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QUANTUM VIEW FOR APRIL 2015 Equity Outlook Atul Kumar- Head - Equity Funds he S&P BSE Sensex fell by 3.38% during the month of on a total return basis as compared to March 2015 level. The Tbroader indices such as S&P BSE 200 and S&P BSE 500 performed in similar manner, falling by 3.17% and 3.18% respectively. Among the sectors, FMCG was the best performing with appreciation of 7.66%. Healthcare and metal were other good performing sectors for the month of April. Technology and real estate were sectors which didn t do well for the month. FIIs or Foreign Institutional Investors bought Indian equities to the tune of USD 1.69 Bn during the month of April. So far in calendar year 2015, FIIs have bought USD 7.69 Bn worth of equities. DIIs were overall net buyers during month with inflow of USD 1.8 Bn, of which MFs invested USD 1.1 Bn and insurers USD 710 Mn. The Indian rupee depreciated by 1.48% against US dollar during April month. On the global front, developed economies such as Eurozone and Japan continue to pursue their loose monetary policy. During the month, China also followed them by reducing its cash reserve requirement cash held with banks as reserves. This would bring more liquidity in the Chinese economy and prevent it from slowing further. Large parts of globe continue to have zero interest rates, however the US is likely to increase interest rates in the near future. Markets seem to be factoring a modest rate hike by the US. However, if the rate hike is substantial, it could lead to fall in equity markets in emerging markets including India. As of now, a large chunk of money is finding its way to emerging markets as interest rates remain low in developed markets. Increase in interest rates can reverse this flow. However, given the strengthening of US dollar against other currencies and resultant loss in exports, a significant interest rate hike is unlikely. In the month of April, the Indian corporate sector started reporting their results for the last quarter and full financial year. Overall the profitability of corporate sector in FY15 is looking similar to last year, not signifying much growth. It was expected that there will be a quick turnaround in the economy after new Government taking over in May 2014. This boosted the price of equities in anticipation of an improvement. However, the timelines for on-theground recovery keeps getting postponed. Many companies and market participants now expect this to take place in next 6 to 12 months. The month also saw issue of tax notices to few foreign portfolio investors for past claims. While the government has clarified that it would not tax foreigners prospectively, the past cases can be pursued. This practice, which was started by previous regime, can affect the overall sentiments of investors as well as foreign portfolio flows. It is expected that some key Bills such as GST (Goods & Services Tax) will be passed when the Parliament restarts in May, 2015. Government is hopeful that GST Act gets implemented from April 2016. This, if implemented, would reduce a number of hurdles currently present in movement of goods. It is also expected to enhance tax collection and contribute to GDP growth by 1-2%. During the month, the MET department also gave estimates of rainfall for the monsoon season. There can be chance of lower rainfall due to El Nino conditions. A poor monsoon can impact the economy as a large section of population is dependent of agriculture, which in turn relies heavily on rains. We remain optimistic about Indian equities in the long run. However, the valuations in the near term look stretched as markets have run up in the recent months. The rally in the past 11-12 months is driven by expectation of reforms and favourable macroeconomic data, including fall in inflation and commodity prices. However, demand and profitability of Indian companies is still to recover though macroeconomic position has improved. Current valuation of S&P BSE Sensex is slightly above its long term average. There is hope that the Government carries on with a number of reforms which will lead to better GDP growth and investment opportunities over a longer term. While investors can keep adding smaller sums to equity, they should wait before committing significant portions of their saving to equity at this point. Data Source: Bloomberg Debt Outlook Murthy Nagarajan - Head - Fixed Income s expected, RBI governor did not give a repo rate cut in the April policy. RBI stated it wants the previous rates cuts to be Atransmitted into the Indian economy through lowered lending rates by banks. The expectation of CRR cut by some section of market participants and easy liquidity also did not materialize. RBI maintained its stance of maintaining tight liquidity conditions to bring down CPI inflation. As per RBI trajectory, CPI inflation for August 2015 would be around 4% levels and March 2016 inflation would be around 5.8% levels. The negative shocks of below normal monsoon as predicted by the Met Department would be offset by the continuing disinflation trends in the economy. Food inflation and housing rental inflation has moderated from a high of 10% to around 4-5% levels. Vegetable and fruit inflation, even after crop damage due to unseasonal rains, are showing signs of moderation. RBI reiterated its stance of cutting interest rates if the trend of low inflation continuous; it did not want to commit itself based on one data point and would look at trends before cutting interest rates. Liquidity conditions which were expected to be easy due to government spending did not materialize as the government continued to have a healthy balance of around Rs 60,000-80,000 crores with RBI. The two month CD rates which was trading at 7.75% in the first week of April reversed and is trading at 8.20-8.25%. CBLO rates have averaged around 7.75% in the month of. Liquidity is expected to remain tight in the month of May due to government borrowing and volatility in the rupee. The CD yields have almost remained flat with the three month trading at 8.35% levels and the March 2016 CD trading at 8.45% levels. The one year Overnight Index Swap rates (which is a type of interest rate swap used by financial institutions to manage interest rate risk) is trading in the band of 7.55-7.65% levels, up by 10 basis points. The ten year G sec yield moved up from 7.70% to 7.90% levels during this month. Brent crude oil prices going up from 45 to 63 dollar a barrel, continuous FII selling in the equity market due to MAT uncertainty, expensive valuation of equity on a comparative basis, rupee volatility moving it down from 62 to 64 per dollar are some of the reasons for yields moving up in the bond markets. The 36 country QUANTUM VIEW 3

REER (Real Effective Exchange Rate) is indicating the rupee is overvalued with respect to its trading partners to the extent of 15.5%. Bulk redemption of ECB (External Commercial Borrowings) in the month of June is also among the reasons why the demand for dollar is increasing. Globally, yields moved up as Federal Reserve chairperson Janet Allen commented that equity markets are expensive and bond yields are too low. The ten year yields moved up by 30 basis points from 1.90 to 2.20% levels. In the Eurozone, data flow was positive with inflation at zero in the month of April compared to the previous months when it was negative. This led to a spike in bond yields with the German and French bond moving up by 40 to 50 basis points. The Euro strengthened to 1.11 against the dollar and the dollar index moved down to 94.25 levels from 99 levels. India s CPI inflation for the month of March 2015 is 5.17%, the expected inflation for the month of April is expected to come below 5% levels as food inflation including vegetables and fruits have moderated. The rate cut cycle though delayed is not expected to reverse. CD rates are also expected to come down, as and when the rate cut happens. happen sooner rather than later. Coming to the Eurozone - the Greek crisis flares up again. Greece remained locked in negotiations to secure funding and avoid a default. Greek government bonds were set for their worst week since the aftermath of the Syriza party s election in January. The nation faces payments of almost 1 billion euros falling due in May. Greece has been struggling to make progress toward releasing financial aid since striking a deal to extend its bailout program. Renewed trouble for the euro zone means potentially much more weakness in the single currency, which would be bullish for gold. Outlook: The big story is that the first quarter was impacted by extreme weather and things would pick up from April onwards. This underscores the Federal Reserve s outlook that drags on economic growth earlier this year were indeed transitory. With officials signaling that U.S. expansion will be more resilient than some economists had suggested, there will be more eyes glued to the economic data releasing in May and June to gauge the data dependent Fed. So it again boils down to the same thing again when will Fed raise rates June, September, December or next year? We have launched the Quantum Dynamic Bond Fund (QDBF) in the last week of the April, 2015, with the NFO ending on the 13th of this month. With an investment objective to generate income and capital appreciation through active management of portfolio consisting of short term, long term debt and money market instruments. Click here to know more about QDBF. Data Source: Bloomberg, RBI Gold Outlook Chirag Mehta - Fund Manager (Commodities) old prices continued to oscillate in a narrow range around the $1200 an ounce levels (around Rs. 26,000 per 10gm in Indian Gterms) as investors have been analyzing economic data for clues as to when interest rates will be hiked by the U.S. Much of the economic data signaled a probable postponement of rate increases until the Fed, after its policy meet, cleared the ambiguity by saying that the recent U.S. economic slowdown happened because of transitory factors and they expect growth to be more resilient. This optimistic view was a blow to those expecting that the Fed would wait longer before raising interest rates resulting in gold giving up all the gains and closing almost flat for the month at $1,184.37 an ounce. Most of the US economic data - one the main factors in determining the price of gold - released last month was more dismal than expected. It was series of negative surprises like slower-thanexpected hiring, smaller-than-expected gain in U.S. retail sales, a gauge of manufacturing in New York state unexpectedly declined, Purchases of new U.S. homes slumped more than forecast. The existing home sales data was the only shining light. However, the Fed shrugged off the slow down evidence as emanating from transitory factors. Coincidentally this optimistic view of the U.S economy coupled with drop in unemployment claims falling to the lowest in 15 years was enough to convince markets that the rate hike would Therefore, it is more probable that the markets will continue to oscillate in a range unless the view for U.S. rates becomes clearer. The major development for gold over the coming months is likely to be the formation of a broader market consensus on the Fed s timing of rate increases. After the initial rate normalization jitters, the environment will likely be far more positive for gold. It is thereafter markets would shift focus from timing the rate hike to the likely nature and extent of rate hikes. A few fed officials have already hinted that they anticipate the path will be relatively shallow. The initial increase in rates will start causing strains on the asset markets and threaten the anemic recovery, both of which have been a thriving on cheap liquidity. If there is further moderation of expectations surrounding rate increases, the recent downward pressure on gold should be alleviated. As the market figures out that Fed will stay behind the curve and do little and keep real rates negative for much longer, gold prices should start moving northwards. The recent rally in the U.S. dollar amidst slowing growth suggests that the greenback gained not due to rising productivity and greater competitiveness, but rather because of the unprecedented divergence in the global monetary policies and following capital flows. This is why the stronger U.S. dollar has already hurt American exporters and could dampen their investment plans next year. The new export order sub-index of the ISM manufacturing survey has been in contraction territory for the past two months, which clearly indicates that sharp changes in the exchange rate this year lowered the price competitiveness of the American companies. The U.S. economy grew at a 0.2% annual rate in the first quarter. It was the worst performance in a year, fraught with evidence of a slowing trade sector and spotty business investment. Decline in the US dollar coupled with rationalisation of expectations on rate increases can be a boon to gold prices. We reiterate that the main reason to own gold is just the sheer fact that it is one of the best portfolio diversification tools and thereby helping you to reduce overall portfolio risk. Data Source: Bloomberg, World Gold Council Disclaimer: The views expressed above are for general information and reading purpose only and do not constitute any guidelines and recommendations on any course of action to be followed by the reader. The views are not meant to serve as a professional guide / investment advice / intended to be an offer or solicitation for the purchase or sale of any financial product or instrument or mutual fund units for the reader. The article has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst no action has been solicited based upon the information provided herein, due care has been taken to ensure that the facts are accurate and views given are fair and reasonable as on date. Readers of this article should rely on information/data arising out of their own investigations and advised to seek independent professional advice and arrive at an informed decision before making any investments. Mutual fund investments are subject to market risks read all scheme related documents carefully. 4 QUANTUM VIEW

