CRISIL Mutual Fund Ranking

For the quarter ended December 31, 2011

CRISIL MutualFundRanking

Equity funds stick to defensive bets amidst market volatility
Indian equity funds continued to increase their exposure to defensive sectors like pharmaceuticals and consumer non durables during the quarter ended December 2011 amidst the ongoing market volatility. In addition, equity funds raised their holdings in the information technology (IT) sector on the back of increase in earnings prospects for the sector due to sharp depreciation of the rupee against the US dollar. Equity funds, however, cut their exposure to sectors such as banks, which declined on worries of slowing growth and increase in nonperforming assets (NPAs). The weak equity trend over the year continued in the latest quarter with the benchmark S&P CNX Nifty declining over 6 per cent in the quarter and by 24 per cent in 2011 following weak global and domestic cues. On the global front, the Euro Zone debt crisis continued to impact markets while on the domestic front, high inflation and interest rates along with lack of policy initiatives from the government added to weak market sentiments. A silver lining was the performance of the fast-moving consumer goods (FMCG), the pharmaceutical and the IT sectors - the only ones to give positive returns. The CNX IT index was the biggest gainer across sectoral indices, up over 8 per cent in the quarter, while CNX FMCG and CNX Pharma were up 2.7 per cent and 1.2 per cent, respectively. The IT sector benefitted from the sharp depreciation of the rupee in recent months, which enhanced the earning prospects of the export oriented sector. Further, equity funds have continuously increased their exposure to FMCG and pharma sectors over the past four quarters. Historically, these defensive sectors limit the downside in returns in falling markets. However, these sectors are trading at higher than their historical price to earnings (P/E) ratios. Such a portfolio allocation reflects the cautious mood amongst the equity fund managers. At the fund house level, HDFC Mutual Fund continued to lead the tally of top ranked funds with 12 funds under CRISIL Fund Rank 1. This was followed by Birla Sun Life Mutual Fund with 10 funds and UTI Mutual Fund with nine funds. Canara Robeco Mutual Fund increased its tally of Fund Rank 1 schemes to eight during the quarter as compared to one during the previous quarter. The latest CRISIL Mutual Fund Ranking covers close to 88 per cent of the industry average assets under management of the open ended schemes as of December 2011. A unique feature of CRISIL Mutual Fund Ranking is that unlike most other ranking models that are purely based on returns or net asset value (NAV), CRISIL Mutual Fund Ranking uses a combination of NAV and portfolio-based attributes for evaluation. 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. The rankings also include categories that focus specifically 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 10 percentile of funds are ranked as CRISIL Fund Rank 1 and the next 20 percentile are ranked as CRISIL Fund Rank 2. Investors can use the CRISIL Fund Ranking, which is available on www.crisil.com, as a tool to support their investment decisions. The rankings are updated on a quarterly basis.

For the quarter ended December 31, 2011

1

CRISIL MutualFundRanking

Mutual fund industry highlights
The Indian mutual fund industry’s average assets under management (AUM) fell by 4.4 per cent or Rs 310 billion to Rs 6.82 trillion in the October-December 2011 compared with Rs 7.13 trillion in the previous quarter (excluding fund of funds). A similar trend was seen in the month-end assets, which fell by 4.8 per cent to Rs 6.11 trillion as of December. This is the second consecutive quarter of decline in assets. The corpus had declined by around 4 per cent in the previous quarter as well. The fall in assets (see Table 1) can be primarily attributed to mark to market losses in equity funds, which comprised around 53 per cent of the decline in overall assets. The equity market represented by the benchmark S&P CNX Nifty declined over 6 per cent in the quarter amidst weak domestic and global economic cues. According to AMFI (Association of Mutual Funds in India) data, equity funds’ assets fell over 9 per cent in the quarter to Rs 1.61 trillion despite inflows of Rs 6 billion.
Chart 1 – Mutual Fund Net Flows and AUM trend
Net flows (Rs billion) Industry AUM (Rs trillion)

Mutual fund assets also declined on account of redemption by corporates and banks to meet their quarter-end requirements. Corporate withdrawals were on account of quarter-end advance tax payments, which were reported at around Rs 300-400 billion for the December quarter. Banks, on the other hand, withdrew on two counts - on account of balance sheet capital adequacy requirements for the quarter-end and due to the RBI circular to reduce banks’ exposure to short maturity mutual funds to 10 per cent of their net worth by end-January 2012. Banks’ investment in mutual funds slid by almost 60 per cent to Rs 270 billion as on December 30, 2011 as compared to Rs 658 billion as on September 23, 2011. Gold Exchange Traded Funds (ETFs) continued to see inflows with assets rising to Rs 91.5 billion in December 2011 as compared to Rs 81.7 billion in September 2011. The category recorded inflows in 18 out of the last 19 months following rise in gold prices and increasing demand for the asset class amid market and economic uncertainty.
Table 1 – Category wise Net fund flows and AUM
Net Inflow/(Outflow) Rs billion Quarter ended Dec-11 Month End AUM

8.0 7.5

1860 1465

Quarter ended Sep-11 -67.59 25.57 3.86 -154.45 -2.88 17.16 0.51 0.22 -177.60

Dec-11

Sep-11

Difference

AUM Rs trillion

1070 675 280

Net flows Rs billion

Income Funds Equity Funds Balanced Funds Liquid / Money Market Funds Gilt Funds Gold ETF Funds Other ETFs Fund of Funds Investing Overseas Total
Source – AMFI

-88.48 6.30 -0.85 -102.33 0.61 5.90 -2.61 -2.15 -183.61

2985.69 1612.42 145.56 1207.13 31.21 91.53 15.15 25.33 6114.02

3040.75 1773.91 163.27 1285.37 30.21 81.73 18.61 25.52 6419.37

-55.06 -161.49 -17.71 -78.24 1.00 9.80 -3.46 -0.19 -305.35

7.0 6.5 6.0 5.5

-115 -510 -905 -1300

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Source – AMFI

The fund house assets tally indicated that 24 of the 44 fund houses noted a fall in their average assets. Reliance Mutual Fund registered the highest fall in absolute terms of Rs 84 billion or 9.22 per cent to Rs 823 billion in the quarter. Among gainers, JP Morgan Mutual Fund registered the highest growth in average AUM in absolute as well as percentage terms, with its AUM rising Rs 20 billion or 42.4 per cent in the quarter. HDFC Mutual Fund retained its top average AUM position in the quarter with assets of Rs 886 billion, down Rs 32 billion or 3.48 per cent from the September quarter. Reliance Mutual Fund maintained second position at Rs 823 billion. The share of top 5 and 10 mutual funds’ assets was 53 per cent and 77 per cent in the quarter respectively.

Dec-11

According to data released by the Securities and Exchange Board of India (SEBI), net buying of equities by mutual funds decreased to Rs 10 billion in October-December compared to Rs 24 billion in previous quarter. On the debt front, the net buying was Rs 757 billion in the quarter, higher than Rs 345 billion in the previous quarter. On the regulatory front, SEBI asked fund houses to publicly display the commission paid to distributors. The industry moved to a monthly consolidated statement for investors across fund houses unlike separate statements for each fund house given earlier.

2

MARKET OVERVIEW

Equity market overview
Table 2 – Movement of Key Equity Market Indices
Index
S&P CNX Nifty CNX IT Index CNX FMCG Index CNX Pharma Index CNX AUTO Index CNX 100 CNX Energy Index CNX Commodities CNX MIDCAP Index CNX Metal Index CNX Bank Index CNX Infra CNX Realty Index
Source- NSE

Chart 2 – Mutual Fund Daily Investments & Nifty Movement
MF Daily Net Investment S&P CNX \Nifty

30-Dec-11 30-Sep-11
4624.30 6139.00 10217.15 4576.25 3390.55 4477.35 6968.10 2113.85 6111.85 2464.60 7968.65 2124.90 184.20 4943.25 5678.9 9947.65 4520.95 3549.62 4860.1 7735.75 2348.6 7094 2921.39 9468.3 2588.95 3309.48 237.6

Absolute % change % change Change (3 month) (1 year)
-318.95 460.10 269.50 55.30 -159.07 -382.75 -767.65 -234.75 -982.15 -456.79 -1499.65 -464.05 -597.63 -53.40 -6.45 8.10 2.71 1.22 -4.48 -7.88 -9.92 -10.00 -13.84 -15.64 -15.84 -17.92 -18.06 -22.47 -24.62 -18.05 8.58 -10.01 -25.81 -28.72 -34.12 -31.00 -47.68 -32.42 -38.54 -33.87 -51.52
Nifty

5400 5220 5040 4860 4680 4500
30-Sep-11 5-Oct-11 11-Oct-11 14-Oct-11 19-Oct-11 24-Oct-11 28-Oct-11 2-Nov-11 8-Nov-11 14-Nov-11 17-Nov-11 22-Nov-11 25-Nov-11 30-Nov-11 5-Dec-11 9-Dec-11 14-Dec-11 19-Dec-11 22-Dec-11 27-Dec-11 30-Dec-11

6 4 2 1 3 -5
MF Daily Net Investment (Rs. billion)

-19.39

CNX Small Cap Index 2711.85

Source- SEBI, NSE

The Indian equity benchmark S&P CNX Nifty fell by over 6 per cent in the quarter ended December 2011 on the back of weak global and domestic cues. The former was due to the continuing Eurozone debt crisis and intermittent signs of slowing growth in the US. The Indian market was hit by domestic concerns in the form of high inflation and the resultant monetary tightening, slowing growth and inability of the government to bring in key economic reforms. Selling by foreign institutional investors (FIIs) amidst risk aversion globally also added to the losses. FIIs were net sellers to the tune of Rs 23 billion in the October-December quarter, lower than net selling of Rs 33 billion seen in the previous quarter. Meanwhile, some losses were capped by buying in exportoriented technology stocks due to the sharp depreciation in the rupee. Most sectoral indices ended down in the quarter with the CNX Realty Index witnessing the highest decline of 22 per cent as sentiments for the interest rate-sensitive sector took a hit after Moody’s downgraded Indian banks and on worries of slowdown in the domestic economy. CNX Small Cap Index followed with losses of 18 per cent as investor sought the safety of blue chip stocks in a bear market. Meanwhile, the CNX IT Index defied market sentiments and posted over 8 per cent gains in the quarter as investors bought stocks in the export-oriented sector on sharp depreciation in the rupee against the US dollar. The other gainers in the quarter were CNX FMCG Index and CNX Pharma Index, which were marginally up as investors moved to defensive sectors amid prevalent volatility. Among regulatory and other developments, SEBI introduced uniform forms and documents for the purpose of customer

identification by different market intermediaries like stock exchanges and mutual funds. The market regulator initiated this to bring in uniformity in documentation across the spectrum of financial services in the country. SEBI also issued guidelines in pursuance of the SEBI KYC Registration Agency (KRA) Regulations, 2011 and for In-Person Verification (IPV). Further, SEBI made amendments to the equity, Indian Depository Receipts (IDR) and SME (Small and Medium Enterprises) equity listing agreements in order to enhance the quality of disclosures made by listed entities. SEBI wants listed entities to follow a nine-point disclosure norm against non-ethical business practices. SEBI set a minimum allotment size of Rs 50 million for issuing shares in an initial public offer (IPO) to "anchor" investors. SEBI also decided to take action against those found manipulating IPOs of companies as well as pitched for more checks and balances in high-frequency trading. SEBI specified a maximum tenure of 12 months for warrants issued along with public issues or rights issue of securities, to prevent any misuse of such instruments. SEBI has said that private equity and venture capital funds will not be clubbed with promoters; a move which will lend greater flexibility to these financial investors as well as companies planning to mop-up funds. Further, SEBI released a new set of rules for audit of the IT systems of exchanges and depositories. SEBI proposed new rules for investment advisors that will require them to be registered with a self-regulatory organisation (SRO) before undertaking such a role. SEBI said intermediaries should not outsource their core business activities and compliance functions. Meanwhile, the NSE launched futures and options contracts on two sectoral indices - CNX PSE and CNX Infrastructure - on November 25.

