ltd Sun Pharmaceuticals Industries Ltd HDFC Ltd Asian Paints Ltd Tata Consultancy Services Ltd Ultratech Cement Ltd Bharat Forge Ltd Bosch Ltd Britannia Industries Ltd Lupin Ltd IDFC Ltd Cummins India Ltd Eicher Motors Ltd Oil & Natural Gas Corp Ltd GlaxoSmithKline Consumer Healthcare Ltd Shree Cements Ltd Tech Mahindra Ltd Bharat Electronics Ltd Shriram Transport Finance Company Ltd HCL Technologies Ltd Motherson Sumi Systems Ltd Divi's Laboratories Ltd ABB India Ltd Titan Company Ltd Adani Ports & Special Economic Zone Ltd Bank of Baroda 0.39 Equity Holdings Total CBLO / Repo 2.73 Net Receivables/(Payables) 1.86 Total 4.59 & Active positive bets Total stocks in portfolio 34 Top 15 stocks 23.1% Total portfolio 42.0% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (S&P BSE 100 Index). Source: BSE, Bloomberg. & Active bets are estimated. Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.59% Direct Plan~ 0.94% Sector Portfolio analysis: Sector-wise ^Others Oil & Gas Cement Pharma Consumer Technology *Industrials/Infra Portfolio analysis: Market cap-wise `60k Crs - `150k Crs 33.0% % of total portfolio Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg. Auto Financials Quantitative indicators Standard deviation (%) 3.59 Beta 1.02 Sharpe ratio 4.74 Portfolio turnover ratio^ 0.55 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)^ Risk free rate of return (repo) 7.50% ^Since the scheme has not completed 12 months the Portfolio Turnover ratios have not been As on April 30, 2015 ~Does not include Service Tax on Investment Management fees. Liquidity measures 100.0% <1 1-2 No. of days 0.7% 1.9% 4.4% 6.9% 8.2% 12.1% 12.9% 13.9% <`60k Crs 24.0% >`150k Crs 44.0% 34.4% JPMorgan India Top June 2014 An open-ended equity growth scheme The primary investment objective of the Scheme is to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the top 100 companies, by market capitalisation, listed in India. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 17 Amit Gadgil 11 Experience managing the scheme Harshad Patwardhan 11 months Amit Gadgil 11 months Rs 5,000 per application plus in multiples of Re. 1/- thereafter Rs 1,000 per application plus in multiples of Re. 1/- thereafter Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark S&P BSE 100 Index## Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option Rs crore Long term capital growth Investment in equity and equity-related securities of the top 100 largest companies, by market capitalization, listed in india. High Risk. (BROWN) *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 0% 5% 10% 15% 20% 25% 30% 35% % of portfolio *Includes industrial capital goods / diversified / construction / industrial products. ^Includes transportation.

7 ** JPMorgan India Equity Income Holdings as on 30 April 2015 (in %) Equity Holdings % to % to NAV NAV Derivatives UnHedge Positions HDFC Bank Ltd Maruti Suzuki India Ltd Infosys Ltd ICICI Bank Ltd HDFC Ltd Axis Bank Ltd Larsen & Toubro Ltd Sun Pharmaceuticals Industries Ltd State Bank of India 1.06 IndusInd Bank Ltd Tata Motors Ltd Britannia Industries Ltd Asian Paints Ltd Tata Consultancy Services Ltd Yes Bank Ltd IDFC Ltd Lupin Ltd Ultratech Cement Ltd Kansai Nerolac Paints Ltd Shree Cements Ltd Kotak Mahindra Bank Ltd Ashok Leyland Ltd CRISIL Ltd HCL Technologies Ltd GSK Consumer Healthcare Ltd Tech Mahindra Ltd Blue Dart Express Ltd Shriram Transport Finance Co. Ltd Oil & Natural Gas Corp Ltd Bosch Ltd Cummins India Ltd Bharat Forge Ltd Eicher Motors Ltd Motherson Sumi Systems Ltd Titan Company Ltd Divi's Laboratories Ltd ABB India Ltd UnHedge Positions Total Hedge Positions IDFC Ltd IDFC Ltd.- FUTURES (3.90) Reliance Industries Ltd Reliance Industries Ltd.- FUTURES (3.76) ITC Ltd ITC Ltd.- FUTURES (3.46) HDFC Bank Ltd HDFC Bank Ltd.- FUTURES (3.10) ICICI Bank Ltd ICICI Bank Ltd.- FUTURES (2.82) Lupin Ltd Lupin Ltd.- FUTURES (2.78) State Bank of India 2.75 State Bank of India- FUTURES (2.76) Axis Bank Ltd Axis Bank Ltd.- FUTURES (2.56) Maruti Suzuki India Ltd Maruti Suzuki India Ltd.- FUTURES (2.54) Aurobindo Pharma Ltd Aurobindo Pharma Ltd.- FUTURES (2.16) IndusInd Bank Ltd IndusInd Bank Ltd.- FUTURES (1.94) JSW Steel Ltd JSW Steel Ltd.- FUTURES (1.31) Tata Steel Ltd Tata Steel Ltd.- FUTURES (1.24) Grasim Industries Ltd Grasim Industries Ltd.- FUTURES (1.10) Oil & Natural Gas Corp Ltd Oil & Natural Gas Corp Ltd.- FUTURES (1.09) Titan Company Ltd Titan Company Ltd.- FUTURES (0.92) Indian Oil Corporation Ltd Indian Oil Corporation Ltd.- FUTURES (0.43) Punjab National Bank 0.24 Punjab National Bank- FUTURES (0.24) Hedge Positions Total (38.11) Equity Holdings Total (38.11) Margin Deposit Canara Bank UNRATED 3.15 Corporation Bank UNRATED 1.69 Margin Deposit Total 4.84 Debt Holdings Non-Convertible Debentures Sintex Industries Ltd. CARE AA 6.96 Bharat Aluminium Co. Ltd. CRISIL AA Welspun Corp Ltd. CARE AA Fullerton India Credit Co. Ltd. ICRA AA Tata Power Company Ltd. CARE AA 0.36 Non-Convertible Debentures Total Debt Holdings Total Money Market Instruments Money Market Bonds Amtek Auto Ltd. CARE AA 3.59 Money Market Bonds Total 3.59 Money Market Instruments Total 3.59 CBLO / Repo 0.44 Net Receivables/(Payables) (0.31) Total 0.13 Risk free rate of return (repo) 7.50% ^Since the scheme has not completed 12 months the Portfolio Turnover ratios have not been As on April 30, 2015 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 1.50% Direct Plan~ 0.88% ~Does not include Service Tax on Investment Management fees. Oil & Gas Others Cement Pharma *Industrials/Infra Consumer Technology *Includes industrial capital goods / diversified / construction / industrial products. The above chart represents the unhedged equity positions only. Income distribution by investing in debt and money market instrument and arbitrage opportunities. Long term capital appreciation by using equity and equity related instruments. Medium Risk (YELLOW) Sector Portfolio analysis: Sector-wise Auto Financials & Active positive bets Total stocks in portfolio 37 Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg. & Active bets are estimated. Quantitative indicators Standard deviation (%) 1.29 Beta 0.50 Sharpe ratio 5.23 Portfolio turnover ratio^ 1.41 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)^ Portfolio analysis: Market cap-wise `60k Crs - `18k Crs 5.0% `18k Crs - `90k Crs 33.0% % of total portfolio Liquidity measures 97.6% <1 1-2 No. of days 0.3% 0.4% 1.4% 2.0% 2.1% 3.2% 3.7% 4.2% 0% 4% 8% % of portfolio Dividend history >`90k Crs 62.0% 2.4% 12% 12.1% Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option 13-Mar Regular Plan Dividend Option 13-Mar % # JPMorgan India Equity Income 13 October 2014 An open-ended equity scheme The investment objective of the scheme is to provide capital Appreciation and income distribution to the investors by using equity and e q u i t y r e l a t e d i n s t r u m e n t s, a r b i t r a g e opportunities, and investments in debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated and the scheme does not assure or guarantee any returns. managers: Equity Amit Gadgil & Karan Sikka (years) Amit Gadgil 11 Karan Sikka 7 Experience managing the scheme Amit Gadgil 7months Karan Sikka 7 months managers: Debt & Ravi Ratanpal (years) 13 Ravi Ratanpal 10 Experience managing the scheme 7 months Ravi Ratanpal 7 months Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark 70% of CRISIL Liquid Index and 30% in CNX Nifty Direct Plan - Bonus Option Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Bonus Option Regular Plan - Dividend Option Regular Plan - Growth Option Rs Crore ** Please note that the name of JPMorgan India Equity Savings has been changed to JPMorgan India Equity Income with effect from 14th November 2014.