QUANTUM LONG TERM EQUITY FUND An Open ended Equity (BROWN) High Risk Nature of Investment Objective This product is suitable for investors who are seeking* Index Features An Open-ended Equity Equity The investment objective of the is to achieve long-term capital appreciation by investing primarily in shares of companies that will typically be included in the S&P BSE 200 Index and are in a position to benefit from the anticipated growth and development of the Indian economy and its markets. Ÿ Long term capital appreciation. Ÿ Investments in equity and equity related securities of companies in S&P BSE 200 index. Ÿ High Risk (BROWN) S&P BSE 30 Total Return Index Fund Manager Mr. Atul Kumar ~ ( Since November 15, 2006) Fund Manager s Total Experience 14 yrs. Associate Fund Manager Mr. Nilesh Shetty (Since March 28, 2011) Total Experience 10 yrs. Inception Date (Date of Allotment) 13-Mar-06 Current Expense Ratio 1.25% Investment Options Growth & Dividend (Dividend Option will in turn have two Facilities, Dividend Payout Facility and Dividend Re-investment Facility) Minimum Application Amount ( Under each Option) Purchase : ` 500/- and in multiples of ` 1/- thereafter. Purchase : ` 500/- and in Rs. multiples of ` 1/- thereafter/ 50 units. Declaration of Net Asset Value (NAV) Every Business Day Redemption Proceeds Normally despatched within 3-4 Business Days. Entry/ Sales Load Not Applicable Upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor. Exit Load Repurchase/ Redemption/Switch Out - On or before 180 days from the date of allotment 4.00%, after 180 days but on or before 365 days from the date of allotment 3.00%, after 365 days but on or before 545 days from the date of allotment 2.00%, after 545 days but on or before 730 days from the date of allotment 1.00%, after 730 days from the date of allotment Nil # Taxation Tax on Long Term Capital Gains - Nil Tax on Short Term Capital Gains - 15% * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their p rincipal will be at high risk # The mentioned Tax Rates shall be increased by applicable surcharge, if any Education Cess @ 2% and Secondary higher education cess @ 1% where ever as applicable. Equity oriented schemes will also attract Securities Transaction Tax (STT) @ 0.001% at the time of redemption and switch to other schemes. TRANSACTION CHARGES: In accordance with the SEBI Circular No.Cir / IMD / DF/13/2011 dated August 22, 2011, the AMC is allowed to deduct transaction charges of ` 100 for existing investors and ` 150 for a first time investor per subscription of ` 10,000 /- and above for the transaction / application received through distributors. The transaction charges shall be deducted by the AMC from the subscription amount received from the investor and paid to the distributor and the balance will be invested in the. Investors are requested to note that Quantum Mutual Fund is a direct to investor s Mutual Fund and no transaction charges shall be deducted from the investment amount for transactions / applications received from the distributor and full subscription amount will be invested in the. NAV (as of April 30, 2015) NAV per Unit Growth Option 37.39 Dividend Option 37.71 Fund Size as on *Average AUM #Absolute AUM Growth Option 383.02 374.41 Dividend Option 35.67 34.84 Total 418.69 409.25 *Cumulative Daily AuM /No of days in the month #AuM as on April 30, 2015 QUANTUM LONG TERM EQUITY FUND 5

Quantum Long Term Equity Fund Performance as on March 31, 2015 The is co-managed by Atul Kumar and Nilesh Shetty. ~ Other schemes managed by Mr. Atul Kumar refer page no. 28 SCHEME PERFORMANCE (FUND MANAGER-WISE) A. Cumulative performance Date NAV per Unit Returns (%) ^ Returns (%) # Returns (%) ## # 31-Mar-14 Last 1 Year 30.0800 27.76 26.81 24.89 12,776 12,681 12,489 28-Mar-13 Last 2 Years 24.3000 25.64 23.62 21.73 15,815 15,310 14,843 30-Mar-12 Last 3 Years 22.3000 19.87 19.00 17.10 17,233 16,860 16,064 # S&P BSE 30 TRI ## S&P BSE Sensex @ shows the current value of ` 10,000/- invested at the beginning of a given period B. Discrete 12 month performance % (%) ^ (%) # (%) ## # S&P BSE 30 TRI ## S&P BSE Sensex @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: March 13, 2006. Since inception returns are calculated on NAV of ` 10 invested at inception. ^^Standard Deviation: 19.29% Beta: 0.70 Sharpe Ratio: 0.91 Past performance may or may not be sustained in the future. # S&P BSE 30 TRI ## S&P BSE Sensex. V a l u e o f I n v e s t m e n t o f ` 1 0, 0 0 0 @ # March 31, 2014 to March 31, 2015 27.76 26.81 24.89 12,776 12,681 12,489 March 28, 2013 to March 31, 2014 23.79 20.73 18.85 12,379 12,073 11,885 March 30, 2012 to March 28, 2013 8.97 10.13 8.23 10,897 11,013 10,823 Since Inception ** 16.02 12.67 11.07 38,430 29,464 25,878 SIP Performance of Quantum Long Term Equity Fund as on March 31, 2015 Since Inception SIP 5 Year SIP 3 Year SIP 1 Year SIP Total Amount Invested ( ` 000) 108 60 36 12 Mkt Value as on Mar 31, 15 (Rs. 000) 242.451 94.038 50.917 12.975 Returns (XIRR*) (%) 17.33 18.12 24.10 15.84 Returns (XIRR*) (%) # 13.10 15.79 21.55 12.80 Returns (XIRR*) (%) ## 11.55 14.21 20.05 13.01 Load is not taken into consideration and Returns are for Growth Option using applicable NAV on the SIP day (5th of every month). Return on SIP and are annualized and compounded investment return for cash flows resulting out of uniform and regular monthly subscriptions as on 5th day of every month (in case 5th is a non-business Day, then the next Business Day) and have been worked out using the Excel spreadsheet function known as XIRR. XIRR calculates the internal rate of return for series of cash flow. Assuming `. 1,000 invested every month on 5th day of every month (in case 5th is a non-business Day, then the next Business Day), the 1 year, 3 years, 5 years and since inception returns from SIP are annualized and compounded investment return computed on the assumption that SIP installments were received across the time periods from the start date of SIP from the end of the relevant period viz. 1 year, 3 years, 5 years and since Inception. *XIRR - XIRR calculates the internal rate of return to measure and compare the profitability of series of investments. Brokerage & Commissions Paid Brokerages Paid for investments in ` 2,40,695.28 Distributor Commissions Paid till date NIL 6 QUANTUM LONG TERM EQUITY FUND

Portfolio as on April 30, 2015 Name of Instrument Industry / Rating Quantity Market Value In Lakhs % to Net Asset EQUITY & EQUITY RELATED A) Listed /Awaiting listing on the Stock Exchange 1. Housing Development Finance Corporation Ltd Finance 2,07,342 2,425.90 5.93 2. Bajaj Auto Ltd Auto 1,06,332 2,072.04 5.06 3. Infosys Ltd Software 88,216 1,713.38 4.19 4. Hero MotoCorp Ltd Auto 70,622 1,644.72 4.02 5. Kotak Mahindra Bank Ltd Banks 1,18,704 1582.21 3.87 6. Tata Chemicals Ltd Chemicals 3,61,299 1,542.57 3.77 7. Tata Consultancy Services Ltd Software 58,950 1,452.35 3.55 8. NTPC Ltd Power 9,55,300 1,435.82 3.51 9. Voltas Ltd Construction Project 5,00,950 1,408.17 3.44 10. Oil & Natural Gas Corporation Ltd Oil 4,40,907 1,340.36 3.28 11. ACC Ltd Cement 92,292 1,323.19 3.23 12. Power Grid Corporation of India Ltd Power 9,13,744 1,299.34 3.17 13. The Indian Hotels Company Ltd Hotels, Resorts And Other Recreational Activities 11,64,304 1,271.42 3.11 14. Indian Oil Corporation Ltd Petroleum Products 3,46,209 1,250.51 3.06 15. Petronet LNG Ltd Gas 6,17,300 1,078.11 2.63 16. Gail (India) Ltd Gas 2,82,069 1,016.29 2.48 17. Exide Industries Ltd Auto Ancillaries 5,41,367 928.72 2.27 18. Maruti Suzuki India Ltd Auto 23,687 882.54 2.16 19. Bharti Airtel Ltd Telecom - Services 2,21,788 845.23 2.07 20. Tata Steel Ltd Ferrous Metals 2,31,057 832.61 2.03 21. PTC India Ltd Power 8,82,722 638.65 1.56 22. The Indian Hotels Company Ltd - CCD - 05/03/2016 Hotels, Resorts And Other Recreational Activities 2,82,165 281.04 0.69 B) Unlisted NIL NIL NIL Total of all Equity 28,265.17 69.08 MONEY MARKET INSTRUEMENTS A) Treasury Bills (T-Bill) 1. 182 Days Tbill (MD 18/06/2015) 75,000 74.23 0.18 Total of T-Bills 74.23 0.18 B) Collateralised Borrowing & Lending Obligation (CBLO) * 12,659.43 30.93 Total of Money Market Instruments 12,733.66 31.11 Net Receivable/(payable) -74.17-0.19 Grand Total 40,924.66 100.00 * Cash & Cash Equivalents ^^Portfolio Turnover Ratio (Last one year): 18.80% Industry Allocation (% of Net Assets) as on April 30, 2015 Auto Power Software Finance Gas Banks Hotels, Resorts And Other Recreational Activities Chemicals Construction Project Oil Cement Petroleum Products Auto Ancillaries Telecom - Services Ferrous Metals 3.87% 3.80% 3.77% 3.44% 3.28% 3.23% 3.06% 2.27% 2.07% 2.03% ^^ Definitions Standard deviation measures historical volatility. A high standard deviation suggests high volatility, while lower standard deviation would refer to more stability. Beta is the tendency of a fund's returns to respond to market swings. A beta of 1 indicates that the fund price will move with the market. A beta of less than 1 means that thesecurity will be less volatile than the market. A beta of greater than 1 indicates that the security's price will be more volatile than the market. Sharpe Ratio is used to characterise how well the return of an asset compensates the investor for the risk taken. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. Portfolio Turnover Ratio is the percentage of a fundâs assets that have changed over the course of a year. 5.11% 5.93% 8.24% 7.74% 11.24% 0% 2% 4% 6% 8% 10% 12% QUANTUM LONG TERM EQUITY FUND 7

Nature of Investment Objective This product is suitable for investors who are seeking* Features An Open-ended Equity Linked Savings with a lock-in period of 3 years Index S&P BSE 30 Total Return Index Fund Manager Mr. Atul Kumar ~ ( Since December 10, 2008) Fund Manager s Total Experience 14 yrs. Inception Date (Date of Allotment) December 23, 2008 Current Expense Ratio 1.25% Investment Options Growth & Dividend Minimum Application Amount ( Under each Option) Lock-in Declaration of Net Asset Value (NAV) Redemption Proceeds Entry/ Sales Load Exit Load Taxation # QUANTUM TAX SAVING FUND An open ended Equity Linked Saving with a lock-in period of three years The investment objective of the is to achieve long-term capital appreciation by investing primarily in shares of companies that will typically be included in the S&P BSE 200 Index and are in a position to benefit from the anticipated growth and development of the Indian economy and its markets. Ÿ Long term capital appreciation. Ÿ Investments in equity and equity related securities of companies in Ÿ S&P BSE 200 index and to save tax u/s 80 C of the Income Tax Act. Ÿ Investments in this product are subject to lock in period of 3 years. Ÿ High Risk (BROWN) Purchase: ` 500/- and in multiples of ` 500/- thereafter. Purchase: ` 500/- and in multiples of ` 500/- thereafter. Every Business Day Normally despatched within 3-4 Business Days. Not Applicable Upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor. Nil Tax on Long Term Capital Gains - Nil Tax on Short Term Capital Gains - 15% (BROWN) High Risk 3 years from the date of allotment of the respective Units * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their p rincipal will be at high risk # The mentioned Tax Rates shall be increased by applicable surcharge, if any Education Cess @ 2% and Secondary higher education cess @ 1% where ever as applicable. Equity oriented schemes will also attract Securities Transaction Tax (STT) @ 0.001% at the time of redemption and switch to other schemes. TRANSACTION CHARGES: In accordance with the SEBI Circular No.Cir / IMD / DF/13/2011 dated August 22, 2011, the AMC is allowed to deduct transaction charges of ` 100 for existing investors and ` 150 for a first time investor per subscription of ` 10,000 /- and above for the transaction / application received through distributors. The transaction charges shall be deducted by the AMC from the subscription amount received from the investor and paid to the distributor and the balance will be invested in the. Investors are requested to note that Quantum Mutual Fund is a direct to investor s Mutual Fund and no transaction charges shall be deducted from the investment amount for transactions / applications received from the distributor and full subscription amount will be invested in the. NAV (as of April 30, 2015) NAV per Unit Growth Option 36.81 Dividend Option 36.81 Fund Size as on *Average AUM #Absolute AUM Growth Option 28.40 27.70 Dividend Option 5.18 5.03 Total 33.58 32.73 *Cumulative Daily AuM /No of days in the month #AuM as on April 30, 2015 8 QUANTUM TAX SAVING FUND

