Returns Update

MONTHLY UPDATE

JULY 2009

MARKET OUTLOOK Equity Market Outlook The improved progression of the monsoon in the July month has considerably allayed the fears of a widespread drought in the country. However, the market wariness with respect to the eventual impact of below-average-rainfall on the agricultural growth remains. Notwithstanding that, the market is considerably sanguine about the quarter-one corporate performances, and as such remains hopeful that result numbers will continue to delight the market. Added to that, the recuperation of the business optimism in the developed economies, coupled with the moderation in the rate of slowdown, has significantly contributed in further lowering the risk premium on the international capital. Consequently, the 'near-eight' billion dollar FII surge witnessed in the Apr-July period in India, is expected to continue to strengthen further. Given the interplay of these factors, it is expected that the market may continue to test the upper-limit of the current trading range in the next month - with occasional bouts of volatility. It is therefore recommended that the investors allocate their investible corpus in accordance with prudent risk management practices, and with a long term investment horizon. Also, to mitigate the possibilities of short term pricing volatility, regular and systematic investments to obtain 'competitive risk adjusted return' on their investments is advisable. Debt Market Outlook The change in the priority policy stance by RBI in the first quarter monetary policy was a long expected possibility. And as such, hasn't surprised the market! The policy statement has only confirmed the market belief, that declining phase of the interestrate-cycle may be over. But that does not imply a possible interest rate hike any time soon. The surplus liquidity in the system has only now started to contribute to the velocity of economic growth - and central banker does not really intend to be a spanner in the works. Furthermore, the late-catching up of the monsoon has acelerated the sowing trend in agriculture sector, which ameliorates the status of agri-supply in the economy. We therefore believe that the yield curve may largely trade in the present band.

Page 1

MONTHLY UPDATE

JULY 2009 FUND PERFORMANCE OF ULIP FUNDS AS ON 31ST JULY 2009 Returns as on 31st July 09

Aggressive Growth Fund

Dynamic Growth Fund

Dynamic Floor Fund

Dynamic Balanced Fund

Dynamic Bond Fund

Dynamic Gilt Fund

Dynamic Floating Rate Fund

Since Inception 3 years 2 years 1 year 6 months 3 months 1 month

24.5% 16.2% 1.6% 9.4% 56.3% 33.9% 8.7%

20.2% 11.2% -1.2% 2.1% 30.9% 19.2% 5.4%

17.5% n/a 16.3% 30.3% 16.9% 10.7% 2.0%

17.7% 11.7% 2.8% 6.4% 25.7% 15.2% 4.0%

8.7% 11.4% 12.4% 21.2% 6.0% 1.2% 0.6%

6.7% 9.2% 10.1% 18.2% 1.8% -1.1% 0.1%

7.2% 7.9% 8.0% 9.3% 2.5% 1.0% 0.5%

Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised.

Returns as on 31st July 09

Guaranteed Growth Fund

Guaranteed Balanced Fund

Guaranteed Bond Fund

Guaranteed Gilt Fund

Guaranteed Floating Rate Fund

Guaranteed Money Market Fund

Since Inception 3 years 2 years 1 year 6 months 3 months 1 month

19.1% 9.2% -1.5% -1.4% 18.3% 10.4% 3.7%

16.5% 10.4% 2.2% 4.2% 16.2% 9.2% 3.0%

8.5% 11.2% 12.0% 20.3% 5.8% 1.4% 0.5%

6.6% 8.9% 9.6% 17.3% 1.3% -0.9% 0.0%

7.2% 7.9% 8.0% 9.5% 2.5% 0.8% 0.6%

8.6% 11.0% 12.1% 12.2% 5.9% 2.9% 1.0%

Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised.

Returns as on 31st July 09 Since Inception 3 years 2 years 1 year 6 months 3 months 1 month

Group Group Group Pension Group Group Group Group Floating Pension Pension Pension Floating Aggressive Growth Money Balanced Bond Gilt Balanced Bond Gilt Growth Rate Market Rate Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund 16.9% 10.7% 2.8% 4.5% 15.7% 8.6% 3.0%

8.7% 11.5% 12.7% 21.8% 6.2% 1.7% 0.5%

7.0% 9.8% 10.9% 18.1% 1.6% -0.6% 0.1%

7.3% 8.0% 8.1% 9.3% 2.6% 0.7% 0.3%

35.7% n/a n/a 66.9% 53.6% 33.4% 9.0%

3.27% n/a 2.2% -3.0% 27.9% 18.9% 4.9%

17.7% 12.1% 3.2% 6.0% 25.4% 15.6% 4.4%

8.8% 7.1% 11.8% 9.7% 12.8% 10.7% 21.7% 19.2% 6.5% 1.9% 2.2% -1.1% 0.9% 0.1%

7.6% 8.4% 8.4% 9.7% 2.8% 1.1% 0.6%

8.5% 10.8% 11.8% 11.9% 5.7% 2.8% 0.9%

Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised.

KOTAK PRIVILEGED ASSURANCE PLAN - FUND PERFORMANCE Returns as on 31st July 09

Advantage

Advantage Plus

Advantage Plus II

Advantage Multiplier

Advantage Multiplier II

Since Inception 3 years 2 years 1 year 6 months 3 months 1 month

7.1% 9.5% 5.7% 17.4% 11.0% 5.9% 2.3%

6.4% 7.3% 3.2% 17.4% 12.6% 7.1% 2.7%

6.7% 6.9% 3.3% 17.0% 11.5% 7.1% 2.7%

6.4% 7.2% 2.7% 17.4% 13.8% 8.0% 2.9%

6.6% 6.9% 2.9% 16.6% 13.4% 8.0% 2.9%

Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised.

Page 2

KOTAK AGGRESSIVE GROWTH FUND

AS ON

31ST JULY 2009

Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility (downside risk).

Performance Meter Since Inception (13-Sep-04) 3 years 2 years 1 year 6 months 3 months 1 month

Equity Reliance Industries Ltd Infosys Technologies Ltd. ICICI Bank Ltd Larsen & Toubro Limited Housing Development Finance Corporation Ltd. State Bank of India Oil & Natural Gas Corpn Ltd ITC Ltd. Bharat Heavy Electricals Ltd Bharti Airtel Limited Tata Power Co. Ltd. Hindustan Unilever Limited Tata Consultancy Services Limited Hindustan Petroleum Corporation Ltd. GAIL (India) Limited Reliance Infrastructure Limited Sterlite Industries ( India ) Limited HDFC Bank Ltd Hero Honda Motors Ltd. Jindal Steel & Power Ltd. Others Total

Debt Portfolio Bank of Baroda -12.07.10 9.39% GOI 02-July-2011 7.00% IOC 2012 - 24.07.2012 9.33% PGC - 15.12.15. 9.33% PGC - 15.12.12 9.40% ICICI 28th December 2011 9.50% Kotak Bank FD 31.01.2012 8.50% Exim Bank Bonds 2011 9.45% LIC Hsg Fin - 01.01.12 10.50% SBI 12042007 7.27% GOI - 03.09.13 10.85% PNB Tier II Bond - 29.09.23 8.20% GOI - 15.02.22 9.35% IIFCL - 17.11.23 8.24% GOI - 15.02.27 8.20% OMC GOI Special Bond - 12.02.24 7.56% GOI 2014 - 03.11.14 8.35% GOI - 14.05.22 10% Citi Fin Con Fin India Ltd - 27.09.10 10% HDFC - 19.03.10 Current Asset/Liab Others Grand Total

Aggressive Growth Fund 24.5% 16.2% 1.6% 9.4% 56.3% 33.9% 8.7%

Assets Under Management (in Rs. Lakhs) 27,649.82

% to Fund

Asset Class NCD, Floaters, 1.09%

FD, CD, CP, Current Assets 1.01% Equity 97.41%

% to Fund 6.29% 5.93% 5.42% 4.17% 4.14% 4.08% 3.99% 3.90% 3.79% 3.19% 2.07% 2.05% 2.04% 2.03% 1.95% 1.94% 1.92% 1.92% 1.89% 1.85% 32.87% 97.41%

G Sec., GGB, T Bills 0.49%

Allocation by Sector

Debt Ratings Profile

% to Fund 0.69% 0.43% 0.36% 0.30% 0.30% 0.22% 0.16% 0.06% 0.05% 0.04% 0.03% 0.02% 0.02% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.11% 0.00% 2.59%

4.57% 4.99% 5.40% 6.64% 6.81% 8.10% 8.97% 9.12% 9.27% 15.52% 20.60%

Transport Equipments Telecom Housing Related Power Metal,Metal Products & Mining FMCG Others Capital Goods Information Technology Oil & Gas Finance

P1+ 25.54%

AAA 40.53%

Fixed Deposits 15.80% Govt & Govt Guaranteed Bonds 18.13%

Debt Maturity Profile 80% 70% 60% 50% 40%

47.46%

30% 20%

27.18%

23.52%

10% 0%

1.84% <1 Year

1-3 Years

3-7 Years

7 Years & Above

Page Page 33

KOTAK DYNAMIC GROWTH FUND AS ON 31ST JULY 2009 Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility (downside risk).

Performance Meter Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

Equity Reliance Industries Ltd Infosys Technologies Ltd. ICICI Bank Ltd Larsen & Toubro Limited Housing Development Finance Corporation Ltd. State Bank of India Oil & Natural Gas Corpn Ltd ITC Ltd. Bharat Heavy Electricals Ltd Bharti Airtel Limited Tata Power Co. Ltd. Hindustan Petroleum Corporation Ltd. Tata Consultancy Services Limited Hindustan Unilever Limited Sterlite Industries ( India ) Limited Hero Honda Motors Ltd. GAIL (India) Limited Reliance Infrastructure Limited HDFC Bank Ltd Jindal Steel & Power Ltd. Others Total

Debt Portfolio Bank of Baroda -12.07.10 6.35% GOI 2020 - 02.01.20 8.24% GOI - 15.02.27 8.10% IIFCL - 08.04.24 REC Ltd CP - 20.04.10 9.50% Exim - 12.12.13 National Housing Bank CD - 19.11.09 8.83% Neyveli Lignite Corp Ltd - 23.01.19 7.09% FCI 2010 9.25% Citi Fin Con Fin India Ltd - 18.01.11 182 day T Bill - 04.09.09 9.20% PGC 2018 State Bank of Mysore CD - 26.02.10 7.94% GOI - 24.05.21 7.80% Sundaram Finance 2011 - 28.07.2011 10.25% Tech Mahindra - 17.04.14 10% Citi Fin Con Fin India Ltd - 27.09.10 7.00% IOC 2012 - 24.07.2012 HDFC ZCB- 08.10.2010 9.39% GOI 02-July-2011 Current Asset/Liab Others Grand Total

Dynamic Growth Fund 20.2% 11.2% -1.2% 2.1% 30.9% 19.2% 5.4%

58,841 Assets Under Management (in Rs. Lakhs)

