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1 An L&T Financial Services Offering Put your investments into auto mode. Invest in the L&T Dynamic Equity Fund. call An open-ended equity growth fund. Please refer to last page for product labelling.

2 The catch-22 every investor faces is in deciding the allocation to various asset classes, especially equities. Should one increase the allocation when equities are rising? Should one switch to debt when equities fall? And when emotions drive investments, one can be sure of missing out on the best days. On the other hand, no investor wants to lose out due to volatile markets, much less the cautious investor. So the big question is how to benefit from the growth potential of equities and yet maintain significantly lower volatility, together? Introducing the L&T Dynamic Equity Fund The fund uses an active strategy to manage market volatility by balancing its equity exposure. In typical asset allocation funds, the objective is to maintain broadly a fixed allocation between equity and debt. However what makes the L&T Dynamic Equity Fund a unique offering from our product suite, is that the fund could change its equity component based on a pre-defined model (refer to illustration 2). Such a strategy could help participate in the long term growth potential of equities but with significantly lower volatility. Asset allocation model The fund follows a dynamic model that allocates its assets across equity, equity arbitrage and debt instruments using the Price-to-Earnings Ratio (P/E) of the Nifty 50. P/E is a valuation tool which is widely used to gauge the investment attractiveness of the stock market. The fund increases net equity allocation when the P/E of the market is low and vice versa. Historically, it has been seen that this kind of strategy has helped deliver superior risk-adjusted returns over the long term. This can be observed in illustration 3. The P/E bands and corresponding equity allocation have been clearly defined as shown in illustration L&T Dynamic Equity Fund allocation pattern 1 Instruments Indicative allocation (%) Risk Maximum Minimum profile Equity and equity related instruments Net long equity High Equity and equity derivatives 60 0 High (arbitrage opportunities Debt, Money Market Instruments Low and Government Securities (including CBLO/reverse repos and securitized debt) 2. P/E based asset allocation model Nifty 50 Unhedged Hedged Index equity equity weighted allocation allocation average P/E range Up to 14 70% to 80% 0 to 10% 14 to 16 60% to 70% 0 to 20% 16 to 18 50% to 60% 5% to 30% 18 to 20 40% to 50% 15% to 40% 20 to 22 30% to 40% 25% to 50% Above 22 20% to 30% 35% to 60% 3. Asset allocation model vs. Nifty year CAGR 5000 Nifty 50: 13.04% 4000 Asset allocation model: 13.79% Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Asset allocation model Nifty 50 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Source: ICRA MFIE, NSE, CRISIL. Based on 15-year data from 31-Dec-00 to 31-Dec-15. 1/3/5 year return calculated at the end of each month. For asset allocation model calculation, the average of the upper and lower limit of equity allocation range for each P/E band is used; rebalancing is done at each month end. Volatility is calculated using month end data points. Equity allocation in the asset allocation model is assumed to be in Nifty 50 and rest is assumed to be invested in CRISIL-AMFI Liquid Fund Performance Index. Rebased to Transaction costs not considered. Past performance may or may not be sustained in the future. This is only for illustration purposes and advice should be obtained from investment advisers before making an investment.

