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*For disclaimers please refer page 23

Market Outlook
The R word takes centerstage
January marked a tumultuous beginning for stocks in 2008, not just in India, but across the world. The reality of a U.S recession, that may be already underway, is no longer in doubt. What will now be closely watched is how deep and protracted such a recession will be. The U.K also appears set to join this rather unenviable position. The effects will N. Prasad continue to be felt in the global Chief Investment Officer economy and markets over the next few months, though the degree of impact now closely linked - may get differentiated over the course of 2008. The principal risks apart from the U.S recession story already largely in the price are a Chinese slowdown and earnings downgrades / negative earnings surprises. This was the substance of what we wrote in our note on the markets on January 22, 2008, when there was a downward freeze: As the Sensex hit a low of about 15.3K on January 22, 2008 and the steeper correction in mid- and small-cap stocks that opened up the valuation gap yet again, we highlighted a subtle shift on our near- and medium-term outlook that had been distinctly cautious since late September 2007; we have always been positive on the long -term outlook, and, as a fund house, we are the more so now, in the wake of the decline in January. We believe a corrective & consolidation phase will be healthy for the markets and investors, despite the nearterm pain. The recovery may, however, only be gradual this time around and interspersed with high volatility, especially in the first half of the year. Any notable weakness linked to global trends is likely to offer a more enriching entry points for investors with a long-term perspective. Our broad thought process on the prospects for the economy and markets is unchanged from what we articulated in detail in India Outlook 2008, available at www.sundarambnpparibas.in or on request by mail to service@sundarambnpparibas.in. The corrective phase: Equities in India have taken a knock in January with the Nifty & Sensex lower by 29 % from peak levels after the freeze on January 22 immediately on opening. The decline is attributable mainly to the concerns flowing through from the global markets and excesses in the primary markets in India. The rising probability of a slowdown/recession in the U.S an aspect that has been highlighted in the Market Outlook of Sundaram BNP Paribas Asset Management for the past several months now had not been factored in, awash as emerging markets had been with liquidity since late August. This state of bliss was unlikely to last in the wake of the deep problems in the economies of the U.S & U.K, and a few other European countries such as Spain & Ireland, to name a couple. Markets in India have intricately become linked to global trends over the past five years. There have been several instances of global-linked declines in Indian equities and the trends over the past month are just the latest. It is for this reason Sundaram BNP Paribas Asset Management maintained a cautious view on the markets since late September; this has been highlighted in our Market Outlook and Fact Sheet documents published since first week of October 2007. Liquidity gush, then risk aversion: India has been a principal beneficiary of the gush of liquidity in the wake of the formal acceptance of the sub-prime crisis as reality in August 2007 that has since taken wings to engulf multiple parts of the credit market in the U.S and parts of the developed world. Large-cap stocks in India had been story of the rally in August-October 2007 when FII buying was at the forefront; mid- and small-caps also enjoyed a long overdue catch-up rally from late November supported by domestic retail and institutional investors. Foreign Institutional Investors (FIIs) were the drivers in the August-mid October period when their net flows touched more than $ 10 billion in the space of a few weeks. Their level of activity became moderate in the aftermath of the new regulatory framework announced by the Securities and Exchange Board of India for FIIs in October. Despite this development, markets held close to peak levels on the support provided by domestic institutional investors, especially insurance companies, as well as speculative trading support with rising retail participation, especially through the derivatives market. Pockets of excesses had emerged. Pricing greed in IPOs has also become increasingly prevalent. We have had a reality check now with FII outflows, retail investors getting badly hurt - especially in futures & options, flop-show in IPOs and a sub-par listing for Reliance Power that attracted widespread investor interest. The R-Word dominates sentiment: As a high-beta market during that phase of major gains between August and December, it was only likely that globally-driven weakness in markets, linked to the U.S recession will also result in India taking a hit. This is what has happened now. Specific to India, the flow of funds towards the IPOs of Reliance Power & Future Capital also led to sizeable diversion of liquidity to the primary market. There are also concerns on the impact on India of a U.S recession. Our view on this aspect has been detailed in investor communication since October and also in India 2008 Outlook document.

For detailed report visit www.sundarambnpparibas.in Sundaram BNP Paribas Asset Management Company

India has a low share of exports to USA & China Exports to / Destination share as % of total exports Destination share as % of GDP from USA EU Japan China USA EU Japan China % % % % % % % % China 23.5 22.2 10.0 8.6 8.2 3.7 Hong Kong 16.2 14.3 4.5 43.0 4.8 4.2 1.3 13.4 India 17.2 22.1 3.1 8.3 2.0 2.5 0.4 0.9 Indonesia 12.6 13.4 21.2 8.9 3.5 3.7 5.9 2.3 Japan 22.3 14.6 14.7 3.1 2.1 2.1 Korea 13.1 13.7 7.4 25.3 4.8 5.1 2.7 9.3 Malaysia 18.7 13.1 8.9 7.6 20.2 14.1 9.6 8.2 Philipppines 18.1 16.9 16.3 14.3 7.3 6.8 6.3 5.7 Singapore 11.3 13.7 9.0 5.5 13.7 16.5 10.9 6.8 Taiwan 14.2 9.0 7.2 23.1 9.0 5.7 4.6 14.6 Thailand 14.5 14.0 12.7 9.1 9.0 8.7 7.9 5.7 Source: CLSA

Benefit of disciplined long-term investing


160 140 140 120 100 80 60 40 20 0 Always invested Missed 10 Best Days Missed 20 Best Missed 30 Best Days Days Missed 40 Best Days 54 27 15 9
Value now of Re 1 invested in SENSEX over a 28-year period

Significant gains only if you had remained invested at all times


Daily Returns since launch to January 2008

Summary on the R Effect: Here is a quick snapshot from India Outlook 2008 of the likely impact of the U.S recession and trends: A recession in the U.S is expected to shave 40-80 basis from GDP growth in India in FY 09. In any case, just on the back of rising interest rates and capacity constraints in India, GDP growth was expected to be lower in FY 09 and impact of any U.S recession will be incremental. Despite the likely declines, GDP may stay in the 8-per cent plus category in FY 09 and start to gradually move higher from CY 2009 / FY 2010. A Chinese slowdown has also emerged on the radar as its export intensive economy may be more vulnerable to a U.S slowdown. This may have limited impact on India as exports to China account for less than 1 % of GDP and the export basket is predominantly commodities. Decline in commodity prices may be beneficial to India Inc on a collective basis though specific companies may be hurt. Pointers suggest that even in the event of aggressive Fed rate cuts and fiscal stimulus, the ongoing problem is likely last longer and has a deeper impact on the economy in the U.S and parts of the developed world. The Indian economy is now in a far superior shape as compared to periods of past U.S recessions. In the domestic context, the RBI is well placed to adjust policy tools to stave off any threat of deep impacts on the economy though meaningful cuts are unlikely in 2008. Markets have been, and will be impacted from a sentiment and liquidity perspective, given the magnitude of unfolding events; this will lead to phases of high volatility. The recovery phase may also not be as swift as in May 2006 & in 2007. We reiterate our circumspect yet positive view - a moderate positive bias - for 2008 and India continues to remain an attractive destination in emerging markets space though it remains a relatively more expensive market.
Completed on January 07, 2008

Equity Outlook: How steep can the present decline go? At the nitroday low of about 15.3K on January 22, 2008, the Sensex was at a price-earnings multiple of 14.6 times & 13.3 times FY 2009 and 2010 earnings without factoring in embedded value for genuinely well-established businesses in companies such as Reliance, HDFC, ICICI Bank, Larsen & Toubro and State Bank of India, to name a few; the embedded value could account for about 15 %. This valuation is based on earnings growth of between 12 15 %; India Inc has comfortably managed to outpace consensus in the past few years even after factoring the expected slowdown in GDP growth. We will watch news flow to track if this trend continues. From a fundamental perspective, we do not expect the downside to be deep from levels of about 15K. Large-caps are likely to lead the recovery. From a markets perspective, domestic-investment led themes will continue to remain more attractive and can be expected to lead the process of recovery once stability emerges. Fixed-Income Outlook: We expect February, post the equity IPO, to distribute the liquidity evenly out in the system. This should result in short-term rates softening considerably before the March end effect comes into picture. We expect a surprise monetary measure much before the next policy in April though not it in current month. Timing the market best avoided: We believe investors should have a disciplined investment approach that ensures that they are invested at all times. It is always tough to get the call right at all times both on the upside and downside. If a person had Re 1 invested at all times in the Sensex since 1979, it would be worth about Rs 140. If you had indulged in timing and missed the best 10 days, the value will be lower at Rs 54 and if you had missed the best 40 days, the value wil be even lower at Rs 9. Long-term investors should use the ongoing weakness to enhance exposures to the India story. Our faith in this story is as undiminished as it has been since 2002 when we launched Select Focus & Select Mid Cap. The corrective phase underway has only yet again made the entry points for long-term investors even more attractive. Drafted 11 AM on January 22, 2008 with markets at a freeze with Sensex at about 15.8K; updates on February 11 2008
Disclaimer page No.23

Sundaram BNP Paribas Asset Management Company

Global Cues
A frosty start to the new year
The end of 2007 and the beginning of 2008 have been marked by extremely erratic movements on equity markets, with the subprimes crisis and its fallout continuing to torment investors. Debate is focused on the economic health of the United States, where fears of a sharp slowdown have been intensified by the lacklustre data published in the early part of January (ISM index, jobs figures). Since the middle of the month, the abysmal initial figures published by the leading American banks have amplified the slump in stock-market prices throughout the world. On Monday 21 January a wave of panic swept all the worlds financial centres with the exception of the United States market, which was closed for Martin Luther King Day. For most of the indices, the fall was the largest since 9/11, although the situations then and now are not comparable. This reaction was in fact something of a surprise, given the absence of any new element. One explanation often heard, namely that it was due to disappointment following George W. Bushs statement concerning a fiscal stimulus, does not seem to hold water. It is more the spectre of a large-scale financial crisis that is alarming investors. Fears of a fresh wave of asset write-downs in the financial sector (and not only the American financial sector) are in fact resurfacing. The downgrading of the second-largest US bond insurance company is posing a threat to most guaranteed bonds and making financial establishments balance sheets even more difficult to read. Some people are even expressing fears of bank failures. In these circumstances, the publication of results for Q4 2007 could well further fuel short-term worries. To judge by the performances of the stock markets since the beginning of the year, there seem to be widespread expectations of a worst-case scenario for world growth. The other risky assets (credit, high-yield) are also being affected, while government bonds continue to benefit from the disaffection for equities and from expectations of more substantial falls in key interest rates. In the current market scenario, the acceleration of inflation is no longer cause for concern. A high-risk situation Gloom is becoming entrenched: The climate in this early part of the year, when the word recession is being more and more frequently heard, when visibility (concerning company results, analysts forecasts and the economic situation) is extremely limited and when risks are high, has deteriorated substantially. These worries, legitimate but perhaps overdone, are being reflected in high volatility on all the financial markets. The immediate situation has not worsened significantly in the space of a month, but this ambient gloom could turn out to be self-justifying as the weeks pass. The short-term risks must not be minimised: In the immediate future, these various concerns may continue to trigger off sudden fairly severe swings in equities until such time as the horizon becomes clearer. Published data both macro- and micro-economic are liable to be poor in coming weeks and it is probable that in any case the general climate will generate negative interpretations of future news. The possibility of credit card default in the United States could fuel fears of a recession through a collapse in consumption and to additional difficulties for the financial sector (securitisation, results from specialised establishments). The season for the publication of Q4 company results is starting in the United States and this will, in all probability, produce disappointments, especially if accompanied by discouraging guidance from companies for 2008, as is more than likely in the case of the most cyclical sectors. The first results (for 60 of the S&P500 companies) have in fact been disappointing, with a high percentage (31.7%) of negative surprises. Praiseworthy intervention The central banks have already shown that they would not hesitate to do everything in their power to normalise the interbank markets, thus dissipating fears of a credit crunch. Since September, the Fed funds target rate has been cut by 175 basis points (A basis point is 0.01 %). Even though the ECB has been showing less enthusiasm (to put it mildly) for cutting its key rates, it cannot be accused of inertia in the face of the difficulties of the money markets, given the substantial injections of liquidity it has carried out since the summer. A more marked slowdown in the European economy in coming months can be expected to galvanise it into action despite its still severe tone concerning the inflationary risk. Several members of the ECBs Governing Council have in fact already begun to place the accent on the weakening of growth. A coordinated cut in key rates, under the influence of the Fed cannot be ruled out. Appropriate US fiscal policy: At the beginning of December, President Bush announced an emergency package for highly-indebted American households threatened with bankruptcy and repossession of their homes. The introduction of a broader fiscal support package at a time when the US presidential campaign is just getting under way is a solution that had already been referred to by the US Treasury Secretary, Henry Paulson, when he declared at the beginning of January: Our most immediate goal is to minimise the impact [of the financial crisis] on the real economy. He recalled the primary importance of keeping the economy as strong as possible as we weather this housing correction. President Bush announced a re-stimulus package of around150 billion dollars (1% of GDP) to be implemented as early as March, mainly in the form of tax cuts. This announcement disappointed observers, who were expecting greater detail, but this would have been difficult ahead of negotiations with a Democrat-majority Congress. There has been a mixed initial reaction to these announcements on the part of investors, who have tended to see them as the acknowledgement of a very substantial deterioration in the economic situation. We ourselves nevertheless take the view that the introduction of a support package for the economy demonstrates reactivity and a determination on the part of the United States authorities to put a rapid end to the crisis. Rumours of major bank failures have further contributed to recent price falls. It is in fact difficult to imagine that governments will not do everything possible to preserve the stability of the financial system (and especially if the acquisition of shareholdings by foreign sovereign funds is insufficient to recapitalise the banks). We are maintaining our prudent stance Possibility of a technical rally: As indicated, in particular, by most of the risk-aversion indicators, much of the bad news is already factored into prices. The technical and sentiment indicators (Bull/Bear, Call/Put, Market Breadth, etc.) are currently oversold, suggesting a possible technical rally in the short term. Such a rise could be backed up by concerted action on the part of the central banks, but this would not solve all the problems. Caution: However, the difficulties of the financial sector will not be eliminated overnight and will continue to weigh down equity markets. The high level of aversion to risk and the economic slowdown have prompted us in recent months to re-balance our asset allocation in favour of defensive regions and sectors. These arbitrages notably led us to limit in the short term the positive bet on emerging equity markets. The investment themes (defensive growth and large-caps) that we have been favouring for several months remain valid. Following our last asset allocation committee meeting (8 January) we proceeded to make a further reduction in our position on equities, which we had already reduced at the beginning of October, and we are now posting only very slight overexposure. The downside factors and risks are therefore clearly identified, but the medium-term support factors have not disappeared: proactive action by central banks, fiscal stimulus in the United States, continuing abundant liquidity (foreign exchange reserves) and attractive valuations. Furthermore, in numerous sectors, firms seem capable, in spite of everything, of withstanding an economic slowdown (low debt levels, substantial cash, competitive positioning, etc). Patrick Mange Director Investment Strategy BNP Paribas Asset Management www.bnpparibas-am.com Flash Report of January 22, 2008 www.bnpparibas-ip.com Disclaimer page No. 23

Sundaram BNP Paribas Asset Management Company

Growth Fund CRISIL~CPR 1


The portfolio maintains its aggressive stance. Preferred sectors are financial services (including banks), metals and energy. We maintain an overweight on chemicals, financial services and metals. IT and telecom stay notable negative bets, The portfolio is evenly split between the large- and mid-& small-cap spaces.

Portfolio
Company State Bank Of India Jaiprakash Associates Reliance Industries Axis Bank Welspun Gujarat Larsen & Toubro Sterlite Industries Indian Oil Corporation Glenmark Pharma Gujarat NRE Coke Essar Oil Reliance Capital HDFC Chambal Fertilisers Monnet Ispat ICICI Bank Bajaj Hindustan Nagarjuna Fertilisers Hindalco Sesa Goa Infosys Reliance Communications Tata Chemicals Tata Steel Union Bank of India Maytas Infrastructure IndiaInfoline Tata Power Prakash Industries Nagarjuna Construction Lupin Indraprastha Gas Indiabulls Financial United Breweries Holdings Bharat Petroleum IDBI Bank United Spirits Suzlon Energy SAIL Kirloskar Electric Kotak Mahindra Bank HT Media Videocon Industries GMDC NALCO Punj Lloyd Jindal Stainless Tata Motors State Bank Of India - Rights JBF Industries Mercator Lines Gujarat Alkalies & Chemicals IndiaBulls Securities Tata Steel - CCPS Equity Cash Equivalents & Other Assets Total Weight % 4.8 4.2 3.9 3.4 3.1 3.1 3.0 2.9 2.8 2.6 2.5 2.1 2.1 2.0 2.0 1.9 1.9 1.8 1.8 1.7 1.7 1.7 1.7 1.7 1.6 1.6 1.6 1.6 1.4 1.4 1.4 1.4 1.4 1.4 1.3 1.3 1.3 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.0 1.0 1.0 1.0 0.9 0.6 0.6 0.5 0.3 95.0 5.0 100.0

Positioning:

Diversified Equity Diversified Fund

Rs. 10,000 invested at launch is now worth Rs 1.3 lakh


180,000

127,830
160,000 140,000

120,000

100,000

Growth
80,000 60,000

BSE 200

Fund Manager

J Venkatesan

61,162

Fund Management/Research Experience: 17 years He manages this fund since January 2008

40,000

20,000

0
Apr-97 Jan-08

........................Fund Facts...........................
NAV (G): 92.9667 Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Options: Minimum Amount: NAV (D): 14.7419 Seek capital appreciation Open-end equity April 1997 BSE 200 SUNGROW IN Rs 177 crore Growth, Dividend Payout, Dividend Re-investment Rs 2,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 Expense Ratio: Fee: Load Structure: Investment Amount Load Type & Holding Period Entry Load Exit Load (for exits after 12 months) Exit Load (for exits before 12 months) Exit Load (for exits after 6 months)
No entry load for direct investment. < Rs 2 crore = > Rs 2 crore

Performance
Annual Return (%) Fund Benchmark SIP Since launch 26.7 18.3 31.8 Last 9 years 29.9 23.3 34.3 Last 7 years 31.6 24.7 41.8 Last 5 years 49.5 42.2 44.1 Last 3 years 41.1 36.9 39.5 Last 2 years 33.4 33.5 34.6 Last 1 year 33.2 31.9 38.7 Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis. Period

Risk Metrics
Standard Deviation: 7.98 Beta: 1.14 Sharpe: 0.32 Information Ratio: 0.18 Portfolio Turnover: 233.00 Correlation: Alpha: Treynor: Tracking Error: Risk Free Rate: 0.98 0.03 2.28 1.91 7.60

2.40% 1.15%

2.25% Nil 1% 1%

Nil Nil Nil 1%

Main Active Positions Overweight Underweight


Jaiprakash Associates Welspun Gujarat Indian Oil Corporation Gujarat NRE Coke GlenMark Pharma Reliance Industries ICICI Bank Bharti Airtel ITC HDFC Bank

Risk factor/Disclaimer: Page 23 ...............................................................................

