CRISIL MUTUAL FUND RANKING

CRISIL MUTUAL FUND RANKING CRISIL Mutual Fund Ranks for the quarter ended June 30, 2010 First time entrants lead CRISIL Mutual Fund Ranking First time entrants in the equity category bagged the top ranks in the latest CRISIL Mutual Fund Ranking, earlier known as CRISIL~CPR, announced for the quarter ended June 2010. The equity category saw 10 new entrants, viz., six funds in the Diversified Equity category and two funds each in the Large Cap and Small & Midcap Equity categories. Three out of the six new entrants in the Diversified Category - Mirae Asset India Opportunities Fund, Morgan Stanley A.C.E. Fund and Quantum Long-Term Equity Fund - bagged CRISIL Fund Rank 1. DSP Black Rock Micro Cap Fund, a new entrant, claimed CRISIL Fund Rank 1 in the Small & Midcap category. First time entrants in the equity category include those funds that have satisfied the minimum eligibility criteria viz, two years in existence and minimum average assets under management (AUM) cut off. The toppers scored high on the risk-adjusted returns parameter in comparison to their category peers. During March 2009, when the Sensex was at 8000 levels, the equity allocations of top ranked new entrants in the Diversified Equity category was above 90 per cent as compared to 80 per cent of its peers. So when the markets rebounded from the lows of March 2009, the call of higher equity allocations of these funds paid rich dividends and the rest of the funds had to play catch up. At the fund house level, Birla Sun Life Mutual Fund led the tally of top ranked funds with a total of eleven funds under CRISIL Fund Rank 1, closely followed by HDFC Mutual Fund and Reliance Mutual Fund with ten and nine funds under CRISIL Fund Rank 1, respectively. CRISIL s fund rankings covered 436 open-ended funds accounting for 80 per cent of the average assets managed by Indian mutual funds in June 2010. CRISIL s analysis has revealed that Small and Midcap funds have outperformed Large Cap & Diversified Equity funds during the quarter ended June 2010. Small and Midcap funds gave an average return of 6.75 per cent as compared to 2.76 per cent for Large Cap funds and 3.92 per cent for Diversified Equity funds. At the same time, long term Income funds with higher maturities of 3-5 years gave superior returns of about 2.14 per cent as compared to 1.85 per cent for the peer average. A unique feature of CRISIL s Mutual Fund Ranking is that unlike most other ranking models that are purely based on returns or net asset value (NAV), CRISIL uses a combination of NAV and portfolio-based attributes for evaluation. By capturing portfolio-based risks, CRISIL brings in a forward looking element into the rankings which makes them more robust. CRISIL s fund ranking framework provides a single-point analysis of mutual funds taking into consideration all factors, such as risk-adjusted returns, asset concentration, liquidity, asset quality and asset size, that are important to evaluate a fund s performance. The ranking also include categories that specifically focus on long term consistency in performance. The ranks are assigned on a scale of 1 to 5, with CRISIL Fund Rank 1 indicating Very Good Performance. In any peer group, the top ten percentile of funds are ranked as CRISIL Fund Rank 1 and the next CRISIL Mutual Fund Ranking June 2010 Page 1 of 45

twenty percentile are ranked as CRISIL Fund Rank 2. Investors can use the CRISIL Fund Ranking, which is available on www.crisilfundservices.com, as a tool to support their investment decisions. The rankings are updated on a quarterly basis. Mutual fund industry highlights 8.5 Net Inflows (Rs billion) Industry Average AUM (Rs trillion) 2200 AAUM Rs trillion 8.0 7.5 7.0 1400 600-200 -1000 6.5-1800 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Net Inflows Rs billion The mutual fund industry s average assets under management (AUM) fell for the second consecutive quarter in June to its lowest level in past 11 months at Rs 6.78 trillion (including fund of funds). The average AUM plunged by nearly 10 per cent in the quarter ended June and from Rs 7.49 trillion in March 2010. Earlier in the period, the average AUM had reached a high of Rs 8.05 trillion in May but plunged in June due to large-scale withdrawals from debt funds. Mutual Funds witnessed the second highest monthly decline in average AUM in June (down 16 per cent) since October 2008, when average AUM had dropped over 18 per cent. Though these outflows are typical at every quarter end (when banks and corporates withdraw their mutual fund investments to meet their quarter end requirements), but a liquidity squeeze in the banking system also contributed to the fall this time. Liquidity was under pressure due to quarterly advance tax outflows and payments towards the third-generation wireless telephony (3-G) and Broadband Wireless Spectrum auctions. Around Rs 300 billion moved out of the system in the first half of June on account of corporate advance tax in addition to the Rs 1.06 trillion as payments towards 3-G and broadband auction payments during May and June combined. As per the latest data available with the RBI, banks investments in mutual funds fell to Rs 191 billion as of July 2, 2010 vis-à-vis Rs 1060 billion as of April 9, 2010. CRISIL Mutual Fund Ranking June 2010 Page 2 of 45

The quarter under review saw extreme volality with mutual funds witnessing the highest-ever inflows of Rs 1.86 trillion in April 2010 as well as large scale redemptions (to the tune of Rs 1.19 trillion) in June. Overall there were net inflows of Rs 35 billion during the quarter under review as compared to the net outflows of Rs 586 billion in the March quarter. Consequently, the month-end AUM of mutual funds rose by nearly 3 per cent over the quarter led by mark to market gains and marginal inflows. A three-fourth of rise in the month-end AUM was contributed by mark to market gains while around one-fourth of rise in AUM was due to net inflows. Most of the inflows during the quarter were witnessed in income funds (predominantly ultra short term debt schemes). Income funds recorded net inflows of Rs 83 billion in the quarter ended June vis-à-vis net outflows of Rs 535 billion in the previous quarter. Marginal inflows were also seen in Exchange Traded Funds (ETFs), Gold ETFs and Balanced funds. Liquid Funds, however, continued to witness redemption and saw outflows to the tune of Rs 30 billion in the June quarter. Equity funds followed with redemptions of over Rs 15 billion in the quarter as compared to net inflows of over Rs 17 billion in the previous quarter. This year, equity funds have exhibited high volatility with the category witnessing three months of inflow and three months of ouflow in the calendar year. Debt-oriented funds (income, liquid, gilt funds) continued to dominate the mutual funds assets spectrum with 65 per cent share. New fund offerings (NFOs) declined during the quarter ended June as just 45 new schemes were launched in the quarter compared to 95 offerings in the previous one. Mutual funds mobilised Rs 96 billion via NFOs in this quarter compared to Rs 198 billion in the previous quarter. Income oriented scheme issuances dominated the NFOs with 36 of the 45 funds belonging to this category. These 36 funds mobilised Rs 84 billion. Fixed Maturity Plans or FMPs dominated the income fund issuances with 29 FMPs being launched during the quarter garnering Rs 55 billion. A look at SEBI data showed that mutual funds sold equities worth Rs 24 billion in the quarter ended June compared to net selling of Rs 61 billion in the March quarter. On the debt side, mutual funds were net buyers to the tune of Rs 431 billion in the June quarter compared to net buying of Rs 340 billion in the March-ended quarter. Over the quarter only 13 out of 39 fund houses saw a growth in their average AUM. IDBI Mutual Fund forayed into the mutual fund space with average AUM of Rs 280 million in June. Reliance Mutual Fund remained the largest fund house by asset size but its average AUM fell over 8 per cent to Rs 1.01 trillion. HDFC Mutual Fund had breached Rs 1 trillion in average AUM after a gap of 5 months in May but its average AUM fell by 2.4 per cent over the quarter to Rs 866 billion in June. ICICI Prudential Mutual Fund occupied the third spot and its average AUM fell from Rs 810 billion in March to Rs 738 billion in June (down nearly 9 per cent). UTI Mutual Fund and Birla Sun Life Mutual Fund followed with an average AUM of Rs 644 billion (down around 20 per cent) and Rs 631 billion (up 1.2 per cent) respectively. The share of top 5 mutual funds assets remained at 57 per cent compared to a year ago period while the share of top 10 funds assets increased from 78 per cent in June 2009 to around 80 per cent in June 2010. Among key gainers, Franklin Templeton Mutual Fund and L&T Mutual Fund saw the highest quarterly growth of Rs 14 billion and Rs 12 billion respectively in average AUM to Rs 355 billion and Rs 37 billion respectively. In percentage terms, Peerless Mutual Fund s average AUM grew three-fold from Rs 3 billion in March to Rs 9 billion in June. CRISIL Mutual Fund Ranking June 2010 Page 3 of 45

Among regulatory developments, SEBI (Securities and Exchange Board of India) extended the deadline for valuation norms for debt and money market instruments held by mutual funds to August 1 from July 1 earlier. However, it said that those mutual funds that voluntarily propose to implement the valuation methodology before August 1 will be permitted to do so. Further, SEBI asked fund houses to disclose their dividend payouts in rupee terms, instead of percentage-wise. SEBI capped total expenses for fund of fund schemes (FoF) at 2.5 per cent of average assets, which will include fund management fees not exceeding 0.75 per cent and charges levied by target or master fund. SEBI asked mutual funds to benchmark the performance of their equity schemes primarily with the BSE Sensex or the S&P CNX Nifty, along with the index chosen by the fund house. Besides, SEBI said that no business house without at least five years of experience in financial services will be permitted to own stake in an AMC. AMFI stated that trail commissions entitled in case of transferred mutual fund accounts (which have moved from one distributor to another) be put in an investor education fund. Further, AMFI asked the mutual fund industry to organise around 200 investor awareness programmes (4 to 5 programmes each across 39 players) in a month. On another front, AMFI discontinued its mutual fund certification programme from June 1 and now National Institute of Securities Markets (NISM), a division of SEBI, will conduct the same. SEBI said that any mutual fund distributor whose AMFI certification expired during June 1-December 31 would be given time until December 31 to pass the Continuing Professional Education exam conducted by the NISM. On the NPS (New Pension System) front, according to the revised proposal in the Direct Taxes Code, taxes on withdrawals from the NPS would be scrapped. Among other news, Pramerica Mutual Fund received SEBI's final approval to start operations. Sundaram Finance decided to acquire partner BNP Paribas Asset Management's 49.9 per cent stake in the AMC and the trustee company. Vijaya Bank, Punjab National Bank and Principal Financial Group, Mauritius restructured their joint venture arrangements; the two public sector partner banks would continue to support Principal PNB AMC for a period of three years. IDFC planned to rope in a global fund manager as a strategic partner and sell 26 per cent stake in its asset management arm. CRISIL Mutual Fund Ranking June 2010 Page 4 of 45