3 4. Asset allocation based on this model for the past 15 years Investing decisions are often driven by emotions such as greed and fear. In the chart below, it can be seen that equity mutual funds have historically seen maximum gross inflows when the market is at or near its peak and vice versa. On the other hand, equity allocation in a P/E based asset allocation would have been quite low near market peaks and would increase when valuations are cheap as indicated. Rs. crore 80% 70% 60% 50% 40% 30% 20% 10% 0% Equity exposure increased as mkt corrected sharply Low equity exposure at 2007/08 peak Low equity exposure before correction Low equity exposure before correction Increased equity allocation after correction Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Source: ICRA MFIE, NSE. Based on 15-year data from 31-Dec-00 to 31-Dec-15. Past performance may or may not be sustained in the future. This is only for illustration purposes. Equity allocation Gross equity MF flows (RH) Nifty 50 (RH) Key Benefits Thrifty investing style Takes advantage of participating in higher equity allocation when market valuations are low and reduces equity allocation when they are high Lower risk, aims for better returns Benefit from the growth potential of equities with significantly lower volatility No need to time the markets The asset allocation model helps investors benefit by dynamically changing net equity allocation based on P/E Ideal for cautious investors Could be suitable for those who are looking to limit downside risk when markets fall Tax-efficient returns Since investments in equities are tax-free if held beyond 1 year Performance of L&T Dynamic Equity Fund Vs. Benchmarks 2 Period LTDEF Benchmark 3 S&P BSE Growth (%) (%) Sensex 4 (%) Absolute returns 30/09/15-30/09/ /09/14-30/09/ /09/13-30/09/ CAGR PTP returns 5 (in `) Since Inception /02/11 20, , , This material is only for distributors and not for investors and excludes performance of direct plans. For complete performance details please refer to the factsheet. 3 50% - S&P BSE-200 Index and 50% - CRISIL Short Term Bond Fund Index. 70% - S&P BSE 200 Index, 20% - Gold Prices and 10% - CRISIL Short Term Bond Fund Index. 4 Standard Benchmark. As per the SEBI standards for performance reporting, the since inception return is calculated on NAV of `10 invested at inception. CAGR is compounded annualised. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. 5 Point to Point (PTP) Returns in INR show the value of `10,000/- invested. The fund managers for the scheme are Mr. S. N. Lahiri, Mr. Praveen Ayathan and Mr. Jalpan Shah. The performance (as on ) of all the schemes managed by Mr. S. N. Lahiri, Mr. Praveen Ayathan and Mr. Jalpan Shah is shown below.

4 Funds managed by S. N. Lahiri Absolute Returns (Period) Since Inception 30/09/15 30/09/14 30/09/13 Scheme CAGR PTP to to to Inception Returns Returns 5 30/09/16 30/09/15 30/09/14 Date (%) (in `) L&T Emerging Businesses Fund (G) NA 12/05/14 NA NA S&P BSE Small Cap NA NA NA S&P BSE SENSEX NA NA NA L&T Midcap Fund (G) /08/ ,03, Nifty Free Float Midcap , S&P BSE SENSEX , L&T Infrastructure Fund (G) /09/ , Nifty , S&P BSE SENSEX , L&T Tax Advantage Fund (G) /02/ , S&P BSE , S&P BSE SENSEX , L&T India Prudence Fund (G) /02/ , Benchmark , S&P BSE SENSEX , L&T Equity Fund (G) /05/ , S&P BSE , S&P BSE SENSEX , L&T India Special Situations Fund (G) /05/ , S&P BSE , S&P BSE SENSEX , Funds managed by Praveen Ayathan L&T Equity Savings Fund (G)** /10/ , CRISIL MIP Blended Index , CRISIL 10 Yr Gilt Index , L&T Arbitrage Opportunities Fund (G) NA 30/06/14 NA NA CRISIL Liquid Fund Index NA NA NA CRISIL 1 Yr T-Bill Index NA NA NA Funds managed by Jalpan Shah L&T Gilt Fund (G) /03/ , I-SEC Composite Gilt Index NA NA CRISIL 10 Yr Gilt Index NA NA L&T Flexi Bond - Retail (G) /08/ , CRISIL Composite Bond Fund Index , CRISIL 10 Yr Gilt Index , L&T Banking and PSU Debt Fund - Retail (G) /09/ , CRISIL Short Term Bond Fund Index , CRISIL 1 Yr T-Bill Index , L&T Ultra Short Term Fund-Reg (G) /11/ , CRISIL Liquid Fund Index NA NA CRISIL 1 Yr T-Bill Index , L&T Short Term Opportunities Fund (G) /12/ , CRISIL Short Term Bond Fund Index , CRISIL 1 Yr T-Bill Index , L&T Monthly Income Plan (G) /07/ , CRISIL MIP Blended Index , CRISIL 10 Yr Gilt Index , L&T Liquid Fund-Reg (G) /10/ , CRISIL Liquid Fund Index NA NA CRISIL 1 Yr T-Bill Index , L&T Cash Fund-Retail (G) /11/ , CRISIL Liquid Fund Index , CRISIL 1 Yr T-Bill Index , L&T Equity Savings Fund (G) /10/ , CRISIL MIP Blended Index , CRISIL 10 Yr Gilt Index , This material is only for distributors and not for investors and excludes performance of direct plans. For complete performance details please refer to the factsheet. Past performance may or may not be sustained in the future. 