Dividend History
Record Date 29/09/99 15/05/00 22/01/03 11/07/03 26/09/03 30/01/04 11/03/05 03/10/05 03/02/06 31/05/06 16/11/07 % 20.0 30.0 20.0 15.0 20.0 55.0 20.0 15.0 22.5 35.0 65.0 Rs. per unit 2.00 3.00 2.00 1.50 2.00 5.50 2.00 1.50 2.25 3.50 6.50 Record Date NAV 18.01 16.51 12.75 12.70 13.87 16.35 14.80 15.79 16.91 15.63 23.35

Sector Allocation
Financial Services Metals Energy Fertilisers & Chemicals Consumer Goods Industrial Manufacturing Others 0 6.1 5.6 5.5 19.4 5 10 15 20 25 Fund Benchmark 30 35 13.6 22.8 21.9

Sundaram BNP Paribas Asset Management Company

Tax Saver CRISIL~CPR 2


Value Research ####
The portfolio is spread across the cap curve with a bias towards large-cap stocks. Exposures to themes such as financial services (including banks) and energy account for about 40% of the assets. The fund has a cash position of 7.5% as a result of steady inflows. We expect to raise the equity exposure subject to trends in flows.

Portfolio
Company Essar Oil Tata Motors Axis Bank IDFC ICICI Bank State Bank Of India ONGC ITC Siemens India Bharat Petroleum Jindal Steel Bharti Airtel Emkay Share Reliance Capital Maruti Tata Steel Reliance Energy Housing Development Reliance Industries Sesa Goa HPCL Maytas Infrastructure Videocon Industries Pratibha Industries Tata Tea Cairn India Unitech Indraprastha Gas Adlabs Films HDFC Bank Glenmark Pharma Development Credit Bank Nagarjuna Fertilisers Sun TV Great Offshore Monnet Ispat Nestle India NDTV Jaiprakash Associates Madhucon Projects Kirloskar Pneumatic Sun Advanced Research Man Industries Triveni Engineering Gujarat Gas Bayer CropSciences Dredging Corporation Aurionpro Solutions SRF State Bank Of India - Rights Greenply Entertainment Networth Aditya Birla Nuvo Aventis Pharma Shiv Vani Oil Coromandel Fertilisers Easun Reyrolle Marico Industries Kirloskar Oil Engines Garware Offshore M M Forgings Elgi Equipment Tata Steel - CCPS Equity Cash Equivalents & Other Assets Total Weight % 3.9 3.9 3.5 3.4 3.3 3.0 2.8 2.7 2.7 2.6 2.6 2.4 2.4 2.3 2.1 2.0 2.0 2.0 2.0 1.9 1.8 1.7 1.7 1.6 1.6 1.5 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.2 1.1 1.0 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.5 0.5 0.5 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.0 0.3 92.5 7.5 100.0

Positioning:

Diversified Fund

Rs. 10,000 invested at launch is now worth Rs 77K

100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000
Dec-99 Jan-08

Tax Saver BSE 200

77,184 42,747

Fund Manager

Satish Ramanathan

Fund Management/Research Experience: 15 years He manages this fund since September 2007

........................Fund Facts...........................
NAV (G): 38.6968 Objective: Fund Type: Allotment: Benchmark: Lockin period: Bloomberg Code: AUM: Options: Minimum Amount: NAV (D): 15.9384 Seek capital appreciation Open-end equity November 1999 BSE 200 3 years SNDTAXO IN Rs 402 crore Growth, Dividend Payout, Dividend Re-investment Rs 500 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 Expense Ratio: Fee: Load Structure: Investment Amount Load Type & Holding Period Entry Load Exit Load (for exits after 36 months)
No entry load for direct investment. < Rs 2 crore = > Rs 2 crore

Performance
Annual Return (%) Fund Benchmark SIP Since launch 28.3 19.7 40.1 Last 7 years 34.8 24.7 46.2 Last 5 years 54.7 42.2 50.0 Last 3 years 42.5 36.9 41.0 Last 2 years 29.8 33.5 38.0 Last 1 year 35.4 31.9 44.3 Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis. Period

Risk Metrics
Standard Deviation: 7.77 Beta: 1.05 Sharpe: 0.34 Information Ratio: 0.14 Portfolio Turnover: 173.00 Correlation: Alpha: Treynor: Tracking Error: Risk Free Rate: 0.93 0.28 2.52 2.85 7.60

2.37% 1.10%

2.25% Nil

Nil Nil

Main Active Positions Overweight Underweight Tata Motors Reliance Industries Essar Oil Infosys Technologies IDFC HDFC ICICI Bank BPCL Emkay Share and Reliance Stock Brokers Communications Sector Allocation
Financial Services Energy Metals Consumer Goods Construction Auto Others 0 5 8.7 7.8 7.7 5.9 21.8 10 15 20 25 Fund Benchmark 30 35 40 21.3 19.3

Risk factor/Disclaimer: Page 23 ...............................................................................

Dividend History
Record Date
26/03/04 28/01/05 30/09/05 03/03/06 25/08/06 08/12/06 23/03/07 28/12/07

%
50.0 50.0 30.0 30.0 15.0 25.0 20.0 30.0

Rs. per unit


5.00 5.00 3.00 3.00 1.50 2.50 2.00 3.00

Record Date NAV


15.9938 18.1404 18.2146 19.6287 15.9708 17.5084 14.4832 22.0117

Sundaram BNP Paribas Asset Management Company

Select Focus CNBC TV18-CRISIL Award


Best Large-Cap Fund 2006 Portfolio
Company Reliance Industries Sterlite Industries Weight % 7.7 4.5 4.5 5.2 4.0 4.0 3.9 3.8 3.1 3.1
Period
120,000 100,000

Positioning:

Pure Large-Cap

Rs. 10,000 invested at launch is now worth Rs 86K

CRISIL~CPR 1 ICRA Five-Star Fund


Three-year track record
Top themes in the portfolio are energy, financial services and metals accounting for about 60 % of the portfolio. The themes are positioned on the high-growth story as we believe the risk-reward will be favourable. The fund has a cash level of about 20% due to steady inflows that are being deployed in a phased manner due to high degree of volatility in the markets.

ONGC State Bank Of India Reliance Communications Reliance Energy Sesa Goa ICICI Bank Jaiprakash Associates Reliance Capital Larsen & Toubro SAIL Videocon Industries Reliance Natural Resources HPCL Chambal Fertilisers Indian Oil Corporation Jindal Steel HDFC Unitech Tata Steel GAIL Lanco Infratech NALCO Housing Development Essar Oil Adlabs Films GMDC
12.50 14.15 14.79 14.68 18.79 18.20 16.33 21.73

Select Focus S&P CNX Nifty 85,738 53,644


Aug-02 Jan-08

80,000 60,000 40,000 20,000 0

Performance
Annual Return (%) Fund Benchmark SIP Since launch 47.7 35.6 47.7 Last 5 years 51.4 37.6 46.9 Last 3 years 45.7 35.4 45.5 Last 2 years 39.8 20.8 40.0 Last 1 year 39.1 25.8 42.6 Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis.

Fund Manager Srividhya Rajesh Fund Management/Research Experience: 13 years She manages this fund since launch

3.0 2.7 2.6 2.4 2.2 2.2 2.2 2.1 2.0 1.8 2.1 1.6 1.6 1.4 1.4 1.4

........................Fund Facts...........................
NAV (G): 85.7376 Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Options: Minimum Amount: NAV (D): 13.1631 Seek capital appreciation Open-end equity July 2002 S & P CNX Nifty SUNSFOG IN Rs 701 crore Growth, Dividend Payout, Dividend Re-investment Rs 5,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 2.32% 1.08% Investment Amount Load Type & Holding Period
< Rs 2 crore = > Rs 2 crore

Risk Metrics
Standard Deviation: 8.43 Beta: 1.15 Sharpe: 0.34 Information Ratio: 0.27 Portfolio Turnover: 324.00 Correlation: Alpha: Treynor: Tracking Error: Risk Free Rate: 0.96 0.38 2.52 2.67 7.60

Expense Ratio: Fee: Load Structure:

Entry Load 2.25% Exit Load (for exits after 12 months) Nil Exit Load (for exits before 12 months) 1% Exit Load (for exits after 6 months) 1%
No entry load for direct investment.

Nil Nil Nil 1%

Main Active Positions Overweight Underweight Sesa Goa Bharti Airtel Jaiprakash Associates NTPC Reliance Capital State Bank of India Sterlite Industries Reliance Industries Videocon Industries ONGC Sector Allocation

Risk factor/Disclaimer: Page 23 ...............................................................................

1.4 1.1 1.0 0.8

Energy Metals Financial Services Telecom Construction Others 4.0 3.2 14.1 0 5 Fund 10 15 20 25 Benchmark 14.9 17.9

27.6

Dividend History
Record Date
20/06/03 12/09/03 20/08/04 04/03/05 27/01/06 02/06/06 24/11/06 30/11/07

%
20.0 25.0 40.0 20.0 20.0 50.0 35.0 65.0

Rs. per unit


2.00 2.50 4.00 2.00 2.00 5.00 3.50 6.50

Record Date NAV

Ranbaxy Sun Pharma Equity Cash & Equivalents Total

80.8 19.2

30

35

100.0

Sundaram BNP Paribas Asset Management Company

Select Midcap CNBC TV18-CRISIL Award


Best Diversified Fund 2006 Portfolio
Company
Welspun Gujarat Tata Chemicals Union Bank of India Madhucon Projects Sesa Goa Trent Ashapura Minechem Maytas Infrastructure Triveni Engineering Jindal Steel Monnet Ispat Mercator Lines Simplex Infrastructure IDFC Usha Martin Punj Lloyd Federal Bank - Rights Videocon Industries Chambal Fertilisers Global Broadcast News JM Financial Max Indi Hindustan Construction IndiaInfoline GNFC Madras Cements IVRCL Infrastructure Gujarat Alkalies & Chemicals UTV Software Redington (India) ABG Shipyard Thermax Kirloskar Oil Engines Bharat Petroleum Jain Irrigation ING Vysya Bank NDTV Bharat Forge Maharasthra Seamless Provogue Bank of Baroda HPCL Sundaram Clayton Bharat Electronics Lanco Infratech Time Technoplast McNally Bharat IPCA Labs Himadri Chemicals SKF Bearings Adlabs Films Seamec Federal Bank Bharati Shipyard Reliance Infrastructure Kirloskar Brothers Bluestar Ruchi Soya Industries Aban Loyd Chiles Pratibha Industries Deccan Aviation United Breweries Holdings Television Eighteen Balaji Telefilms Divis Labs Coromandel Fertilisers SRF JSW Steel Kirloskar Electric Century Textiles Ashok Leyland GVK Power Gateway Distriparks Praj Industries Indraprastha Gas Nahar Indusrtrial Enterprises Birla Corporation Balrampur Chini Mills GMDC HT Media Polyplex Corporation Adani Enterprises Equity Cash Equivalents & Other Assets

Weight %
5.8 3.6 3.0 2.3 2.2 2.1 2.1 2.1 2.1 2.0 1.9 1.9 1.9 1.7 1.7 1.7 1.6 1.6 1.6 1.5 1.5 1.5 1.4 1.4 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.1 1.1 1.1 1.1 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.2 0.2 95.1 4.9

Positioning:

Pure Mid-Cap

Rs. 10,000 invested at launch is now worth Rs 1.2 lakh


170,000

CRISIL~CPR 2
Value Research #####
The fund is invested up to 95% in equities in a portfolio of about 80 stocks. High conviction bets include financial services, metals, construction and fertilizers & chemicals with at least a 10% allocation to each. In contrast is the underweight stance towards consumer products, healthcare and IT.

150,000

130,000

Select Midcap BSE Mid Cap

110,000

119,342

90,000

70,000

79,405

50,000

30,000

10,000
Aug-02 Jan-08

Fund Manager Satish Ramanathan Fund Management/Research Experience: 15 years He manages this fund since September 2007

Performance
Annual Return (%) Fund Benchmark SIP Since launch 56.8 45.7 56.6 Last 5 years 62.6 50.0 55.2 Last 3 years 48.9 37.7 41.8 Last 2 years 38.2 28.3 30.8 Last 1 year 26.3 28.5 29.3 Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis. Period

........................Fund Facts...........................
NAV (G): 119.3420 Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Options: Minimum Amount: NAV (D): 20.4491 Seek capital appreciation Open-end equity July 2002 BSE Midcap Index SUNSMIG IN Rs 2,048 crore Growth, Dividend Payout, Dividend Re-investment Rs 5,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 1.89% 1.01% Investment Amount Load Type & Holding Period
< Rs 5 crore = > Rs 5 crore

Risk Metrics
Standard Deviation: 7.26 Beta: 0.87 Sharpe: 0.41 Information Ratio: 0.25 Portfolio Turnover: 202.00 Correlation: Alpha: Treynor: Tracking Error: Risk Free Rate: 0.95 0.92 3.44 2.49 7.60

Expense Ratio: Fee: Load Structure:

Entry Load 2.25% Exit Load (for exits after 12 months) Nil Exit Load (for exits before 12 months) 1%
No entry load for direct investment.

Nil Nil Nil

Main Active Positions Overweight Underweight Welspun Gujarat Nagarjuna Construction TATA Chemicals Voltas Union Bank of India Great Eastern Shipping Madhucon Projects India Cements Sesa Goa Torrent Power Sector Allocation
Metals Financial Services Construction Industrial Manufacturing Fertilisers & Chemicals Consumer Goods Media & Entertainment Others 0 17.6 12.1 11.4 11.3 10.6 8.9 6.1 17.1 10 Fund 20 30 Benchmark 40 50

Risk factor/Disclaimer: Page 23 ...............................................................................

Dividend History
Record Date
27/06/03 21/11/03 27/02/04 17/09/04 18/02/05 23/09/05 17/02/06 18/08/06 27/10/06 09/02/07

%
25.0 40.0 35.0 20.0 20.0 20.0 25.0 20.0 40.0 25.0

Rs. per unit


2.50 4.00 3.50 2.00 2.00 2.00 2.50 2.00 4.00 2.50

Record Date NAV


12.9763 17.279 14.358 13.1843 15.0341 17.3439 20.0785 20.9924 21.0980 18.7821

Total

100.0

Sundaram BNP Paribas Asset Management Company

India Leadership Fund CNBC TV18-CRISIL Award


Best Emerging Equity Fund 2005 Portfolio
Company State Bank Of India Union Bank of India Reliance Industries Reliance Capital Sterlite Industries Jaiprakash Associates Tata Steel Larsen & Toubro Prakash Industries Gujarat NRE Coke Sesa Goa Indian Oil Corporation SAIL GAIL Lupin Bajaj Hindustan Chambal Fertilisers Glenmark Pharma Jindal Steel Tata Chemicals IndiaInfoline Nagarjuna Fertilisers Tata Power Pantaloon Retail Gujarat Alkalies & Chemicals Havell's India Reliance Communications Indiabulls Financial Bharat Petroleum Nagarjuna Construction Aban Loyd Chiles Texmaco Videocon Industries NALCO UTV Software ICICI Bank IDBI Bank Essar Oil SRF JBF Industries Kirloskar Electric United Breweries Holdings GMDC India Glycols Punj Lloyd Bharat Bijlee Flat Products Equipment Unitech Hindalco Cipla Century Textiles Housing Development State Bank Of India - Rights Suzlon Energy Thermax IndiaBulls Securities Tata Steel - CCPS Equity Cash Equivalents & Other Assets Total Weight % 4.4 4.1 3.7 3.5 2.9 2.9 2.9 2.6 2.4 2.4 2.2 2.2 2.1 2.1 2.1 2.1 2.1 1.9 1.9 1.8 1.8 1.7 1.7 1.6 1.6 1.5 1.5 1.5 1.4 1.4 1.3 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.8 0.6 0.6 0.3 94.5 5.5 100.0

Positioning:

Leaders Mindset

CRISIL~CPR 2 ICRA Five-Star Fund


Three-year track record
The fund continues to maintain exposures to leaders & emerging leaders across sectors and the cap curve. The preferred sectors are financial services, metals and energy. The fund stays light on IT, telecom & energy relative to the benchmark S & P CNX Nifty. Chemicals & fertilizers is a significant overweight.

