NOVEMBER 2008 FACTSHEET Equity Outlook

ndia has been through probably one of the worst terror attacks in history and while that would have its impact on the economy, we believe that prompt policy action in terms of Ireduction of interest rates, announcement and award of large and profitable infrastructure projects (which can be financed during these times), increasing the attractiveness of the equity markets through lower tax rates, etc. could quickly restore business confidence. Prateek Agrawal HEAD - EQUITY

% Change Comments Index Price 1 month 6 month MSCI World 893 (6.72) (45.23) was one of the worst performing economies globally as Sensex 9,093 (7.10) (46.30) the stress on the economy increased. Despite of the sharp fall Dow Jones 8,829 (5.32) (34.83) in prices of imported commodities, the trade deficit MSCI Emerging Mkts 527 (7.63) (57.49) continued to be high and there has been a sharp drop in the MSCI Latin America 2,028 (6.66) (63.31) foreign exchange reserves. Lead indicators like monthly auto MSCI EM Asia 212 (7.17) (53.33) sales point to a drop in IIP figures going forward. Commodity prices have declined sharply and the producers may be S&P 500 index 896 (7.48) (41.10) saddled with large inventory losses apart from reduced FTSE 100 4,288 (2.04) (32.33) margins from continued operations. Hang Seng 13,888 (0.58) (45.99) Nikkei 8,512 (0.75) (44.71)

Sectoral Index % Change Comments Price 1 month 6 month BSE Midcap 2,886 (9.82) (57.70) The performance of the various sectoral indices bring about BSE 200 1,062 (7.27) (49.12) the same trends. While defensive businesses like FMCG and BSE Healthcare 2,888 3.93 (35.82) pharmaceuticals have outperformed, metals, auto and real BSE Metal 4,383 (18.34) (74.15) estate have been underperformers. Operating environment BSE Capital Goods 6,387 (8.98) (52.85) has become less favorable for midcaps vs large caps and BSE Auto 2,331 (13.22) (50.69) Midcap index has continued to underperform. BSE Oil 5,618 (9.32) (47.23) BSE Tech Index 2,002 (7.39) (45.82) BSE FMCG Index 1,937 7.60 (22.12) BSE Real Estate 1,561 (21.09) (78.82) BSE Bank Ex 4,645 (7.30) (42.15) NSE Volatility Index 57.44

Outlook We believe that the period of forced selling on account of de- we believe that prompt policy action in terms of reduction of leveraging may be slowly getting behind us. The flows into the interest rates, announcement and award of large and profitable market are now longer term in nature. Over the next 3-4 months, infrastructure projects (which can be financed during these we expect the total institutional flows into the stock markets to times), increasing the attractiveness of the equity markets be balanced or positive vs. significant net selling witnessed over through lower tax rates, etc. could quickly restore business the past several months. This is on account of the fact that the life confidence. insurance companies, who have been willing buyers, get a large We believe that the ability of the government to spend during part of their yearly inflows during this period and their ability to FY10 has improved significantly given the current prices of invest would get further enhanced. While global influence on fertilizers and crude oil while that of corporate India may have Indian market would remain, it may reduce going forward on taken a hit on account of state of the capital markets and have account of reduced flows. positioned the portfolio accordingly. We continue to remain We continue to believe that while the Indian economy would positive on banking space because we believe that banks today experience a slowdown, the current market levels of around have the pricing power and are in a position to choose good 9000 on the Sensex, adequately reflect this fact and in terms of credit at profitable terms. valuations, we are trading at one of the lowest valuations seen Going forward, we continue to believe that the valuations are over past several years. cheap but the markets would remain volatile and expect the large India has been through probably one of the worst terror attacks cap outperformance to continue. in history and while that would have its impact on the economy, Fixed Income Outlook

nterest rates are expected to drop further on the back of easy liquidity and possible rate reductions by the RBI. The corporate credit spreads would take a while before they start Icontracting. Hence, in the near term, Gilts are expected to outperform corporate bonds. Sujoy Kumar Das HEAD - FIXED INCOME