CRISIL Mutual Fund categories 1. Large cap-oriented equity funds 2. Diversified equity funds 3. Small and mid-cap equity funds 4. Equity Linked Savings Scheme 5. Infrastructure funds 6. Index funds 7. Income funds 8. Income short 9. Balance funds 10. Liquid funds 11. Liquid funds - Institutional 12. Liquid funds - Super institutional 13. Gilt funds - Long 14. Monthly income plan - Aggressive 15. Monthly income plan - Conservative 16. Ultra short-term debt funds 17. Ultra short-term debt funds - Institutional 18. Ultra short-term debt funds - Super institutional 19. Consistent Rank Performers - Equity funds 20. Consistent Rank Performers - Balanced funds 21. Consistent Rank Performers - Debt funds 22. Consistent Rank Performers - Liquid funds CRISIL Mutual Fund Ranking category definitions Rankings category CRISIL Fund Rank 1 CRISIL Fund Rank 2 CRISIL Fund Rank 3 CRISIL Fund Rank 4 CRISIL Fund Rank 5 Interpretation Very good performance (top 10 percentile of the universe)* Good performance Average performance Below average performance Relatively weak performance *If the top 10 percentile figure is not an integer, the same is rounded off to the next integer. The same approach is adopted for CRISIL Fund Rank 2 (11 th to 30 th percentile), CRISIL Fund Rank 5 (last 91 st to 100 th percentile) and CRISIL Fund Rank 4 (71 st to 90 th percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster. CRISIL Mutual Fund Ranking June 2010 Page 5 of 45

Equity markets overview Domestic stock markets ended higher for the sixth successive quarter with the BSE Sensex and the S&P CNX Nifty gaining 1 per cent in the latest quarter on back of positive domestic cues and foreign institutional buying. Strong GDP and industrial data, encouraging first quarter corporate earnings and robust collection by the government from Broadband Wireless Access and 3G spectrum auctions (where the government netted around Rs 1.06 trillion) helped the markets. Also supporting the markets was the reconciliation between the Ambani brothers over the 2006 non-compete agreement and reports that Reliance Industries (RIL) has bought a substantial stake in Infotel Broadband Services, which has bagged all the 22 circles in Broadband Wireless Auction. Intermittent positive overseas cues such as China agreeing for a more flexible currency policy also helped the markets. Stocks had also risen due to a rise in RIL and RNRL shares on expectations of further co-operation between the two companies but lack of a concrete announcement disappointed investors. Over the quarter, foreign institutional investors (FIIs) were net buyers to the tune of Rs 104 billion in the equity market compared with a net buying of Rs 198 billion in the quarter ended March. Gains were curtailed, though, on concerns over the European debt crisis after Fitch downgraded Spain and S&P cut Greece's debt rating to "junk", in addition to downgrading Portugal. Fears that China's economy may grow at a slower pace after the Conference Board revised the economic outlook of the country downwards also affected sentiments. Among negative domestic cues, concerns over steep valuations after benchmark indices breached important levels, prompted investors to reduce exposure. On the sectoral front, BSE FMCG index emerged as the topper, up 14 per cent over the quarter, as defensive buying was seen in volatile times. ITC was the fifth largest gainer on the Nifty over the quarter, rising 16 per cent while Hindustan Unilver rose 11.7 per cent. BSE Consumer Durables (CD) Index followed the FMCG index, returning over 12 per cent, as BSE CD index heavyweight Titan Industries rose 29 per cent over the quarter. BSE Auto Index was up 8.5 per cent in the quarter ended June as auto sales remained robust throughout. M&M gained almost 16 per cent and figured among top 10 gainers on the Nifty. BSE Oil&Gas Index was up 7 per cent in the period with oil shares getting a boost in latter half of June after the government decided to adopt a market-determined pricing policy for petrol and decided "in principle" to free diesel prices. BPCL was the top gainer of the quarter on the Nifty, rising 28 per cent, followed by ONGC, which rose over 20 per cent. In a major development, the government made it mandatory to have at least 25 per cent public holding in listed companies. It said that companies whose draft offers have been filed with SEBI would be able to go ahead with their issues and comply with the new norms by divesting 5 per cent shares every year. For PSUs, government said that it might consider changes in the announced norms for the minimum 25 per cent public holding in listed companies, if the need arises. SEBI tightened disclosure norms for listed companies, making it mandatory for them to detail balance sheet as a note to half-yearly results within 45 days from half-year end. SEBI cut the gap between issue closure and listing to 12 days from up to 22 days for all public issues opening on or after May 1, 2010. SEBI extended the applications supported by blocked amount (ASBA) facility to Qualified Institutional Buyers (QIBs) for all issues from May 1, 2010. It also said that companies can now close their public issues on different days for QIBs and retail investors, and asked institutional investors to pay upfront 100 per cent money in primary issues, CRISIL Mutual Fund Ranking June 2010 Page 6 of 45

just like the retail investors. Meanwhile, SEBI allowed the BSE and the NSE to introduce option contracts on the Sensex and the Nifty of tenure up to five years. It also permitted stock exchanges to introduce derivative contracts on the Volatility Index subject to some conditions. Category-wise performance Large cap-oriented schemes In this category, 31 schemes qualified for rankings with two new entrants, namely, ICICI Prudential Focused Bluechip Equity Fund and Reliance Quant Plus Fund on meeting the inception criteria. Ranked schemes in the large-cap category returned an average 2.76 per cent gain over the quarter, higher than the 1.2 per cent gain posted by the benchmark S&P CNX Nifty during the same period. In the CRISIL Fund Rank 1 cluster, Birla Sun Life Frontline Equity Fund - Plan A and Fidelity India Growth Fund maintained their ranks, while HDFC Top 200 Fund and Principal Large Cap Fund moved up one notch from the previous quarter. All the schemes in the CRISIL Fund Rank 1 cluster performed well on the Superior Return Score (SRS) parameter, which has a 75 per cent weightage in the ranks. The SRS is the relative measure of the return and risk for a scheme in comparison with other schemes in the peer group. Birla Sun Life Frontline Equity Fund - Plan A had 57 stocks in its June 2010 portfolio, accounting for 93 per cent of the total corpus. Additionally, the scheme had exposure in Nifty futures to the tune of 3.4 per cent of the portfolio. The scheme s top holdings were Reliance Industries (4.75 per cent of AUM), Infosys Technologies (4.27 per cent of AUM), Tata Consultancy Services (3.63 per cent of AUM), Oil and Natural Gas Corporation (3.60 per cent of AUM) and State Bank of India (3.2 per cent of the AUM). Among the top stock market gainers in the portfolio over the quarter were Hindustan Petroleum Corporation (up 47.5 per cent), ING Vysya Bank (up 29 per cent) and Lanco Infratech (up 28 per cent). There were four new stock entrants during this period, aggregating around 3.5 per cent of the latest portfolio. Besides, the scheme also sought exposure to Index (Nifty) futures during the quarter. Key stock entrants were Yes Bank, Standard Chartered Bank and Maruti Suzuki India. At the sector level, banks had the highest exposure of 16 per cent of AUM followed by Computers - software and power at around 10 per cent and 7 per cent of AUM, respectively. HDFC Top 200 Fund had 65 stocks in its June portfolio, accounting for around 99 per cent of the total corpus. The scheme s top holdings were State Bank of India (around 7 per cent of the AUM), Infosys Technologies (around 6 per cent of AUM), Oil and Natural Gas Corporation (around 5 per cent of AUM), Larsen & Toubro and ICICI Bank (4 per cent of the AUM each). Among the top stock market gainers in the portfolio over the quarter were Hindustan Petroleum Corporation (up 47.5 per cent), Indian Oil Corporation (up 36 per cent) and Dabur India (up 32 per cent). There were three new stock entrants during this period, aggregating over 2 per cent of the latest portfolio. The new stocks were Sterlite Industries (India), Petronet LNG and Asea Brown Boveri. At the industry front, banks had the highest exposure of around 20 per cent of AUM followed by pharmaceuticals and computers - software at over 8 per cent each. Principal Large Cap Fund s portfolio comprised 47 stocks, accounting for over 96 per cent of the AUM. The scheme s top holdings were Reliance Industries (around 6 per cent of the AUM), CRISIL Mutual Fund Ranking June 2010 Page 7 of 45

Infosys Technologies (around 5 per cent of AUM), SBI (around 4 per cent of the AUM), Bajaj Holdings & Investment and Cipla (3 per cent of AUM each). Among the top stock market gainers in the portfolio over the quarter were Indian Oil Corporation (up 36 per cent), Dabur India (up 32 per cent) and Godrej Consumer Products Ltd (up 32 per cent). The scheme added 3 new stocks during this period namely, Reliance Infrastructure, Grasim Industries Limited and Sun T V Network Ltd and accounted for 3 per cent of the latest portfolio. On the sector level, banks had the highest exposure of around 12 per cent of AUM followed by pharmaceuticals at around 10 per cent and refineries/marketing at 8 per cent. CRISIL Fund Rank 2 cluster comprised of 7 schemes with SBI Magnum Equity Fund and UTI Mastershare Unit Scheme moving up by one notch to the cluster. SBI Magnum Equity Fund s portfolio had 33 stocks, accounting for over 98 per cent of the total corpus. The scheme had top holdings in Bharat Heavy Electricals (7.4 per cent of the AUM), Reliance Industries (7.3 per cent of AUM), ICICI Bank (5.1 per cent of the AUM), Larsen & Toubro (5 per cent of AUM) and SBI (around 4 per cent of AUM). Among the top stock market gainers in the portfolio over the quarter were Bharat Petroleum Corporation (up 28 per cent), Reliance Infrastructure (up 20 per cent) and ITC Ltd. (up 16 per cent). There were six new stock entrants during this period, aggregating around 14 per cent of the latest portfolio. Among them were Oil & Natural Gas Corporation, Dr. Reddys Laboratories and Kotak Mahindra Bank On the sector level, banks had the highest exposure of around 16 per cent of AUM followed by refineries/marketing at around 10 per cent and power at around 8 per cent. UTI Mastershare Unit Scheme s portfolio comprised 45 stocks, accounting for 95 per cent of the total corpus. The scheme s top holdings included Infosys Technologies (7.5 per cent of the AUM), Reliance Industries (6 per cent of AUM), Larsen & Toubro (around 5 per cent of AUM), Housing Development Finance Corporation (4.6 per cent of the AUM), and Tata Consultancy Services (4.3 per cent of AUM). Key stock gainers in the portfolio over the quarter were Hindustan Petroleum Corporation (47.5 per cent), SKF India (37 per cent) and Dish T V India (30 per cent). There were three new stock entrants during this period, aggregating 1.2 per cent of the latest portfolio. It included, Bharti Airtel, Samruddhi Cement and Nitesh Estates. On the sector level, it had the highest exposure to banks at around 15 per cent of AUM followed by computers software (12 per cent of the AUM) and refineries/marketing at around 11 per cent. Average equity holding among ranked schemes in the category remained almost the same at 95 per cent as of June 2010 as compared to the previous quarter. According to CRISIL's Popularity Index for June 2010, Reliance Industries continued to be the most popular stock in this category followed by Infosys Technologies, ICICI Bank, Larsen & Toubro, and ITC. Banks continued to be the most sought-after industry with fund managers in this category followed by computers - software, refineries/marketing, power equipment and power. CRISIL's Popularity Index measures the propensity of a fund manager to invest in a particular company/industry. The propensity is measured on the percentage holding of a scheme in a particular company/industry. CRISIL Mutual Fund Ranking June 2010 Page 8 of 45