8 JPMorgan India Economic Resurgence Holdings as on 30 April 2015 (in %) Equity Holdings HDFC Bank Ltd Larsen & Toubro Ltd ICICI Bank Ltd Maruti Suzuki India Ltd State Bank of India 3.56 Axis Bank Ltd Kotak Mahindra Bank Ltd Bharat Forge Ltd HDFC Ltd Cummins India Ltd Bosch Ltd Ultratech Cement Ltd NCC Ltd Fag Bearings India Ltd Yes Bank Ltd Kansai Nerolac Paints Ltd Amara Raja Batteries Ltd JK Cement Ltd Bharat Electronics Ltd IndusInd Bank Ltd Grindwell Norton Ltd 1.86 J.KUMAR INFRAPROJECTS LTD Shriram Transport Finance Company Ltd Alstom T&D India Ltd Ashok Leyland Ltd Kajaria Ceramics Ltd Sadbhav Engineering Ltd WABCO India Ltd Whirlpool of India Ltd Voltas Ltd Motherson Sumi Systems Ltd Eicher Motors Ltd Dalmia Bharat Ltd Solar Industries India Ltd Shree Cements Ltd IDFC Ltd Bank of Baroda 1.12 VA Tech Wabag Ltd TIL Ltd Action Construction Equipment Ltd Thermax Ltd Astra Microwave Products Ltd Texmaco Rail & Engineering Ltd 0.81 Equity Holdings Total CBLO / Repo 4.08 Net Receivables/(Payables) 0.37 Total 4.45 ^Since the scheme has not completed 12 months the Portfolio Turnover ratios have not been As on April 30, 2015 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.70% Direct Plan~ 1.08% ~Does not include Service Tax on Investment Management fees. Sector Others Consumer Cement Auto *Industrials/Infra Portfolio analysis: Sector-wise Financials & Active positive bets Total stocks in portfolio 43 Top 15 stocks 27.2% Total portfolio 64.9% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (S&P BSE 200). Source: BSE, Bloomberg. & Active bets are estimated. Quantitative indicators Standard deviation (%) 2.53 Beta Sharpe ratio Portfolio turnover ratio^ - (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)^ Risk free rate of return (repo) 7.50% Portfolio analysis: Market cap-wise `6k Crs - `18k Crs 14.0% `18k Crs - `90k Crs 27.0% % of total portfolio % Liquidity measures 2.3% 3.7% 7.0% 0% 5% 10% 14.6% % of portfolio <`6k Crs 20.0% < >3 No. of days >`90k Crs 39.0% 6.7% 4.5% 4.5% 33.4% 15% 20% 25% 30% 35% *Includes industrial capital goods / diversified / construction / industrial products. The above chart represents the unhedged equity positions only. 34.6% JPMorgan India Economic Resurgence 3 February 2015 An open-ended equity scheme The primary investment objective of the scheme is to generate long term capital appreciation, from a diversified portfolio that is substantially constituted of equity and equity related securities of companies with focus on riding economic cycles through dynamic allocation between various sectors and stocks at different stages of economic activity. However, there can be no assurance that the investment objective of the scheme will be realised. managers Harshad Patwardhan & Karan Sikka (years) Harshad Patwardhan 17 Karan Sikka 7 Experience managing the scheme Harshad Patwardhan 3 months Karan Sikka 3 months Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark S&P BSE 200 Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Growth Option Rs Crore Long-term capital growth. Investment in equity and equity-related securities of companies with a focus on riding economic cycles through dynamic allocation between various sectors and stocks at different stages of economic activity. High Risk (BROWN)

9 JPMorgan India Balanced Advantage Holdings as on 30 April 2015 (in %) Equity Holdings % to % to NAV NAV Derivatives Equity Holdings UnHedge Positions HDFC Bank Ltd ICICI Bank Ltd Infosys Ltd Axis Bank Ltd Larsen & Toubro Ltd Tata Consultancy Services Ltd State Bank of India 2.34 Tata Motors Ltd IndusInd Bank Ltd Sun Pharmaceuticals Industries Ltd Maruti Suzuki India Ltd Kotak Mahindra Bank Ltd Yes Bank Ltd IDFC Ltd Ultratech Cement Ltd Asian Paints Ltd Jubilant Foodworks Ltd Motilal Oswal Financial Services Ltd Lupin Ltd Britannia Industries Ltd Eicher Motors Ltd CRISIL Ltd HCL Technologies Ltd Kansai Nerolac Paints Ltd Shriram Transport Finance Co. Ltd GSK Consumer Healthcare Ltd Blue Dart Express Ltd Motherson Sumi Systems Ltd Tech Mahindra Ltd Ashok Leyland Ltd Voltas Ltd Whirlpool of India Ltd WABCO India Ltd Cummins India Ltd Havells India Ltd Bharat Forge Ltd Shree Cements Ltd Alstom T&D India Ltd Grindwell Norton Ltd 0.39 Divi's Laboratories Ltd Sadbhav Engineering Ltd Ashoka Buildcon Ltd NCC Ltd Astra Microwave Products Ltd Fag Bearings India Ltd J.Kumar Infraprojects Ltd UnHedge Positions Total Hedge Positions IDFC Ltd IDFC Ltd.- FUTURES (3.94) Lupin Ltd Lupin Ltd.- FUTURES (2.34) Axis Bank Ltd Axis Bank Ltd.- FUTURES (1.75) ITC Ltd ITC Ltd.- FUTURES (0.98) Hedge Positions Total 8.94 (9.01) Equity Holdings Total (9.01) Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN Government Bond Total Government Bond & Treasury Bill Total CBLO / Repo 7.26 Net Receivables/(Payables) (0.81) Total 6.45 Total stocks in portfolio 46 Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg. & Active bets are estimated. Standard deviation (%) - Beta - Sharpe ratio - Portfolio turnover ratio^ - (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)^ Risk free rate of return (repo) 7.50% ^Since the scheme has not completed 12 months the Portfolio Turnover ratios have not been As on April 30, 2015 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.59% Direct Plan~ 1.64% ~Does not include Service Tax on Investment Management fees. % of total portfolio Others Cement Pharma Consumer *Industrials/Infra Sector Portfolio analysis: Sector-wise Auto Technology Financials & Active positive bets Quantitative indicators Portfolio analysis: Market cap-wise `18k Crs - `90k Crs 26.0% Liquidity measures 97.5% <1 1-2 No. of days 1.0% 1.7% 3.4% 5.6% 6.4% 6.7% 7.5% `60k Crs - `18k Crs 11.0% `6k Crs 5.0% 1.8% 0% 5% 10% 15% 20% % of portfolio >`90k Crs 58.0% 0.7% 25% 25.4% 30% *Includes industrial capital goods / diversified / construction / industrial products. The above chart represents the unhedged equity positions only. 2-3 JPMorgan India Balanced Advantage 9 April 2015 An open-ended balanced scheme The investment objective of the scheme is to generate long term capital appreciation and current income from a portfolio that is invested in Equity and equity related securities as well as in fixed income securities. However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated and the scheme does not assure or guarantee any returns. managers: Equity Amit Gadgil & Karan Sikka (years) Amit Gadgil 11 Karan Sikka 7 Experience managing the scheme Amit Gadgil 1 month Karan Sikka 1 month managers: Debt & Ravi Ratanpal (years) 13 Ravi Ratanpal 10 Experience managing the scheme 1 month Ravi Ratanpal 1 month Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark CRISIL Balanced Index Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Bonus Option Regular Plan - Dividend Option Regular Plan - Growth Option Rs Crore Long Term wealth creation solution. Balanced fund aiming for capital appreciation and current income by investing in equity as well as fixed income securities High Risk (BROWN)