7,617.16

% to Fund

Asset Class G Sec., GGB, T Bills 10.06%

NCD, Floaters, 19.93%

% to Fund 3.89% 3.53% 3.22% 2.54% 2.47% 2.44% 2.38% 2.31% 2.26% 1.90% 1.26% 1.24% 1.22% 1.22% 1.17% 1.17% 1.16% 1.16% 1.14% 1.10% 20.03% 58.81%

Equity 58.81%

FD, CD, CP, Current Assets 11.21%

Allocation by Sector

Debt Ratings Profile

% to Fund 2.86% 2.06% 2.04% 1.71% 1.68% 1.55% 1.33% 1.32% 1.32% 1.31% 1.31% 1.22% 1.19% 1.00% 0.93% 0.92% 0.84% 0.78% 0.75% 0.68% 1.88% 12.51% 41.19%

4.61% 4.96% 5.54% 6.63% 6.68% 7.98% 9.12% 9.15% 9.19% 15.75% 20.40%

Transport Equipments Telecom Housing Related Power Metal,Metal Products & Mining FMCG Capital Goods Others Information Technology Oil & Gas Finance

Govt & Govt Guaranteed Bonds 28.91%

P1+ 19.25%

A1+ 1.15% AA 0.91% AA+ 8.65%

AAA 41.13%

Debt Maturity Profile 80% 70% 60% 50% 40% 30%

28.60%

29.61%

24.31% 17.49%

20% 10% 0%

<1 yr

1-3 Yrs

3-7 Yrs

7 Years & Above

Page 4

KOTAK DYNAMIC BALANCED FUND AS ON 31ST JULY 2009 Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May also be susceptible to moderate levels of shorter-term volatility (downside risk).

Performance Meter Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

Equity Reliance Industries Ltd Infosys Technologies Ltd. ICICI Bank Ltd Larsen & Toubro Limited Housing Development Finance Corporation Ltd. State Bank of India Oil & Natural Gas Corpn Ltd ITC Ltd. Bharat Heavy Electricals Ltd Bharti Airtel Limited Tata Power Co. Ltd. Hindustan Petroleum Corporation Ltd. Hindustan Unilever Limited Tata Consultancy Services Limited Sterlite Industries ( India ) Limited Hero Honda Motors Ltd. GAIL (India) Limited HDFC Bank Ltd Reliance Infrastructure Limited Jindal Steel & Power Ltd. Others Total

Debt Portfolio 8.40% IRFC 2013 - 26.12.2013 Bank of Baroda -12.07.10 8.24% GOI - 15.02.27 9.20% PGC 2016 10.10% PGC - 12.06.12 8.10% IIFCL - 08.04.24 6.35% GOI 2020 - 02.01.20 7.94% GOI - 24.05.21 8.20% GOI - 15.02.22 State Bank of Mysore CD - 27.04.10 6.84% HDFC 2011 - 22.04.2011 8.20% IRFC 2016 - 27.04.2016 9.15% LIC Hsg Fin - 22.10.10 9.50% Exim - 12.12.13 12.00% Tata Capital Ltd - 05.03.14 10.00% NTPC - 05.09.10 9.25% IDBI 2014 - 26.03.14 State Bank of Mysore CD - 02.06.10 10.50% SBI 12042007 Canara Bank CD - 17.09.09 Current Asset/Liab Others Grand Total

Dynamic Balanced Fund 17.7% 11.7% 2.8% 6.4% 25.7% 15.2% 4.0%

Assets Under Management (in Rs. Lakhs) 2,391.91

FD, CD ,CP, Current Assets 10.41% Equity 49.41%

% to Fund 3.29% 2.99% 2.70% 2.16% 2.06% 2.03% 2.02% 1.93% 1.89% 1.62% 1.07% 1.04% 1.03% 1.03% 0.99% 0.99% 0.98% 0.97% 0.97% 0.92% 16.75% 49.41%

NCD, Floaters, 28.82%

G Sec., GGB,T Bills 11.36%

Allocation by Sector 4.64% 5.00% 5.35% 6.63% 6.70% 7.96% 9.16% 9.23% 9.29% 15.78% 20.27%

Transport Equipments Telecom Housing Related Power Metal,Metal Products & Mining FMCG Capital Goods Information Technology Others Oil & Gas Finance

Debt Ratings Profile

% to Fund 3.07% 2.28% 2.25% 2.17% 2.08% 1.94% 1.87% 1.57% 1.44% 1.27% 1.26% 1.22% 1.22% 1.15% 1.10% 1.09% 1.06% 1.00% 0.95% 0.86% 2.78% 16.93% 50.59%

% to Fund

Asset Class

Fixed Deposits 1.98%

P1+ 13.98% Govt & Govt Guaranteed Bonds 23.76%

AAA 52.04%

AA 1.36%

AA+ 6.88%

Debt Maturity Profile 80% 70% 60% 50% 40%

27.35%

30% 20%

30.27%

24.76%

17.62%

10% 0%

<1 yr

1-3 Yrs

3-7 Yrs

7 Years & Above

Page 5

KOTAK DYNAMIC FLOOR FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to provide stable long term inflation beating growth over the medium to longer term and defend capital against short term capital shocks. Is likely to out-perform traditional balanced or equity funds during sideways or falling markets and shadow the rising equity markets.

Performance Meter Since Inception (14-Nov-06) 3 years 2 years 1 year 6 months 3 months 1 month

Equity Reliance Industries Ltd Infosys Technologies Ltd. Larsen & Toubro Limited ICICI Bank Ltd ITC Ltd. Housing Development Finance Corporation Ltd. Bharti Airtel Limited Oil & Natural Gas Corpn Ltd State Bank of India HDFC Bank Ltd Bharat Heavy Electricals Ltd NTPC Limited Hindustan Unilever Limited Tata Consultancy Services Limited Reliance Communications Limited Tata Steel Limited Jindal Steel & Power Ltd. Sterlite Industries ( India ) Limited Tata Power Co. Ltd. Wipro Ltd Others Total

Debt Portfolio 7.35% GOI 2024- 22.06.24 8.60% IRFC 2019 - 11.06.2019 7.00% REC 2012 - 02.06.2012 9.15% LIC Hsg Fin - 22.10.10 11.25% PFC - 28.11.18 7.09% FCI 2010 8.24% GOI - 15.02.27 9.50% Exim - 12.12.13 12% PFC SLR - 10.02.2012 12.00% Tata Capital Ltd - 05.03.14 State Bank of Bikaner & Jaipur CD - 15.04.10 8.55% IRFC 2019-15.01.2019 8.50% Exim Bank Bonds 2011 9.20% PGC 2020 7.40% GOI 2035 - 09.09.35 9.39% GOI 02-July-2011 Bank of Baroda -12.07.10 6.35% GOI 2020 - 02.01.20 8.20% GOI - 15.02.22 National Housing Bank CD - 19.11.09 Current Asset/Liab Others Grand Total

Kotak Dynamic Floor Fund 17.5% n/a 16.3% 30.3% 16.9% 10.7% 2.0%

Assets Under Management (in Rs. Lakhs) 21,048.00

% to Fund

Asset Class FD, CD, CP, Current Assets 8.72%

Equity 43.35%

% to Fund 4.74% 3.15% 2.68% 2.60% 2.09% 2.02% 1.93% 1.78% 1.66% 1.61% 1.32% 1.08% 1.04% 0.97% 0.71% 0.71% 0.70% 0.65% 0.63% 0.61% 10.66% 43.35%

NCD, Floaters, 29.82%

Allocation by Sector 2.74% 3.19% 4.51% 6.70% 7.03% 7.22% 7.42% 10.72% 11.47% 17.88% 21.11%

Housing Related Others Transport Equipments Power Metal,Metal Products & Mining FMCG Telecom Capital Goods Information Technology Oil & Gas Finance

Debt Ratings Profile

% to Fund 4.72% 3.18% 2.91% 2.75% 2.60% 2.39% 2.08% 1.86% 1.85% 1.85% 1.84% 1.60% 1.48% 1.47% 1.44% 1.34% 1.22% 1.07% 0.75% 0.75% 3.78% 13.72% 56.65%

G-Sec, Govt. Guaranteed Bonds & T bills 18.11%

Fixed Deposits 0.17%

Govt & Govt Guaranteed Bonds 30.75%

AAA 54.64% A1+ 0.40%

AA+ 4.57%

P1+ AA 8.78% 0.70%

Debt Maturity Profile 80% 70% 60% 50%

40.41%

40%

29.97%

30% 20%

15.90%

13.72%

10% 0%

<1 yr

1-3 Yrs

3-7 Yrs

7 Years & Above

Page 6

KOTAK GUARANTEED GROWTH FUND AS ON 31ST JULY 2009 Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility (downside risk).

Performance Meter Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

Equity Infosys Technologies Ltd. Reliance Industries Ltd Oil & Natural Gas Corpn Ltd ICICI Bank Ltd Larsen & Toubro Limited Bharat Heavy Electricals Ltd Bharti Airtel Limited Housing Development Finance Corporation Ltd. State Bank of India Hindustan Unilever Limited ITC Ltd. NTPC Limited GAIL (India) Limited Tata Power Co. Ltd. Hindustan Petroleum Corporation Ltd. HDFC Bank Ltd Tata Consultancy Services Limited Reliance Petroleum Limited Maruti Suzuki India Limited Jindal Steel & Power Ltd. Others Total

Debt Portfolio 11.25% PFC - 28.11.18 8.24% GOI - 15.02.27 9.50% Exim - 12.12.13 8.46% IRFC - 15.01.14 National Housing Bank CD - 16.02.10 6.70% KMPL - 22.07.2010 7.56% GOI 2014 - 03.11.14 8.00% GOI Oil Bond - 23.03.26 7.50% GOI - 10.08.34 6.84% HDFC 2011 - 22.04.2011 7% Oil Bond - 09.09.12 8.55% IRFC 2019-15.01.2019 7.00% IOC 2012 - 24.07.2012 10% Citi Fin Con Fin India Ltd - 27.09.10 7.09% FCI 2010 Aditya Birla Nuvo CP - 01.12.09 9.85% HDFC Bank 2019 - 17.03.2024 State Bank of Mysore CD - 27.04.10 HDFC ZCB- 08.10.2010 State Bank of Bikaner & Jaipur CD - 15.04.10 Current Asset/Liab Others Grand Total

Guaranteed Growth Fund 19.1% 9.2% -1.5% -1.4% 18.3% 10.4% 3.7%

Assets Under Management (in Rs. Lakhs) 192,579.92

Asset Class

% to Fund

FD, CD ,CP, Current Assets 12.25% Equity 34.71%

% to Fund 2.14% 1.96% 1.80% 1.76% 1.76% 1.58% 1.53% 1.47% 1.30% 1.28% 1.25% 1.05% 0.94% 0.93% 0.90% 0.89% 0.74% 0.74% 0.72% 0.65% 9.32% 34.71%

Allocation by Sector

2.97% 2.98% 3.91% 4.91% 5.57% 6.72% 9.32% 9.64% 13.17% 20.27% 20.55%

Others Healthcare Transport Equipments Telecom Metal,Metal Products & Mining Power Information Technology Capital Goods FMCG Oil & Gas Finance

Debt Ratings Profile

% to Fund 3.06% 2.23% 2.13% 1.41% 1.26% 1.26% 1.20% 1.19% 1.11% 1.08% 1.06% 1.05% 1.01% 0.91% 0.90% 0.85% 0.83% 0.81% 0.80% 0.80% 2.85% 37.46% 65.29%

G Sec., GGB, T Bills 15.56%

NCD, Floaters, 37.47%

Govt & Govt Guaranteed Bonds 25.36% Fixed Deposits 0.69% P1+ 14.21%

AAA 53.35%

AA+ 4.56%

A1+ 1.36% AA 0.47%

Debt Maturity Profile 80% 70% 60% 50% 40% 30%

21.16%

25.70%

27.57%

25.57%

<1 Year

1-3 Years

3-7 Years

7 Years & Above

20% 10% 0%

Page 7

KOTAK GUARANTEED BALANCED FUND AS ON 31ST JULY 2009 Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May also be susceptible to moderate levels of shorter-term volatility (downside risk).