Rs. 10,000 invested at launch is now worth Rs 39K

55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000
Aug-04 Jan-08

SILF

S&P CNX Nifty

39,111 31,344

Fund Manager J Venkatesan Fund Management/Research Experience: 17 years He manages this fund since January 2008

Performance
Annual Return (%) Fund Benchmark SIP Since launch 46.3 40.2 40.2 Last 3 years 42.4 35.4 37.2 Last 2 years 27.7 30.8 29.9 Last 1 year 28.3 25.8 32.2 Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis. Period

........................Fund Facts...........................
NAV (G): 39.1114 Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Options: Minimum Amount: NAV (D): 14.2136 Seek capital appreciation Open-end equity July 2004 S&P CNX Nifty SUNLEAG IN Rs 203 crore Growth, Dividend Payout, Dividend Re-investment Rs 5,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 % % Investment Amount Load Type & Holding Period
< Rs 2 crore = > Rs 2 crore

Risk Metrics
Standard Deviation: 8.44 Beta: 1.09 Sharpe: 0.32 Information Ratio: 0.14 Portfolio Turnover: 237.00 Correlation: Alpha: Treynor: Tracking Error: Risk Free Rate: 0.90 0.34 2.49 3.67 7.60

Expense Ratio: Fee: Load Structure:

Entry Load 2.25% Exit Load (for exits after 12 months) Nil Exit Load (for exits before 12 months) 1% Exit Load (for exits after 6 months) 1%
No entry load for direct investment.

Nil Nil Nil 1%

Main Active Positions Overweight Underweight Union Bank of India Reliance Industries Reliance Capital ONGC Jaiprakash Associates Bharti Airtel Prakash Industries NTPC Gujarat NRE Coke ICICI Bank Sector Allocation
Metals Financial Services Energy Fertilisers & Chemicals Consumer Goods Industrial Manufacturing Others 0 5 10 Fund 15 9.3 7.5 7.2 16.8 20 25 Benchmark 30 35 14.5 20.3 18.9

Risk factor/Disclaimer: Page 23 ...............................................................................

Dividend History
Record Date
29/03/05 07/10/05 24/02/06 09/06/06 23/11/07

%
25.0 22.5 17.5 30.0 55.0

Rs. per unit


2.50 2.25 1.75 3.00 5.50

Record Date NAV


13.4352 15.842 17.0749 13.8705 21.3022

Sundaram BNP Paribas Asset Management Company

S.M.I.L.E Fund
Small and Medium Indian Leading Equities

ICRA Five-Star Fund One-year track record


We continue to maintain a close-to-fully invested status despite the turmoil in the markets. The portfolio retains its aggressive growth stance. Energy, financial services and engineering are the top sector preferences. 75% of the assets are in mid- and small-cap stocks. The median market cap of the portfolio is about Rs 7,800 crore.

Portfolio
Company Welspun Gujarat Sesa Goa Reliance Industries Aban Loyd Chiles Essar Oil Adani Enterprises IVRCL Infrastructure Union Bank of India Reliance Energy Indian Hotels Atlas Copco Reliance Capital Amara Raja Batteries Kotak Mahindra Bank Punj Lloyd Divis Labs Indian Bank Greenply IDFC Gujarat NRE Coke Nav Bharat Ventures Bank of Baroda Jaiprakash Associates Indian Overseas Bank Century Textiles Gujarat Alkalies & Chemicals Balrampur Chini Mills Punjab National Bank Bharati Shipyard Jubilant Organosys Tata Chemicals Pantaloon Retail ONGC Bluestar Nicholas Piramal Siemens India Canara Bank Rashtriya Chemicals Ranbaxy Spicejet Hindustan Dorr Oliver Paramount Communications Crompton Greaves Sterlite Industries Bharat Petroleum Asian Paints India Cements Glenmark Pharma IDBI Bank Indo Tech Transformers United Phosphorus Deccan Aviation Lanco Infratech Housing Development McNally Bharat Bharat Earth Movers GMDC Mercator Lines Cairn India Chennai Petroleum Cummins India GAIL Unitech Dishman Pharma Moser Baer Bharat Forge Adlabs Films Kirloskar Brothers Thirumalai Chemicals Astra Microwave Products Rane Madras Alphageo Equity Cash Equivalents & Other Assets Total Weight % 3.8 3.8 2.8 2.7 2.5 2.4 2.3 2.2 2.0 2.0 2.0 1.9 1.9 1.9 1.8 1.8 1.7 1.7 1.6 1.6 1.6 1.5 1.5 1.5 1.4 1.4 1.4 1.3 1.3 1.3 1.3 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.9 0.8 0.8 0.8 0.7 0.7 0.6 0.6 0.5 0.3 0.2 0.1 98.1 1.9 100.0

Positioning:

Multi-Cap, Small & Mid-Cap tilt

Rs. 10,000 invested at launch is now worth Rs 27K

41,000 36,000 31,000 26,000 21,000 16,000 11,000 6,000


Apr-05 Jan-08

SMILE

S&P CNX Midcap

27,071

Fund Manager

S Krishnakumar

Fund Management/Research Experience: 12 years He manages this fund since October 2006

24,419

........................Fund Facts...........................
NAV (G): 27.0712 Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Options: Minimum Amount: NAV (D): 15.2543 Seek capital appreciation Open-end equity February 2005 CNX Midcap SMILEG IN Rs 241 crore Growth, Dividend Payout, Dividend Re-investment Rs 5,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 Expense Ratio: Fee: Load Structure: Investment Amount Load Type & Holding Period Entry Load Exit Load (for exits after 12 months) Exit Load (for exits before 12 months) Exit Load (for exits after 6 months)
No entry load for direct investment. < Rs 2 crore = > Rs 2 crore

Performance
Annual Return (%) Fund Benchmark SIP Since launch 40.0 35.4 38.8 Last 2 years 32.6 30.2 39.0 Last 1 year 40.3 38.4 50.9 Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis. Period

Risk Metrics
Standard Deviation: 8.11 Beta: 0.99 Sharpe: 0.32 Information Ratio: 0.12 Portfolio Turnover: 282.00 Correlation: Alpha: Treynor: Tracking Error: Risk Free Rate: 0.94 0.34 2.60 2.70 7.60

2.39% 1.13%

2.25% Nil 1% 1%

Nil Nil Nil 1%

Main Active Positions Overweight Underweight Welspun Gujarat Essar Oil Reliance Industries Godrej Industries Aban Lloyd Centurion Bank of Punjab Reliance Energy Adani Enterprises Indian Hotels IDBI Sector Allocation
Energy Financial Services Industrial Manufacturing Metals Services Pharma Consumer Goods Others 0 16.1 15.9 13.3 12.8 7.5 7.3 6.5 18.7 5 10 15 20 Fund Benchmark 25 30

Risk factor/Disclaimer: Page 23 ...............................................................................

Dividend History
Record Date
14/10/05 10/03/06 23/02/07 07/12/07

%
10.0 10.0 20.0 60.0

Rs. per unit


1.00 1.00 2.00 6.00

Record Date NAV


13.0045 15.5295 15.5046 23.8655

10

Sundaram BNP Paribas Asset Management Company

CAPEX Opportunities
Growth

CRISIL~CPR 1
The fund stays true to its mandate of focusing on beneficiaries of infrastructure / capex spend underway in the economy. Exposure to engineering sector has been pared to a tad les than 50%. Metals, energy and construction now account for about 35% of the portfolio. Cash is higher than usual at 8.3% due to sizeable inflows that we will deploy them in due course.

Portfolio
Company Larsen & Toubro BHEL Siemens India Sesa Goa Reliance Industries Sterlite Industries Welspun Gujarat Suzlon Energy Aban Loyd Chiles Gujarat NRE Coke Punj Lloyd ABB Thermax Mercator Lines Crompton Greaves IVRCL Infrastructure Lanco Infratech Voltas B L Kashyap ABG Shipyard Patel Engineering Nitin Fire Protection Triveni Engineering PSL Holdings Elecon Engineering Jaiprakash Associates Action Construction Praj Industries Sarda Energy & Minerals Areva T & D Bharti Airtel Alstom Power Indraprastha Gas Kalpataru Power KEI Industries Indo Tech Transformers TIL Hindustan Dorr Oliver Alphageo Honeywell Automation Atlas Copco McNally Bharat Videocon Industries Lloyd Electric TRF Kirloskar Brothers Bharat Earth Movers Aegis Logistics Seamec Shiv Vani Oil Asian Oilfield Services Educomp Solutions Tata Steel Tata Steel - CCPS Equity Cash Equivalents & Other Assets Total Weight % 9.1 5.3 3.7 3.5 3.3 3.2 2.9 2.8 2.8 2.6 2.6 2.4 2.4 1.9 1.9 1.9 1.9 1.7 1.7 1.6 1.6 1.5 1.5 1.5 1.4 1.4 1.4 1.3 1.2 1.1 1.1 1.1 1.1 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.6 0.5 0.4 0.3 0.1 0.1 91.7 8.3 100.0

Positioning:

Thematic

Rs. 10,000 invested at launch is now worth Rs 26K


44,800

39,800

34,800

BSE Cap Goods CAPEX BSE 500

29,800

33,209 26,472 20,121

24,800

19,800

14,800

Fund Manager

Srividhya Rajesh

9,800
Oct-05 Jan-05

Fund Management/Research Experience: 13 years She manages this fund since launch

........................Fund Facts...........................
NAV: Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Options: 26.4722 Seek capital appreciation Open-end equity September 2005 BSE Capital Goods SUNCAPG IN Rs 703 crore Growth, Dividend Payout, Dividend Re-investment Minimum Amount: Rs 5,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 Expense Ratio: Fee: Load Structure: Investment Amount Load Type & Holding Period
< Rs 2 crore = > Rs 2 crore

Performance
Annual Return (%) Fund Benchmark SIP Since launch 51.6 67.1 49.2 Last 2 years 44.8 53.2 47.6 Last 1 year 47.9 72.8 51.9 Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis. Period

Risk Metrics
Standard Deviation: 9.08 Beta: 0.78 Sharpe: 0.36 Information Ratio: -0.21 Portfolio Turnover: 97.00 Correlation: Alpha: Treynor: Tracking Error: Risk Free Rate: 0.90 -0.02 4.25 4.53 7.60

2.31% 1.06%

Main Active Positions Overweight Underweight Sesa Goa L&T Reliance Industries BHEL Sterlite Industries Suzlon Energy Welspun Gujarat ABB Aban Lloyd Siemens India

Sector Allocation
Industrial Manufacturing Metals Energy Construction 15.1 11.0 7.8 47.8

Entry Load Exit Load (for exits after 12 months) Exit Load (for exits before 12 months) Exit Load (for exits after 6 months)
No entry load for direct investment.

2.25% Nil 1% 1%

Nil Nil Nil 1%

Consumer Goods 4.1 Others 0 6.0 20 40 Fund 60 80 100 120

Risk factor/Disclaimer: Page 23 ...............................................................................

Benchmark

11

Sundaram BNP Paribas Asset Management Company

CAPEX Opportunities
Dividend

CRISIL~CPR 1
The fund stays true to its mandate of focusing on beneficiaries of infrastructure / capex spend underway in the economy. Exposure to engineering sector has been pared to a tad les than 50%. Metals, energy and construction now account for about 35% of the portfolio. Cash is higher than usual at 8.3% due to sizeable inflows that we will deploy them in due course.

Portfolio
Company Larsen & Toubro BHEL Siemens India Sesa Goa Reliance Industries Sterlite Industries Suzlon Energy Aban Loyd Chiles Welspun Gujarat Punj Lloyd Gujarat NRE Coke ABB Thermax IVRCL Infrastructure Crompton Greaves Mercator Lines Lanco Infratech Voltas B L Kashyap ABG Shipyard Triveni Engineering Nitin Fire Protection Patel Engineering PSL Holdings Elecon Engineering Jaiprakash Associates Action Construction Praj Industries Sarda Energy & Minerals Bharti Airtel Alstom Power Areva T & D Indraprastha Gas Kalpataru Power Atlas Copco Indo Tech Transformers Honeywell Automation TIL Hindustan Dorr Oliver Alphageo Videocon Industries McNally Bharat Lloyd Electric TRF KEI Industries Bharat Earth Movers Kirloskar Brothers Aegis Logistics Seamec Shiv Vani Oil Asian Oilfield Services Educomp Solutions Tata Steel Tata Steel - CCPS Equity Cash Equivalents & Other Assets Total Weight % 9.3 5.3 3.7 3.7 3.4 3.1 2.9 2.9 2.8 2.7 2.6 2.4 2.4 2.0 2.0 1.9 1.8 1.7 1.7 1.7 1.6 1.6 1.6 1.5 1.5 1.4 1.4 1.4 1.2 1.1 1.1 1.1 1.1 1.1 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.8 0.8 0.8 0.7 0.7 0.7 0.6 0.5 0.4 0.3 0.1 0.1 93.0 7.0 100.0

Positioning:

Thematic

Rs. 10,000 invested at launch is now worth Rs 27K


44,800

39,800

34,800

BSE Cap Goods CAPEX BSE 500

33,209 26,604 20,121

29,800

24,800

19,800

Fund Manager

Srividhya Rajesh

14,800

Oct-05

She manages this fund since launch

........................Fund Facts...........................
NAV: Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Options: 20.5700 Seek capital appreciation Open-end equity September 2005 BSE Capital Goods SUNCAPD IN Rs 789 crore Growth, Dividend Payout, Dividend Re-investment Minimum Amount: Rs 5,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 Expense Ratio: Fee: Load Structure: Investment Amount Load Type & Holding Period
< Rs 2 crore = > Rs 2 crore

Performance
Annual Return (%) Fund Benchmark SIP Since launch 51.9 67.1 49.7 Last 2 years 45.3 53.2 48.2 Last 1 year 48.5 72.8 53.9 Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis. Period

Risk Metrics
Standard Deviation: 9.24 Beta: 0.79 Sharpe: 0.36 Information Ratio: -0.20 Portfolio Turnover: 105.00 Correlation: Alpha: Treynor: Tracking Error: Risk Free Rate: 0.90 -0.04 4.22 4.56 7.60

2.36% 1.10%

Main Active Positions Overweight Underweight Sesa Goa L&T Reliance Industries BHEL Sterlite Industries Suzlon Energy Welspun Gujarat ABB Aban Lloyd Siemens India

Entry Load Exit Load (for exits after 12 months) Exit Load (for exits before 12 months) Exit Load (for exits after 6 months)
No entry load for direct investment.

2.25% Nil 1% 1%

Nil Nil Nil 1%

Sector Allocation
Industrial Manufacturing Metals Energy Construction 15.2 11.0 8.0 48.6

Risk factor/Disclaimer: Page 23 ...............................................................................

Dividend History
Record Date
17/03/06 19/10/07

Consumer Goods 4.2 Others 0 6.1 20 40 Fund 60 80 100 120

%
10.0 40.0

Rs. per unit


1.00 4.00

Record Date NAV


14.7242 23.4271

Benchmark

12

Sundaram BNP Paribas Asset Management Company

Jan-08

Fund Management/Research Experience: 13 years

9,800

Rural India Fund


Chemicals & fertilisers is the dominant sector and overweight position in the portfolio. The fund is also heavy on consumer staples though light on consumer discretionary. The portfolio is split evenly between large-cap and mid- & small-cap stocks. Cement (through conglomerates),

Portfolio
Company Jaiprakash Associates Tata Chemicals Reliance Capital Larsen & Toubro Punj Lloyd Jain Irrigation Sesa Goa Chambal Fertilisers IDFC IDBI Bank United Phosphorus Housing Development GNFC Kohinoor Foods Sterlite Industries Hindalco Tata Steel Kirloskar Brothers Essar Oil Maytas Infrastructure Indian Oil Corporation Adani Enterprises ICICI Bank Bajaj Hindustan Mahindra & Mahindra Reliance Communications Trent Punjab National Bank Advanta Reliance Industries Suzlon Energy Century Textiles GSFC Ruchi Soya Industries GAIL Axis Bank Aban Loyd Chiles State Bank Of India Adlabs Films Heritage Foods Usha Martin PSL Holdings GMDC Bayer CropSciences Welspun Gujarat Gujarat Alkalies & Chemicals Cairn India Unitech Bharat Petroleum Videocon Industries Dwarikesh Sugars SRF Bharat Forge Gammon India Coromandel Fertilisers Jindal Steel Spicejet Gateway Distriparks McNally Bharat ONGC Jindal Stainless IndiaInfoline State Bank Of India - Rights Mercator Lines Tata Steel - CCPS Equity Cash Equivalents & Other Assets Total Weight % 4.6 4.5 4.0 3.8 3.2 2.9 2.9 2.8 2.5 2.4 1.9 1.9 1.8 1.8 1.7 1.7 1.7 1.6 1.5 1.5 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.3 1.3 1.3 1.3 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.0 0.9 0.9 0.9 0.9 0.9 0.8 0.8 0.8 0.7 0.7 0.6 0.6 0.6 0.6 0.5 0.5 0.4 0.4 0.4 0.4 0.2 0.2 0.1 0.4 91.6 8.4 100.0

Positioning:

Thematic

Rs. 10,000 invested at launch is now worth Rs 16K

22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000


May-06 Jan-08

construction and metals are other overweight sectors as compared to the broad market Fund Manager J Venkatesan

Rural

BSE 500

16,050 14,524

Fund Management/Research Experience: 17 years He manages this fund since launch

........................Fund Facts...........................
NAV (G): 16.0500 Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Options: NAV (D): 14.6412 Seek capital appreciation Open-end equity May 2006 BSE 500 SNDRUIG IN Rs 476 crore Growth, Dividend Payout, Dividend Re-investment Minimum Amount: Rs 5,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 Expense Ratio: Fee: Load Structure: Investment Amount Load Type & Holding Period
< Rs 2 crore = > Rs 2 crore

Performance
Annual Return (%) Fund Benchmark SIP Since launch 31.6 24.2 49.2 Last 1 year 34.6 32.4 51.9 Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis. Period

Risk Metrics
Standard Deviation: 8.25 Beta: 1.08 Sharpe: 0.27 Information Ratio: -0.08 Portfolio Turnover: 169.00 Correlation: Alpha: Treynor: Tracking Error: Risk Free Rate: 0.96 -0.38 2.03 2.42 7.60

2.19% 0.99%

Main Active Positions Overweight Underweight TATA Chemicals Reliance Industries Jaiprakash Associates ICICI Bank Reliance Capital Infosys Technologies Punj Lloyd HDFC Chambal Fertilizers Bharti Airtel

Entry Load Exit Load (for exits after 12 months) Exit Load (for exits before 12 months) Exit Load (for exits after 6 months)
No entry load for direct investment.

