It was an awful fortnight (7 Feb'16-21 Feb'16) in the stock market when market

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1 Monthly Update April 2016 It was an awful fortnight (7 Feb'16-21 Feb'16) in the stock market when market experienced heightened volatility. But, GoI s decision to stick to its fiscal consolidation path had suddenly changed the mood of the market. Post Budget, both equity and debt market a rally with positive sentiments. The month of March 2016 was also marked by two important global events. First is the Bank of Japan s monetary policy (15 March 2016) and second is the Federal Open Market Committee (FOMC) meet on 16 March BoJ decided to continue apply negative interest rate of -0.1% to the policy rate balances in the current account held by financial institutions at the bank. On similar lines, FOMC decided to maintain the target rate for Federal fund rate (FFR) unchanged at 0.25 to 0. 50%. Back home in India, the much awaited Real Estate (Regulation and Development) Bill which has been considered a land mark reform has been passed by Parliament. The Act seeks to create rights and obligations for both consumers and developers.the Act mandates to protect allottee by promoting transparency, accountability, efficiency and execution of real estate projects. Being a critical sector to the economy, Real Estate has a huge multiplier effect on the economy. It is essential that the development of real estate as a sector takes place in a very healthy and efficient manner. Real Estate (Regulation and Development) Act is a gift to the nation and an example of GoI s effort to take India to the global level. In the Union Budget, the Government has adhered to the path of fiscal consolidation and this will support the disinflation going forward. The Government came out with innumerable reforms and measure with a motive to reinvigorate the demand in the rural economy, enhancing the economy s social and physical infrastructure, and improving the environment for doing business and deepening institutional reform. The implementation of these measures should bring cascading effects to the economy. Going forward, GoI is inclined to continue with its reform agenda and pass the GST bill ahead. Overall, India macro-scenario continue to improve with stable macros, proactive policy paradigm, fiscal prudence and accommodative monetary policy. All these factor together make India an ideal destination amongst its emerging peers. Happy Investing!

2 April 2016 Beneish Model Special Review Beneish M-score is a mathematical model created by Professor Messod Beneish. This model uses eight variables to identify whether a company has manipulated its earnings or not. The variables are constructed from the data in the company's financial statement, once calculated gives an M-score to describe the degree to which the earnings of a company are manipulated. This helps in to revealing those companies which are likely to manipulate their earnings. The variables are designed in order to capture either the effects of manipulation or preconditions that may force firms to engage in such activity. Beneish model is also known as PROBM which stands for Probability of Manipulation. This model in many cases is similar to Altman Z-score, but this model is limited only to detect manipulated earnings whereasaltman Z-score is related to detecting bankruptcy. The probability of manipulation increases with (I) (ii) (iii) (iv) (v) Unusual Increase in receivables; Decrease in gross margin; Decrease in quality of asset; Sales growth; Increasing accruals. Beneish excluded all the financial institutions from his study, while calculating M-score. Thus extreme care should be made when looking at the M-score of financial firms. The business model of financial firm is different from manufacturing and other service firms. Beneish model consists of 8 variables which help in determining