CRISIL Mutual Fund Ranking Large cap-oriented equity category - quarter ended June 30, 2010 Timeframe - 2 years (July 1, 2008 to June 30, 2010) Equity diversified schemes In the equity diversified category, 74 schemes were eligible for ranking. Diversified equity funds outperformed the broader S&P CNX 500 index. Ranked schemes in the category gained an average of 3.92 per cent over the quarter vis-à-vis a 2.5 per cent rise in the S&P CNX 500 index. The CRISIL Fund Rank 1 cluster comprised eight schemes namely, Reliance Equity Opportunities Fund, Birla Sun Life Dividend Yield Plus, Fidelity Equity Fund, HDFC Equity Fund, Mirae Asset India Opportunities Fund, Morgan Stanley A.C.E. Fund, Quantum Long- Term Equity Fund and UTI Dividend Yield Fund. Among these, Fidelity Equity Fund moved up one notch to the top cluster. Mirae Asset India Opportunities Fund, Morgan Stanley A.C.E. Fund and Quantum Long-Term Equity Fund were the new entrants in CRISIL Fund Rank 1 cluster with the first two qualifying on account of meeting the inception date, while the third one qualified on meeting the AUM criteria. All the schemes in the CRISIL Fund Rank 1 cluster did well on the SRS parameter, which has a 75 per cent weightage in the rankings. CRISIL Mutual Fund Ranking June 2010 Page 9 of 45

Reliance Equity Opportunities Fund had a portfolio comprising 33 stocks, aggregating over 94 per cent of the June 2010 AUM. The scheme s highest exposure was in Divis Laboratories (5.5 per cent of the AUM) followed by Aventis Pharma and Trent (5 per cent of the AUM each). Key stock gainers over the quarter were Shoppers Stop (up 43 per cent), Phoenix Mills (up 17 per cent) and Cummins India (up 16 per cent). During the quarter, the scheme included four new stocks in its portfolio namely, Dish T V India, Hathway Cable & Datacom, Coromandel International and Motor Industries, accounting for over 5 per cent of its June 2010 AUM. On the industry front, pharmaceuticals had the highest exposure, accounting for 14 per cent of AUM followed by retailing (9 per cent) and banks (7.5 per cent). Birla Sun Life Dividend Yield Plus portfolio consisted of 58 stocks, aggregating around 96 per cent of its June 2010 AUM. The scheme s highest exposure was in Oil & Natural Gas Corporation (4.2 per cent of the AUM) followed by Wyeth (3.8 per cent of the AUM) and GlaxoSmithKline Consumer Healthcare (3.6 per cent of the AUM). Hindustan Petroleum Corporation (up 47.5 per cent), Indian Oil Corporation (up 36 per cent) and Berger Paints India (up 31 per cent) were key gainers over the quarter. During the quarter, the scheme included ten new stocks in its portfolio such as Coromandel International, Standard Chartered Bank (IDR), Phillips Carbon Black etc. accounting for over 12 per cent of its June 2010 AUM. On the industry front, banks had the highest exposure, accounting for 14 per cent of AUM followed by pharmaceuticals (around 9 per cent) and oil exploration (5.5 per cent). HDFC Equity Fund s portfolio consisted of 62 stocks, aggregating over 99 per cent of the June 2010 AUM. The scheme s highest exposure was in State Bank of India (7.5 per cent of the AUM) followed by Oil & Natural Gas Corporation (6.7 per cent of the AUM) and Titan Industries (around 4 per cent of the AUM). Among key gainers over the quarter were Titan Industries (up 28.5 per cent), Bharat Petroleum Corporation (up 28 per cent) and Savita Chemicals (up 26.5 per cent). During the quarter, the scheme included six new stocks in its portfolio namely, Bharti Airtel, Tata Motors, Mahindra & Mahindra, Hindustan Petroleum Corporation, Standard Chartered Bank and Indian Oil Corporation, which accounted for 7 per cent of its latest AUM. On the industry front, banks had the highest exposure, accounting for 18 per cent of AUM followed by pharmaceuticals (around 10 per cent) and oil exploration (around 9.5 per cent). Mirae Asset India Opportunities Fund s portfolio comprised 54 stocks, aggregating over 96 per cent of the June 2010 AUM. The scheme s highest exposure was in ICICI Bank and Reliance Industries (4.6 per cent of the AUM each) and HDFC Bank (4.4 per cent of the AUM). Among the key quarterly stock gainers were Globus Spirits and Bajaj Auto (up around 23.5 per cent each), and Rural Electrification Corporation (up 22 per cent). During the quarter, the scheme included ten new stocks in its portfolio, which accounted for 15 per cent of its June 2010 AUM. Some of the new entrants included Maruti Suzuki India, Zee Entertainment Enterprises, Federal Bank, Crompton Greaves and Yes Bank. On the industry front, banks had the highest exposure, accounting for 18 per cent of AUM followed by pharmaceuticals (around 9 per cent) and computers - software (around 7 per cent). Morgan Stanley A.C.E. Fund s portfolio was spread across 49 stocks, aggregating around 94 per cent of the June 2010 AUM. The scheme s highest exposure was in Infosys Technologies (6 per cent of the AUM), Reliance Industries (4.5 per cent of the AUM) and Oil & Natural Gas Corporation (around 4 per cent of the AUM). Among key quarterly stock gainers were Shoppers Stop (up around 43 per cent), Sterlite Technologies (up around 32 per cent) and Indusind Bank (up 20 per cent). During the quarter, the scheme included fourteen new stocks in its portfolio, CRISIL Mutual Fund Ranking June 2010 Page 10 of 45

which accounted for 27 per cent of its June 2010 AUM. Some of the new entrants included Oil & Natural Gas Corporation, Exide Industries, Kotak Mahindra Bank and Infrastructure Development Finance Company. On the industry front, banks had the highest exposure, accounting for 17 per cent of AUM followed by computers - software (9 per cent) and refineries/marketing (around 6 per cent). Quantum Long-Term Equity Fund s portfolio consisted of 26 stocks, aggregating around 85 per cent of the June 2010 AUM. The scheme s highest exposure was in Housing Development Finance Corporation (6 per cent of the AUM) followed by Infosys Technologies (5.7 per cent of the AUM) and Tata Consultancy Services (5.5 per cent of the AUM). Among the key gainers over the quarter were ING Vysya Bank (up 29 per cent), Titan Industries (up 28.5 per cent) and Bharat Petroleum Corporation (up 28 per cent). During the quarter, the scheme included two new stocks in its portfolio namely, Axis Bank and Associated Cement Companies, which accounted for 5 per cent of its June 2010 AUM. On the industry front, banks had the highest exposure, accounting for 14 per cent of AUM followed by computers - software (around 13 per cent) and housing finance (6 per cent). UTI Dividend Yield Fund s portfolio comprised 54 stocks, accounting for over 88 per cent of the June 2010 AUM. The scheme s highest exposure was in Infosys Technologies (6 per cent of the AUM), National Thermal Power Corporation (5 per cent of the AUM) and GAIL (India) (4 per cent of the AUM). Among key quarterly stock gainers were Hindustan Petroleum Corporation (up 47.5 per cent), Indian Oil Corporation (up 36 per cent) and Indian Bank (up 28 per cent). During the quarter, the scheme included six new stocks in its portfolio, which accounted for 6 per cent of its June 2010 AUM. Some of the new entrants included Grasim Industries, Petronet LNG and Oil India. On the industry front, banks had the highest exposure, accounting for 13 per cent of AUM followed by computers - software (around 10 per cent) and power (7 per cent). The CRISIL Fund Rank 2 cluster consisted of fifteen schemes, namely, Birla Sun Life Buy India Fund, Canara Robeco Equity Diversified, DSP BlackRock Equity Fund, DSP BlackRock Opportunities Fund, HDFC Capital Builder Fund, HDFC Core and Satellite Fund, HDFC Growth Fund, HDFC Premier MultiCap Fund, ICICI Prudential Dynamic Plan, Reliance Growth Fund, Reliance Regular Savings Fund Equity, Religare Contra Fund, SBI Magnum Multiplier Plus Scheme 1993, Tata Equity PE Fund and UTI MNC Fund. Among these, DSP BlackRock Opportunities Fund, HDFC Growth Fund and SBI Magnum Multiplier Plus Scheme 1993 moved up one notch from the previous quarter. Average equity exposure of ranked schemes in the category remained the same at 95 per cent as of June 2010 compared with the previous quarter. As per the CRISIL Popularity Index, Infosys Technologies, Reliance Industries, ICICI Bank, State Bank of India and HDFC Bank were the most popular stocks in this category while banks, computers - software, pharmaceuticals, refineries/marketing, and power equipment were popular industries. CRISIL Mutual Fund Ranking June 2010 Page 11 of 45

CRISIL Mutual Fund Ranking Equity diversified category - quarter ended June 30, 2010 Timeframe - 2 years (July 1, 2008 to June 30, 2010) CRISIL Mutual Fund Ranking June 2010 Page 12 of 45

Small and Mid-cap equity schemes In this category, 26 schemes qualified for ranking. The schemes gave average return of 6.75 per cent during the quarter, vis-à-vis 5.30 per cent return given by the BSE Midcap and 7.27 per cent return given by the BSE Smallcap. DSP BlackRock Micro Cap Fund and HDFC Mid-Cap Opportunities Fund were the new inclusions in the rankings with the former making its debut in the CRISIL Fund Rank 1 cluster, while the latter made its debut in the CRISIL Fund Rank 2 cluster. Both the schemes qualified for ranking as they went open-ended during the quarter. The CRISIL Fund Rank 1 cluster, in addition to the new entrant DSP BlackRock Micro Cap Fund, included two more schemes viz., DSP BlackRock Small and Midcap Fund and UTI Master Value Fund, both of them maintaining their ranks over the previous quarter. All three schemes in the top cluster performed well on the SRS parameter, which has a 75 per cent weightage in the ranking. DSP BlackRock Small and Midcap Fund and UTI Master Value Fund also performed well on the Company Concentration criteria. The new entrant DSP BlackRock Micro Cap Fund s portfolio consisted of 38 equity stocks, accounting for over 94 per cent of the June 2010 AUM. The scheme s top holdings were Hindustan Dorr-Oliver (5.25 per cent), Jubilant Organosys (4.88 per cent), Ipca Laboratories and Jyothy Laboratories (4.27 per cent each). Among the top individual stock performers, Shasun Chemicals & Drugs gave the highest returns over the quarter (72 per cent) followed by Whirlpool of India (up 64 per cent). During the quarter, the scheme took fresh exposure in 14 new stocks, accounting for 29 per cent of the June 2010 portfolio. Some of the newly added stocks included Jyothy Laboratories, DQ Entertainment International and Bata India. On the sectoral front, pharmaceuticals and industrial equipment had the highest exposures of around 14 per cent and 9 per cent, respectively. CRISIL Mutual Fund Ranking June 2010 Page 13 of 45