2.25% Nil 1% 1%

Nil Nil Nil 1%

Sector Allocation
Fertilisers & Chemicals Financial Services Metals Consumer Goods Energy Construction Industrial Manufacturing Others 0 5 Fund 16.5 14.4 13.1 11.1 8.7 7.9 7.1 12.7 10 15 20 Benchmark 25 30

Risk factor/Disclaimer: Page 23 ...............................................................................

Dividend History
Record Date
17/11/06

%
10.0

Rs. per unit


1.00

Record Date NAV


11.4221

13

Sundaram BNP Paribas Asset Management Company

Equity Multiplier
Exposures have been more broad-based across stocks and as a result, the fund has 35 stocks in the portfolio. Exposure to metals and energy account for about 40% of assets and this also explains why the funds NAV slid more than the broad market during the global-events linked turmoil in equities. Maytas Infra is an offbeat HPCL pick in the top five holdings. ONGC Fund Manager Satish Ramanathan Videocon Industries VSNL Essar Oil Tata Chemicals Jindal Steel Sesa Goa ICICI Bank IndiaInfoline IDFC Bharti Airtel Reliance Energy Indian Oil Corporation Glenmark Pharma Indraprastha Gas Indian Hotels Kotak Mahindra Bank Hindalco Jaiprakash Associates Rajesh Exports Exit Date 180th day 360th day 540th day 720th day 900th day Maturity Date Plus unamortised initial issue expenses Risk factor/Disclaimer: Page 23 ............................................................................... % 4.0 3.5 3.0 2.5 2.0 NIL Cairn India Unitech DCM Shriram Consolidated Chambal Fertilisers Bharat Petroleum Gammon India Adlabs Films Housing Development Sterlite Industries Tata Steel - CCPS Equity Cash Equivalents & Other Assets Total Fund Management/Research Experience: 15 years He manages this fund since September 2007 3.2 3.2 3.1
0 10,000

Portfolio
Company Tata Steel Reliance Capital GAIL Siemens India Maytas Infrastructure Weight % 4.9 4.8 3.8 3.7 3.6 3.4
20,000

Positioning:

Go-Anywhere Fund

Rs. 10,000 invested at launch is now worth Rs 14K


25,000

Equity Multiplier SNP CNX Midcap Index

14,984 13,549

15,000

5,000

3.0 3.0 2.9 2.9 2.9 2.9 2.8 2.8 2.7 2.6 2.4 2.4 2.4 2.3 2.2 2.2 2.2 2.1 2.1 2.1 1.9 1.5 1.4 1.3 1.2 1.2 0.5 93.5 6.5 100.0

........................Fund Facts...........................
NAV (G): 13.5489 Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Options: NAV (D): 11.1256 Seek capital appreciation Close-end equity February 2007 S&P CNX Midcap SNDEMUG IN Rs 664 crore Growth, Dividend Payout, Dividend Re-investment Minimum Amount: Rs 5,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 Expense Ratio: Fee: Exit Load: 2.21% 1.01%

Mar-07

Performance
Period Since launch Absolute Return (%) Fund Benchmark 35.5 49.8

Past performance may or may not be sustained in future. Computed using NAVs of Growth Option.

Risk Metrics
Standard Deviation: 12.14 Beta: 1.07 Sharpe: 0.25 Information Ratio: -0.08 Portfolio Turnover: 344.00 Correlation: Alpha: Treynor: Tracking Error: Risk Free Rate: 0.85 -0.78 2.84 6.34 7.60

Main Active Positions Overweight Underweight Tata Steel Adani Enterprises Reliance Capital Punj Lloyd Gas Authority of India Crompton Greaves Siemens India Asian Paints Maytas Infra Lanco Infratech

Sector Allocation
Energy Financial Services Metals Construction Fertilisers & Chemicals Telecom Others 0 8.3 6.9 5.9 17.3 10 20 30 40 50 Fund Benchmark 60 70 15.7 14.6 24.8

Dividend History
Record Date
20/12/07

%
30.0

Rs. per unit


3.00

Record Date NAV


16.4246

14

Sundaram BNP Paribas Asset Management Company

Jan-08

Select SmallCap
Engineering, consumer products, media & entertainment and financial services are the key sector underpinning the portfolio. The fund owns about 80 stocks to cushion against risks inherent in the small-cap space. The fund maintains a significant underweight stance on IT that accounts for about 12% of the benchmark, BSE Small-Cap Index. Fund Manager Satish Ramanathan

Portfolio
Company Nilkamal Plastics ING Vysya Bank Bharati Shipyard Kirloskar Electric Gujarat NRE Coke Nav Bharat Ventures GSFC Everest Canto Cylinder Triveni Engineering Bajaj Hindustan Kalindee Rail Ess Dee Aluminium Dishman Pharma Bank of Maharashtra Amara Raja Batteries Emkay Share J Kumar Infra Projects Deccan Aviation Mercator Lines UTV Software Genus Power Infrastructure Rallis India Global Broadcast News PVR ABG Shipyard Northgate Tech Karuturi Networks Kirloskar Ferrous Parekh Aluminex Electrosteel Castings Sparsh BPO SREI Infrastructure Finance Universal Cables Vardaman Textiles Hindustan Dorr Oliver Adhunik Metaliks Nagarjuna Fertilisers Sical Logistics Sun Advanced Research Suprajit Engineering South Indian Bank Reliance Infrastructure Subhash Projects & Marketing Philips Carbon Black Page Industries Era Constructions Precot Meridian Zee News Balaji Telefilms Bartronics Champagne Indage Fedders Lloyd Alembic Bata India Kansai Nerolac Grindwell Norton IFGL Refractories Elgi Equipment TV Today Network Dhampur Sugar Mills Shreyas Intermediates ADF Foods Greenply Orient Paper - Partly Paid Ramsarup Industries Vesuvius India Geodesic Information Vimta Labs KEI Industries RICO Auto Maytas Infrastructure KSB Pumps Unity Infraprojects Mukta Arts Lokesh Machines Alphageo Kamla Dials Aurobindo Pharma Webel-SL Energy Systems Heritage Foods Equity Cash Equivalents & Other Assets Total Weight % 4.1 2.6 2.4 2.3 2.3 2.2 2.1 2.0 1.9 1.8 1.8 1.8 1.8 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.3 1.3 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.5 0.5 0.4 0.4 0.3 0.2 0.2 0.1 0.0 95.5 4.5 100.0

Positioning:

Pure Small-Cap

Rs. 10,000 invested at launch is now worth Rs 12K


25,000

20,000

Select Small Cap BSE Small Cap

15,082 12,006

15,000

10,000

5,000

0
Mar-07 Jan-08

Fund Management/Research Experience: 15 years He manages this fund since September 2007

........................Fund Facts...........................
NAV (G): 12.0055 Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Options: NAV (D): 12.0025 Seek capital appreciation Close-end equity February 2007 BSE SmallCap SNDSMAG IN Rs 361 crore Growth, Dividend Payout, Dividend Re-investment Minimum Amount: Rs 5,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 Expense Ratio: Fee: Exit Load: Exit Period Upto 12 Months 12 - 24 Months 24 - 36 Months 36 - 48 Months 48 - 60 Months Plus unamortised initial issue expenses Risk factor/Disclaimer: Page 23 ............................................................................... % 3.0 2.5 2.0 1.0 0.5 2.33% 1.04%

Performance
Period Since launch Absolute Return (%) Fund Benchmark 20.1 41.1

Past performance may or may not be sustained in future. Computed using NAVs of Growth Option.

Risk Metrics
Standard Deviation: 9.22 Beta: 0.73 Sharpe: 0.16 Information Ratio: -0.59 Portfolio Turnover: 187.00 Correlation: Alpha: Treynor: Tracking Error: Risk Free Rate: 0.97 -1.34 2.06 4.07 7.60

Main Active Positions Overweight Underweight Nilkamal Plastics ICSA India ING Vysya Bank Madhucon Projects Bharati Shipyard Era Infra Engineering Kirloskar Electric City Union Bank Gujarat NRE Coke Himachal Futuristic Comm.

Sector Allocation
Industrial Manufacturing Consumer Goods Financial Services Metals Media & Entertainment Services Fertilisers & Chemicals Others 0 24.2 13.6 8.3 7.7 7.5 7.0 6.5 20.8 10 Fund 20 30 Benchmark 40 50

15

Sundaram BNP Paribas Asset Management Company

Balanced Fund ICRA Five-Star Fund One-year track record


We have maintained the same portfolio mix and retained our portfolio duration. Equity accounts for about 70% of the portfolio. Financial services, energy and metals are the top sectors in the portfolio that has a large-cap tilt. The fund has a cash level of 13.5%. We expect to deploy these funds and move to a close-to-fully invested status. Fund Managers Satish Ramanathan & Rahul Pal ABB HDFC Grasim SAIL Jindal SAW ONGC BHEL Larsen & Toubro Glenmark Pharma ING Vysya Bank TCS State Bank Of India - Rights United Phosphorus Bharti Airtel Sundaram Clayton Tata Steel - CCPS Equity Total 6.70% PFC Bond 1/9/2010 Investment Amount Load Type & Holding Period
< Rs 2 crore = > Rs 2 crore

Portfolio
Company State Bank Of India Reliance Industries ICICI Bank Tata Steel Weight % 8.4 8.1 6.7 6.4 5.0 3.8 3.4 3.3 3.2 3.0 2.7 2.7 2.6 2.4 1.8 1.7 1.3 1.1 0.9 0.7 69.2 6.5 4.3
Period Since launch Last 7 yerars Last 5 years Last 4 years Last 3 years Last 2 years Last 1 year

Positioning:

Balanced Portfolio

Rs. 10,000 invested at launch is now worth Rs 41K


50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0
Jan-08 Jul-00

41,198

........................Fund Facts...........................
NAV (G): 41.1976 Objective: NAV (D): 17.4297 Seek capital appreciation and current income Fund Type: Allotment: Benchmark: Open-end June 2000 CRISIL Balanced Fund Index

Performance
Annual Return (%) Fund Benchmark 20.4 NA 22.4 NA 31.7 24.8 25.3 20.3 27.0 23.9 22.0 21.8 25.5 19.6

Bloomberg Code: SNDBALG IN AUM: Options: Rs 46 crore Growth, Dividend Payout, Dividend Re-investment Minimum Amount: Rs 5,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 Expense Ratio: Fee: Load Structure: 2.50% 1.22%

Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis.

Risk Metrics
Standard Deviation: Beta: Sharpe: 4.83 0.32 0.35 Correlation: Alpha: Treynor: Risk Free Rate: 0.37 1.16 5.31 5.25

Portfolio Turnover: 55.00

Union Bank of India 23/04/12 8.60% Mahindra & Mahindra Financial Services - AA+ - 15/09/08 Debt Total Cash & Equivalents Total

6.5 17.4 13.5 100.0

Entry Load Exit Load (for exits after 12 months) Exit Load (for exits before 12 months) Exit Load (for exits after 6 months)
No entry load for direct investment.

2.25% Nil 1% 1%

Nil Nil Nil 1%

Main Active Positions Overweight Underweight State Bank Of India NTPC Ltd Tata Steel Reliance Communications ABB Steel Authority Of India ICICI Bank Infosys Technologies Jindal SAW TCS Sector Allocation
Financial Services Metals Energy 11.1 10.4 3.4 7.7 0 5 10 15 20 25 30 13.6 22.9

Risk factor/Disclaimer: Page 23 ...............................................................................

Dividend History
Record Date
28/11/03 18/03/05 28/10/05 14/12/07

%
35.0 42.5 20.0 30.0

Rs. per unit


3.50 4.25 2.00 3.00

Record Date NAV


15.8144 16.1315 13.1592 22.4805

Average Maturity of Debt Portfolio Average Duration of Debt Portfolio Debt Portfolio YTM

0.17 yrs 0.16 yrs 7.72%%

Industrial Manufacturing Cement - Diversified Others

16

Sundaram BNP Paribas Asset Management Company

Monthly Income Plan


We have maintained our portfolio duration and increased our exposure to GOI securities. We intend to take advantage of trading opportunities. Equity accounts for about 7% as we have scaled down exposures in the wake of highly markets. Fund Managers Satish Ramanathan & K Ramkumar Sesa Goa 1.0 0.9 0.8 0.1 0.2 Videocon Industries Welspun Gujarat 1.6 1.2 Company ITC

Portfolio
Weight % 1.6

Positioning:

Income plus

Rs. 10,000 invested at launch is now worth Rs 14K


14,800 14,300 13,800 13,300 12,800 12,300 11,800 11,300 10,800 10,300 9,800
Dec-05 Dec-06 Dec-07 Feb-07 Oct-07 Apr-07 Feb-06 Aug-06 Aug-05 Aug-04

13,798

........................Fund Facts...........................
NAV: 13.7976 (Growth Option) 10.2529 (Monthly Dividend Option) 10.6846 (Quarterly Dividend Option) 10.6281 (Half yearly Dividend Option) Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Options: Seek regular income Open-end January 2004 CRISIL MIP Blended Index SUNMIFG IN Rs 25 crore Growth, Dividend Payout, Dividend Re-investment Minimum Amount: Rs 5,000 SIP Monthly:Rs 500 SIP Quarterly:Rs 1,500 Expense Ratio: Fee: Load Structure: Cash & Equivalents Investment Amount Load Type & Holding Period
< Rs 2 crore = > Rs 2 crore

Cairn India Sterlite Industries Power Grid Tata Steel - CCPS

Performance
Annual Return (%) Fund Benchmark Since launch 8.3 7.7 Last 3 years 9.0 9.9 Last 2 years 7.1 9.9 Last 1 year 7.9 10.9 Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis. Period

Equity Total

7.4

6.70% PFC Bond 1/9/2010 Union Bank of India 23/04/12 0% HDFC Bank -

12.2

Sector Allocation
12.2
Metals 3.2

Consumer Goods

3.2

Corporate Bond - 25/04/08 Tata Sons - 9% - AAA - 27/07/10 Exim - 9.25% - 13/12/12

17.9
Energy 0.9 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

1.6
0.0

8.2

2.06% 0.85% Debt Total 52.1


Monthly

Dividend History
Dividend Declared Rs. per unit Dividend
0.0817 0.08153 0.08153 0.08153 0.08153 0.08153 0.0877 0.08759 0.08759 0.08759 0.08759 0.08759 0.2038 0.2446 0.2190 0.2628 0.2446 0.4892 0.2628 0.5256

Record NAV as on Date Record Date


04/05/07 21/09/07 19/10/07 16/11/07 20/12/07 04/01/08 04/05/07 21/09/07 19/10/07 16/11/07 20/12/07 04/01/08 20/07/07 24/12/07 20/07/07 24/12/07 20/07/07 24/12/07 20/07/07 24/12/07 10.1365 10.3532 10.3772 10.5973 10.6005 10.5936 10.1365 10.3532 10.3772 10.5973 10.6005 10.5936 10.7576 11.1743 10.7576 11.1743 11.0341 11.4159 11.0341 11.4159

40.5

Corporate

Total

100.0
Non Corporate

Entry Load Exit Load (for exits after 12 months) Exit Load (for exits before 12 months) Exit Load (for exits after 6 months)
No entry load for direct investment.