the degree to which earnings of a company are manipulated. Variables of M-Score: Following are the 8 variables/components of M-Score GMI = Gross Profit Total Sales AQI- Asset Quality Index. This is measured as the ratio of non current asset excluding plant and machinery to total assets. AQI is a ratio of asset quality of current year vs. prior year. AQI = (Non current asset-plant & Machinery) Total assets SGI- Sales Growth Index. It is known as ratio of sales in year t to sales in year t-1(where t is current year and t-1 is previous year). Sales growth doesn t indicate manipulation; high growth also doesn t create much expectation in mind of management. Managers who currently manage high-expected-growth firms have high incentive to manipulate earnings. SGI = Total Sales DEPI- Depreciation Index. It is measure as ratio of rate of depreciation in year t-1 to rate of depreciation in year t (where t is current year and t-1 is previous year). DEPI indicates that assets are being depreciated at slower rate, which means that firm is revising useful assets life assumptions upward, or adopting a new method that is income friendly. DEPI = Depreciation Depreciation + Plant and Machinery SGAI- Sales, General and Administrative expenses Index. This the ratio of SGA expenses in year t relative to year t -1(where t is current year and t-1 is previous year). Sales growth itself is not a measure of manipulation. Growth companies are likely to find themselves under pressure to manipulate in order to achieve earnings target. This variable is used as assumption that analyst interpret disproportionate increase in sales, which is negative sign for firms future prospects. SGAI = SG&A Revenues TATA - Total Accrual to Total Assets. Total Accrual is change in working capital accounts other than cash less depreciation. High accruals indicate high degree of manipulation to earnings. TATA= (Working capital-cash)-depreciation DSRI- Day s sales in receivable index. This index measures the ratio of a day s sales in receivables in first year (Year t) in which earnings manipulation is uncovered to corresponding measure in year t-1 (where t is current year and t-1 is previous year). A large increase in DSRI could be an indicator of revenue inflation. DSRI = Receivables Total Sales GMI- Gross Margin Index. This is measured as ratio of gross margin in year t-1 to gross margin in year t (where t is current year and t-1 is previous year). Afirm with poorer prospects is more likely to manipulate its earnings. LVGI- Leverage index. This measure is a ratio of total debt to total assets in comparison to previous year. When a debt covenant/agreement is violated by the borrower, it is breach of contract. To avoid a debt covenant/agreement violation, a borrower might try to manage or manipulate its earnings. This intends to capture debt covenants. LVGI = Total Debt TotalAssets Formula: M = *DSRI *GMI *AQI *SGI *DEPI 0.172*SGAI *TATA 0.327*LVGI Interpretation: M-Score greater than indicates that firm is more likely manipulate its earnings. M-score lesser than indicates that firm will not manipulate its earnings. 2

3 James Patrick O'Shaughnessy developed a composite score known as Value Composite Score. One can analyze a company on basis of its financial strength, business outlook, and management. Value Composite Score helps you to judge valuation effectively. There are many valuation ratios used by James Patrick O Shaughnessy to analyze a company. James Patrick O'Shaughnessy used six valuation ratios to analyze a company. He used the following ratios: Price to Book Ratio (P/B) This ratio is used to compare a stock s market value to its book value. It can be calculated by dividing current market price to its book value per share, where book value means paid up share capital plus reserve and surplus excluding revaluation reserve. P/B Ratio - Current Stock Price Book Value per share A lower P/B ratio (>1) indicates that the stock is closely valued to its Book value with minimal discounting of forward earnings potential. A P/B ratio of less than 1 may be an indicator to vouch further into the financial statements and assess the reason of share trading below book value or negative earnings potential ahead. A higher P/B ratio implies that investors expect management to create more value from a given set of assets, thus discounting the future earning potential into CMP. Price to sales (P/S) - It is a valuation ratio that compares a company s stock price to its revenues. This ratio is also known as sales multiple or revenue multiple. It is calculated either by dividing company s market capitalization by its total sales over 12 month period or on a per share basis by dividing the stock price by sales per share for a 12-month period. P/S Ratio - Price per share Sales Per Share A lower P/S ratio indicates possible undervaluation, while a ratio that is above average indicates overvaluation. Enterprise value (EV) to Earnings before interest, taxes, depreciation and amortization (EBITDA) (EV/EBITDA) It is a popular valuation multiple used in finance industry to measure the value of the company. It is most widely used ratio and used in conjunction in P/E Ratio to determine the fair value of the company. The lower the ratio the better it is for the company and vice-versa. EV = Market value of common stock + market value of preferred equity + market value of debt + minority interest - cash and investments. EBITDA = Earnings from continuing operations + interest + taxes + depreciation + amortization Price-to-cash flow It s the ratio of a stock s price to its cash flow per year. This ratio is an indicator of a stock s valuation. Although there is no single figure to indicate an optimal price-to-cash-flow ratio, a ratio in the low single digits may indicate the stock is Value Composite Score 3 April 2016 undervalued, while a higher ratio may suggest potential overvaluation. The ratio takes into consideration a stock s operating cash flow, which adds non-cash earnings such as depreciation and amortization to net income. Price to Earnings It is the ratio for valuing a company that measures its current share price relative to its per-share earnings. This ratio is used in conjunction with EPS growth to determine whether the stock is undervalued or not. The price-earnings ratio is also known as the price multiple or the earnings multiple Shareholder Yield - It is a ratio that shows how much money the company is sending back to shareholders through a combination of dividends and share repurchases. There are three ways through which the management of a public company can distribute cash to shareholders: * Cash dividends - the most obvious form of distributing cash, * Stock repurchases - also increase shareholder value provided the shares purchased are cancelled or held in treasury but not used as a device to make up for dilution from option issuances to management and others. * Debt reduction - can also produce a de facto dividend; assuming the value of the firm remains the same, shareholder value is increased as debt is reduced. We split the companies into 100 groups (percentiles) based on the following ratios: 1. Price-to-Book 2. Price-to-Sales 3. EBITDA/EV 4. Price-to-Cash flow 5. Price-to-Earnings 6. ShareholderYield Price to Cash flow Share Price Cash flow Per Share Price to earning Market Value Per Share Earnings Per Share How is the value Composite One ranking calculated? Special Review If company s Price-to-book ratio is in lowest 1% of dataset, it gets a score of 1.In case EBITDA/EV, if a company belongs to highest 10%, it gets a score of 1.If any value is missing it gets a score of 50.Then finally the same calculation is repeated for each ratios and then these values are summed up. Companies then are divided into 100 groups based on this score. This final score is called Value Composite. O'Shaughnessy used this score as a support to other financial-strengthbased filters and did not use it as a standalone factor. It is advisable to use this ratio once you have worked on other financial filters or parameters.