DSP BlackRock Small and Midcap Fund had a well diversified portfolio comprising of 72 scrips, accounting for around 97 per cent of the June 2010 corpus. The scheme had the highest exposure in Bayer Cropscience (3.07 per cent), EID-Parry (India) (3.01 per cent) and Jubilant Organosys (2.92 per cent). Among top stock performers in the portfolio, Fresenius Kabi Oncology recorded the highest quarterly market returns of 52 per cent followed by Bajaj Auto Finance (up 49 per cent), Jyothy Laboratories (up 47 per cent) and Gruh Finance (up 45 per cent). During the quarter, the scheme took exposure in 26 new stocks, accounting for over 20 per cent of the June 2010 portfolio. Some of the newly added stocks included Jubilant Organosys, Pidilite Industries and Ipca Laboratories. At the sectoral level, pharmaceuticals had the highest exposure of 12.5 per cent of the AUM closely followed by banks at 6 per cent. UTI Master Value Fund had a portfolio of 70 stocks, accounting for over 96 per cent of the June 2010 AUM. The scheme had its highest exposure to Lupin (4.63 per cent), Navneet Publications (3.20 per cent) and Clariant Chemicals (India) (3.10 per cent). Among top stock performers in its portfolio, Tube Investments of India recorded the highest quarterly returns of over 63 per cent followed by Hindustan Petroleum Corporation and Jyothy Laboratories (47 per cent each). During the quarter, the scheme took exposure in 14 new stocks, accounting for 19 per cent of the latest portfolio. Some of the newly added stocks during the quarter included Gujarat State Fertilizers & Chemicals, Indian Oil Corporation and Maruti Suzuki India. On the sectoral front, banks and pharmaceuticals had the highest exposure of over 10.5 per cent each, with the former marginally edging ahead of the latter. Six schemes figured in the CRISIL Fund Rank 2 cluster namely, Birla Sun Life MNC Fund, HDFC Mid-Cap Opportunities Fund, ICICI Prudential Discovery Fund, Kotak Midcap Fund, Tata Dividend Yield Fund and UTI Thematic - Mid Cap Fund. Among these, HDFC Mid-Cap Opportunities Fund was the new entrant while Kotak Midcap Fund rose one notch in rank over the quarter. Among the others, Birla Sun Life MNC Fund, Tata Dividend Yield Fund and UTI Thematic - Mid Cap Fund maintained their ranks over the quarter in this cluster. HDFC Mid-Cap Opportunities Fund performed well on the SRS and company concentration criteria. On the portfolio front, the scheme had 54 equity stocks accounting for over 99 per cent of the June 2010 AUM. Ipca Laboratories (4.73 per cent), Crompton Greaves (4 per cent) and Patni Computer Systems (3.55 per cent) were the highest individual stock exposures for the scheme as per the latest AUM. Among the top stock performers in the portfolio, Hindustan Petroleum Corporation gave the highest quarterly returns of over 47 per cent followed by V.I.P. Industries, which gave over 35 per cent returns. The scheme included three stocks over the quarter viz., NATCO Pharma, Phoenix Mills and Himatsingka Seide, which accounted for around 2 per cent of the latest corpus. On the sectoral front, pharmaceuticals had the highest exposure at over 16 per cent followed by banks at over 10 per cent of the June portfolio. Kotak Midcap Fund moved up the ranks in the quarter on the back of good performance in the company concentration, SRS score and liquidity parameters. On the portfolio front, the scheme s June 2010 portfolio consisted of 65 equity stocks accounting for over 98 per cent of the AUM. The scheme had the highest exposure to GlaxoSmithKline Consumer Healthcare (3 per cent) and Hathway Cable & Datacom (2.53 per cent). The scheme benefited the most during the quarter by rise in share prices of SKF India (up 37 per cent), ING Vysya Bank (up 29 per cent), Titan Industries and Indian Bank (up 28.5 per cent each). The scheme added 32 new equity stocks over the quarter, accounting for over 46 per cent of the latest AUM. Major among the new entrants included, Yes Bank, Dish TV India, Patni Computer Systems and Lanco Infratech. On CRISIL Mutual Fund Ranking June 2010 Page 14 of 45

the sectoral front, banks had the highest exposure at over 12 per cent followed by pharmaceuticals at over 6.5 per cent of the June portfolio. Average equity exposure in the Small & Midcap category remained unchanged at over 95 per cent as of June 2010 as compared to the previous quarter. The most popular stocks in this category were Lupin followed by Ipca Laboratories, GlaxoSmithKline Consumer Healthcare and Crompton Greaves, while pharmaceuticals, banks, computer software, auto ancillaries and power were the popular industries. CRISIL Mutual Fund Ranking Small and mid-cap equity category - quarter ended June 30, 2010 Timeframe - 2 years (July 1, 2008 to June 30, 2010) CRISIL Mutual Fund Ranking June 2010 Page 15 of 45

Index category Index schemes, for the purpose of CRISIL Mutual Fund Ranking, are defined as schemes launched with an objective of generating returns that are commensurate with the performance of their benchmark's Total Return Index (TRI), subject to tracking errors. The ranking is purely based on tracking error, which is a measure of divergence between the scheme and its benchmark's TRI. The lower the tracking error, the closer is the performance of the scheme to its benchmark. Hence, lower the tracking error of the scheme, the better is the ranking assigned. Fourteen schemes qualified for ranking under this category. Kotak Sensex ETF occupied the CRISIL Fund Rank 1 cluster for the second quarter in a row accompanied by Nifty Benchmark Exchange Traded Scheme (Nifty BeES), which continued to be ranked in the top cluster for the fourteenth consecutive quarter. Both schemes performed well on the back of a low tracking error compared with their respective benchmark indices. Franklin India Index Fund - BSE Sensex Plan, Franklin India Index Fund - NSE Nifty Plan, UTI Nifty Index Fund and Principal Index Fund formed the CRISIL Fund Rank 2 cluster. The first three schemes maintained their ranks from the previous quarter, while Principal Index Fund rose one notch from the previous quarter. CRISIL Mutual Fund Ranking Index schemes - quarter ended June 30, 2010 Timeframe - 1 year (July 1, 2009 to June 30, 2010) CRISIL Mutual Fund Ranking June 2010 Page 16 of 45

Infrastructure category The Infrastructure theme as a separate category was introduced for the first time in March 2010 in the CRISIL Mutual Fund Ranking. The infrastructure sector is expected to play an increasingly important role in India s economic growth and is also the flavour with many fund houses. In the June 2010 quarter, 14 schemes qualified for ranking with two new entrants. DSP BlackRock Natural Resources and New Energy Fund entered into the ranking space on meeting the inception criteria while SBI Infrastructure Fund - Series I qualified for ranking as it went open ended during the quarter. The topmost cluster was occupied by Birla Sun Life Basic Industries Fund, which maintained its ranking over the previous quarter and Reliance Diversified Power Sector Fund, which rose one rank from March. Both the top cluster schemes did well on SRS parameter which has 75 per cent weightage. Birla Sun Life Basic Industries Fund also performed well on industry concentration, company concentration and liquidity parameters. On the portfolio front, the scheme had 56 stocks, forming over 94 per cent of its June 2010 portfolio. The scheme had its highest exposure to Reliance Industries (4.5 per cent of the AUM) and Bajaj Auto (around 3 per cent). The top quarterly equity gainers in the portfolio were Lanco Infratech (up 28 per cent), Carborundum Universal and Bajaj Auto (up around 24 per cent each). There were 13 new entrants over the quarter, which accounted for over 16 per cent of the latest portfolio, with Federal Bank, Mahindra & Mahindra and Axis Bank being among the major ones. The scheme s highest sectoral exposure was in banks (8.14 per cent) followed closely by power equipment (8.12 per cent). Reliance Diversified Power Sector Fund s June 2010 portfolio had 92 per cent of the AUM in equity. The scheme had highest exposure in Torrent Power (6.2 per cent of the AUM) followed by Reliance Infrastructure (5.25 per cent) and Cummins India (4.9 per cent of the AUM). The top quarterly equity gainers in the portfolio were Hindustan Petroleum Corporation (up 47 per cent), BGR Energy Systems (up 36 per cent) and Sterlite Technologies (up 32 per cent). The scheme added only two new stocks over the quarter viz., Reliance Power and Voltamp Transformers accounting for 2.75 per cent of the AUM. The scheme s highest sectoral exposure was in power (23 per cent) and power equipment (13 per cent). CRISIL Fund Rank 2 cluster constituted of three schemes with debutant DSP BlackRock Natural Resources and New Energy Fund making its mark in this cluster on the back of a good SRS score. Meanwhile, Canara Robeco Infrastructure Fund maintained its rank over the quarter also on the back of better SRS performance. DSP BlackRock Natural Resources and New Energy Fund had 32 scrips in its June 2010 portfolio accounting for around 88 per cent of the latest corpus. In addition, it also had over 10 per cent exposure in F&O. The highest exposure stocks for the scheme were Castrol (India) (9.6 per cent), Reliance Industries (5.8 per cent) and Indian Oil Corporation (5.6 per cent). The scheme benefited the most by rise in share prices of Coromandel International (up 48 per cent), Hindustan Petroleum Corporation (up 47 per cent) and Indian Oil Corporation (up 36 per cent) over the quarter. The scheme also saw four new entrants over the quarter accounting for 4 per cent of the latest quarter. Major among the new entrants were Hindalco Industries and National CRISIL Mutual Fund Ranking June 2010 Page 17 of 45