2.25% Nil 1% 1%

Nil Nil Nil 1% Average Maturity of Debt Portfolio Average Duration of Debt Portfolio 0.53 yrs 0.48 yrs 4.99%%
Half Yearly Corporate Non Corporate Quarterly Corporate Non Corporate

0.82% 0.82% 0.82% 0.82% 0.82% 0.82% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 2.04% 2.45% 2.19% 2.63% 2.45% 4.89% 2.63% 5.26%

Risk factor/Disclaimer: Page 23 ............................................................................... Debt Portfolio YTM

17

Sundaram BNP Paribas Asset Management Company

Aug-07

Feb-05

Dec-04

Apr-06

Oct-06

Apr-05

Feb-04

Oct-05

Apr-04

Oct-04

Jun-04

Jun-05

Jun-06

Jun-07

Jan-08

Bond Saver
We have increased our exposure to GOI security and to corporate bonds. While we intend to remain in the same duration bucket in the forthcoming period, we will also take 7.99% GSE 09/07/2017 GOI 11.30% Govt.Securities GOI Sub Total Non Convertible Bonds ICICI Bank NABARD EXIM Bank HDFC AAA AAA AAA AAA 17.5 17.7 0.9 18.7
Period

Portfolio
Investments Government Securities Rating Weight %

Positioning:

Medium-term Fixed Income

Performance
Annual Return (%) Fund Benchmark Since launch 9.2 NA Last 9 years 8.8 NA Last 7 years 7.5 NA Last 5 year 4.5 NA Last 3 years 4.9 5.5 Last 2 years 5.9 5.9 Last 1 year 7.9 7.9 Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis.

trading/spread calls and making relative value switches when the opportunity exists. Fund Manager K Ramkumar

Fund Management/Research Experience: 17 years He manages this fund since August 2007

........................Fund Facts...........................
NAV:

Retail Plan
24.4732 (Growth Option) 10.5629 (Quarterly Dividend Option) 10.4706 (Half-yearly Dividend Option) 10.7220 (Annual Dividend Option) 12.8830 (Bonus Option) Institutional Plan 10.5887 (Quarterly Dividend Option) 12.6110 (Bonus Option) Objective: Seek regular income Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Plans: Options: Minimum Amount: Load Structure: Retail Option Investment Amount Load Type & Holding Period Entry Load Exit Load (for exits before 6 months) Institutional - Bonus Option Load Type & Holding Period Entry Load Exit load (for exits before 3 months) Risk factor/Disclaimer: Page 23 ............................................................................... Portfolio YTM 8.57%
% < = Rs 10 lakhs > Rs10 lakhs

Sector Allocation
17.5
Reverse Repo/CBLO 20.79%

13.8
Cash, Call & NCA -0.30%

8.4 3.5 60.8

Government Securities

18.66%

TML Financial Services AA+ Sub Total Securitised Debt 56 MBS 2002 Certificates I-B 15/2/8 Sub Total Reverse Repo / CBLO NCA Sub Total Total AAA(SO)

Securitised Debt 0.07%

Non Convertible Bonds

60.79%

Open-end fixed income December 1997 CRISIL Composite Bond Fund Index SUNBONA IN Rs 58 crore Retail & Institutional Growth, Dividend Payout & Re-investment, Bonus Rs 5,000 (Retail) Rs 25 lakh (Institutional) -0.3 20.8 0.1 0.1

-10.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%

Rating Profile
Reverse Repo/CBLO 20.79%

Cash, Call & NCA -0.30%

Sovereign

18.66%

AA+

3.52%

AAA /AAA(SO)/LAAA

57.34%

20.5
-10.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%

100.0

Dividend History
Dividend Declared Quarterly Corporate Non Corporate Half-Yearly Corporate Non Corporate Rs. per unit Dividend Record NAV as on Date Record Date

Nil 0.50%

Nil Nil

1.63% 0.1631 20/07/07 10.4671 1.75% 0.1752 20/07/07 10.4671 2.85% 3.26% 3.07% 3.50% 0.2853 0.3261 0.3066 0.3504 20/07/07 24/12/07 20/07/07 24/12/07 10.7198 10.6784 10.7198 10.6784

Average Maturity of Portfolio Average Duration of Portfolio

4.03 yrs 3.49 yrs

Nil 0.25%

Annual Corporate Non Corporate

4.08% 0.4076 20/07/07 10.7216 4.38% 0.4380 20/07/07 10.7216

18

Sundaram BNP Paribas Asset Management Company

Money Fund CRISIL AAAf Rating


We have marginally decreased the duration and also improved the accruals in the portfolio. We would maintain a judicious mix of assets in the current portfolio to generate consistent optimal returns. Fund Manager Rahul Pal

Portfolio
Investments Rating Weight % 6.5 1.9 1.9 1.9 1.9 0.9 0.6 15.7 2.2 1.8 1.3 0.9 0.7 0.1 0.1 0.0 7.0 13.6 11.1 5.8 5.0 4.9 3.7 3.1 3.1 3.1 3.1 3.1 2.2 1.9 1.9 1.3 0.6 0.1 0.1 67.6 9.6 0.2 100.0

Positioning:

Fund Management/Research Experience: 7 years He manages this fund since June 2004

NAV:

Apr-00

Performance
Period Regular Last 1 month Last 15 days Institutional Last 1 month Last 15 days Super Institutional Last 1 month Last 15 days 8.3 8.5 6.0 5.6 8.0 8.3 6.0 5.6 7.9 8.1 6.0 5.6 Annual Return (%) Fund Benchmark

Regular Plan
16.6754 (Growth Option) 10.0953 (Daily Dividend Option) 10.5003 (Weekly Dividend Option) 10.3340 (Fortnightly Dividend Option) 10.2312 (Monthly Dividend Option) 10.5069 (Quarterly Dividend Option)

Institutional Plan
16.7563 (Growth Option) 10.0953 (Daily Dividend Option) 10.5374 (Weekly Dividend Option) 10.2764 (Monthly Dividend Option) (Monthly Dividend Payout-w.e.f.18-10-05)

Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis.

Super Institutional Plan


16.8536 (Growth Option) 10.0953 (Daily Dividend Option) 10.5436 (Weekly Dividend Option)

Sector Allocation
Cash, Call & Net Current Assets 0.17% Reverse Repo/CBLO 9.58%

Objective: Fund Type: Allotment: Benchmark: Bloomberg Code: AUM: Plans: Options:

Optimize returns & liquidity Open-end fixed income March 2000 CRISIL Liquid Fund Index SNDMONA IN Rs 776 crore Regular, Institutional & Super Institutional Growth, Dividend Payout, Dividend Re-investment

Securitised Debt

7.02%

Corporate Bonds

15.69%

CPs/CDs

67.55%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00%

Rating Profile
Reverse Repo/CBLO 0.17%

Minimum Amount: Rs 10,000 (Regular-Growth) Rs 50,000 (Regular-Div. Re-Investment) Rs 25 lakh (Institutional) Rs 5 crore (Super Institutional) Load Structure: Entry Load Exit Load Nil Nil

Cash, Call & Net Current Assets

9.58%

A1+/A1+(SO)/AA+

32.09%

Average Maturity of Portfolio Average Duration of Portfolio Portfolio Yield to Maturity

0.35 yrs 0.28 yrs 8.84%

P1+/F1+/AAA/AAA(SO) /PR1/P1+(SO)

58.16%

Risk factor/Disclaimer: Page 23 ...............................................................................

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%

19

Sundaram BNP Paribas Asset Management Company

Jan-08

........................Fund Facts...........................

Non Convertible Debentures JM Financial P1+ NABARD AAA JM Financial Products P1+ AAA HDFC IDBI Bank AA+ LIC Housing Finance AAA Union Bank of India AA+ Sub Total Securitised Debt of INDIA RETAILABSTRUST70LAAA(SO AAA(SO) CLSS SR2 - A2 - 30/04/2008 P1+ (SO) CLS Tr2008 - Sr A2 - P1+ - 09/05/2008 P1+ ICLSTrust Sr XXIX - 02/05/2008 A1+(SO) IRFC PTC 03 APR 2008 AAA(SO) CLSS XXXIX - Sr A1 - 30/09/2008 AAA(SO) CLS Tr2008 - Sr A1 - P1+ - 09/05/2008 P1+ UBL Trust Series 12A2PTC - 25/06/08 AAA(SO) Sub Total Certificate of Deposits / Commercial Paper DSP Merrill Lynch P1+ ICICI Bank A1+ IDBI Bank P1+ Union Bank A1+ Kotak Mahindra Bank P1+ IDFC P1+ HDFC Bank PR1+ State Bank of Mysore A1+ State Bank of Patiala A1+ YES Bank A1+ Indian Overseas Bank P1+ Allahabad Bank PR1+ IDBI Home Finance A1+ HDFC Bank F1+ State Bank of Saurashtra A1+ State Bank of Travancore P1+ Canara Bank A1+ IL & FS Financial Services F1+ Sub Total Reverse Repo/CBLO Cash, Call & Net Current Assets Total

Vehicle to deploy short-term funds Rs. 10,000 invested at launch is now worth Rs 16K
16,565

17,000 16,000 15,000 14,000

13,000 12,000 11,000 10,000

Liquid Plus CARE AAAf


We have marginally reduced our duration in the current portfolio. We have pared our cash exposure to increase the yield of the portfolio. We would maintain a judicious mix of assets in the current portfolio to generate consistent optimal returns. Fund Managers K Ramkumar & Rahul Pal

Portfolio
Investments Rating Weight %
5.8 5.2 4.4 2.9 2.1 1.5 1.2 1.2 1.2 1.1 0.5 0.5 0.3 0.3 0.2 0.1 0.1 28.4 0.4 1.8 0.6 0.6 0.6 0.6 0.5 0.4 0.3 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 6.2 13.0 6.2 4.3 4.3 3.5 3.2 2.8 2.3 1.7 1.7 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.3 1.3 1.3 1.2 1.1 1.1 0.9 0.9 0.6 0.6 0.6 0.5 0.3 0.2 0.1 0.00 64.7 0.1 0.6 100.0 Period Regular Lifetime One Month Institutional Lifetime One Month Super Institutional Lifetime One Month 6.7 0.7 5.3 0.5 6.5 0.7 5.3 0.5 6.4 0.7 5.3 0.5

Positioning:

........................Fund Facts...........................
NAV:

Regular Plan
10.6443 (Growth Option) 10.0238 (Daily Dividend Option) 10.2230 (Weekly Dividend Option) 10.1862 (Fortnightly Dividend Option) 10.2137 (Monthly Dividend Option) 10.3345 (Quarterly Dividend Option)

Institutional Plan
10.6532 (Growth Option) 10.0238 (Daily Dividend Option) 10.2317 (Weekly Dividend Option) 10.1486 (Monthly Dividend Option)

Super Institutional Plan


10.6742 (Growth Option) 10.0238 (Daily Dividend Option) 10.2372 (Weekly Dividend Option)

Objective: Fund Type: Allotment: Benchmark: AUM: Plans: Options:

Optimize returns & liquidity Open-end fixed income April 2007 CRISIL Liquid Fund Index Rs 1725 crore Regular, Institutional & Super Institutional Growth, Dividend Payout, Dividend Re-investment

Bloomberg Code: SNDLPRG IN

Minimum Amount: Rs 10,000 (Regular-Growth) Rs 50,000 (Regular-Div.Re-Investment) Rs 1 crore (Institutional) Rs 5 crore (Super Institutional) Load Structure: Entry Load Exit Load Nil Nil

Non Convertible Debentures Multifacted Finstock P1+ Birla Global Finance A1+ JM Financial Products P1+ IL & FS A1+ Magma Shrachi Finance PR1+ TGS Investment & Trade A1+ Naman Finance & Investment A1+ Mahindra & Mahindra Financial Services AA+ HDFC AAA IDBI Bank LAA+ Power Finance Corporation LAAA LIC Housing Finance AAA Bombay Dyeing & Manufacturing Unrated H D F C Zero Coupon AAA GRUH Finance LAA+ ICICI Securities Primary Dealership P1+ SBI Factors & Commercial A1+ Sub Total Securitised Debt CLSS SR 4 - 22/4/2008 P1+(SO) India Commercial Loan Trust Series III - 2008 P1+(SO) CLSSr9 Tr08 P1+22/05/08 P1+ (SO) CLSTr2008 Sr 10 Trust A2- 30/05/08 PR1+(SO) CLSS19 Tr08 A2 PR1+13/06/08 PR1+(SO) CLSSR 58 TRUST 2008 A2 - 29/09/08 P1+(SO) ICLST 37 SrA1 PTC 04/07/08 A1+(SO) A1+(SO) CLSTr2008 Sr 62 A2- 17/10/08 A1+(SO) Retail ABS Trust 72 A1+SO LAAA(SO) RBLT - Series V A1 - F1+(ind)(so) F1+(ind)(so) CLSTr2008 Sr 62 A1- 17/10/08 A1+(SO) CLSSR 58 Trust 2008 A1 - 29/09/08 P1+(SO) ICLST XLVIII Sr A2 11/09/08 A1+(SO) CLSTr2008 Sr 10 Trust A1- 30/05/08 PR1+(SO) ICLST 37 SrA2 PTC 04/07/08 A1+(SO) A1+(SO) CDTSr 18 A2 P1+ 10/10/08 P1+ (SO) CLSS19 Tr08 A1 PR1+13/06/08 PR1+(SO) Sub Total Certificate of Deposits / Commercial Paper IDBI Bank A1+ ICICI Bank A1+ Union Bank A1+ UCO Bank A1+ DSP Merrill Lynch Capital P1+ Reliance Capital A1+ Oriental Bank of Commerce P1+ Exide Industries A1+ IL & FS Financial Services A1+ Punjab National Bank A1+ ICICI Securities P1+ L & T Finance PR1+ State Bank of Patiala P1+ BHW Home Finance P1+ Federal Bank P1+ Axis Bank P1+ YES Bank A1+ DLF A1+ Unitech PR1+ HDFC A1+ Tata Motors P1+ Subros A1+ Karnatka Bank A1+ Redington India P1+ Adlabs Films A1+ Century Enka A1+ State Bank of Indore P1+ Indiabulls Finnacial Services P1+ Development Credit Bank P1+ Kotak Securities A1+ JM Financial Services P1+ PNB Housing Finance P1+ State Bank of Hyderabad A1+ Sub Total Reverse Repo/CBLO Cash, Call & Net Current Assets Total

Vehicle to deploy short-term funds Rs. 10,000 invested at launch is now worth Rs 10K
10,644

10,700 10,600 10,500 10,400 10,300 10,200 10,100 10,000 9,900 9,800 9,700
May-07

Performance
Absolute Return (%) Fund Benchmark

Past performance may or may not be sustained in future. Computed using NAVs of Growth Option.

Sector Allocation
Cash, Call & Net Current Assets 0.60% Reverse Repo/CBLO 0.13%

CPs/CDs

64.68%

Securitised Debt

6.23%

Corporate Bonds

28.36%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%

Rating Profile
Cash, Call & Net Current Assets 0.60% Reverse Repo/CBLO 0.13%

A1+/A1+(SO)/AA+

59.15%

P1+/F1+/AAA/AAA(SO) /PR1/P1+(SO)

39.80% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%

Risk factor/Disclaimer: Page 23 ...............................................................................

Average Maturity of Portfolio Average Duration of Portfolio Portfolio Yield To Maturity

0.35 yrs 0.32 yrs 9.06

20

Sundaram BNP Paribas Asset Management Company

Jan-08

Floating Rate Fund


Short-Term Plan

CRISIL AAAf CRISIL AAAf Rating Rating


for Short-Term plan

Long-Term Plan

Positioning:

Market yield + low interest rate risk

Fund Manager

K Ramkumar

........................Fund Facts...........................
NAV:

We have maintained the same portfolio mix and marginally lowered our portfolio duration. The portfolio yield was increased by reducing cash exposure. We will continue to maintain a judicious mix of fixed and floating rate instrument to generate consistent optimal returns.

Positioning:

Market yield + low interest rate risk

Fund Manager NAV:

K Ramkumar

........................Fund Facts...........................
Regular Plan

Portfolio-Short-Term
Investments
Non Convertible Debentures Corporate Bonds State Bank of India JM Financial Products IL & FS Sub Total Securitised Debt CLSS - SR A1 - 30/04/2008 AAA P1+ A1+ 6.7 6.7 6.7 20.1 P1+(SO) 0.5 0.5 23.6 19.6 13.3 11.7 6.6 0.1 74.9 0.1 4.4 100.0

Regular Plan
12.0747 (Growth Option) 10.2654 (Monthly Dividend Option)

Rating

Weight %

Institutional Plan
12.2736 (Growth Option) 10.0519 (Daily Dividend Option) 10.2937 (Monthly Dividend Option)

11.9954 (Growth Option) 10.3101 (Monthly Dividend Option) 10.4998 (Quarterly Dividend Option) 10.4730 (Half-Yearly Dividend Option) 10.5753 (Annual Dividend Option)

Institutional Plan
14.0645 (Growth Option) 10.3064 (Monthly Dividend Option)

Objective: Fund Type: Allotment: Benchmark:

Optimize returns & liquidity Open-end fixed income December 2004 CRISIL Liquid Fund Index

Sub Total Certificate of Deposits / Commercial Paper ICICI Bank Kotak Mahindra Bank IL & FS IDBI Bank Bajaj Auto Finance HDFC Bank Sub Total Reverse Repo / CBLO Cash, Call & Net Current Assets Total A1+ P1+ A1+ P1+ P1+ A1+

Bloomberg Code: SUNFSRG IN AUM: Plans: Options: Rs 75 crore Regular & Institutional Growth, Dividend Payout, Dividend Re-investment Minimum Amount: Rs 5,000 (Regular) Rs 1 crore (Institutional) Load Structure: Entry Load Exit Load Nil Nil

Average Maturity of Portfolio Average Duration of Portfolio Portfolio YTM

0.18 yrs 0.18 yrs 8.92%

Optimize returns & liquidity Open-end fixed income December 2004 CRISIL Composite Bond Fund Index Bloomberg Code: SNDLPRG IN AUM: Rs 5 crore Plans: Regular & Institutional Options: Growth, Dividend Payout, Dividend Re-investment Minimum Amount: Rs 5,000 (Regular) Rs 1 crore (Institutional) Load Structure: Regular Plan Investment Amount < = Rs 10 > Rs10 Load Type & Holding Period Objective: Fund Type: Allotment: Benchmark:
lakhs lakhs

Portfolio-Long-Term
Investments Rating Weight %
Certificate of Deposits / Commercial Paper UCO Bank State Bank of Mysore Sub Total Reverse Repo / CBLO Cash, Call & Net Current Assets 7.8 8.0 8.3 8.5 6.0 5.6 6.0 5.6 Total A1+ A1+ 64.8 28.1 93.0 5.9 1.2 100.0 Period Regular Since launch Last 1 year Institutional Since launch Last 1 year

Risk factor/Disclaimer: Page 23 ...............................................................................