For the quarter ended December 31, 2011

3

CRISIL MutualFundRanking

Debt market overview
Interbank call money rates moved in the range of 7.90-9.85 per cent in the October-December quarter with rates rising in the second half of the quarter on increased demand. Demand rose as liquidity came under pressure after Rs 300-400 billion went out of the banking system by December 15 as payment of October-December corporate advance tax. This temporarily pushed call rates above the RBI’s marginal standing facility (MSF) rate of 9.50%. Further, continuing demand from banks
Chart 3 – Movement of Overnight MIBOR
10.00% 9.00% 8.00% 7.00% 6.00% 5.00%
31–Dec-10 26-Jan-11 21-Feb-11 19-Mar-11 11-Apr-11 10-May-11 5-Jun-11 1-Jul-11 27-Jul-11 22-Aug-11 17-Sep-11 13-Oct-11 8-Nov-11 4-Dec-11 30-Dec-11

on reporting fortnight, quarter-end cash requirements and move by the government to conduct sale of cash management bills (CMBs) also pushed up interbank borrowing rates. Rise in call rates was capped as banks subsequently met their reserve requirements from the RBI repo tender and CBLO markets. In an effort to boost liquidity, the RBI allowed banks to borrow through MSF against their surplus bond holdings under the statutory liquidity ratio (SLR).
Chart 4 – 10-Year Benchmark Gilt Yield
9.25% 8.95% 8.65% 8.35% 8.05% 7.75%

31-Dec-10

26-Jan-11

21-Feb-11

19-Mar-11

14-Apr-11

10-May-11

5-Jun-11

1-Jul-11

27-Jul-11

22-Aug-11

17-Sep-11

13-Oct-11

8-Nov-11

4-Dec-11

Source - NSE

Source - CRISIL Debtbase

Gilt prices fell in a volatile October-December quarter, with the yield on the new 10-year benchmark 8.79% 2021 paper closing at 8.56 per cent on December 30, 2011; the erstwhile 10-year benchmark 7.80% 2021 had closed at 8.44 per cent yield on September 29, 2011. Gilt prices were primarily dragged down by increase in the government’s borrowing target in the second half of the fiscal year, which pushed the yield to its highest in over 39 months. The central government increased its market borrowing by Rs 523 billion to Rs 4.70 trillion in October against the targeted borrowing of Rs 4.17 trillion for the fiscal year. It again increased the borrowing in December by another Rs 400 billion. Rising fiscal deficit along with concerns of rising subsidies heightened concerns of more government borrowing. Prices were also negatively influenced by the RBI’s rate hike in its second quarter policy review on October 25. The central bank increased its repo rate by 25 bps to 8.5%, the 13th increase since March 2010. A sharp fall in the Indian rupee (down 8 per cent in the quarter against the US dollar) stoked fears of inflationary concerns which also affected gilt prices negatively. Losses were capped following receding weekly inflation numbers along with slowdown in the economy, highlighted by the weak IIP data. This raised hope for the RBI to adopt a progrowth stance. Gilt prices rose after the RBI announced to

purchase bonds under open market operations (OMOs). The government’s decision to raise the investment limit by US$5 billion for foreign institutional investors in both gilts and corporate bonds also augured well for bond prices. Among regulatory initiatives, the RBI said that participants in the government securities market will be allowed to carry short positions for up to three months with effect from February 1, as against the prevailing limit of five trading days. SEBI banned payment of incentives to investors to bid in public sale of bonds as it considered that the practice leads to an unfair advantage to a select few and raises the cost to the issuer. The RBI relaxed norms to attract FII investments in the infrastructure sector; FIIs can now sell their investments in infrastructure bonds up to US$5 billion in a year instead of waiting for three years. Further, the RBI issued guidelines to allow banks and non banking financial companies (NBFCs) to sponsor infrastructure debt funds (IDFs); NBFCs trying to set up IDFs should have been operational for at least five years, should have minimum net owned funds of Rs 3 billion and a capital adequacy ratio of 15 per cent. SEBI lowered the minimum bidding and allocation amounts for FIIs in infrastructure bonds. As per the revised guidelines, FIIs will not be allocated more than Rs 20 billion of the investment limit against the existing Rs 100 billion.

4

30-Dec-11

CRISIL Mutual Fund categories
Equity Funds 1. Large Cap-oriented Equity funds 2. Diversified Equity funds 3. Small and Mid-cap Equity funds 4. Equity Linked Savings Scheme (ELSS) 5. Thematic - Infrastructure funds 6. Index funds Hybrid Funds 7. Balanced funds 8. Monthly Income Plan - Aggressive 9. Monthly Income Plan – Conservative Debt Funds 10. Long Term Income funds 11. Short Term Income Funds 12. Liquid funds 13. Liquid funds - Institutional 14. Liquid funds - Super institutional 15. Ultra Short-term Debt funds 16. Ultra Short-term Debt funds - Institutional 17. Ultra Short-term Debt funds - Super institutional 18. Long Term Gilt funds Consistent Performers 19. Consistent Performers - Equity funds 20. Consistent Performers - Balanced funds 21. Consistent Performers - Debt funds 22. Consistent Performers - Liquid funds Performance period for rankings: 2-years for equity funds (other than index funds), long term income funds, gilt funds and hybrid funds; 1-year for index, liquid, ultra short-term debt and short-term debt funds; 5-years history in CRISIL Mutual Fund Ranking for Consistent Performers.

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 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster.

For the quarter ended December 31, 2011

5

CRISIL MutualFundRanking

Large Cap oriented Equity funds
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11 Superior Return Score 75% 1 1 1 1 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 5 5 5 5 ó1 ó1 ó1 ñ ñ ò ñ ñ 2 3 1 3 3 1 (1) 2 (1) 1 (1) 1 (2) 2 (3) 1 (1) 2 (3) 2 (2) 2 (3) 2 (2) 2 (2) 2 (3) 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (4) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (3) 4 (4) 4 (4) 4 (3) 4 (4) 4 (5) 4 (4) 5 (5) 5 (5) 5 (5) 5 (4)

Large Cap oriented Equity funds Weightages Fidelity Equity Fund Franklin India Bluechip Fund ICICI Prudential Focused Bluechip Equity Fund UTI Opportunities Fund BNP Paribas Equity Fund Fidelity India Growth Fund HDFC Index Fund - Sensex Plus Plan HSBC India Opportunities Fund Kotak 50 SBI Magnum Equity Fund UTI Mastershare Unit Scheme UTI Top 100 Fund Birla Sun Life Frontline Equity Fund Birla Sun Life Top 100 Fund DSP BlackRock Top 100 Equity Fund HDFC Top 200 Fund HSBC Dynamic Fund HSBC Equity Fund ICICI Prudential Target Returns Fund ICICI Prudential Top 100 Fund IDFC Equity Fund IDFC Imperial Equity Fund Reliance Quant Plus Fund Sundaram India Leadership Fund UTI Master Plus Unit Scheme DWS Alpha Equity Fund ICICI Prudential Top 200 Fund LIC NOMURA MF Equity Fund LIC NOMURA MF Growth Fund Principal Large Cap Fund Reliance Top 200 Fund SBI Blue Chip Fund Sundaram Select Focus BARODA PIONEER Growth Fund LIC NOMURA MF Top 100 Fund UTI Contra Fund UTI Leadership Equity Fund
Figures in bracket indicate the previous quarter score

Industry Concentration 10% 3 (3) 2 (2) 4 (4) 4 (3) 2 (4) 3 (4) 3 (2) 5 (5) 5 (5) 3 (3) 2 (3) 3 (3) 1 (2) 1 (2) 5 (3) 4 (4) 5 (5) 4 (4) 4 (4) 4 (3) 3 (5) 3 (2) 3 (3) 1 (1) 2 (1) 2 (2) 3 (3) 4 (4) 3 (3) 3 (3) 2 (3) 2 (2) 1 (1) 3 (3) 4 (4) 2 (1) 3 (2)

Company Concentration 5% 1 (1) 3 (3) 5 (5) 2 (2) 2 (3) 2 (2) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 2 (2) 4 (4) 5 (4) 4 (4) 5 (5) 3 (5) 3 (3) 5 (5) 2 (2) 3 (2) 4 (4) 4 (3) 4 (3) 3 (3) 1 (1) 3 (4) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3)

Liquidity 10% 5 (4) 3 (3) 2 (2) 4 (4) 4 (3) 5 (5) 4 (4) 4 (5) 3 (3) 2 (2) 3 (4) 3 (3) 3 (3) 4 (4) 2 (2) 3 (3) 3 (3) 2 (3) 3 (3) 3 (2) 1 (1) 4 (3) 1 (1) 3 (3) 3 (3) 3 (3) 4 (4) 1 (1) 1 (1) 4 (4) 5 (5) 3 (4) 2 (2) 2 (2) 2 (2) 5 (5) 2 (2)

ó2 ó2 ó2 ñ ò ò ò ò ñ 3 2 2 2 2 4

ó3 ó3 ó3 ñ 4 ó3 ó3 ó3 ó3 ó4 ò 3 ó4 ó4 ò ñ 3 5 ó4 ó4 ó5 ó5 ó5 ò 4

6

Diversified Equity funds
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11 Superior Return Score 75% 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 ó1 ó1 ó1 ó1 ñ 2 ó1 ó1 ó2 ñ 3 ó2 ó2 ó2 ñ ñ ò 3 3 1 ó2 1 (1) 1 (1) 1 (1) 1 (1) 1 (2) 1 (1) 1 (1) 3 (2) 3 (3) 2 (2) 2 (2) 2 (2) 2 (3) 2 (2) 2 (3) 2 (1) 2 (2) 2 (2) 2 (2) 2 (3) 2 (2) 2 (3) 3 (4) 4 (4) 3 (2) 2 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (2) 3 (4) 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4)

Diversified Equity funds Weightages Birla Sun Life India GenNext Fund Canara Robeco Equity Diversified ING Dividend Yield Fund UTI Dividend Yield Fund UTI Equity Fund UTI India Lifestyle Fund UTI MNC Fund DSP BlackRock Opportunities Fund Franklin India Flexi Cap Fund Franklin India Prima Plus HDFC Capital Builder Fund HDFC Growth Fund ICICI Prudential Dynamic Plan JPMorgan India Equity Fund Kotak Select Focus Fund Mirae Asset India Opportunities Fund Quantum Long-Term Equity Fund Tata Contra Fund Tata Ethical Fund Tata Pure Equity Fund Taurus Starshare AIG India Equity Fund Bharti AXA Equity Fund Plan Birla Sun Life Special Situations Fund DSP BlackRock Equity Fund Fidelity India Special Situations Fund Franklin India High Growth Companies Fund Franklin India Opportunities Fund HDFC Core and Satellite Fund HDFC Equity Fund HDFC Long Term Equity Fund HDFC Premier MultiCap Fund HSBC Unique Opportunities Fund ICICI Prudential Services Industries Fund Kotak Contra Kotak Opportunities Morgan Stanley A.C.E. Fund Principal Dividend Yield Fund Religare Contra Fund SBI Magnum Multiplier Plus Scheme 1993 SBI One India Fund
Figures in bracket indicate the previous quarter score

Industry Concentration 10% 5 (4) 2 (3) 3 (3) 3 (3) 3 (3) 5 (5) 4 (4) 3 (2) 3 (2) 1 (1) 4 (4) 2 (2) 3 (3) 3 (4) 4 (4) 2 (3) 2 (2) 2 (1) 4 (4) 3 (3) 1 (2) 3 (2) 4 (3) 1 (2) 1 (1) 4 (4) 1 (1) 3 (3) 2 (2) 3 (3) 4 (4) 3 (2) 4 (4) 5 (5) 4 (4) 3 (3) 3 (3) 4 (4) 3 (2) 2 (3) 2 (2)

Company Concentration 5% 2 (2) 2 (2) 3 (2) 2 (2) 1 (1) 3 (3) 4 (4) 2 (1) 4 (4) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 2 (2) 4 (3) 3 (3) 5 (4) 3 (3) 3 (3) 5 (5) 4 (4) 2 (2) 1 (1) 3 (3) 4 (4) 3 (3) 4 (4) 2 (3) 4 (5) 4 (4) 3 (3) 5 (4) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2)

Liquidity 10%

EQUITY FUNDS

3 (3) 2 (2) 3 (4) 2 (2) 2 (2) 3 (2) 4 (5) 2 (3) 2 (2) 3 (3) 3 (3) 3 (4) 3 (4) 1 (1) 2 (3) 3 (3) 2 (2) 4 (4) 3 (4) 2 (2) 1 (1) 5 (5) 1 (1) 2 (3) 3 (4) 5 (5) 4 (4) 1 (1) 4 (5) 3 (3) 4 (4) 4 (3) 2 (3) 3 (3) 4 (2) 2 (2) 1 (1) 5 (3) 4 (3) 3 (3) 3 (3) Continued

ó2 ó2 ó2 ñ 3 ó2 ó3 ñ ñ ò 4 4 2

ó3 ó3 ó3 ó3 ò ò ñ ñ 2 2 4 4 ó3

ó3 ó3 ó3 ó3 ó3 ó3 ñ 4

For the quarter ended December 31, 2011

7

CRISIL MutualFundRanking

Diversified Equity funds (Contd.)
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11 Superior Return Score 75% 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 ñ ò 4 2 3 (3) 3 (4) 3 (2) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 5 (5) 4 (5) 4 (4) 4 (4) 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 4 (3) 4 (4) 5 (4) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4)