Mineral Development Corporation (NMDC). On the sectoral level, refineries/marketing were the biggest component (20 per cent) followed by Lubricants at 10 per cent of the latest corpus. Average equity exposure in the Infrastructure category stood at 95 per cent as of June 2010, lower as compared with 97 per cent in the previous quarter. Bharat Heavy Electricals, Reliance Industries, L&T, ONGC and Crompton Greaves were the most popular stocks in this category while power equipment, power, banks, refineries/marketing and industrial equipment were popular industries. CRISIL Mutual Fund Ranking Infrastructure schemes - quarter ended June 30, 2010 Timeframe - 2 years (July 1, 2008 to June 30, 2010) Equity-linked savings schemes In this category, 26 schemes qualified for ranking in June 2010. In the CRISIL Fund Rank 1 cluster, Fidelity Tax Advantage Fund and Canara Robeco Equity Tax Saver Fund maintained their ranks from the previous quarter while HDFC Tax Saver Fund moved up one notch. These schemes did well on the SRS parameter, which has an 80 per cent weightage in the ranking. The SRS is the relative measure of the return and risk for a scheme in comparison with other schemes in the peer group. HDFC Tax Saver Fund, which moved up one rank this quarter, had 54 stocks in the June 2010 portfolio, accounting for over 94 per cent of the total corpus. The scheme s top equity holdings were State Bank of India (4.7 per cent of AUM), ICICI Bank (4.6 per cent of AUM) and Crompton Greaves (4 per cent of AUM). The scheme benefited the most by gains in stocks of Hindustan Petroleum Corporation (up 47 per cent), Dabur India (up 33 per cent), Bharat Petroleum Corporation (up 28 per cent) and Oil India (up 25 per cent). The scheme saw four new entrants over the quarter viz., National Thermal Power Corporation, Standard Chartered Bank, Shoppers Stop and Gujarat Industries Power Company, which accounted for 4 per cent of the latest portfolio. At the sector level, it had had the highest exposure of over 17 per cent of CRISIL Mutual Fund Ranking June 2010 Page 18 of 45

AUM to banks followed by pharmaceuticals at 12 per cent and computers - software at 9 per cent of AUM. Canara Robeco Equity Tax Saver Fund had 52 stocks in its June 2010 portfolio, which accounted for over 92 per cent of the AUM. The scheme s largest holdings were Reliance Industries (4.70 per cent of AUM), followed by HDFC Bank (4.4 per cent of AUM), State Bank of India and GAIL (4 per cent of the AUM each). The scheme had six stocks, which returned over 20 per cent gains over the quarter, with the top two individual gainers being Indian Oil Corporation (36 per cent) and Oil India (26 per cent). Further, there were 12 new stock entrants during this period, which formed around 14.5 per cent of the June 2010 portfolio. Key entrants were Zee Entertainment Enterprises and Indian Bank At the sectoral level, banks were by far the largest component accounting for over 26 per cent of the AUM; following it at a distant second place was pharmaceuticals forming around 10 per cent of the corpus. Six schemes qualified for the CRISIL Fund Rank 2 with HDFC Long Term Advantage Fund and ING Tax Savings Fund moving up one notch each from the previous quarter while DSP BlackRock Tax Saver Fund, Reliance Tax Saver Fund and Religare Tax Plan retained their ranks in this cluster. HDFC Long Term Advantage Fund did well on the SRS and industry concentration parameters. On the portfolio front, the scheme had 39 equity shares in the June 2010 portfolio accounting for around 98 percent of the latest corpus. ICICI Bank (6 per cent), Infosys Technologies (5.3 per cent) and Tata Consultancy Services (5 per cent) were the biggest individual holdings of the scheme. Eight scrips in the scheme s portfolio rose over 20 per cent in the quarter, with Bharat Petroleum Corporation (up 28 per cent), Elgi Equipments (up 27 per cent) and Oil India (up 26 per cent) being the top three gainers. The scheme only had one new entrant over the quarter viz., Tata Motors that accounted for around 2 per cent of the latest portfolio. On the sectoral front, banks accounted for the biggest component of the scheme s portfolio at around 14 per cent of the AUM, followed by computer-software at over 10 per cent of the corpus. The other gainer in this cluster viz., ING Tax Savings Fund performed well on the SRS and liquidity parameters. At the portfolio level, the scheme had 42 equity scrips in its June 2010 portfolio summing up to 94 per cent of the June corpus. Reliance Industries and Oil & Natural Gas Corporation were the biggest individual scrips in the portfolio constituting 7.3 per cent and 6.5 per cent respectively. The scheme had seven scrips that gained over 20 per cent during the quarter, with Hindustan Petroleum Corporation and Godrej Consumer Products being the two biggest individual gainers with gains of 47 per cent and 32 per cent respectively. The scheme also added 17 new stocks over the quarter, accounting for over 37 per cent of the latest portfolio. Major new entrants in the quarter included Oil & Natural Gas Corporation and Larsen & Toubro. At the sectoral front, banks were the biggest component at around 22 per cent followed by refineries/marketing at 11 per cent of the corpus. Average equity holding among ranked schemes in the category remained constant over the March quarter at around 95 per cent. According to CRISIL's Popularity Index for June 2010, Reliance Industries continued to be the most popular stock in this category, followed by Infosys Technologies, Oil & Natural Gas Corporation, ICICI Bank and Larsen & Toubro. Banks continued to be the most sought-after industry with fund managers in this category followed by computer-software, pharmaceuticals, refineries/marketing, and power equipment, among others. CRISIL Mutual Fund Ranking June 2010 Page 19 of 45

CRISIL Mutual Fund Ranking ELSS category - quarter ended June 30, 2010 Timeframe - 2 years (July 1, 2008 to June 30, 2010) CRISIL Mutual Fund Ranking June 2010 Page 20 of 45

Debt markets overview Inter-bank call rates rose in the quarter ended June as the banking system underwent a liquidity squeeze in the latter half of the quarter due to advance tax outflows of around Rs 300 billion and 3G spectrum / Broadband Wireless auction payments of Rs 1.06 trillion. In order to ease the situation, the RBI cut the size of its Treasury Bills auction in June by Rs 220 billion and also cut the Statutory Liquidity Ratio (SLR) for banks by 50 basis points from 25 per cent from April 2. The central bank also decided to conduct two reverse repo and repo tenders till July 2 and said that banks can avail additional liquidity support under the liquidity adjustment facility (LAF) to the extent of 0.5 per cent of their net demand and time liabilities (NDTL). Later in July, the central bank extended the NDTL facilities till July 16, 2010, while it extended the daily twin reverse repo and repo tenders till July 30, 2010 to prevent any sharp shortfall in liquidity. 6 Overnight MIBOR % 5 4 3 30-Jun-09 30-Jul-09 30-Aug-09 30-Sep-09 30-Oct-09 30-Nov-09 30-Dec-09 30-Jan-10 28-Feb-10 30-Mar-10 30-Apr-10 30-May-10 30-Jun-10 Government bond yields fell in a volatile quarter as robust collections in the 3G/Broadband auctions spurred hopes that the government may reduce its market borrowing. The new 10-year benchmark 7.80 per cent, 2020 paper, which was auctioned on April 30, 2010, closed the quarter at 7.55 per cent YTM on June 30, 2010. Buying by participants to prop up their balance-sheets at the end of the quarter and hopes of a higher cap on foreign institutional investors (FIIs) bond investments also helped gilts. Further gains were capped on tight liquidity, continuing fresh supply of gilts, fears of further monetary tightening by the RBI amid high inflation and strong growth numbers. The government s decision to hike fuel rates and deregulate the fuel prices later in the quarter added to the inflation woes. The RBI took monetary measures multiple times during the quarter. In its Annual Policy review on April 20, the RBI hiked Reverse Repo rate and Repo rate by 25 basis points to 3.75 per cent and Repo Rate to 5.25 per cent; it also hiked banks CRR by 25 basis points to 6 per cent effective from April 24. On July 2, the RBI again announced a hike in the repo and reverse repo rate by 25 basis points each to 5.50 per cent and 4 per cent respectively. In its First Quarter Policy Review on July 27, the central bank hiked Reverse Repo rate by 50 basis points to 4.50 per cent and Repo rate by 25 basis points to 5.75 per cent. CRISIL Mutual Fund Ranking June 2010 Page 21 of 45

In major developments, the RBI allowed companies to issue zero coupon non-convertible debentures (NCDs) at a discount to the face value; guidelines, which have become effective from August 2, 2010. The RBI prescribed banks a minimum holding period of 9 months for loans with maturity up to 24 months before they securitize them. The RBI also announced the guidelines on the Base Rate system, applicable from July 1, 2010. In line with this requirement, several banks fixed the base rate between 7.5-8.5 per cent. On another front, SEBI slashed the maximum investment limit in corporate bonds to one-fifth for a single FII at Rs 20 billion from the existing ceiling of Rs 100 billion. 8.25% 8.00% 10-Year Benchmark G-Sec Yield 7.75% 7.50% 7.25% 7.00% 6.75% 30-Jun-09 11-Aug-09 24-Sep-09 13-Nov-09 29-Dec-09 9-Feb-10 29-Mar-10 13-May-10 25-Jun-10 Income schemes The CRISIL CompBex (benchmark long-term bond funds index) rose by 1.71 per cent in the quarter ended June 2010 compared to a rise of 1.29 per cent in the quarter ended March 2010. In this segment, 27 schemes were eligible for ranking in the June quarter, with Sahara Income Fund being the sole new entrant on meeting the AUM criteria. The CRISIL Fund Rank 1 cluster included Canara Robeco Income Plan, HDFC Income Fund and Kotak Bond Regular. Canara Robeco Income Plan maintained its top rank while HDFC Income Fund moved up two notches and Kotak Bond Regular rose one notch this quarter. Canara Robeco Income Plan did well in the SRS (which has got 60 per cent weightage) and debt sectoral concentration parameters. HDFC Income Fund gained two ranks on the back of superior performances in SRS, debt company concentration and debt asset quality parameters. Kotak Bond Regular moved higher because of good scores in SRS, debt company concentration and debt liquidity parameters. Canara Robeco Income Plan s average maturity rose to 9.58 years in June 2010 as compared to 2.47 years in March 2010. The scheme increased its gilt exposure to 30 per cent in June 2010 compared to 17 per cent in March 2010. HDFC Income Fund s average maturity rose to 9.33 years in June 2010 from 7.21 years a quarter ago. During the quarter, its gilt exposure rose to 42 per cent from 39 per cent of its AUM in March 2010. Kotak Bond Regular increased its average maturity to 4.16 years in June 2010 from 2.4 years a quarter ago. Its exposure to gilts rose to almost 49 per cent of its portfolio in the quarter ended June 2010 from 37 per cent a quarter ago. CRISIL Mutual Fund Ranking June 2010 Page 22 of 45

The CRISIL Fund Rank 2 cluster comprised of Fortis Flexi Debt Fund Plan, HDFC High Interest Fund, HSBC Income Fund - Investment Plan, ING Income Fund, Reliance Income Fund and Sahara Income Fund. HDFC High Interest Fund moved up one rank to enter the cluster while HSBC Income Fund - Investment Plan and Reliance Income Fund maintained their ranks. HDFC High Interest Fund had an average maturity of over 7 years in the quarter ended June 2010 compared with a little over 5 years in March 2010. It marginally reduced its gilts exposure to around 50 per cent from over 51 per cent a quarter ago. During the quarter, average maturity across ranked schemes rose to 4.2 years vis-à-vis 2.0 years in March 2010. 12.00 Average Maturity in years (Income Funds) 10.00 8.00 Years 6.00 4.00 2.00 0.00 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 CRISIL Mutual Fund Ranking June 2010 Page 23 of 45

