Report of the Trustee Auditors' Report Abridged Audited Balance Sheet Abridged Audited Revenue Account... 20

Contents Report of the Trustee... 2 Auditors' Report... 5 Abridged Audited Balance Sheet... 8 Abridged Audited Revenue Account... 20 Notes to the Financial Statements... 32 Statement of Portfolio Holding... 56 Key Statistics... 71 Risk Factors and Statutory Information... 84

Kotak Mahindra Mutual Fund 5A, 5 th Floor, Bakhtawar, 229, Nariman Point, Mumbai - 400 021. Tel : 022-6638 4444 Fax : 022-6638 4455 E-mail : mutual@kotak.com Website : www.kotakmutual.com BOARD OF DIRECTORS Kotak Mahindra Trustee Company Limited (Trustee to Kotak Mahindra Mutual Fund) Amit Desai - Chairman Girish Sharedalal Tushar Mavani Chandrashekhar Sathe Anirudha Barwe BOARD OF DIRECTORS Kotak Mahindra Asset Management Company Limited (Investment Manager to Kotak Mahindra Mutual Fund) Uday S. Kotak - Chairman Romesh C. Khanna Sukant Kelkar C. Jayaram Bipin R. Shah Narayan S. A. INVESTOR RELATIONS OFFICER R. Chandrasekaran Tel : 022-6605 6765 E-mail : mutual@kotak.com AUDITORS Price Waterhouse Chartered Accountants REGISTRAR Computer Age Management Services Pvt. Limited 158, Rayala Towers, 2nd Floor, Anna Salai, Chennai 600 002 Tel : 044-2852 1839 E-mail : enq_k@camsonline.com 1

REPORT OF THE TRUSTEE 1. Scheme Performance, Future Outlook and Operations of the Schemes, refer Key Statistics on page No. 71 2. Brief background of Sponsors, Trust, Trustee Co. and AMC co. a. Sponsor Kotak Mahindra Mutual Fund is sponsored by Kotak Mahindra Bank Limited. The Sponsor is the Settler of the Mutual Fund Trust. b. Trust Kotak Mahindra Mutual Fund has been established as a Trust under the Indian Trusts Act, 1882. The Trust Deed establishing KMMF and the Deed of Amendment has been registered under the Registration Act, 1998 by the office of the Sub- Registrar of Assurances at Mumbai. The Mutual Fund was registered with SEBI on June 23, 1998 under Registration Code MF/038/98/1. c. Kotak Mahindra Mutual Fund Kotak Mahindra Mutual Fund (KMMF) was set up as a Trust by the Settlers, Kotak Mahindra Bank Limited on 20th May 1996 with Kotak Mahindra Trustee Company Limited (KMCTL) as a Trustee in accordance with the provisions of the Indian Trust Act, 1882 and is duly registered under the Indian Registration Act, 1908. The Trustee has entered into an Investment Management Agreement dated 20th May, 1996 (and as amended from time to time) with Kotak Mahindra Asset Management Company Limited to function as the Investment Manager for all the Schemes of Kotak Mahindra Mutual Fund. Kotak Mahindra Mutual Fund was registered with SEBI on 23rd June 1998. d. Kotak Mahindra Asset Management Company Limited Kotak Mahindra Asset Management Company Limited (AMC) is limited company incorporated under the Companies Act, 1956 on August 2, 1994, having its Registered Office at 5A, 5Th floor, Bakhtawar, Nariman Point, Mumbai 400 021. AMC has been appointed as the Asset Management Company of the Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated May 20, 1996, as amended up to date, and executed between the Trustee and the AMC. The AMC has been appointed as the Asset Management Company, to provide management and administrative services to the Trust and to deploy the funds raised by the Mutual Fund under the Scheme. The Trustee has authorised the AMC to do all such acts and things on behalf of the Trust as are necessary for the discharge of the responsibilities of the AMC. e. Kotak Mahindra Trustee Company Limited The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unitholders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed. The Trustee seeks to ensure that the Fund and the Schemes floated there under are managed by the AMC in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies. Investment Objectives of the Schemes Kotak 30: To generate capital appreciation from a portfolio of predominantly appreciation from a port- achieve growth by equity related securities The portfolio will generally comprise of equity & equity related instruments of around 30 companies which may go upto 39 companies. Kotak Gilt: To generate risk-free returns through investments in sovereign securities issued by the Central Government and/or a State Government and/ or reverse repos in such securities. Kotak Bond: To create a portfolio of debt of different maturities so as to spread the risk across a wide maturity horizon and different kinds of issuers in the debt market. Kotak Bond Short Term Plan: To provide reasonable returns and high level of liquidity by investing in debt and money market instruments of different maturities, so as to spread the risk across different kinds of issuers in the debt market. Kotak Contra: To generate capital appreciation from a diversified portfolio of equity and equity related instruments. Kotak Lifestyle: To generate long-term capital appreciation from a portfolio of equity and equity related securities, generally diversified across companies, which are likely to benefit by the rising household spending in India. Kotak Balance: To achieve growth by investing in equity and equity related instruments, balanced with income generation by investing in debt and money market instruments. Kotak Tech: To generate capital appreciation from a portfolio of predominantly equity and equity related securities in the information technology sector. Kotak MNC: To generate capital appreciation from a portfolio of predominantly equity and equity related securities issued by Multinational Companies. Kotak Liquid: To provide reasonable returns and high level of liquidity by investing in debt and money market instruments of different maturities, so as to spread the risk across different kinds of issuers in the debt market. Kotak Floater Short Term: To reduce the interest rate risk associated with investments in fixed rate instruments by investing predominantly in floating rate securities, money market instruments and using appropriate derivatives. Kotak Income Plus Scheme: To enhance returns over a portfolio of debt instruments with a moderate exposure in equity and equity related instruments. Kotak Global India: To generate capital appreciation from a diversified portfolio of predominantly equity and equity related securities issued by Globally Competitive Indian Companies. Kotak Equity FOF: To generate long-term capital appreciation from portfolio created by investing predominantly in open-ended diversified equity schemes of Mutual Funds registered with SEBI. Kotak Opportunities: To generate capital appreciation from a diversified portfolio of equity and equity related securities. Kotak Floater Long Term: To reduce the interest rate risk associated with investments in fixed rate instruments by investing predominantly in floating rate securities, money market instruments and using appropriate derivatives. Kotak Flexi Debt: To maximise returns through an active management of a portfolio of debt and money market securities. Kotak Midcap: To generate capital appreciation from a diversified portfolio of equity and equity related securities. Kotak FMP Series & Interval Plans: To generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. Kotak Flexi FOF, Kotak Flexi FOF - Series I and Kotak Flexi FOF Series II: To provide long-term capital appreciation by investingin a portfolio of Diversified equity schemes and Liquid / Short Term / Floating Rate Schemes / plans of mutual funds registered with SEBI. Kotak Tax Saver: To generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and enable investors to avail the income tax rebate, as permitted from time to time. Kotak Twin Advantage- Series II and Kotak Twin Advantage Series III: To generate income by investing in the Debt & Money Market instrument and to generate capital appreciation by investing in equity index options. Kotak Dynamic Asset Allocation: The Objective of the Scheme is to generate income by investing in Debt & Money Market securities and to generate capital appreciation by investing in equity and equity related securities. Kotak Wealth Builder Series I: The Objective of the Scheme is to generate income by investing in the Debt & Money Market instrument and to generate capital appreciation by investing in equity derivatives. Kotak Emerging Equity Scheme: The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by investing predominantly in mid and small cap companies. Kotak Global Emerging Market Fund: The investment objective of the scheme is to provide long-term capital appreciation by investing in an overseas mutual fund scheme that invests in a diversified portfolio of securities as prescribed by SEBI from time to time in Global emerging markets. Kotak Indo World Infrastructure Fund: The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity, equity related securities or units of overseas mutual funds, which are likely to directly or indirectly contribute to or benefit from the growth in infrastructure in India/across the world. Kotak Blended Fund of Funds: The investment objective of the scheme is to seek to provide stability of initial capital and generate reasonable returns by 2

blending investments in debt schemes, money market instruments and equity schemes. Investments in debt/money market instruments provide stability to initial capital and investments in equity schemes will provide reasonable returns. Kotak GOLD ETF: The investment objective of the scheme is to generate returns that are in line with the returns on investment in physical gold, subject to tracking errors. Kotak PSU BANKING ETF: The investment objective of the scheme is to provide returns that closely correspond to the total returns of Kotak PSU Bank Index subject to tracking errors. Kotak Equity Arbitrage Fund: The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash & derivatives segment of the equity market, and by investing the balance in debt and money market instruments. Kotak Sensex ETF: The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of BSE SENSEX subject to tracking errors. 3. Significant Accounting Policies: Accounting policies are in accordance with Securities Exchange Board of India (Mutual Fund) Regulations 1996. 4. Unclaimed Dividends & Redemptions The amounts of unclaimed dividend and unclaimed redemption proceeds as on March 31, 2009 and the number of investors to whom the amounts are payable are as follows: - (Rs. In Lacs) Particulars Kotak 30 Kotak Balance Kotak Tech Kotak MNC Kotak Global India Unclaimed Dividend (Rs. In lacs) 29.02 22.57-6.97 3.74 Unclaimed Dividend (No. of Investors) 736 351-131 114 Unclaimed Redemptions (Rs. In lacs) 13.78 1.56 12.71 5.33 2.57 Unclaimed Redemptions (No. of Investors) 299 15 133 36 26 Particulars Kotak Kotak Midcap Kotak Contra Kotak Tax Saver Kotak Life Style Opportunities Unclaimed Dividend (Rs. In lacs) 26.93 2.29 2.48 21.74 12.27 Unclaimed Dividend (No. of Investors) 389 105 121 740 69 Unclaimed Redemptions (Rs.In lacs) 10.29 5.01 8.47 0.31 7.70 Unclaimed Redemptions (No. of Investors) 162 79 55 26 90 Particulars Kotak Income Kotak Equity Kotak Equity Kotak Flexi Kotak Twin Plus FOF Arbitrage FOF - Series II Advantage Fund Series III Unclaimed Dividend (Rs. In lacs) 2.38-0.44 1.87 - Unclaimed Dividend (No. of Investors) 852-11 3 - Unclaimed Redemptions (Rs.In lacs) 2.63 2.58 0.01-1.01 Unclaimed Redemptions (No. of Investors) 30 16 2-4 Particulars Kotak Dynamic Asset Kotak Emerging Kotak Indo World Allocation Scheme Equity Scheme Infrastructure Fund Unclaimed Dividend (Rs. In lacs) - - - Unclaimed Dividend (No. of Investors) - - - Unclaimed Redemptions (Rs.In lacs) 1.13 1.82 0.56 Unclaimed Redemptions (No. of Investors) 2 6 2 Particulars Kotak Bond Kotak Bond Kotak Gilt Kotak Gilt Kotak Liquid Kotak Floater Kotak Floater Kotak Short Term Savings Investment Short Term Long Term Flexi Debt Unclaimed Dividend (Rs in lacs) 2.91-0.03 0.83 - - - 0.03 Unclaimed Dividend (No of Investors) 415-17 17 - - - 3 Unclaimed Redemptions (Rs in lacs) 2.76 0.01 0.13 # 0.52 0.42 0.58 1.23 Unclaimed Redemptions (No of Investors) 22 1 1 1 7 7 3 6 3

Particulars Kotak FMP Kotak FMP 3M Kotak Kotak Kotak FMP 14M Series 2 Series 29 Quarterly Quarterly 15M Series 3 Interval Plan Interval Plan Series 2 Series 8 Unclaimed Dividend (Rs in lacs) 1.67 0.35 0.01 - - Unclaimed Dividend (No of Investors) 1 1 1 - - Unclaimed Redemptions (Rs in lacs) - - - # 1.13 Unclaimed Redemptions (No of Investors) - - - 1 1 # Less than 0.005 Lacs Further, unclaimed dividend aggregating Rs. 1.55 Lacs is payable to 1 investor in Kotak Gilt Serial Plan 2003 (matured plan) and unclaimed dividends and redemptions are payable to 1 investor amounting to Rs 0.06 Lacs respectively in case of Kotak Dynamic Income (matured Scheme) unclaimed dividend aggregating Rs. # lacs is payable to 1 investor and unclaimed redemption aggregating to Rs 0.25 lacs is payable to 1 investor in Kotak FMP Series 16 (matured plan) as at March 31, 2009, which is represented by an equivalent bank balance as confirmed by the bank. 5. Statutory Information: a. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution (to the extent contributed) of Rs. 1 Lakh The Sponsor has contributed Rupees One Lakh as the initial contribution to the corpus for the setting up of the Trust and such other accretions / additions to the same. b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments. c. Full Annual Report shall be disclosed on the website (www.kotakmutual.com) and shall be available for inspection at the Head Office of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price. For Kotak Mahindra Trustee Company Limited Girish Sharedalal Director Place : Mumbai Date : June 8, 2009 4

AUDITORS REPORT To the Trustee of KOTAK MAHINDRA MUTUAL FUND 1. We have audited the Balance Sheets of the undermentioned Schemes of Kotak Mahindra Mutual Fund (collectively referred to as the Schemes ) as at March 31, 2009,the related Revenue Accounts and the Cash Flow Statements, where applicable, for the year/ period mentioned below, which we have signed under reference to this report. These financial statements are the responsibility of the Trustee of Kotak Mahindra Mutual Fund and the Management of Kotak Mahindra Asset Management Company Limited (the Management ). Our responsibility is to express an opinion on these financial statements based on our audit. The Schemes Year / Period Kotak Mahindra 30 Unit Scheme April 1, 2008 to March 31, 2009 Kotak Mahindra Balance Unit Scheme 99 April 1, 2008 to March 31, 2009 Kotak Mahindra Technology Scheme April 1, 2008 to March 31, 2009 Kotak Mahindra MNC Scheme April 1, 2008 to March 31, 2009 Kotak Mahindra Global India Scheme April 1, 2008 to March 31, 2009 Kotak Opportunities April 1, 2008 to March 31, 2009 Kotak Midcap Scheme April 1, 2008 to March 31, 2009 Kotak Contra Scheme April 1, 2008 to March 31, 2009 Kotak Tax Saver Scheme April 1, 2008 to March 31, 2009 Kotak Lifestyle Fund April 1, 2008 to March 31, 2009 Kotak Mahindra Income Plus Scheme April 1, 2008 to March 31, 2009 Kotak Equity FOF April 1, 2008 to March 31, 2009 Kotak Flexi Fund of Funds April 1, 2008 to October 21, 2008 Kotak Equity Arbitrage Fund April 1, 2008 to March 31, 2009 Kotak Flexi Fund of Funds Series I April 1, 2008 to March 31, 2009 Kotak Twin Advantage Series II April 1, 2008 to March 31, 2009 Kotak Flexi Fund of Funds Series II April 1, 2008 to March 31, 2009 Kotak Twin Advantage Series III April 1, 2008 to March 31, 2009 Kotak Dynamic Asset Allocation Scheme April 1, 2008 to March 31, 2009 Kotak Wealth Builder Series I April 1, 2008 to March 31, 2009 Kotak Emerging Equity Scheme April 1, 2008 to March 31, 2009 Kotak Gold ETF April 1, 2008 to March 31, 2009 Kotak Global Emerging Market Fund April 1, 2008 to March 31, 2009 Kotak Blended FOF April 1, 2008 to March 31, 2009 Kotak PSU Bank ETF April 1, 2008 to March 31, 2009 Kotak Indo World Infrastructure Fund April 1, 2008 to March 31, 2009 Kotak Sensex ETF May 7, 2008 to March 31, 2009 2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned and unit capital balances at March 31, 2009 by correspondence with the custodian/ others and registrar/ transfer agent respectively. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, referred to above are in agreement with the books of account of the respective Schemes. 4. In our opinion and to the best of our information and according to the explanations given to us: 4.1 The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, of the Schemes together with the notes thereon give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable and also give respectively, a true and fair view of the state of affairs of the Schemes as at March 31, 2009 and the net surplus/ deficit and Cashflows for the year/ period mentioned above. 4.2 The Balance Sheets as at March 31, 2009 and the Revenue Accounts for the year/ period of the Schemes, together with the notes thereon, have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. 4.3 The methods used to value non-traded/thinly traded securities, where applicable, as at March 31, 2009 as determined by Kotak Mahindra Asset Management Company Limited under procedures approved by the Trustee of Kotak Mahindra Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds, issued by the Securities and Exchange Board of India, are fair and reasonable. Vivek Prasad Partner Membership No: F 104941 For and on behalf of PRICE WATERHOUSE Chartered Accountants Mumbai June 8, 2009 5

AUDITORS REPORT To the Trustee of KOTAK MAHINDRA MUTUAL FUND 1. We have audited the Balance Sheets of Kotak Mahindra Mutual Fund - Kotak Mahindra Bond Unit Scheme 99, Kotak Mahindra Gilt Unit Scheme 98, Kotak Mahindra Liquid Scheme, Kotak Floater Short Term Scheme, Kotak Floater Long Term Scheme and Kotak Flexi Debt Scheme (collectively referred to as the Schemes ) as at March 31, 2009, the related Revenue Accounts and the Cash Flow Statements, where applicable, for the year ended on that date, which we have signed under reference to this report. These financial statements are the responsibility of the Trustee of Kotak Mahindra Mutual Fund and the Management of Kotak Mahindra Asset Management Company Limited (the Management ). Our responsibility is to express an opinion on these financial statements based on our audit. 2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned and unit capital balances at March 31, 2009 by correspondence with the custodian/ others and registrar/ transfer agent respectively. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, referred to above are in agreement with the books of account of the respective Schemes. 4. In our opinion and to the best of our information and according to the explanations given to us: 4.1 The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, of the Schemes together with the notes thereon give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable and also give respectively, incase of Kotak Mahindra Bond Unit Scheme 99, Kotak Mahindra Gilt Unit Scheme 98, Kotak Mahindra Liquid Scheme, Kotak Floater Short Term Scheme, Kotak Floater Long Term Scheme and Kotak Flexi Debt Scheme as at March 31, 2009, a true and fair view of the state of affairs of the Schemes as at March 31, 2009 and the net surplus and Cashflows for the year ended on that date. 4.2 The Balance Sheets as at March 31, 2009 and the Revenue Accounts for the year ended on that date, together with the notes thereon, have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. 4.3 The methods used to value non-traded/thinly traded securities as at March 31, 2009, where applicable, as determined by Kotak Mahindra Asset Management Company Limited under procedures approved by the Trustee of Kotak Mahindra Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds, issued by the Securities and Exchange Board of India, are fair and reasonable. Vivek Prasad Partner Membership No: F 104941 For and on behalf of PRICE WATERHOUSE Chartered Accountants Mumbai June 8, 2009 6

AUDITORS REPORT To the Trustee of KOTAK MAHINDRA MUTUAL FUND 1. We have audited the Balance Sheets of the undermentioned Schemes of Kotak Mahindra Mutual Fund (collectively referred to as the Schemes ) as at March 31, 2009, the related Revenue Accounts and the Cash Flow Statements, where applicable, for the year/ period mentioned below (Refer Note 17 - Schedule 8), which we have signed under reference to this report. These financial statements are the responsibility of the Trustee of Kotak Mahindra Mutual Fund and the Management of Kotak Mahindra Asset Management Company Limited (the Management ). Our responsibility is to express an opinion on these financial statements based on our audit. The Schemes Year / Period Kotak FMP 16M Series 1 April 1, 2008 to April 28, 2008 Kotak FMP 15M Series 2 April 1, 2008 to May 5, 2008 Kotak FMP 14M Series 1 April 1, 2008 to April 21, 2008 Kotak FMP 13M Series 1 April 1, 2008 to April 15, 2008 Kotak FMP 14M Series 2 April 1, 2008 to May 22, 2008 Kotak FMP 13M Series 2 April 1, 2008 to April 29, 2008 Kotak FMP 15M Series 3 April 1, 2008 to August 19, 2008 Kotak FMP 12M Series 1 April 1, 2008 to June 26, 2008 Kotak FMP 12M Series 2 April 1, 2008 to September 30, 2008 Kotak Quarterly Interval Plan - Series I April 1, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 2 April 1, 2008 to March 31, 2009 Kotak FMP 12M Series 4 April 1, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 3 April 1, 2008 to March 31, 2009 Kotak FMP 17M Series 1 April 1, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 4 April 1, 2008 to March 31, 2009 Kotak FMP 16M Series 2 April 1, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 5 April 1, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 6 April 1, 2008 to March 31, 2009 Kotak FMP 14M Series 3 April 1, 2008 to March 31, 2009 Kotak FMP 14M Series 4 April 1, 2008 to March 31, 2009 Kotak FMP 3M Series 27 April 1, 2008 to June 9, 2008 Kotak FMP 13M Series 3 April 1, 2008 to March 31, 2009 Kotak FMP 3M Series 28 April 1, 2008 to June 18, 2008 Kotak FMP 13M Series 4 April 1, 2008 to March 31, 2009 Kotak FMP 15M Series 4 April 1, 2008 to March 31, 2009 Kotak FMP 3M Series 29 April 11, 2008 to July 15, 2008 Kotak FMP 12M Series 3 April 16, 2008 to March 31, 2009 Kotak FMP 12M Series 5 April 16, 2008 to March 31, 2009 Kotak FMP 3M Series 30 May 6, 2008 to August 6, 2008 Kotak FMP 15M Series 5 April 16, 2008 to March 31, 2009 Kotak FMP 12M Series 6 May 27, 2008 to March 31, 2009 Kotak FMP 12M Series 7 July 1, 2008 to March 31, 2009 Kotak FMP 1M Series 1 June 17, 2008 to July 17, 2008 Kotak FMP 3M Series 31 June 20, 2008 to September 18, 2008 Kotak FMP 1M Series 2 July 8, 2008 to August 7, 2008 Kotak FMP 3M Series 32 July 9, 2008 to October 7, 2008 Kotak FMP 3M Series 33 July 18, 2008 to October 16, 2008 Kotak FMP 12M Series 8 August 21, 2008 to March 31, 2009 Kotak FMP 1M Series 3 August 7, 2008 to September 8, 2008 The Schemes Year / Period Kotak Quarterly Interval Plan - Series 8 September 8, 2008 to March 31, 2009 Kotak FMP 6M Series 7 September 5, 2008 to March 5, 2009 Kotak Monthly Interval Plan Series 2 August 26, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 7 August 27, 2008 to March 31, 2009 Kotak FMP 12M Series 9 September 5, 2008 to March 31, 2009 Kotak Monthly Interval Plan Series 3 September 5, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 9 October 3, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 10 October 13, 2008 to March 31, 2009 Kotak FMP 19M Series 1 October 17, 2008 to March 31, 2009 Kotak FMP 12M Series 10 October 17, 2008 to March 31, 2009 Kotak FMP 12M Series 11 November11, 2008 to March 31, 2009 Kotak FMP 18M Series 1 March 4, 2009 to March 31, 2009 Kotak FMP 13M Series 5 March 23, 2009 to March 31, 2009 2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned and unit capital balances at March 31, 2009 by correspondence with the custodian/ others and registrar/ transfer agent respectively. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, referred to above are in agreement with the books of account of the respective Schemes. 4. In our opinion and to the best of our information and according to the explanations given to us: 4.1 The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, of the Schemes together with the notes thereon give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable, and also give respectively, a true and fair view of the state of affairs of the Schemes as at March 31, 2009 and the net surplus and Cashflows for the year/ period mentioned above. 4.2 The Balance Sheets as at March 31, 2009 and the Revenue Accounts for the year/ period of the Schemes, together with the notes thereon, have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. 4.3 The methods used to value non-traded/thinly traded securities, where applicable, as at March 31, 2009 as determined by Kotak Mahindra Asset Management Company Limited under procedures approved by the Trustee of Kotak Mahindra Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds, issued by the Securities and Exchange Board of India, are fair and reasonable. Vivek Prasad Partner Membership No: F 104941 For and on behalf of PRICE WATERHOUSE Chartered Accountants Mumbai Date June 8, 2009 7

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 Kotak 30 Unit Kotak Balance Kotak Technology Kotak MNC Kotak Global Kotak Scheme Unit Scheme 99 Scheme Scheme India Scheme Opportunities LIABILITIES 1 Unit Capital 21,225.71 3,464.56 3,104.21 1,069.01 3,407.73 44,845.06 12,956.88 3,207.99 3,134.89 1,133.62 3,961.49 32,544.64 2 Reserves & Surplus 2.1 Unit Premium Reserves 10,937.34 45.55 (743.09) (891.84) (2,652.16) 31,260.58 6,679.44 41.77 (750.45) (942.80) (3,042.45) 21,306.66 2.2 Unrealised Appreciation Reserve 83.98 8.50-1.71 3.62 - - - - 103.62 237.03-2.3 Other Reserves 31,646.91 1,936.21 (1,031.54) 1,897.55 2,903.37 (15,782.32) 39,453.63 3,710.76 (15.81) 2,758.65 7,198.55 16,193.99 3 Loans & Borrowings 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits 4.2 Other Current Liabilities & Provisions 2,361.68 209.02 29.81 58.15 107.42 738.04 753.10 1,108.60 35.98 64.90 134.82 4,018.04 TOTAL : 66,255.62 5,663.84 1,359.39 2,134.58 3,769.98 61,061.36 59,843.05 8,069.12 2,404.61 3,117.99 8,489.44 74,063.33 ASSETS 1 Investments 1.1 Listed Securities: 1.1.1 Equity Shares 51,648.69 3,601.45 1,112.01 1,559.09 2,737.21 50,211.22 53,132.80 4,637.09 2,166.86 2,795.44 7,538.28 62,410.11 1.1.2 Preference Shares - 2.51 - - - - 1.1.3 Equity Linked Debentures 1.1.4 Other Debentures & Bonds 1.1.5 Securitised Debt Securities 1.2 Securities Awaited Listing: 1.2.1 Equity Shares - 0.36 - - - - 1.2.2 Preference Shares 1.2.3 Equity Linked Debentures 1.2.4 Other Debentures & Bonds 100.44 311.33-100.97 100.00 - - 1,601.68 - - - - 1.2.5 Securitised Debt Securities 1.3 Unlisted Securities 1.3.1 Equity Shares 1.3.2 Preference Shares 1.3.3 Equity Linked Debentures 1.3.4 Other Debentures & Bonds 1.3.5 Securitised Debt Securities 1.4 Government Securities 1.5 Treasury Bills 1.6 Commercial Paper 5,832.10 - - - - - 1.7 Certificate of Deposits - - - - - 1,328.93-1,385.17 - - - 3,745.78 1.8 Bill Rediscounting 1.9 Units of Domestic Mutual Fund 1.10 Foreign Securities (Mutual Funds) 1.11 Gold Total Investments 57,581.23 3,915.29 1,112.01 1,660.06 2,837.21 51,540.15 53,132.80 7,624.30 2,166.86 2,795.44 7,538.28 66,155.89 2 Deposits 3,569.00 497.00 96.00 50.00 320.00 4,784.00 1,075.00 200.00-50.00-850.00 3 Other Current Assets 3.1 Cash & Bank Balance 285.76 77.21 134.22 75.13 64.41 193.29 1,063.38 134.31 42.31 29.76 25.14 564.22 3.2 CBLO/Reverse Repo Lending 3,649.51 319.96-299.97 499.93 4,119.44 3,949.22 49.99 184.96 224.96 749.86 4,899.09 3.3 Others 1,170.12 854.38 17.16 49.42 48.43 424.48 622.65 60.52 10.48 17.83 7.57 1,594.13 4 Deferred Revenue Expenditure (to the extent not written off) - - - - 168.59 - TOTAL : 66,255.62 5,663.84 1,359.39 2,134.58 3,769.98 61,061.36 59,843.05 8,069.12 2,404.61 3,117.99 8,489.44 74,063.33 8

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 Kotak Midcap Kotak Contra Kotak Tax Kotak Lifestyle Kotak Income Kotak Equity Kotak Flexi Kotak Equity Kotak Flexi Fund Scheme Scheme Saver Scheme Fund Plus Scheme FOF Fund of Funds Arbitrage Fund of Funds Series I 8,281.35 6,006.52 41,875.30 14,437.04 1,832.86 1,778.57-17,862.78 485.04 9,660.29 6,520.77 32,507.02 16,324.83 2,313.03 2,036.46 1,958.95 26,125.56 647.08 (2,550.80) (2,011.23) 6,567.92 (2,852.87) (101.03) (1,313.79) (10,831.99) (732.96) 1,577.72 (2,929.40) (2,177.38) 5,120.12 (3,202.76) (125.87) (1,458.14) (10,039.41) (971.23) 1,587.07 7.64 - - - 5.62 336.14 - - 32.64 - - - - - 458.34 41.21-7.01 1,774.10 2,080.20 (18,510.20) (2,519.47) 238.79 2,534.75 10,831.99 4,514.54 (1,562.31) 9,980.09 5,167.80 4,361.60 4,534.44 597.97 4,824.90 11,055.07 3,579.44 (1,581.32) - - - - - - - - - - - - 622.16 484.82 1,171.23 558.59 17.49 9.19 0.77 1,217.33 0.69 1,354.64 105.03 2,508.70 406.37 25.21 16.93 19.31 3,592.02 3.24 8,134.45 6,560.31 31,104.25 9,623.29 1,993.73 3,344.86 0.77 22,861.69 533.78 18,065.62 9,616.22 44,497.44 18,062.88 2,810.34 5,878.49 3,035.13 32,325.79 663.08 6,140.75 4,971.32 24,425.67 6,801.50 225.42 - - 13,626.54-15,438.89 8,566.72 37,779.60 16,005.52 472.22 - - 19,479.47 - - - - 15.45 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 302.92 100.75 1,730.17 702.00 311.33 - - - - - - - 100.05 1,671.25 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 100.26 - - - - - - - - - - - - - - - - - - 202.80 - - - - - - - - - - - - - - 1,488.03 - - - - - - 1,477.76-490.29 - - - - - - - - - - - - 3,260.66 - - 529.73 - - - - - 5,711.33 3,025.07-646.99 - - - - - - - - - - - - 6,443.67 5,072.07 27,633.60 7,619.21 739.55 3,260.66-15,114.57 529.73 15,438.89 8,566.72 37,779.60 16,105.57 2,143.47 5,711.33 3,025.07 19,969.76 646.99 690.00 349.00-300.00 50.00 - - 5,794.00-500.00 150.00-200.00 50.00 - - 10,700.00-94.04 70.40 338.78 95.69 84.06 81.41 0.77 717.59 3.43 42.21 76.83 758.33 29.64 32.46 159.76 7.05 150.27 13.41 859.88 859.88 2,499.66 1,519.79 199.98 - - 199.98-1,924.62 699.87 4,699.10 974.81 499.90 - - 299.94-46.86 208.96 632.21 88.60 920.14 2.79-1,035.55 0.59 159.90 67.76 1,189.38 36.68 49.89 7.40 0.21 1,205.82 0.33 - - 0.03-55.04 71.03 716.18 34.62-2.80-2.35 8,134.45 6,560.31 31,104.25 9,623.29 1,993.73 3,344.86 0.77 22,861.69 533.78 18,065.62 9,616.22 44,497.44 18,062.88 2,810.34 5,878.49 3,035.13 32,325.79 663.08 9

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Twin Kotak Flexi Kotak Twin Kotak Dynamic Kotak Wealth Kotak Emerging Advantage Fund of Funds Advantage Assets Allocation Builder Equity Scheme Series II Series II Series III Scheme Series I LIABILITIES 1. Unit Capital 2,676.07 3,042.26 7,803.29 25,081.94 8,776.60 16,341.12 3,949.21 6,065.89 10,633.26 52,830.89 13,717.73 18,840.28 2. Reserves & Surplus 2.1 Unit Premium Reserves (524.80) (5,329.63) (1,286.52) (4,263.57) (1,273.44) (795.98) (394.45) (5,060.10) (1,058.81) (3,788.00) (736.13) (1,861.52) 2.2 Unrealised Appreciation Reserve - 338.36-1,853.22 20.63 10.32-86.13-451.69 2.19-2.3 Other Reserves 855.11 5,370.13 2,142.09 (3,499.09) 2,819.60 (6,591.56) 839.73 5,291.13 1,855.76 19,651.48 1,946.96 3,422.45 3. Loans & Borrowings 4. Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits 4.2 Other Current Liabilities & Provisions 27.16 173.13 30.86 258.18 23.60 880.17 66.52 128.58 72.42 4,229.70 63.82 436.92 TOTAL : 3,033.54 3,594.25 8,689.72 19,430.68 10,366.99 9,844.07 4,461.01 6,511.63 11,502.63 73,375.76 14,994.57 20,838.13 ASSETS 1. Investments 1.1 Listed Securities: 1.1.1 Equity Shares - - - 574.53-7,462.89 - - - 3,347.24-17,853.03 1.1.2 Preference Shares 1.1.3 Equity Linked Debentures 1.1.4 Other Debentures & Bonds 1.1.5 Securitised Debt Securities 1.2 Securities Awaited Listing: 1.2.1 Equity Shares 1.2.2 Preference Shares 1.2.3 Equity Linked Debentures 1.2.4 Other Debentures & Bonds 994.03-6,629.93 914.45 3,382.48-4,077.74-10,197.45 38,993.61 12,306.72-1.2.5 Securitised Debt Securities 1.3 Unlisted Securities 1.3.1 Equity Shares 1.3.2 Preference Shares 1.3.3. Equity Linked Debentures 1.3.4 Other Debentures & Bonds 833.81-258.91 3,329.67 2,779.59-1.3.5 Securitised Debt Securities 1.4 Government Securities 1.5 Treasury Bills 1.6 Commercial Paper - - 992.32-1,488.48 - - - - 2,351.15 - - 1.7 Certificate of Deposits - - - 3,348.12 - - - - - 1,470.21 - - 1.8 Bill Rediscounting 1.9 Units of Domestic Mutual Fund - 3,576.32 - - - - - 6,380.53 - - - - 1.10 Foreign Securities (Mutual Funds) 1.11 Gold Total Investments 1,827.84 3,576.32 7,881.16 8,166.77 7,650.55 7,462.89 4,077.74 6,380.53 10,197.45 46,162.21 12,306.72 17,853.03 2. Deposits 100.00-500.00 6,950.00 1,800.00 300.00 100.00-500.00 24,500.00 1,800.00 300.00 3. Other Current Assets 3.1 Cash & Bank Balance 92.47 2.21 108.12 203.36 123.14 99.02 26.90 21.23 37.73 191.88 90.89 33.76 3.2 CBLO/Reverse Repo Lending 899.90 - - 3,499.53 399.95 1,299.82 - - 299.94 349.93 349.93 1,649.68 3.3 Others 109.20 2.06 167.09 363.82 291.98 356.68 218.05 1.69 322.74 949.90 114.88 249.38 4. Deferred Revenue Expenditure 4.13 13.66 33.35 247.20 101.37 325.66 (to the extent not written off) 38.32 108.18 144.77 1,221.84 332.15 752.28 TOTAL : 3,033.54 3,594.25 8,689.72 19,430.68 10,366.99 9,844.07 4,461.01 6,511.63 11,502.63 73,375.76 14,994.57 20,838.13 10

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Mahindra Bond Unit Scheme 99 Kotak Kotak Global Kotak Kotak Kotak Indo World Kotak Kotak Bond Kotak Bond Gold ETF Emerging Blended PSU Bank Infrasructure Sensex Regular & Short Total Market Fund FOF ETF Fund ETF Deposit Plan Term Plan 348.21 32,174.24 9,304.47 157.74 88,810.56 63.21 42,850.83 14,847.36 57,698.19 276.21 46,682.67 16,193.38 232.74 96,175.70 13,179.59 34,499.51 47,679.10 2,361.29 1,337.17 338.63 5,561.98 3,806.52 958.10 1,574.91 77.53 1,652.44 1,852.47 (181.23) 91.33 6,778.07 - (873.54) 344.87 (528.67) 1,612.88-451.51 - - - 89.89 67.16 157.05 790.43 118.44 140.86-44.00 - - 910.96 (15,553.61) (818.05) (3,209.94) (56,246.90) (405.81) 17,705.02 3,040.89 20,745.91 439.65 (312.96) (1,292.59) (1,780.13) (27,863.42) 4,572.48 3,355.22 7,927.70 - - - - - - - - 3.83 346.56 122.77 1.20 742.83 10.19 818.86 6,044.90 6,863.76 3.69 1,745.49 1,004.17 3.11 543.56 348.70 49.93 398.63 5,237.17 18,304.36 9,399.33 2,510.98 37,113.01 625.69 63,039.51 24,077.84 87,117.35 3,362.45 48,052.41 16,137.15 5,233.79 68,899.84 17,227.23 38,249.53 55,476.76 - - - 2,503.84 24,008.20 614.46 - - - - - - 5,204.90 53,215.73 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 913.03-18,826.35 11,203.65 30,030.00 - - - - - 4,829.25 18,252.32 23,081.57 - - - - - - - - - - - - - - - - - 123.28 123.28 - - - - - 3,092.64 3,092.64 - - - - - - - - 504.68 3,257.02 3,761.70 35,714.95 3,248.90 38,963.85 - - - - - 5,071.36-5,071.36 - - - - - - - - 97.80 - - - - - - - - - 2,870.04 2,870.04-1,389.42 1,389.42 - - - - 5,675.80 9,718.15 9,718.15 - - - - - - - - - 15,516.17 - - - - - 17,278.40 9,186.82-4,087.63 - - - - - 45,576.61 - - 3,412.82 - - 5,217.34 - - 3,355.57 5,217.34 17,278.40 9,186.82 2,503.84 29,106.66 614.46 54,541.30 15,965.25 70,506.55 3,355.57 45,576.61 15,516.17 5,204.90 62,304.35 10,405.29 37,190.17 47,595.46 - - - - 3,385.00-100.50-100.50 - - - - 1,000.00 100.50-100.50 16.06 93.29 3.59 6.95 118.10 0.78 56.83 45.23 102.06 6.67 44.92 9.10 26.69 81.98 373.31 9.11 382.42-119.99 - - 979.87-1,149.84 1,089.85 2,239.69-424.92 - - 99.98 4,398.94 374.91 4,773.85 3.77 1.76 0.19 0.19 267.33 10.45 7,191.04 6,977.51 14,168.55 0.21 3.21 0.21 2.20 4.44 1,949.19 675.34 2,624.53-810.92 208.73-3,256.05 - - - - - 2,002.75 611.67-5,409.09 - - - 5,237.17 18,304.36 9,399.33 2,510.98 37,113.01 625.69 63,039.51 24,077.84 87,117.35 3,362.45 48,052.41 16,137.15 5,233.79 68,899.84 17,227.23 38,249.53 55,476.76 11