Quantum Tax Saving Fund Performance as on March 31, 2015 ~ Other schemes managed by Mr. Atul Kumar refer page no. 28 SCHEME PERFORMANCE (FUND MANAGER-WISE) A. Cumulative performance Date NAV per Unit Returns (%) ^ Returns (%) # (%) ^ (%) # (%) ## SIP Performance of Quantum Tax Saving Fund as on March 31, 2015 Returns (%) ## # 31-Mar-14 Last 1 Year 29.6400 28.48 26.81 24.89 12,848 12,681 12,489 28-Mar-13 Last 2 Years 24.0170 25.80 23.62 21.73 15,855 15,310 14,843 30-Mar-12 Last 3 Years 22.0370 19.98 19.00 17.10 17,280 16,860 16,064 # S&P BSE 30 TRI ## S&P BSE Sensex @ shows the current value of ` 10,000/- invested at the beginning of a given period B. Discrete 12 month performance % V a l u e o f I n v e s t m e n t o f ` 1 0, 0 0 0 @ # March 31, 2014 to March 31, 2015 28.48 26.81 24.89 12,848 12,681 12,489 March 28, 2013 to March 31, 2014 23.41 20.73 18.85 12,341 12,073 11,885 March 30, 2012 to March 28, 2013 8.98 10.13 8.23 10,898 11,013 10,823 Since Inception ** 23.75 20.13 18.40 38,080 31,607 28,862 # S&P BSE 30 TRI ## S&P BSE Sensex @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: Dec 23, 2008. Since inception returns are calculated on NAV of ` 10 invested at inception. Since Inception SIP 5 Year SIP 3 Year SIP 1 Year SIP Total Amount Invested ( ` 000) 75 60 36 12 Mkt Value as on Mar 31, 15 ( ` 000) 135.933 93.93 50.961 12.970 Returns (XIRR*) (%) 18.92 18.07 24.16 15.76 Returns (XIRR*) (%) # 15.78 15.79 21.55 12.80 Returns (XIRR*) (%) ## 14.13 14.21 20.05 13.01 ^^Standard Deviation: 15.22% Beta: 0.66 Sharpe Ratio: 1.72 Past performance may or may not be sustained in the future. # S&P BSE 30 TRI ## S&P BSE Sensex. Load is not taken into consideration and Returns are for Growth Option using applicable NAV on the SIP day (5th of every month). Return on SIP and are annualized and compounded investment return for cash flows resulting out of uniform and regular monthly subscriptions as on 5th day of every month (in case 5th is a non-business Day, then the next Business Day) and have been worked out using the Excel spreadsheet function known as XIRR. XIRR calculates the internal rate of return for series of cash flow. Assuming `. 1,000 invested every month on 5th day of every month (in case 5th is a non-business Day, then the next Business Day), the 1 year, 3 years, 5 years and since inception returns from SIP are annualized and compounded investment return computed on the assumption that SIP installments were received across the time periods from the start date of SIP from the end of the relevant period viz. 1 year, 3 years, 5 years and since Inception. *XIRR - XIRR calculates the internal rate of return to measure and compare the profitability of series of investments. Brokerage & Commissions Paid Brokerages Paid for investments in ` 16,910.68 Distributor Commissions Paid till date Nil QUANTUM TAX SAVING FUND 9

Portfolio as on April 30, 2015 Name of Instrument Industry / Rating Quantity Market Value In Lakhs * Cash & Cash Equivalents ^^Portfolio Turnover Ratio (Last one year): 19.13% Industry Allocation (% of Net Assets) as on April 30, 2015 % to Net Asset EQUITY & EQUITY RELATED A) Listed /Awaiting listing on the Stock Exchange 1. Bajaj Auto Ltd Auto 10,580 206.17 6.30 2. Housing Development Finance Corporation Ltd Finance 16,683 195.19 5.96 3. Infosys Ltd Software 8,894 172.74 5.28 4. Hero MotoCorp Ltd Auto 6,948 161.81 4.94 5. Tata Consultancy Services Ltd Software 6,539 161.10 4.92 6. Tata Chemicals Ltd Chemicals 33,306 142.20 4.34 7. Oil & Natural Gas Corporation Ltd Oil 43,690 132.82 4.06 8. NTPC Ltd Power 84,188 126.53 3.87 9. Kotak Mahindra Bank Ltd Banks 9,261 123.44 3.77 10. Power Grid Corporation of India Ltd Power 86,297 122.71 3.75 11. ACC Ltd Cement 8,519 122.14 3.73 12. Indian Oil Corporation Ltd Petroleum Products 32,232 116.42 3.56 13. The Indian Hotels Company Ltd Hotels, Resorts And Other Recreational Activities 1,05,286 114.97 3.51 14. Voltas Ltd Construction Project 39,326 110.55 3.38 15. Tata Steel Ltd Ferrous Metals 28,010 100.93 3.08 16. Gail (India) Ltd Gas 27,670 99.70 3.05 17. Petronet LNG Ltd Gas 56,333 98.39 3.01 18. Bharti Airtel Ltd Telecom - Services 24,106 91.87 2.81 19. PTC India Ltd Power 1,08,325 78.37 2.39 20. Maruti Suzuki India Ltd Auto 1,704 63.49 1.94 21. Exide Industries Ltd Auto Ancillaries 36,283 62.24 1.90 22. The Indian Hotels Company Ltd - CCD - 05/03/2016 Hotels, Resorts And Other Recreational Activities 23,689 23.59 0.72 B) Unlisted NIL NIL NIL Total of all Equity 2,627.37 80.27 Collateralised Borrowing & Lending Obligation (CBLO) * 644.76 19.70 Net Receivable/(Payable) 1.09 0.03 Grand Total 3,273.22 100.00 Auto Software Power Gas Finance Chemicals Hotels, Resorts And Other Recreational Activities Oil Banks Cement Petroleum Products Construction Project Ferrous Metals Telecom - Services Auto Ancillaries 1.90% 4.34% 4.23% 4.06% 3.77% 3.73% 3.56% 3.38% 3.08% 2.81% 6.06% 5.96% 10.20% 10.01% 13.18% 0% 2% 4% 6% 8% 10% 12% 14% ^^ Definitions Standard deviation measures historical volatility. A high standard deviation suggests high volatility, while lower standard deviation would refer to more stability. Beta is the tendency of a fund's returns to respond to market swings. A beta of 1 indicates that the fund price will move with the market. A beta of less than 1 means that thesecurity will be less volatile than the market. A beta of greater than 1 indicates that the security's price will be more volatile than the market. Sharpe Ratio is used to characterise how well the return of an asset compensates the investor for the risk taken. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. Portfolio Turnover Ratio is the percentage of a fundâs assets that have changed over the course of a year. 10 QUANTUM TAX SAVING FUND

Nature of Investment Objective This product is suitable for investors who are seeking* Features An Open-ended Equity Fund of Funds Index S&P BSE 200 Index Fund Manager Mr. Chirag Mehta ~ (Since November 1, 2013) Fund Manager s Total Experience 9 yrs. Inception Date (Date of Allotment) July 20, 2009 Current Expense Ratio 0.50% Investment Options Growth & Dividend (Dividend Option will in turn have two Facilities, Dividend Payout Facility and Dividend Re-investment Facility) Minimum Application Amount ( Under each Option) Declaration of Net Asset Value (NAV) Redemption Proceeds Entry/ Sales Load Exit Load QUANTUM EQUITY FUND OF FUNDS * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their p rincipal will be at high risk Tax on Capital Gains * An Open ended Equity Fund of Funds Resident Individuals & HUF FII s / Overseas Financial Organisations Long Term 20% with Indexation 10% without Indexation Partnership Firm 20% with Indexation The investment objective of the scheme is to generate long-term capital appreciation by investing in a portfolio of open-ended diversified equity schemes of mutual funds registered with SEBI. There can be no assurance of positive returns from following the stated investment strategy. Ÿ Long term capital appreciation. Ÿ Investments in portfolio of open-ended diversified equity schemes of mutual funds registered with SEBI whose underlying investments are in equity and equity related securities of diversified companies. Ÿ High Risk (BROWN) Purchase: ` 500/- and in multiples of ` 1/- thereafter. Purchase: ` 500/- and in multiples of ` 1/- thereafter/ 50 units Every Business Day Normally despatched within 3-4 Business Days. Not Applicable Upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor. Repurchase/ Redemption/ Switch Out - On or before 365 days from the date of allotment 1.5 %. Non Resident Indians 10% without Indexation (on transfer of long term capital assets being unlisted securities) Indian Companies 20% with Indexation Foreign Companies 10% without Indexation (on transfer of long term capital assets being unlisted securities) Short Term Maximum 30% 30% 30% Maximum 30% 30% 40% * The mentioned Tax Rates shall be increased by applicable surcharge, if any Education Cess @ 2% and Secondary higher education cess @ 1% where ever as applicable. (BROWN) High Risk TRANSACTION CHARGES: In accordance with the SEBI Circular No.Cir / IMD / DF/13/2011 dated August 22, 2011, the AMC is allowed to deduct transaction charges of ` 100 for existing investors and ` 150 for a first time investor per subscription of ` 10,000 /- and above for the transaction / application received through distributors. The transaction charges shall be deducted by the AMC from the subscription amount received from the investor and paid to the distributor and the balance will be invested in the. Investors are requested to note that Quantum Mutual Fund is a direct to investor s Mutual Fund and no transaction charges shall be deducted from the investment amount for transactions / applications received from the distributor and full subscription amount will be invested in the. NAV (as of April 30, 2015) NAV per Unit Growth Option 24.272 Dividend Option 24.272 Fund Size as on *Average AUM #Absolute AUM Growth Option 4.42 4.37 Dividend Option 0.66 0.67 Total 5.08 5.04 *Cumulative Daily AuM /No of days in the month #AuM as on April 30, 2015 QUANTUM EQUITY FUND OF FUNDS 11