Performance Meter Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

Equity IInfosys Technologies Ltd. Reliance Industries Ltd Oil & Natural Gas Corpn Ltd Larsen & Toubro Limited ICICI Bank Ltd Bharat Heavy Electricals Ltd Bharti Airtel Limited Housing Development Finance Corporation Ltd. State Bank of India Hindustan Unilever Limited ITC Ltd. NTPC Limited Tata Power Co. Ltd. GAIL (India) Limited Hindustan Petroleum Corporation Ltd. HDFC Bank Ltd Tata Consultancy Services Limited Reliance Petroleum Limited Maruti Suzuki India Limited Jindal Steel & Power Ltd. Others Total

Debt Portfolio 8.24% GOI - 15.02.27 10.50% Kotak Mahindra Prime Ltd - 26.08.09 10.05% NABARD - 11.06.14 7.94% GOI - 24.05.21 Bank of Baroda -12.07.10 9.20% PGC 2016 11.25% PFC - 28.11.18 9.50% Exim - 12.12.13 10.25% Tech Mahindra - 17.04.14 8.20% GOI - 15.02.22 8.10% IIFCL - 08.04.24 7.00% REC 2012 - 02.06.2012 9.15% LIC Hsg Fin - 22.10.10 State Bank of Mysore CD - 27.04.10 National Housing Bank CD - 19.11.09 8.90% SAIL 2019 - 01.07.19 9.50% Nabard - 15.10.12 Canara Bank CD - 17.09.09 9.50% Kotak Bank FD 31.01.2012 REC Ltd CP - 20.04.10 Current Asset/Liab Others Grand Total

Guaranteed Balanced Fund

Assets Under Management (in Rs. Lakhs)

16.5% 10.4% 2.2% 4.2% 16.2% 9.2% 3.0%

16,629.43

FD, CD ,CP, Current Assets 17.19%

% to Fund 1.69% 1.55% 1.42% 1.40% 1.39% 1.25% 1.20% 1.16% 1.03% 1.01% 0.99% 0.83% 0.77% 0.74% 0.72% 0.71% 0.59% 0.59% 0.57% 0.51% 7.44% 27.57%

Equity 27.57%

NCD, Floaters, 41.02%

G Sec., GGB, T Bills 14.21%

Allocation by Sector 3.00% 3.06% 3.89% 4.88% 5.58% 6.82% 9.28% 9.62% 13.14% 20.21% 20.53%

Healthcare Others Transport Equipments Telecom Metal,Metal Products & Mining Power Information Technology Capital Goods FMCG Oil & Gas Finance

Debt Ratings Profile

% to Fund 2.90% 2.84% 2.58% 2.53% 2.35% 2.18% 2.06% 1.93% 1.85% 1.69% 1.68% 1.61% 1.59% 1.52% 1.45% 1.22% 1.21% 1.12% 1.07% 1.06% 4.40% 31.58% 72.43%

% to Fund

Asset Class

Fixed Deposits 2.48%

Govt & Govt Guaranteed Bonds 22.60%

P1+ 13.54%

AAA 51.87%

AA+ 4.26%

A1+ 1.06%

AA 4.17%

Debt Maturity Profile 80% 70% 60% 50% 40% 30%

30.21% 23.47%

23.56%

22.76%

20% 10% 0%

<1 Year

1-3 Years

3-7 Years

7 Years & Above

Page 8

KOTAK PENSION BALANCED FUND AS ON 31ST JULY 2009 Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May also be susceptible to moderate levels of shorter-term volatility (downside risk).

Performance Meter

Pension Balanced Fund

Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

16.9% 10.7% 2.8% 4.5% 15.7% 8.6% 3.0%

Assets Under Management (in Rs. Lakhs) 47,721.37

Asset Class

% to Fund

FD, CD ,CP, Current Assets 14.21%

Equity IInfosys Technologies Ltd. Reliance Industries Ltd Oil & Natural Gas Corpn Ltd Larsen & Toubro Limited ICICI Bank Ltd Bharat Heavy Electricals Ltd Bharti Airtel Limited Housing Development Finance Corporation Ltd. State Bank of India Hindustan Unilever Limited ITC Ltd. NTPC Limited Tata Power Co. Ltd. GAIL (India) Limited Hindustan Petroleum Corporation Ltd. HDFC Bank Ltd Tata Consultancy Services Limited Reliance Petroleum Limited Maruti Suzuki India Limited Jindal Steel & Power Ltd. Others Total

Debt Portfolio 8.24% GOI - 15.02.27 9.50% Exim - 12.12.13 11.25% PFC - 28.11.18 7.00% REC 2012 - 02.06.2012 7.94% GOI - 24.05.21 7.09% FCI 2010 Bank of Baroda -12.07.10 National Housing Bank CD - 19.11.09 10.50% Kotak Mahindra Prime Ltd - 26.08.09 REC Ltd CP - 20.04.10 9.25% Exim - 18.12.13 9.15% LIC Hsg Fin - 22.10.10 2.00% Tata Motors 2014 - 31.03.2014 8.55% IRFC 2019-15.01.2019 6.35% GOI 2020 - 02.01.20 10.25% Tech Mahindra - 17.04.14 9.40% NHB - 17.12.2013 9.50% Nabard - 15.10.12 9.20% PGC 2017 7.27% GOI - 03.09.13 Current Asset/Liab Others Grand Total

Equity 27.39%

% to Fund 1.69% 1.54% 1.42% 1.39% 1.39% 1.25% 1.20% 1.16% 1.02% 1.01% 0.99% 0.82% 0.76% 0.74% 0.71% 0.70% 0.58% 0.58% 0.57% 0.51% 7.35% 27.39%

NCD, Floaters, 41.45%

Allocation by Sector 2.96% 2.98% 3.91% 4.90% 5.56% 6.80% 9.31% 9.64% 13.17% 20.25% 20.52%

Others Healthcare Transport Equipments Telecom Metal,Metal Products & Mining Power Information Technology Capital Goods FMCG Oil & Gas Finance

Debt Ratings Profile

% to Fund 3.47% 3.44% 2.67% 2.33% 2.09% 1.82% 1.68% 1.48% 1.46% 1.37% 1.24% 1.21% 1.15% 1.15% 1.13% 1.13% 1.10% 1.09% 1.08% 1.07% 3.74% 35.69% 72.61%

G Sec., GGB, T Bills 16.94%

P1+ 12.57%

Fixed Deposits 0.53%

AAA 52.15%

Govt & Govt Guaranteed Bonds 26.27%

AA+ 5.62%

A1+ 0.74% AA 2.12%

Debt Maturity Profile 80% 70% 60% 50% 40% 30%

32.84% 22.31%

21.67%

<1 Year

1-3 Years

23.18%

20% 10% 0%

3-7 Years

7 Years & Above

Page 9

KOTAK GROUP GROWTH FUND AS ON 31ST JULY 2009 Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility (downside risk).

Performance Meter Since Inception (5-Apr-07) 3 years 2 years 1 year 6 months 3 months 1 month

Equity Reliance Industries Ltd Infosys Technologies Ltd. ICICI Bank Ltd Housing Development Finance Corporation Ltd. Larsen & Toubro Limited Oil & Natural Gas Corpn Ltd State Bank of India ITC Ltd. Bharat Heavy Electricals Ltd Bharti Airtel Limited Reliance Infrastructure Limited HDFC Bank Ltd Tata Power Co. Ltd. Jindal Steel & Power Ltd. Hindustan Unilever Limited Tata Consultancy Services Limited Hindustan Petroleum Corporation Ltd. Sterlite Industries ( India ) Limited Hero Honda Motors Ltd. GAIL (India) Limited Others Total

Debt Portfolio 9.39% GOI 02-July-2011 8.24% GOI - 15.02.27 8.40% IRFC 2013 - 26.12.2013 7.94% GOI - 24.05.21 7.00% REC 2012 - 02.06.2012 7.80% Sundaram Finance 2011 - 28.07.2011 7.56% GOI 2014 - 03.11.14 7.27% GOI - 03.09.13 8.28 IDFC 2011 8.46% IRFC - 15.01.14 7.40% GOI 2035 - 09.09.35 Axis Bank CD - 10.10.09 8.10% IIFCL - 08.04.24 HDFC ZCB- 08.10.2010 11.75% REC - 03.11.11 8.95% HDFC - 16.01.11 9.50% Exim - 12.12.13 8.50% Exim Bank Bonds 2011 9.50% Nabard - 15.10.12 9.15% LIC Hsg Fin - 22.10.10 Current Asset/Liab Others Grand Total

Group Growth Fund 3.27% n/a 2.2% -3.0% 27.9% 18.9% 4.9%

Assets Under Management (in Rs. Lakhs) 46.61

Asset Class NCD, Floaters, 16.29% FD, CD ,CP, Current Assets 2.53%

% to Fund 3.82% 3.63% 3.25% 2.72% 2.59% 2.52% 2.49% 2.30% 2.15% 1.94% 1.29% 1.29% 1.28% 1.26% 1.25% 1.24% 1.20% 1.19% 1.17% 1.16% 19.83% 59.58%

Equity 59.58%

G Sec., GGB, T Bills 21.60%

Allocation by Sector 4.73% 4.94% 5.20% 6.73% 7.00% 7.74% 8.91% 9.21% 9.25% 15.47% 20.82%

Transport Equipments Telecom Housing Related Power Metal,Metal Products & Mining FMCG Capital Goods Information Technology Others Oil & Gas Finance

Debt Ratings Profile

% to Fund 7.36% 4.36% 4.20% 3.99% 2.54% 2.17% 2.09% 1.62% 1.25% 1.16% 1.12% 0.92% 0.80% 0.67% 0.51% 0.48% 0.45% 0.44% 0.44% 0.42% 1.05% 2.39% 40.42%

% to Fund

A1+ 0.46%

AA 0.21%

Fixed Deposits 0.31%

P1+ 2.99% AAA 35.63%

Govt & Govt Guaranteed Bonds 54.86%

AA+ 5.54%

Debt Maturity Profile 80% 70% 60% 50%

41.63%

40% 30%

26.58%

27.83%

3-7 Years

7 Years & Above

20% 10% 0%

3.96% <1 Year

1-3 Years

Page 10

KOTAK GROUP BALANCED FUND AS ON 31ST JULY 2009 Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May also be susceptible to moderate levels of shorter-term volatility (downside risk).