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Mahindra Gilt Unit Scheme 98 Kotak Gilt Kotak Gilt Total Kotak Mahindra Kotak Floater Kotak Floater Savings Investment Liquid Scheme Short Term Scheme Long Term Scheme LIABILITIES 1 Unit Capital 4,662.16 8,601.16 13,263.32 124,722.75 36,593.47 264,110.80 719.55 1,427.19 2,146.74 172,403.97 31,767.32 4,524.40 2 Reserves & Surplus 2.1 Unit Premium Reserves (470.39) 379.43 (90.96) 1,082.37 2.12 58.03 (42.12) (160.95) (203.07) 12.83 (1.82) (2.73) 2.2 Unrealised Appreciation Reserve 6.84-6.84 189.87 7.55 364.93 3.37-3.37 26.00-0.18 2.3 Other Reserves 3,200.50 5,679.58 8,880.08 85,515.18 14,406.49 44,329.12 682.97 1,758.23 2,441.20 71,092.48 2,230.20 382.29 3 Loans & Borrowings 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits 4.2 Other Current Liabilities & Provisions 563.79 51.53 615.32 28,780.84 37.94 19,006.59 5.89 40.97 46.86 21,716.56 37.16 25.86 TOTAL : 7,962.90 14,711.70 22,674.60 240,291.01 51,047.57 327,869.47 1,369.66 3,065.44 4,435.10 265,251.84 34,032.86 4,930.00 ASSETS 1 Investments 1.1 Listed Securities: 1.1.1 Equity Shares 1.1.2 Preference Shares 1.1.3 Equity Linked Debentures 1.1.4 Other Debentures & Bonds 1.1.5 Securitised Debt Securities 1.2 Securities Awaited Listing: 1.2.1 Equity Shares 1.2.2 Preference Shares 1.2.3 Equity Linked Debentures 1.2.4 Other Debentures & Bonds - - - 90,120.13 5,118.88 39,5 17.32 - - - 97,504.44 8,170.40 500.39 1.2.5 Securitised Debt Securities 1.3 Unlisted Securities 1.3.1 Equity Shares 1.3.2 Preference Shares 1.3.3 Equity Linked Debentures 1.3.4 Other Debentures & Bonds - - - 3,554.70-503.45 - - - 16,845.51 3,000.13 506.07 1.3.5 Securitised Debt Securities - - - 31,567.41 - - - - - 46,153.72 6,530.94 1,474.65 1.4 Government Securities 3,827.30 10,960.70 14,788.00 - - - 751.79 1,485.05 2,236.84 - - - 1.5 Treasury Bills 1.6 Commercial Paper - - - 12,096.60 9,661.97 24,190.71 - - - 19,114.66-963.31 1.7 Certificate of Deposits - - - 95,373.57 32,668.30 219,973.50 - - - 77,057.06 15,258.95 489.49 1.8 Bill Rediscounting 1.9 Units of Domestic Mutual Fund 1.10 Foreign Securities (Mutual Funds) 1.11 Gold Total Investments 3,827.30 10,960.70 14,788.00 232,712.41 47,449.15 284,184.98 751.79 1,485.05 2,236.84 256,675.39 32,960.42 3,933.91 2 Deposits 3,000.00 150.50 3,150.50 1,600.00-10,000.00-150.50 150.50 1,100.00 - - 3 Other Current Assets 3.1 Cash & Bank Balance 26.38 35.75 62.13 170.24 81.83 23.84 87.82 48.92 136.74 170.83 82.41 34.59 3.2 CBLO/Reverse Repo Lending 469.94 889.88 1,359.82 1,599.78 2,759.63 79.99 474.91 1,349.74 1,824.65 3,699.11 549.87 399.90 3.3 Others 639.28 2,674.87 3,314.15 4,208.58 756.96 33,580.67 55.14 31.23 86.37 3,606.51 440.16 561.60 4 Deferred Revenue Expenditure (to the extent not written off) TOTAL : 7,962.90 14,711.70 22,674.60 240,291.01 51,047.57 327,869.47 1,369.66 3,065.44 4,435.10 265,251.84 34,032.86 4,930.00 12

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Flexi Debt Kotak FMP 16M Kotak FMP 15M Kotak FMP 14M Kotak FMP 13M Kotak FMP 14M Kotak FMP 13M Kotak FMP 15M Kotak FMP 12M Scheme Series 1 Series 2 Series 1 Series 1 Series 2 Series 2 Series 3 Series 1 100,246.62 - - 219,491.10 7,787.46 6,071.25 1,653.15 29,140.08 23,596.91 31,707.44 10,522.18 13,877.55 (434.09) (902.23) (792.47) (220.60) (4,505.56) (3,579.12) (3,816.56) (1,317.21) (1,280.55) (22.80) (8.52) (104.51) (50.24) (1,250.22) (681.31) (115.55) (10.68) (50.73) 727.34 - - 63.89 1.55 12.27 5.14 57.34 62.34 58.10 63.83 1.03 4,078.15 902.23 792.47 220.60 4,505.56 3,579.12 3,816.56 1,317.21 1,280.55 7,324.56 850.66 726.76 208.90 4,319.83 3,137.64 3,456.75 866.88 975.58 - - - - - - - - - - - - 8,438.37 0.02 0.02 0.03 0.27 1.82 0.04 0.48 0.20 5,803.09 6.35 12.73 6.58 41.20 15.35 30.46 8.74 24.59 113,056.39 0.02 0.02 0.03 0.27 1.82 0.04 0.48 0.20 232,659.84 8,637.50 6,718.50 1,823.53 32,308.23 26,130.93 35,137.20 11,450.95 14,828.02 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 32,382.52 - - 53,453.55 3,379.24 796.03 596.10 5,082.87 496.95 5,579.19 2,186.23 4,285.26 - - - - - - - - - - - - - - - - - - - - - - - - - - - 9,098.47 1,000.95 499.35 - - - - 1,394.42-45,875.42 - - 61,805.85 2,267.69 1,208.23 169.20 17,868.50 8,993.73 13,037.60 1,458.24 3,096.05 - - - - - - - - - 5,881.85 - - 980.26 - - 31,172.20 - - - 2,423.52 2,382.12 4,891.40-3,426.90 23,776.17 - - 40,850.40 1,671.17 4,031.35 984.40 5,831.92 11,688.40 10,590.10 6,111.40 3,638.85 - - - - - - - - - - - - - - - - - - - - - - - - 103,014.37 - - 202,262.32 8,319.05 6,534.96 1,749.70 31,206.81 23,561.20 34,098.29 11,150.29 14,447.06 3,500.00 - - - - - 942.95 0.02 0.02 0.03 0.27 0.15 0.04 0.48 0.20 352.89 13.24 10.90 15.32 7.22 32.63 22.72 24.70 19.33 349.95 - - 149.96 144.97 124.97 34.99-1,899.55 124.97-134.97 5,249.12 - - - - 1.67 - - - 29,894.67 160.24 47.22 23.38 1,092.98 634.30 888.41 269.69 222.60 - - - - - 0.45 0.14 1.22 3.24 2.81 6.27 4.06 113,056.39 0.02 0.02 0.03 0.27 1.82 0.04 0.48 0.20 232,659.84 8,637.50 6,718.50 1,823.53 32,308.23 26,130.93 35,137.20 11,450.95 14,828.02 13

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) LIABILITIES Kotak FMP Kotak Quarterly Kotak Quarterly Kotak FMP Kotak Quarterly Interval Kotak FMP 12M Series 2 Interval Plan - Series I Interval Plan - Series 2 12M Series 4 Plan - Series 3 17M Series 1 1 Unit Capital - 120.54 34,554.57-434.91 3,152.15 13,950.20 4,249.99 10,063.40 14,756.29 30,912.51 7,265.24 2 Reserves & Surplus 2.1 Unit Premium Reserves (1,231.72) (42.64) (10.23) (1,292.53) (80.85) (243.16) (0.89) (38.85) (9.89) 0.01 (80.31) (0.04) 2.2 Unrealised Appreciation Reserve - - - - - 11.43 - - - - 18.93-2.3 Other Reserves 1,231.72 47.41 397.01 1,292.53 93.35 541.35 600.05 70.23 50.08 479.41 153.44 170.06 3 Loans & Borrowings 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits 4.2 Other Current Liabilities & Provisions 0.42 0.68 2.24 0.38 3.47 66.44 8.92 3.90 61.65 4.50 51.94 2.80 TOTAL : 0.42 125.99 34,943.59 0.38 450.88 3,528.21 14,558.28 4,285.27 10,165.24 15,240.21 31,056.51 7,438.06 ASSETS 1 Investments 1.1 Listed Securities: 1.1.1 Equity Shares 1.1.2 Preference Shares 1.1.3 Equity Linked Debentures 1.1.4 Other Debentures & Bonds 1.1.5 Securitised Debt Securities 1.2 Securities Awaited Listing: 1.2.1 Equity Shares 1.2.2 Preference Shares 1.2.3 Equity Linked Debentures 1.2.4 Other Debentures & Bonds - - 4,704.70 - - 1,406.26 1,493.43-1,474.63 3,981.62 8,511.47 1,487.81 1.2.5 Securitised Debt Securities 1.3 Unlisted Securities 1.3.1 Equity Shares 1.3.2 Preference Shares 1.3.3 Equity Linked Debentures 1.3.4 Other Debentures & Bonds 99.60 - - - 3,016.23-1.3.5 Securitised Debt Securities - - - - - 100.03 3,900.79 - - 4,315.91-1,503.99 1.4 Government Securities 1.5 Treasury Bills 1.6 Commercial Paper - - 12,259.85 - - 368.94 95.84 - - 2,631.81 - - 1.7 Certificate of Deposits - 98.96 17,127.98-9.94 1,439.72 8,625.70 4,144.88 8,275.97 3,660.86 16,833.18 4,282.98 1.8 Bill Rediscounting 1.9 Units of Domestic Mutual Fund 1.10 Foreign Securities (Mutual Funds) 1.11 Gold Total Investments - 98.96 34,092.53-9.94 3,314.95 14,215.36 4,144.88 9,750.60 14,590.20 28,360.88 7,274.78 2 Deposits - - - - 2,000.00-3 Other Current Assets 3.1 Cash & Bank Balance 0.33 26.26 21.67 0.38 37.48 23.24 21.02 5.59 24.29 19.14 20.57 18.21 3.2 CBLO/Reverse Repo Lending - - 469.94-399.95 159.98 99.98 124.97 374.91 384.91-49.99 3.3 Others 0.09 0.77 359.45-3.51 29.71 212.78 9.83 15.44 236.13 675.06 87.55 4 Deferred Revenue Expenditure - - - - - 0.33 (to the extent not written off) 9.14 - - 9.84-7.53 TOTAL : 0.42 125.99 34,943.59 0.38 450.88 3,528.21 14,558.28 4,285.27 10,165.24 15,240.21 31,056.51 7,438.06 14

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Quarterly Kotak FMP Kotak Quarterly Kotak Quarterly Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Interval Plan - 16M Interval Plan - Interval Plan - 14M Series 3 14M Series 4 3M Series 27 13M Series 3 3M Series 28 Series 4 Series 2 Series 5 Series 6 856.46 7,059.74 139.18 266.06 10,625.96 9,880.30-22,344.64-36,930.44 9,524.17 67,498.43 46,453.69 12,525.85 10,570.16 4,316.69 22,617.52 11,888.80 (32.57) (118.29) 0.09 (0.29) (86.45) (54.22) (0.99) (9.53) (30.68) (32.45) - 0.15 0.02 0.02 - - - - - 8.74 0.08 0.28 16.89 40.78-105.61 - - - - - 0.49 14.27 - - - 38.81 703.66 8.99 8.15 933.00 865.46 0.99 2,252.75 30.68 122.93 132.54 144.71 131.37 103.70 56.88 21.98 75.76 38.39 - - - - - - - - - - - - 3.01 41.20 0.66 4.78 32.40 12.33 0.08 6.70 0.04 44.18 6.22 188.39 75.29 3.70 0.63 0.35 2.52 0.61 865.71 7,695.05 149.00 278.98 11,521.80 10,744.65 0.08 24,700.17 0.04 37,065.10 9,662.93 67,831.68 46,660.37 12,633.76 10,641.94 4,339.02 22,695.80 11,927.80 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3,503.59 - - 3,372.39 2,925.29-6,324.59-2,503.00 2,988.88 8,498.79-1,500.50 3,009.37 500.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,366.73 - - - - - 2,000.00 - - 2,201.06 - - - - 635.78 - - 2,962.91 1,988.51-5,761.96 - - - 10,022.49 2,548.26-930.80 - - - - - - - - - - - - - - - - - - - 80.56 - - 1,119.60-3,381.36 - - 17,537.22 - - 956.12 - - 835.30 3,119.13 99.42 99.49 4,663.89 4,211.97-10,915.90-27,815.11 6,288.99 46,567.86 26,502.62 10,522.77 4,110.97 2,852.42 22,667.73 11,797.31 - - - - - - - - - - - - - - - - - - - - - - - - 835.30 7,258.50 99.42 99.49 11,079.75 10,492.50-24,122.05-33,699.47 9,277.87 67,089.14 46,588.10 12,023.27 10,252.20 4,308.54 22,667.73 11,797.31 - - - 3,000.00 - - 27.24 27.71 39.81 18.66 26.31 29.30 0.08 22.89 0.04 18.95 14.93 20.21 22.97 14.24 14.87 27.12 28.07 29.95-199.97-139.98 269.96 109.99-49.99-124.97 274.94 74.98 24.99 584.86 279.93 - - 99.98 3.17 208.07 9.77 20.85 145.78 112.86-505.24-221.71 85.74 647.35 24.31 11.39 94.94 3.36-0.56-0.80 - - 9.46-865.71 7,695.06 149.00 278.98 11,521.80 10,744.65 0.08 24,700.17 0.04 37,065.10 9,662.93 67,831.68 46,660.37 12,633.76 10,641.94 4,339.02 22,695.80 11,927.80 15

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP 13M Series 4 15M Series 4 3M Series 29 12M Series 3 12M Series 5 3M Series 30 LIABILITIES 1 Unit Capital 18,511.97 24,959.47-20,854.66 3,908.67-30,404.13 28,182.94 2 Reserves & Surplus 2.1 Unit Premium Reserves (531.60) (94.87) (40.11) (184.98) (86.89) (29.90) - - 2.2 Unrealised Appreciation Reserve - 166.08 - - 8.06-4.63 0.02 2.3 Other Reserves 2,229.62 2,043.14 40.11 1,784.04 357.50 29.90 23.99 7.09 3 Loans & Borrowings - - 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits - - 4.2 Other Current Liabilities & Provisions 198.80 56.22 0.38 115.45 30.73 0.11 0.63 0.14 TOTAL : 20,408.79 27,130.04 0.38 22,569.17 4,218.07 0.11 30,433.38 28,190.19 ASSETS 1 Investments 1.1 Listed Securities: 1.1.1 Equity Shares - - 1.1.2 Preference Shares - - 1.1.3 Equity Linked Debentures - - 1.1.4 Other Debentures & Bonds - - 1.1.5 Securitised Debt Securities - - 1.2 Securities Awaited Listing: 1.2.1 Equity Shares - - 1.2.2 Preference Shares - - 1.2.3 Equity Linked Debentures - - 1.2.4 Other Debentures & Bonds 6,854.25 4,059.72-9,354.36 491.23-4,784.48 3,000.02 1.2.5 Securitised Debt Securities - - 1.3 Unlisted Securities 1.3.1 Equity Shares - - 1.3.2 Preference Shares - - 1.3.3 Equity Linked Debentures - - 1.3.4 Other Debentures & Bonds 2,077.00 887.42-2,461.83 - - 986.59-1.3.5 Securitised Debt Securities 2,702.67 4,737.67-7,065.45 1,384.15-6,055.23-1.4 Government Securities - - 1.5 Treasury Bills - - 1.6 Commercial Paper 583.11 - - 2,246.19 1,076.89-9,366.40-1.7 Certificate of Deposits 7,776.13 16,914.43 - - 980.13-7,612.89 16,467.09 1.8 Bill Rediscounting - - 1.9 Units of Domestic Mutual Fund - - 1.10 Foreign Securities (Mutual Funds) - - 1.11 Gold - - Total Investments 19,993.16 26,599.24-21,127.83 3,932.40-28,805.59 19,467.11 2 Deposits - - 3 Other Current Assets 3.1 Cash & Bank Balance 28.08 13.71 0.03 16.66 12.24 0.11 1,142.85 3,598.50 3.2 CBLO/Reverse Repo Lending 59.99 99.99-499.93 229.97-174.96 5,123.80 3.3 Others 327.56 417.11 0.35 924.75 43.46-309.98 0.78 4 Deferred Revenue Expenditure (to the extent not written off) - - TOTAL : 20,408.79 27,130.05 0.38 22,569.17 4,218.07 0.11 30,433.38 28,190.19 16

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP 15M Series 5 12M Series 6 12M Series 7 1M Series 1 3M Series 31 1M Series 2 3M Series 32 3M Series 33 12M Series 8 18,730.59 8,336.18 19,406.61 - - - - - 43,417.55 (247.39) (43.86) (82.62) (60.61) (11.20) (96.07) (103.42) (88.95) (228.91) - 10.43 6.75 - - - - - 107.35 1,411.19 541.29 936.74 60.61 11.20 96.07 103.42 88.95 2,189.89 - - - - - - 120.27 31.17 75.87 0.12 0.13 0.69 0.69 0.42 229.93 20,014.66 8,875.21 20,343.35 0.12 0.13 0.69 0.69 0.42 45,715.81 - - - - - - - - - - - - - - - - - - - - - - - - 4,044.67-1,610.76 - - - - - 11,228.05 - - - - - - - - - - - - 2,126.58-2,424.09 3,588.05 1,996.28 20,131.37 - - - - - - 97.80-969.24 - - - - - 6,697.12 9,904.34 6,597.08 17,723.34 - - - - - 3,650.20 - - - - - - - - - - - - 19,761.44 8,593.36 20,303.34 - - - - - 44,130.83 - - - 29.13 11.12 34.77 0.12 0.13 0.69 0.69 0.42 18.79 149.98 149.98 229.97 74.11 120.75 5.24 - - - - - 1,336.22 - - - 20,014.66 8,875.21 20,343.35 0.12 0.13 0.69 0.69 0.42 45,715.81 17

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) LIABILITIES Kotak FMP Kotak Quarterly Kotak FMP Kotak Monthly Kotak Quarterly Kotak FMP 1M Series 3 Interval Plan - 6M Series 7 Interval Plan Interval Plan - 12M Series 9 Series 8 Series 2 Series 7 1 Unit Capital - 337.72-614.41 282.94 19,149.11 2 Reserves & Surplus 2.1 Unit Premium Reserves (113.99) (136.20) (67.52) (21.11) (53.29) (16.62) 2.2 Unrealised Appreciation Reserve - 0.47 - - 0.17 29.70 2.3 Other Reserves 113.99 139.01 67.52 34.77 57.75 721.25 3 Loans & Borrowings 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits 4.2 Other Current Liabilities & Provisions 0.12 2.35 2.59 0.66 1.56 37.75 TOTAL : 0.12 343.35 2.59 628.73 289.13 19,921.19 ASSETS 1 Investments 1.1 Listed Securities: 1.1.1 Equity Shares 1.1.2 Preference Shares 1.1.3 Equity Linked Debentures 1.1.4 Other Debentures & Bonds 1.1.5 Securitised Debt Securities 1.2 Securities Awaited Listing: 1.2.1 Equity Shares 1.2.2 Preference Shares 1.2.3 Equity Linked Debentures 1.2.4 Other Debentures & Bonds 1.2.5 Securitised Debt Securities 1.3 Unlisted Securities 1.3.1 Equity Shares 1.3.2 Preference Shares 1.3.3 Equity Linked Debentures 1.3.4 Other Debentures & Bonds 1.3.5 Securitised Debt Securities 1.4 Government Securities 1.5 Treasury Bills 1.6 Commercial Paper 1.7 Certificate of Deposits - 338.20-517.58 218.73 19,889.43 1.8 Bill Rediscounting 1.9 Units of Domestic Mutual Fund 1.10 Foreign Securities (Mutual Funds) 1.11 Gold Total Investments - 338.20-517.58 218.73 19,889.43 2 Deposits 3 Other Current Assets 3.1 Cash & Bank Balance 0.12 3.02 2.59 10.78 19.09 31.76 3.2 CBLO/Reverse Repo Lending - - - 99.99 49.99-3.3 Others - 2.13-0.38 1.32-4 Deferred Revenue Expenditure (to the extent not written off) TOTAL : 0.12 343.35 2.59 628.73 289.13 19,921.19 18

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Monthly Kotak Quarterly Kotak Quarterly Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Interval Plan Interval Plan - Interval Plan - 19M Series 1 12M Series 10 12M Series 11 18M Series 1 13M Series 5 Series 3 Series 9 Series 10 74.66 1,599.81 775.31 3,051.90 112,741.37 33,220.80 2,527.62 32,340.00 (166.11) (157.61) (35.88) (1.65) (3.35) (0.22) - - - 1.38 0.47 26.66 634.45 166.61 4.72 14.46 166.70 187.17 51.69 84.97 4,369.41 1,236.04 8.29 49.03 - - - - 1.10 2.72 2.27 5.11 97.53 23.10 0.20 0.80 76.35 1,633.47 793.86 3,166.99 117,839.41 34,646.33 2,540.83 32,404.29 - - - - - - - - - - - - - - - 1,830.10 4,565.85 - - - - - - - - - - - - - - - - - - - 1,616.85 763.63 3,149.69 117,810.99 34,573.12-25,485.26 - - - - - - - - - 1,616.85 763.63 3,149.69 117,810.99 34,573.12 1,830.10 30,051.11 - - 15.40 16.14 29.78 17.30 28.42 23.22 18.58 24.93 59.99 - - - - 49.99 599.92 2,299.69 0.96 0.48 0.45 - - - 92.23 28.56 - - 76.35 1,633.47 793.86 3,166.99 117,839.41 34,646.33 2,540.83 32,404.29 19

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009. Kotak 30 Kotak Balance Kotak Technology Kotak MNC Kotak Global Kotak Kotak Midcap Unit Scheme Unit Scheme 99 Scheme Scheme India Scheme Opportunities Scheme 1 INCOME 1.1 Dividend 662.77 56.98 17.06 35.74 63.56 713.33 121.19 296.10 36.67 27.68 43.22 50.05 113.58 166.17 1.2 Interest 697.83 177.64 13.84 25.46 65.37 684.37 132.14 261.81 189.42 14.52 15.75 57.14 208.20 118.38 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions - - 1.4 Realised Gain / (Losses) on Interscheme sale of Investments (90.78) (74.49) # - (2.18) (150.06) (0.28) # # - - - - 41.18 1.5 Realised Gain / (Losses) on External sale / redemption of (27,111.89) (2,357.81) (1,021.83) (331.97) (2,097.71) (42,819.32) (8,614.19) Investments 17,683.85 2,775.25 740.83 864.65 3,039.25 5,767.73 7,090.63 1.6 Realised Gain / (Losses) on Derivative Transactions (110.75) (12.85) (12.23) 18.45 (41.51) 1,205.36 (521.74) 565.95 (28.27) 0.03 6.56 42.06 195.19 13.44 1.7 Other Income - 1.60 - - - - - 0.03 - - - 0.07 2.15 - TOTAL : (A) (25,952.83) (2,208.92) (1,003.16) (252.32) (2,012.48) (40,366.32) (8,882.88) 18,807.74 2,973.07 783.06 930.18 3,188.57 6,286.85 7,429.80 2 EXPENSES 2.1 Management Fees 568.29 80.68 22.67 30.14 72.17 607.67 136.43 404.14 109.70 45.46 50.84 134.32-270.00 2.2 Service tax on Management Fees 68.44 9.84 2.77 3.68 8.83 73.57 16.69 49.93 13.55 5.61 6.28 16.59-33.35 2.3 Transfer agents fees and expenses 120.14 8.41 2.36 2.92 7.22 136.30 14.96 104.74 12.55 5.85 5.57 15.21 67.00 35.74 2.4 Custodian Fees 9.71 1.04 0.33 0.39 0.97 11.08 2.00 9.82 1.52 0.71 0.81 2.08 6.20 4.73 2.5 Trusteeship Fees 36.09 3.62 1.02 1.36 3.28 39.29 6.40 29.58 4.93 2.04 2.28 6.32 18.78 13.79 2.6 Commission on Agents - - 2.7 Marketing & Distribution expenses 497.18 52.47 6.76 19.02 47.02 509.40 92.65 457.60 67.02 7.30 29.31 86.53 745.10 189.07 2.8 Audit Fees 1.43 1.43 1.43 1.43 1.43 1.43 1.43 1.87 1.86 1.86 1.86 1.86 1.87 1.87 2.9 Other operating expenses 109.30 3.92 3.47 1.34 3.39 131.69 8.47 125.86 8.28 13.00 4.73 8.61 76.77 27.71 2.10 Deferred Revenue Expenses Amortised - - - - 168.58 - - - - - - 203.03-112.29 1,410.58 161.40 40.81 60.28 312.89 1,510.43 279.02 1,183.54 219.41 81.83 101.68 474.55 915.72 688.55 Less : Expenses to be re-imbursed by the Investment Manager - (5.27) - - - - (153.86) - TOTAL : (B) 1,410.58 161.40 40.81 60.28 312.89 1,510.43 279.02 1,178.27 219.41 81.83 101.68 474.55 761.86 688.55 3 NET REALISED GAINS/ (LOSSES) FOR THE YEAR / (27,363.41) (2,370.33) (1,043.97) (312.60) (2,325.36) (41,876.75) (9,161.90) PERIOD (A-B=C) 17,629.47 2,753.66 701.23 828.50 2,714.02 5,524.99 6,741.25 4 Change in Net Unrealised Depreciation in Value of (1,276.80) 225.03 27.31 (416.40) (1,168.49) 3,430.87 1,680.55 Investments and Derivatives (D) (5,356.34) (543.12) (610.97) (0.80) - (10,783.75) (2,048.50) 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) (28,640.21) (2,145.30) (1,016.66) (729.00) (3,493.85) (38,445.88) (7,481.35) 12,273.13 2,210.54 90.26 827.70 2,714.02 (5,258.76) 4,692.75 6 Change in Unrealised Appreciation in value of investments (F) 83.98 8.50 - (101.91) (233.41) - 7.64 (1,894.43) (386.87) (912.40) (387.90) (1,708.47) (763.91) (1,500.96) 7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) (28,556.23) (2,136.80) (1,016.66) (830.91) (3,727.26) (38,445.88) (7,473.71) 10,378.70 1,823.67 (822.14) 439.80 1,005.55 (6,022.67) 3,191.79 7.1 Add : Balance transfer from Unrealised Appreciation Reserve - - - 101.91 233.41 - - 1,894.43 386.87 912.40 387.90 1,708.47 763.91 1,500.96 7.2 Less : Balance transfer to Unrealised Appreciation Reserve (83.98) (8.50) - - - - (7.64) - 7.3 Add / (Less) : Equalisation 22,294.84 370.75 0.93 (132.10) (801.33) 6,469.57 (724.64) 10,222.14 (1,105.84) (160.77) (1,039.23) (2,389.05) 25,233.90 (4,317.35) 7.4 Add : Balance Transferred from Unit Premium Reserve - - - - - - 2,806.76-7.5 Add / (Less) : Balance Transferred from Revenue Reserve 39,453.63 3,710.76 (15.81) 2,758.65 7,198.55 16,193.99 9,980.09 26,322.75 4,414.21 54.70 2,970.18 6,873.58 7,420.44 9,604.69 8 Total 33,108.27 1,936.21 (1,031.54) 1,897.55 2,903.37 (15,782.31) 1,774.10 48,818.02 5,518.91 (15.81) 2,758.65 7,198.55 30,202.34 9,980.09 9 Dividend Appropriation 9.1 Income Distributed during the year / period (1,461.35) (9,364.39) (1,808.15) - - - (14,008.35) - 9.2 Tax on Income Distributed during the year / period - - 10 Retained Surplus / (Deficit) carried forward to Balance Sheet 31,646.91 1,936.21 (1,031.54) 1,897.55 2,903.37 (15,782.31) 1,774.10 39,453.63 3,710.76 (15.81) 2,758.65 7,198.55 16,193.99 9,980.09 20

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009. (Contd.) Kotak Contra Kotak Tax Kotak Lifestyle Kotak Income Kotak Equity Kotak Flexi Kotak Equity Scheme Saver Scheme Fund Plus Scheme FOF Fund of Funds Arbitrage Fund 1 INCOME 1.1 Dividend 122.01 457.23 143.60 4.81 - - 310.93 119.58 168.32 187.20 5.00 - - 48.03 1.2 Interest 89.54 284.14 118.61 147.44 - - 966.12 56.93 116.90 134.19 225.23 0.20 0.52 682.63 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions - - 1.4 Realised Gain / (Losses) on Interscheme sale of Investments (4.39) (1.49) 0.12 (19.94) - - (225.84) 147.53 1.5 Realised Gain / (Losses) on External sale / redemption (3,304.43) (20,759.04) (6,636.79) (313.11) (1,746.39) (211.73) (14,201.90) of Investments 3,698.34 6,561.58 8,260.14 522.73 2,080.55 2,916.10 3,225.03 1.6 Realised Gain / (Losses) on Derivative Transactions 51.26-106.87 9.41 - - 13,448.28 22.24 50.54 143.33 (10.99) - - 1,595.26 1.7 Other Income - - TOTAL : (A) (3,046.01) (20,019.16) (6,267.59) (171.39) (1,746.39) (211.73) 297.59 3,897.09 6,897.34 8,724.86 741.97 2,080.75 2,916.62 5,698.48 2 EXPENSES 2.1 Management Fees 94.99 185.34 143.96 29.38 17.56 7.95 122.09 150.13-252.66 43.79 34.21 37.10 102.44 2.2 Service tax on Management Fees 11.60 22.87 17.58 3.59 2.15 0.98 15.07 18.54-31.19 5.40 4.23 4.58 12.66 2.3 Transfer agents fees and expenses 9.51 58.86 17.78 2.95 1.33 0.34 11.10 18.41 67.01 48.53 7.38 6.09 1.51 9.47 2.4 Custodian Fees 1.25 5.79 2.02 0.26 - - 3.50 2.36 6.22 5.32 0.57 - - 3.30 2.5 Trusteeship Fees 4.28 19.40 6.93 1.25 2.47 0.84 15.23 7.12 18.38 16.31 2.47 4.21 3.72 13.20 2.6 Commission on Agents - - 2.7 Marketing & Distribution expenses 61.50 445.13 89.41 11.79 6.67 0.01 128.85 86.29 581.04 246.46 25.90 0.15 0.27 107.94 2.8 Audit Fees 1.43 1.43 1.43 1.43 0.88 0.66 1.43 1.87 1.86 1.88 1.86 1.18 1.19 1.86 2.9 Other operating expenses 5.49 61.11 14.78 3.33 1.92 0.44 2.45 21.92 128.67 50.25 10.37 6.18 1.19 3.29 2.10 Deferred Revenue Expenses Amortised 55.04 71.03 716.18 34.64-0.12-181.09 110.17 779.24 51.75 20.08 13.82-245.09 870.95 1,010.08 88.63 32.98 11.35 299.72 487.73 913.35 1,431.84 149.49 76.33 63.38 254.16 Less : Expenses to be re-imbursed by the Investment Manager - - (46.34) - - - - - TOTAL : (B) 245.09 870.95 1,010.08 88.63 32.98 11.35 299.72 487.73 867.01 1,431.84 149.49 76.33 63.38 254.16 3 NET REALISED GAINS/ (LOSSES) FOR THE YEAR / (3,291.11) (20,890.11) (7,277.67) (260.02) (1,779.37) (223.08) (2.13) PERIOD (A-B=C) 3,409.36 6,030.33 7,293.02 592.48 2,004.42 2,853.24 5,444.32 4 Change in Net Unrealised Depreciation in Value of 519.72 495.22 324.74 39.57 - - 1,786.95 Investments and Derivatives (D) (689.57) (4,605.01) (2,025.99) (29.95) - - (3,347.60) 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) (2,771.39) (20,394.89) (6,952.93) (220.45) (1,779.37) (223.08) 1,784.82 2,719.79 1,425.32 5,267.03 562.53 2,004.42 2,853.24 2,096.72 6 Change in Unrealised Appreciation in value of investments (F) - - - 5.62 (122.20) (41.21) - (647.19) - (1,908.54) (138.52) (325.66) (437.29) (24.01) 7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) (2,771.39) (20,394.89) (6,952.93) (214.83) (1,901.57) (264.29) 1,784.82 2,072.60 1,425.32 3,358.49 424.01 1,678.76 2,415.95 2,072.71 7.1 Add : Balance transfer from Unrealised Appreciation Reserve - - - - 122.20 41.21-647.19-1,908.54 138.52 325.66 437.29 24.01 7.2 Less : Balance transfer to Unrealised Appreciation Reserve - - - (5.62) - - - - 7.3 Add / (Less) : Equalisation (316.22) (2,476.91) (100.97) (95.57) (510.78) - 39.65 (2,151.84) 4,845.89 (3,576.16) (1,068.59) (1,837.77) - 1,571.28 7.4 Add : Balance Transferred from Unit Premium Reserve - 507.16 7.5 Add / (Less) : Balance Transferred from Revenue Reserve 5,167.80 4,361.60 4,534.44 597.97 4,824.90 11,055.07 3,579.44 5,564.44 2,841.50 5,303.12 1,235.17 4,658.25 8,201.83 571.14 8 Total 2,080.20 (18,510.20) (2,519.47) 281.95 2,534.75 10,831.99 5,403.91 6,132.39 9,112.71 6,993.99 729.11 4,824.90 11,055.07 4,746.30 9 Dividend Appropriation 9.1 Income Distributed during the year / period - - - (37.34) - - (889.37) (964.60) (4,751.11) (2,459.55) (113.88) - - (1,162.93) 9.2 Tax on Income Distributed during the year / period - - - (5.82) - - - - - - (17.25) - - (3.94) 10 Retained Surplus / (Deficit) carried forward to Balance Sheet 2,080.20 (18,510.20) (2,519.47) 238.79 2,534.75 10,831.99 4,514.54 5,167.79 4,361.60 4,534.44 597.98 4,824.90 11,055.07 3,579.43 21