Diversified Equity funds Weightages Sundaram Equity Multiplier Fund Sundaram Growth Fund Sundaram Rural India Fund Tata Equity Management Fund Tata Equity PE Fund UTI-Services Industries Fund Birla Sun Life Advantage Fund DWS Investment Opportunity Fund IDFC Classic Equity Fund ING OptiMix Multi Manager Equity Fund L&T Opportunities Fund Morgan Stanley Growth Fund Principal Services Industries Fund Reliance Growth Fund Reliance Regular Savings Fund - Equity Reliance Vision Fund SBI Magnum COMMA Fund Tata Capital Builder Fund Tata Equity Opportunities Fund Templeton India Growth Fund Birla Sun Life Equity Fund JM Multi Strategy Fund Principal Growth Fund Reliance Equity Fund SBI Magnum MultiCap Fund SBI Magnum Sector Umbrella - Contra Fund Tata Service Industries Fund
Figures in bracket indicate the previous quarter score

Industry Concentration 10% 3 (4) 2 (1) 4 (5) 3 (3) 4 (3) 5 (5) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 2 (3) 5 (5) 1 (1) 2 (2) 4 (4) 5 (5) 1 (1) 3 (3) 4 (4) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 5 (5)

Company Concentration 5% 4 (5) 3 (2) 3 (3) 3 (3) 1 (2) 4 (4) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 3 (4) 5 (5) 1 (1) 1 (1) 4 (4) 5 (5) 3 (3) 2 (3) 5 (5) 1 (1) 5 (5) 1 (1) 3 (4) 3 (3) 2 (2) 4 (3)

Liquidity 10% 4 (5) 1 (1) 3 (4) 2 (2) 5 (3) 4 (3) 3 (4) 3 (3) 3 (2) 3 (3) 3 (3) 2 (2) 3 (3) 4 (4) 3 (4) 3 (3) 3 (3) 5 (4) 4 (3) 3 (3) 4 (3) 5 (5) 3 (2) 1 (1) 2 (2) 4 (4) 5 (5)

ó3 ó3 ó3 ó3 ó4 ó4 ó4 ñ ñ 5 5

ó4 ó4 ò ò ò ò ò ò 3 3 3 3 3 3

ó4 ò 4

ó5 ó5 ó5 ó5 ó5 ò 4

8

Small and Mid-cap Equity funds
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11 Superior Return Score 75% 1 1 1 1 ó ó ó ó 1 1 1 1 1 (1) 2 (1) 1 (1) 1 (1)

Small and Mid-cap Equity funds Weightages Birla Sun Life MNC Fund HDFC Mid-Cap Opportunities Fund IDFC Premier Equity Fund SBI Magnum Sector Umbrella Emerging Business Fund

Industry Company Concentration Concentration Liquidity 10% 5 (5) 4 (4) 2 (5) 2 (3) 5% 5 (5) 2 (1) 3 (4) 5 (5) 10% 3 (4) 3 (3) 2 (3) 5 (5)

Birla Sun Life Dividend Yield Plus DSP BlackRock Micro Cap Fund IDFC Sterling Equity Fund Reliance Equity Opportunities Fund Religare Mid Cap Fund SBI Magnum Global Fund Tata Dividend Yield Fund

2 2 2 2 2 2 2

ó ó ó ñ ó ñ ó

2 2 2 3 2 3 2

2 (2) 2 (2) 2 (2) 2 (3) 2 (2) 2 (3) 1 (2)

3 (3) 3 (3) 2 (2) 3 (2) 3 (3) 4 (4) 5 (4)

1 (1) 4 (3) 3 (4) 3 (3) 2 (2) 4 (4) 4 (3)

2 (2) 5 (5) 3 (3) 2 (2) 3 (4) 2 (3) 4 (1)

Birla Sun Life Pure Value Fund Birla Sun Life Small & Midcap Fund DSP BlackRock Small and Midcap Fund Franklin India Prima Fund ICICI Prudential Discovery Fund JPMorgan India Smaller Companies Fund Kotak Midcap Sundaram Select Midcap UTI Master Value Fund UTI Thematic - Mid Cap Fund

3 3 3 3 3 3 3 3 3 3

ó ó ò ó ó ó ó ó ò ó

3 3 2 3 3 3 3 3 2 3

3 (3) 3 (3) 3 (2) 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3)

4 (4) 1 (2) 2 (1) 1 (1) 3 (3) 5 (4) 4 (4) 1 (1) 3 (2) 2 (3)

4 (4) 3 (3) 2 (2) 3 (3) 3 (3) 2 (3) 1 (1) 3 (4) 1 (1) 1 (2)

3 (3) 3 (4) 2 (2) 1 (1) 2 (2) 1 (2) 3 (3) 2 (2) 3 (3) 4 (3)

Birla Sun Life Midcap Fund Franklin India Smaller Companies Fund Kotak Emerging Equity L&T Midcap Fund - Cumulative Reliance Long Term Equity Fund SBI Magnum Midcap Fund Tata Mid Cap Fund

4 4 4 4 4 4 4

ñ ó ó ó ó ó ó

5 4 4 4 4 4 4

4 (5) 4 (4) 4 (4) 4 (4) 4 (3) 4 (4) 4 (4)

3 (2) 1 (1) 3 (3) 5 (5) 2 (2) 3 (5) 2 (2)

2 (2) 4 (4) 3 (3) 3 (2) 4 (4) 5 (5) 2 (2)

3 (2) 4 (4) 4 (4) 1 (1) 5 (5) 3 (3) 5 (3)

HSBC Midcap Equity Fund ICICI Prudential MidCap Fund Principal Emerging Bluechip Fund Sundaram S M I L E Fund
Figures in bracket indicate the previous quarter score

5 5 5 5

ó ò ó ó

5 4 5 5

5 (5) 5 (4) 5 (5) 5 (5)

4 (3) 3 (3) 4 (4) 4 (3)

5 (5) 4 (3) 2 (2) 3 (3)

4 (4) 4 (5) 1 (1) 4 (4)

For the quarter ended December 31, 2011

9

CRISIL MutualFundRanking

Equity Linked Savings Scheme (ELSS)
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11 Superior Return Score 80% 1 1 1 ñ ó N.A. 2 1 1 1 (2) 1 (1)

Equity Linked Savings Scheme (ELSS) Weightages Axis Long Term Equity Fund Canara Robeco Equity Tax Saver Franklin Taxshield Fund

Industry Company Concentration Concentration Liquidity 10% 3 1 (1) 2 (2) 5% 3 1 (2) 3 (4) 5% 5 3 (3) 2 (3)

BNP Paribas Tax Advantage Plan Fidelity Tax Advantage Fund HDFC Long Term Advantage Fund ING Tax Savings Fund Religare Tax Plan Tata Tax Saving Fund

2 2 2 2 2 2

ñ ò ó ñ ò ó

3 1 2 3 1 2

2 (3) 2 (1) 2 (2) 2 (2) 2 (1) 2 (2)

2 (5) 4 (4) 3 (3) 4 (4) 3 (3) 4 (2)

2 (3) 3 (2) 5 (5) 4 (3) 2 (2) 3 (2)

3 (3) 4 (4) 4 (4) 3 (2) 3 (4) 2 (3)

Birla Sun Life Tax Plan DSP BlackRock Tax Saver Fund HDFC Tax Saver Fund HSBC Tax Saver Equity Fund ICICI Prudential Tax Plan IDFC Tax Advantage (ELSS) Fund Reliance Tax Saver Fund SBI Magnum Tax Gain Scheme 1993 Sundaram Taxsaver Taurus Taxshield UTI Equity Tax Saving Plan (ETSP)

3 3 3 3 3 3 3 3 3 3 3

ó ó ò ó ò ó ò ó ñ ó ó

3 3 2 3 2 3 2 3 4 3 3

3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (2) 3 (3) 3 (4) 3 (3) 3 (3)

3 (2) 3 (4) 1 (1) 3 (2) 3 (3) 5 (3) 5 (5) 1 (1) 4 (5) 2 (3) 3 (3)

3 (3) 1 (1) 2 (2) 4 (4) 3 (3) 4 (4) 3 (4) 2 (1) 2 (3) 3 (4) 3 (3)

3 (3) 3 (4) 4 (4) 3 (3) 4 (5) 3 (3) 5 (5) 3 (3) 2 (2) 2 (1) 2 (2)

Bharti AXA Tax Advantage Fund Plan DWS Tax Saving Fund Kotak Tax Saver Scheme L&T Tax Saver Fund LIC NOMURA MF Tax Plan 1997 Principal Personal Tax Saver

4 4 4 4 4 4

ó ó ò ó ó ó

4 4 3 4 4 4

4 (4) 4 (4) 4 (3) 4 (4) 4 (4) 4 (4)

3 (3) 2 (2) 3 (3) 4 (4) 4 (4) 5 (4)

4 (4) 4 (3) 3 (3) 4 (3) 5 (5) 2 (3)

1 (1) 3 (3) 4 (3) 1 (2) 1 (1) 2 (2)

Birla Sun Life Tax Relief 96 JM Tax Gain Fund Principal Tax Saving Fund
Figures in bracket indicate the previous quarter score

5 5 5

ó ó ó

5 5 5

5 (5) 5 (5) 5 (5)

3 (3) 2 (2) 2 (3)

3 (2) 5 (5) 1 (1)

4 (4) 5 (5) 3 (2)

10

Thematic - Infrastructure funds
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11 Superior Return Score 75% 1 1 2 2 2 2 3 3 3 3 3 3 4 4 4 4 5 5 ñ ó ñ ó ò ó ó ò ó ñ ó ó ò ó ó ó ó ó 2 1 3 2 1 2 3 2 3 4 3 3 3 4 4 4 5 5 1 (2) 1 (1) 2 (2) 2 (2) 2 (1) 2 (3) 3 (3) 3 (2) 3 (3) 3 (4) 3 (3) 3 (3) 4 (3) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) Industry Company Concentration Concentration Liquidity 10% 3 (3) 1 (1) 2 (3) 2 (2) 5 (5) 3 (3) 2 (3) 4 (4) 3 (3) 4 (4) 5 (5) 3 (3) 1 (1) 4 (4) 2 (2) 3 (3) 3 (2) 4 (4) 5% 2 (3) 3 (3) 5 (4) 2 (1) 3 (3) 3 (3) 1 (1) 4 (4) 4 (4) 5 (5) 4 (4) 2 (2) 3 (3) 3 (2) 1 (2) 2 (2) 4 (5) 3 (3) 10% 3 (3) 2 (2) 5 (5) 3 (3) 3 (3) 1 (2) 3 (3) 3 (3) 1 (1) 2 (3) 3 (2) 2 (2) 4 (4) 4 (3) 4 (4) 2 (1) 5 (5) 4 (4)

Thematic - Infrastructure funds Weightages Canara Robeco Infrastructure Franklin Build India Fund AIG Infrastructure and Economic Reform Fund DSP BlackRock India T.I.G.E.R. Fund DSP BlackRock Natural Resources and New Energy Fund ICICI Prudential Infrastructure Fund Birla Sun Life Infrastructure Fund HDFC Infrastructure Fund LIC NOMURA MF Infrastructure Fund SBI Infrastructure Fund - Series I Sundaram Select Thematic Funds Energy Opportunities Tata Infrastructure Fund HSBC Progressive Themes Fund Reliance Diversified Power Sector Fund Sundaram CAPEX Opportunities Fund UTI Infrastructure Fund JM Basic Fund Reliance Infrastructure Fund
Figures in bracket indicate the previous quarter score

Index funds
Index funds Weightages* Kotak Nifty ETF Kotak Sensex ETF Goldman Sachs Nifty Exchange Traded Scheme (GS Nifty BeES) Principal Index Fund UTI Master Index Fund UTI Nifty Index Fund Franklin India Index Fund - BSE Sensex Plan Franklin India Index Fund - NSE Nifty Plan HDFC Index Fund - Nifty Plan IDBI Nifty Index Fund LIC NOMURA MF Index Fund - Sensex Plan Birla Sun Life Index Fund HDFC Index Fund - Sensex Plan LIC NOMURA MF Index Fund - Nifty Plan SBI Magnum Index Fund ICICI Prudential Index Fund - Nifty Plan Reliance Index Fund - Nifty Plan
* 100% weightage given to tracking error

CRISIL Fund Rank Dec - 11

Change vs Sep - 11

CRISIL Fund Rank Sep - 11

1 1 2 2 2 2 3 3 3 3 3 4 4 4 4 5 5

ñ ó ò ñ ó ó ò ó ó ñ ñ ò ò ó ó ò

2 1 1 3 2 2 2 3 3 4 5 3 3 4 4 4 N.A.