10 JPMorgan Greater China Equity Off-shore Details of JPMorgan Greater China Equity Off-shore Holding as on 30 April 2015 International Mutual Units JPMorgan s - Greater China 98.71% International Mutual Units Total 98.71% CBLO / Repo 1.49% Net Receivables (Payable) (0.20%) Total 1.29% Total expense ratio (year-to-date ratio to average AUM) JPMorgan Greater China Equity JPMorgan s - Greater China Offshore (underlying fund) Regular Plan~ 1.70% 1.00% Direct Plan~ 1.41% 1.00% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - Greater China (underlying fund) Equity holding Weight (%) Taiwan Semiconductor (Information Technology) 7.8 Tencent (Information Technology) 7.8 AIA (Financials) 5.1 China Construction Bank (Financials) 4.3 CK Hutchison (Financials) 4.1 Ping An Insurance (Financials) 3.9 China Pacific Insurance (Financials) 2.9 China Merchants Bank (Financials) 2.4 Agricultural Bank of China (Financials) 2.2 China Petroleum & Chemical (Energy) 2.2 Total 42.7 Statistical analysis as on 31 March years 5 years Correlation Alpha Beta Geographical breakdown as on 31 March 2015 Country China 58.1% Taiwan 24.5% Hong Kong 17.6% Cash -0.2% Total 100.0% 10 largest holdings as on 31 March 2015 Sector breakdown as on 31 March 2015 Sector Financials 42.1% Information Technology 28.0% Telecommunication Services 6.0% Industrials 5.9% Health Care 4.0% Consumer Discretionary 3.5% Utilities 3.4% Energy 3.0% Consumer Staples 2.4% Materials 1.9% Cash -0.2% Total 100.0% Quarterly Outlook: We remain constructive on Greater China markets given China's policy easing, reasonable equity valuations and ample global liquidity. JPMorgan Greater China Equity Off-shore Regular Plan - 26 August 2009 Direct Plan - 1 January 2013 An open ended fund of funds scheme The primary investment objective of the Scheme is to provide long term capital appreciation by investing in JPMorgan s - Greater China Equity, an equity fund which invests primarily in a diversified portfolio of companies incorporated or which have their registered office located in, or derive the predominant part of their economic activity from, a country in the Greater China region. manager 13 years Experience managing the scheme 5 yrs, 7 mnths. Rs 10,000 per application plus in multiples of Re. 1/- thereafter Rs 1,000 per application plus in multiples of Re. 1/- thereafter Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI Golden Dragon Index Regular Plan - Growth Option Direct Plan - Growth Option Rs crore Long Term Capital Growth Investment in JPMorgan s Greater China, an equity fund which invests primarily in a diversified portfolio of companies that are domiciled in, or carrying out the main part of their economic activity in, a country of Greater China region High Risk. (BROWN)

11 JPMorgan ASEAN Equity Off-shore Details of JPMorgan ASEAN Equity Off-shore Holding as on 30 April 2015 International Mutual Units JPMorgan s - ASEAN Equity 99.49% International Mutual Units Total 99.49% CBLO / Repo 1.30% Net Receivables / (Payables) (0.79%) Total 0.51% Total expense ratio (year-to-date ratio to average AUM) JPMorgan ASEAN Equity Off-shore ASEAN Equity (underlying fund) Regular Plan~ 1.75% 0.95% Direct Plan~ 1.15% 0.95% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - ASEAN Equity (underlying fund) 10 largest holdings as on 31 March 2015 Equity holding Weight (%) DBS (Financials) 5.9% Singapore Telecommunications (Telecommunication Services) 4.7% Oversea-Chinese Banking (Financials) 4.2% United Overseas Bank (Financials) 4.0% Bank Central Asia (Financials) 3.9% Kasikornbank (Financials) 3.3% PTT (Energy) 2.8% Airports of Thailand (Industrials) 2.2% Public Bank (Financials) 1.9% Bank Rakyat Indonesia (Financials) 1.9% Total 34.8% Geographical breakdown as on 31 March 2015 Country Singapore 29.6% Thailand 20.8% Indonesia 20.6% Malaysia 13.3% Philippines 8.8% Vietnam 1.0% Hong Kong 0.9% Cash 5.0% Total 100.0% Statistical analysis as on 31 March years 5 years Correlation Alpha Beta Sector breakdown as on 31 March 2015 Sector Financials 48.5% Industrials 15.1% Telecommunication Services 10.1% Consumer Discretionary 6.5% Energy 4.7% Consumer Staples 4.3% Health Care 2.8% Utilities 2.7% Materials 0.3% Information Technology 0.0% Cash 5.0% Total 100.0% Quarterly Outlook: We believe the combination of the falling oil price and a pragmatic policy designed to take advantage of this decline should boost the longterm prospects of the region. JPMorgan ASEAN Equity Off-shore Regular Plan - 1 July 2011 Direct Plan - 1 January 2013 An Open-ended of s Scheme The primary investment objective of the Scheme is to provide long term capital growth by investing predominantly in JPMorgan s ASEAN Equity, an equity fund which invests primarily in companies of countries which are members of the Association of South East Asian Nations (ASEAN). However, there can be no assurance that the investment objective of the Scheme will be realized. manager 13 years Experience managing the scheme 3 years, 9 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI South East Asia Index Regular Plan - Growth Option Direct Plan - Growth Option in future. Rs crore Long Term Capital Growth Investments predominantly in JPMorgan s ASEAN Equity, an equity fund which invests primarily in companies of countries which are members of the Association of South East Asian Nations High Risk. (BROWN)

12 JPMorgan US Value Equity Off-shore Details of JPMorgan US Value Equity Off-shore Holding as on 30 April 2015 International Mutual Units JPMorgan s - US Value % International Mutual Units Total % CBLO / Repo 0.54% Net Receivables / (Payables) (1.22%) Total (0.68%) Total expense ratio (year-to-date ratio to average AUM) JPMorgan US Value Equity Off-shore US Value Equity (underlying fund) Regular Plan~ 1.85% 0.85% Direct Plan~ 1.00% 0.85% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - US Value Equity (underlying fund) 10 largest holdings as on 31 March 2015 Equity holding Weight (%) Wells Fargo (Financials) 4.1% Exxon Mobil (Energy) 3.1% Pfizer (Health Care) 2.8% Johnson & Johnson (Health Care) 2.6% Capital One (Financials) 2.0% Chevron (Energy) 2.0% Bank of America (Financials) 1.9% AIG (Financials) 1.9% Loews (Financials) 1.9% Merck & Co. (Health Care) 1.9% Total 24.2% Statistical analysis as on 31 March years 5 years E Correlation E Alpha E Beta Sector breakdown as on 31 March 2015 Sector Financials 33.6% Consumer Discretionary 15.7% Health Care 10.1% Energy 9.2% Industrials 7.8% Information Technology 6.6% Utilities 6.0% Consumer Staples 5.4% Materials 4.3% Telecommunication Services 1.3% Total 100.0% JPMorgan US Value Equity Off-shore 7 August, 2013 An Open-ended of s Scheme To provide longterm capital growth by investing primarily in a value style biased portfolio of US companies. manager 13 years Experience managing the scheme 1 yr, 8 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund Russell 1000 Value Index Regular Plan - Growth Option Direct Plan - Growth Option Rs crore Quarterly Outlook: Despite the volatility we have seen so far this year, our outlook for both the US economy and equity markets remains constructive. E The time difference between NAV calculation and the US market can distort this figure. All equity indices stated as Net are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise. Long Term Capital Growth Investments in equity and equity-related securities of US companies High Risk. (BROWN)