CRISIL Mutual Fund Ranking Income category - quarter ended June 30, 2010 Timeframe - 2 years (July 1, 2008 to June 30, 2010) Income short-term schemes CRISIL STBEX, the benchmark for short-term income schemes, returned 1.34 per cent in the quarter ended June 2010 compared to 1.24 per cent gains in the previous quarter. In this category, 30 schemes were eligible for ranking, with five new entrant s viz., Morgan Stanley Short Term Bond Fund, Sahara Short Term Bond Fund, JM Short Term Fund, Bharti AXA Short Term Income Fund and Taurus Short Term Income Fund. In the CRISIL Fund Rank 1 cluster, DSP BlackRock Short Term Fund and SBI Short Horizon Debt Fund - Short Term Fund, both moved up one rank over the quarter while IDFC Super Saver Income Fund - Medium Term maintained its rank. DSP BlackRock Short Term Fund performed well on volatility, company concentration, asset quality and average maturity parameters. The scheme s average maturity fell to 146 days in the quarter ended June 2010 from 190 days in March 2010. SBI Short Horizon Debt Fund - Short Term Fund performed well on parameters like asset quality, average maturity, liquidity and sectoral concentration. IDFC Super Saver Income Fund - Medium Term had good scores on parameters like sectoral concentration, and mean return. CRISIL Mutual Fund Ranking June 2010 Page 24 of 45

Six schemes were part of the CRISIL Fund Rank 2 cluster, among which Sahara Short Term Bond Fund and Morgan Stanley Short Term Bond Fund made their debut in the ranking space this quarter, while Edelweiss Short Term Bond Fund moved up one notch to CRISIL Fund Rank 2. Meanwhile, Fortis Short Term Income Fund Plan and HDFC Short Term Plan maintained their ranks over the quarter in this cluster. Among new schemes, Edelweiss Short Term Bond Fund performed well on sectoral concentration, liquidity, asset quality, average maturity and volatility parameters. Sahara Short Term Bond Fund scored well on average maturity, volatility, sectoral concentration and asset quality. Morgan Stanley Short Term Bond Fund did well on company concentration, average maturity and liquidity criteria. Meanwhile, the average maturity of all ranked schemes in the category rose marginally from 305 days in March 2010 to 355 days in June 2010. CRISIL Mutual Fund Ranking Income - Short-term category - quarter ended June 30, 2010 Timeframe - 1 year (July 1, 2009 to June 30, 2010) CRISIL Mutual Fund Ranking June 2010 Page 25 of 45

Monthly income plans The MIP category is sub-categorised into MIP - Conservative and MIP - Aggressive. The MIP - Conservative category includes schemes with a maximum equity component of less than 15 per cent, whereas MIP Aggressive comprises schemes with a maximum equity investment of up to 30 per cent. A common feature of both categories is the regular declaration of dividends (mostly monthly). The CRISIL MIPEX (benchmark for MIP schemes) returned 1.69 per cent over the June 2010 quarter compared to 1.28 per cent in the previous quarter. MIP - Aggressive In the quarter ended June 2010, 21 schemes qualified for ranking under this category. There were no new entrants for this category over the quarter. The CRISIL Fund Rank 1 cluster comprised of HDFC Monthly Income Plan LTP, HSBC MIP Savings and Reliance Monthly Income Plan, all of which retained their ranks. All schemes scored well on the SRS criteria with Reliance Monthly Income Plan also doing well on the equity liquidity parameter and HDFC Monthly Income Plan LTP performing well on the debt asset quality parameter. HDFC Monthly Income Plan LTP s equity exposure remained almost constant through the quarter with around 24 per cent exposure in June 2010 compared with 23 per cent in March 2010. The average maturity of the scheme rose to 2.35 years from 2.09 years during the 3-month period. The scheme had the highest equity exposure to State Bank of India at 1.33 per cent of its AUM. HSBC MIP Savings equity exposure marginally fell to 19.82 per cent in the quarter ended June 2010 compared with 20.56 per cent per cent in the quarter ended March 2010. The scheme s average maturity rose to 2.28 years compared with 1.26 years in March 2010 and had the highest equity exposure to Crompton Greaves at 1.33 per cent of its AUM. Reliance Monthly Income Plan s equity component rose from 17.63 per cent to 18.43 per cent over the quarter. The average maturity of the scheme rose to 2.43 years from 1.24 years over the 3-month period. The scheme s highest equity exposure was in Oil & Natural Gas Corporation at 1.21 per cent of its AUM. The CRISIL Fund Rank 2 cluster consisted of five schemes among which Birla Sun Life MIP II - Wealth 25 Plan and Canara Robeco Monthly Income Plan maintained their positions from the last quarter while ICICI Prudential MIP 25, Tata MIP Plus Fund and UTI MIS Advantage Plan moved up one notch each. ICICI Prudential MIP 25 did well on SRS and average maturity parameters, Tata MIP Plus Fund had a superior equity liquidity score and did well on SRS, debt asset quality and debt liquidity. UTI MIS Advantage Plan performed well on the SRS and company concentration parameters. The average maturity for all ranked schemes in the category rose to 1.85 years in June 2010 compared to 1.21 years in the previous quarter, while average equity holding fell marginally from around 17.47 per cent in March 2010 to 17.12 per cent in June 2010. CRISIL Mutual Fund Ranking June 2010 Page 26 of 45

CRISIL Mutual Fund Ranking MIP - Aggressive category - quarter ended June 30, 2010 Timeframe - 2 years (July 1, 2008 to June 30, 2010) MIP - Conservative Ten schemes qualified for rankings in this category for the June 2010 quarter. There were no new entrants in the category for the quarter. One scheme made up the CRISIL Fund Rank 1 cluster - Birla Sun Life Monthly Income, which maintained its rank in the cluster by performing well on the SRS parameter (which has 60 per cent weightage in ranking). It also had a good score in the debt liquidity parameter. It increased its equity exposure from 10.24 per cent in the March 2010 quarter to 13.09 per cent in the latest quarter while its average maturity fell to 0.9 years in June 2010 from 1.24 years in March 2010. Birla Sun Life Monthly Income had the highest equity exposure in Rallis India at 0.6 per cent of its June corpus. Two schemes formed the CRISIL Fund Rank 2 cluster viz., Birla Sun Life MIP and UTI Monthly Income Scheme. Birla Sun Life MIP maintained its rank for the quarter due to good scores in SRS and equity liquidity parameters. The average maturity of all ranked schemes in this category rose to 1.80 years in June 2010 from 1.25 years in March 2010 while the average equity holding rose to 12.12 per cent from 11.18 per cent in the previous quarter. CRISIL Mutual Fund Ranking June 2010 Page 27 of 45

CRISIL Mutual Fund Ranking MIP - Conservative category - quarter ended June 30, 2010 Timeframe - 2 years (July 1, 2008 to June 30, 2010) Liquid schemes The benchmark liquid fund index CRISIL Liquifex returned 0.99 per cent in the quarter ended June 2010, compared to 0.92 per cent in the quarter ended March 2010. In the retail category of liquid schemes, 22 schemes qualified for ranking with two new entrants namely, Canara Robeco Liquid (on meeting the AUM criteria) and Principal Money Manager Fund. The CRISIL Fund Rank 1 cluster included three schemes out of which Reliance Liquid Fund - Treasury Plan maintained its rank over the previous quarter due to a strong showing in the mean return and volatility parameters. The scheme s average maturity fell to 47 days in the quarter ended June from around 55 days a quarter ago. Birla Sun Life Cash Manager entered the top cluster by moving up one rank due to superior performance in the average maturity, asset quality and liquidity parameters. Its average maturity fell to around 26 days from 33 days in March 2010. Another scheme from the Birla stable, Birla Sun Life Cash Plus, moved up two notches in the quarter ended June 2010 to CRISIL Fund Rank 1 cluster on the back of superior performances in average maturity and liquidity parameters and a good showing in asset size, asset quality and company concentration parameters. The scheme s average maturity almost halved from 73 days in the quarter ended March 2010 to around 37 days in the quarter ended June 2010. The CRISIL Fund Rank 2 cluster consisted of five schemes out which two schemes, viz., SBI Magnum InstaCash Plan and SBI Magnum InstaCash - Liquid Floater Plan maintained their ranks while UTI Liquid Cash Plan moved up one notch over the quarter by scoring well on the volatility and asset size parameters. CRISIL Mutual Fund Ranking June 2010 Page 28 of 45

CRISIL Mutual Fund Ranking Liquid category - quarter ended June 30, 2010 Timeframe - 1 year (July 1, 2009 to June 30, 2010) Liquid - Institutional plans Fourteen schemes qualified for rankings in the Liquid - Institutional category, including three new entrants - Fortis Overnight Fund - Institutional Plan, ING Liquid Fund - Institutional Plan and Principal CMF - Liquid - Institutional. All three schemes made it to the ranking space this quarter on meeting the AUM criterion. The CRISIL Fund Rank 1 cluster comprised Birla Sun Life Cash Manager Institutional and Tata Liquid Fund - SHIP. Birla Sun Life Cash Manager Institutional Plan continued to maintain its rank for the third successive quarter, mainly on account of a good performance on the mean return, downside risk probability (DRP), asset quality and company concentration parameters along with superior performance in the average maturity and liquidity parameters. The scheme s average maturity fell from 33 days to 26 days during the quarter. Tata Liquid Fund SHIP gained one rank to enter the top cluster by performing well on the volatility and DRP parameters along with good scores in several other criteria. The scheme s average maturity fell to 58 days from 73 days at the end of the earlier quarter. There were three schemes in the CRISIL Fund Rank 2 cluster, namely, Birla Sun Life Cash Plus Institutional, BARODA PIONEER Liquid Fund Institutional and Reliance Liquid Fund - Treasury Plan - Institutional. Birla Sun Life Cash Plus Institutional maintained its rank by performing well on asset size and liquidity parameters while BARODA PIONEER Liquid Fund Institutional moved up one cluster by doing well on the average maturity and asset quality parameters. CRISIL Mutual Fund Ranking June 2010 Page 29 of 45