For the quarter ended December 31, 2011

11

CRISIL MutualFundRanking

Balanced funds
CRISIL Fund Rank Dec - 11 Change CRISIL vs Fund Rank Sep - 11 Sep - 11 Superior Return Score 75% 1 1 ó 1 ñ 2 1 (1) 1 (2) Debt Asset Quality

Balanced funds Weightages HDFC Balanced Fund ICICI Prudential Balanced Fund

Industry Company Concentration Concentration 10% 2 (1) 3 (3) 5% 1 (1) 3 (2)

Debt Liquidity

Equity Liquidity 10%*K 4 (5) 3 (4)

5%*(100-K) 5%*(100-K) 3 (3) 4 (4) 3 (3) 4 (4)

Birla Sun Life 95 Fund Canara Robeco Balance HDFC Prudence Fund ICICI Prudential Equity and Derivatives Fund - Volatility Advantage Plan

2 2 2 2

ó 2 ó 2 ò 1 ñ 3

2 (2) 2 (2) 2 (1) 2 (3)

2 (2) 1 (1) 3 (3) 4 (4)

3 (2) 2 (3) 2 (2) 4 (4)

3 (3) 2 (2) 2 (2) 1 (1)

4 (3) 2 (3) 3 (4) 1 (1)

2 (2) 4 (4) 4 (5) 3 (4)

DSP BlackRock Balanced Fund Edelweiss Absolute Return Fund FT India Balanced Fund Reliance Regular Savings Fund - Balanced Tata Balanced Fund

3 3 3 3 3

ó 3 ó 3 ó 3 ó 3 ò 2

3 (3) 3 (3) 3 (3) 3 (3) 3 (2)

2 (2) 5 (5) 3 (2) 3 (3) 4 (4)

1 (1) 5 (4) 4 (4) 3 (3) 3 (3)

4 (3) 1 (1) 2 (2) 4 (4) 3 (3)

3 (2) 1 (2) 2 (2) 4 (3) 3 (3)

3 (4) 2 (2) 2 (2) 4 (3) 5 (3)

Kotak Balance LIC NOMURA MF Balanced Fund - Plan C Sundaram Balanced Fund UTI Balanced Fund

4 4 4 4

ó 4 ó 4 ò 3 ó 4

4 (4) 4 (4) 4 (3) 4 (4)

3 (3) 1 (2) 4 (4) 5 (5)

2 (3) 4 (5) 5 (5) 2 (2)

4 (4) 5 (5) 3 (4) 5 (5)

4 (4) 5 (5) 3 (3) 5 (5)

5 (3) 1 (1) 2 (2) 3 (3)

Principal Balanced Fund SBI Magnum Balanced Fund
Figures in bracket indicate the previous quarter score K = Equity Component in Hybrid Funds

5 5

ó 5 ó 5

5 (5) 5 (5)

2 (3) 4 (4)

3 (3) 4 (4)

2 (3) 3 (3)

2 (2) 2 (1)

3 (3) 1 (1)

12

Monthly Income plan - Aggressive
CRISIL Change CRISIL Superior Debt Fund Rank vs Fund Rank Return Industry Company Asset Dec - 11 Sep - 11 Sep - 11 Score Concentration Concentration Quality 60% 1 1 2 2 2 2 3 3 3 3 3 4 4 4 4 5 5 ñ2 ó 1 ñ3 ó 2 ó 2 ò1 ñ4 ó 3 ó 3 ó 3 ó 3 ò2 ó 4 ó 4 ò3 ó 5 ó 5 1 (2) 1 (1) 2 (3) 2 (2) 3 (3) 2 (1) 2 (3) 3 (3) 4 (4) 3 (2) 3 (3) 4 (2) 4 (4) 3 (4) 4 (3) 5 (4) 5 (5) 5% 5 (2) 3 (3) 4 (3) 3 (5) 4 (5) 3 (4) 3 (4) 2 (3) 1 (1) 2 (2) 2 (3) 4 (4) 4 (3) 2 (2) 3 (4) 5 (3) 1 (1) 5% 2 (1) 2 (2) 4 (4) 1 (1) 3 (3) 2 (2) 3 (3) 5 (5) 3 (3) 4 (4) 5 (4) 4 (3) 3 (2) 3 (2) 2 (2) 4 (5) 1 (3)

Monthly Income plan - Aggressive Weightages Canara Robeco Monthly Income Plan HDFC Monthly Income Plan - LTP DSP BlackRock MIP Fund HDFC Monthly Income Plan - STP ICICI Prudential MIP 25 Reliance Monthly Income Plan FT India Monthly Income Plan - Plan B Kotak Monthly Income Plan L&T Monthly Income Plan LIC NOMURA MF Floater MIP Tata MIP Plus Fund Birla Sun Life MIP II - Wealth 25 Plan HSBC MIP - Savings SBI Magnum Income Plus Fund - Investment UTI MIS Advantage Plan LIC NOMURA MF Monthly Income Plan Principal Debt Savings Fund
Figures in bracket indicate the previous quarter score K = Equity Component in Hybrid Funds

Debt Liquidity

Equity Modified Liquidity Duration 5% 1 (1) 4 (3) 2 (2) 3 (3) 2 (2) 5 (4) 3 (4) 4 (3) 2 (3) 1 (2) 4 (5) 4 (4) 3 (3) 3 (3) 5 (5) 2 (3) 2 (2)

17.5% 7.5%*(100-K) 7.5%*K 2 (3) 2 (3) 3 (3) 4 (3) 3 (3) 4 (4) 5 (4) 4 (4) 1 (2) 5 (5) 1 (1) 3 (2) 2 (1) 3 (3) 3 (4) 4 (5) 2 (2) 1 (2) 2 (2) 2 (2) 4 (3) 4 (4) 3 (3) 3 (3) 3 (3) 3 (4) 5 (5) 1 (1) 4 (4) 2 (1) 3 (3) 4 (4) 5 (5) 2 (2) 2 (3) 3 (3) 4 (4) 4 (4) 3 (2) 4 (4) 2 (2) 5 (4) 3 (3) 1 (2) 4 (3) 3 (3) 2 (3) 1 (1) 3 (3) 2 (2) 5 (5)

HYBRID FUNDS

Monthly Income plan - Conservative
Monthly Income plan - Conservative Weightages Birla Sun Life MIP II - Savings 5 Plan Birla Sun Life MIP Birla Sun Life Monthly Income ICICI Prudential MIP Plan SBI Magnum Monthly Income Plan UTI Monthly Income Scheme HSBC MIP - Regular Principal Debt Savings Fund Monthly Income Plan Growth Accumulation Plan Tata Monthly Income Fund 1 2 2 3 3 3 4 ñ2 ó 2 ò1 ó 3 ó 3 ó 3 ó 4 CRISIL Change CRISIL Superior Debt Fund Rank vs Fund Rank Return Industry Company Asset Dec - 11 Sep - 11 Sep - 11 Score Concentration Concentration Quality 60% 1 (2) 2 (2) 2 (1) 3 (3) 3 (3) 3 (3) 4 (4) 5% 2 (2) 3 (3) 3 (3) 5 (5) 3 (4) 4 (3) 4 (3) 5% 4 (4) 3 (3) 4 (4) 1 (2) 2 (3) 2 (1) 3 (3) 17.5% 3 (3) 4 (3) 3 (3) 4 (4) 1 (2) 5 (5) 2 (2) Debt Liquidity Equity Modified Liquidity Duration 5% 3 (3) 3 (3) 4 (3) 1 (2) 3 (4) 5 (4) 2 (3)

7.5%*(100-K) 7.5%*K 3 (4) 4 (3) 3 (3) 4 (4) 2 (1) 5 (5) 2 (2) 3 (3) 2 (2) 4 (3) 2 (2) 4 (4) 1 (1) 3 (3)

4 5

ó 4 ó 5

4 (4) 5 (5)

1 (1) 2 (2)

3 (2) 5 (5)

3 (4) 2 (1)

3 (3) 1 (2)

5 (4) 3 (3)

2 (2) 4 (5)

Figures in bracket indicate the previous quarter score K = Equity Component in Hybrid Funds

For the quarter ended December 31, 2011

13

CRISIL MutualFundRanking

Long Term Income funds
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11 Superior Return Score 60% 1 1 1 ñ 2 N.A. ó 1 1 (2) 1 1 (1) Debt Debt Debt Modified Company Sectoral Debt Asset Duration Concentration Concentration Liquidity Quality 5% 3 (3) 3 3 (3) 5% 4 (4) 2 5 (4) 5% 1 (1) 1 1 (1) 7.5% 3 (3) 2 3 (3) 17.5% 3 (4) 1 3 (4)

Long Term Income funds Weightages IDFC Dynamic Bond Fund SBI Dynamic Bond Fund UTI Bond Fund

Birla Sun Life Income Fund DSP BlackRock Strategic Bond Fund HSBC Flexi Debt Fund Reliance Dynamic Bond Fund Religare Active Income Fund SBI Magnum Income Fund

2 2 2 2 2 2

ó 2 ó 2 ó 2 ó 2 ò 1 ñ 3

2 (2) 3 (2) 2 (2) 3 (3) 2 (1) 2 (3)

2 (2) 2 (2) 2 (1) 5 (5) 1 (1) 3 (3)

2 (3) 1 (1) 1 (1) 3 (3) 3 (2) 2 (4)

1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1)

3 (2) 4 (3) 3 (4) 1 (1) 4 (3) 1 (2)

3 (3) 3 (3) 3 (3) 1 (1) 3 (2) 3 (3)

Baroda Pioneer PSU Bond Fund Birla Sun Life Income Plus BNP Paribas Bond Fund Canara Robeco Income Plan DWS Premier Bond Fund - Regular Plan HDFC High Interest Fund HDFC Income Fund ICICI Prudential Long Term Plan IDFC Super Saver Income Fund Investment Plan Reliance Income Fund Templeton India Income Builder Account Templeton India Income Fund

3 3 3 3 3 3 3 3

N.A. ó 3 ò 1 ó 3 N.A. ó 3 ó 3 ó 3

3 3 (3) 2 (1) 3 (3) 3 4 (3) 3 (4) 3 (3)

3 4 (5) 1 (1) 3 (2) 2 4 (4) 4 (4) 2 (2)

3 2 (2) 1 (3) 3 (3) 2 4 (3) 3 (2) 3 (3)

1 1 (1) 5 (5) 5 (1) 4 1 (1) 1 (1) 1 (1)

2 2 (2) 5 (5) 3 (3) 4 2 (3) 2 (1) 4 (4)

2 2 (1) 5 (5) 3 (3) 4 2 (2) 2 (2) 4 (3)

3 3 3 3

ñ 4 ñ 4 ò 2 ñ 4

3 (4) 4 (4) 2 (2) 3 (3)

3 (3) 4 (5) 2 (3) 1 (2)

3 (2) 3 (3) 3 (2) 3 (3)

1 (1) 1 (1) 5 (5) 4 (5)

3 (3) 1 (1) 5 (4) 5 (5)

3 (4) 1 (1) 5 (4) 4 (4)

BNP Paribas Flexi Debt Fund Plan Fidelity Flexi Bond Fund ICICI Prudential Income Opportunities Fund Kotak Bond Regular LIC NOMURA MF Bond Fund Sundaram Bond Saver

4 4 4 4 4 4

ó 4 ñ 5 ó 4 ò 3 ò 3 N.A.

4 (4) 4 (5) 4 (4) 4 (3) 3 (2) 3

3 (4) 5 (4) 4 (4) 5 (4) 3 (2) 3

5 (4) 4 (5) 4 (4) 3 (1) 4 (5) 4

4 (4) 1 (1) 1 (1) 1 (1) 1 (4) 1

3 (4) 2 (2) 3 (4) 3 (3) 4 (5) 3

3 (4) 2 (2) 3 (3) 4 (3) 5 (5) 4

DSP BlackRock Bond Fund ICICI Prudential Income Plan Tata Income Fund Figures in bracket indicate the previous quarter score

5 5 5

ò 4 ó 5 ó 5

5 (4) 5 (5) 5 (5)

3 (3) 4 (3) 3 (3)

2 (2) 3 (5) 5 (4)

1 (1) 1 (1) 1 (1)

4 (4) 3 (2) 3 (2)

4 (5) 2 (2) 3 (2)

14

Short Term Income funds
CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Company Sectoral Asset Modified Dec - 11 Sep - 11 Sep - 11 Return Volatility Concentration Concentration Quality Duration Liquidity 42.5% 1 1 1 1 ó 1 ó 1 ó 1 ñ 2 2 (2) 3 (1) 2 (1) 3 (3) 15.0% 2 (2) 1 (1) 1 (2) 1 (1) 5.0% 5 (5) 5 (5) 1 (5) 2 (2) 5.0% 1 (1) 1 (1) 4 (1) 4 (1) 15.0% 1 (1) 1 (1) 2 (1) 3 (2) 7.5% 2 (2) 1 (1) 2 (2) 1 (1) 10.0% 1 (1) 1 (1) 2 (3) 5 (5)

Short Term Income funds Weightages AIG Short Term Fund HDFC Short Term Opportunities Fund JPMorgan India Short Term Income Fund Religare Credit Opportunities Fund

Axis Short Term Fund Edelweiss Short Term Income Fund HSBC Income Fund - Short Term Plan ING Short Term Income Fund JM Short Term Fund Morgan Stanley Short Term Bond Fund SBI Short Horizon Debt Fund .Short Term Fund

2 2 2 2 2 2 2

ó 2 N.A. ó 2 ñ 3 ò 1 ó 2 ó 2

3 (2) 5 4 (2) 3 (3) 2 (2) 4 (3) 4 (4)

3 (3) 2 3 (2) 3 (3) 2 (1) 1 (1) 4 (4)

3 (3) 4 3 (1) 4 (2) 4 (4) 3 (3) 2 (3)

1 (1) 1 1 (1) 5 (1) 5 (1) 1 (1) 1 (1)

2 (2) 1 3 (3) 1 (1) 1 (1) 3 (3) 1 (1)

4 (4) 3 3 (3) 2 (2) 1 (1) 2 (2) 3 (4)

2 (2) 2 2 (2) 3 (3) 4 (3) 1 (1) 1 (1)

Birla Sun Life Dynamic Bond Fund Plan Birla Sun Life Medium Term Plan BNP Paribas Short Term Income Fund Plan Canara Robeco Short Term Fund DSP BlackRock Short Term Fund DWS Short Maturity Fund Fidelity Short Term Income Fund IDFC Super Saver Income Fund - Short Term Peerless Short Term Fund Religare Short Term Plan Sundaram Flexible Fund - Short Term Plan Taurus Short Term Income Fund Templeton India Low Duration Fund

3 3 3 3 3 3 3 3 3 3 3 3 3

ó 3 ó 3 ó 3 ò 2 ó 3 ó 3 N.A. ó 3 N.A. ó 3 ó 3 ò 2 N.A.