Performance Meter Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

Group Balanced Fund

Assets Under Management (in Rs. Lakhs)

17.7% 12.1% 3.2% 6.0% 25.4% 15.6% 4.4%

7,089.20

% to Fund

Asset Class FD, CD,CP, Current Assets 12.69%

Equity Reliance Industries Ltd Infosys Technologies Ltd. ICICI Bank Ltd Larsen & Toubro Limited Housing Development Finance Corporation Ltd. State Bank of India Oil & Natural Gas Corpn Ltd ITC Ltd. Bharat Heavy Electricals Ltd Bharti Airtel Limited Tata Power Co. Ltd. Hindustan Unilever Limited Tata Consultancy Services Limited Hindustan Petroleum Corporation Ltd. Sterlite Industries ( India ) Limited Hero Honda Motors Ltd. GAIL (India) Limited HDFC Bank Ltd Reliance Infrastructure Limited Jindal Steel & Power Ltd. Others Total

Debt Portfolio 7.56% GOI 2014 - 03.11.14 11.25% PFC - 28.11.18 Bank of Baroda -12.07.10 9.39% GOI 02-July-2011 8.24% GOI - 15.02.27 National Housing Bank CD - 19.11.09 7.27% GOI - 03.09.13 REC Ltd CP - 20.04.10 8.90% SAIL 2019 - 01.07.19 8.10% IIFCL - 08.04.24 8.20% IRFC 2016 - 27.04.2016 State Bank of Mysore CD - 02.06.10 7.94% GOI - 24.05.21 Axis Bank CD - 10.10.09 8.20% GOI - 15.02.22 9.25% Exim - 18.12.13 7.80% Sundaram Finance 2011 - 28.07.2011 10.00% NTPC - 05.09.10 10.50% SBI 12042007 9.40% Tata Sons - 04.04.13 Current Asset/Liab Others Grand Total

% to Fund 3.28% 2.99% 2.69% 2.17% 2.05% 2.03% 2.02% 1.91% 1.88% 1.62% 1.07% 1.03% 1.02% 1.01% 0.99% 0.99% 0.97% 0.97% 0.97% 0.92% 16.40% 48.98%

Equity 48.98% NCD, Floaters 22.45%

Allocation by Sector

4.63% 4.99% 5.33% 6.59% 6.86% 7.95% 9.00% 9.26% 9.27% 15.78% 20.35%

Transport Equipments Telecom Housing Related Power Metal,Metal Products & Mining FMCG Others Capital Goods Information Technology Oil & Gas Finance

Debt Ratings Profile

% to Fund 4.71% 4.58% 2.55% 2.25% 2.19% 2.14% 2.05% 1.89% 1.86% 1.84% 1.38% 1.35% 1.32% 1.15% 0.80% 0.67% 0.63% 0.59% 0.58% 0.58% 2.11% 13.81% 51.02%

G-Sec, Govt. Guaranteed Bonds & T bills 15.87%

Govt & Govt Guaranteed Bonds 32.45% P1+ 20.44%

Fixed Deposits 1.20%

AA 1.13% AAA 40.66%

AA+ 4.12%

Debt Maturity Profile 80% 70% 60% 50% 40% 30%

31.29% 22.89%

27.21%

18.62%

20% 10% 0%

<1 Year

1-3 Years

3-7 Years

7 Years & Above

Page 11

KOTAK ADVANTAGE FUND AS ON 31ST JULY 2009 Fund Strategy : Aims for moderate growth and preservation of capital.

Performance Meter

Kotak Advantage Fund

Since Inception (22-Feb-06) 3 years 2 years 1 year 6 months 3 months 1 month

Equity Reliance Industries Ltd Infosys Technologies Ltd. Larsen & Toubro Limited ICICI Bank Ltd Housing Development Finance Corporation Ltd. ITC Ltd. Bharti Airtel Limited HDFC Bank Ltd State Bank of India Oil & Natural Gas Corpn Ltd Bharat Heavy Electricals Ltd Hindustan Unilever Limited Tata Consultancy Services Limited Tata Steel Limited Tata Power Co. Ltd. Axis Bank Limited Grasim Industries Ltd. Reliance Communications Limited Maruti Suzuki India Limited Jindal Steel & Power Ltd. Others Total

Debt Portfolio 9.39% GOI 02-July-2011 8.24% GOI - 15.02.27 9.50% Kotak Bank FD 31.01.2012 8.40% IRFC 2013 - 26.12.2013 11.25% PFC - 28.11.18 State Bank of Bikaner & Jaipur CD - 02.02.10 7.56% GOI 2014 - 03.11.14 7.40% GOI 2012 - 03.05.12 8.65 % NTPC -04.02.19 91 Days T Bill - 16.10.09 10.25% HDFC 2012 - 29.05.12 11.40% PFC - 28.11.13 Bank of Baroda -12.07.10 Canara Bank CD - 17.09.09 7% Oil Bond - 09.09.12 8.65% NHB - 01.01.2012 6.35% GOI 2020 - 02.01.20 10.25% Tech Mahindra - 17.04.14 9.40% Tata Sons - 04.04.13 11.10% IDBI - 26.09.13 Current Asset/Liab Others Grand Total

7.1% 9.5% 5.7% 17.4% 11.0% 5.9% 2.3%

Assets Under Management (in Rs. Lakhs) 36.34

% to Fund

Asset Class FD, CD, CP, Current Assets 13.85%

Equity 40.00%

% to Fund 4.30% 3.35% 2.86% 2.73% 2.09% 2.09% 1.66% 1.65% 1.45% 1.25% 1.10% 1.01% 0.81% 0.80% 0.64% 0.61% 0.60% 0.60% 0.58% 0.57% 9.23% 40.00%

NCD, Floaters, 31.88% G-Sec, Govt. Guaranteed Bonds & T bills 14.28%

Allocation by Sector

Debt Ratings Profile

% to Fund 4.11% 2.78% 2.70% 2.69% 2.45% 2.28% 2.01% 1.92% 1.80% 1.64% 1.45% 1.36% 1.24% 1.14% 1.14% 1.13% 1.10% 1.10% 1.09% 1.04% 2.32% 21.49% 60.00%

2.62% 3.44% 4.90% 5.14% 6.57% 6.97% 7.76% 11.49% 12.02% 16.37% 22.73%

Housing Related Others Transport Equipments Power Metal,Metal Products & Mining Telecom FMCG Capital Goods Information Technology Oil & Gas Finance

Fixed Deposits 6.13%

Govt & Govt Guaranteed Bonds 27.60%

AAA 50.52% P1+ 9.35% AA+ 4.74%

A1+ 1.67%

Debt Maturity Profile 80% 70% 60% 50%

37.10%

40% 30% 20%

24.53%

21.70%

3-7 Years

7 Years & Above

16.68%

10% 0%

<1 Year

1 -3 Years

Page 12

KOTAK ADVANTAGE PLUS FUND AS ON 31ST JULY 2009 Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May be susceptible to moderate levels of shorter-term volatility (downside risk)

Performance Meter

Kotak Advantage Plus Fund

Since Inception (22-Feb-06) 3 years 2 years 1 year 6 months 3 months 1 month

6.4% 7.3% 3.2% 17.4% 12.6% 7.1% 2.7%

Assets Under Management (in Rs. Lakhs)

7,624.59

% to Fund

Asset Class

FD, CD, CP, Current Assets 13.45%

Equity Reliance Industries Ltd Infosys Technologies Ltd. Larsen & Toubro Limited ICICI Bank Ltd Housing Development Finance Corporation Ltd. ITC Ltd. Bharti Airtel Limited HDFC Bank Ltd State Bank of India Oil & Natural Gas Corpn Ltd Bharat Heavy Electricals Ltd Hindustan Unilever Limited Tata Consultancy Services Limited Tata Steel Limited Tata Power Co. Ltd. Grasim Industries Ltd. Reliance Communications Limited Maruti Suzuki India Limited Axis Bank Limited Jindal Steel & Power Ltd. Others Total

Debt Portfolio 9.39% GOI 02-July-2011 6.20% GOI UTI SPL Bonds - 03.02.10 91 Days T Bill - 16.10.09 8.95% HDFC - 16.01.11 7.56% GOI 2014 - 03.11.14 8.20% GOI - 15.02.22 10.50% SBI 12042007 7.27% GOI - 03.09.13 11.25% PFC - 28.11.18 8.40% IRFC 2013 - 26.12.2013 Bank of Baroda -12.07.10 9.08% HDFC - 18.01.13 9.00% IDFC - 24.10.10 8.00% GOI Oil Bond - 23.03.26 State Bank of Bikaner & Jaipur CD - 02.02.10 6.35% GOI 2020 - 02.01.20 8.20% Nabard 2009 - 08.12.09 9.90% Tata Sons - 20.05.11 Aditya Birla Nuvo CP - 01.12.09 7.80% Sundaram Finance 2011 - 28.07.2011 Current Asset/Liab Others Grand Total

Equity 43.19%

% to Fund 4.73% 3.56% 3.11% 2.97% 2.28% 2.27% 1.80% 1.79% 1.59% 1.34% 1.21% 1.07% 0.88% 0.77% 0.68% 0.67% 0.66% 0.65% 0.63% 0.62% 9.93% 43.19%

NCD, Floaters, 27.21%

Allocation by Sector 2.53% 3.37% 4.96% 5.17% 6.41% 7.00% 7.72% 11.60% 11.89% 16.50% 22.87%

Housing Related Others Transport Equipments Power Metal,Metal Products & Mining Telecom FMCG Capital Goods Information Technology Oil & Gas Finance

Debt Ratings Profile

% to Fund 3.66% 2.65% 2.61% 2.40% 2.29% 1.91% 1.82% 1.81% 1.77% 1.61% 1.51% 1.39% 1.39% 1.32% 1.28% 1.23% 1.15% 1.11% 1.09% 1.06% 3.71% 18.03% 56.81%