4 April 2016 Fixed Income Update Equities Update Key Indices 31-Mar 29-Feb Chg. Key Indices 31-Mar 29-Feb %Chg. I Yr Ret Crisil 10 Yr G-Sec Index Crisil 1 Yr T-Bill Index Forex / Call / Economic Indicators 31-Mar 29-Feb Rupee/$ Call Rate Total Forex (INR bn) Inflation % Fund Performance Institutional Activity ( Mar 01- Mar 31 ) (Rs cr) Debt Purchase Sales Net Inv FIIs 23, , Mutual Funds 175, , Simple Annualized Debt: Liquid 1M 3M 6M Birla Sun Life Cash Plus - Reg ICICI Prudential Liquid - Reg Reliance Liquid Fund - TP SBI Magnum Insta Cash Plan UTI Money Market BSE Sensex % -9.33% S&P CNX Nifty % -8.84% Other Indices 31-Mar 29-Feb %Chg. I Yr Ret BSE IT Index % -0.14% BSE Healthcare % % BSE FMCG Index % -1.04% BSE PSU Index % % BSE Bankex % % Equity Purchase Sales Net Inv FIIs 106, , Mutual Funds 13, , Fund Performance Equity : Large & Flexi Cap 3M 1Y 3Y Birla Sun Life Frontline Equity Fund HDFC Capital Builder Fund ICICI Prudential Focused Bluechip Equity Kotak Select Focus Fund SBI Bluechip Fund Debt: Ultra Short Term 1M 3M 6M Equity : Mid & Small Cap 3M 1Y 3Y Birla Sun Life Savings Fund HDFC F R I F - STF - WP ICICI Prudential Flexible Income Plan UTI Floating Rate Fund - STP UTI Treasury Advantage Fund - IP DSP BlackRock Micro Cap Fund DSP BlackRock Small and Midcap Franklin India Smaller Companies Fund HDFC Mid-Cap Opportunities Sundaram Select Midcap Debt: Short Term 1M 3M 6M Equity: Tax Planning 3M 1Y 3Y Axis Short Term Fund Birla Sun Life Short Term Fund - Reg Birla Sun Life Treasury Optimizer Plan HDFC Short Term Opportunities Fund IDFC SSIF - Short Term - Reg Birla Sun Life Tax Relief DSP BlackRock Tax Saver Fund Franklin India Taxshield HDFC Taxsaver Reliance Tax Saver (ELSS) Fund Debt: Income/ Dynamic 1M 3M 6M Equity: Thematic 1M 3M 6M DSP BlackRock Strategic Bond Fund ICICI Prudential Income Opportunities Fund ICICI Prudential LTP Reliance Dynamic Bond Fund UTI Dynamic Bond Fund - Reg Absolute CA* Birla Sun Life MNC Fund Franklin Build India Fund Reliance Banking Fund UTI MNC Fund UTI Transportation & Logistics Fund Debt: Accrual Funds 1M 3M 6M DSP BlackRock Income Opportunities Fund Franklin India Low Duration Fund Franklin India Ultra Short Bond Fund HDFC Short Term Plan Kotak Income Opportunities Fund Debt: Gilt 1M 3M 6M HDFC Gilt Fund - L T P ICICI Prudential Gilt Investment - PF ICICI Prudential Long Term Gilt Fund Reliance G Sec Fund Tata Gilt Mid Term Fund - Reg Simple Annualized Hybrid: Equity-oriented 1M 3M 6M Birla Sun Life Balanced HDFC Prudence Fund Reliance RSF - Balanced SBI Magnum Balanced Fund Tata Balanced Fund - Reg Hybrid: Debt-oriented 1M 3M 6M Birla Sun Life MIP II - Savings 5 - Reg UTI - MIS - Advantage Fund HDFC Multiple Yield Fund - Plan ICICI Prudential Regular Income Fund IDFC Monthly Income Plan - Reg Portfolio Feb 29, 2016 & Return April 08, *CA : Compound Annualized

5 April 2016 This Month in Debt : This Month in Equity : 10 Yr GOI Yield Nifty G-Sec Yield: The month of Mar'16 started with yield of sovereign bond at 7.62%, much lower than we had witnessed in Jan'16 (7.80%). The yields continued to decline throughout the month and at the end, shifted downward significantly and stood at 7.46%. The spread between the 10 year G-sec yields and repo rate has fallen further and stood at ~74 bps. G-Sec yields curve also shifted downwards by ~1 to 33 bps across all maturities. Globally, yields amongst advanced economies have hardened barring Japan and Euro Area. Amongst advanced economies, the yields of Japan has decreased drastically from 0.27 (Dec'15) to (Mar'16). In Euro area, yields have decreased. ECB has lowered its benchmark refinancing rate to 0.0% and increased