13 JPMorgan Europe Dynamic Equity Off-shore Details of JPMorgan Europe Dynamic Equity Offshore Holding as on 30 April 2015 International Mutual Units JPMorgan Europe Dynamic Equity Offshore % International Mutual Units Total % CBLO / Repo 0.75% Net Receivables / (Payables) (1.27%) Total (0.52%) Total expense ratio (year-to-date ratio to average AUM) JPMorgan Europe Dynamic Equity Offshore Europe Dynamic Equity (underlying fund) Regular Plan~ 1.70% 1.00% Direct Plan~ 1.31% 1.00% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan Europe Dynamic Equity Offshore 10 largest holdings as on 31 March 2015 Equity holding Weight (%) Delhaize (Consumer Staples) 2.2% Novartis (Health Care) 2.0% BT (Telecommunication Services) 2.0% Novo Nordisk (Health Care) 1.9% Lloyds Bank (Financials) 1.8% Prudential (Financials) 1.8% Daimler (Consumer Discretionary) 1.8% International Consolidated Airlines (Industrials) 1.8% Reckitt Benckiser (Consumer Staples) 1.7% Cap Gemini (Information Technology) 1.7% Total 18.7% Geographical breakdown as on 31 March 2015 Country United Kingdom 24.5% France 15.1% Germany 15.1% Switzerland 7.8% Netherlands 7.2% Denmark 5.4% Belgium 4.3% Spain 4.0% Ireland 3.9% Others 4.2% Cash 8.5% Total 100.0% Statistical analysis as on 31 March years 5 years Correlation Alpha Beta Sector breakdown as on 31 March 2015 Sector Financials 20.3% Industrials 16.3% Consumer Discretionary 15.0% Consumer Staples 10.8% Materials 9.5% Health Care 8.5% Information Technology 6.0% Telecommunication Services 3.8% Energy 0.8% Utilities 0.5% Cash 8.5% Total 100.0% JPMorgan Europe Dynamic Equity Offshore 7 February, 2014 An Open-ended of s Scheme To provide long term capital growth by investing predominantly in the JPMorgan s - Europe Dynamic, an equity fund which invests primarily in an aggressively managed portfolio of European companies. manager 13 years Experience managing the scheme 1 yr, 3 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI Europe Index Regular Plan - Growth Option Direct Plan - Growth Option Rs crore Outlook: As long as European corporate fundamentals remain strong and earnings are on the rise, we think that regional equity markets can make further headway over the next year. Long-term Capital Growth Investments in equity and equity-related securities of European companies High Risk. (BROWN)

14 JPMorgan Emerging Markets Opportunities Equity Off-shore Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Holding as on 30 April 2015 International Mutual Units JPMorgan Emerging Markets Opportunities Equity Offshore 99.26% International Mutual Units Total 99.26% CBLO / Repo 0.43% Net Receivables / (Payables) 0.31% Total 0.74% Total expense ratio (year-to-date ratio to average AUM) JPMorgan Emerging Markets Opportunities Emerging Markets Opportunities Equity Off-shore Equity Off-shore (underlying fund) Regular Plan~ 1.60% 1.10% Direct Plan~ 0.85% 1.10% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan Emerging Markets Opportunities Equity Off-shore 10 largest holdings as on 31 March 2015 Equity holding Weight (%) Tencent (Information Technology) 3.4% Infosys Technologies (Information Technology) 3.0% China Merchants Bank (Financials) 2.7% Magnit (Consumer Staples) 2.7% Samsung Electronics (Information Technology) 2.6% MediaTek (Information Technology) 2.6% Great Wall Motor (Consumer Discretionary) 2.2% Turkiye Halk Bankasi (Financials) 2.0% MTN (Telecommunication Services 2.0% Siliconware Precision Industries (Information Technology) 1.9% Total 25.1% Geographical breakdown as on 31 March 2015 Country China 28.1% South Korea 15.1% Taiwan 9.8% Brazil 9.0% India 7.7% South Africa 7.3% Russia 6.5% Thailand 3.9% Indonesia 2.7% Others 8.9% Cash 1.0% Total 100.0% Statistical analysis as on 31 March years 5 years Correlation Alpha Beta Sector breakdown as on 31 March 2015 Sector Financials 24.7% Information Technology 23.7% Consumer Discretionary 21.4% Consumer Staples 6.6% Telecommunication Services 6.5% Materials 5.2% Industrials 4.5% Energy 3.7% Utilities 2.2% Health Care 0.5% Cash 1.0% Total 100.0% Outlook: Following four years of headwinds facing emerging market equities, we are monitoring three potential catalysts for signs of a turn in relative performance. First, currencies need to stabilise. Second, emerging market growth needs to recover, in both absolute and relative terms. Finally, emerging market earnings need to recover from the multiyear run of disappointment that has led to the derating of the past few years. When the first two catalysts currency stability and a pickup in growth take hold, we expect earnings upgrades to follow. JPMorgan Emerging Markets Opportunities Equity Off-shore 7 July, 2014 An Open-ended of s Scheme The primary investment objective of the Scheme is to seek to provide long term capital growth by investing predominantly in the JPMorgan s - Emerging Markets Opportunities, an equity fund which invests primarily in an aggressively managed portfolio of emerging market companies. However, there can be no assurance that the investment objective of the Scheme will be realised. manager 13 years Experience managing the scheme 10 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI Emerging Market Index Regular Plan - Growth Option Direct Plan - Growth Option Rs crore Long-term Capital Growth Investments predominantly in JPMorgan s - Emerging Markets Opportunities s, an equity oriented fund which invest primarily in an aggressively managed portfolio of emerging market companies. High Risk. (BROWN)

15 JPMorgan India Liquid Holdings as on 30 April 2015 (in %) Name of the instrument Rating % to NAV Money Market Instruments Certificate of Deposit Union Bank of India CRISIL A Allahabad Bank ICRA A Syndicate Bank CRISIL A ING Vysya Bank Ltd. CRISIL A Punjab & Sind Bank CRISIL A Bank of Baroda ICRA A UCO Bank CRISIL A IDBI Bank Ltd. CRISIL A Axis Bank Ltd. CRISIL A Canara Bank CRISIL A Certificate of Deposit Total Commercial Paper Export Import Bank of India CRISIL A Indiabulls Housing Finance Ltd. CRISIL A Edelweiss Financial Services Ltd. CRISIL A SIDBI CRISIL A ECL Finance Ltd. CRISIL A National Fertilizers Ltd. CRISIL A Welspun India Ltd. FITCH A Dewan Housing Fin. Corp. Ltd. CRISIL A Adani Enterprises Ltd. BRICKWORKS A Navneet Education Ltd. CRISIL A Commercial Paper Total Money Market Instruments Total CBLO / Repo 8.53 Net Receivables/(Payables) 0.21 Total 8.74 Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan % 0.08%~ 0.18%~ 0.05%~ *The assigned rating AAAmfs is valid only for "JPMorgan India Liquid ". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the, which could vary with market developments. #Gross yield. ~Does not include Service Tax on Investment Management fees. Record Date - 25-Feb-15 Super Institutional Plan - Bonus Option Direct Plan - Bonus Option Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Retail Monthly Dividend Option 25-Feb Mar Apr Direct Plan Monthly Dividend Option 25-Aug Sep Oct Super Institutional Monthly Dividend Option 25-Feb Mar Apr After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/ % Rating profile 91.26% BRICKWORKS A1+,CRISIL A1+,FITCH A1+,ICRA A % Certificate of Deposit Asset allocation (% of total) 51.31% Commercial Paper Bonus History Rate 2.15 bonus units for every 3 units held 2.15 bonus units for every 3 units held 8.74% Cash and Other Receivables JPMorgan India Liquid Super Institutional - 21 September 2007 Retail - 16 September 2008 Direct Plan - 1 January 2013 An open ended Liquid Scheme The investment objective of the Scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. However, there can be no assurance that the investment objectives of the Scheme will be realized. managers & Ravi Ratanpal (in years) 13 Ravi Ratanpal 10 Experience in managing this scheme 6 years, 10 months Ravi Ratanpal 3 years, 7 months Minimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 Entry Load - Nil Entry Load (SIP) Nil Exit Load Nil Exit Load (SIP) Nil Benchmark CRISIL Liquid Index Direct Plan - Bonus Option Direct Plan - Daily Dividend Option Direct Plan - Growth Option Direct Plan - Weekly Dividend Option Retail Plan - Daily Dividend Option Retail Plan - Growth Option Retail Plan - Monthly Dividend Option Retail Plan - Weekly Dividend Option Super Institutional Plan - Annual Dividend Option Super Institutional Plan - Bonus Option Super Institutional Plan - Daily Dividend Option Super Institutional Plan - Fortnightly Dividend Option Super Institutional Plan - Growth Option Super Institutional Plan - Monthly Dividend Option Super Institutional Plan - Weekly Dividend Option Rs crore Income Over Short Term Investments in money market and debt securities Low Risk. (BLUE)