Quantum Equity Fund of Funds Performance as on March 31, 2015 ~ Other schemes managed by Mr. Chirag Mehta refer page no. 29 SCHEME PERFORMANCE (FUND MANAGER-WISE) A. Cumulative performance Date NAV per Unit Returns (%) ^ Returns (%) # Returns (%) ## SIP Performance of Quantum Equity Fund of Funds as on March 31, 2015 # 31-Mar-14 Last 1 Year 16.9680 46.27 31.93 24.89 14,627 13,193 12,489 28-Mar-13 Last 2 Years 14.0280 32.86 24.23 21.73 17,692 15,462 14,843 30-Mar-12 Last 3 Years 13.3780 22.85 17.89 17.10 18,552 16,394 16,064 # S&P BSE 200 INDEX ## S&P BSE Sensex @ shows the current value of ` 10,000/- invested at the beginning of a given period B. Discrete 12 month performance % # S&P BSE 200 INDEX ## S&P BSE Sensex @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: July 20, 2009. Since inception returns are calculated on NAV of ` 10 invested at inception. Since Inception SIP 5 Year SIP 3 Year SIP 1 Year SIP Total Amount Invested ( ` 000) 68 60 36 12 Mkt Value as on Mar 31, 15 ( ` 000) 116.459 99.662 55.610 13.744 Returns (XIRR*) (%) 19.01 20.51 30.68 28.82 Returns (XIRR*) (%) # 14.21 15.40 22.86 19.51 (XIRR*) (%) ## 13.23 14.21 20.05 13.01 ^^Standard Deviation: 14.96% Beta: 0.88 Sharpe Ratio: 0.98 Past performance may or may not be sustained in the future. # S&P BSE 200 INDEX ## S&P BSE Sensex. Load is not taken into consideration and Returns are for Growth Option using applicable NAV on the SIP day (5th of every month). Return on SIP and are annualized and compounded investment return for cash flows resulting out of uniform and regular monthly subscriptions as on 5th day of every month (in case 5th is a non-business Day, then the next Business Day) and have been worked out using the Excel spreadsheet function known as XIRR. XIRR calculates the internal rate of return for series of cash flow. Assuming `. 1,000 invested every month on 5th day of every month (in case 5th is a non-business Day, then the next Business Day), the 1 year, 3 years, 5 years and since inception returns from SIP are annualized and compounded investment return computed on the assumption that SIP installments were received across the time periods from the start date of SIP from the end of the relevant period viz. 1 year, 3 years, 5 years and since Inception. *XIRR - XIRR calculates the internal rate of return to measure and compare the profitability of series of investments. Brokerage & Commissions Paid Brokerages Paid for investments in Distributor Commissions Paid till date (%) ^ (%) # (%) ## NIL NIL V a l u e o f I n v e s t m e n t o f ` 1 0, 0 0 0 @ # March 31, 2014 to March 31, 2015 46.27 31.93 24.89 14,627 13,193 12,489 March 28, 2013 to March 31, 2014 20.96 17.19 18.85 12,096 11,719 11,885 March 30, 2012 to March 28, 2013 4.86 6.03 8.23 10,486 10,603 10,823 Since Inception ** 17.29 12.06 11.29 24,819 19,137 18,404 12 QUANTUM EQUITY FUND OF FUNDS

Portfolio as on April 30, 2015 Name of Instrument Quantity Market Value In Lakhs % to Net Asset MUTUAL FUND UNITS 1. SBI Magnum Multiplier Plus - 93 -Direct Plan Growth 47,526 72.37 14.37 2. Franklin India High Growth Companies Fund -Direct-Growth 2,41,490 71.96 14.29 3. Birla Sun Life Frontline Equity Fund - Growth - Direct Plan 43,594 70.60 14.02 4. Mirae Asset India Opportunities Fund-Direct Plan-Growth 2,17,598 70.03 13.91 5. ICICI Prudential Focused Bluechip Equity - Direct Plan-Growth 2,38,047 69.32 13.77 6. HDFC Mid-Cap Opportunities Fund- Direct Plan- Growth Option 1,88,603 69.24 13.75 7. HDFC Cap Builder Fund- Direct Plan- Growth Option 34,892 69.23 13.75 Total 492.75 97.86 Collateralised Borrowing & Lending Obligation (CBLO) * 10.70 2.12 Net Receivable/(payable) 0.10 0.02 Grand Total 503.55 100.00 * Cash & Cash Equivalents ^^Portfolio Turnover Ratio (Last one year): 90.87% ^^ Definitions Standard deviation measures historical volatility. A high standard deviation suggests high volatility, while lower standard deviation would refer to more stability. Beta is the tendency of a fund's returns to respond to market swings. A beta of 1 indicates that the fund price will move with the market. A beta of less than 1 means that thesecurity will be less volatile than the market. A beta of greater than 1 indicates that the security's price will be more volatile than the market. Sharpe Ratio is used to characterise how well the return of an asset compensates the investor for the risk taken. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. Portfolio Turnover Ratio is the percentage of a fundâs assets that have changed over the course of a year. QUANTUM EQUITY FUND OF FUNDS 13

Nature of Investment Objective QUANTUM LIQUID FUND This product is suitable for investors who are seeking* Features An Open-ended Liquid Ÿ Income over the short term Ÿ Investments in debt / money market instruments. Ÿ Low Risk (BLUE) Index Crisil Liquid Fund Index Fund Manager Mr. Murthy Nagarajan (Since November 1, 2013) Fund Manager s Total Experience 20 yrs. Inception Date (Date of Allotment) April 7, 2006 Current Expense Ratio 0.35% Investment Options Growth, Daily Dividend Reinvestment & Monthly Dividend Payout. Minimum Application Amount ( Under each Option) Growth Option: ` 5,000/-and in multiples of ` 1/- thereafter. Monthly Dividend Payout Option: ` 10,000/- and in multiples of ` 1/- thereafter. Daily Dividend Reinvestment Option: ` 1,00,000/- and in multiples of ` 1/- thereafter. Investment: ` 500/- and in multiples of ` 1/- thereafter /50 units (For all options) Declaration of Net Asset Value (NAV) Every Business Day Redemption Proceeds Normally despatched within 1-2 Business Days. Weighted Average Maturity as on April 30, 2015 Entry/ Sales Load Exit Load * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that the ir p rincipal will be at high risk Tax on Capital Gains * Resident Individuals & HUF An Open ended Liquid FII s / Overseas Financial Organisations Long Term 20% with Indexation 10% without Indexation Partnership Firm 20% with Indexation The primary investment objective of the is to provide optimal returns with low to moderate levels of risk and high liquidity through judicious investments in money market and debt instruments. At the end of the month 31 Days Average during the month 40 Days Modified Duration 30 Days Not Applicable Upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor. Nil Non Resident Indians 10% without Indexation (on transfer of long term capital assets being unlisted securities) (BLUE) Low Risk Indian Companies 20% with Indexation Foreign Companies 10% without Indexation (on transfer of long term capital assets being unlisted securities) Short Term Maximum 30% 30% 30% Maximum 30% 30% 40% * The mentioned Tax Rates shall be increased by applicable surcharge, if any Education Cess @ 2% and Secondary higher education cess @ 1% where ever as applicable. TRANSACTION CHARGES: In accordance with the SEBI Circular No.Cir / IMD / DF/13/2011 dated August 22, 2011, the AMC is allowed to deduct transaction charges of ` 100 for existing investors and ` 150 for a first time investor per subscription of ` 10,000 /- and above for the transaction / application received through distributors. The transaction charges shall be deducted by the AMC from the subscription amount received from the investor and paid to the distributor and the balance will be invested in the. Investors are requested to note that Quantum Mutual Fund is a direct to investor s Mutual Fund and no transaction charges shall be deducted from the investment amount for transactions / applications received from the distributor and full subscription amount will be invested in the. NAV (as of April, 2015) NAV per Unit Growth Option 19.7680 Monthly Dividend Payout Option 10.0129 Daily Dividend Reinvestment Option 10.0066 Fund Size as on *Average AUM #Absolute AUM Growth Option 51.48 52.36 Daily Dividend Reinvestment Option 14.48 14.72 Monthly Dividend Payout Option 3.05 2.94 Total 69.01 70.02 *Cumulative Daily AuM /No of days in the month #AuM as on April 30, 2015 14 QUANTUM LIQUID FUND

Quantum LiquidFund Performance as on March 31, 2015 A. Cumulative performance Date # Crisil Liquid Fund Index ## Crisil 1 year T- Bill Index * Simple Annulised Yield ** CAGR @ shows the current value of ` 10,000/- invested at the beginning of a given period B. Discrete 12 month performance % NAV per Unit Returns(%) ^ Returns (%) # Returns (%) ## (%) ^ (%) # (%) ## V a l u e o f I n v e s t m e n t o f ` 1 0, 0 0 0 @ # March 31, 2014 to March 31, 2015 8.64 8.98 8.74 10,864 10,898 10,874 March 28, 2013 to March 31, 2014 9.14 9.54 5.84 10,914 10,954 10,584 March 30, 2012 to March 28, 2013 8.79 8.17 8.33 10,879 10,817 10,833 Since Inception ** 7.80 7.48 6.09 19,646 19,129 17,011 # Crisil Liquid Fund Index ## Crisil 1 year T- Bill Index @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: April 7, 2006. Since inception returns are calculated on NAV of ` 10 invested at inception. # 24-Mar-15 7 days * 19.5927 14.13 13.63 17.17 10,027 10,026 10,033 16-Mar-15 15 days * 19.5624 10.37 10.39 14.71 10,043 10,043 10,060 27-Feb-15 30 days * 19.4881 9.53 9.82 11.55 10,081 10,083 10,098 31-Mar-14 Last 1 Year * 18.0834 8.64 8.98 8.74 10,864 10,898 10,874 28-Mar-13 Last 2 Years ** 16.5686 8.85 9.22 7.25 11,857 11,938 11,509 30-Mar-12 Last 3 Years ** 15.2303 8.85 8.89 7.62 12,899 12,913 12,468 Dividend History - Monthly Dividend payout option Record Date Net Dividend per unit (Post Dividend Distribution Tax) Individual Non Individual 25-Feb-15 0.04517554 0.04160514 25-Mar-15 0.04342708 0.03999487 27-Apr-15 0.05563480 0.05112523 Brokerage & Commissions Paid Brokerages Paid for investments in ` 1,500 Distributor Commissions Paid till date NIL QUANTUM LIQUID FUND 15

Portfolio as on April 30, 2015 Name of Instrument Rating Residual Maturity (in days) Market Value In Lakhs % to Net Asset DEBT INSTRUEMENTS a) Listed/awaiting listing on Stock Exchanges i) Non-Convertible debentures / Bonds 1. 9.85% HDFC Ltd NCD (MD 05/06/2015) CRISIL AAA 36 500.29 7.14 b) Privately Placed/Unlisted NIL NIL c) Securitized Debt Instruments NIL NIL Total of Debt instruments 500.29 7.14 MONEY MARKET INSTRUEMENTS a) Certificate of Deposits (CD) 1. Axis Bank Ltd CD (MD 05/05/2015) ICRA A1+ 5 999.09 14.27 2. Vijaya Bank CD (MD 26/05/2015) CARE A1+ 26 994.37 14.20 3. Corporation Bank CD (MD 01/06/2015) CRISIL A1+ 32 993.15 14.18 4. Bank of Baroda CD (MD 10/06/2015) CARE A1+ 41 495.57 7.08 Total of CDs 3,482.18 49.73 b) Commerical Paper (CP) 1. Sundaram Finance Ltd CP (MD 05/06/2015) CRISIL A1+ 36 496.02 7.08 2. Kotak Mahindra Investments Ltd CP (MD 15/06/2015) CRISIL A1+ 46 494.88 7.07 3. Small Industrial Develpement Bank of India CP (MD 17/06/2015) CRISIL A1+ 48 494.75 7.07 4. Bajaj Finance Ltd CP (MD 19/06/2015) CRISIL A1+ 50 494.42 7.06 5. National Bank For Agriculture & Rural Development CP (MD 23/06/2015) CRISIL A1+ 54 494.09 7.06 Total of CPs 2,474.16 35.34 c) Treasury Bills (T-bill) 1. 91 Days Tbill (MD 22/05/2015) Sovereign 22 49.78 0.71 Total of T-Bills 49.78 0.71 d) Collateralised Borrowing & Lending Obligation (CBLO) * 452.62 6.46 Total of Money Market Instruments 6,458.74 92.24 Net Receivable / (Payable) 43.68 0.62 Grand Total 7,002.71 100.00 * Cash & Cash Equivalents Asset Allocation (% of Net Assets) as on April 30, 2015 Public Financial Institution, 14.13% Govt. Securities, 0.71% CBLO & Net Receivable / (Payable) 7.08% CBLO & Net Receivable / (Payable) Banks NBFC Public Financial Institution Govt. Securities NBFC, 28.35% Banks, 49.73% 16 QUANTUM LIQUID FUND