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009. (Contd.) Kotak Flexi Fund Kotak Twin Kotak Flexi Fund Kotak Twin Kotak Dynamic Kotak Wealth Kotak Emerging of Funds Series I Advantage of Funds Series II Advantage Asset Allocation Builder Series I Equity Scheme Series II Series III Scheme 1 INCOME 1.1 Dividend - - - - 32.03-170.27 - - - - 41.99-125.19 1.2 Interest 0.01 302.18 0.04 813.80 3,150.37 1,008.66 108.95 0.12 542.77 1.25 1,592.64 5,814.14 2,151.66 291.93 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions - - 1.4 Realised Gain / (Losses) on Interscheme sale of Investments - (6.45) - (66.56) (1,161.70) (136.37) (3.05) - (61.70) - (98.60) (93.30) (125.96) - 1.5 Realised Gain / (Losses) on External sale / redemption 25.44 (3.76) 176.27 (18.35) (815.15) 9.09 (10,516.56) of Investments 349.19 (3.56) 5,401.93 (79.72) 232.60 (73.10) 6,949.68 1.6 Realised Gain / (Losses) on Derivative Transactions - (232.66) - (338.50) (24,008.23) 105.76 (35.11) - 131.68-609.13 21,761.27 648.64 15.25 1.7 Other Income - - - - 0.11 - - - TOTAL : (A) 25.45 59.31 176.31 390.39 (22,802.57) 987.14 (10,275.50) 349.31 609.19 5,403.18 2,023.45 27,756.70 2,601.24 7,382.05 2 EXPENSES 2.1 Management Fees 2.70 41.90 28.26 68.82 394.64 45.04 154.11 8.10 71.83 106.80 130.92 789.05 131.12 279.20 2.2 Service tax on Management Fees 0.33 5.12 3.46 8.20 46.19 5.46 18.84 1.00 8.87 13.18 16.15 97.46 16.18 34.48 2.3 Transfer agents fees and expenses 0.13 0.85 1.12 2.29 8.77 2.79 15.87 0.39 1.59 4.26 4.95 17.65 5.88 33.14 2.4 Custodian Fees - 0.32-0.87 2.45 0.99 2.27-0.68-2.05 5.88 2.33 4.56 2.5 Trusteeship Fees 0.34 1.95 2.78 5.22 21.89 6.41 7.61 0.90 3.76 10.53 11.46 43.93 14.03 15.17 2.6 Commission on Agents - - 2.7 Marketing & Distribution expenses 0.01-0.01 47.34 98.73 58.10 112.36 - - 0.01 100.39 41.28 111.10 228.65 2.8 Audit Fees 0.66 0.66 0.66 0.66 0.66 0.66 1.43 0.79 0.90 0.80 0.91 0.91 0.90 1.85 2.9 Other operating expenses 0.27 0.54 0.52 1.15 1.92 1.21 4.64 0.92 1.11 1.77 2.86 2.78 2.71 10.68 2.10 Deferred Revenue Expenses Amortised 2.00 27.41 60.50 86.60 493.73 137.36 345.46 5.41 54.78 218.62 204.59 795.07 339.60 437.06 6.44 78.75 97.31 221.15 1,068.98 258.01 662.58 17.51 143.52 355.97 474.28 1,794.01 623.85 1,044.78 Less : Expenses to be re-imbursed by the Investment Manager - - - (10.44) - - - (0.12) TOTAL : (B) 6.44 78.75 97.31 210.71 1,068.98 258.01 662.58 17.39 143.52 355.97 474.28 1,794.01 623.85 1,044.78 3 NET REALISED GAINS/ (LOSSES) FOR THE YEAR / 19.01 (19.44) 79.00 179.68 (23,871.55) 729.13 (10,938.08) PERIOD (A-B=C) 331.92 465.67 5,047.21 1,549.17 25,962.69 1,977.39 6,337.26 4 Change in Net Unrealised Depreciation in Value of Investments and Derivatives (D) - 34.82-106.65 720.98 143.51 1,624.90-113.54-232.93 14.16 107.07 (2,938.82) 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 19.01 15.38 79.00 286.33 (23,150.57) 872.64 (9,313.18) 331.92 579.21 5,047.21 1,782.10 25,976.85 2,084.46 3,398.44 6 Change in Unrealised Appreciation in value of investments (F) 25.63-252.23-1,401.53 18.44 10.32 (78.47) - (366.96) - - 2.19-7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) 44.64 15.38 331.23 286.33 (21,749.04) 891.08 (9,302.86) 253.45 579.21 4,680.25 1,782.10 25,976.85 2,086.65 3,398.44 7.1 Add : Balance transfer from Unrealised Appreciation Reserve - 78.47-366.96 - - - - 7.2 Less : Balance transfer to Unrealised Appreciation Reserve (25.63) - (252.23) - (1,401.53) (18.44) (10.32) - - - - 451.69 2.19-7.3 Add / (Less) : Equalisation - (700.83) 7.4 Add : Balance Transferred from Unit Premium Reserve - - 7.5 Add / (Less) : Balance Transferred from Revenue Reserve (1,581.32) 839.73 5,291.13 1,855.76 19,651.48 1,946.96 2,721.62 (1,913.24) 260.53 2,001.28 73.65 (5,873.67) (137.51) 24.01 8 Total (1,562.31) 855.11 5,370.13 2,142.09 (3,499.09) 2,819.60 (6,591.56) (1,581.32) 839.74 7,048.49 1,855.75 19,651.49 1,946.95 2,721.62 9 Dividend Appropriation 9.1 Income Distributed during the year / period - - - (1,757.36) - - - - 9.2 Tax on Income Distributed during the year / period - - 10 Retained Surplus / (Deficit) carried forward to Balance Sheet (1,562.31) 855.11 5,370.13 2,142.09 (3,499.09) 2,819.60 (6,591.56) (1,581.32) 839.74 5,291.13 1,855.75 19,651.49 1,946.95 2,721.62 22

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) 1 INCOME Kotak Kotak Global Kotak Kotak Kotak Indo Kotak Gold ETF Emerging Blended PSU World Infras- Sensex Market Fund FOF Bank ETF tructure Fund ETF 1.1 Dividend - - - 97.62 360.54 21.65 - - - 5.26 44.22 1.2 Interest - 27.04 5.22-533.16 - - 147.41 75.35 0.26 379.08 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions - (1,004.40) - - - - - 3.96 - - 3.78 1.4 Realised Gain / (Losses) on Interscheme sale of Investments - (2.92) - - (0.02) # - - - - (0.01) 1.5 Realised Gain / (Losses) on External sale / redemption of Investments 440.59-725.91 (1,038.49) (36,481.04) (415.12) 665.28 182.08 (1,242.39) 16.14 (3,927.15) 1.6 Realised Gain / (Losses) on Derivative Transactions - - - - 1,436.28 - - - - - 34.10 1.7 Other Income - - - - - TOTAL : (A) 440.59 (980.28) 731.13 (940.87) (34,151.07) (393.47) 665.28 333.45 (1,167.04) 21.66 (3,465.98) 2 EXPENSES 2.1 Management Fees 0.03 31.67 69.58 16.90 473.47 1.45 8.43 51.87 36.37 12.49 201.51 2.2 Service tax on Management Fees # 3.91 8.49 2.07 57.86 0.18 1.04 6.41 4.50 1.54 24.91 2.3 Transfer agents fees and expenses 1.87 6.89 2.74 0.78 27.91 0.46 1.25 6.34 1.31 0.57 7.99 2.4 Custodian Fees 23.55 - # 0.43 7.09 0.21 15.80 - - 0.29 3.28 2.5 Trusteeship Fees 2.64 16.96 6.82 1.95 27.62 0.61 1.69 15.54 3.27 1.43 7.74 2.6 Commission on Agents - - - - - 2.7 Marketing & Distribution expenses 26.77 152.22 - - 346.94 2.33 1.29 136.51 - - 99.65 2.8 Audit Fees 0.17 0.66 0.22 0.11 0.55 0.11 0.17 0.90 0.22 0.11 0.67 2.9 Other operating expenses 0.42 4.80 0.60 0.32 11.67 0.08 0.35 0.70 0.11 0.06 0.37 2.10 Deferred Revenue Expenses Amortised - 634.90 168.15-1,857.86 - - 430.14 79.77-351.85 55.46 852.01 256.59 22.57 2,810.97 5.43 30.02 648.42 125.55 16.50 697.98 Less : Expenses to be re-imbursed by the Investment Manager (8.39) - - - - - - (2.01) - - - TOTAL : (B) 47.07 852.01 256.59 22.57 2,810.97 5.43 30.02 646.41 125.55 16.50 697.98 3 NET REALISED GAINS/ (LOSSES) FOR THE YEAR / PERIOD (A-B=C) 393.52 (1,832.29) 474.54 (963.44) (36,962.05) (398.90) 635.26 (312.96) (1,292.59) 5.16 (4,163.96) 4 Change in Unrealised Depreciation in Value of Investments and Derivatives (D) - (13,408.36) - (466.37) 8,578.57 (376.06) - - - (1,785.29) (23,699.48) 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 393.52 (15,240.65) 474.54 (1,429.81) (28,383.48) (774.96) 635.26 (312.96) (1,292.59) (1,780.13) (27,863.44) 6 Change in Unrealised Appreciation in value of investments (F) 822.45 (118.44) 310.65 - (44.00) - 790.43 118.44 140.86-44.00 7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) 1,215.97 (15,359.09) 785.19 (1,429.81) (28,427.48) (774.96) 1,425.69 (194.52) (1,151.73) (1,780.13) (27,819.44) 7.1 Add : Balance transfer from Unrealised Appreciation Reserve - 118.44 - - 44.00 - - - - - - 7.2 Less : Balance transfer to Unrealised Appreciation Reserve (822.45) - (310.65) - - - 790.43 118.44 140.86-44.00 7.3 Add / (Less) : Equalisation 77.79 - - - - 369.15 (195.61) - - - - 7.4 Add : Balance Transferred from Unit Premium Reserve - - - - - 7.5 Add / (Less) : Balance Transferred from Revenue Reserve 439.65 (312.96) (1,292.59) (1,780.13) (27,863.42) - - - - - - 8 Total 910.96 (15,553.61) (818.05) (3,209.94) (56,246.90) (405.81) 439.65 (312.96) (1,292.59) (1,780.13) (27,863.44) 9 Dividend Appropriation 9.1 Income Distributed during the year / period (78678) - - - - - 9.2 Tax on Income Distributed during the year / period - - - - - 10 Retained Surplus / (Deficit) carried forward to Balance Sheet 910.96 (15,553.61) (818.05) (3,209.94) (56,246.90) (405.81) 439.65 (312.96) (1,292.59) (1,780.13) (27,863.44) 23

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak Mahindra Bond Unit Scheme Kotak Mahindra Gilt Unit Scheme 98 Kotak Bond Kotak Total Kotak Gilt Kotak Gilt Total Kotak Mahindra Kotak Floater Kotak Floater Regular & Bond Short Savings Investment Liquid Scheme Short Term Long Term Deposit Plan Term Plan Scheme Scheme - - - - - - 1,780.12 1,209.58 2,989.70 1,646.61 496.73 2,143.34 25,548.45 2,121.65 5,326.01 498.99 2,731.35 3,230.34 81.66 181.81 263.47 42,842.99 2,410.89 588.43 - - - - - - 30.50 (88.69) (58.19) 2.97 11.22 14.19 55.80 2.29 38.21 (23.01) (7.98) (30.99) 3.10 2.12 5.22 32.72 (0.94) 12.25 (1,951.60) 43.73 (1,907.87) 117.20 (401.14) (283.94) 642.72 41.26 333.36 (154.78) 213.03 58.25 8.95 89.01 97.96 344.52 46.91 45.76 - - - - - - - - - 0.55-0.55-0.51 0.51-0.57 - (140.98) 1,164.62 1,023.64 1,766.78 106.81 1,873.59 26,246.97 2,165.20 5,697.58 321.75 2,936.40 3,258.15 93.71 273.45 367.16 43,220.22 2,457.43 646.44 164.64 69.41 234.05 277.34 66.07 343.41 839.37 44.97 223.22 22.10 79.61 101.71 6.92 23.12 30.04 1,303.36 31.60 23.00 18.01 8.23 26.24 34.13 7.75 41.88 51.60 5.34 25.26 2.73 9.84 12.57 0.85 2.85 3.70 161.05 3.91 2.84 19.62 6.15 25.77 16.24 6.32 22.56 127.92 12.44 60.07 5.76 12.79 18.55 0.72 2.45 3.17 226.09 13.78 6.59 0.89 1.19 2.08 - - - 29.09 3.01 6.01 0.29 3.29 3.58 - - - 51.39 3.27 0.68 9.60 7.35 16.95 14.47 3.24 17.71 147.53 12.46 25.86 3.06 16.07 19.13 0.69 1.38 2.07 273.66 14.64 3.47 - - - - - - 286.94 25.34 312.28 76.38 53.69 130.07 189.77 34.60 101.70 40.53 64.52 105.05 3.20 8.31 11.51 330.04 37.62 7.28 2.87 1.43 4.30 0.55 3.09 3.64 3.75 1.65 1.65 3.71 1.86 5.57 0.73 3.99 4.72 4.02 1.87 1.86 8.15 2.23 10.38 7.90 1.55 9.45 90.74 4.47 4.62 3.59 4.92 8.51 0.66 1.25 1.91 77.80 9.57 2.43 - - - - - - 510.72 121.33 632.05 427.01 141.71 568.72 1,479.77 118.94 448.39 81.77 192.90 274.67 13.77 43.35 57.12 2,427.41 116.26 48.15 (78.05) # (78.05) (7.09) - (7.09) 432.67 121.33 554.00 427.01 141.71 568.72 1,479.77 118.94 448.39 74.68 192.90 267.58 13.77 43.35 57.12 2,427.41 116.26 48.15 (573.65) 1,043.29 469.64 1,339.77 (34.90) 1,304.87 24,767.21 2,046.26 5,249.19 247.07 2,743.50 2,990.57 79.94 230.10 310.04 40,792.82 2,341.17 598.29 (398.98) 81.77 (317.21) - (207.01) (207.01) (3.90) - - (153.67) (29.63) (183.30) - (55.16) (48.70) - - - (972.63) 1,125.06 152.43 1,339.77 (241.91) 1,097.86 24,763.31 2,046.26 5,249.19 93.40 2,713.87 2,807.27 79.94 174.94 261.34 40,792.82 2,341.17 598.29 89.89 67.16 157.05 3.47-3.47 163.87 7.55 364.75 - - - 9.83 - - 128.00 5.94 6.55 (882.74) 1,192.22 309.48 1,343.24 (241.91) 1,101.33 24,927.18 2,053.81 5,613.94 93.40 2,713.87 2,807.27 89.77 174.94 261.34 40,920.82 2,347.11 604.84 - - - - 1.45 - (89.89) (67.16) (157.05) (3.47) - (3.47) (163.87) (7.55) (364.75) - - - 3.37 - - 26.00-0.18 15,775.30 (871.74) 14,903.56 1,283.77 4,820.58 6,104.35 (3,339.51) 11,088.49 42,419.28 2,122.55 1,747.77 3,870.32 (0.76) (64.11) (64.87) (9,302.28) 67.47 (120.40) - 186.58 186.58-46.69 46.69 4,572.48 3,355.22 7,927.70 682.97 1,758.23 2,441.20 71,092.48 2,230.20 382.29 2,651.84 835.97 3,487.81 619.48 1,653.70 2,273.18 60,383.48 954.20 289.28 19,375.15 3,795.12 23,170.27 3,306.51 6,336.90 9,643.41 92,516.27 15,364.95 48,050.76 4,867.79 5,344.30 10,212.09 705.12 1,764.53 2,469.65 91,976.02 3,370.23 773.54 (1,408.26) (628.44) (2,036.70) (92.27) (552.30) (644.57) (5,455.75) (746.89) (3,055.68) (244.25) (1,635.00) (1,879.25) (18.11) (5.14) (23.25) (16,275.70) (888.39) (327.77) (261.87) (125.79) (387.66) (13.74) (105.02) (118.76) (1,545.34) (211.57) (665.96) (51.06) (354.08) (405.14) (4.04) (1.16) (5.20) (4,607.84) (251.64) (63.48) 17,705.02 3,040.89 20,745.91 3,200.50 5,679.58 8,880.08 85,515.18 14,406.49 44,329.12 4,572.48 3,355.22 7,927.70 682.97 1,758.23 2,441.20 71,092.48 2,230.20 382.29 24

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak Flexi Kotak FMP 16M Kotak FMP 15M Kotak FMP 14M Kotak FMP 13M Kotak FMP 14M Debt Scheme Series 1 Series 2 Series 1 Series 1 Series 2 1 INCOME 1.1 Dividend 1.2 Interest 30,387.84 54.82 51.83 9.14 132.77 349.55 37,049.53 720.62 650.13 192.57 4,182.22 3,161.48 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions 1.4 Realised Gain / (Losses) on Interscheme sale of Investments 245.39 3.93 0.14 0.78 35.39 37.72 (62.65) - # - 16.87 (2.87) 1.5 Realised Gain / (Losses) on External sale / redemption of Investments 351.94 (5.48) 4.40 (2.97) 6.88 57.94 740.10 2.12 1.81 8.53 159.33 5.63 1.6 Realised Gain / (Losses) on Derivative Transactions 1.7 Other Income 0.75 0.99 11.25 5.50 22.10 5.82 TOTAL : (A) 30,985.92 54.26 67.61 12.44 197.14 451.03 37,726.99 722.74 651.94 201.10 4,358.42 3,164.24 2 EXPENSES 2.1 Management Fees 1,366.35 0.52 0.49 0.12 5.90 3.33 386.19 8.32 7.54 3.37 82.48 26.42 2.2 Service tax on Management Fees 163.72 0.06 0.06 0.01 0.73 0.41 47.73 1.03 0.93 0.43 10.19 3.26 2.3 Transfer agents fees and expenses 138.62 0.07 0.07 0.01 0.14 0.41 199.96 1.32 1.18 0.36 6.80 5.00 2.4 Custodian Fees 34.18 0.06 0.07 0.01 0.13 0.40 45.74 0.92 0.82 0.23 4.68 3.44 2.5 Trusteeship Fees 181.80 0.37 0.36 0.06 0.74 2.10 223.36 4.18 3.74 1.13 21.44 15.81 2.6 Commission on Agents 2.7 Marketing & Distribution expenses 362.27 - - - - - 505.24 - - - - - 2.8 Audit Fees 1.76 0.03 0.03 0.03 0.03 0.03 1.88 0.03 0.03 0.03 0.03 0.03 2.9 Other operating expenses 28.07-0.45 0.14 0.87 3.18 47.72 0.93 5.90 3.44 46.45 2.68 2.10 Deferred Revenue Expenses Amortised - 0.22 0.22 0.11 0.21 0.23 - - - - - 28.63 2,276.77 1.33 1.75 0.50 8.76 10.09 1,457.82 16.73 20.15 8.99 172.07 85.26 Less : Expenses to be re-imbursed by the Investment Manager - - - - - (4.32) - - - (0.01) - - TOTAL : (B) 2,276.77 1.33 1.75 0.50 8.76 5.77 1,457.82 16.73 20.15 8.98 172.07 85.26 3 NET REALISED GAINS/ (LOSSES) FOR THE YEAR / PERIOD (A-B=C) 28,709.15 52.92 65.87 11.95 188.38 445.26 36,269.17 706.01 631.79 192.12 4,186.35 3,078.98 4 Change in Unrealised Depreciation in Value of Investments and Derivatives (D) (187.70) - - - - - 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 28,521.45 52.92 65.87 11.95 188.38 445.26 36,269.17 706.01 631.79 192.12 4,186.35 3,078.98 6 Change in Unrealised Appreciation in value of investments (F) 663.45 (1.55) (12.27) (5.14) (57.34) (62.34) 101.52 76.64 44.89 10.39 57.34 62.34 7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) 29,184.90 51.37 53.60 6.81 131.04 382.92 36,370.69 782.65 676.68 202.51 4,243.69 3,141.32 7.1 Add : Balance transfer from Unrealised Appreciation Reserve - 1.55 12.27 5.14 57.34 62.34 7.2 Less : Balance transfer to Unrealised Appreciation Reserve (663.45) - - - - - 63.89 1.55 12.27 5.14 57.34 62.34 7.3 Add / (Less) : Equalisation (9,625.79) - - - - - (611.62) - - - - - 7.4 Add : Balance Transferred from Unit Premium Reserve 7.5 Add / (Less) : Balance Transferred from Revenue Reserve 7,324.56 850.66 726.76 208.90 4,319.83 3,137.64 785.50 87.66 63.74 13.74 173.09 80.05 8 Total 26,220.22 903.58 792.63 220.85 4,508.21 3,582.90 36,480.68 868.76 728.15 211.11 4,359.44 3,159.03 9 Dividend Appropriation 9.1 Income Distributed during the year / period (18,348.19) (1.11) (0.14) (0.22) (2.21) (3.31) (28,522.93) (14.85) (1.22) (1.94) (34.69) (18.74) 9.2 Tax on Income Distributed during the year / period (3,793.88) (0.24) (0.02) (0.03) (0.44) (0.47) (633.19) (3.25) (0.17) (0.27) (4.92) (2.65) 10 Retained Surplus / (Deficit) carried forward to Balance Sheet 4,078.15 902.23 792.47 220.60 4,505.56 3,579.12 7,324.56 850.66 726.76 208.90 4,319.83 3,137.64 25

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak FMP 13M Kotak FMP 15M Kotak FMP 12M Kotak FMP 12M Kotak Quarterly Kotak Quarterly Kotak FMP 12M Kotak Quarterly Kotak FMP 17M Series 2 Series 3 Series 1 Series 2 Interval Plan - Interval Plan - Series 4 Interval Plan - Series 1 Series I Series 2 Series 3 - - - - - - 265.27 404.61 309.36 661.14 730.36 1,672.54 844.67 3,901.03 493.12 3,494.48 919.49 1,055.85 640.16 1,077.87 559.30 520.78 1,482.73 194.41 - - - - - - 36.38 10.49 1.51 (13.12) (27.72) 54.61 7.34 216.46 (59.51) 4.95 1.26 - - (#) - - - - 54.46 61.97 20.63 26.16 70.80 198.87 5.16 169.89 (48.38) 49.37 7.67 29.67 6.92 7.19 17.23 0.30 1.00 (0.01) - - - - - - 16.66 2.12 10.87 0.58 33.79 46.17 0.32 33.15 - - - - - 36.48 0.64 - - - 372.77 479.19 342.37 674.76 807.22 1,972.19 857.49 4,320.53 385.23 3,548.80 928.41 1,085.52 647.08 1,121.54 577.17 521.08 1,483.73 194.40 1.42 4.51 1.59 3.01 - - 3.08-9.74 15.87 9.92 5.94 3.05 - - 1.45-3.07 0.18 0.56 0.20 0.37 - - 0.38-1.20 1.96 1.22 0.73 0.37 - - 0.17-0.38 0.31 0.50 0.40 0.83 0.93 2.26 1.07 4.99 0.63 5.47 1.45 1.59 0.81 1.48 0.76 0.66 1.90 0.25 0.29 0.46 0.38 0.80 0.71 1.80 0.96 4.25 0.55 3.77 1.04 1.26 0.80 1.46 0.73 0.65 1.95 0.23 1.57 2.52 2.00 4.16 4.33 10.56 5.39 24.19 2.99 17.26 4.85 5.76 3.61 6.55 3.35 2.93 8.47 1.13 - - - - - - - 0.28 - - 3.59 8.74-20.97 - - # - - 6.16 3.34-7.42-0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 2.81 5.91 4.01 6.62 - - 9.80-4.96 2.95 0.82 0.94 0.58 1.44 0.62 0.47 1.42 0.19 0.25 0.56 0.31 0.26 1.43 1.69 0.45 2.48 0.16 36.54 14.33 13.69 9.29 - - 6.29-2.08 6.86 15.05 8.91 16.08 11.02 25.08 21.16 56.91 20.25 83.84 33.66 29.95 18.55 17.11 8.83 12.65 21.19 7.36 # (0.28) (0.02) - (4.22) (4.73) (0.08) (23.93) - (26.09) - - - (9.83) (6.12) - (7.55) - 6.86 14.76 8.90 16.08 6.80 20.35 21.07 32.98 20.25 57.75 33.66 29.95 18.55 7.28 2.71 12.65 13.64 7.36 365.91 464.42 333.48 658.68 800.43 1,951.84 836.41 4,287.56 364.98 3,491.05 894.76 1,055.57 628.53 1,114.26 574.46 508.43 1,470.09 187.04 11.28 18.93 13.71 - - - (0.17) - - (11.28) - (13.71) 365.91 464.42 333.48 658.68 800.43 1,951.84 847.69 4,306.49 378.69 3,491.05 894.76 1,055.57 628.36 1,114.26 574.46 497.15 1,470.09 173.33 (58.10) (63.83) (1.03) - - - - (18.93) 11.43 58.10 - - 307.81 400.59 332.45 658.68 800.43 1,951.84 847.69 4,287.56 390.12 3,549.15 894.76 1,055.57 628.36 1,114.26 574.46 497.15 1,470.09 173.33 58.10 63.83 1.02 - - - - 18.93 - - - - - - 11.43 58.10 - - - - - - (95.84) 107.49 - (328.96) - - - - - - - - - 3,456.75 866.88 975.58 600.05 70.23 50.08 479.41 153.44 170.06 20.37 - - 3,822.66 1,331.30 1,309.05 1,258.73 774.82 2,109.41 1,327.10 4,130.97 548.75 3,511.42 894.76 1,055.57 628.36 1,114.26 574.46 497.15 1,470.09 173.33 (4.98) (12.34) (23.40) (23.15) (599.19) (1,409.92) (28.46) (3,304.05) (6.19) (44.63) (24.42) (65.70) (24.10) (853.74) (429.87) (14.61) (1,074.50) (2.74) (1.12) (1.75) (5.10) (3.86) (128.22) (302.48) (6.11) (733.56) (1.21) (10.04) (3.46) (14.29) (4.21) (190.29) (94.51) (3.13) (242.15) (0.54) 3,816.56 1,317.21 1,280.55 1,231.72 47.41 397.01 1,292.53 93.35 541.35 3,456.75 866.88 975.58 600.05 70.23 50.08 479.41 153.44 170.05 26

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak Quarterly Kotak FMP 16M Kotak Quarterly Kotak Quarterly Kotak FMP 14M Kotak FMP 14M Interval Plan - Series 2 Interval Plan - Interval Plan - Series 3 Series 4 Series 4 Series 5 Series 6 1 INCOME 1.1 Dividend 1.2 Interest 3,622.15 780.63 1,635.75 3,012.06 1,012.27 945.60 1,513.28 166.99 1,105.52 509.25 115.88 57.06 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions 1.4 Realised Gain / (Losses) on Interscheme sale of Investments 0.94 (10.10) 35.92 52.50 (13.84) (100.04) (#) - (#) - 1.85-1.5 Realised Gain / (Losses) on External sale / redemption of Investments 187.64 (42.93) 152.21 106.90 (30.50) (22.13) 40.28 (0.14) 2.29 1.25 - - 1.6 Realised Gain / (Losses) on Derivative Transactions 1.7 Other Income 72.45-0.63 22.60 - - 2.62 - - - - - TOTAL : (A) 3,883.18 727.60 1,824.51 3,194.06 967.93 823.43 1,556.18 166.85 1,107.81 510.50 117.73 57.06 2 EXPENSES 2.1 Management Fees - 16.25 - - 5.24 2.50-2.55 - - 0.81 0.11 2.2 Service tax on Management Fees - 2.01 - - 0.65 0.31-0.31 - - 0.09 0.01 2.3 Transfer agents fees and expenses 4.52 1.00 2.15 3.83 1.37 1.20 1.97 0.22 1.47 0.67 0.15 0.07 2.4 Custodian Fees 4.13 0.84 2.06 3.39 1.15 0.98 2.17 0.21 1.43 0.44 0.14 0.06 2.5 Trusteeship Fees 22.07 4.68 10.67 18.87 6.34 5.51 8.72 0.97 6.45 2.98 0.67 0.30 2.6 Commission on Agents 2.7 Marketing & Distribution expenses 18.82-8.77 16.88 - - 7.80-5.86 2.79 - - 2.8 Audit Fees 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 2.9 Other operating expenses - 7.51 - - - - 1.38 0.15 1.02 0.46 0.11 0.06 2.10 Deferred Revenue Expenses Amortised 2.05 0.23 1.28 2.00 0.31 0.28-1.69 - - - - 51.62 32.55 24.96 45.00 15.10 10.81 22.07 6.14 16.25 7.38 2.00 0.64 Less : Expenses to be re-imbursed by the Investment Manager (25.69) - (9.58) (20.66) (1.85) (7.42) (22.07) - (16.24) (4.40) - (0.46) TOTAL : (B) 25.93 32.55 15.38 24.34 13.25 3.39-6.14 0.01 2.98 2.00 0.18 3 NET REALISED GAINS/ (LOSSES) FOR THE YEAR / PERIOD (A-B=C) 3,857.24 695.05 1,809.13 3,169.72 954.69 820.04 1,556.18 160.71 1,107.80 507.53 115.74 56.88 4 Change in Unrealised Depreciation in Value of Investments and Derivatives (D) - 4.92 - - - - - (4.92) - - - - 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 3,857.24 699.97 1,809.13 3,169.72 954.69 820.04 1,556.18 155.79 1,107.80 507.53 115.74 56.88 6 Change in Unrealised Appreciation in value of investments (F) - 8.74 0.08 0.28 16.40 26.51 - - - - 0.49 14.27 7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) 3,857.24 708.71 1,809.21 3,170.00 971.09 846.55 1,556.18 155.79 1,107.80 507.53 116.23 71.15 7.1 Add : Balance transfer from Unrealised Appreciation Reserve 7.2 Less : Balance transfer to Unrealised Appreciation Reserve - 8.74 0.08 0.28 16.40 26.51 - - - - 0.49 14.27 7.3 Add / (Less) : Equalisation (241.08) - (403.89) (398.96) - - 7.4 Add : Balance Transferred from Unit Premium Reserve - - - - - 7.5 Add / (Less) : Balance Transferred from Revenue Reserve 122.93 132.54 144.71 131.37 103.70 56.88 8 Total 3,739.09 832.51 1,549.95 2,902.13 1,058.39 876.92 1,556.18 155.79 1,107.80 507.53 115.74 56.88 9 Dividend Appropriation 9.1 Income Distributed during the year / period (3,029.19) (105.12) (1,260.02) (2,367.86) (103.47) (9.55) (1,171.37) (18.97) (785.35) (306.90) (9.94) - 9.2 Tax on Income Distributed during the year / period (671.10) (23.73) (280.94) (526.12) (21.92) (1.91) (261.88) (4.28) (177.74) (69.26) (2.10) - 10 Retained Surplus / (Deficit) carried forward to Balance Sheet 38.81 703.66 8.99 8.15 933.00 865.46 122.93 132.54 144.71 131.37 103.70 56.88 27

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak FMP 3M Kotak FMP 13M Kotak FMP 3M Kotak FMP 13M Kotak FMP 15M Kotak FMP 3M Kotak FMP 12M Kotak FMP 12M Kotak FMP 3M Series 27 Series 3 Series 28 Series 4 Series 4 Series 29 Series 3 Series 5 Series 30 - - - - - - - - 79.48 2,069.56 223.49 2,645.88 2,538.67 184.49 2,135.45 404.95 192.33 21.97 78.03 38.44 24.61 7.19 - - - - - - - - # 197.91 (2.28) (206.79) (137.18) (2.39) (34.78) # # - - - - - 8.39 (56.06) 34.94 (34.18) (100.62) (2.21) (199.51) (28.05) 9.69-0.22 - - - - - - - - - - - - - 5.06 - - - - - 0.10 - - - - - 87.87 2,211.42 261.21 2,404.91 2,300.88 179.89 1,901.16 376.90 202.12 21.97 78.25 38.44 24.61 7.19-13.36-33.07 27.53-42.73 9.68 - - 1.74-0.30 # - 1.65-4.10 3.40-5.28 1.20 - - 0.22-0.04 # 0.09 2.63 0.28 2.98 3.09 0.24 2.62 0.54 0.26 0.03 0.08 0.05 0.04 0.01 0.09 2.22 0.27 2.60 2.62 0.21 2.20 0.45 0.25 0.02-0.05 0.02 0.01 0.47 12.03 1.42 13.94 14.24 1.19 12.07 2.53 1.31 0.12 0.37 0.23 0.17 0.04 - - - - - - - - 0.41 # 1.19 # # 0.96 # # 1.14 0.12-0.22 - - 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.22 0.61 0.21 0.74 0.70 0.22 0.60 0.10 0.23 0.01 0.04 0.04 0.03 0.02 - - - - - - - - 1.31 32.53 3.40 57.46 51.60 2.85 65.53 14.54 3.21 0.34 2.49 0.62 0.62 0.10 (1.31) - (3.14) - # (1.78) - - (0.86) (0.34) - (0.56) - # - 32.53 0.25 57.46 51.60 1.07 65.53 14.54 2.35-2.49 0.05 0.62 0.10 87.87 2,178.89 260.96 2,347.45 2,249.27 178.82 1,835.63 362.36 199.78 21.97 75.76 38.39 23.99 7.09 - - - (97.06) - - (24.93) - - - - - - - 87.87 2,178.89 260.96 2,250.39 2,249.27 178.82 1,810.70 362.36 199.78 21.97 75.76 38.39 23.99 7.09-105.61 - (4.63) 166.06 - - 8.06 - - - - 4.63 0.02 87.87 2,284.50 260.96 2,245.76 2,415.33 178.82 1,810.70 370.42 199.78 21.97 75.76 38.39 28.62 7.11 - - - 4.63 - - - - - - - - - - - 105.61 - - 166.06 - - 8.06 - - - - 4.63 0.02 - - - - - - - - - - - - - - - - 21.98 75.76 38.39 23.99 7.09 - - - - - - - - - 109.85 2,254.65 299.35 2,274.38 2,256.36 178.82 1,810.70 362.36 199.78 21.97 75.76 38.39 23.99 7.09 (89.96) (1.62) (221.68) (39.09) (174.48) (114.15) (22.35) (4.21) (139.55) - - - - - (18.90) (0.28) (47.00) (5.69) (38.75) (24.56) (4.33) (0.65) (30.35) - - - - - 0.99 2,252.75 30.67 2,229.61 2,043.14 40.11 1,784.02 357.50 29.88 21.97 75.76 38.39 23.99 7.09 28

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) 1 INCOME Kotak FMP 15M Kotak FMP 12M Kotak FMP 12M Kotak FMP 1M Kotak FMP 3M Kotak FMP 1M Series 5 Series 6 Series 7 Series 1 Series 31 Series 2 1.1 Dividend 1.2 Interest 1,935.84 703.58 1,413.69 268.63 318.41 247.56 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions 1.4 Realised Gain / (Losses) on Interscheme sale of Investments (210.84) (35.62) (70.21) - - (0.65) 1.5 Realised Gain / (Losses) on External sale / redemption of Investments (63.94) (106.80) (79.65) 22.84 33.12 28.57 1.6 Realised Gain / (Losses) on Derivative Transactions 1.7 Other Income - - - 0.10 0.03 - TOTAL : (A) 1,661.05 561.16 1,263.83 291.57 351.56 275.48 2 EXPENSES 2.1 Management Fees 66.19 10.70 65.58-0.65-2.2 Service tax on Management Fees 8.18 1.32 8.11-0.08-2.3 Transfer agents fees and expenses 2.25 0.90 1.85 0.35 0.42 0.29 2.4 Custodian Fees 1.88 0.75 1.28 0.30 0.39 0.27 2.5 Trusteeship Fees 10.29 4.12 8.26 1.81 2.11 1.51 2.6 Commission on Agents 2.7 Marketing & Distribution expenses # - - 1.42 1.86 1.29 2.8 Audit Fees 0.03 0.03 0.03 0.03 0.03 0.03 2.9 Other operating expenses 0.50 0.19 0.46 1.63 2.08 1.50 2.10 Deferred Revenue Expenses Amortised 89.32 18.02 85.57 4.12 5.76 3.60 Less : Expenses to be re-imbursed by the Investment Manager - - - (0.90) (0.10) (0.91) TOTAL : (B) 89.32 18.02 85.57 3.22 5.66 2.69 3 NET REALISED GAINS/ (LOSSES) FOR THE YEAR / PERIOD (A-B=C) 1,571.74 543.14 1,178.26 288.35 345.90 272.79 4 Change in Unrealised Depreciation in Value of Investments and Derivatives (D) (14.45) - - - - - 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 1,557.29 543.14 1,178.26 288.35 345.90 272.79 6 Change in Unrealised Appreciation in value of investments (F) - 10.43 6.75 - - - 7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) 1,557.29 553.57 1,185.01 288.35 345.90 272.79 7.1 Add : Balance transfer from Unrealised Appreciation Reserve 7.2 Less : Balance transfer to Unrealised Appreciation Reserve - 10.43 6.75 - - - 7.3 Add / (Less) : Equalisation 7.4 Add : Balance Transferred from Unit Premium Reserve 7.5 Add / (Less) : Balance Transferred from Revenue Reserve 8 Total 1,557.29 543.14 1,178.26 288.35 345.90 272.79 9 Dividend Appropriation 9.1 Income Distributed during the year / period (123.19) (1.61) (200.77) (186.50) (274.62) (145.94) 9.2 Tax on Income Distributed during the year / period (22.91) (0.24) (40.75) (41.24) (60.08) (30.78) 10 Retained Surplus / (Deficit) carried forward to Balance Sheet 1,411.19 541.29 936.74 60.61 11.20 96.07 29

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak FMP 3M Kotak FMP 3M Kotak FMP 12M Kotak FMP 1M Kotak Quarterly Kotak FMP 6M Kotak Monthly Kotak Quarterly Kotak FMP 12M Series 32 Series 33 Series 8 Series 3 Interval Plan - Series 7 Interval Plan Interval Plan - Series 9 Series 8 Series 2 Series 7 - - - - 753.85 609.14 3,126.60 390.57 876.97 332.83 382.25 404.38 962.84 - - - 31.00 38.34 95.44 0.01 147.93 46.03 1.41 30.88 55.02 87.75 20.60 (344.74) 18.64 (70.21) (13.66) 17.44 98.39 (142.71) - - - 0.25 4.52-2.12 62.46 8.60 1.73 13.12-872.85 672.60 2,877.30 411.34 1,017.15 373.80 402.83 546.77 875.15 - - 125.37 - - 23.34 0.04-66.16 - - 15.40 - - 2.86 # - 7.99 0.92 0.71 3.41 0.44 1.11 0.32 0.49 0.63 1.17 0.90 0.67 2.53 0.42 0.79 0.28 0.29 0.40 0.90 4.70 3.62 14.88 2.29 5.19 1.73 2.16 2.79 4.87 - - - 3.66 3.03-1.81 4.08-1.92 2.55-0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 3.87 3.44 0.88 2.03 4.58 0.17 2.22 2.95 0.23 - - - 10.42 8.47 162.51 5.21 11.71 28.73 5.23 6.80 81.35 (2.06) (2.03) - (1.13) (1.94) - (0.19) (1.08) - 8.36 6.44 162.51 4.08 9.77 28.73 5.04 5.72 81.35 864.49 666.16 2,714.79 407.26 1,007.38 345.07 397.79 541.05 793.80 - - - 864.49 666.16 2,714.79 407.26 1,007.38 345.07 397.79 541.05 793.80 - - 107.35-0.47 - - 0.17 29.70 864.49 666.16 2,822.14 407.26 1,007.85 345.07 397.79 541.22 823.50 - - - - - 107.35-0.47 - - 0.17 29.70 - - - - - - - - - 864.49 666.16 2,714.79 407.26 1,007.38 345.07 397.79 541.05 793.80 (635.89) (477.85) (433.68) (242.45) (715.86) (236.63) (301.63) (405.64) (62.79) (125.18) (99.36) (91.22) (50.82) (152.51) (40.92) (61.39) (77.66) (9.76) 103.42 88.95 2,189.89 113.99 139.01 67.52 34.77 57.75 721.25 30

ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) 1 INCOME Kotak Monthly Kotak Quarterly Kotak Quarterly Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Interval Plan Interval Plan - Interval Plan - 19M Series 1 12M Series 10 12M Series 11 18M Series 1 13M Series 5 Series 3 Series 9 Series 10 1.1 Dividend - - 1.2 Interest 1,013.74 717.64 259.57 136.09 4,631.68 1,293.37 8.49 49.74 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions - - 1.4 Realised Gain / (Losses) on Interscheme sale of Investments 2.02 100.00 (11.60) (34.74) 42.95 1.36 - - 1.5 Realised Gain / (Losses) on External sale / redemption of Investments 76.91 29.03 57.12 (0.53) 10.61 1.64 - - 1.6 Realised Gain / (Losses) on Derivative Transactions - - 1.7 Other Income 75.12 1.54 2.33 - - - - - TOTAL : (A) 1,167.78 848.21 307.42 100.82 4,685.24 1,296.37 8.49 49.74 2 EXPENSES 2.1 Management Fees - 1.36 0.55 13.03 142.81 30.10 0.10 0.31 2.2 Service tax on Management Fees - 0.17 0.07 1.57 16.90 3.55 0.01 0.03 2.3 Transfer agents fees and expenses 1.28 0.89 0.39 0.16 2.58 0.71 0.01 0.08 2.4 Custodian Fees 0.86 0.75 0.22 0.22 4.01 1.11 0.01 0.04 2.5 Trusteeship Fees 6.04 3.99 1.64 0.66 20.38 5.48 0.03 0.20 2.6 Commission on Agents - - 2.7 Marketing & Distribution expenses 5.83 3.48 1.47 0.15 64.01 18.13 - - 2.8 Audit Fees 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 2.9 Other operating expenses 6.22 3.95 1.82 0.17 65.17 18.40 0.01 0.02 2.10 Deferred Revenue Expenses Amortised - - 14.43 11.14 4.72 15.85 251.89 59.38 0.20 0.71 Less : Expenses to be re-imbursed by the Investment Manager (0.77) (0.29) (0.26) - - - - - TOTAL : (B) 13.66 10.85 4.46 15.85 251.89 59.38 0.20 0.71 3 NET REALISED GAINS/ (LOSSES) FOR THE YEAR / PERIOD (A-B=C) 1,154.13 837.36 302.96 84.97 4,433.35 1,236.99 8.29 49.03 4 Change in Unrealised Depreciation in Value of Investments and Derivatives (D) - - 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 1,154.13 837.36 302.96 84.97 4,433.35 1,236.99 8.29 49.03 6 Change in Unrealised Appreciation in value of investments (F) - 1.38 0.47 26.66 634.45 166.61 4.72 14.46 7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) 1,154.13 838.74 303.43 111.63 5,067.80 1,403.60 13.01 63.49 7.1 Add : Balance transfer from Unrealised Appreciation Reserve - - 7.2 Less : Balance transfer to Unrealised Appreciation Reserve - 1.38 0.47 26.66 634.45 166.61 4.72 14.46 7.3 Add / (Less) : Equalisation - - 7.4 Add : Balance Transferred from Unit Premium Reserve - - 7.5 Add / (Less) : Balance Transferred from Revenue Reserve - - 8 Total 1,154.13 837.36 302.96 84.97 4,433.35 1,236.99 8.29 49.03 9 Dividend Appropriation 9.1 Income Distributed during the year / period (820.13) (539.04) (213.37) - (55.20) (0.83) - - 9.2 Tax on Income Distributed during the year / period (167.30) (111.15) (37.90) - (8.74) (0.12) - - 10 Retained Surplus / (Deficit) carried forward to Balance Sheet 166.70 187.17 51.69 84.97 4,369.41 1,236.04 8.29 49.03 31

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 1. Investments : 1.1 Investments of the Schemes are registered in the name of the Trustees for the benefit of the Schemes. 1.2 Equity Derivatives Disclosures - Options Notional value of options contract bought / Sold by the schemes and outstanding as on March 31, 2009 (Rs. In Lacs) March 31, 2009 March 31, 2008 Scheme Notional Value Percentage to Net Assets Notional Value Percentage to Net Assets Kotak Global India Scheme 17.26 0.47 - - Kotak Midcap (9.62) (0.13) - - Kotak Income Plus (1.24) (0.06) - - Kotak Twin Advantage Series II 40.34 1.34 23.30 0.53 Kotak Twin Advantage Series III 48.68 0.56 38.32 0.34 Kotak Wealth Builder Series I 103.40 1.00 26.27 0.17 Kotak Indo World Infrastructure Fund (140.58) (0.39) - - - Futures Details of open interest in equity futures of April Series as at March 31, 2009 (Rs. In Lacs) March 31, 2009 March 31, 2008 Scheme Notional Value Percentage to Net Assets Notional Value Percentage to Net Assets Kotak 30 Unit Scheme 2,334.67 3.65 232.95 0.39 Kotak Balance (514.84) (9.43) - - Kotak MNC 51.08 2.46 - - Kotak Global India (145.14) (3.96) - - Kotak Opportunities (869.91) (1.45) 12.88 0.02 Kotak Midcap 119.04 1.58 - - Kotak Lifestyle 605.48 6.68 - - Kotak Income Plus (13.28) (0.67) - - Kotak Equity Arbitrage Fund (13,691.22) (63.24) (19,488.75) (67.82) Kotak Dynamic Asset Allocation Scheme 19,739.33 102.96 79,880.80 115.52 Kotak Wealth Builder Series I 1,812.17 17.52 (709.85) (4.75) Kotak Indo World Infrastructure Fund (192.03) (0.53) 360.72 0.53 1.3 Investment in Associates and Group Companies : (Rs. Lacs) Issuer / Schemes Kotak Midcap Kotak Contra Kotak Lifestyle Kotak Equity Scheme Scheme Arbitrage Fund Equity Shares The Bombay Dyeing & Manufacturing Co. Ltd. - - - 30.49 Britannia Industries Ltd. 245.46 5.15 - - Marico Ltd. 575.83 24.57 300.72 - Issuer / Schemes Kotak Emerging Kotak Bond Kotak Floater Kotak Floater Equity Scheme Short Term Short Term Long Term Equity Shares The Bombay Dyeing & Manufacturing Co. Ltd. - - - - Britannia Industries Ltd. - - - - Marico Ltd. 371.63 - - - Debentures & Bonds Kotak Mahindra Prime Ltd. - 2,513.01 3,571.45 2,039.23 32

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Equity Shares Issuer / Schemes Kotak Flexi Debt Kotak FMP Kotak FMP Kotak FMP 13M Scheme 12M Series 3 12M Series 8 Series 4 The Bombay Dyeing & Manufacturing Co. Ltd. - - - - Britannia Industries Ltd. - - - - Marico Ltd. - - - - Debentures & Bonds Kotak Mahindra Prime Ltd. 12,087.74 2,007.65 3,014.21 1,885.17 Issuer / Schemes Kotak FMP 15M Series 5 Equity Shares The Bombay Dyeing & Manufacturing Co. Ltd. - Britannia Industries Ltd. - Marico Ltd. - Debentures & Bonds Kotak Mahindra Prime Ltd. 1,885.17 Aggregate Investment in Associate Group Companies by all Schemes : Issuer Aggregate Investments (Rs. In Lacs) Equity Shares The Bombay Dyeing & Manufacturing Co. Ltd. 30.49 Britannia Industries Ltd. 250.61 Marico Ltd. 1,272.75 Debentures & Bonds Kotak Mahindra Prime Ltd. 29,003.63 1.4 Open position of Securities Borrowed and / or Lend by the Scheme : Nil 1.5 Details of NPA : Nil 1.6 Aggregate Appreciation and Depreciation in the value of Investments : - Refer Annexure I 1.7 Aggregate Value of Purchases and Sales of Investments The aggregate value of investments (excluding reverse repo with RBI) purchased (including amortisation) and sold (including redemptions) during the year / period and their percentage of the respective average daily net assets are as follows: Scheme Purchases (Rs.Lacs) Percentage of average Sales (Rs.Lacs) Percentage of average daily net assets daily net assets Kotak 30 9,97,698.26 1,550.47 9,64,955.06 1,499.59 Kotak Balance 1,05,055.62 1,627.60 1,06,279.46 1,646.56 Kotak Tech 22,358.55 1,232.85 22,591.61 1,245.70 Kotak MNC 46,346.48 1,922.16 46,573.31 1,931.57 Kotak Global India 76,226.54 1,320.61 77,630.62 1,344.94 Kotak Opportunities 7,26,367.91 1,037.28 7,03,463.25 1,004.57 Kotak Midcap 1,56,570.45 1,372.86 1,59,624.85 1,399.65 Kotak Contra 1,36,433.51 1,793.82 1,37,030.31 1,801.67 Kotak Tax Saver 4,57,908.78 1,325.94 4,49,988.91 1,303.00 Kotak Lifestyle 1,33,574.01 1,113.03 1,35,339.76 1,127.75 Kotak Income Plus 1,00,486.52 4,158.29 1,01,911.21 4,217.30 Kotak Equity FOF 5,534.12 125.89 6,116.20 139.13 Kotak Flexi FOF 3,958.17 146.26 6,730.30 248.69 Kotak Equity Arbitrage Fund 3,85,095.06 1,418.69 3,77,954.83 1,392.39 Kotak Flexi FOF Series I 695.29 117.18 863.62 145.55 Kotak Twin Advantage Series II 53,679.56 1,452.13 54,699.12 1,479.79 Kotak Flexi FOF Series II 250.00 5.09 3,482.71 70.97 Kotak Twin Advantage Series III 1,29,678.43 1,306.36 1,31,757.46 1,327.31 Kotak Dynamic Asset Allocation Scheme 5,37,770.81 1,402.24 5,70,245.90 1,486.91 Kotak Wealth Builder Series I 1,12,591.65 933.35 1,14,209.17 946.76 Kotak Emerging Equity Scheme 1,74,622.81 1,338.90 1,76,465.44 1,353.03 33

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Purchases (Rs.Lacs) Percentage of average Sales (Rs.Lacs) Percentage of average daily net assets daily net assets Kotak Gold ETF 2,460.62 52.26 1,861.89 39.54 Kotak Global Emerging Market Fund 83,935.52 290.12 97,908.07 338.42 Kotak Blended FOF 29,343.13 248.91 36,709.52 311.40 Kotak PSU Bank ETF 179.94 5.18 1,376.14 39.62 Kotak Indo World Infrastructure Fund 2,92,490.91 651.53 2,96,547.40 660.57 Kotak Sensex ETF 3,752.90 282.81 2,347.26 176.89 Kotak Bond 11,82,546.18 5,174.48 11,39,429.08 4,985.81 Kotak Bond Short Term 4,46,253.63 3,101.20 4,66,867.58 3,244.46 Kotak Gilt Savings 25,24,155.38 9,507.01 25,21,208.48 9,495.91 Kotak Gilt Investment 7,07,823.82 9,869.93 6,98,211.10 9,735.89 Kotak Liquid 80,19,695.49 2,685.51 80,46,911.39 2,694.62 Kotak Floater Short Term 9,11,551.42 3,485.36 8,94,904.04 3,421.71 Kotak Floater Long Term 20,21,751.27 2,762.05 17,42,556.43 2,380.63 Kotak Flexi Debt 50,44,339.28 1,380.59 51,44,650.55 1,408.05 Kotak FMP 16M Series 1 32,630.81 376.85 41,088.05 474.52 Kotak FMP 15M Series 2 11,191.30 166.11 17,854.93 265.01 Kotak FMP 14M Series 1 1,305.13 71.46 3,086.86 169.02 Kotak FMP 13M Series 1 30,363.89 93.86 61,578.03 190.34 Kotak FMP 14M Series 2 43,562.74 165.70 69,056.83 262.67 Kotak FMP 13M Series 2 32,773.32 92.94 67,049.15 190.14 Kotak FMP 15M Series 3 59,451.23 512.52 70,623.54 608.84 Kotak FMP 12M Series 1 33,612.91 225.50 48,207.21 323.42 Kotak FMP 12M Series 2 77,844.73 524.01 92,173.29 620.47 Kotak Quarterly Interval Plan Series 1 1,86,984.75 2,422.09 1,91,198.71 2,476.68 Kotak Quarterly Interval Plan Series 2 5,71,378.62 2,966.16 5,47,195.14 2,840.62 Kotak FMP 12M Series 4 57,809.71 369.61 72,808.58 465.51 Kotak Quarterly Interval Plan Series 3 9,55,927.23 2,199.50 9,84,264.58 2,264.71 Kotak FMP 17M Series 1 45,592.30 815.31 49,363.75 882.75 Kotak Quarterly Interval Plan Series 4 6,73,417.84 1,691.70 7,06,595.55 1,775.04 Kotak FMP 16M Series 2 96,989.46 1,084.59 99,053.13 1,107.67 Kotak Quarterly Interval Plan Series 5 3,93,520.13 2,069.55 4,60,772.96 2,423.24 Kotak Quarterly Interval Plan Series 6 5,61,604.39 1,664.44 6,08,134.65 1,802.35 Kotak FMP 14M Series 3 1,51,096.16 1,236.07 1,52,408.07 1,246.80 Kotak FMP 14M Series 4 1,50,451.84 1,408.38 1,50,294.94 1,406.91 Kotak FMP 3M Series 27 12,839.32 293.20 17,156.25 391.78 Kotak FMP 13M Series 3 2,73,291.75 1,167.19 2,72,079.01 1,162.01 Kotak FMP 3M Series 28 38,021.89 318.63 49,951.84 418.61 Kotak FMP 13M Series 4 1,20,156.15 454.27 1,28,934.84 487.46 Kotak FMP 15M Series 4 2,35,978.41 857.44 2,34,309.14 851.37 Kotak FMP 3M Series 29 45,924.67 545.06 45,920.06 545.01 Kotak FMP 12M Series 3 1,96,116.62 772.49 1,74,383.98 686.88 Kotak FMP 12M Series 5 68,504.96 1,278.17 64,363.97 1,200.90 Kotak FMP 3M Series 30 54,645.43 584.64 54,655.12 584.74 Kotak FMP 15M Series 5 2,14,591.76 919.46 1,94,554.86 833.61 Kotak FMP 12M Series 6 90,652.84 952.89 81,777.51 859.59 Kotak FMP 12M Series 7 2,12,132.02 973.36 1,91,685.55 879.55 Kotak FMP 1M Series 1 2,19,027.29 596.41 2,19,050.13 596.47 Kotak FMP 3M Series 31 97,214.68 643.00 97,247.79 643.22 Kotak FMP 1M Series 2 1,65,427.79 522.45 1,65,455.71 522.54 Kotak FMP 3M Series 32 1,80,430.98 538.13 1,80,549.73 538.49 Kotak FMP 3M Series 33 2,08,559.53 808.55 2,08,618.47 808.78 34

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Purchases (Rs.Lacs) Percentage of average Sales (Rs.Lacs) Percentage of average daily net assets daily net assets Kotak FMP 12M Series 8 2,46,963.59 499.88 2,02,460.84 409.80 Kotak FMP 1M Series 3 1,80,458.02 400.69 1,80,476.67 400.73 Kotak Quarterly Interval Plan Series 8 2,14,791.36 1,281.97 2,14,526.87 1,280.39 Kotak FMP 6MSeries 7 89,816.75 1,324.63 89,849.11 1,325.11 Kotak Monthly Interval Plan Series 2 2,02,799.19 3,072.37 20,200.47 3,063.30 Kotak Quarterly Interval Plan Series 7 1,79,469.67 2,043.33 1,79,235.79 2,040.67 Kotak FMP 12M Series 9 1,76,757.23 879.66 1,56,809.81 780.39 Kotak Monthly Interval plan Series 3 4,86,540.54 2,524.66 4,86,494.21 2,524.42 Kotak Quarterly Interval plan Series 9 1,75,033.93 1,160.02 1,73,546.40 1,150.16 Kotak Quarterly Interval plan Series 10 1,24,758.74 1,905.55 1,24,041.10 1,894.59 Kotak FMP 19M Series 1 47,710.38 1,529.92 44,552.10 1,428.64 Kotak FMP 12M Series 10 4,73,062.36 410.29 3,55,939.38 308.71 Kotak FMP 12M Series 11 1,18,581.43 349.35 84,127.93 247.85 Kotak FMP 18M Series 1 12,170.30 480.73 9,745.00 384.93 Kotak FMP 13M Series 5 76,981.33 237.86 44,645.00 137.95 1.8 Non Traded Securities as on March 31, 2009 are as Follows :- March 31, 2009 March 31, 2008 (Rs. In Lacs) Scheme Market Value Percentage to Market Value Percentage to Net Assets Net Assets KOTAK MAHINDRA 30 UNIT SCHEME Debentures and Bonds 100.44 0.16 - - Commercial Paper / Certificate of Deposits 5,832.10 9.13 - - KOTAK MAHINDRA BALANCE UNIT SCHEME 99 Equity Shares - - 0.36 0.01 Debentures and Bonds 31..33 0.57 1,602.62 23.02 Commercial Paper / Certificate of Deposits - - 1,385.17 19.90 KOTAK MAHINDRA TECHNOLOGY SCHEME Equity Shares Nil - Nil - KOTAK MAHINDRA MNC SCHEME Debentures and Bonds 100.97 4.86 - - KOTAK MAHINDRA GLOBAL INDIA SCHEME Debentures and Bonds 100.00 2.73 - - KOTAK OPPORTUNITIES Equity Shares - - 303.03 0.43 Debentures and Bonds - - - - Commercial Paper / Certificate of Deposits 1,328.93 2.20 3,745.78 5.35 KOTAK MIDCAP SCHEME Equity Shares - - 147.12 0.88 Debentures and Bonds 302.92 4.03 - - KOTAK CONTRA SCHEME Equity Shares - - 23.59 0.25 Debentures and Bonds 100.75 1.66 - - KOTAK TAX SAVER SCHEME Equity Shares - - 391.42 0.93 Debentures and Bonds 1,730.17 5.78 - - Commercial Paper / Certificate of Deposits 1,477.76 4.94 - - KOTAK LIFESTYLE Equity Shares - - 2.20 0.01 Debentures and Bonds 802.26 8.85 100.05 0.57 35

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Market Value Percentage to Market Value Percentage to Net Assets Net Assets KOTAK MAHINDRA INCOME PLUS Equity Shares - - 1.07 0.04 Debentures and Bonds 311.33 15.75 1,671.25 60.01 KOTAK EQUITY ARBITRAGE FUND Commercial Paper / Certificate of Deposits 1,488.03 6.87 490.29 1.71 KOTAK TWIN ADVANTAGE SERIES II Debentures and Bonds 1,827.84 60.80 4,077.74 92.79 KOTAK TWIN ADVANTAGE SERIES III Debentures and Bonds 6,888.84 79.56 10,197.51 89.22 Commercial Paper / Certificate of Deposits 992.32 11.46 - - KOTAK DYNAMIC ASSET ALLOCATION Debentures and Bonds 4,244.12 22.14 38,993.61 56.93 Commercial Paper / Certificate of Deposits 3,348.12 17.46 3,821.36 5.53 KOTAK WEALTH BUILDER SERIES I Debentures and Bonds 6,162.07 59.57 12,306.72 82.43 Commercial Paper / Certificate of Deposits 1,488.48 14.39 - - KOTAK INDO WORLD INFRASTRUCTURE FUND Debentures and Bonds 913.03 2.51 - - Commercial Paper / Certificate of Deposits 97.80 0.27 5,675.80 8.30 KOTAK BOND Debentures and Bonds 11,146.53 17.91 5,333.93 31.60 KOTAK BOND SHORT TERM Debentures and Bonds 8,785.93 48.72 24,601.96 64.40 Commercial Paper / Certificate of Deposits 1,389.42 7.70 12,588.21 32.95 KOTAK LIQUID Debentures and Bonds 1,25,242.24 59.21 1,60,503.67 65.91 Commercial Paper / Certificate of Deposits 1,07,470.17 50.81 96,171.72 39.49 KOTAK FLOATER SHORT TERM Debentures and Bonds 5,118.88 10.04 17,701.47 52.07 Commercial Paper / Certificate of Deposits 42,330.26 82.98 15,258.95 44.88 KOTAK FLOATER LONG TERM Debentures and Bonds 36,910.75 11.95 2,481.11 50.59 Commercial Paper / Certificate of Deposits 2,44,162.21 79.05 1,452.80 29.62 KOTAK FLEXI DEBT SCHEME Treasury Bills - - 5,881.85 2.59 Debentures and Bonds 77,752.95 74.32 1,24,357.87 54.82 Commercial Paper / Certificate of Deposits 24,756.43 23.66 72,022.60 31.75 KOTAK FMP 16M SERIES 1 Debentures and Bonds - - 6,647.87 77.02 Commercial Paper / Certificate of Deposits - - 1,671.18 19.36 KOTAK FMP 15M SERIES 2 Debentures and Bonds - - 2,503.60 37.34 Commercial Paper / Certificate of Deposits - - 4,031.36 60.12 KOTAK FMP 14M SERIES 1 Debentures and Bonds - - 765.30 42.12 Commercial Paper / Certificate of Deposits - - 984.40 54.18 KOTAK FMP 13M SERIES 1 Debentures and Bonds - - 22,951.37 71.13 Commercial Paper / Certificate of Deposits - - 8,255.44 25.58 36

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Market Value Percentage to Market Value Percentage to Net Assets Net Assets KOTAK FMP 14M SERIES 2 Debentures and Bonds - - 9,490.68 36.34 Commercial Paper / Certificate of Deposits - - 14,070.53 53.88 KOTAK FMP 13M SERIES 2 Debentures and Bonds - - 18,616.79 53.03 Commercial Paper / Certificate of Deposits - - 15,481.50 44.10 KOTAK FMP 15M SERIES 3 Debentures and Bonds - - 5,038.89 44.04 Commercial Paper / Certificate of Deposits - - 6,111.40 53.41 KOTAK FMP 12M SERIES 1 Debentures and Bonds - - 7,381.33 49.86 Commercial Paper / Certificate of Deposits - - 7,065.75 47.73 KOTAK FMP 12M SERIES 2 Debentures and Bonds - - 5,493.82 37.76 Commercial Paper / Certificate of Deposits - - 8,721.54 59.94 KOTAK QUARTERLY INTERVAL PLAN SERIES 1 Commercial Paper / Certificate of Deposits 98.96 78.97 4,144.88 96.81 KOTAK QUARTERLY INTERVAL PLAN SERIES 2 Debentures and Bonds 4,704.70 13.46 1,474.63 14.60 Commercial Paper / Certificate of Deposits 29,387.83 78.38 8,275.97 81.91 KOTAK FMP 12M SERIES 4 Debentures and Bonds - - 8,297.53 54.46 Commercial Paper / Certificate of Deposits - - 6,292.66 41.30 KOTAK QUARTERLY INTERVAL PLAN SERIES 3 Debentures and Bonds - - 11,527.70 37.18 Commercial Paper / Certificate of Deposits 9.94 2.22 16,833.18 54.29 KOTAK FMP 17M SERIES 1 Debentures and Bonds 1,506.29 43.51 2,991.80 40.24 Commercial Paper / Certificate of Deposits 1,808.66 52.25 4,282.98 57.60 KOTAK QUARTERLY INTERVAL PLAN SERIES 4 Debentures and Bonds - - 2,503.00 6.76 Commercial Paper / Certificate of Deposits 835.30 96.82 31,196.47 84.27 KOTAK FMP 16M SERIES 2 Debentures and Bonds 4,139.37 54.08 2,988.88 30.95 Commercial Paper / Certificate of Deposits 3,119.13 40.75 6,288.98 65.13 KOTAK QUARTERLY INTERVAL PLAN SERIES 5 Debentures and Bonds - - 20,521.28 30.34 Commercial Paper / Certificate of Deposits 99.42 67.02 46,567.86 68.84 KOTAK QUARTERLY INTERVAL PLAN SERIES 6 Debentures and Bonds - - 2,548.26 5.47 Commercial Paper / Certificate of Deposits 99.49 36.28 44,039.84 94.53 KOTAK FMP 14M SERIES 3 Debentures and Bonds 6,335.29 55.14 1,500.49 11.88 Commercial Paper / Certificate of Deposits 4,744.45 41.29 10,522.78 83.32 KOTAK FMP 14M SERIES 4 Debentures and Bonds 6,280.53 58.52 - - Commercial Paper / Certificate of Deposits 4,211.97 39.25 - - KOTAK FMP 13M SERIES 3 Debentures and Bonds 12,086.54 48.95 - - Commercial Paper / Certificate of Deposits 12,035.51 48.73 22,667.73 99.89 37

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Market Value Percentage to Market Value Percentage to Net Assets Net Assets KOTAK FMP 13M SERIES 4 Debentures and Bonds 11,633.92 57.57 11,826.30 38.86 Commercial Paper / Certificate of Deposits 8,359.24 41.36 16,979.29 55.79 KOTAK FMP 15M SERIES 4 Debentures and Bonds 9,684.81 35.77 3,000.02 10.64 Commercial Paper / Certificate of Deposits 16,914.42 62.48 16,467.09 58.41 KOTAK FMP 12M SERIES 3 Debentures and Bonds 18,881.63 84.09 Commercial Paper / Certificate of Deposits 2,246.20 10.00 KOTAK FMP 12M SERIES 5 Debentures and Bonds 1,875.38 44.79 Commercial Paper / Certificate of Deposits 2,057.02 49.12 KOTAK FMP 15M SERIES 5 Debentures and Bonds 9,759.30 49.06 Commercial Paper / Certificate of Deposits 10,002.14 50.28 KOTAK FMP 12M SERIES 6 Debentures and Bonds 1,996.28 22.57 Commercial Paper / Certificate of Deposits 6,597.09 74.59 KOTAK FMP 12M SERIES 7 Debentures and Bonds 1,610.76 7.95 Commercial Paper / Certificate of Deposits 18,692.58 92.23 KOTAK FMP 12M SERIES 8 Debentures and Bonds 33,783.51 74.27 Commercial Paper / Certificate of Deposits 10,347.32 22.75 KOTAK QUARTERLY INTERVAL PLAN SERIES 8 Commercial Paper / Certificate of Deposits 338.20 99.18 KOTAK MONTHLY INTERVAL PLAN SERIES 2 Commercial Paper / Certificate of Deposits 517.58 82.41 KOTAK QUARTERLY INTERVAL PLAN SERIES 7 Commercial Paper / Certificate of Deposits 218.73 76.06 KOTAK FMP 12M SERIES 9 Commercial Paper / Certificate of Deposits 19,889.43 100.00 KOTAK QUARTERLY INTERVAL PLAN SERIES 9 Commercial Paper / Certificate of Deposits 1,616.85 99.15 KOTAK QUARTERLY INTERVAL PLAN SERIES 10 Commercial Paper / Certificate of Deposits 763.63 96.47 KOTAK FMP 19M SERIES 1 Commercial Paper / Certificate of Deposits 3,149.69 99.61 KOTAK FMP 12M SERIES 10 Commercial Paper / Certificate of Deposits 117,810.99 100.00 KOTAK FMP 12M SERIES 11 Commercial Paper / Certificate of Deposits 34,573.12 99.86 KOTAK FMP 18M SERIES 1 Debentures and Bonds 1,525.29 60.04 KOTAK FMP 13M SERIES 5 Debentures and Bonds 2,010.43 6.20 Commercial Paper / Certificate of Deposits 25,485.26 78.65 38

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) 2. Disclosure Under Regulation 25(8) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (i) The following transactions occurred with related parties during the year in the ordinary course of business: Refer Annexure 2 (ii) During the year, no Schemes have subscribed in the initial public offer of the equity shares, debentures and bonds where Kotak Mahindra Capital Company Limited, an associate of KMAMC, was the lead manager / arranger to the issue : The investments were made solely on the basis of sound fundamentals of these companies. 3. Details of large holdings (over 25% of the NAV of the respective Schemes/Plans) as on March 31, 2009: Nil 4. Unit Capital movement during the year / period ended March 31, 2009 : Refer Annexure 3 5. Previous Year s Figures Previous year s / period s figures have been shown in italics below the current year / period figures and have been re-grouped / rearranged wherever appropriate. As these are the first financial statements for Kotak Sensex ETF, Kotak FMP 3M Series 29, Kotak FMP 12M Series 3, Kotak FMP 12M Series 5, Kotak FMP 3M Series 30, Kotak FMP 15M Series, Kotak FMP 12M Series 6, Kotak FMP 12M Series 7, Kotak FMP 1M Series 1, Kotak FMP 3M Series 31, Kotak FMP 1M Series 2, Kotak FMP 3M Series 32, Kotak FMP 3M Series 33, Kotak FMP 12M Series 8, Kotak FMP 1M Series 3, Kotak Quarterly interval plan series 8, Kotak FMP 6M Series 7, Kotak Monthly interval plan series 2, Kotak Quarterly interval plan Series 7, Kotak FMP 12M Series 9, Kotak Monthly interval plan Series 3, Kotak Quarterly interval plan Series 9, Kotak Quarterely interval plan Series 10, Kotak FMP 19M Series 1, Kotak FMP 12M Series 10, Kotak FMP 12M Series 11, Kotak FMP Kotak FMP 18M Series 1 and Kotak FMP 13M Series 5since the date of commencement, there are no comparative figures for the previous year for these Schemes. 6. Contingent Liability as on March 31, 2009 : Nil 7. Expenses includes Service Tax wherever applicable. 8. Investment in Securities of Real Estate Companies As at March 31, 2009, Kotak Mahindra Mutual Fund Schemes had invested in (a) Secured redeemable debentures of Unitech Limited aggregating Rs. 101.25 crores (Kotak Flexi Debt Scheme Rs. 57.98 crores, Kotak Mahindra Bond Short Term Plan Rs. 1.23 crores, Kotak FMP 13M Series 4 Rs. 20.77 crores and Kotak FMP 15M Series 5 Rs. 21.27 crores) which were rescheduled for payment on April 18, 2009. Subsequent, to the year end the terms and conditions of the said debentures were mutually extended in the interest of unit holders, such that 50% of the principal amount of the debentures would be payable in two equal installments before April 30, 2009 and June 30, 2009 and the balance 50% payable in April 2010. Kotak FMP 13M Series 4 and Kotak Mahindra Bond Short Term Plan has received the entire principal outstanding of Rs. 20.77 crores and Rs. 1.23 crores respectively and Kotak FMP 15M Series 5 has received Rs. 2.92 crores in April 2009. The interest on the debentures has been serviced for all the schemes. The debenture holders are secured against immovable property mortgaged by the company. In view of the above, in the opinion of the management, no provision is considered necessary as at March 31, 2009. (b) Secured redeemable debentures of Shobha Developers Limited in Kotak Flexi Debt Scheme aggregating Rs. 18.01 crores. KMMF has modified the terms and conditions (extension of due date) for the said debentures in the interest of the unit holders after obtaining adequate security / guarantees. The company has been servicing the interest as per the modified terms and conditions and paying the principal outstanding in installments. For the identification of non performing assets in terms of SEBI Regulations, the extended due date has been considered. Based on the facts stated above in the opinion of the management the said securities have not been classified as non performing assets as on March 31, 2009. The Annual Accounts of the Schemes prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 has been approved by the Board of Directors of AMC and Trustee Company at their meeting held on June, 08, 2009. The audit report attached herewith refers to the said annual accounts. The aforesaid abridged accounts are an extract of the Annual Accounts in accordance with SEBI Circular No. IMD/Cir8/132968/2008 dated July 24, 2008 39

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Annexure I March 31, 2009 March 31, 2008 Scheme Appreciation Percentage Deprecia- Percentage Appreciation Percentage Depreciation Percentage to Net tion to Net to Net to Net Assets Assets Assets Assets Kotak 30 - Equity Shares 966.52 1.51 7,548.43 11.81 1,980.79 3.35 7,332.87 12.41 - Commercial Paper / Certificate of Deposits - - 51.23 0.08 - - - - - Equity Futures 83.98 0.13 - - - - 4.26 0.01 Kotak Balance - Equity Shares / Preference Shares 102.15 1.87 439.31 8.05 239.56 3.44 791.49 11.37 - Debentures and Bonds 4.92 0.09 - - - - 10.26 0.15 - Equity Futures 3.58 0.07 Kotak Tech - Equity Shares 7.51 0.56 591.17 44.46 75.83 3.20 686.80 29.00 Kotak MNC - Equity Shares 67.43 3.25 483.83 23.30 402.56 13.19 298.94 9.79 - Equity Futures 1.71 0.08 Kotak Global India - Equity Shares 40.03 1.09 1,208.52 33.00 1,042.64 12.48 805.61 9.64 - Equity Futures 2.38 0.06 - Index Options 1.24 0.03 Kotak Opportunities - Equity Shares 1,484.62 2.46 8,804.11 14.59 370.52 0.53 11,153.98 15.92 - Equity Futures - - 33.39 0.06 - - 0.29 - Kotak Midcap - Equity Shares 309.24 4.12 676.06 9.00 566.80 3.39 2,615.30 15.65 - Equity Futures 7.64 0.10 - Index Options - - 1.13 0.02 - - - - Kotak Contra - Equity Shares 265.75 4.37 435.59 7.17 1,180.83 12.42 1,870.39 19.67 Kotak Tax Saver - Equity Shares 949.89 3.17 5,932.53 19.82 1,478.29 3.52 6,956.15 16.57 Kotak Lifestyle - Equity Shares / Preference Shares 275.53 3.04 1,947.11 21.48 1,257.53 7.12 3,283.52 18.60 - Equity Futures - - 29.67 0.33 - - - - Kotak Income Plus - Equity Shares 7.34 0.37 17.17 0.87 25.58 0.92 85.10 3.06 - Debentures and Bonds 4.92 0.25 - - - - 1.28 0.05 - Government Dated Securities - - 11.40 0.58 - - - - - Equity Futures 0.84 0.04 0.19 0.01 - - - - - Index Options 0.12 0.01 0.07 # - - - - Kotak Equity FOF - Mutual Fund Units 336.14 10.08 - - 1,089.04 18.58 630.70 10.76 Kotak Flexi FOF - Mutual Fund Units - - - - 55.62 1.84 14.41 0.48 Kotak Equity Arbitrage Fund - Equity Shares 656.93 3.04 1,723.17 7.96 197.55 0.69 3,596.28 12.52 - Equity Futures - - 564.40 2.61 379.66 1.32 398.52 1.39 Kotak Flexi FOF Series I - Mutual Fund Units 32.64 6.12 - - 7.01 1.06 - - # Less than 0.005% 40

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Appreciation Percentage Deprecia- Percentage Appreciation Percentage Depreciation Percentage to Net tion to Net to Net to Net Assets Assets Assets Assets Kotak Twin Advantage Series II - Debentures and Bonds 2.02 0.07 21.04 0.70 - - 53.60 1.22 - Index Options - - 10.53 0.35 - - 10.77 0.25 Kotak Flexi FOF Series II - Mutual Fund Units 338.36 9.89 - - 86.13 1.35 - - Kotak Twin Advantage Series III - Debentures and Bonds - - 54.78 0.63 0.47-156.21 1.37 - Index Options - - 12.81 0.15 - - 18.50 0.16 Kotak Dynamic Asset Allocation Scheme - Equity Shares 36.05 0.19 192.56 1.00 698.16 1.01 246.47 0.36 - Debentures and Bonds 74.66 0.39 - - 119.73 0.17 259.69 0.38 - Equity Futures 1,778.56 9.28 - - 234.69 0.34 972.21 1.41 Kotak Wealth Builder Series I - Debentures and Bonds 3.53 0.03 6.55 0.06 - - 190.13 1.27 - Equity Futures - - 43.58 0.42 3.60 0.02 - - - Index Options 20.63 0.20 - - - - 1.41 0.01 Kotak Emerging Equity Scheme - Equity Shares 368.97 4.12 1,708.96 19.06 1,535.86 7.53 4,500.75 22.06 - Equity Futures 10.32 0.12 Kotak Gold ETF - Gold 1,612.88 30.82 - - 790.43 23.53 - - Kotak Global Emerging Market Fund - Mutual Fund Units (Foreign Securities) - - 13,408.36 74.67 118.44 0.26 - - Kotak Blended FOF - Mutual Fund Units 451.51 4.87 - - 238.98 1.58 98.12 0.65 Kotak PSU Bank ETF - Equity Shares - - 2,251.66 89.72 - - 1,785.29 34.13 Kotak Indo World Infrastructure Fund - Equity Shares 277.79 0.76 12,678.91 34.86 58.24 0.09 23,749.81 34.74 - Equity Futures - - 20.13 0.06 - - 7.90 0.01 - Index Options - - 27.66 0.08 - - - - - Mutual Fund Units (Foreign Securities) - - 2,671.99 7.35 44.00 0.06 - - Kotak Sensex ETF - Equity Shares 1.11 0.18 377.17 61.28 Kotak Bond - Debentures and Bonds 92.04 0.15 2.15 # 4.88 0.03 33.77 0.20 - Government Dated Securities 18.05 0.03 600.88 0.97 - - 154.96 0.92 Kotak Bond Short Term - Debentures and Bonds 67.42 0.37 0.26 # 33.73 0.09 121.25 0.32 - Government Dated Securities 6.10 0.03 11.85 0.07 - - - - Kotak Gilt Savings - Government Dated Securities 7.29 0.10 0.45 0.01 3.37 0.25 - - Kotak Gilt Investment - Government Dated Securities 10.66 0.07 276.66 1.89 - - 58.99 1.95 # Less than 0.005% 41