16 JPMorgan India Treasury Holdings as on 30 April 2015 (in%) Name of the instrument Rating % to NAV Corporate Debt Non-convertible Debentures Dalmia Cements (Bharat) Limited ICRA AA ECL Finance Ltd. ICRA AA 5.53 SREI Equipment Finance Ltd. CARE AA 2.24 Power Finance Corporation Ltd. CRISIL AAA 0.10 Non-Convertible Debentures Total Corporate Debt Total Money Market Instruments Certificate of Deposit Axis Bank Ltd. CRISIL A Oriental Bank of Commerce CRISIL A UCO Bank CRISIL A Andhra Bank CRISIL A IDBI Bank Ltd. CRISIL A Bank of Maharashtra CRISIL A Canara Bank CRISIL A Dena Bank CRISIL A Certificate of Deposit Total Commercial Paper NABARD CRISIL A Edelweiss Financial Services Ltd. CRISIL A ECL Finance Ltd. CRISIL A Edelwiess Commodities Services Ltd. CRISIL A Commercial Paper Total Money Market Bonds Amtek Auto Ltd. CARE AA 5.72 LIC Housing Finance Ltd. CRISIL AAA 0.33 Money Market Bonds Total 6.05 Money Market Instruments Total CBLO / Repo Net Receivables/(Payables) Total Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Retail Monthly Dividend Option 25-Feb Mar Apr Direct Plan Monthly Dividend Option 25-Feb Mar Apr Super Institutional Monthly Dividend Option 25-Feb Mar Apr After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. Rating profile 76.79% CARE AA,CRISIL A1+,CRISIL AAA,ICRA AA,ICRA AA- Commercial Paper Cash and Other Receivables Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan % 0.49%~ 1.09%~ 0.34%~ **The assigned rating AAAmfs is valid only for "JPMorgan India Treasury ". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the, which could vary with market developments. #Gross yield. Please note that w.e.f. 18th February 2009, the name of JPMorgan India Liquid Plus has been changed to JPMorgan India Treasury. ~Does not include Service Tax on Investment Management fees. Record Date - 22-May-13 Super Institutional Plan - Bonus Option Direct Plan - Bonus Option % Corporate Debt Optimal Returns Over Short Term Investments primarily in a mix of short term debt and money market instruments Low Risk. (BLUE) 23.21% Asset allocation (% of total) 37.77% Certificate of deposit 18.87% Bonus History Rate 1 bonus unit for every 2 units held 1 bonus unit for every 2 units held 6.05% Money Market Bond 23.21% JPMorgan India Treasury Super Institutional - 21 September 2007 Retail - 16 September 2008 Direct Plan - 1 January 2013 An open ended income scheme The investment objective is to provide liquidity and optimal returns to the investors by investing primarily in a mix of short-term debt and money market instruments which results in a portfolio having marginally higher maturity and moderately higher credit risk as compared to a liquid fund, at the same time maintaining a balance between safety and liquidity. However, there can be no assurance that the investment objective of the Scheme will be realized. managers & Ravi Ratanpal (in years) 13 Ravi Ratanpal 10 Experience in managing this scheme 6 years, 10 months Ravi Ratanpal 3 years, 7 months Minimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 Entry Load - Nil Entry Load (SIP) Nil Exit Load Nil Exit Load (SIP) Nil Benchmark: CRISIL Liquid Index Direct Plan - Annual Dividend Option Direct Plan - Bonus Option Direct Plan - Daily Dividend Option Direct Plan - Fortnightly Dividend Option Direct Plan - Growth Option Direct Plan - Monthly Dividend Option Retail Plan - Daily Dividend Option Retail Plan - Growth Option Retail Plan - Monthly Dividend Option Retail Plan - Weekly Dividend Option Super Institutional Plan - Annual Dividend Option Super Institutional Plan - Bonus Option Super Institutional Plan - Daily Dividend Option Super Institutional Plan - Dividend Option Super Institutional Plan - Fortnightly Dividend Option Super Institutional Plan - Growth Option Super Institutional Plan - Monthly Dividend Option Super Institutional Plan - Weekly Dividend Option Rs crore

17 JPMorgan India Active Bond Holdings as on 30 April 2015 (in%) Name of the instrument % to NAV Corporate Debt Non-Convertible Debentures Export Import Bank of India CRISIL AAA Power Finance Corporation Ltd. CRISIL AAA Rural Electrification Corporation Ltd. CRISIL AAA LIC Housing Finance Ltd. CRISIL AAA 8.29 Housing Development Finance Corporation Ltd. CRISIL AAA 8.15 IDFC Ltd. CRISIL AAA 5.94 Power Grid Corporation of India Ltd. CRISIL AAA 5.88 Tata Sons Ltd. CRISIL AAA 5.66 Nuclear Power Corporation CRISIL AAA 4.99 Housing Development Finance Corporation Ltd. ICRA AAA 1.76 Power Grid Corporation of India Ltd. ICRA AAA 1.23 Rural Electrification Corporation Ltd. CARE AAA 0.88 GAIL (India) Ltd. CARE AAA 0.72 National Bank for Agriculture & Rural Development CRISIL AAA 0.63 Infrastructure Leasing & Financial Services Ltd. FITCH AAA 0.30 India Infradebt Ltd. CRISIL AAA 0.29 HDB Financial Services Ltd. CARE AAA 0.12 Non-convertible Debentures Total Corporate Debt Total Money Market Instruments Certificate of Deposit Canara Bank CRISIL A UCO Bank CRISIL A Certificate of Deposit Total 5.76 Money Market Bonds IDFC Ltd. ICRA AAA 0.29 National Bank for Agriculture & Rural Development CRISIL AAA 0.05 Money Market Bonds Total 0.34 Money Market Instruments Total 6.10 Net Receivables/(Payables) 7.31 CBLO / Repo 2.70 Total Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Institutional Plan Annual Dividend Option 07-Oct Jan Regular Plan Monthly Dividend Option 07-Oct Jan After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Face value of the Unit is Rs. 10/ % Rating profile 89.99% CARE AAA,CRISIL AAA,FITCH AAA,ICRA AAA Asset allocation (% of total) 83.89% Corporate Debt 0.34% Money Market Bonds 10.01% Cash & Other Receivables JPMorgan India Active Bond Retail Plan - 27 June 2008 Institutional Plan - 27 June 2008 Direct Plan - 1 January 2013 An open ended income scheme To generate optimal returns while maintaining liquidity through active management of the portfolio by investing in debt and money market instruments. However, there can be no assurance that the investment objective of the Scheme will be realized. Rs. 5,000 per application and in multiples of Re 1 Re 1 per application and in multiples of Re 1 managers & Ravi Ratanpal (in years) 13 Ravi Ratanpal 10 Experience in managing this scheme 6 years, 9 months Ravi Ratanpal 3 years, 3 months Exit load - (w.e.f. April 5, 2015) Within 12 months from the date of allotment in respect of Lumpsum & Within 12 months from the date of allotment in respect of each purchase made through SIP : 1.00% After 12 months from the date of allotment in respect of Lumpsum & After 12 months from the date of allotment in respect of each purchase made through SIP : Nil Benchmark CRISIL Composite Bond Index Direct Plan - Dividend Option Direct Plan - Growth Option Institutional Plan - Dividend Option Institutional Plan - Growth Option Retail Plan - Dividend Option Retail Plan - Growth Option Rs crore Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Institutional Plan Retail Plan Direct Plan % 0.90%~ 2.10%~ 0.87%~ #The assigned rating AAAmfs is valid only for "JPMorgan India Active Bond ". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the, which could vary with market developments. #Gross yield. ~Does not include Service Tax on Investment Management fees. Optimal Returns Over Medium To Long Term Investments in debt and money market instruments with an active management of the portfolio Medium Risk. (YELLOW)