Entry Load Nil Nil Exit load (for exits before 180 days) 0.50% Nil Institutional Plan Nil Risk factor/Disclaimer: Page 23 ...............................................................................

Performance
Period Regular Last 1 month Last 15 days Institutional Last 1 month Last 15 days Annual Return (%) Fund Benchmark

Performance
Annual Return (%) Fund Benchmark 6.1 7.2 11.7 7.2 5.4 7.9 5.4 7.9

Average Maturity of Portfolio Average Duration of Portfolio Portfolio YTM

0.14 yrs 0.14 yrs 8.25%

Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis.

Past performance may or may not be sustained in future. Computed using NAVs of Growth Option on compounded annual basis.

21

Sundaram BNP Paribas Asset Management Company

Global Advantage Fund


There have been a few changes to the asset allocation framework in terms of asset classes, geographies and funds. The fund outpaces its customized benchmark by a comfortable margin.

Positioning:

Diversification to Global Markets

Portfolio & Performance of Sub-Funds


Fund Current Weight % 12.9 4.7 11.8 4.7 7.4 8.2 7.3 6.5 11.1 3.7 5.1 8.5 7.8 99.6 0.4 Market Value Rs Crore 34.6 12.6 31.5 12.7 19.8 21.9 19.5 17.3 29.6 10.0 13.6 22.6 20.8 266.5 1.1 Performance Fund Benchmark % % -13.9 -14.3 -18.1 -14.3 -15.3 -14.3 -13.9 -14.3 -6.4 -6.2 -9.9 -6.2 -15.6 -15.3 -16.9 -15.3 -9.7 -15.3 -7.2 -7.2 -10.8 -7.2 19.2 -7.8 23.4 -2.5

Exposures to Russia have been increased even as we have reduced in Latin America. The fund is now overweight Emerging Europe & real estate; underweight Asia & commodities. Fund Advisor: Fund Quest, a member of BNP Paribas Investment Partners Fund Manager J Venkatesan

........................Fund Facts...........................
NAV (G): 9.9200 Objective: Fund Type: Allotment: Benchmark: NAV (D): 9.9199 Seek capital appreciation Open-end fund of funds September 2007 MSCI Emerging Markets Index

F&C Far East Franklin Templeton Asian Growth Fidelity South East Asia F&C Emerging Markets - Indian Parvest Latin America Morgan Stanley Latin America East Capital Eastern European BlackRock Merrill Lynch Emerging Europe JP Morgan Funds - Russia JPMorgan - Global Natural Resources Parvest Global Resources Morgan Stanley Asian Property Morgan Stanley Global Property Sub-funds Total Cash

*Fund Returns and Benchmark Returns calculated since the investment date

Asset Allocation & Performance


Asset Class/Geography Initial % Emerging Markets Asia Latin America Eastern Europe Commodity Funds Real Estate Funds Total 40.0 15.0 15.0 15.0 15.0 100.0 34.2 15.6 24.8 8.8 16.2 99.6 Allocation Current %

Bloomberg Code: SNDGADG IN AUM: Options: Rs 267 crore Growth, Dividend Payout, Dividend Re-investment Minimum Amount: Rs 5,000 (Regular) Expense Ratio: Fee: Load Structure: Investment Amount Load Type & Holding Period
< Rs 2 crore = > Rs 2 crore

0.75% (Regular) 0.36% (Regular)

Performance since first investment day (September 6, 2007) in per cent

Performance since first investment day (September 6, 2007) in per cent


USD Global Advantage Custom Benchmark* 2.7 2.2 -0.5 INR -0.8 -1.4 -3.9

Entry Load Exit Load (for exits after 12 months) Exit Load (for exits before 12 months)
No entry load for direct investment.

2.75% Nil 1.5%

Nil Nil 1.5%


MSCI Emerging Markets Index

Risk factor/Disclaimer: Page 23 ...............................................................................

* Custom Benchmark: 40% MSCI EM Asia; 15% MSCI EM Latin America; 15% MSCI EM Eastern Europe; 15% GSCI; 15% FTSE EPRA

22

Sundaram BNP Paribas Asset Management Company

Disclosures & Disclaimer


Mutual Fund Investments are subject to market risks. Please read the offer document carefully before investing. Risk Factors: Mutual Fund investments are subject to market risks and there is no assurance or guarantee that the objectives of the scheme will be achieved. Past performance of the Sponsor//Asset Management Company/Fund does not indicate the future performance. Investors in the schemes are not being offered any guaranteed or indicated returns. The names of the scheme do not in any manner indicate either quality or future prospects and returns. NAV may rise or decline depending on market conditions. Main types are market risk, liquidity risk, credit risk and systemic risks. Changes in government policy and tax benefits applicable to mutual funds may impact returns to investors. At times, liquidity of investments may be impaired. There is risk of capital loss. Scheme-Specific Risk Factors: Sundaram BNP Paribas Select Focus: Higher volatility due to a concentrated portfolio Sundaram BNP Paribas Small and Medium Indian Leading Equities Fund (S.M.I.L.E) Fund: Small-cap stocks are generally more illiquid. Sundaram BNP Paribas Capex Opportunities: Long gestation periods; pace at which investments materialize; incidence of taxation, government policy & firm-level inefficiency. Sundaram BNP Paribas Rural India Fund: Vagaries of nature such as erratic monsoon, failure of crop & drought, to name a few; cyclical / seasonal factors. For any overseas investments relevant to rural-theme: country risk, currency risk and geopolitical risk. Sundaram BNP Paribas Equity Multiplier: Risk of non-diversification Sundaram BNP Paribas Select SmallCap: Illiquidity risks are higher and may lead to higher impact costs. Impact costs are different from brokerage and custodian charges and not be minimised or eliminated. Unlisted equity can also affect liquidity. Prices may be more volatile. Greater sensitivity and vulnerability of smaller companies to changing economic conditions, lack of depth in management, difficulty in raising funds and be developing or marketing new products or services, outdated technologies, lack of bargaining power with suppliers, low entry barriers and issues of transparency and corporate governance enhance risks associated with small-cap stocks. Sundaram BNP Paribas Global Advantage: Currency risk, country risk, geo-political risk and emerging markets risk All funds: Change in Government policy in general and changes in tax benefits applicable to mutual funds may impact the returns to Investors in the plans. Statutory details: Sundaram BNP Paribas Mutual Fund has been set up as a trust under the Indian Trusts Act, 1882 Sponsors: Sundaram Finance Limited & BNP Paribas Asset Management. Investment Manager: Sundaram BNP Paribas Asset Management Company Limited. Trustee: Sundaram BNP Paribas Trustee Company Limited. The sponsors are not responsible or liable for any loss beyond the contribution of Rs.1 lakh made by them to set the Mutual Fund. Lipper Ranking: Eight funds of Sundaram BNP Paribas Asset Management has featured in the World's 120 top performing equity funds as per a customised report provided by global intelligence agency Lipper, a Reuters Company. The customized report, highlighting the 120 top performing equity funds in the world during the year 2007, is based on the study of all funds under the equity asset class tracked by Lipper, and have a minimum track record of at least one year as of December 2007 end. In total 24,887 equity funds (primary) qualified for the study. All returns are denominated in INR for the period ending on 31st December 2007. Data source: Lipper, a Reuters Company (www.lipperweb.com) CNBC TV18-CRISIL Award: Sundaram BNP Paribas Select Focus has been awarded the Best -Large Cap oriented Equity Fund for 2006 in the Open-end Large Cap Oriented Equity Category from 23 schemes ranked in this category. Sundaram BNP Paribas Select Mid Cap has been awarded the Best Diversified Equity Scheme for 2006 in the Open-end Diversified Equity Scheme Category from 53 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2year period ended December 31, 2006, Concentration and Liquidity of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. Sundaram BNP Paribas India Leadership Fund Growth has won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Emerging Equity Fund of the Year 2005 category. In total 3 schemes were eligible for the award universe. Schemes present in all four quarter CRISIL CPRs were considered for the award. The award is based on consistency of schemes performance in the four quarterly CRISIL CPR rankings released during the calendar year 2005. CRISIL CPR Rankings: The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended September 30, 2007, Concentration and Liquidity of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. CRISIL~CPR 1 - The composite performance of Sundaram BNP Paribas Select Focus - Growth is Very Good" in the Open End Large Cap Oriented Equity Schemes Category, and ranks within the top 10% of the 28 schemes ranked in this category. CRISIL~CPR 1 - The composite performance of Sundaram BNP Paribas Growth is Very Good" in the Open End Large Cap Oriented Equity Schemes Category, and ranks within the top 10% of the 28 schemes ranked in this category. CRISIL~CPR 1 - The composite performance of Sundaram BNP Paribas Capex Opportunities is Very Good" in the Open End Diversified Equity Category, and ranks within the top 10% of the 66 schemes ranked in this category. CRISIL~CPR 2 - The composite performance of Sundaram BNP Paribas India Leadership Fund is Good" in the Open End Diversified Equity Schemes Category, and ranks within the top 30% of the 66 schemes ranked in this category. CRISIL~CPR 2 - The composite performance of Sundaram BNP Paribas Select Mid Cap is Good" in the Open End Diversified Equity Schemes Category, and ranks within the top 30% of the 66 schemes ranked in this category. CRISIL~CPR 2 - The composite performance of Sundaram BNP Paribas Tax Saver is Good" in the Equity Linked Savings Schemes Category, and ranks within the top 30% of the 16 schemes ranked in this category. Ranking Source: CRISIL FundServices, CRISIL Limited ICRA Ranking: Open-end diversified equity defensive: (period ending December 31, 2007) Sundaram BNP Paribas S.M.I.L.E. Fund: A Five Star Fund for 1-year performance (Schemes considered: 73) Sundaram BNP Paribas Select Focus Fund: Five Star Fund for 3 year performance (Schemes considered: 41) Sundaram BNP Paribas India Leadership Fund: Five Star Fund for 3 year performance (Schemes considered: 41) Sundaram BNP Paribas Balanced Fund has been ranked as a Five Star Fund in the category of Open Ended Balanced schemes for its 1 year performance till December 31, 2007. (Schemes considered: 15) The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size, company concentration, portfolio turnover and liquidity. The ranking methodology did not take into account entry and exit loads imposed by the Fund. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of the funds. Ranking Source & Publisher: ICRA Online Limited Value Research Rating: Value Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and hybrid funds this rating is based on the weighted average monthly returns for the last 3 and 5-year periods. In the case of debt funds this rating is based on the weighted average weekly returns for the last 18 months. These ratings do not take into consideration any entry or exit load. The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. These Fund Ratings are as on January 31, 2008. The ratings are subject to change every month. The rating is based on primary data provided by funds, Value Research does not guarantee accuracy. Four stars indicate that a fund is in the next 22.5 per cent of its category (after the top 10%) in terms of historical risk-adjusted returns. Five stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk-adjusted returns. Source: Value Research Fund Performance Report, January 2008. CRISIL AAAf Rating: This rating indicates that the portfolio holdings of Sundaram BNP Paribas Money Fund provide strong protection against losses from credit defaults. The AAAf rating is valid only for Sundaram BNP Paribas Money Fund. The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payments to the investor. The rating is also not an opinion on the stability of the NAV of the Fund that could vary with market developments CARE AAAf Rating: CARE's fund quality rating is not a recommendation to purchase, sell, or hold a security/fund. It neither comments on the current market price, suitability for a particular investor nor on the prospective performance of the fund with respect to appreciation, volatility of net asset value (NAV), or yield of the fund. The ratings do not address the funds ability to meet the payment obligations to investors. The sources it considers reliable. CARE does not perform an audit in connection with any rating and may, on occasion, rely on unaudited information. The ratings may be changed, suspended, or withdrawn as a result of change in, or unavailability of such information, or based on other circumstances. CRISIL AAAf Rating: This rating indicates that the portfolio holdings of Sundaram BNP Paribas Floating Rate Fund-Short Term Plan provide strong protection against losses from credit defaults. The AAAf rating is valid only for Sundaram BNP Paribas Floating Rate Fund - Short Term Plan. The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payments to the investor. The rating is also not an opinion on the stability of the NAV of the Fund that could vary with market developments. Direct Investment: There will be no entry load for direct applications received by the asset management company. Applications submitted to asset Management Company or collection centres/investor service centres that are not routed through any distributor/agent/broker will qualify for this purpose. An investor while making the applications shall write in the space provided in the application form / or tick in the box provided against the mode of investment as Direct and strike off the broker code. General Disclaimer: This document is issued by Sundaram BNP Paribas Asset Management, an investment manager registered with the Securities and Exchange Board of India in India. This document is produced for information purposes only. It does not constitute a prospectus or offer document or an offer or solicitation to buy any securities or other investment. Information and opinion contained in this document are published for the assistance of the recipient only; they are not to be relied upon as authoritative or taken as a substitution for exercise of judgment by any recipient. They are subject to change without any notice and not intended to provide the sole basis of any evaluation of the instrument discussed or offer to buy. It is neither a solicitation to sell nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or be taken as investment advice. The information and opinions contained in this communication have been obtained from sources that Sundaram BNP Paribas Asset Management believes to be reliable; no representation or warranty, express or implied, is made that such information is accurate or complete and it should not be relied upon as such. Sundaram BNP Paribas Asset Management neither guarantees its accuracy and/or completeness nor does it guarantee to update the information from time to time. This communication is for private circulation only and for the exclusive and confidential use of the intended recipient(s) only. Any other distribution, use or reproduction of this communication in its entirety or any part thereof is unauthorized and strictly prohibited. By accepting this document you agree to be bound by the foregoing limitations. This communication is for general information only without regard to specific objectives, financial situations and needs of any particular person who may receive it and Sundaram BNP Paribas Asset Management is not soliciting any action based on this document. Sundaram BNP Paribas Asset Management in the discharge of its functions, may use any of the data presented in this document for its decision-making purpose and is not bound to disclose the same. Copies of the offer document and application form with key information memorandum may be obtained from the offices of Sundaram BNP Paribas Mutual offices and its authorized distributors or downloaded from www.sundarambnpparibas.in . For scheme specific risk factors, asset allocation, load structure, fund facts and taxation aspects please refer offer documents available online and at branches/Investor Service Centres. NAV considered January 31, 2008. Global Cues Disclaimer: This is issued by BNP Paribas Asset Management (BNPP AM), an investment manager registered with the "Autorit des Marches Financiers" in France. This document is produced for information only and does not constitute, and is not part of, an offer or solicitation to buy or to sell any securities. The information and opinions contained in this document have been obtained from, amongst other things, public sources believed to be reliable, but no representation or warranty, express or implied, is made that such information is accurate or complete and it should not be relied upon as such. Opinions included herein constitute the judgement of BNP PAM at the time specified and may be subject to change without notice, they are not to be relied upon as authoritative or taken in substitution for the exercise of judgement by any recipient and are not intended to provide the sole basis of evaluation of any strategy or instrument discussed herein. Any reference to past performance of any market or instrument should not be taken as an indication of future performance. No BNP Paribas Group company accepts any liability whatsoever for any loss arising, whether direct or indirect, from the use of any part of such information. Any BNP Paribas Group company may, to the extent permitted by law, have acted upon or used the information contained herein, or in the research or analysis on which it was based, before its publication. This document is for the use of the intended recipients only and may not be delivered or transmitted to any other person without the prior written consent of BNP PAM. Furthermore, any translation, adaptation or total or partial reproduction of this document, by any process whatsoever, in any country whatsoever, is prohibited unless BNP PAM has given its prior written consent. Portfolio weight rounded off to one decimal place and so may not add exactly to 100

23

Sundaram BNP Paribas Asset Management Company

Dividend Information
Name of the Fund Dividend Declared
20% 30% 20% 15% 20% 55% 20% 15% 22.5% 35% 65% 20% 25% 40% 20% 20% 50% 35% 65% 25% 40% 35% 20% 20% 20% 25% 20% 40% 25% 35% 42.50% 20% 30% 50% 50% 30% 30% 15% 25% 20% 30% 30% 10% 10% 20% 60% 10% 40% 25% 22.50% 17.50% 30% 55% 10%

Rs. per unit Dividend


2.00 3.00 2.00 1.50 2.00 5.50 2.00 1.50 2.25 3.50 6.50 2.00 2.50 4.00 2.00 2.00 5.00 3.50 6.5 2.50 4.00 3.50 2.00 2.00 2.00 2.50 2.00 4.00 2.50 3.50 4.25 2.00 3.00 5.00 5.00 3.00 3.00 1.50 2.50 2.00 3.00 3.00 1.00 1.00 2.00 6.00 1.00 4.00 2.50 2.25 1.75 3.00 5.50 1.00

Record Date
29/09/99 15/05/00 22/01/03 11/07/03 26/09/03 30/01/04 11/03/05 03/10/05 03/02/06 31/05/06 16/11/07 20/06/03 12/09/03 20/08/04 04/03/05 27/01/06 02/06/06 24/11/06 30/11/07 27/06/03 21/11/03 27/02/04 17/09/04 18/02/05 23/09/05 17/02/06 18/08/06 27/10/06 09/02/07 28/11/03 18/03/05 28/10/05 14/12/07 26/03/04 28/01/05 30/09/05 03/03/06 25/08/06 08/12/06 23/03/07 28/12/07 20/12/07 14/10/05 10/03/06 23/02/07 07/12/07