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Appreciation Percentage Deprecia- Percentage Appreciation Percentage Depreciation Percentage to Net tion to Net to Net to Net Assets Assets Assets Assets Kotak Liquid - Debentures and Bonds 189.87 0.09 - - 34.28 0.01 8.28 # - Commercial Paper / Certificate of Deposits 8.73 # 12.63 0.01 - - - - Kotak Floater Short Term - Debentures and Bonds 3.18 0.01 - Commercial Paper / Certificate of Deposits 4.53 0.01 0.16 # - - - - Kotak Floater Long Term - Debentures and Bonds 240.76 0.08 9.80 # 1.30 0.03 1.12 0.02 - Commercial Paper / Certificate of Deposits 303.77 0.10 169.80 0.05 - - - - Kotak Flexi Debt - Debentures and Bonds 692.91 0.66 0.46 # 199.04 0.09 135.15 0.06 - Commercial Paper / Certificate of Deposits 36.52 0.03 1.63 # - - 2.53 # - Interest Rate Swaps - - 187.70 0.18 - - - - Kotak FMP 16M Series 1 - Debentures and Bonds - - - - 5.22 0.06 - - Kotak FMP 15M Series 2 - Debentures and Bonds - - - - 1.22 0.02 0.39 0.01 Kotak FMP 14M Series 1 - Debentures and Bonds - - - - 0.77 0.04 - - Kotak FMP 13M Series 1 - Debentures and Bonds - - - - 44.93 0.14 9.98 0.03 Kotak FMP 14M Series 2 - Debentures and Bonds - - - - 62.34 0.24 - - Kotak FMP 13M Series 2 - Debentures and Bonds - - - - 47.63 0.13 9.09 0.03 Kotak FMP 15M Series 3 - Debentures and Bonds - - - - 50.43 0.44 - - Kotak FMP 12M Series 1 - Debentures and Bonds - - - - 9.87 0.07 - - Kotak FMP 12M Series 2 - Debentures and Bonds - - - - 5.06 0.03 5.22 0.04 Kotak FMP 12M Series 4 - Debentures and Bonds - - - - 5.27 0.03 16.55 0.11 Kotak FMP 17M Series 1 - Debentures and Bonds 4.37 0.13 - - - Commercial Paper / Certificate of Deposits 7.08 0.20 0.02 # Kotak FMP 16M Series 2 - Debentures and Bonds 8.74 0.11 - - Kotak Quarterly Interval Plan Series 5 - Commercial Paper / Certificate of Deposits 0.08 0.05 - - Kotak Quarterly Interval Plan Series 6 - Commercial Paper / Certificate of Deposits 0.28 0.10 - - Kotak FMP 14M Series 3 - Debentures and Bonds 14.12 0.12 - - - Commercial Paper / Certificate of Deposits 2.88 0.03 0.11 # # Less than 0.005% 42

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Appreciation Percentage Deprecia- Percentage Appreciation Percentage Depreciation Percentage to Net tion to Net to Net to Net Assets Assets Assets Assets Kotak FMP 14M Series 4 - Debentures and Bonds 40.78 0.38 - - - Commercial Paper / Certificate of Deposits - - 0.02 # Kotak FMP 13M Series 4 - Debentures and Bonds 0.18 # 35.11 0.17 - Commercial Paper / Certificate of Deposits 6.18 0.03 68.31 0.34 Kotak FMP 15M Series 4 - Debentures and Bonds 100.28 0.37 - - - Commercial Paper / Certificate of Deposits 65.82 0.24 0.02 # Kotak FMP 12M Series 3 - Debentures and Bonds 25.78 0.11 50.71 0.23 Kotak FMP 12M Series 5 - Debentures and Bonds 1.47 0.04 - - - Commercial Paper / Certificate of Deposits 6.59 0.16 - - Kotak FMP 15M Series 5 - Debentures and Bonds 2.29 0.01 - - - Commercial Paper / Certificate of Deposits - - 16.73 0.08 Kotak FMP 12M Series 6 - Debentures and Bonds 10.43 0.12 - - Kotak FMP 12M Series 7 - Commercial Paper / Certificate of Deposits 6.75 0.03 - - Kotak FMP 12M Series 8 - Debentures and Bonds 100.74 0.22 - - - Commercial Paper / Certificate of Deposits 6.61 0.01 - - Kotak Quarterly Interval Plan Series 8 - Commercial Paper / Certificate of Deposits 0.47 0.14 - - Kotak Quarterly Interval Plan Series 7 - Commercial Paper / Certificate of Deposits 0.17 0.06 - - Kotak FMP 12M Series 9 - Commercial Paper / Certificate of Deposits 29.70 0.15 - - Kotak Quarterly Interval Plan Series 9 - Commercial Paper / Certificate of Deposits 1.38 0.08 - - Kotak Quarterly Interval Plan Series 10 - Commercial Paper / Certificate of Deposits 0.47 0.06 - - Kotak FMP 19M Series 1 - Commercial Paper / Certificate of Deposits 26.66 0.84 - - Kotak FMP 12M Series 10 - Commercial Paper / Certificate of Deposits 634.45 0.54 - - Kotak FMP 12M Series 11 - Commercial Paper / Certificate of Deposits 166.61 0.48 - - Kotak FMP 18M Series 1 - Debentures and Bonds 4.72 0.19 - - Kotak FMP 13M Series 5 - Debentures and Bonds 14.46 0.04 - - # Less than 0.005% 43

SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Annexure 2 Disclosure under Regulation 25 (8) of the Securities and Exchange Board of India (mutual funds) regulations, 1996, as amended (i) The following transactions occurred with related parties during the year in the ordinary course of Business. 31.03.2009 31.03.2008 Name of Nature of transaction Kotak 30 Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak the party Balance Tech MNC Global Opportunities Midcap Contra Tax Lifestyle Income Equity Flexi Equity India Saver Plus FOF FOF Arbitrage Fund KSL Commission / promotional expenses for distribution of units 44.19 7.59 0.78 0.53 2.53 34.37 4.64 5.64 12.47 3.81 0.22 0.06-1.20 22.10 2.50 1.52 0.87 5.99 23.20 9.22 8.03 20.12 11.02 0.25 0.07-2.23 KSL Brokerage on purchase / sale of investments 29.25 1.42 0.31 0.49 0.90 24.39 5.49 5.05 11.23 2.96 0.06 - - 13.71 34.93 4.71 - - 1.40 20.17 3.58 4.03 18.59 11.40 0.52 - - 21.20 KMBL Commission / promotional expenses for distribution of units 60.89 1.51 0.04 0.11 0.52 44.42 7.18 3.97 14.81 8.24 0.62 0.04-5.03 133.48 3.91 0.10 0.07 3.08 101.86 19.85 7.50 33.84 40.25 0.68 0.12-8.99 KMBL Charges for services provided by the bank 41.73 2.87 0.21 6.88 8.74 37.76 6.62 1.62 0.44 1.74 0.67 0.00 # 12.12 19.28 9.03 0.46-0.02 0.21 3.88 0.10 0.70 2.72 1.43 0.84 - - 26.13 KMI Commission / promotional expenses for distribution of units 0.00 # 0.34 0.15 0.45 Name of Nature of transaction Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak the party Twin Flexi Twin Dynamic Wealth Emerging Gold Global Blended PSU Indo Sensex Advan- FOF - Advan- Asset Builder Equity ETF Emerging FOF Bank World ETF tage Series II tage Alloca- Series I Market ETF Infrastru- Series II Series III tion cture Fund KSL Commission / promotional expenses for distribution of units 0.05-0.79-3.09 4.64-9.19 - - 21.52-0.38-1.40 11.48 8.93 86.70 1.49 105.99 - - 378.74 KSL Brokerage on purchase / sale of investments - - - 41.63 0.04 4.31 - - - - 12.14 - - - - 142.77-5.71 - - - - 0.78 KMBL Commission / promotional expenses for distribution of units 2.41-6.14-11.69 14.94-61.99 - - 34.61-7.42-17.56 355.97 29.47 512.70 4.78 1,076.95 701.82-737.79 KMBL Charges for services provided by the bank 0.70 0.00 # 0.95 79.89 17.33 0.77 0.00 # 0.00 # 0.00 # - 15.67 0.00 # 1.74-12.47 151.43 20.98 16.16-2.84 0.03 0.01 4.47 KMI Commission / promotional expenses for distribution of units - - - - - 0.00 # indicates less than 0.005 Lacs KLS : Kotak Securities Limited, KMBL : Kotak Mahindra Bank Limited, KMI : Kotak Mahindra Inc. 44

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Annexure 2 (Contd.) Disclosure under Regulation 25(8) of the securities and Exchange Board of India (Mutual Funds) regulations, 1996 as amended (i) The following transactions occured with related parties during the year in the Ordinary Course of Business. 31.03.2009 Name of Nature of transaction Kotak Kotak Bond Kotak Gilt Kotak Gilt Kotak Kotak Floater Kotak Floater Kotak Flexi the party Bond Short Term Savings Investment Liquid Short Term Long Term Debt KSL KMBL Commission / promotional expenses for distribution of units 3.59 0.10 44.84 3.45 50.68 9.80 14.31 6.49 5.09 0.07 0.11 2.47 133.81 0.33 0.41 5.94 Commission / promotional expenses for distribution of units 38.18 5.70 3.96 15.10 30.85 1.58 11.19 63.70 5.97 3.73 1.16 0.37 44.03 7.97 1.01 102.74 KMBL Charges for services provided by the bank 0.12 0.01 0.12 0.02 0.15 0.03 0.02 0.10 0.05 # 0.01 # # - - 0.03 KMI KMCC Commission / promotional expenses for distribution of units - - - - 4.91 - - - - - - - 6.51 - - - Commission / promotional expenses for distribution of units - 0.03-0.02 # Less than Rs. 0.005 Lacs KSL : Kotak Securities Ltd., KMBL : Kotak Mahindra Bank Ltd., KMI : Kotak Mahindra Inc, KMCC : Kotak Mahindra Capital Company Ltd. 45

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Annexure 2 (Contd.) Disclosure under Regulation 25(8) of the securities and Exchange Board of India (Mutual Funds) regulations, 1996 as amended (i) The following transactions occured with related parties during the year in the Ordinary Course of Business. (Rs. In Lacs) 31.03.2009 Name of Nature of transaction Kotak Kotak Kotak Kotak Kotak Kotak the party Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Interval Plan Interval Plan Interval Plan Interval Plan Interval Plan Interval Plan - Series I - Series 2 - Series 3 - Series 4 - Series 5 - Series 6 KSL Commission / promotional expenses for distribution of units # 0.02 0.06 0.01 0.05 0.06 KMBL Commission / promotional expenses for distribution of units 0.67 1.25 2.33 2.30 0.98 1.48 KMBL Charges for services provided by the bank # # # # # # KMI Commission / promotional expenses for distribution of units KMPL Commission / promotional expenses for distribution of units # Less than Rs. 0.005 Lacs Name of Nature of transaction Kotak Kotak Kotak Kotak Kotak Kotak the party FMP 3M FMP 3M FMP 3M FMP 3M FMP 1M FMP 3M Series 27 Series 28 Series 29 Series 30 Series 1 Series 31 KSL Commission / promotional expenses for distribution of units # 0.01 # - 0.01 0.01 KMBL Commission / promotional expenses for distribution of units 0.01 0.16 0.08 0.19 0.31 0.41 KMBL Charges for services provided by the bank KMI Commission / promotional expenses for distribution of units KMPL Commission / promotional expenses for distribution of units # Less than Rs. 0.005 Lacs Name of Nature of transaction Kotak Kotak Kotak Kotak Kotak Kotak the party FMP 1M FMP 3M FMP 3M FMP 1M Quarterly Monthly Series 2 Series 32 Series 33 Series 3 Interval Plan Interval Plan Series 8 Series 2 KSL Commission / promotional expenses for distribution of units 0.02 0.02 0.06 0.01 0.03 0.01 KMBL Commission / promotional expenses for distribution of units 0.10 0.15 0.24 0.21 0.28 0.18 KMBL Charges for services provided by the bank - - - - # # KMI Commission / promotional expenses for distribution of units KMPL Commission / promotional expenses for distribution of units # Less than Rs. 0.005 Lacs Name of Nature of transaction Kotak Kotak Kotak Kotak Kotak Kotak the party Quarterly Monthly Quarterly Quarterly FMP 12M FMP 12M Interval Plan Interval Plan Interval Plan Interval Plan Series 10 Series 11 - Series 7 Series 3 - Series 9 - Series 10 KSL Commission / promotional expenses for distribution of units # # 0.01 0.06 - - KMBL Commission / promotional expenses for distribution of units 0.26 1.05 0.12 0.16 - - KMBL Charges for services provided by the bank # # # # # # KMI Commission / promotional expenses for distribution of units - - - - 47.76 13.29 KMPL Commission / promotional expenses for distribution of units # Less than Rs. 0.005 Lacs KSL : Kotak Securities Ltd., KMBL : Kotak Mahindra Bank Ltd., KMI : Kotak Mahindra Inc, KMCC : Kotak Mahindra Capital Company Ltd., KMPL : Kotak Mahindra Prime Ltd. 46

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Annexure 3 Unit Capital movement during the year / period ended March 31,2009 Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Outstanding (Units of Rs. 10 each) Kotak 30 Unit Scheme Growth Option 34,167,800.457 47,207,956.127 (17,811,514.974) 63,564,241.610 29,567,900.232 50,242,975.061 (45,643,074.836) 34,167,800.457 Dividend Option 95,401,059.178 76,545,329.862 (23,253,546.188) 148,692,842.852 72,267,513.601 68,783,997.291 (45,650,451.714) 95,401,059.178 Kotak Balance Unit Scheme 99 32,079,823.551 8,654,276.794 (6,088,640.250) 34,645,460.095 41,540,473.649 11,171,159.159 (20,631,809.257) 32,079,823.551 Kotak Technology Scheme 31,348,932.270 1,272,452.675 (1,579,336.270) 31,042,048.675 43,757,876.720 4,291,730.247 (16,700,674.697) 31,348,932.270 Kotak MNC Scheme 11,336,263.300 119,130.024 (765,157.462) 10,690,235.862 16,146,353.261 2,128,797.706 (6,938,887.667) 11,336,263.300 Kotak Global India Scheme Growth Option 10,175,489.242 335,888.405 (2,057,221.663) 8,454,155.984 14,044,743.362 936,211.463 (4,805,465.583) 10,175,489.242 Dividend Option 29,439,546.150 474,929.052 (4,291,241.852) 25,623,233.350 40,605,864.326 1,233,271.697 (12,399,589.873) 29,439,546.150 Kotak Opportunities Growth Option 97,548,828.419 84,777,138.892 (25,698,191.495) 156,627,775.816 28,934,143.596 107,454,120.136 (38,839,435.313) 97,548,828.419 Dividend Option 227,897,430.290 128,262,324.366 (64,337,023.068) 291,822,731.588 78,566,095.110 203,162,454.675 (53,831,119.495) 227,897,430.290 Kotak Midcap Scheme Growth Option 30,229,730.503 2,140,089.243 (3,969,144.426) 28,400,675.320 41,955,421.474 42,580,185.995 (54,305,876.966) 30,229,730.503 Dividend Option 66,373,197.488 1,391,392.356 (13,351,833.243) 54,412,756.601 101,506,078.460 15,702,347.072 (50,835,228.044) 66,373,197.488 Kotak Contra Scheme Growth Option 28,856,594.613 883,213.191 (2,517,648.532) 27,222,159.272 41,310,345.060 3,601,320.063 (16,055,070.510) 28,856,594.613 Dividend Option 36,351,004.294 591,768.404 (4,099,937.385) 32,842,835.313 57,685,906.889 5,890,587.758 (27,225,490.353) 36,351,004.294 Kotak Tax Saver Scheme Growth Option 149,369,416.382 38,973,915.197 (3,361,097.167) 184,982,234.412 80,697,047.777 68,685,605.191 (13,236.586) 149,369,416.382 Dividend Option 175,700,674.759 61,151,579.215 (3,081,631.296) 233,770,622.678 81,351,144.110 94,363,059.616 (13,528.967) 175,700,674.759 Kotak Lifestyle Fund Growth Option 80,563,216.159 5,360,892.317 (11,333,016.012) 74,591,092.464 139,876,963.897 75,203,685.369 (134,517,433.107) 80,563,216.159 Dividend Option 82,685,069.310 1,579,877.162 (14,485,659.951) 69,779,286.521 180,145,817.563 52,432,215.859 (149,892,964.112) 82,685,069.310 Kotak Income Plus Scheme Growth Option 9,395,248.487 2,424,434.246 (4,866,829.122) 6,952,853.611 39,275,815.456 5,000,844.750 (34,881,411.719) 9,395,248.487 Monthly Dividend Option 6,444,453.803 1,526,249.703 (3,057,323.273) 4,913,380.233 8,239,200.603 2,651,024.587 (4,445,771.387) 6,444,453.803 Quarterly Dividend Option 7,290,423.634 7,351,150.507 (8,179,419.821) 6,462,154.320 10,822,301.262 1,316,061.267 (4,847,938.895) 7,290,423.634 47

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak Equity FOF Growth Option 11,609,817.856 320,557.053 (1,640,726.616) 10,289,648.293 17,120,678.874 952,859.917 (6,463,720.935) 11,609,817.856 Dividend Option 8,754,528.109 247,695.568 (1,506,524.438) 7,495,699.239 Kotak Flexi Fund of Funds 12,694,758.514 330,097.838 (4,270,328.243) 8,754,528.109 Growth Option 17,113,988.453 - (17,113,988.453) - 55,338,896.141 - (38,224,907.688) 17,113,988.453 Dividend Option 2,475,415.407 - (2,475,415.407) - Kotak Equity Arbitrage Fund 8,116,143.436 - (5,640,728.029) 2,475,415.407 Growth Option 47,210,014.943 177,972,350.566 (119,118,799.983) 106,063,565.526 19,071,751.507 67,567,776.307 (39,429,512.871) 47,210,014.943 Dividend Option 214,045,580.223 115,065,808.950 (256,547,167.253) 72,564,221.920 Kotak Flexi Fund of Funds Series I 19,755,741.098 534,325,009.010 (340,035,169.885) 214,045,580.223 Growth Option 5,406,675.528 - (816,027.598) 4,590,647.930 27,997,895.226 - (22,591,219.698) 5,406,675.528 Dividend Option 1,064,058.678 - (804,400.978) 259,657.700 Kotak Twin Advantage Series II 6,924,205.379 - (5,860,146.701) 1,064,058.678 Growth Option 11,709,503.520 - (4,122,071.700) 7,587,431.820 24,023,477.876 - (12,313,974.356) 11,709,503.520 Dividend Option 27,782,669.953 - (8,609,300.683) 19,173,369.270 Kotak Flexi Fund of Funds Series II 62,734,125.263 - (34,951,455.310) 27,782,669.953 Dividend Option 60,658,866.761 - (30,236,337.308) 30,422,529.453 Kotak Twin Advantage Series III 287,191,672.110 - (226,532,805.349) 60,658,866.761 Growth Option 64,014,850.662 5,000.000 (17,203,982.579) 46,815,868.083 162,973,498.767 - (98,958,648.105) 64,014,850.662 Dividend Option 42,317,730.003 - (11,100,678.154) 31,217,051.849 Kotak Dynamic Asset Allocation 117,663,183.202 - (75,345,453.199) 42,317,730.003 Dividend Option 528,308,827.530 - (277,489,519.138) 250,819,308.392 Kotak Wealth Builder Series I 670,903,369.123 10,000.000 (142,604,541.593) 528,308,827.530 Growth Option 96,431,475.049 - (35,380,641.730) 61,050,833.319 206,574,259.697 - (110,142,784.648) 96,431,475.049 Dividend Option 40,745,840.395 - (14,030,655.409) 26,715,184.986 Kotak Emerging Equity Scheme 76,796,386.004 356,715.748 (36,407,261.357) 40,745,840.395 Growth Option 118,028,213.147 110,318.505 (14,585,622.384) 103,552,909.268 156,474,237.896 1,266,982.706 (39,713,007.455) 118,028,213.147 Dividend Option 70,374,680.321 57,355.990 (10,573,736.533) 59,858,299.778 Kotak Global Emerging Equity Scheme 94,331,136.392 - (23,956,456.071) 70,374,680.321 Growth Option 317,929,621.307 12,500.000 (98,690,710.196) 219,251,411.111-341,917,940.23 (23,988,318.92) 317,929,621.31 Dividend Option 148,897,085.07 2,040,501.04 (48,446,561.09) 102,491,025.021 Kotak Blended FOF - 168,921,959.965 (20,024,874.892) 148,897,085.073 Dividend Option 161,933,865.62 - (68,889,060.86) 93,044,804.76-176,058,339.384 (14,124,473.766) 161,933,865.618 48

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak PSU Bank ETF Dividend Option 2,327,403.000 - (750,000.000) 1,577,403.000 Kotak Indo World Infrastructure Fund - 2,327,403.000-2,327,403.000 Growth Option 700,293,584.276 1,752,404.624 (43,973,206.477) 658,072,782.423-700,293,584.276-700,293,584.276 Dividend Option 261,463,392.539 4,201,509.708 (35,632,121.763) 230,032,780.484 Kotak Gold ETF Outstanding (Units of Rs. 100 each) - 261,463,392.539-261,463,392.539 Dividend Option 276,216.000 204,000.000 (132,000.000) 348,216.000 Kotak Sensex ETF - 643,216.000 (367,000.000) 276,216.000 Dividend Option - 2,202,062.000 (1,570,000.000) 632,062.000 Kotak Mahindra Bond Unit Scheme 99 Regular Plan Growth Option 21,018,264.631 137,057,710.992 (76,059,157.456) 82,016,818.167 10,772,216.238 37,057,557.847 (26,811,509.454) 21,018,264.631 Regular Plan Quarterly Dividend Option 89,368,114.255 374,447,011.162 (229,132,925.317) 234,682,200.100 14,498,454.144 101,193,051.224 (26,323,391.113) 89,368,114.255 Regular Plan Annual Dividend Option 282,104.111 656,179.250 (6,885.298) 931,398.063 210,352.884 244,620.695 (172,869.468) 282,104.111 Regular Plan Bonus Option 357,474.070 57,853.676 (21,309.694) 394,018.052 156,855.322 215,596.362 (14,977.614) 357,474.070 Deposit Growth Option 3,675,990.058 24,907,000.789 (4,400,129.171) 24,182,861.676 3,733,699.855 1,235,771.419 (1,293,481.216) 3,675,990.058 Deposit Dividend Option 17,094,162.115 91,499,734.395 (22,292,724.550) 86,301,171.960 2,634,212.734 15,270,566.342 (810,616.961) 17,094,162.115 Bond Short Term Growth Option 73,633,953.716 79,755,972.928 (106,272,623.861) 47,117,302.783 25,311,682.043 326,571,566.336 (278,249,294.663) 73,633,953.716 Bond Short Term Dividend Option 271,361,056.975 214,092,039.666 (384,096,940.051) 101,356,156.590 Kotak Mahindra Gilt Unit Scheme 98 11,368,695.046 697,066,208.572 (437,073,846.643) 271,361,056.975 Savings Plan Growth Option 6,670,911.258 1,033,946,006.910 (1,015,669,537.916) 24,947,380.252 7,153,413.341 5,374,148.008 (5,856,650.091) 6,670,911.258 Savings Plan Monthly Dividend Option 140,907.615 98,932,569.764 (77,423,040.808) 21,650,436.571 181,026.540 10,274,698.871 (10,314,817.796) 140,907.615 Savings Plan Annual Dividend Option 383,867.781 30,450.031 (390,631.202) 23,686.610 111,263.042 367,071.808 (94,467.069) 383,867.781 Investment Regular Plan Growth Option 5,708,584.260 30,934,232.453 (16,948,038.051) 19,694,778.662 8,123,318.272 9,742,838.448 (12,157,472.460) 5,708,684.260 Investment Regular Plan Dividend Option 3,799,059.131 142,671,516.327 (83,338,421.219) 63,132,154.239 2,821,471.575 23,311,896.917 (22,334,309.361) 3,799,059.131 Investment Providend Fund & Trust Plan Growth Option 3,984,917.118 673,273.936 (2,270,524.028) 2,387,667.026 2,413,616.847 2,337,182.004 (765,881.733) 3,984,917.118 Investment Providend Fund & Trust Plan Dividend Option 779,274.013 246,178.294 (228,556.733) 796,895.574 824,124.380 680.339 (45,530.706) 779,274.013 49

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak Liquid Scheme Regular Plan Growth Option 52,092,891.8422 512,425,252.3790 (541,187,140.9060) 23,331,003.315 101,979,877.4442 1,082,537,637.6190 (1,132,424,623.2210) 52,092,891.842 Regular Plan Dividend Option 140,023,387.8640 624,298,800.0360 (730,270,815.5570) 34,051,372.343 176,571,527.6550 1,436,465,043.8670 (1,473,013,183.6580) 140,023,387.864 Institutional Plan Growth Option 118,721,223.8668 1,208,242,550.4830 (1,280,703,281.8690) 46,260,492.481 84,983,151.7178 1,095,076,445.6260 (1,061,338,373.4770) 118,721,223.867 Institutional Plan Daily Dividend Option 20,817,100.6046 546,044,336.5020 (561,370,172.6980) 5,491,264.409 31,127,601.8206 305,225,664.3060 (315,536,165.5220) 20,817,100.605 Institutional Plan Weekly Dividend Option 105,061,587.8688 555,516,507.6810 (647,660,100.7110) 12,917,994.839 166,635,015.8948 1,194,201,691.8250 (1,255,775,119.8510) 105,061,587.869 Institutional Premium Plan Growth Option 776,141,764.8094 73,963,400,128.2790 (73,728,354,345.8670) 1,011,187,547.221 664,624,723.5314 40,932,539,053.5690 (40,821,022,012.2910) 776,141,764.809 Institutional Premium Plan Daily Dividend Option 483,014,437.3335 33,268,227,392.7160 (33,647,967,204.6790) 103,274,625.370 725,557,865.4525 111,308,002,493.4620 (111,550,545,921.5810) 483,014,437.333 Institutional Premium Plan Weekly Dividend Option 28,166,991.5945 4,860,964,287.9570 (4,878,418,510.2890) 10,712,769.262 101,102,907.8745 7,445,336,017.2460 (7,518,271,933.5260) 28,166,991.595 Kotak Floater Short Term Growth Option 63,537,847.769 1,687,094,853.873 (1,430,067,227.129) 320,565,474.513 40,552,545.575 5,260,548,951.742 (5,237,563,749.548) 63,537,747.769 Monthly Dividend Option 15,096,615.946 128,949,189.774 (141,341,339.948) 2,704,465.772 8,767,051.274 44,615,413.798 (38,285,949.126) 15,096,515.946 Weekly Dividend Option 50,507,736.973 67,641,441.690 (83,248,953.051) 34,900,225.612 98,759,829.989 589,646,530.732 (637,898,623.748) 50,507,736.973 Daily Dividend Option 188,531,122.826 1,311,691,248.006 (1,492,457,782.481) 7,764,588.351-1,607,095,183.717 (1,418,564,060.891) 188,531,122.826 Kotak Floater Long Term Growth Option 12,716,300.131 2,595,013,152.721 (1,492,621,590.864) 1,115,107,861.988 16,325,025.835 116,730,995.751 (120,339,721.455) 12,716,300.131 Monthly Dividend Option 13,052,071.331 100,430,662.052 (99,801,138.673) 13,681,594.710 5,202,555.267 91,310,252.448 (83,460,736.384) 13,052,071.331 Weekly Dividend Option 19,475,667.306 879,722,715.251 (664,522,150.562) 234,676,231.995 22,382,249.701 142,757,073.987 (145,663,556.382) 19,475,767.306 Daily Dividend Option - 4,324,158,651.294 (3,046,516,357.620) 1,277,642,293.674 Kotak Flexi Debt Scheme Regular Growth Option 250,975,956.800 2,558,765,299.262 (2,759,694,076.080) 50,047,179.982 42,291,846.939 8,458,685,801.050 (8,250,001,691.189) 250,975,956.800 Regular Quarterly Dividend Option 88,995,055.101 262,818,890.072 (312,339,815.396) 39,474,129.777 32,138,666.470 337,833,353.716 (280,976,965.085) 88,995,055.101 Regular Weekly Dividend Option - 1,421,404,000.435 (1,388,242,730.010) 33,161,270.425 Regular Daily Dividend Option 1,854,939,951.796 8,435,833,538.857 (10,043,007,630.194) 247,765,860.459 154,563,392.238 25,753,521,797.781 (24,053,145,238.223) 1,854,939,951.796 Institutional Growth Option - 5,772,342,113.909 (5,495,477,920.544) 276,864,193.365 Institutional Weekly Dividend Option - 2,594,285,105.879 (2,581,680,120.131) 12,604,985.748 Institutional Daily Dividend Option - 9,100,848,210.199 (8,758,299,743.101) 342,548,467.098 Kotak FMP 16M Series 1 Growth Option 76,021,643.656 - (76,021,643.656) - 76,926,643.656 - (905,000.000) 76,021,643.656 Dividend Option 1,853,047.675 - (1,853,047.675) - 1,853,004.524 43.151-1,853,047.675 Kotak FMP 15M Series 2 Growth Option 60,565,623.105 - (60,565,623.105) - 70,397,838.450 297,584.655 (10,129,800.000) 60,565,623.105 Dividend Option 146,900.000 - (146,900.000) - 446,900.000 - (300,000.000) 146,900.000 50

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak FMP 14M Series 1 Retail Growth Option 5,269,316.451 - (5,269,316.451) - 5,269,316.451 - - 5,269,316.451 Retail Dividend Option 261,328.533 907.333 (262,235.866) - 253,695.784 7,632.749-261,328.533 Institutional Growth Option 11,000,878.714 - (11,000,878.714) - Kotak FMP 13M Series 1 16,000,878.714 - (5,000,000.000) 11,000,878.714 Retail Growth Option 26,468,545.065 - (26,468,545.065) - 27,622,143.161 - (1,153,598.096) 26,468,545.065 Retail Dividend Option 770,965.670 1,197.916 (772,163.586) - 1,421,522.180 9,465.670 (660,022.180) 770,965.670 Institutional Growth Option 261,161,266.836 - (261,161,266.836) - 379,801,266.836 600,000.000 (119,240,000.000) 261,161,266.836 Institutional Dividend Option 3,000,000.000 - (3,000,000.000) - Kotak FMP 14M Series 2 3,000,000.000 - - 3,000,000.000 Retail Growth Option 8,135,203.275 - (8,135,203.275) - 8,567,727.762 - (432,524.487) 8,135,203.275 Retail Dividend Option 1,183,855.403 13,908.390 (1,197,763.793) - 2,119,388.690 64,466.713 (1,000,000.000) 1,183,855.403 Institutional Growth Option 225,650,000.000 - (225,650,000.000) - 290,650,000.000 - (65,000,000.000) 225,650,000.000 Institutional Dividend Option 1,000,000.000 - (1,000,000.000) - Kotak FMP 13M Series 2-1,000,000.000-1,000,000.000 Retail Growth Option 25,571,146.872 - (25,571,146.872) - 25,471,873.658 506,259.882 (406,986.668) 25,571,146.872 Retail Dividend Option 155,999.471 1,005.758 (157,005.229) - 373,900.000 6,999.471 (224,900.000) 155,999.471 Institutional Growth Option 285,914,144.133 - (285,914,144.133) - 300,914,144.133 - (15,000,000.000) 285,914,144.133 Institutional Dividend Option 5,433,068.115 47,986.016 (5,481,054.131) Kotak FMP 15M Series 3 5,000,000.000 433,068.115-5,433,068.115 Retail Growth Option 22,595,246.076 - (22,595,246.076) - - 23,352,936.735 (757,690.659) 22,595,246.076 Retail Dividend Option 3,654,141.096 79,923.265 (3,734,064.361) - - 3,859,041.096 (204,900.000) 3,654,141.096 Institutional Growth Option 78,972,483.804 - (78,972,483.804) - Kotak FMP 12M Series 1-79,972,483.804 (1,000,000.000) 78,972,483.804 Retail Growth Option 6,716,369.216 - (6,716,369.216) - - 6,742,369.216 (26,000.000) 6,716,369.216 Retail Dividend Option 1,352,771.272 5,882.628 (1,358,653.900) - - 1,455,771.272 (103,000.000) 1,352,771.272 Institutional Growth Option 120,128,440.137 - (120,128,440.137) - - 127,710,000.000 (7,581,559.863) 120,128,440.137 Institutional Dividend Option 10,577,939.927 206,868.625 (10,784,808.552) - - 10,577,939.927-10,577,939.927 51

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak FMP 12M Series 2 Retail Growth Option 5,019,886.161 1,027,756.523 (6,047,642.684) - - 5,586,254.465 (566,368.304) 5,019,886.161 Retail Dividend Option 4,847,146.039 77,094.817 (4,924,240.856) - - 4,847,146.039-4,847,146.039 Institutional Growth Option 127,535,000.000 - (127,535,000.000) - - 127,535,000.000-127,535,000.000 Institutional Dividend Option 2,100,000.000 - (2,100,000.000) - - 2,100,000.000-2,100,000.000 Kotak Quarterly Interval Plan Series 1 Growth Option 5,297,774.109 13,691,660.108 (18,684,476.863) 304,957.354-5,625,590.297 (327,816.188) 5,297,774.109 Dividend Option 37,202,154.457 202,887,398.310 (239,189,114.906) 900,437.861-352,918,815.889 (315,716,661.432) 37,202,154.457 Kotak Quarterly Interval Plan Series 2 Growth Option 6,509,865.318 52,272,659.112 (35,772,069.378) 23,010,455.052-11,110,992.749 (4,601,127.431) 6,509,865.318 Dividend Option 94,124,110.052 716,568,411.889 (488,157,347.605) 322,535,174.336-190,471,411.002 (96,347,300.950) 94,124,110.052 Kotak FMP 12M Series 4 Retail Growth Option 3,003,991.328 - (3,003,991.328) - - 3,003,991.328-3,003,991.328 Retail Dividend Option 263,730.025 11,268.143 (274,998.168) - - 263,730.025-263,730.025 Institutional Growth Option 138,659,579.340 - (138,659,579.340) - - 138,659,579.340-138,659,579.340 Institutional Dividend Option 5,635,638.437 245,362.626 (5,881,001.063) - - 5,635,638.437-5,635,638.437 Kotak Quarterly Interval Plan Series 3 Growth Option 9,313,021.256 67,502,933.512 (76,183,466.016) 632,488.752-46,784,659.268 (37,471,638.012) 9,313,021.256 Dividend Option 299,812,012.165 776,123,409.382 (1,072,218,700.461) 3,716,721.086-525,103,643.495 (225,291,631.330) 299,812,012.165 Kotak FMP 17M Series 1 Retail Growth Option 4,963,373.913 - (1,124,100.000) 3,839,273.913-5,003,373.913 (40,000.000) 4,963,373.913 Retail Dividend Option 569,049.355 19,587.037 (7,123.722) 581,512.670-569,049.355-569,049.355 Institutional Growth Option 66,119,982.113 - (40,019,329.518) 26,100,652.595-66,119,982.113-66,119,982.113 Institutional Dividend Option 1,000,000.000 - - 1,000,000.000-1,000,000.000-1,000,000.000 Kotak Quarterly Interval Plan Series 4 Growth Option 12,750,089.508 37,321,948.217 (49,824,582.571) 247,455.154-33,700,601.961 (20,950,512.453) 12,750,089.508 Dividend Option 356,554,286.131 573,725,108.326 (921,962,231.959) 8,317,162.498-575,315,210.882 (218,760,924.751) 356,554,286.131 Kotak FMP 16M Series 2 Retail Growth Option 6,923,917.959 - (2,689,017.959) 4,234,900.000-6,923,917.959-6,923,917.959 Retail Dividend Option 161,358.188 7,743.438-169,101.626-161,358.188-161,358.188 Institutional Growth Option 72,474,761.212 - (22,500,000.000) 49,974,761.212-72,474,761.212-72,474,761.212 Institutional Dividend Option 15,681,606.414 1,036,968.502 (500,000.000) 16,218,574.916-15,681,606.414-15,681,606.414 52