CRISIL Mutual Fund Ranking Liquid - Institutional category - quarter ended June 30, 2010 Timeframe - 1 year (July 1, 2009 to June 30, 2010) Liquid - Super Institutional plan Fifteen schemes were ranked in the Liquid - Super Institutional category with one new entrant over the quarter - Taurus Liquid Fund - Super Institutional as it met the AUM criterion. The CRISIL Fund Rank 1 cluster consisted of two schemes - Birla Sun Life Cash Plus - Institutional Premium and IDFC Cash Fund - Plan C - (Super Institutional) both moving up one notch to occupy the cluster. Birla Sun Life Cash Plus - Institutional Premium rose one rank due to superior scores in the average maturity and liquidity parameters along with good scores under mean return, asset size and asset quality heads. IDFC Cash Fund - Plan C - (Super Institutional) moved up as it had superior scores in volatility and asset quality with good scores in DRP and liquidity. Three schemes made up the CRISIL Fund Rank 2 cluster, with Canara Robeco Liquid - Super Institutional moving up two ranks over the quarter with superior scores in volatility, DRP and company concentration parameters. CRISIL Mutual Fund Ranking June 2010 Page 30 of 45

CRISIL Mutual Fund Ranking Liquid - Super institutional category - quarter ended June 30, 2010 Timeframe - 1 year (July 1, 2009 to June 30, 2010) Ultra short-term debt schemes Thirty nine schemes were eligible for ranking in the retail category of ultra short term debt schemes, including four new entrants namely, DSP BlackRock Floating Rate Fund, IDFC Savings Advantage Fund ICICI Prudential Ultra Short Term Plan and JM Money Manager Fund. ICICI Prudential Ultra Short Term Plan was included as it met the inception criteria and JM Money Manager Fund was included on meeting the AUM criteria. The CRISIL Fund Rank 1 cluster consisted of four schemes out of which Birla Sun Life Floating Rate Fund - Long Term Plan and Reliance Medium Term Fund maintained their ranks, while DSP BlackRock Money Manager Fund and Kotak Floater - Long Term moved up two and one rank respectively. On the performance parameter, Birla Sun Life Floating Rate Fund - Long Term Plan scored well on the mean return parameter (which has the highest weightage among all parameters), while it also performed reasonably well on the asset quality and liquidity parameters. Its average maturity fell from 201 days in the last quarter to 135 days in the June quarter. Reliance Medium Term Fund had superior scores in the asset quality and liquidity parameters while performing well on mean return, asset size and DRP parameters. Its average maturity fell to 110 days from 175 days a quarter ago. DSP BlackRock Money Manager Fund jumped two ranks over the quarter on the back of good performance in volatility, average maturity, asset quality and liquidity parameters. Its average maturity fell to 51 days from 146 days in the quarter ended March 2010. Kotak Floater - Long Term moved one notch up over the quarter as it did well on the DRP and asset quality parameters while doing reasonably well on the mean return, asset size and company concentration parameters. Its average maturity fell from 161 days in March 2010 to 139 days in June 2010. The CRISIL Fund Rank 2 cluster consisted of eight schemes, out of which, two schemes viz., IDFC Money Manager Fund - Investment Plan - Plan A and Reliance Money Manager Fund retained their ranks. IDFC Money Manager Fund - Investment Plan - Plan A scored well on the DRP criterion while Reliance Money Manager Fund did well on asset size and company concentration parameters. Three schemes moved up over the quarter in this cluster. JM Money CRISIL Mutual Fund Ranking June 2010 Page 31 of 45

Manager Fund - Super Plan moved up one rank due to good performance in the mean return and DRP criteria while JM Money Manager Fund - Super Plus Plan also moved up one rank as it did well on the DRP criterion and reasonably well on the mean return parameter. SBI Short Horizon Debt Fund - Ultra Short Term Fund moved up one rank as it did well on the average maturity, asset quality and company concentration criteria. JM Money Manager Fund Plan was the new entrant in this cluster with a superior performance in the average maturity parameter and good score on the asset quality parameter. CRISIL Mutual Fund Ranking Ultra short-term debt category - quarter ended June 30, 2010 Timeframe - 1-year (July 1, 2009 to June 30, 2010) Ultra short-term debt institutional schemes Under this category, 29 schemes were eligible for ranking with two new entrants namely, Baroda Pioneer Treasury Advantage Fund - Institutional and Tata Treasury Manager Fund SHIP, both qualifying on meeting the AUM criteria. The CRISIL Fund Rank 1 cluster included three schemes out of which HDFC Cash Management Fund - Treasury Advantage Plan - Wholesale Option and Birla Sun Life Floating Rate Fund - Long Term - Institutional maintained their ranks in this quarter. While HDFC Cash Management Fund performed well on parameters such as asset size, DRP, company concentration and liquidity; Birla Sun Life Floating Rate Fund - Long Term - Institutional performed well on the mean return parameter. The third scheme in CRISIL Mutual Fund Ranking June 2010 Page 32 of 45

the CRISIL Fund Rank 1 cluster was Reliance Money Manager Fund - Institutional that made it to the top grade by moving up one rank on the back of good performance in the asset size and company concentration parameters. The CRISIL Fund Rank 2 cluster was made up of 6 schemes. Birla Sun Life Savings Fund Institutional, DSP BlackRock Strategic Bond Fund Institutional, SBI Short Horizon Debt Fund - Ultra Short-Term Fund Institutional and UTI Treasury Advantage Fund Institutional maintained their ranks from the last quarter. IDFC Money Manager Fund - Investment Plan - Plan B - Institutional performed well on mean return and DRP criteria. IDFC Money Manager Fund - Treasury Plan - Plan B - Institutional did well on company concentration criteria, asset size, average maturity, and asset quality parameters. Both schemes moved up one rank in the June quarter. CRISIL Mutual Fund Ranking Ultra short-term debt institutional category - quarter ended June 30, 2010 Timeframe - 1 year (July 1, 2009 to June 30, 2010) Ultra short-term debt super institutional schemes Nine schemes were eligible for ranking under this category with one new entrant - DSP BlackRock Floating Rate Fund Institutional. The CRISIL Fund Rank 1 cluster was occupied by IDFC Money Manager Fund - Treasury Plan - Plan C - (Super Institutional), which moved up one rank in the June quarter by doing well in the asset size and company concentration parameters with good scores in the mean return, average maturity and DRP criteria. Canara Robeco Treasury Advantage Fund - Super Institutional and DSP BlackRock Money Manager Fund - Institutional Plan occupied the CRISIL Fund Rank 2 cluster as both moved up one rank over the course of the three months ended June 2010. CRISIL Mutual Fund Ranking June 2010 Page 33 of 45

CRISIL Mutual Fund Ranking Ultra short-term debt super institutional category - quarter ended June 30, 2010 Timeframe - 1 year (July 1, 2009 to June 30, 2010) Gilt - Long schemes Gilt schemes gave average 1.42 per cent returns over the quarter compared with 0.60 per cent in the previous quarter. Sixteen schemes were eligible for ranking in this category. Kotak Gilt Investment Plan continued to be in the CRISIL Fund Rank 1 cluster for the third consecutive quarter, while DSP BlackRock Govt Sec Fund jumped one notch to CRISIL Fund Rank 1 from the previous quarter. Both schemes were helped by a higher SRS score, which has a 75 per cent weightage in the ranking criteria. DSP BlackRock Govt Sec Fund also performed well on asset quality parameter. On the portfolio front, Kotak Gilt Investment Plan s average maturity rose to 7 years in June 2010 from 4 years in March 2010, while DSP BlackRock Govt Sec Fund s average maturity rose to around 10 years in June 2010 from around 3 years in March 2010. The CRISIL Fund Rank 2 cluster consisted of four schemes, namely, ICICI Prudential Gilt - Investment - PF Option, ICICI Prudential Gilt Investment, ICICI Prudential Gilt - Treasury - PF Option AAPP and HDFC Gilt Fund - Long Term Plan. ICICI Prudential Gilt Investment and ICICI Prudential Gilt - Treasury - PF Option AAPP maintained their ranks in this cluster over the quarter, while HDFC Gilt Fund - Long Term Plan jumped one notch to make the grade. Good scores on asset quality and a relatively good SRS score helped all schemes in this cluster. Meanwhile, average maturity of all ranked schemes in the category rose to 5.75 years in June 2010 as compared to 2.2 years in March 2010. CRISIL Mutual Fund Ranking June 2010 Page 34 of 45

16 14 Average Maturity in Years (Gilt Funds) 12 10 Years 8 6 4 2 0 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 CRISIL Mutual Fund Ranking Gilt - Long category - quarter ended June 30, 2010 Timeframe - 2 years (July 1, 2008 to June 30, 2010) CRISIL Mutual Fund Ranking June 2010 Page 35 of 45

Balanced schemes In the Balanced schemes category, 19 schemes were eligible for ranking. HDFC Prudence Fund and Reliance Regular Savings Fund Balanced occupied the top cluster - CRISIL Fund Rank 1. Reliance Regular Savings Fund Balanced topped for the fifth consecutive quarter while HDFC Prudence Fund maintained its rank for the third consecutive quarter. HDFC Prudence Fund performed well on the SRS parameter, which has a 75 per cent weightage in the ranking. The scheme also showed superior performance on company concentration and debt asset quality parameter. The scheme had 72 stocks in its equity portfolio, accounting for around 75 per cent of the June 2010 AUM. State Bank of India, Oil & Natural Gas Corporation and Bank of Baroda were top equity holdings with over 3 per cent exposure. The top equity gainers in the scheme s portfolio were Whirlpool of India and Tube Investments of India with over 65 per cent gains each over the quarter. There were 12 new entrants over the quarter, forming over 8 per cent of the June 2010 portfolio; this included around 4 per cent exposure in debt instruments. Key equity holdings among them were Hindustan Petroleum Corporation, Bharti Airtel, Cipla and Tata Motors. On the industry front, the highest exposure of over 15 per cent of AUM was to banks, followed by pharmaceuticals (around 7 per cent) and financial institutions with around 6 per cent exposure of its June 2010 AUM. Reliance Regular Savings Fund Balanced performed well on the equity liquidity parameter in addition to scoring well on SRS, industry concentration and company concentration criteria. The scheme s equity portfolio, forming 67 per cent of the total June 2010 portfolio, also had an additional 1 per cent exposure in stock futures. The scheme had its highest exposure in stocks of State Bank of India (4.1 per cent), followed by Reliance Industries and ICICI Bank (3.8 per cent each). The top quarterly equity gainers for the scheme were Indian Oil Corporation (up 36 per cent), followed by Reliance Infrastructure and Oil & Natural Gas Corporation (up 20 per cent each). There were 20 new entrants over the quarter, which accounted for 44 per cent of the portfolio, including 22 per cent in debt instruments and 1 per cent in stock futures. At the industry level, the scheme s highest equity sector exposure was in banks (32 per cent) followed by refineries/marketing at 6 per cent of the latest corpus. Four schemes, HDFC Balanced Fund, Birla Sun Life 95 Fund, DSP BlackRock Balanced Fund and Canara Robeco Balance Fund constituted the CRISIL Fund Rank 2 cluster. Canara Robeco Balance Fund moved up one notch from the previous quarter while the other schemes maintained their ranks. Canara Robeco Balance Fund moved up the ranking space on the back of good scores in SRS and debt asset quality parameters. On the portfolio front, the scheme had 43 scrips in its June 2010 portfolio that accounted for 70 per cent of its corpus. HDFC Bank had the highest equity stock exposure in the scheme s portfolio at over 4 per cent of the AUM followed by Bharat Heavy Electricals and Sun T V Network at 2.8 per cent each. Meanwhile the scheme benefited the most by gains in prices of Hindustan Petroleum Corporation (up 47 per cent), Indian Oil Corporation (up 36 per cent) and Kewal Kiran Clothing (up 29 per cent). The scheme also saw 11 new entrants in this quarter, accounting for 31 per cent of the latest corpus. On the sectoral front, the scheme had its highest exposure in banks (41 per cent) followed by refineries/marketing at 7 per cent of the June AUM. CRISIL Mutual Fund Ranking June 2010 Page 36 of 45