QUANTUM GOLD SAVINGS FUND An Open ended Fund of Fund (BROWN) High Risk Nature of Investment Objective This product is suitable for investors who are seeking* Features An Open ended Fund of Fund Index Domestic Price of Gold Fund Manager Mr. Chirag Mehta ~ (Since May 19, 2011) Fund Manager s Total Experience 9 yrs. Inception Date (Date of Allotment) May 19, 2011 Current Expense Ratio 0.25% Investment Options Growth Minimum Application Amount ( Under each Option) Declaration of Net Asset Value (NAV) Redemption Proceeds Entry/ Sales Load The investment objective of the is to provide capital appreciation by predominantly investing in units of Quantum Gold Fund - Exchange Traded Fund (QGF). The performance of the may differ from that of Quantum Gold Fund and the domestic prices of gold due to expenses and certain other factors. There can be no assurance or guarantee that the investment objective of the will be achieved. Ÿ Long term returns. Ÿ Investments in units of Quantum Gold Fund Exchange Traded Fund whose underlying investments are in physical gold. Ÿ High Risk (BROWN) Purchase : ` 500/- and in multiples of ` 1/- thereafter. Purchase: ` 500/- and in multiples of ` 1/- thereafter / 50 units Every Business Day Normally despatched within 3-4 Business Days. Not Applicable Upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor. Exit Load Repurchase/ Redemption/ Switch Out - On or before 365 days from the date of allotment 1.5 %. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their p rincipal will be at high risk Tax on Capital Gains * Resident Individuals & HUF FII s / Overseas Financial Organisations Long Term 20% with Indexation 10% without Indexation Partnership Firm 20% with Indexation Non Resident Indians 10% without Indexation (on transfer of long term capital assets being unlisted securities) Indian Companies 20% with Indexation Foreign Companies 10% without Indexation (on transfer of long term capital assets being unlisted securities) Short Term Maximum 30% 30% 30% Maximum 30% 30% 40% * The mentioned Tax Rates shall be increased by applicable surcharge, if any Education Cess @ 2% and Secondary higher education cess @ 1% where ever as applicable. TRANSACTION CHARGES: In accordance with the SEBI Circular No.Cir / IMD / DF/13/2011 dated August 22, 2011, the AMC is allowed to deduct transaction charges of ` 100 for existing investors and ` 150 for a first time investor per subscription of ` 10,000 /- and above for the transaction / application received through distributors. The transaction charges shall be deducted by the AMC from the subscription amount received from the investor and paid to the distributor and the balance will be invested in the. Investors are requested to note that Quantum Mutual Fund is a direct to investor s Mutual Fund and no transaction charges shall be deducted from the investment amount for transactions / applications received from the distributor and full subscription amount will be invested in the. NAV NAV per Fund Size as on *Average AUM #Absolute AUM (as of April 30, 2015) Unit Growth Option 11.6073 Growth Option 10.42 10.60 *Cumulative Daily AuM /No of days in the month #AuM as on April 30, 2015 QUANTUM GOLD SAVINGS FUND 17

Quantum Gold Savings Fund Performance as on March 31, 2015 ~ Other schemes managed by Mr. Chirag Mehta refer page no. 29 SCHEME PERFORMANCE (FUND MANAGER-WISE) A. Cumulative performance Date NAV per Unit Returns (%) ^ Returns (%) # 31-Mar-14 Last 1 Year 12.5604-10.05-5.32 8,995 9,468 28-Mar-13 Last 2 Years 13.1941-7.43-6.12 8,563 8,808 30-Mar-12 Last 3 Years 12.6542-3.70-2.60 8,929 9,239 # Domestic Price of Gold @ shows the current value of ` 10,000/- invested at the beginning of a given period B. Discrete 12 month performance % (%) ^ (%) # March 31, 2014 to March 31, 2015-10.05-5.32 8,995 9,468 March 28, 2013 to March 31, 2014-4.80-6.96 9,520 9,304 March 30, 2012 to March 28, 2013 4.27 4.89 10,427 10,489 Since Inception ** 3.20 4.86 11,299 12,017 # Domestic Price of Gold @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: May 19, 2011. Since inception returns are calculated on NAV of ` 10 invested at inception. SIP Performance of Quantum Gold Savings Fund as on March 31, 2015 Past performance may or may not be sustained in the future. # Domestic Price of Gold Load is not taken into consideration and Returns are for Growth Option using applicable NAV on the SIP day (5th of every month). Return on SIP and are annualized and compounded investment return for cash flows resulting out of uniform and regular monthly subscriptions as on 5th day of every month (in case 5th is a non-business Day, then the next Business Day) and have been worked out using the Excel spreadsheet function known as XIRR. XIRR calculates the internal rate of return for series of cash flow. Assuming `. 1,000 invested every month on 5th day of every month (in case 5th is a non-business Day, then the next Business Day), the 1 year, 3 years and since inception returns from SIP are annualized and compounded investment return computed on the assumption that SIP installments were received across the time periods from the start date of SIP from the end of the relevant period viz. 1 year, 3 years and since Inception. *XIRR - XIRR calculates the internal rate of return to measure and compare the profitability of series of investments. Brokerage & Commissions Paid Brokerages Paid for investments in ` 2,240.10 Distributor Commissions Paid till date NIL Since Inception SIP 3 Year SIP 1 Year SIP Total Amount Invested ( ` 000) 46 36 12 Mkt Value as on Mar 31, 15 ( ` 000) 41.591 32.003 11.387 Returns (XIRR*) (%) -5.14-7.57-9.57 Domestic Price of Gold Returns (XIRR*) (%) # -2.97-4.98-5.23 18 QUANTUM GOLD SAVINGS FUND

Portfolio as on April 30, 2015 Name of Instrument Units Market Value In Lakhs % to Net Asset EXCHANGE TRADED FUND - UNITS A) Quantum Gold Fund 85,447 1,059.12 99.91 Total 1,059.12 99.91 Collateralised Borrowing & Lending Obligation (CBLO) * 3.28 0.31 Net Receivable/(payable) -2.32-0.22 Grand Total 1,060.08 100.00 * Cash & Cash Equivalents ^^Portfolio Turnover Ratio (Last one year): 13.14% Asset Allocation (% of Net Assets) as on April 30, 2015 CBLO & Net Receivable / (Payable) 0.09% Units of Quantum Gold Fund 99.91% Units of Quantum Gold Fund CBLO & Net Receivable / (Payable) ^^ Definitions Portfolio Turnover Ratio is the percentage of a fundâs assets that have changed over the course of a year. QUANTUM GOLD SAVINGS FUND 19

Nature of Investment Objective This product is suitable for investors who are seeking* Features Index Crisil Composite Bond Fund Index (40%)+S&P BSE Sensex Total return Index (40%)+Domestic price of gold (20%) Fund Manager Mr. Chirag Mehta ~ (Since July 11, 2012) Fund Manager s Total Experience 9 yrs Associate Fund Manager Mr. Nilesh Shetty (Since July 11, 2012) Total Experience 10 yrs Inception Date (Date of Allotment) July 11, 2012 Current Expense Ratio 0.25% Investment Options Growth Minimum Application Amount ( Under each Option) Declaration of Net Asset Value (NAV) Redemption Proceeds Entry/ Sales Load QUANTUM MULTI ASSET FUND An Open-ended Fund of Funds The investment objective of the is to generate modest capital appreciation while trying to reduce risk (by diversifying risks across asset classes) from a combined portfolio of equity, debt / money markets and Gold schemes of Quantum Mutual Fund. The may invest in the units of debt / money market schemes of other mutual funds to gain exposure to debt as an asset class to manage any investment and regulatory constraints that arise/ that prevent the from increasing investments in the schemes of Quantum Mutual Fund. There can be no assurance that the investment objective of the will be realized. Ÿ Long term capital appreciation and current income Ÿ Investments in portfolio of schemes of Quantum Mutual Fund whose underlying investments are in equity and equity related securities of companies, debt and money market instruments and physical gold. Ÿ Medium Risk (YELLOW) Purchase: ` 500/- and in multiples of ` 1/- thereafter. Purchase: ` 500/- and in multiples of ` 1/- thereafter/ 50 units Every Business Day Normally despatched within 3-4 Business Days. Not Applicable Upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor. Exit Load Repurchase/ Redemption/ Switch Out - a) On or before 90 days from the date of allotment 1.00%. b) After 90 days from the date of allotment Nil Tax on Capital Gains * Resident Individuals & HUF An Open-ended Fund of Funds * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their p rincipal will be at high risk FII s / Overseas Financial Organisations Long Term 20% with Indexation 10% without Indexation Partnership Firm 20% with Indexation Non Resident Indians 10% without Indexation (on transfer of long term capital assets being unlisted securities) Indian Companies 20% with Indexation (YELLOW) Medium Risk Foreign Companies 10% without Indexation (on transfer of long term capital assets being unlisted securities) Short Term Maximum 30% 30% 30% Maximum 30% 30% 40% * The mentioned Tax Rates shall be increased by applicable surcharge, if any Education Cess @ 2% and Secondary higher education cess @ 1% where ever as applicable. TRANSACTION CHARGES: In accordance with the SEBI Circular No.Cir / IMD / DF/13/2011 dated August 22, 2011, the AMC is allowed to deduct transaction charges of ` 100 for existing investors and ` 150 for a first time investor per subscription of ` 10,000 /- and above for the transaction / application received through distributors. The transaction charges shall be deducted by the AMC from the subscription amount received from the investor and paid to the distributor and the balance will be invested in the. Investors are requested to note that Quantum Mutual Fund is a direct to investor s Mutual Fund and no transaction charges shall be deducted from the investment amount for transactions / applications received from the distributor and full subscription amount will be invested in the. NAV (as of April 30, 2015) NAV per Unit Growth Option 13.4867 Fund Size as on *Average AUM #Absolute AUM Growth Option 6.85 6.81 *Cumulative Daily AuM /No of days in the month #AuM as on April 30, 2015 20 QUANTUM MULTI ASSET FUND

Quantum Multi Asset Fund Performance as on March 31, 2015 ~ Other schemes managed by Mr. Chirag Mehta refer page no. 29 SCHEME PERFORMANCE (FUND MANAGER-WISE) The is co-managed by Chirag Mehta and Nilesh Shetty. A. Cumulative performance Date NAV per Unit Returns (%) ^ Returns (%) # 31-Mar-14 Last 1 Year 11.9236 13.61 16.86 11,361 11,686 28-Mar-13 Last 2 Years 10.5866 13.06 12.74 12,795 12,723 # Crisil Composite Bond Fund Index (40%)+S&P BSE Sensex Total return Index (40%)+Domestic price of gold (20%) @ shows the current value of ` 10,000/- invested at the beginning of a given period B. Discrete 12 month performance % (%) ^ (%) # March 31, 2014 to March 31, 2015 13.61 16.86 11,361 11,686 March 28, 2013 to March 31, 2014 12.63 8.88 11,263 10,888 Since Inception ** 11.79 11.78 13,546 13,543 # Crisil Composite Bond Fund Index (40%)+S&P BSE Sensex Total return Index (40%)+Domestic price of gold (20%) @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: July 11, 2012. Since inception returns are calculated on NAV of ` 10 invested at inception. SIP Performance of Quantum Multi Asset Fund as on March 31, 2015 Since Inception SIP 1 Year SIP Total Amount Invested ( ` 000) 32 12 Mkt Value as on Mar 31, 15 ( ` 000) 37.661 12.557 Returns (XIRR*) (%) 12.40 8.96 Returns (XIRR*) (%) # 12.75 10.78 ^^Standard Deviation: 5.28% Beta: 0.50 Sharpe Ratio: 1.61 Past performance may or may not be sustained in the future. # Crisil Composite Bond Fund Index (40%)+S&P BSE Sensex Total return Index (40%)+Domestic price of gold (20%) Load is not taken into consideration and Returns are for Growth Option using applicable NAV on the SIP day (5th of every month). Return on SIP and are annualized and compounded investment return for cash flows resulting out of uniform and regular monthly subscriptions as on 5th day of every month (in case 5th is a non-business Day, then the next Business Day) and have been worked out using the Excel spreadsheet function known as XIRR. XIRR calculates the internal rate of return for series of cash flow. Assuming `. 1,000 invested every month on 5th day of every month (in case 5th is a non-business Day, then the next Business Day), the 1 year and since inception returns from SIP are annualized and compounded investment return computed on the assumption that SIP installments were received across the time periods from the start date of SIP from the end of the relevant period viz. 1 year and since Inception. *XIRR - XIRR calculates the internal rate of return to measure and compare the profitability of series of investments. Brokerage & Commissions Paid Brokerages Paid for investments in Distributor Commissions Paid till date Nil Nil QUANTUM MULTI ASSET FUND 21