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak Quarterly Interval Plan Series 5 Growth Option 30,707,507.297 88,662,824.444 (118,602,254.143) 768,077.598-30,707,507.297-30,707,507.297 Dividend Option 644,276,776.528 139,686,068.338 (783,339,016.453) 623,828.413-664,324,283.825 (20,047,507.297) 644,276,776.528 Kotak Quarterly Interval Plan Series 6 Growth Option 67,122,442.163 34,211,296.801 (100,727,785.477) 605,953.487-67,172,442.163 (50,000.000) 67,122,442.163 Dividend Option 397,414,479.463 333,312,087.903 (728,671,939.959) 2,054,627.407-397,414,479.463-397,414,479.463 Kotak FMP 14M Series 3 Retail Growth Option 14,492,435.283 - (2,682,234.983) 11,810,200.300-14,492,435.283-14,492,435.283 Retail Dividend Option 891,083.916 22,706.691 (170,962.721) 742,827.886-911,083.916 (20,000.000) 891,083.916 Institutional Growth Option 94,987,702.241 800,000.000 (16,909,988.585) 78,877,713.656-94,987,702.241-94,987,702.241 Institutional Dividend Option 14,887,344.922 941,648.668 (1,000,000.000) 14,828,993.590-14,887,344.922-14,887,344.922 Kotak FMP 14M Series 4 Retail Growth Option 6,199,766.757 - (287,000.000) 5,912,766.757-6,199,766.757-6,199,766.757 Retail Dividend Option 1,305,200.000 1,878.948 (460,200.000) 846,878.948-1,305,200.000-1,305,200.000 Institutional Growth Option 96,446,605.096 - (11,446,605.096) 85,000,000.000-96,446,605.096-96,446,605.096 Institutional Dividend Option 1,750,000.000 5,293,311.968-7,043,311.968-1,750,000.000-1,750,000.000 Kotak FMP 3M Series 27 Growth Option 389,000.000 - (389,000.000) - - 389,000.000-389,000.000 Dividend Option 42,777,878.151 497,864.658 (43,275,742.809) - - 42,777,878.151-42,777,878.151 Kotak FMP 13M Series 3 Retail Growth Option 11,795,043.853 - (1,482,800.000) 10,312,243.853-11,795,043.853-11,795,043.853 Retail Dividend Option 398,249.867 3,998.328-402,248.195-398,249.867-398,249.867 Institutional Growth Option 213,981,959.982 - (16,250,000.000) 197,731,959.982-213,981,959.982-213,981,959.982 Institutional Dividend Option - 15,000,000.000-15,000,000.000 - - - - Kotak FMP 3M Series 28 Growth Option 8,320,560.000 - (8,320,560.000) - - 8,320,560.000-8,320,560.000 Dividend Option 110,567,397.523 1,074,260.916 (111,641,658.439) - - 110,567,397.523-110,567,397.523 Kotak FMP 13M Series 4 Retail Growth Option 60,791,613.162 - (21,935,022.253) 38,856,590.909-60,791,613.162-60,791,613.162 Retail Dividend Option 2,924,200.000 44,031.793 (454,500.000) 2,513,731.793-2,924,200.000-2,924,200.000 lnstitutional Growth Option 229,325,546.444 5,067,565.941 (95,259,778.053) 139,133,334.332-229,325,546.444-229,325,546.444 lnstitutional Dividend Option 11,000,000.000 116,053.580 (6,500,000.000) 4,616,053.580-11,000,000.000-11,000,000.000 53

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak FMP 15M Series 4 Retail Growth Option 9,329,699.800 199,892.143 (2,063,000.000) 7,466,591.943-9,329,699.800-9,329,699.800 Retail Dividend Option 1,503,900.000 39,412.320 (199,900.000) 1,343,412.320-1,503,900.000-1,503,900.000 lnstitutional Growth Option 241,995,800.000 5,000,000.000 (31,855,269.476) 215,140,530.524-241,995,800.000-241,995,800.000 lnstitutional Dividend Option 29,000,000.000 - (3,355,771.694) 25,644,228.306 Kotak FMP 3M Series 29-29,000,000.000-29,000,000.000 Growth Option - 18,922,598.818 (18,922,598.818) - Dividend Option - 66,326,720.082 (66,326,720.082) - Kotak FMP 12M Series 3 Retail Growth Option - 43,073,088.714 (8,940,029.770) 34,133,058.944 Retail Dividend Option - 3,502,612.535 (835,000.000) 2,667,612.535 lnstitutional Growth Option - 229,683,752.990 (62,581,084.322) 167,102,668.668 lnstitutional Dividend Option - 5,643,234.735 (1,000,000.000) 4,643,234.735 Kotak FMP 12M Series 5 Retail Growth Option - 11,619,174.760 (2,264,188.851) 9,354,985.909 Retail Dividend Option - 1,155,685.500 (54,500.000) 1,101,185.500 lnstitutional Growth Option - 45,630,544.439 (17,000,000.000) 28,630,544.439 Kotak FMP 3M Series 30 Growth Option - 13,768,801.227 (13,768,801.227) - Dividend Option - 79,866,548.640 (79,866,548.640) - Kotak FMP 15M Series 5 Retail Growth Option - 75,923,272.978 (11,013,804.683) 64,909,468.295 Retail Dividend Option - 9,246,722.553 (2,399,500.000) 6,847,222.553 lnstitutional Growth Option - 148,357,420.532 (47,634,375.551) 100,723,044.981 lnstitutional Dividend Option - 24,065,838.653 (9,239,617.799) 14,826,220.854 Kotak FMP 12M Series 6 Retail Growth Option - 4,001,940.753 (2,244,700.000) 1,757,240.753 Retail Dividend Option - 604,584.880-604,584.880 lnstitutional Growth Option - 98,500,000.000 (17,500,000.000) 81,000,000.000 Kotak FMP 12M Series 7 Retail Growth Option - 58,349,386.679 (4,596,111.435) 53,753,275.244 Retail Dividend Option - 8,618,092.330 (1,610,603.721) 7,007,488.609 lnstitutional Growth Option - 136,618,101.963 (40,744,441.403) 95,873,660.560 lnstitutional Dividend Option - 42,681,562.920 (5,250,000.000) 37,431,562.920 Kotak FMP 1M Series 1 Growth Option - 79,458,246.163 (79,458,246.163) - Dividend Option - 300,093,247.595 (300,093,247.595) - Kotak FMP 3M Series 31 Growth Option - 4,846,288.342 (4,846,288.342) - Dividend Option - 146,923,481.611 (146,923,481.611) - Kotak FMP 1M Series 2 Growth Option - 113,015,478.327 (113,015,478.327) - Dividend Option - 209,088,983.435 (209,088,983.435) - Kotak FMP 3M Series 32 Growth Option - 38,132,321.798 (38,132,321.798) - Dividend Option - 298,825,825.580 (298,825,825.580) - Kotak FMP 3M Series 33 Growth Option - 28,533,558.554 (28,533,558.554) - Dividend Option - 232,524,631.900 (232,524,631.900) - 54

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak FMP 12M Series 8 Retail Growth Option - 86,418,541.431 (11,555,735.368) 74,862,806.063 Retail Dividend Option - 15,095,005.234 (1,205,077.794) 13,889,927.440 lnstitutional Growth Option - 395,974,975.845 (130,242,359.766) 265,732,616.079 lnstitutional Dividend Option - 97,810,164.175 (18,120,000.000) 79,690,164.175 Kotak FMP 1M Series 3 Growth Option - 128,619,346.741 (128,619,346.741) - Dividend Option - 337,133,059.610 (337,133,059.610) - Kotak Quarterly Interval Plan Series 8 Growth Option - 36,861,420.553 (36,542,366.355) 319,054.198 Dividend Option - 362,479,182.281 (359,421,027.753) 3,058,154.528 Kotak FMP 6M Series 7 Growth Option - 12,396,860.720 (12,396,860.720) - Dividend Option - 61,400,771.943 (61,400,771.943) - Kotak FMP Monthly Interval Plan Series 2 Growth Option - 18,917,265.888 (16,317,232.129) 2,600,033.759 Dividend Option - 242,553,191.385 (239,009,249.539) 3,543,941.846 Kotak Quarterly Interval Plan Series 7 Growth Option - 20,316,565.170 (19,713,334.932) 603,230.238 Dividend Option - 167,879,974.636 (165,653,840.878) 2,226,133.758 Kotak FMP 12M Series 9 Retail Growth Option - 72,145,639.079 (10,019,499.160) 62,126,139.919 Retail Dividend Option - 18,941,778.368 (1,733,752.536) 17,208,025.832 lnstitutional Growth Option - 116,248,103.002 (6,091,109.048) 110,156,993.954 lnstitutional Dividend Option - 2,000,000.000-2,000,000.000 Kotak FMP Monthly Interval Plan Series 3 Growth Option - 138,422,709.853 (138,368,174.803) 54,535.050 Dividend Option - 802,407,615.358 (801,715,473.877) 692,141.481 Kotak Quarterly Interval Plan Series 9 Growth Option - 54,357,674.089 (52,626,287.701) 1,731,386.388 Dividend Option - 224,160,648.669 (209,893,931.145) 14,266,717.524 Kotak Quarterly Interval Plan Series 10 Growth Option - 15,943,382.572 (13,825,338.371) 2,118,044.201 Dividend Option - 97,048,848.908 (91,413,762.730) 5,635,086.178 Kotak FMP 19M Series 1 Retail Growth Option - 15,868,753.313 (906,700.000) 14,962,053.313 Retail Dividend Option - 1,989,196.224 (220,000.000) 1,769,196.224 lnstitutional Growth Option - 13,312,691.227-13,312,691.227 lnstitutional Dividend Option - 975,000.000 (500,000.000) 475,000.000 Kotak FMP 12M Series 10 Retail Growth Option - 46,248,717.140 (1,205,799.899) 45,042,917.241 Retail Dividend Option - 11,096,569.596 (584,406.273) 10,512,163.323 lnstitutional Growth Option - 1,064,692,029.034-1,064,692,029.034 lnstitutional Dividend Option - 7,166,592.497-7,166,592.497 Kotak FMP 12M Series 11 Retail Growth Option - 6,440,201.300 (100,000.000) 6,340,201.300 Retail Dividend Option - 910,493.598-910,493.598 lnstitutional Growth Option - 324,957,313.676-324,957,313.676 Kotak FMP 18M Series 1 Retail Growth Option - 25,276,233.000-25,276,233.000 Kotak FMP 13M Series 5 Growth Option - 323,371,970.000-323,371,970.000 Dividend Option - 28,000.000-28,000.000 55

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK INDO WORLD INFRASTRUCTURE FUND Foreign Securities (13.59%) MUTUAL FUND UNITS T Rowe Price Asia Ex-Japan Fund Class A 4,087.63 100.00 (Cost Rs. 6,759.62 Lacs) 4,087.63 100.00 EQUITY SHARES ( 79.8 % ) Power 3,549.54 14.78 Banks 3,403.27 14.18 Petroleum Products 3,311.87 13.79 Telecom - Services 2,615.58 10.89 Industrial Capital Goods 2,589.86 10.79 Construction 1,926.68 8.03 Finance 1,777.60 7.40 Oil 1,015.24 4.23 Diversified 954.26 3.97 Ferrous Metals 876.26 3.65 Gas 552.60 2.30 Travel & Transportation 534.41 2.23 Non - Ferrous Metals 342.58 1.43 Cement 301.85 1.26 Auto 256.60 1.07 (Cost Rs. 36,409.32 Lacs) 24,008.20 100.00 DEBENTURES AND BONDS ( 3.03 % ) * Cement 812.03 88.94 Finance 101.00 11.06 (Cost Rs. 913.03 Lacs) 913.03 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 0.33 % ) * 97.80 100.00 (Cost Rs. 97.80 Lacs) 97.80 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 3.26 % ) 979.87 100.00 (Cost Rs. 979.87 Lacs) 979.87 100.00 Total investment at Market / Fair Value 30,086.53 (Total Cost Rs. 45,159.64 Lacs) EQUITY DERIVATIVES Short / Long Futures -192.03-100.00-192.03-100.00 Short Options -140.58 100.00-140.58 100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 2,086.00 5.74 Kotak Mahindra Bank Ltd. 365 Days 1,000.00 2.75 Kotak Mahindra Bank Ltd. 272 Days 200.00 0.55 Kotak Mahindra Bank Ltd. 390 Days 99.00 0.27 3,385.00 9.31 is Rs. 1,010.83 Lacs. KOTAK GLOBAL EMERGING MARKET FUND MUTUAL FUND UNITS ( 99.31 % ) T Rowe Price Global Emerging Fund Class A 17,278.40 100.00 (Cost Rs. 30,686.76 Lacs) 17,278.40 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.69 % ) 119.99 100.00 (Cost Rs. 119.99 Lacs) 119.99 100.00 Total investment at Market / Fair Value 17,398.39 (Total Cost Rs. 30,806.75 Lacs) KOTAK GOLD ETF GOLD (100%) 5,217.34 100.00 (Total Cost Rs. 3,604.46 Lacs) 5,217.34 100.00 Total investment at Market / Fair Value 5,217.34 (Total Cost Rs. 3,604.46 Lacs) KOTAK EMERGING EQUITY SCHEME EQUITY SHARES ( 85.17 % ) Consumer Non Durables 1,608.53 21.55 Banks 1,032.11 13.83 Petroleum Products 868.49 11.64 Power 790.39 10.59 Finance 428.67 5.74 Auto 371.07 4.97 Auto Ancillaries 343.21 4.60 Software 315.38 4.23 Gas 241.32 3.23 Media and Entertainment 223.24 2.99 Industrial Capital Goods 207.01 2.77 Pharmaceuticals 205.37 2.75 Cement 189.77 2.56 Construction 170.21 2.28 Paper 117.60 1.58 Travel & Transportation 96.99 1.30 Trading 79.92 1.07 Textile Products 57.03 0.76 Industrial Products 47.97 0.64 Chemicals 29.52 0.40 Telecom - Equipment & Accessories 20.12 0.27 Transportation 18.97 0.25 (Cost Rs. 8,802.88 Lacs) 7,462.89 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 14.83 % ) 1,299.82 100.00 (Cost Rs. 1,299.82 Lacs) 1,299.82 100.00 Total investment at Market / Fair Value 8,762.71 (Total Cost Rs. 10,102.70 Lacs) EQUITY DERIVATIVES Short Futures -133.29-100.00-133.29-100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 464 Days 300.00 3.35 300.00 3.35 56

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK DYNAMIC ASSET ALLOCATION SCHEME EQUITY SHARES ( 4.92 % ) Petroleum Products 85.63 14.90 Power 74.51 12.97 Oil 62.12 10.81 Telecom - Services 57.02 9.92 Software 52.75 9.18 Banks 49.01 8.53 Industrial Capital Goods 30.28 5.27 Diversified 28.04 4.88 Consumer Non Durables 21.46 3.74 Auto 19.08 3.32 Ferrous Metals 16.90 2.94 Non - Ferrous Metals 14.87 2.59 Pharmaceuticals 14.27 2.48 Finance 12.81 2.23 Gas 12.75 2.22 Cement 11.09 1.94 Construction 10.52 1.83 Media and Entertainment 1.42 0.25 (Cost Rs. 731.04 Lacs) 574.53 100.00 DEBENTURES AND BONDS ( 36.38 % ) * Diversified Financial Services 3,766.87 88.75 Banks 477.25 11.25 (Cost Rs. 4,169.46 Lacs) 4,244.12 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 28.7 % ) * Banks 3,348.12 100.00 (Cost Rs. 3,348.12 Lacs) 3,348.12 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 30 % ) 3,499.53 100.00 (Cost Rs. 3,499.53 Lacs) 3,499.53 100.00 Total investment at Market / Fair Value 11,666.30 (Total Cost Rs. 11,748.15 Lacs) EQUITY DERIVATIVES Long Futures 19,739.33 100.00 19,739.33 100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 298 Days 3,960.00 20.65 Kotak Mahindra Bank Ltd. 367 Days 2,000.00 10.43 Kotak Mahindra Bank Ltd. 295 Days 990.00 5.16 6,950.00 36.25 is Rs. 7,592.24 Lacs. KOTAK MAHINDRA FLEXI FUND OF FUNDS - SERIES II SCHEME Mutual Fund Units( 100 % ) 3,576.32 100.00 Total investment at Market / Fair Value (Total Cost Rs. 3,237.96 Lacs) 3,576.32 100.00 KOTAK FLEXI FOF- SERIES - 1 Mutual Fund Units( 100 % ) 529.73 100.00 Total investment at Market / Fair Value 529.73 100.00 (Total Cost Rs. 497.09 Lacs) KOTAK EQUITY ARBITRAGE FUND EQUITY SHARES ( 88.98 % ) Consumer Non Durables 1,717.15 12.60 Cement 1,280.05 9.39 Pharmaceuticals 1,200.30 8.81 Finance 1,101.83 8.09 Telecom - Equipment & Accessories 1,078.20 7.91 Banks 1,007.56 7.39 Construction 788.37 5.79 Industrial Products 763.23 5.60 Petroleum Products 716.89 5.26 Ferrous Metals 632.09 4.64 Software 585.06 4.29 Power 471.56 3.46 Oil 401.29 2.94 Fertilisers 293.05 2.15 Gas 282.23 2.07 Telecom - Services 266.20 1.95 Diversified 257.05 1.89 Transportation 191.88 1.41 Auto 173.41 1.28 Minerals/Mining 125.50 0.92 Industrial Capital Goods 104.27 0.77 Media and Entertainment 80.06 0.59 Hotels 53.16 0.39 Textile Products 34.58 0.25 Consumer Durables 14.95 0.11 Chemicals 6.62 0.05 (Cost Rs. 14,692.79 Lacs) 13,626.54 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 9.72 % ) * Banks 1,488.03 100.00 (Cost Rs. 1,488.03 Lacs) 1,488.03 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 1.31 % ) 199.98 100.00 (Cost Rs. 199.98 Lacs) 199.98 100.00 Total investment at Market / Fair Value 15,314.55 (Total Cost Rs. 16,380.80 Lacs) EQUITY DERIVATIVES Short Futures -13,691.22-100.00-13,691.22-100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 5,200.00 24.02 Kotak Mahindra Bank Ltd. 390 Days 495.00 2.29 Kotak Mahindra Bank Ltd. 750 Days 99.00 0.46 5,794.00 26.77 is Rs. 1,488.03 Lacs. 57

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK EQUITY FOF SCHEME Mutual Fund Units ( 100 % ) 3,260.66 100.00 Total investment at Market / Fair Value 3,260.66 100.00 (Total Cost Rs. 2,924.52 Lacs) KOTAK MAHINDRA INCOME PLUS SCHEME GOVERNMENT DATED SECURITIES ( 21.59 % ) GOVERNMENT 202.80 100.00 (Cost Rs. 214.20 Lacs) 202.80 100.00 EQUITY SHARES ( 23.99 % ) Banks 36.56 16.22 Consumer Non Durables 26.13 11.59 Petroleum Products 24.94 11.06 Power 22.72 10.08 Telecom - Services 18.78 8.33 Software 15.77 7.00 Auto 15.37 6.82 Pharmaceuticals 12.32 5.47 Diversified 11.88 5.27 Industrial Capital Goods 10.57 4.69 Oil 10.14 4.50 Auto Ancillaries 6.41 2.84 Gas 6.14 2.72 Construction 4.99 2.21 Finance 2.70 1.20 (Cost Rs. 235.25 Lacs) 225.42 100.00 DEBENTURES AND BONDS ( 33.14 % ) * Diversified Financial Services 311.33 100.00 (Cost Rs. 306.41 Lacs) 311.33 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 21.28 % ) 199.98 100.00 (Cost Rs. 199.98 Lacs) 199.98 100.00 Total investment at Market / Fair Value 939.53 (Total Cost Rs. 955.84 Lacs) EQUITY DERIVATIVES Long / Short Futures -13.28-100.00-13.28-100.00 Short Options -1.24-100.00-1.24-100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 390 Days 50.00 2.53 50.00 2.53 is Rs. 311.33 Lacs. KOTAK LIFESTYLE SCHEME PREFERENCE SHARES ( 0.17 % ) Finance 15.45 100.00 (Cost Rs. 30.00 Lacs) 15.45 100.00 EQUITY SHARES ( 74.42 % ) Consumer Non Durables 2,099.04 30.86 Banks 1,610.67 23.68 Auto 1,003.93 14.76 Telecom - Services 879.64 12.93 Diversified 380.00 5.59 Finance 293.88 4.32 Media and Entertainment 292.16 4.30 Textile Products 210.48 3.09 Hotels 31.70 0.47 (Cost Rs. 8,458.53 Lacs) 6,801.50 100.00 DEBENTURES AND BONDS ( 8.78 % ) * Diversified Financial Services 300.00 37.39 Finance 202.00 25.18 Cement 200.00 24.93 Telecom - Services 100.26 12.50 (Cost Rs. 802.26 Lacs) 802.26 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 16.63 % ) 1,519.79 100.00 (Cost Rs. 1,519.79 Lacs) 1,519.79 100.00 Total investment at Market / Fair Value 9,139.00 (Total Cost Rs. 10,810.58 Lacs) EQUITY DERIVATIVES Long Futures 605.48 100.00 605.48 100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 276 Days 200.00 2.21 Kotak Mahindra Bank Ltd. 700 Days 100.00 1.10 300.00 3.31 is Rs. 802.26 Lacs. KOTAK TAX SAVER SCHEME EQUITY SHARES ( 81.06 % ) Banks 3,429.94 14.04 Consumer Non Durables 2,368.21 9.70 Petroleum Products 2,290.74 9.38 Software 2,007.41 8.22 Power 2,002.59 8.20 Pharmaceuticals 1,372.60 5.62 Auto 1,342.34 5.50 Telecom - Services 1,264.28 5.18 Diversified 1,123.22 4.60 Oil 1,092.28 4.47 Finance 910.40 3.73 Industrial Capital Goods 762.55 3.12 58

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK TAX SAVER SCHEME (Contd.) Ferrous Metals 759.50 3.11 Construction 680.71 2.79 Pesticides 407.04 1.67 Travel & Transportation 404.13 1.65 Gas 396.03 1.62 Transportation 332.06 1.36 Auto Ancillaries 318.08 1.30 Media and Entertainment 301.16 1.23 Textile Products 259.27 1.06 Paper 229.32 0.94 Industrial Products 218.29 0.89 Chemicals 153.52 0.63 (Cost Rs. 29,408.31 Lacs) 24,425.67 100.00 DEBENTURES AND BONDS ( 5.74 % ) * Banks 925.57 53.50 Diversified Financial Services 503.85 29.12 Cement 300.75 17.38 (Cost Rs. 1,730.17 Lacs) 1,730.17 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 4.90 % ) * Banks 1,477.76 100.00 (Cost Rs. 1,477.76 Lacs) 1,477.76 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 8.30 % ) 2,499.66 100.00 (Cost Rs. 2,499.66 Lacs) 2,499.66 100.00 Total investment at Market / Fair Value 30,133.26 (Total Cost Rs. 35,115.90 Lacs) is Rs. 3,207.93 Lacs. KOTAK CONTRA SCHEME EQUITY SHARES ( 83.81 % ) Banks 847.40 17.05 Petroleum Products 749.11 15.07 Consumer Non Durables 589.98 11.87 Power 421.19 8.47 Software 378.03 7.60 Industrial Capital Goods 273.05 5.49 Diversified 245.00 4.93 Gas 242.42 4.88 Telecom - Services 237.03 4.77 Oil 163.84 3.30 Fertilisers 156.57 3.15 Auto Ancillaries 134.42 2.70 Auto 129.63 2.61 Cement 122.45 2.46 Ferrous Metals 90.42 1.82 Pharmaceuticals 68.46 1.38 Finance 55.19 1.11 Construction 28.52 0.57 Travel & Transportation 19.62 0.39 Transportation 18.99 0.38 (Cost Rs. 5,141.16 Lacs) 4,971.32 100.00 KOTAK CONTRA SCHEME (Contd.) DEBENTURES AND BONDS ( 1.70 % ) * Cement 100.75 100.00 (Cost Rs. 100.75 Lacs) 100.75 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 14.5 % ) 859.88 100.00 (Cost Rs. 859.88 Lacs) 859.88 100.00 Total investment at Market / Fair Value 5,931.95 (Total Cost Rs. 6,101.79 Lacs) Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 299.00 4.92 Kotak Mahindra Bank Ltd. 694 Days 50.00 0.82 349.00 5.74 is Rs. 100.75 Lacs. KOTAK MIDCAP SCHEME EQUITY SHARES ( 84.08 % ) Consumer Non Durables 1,713.47 27.90 Banks 1,011.21 16.47 Pharmaceuticals 882.44 14.37 Petroleum Products 457.25 7.45 Software 355.69 5.79 Cement 272.47 4.44 Auto Ancillaries 248.09 4.04 Construction 230.08 3.75 Finance 162.29 2.64 Gas 153.39 2.50 Pesticides 147.37 2.40 Auto 137.93 2.25 Power 119.45 1.95 Transportation 113.84 1.85 Industrial Capital Goods 71.12 1.16 Travel & Transportation 64.66 1.04 (Cost Rs. 6,507.57 Lacs) 6,140.75 100.00 DEBENTURES AND BONDS ( 4.15 % ) * Diversified Financial Services 302.92 100.00 (Cost Rs. 302.92 Lacs) 302.92 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 11.77 % ) 859.88 100.00 (Cost Rs. 859.88 Lacs) 859.88 100.00 Total investment at Market / Fair Value 7,303.55 (Total Cost Rs. 7,670.37 Lacs) EQUITY DERIVATIVES Long / Short Futures 119.04 100.00 119.04 100.00 Short Options -9.62-100.00-9.62-100.00 59

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK MIDCAP SCHEME (Contd.) Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 490.00 6.52 Kotak Mahindra Bank Ltd. 362 Days 100.00 1.33 Kotak Mahindra Bank Ltd. 367 Days 100.00 1.33 690.00 9.18 is Rs. 302.92 Lacs. KOTAK OPPORTUNITIES EQUITY SHARES ( 90.21 % ) Banks 8,834.31 17.59 Petroleum Products 5,650.37 11.25 Software 4,241.97 8.45 Consumer Non Durables 3,759.64 7.49 Telecom - Services 3,714.79 7.40 Industrial Capital Goods 3,197.45 6.37 Auto 2,673.35 5.32 Power 2,621.41 5.22 Diversified 2,060.49 4.10 Pharmaceuticals 1,972.57 3.93 Oil 1,945.62 3.87 Construction 1,822.36 3.63 Finance 1,749.44 3.48 Ferrous Metals 1,495.15 2.98 Travel & Transportation 1,050.73 2.09 Cement 1,008.33 2.01 Gas 817.23 1.63 Textile Products 544.10 1.08 Auto Ancillaries 345.71 0.69 Media and Entertainment 319.28 0.64 Non - Ferrous Metals 241.20 0.48 Fertilisers 143.70 0.29 Transportation 2.02 0.01 (Cost Rs. 57,530.71 Lacs) 50,211.22 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 2.39 % ) * Banks 1,328.93 100.00 (Cost Rs. 1,328.93 Lacs) 1,328.93 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 7.4 % ) 4,119.44 100.00 (Cost Rs. 4,119.44 Lacs) 4,119.44 100.00 Total investment at Market / Fair Value 55,659.59 (Total Cost Rs. 62,979.08 Lacs) EQUITY DERIVATIVES Long / Short Futures -869.91-100.00-869.91-100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 2,393.00 3.97 Kotak Mahindra Bank Ltd. 390 Days 942.00 1.56 Kotak Mahindra Bank Ltd. 365 Days 500.00 0.83 Kotak Mahindra Bank Ltd. 272 Days 350.00 0.58 Kotak Mahindra Bank Ltd. 500 Days 300.00 0.50 Kotak Mahindra Bank Ltd. 364 Days 200.00 0.33 Kotak Mahindra Bank Ltd. 392 Days 99.00 0.16 4,784.00 7.93 KOTAK OPPORTUNITIES (Contd.) is Rs. 1,328.93 Lacs. KOTAK GLOBAL INDIA SCHEME EQUITY SHARES ( 82.02 % ) Pharmaceuticals 489.86 17.90 Petroleum Products 350.69 12.81 Software 336.22 12.28 Consumer Non Durables 287.25 10.49 Oil 273.07 9.98 Power 192.15 7.02 Banks 166.40 6.08 Pesticides 148.36 5.42 Auto 92.77 3.39 Construction 86.45 3.16 Diversified 83.93 3.07 Industrial Capital Goods 70.40 2.57 Non - Ferrous Metals 55.18 2.02 Media and Entertainment 53.18 1.94 Ferrous Metals 51.30 1.87 (Cost Rs. 3,905.70 Lacs) 2,737.21 100.00 DEBENTURES AND BONDS ( 3.00 % ) * Diversified Financial Services 100.00 100.00 (Cost Rs. 100.00 Lacs) 100.00 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 14.98 % ) 499.93 100.00 (Cost Rs. 499.93 Lacs) 499.93 100.00 Total investment at Market / Fair Value 3,337.14 (Total Cost Rs. 4,505.63 Lacs) EQUITY DERIVATIVES Short Futures -145.14-100.00-145.14-100.00 Long Options 17.26 100.00 17.26 100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 200.00 5.46 Kotak Mahindra Bank Ltd. 364 Days 50.00 1.37 Kotak Mahindra Bank Ltd. 390 Days 50.00 1.37 Kotak Mahindra Bank Ltd. 393 Days 20.00 0.55 320.00 8.75 is Rs. 100.00 Lacs. 60

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK MAHINDRA MNC SCHEME EQUITY SHARES ( 79.54 % ) Consumer Non Durables 534.95 34.31 Industrial Products 157.64 10.11 Industrial Capital Goods 153.88 9.87 Auto 129.36 8.30 Software 95.53 6.13 Telecom - Services 93.86 6.02 Diversified 64.13 4.11 Trading 59.73 3.83 Auto Ancillaries 58.50 3.75 Banks 57.53 3.69 Pesticides 50.65 3.25 Cement 45.95 2.95 Petroleum Products 29.04 1.86 Chemicals 28.34 1.82 (Cost Rs. 1,975.49 Lacs) 1,559.09 100.00 DEBENTURES AND BONDS ( 5.15 % ) * Diversified Financial Services 100.97 100.00 (Cost Rs. 100.97 Lacs) 100.97 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 15.3 % ) 299.97 100.00 (Cost Rs. 299.97 Lacs) 299.97 100.00 Total investment at Market / Fair Value 1,960.03 (Total Cost Rs. 2,376.43 Lacs) EQUITY DERIVATIVES Long / Short Futures 51.08 100.00 51.08 100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 390 Days 50.00 2.41 50.00 2.41 is Rs. 100.97 Lacs. KOTAK MAHINDRA BALANCE SCHEME PREFERENCE SHARES ( 0.06 % ) Finance 2.51 100.00 (Cost Rs. 4.87 Lacs) 2.51 100.00 EQUITY SHARES ( 85.04 % ) Petroleum Products 502.66 13.96 Consumer Non Durables 405.18 11.25 Banks 394.01 10.94 Power 281.65 7.82 Software 279.28 7.75 Industrial Capital Goods 271.97 7.55 Oil 240.42 6.68 Telecom - Services 237.00 6.58 Auto 159.05 4.42 Pharmaceuticals 139.55 3.87 Diversified 135.08 3.75 Construction 111.55 3.10 Gas 98.24 2.73 Ferrous Metals 54.25 1.51 Cement 53.00 1.47 Auto Ancillaries 51.69 1.44 Finance 50.92 1.41 Travel & Transportation 35.56 0.99 Media and Entertainment 29.78 0.83 Transportation 28.46 0.79 Fertilisers 28.31 0.79 Consumer Durables 13.84 0.38 (Cost Rs. 3,936.25 Lacs) 3,601.45 100.00 DEBENTURES AND BONDS ( 7.35 % ) * Diversified Financial Services 311.33 100.00 (Cost Rs. 306.41 Lacs) 311.33 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 7.55 % ) 319.96 100.00 (Cost Rs. 319.96 Lacs) 319.96 100.00 Total investment at Market / Fair Value 4,235.25 (Total Cost Rs. 4,567.49 Lacs) EQUITY DERIVATIVES Long / Short Futures -514.84-100.00-514.84-100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 299.00 5.48 Kotak Mahindra Bank Ltd. 364 Days 198.00 3.63 497.00 9.11 is Rs. 311.33 Lacs. 61

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK MAHINDRA 30 UNIT SCHEME EQUITY SHARES ( 84.35 % ) Banks 8,384.50 16.22 Petroleum Products 8,205.68 15.89 Software 4,949.07 9.58 Diversified 4,033.17 7.81 Telecom - Services 3,825.96 7.41 Consumer Non Durables 3,824.91 7.41 Power 3,779.66 7.32 Pharmaceuticals 3,393.96 6.57 Oil 3,181.04 6.16 Industrial Capital Goods 2,106.55 4.08 Ferrous Metals 1,808.33 3.50 Auto 1,770.79 3.43 Finance 903.17 1.75 Textile Products 666.80 1.29 Non - Ferrous Metals 397.84 0.77 Construction 337.13 0.65 Gas 80.13 0.16 (Cost Rs. 58,230.60 Lacs) 51,648.69 100.00 DEBENTURES AND BONDS ( 0.16 % ) * Finance 100.44 100.00 (Cost Rs. 100.44 Lacs) 100.44 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 9.52 % ) * Banks 5,832.10 100.00 (Cost Rs. 5,883.33 Lacs) 5,832.10 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 5.96 % ) 3,649.51 100.00 (Cost Rs. 3,649.51 Lacs) 3,649.51 100.00 Total investment at Market / Fair Value 61,230.74 (Total Cost Rs. 67,863.88 Lacs) EQUITY DERIVATIVES Long / Short Futures 2,334.67 100.00 2,334.67 100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 2,097.00 3.28 Kotak Mahindra Bank Ltd. 500 Days 400.00 0.63 Kotak Mahindra Bank Ltd. 366 Days 300.00 0.47 Kotak Mahindra Bank Ltd. 364 Days 200.00 0.31 Kotak Mahindra Bank Ltd. 402 Days 200.00 0.31 Kotak Mahindra Bank Ltd. 390 Days 198.00 0.31 Kotak Mahindra Bank Ltd. 392 Days 99.00 0.15 Kotak Mahindra Bank Ltd. 365 Days 75.00 0.12 3,569.00 5.58 is Rs. 5,932.54 Lacs. KOTAK PSU BANK ETF SCHEME EQUITY SHARES ( 100 % ) Banks 2,503.84 100.00 Total investment at Market / Fair Value 2,503.84 100.00 (Total Cost Rs. 4,755.50 Lacs) KOTAK BLENDED FOF Mutual Fund Units ( 100 % ) 9,186.82 100.00 Total investment at Market / Fair Value 9,186.82 (Cost Rs. 8,735.31 Lacs) KOTAK MAHINDRA TECHNOLOGY SCHEME EQUITY SHARES (100 %) Software 614.71 55.28 Telecom - Services 318.15 28.61 Media and Entertainment 179.15 16.11 (Cost Rs. 1,695.67 Lacs) 1,112.01 100.00 Total investment at Market / Fair Value 1,112.01 (Total Cost Rs. 1,695.67 Lacs) Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 390 Days 41.00 3.08 Kotak Mahindra Bank Ltd. 370 Days 25.00 1.88 Kotak Mahindra Bank Ltd. 367 Days 15.00 1.13 Kotak Mahindra Bank Ltd. 364 Days 10.00 0.75 Kotak Mahindra Bank Ltd. 700 Days 5.00 0.38 96.00 7.22 is Rs. Nil Lacs. KOTAK SENSEX ETF EQUITY SHARES (100 %) Petroleum Products 105.95 17.24 Banks 90.59 14.74 Software 75.01 12.21 Diversified 54.28 8.83 Telecom - Services 47.90 7.80 Consumer Non Durables 43.15 7.02 Power 36.87 6.00 Finance 30.16 4.91 Oil 29.48 4.80 Industrial Capital Goods 22.78 3.71 Auto 20.93 3.41 Cement 14.83 2.41 Non - Ferrous Metals 13.99 2.28 Pharmaceuticals 10.60 1.73 Ferrous Metals 9.33 1.52 Construction 8.61 1.40 (Cost Rs. 990.53 Lacs) 614.46 100.00 Total investment at Market / Fair Value 614.46 (Total Cost Rs. 990.53 Lacs) 62

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK TWIN ADVANTAGE SR II SCHEME DEBENTURES AND BONDS ( 67.01 % ) * Diversified Financial Services 784.57 42.92 Banks 544.45 29.79 Finance 498.82 27.29 (Cost Rs. 1,846.86 Lacs) 1,827.84 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION (32.99 %) 899.90 100.00 (Cost Rs. 899.90 Lacs) 899.90 100.00 Total investment at Market / Fair Value 2,727.74 (Total Cost Rs. 2,725.73 Lacs) EQUITY DERIVATIVES Long Options 40.34 100.00 40.34 100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 201 Days 100.00 3.33 100.00 3.33 is Rs. 1,827.84 Lacs. KOTAK TWIN ADVANTAGE SR III SCHEME DEBENTURES AND BONDS (87.41 %) * Diversified Financial Services 4,218.03 61.23 Finance 2,411.90 35.01 Banks 258.91 3.76 (Cost Rs. 6,943.62 Lacs) 6,888.84 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) (12.59 %) * Diversified Financial Services 992.32 100.00 (Cost Rs. 992.32 Lacs) 992.32 100.00 Total investment at Market / Fair Value 7,881.16 (Total Cost Rs. 7,935.94 Lacs) EQUITY DERIVATIVES Long Options 48.68 100.00 48.68 100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 374 Days 500.00 5.77 500.00 5.77 Aggregate fair value of non-traded/thinly traded investments as at March 31, 2009 is Rs. 7,881.16 Lacs. KOTAK WEALTH BUILDER SERIES I DEBENTURES AND BONDS (76.54 %) * Diversified Financial Services 4,680.24 75.95 Banks 1,380.83 22.41 Finance 101.00 1.64 (Cost Rs. 6,165.09 Lacs) 6,162.07 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) (18.49 %) * Diversified Financial Services 1,488.48 100.00 (Cost Rs. 1,488.48 Lacs) 1,488.48 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION (4.97 %) 399.95 100.00 (Cost Rs. 399.95 Lacs) 399.95 100.00 Total investment at Market / Fair Value 8,050.50 (Total Cost Rs. 8,053.52 Lacs) EQUITY DERIVATIVES Long Futures 1,812.17 100.00 1,812.17 100.00 Long Options 103.40 100.00 103.40 100.00 Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 800.00 7.74 Kotak Mahindra Bank Ltd. 365 Days 500.00 4.83 Kotak Mahindra Bank Ltd. 370 Days 500.00 4.83 1,800.00 17.40 Aggregate fair value of non-traded/thinly traded investments as at March 31, 2009 is Rs. 7,650.55 Lacs. 63