the asset purchase program. Amongst, EMEs, Brazil observe the highest sovereign yield; where the companies have been cutting investment plans. Credit & Deposit growth have registered growth and stood at 11.50% and 10.60% respectively. Incremental Credit Deposit Ratio (ICDR) has increased from 34.45% (Aug 2015) to 81.54% (Mar 2016) implying incremental growth in credit deployment. Credit offtake is expected to register growth going ahead as GoI has announced a slew of measures in Union Budget. Retail inflation decreased to 5.18% in Feb 16 as against 5.69% in Jan'16. Food and beverages with a weightage of 50% contributed 2.53% to overall inflation. Inflation based on WPI, decreased from -0.90% to -0.91% in Feb'16. Further to this, the negative readings of WPI is also attributed to the deflation observed in high speed diesel oil and minerals prices. Liquidity conditions continues to remain tight due to seasonal year end pressure and slower government spending. The emergency liquidity window was also accessed in recent sessions, along with a regular dose of term repo auctions and OMO. In Mar 2016, RBI conducted three tranches of bond purchases through open market operations (INR Bn). Average daily LAF borrowings stood ~INR Bn in Mar 16 against ~INR Bn in Feb'16. Fiscal Deficit: The government has been controlling fiscal deficit by limiting planned and non-planned expenditure of Central govt. but at the same time State Government's borrowings has increased significantly by 25.00% (April-Mar 2016). The government also set its fiscal deficit target at 3.9% of GDPfor the FY16. So far, fiscal deficit stood at 95.8% of budget estimate during April to Jan 2016 vs. 107% in the same period a year ago. During April-Feb , the central govt. and state govt. has borrowed INR 4, Bn and INR Bn respectively. Outlook : Currently, Indian economy is witnessing an upwardly inclined shape (normal shape) of yield curve. Simultaneously, the curve is shifting downwards. This coupled with a steady growth in incremental credit deposit numbers augurs well for the economy going ahead. According to the leading economists, the reason behind the fall of bond yields are the benign inflation numbers and GoI's decision to stick its fiscal consolidation path. It seems, the market has already factored in ~25 bps rate cut as delivered by RBI (5 April 2016), the effect of that can be reflected in bond yields which has been on decreasing spree on post Budget. Considering the current macroeconomic situation, sovereign bond yields should continue to remain in narrow range with downward bias. The substantial refinement in the liquidity management framework announced in policy review and introduction of new method of lending (MCLR) should improve policy transmission. According to leading rating agencies, the spread between the short term rates in money market and bank rate post MCLR implementation is likely to be evaporated. In light of the current scenario, we recommend investors to initiate long position in duration funds (Gilt/ Dynamic) with tactical investment strategy. Simultaneously long term investors should continue core allocation in Accrual/short term funds for yield enhancement. Returns for Mar'16 Nifty Dow FTSE 100 Hang Seng Kospi Nasdaq Nikkei Sensex TTM -9.87% -7.39% -9.31% 17.16% -1.60% -0.21% % % March' % 4.86% 0.35% 7.05% 2.42% 3.84% 4.18% 6.57% March 2016 ended in positive with Sensex and Nifty up by 6.57% and 7.14% respectively. The Indian market continues to consolidate in narrow range with upward bias throughout the month. Global events like (FOMC monetary policy and BoJ policy meet) have not brought volatility rather indian indices continues to move upwards. Among sectoral indices, Auto (8.99%), Capital goods (10.56%), Oil & Gas (9.03%) and Realty (12.19%) ended in green. Amongst domestic macros, Industrial production (IIP) shrank by 1.53% in Jan 2016 primarily because