18 JPMorgan India Short Term Income Holdings as on 30 April 2015 (in%) Name of the instrument Rating % to NAV Corporate Debt Non-convertible Debentures Bharat Aluminium Co. Ltd. CRISIL AA Sintex Industries Ltd. CARE AA 5.41 HPCL Mittal Energy Ltd. ICRA AA Vedant Ltd CRISIL AA HPCL Mittal Pipelines Ltd. ICRA AA Power Grid Corp. of India Ltd. CRISIL AAA 0.27 The Indian Hotels Company Ltd. ICRA AA 0.17 Non-Convertible Debentures Total Corporate Debt Total Money Market Instruments Certificate of Deposit Axis Bank Ltd. CRISIL A IDBI Bank Ltd. CRISIL A Certificate of Deposit Total Commercial Paper Edelweiss Financial Services Ltd. CRISIL A ECL Finance Ltd. CRISIL A Commercial Paper Total Money Market Bonds Amtek Auto Ltd. CARE AA NABARD CRISIL AAA 1.55 Power Finance Corporation Ltd. CRISIL AAA 0.91 HDB Financial Services Ltd. CRISIL AAA 0.40 Fullerton India Credit Co. Ltd. ICRA AA Indian Oil Corporation Ltd. ICRA AAA 0.03 Money Market Bonds Total Money Market Instruments Total Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN Government Bond Total Government Bond And Treasury Bill Total CBLO / Repo Net Receivables/(Payables) 1.43 Total % Corporate Debt Asset allocation (% of total) 14.86% Commercial Paper 10.58% 23.24% Certificate of Deposit Rating profile 12.08% SOVEREIGN 20.63% 10.58% Money Market Government Bond Cash & Other Bonds Receivables 77.34% Dividend details (Re / Unit) 12.08% CARE AA,CRISIL A1+,CRISIL AA-,CRISIL AA+, CRISIL AAA, ICRA AA,ICRA AA-,ICRA AA+,ICRA AAA Record Date Gross Dividend CUM Dividend NAV Direct Plan Monthly Dividend Option 27-Jan Feb Mar Regular Plan Dividend Option 21-Jan Regular Plan Monthly Dividend Option 25-Feb Mar Apr After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. JPMorgan India Short Term Income Regular Plan - 25 March 2010 Direct Plan - 1 January 2013 An open ended income scheme The investment objective is to generate income by investing primarily in money market and short term debt instruments. However, there can be no assurance that income can be generated, regular or otherwise or that the investment objective of the Scheme will be realised. Rs 5,000 per application and in multiples of Re 1 Rs 1,000 per application and in multiples of Re 1 managers & Ravi Ratanpal (in years) 13 Ravi Ratanpal 10 Experience in managing this scheme 5 years Ravi Ratanpal 3 years, 3 months Exit load - Nil (w.e.f. Feb. 1, 2015) Benchmark CRISIL Short-Term Bond Index Direct Plan - Growth Option Direct Plan - Monthly Dividend Option Direct Plan - Weekly Dividend Option Regular Plan - Dividend Option Regular Plan - Fortnightly Dividend Option Regular Plan - Growth Option Regular Plan - Monthly Dividend Option Regular Plan - Weekly Dividend Option Rs crore Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan % 1.13%~ 0.63%~ #Gross yield. ~Does not include Service Tax on Investment Management fees. Income Over Short to Medium Term Investments primarily in money market and short term debt instruments. Low Risk. (BLUE)

19 JPMorgan India Banking and PSU Debt Holdings as on 30 April 2015 (in%) Name of the instrument Rating % to NAV Corporate Debt Non-convertible Debentures NABARD CRISIL AAA Power Finance Corporation Ltd. CRISIL AAA Kotak Mahindra Prime Ltd. CRISIL AAA Power Grid Corp. of India Ltd. CRISIL AAA Export Import Bank of India CRISIL AAA 8.30 IDBI Bank Ltd. CRISIL AA Rural Electrification Corp. Ltd. CRISIL AAA 7.25 Hindustan Petroleum Corp Ltd. CRISIL AAA 5.91 Power Grid Corp. of India Ltd. ICRA AAA 1.19 Power Finance Corporation Ltd. ICRA AAA 1.19 HDB Financial Services Ltd. CRISIL AAA 1.18 Indian Railway Finance Corp. Ltd. CRISIL AAA 1.18 Airports Authority of India Ltd. ICRA AAA 1.17 Bank of Baroda CRISIL AAA 1.17 Housing & Urban Dev. Corp Ltd. CRISIL AA Non-Convertible Debentures Total Corporate Debt Total Money Market Instruments Money Market Bonds NHPC Ltd. ICRA AAA 1.16 Money Market Bonds Total 1.16 Money Market Instruments Total 1.16 Net Receivables/(Payables) 5.51 CBLO / Repo 1.54 Total % #Gross yield. ~Does not include Service Tax on Investment Management fees. Rating profile 92.95% Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan % 0.55%~ 0.25%~ Asset allocation (% of total) 91.79% Corporate Debt 1.16% Money Market Bonds CRISIL AA+,CRISIL AAA,ICRA AAA Dividend details (Re / Unit) 7.05% Cash & Other Receivables Record Date Gross Dividend CUM Dividend NAV Direct Plan Monthly Dividend Option 25-Feb Mar Apr Regular Plan Monthly Dividend Option 25-Feb Mar Apr After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. JPMorgan India Banking and PSU Debt 13 September 2013 An open ended income scheme The investment objective of the Scheme is to seek to generate income by investing predominantly in a portfolio of Debt Securities and Money Market Instruments issued by banks and PSUs. However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated. Rs 5,000 per application and in multiples of Re 1 Rs 1,000 per application and in multiples of Re 1 managers & Ravi Ratanpal (in years) 13 Ravi Ratanpal 10 Experience in managing this scheme 1 year, 8 months Ravi Ratanpal 1 year, 8 months Exit load Within one year from the date of allotment in respect of Purchase made other than through SIP; if redeemed within one year from the date of allotment in respect of each Purchase made through SIP : 1.50% After one year but within two years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after one year but within two years from the date of allotment in respect of each Purchase made through SIP: 1.00% After two years but within three years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after two years but within three years from the date of allotment in respect of each Purchase made through SIP: 0.50% After three years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after three years from the date of allotment in respect of each Purchase made through SIP: Nil Benchmark CRISIL Short Term Bond Index Direct Plan - Growth Option Direct Plan - Monthly Dividend Option Direct Plan - Weekly Dividend Option Regular Plan - Dividend Option Regular Plan - Fortnightly Dividend Option Regular Plan - Growth Option Regular Plan - Monthly Dividend Option Rs crore Income Over Short to Medium Term Investments in debt securities and money market instruments issued by Banks and PSUs. Medium Risk (YELLOW)

20 JPMorgan India Government Securities Holdings as on 30 April 2015 (in%) Name of the instrument % to NAV Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN Government Bond Total Government Bond And Treasury Bill Total Net Receivables/(Payables) 5.53 CBLO / Repo 0.35 Total 5.88 Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Regular Plan Monthly Dividend Option 27-Oct Nov Apr After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. #Gross yield. ~Does not include Service Tax on Investment Management fees. Rating profile SOVEREIGN 94.12% Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan % 1.25%~ 0.75%~ Asset allocation (% of total) 94.12% Government Bond 5.88% 5.88% Cash & Other Receivables JPMorgan India Government Securities 13 February 2014 An open ended gilt scheme The investment objective of the Scheme is to generate income through investment in Securities of various maturities issued and/or created by the Central Government and State Governments of India. However, there can be no assurance that the investment objectives of the Scheme will be realized. Rs 5,000 per application and in multiples of Re 1 Rs 1,000 per application and in multiples of Re 1 managers & Ravi Ratanpal (in years) 13 Ravi Ratanpal 10 Experience in managing this scheme 1 yr, 3 months Ravi Ratanpal 1 yr, 3 months Exit load - Nil (w.e.f. 12 February 2015) Benchmark I-Sec Mi-BEX Direct Plan - Growth Option Direct Plan - Weekly Dividend Option Regular Plan - Annual Dividend Option Regular Plan - Dividend Option Regular Plan - Growth Option Regular Plan - Monthly Dividend Option Regular Plan - Weekly Dividend Option Rs crore Credit risk free returns over Medium to Long Term Investment in Government Securities Low Risk. (BLUE)