G-Sec, Govt. Guaranteed Bonds & T bills 16.14%

Fixed Deposits 5.60%

Govt & Govt Guaranteed Bonds 35.30%

AAA 47.52%

AA+ 3.74%

A1+ 2.05%

P1+ 5.79%

Debt Maturity Profile 80% 70% 60% 50% 40% 30%

24.61%

30.14%

25.65% 19.60%

20% 10% 0%

<1 Year

1-3 Years

3-7 Years

7 Years & Above

Page 13

KOTAK ADVANTAGE PLUS FUND II AS ON 31ST JULY 2009 Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May be susceptible to moderate levels of shorter-term volatility (downside risk)

Performance Meter

Kotak Advantage Plus Fund II

Since Inception (20-Apr-06) 3 years 2 years 1 year 6 months 3 months 1 month

6.7% 6.9% 3.3% 17.0% 11.5% 7.1% 2.7%

Assets Under Management (in Rs. Lakhs) 7,199.66

% to Fund

Asset Class

FD, CD, CP, Current Assets 11.61%

Equity Reliance Industries Ltd Infosys Technologies Ltd. Larsen & Toubro Limited ICICI Bank Ltd Housing Development Finance Corporation Ltd. ITC Ltd. Bharti Airtel Limited HDFC Bank Ltd State Bank of India Oil & Natural Gas Corpn Ltd Bharat Heavy Electricals Ltd Hindustan Unilever Limited Tata Consultancy Services Limited Tata Steel Limited Tata Power Co. Ltd. Grasim Industries Ltd. Reliance Communications Limited Maruti Suzuki India Limited Axis Bank Limited Jindal Steel & Power Ltd. Others Total

Debt Portfolio 9.39% GOI 02-July-2011 9.20% PGC 2020 9.25% Exim - 18.12.13 8.65 % NTPC -04.02.19 8.46% IRFC - 15.01.14 8.40% IRFC 2013 - 26.12.2013 8.20% GOI - 15.02.22 11.25% PFC - 28.11.18 10.50% SBI 12042007 7.27% GOI - 03.09.13 9.40% ICICI 28th December 2011 8.95% HDFC - 16.01.11 7.80% Sundaram Finance 2011 - 28.07.2011 7.56% GOI 2014 - 03.11.14 8.60% IRFC 2019 - 11.06.2019 91 Days T Bill - 16.10.09 10.25% Tech Mahindra - 17.04.14 State Bank of Bikaner & Jaipur CD - 02.02.10 6.35% GOI 2020 - 02.01.20 9.45% LIC Hsg Fin - 01.01.12 Current Asset/Liab Others Grand Total

Equity 42.80%

% to Fund 4.70% 3.49% 3.09% 2.95% 2.27% 2.25% 1.78% 1.78% 1.58% 1.33% 1.20% 1.05% 0.87% 0.76% 0.68% 0.67% 0.65% 0.64% 0.62% 0.62% 9.82% 42.80%

NCD, Floaters, 33.65%

Allocation by Sector

2.51% 3.35% 4.92% 5.18% 6.40% 7.01% 7.71% 11.63% 11.82% 16.54% 22.93%

Housing Related Others Transport Equipments Power Metal,Metal Products & Mining Telecom FMCG Capital Goods Information Technology Oil & Gas Finance

Debt Ratings Profile

% to Fund 4.20% 2.87% 2.63% 2.58% 2.41% 2.24% 1.99% 1.67% 1.65% 1.52% 1.50% 1.41% 1.41% 1.40% 1.39% 1.38% 1.37% 1.36% 1.04% 0.91% 3.67% 16.62% 57.20%

G-Sec, Govt. Guaranteed Bonds & T bills 11.94%

A1+ Fixed Deposits 6.07% 1.64% Govt & Govt Guaranteed Bonds 24.89%

AAA 58.25%

P1+ AA+ 4.62% 4.54%

Debt Maturity Profile 80% 70% 60% 50%

32.12%

40%

27.16%

30% 20%

26.26%

14.45%

10% 0%

<1 Year

1-3 Years

3-7 Years

7 Years & Above

Page 14

KOTAK ADVANTAGE MULTIPLIER FUND AS ON 31ST JULY 2009 Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility (downside risk)

Performance Meter

Kotak Advantage Multiplier Fund

Since Inception (22-Feb-06) 3 years 2 years 1 year 6 months 3 months 1 month

6.4% 7.2% 2.7% 17.4% 13.8% 8.0% 2.9%

Assets Under Management (in Rs. Lakhs) 687.95

% to Fund

Asset Class

Equity 46.10%

FD, CD, CP, Current Assets 14.62%

Equity Reliance Industries Ltd Infosys Technologies Ltd. Larsen & Toubro Limited ICICI Bank Ltd Housing Development Finance Corporation Ltd. ITC Ltd. HDFC Bank Ltd Bharti Airtel Limited State Bank of India Oil & Natural Gas Corpn Ltd Bharat Heavy Electricals Ltd Hindustan Unilever Limited Tata Consultancy Services Limited Tata Steel Limited Tata Power Co. Ltd. Grasim Industries Ltd. Reliance Communications Limited Maruti Suzuki India Limited Axis Bank Limited Jindal Steel & Power Ltd. Others Total

Debt Portfolio 8.24% GOI - 15.02.27 9.39% GOI 02-July-2011 State Bank of Bikaner & Jaipur CD - 02.02.10 7.40% GOI 2012 - 03.05.12 7.27% GOI - 03.09.13 9.40% ICICI 28th December 2011 9.50% Kotak Bank FD 31.01.2012 8.40% IRFC 2013 - 26.12.2013 7.80% Sundaram Finance 2011 - 28.07.2011 7.56% GOI 2014 - 03.11.14 8.00% GOI Oil Bond - 23.03.26 91 Days T Bill - 16.10.09 10.25% Tech Mahindra - 17.04.14 State Bank of Mysore CD - 26.02.10 11.25% PFC - 28.11.18 11.10% IDBI - 26.09.13 8.20% Nabard 2009 - 08.12.09 8.73% PGC 2011 8.60% IRFC 2019 - 11.06.2019 10.50% SBI 12042007 Current Asset/Liab Others Grand Total

% to Fund 5.08% 3.78% 3.34% 3.18% 2.44% 2.42% 1.92% 1.92% 1.70% 1.44% 1.29% 1.13% 0.94% 0.76% 0.73% 0.72% 0.71% 0.69% 0.67% 0.66% 10.56% 46.10%

Allocation by Sector

2.47% 3.36% 4.95% 5.16% 6.28% 7.01% 7.70% 11.66% 11.87% 16.59% 22.95%

Housing Related Others Transport Equipments Power Metal,Metal Products & Mining Telecom FMCG Capital Goods Information Technology Oil & Gas Finance

Debt Ratings Profile

% to Fund 3.84% 2.90% 2.84% 2.42% 2.25% 1.81% 1.60% 1.57% 1.47% 1.47% 1.46% 1.44% 1.44% 1.35% 1.34% 1.24% 1.20% 1.16% 1.16% 1.15% 3.62% 15.17% 53.90%

G-Sec, Govt. Guaranteed Bonds & T bills 16.63%

NCD, Floaters, 22.64%

P1+ 8.33%

A1+ 1.63% AA+ 5.65%

AAA 39.38%

Govt & Govt Guaranteed Bonds 35.96%

Fixed Deposits 9.06%

Debt Maturity Profile 80% 70% 60% 50% 40%

33.86%

30% 20%

24.78%

23.75%

3-7 Years

7 Years & Above

17.62%

10% 0%

<1 Year

1-3 Years

Page 15

KOTAK ADVANTAGE MULTIPLIER FUND II AS ON 31ST JULY 2009 Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility (downside risk)

Performance Meter

Kotak Advantage Multiplier Fund II

Since Inception (20-Apr-06) 3 years 2 years 1 year 6 months 3 months 1 month

6.6% 6.9% 2.9% 16.6% 13.4% 8.0% 2.9%

Assets Under Management (in Rs. Lakhs) 541.36

% to Fund

Asset Class

FD, CD, CP, Current Assets 11.71%

Equity Reliance Industries Ltd Infosys Technologies Ltd. Larsen & Toubro Limited ICICI Bank Ltd Housing Development Finance Corporation Ltd. ITC Ltd. HDFC Bank Ltd Bharti Airtel Limited State Bank of India Oil & Natural Gas Corpn Ltd Bharat Heavy Electricals Ltd Hindustan Unilever Limited Tata Consultancy Services Limited Tata Steel Limited Grasim Industries Ltd. Tata Power Co. Ltd. Reliance Communications Limited Maruti Suzuki India Limited Axis Bank Limited Jindal Steel & Power Ltd. Others Total

Debt Portfolio 8.24% GOI - 15.02.27 7.27% GOI - 03.09.13 10.25% Tech Mahindra - 17.04.14 7.40% GOI 2012 - 03.05.12 State Bank of Bikaner & Jaipur CD - 02.02.10 9.39% GOI 02-July-2011 8.65 % NTPC -04.02.19 8.40% IRFC 2013 - 26.12.2013 91 Days T Bill - 16.10.09 9.50% Kotak Bank FD 31.01.2012 7.56% GOI 2014 - 03.11.14 11.25% PFC - 28.11.18 8.65% NHB - 01.01.2012 8.60% IRFC 2019 - 11.06.2019 9.40% ICICI 28th December 2011 11.10% IDBI - 26.09.13 7.80% Sundaram Finance 2011 - 28.07.2011 Aditya Birla Nuvo CP - 01.12.09 9.90% Tata Sons - 20.05.11 6.35% GOI 2020 - 02.01.20 Current Asset/Liab Others Grand Total

Equity 45.43%

% to Fund 5.04% 3.65% 3.32% 3.15% 2.42% 2.40% 1.91% 1.89% 1.69% 1.42% 1.28% 1.09% 0.93% 0.74% 0.71% 0.71% 0.70% 0.68% 0.66% 0.66% 10.39% 45.43%

Allocation by Sector

2.41% 3.33% 4.88% 5.19% 6.27% 7.04% 7.66% 11.72% 11.74% 16.68% 23.07%

Housing Related Others Transport Equipments Power Metal,Metal Products & Mining Telecom FMCG Information Technology Capital Goods Oil & Gas Finance

Debt Ratings Profile

% to Fund 4.99% 3.52% 2.92% 2.74% 2.71% 2.65% 2.49% 2.17% 1.84% 1.66% 1.57% 1.50% 1.30% 1.21% 1.12% 0.98% 0.96% 0.90% 0.89% 0.85% 2.66% 12.96% 54.57%

G-Sec, Govt. Guaranteed Bonds & T bills 17.87%

NCD, Floaters, 24.99%

P1+ 5.21% AAA 42.31%

Govt & Govt Guaranteed Bonds 37.95%

AA+ 5.83%

A1+ 1.73%

Fixed Deposits 6.96%

Debt Maturity Profile 80% 70% 60% 50%

32.08%

40% 30% 20%

28.48%

26.43%

3-7 Years

7 Years & Above

13.01%

10% 0%

<1 Year

1-3 Years

Page 16

KOTAK GROUP AGGRESIVE GROWTH FUND AS ON 31ST JULY 2009 Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility (downside risk).