NAV as on Record Date


18.01 16.51 12.75 12.7029 13.8651 16.345 14.8026 15.7881 16.9088 15.6277 23.3477 12.5018 14.1481 14.7882 14.6757 18.7917 18.1959 16.3259 21.7286 12.9763 17.279 14.358 13.1843 15.0341 17.3439 20.0785 20.9924 21.0980 18.7821 15.8144 16.1315 13.1592 22.4805 15.9938 18.1404 18.2146 19.6287 15.9708 17.5084 14.4832 22.0117 16.4246 13.0045 15.5295 15.5046 23.8655

Name of the Fund

Dividend Declared
2.63% 5.26%

Rs. per unit Dividend


0.2628 0.5256

Record Date
20/07/07 24/12/07

NAV as on Record Date


11.0341 11.4159

Name of the Fund

Dividend Declared

Rs. per unit Dividend

Record Date

NAV as on Record Date

Sundaram BNP Paribas Growth Fund

Non Corporate Sundaram BNP Paribas Money Fund* (Regular Plan) (Quarterly Dividend (Re-investment plan) (from April 2005) Corporate Non Corporate Weekly Div. (p.a.) Corporate

0.46% 0.04574 0.44% 0.04418 0.50% 0.04995 Institutional Plan Weekly Div. (p.a.) Corporate 5.00% 4.02% 4.96% 4.43% 5.04% 5.08% 4.96% 3.62% 5.40% 3.17% 5.53% 4.88% 5.61% 5.53% 5.32% 4.39% 5.00% 4.02% 4.96% 5.32% 4.88% 5.04% 4.43% 5.04% 5.08% 4.96% 3.62% 5.40% 3.17% 5.53% 5.57% 4.88% 5.24% 5.61% 5.53% 5.32% 4.39% 0.00959 0.00771 0.00951 0.00849 0.00966 0.00974 0.00951 0.00694 0.01036 0.00608 0.01060 0.00935 0.01075 0.0106 0.01021 0.00842 0.00959 0.00771 0.00951 0.01021 0.00935 0.00966 0.00849 0.00966 0.00974 0.00951 0.00694 0.01036 0.00608 0.01060 0.01068 0.00935 0.01005 0.01075 0.0106 0.01021 0.00842

01/11/07 10.2139 03/12/07 10.2221 02/01/08 10.2316 07/09/07 14/09/07 21/09/07 19/10/07 26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 21/12/07 04/01/08 11/01/08 18/01/08 25/01/08 07/09/07 14/09/07 21/09/07 28/09/07 05/10/07 12/10/07 19/10/07 26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 14/12/07 21/12/07 28/12/07 04/01/08 11/01/08 18/01/08 25/01/08 10.4705 10.4722 10.4766 10.4855 10.4891 10.4913 10.4934 10.4965 10.5032 10.5055 10.5137 10.5188 10.5268 10.5289 10.5307 10.5336 10.4705 10.4722 10.4766 10.4801 10.4810 10.4834 10.4855 10.4891 10.4913 10.4934 10.4965 10.5032 10.5055 10.5137 10.5161 10.5188 10.5235 10.5268 10.5289 10.5307 10.5336

1.40% 1.40% 4.88% 3.86% 4.88% 5.16% 4.71% 4.92% 4.31% 4.92% 4.96% 4.83% 3.54% 5.32% 3.09% 5.40% 5.53% 4.71% 5.08% 5.44% 5.40% 5.16% 4.47% 4.88% 3.86% 4.88% 5.16% 4.71% 4.92% 4.31% 4.92% 4.96% 4.83% 3.54% 5.32% 3.09% 5.40% 5.53% 4.71% 5.08% 5.44% 5.40% 5.16% 4.47% 0.27% 0.20% 0.25% 0.26% 0.19% 0.11% 0.14% 0.28% 0.15% 0.20% 0.19% 0.26% 0.17% 0.26% 0.51% 0.16% 0.27% 0.20% 0.25% 0.26% 0.19% 0.11% 0.14% 0.28% 0.15% 0.20% 0.19% 0.26% 0.17% 0.26% 0.51% 0.16% 0.60% 0.49% 0.33% 0.27% 0.49% 0.40% 0.46% 0.44% 0.50% 0.60% 0.49% 0.33% 0.27% 0.49% 0.40%

0.1403 0.1403 0.00935 0.00740 0.00935 0.00990 0.00904 0.00943 0.00826 0.00943 0.00951 0.00927 0.00678 0.01021 0.00592 0.01036 0.01060 0.00904 0.00974 0.01044 0.01036 0.0099 0.00857 0.00935 0.00740 0.00935 0.00990 0.00904 0.00943 0.00826 0.00943 0.00951 0.00927 0.00678 0.01021 0.00592 0.01036 0.01060 0.00904 0.00974 0.01044 0.01036 0.0099 0.00857 0.02735 0.01956 0.02494 0.02626 0.01917 0.01114 0.01426 0.02829 0.01488 0.02042 0.01933 0.02556 0.01691 0.02564 0.0505 0.01621 0.02735 0.01956 0.02494 0.02626 0.01917 0.01114 0.01426 0.02829 0.01488 0.02042 0.01933 0.02556 0.01691 0.02564 0.0505 0.01621 0.05977 0.04863 0.03335 0.02657 0.04863 0.03990 0.04574 0.04418 0.04995 0.05977 0.04863 0.03335 0.02657 0.04863 0.03990

20/07/07 10.4642 20/07/07 10.4642 07/09/07 14/09/07 21/09/07 28/09/07 05/10/07 12/10/07 19/10/07 26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 14/12/07 21/12/07 28/12/07 04/01/08 11/01/08 18/01/08 25/01/08 07/09/07 14/09/07 21/09/07 28/09/07 05/10/07 12/10/07 19/10/07 26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 14/12/07 21/12/07 28/12/07 04/01/08 11/01/08 18/01/08 25/01/08 15/04/07 30/04/07 16/05/07 31/05/07 03/07/07 31/07/07 16/08/07 03/09/07 17/09/07 02/10/07 16/10/07 01/11/07 16/11/07 03/12/07 02/01/08 16/01/08 15/04/07 30/04/07 16/05/07 31/05/07 03/07/07 31/07/07 16/08/07 03/09/07 17/09/07 02/10/07 16/10/07 01/11/07 16/11/07 03/12/07 02/01/08 16/01/08 02/05/07 31/05/07 03/07/07 31/07/07 03/09/07 02/10/07 01/11/07 03/12/07 02/01/08 02/05/07 31/05/07 03/07/07 31/07/07 03/09/07 02/10/07 10.4345 10.4362 10.4407 10.4438 10.4447 10.4472 10.4493 10.4528 10.4549 10.4570 10.4601 10.4667 10.4688 10.4768 10.4794 10.4817 10.4864 10.4896 10.4918 10.4935 10.4971 10.4345 10.4362 10.4407 10.4438 10.4447 10.4472 10.4493 10.4528 10.4549 10.4570 10.4601 10.4667 10.4688 10.4768 10.4794 10.4817 10.4864 10.4896 10.4918 10.4935 10.4971 10.2621 10.2633 10.2430 10.2767 10.2748 10.2686 10.2625 10.2988 10.2874 10.2719 10.2747 10.3079 10.2843 10.3210 10.3551 10.2997 10.2621 10.2633 10.2430 10.2767 10.2748 10.2686 10.2625 10.2988 10.2874 10.2719 10.2747 10.3079 10.2843 10.3210 10.3551 10.2997 10.2154 10.2036 10.1872 10.1796 10.2115 10.1552 10.2139 10.2221 10.2316 10.2154 10.2036 10.1872 10.1796 10.2115 10.1552

Sundaram BNP Paribas Select Focus

Sundaram BNP Paribas Select Midcap

Non Corporate

Sundaram BNP Paribas Balanced Fund Sundaram BNP Paribas Tax Saver

Non Corporate

Sundaram BNP Paribas Equity Multiplier Sundaram BNP Paribas S.M.I.L.E. Fund Sundaram BNP Paribas CAPEX Opportunities Fund Dividend Plan Sundaram BNP Paribas India Leadership Fund

Institutional Plan (Dividend Payout w.e.f. 18-10-05) Monthly Div. Corporate

17/03/06 14.7242 19/10/07 23.4271 29/03/05 07/10/05 24/02/06 09/06/06 23/11/07 17/11/06 13.4352 15.842 17.0749 13.8705 21.3022 11.4221

Fortnightly Div. Corporate

Non Corporate

Sundaram BNP Paribas Rural India Fund Sundaram BNP Paribas Bond Saver (from April 2007) Quarterly Corporate Non Corporate Half-Yearly Corporate Non Corporate Annual Corporate Non Corporate Sundaram BNP Paribas Monthly Income plan (from April 2007) Monthly Corporate

0.61% 0.50% 0.35% 0.28% 0.50% 0.41% 0.47% 0.45% 0.51% 0.61% 0.50% 0.35% 0.28% 0.47% 5.20% 4.55% 5.16% 5.12% 5.08% 5.24% 4.59% 5.24% 5.28% 5.16% 3.82% 5.61% 3.37% 5.69% 5.81% 5.04% 5.37% 5.81% 5.81% 5.49% 4.83% 5.20% 4.55% 5.16% 5.12% 5.08% 5.24% 4.59% 5.24% 5.28% 5.16% 3.82% 5.61% 3.37% 5.69% 5.81% 5.04%

0.06102 0.04980 0.03452 0.02751 0.04995 0.04083 0.04691 0.04535 0.05104 0.06102 0.04980 0.03452 0.02751 0.04691 0.00997 0.00873 0.00990 0.00982 0.00974 0.01005 0.00881 0.01005 0.01013 0.00990 0.00733 0.01075 0.00647 0.01091 0.01114 0.00966 0.01029 0.01114 0.01114 0.01052 0.00927 0.00997 0.00873 0.00990 0.00982 0.00974 0.01005 0.00881 0.01005 0.01013 0.00990 0.00733 0.01075 0.00647 0.01091 0.01114 0.00966

02/05/07 31/05/07 03/07/07 31/07/07 03/09/07 02/10/07 01/11/07 03/12/07 02/01/08 02/05/07 31/05/07 03/07/07 31/07/07 01/11/07 07/09/07 14/09/07 21/09/07 28/09/07 05/10/07 12/10/07 19/10/07 26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 14/12/07 21/12/07 28/12/07 04/01/08 11/01/08 18/01/08 25/01/08 07/09/07 14/09/07 21/09/07 28/09/07 05/10/07 12/10/07 19/10/07 26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 14/12/07 21/12/07

10.2600 10.2482 10.2318 10.2240 10.2565 10.1986 10.2588 10.2672 10.2767 10.2600 10.2482 10.2318 10.2240 10.2588 10.4752 10.4778 10.4815 10.4839 10.4859 10.4883 10.4905 10.4942 10.4965 10.4986 10.5018 10.5086 10.5110 10.5191 10.5218 10.5243 10.5291 10.5326 10.535 10.5367 10.5404 10.4752 10.4778 10.4815 10.4839 10.4859 10.4883 10.4905 10.4942 10.4965 10.4986 10.5018 10.5086 10.5110 10.5191 10.5218 10.5243

Super Institutional Weekly (p.a.) Corporate

1.63% 1.75% 2.85% 3.26% 3.07% 3.50% 4.08% 4.38%

0.1631 0.1752 0.2853 0.3261 0.3066 0.3504 0.4076 0.4380

20/07/07 10.4671 20/07/07 10.4671 20/07/07 24/12/07 20/07/07 24/12/07 10.7198 10.6784 10.7198 10.6784 Non Corporate

20/07/07 10.7216 20/07/07 10.7216

Non Corporate

0.82% 0.82% 0.82% 0.82% 0.82% 0.82% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 2.04% 2.45% 2.19% 2.63% 2.45% 4.89%

0.0817 0.08153 0.08153 0.08153 0.08153 0.08153 0.0877 0.08759 0.08759 0.08759 0.08759 0.08759 0.2038 0.2446 0.2190 0.2628 0.2446 0.4892

04/05/07 21/09/07 19/10/07 16/11/07 20/12/07 04/01/08 04/05/07 21/09/07 19/10/07 16/11/07 20/12/07 04/01/08

10.1365 10.3532 10.3772 10.5973 10.6005 10.5936 10.1365 10.3532 10.3772 10.5973 10.6005 10.5936

Monthly Div. Corporate

Non Corporate

Quarterly Corporate Non Corporate Half Yearly Corporate

20/07/07 10.7576 24/12/07 11.1743 20/07/07 10.7576 24/12/07 11.1743 20/07/07 24/12/07 11.0341 11.4159

Non Corporate

24

Sundaram BNP Paribas Asset Management Company

Dividend Information
Name of the Fund Dividend Declared Rs. per unit Dividend Record Date
28/12/07 04/01/08 11/01/08 18/01/08 25/01/08 31/08/06 02/10/06 31/01/07 28/02/07

NAV as on Record Date


10.5291 10.5326 10.535 10.5367 10.5404 10.2020 10.2136 10.2182 10.2255

Name of the Fund

Dividend Declared
0.10% 0.11% 0.10% 0.09% 0.09% 0.09% 5.65% 3.74% 5.06% 3.10% 0.12% 0.11% 0.10% 0.09% 0.11% 0.09% 0.09% 0.10% 0.12% 0.11% 0.11% 0.10% 0.11% 0.10% 0.10% 0.10% 0.10% 6.07% 4.02% 5.43% 3.33% 0.13% 0.11% 0.11% 0.10% 0.57% 0.50% 0.53% 0.47% 0.49% 0.50% 0.48% 0.61% 0.54% 0.46% 0.57% 0.50% 0.53% 0.53% 0.52% 0.09% 0.09% 0.08% 0.10% 0.12% 0.11% 0.11% 0.10% 0.11% 0.10% 0.09% 0.09% 0.10% 5.82% 3.95% 5.23% 3.40% 0.12% 0.11% 0.11% 0.09% 0.10% 0.09% 0.09% 0.11% 0.13% 0.11% 0.12% 0.11% 0.08% 0.11% 0.10% 0.10% 0.10% 6.26% 4.25% 5.62% 3.66% 0.13% 0.12% 0.11% 0.10%

Rs. per unit Dividend


0.00961 0.01068 0.00954 0.00905 0.00897 0.00938 0.01084 0.00717 0.00970 0.00595 0.01198 0.01068 0.00995 0.00889 0.01094 0.00919 0.00858 0.01006 0.01208 0.01112 0.01147 0.01033 0.01147 0.01025 0.00972 0.00964 0.01007 0.01165 0.00771 0.01042 0.00639 0.01288 0.01147 0.01069 0.00955 0.05682 0.05038 0.05258 0.046550 0.049400 0.049570 0.04794 0.06105 0.05413 0.04564 0.05650 0.050020 0.053080 0.053260 0.05151 0.00929 0.00863 0.00839 0.00977 0.01165 0.01067 0.01100 0.00986 0.01101 0.00995 0.00946 0.00938 0.00970 0.01117 0.00758 0.01003 0.00652 0.01231 0.01101 0.0106 0.00921 0.00998 0.00928 0.00901 0.01050 0.01252 0.01147 0.01182 0.01059 0.01183 0.01069 0.01016 0.01007 0.01042 0.01200 0.00815 0.01077 0.00701 0.01323 0.01183 0.01139 0.0099

Record Date
26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 14/12/07 21/12/07 28/12/07 04/01/08 11/01/08 18/01/08 25/01/08 07/09/07 14/09/07 21/09/07 28/09/07 05/10/07 12/10/07 19/10/07 26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 14/12/07 21/12/07 28/12/07 04/01/08 11/01/08 18/01/08 25/01/08 01/06/07 03/07/07 03/09/07 03/10/07 01/11/07 03/12/07 02/01/08 01/06/07 03/07/07 31/07/07 03/09/07 03/10/07 01/11/07 03/12/07 02/01/08 07/09/07 14/09/07 21/09/07 28/09/07 05/10/07 12/10/07 19/10/07 26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 14/12/07 21/12/07 28/12/07 04/01/08 11/01/08 18/01/08 25/01/08 07/09/07 14/09/07 21/09/07 28/09/07 05/10/07 12/10/07 19/10/07 26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 14/12/07 21/12/07 28/12/07 04/01/08 11/01/08 18/01/08 25/01/08

NAV as on Record Date


10.1761 10.1795 10.1769 10.1851 10.1896 10.1940 10.1979 10.2000 10.2048 10.2110 10.2207 10.2212 10.224 10.2285 10.1518 10.1544 10.1597 10.1655 10.1700 10.1714 10.1739 10.1761 10.1795 10.1769 10.1851 10.1896 10.1940 10.1979 10.2000 10.2048 10.2110 10.2207 10.2212 10.224 10.2285 10.1035 10.1030 10.1188 10.1215 10.1254 10.1345 10.1413 10.1035 10.1030 10.1013 10.1188 10.1215 10.1254 10.1345 10.1413 10.1553 10.1592 10.1649 10.1707 10.1752 10.1767 10.1793 10.1815 10.1851 10.1825 10.1908 10.1953 10.1998 10.2038 10.2061 10.2108 10.2174 10.2268 10.2274 10.2299 10.2341 10.1553 10.1592 10.1649 10.1707 10.1752 10.1767 10.1793 10.1815 10.1851 10.1825 10.1908 10.1953 10.1998 10.2038 10.2061 10.2108 10.2174 10.2268 10.2274 10.2299 10.2341