21 JPMorgan India Corporate Debt Opportunities Holdings as on 30 April 2015 (in%) Name of the instrument % to NAV Corporate Debt Non-convertible Debentures Sintex Industries Ltd. CARE AA Welspun Corp Ltd. CARE AA HPCL Mittal Energy Ltd. ICRA AA JK Cement Ltd. BRICKWORKS AA HPCL Mittal Pipelines Ltd. ICRA AA Dalmia Cements (bharat) Limited Icra Aa Nirma Ltd. CRISIL AA 7.94 Fullerton India Credit Co. Ltd. ICRA AA The Indian Hotels Company Ltd. ICRA AA 4.20 Shriram Transport Finance Co. Ltd. CRISIL AA 2.83 Cholamandalam Inv. & Fin. Co. Ltd. ICRA AA 2.70 Tata Power Company Ltd. CARE AA 1.88 Non-Convertible Debentures Total Corporate Debt Total Net Receivables/(Payables) 3.93 CBLO / Repo 3.79 Total 7.72 Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan % 0.75%~ 0.40%~ #Gross yield. ~Does not include Service Tax on Investment Management fees. Dividend details (Re / Unit) Asset allocation (% of total) 7.72% 92.28% Corporate Debt Total Rating profile 7.72% Cash & Other Receivables 92.28% BRICKWORKS AA-,CARE AA,CARE AA-,CRISIL AA, ICRA AA,ICRA AA-,ICRA AA+ Record Date Gross Dividend CUM Dividend NAV Regular Plan Monthly Dividend Option 27-Apr After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Face value of the Unit is Rs. 10/-. JPMorgan India Corporate Debt Opportunities 22 September 2014 An open income scheme The investment objective is to generate regular income and opportunities for capital appreciation while maintaining liquidity through active management of a diversified portfolio comprising of corporate bonds and securities across the investment grade credit rating and maturity spectrum. However, there can be no assurance that the investment objectives of the Scheme will be realized. Rs 5,000 per application and in multiples of Re 1 Rs 1,000 per application and in multiples of Re 1 managers & Ravi Ratanpal (in years) 13 Ravi Ratanpal 10 Experience in managing this scheme 8 months Ravi Ratanpal 8 months Exit load - If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed within 18 months from the date of allotment of units of each installment of SIP purchase: 1.5%. If redeemed after 18 months but within 36 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed after 18 months but within 36 months from the date of allotment of units of each installment of SIP purchase: 0.50%. If redeemed after 36 months from the date of through SIP; and if redeemed after 36 months from the date of allotment of units of each installment of SIP purchase: Nil. Benchmark CRISIL Short Term Bond Index Direct Plan - Bonus Option Direct Plan - Dividend Option Direct Plan - Growth Option Regular Plan - Annual Dividend Option Regular Plan - Dividend Option Regular Plan - Fortnightly Dividend Option Regular Plan - Growth Option Regular Plan - Monthly Dividend Option Regular Plan - Weekly Dividend Option Rs crore Regular income & capital appreciation through active management across time frames. Investment in corporate bonds and securities across the investment grade credit rating and maturity spectrum. Medium Risk (YELLOW)

22 Scheme Returns JPMorgan India Equity - Regular Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Since Inception - CAGR /03/2014 To 31/03/2015 (Absolute) /03/2013 To 31/03/2014 (Absolute) /03/2012 To 28/03/2013 (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 23,039 20,454 19,683 #S&P BSE 200 ##S&P BSE SENSEX JPMorgan India Equity - Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs /03/2014 To 31/03/2015 (Absolute) #S&P BSE 200 ##S&P BSE SENSEX JPMorgan India Mid and Small Cap -Regular Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Since Inception - CAGR /03/2014 To 31/03/2015 (Absolute) /03/2013 To 31/03/2014 (Absolute) /03/2012 To 28/03/2013 (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 19,390 14,628 13,845 #CNX MIDCAP ##S&P BSE SENSEX JPMorgan India Mid and Small Cap - Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs /03/2014 To 31/03/2015 (Absolute) #CNX MIDCAP ##S&P BSE SENSEX JPMorgan India Tax Advantage - Regular Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Since Inception - CAGR /03/2014 To 31/03/2015 (Absolute) /03/2013 To 31/03/2014 (Absolute) /03/2012 To 28/03/2013 (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 31,625 33,322 31,050 #S&P BSE 200 ##S&P BSE SENSEX JPMorgan India Tax Advantage - Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs /03/2014 To 31/03/2015 (Absolute) #S&P BSE 200 ##S&P BSE SENSEX JPMorgan Greater China Equity Off-Shore - Regular Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) Since Inception - CAGR /03/2014 To 31/03/2015 (Absolute) /03/2013 To 31/03/2014 (Absolute) /03/2012 To 28/03/2013 (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme (Rs) Benchmark (Rs) # 19,825 20,031 #MSCI Golden Dragon Index Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corporate Debt Opportunities JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 1 & 2 JPMorgan India Top 100 JPMorgan India Equity Income Ravi Ratanpal JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan India Corporate Debt Opportunities JPMorgan India Equity Income Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 1 & 2 JPMorgan India Equity Income NOTES 1. The returns for close ended schemes have not been disclosed as these are not comparable with other schemes. 2. Returns of only those schemes that have completed one year has been given. ^ in the future

23 Scheme Returns JPMorgan Greater China Equity Off-Shore - Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) 31/03/2014 To 31/03/2015 (Absolute) #MSCI Golden Dragon Index JPMorgan ASEAN Equity Off-shore - Regular Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) Since Inception - CAGR /03/2014 To 31/03/2015 (Absolute) /03/2013 To 31/03/2014 (Absolute) /03/2012 To 28/03/2013 (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) Scheme (Rs) Benchmark (Rs)# invested since inception in the 16,461 15,489 #Morgan Stanley Capital International (MSCI) South East Asia Index JPMorgan ASEAN Equity Off-shore - Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) 31/03/2014 To 31/03/2015 (Absolute) #Morgan Stanley Capital International (MSCI) South East Asia Index JPMorgan US Value Equity Off-shore -Regular Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) 31/03/2014 To 31/03/2015 (Absolute) #Russell 1000 Value Index JPMorgan US Value Equity Off-shore -Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%) 31/03/2014 To 31/03/2015 (Absolute) #Russell 1000 Value Index JPMorgan India Liquid - Retail Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Since Inception - CAGR days days days /03/2014 To 31/03/2015 (Absolute) /03/2013 To 28/03/2014 (Absolute) /03/2012 To 28/03/2013 (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 16,490 16,196 15,054 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Liquid - Super Institutional Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Since Inception - CAGR days days days /03/2014 To 31/03/2015 (Absolute) /03/2013 To 28/03/2014 (Absolute) /03/2012 To 28/03/2013 (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 18,107 17,378 15,754 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corporate Debt Opportunities JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 1 & 2 JPMorgan India Top 100 JPMorgan India Equity Income Ravi Ratanpal JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan India Corporate Debt Opportunities JPMorgan India Equity Income Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 1 & 2 JPMorgan India Equity Income NOTES 1. The returns for close ended schemes have not been disclosed as these are not comparable with other schemes. 2. Returns of only those schemes that have completed one year has been given. ^ in the future