of sharp decline in capital goods and base effect.amongst broad sectors, manufacturing sector; a key indicator of economic activity degrew by 2.8% on y-o-y basis. On the other hand, mining and electricity grew by 1.2% and 6.6% in Jan'16. Amongst advanced indicators, Core sector growth hits 15 month high. It register a growth of 5.71% in Feb'16 due to sharp uptick in Cement, Electricity, Fertilizers and Refinery products. PMI manufacturing for Feb'16 and Mar'16 stood at 51.1 and 52.4 respectively. New business growth accelerated while output expanded at slower pace. Foreign Institutional Investors turned net buyers in Mar'16 after 4 months of continuous selling in the past. Overall, In FY15-16, Domestic Institutional (DII) took a lead over Foreign Institutional Investors (FII). DII pour funds to the tune of INR Bn as compared to divestment of INR Bn. Foreign direct investment (FDI-Equity Inflows), India continues to attract FDI to the tune of INR 1, Bn during (April-December 2015) representing a growth of 50% as against the same period a year ago. Overseas investors were overweight on Computer, Software and Hardware sector followed by services sector. Trade Deficit: India trade deficit for the period April-Feb stood at US $ Bn which is lower than the deficit of US $ Bn during the same period a year ago. According to the Commerce Ministry, the trend in falling exports in India has been in keeping with other major world economies. Exports continues to decline led by contraction in shipments of petroleum and engineering goods amid tepid global demand. Several sector which register negative export growth are tea, coffee, rice, oil meals, oil seeds and marine products and leather goods. On the other hand, imports stood at US $ Bn as compared to US $ Bn i.e. marking a de-growth of 14.40% in April-Feb'16. Within imports, gold purchases fell by 34% in Feb'16. As per economists, Indian gold demand is likely to drop as higher prices and strike by jewellers curbed the sales in the country. Globally, Amongst advanced economies, US economy expanded by 1.4% (Q4-2015) with consumer spending increased more than expected. Negative impact from trade came lower than expected. The British economy grew by 0.6 % (Q4-2015) with consumer demand remained the main driver of growth. Amongst EMEs, Brazilian economy contracted 1.4 % (Q4-2015) slightly lower than market expectations. It is the fourth straight quarter of contraction as companies in Brazil have been cutting investment plans. Outlook : Post Budget, Indian indices provided some relief to market participants. Indian indices continued to move up and breached its resistance level of 7500 on 9-Mar March 2016 did not witness any trigger, rather recent economic numbers like Core sector output, inflation, current account deficit and monetary policy expectations have made equity markets to extend its winning streaks. According to the leading economists, market had already factored in a 25 bps rate cut. We believe the indian indices may continue to remain in narrow range with upward bias and upcoming economic releases should shape the direction of indices in near term. Further to this, indian indices should also wait for a manifestation of the underlying optimism in corporate earnings to judge the trend. However, the data on NPA may keep markets on tenterhooks. 5