Name of the Fund

Dividend Declared

Rs. per unit Dividend

Record Date

NAV as on Record Date

5.37% 0.01029 5.81% 0.01114 5.81% 0.01114 5.49% 0.01052 4.83% 0.00927 Monthly Corporate 0.41% 0.49% 0.43% 0.47% 0.04084 0.04860 0.04296 0.04688

Sundaram BNP Paribas Floating Rate Fund Short Term - Regular Monthly Div. Corporate

Sundaram BNP Paribas Liquid Plus Regular Weekly Corporate

Non Corporate

0.10% 4.21% 4.08% 4.84% 5.82% 4.93% 5.53% 4.84% 5.44% 4.84% 4.64% 4.55% 4.76% 5.53% 3.70% 4.97% 3.06% 6.12% 5.44% 5.36% 4.55% 0.11% 4.52% 4.39% 5.21% 6.26% 5.30% 5.94% 5.21% 5.85% 5.21% 4.98% 4.89% 5.12% 5.94% 3.97% 5.34% 3.29% 6.58% 5.85% 5.76% 4.89% 0.23% 0.58% 0.24% 0.24% 0.31% 0.20% 0.29% 0.21% 0.30% 0.21% 0.30% 0.51% 0.23% 0.50% 0.42% 0.51% 0.46% 0.48% 0.49% 0.47% 0.53% 0.45% 0.55% 0.50% 0.52% 0.52% 0.51% 0.98% 1.47% 1.05% 1.58% 0.10% 0.09% 0.08% 0.09% 0.11% 0.10% 0.11%

0.01011 0.00807 0.00783 0.00929 0.01117 0.00946 0.01060 0.00929 0.01044 0.00929 0.00889 0.00872 0.00913 0.01060 0.00709 0.00954 0.00587 0.01174 0.01044 0.01027 0.00872 0.01086 0.00867 0.00841 0.00999 0.01200 0.01016 0.01139 0.00999 0.01121 0.00999 0.00955 0.00937 0.00981 0.01139 0.00762 0.01025 0.00631 0.01261 0.01121 0.01104 0.00937 0.02258 0.05816 0.02426 0.02365 0.03092 0.020320 0.029260 0.020500 0.029780 0.02146 0.029610 0.0508 0.02269 0.04973 0.04174 0.05144 0.046390 0.048430 0.048510 0.0472 0.05343 0.04485 0.05527 0.049840 0.052030 0.052120 0.05072 0.0978 0.1467 0.1051 0.1577 0.01018 0.00855 0.00798 0.00937 0.01124 0.01035 0.01067

07/09/07 14/09/07 21/09/07 28/09/07 05/10/07 12/10/07 19/10/07 26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 14/12/07 21/12/07 28/12/07 04/01/08 11/01/08 18/01/08 25/01/08 07/09/07 14/09/07 21/09/07 28/09/07 05/10/07 12/10/07 19/10/07 26/10/07 02/11/07 09/11/07 16/11/07 23/11/07 30/11/07 07/12/07 14/12/07 21/12/07 28/12/07 04/01/08 11/01/08 18/01/08 25/01/08 31/07/07 03/07/07 31/07/07 16/08/07 03/09/07 14/09/07 03/10/07 16/10/07 01/11/07 16/11/07 03/12/07 02/01/08 16/01/08 03/07/07 31/07/07 03/09/07 03/10/07 01/11/07 03/12/07 02/01/08 03/07/07 31/07/07 03/09/07 03/10/07 01/11/07 03/12/07 02/01/08 20/07/07 24/12/07 20/07/07 24/12/07 07/09/07 14/09/07 21/09/07 28/09/07 05/10/07 12/10/07 19/10/07

10.1455 10.1475 10.1530 10.1587 10.1631 10.1636 10.1671 10.1690 10.1725 10.1700 10.1781 10.1825 10.1869 10.1908 10.1930 10.1975 10.2037 10.2131 10.2136 10.2161 10.2199 10.1455 10.1475 10.1530 10.1587 10.1631 10.1636 10.1671 10.1690 10.1725 10.1700 10.1781 10.1825 10.1869 10.1908 10.1930 10.1975 10.2037 10.2131 10.2136 10.2161 10.2199 10.1363 10.1655 10.1363 10.1131 10.1507 10.1381 10.1585 10.1277 10.1617 10.1352 10.1719 10.2049 10.1515 10.1679 10.1662 10.1831 10.1871 10.1900 10.1990 10.2063 10.1679 10.1662 10.1831 10.1871 10.1900 10.1990 10.2063 10.2105 10.4273 10.2105 10.4273 10.1518 10.1544 10.1597 10.1655 10.1700 10.1714 10.1739

Non Corporate

Non Corporate

0.56% 0.48% 0.48% 0.37% 0.50% 0.43% 0.48% 0.51% 0.49% 0.56% 0.48% 0.48% 0.37% 0.50% 0.43% 0.48% 0.51% 0.49%

0.05619 0.04769 0.04839 0.03670 0.04964 0.04294 0.04761 0.05104 0.04894 0.05619 0.04769 0.04839 0.03670 0.04964 0.04294 0.04761 0.05104 0.04894

02/05/07 31/05/07 03/07/07 31/07/07 03/09/07 02/10/07 01/11/07 03/12/07 02/01/08 02/05/07 31/05/07 03/07/07 31/07/07 03/09/07 02/10/07 01/11/07 03/12/07 02/01/08

10.2554 10.2480 10.2508 10.2372 10.2555 10.1975 10.2590 10.2655 10.2649 10.2554 10.2480 10.2508 10.2372 10.2555 10.1975 10.2590 10.2655 10.2649

Short Term - Institutional Monthly Div. Corporate

Non Corporate

Monthly Corporate

Non Corporate

0.60% 0.51% 5.23% 0.40% 0.54% 0.46% 0.51% 0.55% 0.53% 0.60% 0.51% 5.23% 0.40% 0.54% 0.54% 0.46% 0.51% 0.55% 0.53% 0.49% 0.39% 0.40% 0.40% 0.43% 0.50% 0.54% 0.50% 0.57% 0.54% 0.52% 0.42% 0.43% 0.43% 0.46% 0.54% 0.58% 0.53% 0.61% 0.58% 1.22% 1.63% 1.31% 1.75% 2.45% 2.85% 2.63% 3.07% 4.48% 4.82% 0.42% 0.46% 0.57% 0.53% 0.53% 0.42% 0.43% 0.64% 0.46% 0.70% 0.57% 0.49% 0.61% 0.57%

0.06016 0.05120 0.52290 0.04013 0.05400 0.04637 0.05143 0.05486 0.05252 0.06016 0.05120 0.52290 0.04013 0.05400 0.05400 0.04637 0.05143 0.05486 0.05252 0.04883 0.03921 0.03987 0.04027 0.04264 0.04998 0.053640 0.049730 0.057230 0.05373 0.05247 0.04213 0.04283 0.04327 0.04581 0.05370 0.057640 0.053430 0.061490 0.05772 0.1223 0.1631 0.1314 0.1752 0.2446 0.2853 0.2628 0.3066 0.4484 0.4818 0.04248 0.04598 0.05707 0.05348 0.05256 0.04222 0.04283 0.06359 0.04564 0.06999 0.057460 0.04940 0.06132 0.05746

02/05/07 31/05/07 03/07/07 31/07/07 03/09/07 02/10/07 01/11/07 03/12/07 02/01/08 02/05/07 31/05/07 03/07/07 31/07/07 03/09/07 03/09/07 02/10/07 01/11/07 03/12/07 02/01/08 02/04/07 30/04/07 31/05/07 03/07/07 31/07/07 03/09/07 03/10/07 01/11/07 03/12/07 02/01/08 02/04/07 30/04/07 31/05/07 03/07/07 31/07/07 03/09/07 03/10/07 01/11/07 03/12/07 02/01/08 20/07/07 24/12/07 20/07/07 24/12/07 20/07/07 24/12/07 20/07/07 24/12/07

10.2833 10.2755 10.2790 10.2649 10.2845 10.2211 10.2875 10.2941 10.2934 10.2833 10.2755 10.2790 10.2649 10.2845 10.2845 10.2211 10.2875 10.2941 10.2934 10.2909 10.2811 10.2876 10.2896 10.2931 10.3041 10.3107 10.3083 10.3196 10.3176 10.2909 10.2811 10.2876 10.2896 10.2931 10.3041 10.3107 10.3083 10.3196 10.3176 10.4303 10.6222 10.4303 10.6222 10.6995 10.7455 10.6995 10.7455

Long Term - Regular Monthly Div. Corporate

Super Instutional Weekly Corporate

Fortnightly Corporate Non Corporate

Non Corporate

Monthly Corporate

Quarterly Corporate Non Corporate Half-yearly Corporate Non Corporate Annual Corporate Non Corporate Long Term-Institutional Monthly Div. Corporate

Non Corporate

Non Corporate

20/07/07 10.7077 20/07/07 10.7077 31/07/07 01/11/07 03/12/07 02/01/08 02/04/07 30/04/07 31/05/07 03/07/07 31/07/07 03/09/07 03/10/07 01/11/07 03/12/07 02/01/08 10.2890 10.3005 10.3162 10.3142 10.2956 10.2840 10.2870 10.3091 10.2890 10.3192 10.3078 10.3005 10.3162 10.3142

Quarterly Corporate Non Corporate Institutional Weekly Corporate

Non Corporate

# NAV will fall after the payment of dividend to the extent of the payment and distribution tax (if applicable). All dividends are declared on the face value of Rs.10/- per unit. Past performance may or may not be sustained in future.

25

Sundaram BNP Paribas Asset Management Company

Track Record
Fund / Index Growth Fund BSE 200 Sensex Tax Saver BSE 200 Sensex Select Mid Cap BSE Mid Cap CNX Mid Cap Select Focus Nifty Sensex India Leadership Nifty BSE 500 SMILE Fund CNX Mid Cap BSE 500 Capex Opportunities BSE Capital Goods BSE 500 Rural India BSE 500 Sensex Equity Multiplier CNX Mid Cap Sensex Select Small Cap BSE Small Cap BSE Mid Cap Six Months 21.9% 17.7% 13.5% 26.4% 17.7% 13.5% 16.8% 15.6% 18.3% 25.2% 13.4% 13.5% 20.1% 13.4% 18.1% 29.0% 18.3% 18.1% 22.8% 23.0% 18.1% 24.7% 18.1% 13.5% 19.1% 18.3% 13.5% 10.9% 25.4% 15.6% One Year 33.2% 31.9% 25.2% 35.4% 31.9% 25.2% 26.3% 28.5% 38.4% 39.1% 25.8% 25.2% 28.3% 25.8% 32.4% 40.3% 38.4% 32.4% 47.9% 72.8% 32.4% 34.6% 32.4% 25.2% Two Years 33.4% 33.5% 33.4% 29.8% 33.5% 33.4% 38.2% 28.3% 30.2% 39.8% 20.8% 33.4% 27.7% 30.8% 33.7% 32.6% 30.2% 33.7% 44.8% 45.3% 33.7% Three Years 41.1% 36.9% 39.1% 42.5% 36.9% 39.1% 48.9% 37.7% 36.6% 45.7% 35.4% 39.1% 42.4% 35.4% 38.0% Four Years 37.9% 32.1% 32.7% 46.9% 32.1% 32.7% 50.8% 37.7% 34.3% 40.0% 29.8% 32.7% - Five Years 49.5% 42.2% 40.2% 54.7% 42.2% 40.2% 62.6% 50.0% 49.4% 51.4% 37.6% 40.2%

Past performance may or may not be sustained in the future; Returns computed on compounded annualised basis using NAV of Growth Option as on January 31, 2008; Relevant benchmarks highlighted in italics; For Equity Multiplier and Select Small Cap, returns for funds and benchmark computed on absolute basis from allotment date

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Sundaram BNP Paribas Asset Management Company

PROFILE OF FUND MANAGERS


N Prasad is the Chief Investment Officer and has an experience of nearly 15 years in the financial markets, straddling equity research and fund management. A Post-Graduate in Commerce, he started his career with Canara Bank before moving to the then-nascent fund management industry at the turn of the 90s. After stints with Canbank Mutual and ICICI Mutual as fund manager, Prasad joined our fund house in 1996 as Chief Investment Officer.

Satish Ramanathan, a CFA Charter Holder, is the Head-Equities. He is a graduate from IITMadras who has specialised in Finance & MIS in his MBA. He has extensive experience in the asset management business with stints in Research division of Sundaram AMC and managing funds for Franklin Templeton. He has been involved in equity research for more than a decade and brings expertise in tracking several key sectors in the Indian economy. Satish Ramanathan manages Select Mid Cap, Tax Saver, Select Small Cap, Equity Multiplier and the equity portfolio of the Balanced Fund and Monthly Income Plan. K. Ramkumar is the Head-Fixed Income. He is a science graduate from Madras University and a Cost Accountant. He is a Certified Associate of Indian Institute of Bankers and has done Diploma in Business Finance from the ICFAI, Hyderabad. He has over 15 years experience in the Mutual Fund Industry. His prior experience includes 12 years with UTI Mutual Fund and 4 years with SBI Funds Management. Ramkumar manages Floating Rate Short Term, Floating Rate Long Term, Bond Saver, Monthly Income Plan and Value Plus. He is also the Co-Fund Manager for Liquid Plus & Fixed Term Plans. Srividhya Rajesh, a CFA Charter Holder, focuses on the equity markets. She is also a management graduate from BITS Pilani and has done specialized courses in equity research and financial applications from ICFAI, Hyderabad. She has been with us from the time the fund house started operations in 1996. A two-year stint at the broking arm Kotak Mahindra opened a window to the equity markets. Srividhya Rajesh manages Select Focus, Capex Opportunities and equity portfolio of Value Plus.

S Krishnakumar is the Head-Research. An engineer from REC (now National Institute of Technology), Trichy, he did an MBA from LIBA, Chennai. He has worked for 18 years of which the latest eleven years relate to the equity markets. Before joining our fund house, he was Vice President (Research) at Anush Shares & Securities. Krishnakumar is the Fund Manager for the S.M.I.L.E Fund, Energy Opportunities and Tax Saver 98

J Venkatesan, a Cost Accountant and a Post-Graduate in Commerce, has an experience of more than two decades in the banking and asset management businesses. A seven-year stint at Canara Bank was followed by a shift to the asset management industry through Canbank Mutual Fund. With a rich experience of close to ten years in fund management, he joined Sundaram BNP Paribas Asset Management in January 2006. Venkatesan is the Fund Manager for the Rural India Fund, Growth, India Leadership Fund and Global Advantange.

Rahul Pal focuses on the fixed-income space. He is a Chartered Accountant. A three-year stint at IDBI Treasury provided an apt learning ground on the intricacies of fixed-income market. Rahul then joined Sundaram BNP Paribas Asset Management with an active role in fund management. Rahul Pal manages Money Fund and the fixed income portfolio of our Balanced Fund. He is the Co-Fund Manager for Liquid Plus & Fixed Term Plans.

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Sundaram BNP Paribas Asset Management Company

For risk factors please refer page 23

Call Sundaram BNP Paribas Mutual offices at: Agra: 9319145256 Ahmedabad: 66613337 / 26440442 Amritsar: 9878021024 Anand: 9327583372 Bangalore: 22076707 / 22126850 Baroda: 3203204 / 2320671 Bhavnagar: 2513494 Bhopal: 3203306 / 9425376375 Bhubaneswar: 3208280 Calicut: 9847582339 Chandigarh: 5009166 / 5019166 Chennai - H.O.: 28583362 / 28569900 Chennai Sales Office: 28237262 / 28237363 Cochin: 4027747/48 Coimbatore: 04224360058/2542816 Dehradun: 3203262 / 9719166626 Doha: 974-4257243 / 974-5168962(m) Dubai: 971-055-9146215 Goa: 9860817771 Guwahati: 9954166281 Gwalior: 9826857737 Hyderabad: 23393669 / 23390815 / 23397600 Indore: 3203204 Jaipur: 5118364/3213853 Jallandhar: 9872120037 Jammu: 9906900690 Jodhpur: 9314613766 Kanpur: 3018530 / 3013530 Kolkata: 30580160 / 61 / 62 / 63 / 22816707 / 22835504 Lucknow: 3017782 /3017783 / 9415109859 Ludhiana: 3018500 / 9876197320 Madurai: 4376801 / 4377478 Mumbai Back Office: 22842878 / 22842879 Mumbai Sales Office: 24820300/ 24986200 Nagpur: 0712-2567346 Nashik: 9326788990 New Delhi: 23730246 / 23353276 / 41515138 / 41515139 Patna: 3200593 Pondicherry: 9443090091 Pune: 30280927 / 28 / 29 / 30 Raipur: 9893313588 Rajkot: 98250 48797 Salem: 4042827 / 9843081847 Shimla: 9318701056 Surat: 2461384 / 85 Tirunelveli: 9841284367 Trichy: 2741509 / 4020828 Trivandrum: 9847089134 Udaipur: 9314280777 Ujjain: 9926262432 Varanasai: 9935243721 Vellore: 9843242336 Vijayawada: 2470778 / 9848032734 Vizag: 3209440 / 98480 35892

Mutual Fund: Sundaram BNP Paribas Mutual Fund Investment Manager: Sundaram BNP Paribas Asset Management Company
SPONSORS:

Trustee: Sundaram BNP Paribas Trustee Company A member of BNP Paribas Investment Partners Address: Sundaram Towers, II Floor, 46 Whites Road, Chennai - 600 014 India
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Sundaram BNP Paribas Asset Management Company