Performance Meter

Kotak Group Aggresive Growth Fund

Since Inception (27-Aug-07) 3 years 2 years 1 year 6 months 3 months 1 month

35.7% n/a n/a 66.9% 53.6% 33.4% 9.0%

Equity Reliance Industries Ltd Infosys Technologies Ltd. ICICI Bank Ltd Larsen & Toubro Limited Oil & Natural Gas Corpn Ltd Housing Development Finance Corporation Ltd. State Bank of India ITC Ltd. Bharat Heavy Electricals Ltd Bharti Airtel Limited Tata Consultancy Services Limited GAIL (India) Limited Hindustan Unilever Limited Hindustan Petroleum Corporation Ltd. Reliance Infrastructure Limited Hero Honda Motors Ltd. Tata Power Co. Ltd. Sterlite Industries ( India ) Limited Reliance Communications Limited HDFC Bank Ltd Others Total

Debt Portfolio 10% Citi Fin Con Fin India Ltd - 27.09.10 11.45% RIL - 25.11.13 8.95% HDFC - 16.01.11 11.65% HDFC - 09.09.10 10.50% Kotak Mahindra Prime Ltd - 26.08.09 9.50% Nabard - 15.10.12 10.90% REC - 30.09.13 PFC CP - 01.10.09 8.24% GOI - 15.02.27 9.85% NABARD 2012 8.20% GOI - 15.02.22 7.10% PGC Ltd - 18.02.11 7.56% GOI 2014 - 03.11.14 8.88% IDFC - 07.01.11 9.35% IIFCL - 17.11.23 9.15% LIC Hsg Fin - 22.10.10 8.35% GOI - 14.05.22 8.75% IRFC - 07.01.13 9.40% NHB - 17.12.2013 7.27% GOI - 03.09.13 Current Asset/Liab Others Grand Total

Assets Under Management (in Rs. Lakhs) 19.71

NCD, Floaters, 3.59% G-Sec, Govt. Guaranteed Bonds & T bills 0.57%

% to Fund 5.95% 5.55% 5.39% 4.36% 4.13% 3.99% 3.77% 3.60% 3.39% 2.91% 2.13% 2.02% 1.92% 1.86% 1.83% 1.79% 1.72% 1.70% 1.61% 1.52% 29.90% 91.05%

FD, CD, CP, Current Assets 4.79%

Equity 91.05%

Allocation by Sector

4.59% 4.97% 5.59% 6.44% 6.48% 8.02% 8.12% 9.50% 9.56% 16.22% 20.52%

Transport Equipments Telecom Housing Related Metal,Metal Products & Mining Power Others FMCG Capital Goods Information Technology Oil & Gas Finance

Debt Ratings Profile

% to Fund 0.73% 0.62% 0.57% 0.38% 0.29% 0.27% 0.25% 0.22% 0.22% 0.21% 0.16% 0.11% 0.11% 0.10% 0.04% 0.04% 0.03% 0.02% 0.01% 0.01% 4.57% 0.02% 8.95%

% to Fund

Asset Class

Govt & Govt Guaranteed Bonds 13.08%

P1+ 5.11% AA 6.60% AA+ 16.75%

AAA 58.47%

Debt Maturity Profile 80% 70% 60%

48.87%

50% 40%

29.34%

30% 20%

11.70%

10.09%

10% 0%

<1 Year

1-3 Years

3-7 Years

7 Years & Above

Page 17

KOTAK DYNAMIC BOND FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter

Dynamic Bond Fund

Since Inception (16-Apr-04) 3 years 2 years 1 year 6 months 3 months 1 month

8.7% 11.4% 12.4% 21.2% 6.0% 1.2% 0.6%

Debt Portfolio

% to Fund

8.24% GOI - 15.02.27 8.90% SAIL 2019 - 01.07.19 7.59% GOI 2016 2.00% Tata Motors 2014 - 31.03.2014 7.94% GOI - 24.05.21 10.90% PGC 2015 - 21.06.15 9.40% NABARD 2011- 05.05.2011 10.25% Tech Mahindra - 17.04.14 8.40% IRFC 2013 - 26.12.2013 Bank of Baroda -12.07.10 6.07% GOI 2014 - 15.05.14 9.20% PGC 2015 8.83% Neyveli Lignite Corp Ltd - 23.01.19 7.80% Sundaram Finance 2011 - 28.07.2011 11.00% TCL - 23.07.14 REC Ltd CP - 20.04.10 9.39% GOI 02-July-2011 Aditya Birla Nuvo CP - 01.12.09 HDFC ZCB- 08.10.2010 8.20% OMC GOI 2023-10.11.23 Current Asset/Liab Others Grand Total

Assets Under Management (in Rs. Lakhs) 1,926.33

% to Fund

Asset Class

FD, CD, CP, Current Assets 12.75%

7.59% 7.37% 6.54% 5.26% 4.88% 4.17% 3.26% 3.08% 2.63% 2.60% 2.53% 2.52% 2.51% 2.37% 2.31% 2.01% 1.97% 1.66% 1.61% 1.60% 4.24% 27.30% 100.00%

NCD, Floaters, 61.38%

G-Sec, Govt. Guaranteed Bonds & T bills 25.88%

Debt Ratings Profile

Govt & Govt Guaranteed Bonds 28.37%

AAA 60.63% P1+ 5.80% A1+ 1.74% AA+ 2.87%

AA 0.60%

Debt Maturity Profile 100% 90% 80% 70% 60%

47.83%

50% 40%

22.37%

30% 20%

10.38%

19.42%

10% 0%

<1 yr

1-3 Yrs

3-7 Yrs

7 Years & Above

Page 18

KOTAK GUARANTEED BOND FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter Since Inception (16-Apr-04) 3 years 2 years 1 year 6 months 3 months 1 month

Debt Portfolio 8.90% SAIL 2019 - 01.07.19 7.94% GOI - 24.05.21 8.24% GOI - 15.02.27 REC Ltd CP - 20.04.10 2.00% Tata Motors 2014 - 31.03.2014 7.80% Sundaram Finance 2011 - 28.07.2011 10.25% Tech Mahindra - 17.04.14 10.90% PGC 2015 - 21.06.15 Bank of Baroda -12.07.10 6.84% HDFC 2011 - 22.04.2011 8.83% Neyveli Lignite Corp Ltd - 23.01.19 National Housing Bank CD - 19.11.09 9.20% PGC 2015 7.40% GOI 2012 - 03.05.12 10.85% PNB Tier II Bond - 29.09.23 9.40% NABARD 2011- 05.05.2011 9.65% Exim - 06.09.10 10.90% REC - 30.09.13 7.59% GOI 2016 6.07% GOI 2014 - 15.05.14 Current Asset/Liab Others Grand Total

Guaranteed Bond Fund 8.5% 11.2% 12.0% 20.3% 5.8% 1.4% 0.5%

Assets Under Management (in Rs. Lakhs) 2,832.00

% to Fund

Asset Class

% to Fund

G-Sec, Govt. Guaranteed Bonds & T bills 20.46%

FD, CD,CP, Current Assets 16.65%

7.51% 3.86% 3.69% 3.60% 3.58% 3.22% 2.86% 2.83% 2.83% 2.83% 2.73% 2.68% 2.55% 2.43% 2.39% 2.33% 2.20% 1.95% 1.95% 1.92% 2.73% 37.32% 100.00%

NCD, Floaters, 62.90%

Debt Ratings Profile

Govt & Govt Guaranteed Bonds 22.48%

AAA 59.46% P1+ 12.37% AA+ 3.63%

AA 1.57% A1+ 0.49%

Debt Maturity Profile 80% 70% 60% 50%

37.27%

40%

27.19%

30% 20%

17.89%

17.65%

10% 0%

<1 year

1-3 Years

3-7 Years

7 Years & Above

Page 19

KOTAK GROUP BOND FUND

AS ON

31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter

Group Bond Fund

Since Inception (16-Apr-04) 3 years 2 years 1 year 6 months 3 months 1 month

8.8% 11.8% 12.8% 21.7% 6.5% 2.2% 0.9%

Debt Portfolio

% to Fund

8.24% GOI - 15.02.27 8.90% SAIL 2019 - 01.07.19 2.00% Tata Motors 2014 - 31.03.2014 7.59% GOI 2016 8.65% NHB - 01.01.2012 10.25% Tech Mahindra - 17.04.14 12.40% Sundaram Fin - 02.08.10 Bank of Baroda -12.07.10 7.56% GOI 2014 - 03.11.14 8.20% OMC GOI 2023-10.11.23 State Bank of Mysore CD - 02.06.10 8.40% IRFC 2013 - 26.12.2013 7.09% FCI 2010 8.83% Neyveli Lignite Corp Ltd - 23.01.19 6.07% GOI 2014 - 15.05.14 10.85% PNB Tier II Bond - 29.09.23 10.90% PGC 2015 - 21.06.15 9.40% PFC - 25.03.13 9.20% PGC 2015 7.80% Sundaram Finance 2011 - 28.07.2011 Current Asset/Liab Others Grand Total

Assets Under Management (in Rs. Lakhs) 9,725.55

% to Fund

Asset Class

FD, CD,CP Current Assets 13.19%

10.20% 6.25% 6.04% 5.40% 5.31% 3.15% 3.02% 2.84% 2.13% 2.11% 2.09% 2.09% 2.07% 2.05% 2.05% 1.74% 1.65% 1.63% 1.59% 1.51% 5.65% 29.43% 100.00%

G-Sec, Govt. Guaranteed Bonds & T bills 26.93%

NCD, Floaters, 59.88%

Debt Ratings Profile

Govt & Govt Guaranteed Bonds 29.08% AAA 57.50% P1+ 6.99%

AA+ 5.44%

AA 0.52% A1+ 0.47%

Debt Maturity Profile 80% 70% 60% 50%

42.80%

40% 30%

25.25%

20.87%

20%

11.08% 10% 0%

<1Year

1-3 Years

3-7 Years

7 Years & Above

Page 20

KOTAK PENSION BOND FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter

Pension Bond Fund

Since Inception (16-Apr-04) 3 years 2 years 1 year 6 months 3 months 1 month

8.7% 11.5% 12.7% 21.8% 6.2% 1.7% 0.5%

Debt Portfolio

% to Fund

8.90% SAIL 2019 - 01.07.19 12.40% Sundaram Fin - 02.08.10 7.27% GOI - 03.09.13 8.24% GOI - 15.02.27 6.20% GOI UTI SPL Bonds - 03.02.10 9.20% PGC 2015 9.35% LIC Hsg Fin - 23.11.14 10.25% Tech Mahindra - 17.04.14 8.40% IRFC 2013 - 26.12.2013 2.00% Tata Motors 2014 - 31.03.2014 National Housing Bank CD - 19.11.09 7.40% GOI 2012 - 03.05.12 10.10% RIL - 12.12.11 10.90% PGC 2015 - 21.06.15 10.90% REC - 30.09.13 7.94% GOI - 24.05.21 9.40% NABARD 2011- 05.05.2011 6.84% HDFC 2011 - 22.04.2011 8.20% Nabard 2009 - 08.12.09 7.59% GOI 2016 Current Asset/Liab Others Grand Total