Portfolio as on April 30, 2015 Name of Instrument Quantity Market Value In Lakhs ^^Portfolio Turnover Ratio (Last one year): 87.92% % to Net Asset A) MUTUAL FUND UNITS 1. Quantum Liquid Fund-Growth Plan 17,28,729 341.74 50.16 2. Quantum Long-Term Equity Fund-Growth Option 3,54,734 132.63 19.47 Total of Mutual Fund Units 474.37 69.63 B) EXCHANGE TRADED FUND UNITS 1. Quantum Index Fund 12,162 104.47 15.34 2. Quantum Gold Fund 7,731 95.83 14.07 Total of Exchange Traded Fund Units 200.30 29.41 Total (A+B) 674.67 99.04 Collateralised Borrowing & Lending Obligation (CBLO) * 6.75 0.99 Net Receivable/(payable) -0.18-0.03 Grand Total 681.24 100.00 * Cash & Cash Equivalents ^^ Definitions Standard deviation measures historical volatility. A high standard deviation suggests high volatility, while lower standard deviation would refer to more stability. Beta is the tendency of a fund's returns to respond to market swings. A beta of 1 indicates that the fund price will move with the market. A beta of less than 1 means that thesecurity will be less volatile than the market. A beta of greater than 1 indicates that the security's price will be more volatile than the market. Sharpe Ratio is used to characterise how well the return of an asset compensates the investor for the risk taken. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. Portfolio Turnover Ratio is the percentage of a fundâs assets that have changed over the course of a year. 22 QUANTUM MULTI ASSET FUND

Nature of Investment Objective This product is suitable for investors who are seeking* Features An Open ended Exchange Traded Fund - Gold Index Domestic Price of Physical Gold Fund Manager Mr. Chirag Mehta ~ (Since May 01, 2009) Fund Manager s Total Experience 9 yrs Inception Date (Date of Allotment) February 22, 2008 Current Expense Ratio 1.00% Investment Options Growth Minimum Application Amount ( Under each Option) Directly with Fund: The investors can create / redeem in exchange of Portfolio Deposit and Cash Component in creation unit size at NAV based Price. On the Exchange: Approx equal to price of 1/2 gram of Gold quoted on the NSE. On NSE, the units can be purchased / sold in minimum lot of 1 units and in multiples therefore. Declaration of Net Asset Value (NAV) Redemption Proceeds Entry/ Sales Load Exit Load QUANTUM GOLD FUND An Open ended Exchange Traded Fund - Gold * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their p rincipal will be at high risk Tax on Capital Gains * Resident Individuals & HUF FII s / Overseas Financial Organisations Long Term 20% with Indexation 10% without Indexation Partnership Firm 20% with Indexation The Investment Objective of the is to generate returns that are in line with the performance of gold and gold related instruments subject to tracking errors. However, investment in gold related instruments will be made if and when SEBI permits mutual funds to invest, in gold related instruments. The is designed to provide returns that before expenses, closely correspond to the returns provided by gold. Ÿ Long term returns Ÿ Investments in physical gold. Ÿ High Risk (BROWN) Every Business Day Normally despatched within 3-4 Business Days. Not Applicable Upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor. NIL (retail investor can exit the scheme only through secondary market) Non Resident Indians (BROWN) High Risk 20% with Indexation (on transfer of long term capital assets being listed securities) Indian Companies 20% with Indexation Foreign Companies 20% with Indexation (on transfer of long term capital assets being listed securities) Short Term Maximum 30% 30% 30% Maximum 30% 30% 40% * The mentioned Tax Rates shall be increased by applicable surcharge, if any Education Cess @ 2% and Secondary higher education cess @ 1% where ever as applicable. TRANSACTION CHARGES: In accordance with the SEBI Circular No.Cir / IMD / DF/13/2011 dated August 22, 2011, the AMC is allowed to deduct transaction charges of ` 100 for existing investors and ` 150 for a first time investor per subscription of ` 10,000 /- and above for the transaction / application received through distributors. The transaction charges shall be deducted by the AMC from the subscription amount received from the investor and paid to the distributor and the balance will be invested in the. Investors are requested to note that Quantum Mutual Fund is a direct to investor s Mutual Fund and no transaction charges shall be deducted from the investment amount for transactions / applications received from the distributor and full subscription amount will be invested in the. NAV (as of April 30, 2015) NAV per Unit Growth Option 1260.9970 Fund Size as on *Average AUM #Absolute AUM Growth Option 58.94 60.07 *Cumulative Daily AuM /No of days in the month #AuM as on April 30, 2015 QUANTUM GOLD FUND 23

Quantum Gold Fund Performance as on March 31, 2015 ~ Other schemes managed by Mr. Chirag Mehta refer page no. 29 SCHEME PERFORMANCE (FUND MANAGER-WISE) A. Cumulative performance Date NAV per Unit Returns (%) ^ Returns (%) # 31-Mar-14 Last 1 Year 1,300.2643-6.27-5.32 9,373 9,468 28-Mar-13 Last 2 Years 1,411.2402-7.04-6.12 8,636 8,808 30-Mar-12 Last 3 Years 1,358.8837-3.56-2.60 8,969 9,239 # Domestic Price of Physical Gold @ shows the current value of ` 10,000/- invested at the beginning of a given period B. Discrete 12 month performance % (%) ^ (%) # March 31, 2014 to March 31, 2015-6.27-5.32 9,373 9,468 March 28, 2013 to March 31, 2014-7.86-6.96 9,214 9,304 March 30, 2012 to March 28, 2013 3.85 4.89 10,385 10,489 Since Inception ** 10.67 11.30 20,557 21,407 ^^Tracking Error as on 31 March, 2015 Absolute Since Inception: 0.005% Annualised Since Inception: 0.081% # Domestic Price of Physical Gold @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: February 22, 2008. Since inception returns are calculated on NAV of ` 10 invested at inception. Portfolio as on April 30, 2015 Name of Instrument * Cash & Cash Equivalents ^^Portfolio Turnover Ratio (Last one year): 6.00% Quantity Market Value In Lakhs Asset Allocation (% of Net Assets) as on April 30, 2015 CBLO 0.01% Receivables -0.07% % to Net Asset GOLD A) 1 KG Bar (0.995 fineness) 217 5,944.95 98.97 B) 100 Gram Bar (0.999 fineness) 16 44.00 0.73 C) 100 Gram Bar (0.995 fineness) 8 21.92 0.36 Total 6,010.87 100.06 Collateralised Borrowing & Lending Obligation (CBLO) * 0.64 0.01 Net Receivable/(payable) -4.59-0.07 Grand Total 6,006.92 100.00 Brokerage & Commissions Paid Brokerages Paid for investments in Distributor Commissions Paid till date ^^ Definitions Portfolio Turnover Ratio is the percentage of a fundâs assets that have changed over the course of a year. Tracking Error is a measure of how closely a fund follows the index to which it is benchmarked. The more passively the fund is managed, the smaller the tracking error. In the case of Exchange Traded Funds, the lower the Tracking Error, the better. NIL NIL GOLD CBLO Receivables GOLD 100.06% 24 QUANTUM GOLD FUND

Nature of Investment Objective This product is suitable for investors who are seeking* Features An Open-ended Exchange Traded Fund Index CNX Nifty TRI Index Fund Manager Mr. Hitendra Parekh (Since June 09,2008) Fund Manager s Total Experience 21 yrs. Inception Date (Date of Allotment) July 10, 2008 Current Expense Ratio 0.50% Investment Options Growth Minimum Application Amount ( Under each Option) Declaration of Net Asset Value (NAV) Redemption Proceeds Entry/ Sales Load Exit Load Taxation # QUANTUM INDEX FUND An Open ended Exchange Traded Fund * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their p rincipal will be at high risk The investment objective of the scheme is to invest in stocks of companies comprising CNX Nifty Index and endeavour to achieve return equivalent to Nifty by (Passive investment). The will be managed by replicating the index in the same weightage as in the CNX Nifty Index with the intention of minimizing the performance differences between the scheme and the CNX Nifty Index in capital terms, subject to market liquidity, costs of trading, managing expenses and other factors which may cause tracking error. Ÿ Long term capital appreciation Ÿ Investments in equity and equity related securities of companies in CNX Nifty Index. Ÿ High Risk (BROWN) Directly with Fund: The investors can create / redeem in exchange of Portfolio Deposit and Cash Component in creation unit size at NAV based Price. On the Exchange: At prices which may be close to the NAV of QIF Units. On NSE, the units can be purchased / sold in minimum lot of 1 unit and in multiples thereof. The units of QIF issued under the scheme will be approximately equal to the price of 1/10 (one-tenth) of the CNX Nifty Index. Every Business Day Normally despatched within 3-4 Business Days. Not Applicable Upfront commission to distributors will be paid by the investor directly to the distributor, based on hisassessment of various factors including the service rendered by the distributor. NIL (retail Investor can exit the scheme only through secondary market) Tax on Long Term Capital Gains - Nil Tax on Short Term Capital Gains - 15% # The mentioned Tax Rates shall be increased by applicable surcharge, if any Education Cess @ 2% and Secondary higher education cess @ 1% where ever as applicable. Equity oriented schemes will also attract Securities Transaction Tax (STT) @ 0.001% at the time of redemption and switch to other schemes. (BROWN) High Risk TRANSACTION CHARGES: In accordance with the SEBI Circular No.Cir / IMD / DF/13/2011 dated August 22, 2011, the AMC is allowed to deduct transaction charges of ` 100 for existing investors and ` 150 for a first time investor per subscription of ` 10,000 /- and above for the transaction / application received through distributors. The transaction charges shall be deducted by the AMC from the subscription amount received from the investor and paid to the distributor and the balance will be invested in the. Investors are requested to note that Quantum Mutual Fund is a direct to investor s Mutual Fund and no transaction charges shall be deducted from the investment amount for transactions / applications received from the distributor and full subscription amount will be invested in the. NAV (as of April 30, 2015) NAV per Unit Growth Option ` 859.9300 Fund Size as on *Average AUM #Absolute AUM Growth Option 3.48 3.37 *Cumulative Daily AuM /No of days in the month #AuM as on April 30, 2015 QUANTUM INDEX FUND 25