2 (3) 2 (1) 5 (3) 3 (2) 3 (2) 3 (4) 3 2 (3) 1 3 (4) 5 (4) 1 (1) 1

5 (5) 5 (5) 4 (4) 2 (2) 2 (2) 3 (3) 3 3 (3) 5 3 (4) 3 (3) 2 (2) 2

3 (3) 4 (4) 3 (2) 3 (3) 2 (2) 1 (1) 2 3 (3) 5 2 (3) 4 (4) 5 (5) 1

3 (4) 1 (1) 1 (1) 5 (1) 1 (1) 4 (4) 1 1 (1) 4 1 (1) 1 (1) 5 (1) 3

2 (3) 3 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 4 (4) 2 3 (2) 3 (3) 3 (3) 4

5 (5) 3 (3) 3 (2) 2 (2) 3 (3) 3 (3) 3 4 (4) 1 3 (1) 3 (3) 2 (2) 2

3 (4) 3 (3) 3 (2) 3 (2) 2 (2) 4 (4) 3 2 (2) 4 2 (2) 3 (3) 3 (3) 4

DEBT FUNDS

HDFC Short Term Plan ICICI Prudential Short Term Plan IDFC Super Saver Income Fund Medium Term Kotak Bond Short Term Plan Kotak Credit Opportunities Fund Templeton India Short Term Income Plan UTI Short Term Income Fund

4 4 4 4 4 4 4

ó 4 ó 4 ó 4 ó 4 ó 4 ó 4 ó 4

4 (4) 3 (4) 2 (3) 4 (5) 3 (4) 3 (3) 1 (2)

4 (4) 4 (4) 4 (4) 3 (3) 3 (2) 3 (3) 5 (5)

1 (1) 3 (3) 4 (4) 3 (2) 4 (4) 3 (3) 3 (4)

1 (1) 1 (4) 1 (1) 4 (4) 4 (5) 3 (5) 1 (1)

3 (4) 4 (4) 4 (4) 3 (3) 4 (4) 5 (5) 4 (4)

4 (4) 4 (4) 5 (5) 4 (3) 3 (3) 3 (3) 5 (5)

3 (3) 3 (4) 3 (3) 5 (5) 3 (3) 4 (4) 4 (4)

HDFC High Interest Fund - Short Term Plan Reliance Regular Savings Fund - Debt Reliance Short Term Fund Templeton India Income Opportunities Fund
Figures in bracket indicate the previous quarter score

5 5 5 5

ó 5 ó 5 ó 5 ó 5

4 (5) 4 (5) 5 (5) 3 (3)

4 (5) 3 (3) 4 (4) 3 (3)

2 (2) 3 (4) 3 (2) 2 (1)

1 (4) 4 (5) 3 (4) 3 (5)

4 (4) 5 (5) 5 (5) 5 (5)

4 (4) 4 (4) 5 (5) 3 (3)

3 (4) 5 (5) 4 (4) 5 (5)

For the quarter ended December 31, 2011

15

CRISIL MutualFundRanking

Liquid funds
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11

Liquid funds Weightages HDFC Liquid Fund Principal Cash Management Fund Reliance Liquid Fund - Cash Plan

Mean Return 42.5%

Volatility 10.0% 4 (4) 1 (1) 2 (2)

Asset Size 5.0% 1 (1) 4 (4) 3 (2)

DRP* 5.0% 3 (3) 1 (1) 2 (2)

Asset Company Quality Concentration 20.0% 3 (4) 3 (2) 3 (3) 5.0% 1 (1) 1 (1) 5 (4)

Liquidity 12.5% 2 (1) 3 (3) 1 (2)

1 1 1

ó 1 ñ 2 ó 1

3 (3) 2 (2) 2 (2)

HDFC Cash Management Fund Savings Plan IDBI Liquid Fund IDFC Cash Fund JM High Liquidity Fund Plan SBI Magnum InstaCash SBI Magnum InstaCash Liquid Floater Plan 2 ò 1 2 (1) 2 (2) 4 (4) 3 (2) 2 (1) 1 (3) 3 (2) 2 2 2 2 2 ó 2 ñ 3 ó 2 ñ 3 ó 2 3 (2) 2 (2) 3 (3) 2 (1) 3 (3) 4 (3) 3 (3) 2 (2) 3 (3) 1 (1) 3 (3) 2 (3) 2 (2) 3 (3) 4 (3) 2 (3) 1 (1) 3 (3) 1 (1) 3 (2) 3 (4) 3 (4) 2 (3) 4 (4) 2 (2) 3 (3) 3 (3) 4 (3) 3 (1) 2 (3) 2 (2) 3 (4) 2 (2) 5 (5) 3 (3)

Axis Liquid Fund BARODA PIONEER Liquid Fund Birla Sun Life Cash Plus Birla Sun Life Floating Rate Fund Short Term Goldman Sachs Liquid Exchange Traded Scheme (GS Liquid BeES) HSBC Cash Fund ICICI Prudential Liquid Plan LIC NOMURA MF Liquid Fund Reliance Liquid Fund - Treasury Plan UTI Liquid Cash Plan

3 3 3

N.A. N.A. ó 3

3 1 3 (3)

4 5 3 (4)

3 3 1 (1)

3 2 3 (3)

1 2 3 (4)

2 3 3 (1)

3 3 3 (4)

3

ó 3

2 (2)

4 (4)

4 (4)

2 (3)

3 (4)

4 (5)

3 (3)

3 3 3 3 3 3

ò 2 ó 3 ò 2 ñ 4 ñ 4 ó 3

5 (5) 5 (5) 4 (4) 4 (3) 3 (3) 4 (4)

1 (1) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2)

5 (5) 5 (5) 1 (1) 3 (3) 3 (3) 2 (2)

5 (5) 5 (5) 4 (4) 4 (4) 3 (2) 4 (4)

5 (3) 1 (1) 3 (1) 3 (4) 3 (3) 3 (3)

1 (1) 1 (1) 3 (4) 3 (5) 4 (5) 1 (3)

1 (1) 1 (1) 2 (2) 2 (2) 4 (3) 3 (3)

DSP BlackRock Liquidity Fund DWS Insta Cash Plus Fund Fidelity Cash Fund Plan Pramerica Liquid Fund Templeton India Treasury Management Account UTI Money Market Fund

4 4 4 4

ò 3 ó 4 ò 3 ò 3

3 (3) 4 (4) 4 (4) 1 (2)

5 (5) 3 (4) 4 (4) 3 (3)

3 (3) 2 (2) 5 (4) 4 (5)

3 (3) 4 (3) 3 (3) 2 (2)

2 (2) 3 (3) 1 (2) 2 (3)

3 (1) 1 (1) 3 (4) 5 (4)

4 (4) 4 (4) 2 (3) 4 (5)

4 4

ñ 5 ó 4

3 (3) 3 (3)

4 (5) 3 (3)

2 (3) 3 (4)

4 (4) 3 (4)

5 (5) 3 (3)

4 (4) 4 (4)

4 (4) 4 (3)

Kotak Floater - Short Term Kotak Liquid Sundaram Money Fund

5 5 5

ò 4 ò 4 ó 5

1 (1) 4 (4) 5 (5)

5 (5) 3 (4) 3 (3)

3 (3) 2 (2) 4 (4)

2 (2) 4 (3) 5 (5)

5 (5) 4 (2) 4 (2)

5 (3) 3 (3) 4 (3)

5 (5) 5 (4) 3 (3)

Figures in bracket indicate the previous quarter score * Downside risk probability

16

Liquid funds - Institutional
CRISIL Fund Rank Dec - 11 Change CRISIL vs Fund Rank Mean Sep - 11 Sep - 11 Return 42.5% 1 1 2 2 2 2 3 3 3 3 3 4 4 4 4 5 5 ó 1 ñ 2 ñ 3 ó 2 ò 1 ó 2 ñ 5 ñ 4 ó 3 ó 3 ó 3 ò 3 ó 4 ñ 5 ó 4 ò 4 N.A. 4 (2) 3 (3) 2 (2) 4 (5) 5 (5) 3 (2) 2 (3) 3 (4) 2 (3) 4 (4) 2 (2) 5 (4) 3 (3) 4 (4) 3 (3) 1 (1) 1 Asset Size 5.0% 2 (2) 2 (2) 3 (3) 4 (4) 1 (1) 2 (2) 3 (3) 5 (5) 3 (4) 3 (4) 4 (4) 1 (1) 3 (3) 2 (2) 4 (3) 4 (5) 5 Asset Company DRP* Quality Concentration Liquidity 5.0% 1 (1) 2 (2) 3 (3) 4 (4) 5 (5) 2 (2) 3 (3) 4 (4) 4 (3) 2 (2) 2 (3) 5 (5) 3 (4) 4 (4) 3 (2) 3 (3) 1 20.0% 2 (2) 4 (3) 2 (2) 1 (2) 3 (1) 4 (5) 2 (4) 1 (2) 2 (1) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 3 (3) 4 5.0% 1 (2) 1 (2) 2 (3) 1 (3) 3 (4) 4 (5) 3 (4) 3 (4) 1 (3) 4 (3) 4 (4) 3 (1) 3 (1) 1 (1) 5 (5) 4 (3) 5 12.5% 3 (2) 2 (2) 2 (2) 3 (3) 1 (1) 1 (1) 2 (3) 2 (3) 3 (2) 4 (4) 4 (3) 3 (4) 3 (4) 4 (4) 5 (3) 4 (5) 5

Liquid funds - Institutional Weightages SBI Premier Liquid Fund - Institutional UTI Liquid Cash Plan - Institutional Plan Axis Liquid Fund - Institutional Canara Robeco Liquid - Institutional ICICI Prudential Liquid Plan - Institutional Plus Tata Liquid Fund - SHIP BARODA PIONEER Liquid Fund - Institutional Daiwa Liquid Fund - Institutional JPMorgan India Liquid Fund - Super Institutional Plan L&T Liquid Fund - Institutional Plus UTI Money Market Fund - Institutional Birla Sun Life Cash Plus - Institutional DSP BlackRock Liquidity Fund - Institutional Plan DWS Insta Cash Plus Fund - Institutional Reliance Liquid Fund - Treasury Plan - Institutional BNP Paribas Overnight Fund - Institutional Plan Tata Money Market Fund - Institutional
Figures in bracket indicate the previous quarter score * Downside risk probability

Volatility 10.0% 1 (1) 2 (2) 4 (4) 1 (1) 3 (3) 3 (3) 4 (4) 4 (4) 5 (5) 3 (3) 2 (2) 3 (3) 5 (5) 4 (4) 2 (2) 3 (3) 2

Liquid funds - Super institutional
Liquid funds - Super institutional Weightages Canara Robeco Liquid - Super Institutional Reliance Liquidity Fund HDFC Liquid Fund - Premium Plus Plan ICICI Prudential Liquid Plan - Super Institutional IDFC Cash Fund - (Super Institutional) SBI Premier Liquid Fund - Super Institutional Birla Sun Life Cash Plus - Institutional Premium Birla Sun Life Floating Rate Fund Short Term - Institutional Fidelity Cash Fund - Super Institutional Plan ING Liquid Fund - Super Institutional Plan JM High Liquidity Fund - Super Institutional L&T Liquid Fund - Super Institutional Religare Liquid Fund - Super Institutional DWS Insta Cash Plus Fund - Super Institutional Kotak Liquid INSTITUTIONAL Premium Plan Sundaram Money Fund - Super Institutional Taurus Liquid Fund - Super Institutional Peerless Liquid Fund - Super Institutional Templeton India Treasury Management Account - Super Institutional Plan
Figures in bracket indicate the previous quarter score * Downside risk probability