4 Standard Benchmark Note: As per the SEBI standards for performance reporting, the since inception return is calculated on NAV of `10/- invested at inception. CAGR is compounded annualised. Date of inception is deemed to be date of allotment. 5 Point to Point (PTP) Returns in INR show the value of `10,000/- invested. 6 70% - S&P BSE 200 Index and 30% - CRISIL Short Term Bond Fund Index. 7 There has been a change to the fundamental attributes of L&T MIP - Wealth Builder Fund w.e.f. January 9, 2015 and consequently is now an equity fund. Performance shown is of L&T MIP - Wealth Builder Fund.

5 Fund Facts Objective Options Asset allocation To seek to generate long term capital appreciation from a diversified portfolio of equity and equity-related securities and to generate reasonable returns by investing in a portfolio of debt and money market instruments and arbitrage opportunities in the cash and derivatives segments of the equity markets Growth and Dividend option (Reinvestment and Payout) 65% - 80% in equity and equity-related instruments A1: 20% - 80% in net long equity A2: 0% - 60% in equity and equity derivatives (arbitrage opportunities) 20% - 35% in debt, money market and government securities (including CBLO/reverse repos and securitised debt) Lump sum Minimum application amount Additional investment `5,000 per application `1,000 per application SIP Minimum instalment amount `500 Minimum number of instalments 6 (Monthly) or 4 (Quarterly) Minimum aggregate amount `3,000 Load structure Entry load Nil Exit load For redemption within 1 year 1% of applicable NAV (From date of allotment or purchase applying First-in First-out basis) Fund managers Benchmark SIP/SWP/STP S.N. Lahiri with a total experience of 26 years (investments in equity and equity-related instruments) Praveen Ayathan with an experience of 23 years (investments in equity and equity-related instruments) Jalpan Shah with 11 years of experience (investments in debt and debt related instruments) 50% S&P BSE 200 and 50% CRISIL Short Term Bond Fund Index Available Why invest with L&T Mutual Fund? The aim of L&T Mutual Fund is to create prosperity for all stakeholders by delivering consistent long-term investment performance, product innovation and quality service Our commitment to answering different customer needs has resulted in a range of funds that span asset classes, risk profiles, time horizons and geographies We build our investments on a foundation of in-depth research and fundamental analysis. GEM, our proprietary investment process comprises three rigorous steps - Generation of ideas, Evaluation of companies and Manufacturing and monitoring of portfolios With close to 9,40,000 customer account folios across 375 cities and towns and over `32,000 crores in managed assets 8, we remain dedicated to building our customers futures call For complete details please refer to the Scheme Information Document (SID). 8 Average assets. Data for the quarter ended September 30, Equity component/allocation refers to unhedged equity exposure. Low Moderately Riskometer Moderate Moderately High This product is suitable for investors who are seeking* Long term capital appreciation and generation of reasonable returns Investment in equity and equity-related instruments, derivatives and debt and money market instruments *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Low LOW HIGH Investors understand that their principal will be at moderately high risk High Mutual Fund investments are subject to market risks, read all scheme related documents carefully. CL03708