Assets Under Management (in Rs. Lakhs) 3,270.36

Asset Class

7.75% 7.15% 4.71% 4.53% 4.28% 3.66% 3.38% 3.30% 3.10% 3.10% 3.05% 2.93% 2.93% 2.45% 2.41% 2.10% 2.08% 1.99% 1.86% 1.76% 4.42% 27.06% 100.00%

% to Fund

G-Sec, Govt. Guaranteed Bonds & T bills 23.10%

FD, CD, CP Current Assets 13.38%

NCD, Floaters, 63.52%

Debt Ratings Profile

A1+ 1.00%

Govt & Govt Guaranteed Bonds 25.13% P1+ 7.41%

AAA 57.86%

AA+ 8.31%

AA 0.29%

Debt Maturity Profile 80% 70% 60% 50%

44.91%

40%

27.35%

30% 20%

16.41%

11.33%

10% 0%

<1 Year

1-3 Years

3-7 Years

7 Years & Above

Page 21

KOTAK DYNAMIC GILT FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter

Dynamic Gilt Fund

Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

6.7% 9.2% 10.1% 18.2% 1.8% -1.1% 0.1%

Debt Portfolio

% to Fund

7.94% GOI - 24.05.21 7.27% GOI - 03.09.13 7.56% GOI 2014 - 03.11.14 6.07% GOI 2014 - 15.05.14 8.24% GOI - 15.02.27 9.39% GOI 02-July-2011 National Housing Bank CD - 19.11.09 8.20% GOI - 15.02.22 6.35% GOI 2020 - 02.01.20 Bank of Baroda -12.07.10 Axis Bank CD - 10.10.09 8.20% OMC GOI 2023-10.11.23 7% Oil Bond - 09.09.12 8.35% GOI - 14.05.22 7.40% GOI 2035 - 09.09.35 Canara Bank CD - 17.09.09 6.20% GOI UTI SPL Bonds - 03.02.10 7.59% GOI 2016 8.20% OMC GOI Special Bond - 12.02.24 8.00% GOI Oil Bond - 23.03.26 Current Asset/Liab Others Grand Total

Assets Under Management (in Rs. Lakhs) 1,444.92

% to Fund

Asset Class

FD, CD CP, Current Assets 15.08%

17.35% 16.61% 14.31% 8.89% 7.76% 4.61% 3.36% 3.11% 3.10% 2.78% 2.20% 1.80% 1.41% 1.27% 1.08% 1.07% 1.05% 0.97% 0.87% 0.70% 4.86% 0.86% 100.00%

G-Sec, Govt. Guaranteed Bonds & T bills 84.92%

Debt Ratings Profile

A1+ 0.69% P1+ 9.88%

Fixed Deposits 0.17%

Govt & Govt Guaranteed Bonds 89.26%

Debt Maturity Profile 80% 70% 60%

44.34%

50%

38.93%

40% 30% 20%

11.89% 4.85%

10% 0%

<1 yr

1-3 Yrs

3-7 Yrs

7 Years & Above

Page 22

KOTAK GUARANTEED GILT FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

Debt Portfolio 7.27% GOI - 03.09.13 7.56% GOI 2014 - 03.11.14 7.94% GOI - 24.05.21 6.07% GOI 2014 - 15.05.14 8.24% GOI - 15.02.27 7.40% GOI 2012 - 03.05.12 9.39% GOI 02-July-2011 6.20% GOI UTI SPL Bonds - 03.02.10 Bank of Baroda -12.07.10 6.35% GOI 2020 - 02.01.20 Canara Bank CD - 17.09.09 364 Days T Bill - 12.02.10 8.20% GOI - 15.02.22 8.20% OMC GOI 2023-10.11.23 8.00% GOI Oil Bond - 23.03.26 7.50% GOI - 10.08.34 8.35% GOI - 14.05.22 Axis Bank CD - 10.10.09 7.59% GOI 2016 7% Oil Bond - 09.09.12 Current Asset/Liab Others Grand Total

Guaranteed Gilt Fund

Assets Under Management (in Rs. Lakhs)

6.6% 8.9% 9.6% 17.3% 1.3% -0.9% 0.0%

3,900.28

% to Fund

Asset Class

% to Fund FD, CD, CP, Current Assets 14.40%

20.64% 15.91% 12.08% 7.98% 4.83% 4.58% 4.34% 3.66% 2.57% 2.14% 1.97% 1.75% 1.70% 1.34% 1.29% 1.11% 1.11% 1.10% 0.76% 0.75% 5.84% 2.54% 100.00%

G-Sec, Govt. Guaranteed Bonds & T bills 85.60%

Debt Ratings Profile Fixed Deposits 0.01% P1+ 6.72% A1+ 0.49%

Govt & Govt Guaranteed Bonds 92.78%

Debt Maturity Profile 80% 70% 60%

48.89%

50% 40%

28.63%

30% 20%

13.01%

10%

9.47%

0%

<1 year

1-3 Years

3-7 Years

7 Years & Above

Page 23

KOTAK GROUP GILT FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

Debt Portfolio 7.94% GOI - 24.05.21 7.56% GOI 2014 - 03.11.14 7.27% GOI - 03.09.13 8.24% GOI - 15.02.27 9.39% GOI 02-July-2011 6.07% GOI 2014 - 15.05.14 6.35% GOI 2020 - 02.01.20 8.20% OMC GOI 2023-10.11.23 8.00% GOI Oil Bond - 23.03.26 National Housing Bank CD - 19.11.09 Bank of Baroda -12.07.10 8.20% GOI - 15.02.22 7.40% GOI 2035 - 09.09.35 Canara Bank CD - 17.09.09 7.50% GOI - 10.08.34 Axis Bank CD - 10.10.09 8.35% GOI - 14.05.22 7% Oil Bond - 09.09.12 6.20% GOI UTI SPL Bonds - 03.02.10 7.59% GOI 2016 Current Asset/Liab Others Grand Total

Group Gilt Fund 7.1% 9.7% 10.7% 19.2% 1.9% -1.1% 0.1%

Assets Under Management (in Rs. Lakhs) 697.42

% to Fund

Asset Class

% to Fund FD, CD, CP Current Assets 12.62%

21.31% 14.83% 10.73% 7.95% 5.79% 5.72% 4.27% 3.84% 3.61% 3.05% 2.88% 2.81% 1.48% 1.47% 1.38% 1.05% 1.00% 0.78% 0.73% 0.62% 3.27% 1.45% 100.00%

G-Sec, Govt. Guaranteed Bonds & T bills 87.38%

Debt Ratings Profile

Fixed Deposits 0.51% P1+ 8.73%

A1+ 0.42%

Govt & Govt Guaranteed Bonds 90.33%

Debt Maturity Profile 80% 70% 60%

49.81%

50% 40%

33.78%

30% 20% 10%

10.43%

5.98%

0%

<1 Year

1-3 Years

3-7 Years

7 Years & Above

Page 24

KOTAK PENSION GILT FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

Debt Portfolio 7.27% GOI - 03.09.13 7.94% GOI - 24.05.21 6.20% GOI UTI SPL Bonds - 03.02.10 7.56% GOI 2014 - 03.11.14 6.07% GOI 2014 - 15.05.14 7.40% GOI 2012 - 03.05.12 8.24% GOI - 15.02.27 9.39% GOI 02-July-2011 6.35% GOI 2020 - 02.01.20 Bank of Baroda -12.07.10 8.20% GOI - 15.02.22 8.20% OMC GOI 2023-10.11.23 364 Days T Bill - 12.02.10 7.50% GOI - 10.08.34 State Bank of Mysore CD - 27.04.10 8.35% GOI - 14.05.22 Canara Bank CD - 17.09.09 7.40% GOI 2035 - 09.09.35 State Bank of Mysore CD - 26.02.10 8.20% OMC GOI Special Bond - 12.02.24 Current Asset/Liab Others Grand Total

Pension Gilt Fund 7.0% 9.8% 10.9% 18.1% 1.6% -0.6% 0.1%

Assets Under Management (in Rs. Lakhs) 2,096.62

% to Fund

Asset Class

% to Fund FD, CD, CP, Current Assets 11.90%

20.56% 10.68% 10.07% 9.86% 8.63% 7.50% 5.78% 5.59% 2.14% 1.91% 1.69% 1.59% 1.40% 1.38% 1.21% 0.99% 0.73% 0.72% 0.54% 0.33% 5.74% 0.94% 100.00%

G-Sec, Govt. Guaranteed Bonds & Tbills 88.10%

Debt Ratings Profile

Fixed Deposits 0.01% A1+ 0.17%

P1+ 4.88%

Govt & Govt Guaranteed Bonds 94.95%

Debt Maturity Profile 80% 70% 60% 50%

42.04%

40% 30% 20%

26.85% 17.22%

13.89%

10% 0%

<1 Year

1-3 Years

3-7 Years

7 Years & Above

Page 25

KOTAK DYNAMIC FLOATING RATE FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter

Dynamic Floating Rate Fund

Since Inception (7-Dec-04) 3 years 2 years 1 year 6 months 3 months 1 month

Debt Portfolio 9.39% GOI 02-July-2011 7.09% FCI 2010 HDFC Ltd Floater Mibor +195 bps PFC Floater Mibor +215 bps - 29.05.11 6.20% GOI UTI SPL Bonds - 03.02.10 LIC Housing Finance Ltd. Floater 2010 (IBMK +.55) REC Ltd CP - 20.04.10 7.27% GOI - 03.09.13 Axis Bank CD - 10.10.09 IDBI Bank CD - 02.09.09 91 Days T Bill - 16.10.09 Bank of Baroda -12.07.10 7% Oil Bond - 09.09.12 10.50% SBI 12042007 Aditya Birla Nuvo CP - 01.12.09 State Bank of Mysore CD - 27.04.10 IDBI Bank CD - 29.12.09 8.20% OMC GOI Special Bond - 12.02.24 10% Citi Fin Con Fin India Ltd - 27.09.10 10% HDFC - 19.03.10 Current Asset/Liab Others Grand Total

7.2% 7.9% 8.0% 9.3% 2.5% 1.0% 0.5%

Assets Under Management (in Rs. Lakhs) 1,166.78

Asset Class

% to Fund

% to Fund FD, CD ,CP, Current Assets 16.86%

22.02% 21.57% 9.65% 9.24% 8.49% 8.38% 4.83% 2.41% 2.15% 1.71% 1.70% 1.46% 1.21% 1.15% 0.58% 0.52% 0.42% 0.17% 0.00% 0.00% 2.33% 0.00% 100.00%