24 Scheme Returns JPMorgan India Liquid - Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs days days days /03/2014 To 31/03/2015 (Absolute) /03/2013 To 28/03/2014 (Absolute) #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Treasury - Retail Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Since Inception - CAGR /03/2014 To 31/03/2015 (Absolute) /03/2013 To 28/03/2014 (Absolute) /03/2012 To 28/03/2013 (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 16,456 16,196 15,054 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Treasury - Super Institutional Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Since Inception - CAGR /03/2014 To 31/03/2015 (Absolute) /03/2013 To 28/03/2014 (Absolute) /03/2012 To 28/03/2013 (Absolute) Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 18,362 17,378 15,754 #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Treasury - Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs /03/2014 To 31/03/2015 (Absolute) /03/2013 To 28/03/2014 (Absolute) #CRISIL Liquid Index ##CRISIL 1 Year T-Bill Index JPMorgan India Short Term Income - Regular Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Since Inception - CAGR /03/2014 To 31/03/2015 (Absolute) /03/2013 To 28/03/2014 (Absolute) /03/2012 To 28/03/2013 (Absolute) Scheme Benchmark # Additional Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the (Rs) (Rs) Benchmark ## 15,325 14,926 13,817 #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index JPMorgan India Short Term Income - Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs /03/2014 To 31/03/2015 (Absolute) /03/2013 To 28/03/2014 (Absolute) #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corporate Debt Opportunities JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 1 & 2 JPMorgan India Top 100 JPMorgan India Equity Income Ravi Ratanpal JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan India Corporate Debt Opportunities JPMorgan India Equity Income Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 1 & 2 JPMorgan India Equity Income NOTES 1. The returns for close ended schemes have not been disclosed as these are not comparable with other schemes. 2. Returns of only those schemes that have completed one year has been given. ^ in the future

25 Scheme Returns JPMorgan India Active Bond - Retail Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Since Inception - CAGR /03/2014 To 31/03/2015 (Absolute) /03/2013 To 28/03/2014 (Absolute) /03/2012 To 28/03/2013 (Absolute) Scheme Benchmark # Additional Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the (Rs) (Rs) Benchmark## 15,188 16,913 15,973 #CRISIL Composite Bond Index ##CRISIL 10 Year Gilt Index JPMorgan India Active Bond - Institutional Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs /03/2014 To 31/03/2015 (Absolute) /03/2013 To 28/03/2014 (Absolute) Scheme Benchmark # Additional Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the (Rs) (Rs) Benchmark## 12,705 16,913 15,973 #CRISIL Composite Bond Index ##CRISIL 10 Year Gilt Index JPMorgan India Active Bond - Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs /03/2014 To 31/03/2015 (Absolute) /03/2013 To 28/03/2014 (Absolute) #CRISIL Composite Bond Index ##CRISIL 10 Year Gilt Index JPMorgan India Banking and PSU Debt -Regular Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs /03/2014 To 31/03/2015 (Absolute) #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index JPMorgan India Banking and PSU Debt -Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs /03/2014 To 31/03/2015 (Absolute) #CRISIL Short-Term Bond Index ##CRISIL 1 Year T-Bill Index JPMorgan Europe Dynamic Equity Off-shore -Regular Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns#(%) 31/03/2014 To 31/03/2015 (Absolute) #MSCI Europe Index JPMorgan Europe Dynamic Equity Off-shore -Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns#(%) 31/03/2014 To 31/03/2015 (Absolute) #MSCI Europe Index JPMorgan India Govt Securities -Regular Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs /03/2014 To 31/03/2015 (Absolute) #I-Sec Mi-BEX ##CRISIL 10 Year Gilt Index JPMorgan India Govt Securities -Direct Plan Growth Option Returns as on 31 March 2015 NAV as on March 31, 2015 Rs /03/2014 To 31/03/2015 (Absolute) ^ in the future #I-Sec Mi-BEX ##CRISIL 10 Year Gilt Index Managers: Harshad Patwardhan JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Tax Advantage JPMorgan India Top 100 JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan Greater China Equity Offshore JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore JPMorgan ASEAN Equity Off-shore JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan US Value Equity Off-shore JPMorgan India Banking & PSU Debt JPMorgan India Government Securities JPMorgan India Corporate Debt Opportunities JPMorgan Emerging Markets Opportunities Equity Off-shore JPMorgan India Equity Income Amit Gadgil JPMorgan India Equity JPMorgan India Mid and Small Cap JPMorgan India Hybrid Series 1 & 2 JPMorgan India Top 100 JPMorgan India Equity Income Ravi Ratanpal JPMorgan India Liquid JPMorgan India Treasury JPMorgan India Active Bond JPMorgan India Short Term Income JPMorgan India Fixed Maturity Plans JPMorgan India Income Series 301, 501 JPMorgan India Hybrid Series 1 & 2 JPMorgan India Corporate Debt Opportunities JPMorgan India Equity Income Karan Sikka JPMorgan India Tax Advantage JPMorgan India Hybrid Series 1 & 2 JPMorgan India Equity Income NOTES 1. The returns for close ended schemes have not been disclosed as these are not comparable with other schemes. 2. Returns of only those schemes that have completed one year has been given.

26

27 #S&P BSE The S&P BSE 200 is a product of AIPL, which is a joint venture of S&P Dow Jones Indices LLC or its affiliates ( SPDJI ) and BSE, and has been licensed for use by JPMorgan Asset Management India Private Limited. Standard & Poor s and S&P are registered trademarks of Standard & Poor s Financial Services LLC( S&P ); BSE is a registered trademark of BSE Limited ( BSE ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); and these trademarks have been licensed for use by AIPL and sublicensed for certain purposes by JPMorgan Asset Management India Private Limited. Asia Index Private Limited All rights reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of AIPL. For more information on any of AIPL s indices please visit None of AIPL, BSE, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of AIPL, BSE, S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC or their affiliates nor their third party licensors shall have any errors, omissions, or interruptions of any index or the data included therein. ##S&P BSE The S&P BSE 100 is a product of AIPL, which is a joint venture of S&P Dow Jones Indices LLC or its affiliates ( SPDJI ) and BSE, and has been licensed for use by JPMorgan Asset Management India Private Limited. Standard & Poor s and S&P are registered trademarks of Standard & Poor s Financial Services LLC( S&P ); BSE is a registered trademark of BSE Limited ( BSE ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); and these trademarks have been licensed for use by AIPL and sublicensed for certain purposes by JPMorgan Asset Management India Private Limited. Asia Index Private Limited All rights reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of AIPL. For more information on any of AIPL s indices please visit None of AIPL, BSE, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of AIPL, BSE, S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC or their affiliates nor their third party licensors shall have any errors, omissions, or interruptions of any index or the data included therein. ### The JPMorgan India Mid and Small Cap ( Product ) is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL makes no representation or warranty, express or implied to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the CNX Midcap Index to track general stock market performance in India. The relationship of IISL to the JPMorgan Asset Management India Pvt. Ltd. is in respect of the using of the trade name and the trade name of CNX Midcap Index for benchmarking purposes, which is determined, composed and calculated by IISL without regard to the JPMorgan Asset Management India Pvt. Ltd or the Product. IISL has no obligation to take the needs of JPMorgan Asset Management India Pvt. Ltd. or the owners of the Product into consideration in determining, composing or calculating the CNX Midcap Index. IISL is not responsible for nor has participated in the determination of the timing of, prices at, or quantities of the Product to be issued or in determination or calculation of the equation by which the product is to be converted into cash. IISL has no obligation or liability in connection with the administration, marketing or trading of the Product. IISL does not guarantee the accuracy and/or the completeness of the CNX Midcap Index or any data included therein and they shall have no liability for any errors, omissions, or interruptions therein. IISL makes no warranty, express or implied, as to the results to be obtained by the Principal JPMorgan Asset Management India Pvt. Ltd., owners of the Product, or any other persons or entities from the use of the CNX Midcap Index or any data included therein. IISL makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the CNX Midcap Index or any data included therein. Without limiting any of the foregoing, in no event shall IISL have any liability for any special, punitive, indirect or consequential damages (including lost profits), even if notified of the possibility of such damages. The calculation of returns assume that all payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Distribution taxes are not considered. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. The views expressed are those of J.P. Morgan Asset Management. They are subject to change at any time. These views do not necessarily reflect the opinions of any other firm. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. JPMorgan Asset Management India Pvt. Ltd. offers only the units of the schemes under JPMorgan Mutual, a mutual fund registered with SEBI.

28