CRISIL Change CRISIL Fund Rank vs Fund Rank Dec - 11 Sep - 11 Sep - 11

Mean Return 42.5% 3 (2) 3 (3) 4 (5) 4 (3) 3 (2) 4 (3) 2 (3) 2 (4) 5 (4) 5 (4) 2 (2) 4 (3) 3 (3) 3 (4) 3 (5) 3 (2) 1 (1) 1 (1) 2 (3)

Volatility 10.0% 1 (1) 1 (1) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) 3 (3) 2 (2) 2 (2) 4 (3) 4 (4) 4 (4) 3 (3) 3 (4) 5 (5) 5 (5)

Asset Size 5.0% 4 (4) 1 (2) 2 (2) 1 (1) 2 (2) 2 (2) 2 (1) 4 (4) 5 (5) 5 (5) 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 4 (4) 4 (3) 3 (3) 3 (3)

DRP* 5.0% 1 (1) 1 (2) 4 (4) 3 (3) 2 (2) 2 (2) 4 (4) 3 (4) 5 (4) 3 (3) 2 (1) 2 (2) 4 (3) 4 (3) 3 (5) 3 (3) 3 (3) 3 (3) 5 (5)

Asset Company Quality Concentration Liquidity 20.0% 1 (2) 4 (5) 3 (4) 3 (1) 2 (3) 2 (2) 3 (3) 3 (4) 1 (2) 3 (4) 4 (4) 2 (3) 3 (3) 3 (3) 5 (1) 4 (2) 2 (3) 3 (3) 5 (5) 5.0% 1 (3) 2 (1) 1 (1) 3 (4) 3 (3) 1 (3) 3 (1) 4 (5) 3 (5) 1 (1) 3 (1) 4 (3) 3 (1) 1 (1) 3 (4) 4 (3) 5 (4) 5 (1) 4 (4) 12.5% 3 (3) 3 (3) 1 (1) 2 (1) 1 (2) 3 (2) 3 (4) 2 (2) 2 (2) 3 (3) 4 (5) 4 (4) 3 (3) 4 (4) 5 (4) 2 (3) 5 (5) 3 (3) 4 (3)

1 1 2 2 2 2 3 3 3 3 3 3 3 4 4 4 4 5 5

ñ 2 ñ 2 ó 2 ó 2 ò 1 ò 1 ó 3 ñ 5 ó 3 ó 3 ó 3 ó 3 ñ 4 ó 4 ó 4 ò 3 ó 4 ò 3 ó 5

For the quarter ended December 31, 2011

17

CRISIL MutualFundRanking
Ultra Short-term Debt Funds
CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Dec - 11 Sep - 11 Sep - 11 Return 37.5% 1 1 1 1 1 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 ñ 2 ó 1 ó 1 ó 1 ó 1 ñ 3 ó 2 ñ 3 ñ 3 ó 2 ñ 3 ó 2 ñ 3 ó 2 ó 3 ó 3 ó 3 ó 3 N.A. ñ 4 ò 2 ò 1 ò 2 ñ 4 ò 2 ó 3 ó 3 ó 3 ò 3 ó 4 ó 4 ó 4 ó 4 ò 3 ó 4 ò 3 ò 3 2 (2) 2 (2) 2 (3) 3 (3) 3 (2) 4 (4) 3 (3) 2 (1) 1 (2) 4 (5) 5 (5) 1 (1) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) 3 (3) 4 5 (5) 4 (4) 5 (4) 4 (3) 1 (1) 1 (1) 1 (1) 2 (2) 3 (3) 3 (3) 3 (3) 4 (4) 2 (3) 4 (4) 2 (2) 3 (3) 3 (3) 5 (4)

Ultra Short-term Debt Funds Weightages Baroda Pioneer Treasury Advantage Fund Birla Sun Life Floating Rate Fund Long Term Birla Sun Life Ultra Short Term Fund HDFC Cash Management Fund Treasury Advantage Plan SBI Short Horizon Debt Fund Ultra Short Term Fund Canara Robeco Treasury Advantage Fund HDFC Floating Rate Income Fund Short Term Plan IDBI Ultra Short Term Fund JM Money Manager Fund Super Plus Plan LIC NOMURA MF Income Plus Fund LIC NOMURA MF Savings Plus Fund Pramerica Ultra Short Term Bond Fund Principal Near-Term Fund Conservative Plan Tata Floater Fund Birla Sun Life Savings Fund BNP Paribas Money Plus Fund Plan DSP BlackRock Money Manager Fund DWS Ultra Short Term Fund HSBC Floating Rate Fund - Long Term Plan HSBC Ultra Short Term Bond Fund ICICI Prudential Flexible Income Plan Regular ICICI Prudential Floating Rate Plan Option A IDFC Money Manager Fund Treasury Plan IDFC Ultra Short Term Fund JM Money Manager Fund - Super Plan JM Money Manager Fund Plan L&T Ultra Short Term Fund UTI Treasury Advantage Fund Axis Treasury Advantage Fund Birla Sun Life Cash Manager DSP BlackRock Floating Rate Fund DWS Cash Opportunities Fund Regular Plan Fidelity Ultra Short Term Debt Fund Kotak Floater - Long Term Reliance Medium Term Fund Reliance Money Manager Fund UTI Floating Rate Fund - STP IDFC Money Manager Fund Investment Plan Kotak Flexi Debt Reliance Floating Rate Fund Short Term Plan Sundaram Ultra Short Term Fund Templeton India Ultra-short Bond Fund
Figures in bracket indicate the previous quarter score * Downside risk probability

Volatility 15.0% 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 1 (1) 3 (2) 3 (3) 4 (3) 2 (2) 1 (2) 4 (4) 3 (3) 4 (4) 2 (2) 3 (3) 2 (2) 3 (3) 2 3 (4) 2 (2) 1 (1) 2 (1) 4 (4) 5 (4) 5 (5) 4 (4) 4 (3) 1 (1) 2 (2) 4 (3) 3 (3) 3 (3) 4 (4) 5 (5) 3 (3) 2 (3)

Asset Modified Size Duration DRP* 5.0% 4 (3) 5 (5) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 2 (2) 2 (2) 4 5 (5) 1 (1) 3 (2) 2 (2) 3 (3) 4 (4) 5 (4) 3 (3) 1 (1) 3 (3) 2 (2) 4 (4) 5 (5) 5 (4) 2 (2) 2 (3) 1 (1) 3 (2) 7.5% 3 (3) 3 (3) 4 (3) 2 (2) 3 (3) 2 (3) 3 (2) 3 (3) 2 (3) 1 (1) 1 (1) 3 (2) 2 (1) 4 (3) 4 (4) 2 (2) 2 (3) 3 (3) 2 1 (3) 1 (2) 2 (1) 3 (3) 4 (4) 2 (2) 2 (2) 1 (2) 4 (4) 3 (3) 4 (4) 5 (5) 3 (3) 4 (4) 5 (4) 5 (5) 3 (3) 3 (3) 5.0% 1 (2) 2 (2) 2 (2) 4 (3) 2 (2) 4 (3) 3 (3) 1 (1) 1 (2) 5 (5) 5 (5) 1 (1) 2 (2) 2 (2) 2 (3) 3 (3) 4 (3) 3 (3) 5 4 (5) 4 (4) 4 (4) 3 (3) 3 (3) 2 (1) 2 (1) 2 (2) 3 (3) 3 (2) 3 (3) 4 (4) 3 (4) 4 (4) 1 (1) 3 (4) 3 (3) 5 (4)

Asset Company Quality Concentration Liquidity 15.0% 2 (2) 1 (1) 1 (1) 3 (3) 2 (2) 1 (1) 3 (4) 3 (4) 2 (4) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 4 (4) 2 (3) 1 (2) 3 (3) 2 1 (1) 4 (3) 3 (1) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 4 (4) 4 (3) 4 (5) 2 (3) 4 (4) 4 (3) 5 (4) 4 (5) 5 (5) 3 (3) 5.0% 3 (3) 2 (3) 3 (1) 1 (1) 2 (2) 2 (3) 2 (2) 3 (4) 4 (3) 4 (4) 4 (4) 3 (3) 3 (3) 2 (3) 3 (3) 3 (2) 3 (1) 1 (1) 3 5 (5) 2 (1) 4 (3) 4 (3) 5 (5) 5 (4) 5 (5) 3 (3) 2 (2) 1 (2) 1 (3) 4 (4) 1 (1) 3 (4) 3 (3) 2 (4) 1 (1) 3 (3) 10.0% 2 (3) 1 (1) 2 (2) 1 (1) 2 (2) 3 (3) 1 (1) 4 (4) 4 (5) 1 (2) 2 (2) 4 (3) 4 (5) 3 (3) 4 (3) 3 (3) 3 (3) 3 (4) 3 1 (1) 3 (3) 2 (1) 2 (2) 2 (2) 5 (4) 4 (4) 3 (5) 3 (3) 4 (4) 3 (3) 2 (2) 5 (5) 3 (3) 5 (4) 3 (3) 4 (3) 3 (3)

5 5 5 5 5

ó 5 ó 5 ó 5 ó 5 ò 3

4 (4) 3 (4) 3 (3) 5 (5) 3 (3)

5 (5) 3 (3) 5 (5) 1 (1) 4 (4)

3 (3) 3 (3) 4 (3) 3 (3) 2 (3)

4 (5) 5 (4) 5 (5) 4 (4) 3 (3)

4 (5) 3 (3) 3 (4) 5 (5) 3 (3)

2 (2) 5 (5) 5 (5) 4 (4) 5 (4)

4 (3) 3 (2) 5 (3) 4 (1) 4 (3)

2 (2) 5 (4) 5 (4) 3 (5) 4 (4)

18

Ultra Short-term Debt funds - Institutional
CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Asset Modified Dec - 11 Sep - 11 Sep - 11 Return Volatility Size Duration 37.5% 1 1 1 1 ó 1 ñ 2 ó 1 ñ 2 2 (2) 4 (4) 4 (4) 4 (3) 15.0% 2 (2) 1 (1) 2 (2) 2 (3) 5.0% 3 (3) 3 (3) 1 (1) 2 (2) 7.5% 3 (3) 2 (3) 2 (2) 2 (3)

Ultra Short-term Debt funds - Institutional Weightages Birla Sun Life Ultra Short Term Fund Institutional Canara Robeco Treasury Advantage Fund Institutional HDFC Cash Management Fund Treasury Advantage Plan - Wholesale Option SBI Short Horizon Debt Fund Ultra Short Term Fund - Institutional Baroda Pioneer Treasury Advantage Fund Institutional HDFC Floating Rate Income Fund Short Term Plan - Wholesale HSBC Floating Rate Fund Long Term Plan - Institutional ICICI Prudential Flexible Income Plan Premium IDFC Money Manager Fund Treasury Plan - (Institutional) L&T Ultra Short Term Fund INSTITUTIONAL - Cumulative Religare Ultra Short Term Fund - Institutional Axis Treasury Advantage Fund - Institutional Birla Sun Life Cash Manager - Institutional Birla Sun Life Savings Fund - Institutional BNP Paribas Money Plus Fund Institutional Plan DSP BlackRock Money Manager Fund Institutional Plan DWS Ultra Short Term Fund - Institutional Edelweiss Ultra Short Term Bond Fund Institutional ING Treasury Advantage Fund - Institutional JPMorgan India Treasury Fund Super Institutional Plan UTI Floating Rate Fund - STP - Institutional UTI Treasury Advantage Fund - Institutional

Asset Company DRP* Quality Concentration Liquidity 5.0% 1 (1) 2 (2) 3 (3) 3 (2) 15.0% 1 (1) 1 (1) 3 (3) 2 (2) 5.0% 3 (1) 3 (3) 1 (1) 3 (3) 10.0% 1 (1) 3 (3) 1 (1) 2 (2)

2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4

ñ 3 ó 2 ñ 3 ò 1 ó 2 ñ 3 ñ 3 ó 3 ñ 4 ó 3 ó 3 ó 3 ó 3 ñ 4 ó 3 ó 3 ò 2 ó 3 ñ 5 N.A. N.A. ó 4 ñ 5 ò 2 N.A.