Quantum Index Fund Performance as on March 31, 2015 A. Cumulative performance Date NAV per Unit B. Discrete 12 month performance % Returns (%) ^ Returns (%) # Returns (%) ## (%) ^ (%) # (%) ## V a l u e o f I n v e s t m e n t o f ` 1 0, 0 0 0 @ # March 31, 2014 to March 31, 2015 28.04 28.17 24.89 12,804 12,817 12,489 March 28, 2013 to March 31, 2014 19.16 19.47 18.85 11,916 11,947 11,885 March 30, 2012 to March 28, 2013 8.51 8.72 8.23 10,851 10,872 10,823 Since Inception ** 12.61 12.47 10.91 22,231 22,046 20,075 ^^Tracking Error as on 31 March, 2015 Absolute Since Inception: 0.013% Annualised Since Inception: 0.209% # CNX Nifty TRI ## S&P BSE Sensex @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: July 10, 2008. Since inception returns are calculated on NAV of ` 10 invested at inception. Portfolio as on April 30, 2015 # 31-Mar-14 Last 1 Year 697.2848 28.04 28.17 24.89 12,804 12,817 12,489 28-Mar-13 Last 2 Years 585.1904 23.41 23.64 21.73 15,256 15,313 14,843 30-Mar-12 Last 3 Years 539.3131 18.28 18.50 17.10 16,554 16,649 16,064 # CNX Nifty TRI ## S&P BSE Sensex @ shows the current value of ` 10,000/- invested at the beginning of a given period Name of Instrument Industry / Rating Quantity Market Value In Lakhs % to Net Asset EQUITY & EQUITY RELATED A) Listed /Awaiting listing on the Stock Exchange 1. Infosys Ltd Software 1,174 22.80 6.77 2. ICICI Bank Ltd Banks 6,811 22.55 6.70 3. HDFC Bank Ltd Banks 2,278 22.52 6.69 4. Housing Development Finance Corporation Ltd Finance 1,852 21.67 6.44 5. ITC Ltd Consumer Non Durables 6,581 21.21 6.30 6. Reliance Industries Ltd Petroleum Products 1,937 16.70 4.96 7. Larsen & Toubro Ltd Construction Project 961 15.68 4.66 8. Tata Consultancy Services Ltd Software 601 14.81 4.40 9. Tata Motors Ltd Auto 2,249 11.43 3.40 10. Axis Bank Ltd Banks 1,996 11.33 3.37 11. State Bank of India Banks 3,630 9.79 2.91 12. Sun Pharmaceuticals Industries Ltd Pharmaceuticals 957 8.98 2.67 13. Kotak Mahindra Bank Ltd Banks 589 7.85 2.33 14. Hindustan Unilever Ltd Consumer Non Durables 834 7.09 2.11 15. Oil & Natural Gas Corporation Ltd Oil 2,107 6.41 1.90 16. Bharti Airtel Ltd Telecom - Services 1,626 6.20 1.84 17. Mahindra & Mahindra Ltd Auto 541 6.19 1.84 18. Maruti Suzuki India Ltd Auto 157 5.85 1.74 19. HCL Technologies Ltd Software 643 5.66 1.68 20. Coal India Ltd Minerals/Mining 1,474 5.35 1.59 21. Lupin Ltd Pharmaceuticals 285 5.05 1.50 22. Dr. Reddy's Laboratories Ltd Pharmaceuticals 149 4.93 1.46 23. Tech Mahindra Ltd Software 721 4.48 1.33 24. Indusind Bank Ltd Banks 513 4.23 1.26 26 QUANTUM INDEX FUND

25. Wipro Ltd Software 780 4.20 1.25 26. Asian Paints Ltd Consumer Non Durables 537 4.09 1.22 27. Cipla Ltd Pharmaceuticals 602 3.83 1.14 28. Power Grid Corporation of India Ltd Power 2,614 3.72 1.11 29. NTPC Ltd Power 2,450 3.68 1.09 30. Hero MotoCorp Ltd Auto 142 3.31 0.98 31. Yes Bank Ltd Banks 387 3.25 0.97 32. Ultratech Cement Ltd Cement 121 3.23 0.96 33. Bajaj Auto Ltd Auto 159 3.10 0.92 34. Tata Steel Ltd Ferrous Metals 791 2.85 0.85 35. Vedanta Ltd Non - Ferrous Metals 1,306 2.74 0.81 36. Grasim Industries Ltd Cement 76 2.73 0.81 37. IDFC Ltd. Finance 1,579 2.65 0.79 38. Bharat Heavy Electricals Ltd Industrial Capital Goods 1,073 2.55 0.76 39. Bharat Petroleum Corporation Ltd Petroleum Products 307 2.35 0.70 40. Idea Cellular Ltd Telecom - Services 1,329 2.33 0.69 41. Ambuja Cements Ltd Cement 913 2.12 0.63 42. Zee Entertainment Enterprises Ltd Media & Entertainment 649 2.03 0.60 43. GAIL (India) Ltd Gas 551 1.99 0.59 44. Hindalco Industries Ltd Non - Ferrous Metals 1,527 1.96 0.58 45. Bank of Baroda Banks 1,115 1.88 0.56 46. Tata Power Company Ltd Power 2,149 1.63 0.48 47. ACC Ltd Cement 111 1.59 0.47 48. Cairn India Ltd Oil 674 1.44 0.43 49. Punjab National Bank Banks 883 1.41 0.42 50. NMDC Ltd Minerals/Mining 941 1.21 0.36 B) Unlisted NIL NIL NIL Total of Equity 336.63 100.00 Net Receivable/(payable) 0.00 0.00 Grand Total 336.63 100.00 ^^Portfolio Turnover Ratio (Last one year): 68.48% Industry Allocation (% of Net Assets) as on April 30, 2015 Banks Software Consumer Non Durables Auto Finance Pharmaceuticals Petroleum Products Construction Project Cement Power Telecom - Services Oil Minerals/Mining Non - Ferrous Metals Ferrous Metals Industrial Capital Goods Media & Entertainment Gas 9.62% 8.88% 7.22% 6.77% 5.66% 4.66% 15.43% 25.19% 2.87% 2.68% 2.53% 2.33% 1.95% 1.40% 0.85% 0.76% 0.60% 0.59% 0% 5% 10% 15% 20% 25% 30% Brokerage & Commissions Paid Brokerages Paid for investments in ` Distributor Commissions Paid till date 2,632.41 NIL ^^ Definitions Tracking Error is a measure of how closely a fund follows the index to which it is benchmarked. The more passively the fund is managed, the smaller the tracking error. In the case of Exchange Traded Funds, the lower the Tracking Error, the better. Portfolio Turnover Ratio is the percentage of a fundâs assets that have changed over the course of a year. QUANTUM INDEX FUND 27

QUANTUM LONG TERM EQUITY FUND SCHEME PERFORMANCE - FUND MANAGER-WISE ATUL KUMAR A. Cumulative performance B. Discrete 12 month performance (%) Date NAV per Unit Returns Returns (%) ^ (%) # Returns (%) ## # 31-Mar-14 Last 1 Year 30.0800 27.76 26.81 24.89 12,776 12,681 12,489 28-Mar-13 Last 2 Years 24.3000 25.64 23.62 21.73 15,815 15,310 14,843 30-Mar-12 Last 3 Years 22.3000 19.87 19.00 17.10 17,233 16,860 16,064 Mar 31, 14 to Mar 31, 15 Mar 28, 13 to Mar 31, 14 Mar 30, 12 to Mar 28, 13 Since Inception** (%) ^ (%) # (%) ## # 27.76 26.81 24.89 12,776 12,681 12,489 23.79 20.73 18.85 12,379 12,073 11,885 8.97 10.13 8.23 10,897 11,013 10,823 16.02 12.67 11.07 38,430 29,464 25,878 ^Past performance may or may not be sustained in the future. Load is not taken into consideration and Returns are for Growth Option. Returns up to to 1 year period are Absolute Returns. Returns greater than 1 year period are compounded annualized (CAGR). # S&P BSE 30 TRI ## S&P BSE Sensex @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: Mar 13, 2006. Since inception returns are calculated on NAV of ` 10 invested at inception. SIP Performance of Quantum Long Term Equity Fund as on March 31, 2015 Past performance may or may not be sustained in the future. # S&P BSE 30 TRI ## S&P BSE Sensex. Load is not taken into consideration and Returns are for Growth Option using applicable NAV on the SIP day (5th of every month). Return on SIP and are annualized and compounded investment return for cash flows resulting out of uniform and regular monthly subscriptions as on 5th day of every month (in case 5th is a non-business Day, then the next Business Day) and have been worked out using the Excel spreadsheet function known as XIRR. XIRR calculates the internal rate of return for series of cash flow. Assuming `. 1,000 invested every month on 5th day of every month (in case 5th is a non-business Day, then the next Business Day), the 1 year, 3 years, 5 years and since inception returns from SIP are annualized and compounded investment return computed on the assumption that SIP installments were received across the time periods from the start date of SIP from the end of the relevant period viz. 1 year, 3 years, 5 years and since Inception. *XIRR - XIRR calculates the internal rate of return to measure and compare the profitability of series of investments. The is co-managed by Atul Kumar and Nilesh Shetty. QUANTUM TAX SAVING FUND A. Cumulative performance B. Discrete 12 month performance (%) ^Past performance may or may not be sustained in the future. Load is not taken into consideration and Returns are for Growth Option. Returns up to to 1 year period are Absolute Returns. Returns greater than 1 year period are compounded annualized (CAGR). # S&P BSE 30 TRI ## S&P BSE Sensex @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: Dec 23, 2008. Since inception returns are calculated on NAV of ` 10 invested at inception. ^^Standard Deviation: 15.22% Beta: 0.66 Sharpe Ratio: 1.72 Past performance may or may not be sustained in the future. # S&P BSE 30 TRI ## S&P BSE Sensex. Load is not taken into consideration and Returns are for Growth Option using applicable NAV on the SIP day (5th of every month). Return on SIP and are annualized and compounded investment return for cash flows resulting out of uniform and regular monthly subscriptions as on 5th day of every month (in case 5th is a non-business Day, then the next Business Day) and have been worked out using the Excel spreadsheet function known as XIRR. XIRR calculates the internal rate of return for series of cash flow. Assuming `. 1,000 invested every month on 5th day of every month (in case 5th is a non-business Day, then the next Business Day), the 1 year, 3 years, 5 years and since inception returns from SIP are annualized and compounded investment return computed on the assumption that SIP installments were received across the time periods from the start date of SIP from the end of the relevant period viz. 1 year, 3 years, 5 years and since Inception. *XIRR - XIRR calculates the internal rate of return to measure and compare the profitability of series of investments. Since Inception SIP 5 Year SIP 3 Year SIP 1 Year SIP Total Amount Invested ( ` 000) 108 60 36 12 Mkt Value as on Mar 31, 15 (Rs. 000) 242.451 94.038 50.917 12.975 Returns (XIRR*) (%) 17.33 18.12 24.10 15.84 Returns (XIRR*) (%) # 13.10 15.79 21.55 12.80 Returns (XIRR*) (%) ## 11.55 14.21 20.05 13.01 ^^Standard Deviation: 19.29% Beta: 0.70 Sharpe Ratio: 0.91 Date NAV per Unit Returns Returns (%) ^ (%) # Returns (%) ## # 31-Mar-14 Last 1 Year 29.6400 28.48 26.81 24.89 12,848 12,681 12,489 28-Mar-13 Last 2 Years 24.0170 25.80 23.62 21.73 15,855 15,310 14,843 30-Mar-12 Last 3 Years 22.0370 19.98 19.00 17.10 17,280 16,860 16,064 Mar 31, 14 to Mar 31, 15 Mar 28, 13 to Mar 31, 14 Mar 30, 12 to Mar 28, 13 Since Inception** SIP Performance of Quantum Tax Saving Fund as on March 31, 2015 (%) ^ (%) # (%) ## # 28.48 26.81 24.89 12,848 12,681 12,489 23.41 20.73 18.85 12,341 12,073 11,885 8.98 10.13 8.23 10,898 11,013 10,823 23.75 20.13 18.40 38,080 31,607 28,862 Since Inception SIP 5 Year SIP 3 Year SIP 1 Year SIP Total Amount Invested ( ` 000) 75 60 36 12 Mkt Value as on Mar 31, 15 ( ` 000) 135.933 93.93 50.961 12.970 Returns (XIRR*) (%) 18.92 18.07 24.16 15.76 Returns (XIRR*) (%) # 15.78 15.79 21.55 12.80 Returns (XIRR*) (%) ## 14.13 14.21 20.05 13.01 28 SCHEME PERFORMANCE - FUND MANAGER-WISE