G-Sec, Govt. Guaranteed Bonds & Tbills 55.87%

NCD, Floaters, 27.28%

Debt Ratings Profile

P1+ 11.36% A1+ 0.59%

AAA 27.93%

Govt & Govt Guaranteed Bonds 58.94%

Fixed Deposits 1.18%

Debt Maturity Profile 80% 70%

64.11%

60% 50% 40%

32.01%

30% 20% 10% 0%

<1 yr

1-3 Yrs

3.70%

0.18%

3-7 Yrs

7 Years & Above

Page 26

KOTAK GUARANTEED FLOATING RATE FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter

Guaranteed Floating Rate Fund

Since Inception (7-Dec-04) 3 years 2 years 1 year 6 months 3 months 1 month

Debt Portfolio 7.09% FCI 2010 9.39% GOI 02-July-2011 PFC Floater Mibor +215 bps - 29.05.11 HDFC Ltd Floater Mibor +195 bps LIC Housing Finance Ltd. Floater 2010 (IBMK +.55) 6.20% GOI UTI SPL Bonds - 03.02.10 State Bank of Mysore CD - 27.04.10 Bank of Baroda -12.07.10 7.27% GOI - 03.09.13 IDBI Bank CD - 02.09.09 REC Ltd CP - 20.04.10 7% Oil Bond - 09.09.12 Aditya Birla Nuvo CP - 01.12.09 91 Days T Bill - 16.10.09 10.50% SBI 12042007 Axis Bank CD - 10.10.09 IDBI Bank CD - 29.12.09 8.20% OMC GOI Special Bond - 12.02.24 10% Citi Fin Con Fin India Ltd - 27.09.10 10% HDFC - 19.03.10 Current Asset/Liab Others Grand Total

Assets Under Management (in Rs. Lakhs)

7.2% 7.9% 8.0% 9.5% 2.5% 0.8% 0.6%

2,767.09

% to Fund

Asset Class

% to Fund

FD, CD ,CP, Current Assets 15.94%

24.79% 23.30% 9.94% 9.89% 8.08% 3.58% 2.93% 2.90% 2.75% 2.12% 1.88% 1.42% 0.94% 0.90% 0.68% 0.52% 0.36% 0.31% 0.00% 0.00% 2.71% 0.00% 100.00%

G-Sec, Govt. Guaranteed Bonds & Tbills 56.14%

NCD, Floaters, 27.91%

Debt Ratings Profile

P1+ 11.02%

A1+ 0.97%

AAA 28.69%

Fixed Deposits 0.70% Govt & Govt Guaranteed Bonds 58.63%

Debt Maturity Profile 80% 70%

61.23%

60% 50% 40%

34.16%

30% 20% 10% 0%

<1 Year

1-3 Years

4.29%

0.32%

3-7 Years

7 Years & Above

Page 27

KOTAK GROUP FLOATING RATE FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter

Group Floating Rate Fund

Since Inception (7-Dec-04) 3 years 2 years 1 year 6 months 3 months 1 month

Debt Portfolio 7.09% FCI 2010 9.39% GOI 02-July-2011 PFC Floater Mibor +215 bps - 29.05.11 HDFC Ltd Floater Mibor +195 bps 6.20% GOI UTI SPL Bonds - 03.02.10 LIC Housing Finance Ltd. Floater 2010 (IBMK +.55) Canara Bank CD - 17.09.09 Bank of Baroda -12.07.10 7.27% GOI - 03.09.13 State Bank of Mysore CD - 27.04.10 91 Days T Bill - 16.10.09 Axis Bank CD - 10.10.09 IDBI Bank CD - 02.09.09 7% Oil Bond - 09.09.12 Aditya Birla Nuvo CP - 01.12.09 REC Ltd CP - 20.04.10 IDBI Bank CD - 29.12.09 10.50% SBI 12042007 8.20% OMC GOI Special Bond - 12.02.24 10% Citi Fin Con Fin India Ltd - 27.09.10 Current Asset/Liab Others Grand Total

Assets Under Management (in Rs. Lakhs)

7.6% 8.4% 8.4% 9.7% 2.8% 1.1% 0.6%

1,320.50

% to Fund

Asset Class

% to Fund FD, CD ,CP, Current Assets 17.25%

22.27% 21.79% 9.82% 9.65% 8.74% 6.83% 2.98% 2.66% 2.45% 2.30% 1.88% 1.65% 1.30% 1.11% 0.72% 0.39% 0.33% 0.20% 0.08% 0.00% 2.84% 0.00% 100.00%

G-Sec, Govt. Guaranteed Bonds & Tbills 56.45%

NCD, Floaters, 26.30%

Debt Ratings Profile

P1+ 11.95%

A1+ 0.74% Fixed Deposits 0.20%

Govt & Govt Guaranteed Bonds 60.03%

AAA 27.07%

Debt Maturity Profile 80% 70%

63.71%

60% 50% 40%

32.54%

30% 20% 10%

3.67%

0.08%

3-7 Years

7 Years & Above

0%

<1 Year

1-3 Years

Page 28

KOTAK PENSION FLOATING RATE FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter

Pension Floating Rate Fund

Since Inception (7-Dec-04) 3 years 2 years 1 year 6 months 3 months 1 month

Debt Portfolio 9.39% GOI 02-July-2011 7.09% FCI 2010 6.20% GOI UTI SPL Bonds - 03.02.10 PFC Floater Mibor +215 bps - 29.05.11 HDFC Ltd Floater Mibor +195 bps LIC Housing Finance Ltd. Floater 2010 (IBMK +.55) 7% Oil Bond - 09.09.12 National Housing Bank CD - 19.11.09 REC Ltd CP - 20.04.10 182 day T Bill - 04.09.09 7.27% GOI - 03.09.13 State Bank of Mysore CD - 26.02.10 Axis Bank CD - 10.10.09 IDBI Bank CD - 02.09.09 Aditya Birla Nuvo CP - 01.12.09 IDBI Bank CD - 29.12.09 10.50% SBI 12042007 8.20% OMC GOI Special Bond - 12.02.24 10% Citi Fin Con Fin India Ltd - 27.09.10 10% HDFC - 19.03.10 Current Asset/Liab Others Grand Total

7.3% 8.0% 8.1% 9.3% 2.6% 0.7% 0.3%

Assets Under Management (in Rs. Lakhs) 931.98

% to Fund

Asset Class

% to Fund 26.52% 17.04% 11.53% 9.68% 9.67% 8.38% 5.04% 2.71% 2.50% 1.07% 0.89% 0.77% 0.57% 0.46% 0.27% 0.14% 0.08% 0.05% 0.00% 0.00% 2.65% 0.00% 100.00%

FD, CD ,CP, Current Assets 11.21% G-Sec, Govt. Guaranteed Bonds & Tbills 61.06%

NCD, Floaters, 27.73%

Debt Ratings Profile

P1+ 7.34% A1+ 0.28% AAA 28.48%

Govt & Govt Guaranteed Bonds 63.82%

Fixed Deposits 0.08%

Debt Maturity Profile 80% 70% 60%

56.68%

50%

37.18%

40% 30% 20% 10%

6.09%

0.05%

0%

<1 Year

1-3 Years

3-7 Years

7 Years & Above

Page 29

KOTAK GUARANTEED MONEY MARKET FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to protect capital and not have downside risks by investing in money market instruments.

Performance Meter Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

Debt Portfolio Axis Bank CD - 10.10.09 Current Asset/Liab Grand Total

Kotak Guaranteed Money Market

Assets Under Management (in Rs. Lakhs)

8.6% 11.0% 12.1% 12.2% 5.9% 2.9% 1.0%

22.70

% to Fund

Asset Class

% to Fund FD, CD, CP, Current Assets 100%

100.13% -0.13% 100.00%

Debt Ratings Profile

P1+ 100.00%

Debt Maturity Profile 100.00% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

<1 Year

Page 30

KOTAK GROUP MONEY MARKET FUND AS ON 31ST JULY 2009 Fund Strategy : Aims to protect capital and not have downside risks by investing in money market instruments.

Performance Meter Since Inception (1-Jul-03) 3 years 2 years 1 year 6 months 3 months 1 month

Debt Portfolio Axis Bank CD - 10.10.09 Current Asset/Liab Grand Total

Group Money Market Fund 8.5% 10.8% 11.8% 11.9% 5.7% 2.8% 0.9%

Assets Under Management (in Rs. Lakhs) 0.57

% to Fund

Asset Class

% to Fund

FD, CD, CP, Current Assets 100.00%

99.38% 0.62% 100.00%

Debt Ratings Profile

P1+ 100.00%

Debt Maturity Profile

100%

100.00%

90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

<1 Year

Page 31

Disclaimer : Though document is thoroughly researched & prepared by our fund experts. Kotak Life Insurance Ltd however makes no warranties, representations, promises or statements that the information contained herein is clear, correct, precise or accurate. This document has been prepared for the purpose of providing an overview of KLI funds without taking account of any particular investor's objectives, financial situation or needs. You are therefore requested not to substitute this document with any professional opinion/advice and to use your discretion basis your financial objectives..

Risk factors : • Unit Linked Life Insurance Products are different from traditional insurance products and are subject to the risk factors. • The premium paid in Unit Linked Life Insurance Products are subject to investment risk associated with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market and insured is responsible for his/her decisions. • Kotak Life Insurance is only the name of the Insurance Company and the specified Unit Linked funds do not in any way indicate the quality of the contract, its future prospects or returns. • Please know the associated risks and the applicable charges from your insurance agent or the intermediary or policy document of the insurer. • Past performance of any of the funds is not indicative of their future prospects or returns.

About Us : Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. The company is one of the fastest growing insurance companies in India and has shown remarkable growth since its inception in 2001. Kotak Mahindra Group believes in offering its customers a lifetime of value. A commitment that has made it a leading financial services group employing around 17,100 people in its various businesses and has a distribution network of 1,250 branches, franchisees, representative offices and satellite offices across 344 cities and towns in India and offices in New York, London, Dubai, Mauritius and Singapore. The Group services around 3.6 million customer accounts. Old Mutual plc is an international savings and wealth management company based in the UK. Originating in South Africa in 1845, it is among the top 50 largest companies in the FTSE100. The group has a balanced portfolio of businesses offering Asset Management, Life Assurance, Banking and General Insurance Services in over 40 countries, with a focus on South Africa, Europe and the United States, and a growing presence in Asia Pacific. Old Mutual plc employs approximately 53,000 employees worldwide and is listed on the London and Johannesburg stock exchanges. * Numbers are as on March 31, 2008.

Kotak Mahindra Old Mutual Life Insurance Ltd., Regn. No.107, Regd. Office: 9th Floor, Godrej Coliseum, Behind Everard Nagar, Sion (East), Mumbai - 400 022. Website: www.kotaklifeinsurance.com Email: [email protected]. Insurance is the subject matter of the solicitation.