The average equity holding of all ranked schemes in this category remained same at around 69 per cent as of June 2010 vis-à-vis the previous quarter. CRISIL Mutual Fund Ranking Balanced category - quarter ended June 30, 2010 Timeframe - 2 years (July 1, 2008 to June 30, 2010) CRISIL Mutual Fund Ranking June 2010 Page 37 of 45

Consistent Mutual Fund performers Consistency in performance is imperative for an avid investor, and is usually centrally factored into all investment decisions. The Consistent Mutual Fund Performer category evaluates schemes for consistency in performance over a specified time period. The rankings seek to highlight schemes that have turned in the most consistent risk-adjusted performance as well as a superior performance on the CRISIL Mutual Fund Ranking over the last 5 years, and act as complementary inputs to the existing ranking categories. The rankings for the Consistent Mutual Fund Performers have been included under the equity, balanced, debt and liquid categories. CRISIL Mutual Fund Ranking Consistent Mutual Fund Performers: Equity - quarter ended June 30, 2010 Timeframe - 5 years (July 1, 2005 to June 30, 2010) CRISIL Mutual Fund Ranking June 2010 Page 38 of 45

CRISIL Mutual Fund Ranking Consistent Mutual Fund Performers: Debt - quarter ended June 30, 2010 Timeframe - 5 years (July 1, 2005 to June 30, 2010) The Consistent Rank Performer Balanced category saw one new entrant - LICMF Balanced Fund. CRISIL Mutual Fund Ranking Consistent Mutual Fund Performers: Balanced - quarter ended June 30, 2010 Timeframe - 5 years (July 1, 2005 to June 30, 2010) CRISIL Mutual Fund Ranking June 2010 Page 39 of 45

CRISIL Mutual Fund Ranking Consistent Mutual Fund Performers: Liquid - quarter ended June 30, 2010 Timeframe - 5 years (July 1, 2005 to June 30, 2010) CRISIL Mutual Fund Ranking June 2010 Page 40 of 45

Annexure I - Category definition for CRISIL Mutual Fund Ranking categories Note: Only open-ended schemes are eligible for the selection criteria under the following categories: General equity category Schemes that predominantly invest in equity instruments (excluding hybrid schemes) are classified under this broad category. The schemes with the following features will be excluded from the ranking universe: Schemes not open to investors at large and open only to a specific set of investors. Schemes whose offer document permits dynamic asset allocations, where the normal asset allocations for both debt and equity components could vary between 0 and 100 per cent. However, upon receipt of an undertaking from the AMC, assuring predominant investment in equity, the scheme will be considered for ranking. Schemes for which there is a delay in receipt of portfolios from the fund house. Schemes with a stated objective to predominantly invest in derivatives. Schemes with dedicated mandate to invest in overseas equity markets. All the other schemes will be filtered through the eligibility criteria. Eligible schemes are then classified into the following sub-categories: Large cap-oriented equity category Large cap-oriented equity schemes have been defined as schemes that have at least 75 per cent exposure in CRISIL-defined large cap stocks in the preceding 24 months. Large cap stocks are defined for four blocks of 6 months each. Large cap-oriented schemes need to have a minimum exposure of 75 per cent in these large cap stocks for a minimum of 4 out of 6 months in each block. CRISIL-defined large cap stocks include the top 100 scrips, based on 6-month daily average market capitalisation on the NSE as of the 6-month-ended December 2008, June 2009, December 2009 and June 2010. The universe of large cap stocks and the scheme s classification thereby would be reviewed every quarter. Exposure to Nifty futures is considered as a large cap exposure. Small and mid-cap-oriented equity category Small and mid-cap-oriented equity schemes have been defined as schemes that have less than 45 per cent exposure in CRISIL-defined large cap stocks for the preceding 24 months. Large cap stocks are defined for four blocks of 6 months each. Small and mid-cap-oriented schemes need to have less than 45 per cent exposure in these large cap stocks for a minimum CRISIL Mutual Fund Ranking June 2010 Page 41 of 45

of 4 out of 6 months in each block. CRISIL-defined large cap stocks include the top 100 scrips, based on 6-month daily average market capitalisation on the NSE as of the 6-month ended September 2008, March 2009, September 2009 and March 2010. The universe of large cap stocks and the scheme s classification thereby will be reviewed every quarter. Exposure to Nifty futures is considered as a large cap exposure. Thematic Infrastructure equity category This category comprises of schemes with investment objective to invest in infrastructure and related sectors. CRISIL defined infrastructure sectors are: Energy, Construction, Industrial Capital Goods, Industrial Manufacturing, Metals, Cement & Cement Products, Services and Telecom. ELSS This category comprises schemes investing in equity and equity-related instruments, and is aimed at enabling investors to avail tax rebates under Section 80 C of the Income Tax Act. There is a statutory lock-in period of 3 years for investments in any ELSS scheme. Diversified Equity category The remaining eligible equity schemes will be ranked under this category. Index category Index schemes, for the purpose of CRISIL Mutual Fund Ranking, are defined as schemes launched with an objective to generate returns that are commensurate with the performance of their benchmark s TRI, subject to tracking errors. These schemes are managed passively, with investments in stocks in a proportion that is as close as possible to the weightages of these stocks in their benchmark indices. The investment strategy would revolve around reducing the tracking error to the least possible through regular rebalancing of the portfolio, taking into account the change in weights of stocks in the benchmark index as well as the incremental collections/redemptions in the scheme. Open-ended exchange traded funds (ETFs), whose objective is to realise returns that, before expenses, closely corresponds to the returns of securities as represented by their benchmark index, would also form a part of the index scheme ranking universe. However, index schemes with the following features will be excluded: Index schemes whose objective is to invest a majority of their net assets in the same stocks and weightage proportion as their benchmark index, and the remaining amount of their net assets in stocks which do not form a part of their benchmark index. Index schemes that allow the fund manager to take overweight investment positions on stocks that comprise their benchmark index. Index schemes having sectoral indices as benchmarks. CRISIL Mutual Fund Ranking June 2010 Page 42 of 45

Balanced category Schemes investing more than 60 per cent, but less than 80 per cent, of the AUM in equity securities, and 20-40 per cent in long-term bonds/government securities will be ranked as balanced schemes. Speciality schemes with the above asset allocation but having a special focus such as children, pension, unit-linked insurance, young citizens, charity, and retirement, would not be considered. MIP category Those schemes, where investment into equity is restricted to a maximum of 30 per cent and generally declare monthly dividends are classified under this category. MIP - Aggressive: Schemes wherein the objective limits investment in equity securities to 15-30 per cent of the corpus. MIP - Conservative: Schemes wherein the objective limits investment in equity securities to up to 15 per cent of the corpus. Debt - Long category This category comprises schemes that predominantly invest in long-term corporate debt papers and government securities (G-Secs). These schemes also invest in short-term and money market securities. However, the following exceptions are made in the selection criteria: Schemes investing 60 per cent or more in G-Secs will not be included in the peers for the Income category. Debt - Short term category This category comprises schemes that predominantly invest in short term corporate debt papers, CDs, money market and G-Secs. Gilt - Long category This category includes schemes that predominantly invest in long-term securities issued by Central and state governments, including government securities and T-bills, of varying maturities, with a view to generating credit risk-free return. Schemes offering pension and investment options with distinct portfolios will be ranked separately. CRISIL Mutual Fund Ranking June 2010 Page 43 of 45

Liquid category Liquid fund schemes and plans of mutual funds have the following characteristics with regard to their portfolio: Constituted of money market instruments and short-term debt instruments with a residual maturity of up to 91 days. Schemes offering sweep options, and the like, would not be included. Depending on the minimum investment amount disclosed in the offer documents, liquid funds are further classified into: Retail - Minimum investment less than Rs 1 million Institutional - Minimum investment from Rs 1 million, but less than Rs 50 million Super Institutional - Minimum investment of more than Rs 50 million Ultra short term debt category Schemes that are named as ultra short term debt schemes are considered under this category. Upon receipt of an undertaking from the AMC, assuring positioning of the scheme as ultra short term debt, schemes positioned as ultra short term debt schemes will be considered for ranking if the risk-return characteristics for that scheme is in line with the risk-return characteristics for the peer set. Based on the minimum investment amount disclosed in the offer documents, the ultra short term debt funds are further classified into: Retail - Minimum investment less than Rs 1 million Institutional - Minimum investment from Rs 1 million, but less than Rs 50 million Super Institutional - Minimum investment of more than Rs 50 million Consistent Mutual Fund Performers This category comprises schemes that have rankings in all quarterly CRISIL Mutual Fund Ranking over the 5-year timeframe as on the date of the rankings. Note: While the above classification will be the guide in selection and creation of peers for the purpose of ranking, CRISIL will be free to take a subjective call on the inclusion/exclusion of a scheme from among the peers in a ranking category. CRISIL Mutual Fund Ranking June 2010 Page 44 of 45

Note: An entity wishing to use the CRISIL Mutual Fund Ranking in its prospectus / offer document / advertisement / promotion/ sales literature, or wishing to re-disseminate these rankings, may do so only after obtaining the written permission of the ranking entity, CRISIL FundServices, CRISIL Limited. DISCLAIMER: CRISIL has taken due care and caution in compilation of data for this analysis. Information has been obtained by CRISIL from sources, which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. CRISIL especially states that it has no financial liability whatsoever to the users of this report. Neither CRISIL, nor any director, employee or representative of CRISIL can accept liability for any direct or consequential loss arising from the use of this data. For the methodology log on to www.crisil.com or www.crisilfundservices.com For further details on CRISIL Mutual Fund Ranking, please contact: Vinaya Dongre / Deepak Mittal CRISIL FundServices CRISIL Limited CRISIL House, 8th Floor, Central Avenue, Hiranandani Business Park Powai, Mumbai- 400 076, India Tel: +91 (22) 3342 8025 / 3342 8031 / (B) 3342 3000 Fax: +91 (22) 3342 8088 E-mail: CRISILFundServices@crisil.com CRISIL Mutual Fund Ranking June 2010 Page 45 of 45