6 Equity : Diversified Fund Equity : Mid & Small Cap Fund Portfolio Feb 29, 2016 & Return April 08, 2016 April 2016 Mutual Fund Performance Update Auto Energy Fin. IT Pharma Services Others Corpus Absolute Compound Annualized Services (Cr.) 3M 6M 1Y 3Y Axis Equity Fund Axis Focused 25 Fund Birla Sun Life Advantage Fund Birla Sun Life Equity Fund Birla Sun Life Long Term Advantage BNP Paribas Equity Fund Canara Robeco Equity Diversified DSP BlackRock Equity Fund DSP BlackRock Focus 25 Fund Franklin India Flexi Cap Fund Franklin India High Growth Companies Franklin India Prima Plus Goldman Sachs India Equity Fund HDFC Capital Builder Fund HDFC Equity Fund HDFC Top HSBC India Opportunities Fund ICICI Prudential Top 100 Fund ICICI Prudential Multicap Fund Kotak Select Focus Fund L&T Equity Fund Mirae Asset India Opportunities Fund Motilal Oswal MOSt Focused 25 Fund Motilal Oswal MOSt Focused 25 Fund Principal Growth Fund Reliance Equity Opportunities Fund Reliance Growth Reliance RSF - Equity Reliance Vision Religare Invesco Growth Fund SBI Magnum Equity Fund SBI Magnum Global Fund SBI Magnum Multi Cap Fund SBI Magnum Multiplier Fund Tata Equity Opportunities Fund Tata Ethical Fund Union KBC Equity Fund UTI Equity Fund UTI Mastershare UTI Opportunities Fund Axis Midcap Fund BNP Paribas Mid Cap Fund Canara Robeco Emerging Equities DSP BlackRock Micro Cap Fund Franklin India Prima Fund HDFC Mid-Cap Opportunities Fund ICICI Prudential MidCap Fund IDFC Premier Equity Fund JPMorgan India Mid and Small Cap Mirae Asset Emerging Bluechip Fund Principal Emerging Bluechip Fund Reliance Mid & Small Cap Fund Reliance Small Cap Fund SBI Magnum Midcap Fund Sundaram Select Midcap UTI Mid Cap Fund

7 Equity : Tax Saving Funds Equity : Large Cap Funds April 2016 Mutual Fund Performance Update Auto Energy Fin IT Pharma Services Others Corpus Absolute Compound Annualized Services (Cr.) 3M 6M 1Y 3Y Birla Sun Life Frontline Equity Fund Birla Sun Life Top 100 Fund DSP BlackRock Top 100 Equity Fund Franklin India Bluechip ICICI Prudential Focused Bluechip Equity ICICI Prudential Select Large Cap IDBI India Top 100 Equity Fund Reliance Focused Large Cap Fund Reliance Top 200 Fund SBI Bluechip Fund Tata Large Cap Fund UTI Mastershare Fund Compound Annualized Axis Long Term Equity Fund Birla Sun Life Tax Plan Birla Sun Life Tax Relief BNP Paribas Long Term Equity Fund Canara Robeco Equity Taxsaver DSP BlackRock Tax Saver Fund Franklin India Taxshield HDFC Long Term Advantage Fund HDFC Taxsaver ICICI Prudential LT Equity (Tax Saving) IDBI Equity Advantage Fund - Reg L&T Tax Advantage Fund Reliance Tax Saver (ELSS) Fund Religare Invesco Tax Plan SBI Magnum Tax Gain Scheme Equity : Index Funds Birla Sun Life Index Fund Franklin India Index Fund - NSE Nifty Plan Goldman Sachs CNX 500 Fund HDFC Index Fund - Nifty Plan HDFC Index Fund - Sensex Plan HDFC Index Fund - Sensex Plus Plan ICICI Prudential Index Fund ICICI Prudential Nifty Junior Index Fund IDBI Nifty Index Fund IDBI Nifty Junior Index Fund IDFC Nifty Fund - Reg Reliance Index Fund - Nifty Plan SBI Nifty Index Fund UTI Nifty Fund Equity : Dividend Yield Funds Birla Sun Life Dividend Yield Plus BNP Paribas Dividend Yield Fund Principal Dividend Yield Fund Tata Dividend Yield Fund - Reg UTI Dividend Yield Fund Portfolio Feb 29, 2016 & Return April 08,

8 April 2016 Mutual Fund Performance Update Auto Energy Fin IT Pharma Services Others Corpus Absolute Compound Annualized Services (Cr.) 3M 6M 1Y 3Y Equity : Balanced Funds Birla Sun Life Balanced Canara Robeco Balance DSP BlackRock Balanced Fund HDFC Balanced Fund HDFC Prudence Fund ICICI Prudential Balanced ICICI Prudential Balanced Advantage Reliance RSF - Balanced SBI Magnum Balanced Fund Tata Balanced Fund - Reg UTI Balanced Fund Equity : ETF Funds GS Bank BeES GS Hang Seng BeES GS Nifty BeES ICICI Prudential CNX 100 ETF ICICI Prudential Nifty ETF Kotak Nifty ETF MOSt Shares M MOSt Shares NASDAQ R*Shares Banking ETF R*Shares CNX 100 ETF R*Shares Nifty ETF SBI ETF Sensex Equity : Arbitrage Funds Birla Sun Life Enhanced Arbitrage DHFL Pramerica Equity Income Fund HDFC Arbitrage Fund - Ret ICICI Prudential Blended - Option A ICICI Prudential Equity - Arbitrage IDFC Arbitrage Fund - Reg IDFC Arbitrage Plus Fund - Reg JM Arbitrage Advantage Fund - Reg Kotak Equity Arbitrage Fund - Reg Reliance Arbitrage Advantage Religare Invesco Arbitrage SBI Arbitrage Opportunities UTI Spread Fund - Growth Equity : Thematic Funds Birla Sun Life India GenNext Birla Sun Life MNC Fund Franklin Build India Fund ICICI Pru Exports & other Services Fund L&T India Special Situations Fund Reliance Pharma Fund SBI Pharma Fund UTI MNC Fund UTI Transportation & Logistics Fund Portfolio Feb 29, 2016 & Return April 08, 2016 *CA : Compound Annualized 8