3 (3) 4 (3) 4 (4) 3 (3) 4 (3) 2 (2) 2 (2) 3 (3) 3 (2) 3 (2) 3 (3) 5 (4) 1 (1) 3 (3) 1 (5) 2 (3) 2 (1) 2 (2) 5 (5) 1 3 1 (3) 5 (4) 3 (3) 3

3 (3) 2 (2) 3 (3) 3 (3) 1 (2) 4 (4) 3 (3) 1 (1) 2 (3) 1 (1) 3 (3) 2 (2) 4 (4) 3 (3) 5 (2) 4 (3) 4 (5) 5 (4) 4 (4) 3 4 5 (5) 3 (3) 2 (3) 3

4 (4) 3 (3) 4 (4) 1 (1) 2 (2) 4 (4) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 2 (3) 2 (2) 5 (5) 4 (5) 3 (4) 3 (3) 1 (1) 4 (4) 4 5 5 (5) 4 (4) 1 (2) 5

3 (3) 3 (1) 2 (2) 1 (2) 3 (3) 1 (2) 2 (1) 3 (3) 4 (4) 4 (4) 2 (2) 2 (3) 3 (3) 1 (2) 1 (1) 4 (4) 3 (3) 5 (4) 5 (5) 3 4 4 (3) 4 (4) 3 (3) 3

1 (3) 3 (3) 2 (2) 2 (3) 2 (2) 3 (3) 1 (1) 1 (2) 2 (3) 2 (3) 4 (4) 4 (4) 3 (4) 3 (2) 4 (4) 3 (3) 3 (1) 3 (3) 5 (5) 4 5 4 (5) 5 (4) 2 (3) 3

2 (2) 3 (4) 2 (2) 5 (3) 3 (2) 2 (3) 4 (5) 4 (3) 4 (5) 4 (4) 2 (3) 1 (1) 3 (3) 2 (2) 3 (3) 2 (2) 3 (3) 4 (4) 1 (3) 4 3 3 (3) 3 (3) 5 (5) 3

3 (4) 2 (3) 3 (5) 2 (1) 4 (4) 4 (4) 3 (3) 1 (3) 1 (3) 3 (3) 4 (3) 4 (1) 1 (1) 5 (5) 1 (3) 3 (1) 4 (3) 3 (3) 4 (5) 1 1 1 (2) 3 (4) 1 (1) 5

2 (2) 1 (1) 3 (3) 3 (3) 1 (2) 4 (5) 4 (5) 5 (4) 3 (3) 4 (3) 4 (4) 3 (3) 3 (4) 2 (3) 2 (3) 3 (3) 3 (3) 4 (3) 2 (2) 5 2 3 (2) 3 (4) 4 (3) 5

DSP BlackRock Floating Rate Fund - Institutional DWS Cash Opportunities Fund Institutional Plan DWS Money Plus Fund - Institutional DWS Treasury Fund - Investment Plan Institutional Fidelity Ultra Short Term Debt Fund Institutional Reliance Money Manager Fund - Institutional Tata Treasury Manager Fund - SHIP IDFC Money Manager Fund Investment Plan - (Institutional) Kotak Flexi Debt - Institutional Sundaram Ultra Short Term Fund - Institutional Templeton India Ultra-short Bond Fund Institutional Figures in bracket indicate the previous quarter score * Downside risk probability

5 5 5 5

ó 5 ò 4 ò 4 ò 4

5 (5) 2 (1) 4 (4) 3 (3)

5 (5) 3 (3) 3 (4) 4 (4)

3 (3) 3 (3) 3 (3) 2 (3)

4 (5) 5 (5) 5 (4) 2 (3)

5 (5) 3 (3) 4 (4) 4 (3)

3 (3) 5 (4) 4 (4) 5 (4)

5 (4) 3 (3) 4 (1) 5 (4)

2 (2) 5 (4) 3 (5) 4 (4)

For the quarter ended December 31, 2011

19

CRISIL MutualFundRanking

Ultra Short-term Debt funds - Super Institutional
Ultra Short-term Debt funds Super Institutional Weightages Canara Robeco Treasury Advantage Fund Super Institutional ICICI Prudential Floating Rate Plan Option D IDFC Money Manager Fund Treasury Plan - (Super Institutional) ICICI Prudential Banking & PSU Debt Fund - Premium Plus Sundaram Ultra Short Term Fund Super Institutional Taurus Ultra Short Term Bond Fund Super Institutional Templeton India Ultra-short Bond Fund Super Institutional Peerless Ultra Short Term Fund Super Institutional
* Downside risk probability

CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Dec - 11 Sep - 11 Sep - 11 Return 37.5% 1 ñ 2 3 (3)

Volatility 15.0% 1 (1)

Asset Modified Size Duration DRP* 5.0% 4 (3) 7.5% 2 (2) 5.0% 1 (1)

Asset Company Quality Concentration Liquidity 15.0% 1 (2) 5.0% 1 (2) 10.0% 3 (4)

2 2

ò 1 ó 2

4 (5) 4 (4)

2 (2) 2 (2)

2 (2) 1 (1)

1 (1) 3 (4)

3 (4) 2 (3)

3 (1) 2 (2)

3 (3) 2 (3)

2 (1) 2 (2)

3 3

ñ 4 ñ 5

5 (3) 2 (2)

3 (3) 4 (4)

5 (5) 3 (3)

4 (3) 4 (4)

5 (2) 4 (3)

2 (3) 3 (5)

5 (5) 2 (1)

1 (2) 3 (5)

4 4

ó 4 ò 3

2 (2) 3 (4)

4 (4) 3 (3)

4 (4) 2 (2)

5 (5) 2 (3)

2 (2) 4 (4)

4 (3) 5 (4)

4 (4) 3 (2)

4 (3) 4 (4)

5

ò 3

1 (1)

5 (5)

3 (4)

3 (2)

3 (5)

4 (4)

4 (4)

5 (3)

Figures in bracket indicate the previous quarter score

Long Term Gilt funds
Long Term Gilt funds Weightages Birla Sun Life Govt Securities Long Term Plan UTI Gilt Advantage Fund - Long Term Plan HDFC Gilt Fund - Long Term Plan ICICI Prudential Gilt - Investment Kotak Gilt - Investment SBI Magnum Gilt Fund - Long Term Birla Sun Life Gilt Plus Plan ICICI Prudential Gilt - Investment - PF Option LIC NOMURA MF G-Sec Fund Reliance Gilt Securities Fund Tata Gilt Securities Fund DSP BlackRock Govt Sec Fund Principal Government Securities Fund Templeton India G-Sec Fund - Composite Plan Templeton India G-Sec Fund - Long Term Plan Fidelity Flexi Gilt Fund UTI G-Sec Fund
Figures in bracket indicate the previous quarter score

CRISIL Fund Rank Dec - 11

Change vs Sep - 11

CRISIL Fund Rank Sep - 11

Superior Return Score 75% 1 (1) 1 (1) 2 (2) 2 (2) 2 (2) 2 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (3) 4 (4) 4 (4) 4 (3) 4 (4) 5 (5) 5 (5)

Modified Duration 5% 3 (4) 4 (5) 1 (3) 2 (3) 5 (3) 1 (3) 3 (3) 3 (3) 2 (1) 3 (4) 2 (4) 2 (2) 3 (5) 4 (2) 5 (2) 4 (3) 4 (4)

Liquidity 12.5% 2 (3) 4 (3) 4 (3) 3 (5) 2 (4) 1 (1) 3 (3) 5 (4) 2 (2) 1 (1) 4 (4) 3 (3) 5 (4) 3 (2) 4 (3) 3 (2) 2 (3)

Asset Quality 7.5% 1 (1) 1 (1) 1 (1) 1 (4) 4 (4) 1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 4 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1)

1 1 2 2 2 2 3 3 3 3 3 4 4 4 4 5 5

ó 1 ó 1 ó ó ó ñ ó ó ó ñ ñ ó ó ò ò 2 2 2 3 3 3 3 4 4 4 4 3 3

ó 5 ó 5

20

Consistent Performers - Equity funds
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11 Superior Return Score 50% 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 ó ñ ó ó 1 2 1 1 N.A. N.A. 2 2 1 2 2 3 2 2 2 1 3 2 3 1 3 3 N.A. 3 4 3 3 3 N.A. 3 2 3 3 3 2 3 3 N.A. 3 3 3 3 4 4 4 4 5 4 4 4 3 N.A. 4 4 5 5 5 4 5 N.A. 5 1 (1) 1 (2) 2 (1) 2 (2) 1 1 1 (1) 2 (3) 3 (2) 2 (3) 2 (2) 2 (3) 2 (2) 2 (2) 2 (2) 1 (1) 2 (2) 1 (1) 2 (3) 2 (1) 3 (3) 4 (4) 2 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 3 (2) 4 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 3 (3) 3 (3) 3 (2) 4 (3) 4 (4) 4 (4) 3 (4) 4 (4) 4 (4) 4 (4) 4 (4) 5 (4) 4 (3) 4 4 (5) 3 (4) 5 (5) 5 (5) 5 (5) 4 (3) 5 (5) 5 5 (5) CRISIL Fund Rank Performance 50% 1 (2) 2 (2) 1 (1) 1 (1) 1 2 2 (2) 1 (1) 1 (1) 1 (1) 2 (2) 3 (3) 2 (3) 3 (3) 2 (2) 2 (2) 3 (3) 2 (2) 3 (3) 2 (1) 2 (2) 3 (3) 3 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 4 3 (4) 2 (2) 3 (3) 4 (4) 4 (3) 3 (3) 3 (3) 3 (3) 4 2 (2) 3 (3) 4 (4) 3 (3) 5 (5) 5 (5) 4 (4) 3 (3) 5 (5) 4 (4) 4 (3) 4 (4) 3 (3) 3 3 (3) 5 (5) 5 (5) 4 (4) 2 (2) 5 (4) 5 (5) 3 4 (4)

Consistent Performers - Equity funds Weightages Birla Sun Life Dividend Yield Plus Canara Robeco Equity Diversified HDFC Equity Fund HDFC Top 200 Fund ICICI Prudential Dynamic Plan Reliance Equity Opportunities Fund UTI Equity Fund Birla Sun Life Frontline Equity Fund DSP BlackRock Equity Fund DSP BlackRock Top 100 Equity Fund Franklin India Bluechip Fund Franklin India Prima Plus HDFC Capital Builder Fund HDFC Core and Satellite Fund HDFC Growth Fund ICICI Prudential Discovery Fund SBI Magnum Sector Umbrella - Emerging Business Fund Tata Dividend Yield Fund Tata Pure Equity Fund UTI Master Value Fund DSP BlackRock Opportunities Fund DWS Alpha Equity Fund Franklin India Flexi Cap Fund Franklin India Prima Fund HSBC India Opportunities Fund ICICI Prudential Top 100 Fund ICICI Prudential Top 200 Fund Kotak 50 Kotak Midcap Principal Dividend Yield Fund Reliance Growth Fund SBI Magnum Equity Fund SBI Magnum Global Fund SBI Magnum Multiplier Plus Scheme 1993 Sundaram Select Midcap Tata Equity PE Fund Tata Ethical Fund Taurus Starshare Templeton India Growth Fund UTI Mastershare Unit Scheme UTI Thematic - Mid Cap Fund Birla Sun Life Midcap Fund BNP Paribas Equity Fund Franklin India Opportunities Fund HSBC Equity Fund Kotak Opportunities LIC NOMURA MF Equity Fund Reliance Vision Fund SBI Magnum Sector Umbrella - Contra Fund Sundaram Growth Fund Sundaram India Leadership Fund Sundaram S M I L E Fund Sundaram Select Focus UTI Master Plus Unit Scheme Birla Sun Life Advantage Fund Birla Sun Life Equity Fund DSP BlackRock India T.I.G.E.R. Fund ICICI Prudential MidCap Fund Principal Growth Fund Tata Infrastructure Fund UTI Infrastructure Fund
Figures in bracket indicate the previous quarter score

ñ ó ò ó ó ñ ó ó ó ò ñ ó ñ ò ó ó ó ñ ó ó ó ó ò ó ó ó ò ó ó ó ó ó ò ó ó ó ó ñ ó ó ó ò ó ó ó ó ó ò ó ó

CONSISTENT PERFORMERS

For the quarter ended December 31, 2011

21

CRISIL MutualFundRanking

Consistent Performers - Balanced funds
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11 Superior Return Score 50% 1 1 2 2 2 3 3 3 3 4 4 4 5 5 ó ó ó ñ ó ò ó ó ó ó ó ó ó ó 1 1 2 3 2 2 3 3 3 4 4 4 5 5 1 (1) 1 (1) 2 (2) 2 (3) 2 (2) 3 (2) 3 (3) 3 (3) 3 (3) 4 (4) 4 (5) 4 (4) 5 (4) 5 (5) CRISIL Fund Rank Performance 50% 1 (2) 1 (1) 2 (2) 3 (3) 2 (1) 2 (2) 3 (3) 3 (3) 4 (4) 3 (3) 4 (4) 5 (5) 5 (5) 4 (4)

Consistent Performers - Balanced funds Weightages HDFC Balanced Fund HDFC Prudence Fund Birla Sun Life 95 Fund Canara Robeco Balance Tata Balanced Fund DSP BlackRock Balanced Fund FT India Balanced Fund ICICI Prudential Balanced Fund Sundaram Balanced Fund Kotak Balance SBI Magnum Balanced Fund UTI Balanced Fund LIC NOMURA MF Balanced Fund - Plan C Principal Balanced Fund
Figures in bracket indicate the previous quarter score