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK FMP 12M SERIES 3 SCHEME DEBENTURES AND BONDS( 87.3 % ) * Diversified Financial Services 9,037.68 47.86 Finance 4,920.21 26.06 Banks 3,056.43 16.19 Telecom - Services 1,704.38 9.03 Auto Ancillaries 162.93 0.86 (Cost Rs. 18,906.55 Lacs) 18,881.63 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 10.39 % ) * Finance 1,275.17 56.77 Diversified Financial Services 971.03 43.23 (Cost Rs. 2,246.21 Lacs) 2,246.20 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 2.31 % ) 499.93 100.00 (Cost Rs. 499.93 Lacs) 499.93 100.00 Total investment at Market / Fair Value 21,627.76 (Total Cost Rs. 21,652.69 Lacs) is Rs. 21,127.82 Lacs. KOTAK FMP 12M SERIES 5 SCHEME DEBENTURES AND BONDS( 45.06 % ) * Finance 813.02 43.35 Telecom - Services 601.55 32.08 Banks 269.58 14.37 Diversified Financial Services 191.23 10.20 (Cost Rs. 1,873.92 Lacs) 1,875.38 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 49.42 % ) * Finance 1,076.89 52.35 Banks 980.13 47.65 (Cost Rs. 2,050.42 Lacs) 2,057.02 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 5.52 % ) 229.97 100.00 (Cost Rs. 229.97 Lacs) 229.97 100.00 Total investment at Market / Fair Value 4,162.37 (Total Cost Rs. 4,154.31 Lacs) is Rs. 3,932.41 Lacs. KOTAK FMP 12M SERIES 6 SCHEME DEBENTURES AND BONDS ( 22.83 % ) * Finance 1,457.12 72.99 Banks 539.16 27.01 (Cost Rs. 1,996.28 Lacs) 1,996.28 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 75.45 % ) Banks 6,597.09 100.00 (Cost Rs. 6,586.66 Lacs) 6,597.09 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 1.72 % ) 149.98 100.00 (Cost Rs. 149.98 Lacs) 149.98 100.00 Total investment at Market / Fair Value 8,743.34 (Total Cost Rs. 8,732.92 Lacs) is Rs. 8,593.37 Lacs. KOTAK FMP 12M SERIES 7 SCHEME DEBENTURES AND BONDS ( 7.93 % ) * Finance 1,610.76 100.00 (Cost Rs. 1,610.76 Lacs) 1,610.76 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 92.07 % ) Banks 15,273.53 81.71 Diversified Financial Services 2,449.81 13.11 Finance 485.93 2.60 Telecom - Services 483.31 2.59 (Cost Rs. 18,685.82 Lacs) 18,692.58 100.00 Total investment at Market / Fair Value 20,303.34 (Total Cost Rs. 20,296.59 Lacs) * fair valued as per procedures determined by Kotak Mahindra Asset management is Rs. 20,303.34 Lacs. 64

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK FMP 12M SERIES 8 SCHEME DEBENTURES AND BONDS** ( 76.16 % ) Finance 11,950.33 35.37 Petroleum Products 10,401.40 30.79 Diversified Financial Services 9,104.21 26.95 Banks 1,726.04 5.11 Telecom - Services 601.55 1.78 (Cost Rs. 33,783.88 Lacs) 33,783.51 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * (23.33 %) Finance 4,268.00 41.25 Banks 3,650.20 35.28 Diversified Financial Services 1,475.78 14.26 Telecom - Services 953.34 9.21 (Cost Rs. 10,340.71 Lacs) 10,347.32 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION (0.52 %) 229.97 100.00 (Cost Rs. 229.97 Lacs) 229.97 100.00 Total investment at Market / Fair Value 44,360.80 (Total Cost Rs. 44,354.56 Lacs) is Rs. 44,130.85 Lacs. KOTAK FMP 12M SERIES 9 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * (100 %) Banks 19,889.43 100.00 (Cost Rs. 19,859.73 Lacs) 19,889.43 100.00 Total investment at Market / Fair Value 19,889.43 (Total Cost Rs. 19,859.73 Lacs) is Rs.19,889.44 Lacs. KOTAK FMP 12M SERIES 10 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 100 % ) Banks 117,810.99 100.00 (Cost Rs. 117,176.54 Lacs) 117,810.99 100.00 Total investment at Market / Fair Value 117,810.99 (Total Cost Rs. 117,176.54 Lacs) is Rs. 1,17,810.98 Lacs. KOTAK FMP 12M SERIES 11 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 99.86 % ) Banks 29,492.19 85.30 Diversified Financial Services 5,080.93 14.70 (Cost Rs. 34,406.51 Lacs) 34,573.12 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.14 % ) 49.99 100.00 (Cost Rs. 49.99 Lacs) 49.99 100.00 Total investment at Market / Fair Value 34,623.11 (Total Cost Rs. 34,456.50 Lacs) is Rs. 34,573.12 Lacs. KOTAK FMP 13M SERIES 3 SCHEME DEBENTURES AND BONDS ( 49.92 % ) * Finance 9,656.74 79.83 Banks 2,429.8 20.17 (Cost Rs. 11,983.62 Lacs) 12,086.54 100 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 49.87 % ) * Banks 6,016.15 49.99 Diversified Financial Services 4,899.75 40.71 Finance 1,119.61 9.30 (Cost Rs. 12,032.82 Lacs) 12,035.51 100 COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.21 % ) 49.99 100 (Cost Rs. 49.99 Lacs) 49.99 100 Total investment at Market / Fair Value 24,172.04 (Total Cost Rs. 24,066.43 Lacs) is Rs. 24,082.13 Lacs. KOTAK FMP 13M SERIES 4 SCHEME DEBENTURES AND BONDS ( 58.02 % ) * Diversified Financial Services 5,132.58 44.12 Auto Ancillaries 2,220.25 19.08 Construction 2,077.00 17.85 Finance 1,903.32 16.36 Telecom - Services 300.77 2.59 (Cost Rs. 11,668.85 Lacs) 11,633.92 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 41.69 % ) * Banks 7,776.13 93.02 Finance 583.11 6.98 (Cost Rs. 8,421.37 Lacs) 8,359.24 100.00 65

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK FMP 13M SERIES 4 SCHEME (Contd.) COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.3 % ) 59.99 100.00 (Cost Rs. 59.99 Lacs) 59.99 100.00 Total investment at Market / Fair Value 20,053.15 (Total Cost Rs. 20,150.21 Lacs) is Rs. 19,993.16 Lacs. KOTAK FMP 13M SERIES 5 SCHEME DEBENTURES AND BONDS ( 14.11 % ) Finance 2,555.42 55.97 Banks 2,010.43 44.03 (Cost Rs. 4,551.38 Lacs) 4,565.85 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 78.78 % ) Banks 25,485.26 100.00 (Cost Rs. 25,485.26 Lacs) 25,485.26 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 7.11 % ) 2,299.69 100.00 (Cost Rs. 2,299.69 Lacs) 2,299.69 100.00 Total investment at Market / Fair Value 32,350.80 (Total Cost Rs. 32,336.33 Lacs) is Rs. 25,485.26 Lacs. KOTAK FMP 14M SERIES 3 SCHEME DEBENTURES AND BONDS ( 55.76 % ) * Finance 6,335.29 100.00 (Cost Rs. 6,239.74 Lacs) 6,335.29 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 41.85 % ) * Banks 4,663.89 98.30 Finance 80.56 1.70 (Cost Rs. 4,741.68 Lacs) 4,744.45 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 2.38 % ) 269.96 100.00 (Cost Rs. 269.96 Lacs) 269.96 100.00 Total investment at Market / Fair Value 11,349.70 (Total Cost Rs. 11,251.38 Lacs) is Rs. 11,079.74 Lacs. KOTAK FMP 14M SERIES 4 SCHEME DEBENTURES AND BONDS ( 59.17 % ) * Finance 2,614.12 41.47 Banks 2,315.98 36.97 Diversified Financial Services 1,350.43 21.56 (Cost Rs. 6,239.75 Lacs) 6,280.53 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 39.79 % ) * 2,449.81 58.16 Banks 1,762.16 41.84 (Cost Rs. 4,211.98 Lacs) 4,211.97 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 1.04 % ) 109.99 100.00 (Cost Rs. 109.99 Lacs) 109.99 100.00 Total investment at Market / Fair Value 10,602.49 (Total Cost Rs. 10,561.71 Lacs) * fair valued as per procedures determined by Kotak Mahindra Asset management for valuation of securities for mutual funds issued by the Securities and Exchange is Rs. 10,492.50 Lacs. KOTAK FMP 15M SERIES 4 SCHEME DEBENTURES AND BONDS( 36.14 % ) * Finance 8,797.37 90.78 Diversified Financial Services 887.44 9.22 (Cost Rs. 9,584.53 Lacs) 9,684.81 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 63.49 % ) * Banks 14,055.32 83.10 Diversified Financial Services 2,859.10 16.90 (Cost Rs. 16,848.62 Lacs) 16,914.42 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.38 % ) 99.99 100.00 (Cost Rs. 99.99 Lacs) 99.99 100.00 Total investment at Market / Fair Value 26,699.22 (Total Cost Rs. 26,533.14 Lacs) * fair valued as per procedures determined by Kotak Mahindra Asset management is Rs. 26,541.59 Lacs. 66

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK FMP 15M SERIES 5 SCHEME DEBENTURES AND BONDS ( 49.01 % ) * Finance 3,030.17 31.03 Printing and Stationary 2,501.43 25.64 Construction 2,126.58 21.80 Diversified Financial Services 2,014.82 20.65 Banks 86.30 0.88 (Cost Rs. 9,757.03 Lacs) 9,759.30 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 50.24 % ) * Banks 7,998.27 79.97 Diversified Financial Services 1,906.07 19.06 Finance 97.80 0.98 (Cost Rs. 10,018.87 Lacs) 10,002.14 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.75 % ) 149.98 100.00 (Cost Rs. 149.98 Lacs) 149.98 100.00 Total investment at Market / Fair Value 19,911.42 (Total Cost Rs. 19,925.88 Lacs) is Rs. 19,759.33 Lacs. KOTAK FMP 16M SERIES 2 SCHEME DEBENTURES AND BONDS ( 55.5 % ) * Finance 3,134.25 75.72 Diversified Financial Services 1,005.12 24.28 (Cost Rs. 4,130.63 Lacs) 4,139.37 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 41.82 % ) * Banks 3,119.13 100.00 (Cost Rs. 3,119.13 Lacs) 3,119.13 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 2.68 % ) 199.97 100.00 (Cost Rs. 199.97 Lacs) 199.97 100.00 Total investment at Market / Fair Value 7,458.47 (Total Cost Rs. 7,449.74 Lacs) is Rs. 7,258.50 Lacs. KOTAK FMP 17M SERIES 1 SCHEME DEBENTURES AND BONDS ( 43.35 % ) * Finance 1,101.32 73.11 Banks 404.97 26.89 (Cost Rs. 1,501.91 Lacs) 1,506.29 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 52.05 % ) * 1,439.71 79.60 Diversified Financial Services 368.94 20.40 (Cost Rs. 1,801.60 Lacs) 1,808.66 100.00 KOTAK FMP 17M SERIES 1 SCHEME (Contd.) COLLATERALISED BORROWING & LENDING OBLIGATION ( 4.6 % ) 159.98 100.00 (Cost Rs. 159.98 Lacs) 159.98 100.00 Total investment at Market / Fair Value 3,474.93 (Total Cost Rs. 3,463.49 Lacs) is Rs. 3,314.94 Lacs. KOTAK FMP 18M SERIES 1 SCHEME DEBENTURES AND BONDS ( 75.31 % ) Finance 918.48 50.19 Diversified Financial Services 613.76 33.54 Petroleum Products 297.86 16.28 (Cost Rs. 1,825.39 Lacs) 1,830.10 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 24.69 % ) GOVERNMENT 599.92 100.00 (Cost Rs. 599.92 Lacs) 599.92 100.00 Total investment at Market / Fair Value 2,430.02 (Total Cost Rs. 2,425.31 Lacs) is Rs. 1,525.29 Lacs. KOTAK FMP 19M SERIES 1 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 100 % ) * Banks 3,149.69 100.00 (Cost Rs. 3,123.03 Lacs) 3,149.69 100.00 Total investment at Market / Fair Value 3,149.69 (Total Cost Rs. 3,123.03 Lacs) is Rs. 3,149.68 Lacs. 67

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK BOND UNIT SCHEME 99 KOTAK BOND REGULAR AND DEPOSIT PLAN GOVERNMENT DATED SECURITIES ( 64.13 % ) 35,714.95 100.00 (Cost Rs. 36,297.78 Lacs) 35,714.95 100.00 DEBENTURES AND BONDS ( 33.80 % ) Finance 9,327.92 49.55 Diversified Financial Services 4,941.49 26.25 Banks 2,512.04 13.34 Petroleum Products 2,044.90 10.86 (Cost Rs. 18,736.46 Lacs) 18,826.35 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 2.07 % ) 1,149.84 100.00 (Cost Rs. 1,149.84 Lacs) 1,149.84 100.00 Total investment at Market / Fair Value 55,691.14 (Total Cost Rs. 56,184.08 Lacs) is Rs. 11,146.53 Lacs. KOTAK MAHINDRA BOND SHORT TERM SCHEME GOVERNMENT DATED SECURITIES ( 19.05 % ) 3,248.90 100.00 (Cost Rs. 3,254.65 Lacs) 3,248.90 100.00 DEBENTURES AND BONDS ( 66.41 % ) Finance 5,575.69 49.23 Diversified Financial Services 3,044.14 26.88 Petroleum Products 1,548.46 13.67 Chemicals 1,035.36 9.14 Construction 123.28 1.08 (Cost Rs. 11,259.77 Lacs) 11,326.93 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 8.15 % ) * Banks 1,389.42 100.00 (Cost Rs. 1,389.42 Lacs) 1,389.42 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 6.39 % ) 1,089.85 100.00 (Cost Rs. 1,089.85 Lacs) 1,089.85 100.00 Total investment at Market / Fair Value 17,055.10 (Total Cost Rs. 16,994.23 Lacs) is Rs. 9,933.01 Lacs. KOTAK FLOATER SHORT TERM SCHEME DEBENTURES AND BONDS ( 10.20 % ) * Finance 1,901.49 37.15 Diversified Financial Services 1,292.42 25.25 Ferrous Metals 1,006.62 19.66 Banks 512.35 10.01 Cement 406.00 7.93 (Cost Rs. 5,115.70 Lacs) 5,118.88 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 84.30 % ) * Banks 29,731.41 70.24 Diversified Financial Services 7,754.32 18.32 Finance 4,844.53 11.44 (Cost Rs. 42,325.89 Lacs) 42,330.26 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 5.50 % ) 2,759.63 100.00 (Cost Rs. 2,759.63 Lacs) 2,759.63 100.00 Total investment at Market / Fair Value 50,208.77 (Total Cost Rs. 50,201.22 Lacs) * fair valued as per procedures determined by Kotak Mahindra Asset management is Rs. 47,449.14 Lacs. KOTAK FLOATER LONG TERM SCHEME DEBENTURES AND BONDS ( 14.09 % ) Finance 19,874.57 49.66 Diversified Financial Services 16,827.53 42.05 Petroleum Products 2,907.32 7.26 Banks 411.35 1.03 (Cost Rs. 39,789.81 Lacs) 40,020.77 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 85.88 % ) * 218,416.11 89.46 Finance 9,698.65 3.97 Diversified Financial Services 8,944.37 3.66 Oil & Gas Exploration & Production 7,105.08 2.91 (Cost Rs. 244,030.24 Lacs) 244,164.21 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.03 % ) 79.99 100.00 (Cost Rs. 79.99 Lacs) 79.99 100.00 Total investment at Market / Fair Value 284,264.97 (Total Cost Rs. 283,900.04 Lacs) * fair valued as per procedures determined by Kotak Mahindra Asset management is Rs. 2,81,074.96 Lacs. KOTAK FLEXI DEBT SCHEME DEBENTURES AND BONDS ( 75.71 % ) Diversified Financial Services 27,067.30 34.58 Finance 19,510.19 24.93 Banks 9,682.47 12.37 Telecom - Services 7,619.57 9.74 Construction 7,599.18 9.71 INFORMATION TECHNOLOGY 5,076.23 6.49 Cement 1,703.00 2.18 (Cost Rs. 77,565.49 Lacs) 78,257.94 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 23.95 % ) * Banks 23,776.17 96.04 Finance 980.26 3.96 (Cost Rs. 24,721.54 Lacs) 24,756.43 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.34 % ) 349.95 100.00 (Cost Rs. 349.95 Lacs) 349.95 100.00 Total investment at Market / Fair Value 103,364.32 (Total Cost Rs. 102,636.98 Lacs) is Rs. 1,02,509.38 Lacs. 68

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK QUARTERLY INTERVAL PLAN-SERIES I SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 100 % ) * Banks 98.96 100.00 (Cost Rs. 98.96 Lacs) 98.96 100.00 Total investment at Market / Fair Value 98.96 (Total Cost Rs. 98.96 Lacs) is Rs. 98.96 Lacs. KOTAK MAHINDRA GILT UNIT SCHEME 98 INVESTMENT PLAN GOVERNMENT DATED SECURITIES ( 92.49 % ) 10,960.70 100.00 (Cost Rs. 11,226.70 Lacs) 10,960.70 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 7.51 % ) 889.88 100.00 (Cost Rs. 889.88 Lacs) 889.88 100.00 Total investment at Market / Fair Value 11,850.58 (Total Cost Rs. 12,116.58 Lacs) SAVINGS SCHEME GOVERNMENT DATED SECURITIES ( 89.06 % ) 3,827.30 100.00 (Cost Rs. 3,820.46 Lacs) 3,827.30 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 10.94 % ) 469.94 100.00 (Cost Rs. 469.94 Lacs) 469.94 100.00 Total investment at Market / Fair Value 4,297.24 (Total Cost Rs. 4,290.40 Lacs) KOTAK MAHINDRA LIQUID SCHEME DEBENTURES AND BONDS ( 53.45 % ) * Finance 47,522.02 37.94 Diversified Financial Services 41,480.66 33.12 Telecom - Services 11,286.00 9.01 Banks 10,708.58 8.55 Ferrous Metals 9,000.00 7.19 Petroleum Products 4,744.98 3.79 Cement 500.00 0.40 (Cost Rs. 125,052.37 Lacs) 125,242.24 100.00 COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 45.87 % ) * Banks 95,373.57 88.74 Finance 11,635.42 10.83 Diversified Financial Services 461.18 0.43 (Cost Rs. 107,474.07 Lacs) 107,470.17 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.68 % ) 1,599.78 100.00 (Cost Rs. 1,599.78 Lacs) 1,599.78 100.00 Total investment at Market / Fair Value 234,312.19 (Total Cost Rs. 234,126.22 Lacs) is Rs. 2,32,712.41 Lacs. KOTAK MONTHLY INTERVAL PLAN SERIES 2 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 83.81 % ) Banks 517.58 100.00 (Cost Rs. 517.58 Lacs) 517.58 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 16.19 % ) 99.99 100.00 (Cost Rs. 99.99 Lacs) 99.99 100.00 Total investment at Market / Fair Value 617.57 (Total Cost Rs. 617.57 Lacs) is Rs. 517.58 Lacs. KOTAK MONTHLY INTERVAL PLAN SERIES 3 SCHEME COLLATERALISED BORROWING & LENDING OBLIGATION ( 100 % ) 59.99 100.00 (Cost Rs. 59.99 Lacs) 59.99 100.00 Total investment at Market / Fair Value 59.99 (Total Cost Rs. 59.99 Lacs) KOTAK QUARTERLY INTERVAL PLAN-SERIES 3 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 2.43 % ) * Banks 9.94 100.00 (Cost Rs. 9.94 Lacs) 9.94 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 97.57 % ) 399.95 100.00 (Cost Rs. 399.95 Lacs) 399.95 100.00 Total investment at Market / Fair Value 409.89 (Total Cost Rs. 409.89 Lacs) is Rs.9.94 Lacs. KOTAK QUARTERLY INTERVAL PLAN-SERIES 4 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 100 % ) * Banks 835.30 100.00 (Cost Rs. 835.30 Lacs) 835.30 100.00 Total investment at Market / Fair Value 835.30 (Total Cost Rs. 835.30 Lacs) is Rs 835.30 Lacs. 69

STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK QUARTERLY INTERVAL PLAN-SERIES 5 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 100 % ) * Banks 99.42 100.00 (Cost Rs. 99.34 Lacs) 99.42 100.00 Total investment at Market / Fair Value 99.42 (Total Cost Rs. 99.34 Lacs) is Rs.99.42 Lacs. KOTAK QUARTERLY INTERVAL PLAN-SERIES 6 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 41.55 % ) * Banks 99.49 100.00 (Cost Rs. 99.21 Lacs) 99.49 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 58.45 % ) 139.98 100.00 (Cost Rs. 139.98 Lacs) 139.98 100.00 Total investment at Market / Fair Value 239.47 (Total Cost Rs. 239.19 Lacs) is Rs.99.49 Lacs. KOTAK QUARTERLY INTERVAL PLAN SERIES 7 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 81.4 % ) Banks 218.73 100.00 (Cost Rs. 218.56 Lacs) 218.73 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION ( 18.6 % ) 49.99 100.00 (Cost Rs. 49.99 Lacs) 49.99 100.00 Total investment at Market / Fair Value 268.72 (Total Cost Rs. 268.55 Lacs) is Rs. 218.72 Lacs. KOTAK QUARTERLY INTERVAL PLAN SERIES 8 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 100 % ) Banks 338.20 100.00 (Cost Rs. 337.73 Lacs) 338.20 100.00 Total investment at Market / Fair Value 338.20 (Total Cost Rs. 337.73 Lacs) is Rs. 338.20 Lacs. KOTAK QUARTERLY INTERVAL PLAN SERIES 9 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 100 % ) Banks 1,616.85 100.00 (Cost Rs. 1,615.47 Lacs) 1,616.85 100.00 Total investment at Market / Fair Value 1,616.85 (Total Cost Rs. 1,615.47 Lacs) is Rs. 1,616.85 Lacs. KOTAK QUARTERLY INTERVAL PLAN SERIES 10 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 100 % ) Banks 763.63 100.00 (Cost Rs. 763.16 Lacs) 763.63 100.00 Total investment at Market / Fair Value 763.63 (Total Cost Rs. 763.16 Lacs) is Rs. 763.64 Lacs. KOTAK QUARTERLY INTERVAL PLAN-SERIES II SCHEME Company s Name / Security Market/Fair Percentage DEBENTURES AND BONDS (13.61%) * Diversified Financial Services 4,704.70 100.00 (Cost Rs. 4,704.70 Lacs) 4,704.70 100.00 COMMERCIAL PAPERS (CP) / CERTIFICATE OF DEPOSITS (CD) (85.03 %) * Banks 17,127.98 58.28 Diversified Financial Services 12,259.85 41.72 (Cost Rs. 29,387.83 Lacs) 29,387.83 100.00 COLLATERALISED BORROWING & LENDING OBLIGATION (1.36 %) 469.94 100.00 (Cost Rs. 469.94 Lacs) 469.94 100.00 Total investment at Market / Fair Value 34.562.47 (Total Cost Rs. 34,562.47 Lacs) Aggregate fair value of non-traded/thinly traded investments as at March 31, 2009 is Rs.34,092.53 Lacs. 70

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 Scheme Kotak 30 Kotak Balance Kotak Tech Kotak MNC Kotak Global India Period 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 1. NAV per unit (Rs.) 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 Open : 21.697 22.829 7.556 10.217 26.932 25.150 Growth Option 90.632 64.994 26.920 25.668 Dividend Option 29.479 31.640 19.074 18.188 Monthly Dividend Option Quarterly Dividend Option High : 23.265 34.093 8.376 11.011 28.327 37.036 Growth Option 93.363 116.782 29.541 37.232 Dividend Option 34.175 52.461 20.932 26.382 Monthly Dividend Option Quarterly Dividend Option Law : 14.348 21.628 3.885 7.065 17.033 24.472 Growth Option 49.276 61.998 12.214 24.766 Dividend Option 18.037 29.785 8.656 17.549 Monthly Dividend Option Quarterly Dividend Option End : 15.745 21.697 4.283 7.556 19.424 26.932 Growth Option 58.152 90.632 13.776 26.920 Dividend Option 18.111 29.479 9.749 19.074 Monthly Dividend Option Quarterly Dividend Option 2. Closing Assets Under Management (Rs. In Lacs) End 63,893.94 59,089.95 5,454.82 6,960.43 1,329.58 2,368.68 2,076.43 3,053.10 3,662.56 8,354.63 Average (AAuM) 64,347.97 52,662.14 6,454.64 8,776.19 1,813.57 3,636.42 2,411.17 4,067.21 5,757.73 10,975.35 3. Gross income as % of AAuM (40.33) 35.71 (34.22) 33.88 (55.31) 21.53 (10.46) 22.87 (34.95) 29.05 4. Expense Ratio a. Total Expenses as a % of AAuM (plan wise) 2.19 2.24 2.50 2.50 2.25 2.25 2.50 2.50 2.50 2.47 b. Management Fees as % of AAuM (plan wise) 0.88 0.77 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.22 5. Net Income as a percentage of AAuM (42.52) 33.48 (36.72) 31.38 (57.56) 19.28 (12.96) 20.37 (40.38) 24.73 6. Portfolio turnover Ratio 170.83 266.74 162.45 160.45 128.21 88.94 50.89 75.68 90.68 92.79 7 Total Dividend per unit distributed during the year / period (plan wise) 1.00 12.00-6.00 Monthly Dividend Option Quarterly Dividend Option 8. Returns a. Last One Year Scheme (35.21) 31.18 (27.43) 21.09 (43.32) (25.91) (27.88) 7.04 (48.88) 4.84 Benchmark (36.19) 23.76 (21.53) 19.49 (38.93) (14.22) BSE Sensex - (37.94) BSE Sensex - 19.57 (40.02) 21.52 S&P Nifty - (36.19) S&P Nifty - 23.76 b. Since Inception Scheme * 18.10 25.99 14.59 21.03 (9.00) (3.44) 10.65 16.74 6.71 26.80 Benchmark 12.87 20.04 N.A. N.A. (5.01) 0.38 BSE Sensex - 8.42 BSE Sensex - 16.26 9.14 25.99 S&P Nifty - 8.69 S&P Nifty - 16.17 Benchmark : As per Offer Document * Kotak 30 Dividend Option 71

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Opportunities Kotak Midcap Kotak Contra Kotak Tax Saver Kotak Lifestyle Period 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 1. NAV per unit (Rs.) 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 Open : Growth Option 37.715 27.943 20.592 19.246 15.675 13.850 16.340 13.853 12.033 11.638 Dividend Option 14.592 17.961 15.799 14.766 13.721 13.850 10.006 11.022 11.636 11.638 Monthly Dividend Option Quarterly Dividend Option High : Growth Option 42.138 56.281 22.867 32.398 17.794 23.390 18.000 24.384 12.568 17.507 Dividend Option 16.304 31.707 17.544 24.856 15.577 20.475 11.022 19.401 10.885 15.162 Monthly Dividend Option Quarterly Dividend Option Law : Growth Option 19.875 26.836 9.587 18.614 9.739 13.470 8.035 13.402 6.063 10.924 Dividend Option 7.690 13.785 7.355 14.281 8.525 12.958 4.920 9.344 5.251 9.461 Monthly Dividend Option Quarterly Dividend Option End : Growth Option 22.376 37.715 10.711 20.592 10.855 15.675 9.122 16.340 6.709 12.033 Dividend Option 8.662 14.592 8.215 15.799 9.502 13.721 5.586 10.006 5.819 11.636 Monthly Dividend Option Quarterly Dividend Option 2. Closing Assets Under Management (Rs. In Lacs) End 60,323.33 70,045.26 7,512.29 16,710.94 6,075.49 9,511.14 29,933.03 41,988.76 9,064.70 17,656.50 Average (AAuM) 70,026.04 33,435.35 11,404.65 24,494.56 7,586.72 12,520.88 34,534.74 32,588.22 11,990.13 27,889.99 3. Gross income as % of AAuM (57.64) 18.80 (77.89) 30.33 (40.15) 31.12 (57.97) 21.17 (52.27) 31.28 4. Expense Ratio a. Total Expenses as a % of AAuM (plan wise) 2.16 2.28 2.45 2.35 2.50 2.45 2.32 2.32 2.45 2.34 b. Management Fees as % of AAuM (plan wise) 0.87-1.20 1.10 1.25 1.20 0.54-1.20 0.91 5. Net Income as a percentage of AAuM (-59.80) 16.52 (-80.33) 27.52 (-43.38) 27.23 (-60.49) 18.50 (-60.70) 26.15 6. Portfolio turnover Ratio 166.39 219.77 217.33 179.42 196.22 97.84 149.70 167.98 122.21 110.24 7 Total Dividend per unit distributed during the year / period (plan wise) - 11.00 - - - 2.00-3.50-1.75 Monthly Dividend Option Quarterly Dividend Option 8. Returns a. Last One Year Scheme (40.66) 34.78 (47.99) 6.97 (30.76) 13.10 (44.17) 17.85 (42.14) (0.30) Benchmark (40.02) 21.52 (45.40) 28.52 (40.02) 21.52 (40.02) 21.52 (40.02) 21.52 b. Since Inception Scheme 19.33 45.21 1.13 25.35 1.64 17.29 (2.70) 23.14 (12.32) 7.60 Benchmark 11.48 32.69 3.41 27.08 3.27 26.49 0.52 25.17 (6.46) 16.43 Benchmark : As per Offer Document 72

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Income Plus Kotak Equity FOF Kotak Equity Kotak Flexi FOF Kotak Twin Arbitrage Fund Series I Advantage Series II Period 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 1. NAV per unit (Rs.) 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 Open : Growth Option 14.1241 12.9773 28.783 24.133 12.030 11.175 10.197 9.782 11.1640 10.2742 Dividend Option 28.784 24.133 10.198 9.782 11.1123 10.2742 Monthly Dividend Option 10.0436 10.7820 10.771 10.440 Quarterly Dividend Option 11.1224 10.7509 High : Growth Option 14.266 15.1010 31.398 40.396 13.0817 12.2147 10.991 13.624 11.2725 11.3106 Dividend Option 31.398 40.396 10.990 13.625 11.2726 11.3106 Monthly Dividend Option 10.9107 11.8764 10.7825 10.8544 Quarterly Dividend Option 10.9019 11.8034 Law : Growth Option 12.2582 12.8675 16.360 23.197 12.1798 11.1758 10.201 9.711 10.8913 10.2434 Dividend Option 16.360 23.197 10.202 9.711 10.8914 10.2435 Monthly Dividend Option 9.0768 10.6462 10.6386 10.4214 Quarterly Dividend Option 9.1142 10.6558 End : Growth Option 12.942 14.1241 18.755 28.783 12.9465 12.030 10.991 10.197 11.2887 11.1640 Dividend Option 18.755 28.784 10.990 10.198 11.2128 11.1123 Monthly Dividend Option 9.6437 10.0436 10.9046 10.771 Quarterly Dividend Option 9.3243 11.1224 2. Closing Assets Under Management (Rs. In Lacs) End 1,976.24 2,785.07 3,335.66 5,861.56 21,644.36 28,733.78 533.08 659.84 3,006.38 4,394.51 Average (AAuM) 2,394.08 4,345.76 4,396.04 7,492.37 27,144.35 23,496.72 593.35 1,597.80 3,696.47 6,590.48 3. Gross income as % of AAuM (7.16) 17.07 (39.73) 27.77 10.96 24.25 4.29 21.86 1.60 9.24 4. Expense Ratio a. Total Expenses as a % of AAuM (plan wise) 2.26 2.25 0.75 0.75 1.10 1.08 0.75 0.75 1.39 1.35 b. Management Fees as % of AAuM (plan wise) 1.23 1.01 0.40 0.46 0.45 0.44 0.46 0.51 1.13 1.09 5. Net Income as a percentage of AAuM (-10.86) 13.63 (-40.48) 26.75 (-0.01) 23.17 3.20 20.77 (-0.53) 7.07 6. Portfolio turnover Ratio - - - - 265.75 193.43 - - - - 7 Total Dividend per unit distributed during the year / period (plan wise) Monthly Dividend Option 0.7059 1.4139 0.7576 0.7569 Quarterly Dividend Option 0.4824 1.5062 8. Returns a. Last One Year Scheme (8.14) 7.62 (34.84) 19.16 7.10 9.26 N.A. 4.23 0.96 8.28 Benchmark 0.50 11.12 (36.19) 23.76 8.81 7.43 N.A. 19.49 0.50 11.12 b. Since Inception Scheme 4.79 8.03 14.50 33.66 7.97 8.24 N.A. 0.97 4.23 5.81 Benchmark 6.41 7.82 14.02 33.71 7.19 6.55 N.A. 13.93 6.56 10.06 Benchmark : As per Offer Document 73

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Flexi FOF Kotak Twin Advantage Kotak Dynamic Asset Kotak Wealth Kotak Emerging Series II Series III Allocation Builder Series I Equity Scheme Period 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 1. NAV per unit (Rs.) Open : Growth Option 10.7600 10.0194 13.0882 9.2997 10.8854 9.9515 10.829 10.010 Dividend Option 10.523 10.702 10.7338 10.0194 10.8816 9.9515 10.828 10.010 Monthly Dividend Option Quarterly Dividend Option High : Growth Option 11.1107 11.4873 14.8982 18.4285 12.2775 11.0082 11.982 17.580 Dividend Option 11.245 12.974 11.0750 11.4873 12.2775 11.0082 11.982 17.580 Monthly Dividend Option Quarterly Dividend Option Law : Growth Option 10.5815 9.9943 6.1911 8.6731 10.8903 9.9426 4.922 9.861 Dividend Option 10.527 10.466 10.5815 9.9943 10.8903 9.9426 4.922 9.861 Monthly Dividend Option Quarterly Dividend Option End : Growth Option 11.1107 10.7600 7.6440 13.0882 11.8045 10.8854 5.485 10.829 Dividend Option 11.245 10.523 11.0750 10.7338 11.7410 10.8816 5.485 10.828 Monthly Dividend Option Quarterly Dividend Option 2. Closing Assets Under Management (Rs. In Lacs) End 3,421.12 6,383.07 8,658.85 11,430.27 19,172.50 69,146.06 10,343.40 14,930.77 8,963.89 20,401.24 Average (AAuM) 4,907.18 18,312.33 9,928.21 19,975.22 38,349.63 76,405.06 12,062.84 24,136.29 13,041.49 25,897.39 3. Gross income as % of AAuM 35.93 29.51 3.93 10.13 (59.46) 36.33 8.18 10.78 (78.79) 28.50 4. Expense Ratio a. Total Expenses as a % of AAuM 0.75 0.75 1.25 1.35 1.50 1.31 1.00 1.18 2.43 2.35 (plan wise) b. Management Fees as % of 0.58 0.58 0.69 0.66 1.03 1.03 0.37 0.54 1.18 1.08 AAuM (plan wise) 5. Net Income as a percentage of 16.10 27.56 1.81 7.76 (62.25) 33.98 6.04 8.19 (83.87) 24.47 AAuM 6. Portfolio turnover Ratio - - 150.31 110.01 7 Total Dividend per unit distributed - 2.1983 - - during the year / period (plan wise) Monthly Dividend Option Quarterly Dividend Option 8. Returns a. Last One Year Scheme 6.86 N.A. 3.23 7.26 (41.60) 40.53 8.28 9.40 (49.34) N.A. Benchmark (21.53) 19.49 0.50 11.12 (21.53) 19.49 0.50 11.12 (54.01) 21.07 b. Since Inception Scheme 4.49 2.97 4.18 4.62 (11.22) 22.71 8.17 7.55 (25.87) 7.93 Benchmark 2.44 20.09 5.55 8.96 (3.87) 12.97 5.33 9.96 (25.67) 10.63 Benchmark : As per Offer Document 74