9 Debt : MIP Funds Mutual Fund Performance Update AAA & AA & AA+ Sov. A & A+ Others Cash Equity Corpus Avg. Exp. Simple Annualized CA* A1 Plus & A1 & A- (Cr.) Maturity 1M 3M 6M 1Y Axis Income Saver Fund Birla Sun Life MIP II - Savings Birla Sun Life MIP II - Wealth Birla Sun Life Monthly Income BNP Paribas MIP Canara Robeco Monthly Income Plan DSP BlackRock MIP Fund Franklin India MIP HDFC MIP - LTP HDFC MIP - STP HDFC Multiple Yield Fund - Plan HSBC MIP - Savings Plan ICICI Prudential MIP - Cumulative ICICI Prudential MIP IDFC Monthly Income Plan Kotak Monthly Income Plan Reliance MIP SBI Magnum MIP UTI - MIS - Advantage Fund - Growth UTI Monthly Income Scheme Portfolio Feb 29, 2016 & Return April 08, 2016 April 2016 AAA & A1 AA & Sov. A & A+ Others Cash Corpus Avg. Exp. Simple Annualized CA* Plus AA+ &A1 &A- (Cr.) Maturity 7D 1M 3M 6M 1Y Debt: Short-term Funds Birla Sun Life Medium Term Birla Sun Life Short Term Fund Birla Sun Life Treasury Optimizer Plan DSP BlackRock Income Opportunities Franklin India STIP HDFC HIF - S T P HDFC Short Term Opportunities Fund HDFC Short Term Plan ICICI Pru Banking & PSU Debt Fund ICICI Pru STP IDFC SSIF - MTP IDFC SSIF - Short Term Reliance Medium Term Fund Reliance Short Term Fund SBI Short Term Debt Fund Tata Short Term Bond Fund Taurus Short Term Income Fund UTI Short Term Income Fund - Ret Debt: Income Funds Birla Sun Life Income Plus DHFL Pramerica Banking & PSU Debt DHFL Pramerica MT Income Fund DSP BlackRock Strategic Bond Fund DSP BlackRock Strategic Bond Fund HDFC Corporate Debt Opportunities ICICI Prudential Income Opportunities ICICI Prudential LTP IDFC D B F (Re-Launched) IDFC SSIF - Invt Plan Reliance Corporate Bond Fund *CA : Compound Annualized 9

10 Debt: Ultra Short-term Funds Debt: Liquid Funds April 2016 Mutual Fund Performance Update AAA & AA & AA+ Sov. A & A+ Others Cash Corpus Modified Exp. Simple Annualized CA* A1 Plus & A1 & A- (Cr.) Duration 7D 1M 3M 6M 1Y Return % Axis Treasury Advantage Fund - Growth Baroda Pioneer Treasury Advantage A Birla Sun Life Cash Manager Birla Sun Life Floating Rate LTP Birla Sun Life Savings Fund DHFL Pramerica Low Duration Fund DHFL Pramerica Ultra Short-Term Fund DSP BlackRock Money Manager Franklin India Low Duration Fund Franklin India Ultra Short Bond Retail HDFC Cash Mgmt - Treasury Advantage HDFC F R I F - STF - Growth ICICI Prudential FIP Reg - Growth ICICI Prudential Savings Fund - Growth ICICI Prudential Ultra ST Plan IDFC Money Manager - Invt Plan IDFC Money Manager - Treasury Plan IDFC Ultra Short Term Fund JM Floater Long Term Fund JM Money Manager Fund - Super Plus Plan JPMorgan India Treasury Fund - Ret Kotak Treasury Advantage Fund L&T Ultra Short Term Fund LIC Nomura MF Savings Plus Fund Principal Debt Opportunities Conservative Reliance Money Manager Fund Religare Invesco Credit Opportunities Fund Religare Invesco Credit Opportunities Fund Religare Invesco Ultra Short Term Fund SBI Ultra Short Term Debt Fund - Growth Sundaram Ultra Short Term Tata Floater Fund Taurus Ultra Short Term Bond Fund - Ret UTI Floating Rate Fund - STP UTI Treasury Advantage Fund Axis Liquid Fund Birla Sun Life Cash Plus DHFL Pramerica Insta Cash Plus DSP BlackRock Liquidity Fund Franklin India TMA HDFC Cash Mgmt Fund - Savings Plan HDFC Liquid Fund ICICI Prudential Liquid ICICI Prudential Money Market IDFC Cash Fund Kotak Floater - ST Kotak Liquid Scheme - Plan A L&T Liquid Fund LIC Nomura MF Liquid Fund Reliance Liquid Fund - TP Religare Invesco Liquid Fund SBI Premier Liquid Fund UTI Liquid Fund - Cash Plan Portfolio Feb 29, 2016 & Return April 08, 2016 *CA : Compound Annualized 10