Consistent Performers - Debt funds
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11 Superior Return Score 50% 1 1 2 2 2 3 3 3 4 4 4 5 5 ó ó ñ ó ó ó ó ò ó ó ó ó ó 1 1 3 2 2 3 3 2 4 4 4 5 5 1 (1) 2 (2) 2 (3) 2 (2) 1 (1) 3 (4) 3 (3) 3 (2) 4 (4) 4 (4) 4 (3) 5 (5) 5 (5) CRISIL Fund Rank Performance 50% 1 (2) 2 (1) 3 (3) 1 (1) 3 (3) 3 (3) 4 (4) 2 (2) 4 (4) 2 (2) 4 (4) 5 (5) 5 (5)

Consistent Performers - Debt funds Weightages Birla Sun Life Income Fund Birla Sun Life Income Plus IDFC Super Saver Income Fund - Investment Plan Kotak Bond Regular UTI Bond Fund HDFC Income Fund LIC NOMURA MF Bond Fund Reliance Income Fund HDFC High Interest Fund ICICI Prudential Income Plan Templeton India Income Fund DSP BlackRock Bond Fund SBI Magnum Income Fund
Figures in bracket indicate the previous quarter score

22

Consistent Performers - Liquid funds
CRISIL Fund Rank Dec - 11 Change vs Sep - 11 CRISIL Fund Rank Sep - 11 CRISIL Fund Rank Performance 50% 1 (1) 2 (1)

Consistent Performers - Liquid funds Weightages HDFC Cash Management Fund - Savings Plan Reliance Liquid Fund - Treasury Plan

Mean Return 30%

Volatility 20% 4 (4) 1 (1)

1 1

ó ó

1 1

2 (2) 2 (2)

HDFC Liquid Fund Principal Cash Management Fund UTI Liquid Cash Plan

2 2 2

ó ó ó

2 2 2

2 (2) 3 (3) 3 (3)

4 (4) 1 (1) 2 (2)

1 (2) 2 (3) 2 (2)

Birla Sun Life Cash Plus ICICI Prudential Liquid Plan JM High Liquidity Fund LIC NOMURA MF Liquid Fund UTI Money Market Fund

3 3 3 3 3

ó ó ó ó ó

3 3 3 3 3

4 (4) 4 (4) 1 (1) 1 (1) 3 (3)

4 (4) 3 (3) 2 (2) 3 (3) 2 (2)

3 (3) 3 (2) 3 (3) 4 (4) 3 (3)

DSP BlackRock Liquidity Fund DWS Insta Cash Plus Fund Sundaram Money Fund

4 4 4

ó ó ó

4 4 4

3 (4) 3 (3) 5 (5)

3 (3) 5 (5) 3 (3)

4 (4) 5 (5) 3 (3)

HSBC Cash Fund Templeton India Treasury Management Account
Figures in bracket indicate the previous quarter score

5 5

ó ó

5 5

5 (5) 4 (3)

3 (3) 5 (5)

4 (4) 5 (5)5)

For the quarter ended December 31, 2011

23

CRISIL MutualFundRanking

Annexure I - CRISIL Mutual Fund Ranking methodology
CRISIL Mutual Fund Ranking is the relative performance ranking of mutual fund schemes within the peer group. The basic eligibility criteria for inclusion in the ranking universe are two-years NAV history (one-year for Liquid, Ultra Short Term Debt, Index and Debt-Short funds and five – year inclusion in CRISIL Mutual Fund Ranking for the Consistent Performers), assets under management in excess of category cut-off limits and complete portfolio disclosure. The ranking is done based on the following parameters: Category wise average AUM cutoffs Assets under management (AUM), on quarterly average basis for the last quarter of the period for which ranking is done, should be in excess of the cut off limits as under:
• Large Cap Oriented Equity Funds

periods starting from the latest are 32.5 per cent. 27.5 per cent, 22.5 per cent and 17.5 per cent respectively. In case of the Consistent Mutual Fund Performers for Equity, Balanced and Debt categories, the SRS is calculated for a period of five years, with separate one year periods weighted differentially with the most recent period having the highest weightage. Mean Return and Volatility Mean Return and Volatility are considered separately in case of Liquid, Ultra Short Term Debt and Debt-Short term schemes for a one - year period. Mean return is average of daily return on fund NAV for the latest one-year period and the Volatility is the standard deviation of these returns. The weightages for the four quarterly periods starting from the latest are 32.5 per cent. 27.5 per cent, 22.5 per cent and 17.5 per cent respectively. In case of the Consistent Mutual Fund Performers for the Liquid category, Mean Return and Volatility are calculated for a period of five years, with separate one year periods weighted differentially with the most recent period having the highest weightage. Portfolio Concentration Analysis Concentration measures the risk arising out of improper diversification. Diversity Score (Herfindahl index) is used as the parameter to measure Industry concentration and Company concentration for equity securities. In case of Debt papers, the industry concentration is analyzed only for any / over exposure in sensitive sectors which is arrived at based on CRISIL’s assessment of the prospects for various sectors and Company concentration will have an individual issuer specific limit of 10.0 per cent. Liquidity Analysis It measures the ease with which the portfolio can be liquidated. In case of equities, liquidity is calculated by taking the average of last 3 months impact cost published by stock exchanges. Gilt liquidity is measured by analysing the market turnover, days traded and size of trade in any security for a three months period for that security. Corporate debt liquidity is computed by classifying each security into 3 categories - Liquid, Semi Liquid and Illiquid and then evaluating a fund’s exposure to each such category.

Rs Rs Rs Rs Rs Rs Rs Rs Rs

500 million 500 million 500 million 500 million 250 million 250 million 250 million 150 million 500 million

• Diversified Equity Funds • Small and Mid Cap Funds • Thematic – Infrastructure Funds • ELSS • Income Funds • Income Short • Balanced Funds • Liquid Funds • Liquid Funds- Institutional • Liquid Funds- Super Institutional • Gilt Funds-Long • MIP Aggressive • MIP Conservative • Ultra Short Term Debt • Ultra Short Term Debt- Institutional • Ultra Short Term Debt- Super Inst • Index Funds Superior Return Score

Rs 1000 million Rs 1500 million Rs Rs Rs Rs 250 million 250 million 250 million 500 million

Rs 1000 million Rs 1500 million Rs 100 million

The Superior Return Score (SRS) is the relative measure of the return and the risk for the schemes compared to their peer group. It is computed for Equity Oriented Categories, Equity Linked Saving Schemes (ELSS), Debt, Balanced, Monthly Income Plan (Aggressive & Conservative) and Gilt categories for a two - year period. The weightages for the four six-monthly

24

Asset Quality Asset Quality measures the probability of default by the issuer of a debt security to honour the debt obligation in time. CRISIL penalizes lower rated securities to a higher level in its analysis. Average Maturity Modified duration /Average Maturity are considered across all debt categories except liquid to capture the interest rate risk of the portfolio. The analysis is done on lower the better basis. Downside Risk Probability (DRP) DRP measures the probability of the investment getting lower returns than short tenor risk free securities. It is measured by assessing the number of times a fund’s return falls below the risk free return over the period of analysis. The risk free return is taken as the 91-day T-Bill yield over the period.

Asset Size It is considered only for Ultra Short Term Debt and Liquid categories to take into account the effect of large fund flows on the funds performance and ability of the funds to manage such flows optimally. Higher the asset size better it is. Tracking Error This is used only for Index funds. The tracking error is an estimation of the variability in a fund’s performance vis-à-vis the index that it tracks. Lower the tracking error better it is. Historic CRISIL Mutual Fund Performance Historic CRISIL Mutual performance is considered only for the Consistent category. Quarterly Mutual Fund ranks during the five year period of analysis are weighted with separate one year period weighted differentially with the most recent period having the highest weightage.

For the quarter ended December 31, 2011

25

CRISIL MutualFundRanking

Annexure II - Category definition for CRISIL Mutual Fund Ranking categories
Only open-ended schemes are eligible for the selection criteria under the following categories: 1. Equity Funds Schemes that predominantly invest in equity instruments (excluding hybrid schemes) are considered. Schemes with the following features are excluded i) ii) Schemes not open to investors at large and open only to a specific set of investors. Schemes whose offer document permits dynamic asset allocations (both debt and equity could vary between 0 and 100 per cent), except on receipt of an undertaking from the AMC, assuring predominant investment in equity. 1d) Equity Linked Savings Scheme (ELSS) Schemes that invest in equity and equity-related instruments, and are aimed to enable investors to avail tax rebates under Section 80 C of the Income Tax Act are considered. 1e) Diversified equity funds All remaining eligible equity schemes are ranked under this category. 1f) Index funds Schemes launched with an objective to generate returns that are commensurate with the performance of their benchmark’s Total Return Index (TRI), subject to tracking errors are considered. Open-ended exchange traded funds (ETFs) are also included. The following will be excluded: i) 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.

iii) Schemes for which there is a delay in receipt of portfolios from the fund house. iv) Schemes with a stated objective to predominantly invest in derivatives and /or overseas securities. Eligible schemes are classified into the following subcategories 1a) Large cap-oriented equity funds Schemes that have at least 75 per cent exposure in CRISILdefined large cap stocks (top 100 stocks based on 6-month daily average market capitalisation on the National Stock Exchange) in the preceding 24 months split into 4 blocks of 6 months each. The 75 per cent exposure in these stocks must be available for a minimum of 4 out of 6 months in each block. Exposure to Nifty futures is considered as large cap exposure. 1b) Small and mid-cap-oriented equity funds Defined as those having less than 45 per cent exposure in CRISIL-defined large cap stocks for the preceding 24 months. 1c) Thematic – Infrastructure funds Defined as those that follow an investment objective to invest in infrastructure related sectors. CRISIL defined infrastructure sectors are - Energy, Construction, Industrial Capital Goods, Industrial Manufacturing, Metals, Cement & Cement Products, Services and Telecom.

ii)

iii) Index schemes that are benchmarked to indices other than BSE Sensex and S&P CNX Nifty. 2. Hybrid Funds 2a) Balanced funds Schemes investing more than 65 per cent, but less than 80 per cent, of the AUM in equity securities, and 20-35 per cent in long-term bonds/government securities are considered. Speciality schemes with the above asset allocation focusing on children, pension, unit-linked insurance, young citizens, charity, and retirement are not considered. 2b) Monthly Income Plan (MIP) Schemes, where investment into equity is restricted to a maximum of 30 per cent and generally declare monthly dividends are considered as i) ii) MIP - Aggressive: where the objective limits investment in equity securities to 15-30 per cent of the corpus. MIP - Conservative: where the objective limits investment in equity securities to 15 per cent of the corpus.

26

3) Debt Funds 3a) Long term income funds Schemes that predominantly invest in long-term corporate debt papers and government securities (G-Secs) are considered. These schemes also invest in short-term and money market securities. Schemes investing 60 per cent or more in G-Secs over the last 2 years will not be included. 3b) Short term income funds Schemes that predominantly invest in short term corporate debt papers, Certificate of Deposit (CDs), money market instruments and G-Secs are considered. 3c) Liquid funds Schemes whose portfolio constitutes money market instruments and short-term debt instruments with a residual maturity of up to 91 days are considered. Depending on the minimum investment amount disclosed in the offer documents, liquid funds are classified into i) ii) Retail - Minimum investment less than Rs 1 million Institutional - Minimum investment from Rs 1 million, but less than Rs 50 million

considered. Those without such nomenclature will be considered only if the AMC assures their positioning as an ultra short term debt scheme and also their risk-return characteristics needs to be in line with the category peers. Based on the minimum investment amount disclosed in the offer documents, schemes are further classified into: i) ii) Retail - Minimum investment less than Rs 1 million Institutional - Minimum investment from Rs 1 million, but less than Rs 50 million

iii) Super Institutional - Minimum investment of more than Rs 50 million 3e) Long term gilt funds Schemes that predominantly invest in long-term securities issued by Central and state governments, including government securities and T-bills, of varying maturities are considered. 4) Consistent Mutual Fund Performers Schemes that have rankings in all quarterly CRISIL Mutual Fund Ranking over a 5-year timeframe are considered. 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.

iii) Super Institutional - Minimum investment of more than Rs 50 million 3d) Ultra short term debt funds Schemes named as ultra short term debt schemes are

For the quarter ended December 31, 2011

27

CRISIL MutualFundRanking

Notes

28

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 Research, CRISIL Limited. DISCLAIMER: CRISIL Research, a Division of CRISIL Limited has taken due care and caution in preparing this Report. 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 is not liable for investment decisions which may be based on the views expressed in this Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL’s Ratings Division, which may, in its regular operations, obtain information of a confidential nature which is not available to CRISIL Research. No part of this Report may be published / reproduced in any form without CRISIL’s prior written approval.

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Last updated: 31 March, 2011

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