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Gold ETF Kotak Global Emerging Kotak Blended Kotak PSU Bank Kotak Indo World Kotak PSU market Fund FOF ETF Infrastructure Fund Bank ETF Period 01.04.2008 20.06.2007 01.04.2008 25.07.2007 01.04.2008 03.10.2007 01.04.2008 29.10.2007 01.04.2008 27.11.2007 07.05.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 1. NAV per unit (Rs.) Open : Growth Option 1,216.004 N.A. 9.919 N.A. 7.106 N.A. Dividend Option 9.920 9.345 N.A. 224.7432 N.A. 7.095 N.A. Monthly Dividend Option Quarterly Dividend Option High : Growth Option 1586.1598 1353.4859 11.738 11.832 7.631 8.928 Dividend Option 11.738 11.833 9.970 10.436 258.2471 342.3511 7.631 8.928 155.0787 Monthly Dividend Option Quarterly Dividend Option Law : Growth Option 1091.9132 878.5266 4.636 9.561 3.630 6.674 Dividend Option 4.636 9.561 9.349 9.310 131.5112 217.8170 3.630 6.674 81.889 Monthly Dividend Option Quarterly Dividend Option End : Growth Option 1,502.9006 1,216.004 5.581 9.919 4.098 7.106 Dividend Option 5.581 9.920 9.970 9.345 159.108 224.7432 4.087 7.095 97.3800 Monthly Dividend Option Quarterly Dividend Option 2. Closing Assets Under Management (Rs. In Lacs) End 5,233.34 3,358.79 17,957.80 46,306.91 9,276.56 15,132.99 2,509.78 5,230.67 36,370.18 68,356.28 615.50 Average (AAuM) 4,708.49 4,410.36 28,930.59 44,769.82 11,792.98 14,632.52 3,473.09 6,412.77 44,890.78 60,657.14 1,326.99 3. Gross income as % of 9.36 10.26 0.08 0.50 6.20 (3.46) (27.09) 0.13 (76.08) (1.86) (29.65) AAuM 4. Expense Ratio a. Total Expenses as a % 1.18 1.00 0.75 0.72 0.75 0.72 0.65 0.65 2.12 1.76 0.50 of AAuM (plan wise) b. Management Fees as % # 0.28 0.11 0.17 0.59 0.49 0.49 0.57 1.05 1.02 0.13 of AAuM (plan wise) 5. Net Income as a percentage 8.36 9.80 (6.33) (0.47) 4.02 (3.84) (27.74) 0.03 (82.34) (2.23) (30.06) of AAuM 6. Portfolio turnover Ratio - - 119.85 14.35-7 Total Dividend per unit - - - - - distributed during the year / period (plan wise) Monthly Dividend Option Quarterly Dividend Option 8. Returns a. Last One Year Scheme 23.59 N.A. (43.73) N.A. 6.69 N.A. (29.20) N.A. (42.38) N.A. N.A. Benchmark 24.93 N.A. (38.31) 13.52 (21.53) 19.49 (30.37) N.A. (39.48) N.A. b. Since Inception Scheme * 34.73 37.96 (32.00) (0.81) 0.22 N.A. (35.25) N.A. (53.05) (28.93) (37.61) Benchmark 36.09 12.16 (31.01) (7.54) (22.39) (9.26) (35.48) N.A. (44.24) (28.93) (37.65) Benchmark : As per Offer Document # less than 0.005% 75

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak Mahindra Bond Unit Scheme 99 Kotak Mahindra Gilt Unit Scheme 98 Scheme Kotak Bond Regular Kotak Bond Short Saving Plan Investment Plan Kotak Liquid Scheme & Deposit Plan Term Plan Period 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 1. NAV per unit (Rs.) Open : Growth Option 21.4747 19.5891 14.8012 13.4734 19.4746 18.1814 25.3661 23.5728 13.8954 14.8035 Dividend Option 10.5241 10.3368 10.0607 10.0534 12.2010 11.3398 10.1251 10.0304 Regular Annual Dividend 14.3520 13.2348 13.0232 12.1514 Regular Bonus Option 14.3142 13.0694 Deposit Growth Option 20.0959 18.5454 Deposit Dividend Option 12.4569 11.7552 Institutional Growth Option 14.0602 15.0296 Institutional Dividend Option Institutional Weekly Dividend Option 10.0273 10.0330 Institutional Daily Dividend Option 12.2281 12.2281 Institutional Premium Growth Option 14.1141 15.1475 Institutional Premium Weekly Dividend Option 10.0398 10.0524 Institutional Premium Daily Dividend Option 12.2281 12.2281 Sweep Daily Dividend 10.0071 Monthly Dividend Option 10.4446 10.4684 Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option 25.8026 23.8852 Provident Fund and Trust Dividend Option 10.8519 10.7847 High : Growth Option 26.3607 22.0302 16.4786 14.8012 20.5754 19.4864 33.0658 26.2750 17.2038 15.8860 Dividend Option 12.0339 11.0210 10.3597 10.1315 15.2209 12.6384 10.0428 10.0382 Regular Annual Dividend 17.6174 14.7231 13.7591 13.0311 Regular Bonus Option 17.5710 14.6844 Deposit Growth Option 24.5474 20.6452 Deposit Dividend Option 14.1733 13.0476 Institutional Growth Option 17.4584 16.1751 Institutional Dividend Option Institutional Weekly Dividend Option 10.0442 10.0410 Institutional Daily Dividend Option 12.2281 12.2281 Institutional Premium Growth Option 17.9035 16.3647 Institutional Premium Weekly Dividend Option 10.0578 10.0547 Institutional Premium Daily Dividend Option 12.2281 12.2281 Sweep Daily Dividend - 10.0071 Monthly Dividend Option 10.6023 10.5783 Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option 33.7000 26.7083 Provident Fund and Trust Dividend Option 13.1324 11.6041 Low : Growth Option 21.4279 19.5620 14.8156 13.4618 19.4533 18.142 24.8536 23.4232 15.8897 14.8050 Dividend Option 10.2608 10.3264 9.9924 10.0052 11.9545 11.2670 10.0237 10.0223 Regular Annual Dividend 14.3207 13.0735 13.0089 12.1321 Regular Bonus Option 14.2830 13.0391 Deposit Growth Option 20.0455 18.5883 Deposit Dividend Option 12.0994 11.7480 Institutional Growth Option 16.1790 15.0332 Institutional Dividend Option Institutional Weekly Dividend Option 10.0243 10.0239 Institutional Daily Dividend Option 12.2281 12.2281 Institutional Premium Growth Option 16.3689 15.1516 Institutional Premium Weekly Dividend Option 10.0373 10.0366 Institutional Premium Daily Dividend Option 12.2281 12.2281 Sweep Daily Dividend - 10.0071 Monthly Dividend Option 10.3761 10.4123 Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option 25.3148 23.7338 Provident Fund and Trust Dividend Option 10.5432 10.7140 End : Growth Option 24.5025 21.4747 16.4586 14.8012 19.4746 28.4086 25.3661 17.2038 13.8954 Dividend Option 10.8175 10.5241 10.1405 10.0607 13.1765 12.2010 10.0745 10.1251 Regular Annual Dividend 16.3539 14.3520 13.0232 76

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak Mahindra Bond Unit Scheme 99 Kotak Mahindra Gilt Unit Scheme 99 Scheme Kotak Bond Regular Kotak Bond Short Saving Plan Investment Plan Kotak Liquid Scheme & Deposit Plan Term Plan Period 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 Regular Bonus Option 15.9439 14.3142 Deposit Growth Option 22.1751 20.0959 Deposit Dividend Option 12.9314 12.4569 Institutional Growth Option 17.4584 14.0602 Institutional Dividend Option Institutional Weekly Dividend Option 10.0766 10.0273 Institutional Daily Dividend Option 12.2281 12.2281 Institutional Premium Growth Option 17.9035 14.1141 Institutional Premium Weekly Dividend Option 10.0374 10.0398 Institutional Premium Daily Dividend Option 12.2281 12.2281 Sweep Daily Dividend - 10.0071 Monthly Dividend Option 10.4446 Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option 27.8955 25.8026 Provident Fund and Trust Dividend Option 10.0979 10.8519 2. Closing Assets Under Management (Rs. In Lacs) End 62,220.65 16,878.57 18,032.92 38,199.58 7,399.10 1,363.84 14,660.18 3,024.37 211,510.17 243,539.78 Average (AAuM) 22,853.42 6,127.12 14,389.70 32,149.75 26,550.45 1,374.22 7,171.52 2,767.18 298,628.39 547,313.94 3. Gross income as % of AAuM (0.62) 5.25 8.09 9.13 6.65 6.82 1.49 9.88 8.79 7.90 4. Expense Ratio a. Total Expenses as a % of AAuM (plan wise) 0.84 0.60 1.61 1.00 Regular Plan 1.85 1.00 2.03 1.65 1.07 1.00 Deposit Plan 2.04 2.25 Provident Fund & Trust Plan 1.58 1.25 Institutional Plan 0.83 0.73 Institutional Premium Plan 0.42 0.36 Sweep Plan - 0.75 b. Management Fees as % of AAuM (plan wise) 0.48 0.25 1.04 0.50 Regular Plan 0.84 0.25 0.94 0.89 0.55 0.52 Deposit Plan - 0.89 Provident Fund & Trust Plan 0.76 0.65 Institutional Plan 0.52 0.40 Institutional Premium Plan 0.23 0.20 Sweep Plan - 0.03 5. Net Income as a percentage of AAuM -2.51 4.03 7.25 8.53 5.05 5.82 (0.49) 8.32 8.29 7.45 6. Portfolio turnover Ratio - - - - 7. Total Dividend per unit distributed during the year / period (plan wise) Retail Plan Institutional Plan Daily Dividend Option Institutional Plan $^ 0.772294 $ 0.702769 & ^ 0.6979050 Institutional Premium Plan $^ 0.818043 $ 0.740753 & ^ 0.7330430 Sweep Plan - $ 0.080783 & ^ 0.0805120 Weekly Dividend Option Regular Plan $^ 0.6259 $ 0.5334 & ^ 0.5334 Institutional Plan $^ 0.6444 $ 0.5559 & ^ 0.5559 Institutional Premium Plan $^ 0.6020 $ 0.5856 & ^ 0.5856 Monthly Dividend Option $ 0.8889 & $ 0.8283 & $ 0.4766 & $ 0.6376 & ^ 0.8274 ^ 0.7710 ^ 0.4435 ^ 0.5934 Quarterly Dividend Option Regular Plan $ 1.0676 & $ 0.6903 & $ 0.832 & ^ 0.9937 ^ 0.6424 ^ 0.7744 Deposit Plan $ 1.2221 & $ 0.2139 & ^ 1.1374 ^ 0.1990 Provident Fund & Trust Plan ^ 1.0637 ^ 0.6394 8. Returns a. Last One Year Scheme 14.42,13.86 9.67,7.99 11.33 9.85 5.57 7.10 13.66 & 13.88 7.60 & 8.02 8.18,8.43,8.96 7.31,7.60 & 8.01 Benchmark 7.36 8.20 9.79 8.78 12.29 8.94 12.38 9.17 8.81 7.43 b. Since Inception Scheme 10.09,9.25 9.58, 8.71 7.49 6.85 7.27 7.45 10.85,5.88 10.55,4.14 17.19,17.54 6.37,5.99 & 6.34 Benchmark N.A N.A 6.33 5.76 N.A N.A 6.18 N.A, 4.72 5.99 5.44* $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 77

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Floater Kotak Floater Kotak Flexi Kotak Quarterly Kotak Quarterly Short Term Long Term Debt Scheme Interval Plan Series 1 Interval Plan Series 2 Period 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 17.09.2007 01.04.2008 25.09.2007 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 1. NAV per unit (Rs.) Open : Growth Option 13.3408 12.3136 12.7532 11.6615 12.6438 11.6361 10.4666-10.4416 - Dividend Option 10.1714 10.1191 10.0178-10.0122 - Regular Annual Dividend Regular Bonus Option Deposit Growth Option Deposit Dividend Option Institutional Growth Option Institutional Dividend Option Institutional Weekly Dividend Option Institutional Daily Dividend Option Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Sweep Daily Dividend Monthly Dividend Option 10.0479 10.0464 10.0886 10.0487 Weekly Dividend Option 10.0352 10.0161 10.0929 10.0477 Daily Dividend Option 10.0428 10.0311 10.0340 Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option High : Growth Option 14.4919 13.3408 13.8895 12.7532 13.8116 12.6438 11.5363 10.4669 11.5099 10.4413 Dividend Option 10.3590 10.3217 10.2414 10.2903 10.2258 Regular Annual Dividend Regular Bonus Option Deposit Growth Option Deposit Dividend Option Institutional Growth Option 10.7470 Institutional Dividend Option Institutional Weekly Dividend Option 10.1584 Institutional Daily Dividend Option 10.0475 Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Regular Quarterly Dividend 10.4181 Monthly Dividend Option 10.0913 10.0781 10.1322 10.1260 Weekly Dividend Option 10.0394 10.0352 10.1008 10.0961 10.0538 Daily Dividend Option 10.0428 10.0503 10.0798 10.0359 10.0401 Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option Low : Growth Option 13.3440 12.3161 12.7609 11.6711 12.6501 11.6397 10.4714 10.0021 10.4458 10.0020 Dividend Option 10.1059 10.0000 10.0021 10.0000 10.0020 Regular Annual Dividend Regular Bonus Option Deposit Growth Option Deposit Dividend Option Institutional Growth Option 10.1726 Institutional Dividend Option Institutional Weekly Dividend Option 10.0346 Institutional Daily Dividend Option 10.0024 Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Sweep Daily Dividend Monthly Dividend Option 10.0035 10.0036 10.0428 10.0033 Weekly Dividend Option 10.0199 10.0076 10.0736 10.0346 Daily Dividend Option 10.0428 10.0022 10.0260 10.0311 10.0311 Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option End : Growth Option 14.4919 13.3408 13.8895 12.7532 13.8116 12.6438 11.5355 10.4666 11.5101 10.4416 Dividend Option 10.1714 10.0094 10.0178 10.0122 10.0122 Regular Annual Dividend Regular Bonus Option 78

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Floater Kotak Floater Kotak Flexi Kotak Quarterly Kotak Quarterly Short Term Long Term Debt Scheme Interval Plan Series 1 Interval Plan Series 2 Period 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 01.04.2007 01.04.2008 17.09.2007 01.04.2008 25.09.2007 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 Deposit Growth Option Deposit Dividend Option Institutional Growth Option 10.7470 Institutional Dividend Option Institutional Weekly Dividend Option 10.1239 Institutional Daily Dividend Option 10.0475 Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Regular Quarterly Dividend 10.2556 Monthly Dividend Option 10.0320 10.0479 10.0842 10.0886 Weekly Dividend Option 10.0436 10.0352 10.0823 10.0929 10.5094 Daily Dividend Option 10.0428 10.0428 10.0798 10.0311 10.0311 Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option 2. Closing Assets Under Management (Rs. In Lacs) End 51,009.63 33,998.35 30,8862.89 4,904.16 1,04,618.01 226,856.61 125.31 4,281.37 34,941.34 10,103.59 Average (AAuM) 26,153.72 29,277.69 73,197.38 6,938.84 3,65,374.75 446,720.44 7,719.97 24,586.47 19,263.23 13,132.23 3. Gross income as % of AAuM 8.28 8.39 7.78 9.32 8.43 8.45 10.46 8.56 10.24 8.60 4. Expense Ratio a. Total Expenses as a % of AAuM (plan wise) 0.45 0.33 0.61 0.69 0.58 0.35 0.09 0.06 0.11 0.04 Regular Plan Deposit Plan Provident Fund & Trust Plan Institutional Plan 0.85 Institutional Premium Plan Sweep Plan b. Management Fees as % of AAuM (plan wise) 0.17 0.11 0.30 0.33 0.09 # NIL NIL NIL Regular Plan 0.31 Deposit Plan Provident Fund & Trust Plan Institutional Plan 6.59 Institutional Premium Plan Sweep Plan 5. Net Income as a percentage of AAuM 7.82 8.00 7.17 8.62 7.86 8.12 10.37 8.51 10.13 8.56 6. Portfolio turnover Ratio - - - - 7. Total Dividend per unit distributed during the year / period (plan wise) $ 0.86954146 & $ 0.3884 & $ 0.86400837 & $ 0.3717 & ^ 0.80925712 ^ 0.3615 ^ 0.80411666 ^ 0.3459 Retail Plan $ 0.733509 & ^ 0.682635 Institutional Plan Daily Dividend Option $ ^ 0.648858 $ 0.249352 & $ 0.308213 & $ 0.732172 & ^ 0.253098 ^ 0.271051 ^ 0.681501 Institutional Plan $ 0.609038 & ^ 0.567062 Institutional Premium Plan Sweep Plan Weekly Dividend Option $ ^ 0.6542 $ 0.5976 & $ 0.7720 & $ 0.7420 & $ 0.6975 & ^ 0.5976 ^ 0.7185 ^ 0.6899 ^ 0.6492 Regular Plan Institutional Plan Institutional Premium Plan Monthly Dividend Option $ ^ 0.6609 $ 0.6256 & $ 0.7675 & $ 0.7425 & ^ 0.6256 ^ 0.7143 ^ 0.6911 Quarterly Dividend Option Regular Plan $ 0.6347 & ^ 0.5906 $ 0.5191 & ^ 0.4832 $ 0.6969 & ^ 0.6485 Deposit Plan Provident Fund & Trust Plan 8. Returns a. Last One Year Scheme 8.64 8.32 8.96 9.27 8.74,N.A 8.64 10.22 N.A 10.23 N.A Benchmark 8.81 7.43 8.81 7.43 7.35 8.20 8.81 7.47 8.81 7.47 b. Since Inception Scheme 6.71 6.30 7.36 6.92 7.66,7.64 7.33 9.78 4.65 9.76 4.39 Benchmark 6.05 5.91 6.53 5.91 5.75 5.27 8.14 3.70 8.17 3.51 $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 79

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Quarterly Kotak FMP 17M Kotak Quarterly Kotak FMP 16M Kotak Quarterly Interval Plan Series 3 Series 1 Interval Plan Series 4 Series 2 Interval Plan Series 5 Period 01.04.2008 19.11.2007 01.04.2008 28.11.2007 01.04.2008 30.11.2007 01.04.2008 09.01.2008 01.04.2008 21.01.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 1. NAV per unit (Rs.) Open : 10.2255 Growth Option 10.5129-10.0220-10.2943-10.1562-10.1657 - Dividend Option 10.0148 - - 10.0149-10.0150-10.0146 - Deposit Dividend Option 10.2397 Institutional Growth Option 10.0240-10.1645 - Institutional Dividend Option - 10.0157 - High : Growth Option 11.1930 10.3220 10.9778 10.2257 11.2878 10.2943 11.0249 10.1563 11.1136 10.1656 Dividend Option 10.3981 10.1332 10.5018 10.2041 10.3241 10.1696 10.4748 10.1411 10.2538 10.1509 Institutional Growth Option 11.0248 10.2397 11.0790 10.1645 Institutional Dividend Option 10.5445 10.2172 10.5120 10.1486 Low : Growth Option 10.0039 10.0020 10.2338 10.0017 10.2993 10.0021 10.1630 10.0078 10.1705 10.0022 Dividend Option 10.0039 10.0020 9.7987 10.0017 10.0000 10.0021 10.0017 10.0023 10.0000 10.0022 Institutional Growth Option 10.2480 10.0018 10.1715 10.0080 Institutional Dividend Option 9.8099 10.0018 10.0019 10.0024 End : Growth Option 11.3810 10.5129 10.7850 10.2255 11.2851 10.2943 11.0227 10.1562 11.1106 10.1657 Dividend Option 10.1012 10.0148 10.0722 10.0220 10.0367 10.0149 10.0649 10.0150 10.0994 10.0146 Institutional Growth Option 11.0656 10.2397 11.0781 10.1645 Institutional Dividend Option 10.0930 10.0240 10.0732 10.0157 2. Closing Assets Under Management (Rs. In Lacs) End 447.42 31,004.57 3,461.76 7,435.26 862.69 37,020.92 7,653.84 9,656.71 148.34 67,643.29 Average (AAuM) 43,461.02 47,303.99 5,592.02 7,347.68 39,807.21 53,656.79 8,942.50 9,573.96 19,014.77 67,424.02 3. Gross income as % of AAuM 9.98 8.76 7.13 8.65 9.75 8.92 8.19 8.62 9.60 8.59 4. Expense Ratio a. Total Expenses as a % of AAuM (plan wise) 0.08 0.08 0.36 0.23 0.07 # 0.36 0.23 0.08 # Institutional Plan b. Management Fees as % of AAuM (plan wise) NIL NIL 0.17 0.14 NIL NIL 0.18 0.13 NIL NIL Institutional Plan 5. Net Income as a percentage of AAuM 9.87 8.68 6.53 8.32 9.69 8.92 7.77 8.30 9.51 8.59 6. Portfolio turnover Ratio - - - - - 7. Total Dividend per unit distributed during the year / period (plan wise) $ 0.79204951 & $ 0.261 & $ 0.79742285 & $ 0.2427 & $ 0.7182583 & $ 0.1321 & ^ 0.73714505 ^ 0.243 ^ 0.74214397 ^ 0.2259 ^ 0.66847705 ^ 0.123 Retail Plan $ 0.3911 $ 0.1768 $ 0.6862 $ 0.1235 Institutional Plan ^ 0.3993 ^ 0.1753 ^ 0.6743 ^ 0.1211 8. Returns a. Last One Year Scheme 10.25 N.A 7.36,7.67 N.A 9.65 N.A 8.55,8.99 N.A 9.33 N.A Benchmark 8.81 7.47 7.35 8.26 8.81 7.47 7.35 8.26 8.81 7.47 b. Since Inception Scheme 10.00 3.20 7.42,7.77 2.21 9.59 2.92 8.47,8.91 1.51 9.29 1.63 Benchmark 8.42 2.60 8.43 2.10 6.97 2.36 6.20 0.42 8.56 1.34 $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 80

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Quarterly Kotak FMP 14M Series 3 Kotak FMP 14M Series 4 Kotak FMP 13M Series 3 Kotak FMP 13M Series 4 Interval Plan Series 6 Period 01.04.2008 12.02.2008 01.04.2008 13.02.2008 01.04.2008 03.03.2008 01.04.2008 12.03.2008 01.04.2008 24.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2008 1. NAV per unit (Rs.) Open : Growth Option 10.1099-10.0891-10.0651-10.0300-10.0091 - Dividend Option 10.0145-10.0159-10.0651-10.0289-10.0089 - Institutional Growth Option 10.0934-10.0675-10.0337-10.0095 - Institutional Dividend Option 10.0164-10.0674-10.0096 - High : Growth Option 11.0852 10.1099 10.9003 10.0891 10.8519 10.0652 11.0090 10.0301 10.9310 10.0091 Dividend Option 10.2570 10.0954 10.4712 10.0734 10.4259 10.0652 10.5097 10.0301 10.6092 10.0091 Institutional Growth Option 10.9521 10.0934 10.9034 10.0675 11.0543 10.0337 10.9776 10.0095 Institutional Dividend Option 10.5172 10.0771 10.4571 10.0675 11.0543 10.6628 10.0095 Low : Growth Option 10.1148 10.0021 10.0944 10.0017 10.0944 9.9984 10.0348 10.0066 10.0192 10.0012 Dividend Option 10.0000 10.0021 10.0210 10.0017 10.0197 9.9984 10.0181 10.0066 10.0074 10.0012 Institutional Growth Option 10.0989 10.0018 10.0768 9.9985 10.0386 10.0070 10.0200 10.0013 Institutional Dividend Option 10.0219 10.0018 10.0199 9.9985 11.0499 10.0040 10.0013 End : Growth Option 11.1451 10.1099 10.9173 10.0891 10.8933 10.0651 11.0090 10.0300 10.9062 10.0091 Dividend Option 10.0307 10.0145 10.0607 10.0159 10.3696 10.0651 10.5097 10.0289 10.2816 10.0089 Institutional Growth Option 10.9447 10.0934 10.9000 10.0675 11.0543 10.0337 10.9530 10.0095 Institutional Dividend Option 10.0639 10.0164 10.4408 10.0674 11.0543 10.2790 10.0096 2. Closing Assets Under Management (Rs. In Lacs) End 273.63 46,585.08 11,489.38 12,630.06 10,732.32 10,641.31 24,693.48 22,693.28 20,209.99 30,432.75 Average (AAuM) 33,741.28 46,419.21 12,223.90 12,259.22 10,682.60 10,116.68 23,414.44 22,663.12 26,450.35 30,418.94 3. Gross income as % of AAuM 9.47 8.56 7.92 8.79 7.71 9.38 9.44 10.53 8.73 7.40 4. Expense Ratio a. Total Expenses as a % of AAuM (plan wise) 0.07 0.05 0.11 0.15 0.03 0.03 0.14 0.34 0.22 0.19 Institutional Plan b. Management Fees as % of AAuM (plan wise) NIL NIL 0.04 0.06 0.02 0.02 0.06 0.23 0.13 0.09 Institutional Plan 5. Net Income as a percentage of AAuM 9.39 8.51 7.81 8.64 7.68 9.35 9.31 10.20 7.22 6. Portfolio turnover Ratio - - - - - 7 Total Dividend per unit distributed during the year / period (plan wise) $ 0.76121014 & $ 0.0835 & ^ 0.70854508 ^ 0.0777 - - - Retail Plan $ 0.6739 $ 0.0642 $ 0.5305 & ^ 0.4938 Institutional Plan $ 0.7127 & $ 0.0674 & $ 0.3726 $ 0.5805 ^ 0.6633 ^ 0.0627 8. Returns a. Last One Year Scheme 9.65 N.A 8.04,8.51 N.A 7.82,8.30 N.A 9.76,10.17 N.A N.A N.A Benchmark 8.81 7.47 7.35 8.26 7.35 8.26 7.35 8.26 N.A 8.26 b. Since Inception Scheme 9.58 1.07 8.12,8.59 0.86 8.06,8.55 0.61 9.78,10.22 N.A N.A N.A Benchmark 8.70 0.97 6.79 (0.30) 6.89 (0.18) 6.91 (0.07) N.A (0.12) $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 81

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak FMP 15M Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak Kotak Series 4 12M Series 3 12M Series 5 15M Series 5 12M Series 6 12M Series 7 12M Series 8 Quarterly Monthly Interval Interval Plan Series 8 Plan Series 2 Period 01.04.2008 26.03.2008 01.05.2008 06.05.2008 24.05.2008 27.05.2008 01.07.2008 21.08.2008 08.09.2008 26.08.2008 31.03.2009 31.03.2008 31.03.2009 31.03.2009 31.03.2009 31.03.2009 31.03.2009 31.03.2009 31.03.2009 31.03.2009 1. NAV per unit (Rs.) Open : Growth Option 10.0024 - - - Dividend Option 10.0027 - - - Institutional Growth Option 10.0025 - Institutional Dividend Option 10.0026 - High : Growth Option 10.9012 10.0024 10.7477 10.6963 10.6598 10.5728 10.5470 10.5146 10.8776 10.4961 Dividend Option 10.4771 10.0024 10.3851 10.4493 10.4082 10.2581 10.2747 10.3487 10.2788 10.0853 Institutional Growth Option 10.9404 10.0025 10.7874 10.7366 10.7260 10.6126 10.5815 10.6190 Institutional Dividend Option 10.5057 10.0025 10.3876-10.4700 10.3164 10.3704 Low : Growth Option 10.0102 10.0024 10.0041 10.0008 10.0040 10.0014 10.0108 9.9843 10.0019 10.0017 Dividend Option 10.0102 10.0024 10.0041 10.0008 10.0040 10.0014 10.0108 9.9843 10.0000 9.9993 Institutional Growth Option 10.0106 10.0025 10.0042 10.0009 10.0040 10.0014 10.0110 9.9973 Institutional Dividend Option 10.0106 10.0025 10.0042-10.0040-10.0110 9.9973 End : Growth Option 10.9012 10.0024 10.7477 10.6781 10.6598 10.5799 10.5470 10.5146 10.8776 10.4961 Dividend Option 10.0754 10.0027 10.3855 10.3936 10.0144 10.2795 10.0140 10.0647 10.0154 10.0220 Institutional Growth Option 10.9404 10.0025 10.7874 10.7366 10.7260 10.6123 10.5815 10.6190 Institutional Dividend Option 10.0895 10.0026 10.3852-10.0226-10.0223 10.0365 2. Closing Assets Under Management (Rs. In Lacs) End 27,073.82 28,190.05 22,453.72 4,187.34 19,894.40 8,844.04 20,267.47 45,485.88 340.99 628.08 Average (AAuM) 27,521.30 28,190.05 25,387.70 5,359.63 23,338.96 9,513.50 21,793.69 49,404.34 16,754.75 6,600.74 3. Gross income as % of AAuM 8.36 9.33 8.05 7.78 8.25 6.97 7.73 9.53 10.81 10.31 4. Expense Ratio a. Total Expenses as a % of AAuM (plan wise) 0.19 0.13 0.28 0.30 0.45 0.45 0.52 0.54 0.10 0.13 Institutional Plan b. Management Fees as % of AAuM (plan wise) 0.10 # 0.18 0.20 0.33 0.13 0.40 0.42 NIL # Institutional Plan 5. Net Income as a percentage of AAuM 8.17 9.20 7.88 7.48 7.88 6.74 7.20 8.99 10.71 10.18 6. Portfolio turnover Ratio - 7 Total Dividend per unit distributed during the year / period (plan wise) - $ 0.4254038 & $ 0.40638117 & ^ 0.3959331 ^ 0.37823083 Retail Plan $ 0.7069 $ 0.3061 & - $ 0.5569 & - $ 0.4600 & $ 0.4588 & ^ 0.2849 ^ 0.5182 ^ 0.4281 ^ 0.4270 Institutional Plan ^ 0.6774 $ 0.3395 & - $ 0.6062 & - $ 0.4924 & $ 0.5092 & ^ 0.3159 ^ 0.5643 ^ 0.4583 ^ 0.4739 8. Returns a. Last One Year Scheme N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A Benchmark N.A 8.26 N.A N.A N.A N.A N.A N.A N.A N.A b. Since Inception Scheme N.A 8.69 N.A N.A N.A N.A N.A N.A N.A N.A Benchmark N.A (0.06) N.A N.A N.A N.A N.A N.A N.A N.A $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 82

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Quarterly FMP 12M Monthly Quarterly Quarterly FMP 19M FMP 12M FMP 12M FMP 18M FMP 13M Interval Series 9 Interval Interval Interval Series 1 Series 10 Series 11 Series 1 Series 5 Plan Series 7 Plan Series 3 Plan Series 9 Plan Series 10 Period 27.08.2008 05.09.2008 05.09.2008 03.10.2008 13.10.2008 29.09.2008 14.10.2008 11.11.2008 04.03.2009 12.03.2009 31.03.2009 31.03.2009 31.03.2009 31.03.2009 31.03.2009 31.03.2009 31.03.2009 31.03.2009 31.03.2009 31.03.2009 1. NAV per unit (Rs.) Open : Growth Option - - - - Dividend Option - - - - Institutional Growth Option - - - - Institutional Dividend Option - - - - High : Growth Option 10.4675 10.3885 10.4584 10.3795 10.4854 10.3290 10.4667 10.4334 10.0515 10.0196 Dividend Option 10.2841 10.2389 10.0973 10.2415 10.2797 10.4279 10.2729 10.3251-10.0357 Institutional Growth Option 10.4416 10.3828 10.4480 10.4222 Institutional Dividend Option 10.2706 10.4695 10.2981 - Low : Growth Option 10.0016 9.9855 10.0022 9.9978 10.0016 9.9711 10.0172 10.0014 10.0000 10.0000 Dividend Option 10.0000 9.9855 10.0000 9.9978 10.0000 9.9711 10.0172 10.0014-10.0000 Institutional Growth Option 9.9866 9.9711 10.0194 10.0017 Institutional Dividend Option 9.9866 9.9711 10.0194 - End : Growth Option 10.4675 10.3885 10.4584 10.3795 10.4854 10.3290 10.4667 10.4334 10.0515 10.0196 Dividend Option 10.0818 10.0334 10.0491 10.1708 10.1065 10.4279 10.1193 10.3251-10.0357 Institutional Growth Option 10.4416 10.3828 10.4480 10.4222 Institutional Dividend Option 10.0360 10.4695 10.1160-2. Closing Assets Under Management (Rs. In Lacs) End 287.58 19,883.45 75.26 1,630.75 791.59 3,161.87 117,741.88 34,623.23 2,540.63 32,403.49 Average (AAuM) 8,783.20 20,093.81 19,271.49 15,088.93 6,547.13 3,118.49 115,299.82 33,943.60 2,531.62 32,363.52 3. Gross income as % of AAuM 10.57 8.50 10.84 11.72 10.32 6.98 10.23 10.33 6.44 7.01 4. Expense Ratio a. Total Expenses as a % of AAuM (plan wise) 0.11 0.79 0.13 0.15 0.15 1.10 0.55 0.47 0.15 0.10 Institutional Plan b. Management Fees as % of AAuM (plan wise) NIL 0.64 NIL 0.02 0.02 0.90 0.31 0.24 0.07 0.04 Institutional Plan 5. Net Income as a percentage of AAuM 10.46 7.71 10.72 11.57 10.17 5.88 9.68 9.85 6.29 6.91 6. Portfolio turnover Ratio 7 Total Dividend per unit distributed during the year / period (plan wise) $ 0.45077906 & $ 0.35608239 & $ 0.26132284 & $ 0.229566592 & ^ 0.4195505 ^ 0.2960731 ^ 0.24329506 ^ 0.21366222 Retail Plan $ 0.3281 & - $ 0.3016 & - - ^ 0.3053 ^ 0.2806 Institutional Plan ^ 0.3379 - $ 0.3382 & - - ^ 0.3147 8. Returns a. Last One Year Scheme N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A Benchmark N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A b. Since Inception Scheme N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A Benchmark N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 83

Combined Risk Factors: * Mutual Funds investments are subject to market risks and there is no assurance or guarantee that the objectives of the Schemes will be achieved * As with any securities investment, the NAV of the Units issued under the Schemes can go up or down depending on the factors and forces affecting the capital and money markets. * Past performance of the Sponsor/ AMC/ Fund or that of existing Schemes of the Fund does not indicate the future performance of the Schemes * Kotak Mahindra 30 Unit Scheme, Kotak Mahindra Balance Unit Scheme 99, Kotak Mahindra Technology Scheme, Kotak Mahindra MNC Scheme, Kotak Mahindra Global India Scheme, Kotak Opportunities, Kotak Midcap Scheme, Kotak Contra Scheme, Kotak Tax Saver Scheme, Kotak Lifestyle, Kotak Mahindra Income Plus, Kotak Equity FOF, Kotak Flexi Fund Of Funds, Kotak Equity Arbitrage Fund, Kotak Flexi FOF - Series I, Kotak Twin Advantage Series II, Kotak Flexi FOF - Series II, Kotak Twin Advantage Series III, Kotak Dynamic Asset Allocation, Kotak Wealth Builder Series I, Kotak Emerging Equity Scheme, Kotak Gold ETF, Kotak Global Emerging Market Fund, Kotak PSU Bank ETF, Kotak Blended FOF, Kotak Indo World Infrastructure Fund, Kotak Sensex ETF, Kotak Mahindra Bond Unit Scheme 99, Kotak Mahindra Bond Short Term Plan, Kotak Mahindra Gilt Savings Plan, Kotak Mahindra Gilt Investment Plan, Kotak Mahindra Liquid Scheme, Kotak Floater Short Term Scheme, Kotak Floater Long Term Scheme, Kotak Flexi Debt Scheme, Kotak FMP 16M Series 1, Kotak FMP 15M Series 2, Kotak FMP 14M Series 1, Kotak FMP 13M Series 1, Kotak FMP 14M Series 2, Kotak FMP 13M Series 2, Kotak FMP 15M Series 3, Kotak FMP 12M Series 1, Kotak FMP 12M Series 2, Kotak Quarterly Interval Plan Series 1, Kotak Quarterly Interval Plan Series 2, Kotak FMP 12M Series 4, Kotak Quarterly Interval Plan Series 3, Kotak FMP 17M Series 1, Kotak Quarterly Interval Plan Series 4, Kotak FMP 16M Series 2, Kotak Quarterly Interval Plan Series 5, Kotak Quarterly Interval Plan Series 6, Kotak FMP14M Series 3, Kotak FMP 14M Series 4, Kotak FMP 3M Series 27, Kotak FMP 13M Series 3, Kotak FMP 3M Series 28, Kotak FMP 13M Series 4, Kotak FMP 15M Series 4, Kotak FMP 3M Series 29, Kotak FMP 12M Series 3, Kotak FMP 12M Series 5, Kotak FMP 3M Series 30, Kotak FMP 15M Series 5, Kotak FMP 12M Series 6, Kotak FMP 12M Series 7, Kotak FMP 1M Series 1, Kotak FMP 3M Series 31, Kotak FMP 1M Series 2, Kotak FMP 3M Series 32, Kotak FMP 3M Series 33, Kotak FMP 12M Series 8, Kotak FMP 1M Series 3, Kotak Quarterly Interval Plan Series 8, Kotak FMP 6M Series 7, Kotak Monthly Interval Plan Series 2, Kotak Quarterly Interval Plan Series 7, Kotak FMP 12M Series 9, Kotak Monthly Interval Plan Series 3, Kotak Quarterly Interval Plan Series 9, Kotak Quarterly Interval Plan Series 10, Kotak FMP 19M Series 1, Kotak FMP 12M Series 10, Kotak FMP 12M Series 11, Kotak FMP 18M Series 1 and Kotak FMP 13M Series 5 are only the names of the Schemes and do not in any manner indicate the quality of the Schemes, future prospects or returns. * For scheme wise investment objectives, investment strategy, suitability, scheme specific risk factors and such other information on the scheme please refer Scheme Information Document and Statement of Additional Information available on our website www.kotakmutual.com. The above information should not be considered as an advertisement for promoting investments into any of the schemes. Statutory Information: Kotak Mahindra Mutual Fund has been established as a trust under the Indian Trusts Act, 1882, by Kotak Mahindra Bank Limited (liability Rs. NIL) with Kotak Mahindra Trustee Company Limited as the Trustee and with Kotak Mahindra Asset Management Company Limited as the Investment Manager. On written request, present and prospective Unitholders/ investors can obtain a copy of the Trust Deed, supplemental trust deed, the Annual Report at a price and the text of the relevant scheme. Unit holders may obtain, on request, a copy of the Annual Report of the scheme in which he or she has invested, from Kotak Mahindra Mutual Fund at its office at 5A, 5th Floor, Bakhtawar, 229, Nariman Point, Mumbai 400 021.Unit holders may also obtain, on request, a copy each of the Annual Report of Kotak Mahindra Asset Management Company Limited and the Trust Deed. Before investing, please read the Scheme Information Document and Statement of Additional Information. The financial statements including Cash Flows Statements for the period ended on that date, together with the notes thereto, were approved by the Board of Kotak Mahindra Asset Management Company Limited at its meeting held on June 8, 2009 and by the Board of Kotak Mahindra Trustee Company Limited at its meeting held on June 8, 2009. 84