QUANTUM EQUITY FUND OF FUNDS A. Cumulative performance CHIRAG MEHTA B. Discrete 12 month performance (%) Date NAV per Unit Returns Returns (%) ^ (%) # SIP Performance of Quantum Equity Fund of Funds as on March 31, 2015 Since Inception SIP 5 Year SIP 3 Year SIP 1 Year SIP Total Amount Invested ( ` 000) 68 60 36 12 Mkt Value as on Mar 31, 15 ( ` 000) 116.459 99.662 55.610 13.744 Returns (XIRR*) (%) 19.01 20.51 30.68 28.82 Returns (XIRR*) (%) # 14.21 15.40 22.86 19.51 (XIRR*) (%) ## 13.23 14.21 20.05 13.01 Past performance may or may not be sustained in the future. # S&P BSE 200 INDEX ## S&P BSE Sensex. Load is not taken into consideration and Returns are for Growth Option using applicable NAV on the SIP day (5th of every month). Return on SIP and are annualized and compounded investment return for cash flows resulting out of uniform and regular monthly subscriptions as on 5th day of every month (in case 5th is a non-business Day, then the next Business Day) and have been worked out using the Excel spreadsheet function known as XIRR. XIRR calculates the internal rate of return for series of cash flow. Assuming ` 1,000 invested every month on 5th day of every month (in case 5th is a non-business Day, then the next Business Day), the 1 year, 3 years, 5 years and since inception returns from SIP are annualized and compounded investment return computed on the assumption that SIP installments were received across the time periods from the start date of SIP from the end of the relevant period viz. 1 year, 3 years, 5 years and since Inception. *XIRR - XIRR calculates the internal rate of return to measure and compare the profitability of series of investments. QUANTUM GOLD SAVINGS FUND Returns (%) ## Returns up to to 1 year period are Absolute Returns. Returns greater than 1 year period are compounded annualized (CAGR). # S&P BSE 200 INDEX ## S&P BSE Sensex @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: July 20, 2009. Since inception returns are calculated on NAV of ` 10 invested at inception. ^^Standard Deviation: 14.96% Beta: 0.88 Sharpe Ratio: 0.98 A. Cumulative performance B. Discrete 12 month performance (%) # 31-Mar-14 Last 1 Year 16.9680 46.27 31.93 24.89 14,627 13,193 12,489 28-Mar-13 Last 2 Years 14.0280 32.86 24.23 21.73 17,692 15,462 14,843 30-Mar-12 Last 3 Years 13.3780 22.85 17.89 17.10 18,552 16,394 16,064 Mar 31, 14 to Mar 31, 15 Mar 28, 13 to Mar 31, 14 Mar 30, 12 to Mar 28, 13 Since Inception** (%) ^ (%) # (%) ## # 46.27 31.93 24.89 14,627 13,193 12,489 20.96 17.19 18.85 12,096 11,719 11,885 4.86 6.03 8.23 10,486 10,603 10,823 17.29 12.06 11.29 24,819 19,137 18,404 Date NAV per Unit Returns (%) ^ Returns (%) # 31-Mar-14 Last 1 Year 12.5604-10.05-5.32 8,995 9,468 28-Mar-13 Last 2 Years 13.1941-7.43-6.12 8,563 8,808 30-Mar-12 Last 3 Years 12.6542-3.70-2.60 8,929 9,239 Mar 31, 14 to Mar 31, 15 Mar 28, 13 to Mar 31, 14 Mar 30, 12 to Mar 28, 13 Since Inception** (%) ^ (%) # -10.05-5.32 8,995 9,468-4.80-6.96 9,520 9,304 4.27 4.89 10,427 10,489 3.20 4.86 11,299 12,017 Returns up to to 1 year period are Absolute Returns. Returns greater than 1 year period are compounded annualized (CAGR). # Domestic Price of Gold @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: May 19, 2011. Since inception returns are calculated on NAV of ` 10 invested at inception. SIP Performance of Quantum Gold Savings Fund as on March 31, 2015 Since Inception SIP 3 Year SIP 1 Year SIP Total Amount Invested ( ` 000) 46 36 12 Mkt Value as on Mar 31, 15 ( ` 000) 41.591 32.003 11.387 Returns (XIRR*) (%) -5.14-7.57-9.57 Domestic Price of Gold Returns (XIRR*) (%) # -2.97-4.98-5.23 Past performance may or may not be sustained in the future. # Domestic Price of Gold Load is not taken into consideration and Returns are for Growth Option using applicable NAV on the SIP day (5th of every month). Return on SIP and are annualized and compounded investment return for cash flows resulting out of uniform and regular monthly subscriptions as on 5th day of every month (in case 5th is a non-business Day, then the next Business Day) and have been worked out using the Excel spreadsheet function known as XIRR. XIRR calculates the internal rate of return for series of cash flow. Assuming ` 1,000 invested every month on 5th day of every month (in case 5th is a non-business Day, then the next Business Day), the 1 year, 3 years and since inception returns from SIP are annualized and compounded investment return computed on the assumption that SIP installments were received across the time periods from the start date of SIP from the end of the relevant period viz. 1 year, 3 years and since Inception. *XIRR - XIRR calculates the internal rate of return to measure and compare the profitability of series of investments. SCHEME PERFORMANCE - FUND MANAGER-WISE 29

QUANTUM MULTI ASSET FUND A. Cumulative performance SCHEME PERFORMANCE - FUND MANAGER-WISE B. Discrete 12 month performance (%) Date NAV per Unit Returns (%) ^ Returns (%) # ^ Past performance may or may not be sustained in the future. 31-Mar-14 Last 1 Year 11.9236 13.61 16.86 11,361 11,686 28-Mar-13 Last 2 Years 10.5866 13.06 12.74 12,795 12,723 (%) ^ (%) ^ (%) # Mar 31, 14 to Mar 31, 15 13.61 16.86 11,361 11,686 Mar 28, 13 to Mar 31, 14 12.63 8.88 11,263 10,888 Since Inception** 11.79 11.78 13,546 13,543 Load is not taken into consideration and Returns are for Growth Option. # Crisil Composite Bond Fund Index (40%)+S&P BSE Sensex Total return Index (40%)+Domestic price of gold (20%) @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: July 11, 2012. Since inception returns are calculated on NAV of ` 10 invested at inception. SIP Performance of Quantum Multi Asset Fund as on March 31, 2015 Since Inception SIP 1 Year SIP Total Amount Invested ( ` 000) 32 12 Mkt Value as on Mar 31, 15 ( ` 000) 37.661 12.557 Returns (XIRR*) (%) 12.40 8.96 Returns (XIRR*) (%) # 12.75 10.78 ^^Standard Deviation: 5.28% Beta: 0.50 Sharpe Ratio: 1.61 Past performance may or may not be sustained in the future. # Crisil Composite Bond Fund Index (40%)+S&P BSE Sensex Total return Index (40%)+Domestic price of gold (20%) Load is not taken into consideration and Returns are for Growth Option using applicable NAV on the SIP day (5th of every month). Return on SIP and are annualized and compounded investment return for cash flows resulting out of uniform and regular monthly subscriptions as on 5th day of every month (in case 5th is a non-business Day, then the next Business Day) and have been worked out using the Excel spreadsheet function known as XIRR. XIRR calculates the internal rate of return for series of cash flow. Assuming ` 1,000 invested every month on 5th day of every month (in case 5th is a non-business Day, then the next Business Day), the 1 year and since inception returns from SIP are annualized and compounded investment return computed on the assumption that SIP installments were received across the time periods from the start date of SIP from the end of the relevant period viz. 1 year and since Inception. *XIRR - XIRR calculates the internal rate of return to measure and compare the profitability of series of investments. The is co-managed by Chirag Mehta and Nilesh Shetty. QUANTUM GOLD FUND A. Cumulative performance Date NAV per Unit Returns (%) ^ Returns (%) # 31-Mar-14 Last 1 Year 1,300.2643-6.27-5.32 9,373 9,468 28-Mar-13 Last 2 Years 1,411.2402-7.04-6.12 8,636 8,808 30-Mar-12 Last 3 Years 1,358.8837-3.56-2.60 8,969 9,239 B. Discrete 12 month performance (%) (%) ^ (%) # Mar 31, 14 to Mar 31, 15-6.27-5.32 9,373 9,468 Mar 28, 13 to Mar 31, 14-7.86-6.96 9,214 9,304 Mar 30, 12 to Mar 28, 13 3.85 4.89 10,385 10,489 Since Inception** 10.67 11.30 20,557 21,407 ^^Tracking Error as on 31 March, 2015 Absolute Since Inception: 0.005% Annualised Since Inception: 0.081% Returns up to to 1 year period are Absolute Returns. Returns greater than 1 year period are compounded annualized (CAGR). # Domestic Price of Physical Gold @ shows the current value of ` 10,000/- invested at the beginning of a given period ** Inception Date: February 22, 2008. Since inception returns are calculated on NAV of ` 10 invested at inception. ^^ Definitions Standard deviation measures historical volatility. A high standard deviation suggests high volatility, while lower standard deviation would refer to more stability. Beta is the tendency of a fund's returns to respond to market swings. A beta of 1 indicates that the fund price will move with the market. A beta of less than 1 means that thesecurity will be less volatile than the market. A beta of greater than 1 indicates that the security's price will be more volatile than the market. Sharpe Ratio is used to characterise how well the return of an asset compensates the investor for the risk taken. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been. Portfolio Turnover Ratio is the percentage of a fundâs assets that have changed over the course of a year. Tracking Error is a measure of how closely a fund follows the index to which it is benchmarked. The more passively the fund is managed, the smaller the tracking error. In the case of Exchange Traded Funds, the lower the Tracking Error, the better. 30 SCHEME PERFORMANCE - FUND MANAGER-WISE

STATUTORY Statutory DETAILS Details & Risk & Factors RISK FACTORS Disclaimer, Statutory Details & Risk Factors: Mutual fund investments are subject to market risks read all scheme related documents carefully. Please visit www.quantummf.com to read scheme specific risk factors. Investors in the (s) are not being offered a guaranteed or assured rate of return and there can be no assurance that the schemes objective will be achieved and the NAV of the scheme(s) may go up and down depending upon the factors and forces affecting securities market. Investment in mutual fund units involves investment risk such as trading volumes, settlement risk, liquidity risk, default risk including possible loss of capital. Past performance of the sponsor / AMC / Mutual Fund does not indicate the future performance of the (s). Statutory Details:Quantum Mutual Fund (the Fund) has been constituted as a Trust under the Indian Trusts Act, 1882. Sponsor : Quantum Advisors Private Limited. (liability of Sponsor limited to Rs. 1,00,000/-) Trustee : Quantum Trustee Company Private Limited Investment Manager : Quantum Asset Management Company Private Limited. The Sponsor, Trustee and Investment Manager are incorporated under the Companies Act, 1956. Specific Risk Factors : The investors of Quantum Equity Fund of Funds, Quantum Gold Savings Fund and Quantum Multi Asset Fund will bear the recurring expenses, transaction charges and loads if any of the s in addition to the expenses, transaction charges and loads of the underlying s. Disclaimer of IISL: Quantum Index Fund (QIF) is benchmarked to CNX Nifty Index are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL is not responsible for any errors or omissions or the results obtained from the use of such index and in no event shall IISL have any liability to any party for any damages of whatsoever nature (including lost profits) resulted to such party due to purchase or sale or otherwise of such product benchmarked to such index. Please refer SID of the QIF for full Disclaimer clause in relation to the "CNX Nifty Index". Disclaimer of NSE: It is to be distinctly understood that the permission given by National Stock Exchange of India Limited (NSE) should not in any way be deemed or construed that the Information Document (SID) of Quantum Gold Fund (QGF) and Quantum Index Fund (QIF) has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the SIDs. The investors are advised to refer to the SID of QIF for the full text of the Disclaimer clause of NSE. Want To Have The Latest Information About Us? Registered Office: Quantum Asset Management Company Pvt Ltd. 505, Regent Chambers, 5th floor, Nariman Point, Mumbai - 400 021 Corporate Identity Number (CIN): U65990MH2005PTC156152 STATUTORY DETAILS & RISK FACTORS 31