MACRO ECONOMIC REVIEW Interest rates are heading downwards. 10.45%, up from 9.8% in September 2008. India’s Index of Industrial Production (IIP) rose by 4.8% in FIIs have pulled out $13.6 billion YTD. September 2008 compared with 1.3% in August, but was still Global Crude Oil is currently trading at $42.5 per barrel, a 3.5 lower than 7.4% in September 2007. The sequential increase year low. in IIP numbers has been supported by a strong growth by capital goods sector, which grew by 18.8% as against 2.3% in In the US, the Fed announced an additional gargantuan bailout August. package of US$ 800 bn closely following on the heels of the first bailout package of US$ 750 bn. The second plan is seen as India’s GDP growth has headed significantly downward. The another attempt to drive down mortgage rates further so that GDP growth for the last quarter was 7.6%, far below the last 3 lending activity gathers pace. year's average of 9%. Another major development in the US was the Treasury Wholesale Price Index (WPI) based inflation eased to 8.84% for agreeing to bailout financial giant Citigroup by infusing $20 the week ending November 15, 2008 witnessing a declining billion of equity funding. It has also agreed to shoulder most of trend for three consecutive weeks. Citigroup’s losses on the bank’s risky assets amounting to However, inflation based on consumer price index (CPI) for about $306 billion. As a fee for this arrangement, Citigroup industrial workers has crossed double-digit in October 2008 will issue preferred shares to the Treasury and FDIC. for the first time since 1995. The CPI for October 2008 was at

FIXED INCOME UPDATE The Indian fixed income market has witnessed sharp drop in fixed income market has been induced by liquidity and the rates. softening bias of RBI. The short term interest rates have come down sharply too. The The slope of the yield curve has also changed over the month. average MIBOR for the month of November 2008 was 7.27% The yield curve is currently positively sloped and is in the compared to 10.34% for October 2008. process of flattening out. The benchmark 3 month Bank CD (Certificate of Deposit) rates The Benchmark 10 Year G-Sec has rallied by over 50 bps over have dropped to an average of 9.99% for November 2008 the month and is currently trading at sub 7% levels. (from an average of 12.95% for October 2008) Possible future rate cuts by the RBI have been discounted in the The banking system is flushed with liquidity. The rally in the current prices by market participants.

OUTLOOK Interest rates are expected to drop further on the back of easy All Gilt funds and Income funds with higher weightages in Gilts liquidity and possible rate reductions by the RBI. and running moderate interest rate durations are expected to The corporate credit spreads would take a while before they outperform the market over the next 6 to 9 months. start contracting. Hence, in the near term, Gilts are expected to G-Sec yields can see a sharp fall from the current levels with the outperform corporate bonds. ‘flight to quality’ movement catching momentum and easy In the second quarter of 2009, with possible balance sheet liquidity conditions prevailing. contraction, lower issuances form the corporate sector and easy liquidity conditions prevailing, the corporate spreads will contract. Bharti AXA Equity Fund

INVESTMENT OBJECTIVE FUND MANAGER To generate income and long-term capital appreciation through a diversified portfolio of Prateek Agrawal predominantly equity and equity-related securities including equity derivatives, across all Experience : Managing this fund since launch. Total of 14 market capitalizations. The Scheme is in the nature of diversified multi-cap fund. The years of experience in the market on buy and sell side. Scheme is not providing any assured or guaranteed returns.

All data as on November 30, 2008

SCHEME INFORMATION NAV (Rs.) (as on November 28, 2008) Fund Type: Open Ended Equity Growth Fund Bharti AXA Equity Fund Regular Plan - Bonus 9.89 Benchmark : S&P CNX Nifty Index Bharti AXA Equity Fund Regular Plan - Regular Dividend 9.89 Date of Allotment : October 21, 2008 Bharti AXA Equity Fund Regular Plan - Quarterly Dividend 9.89 AUM: Rs. 18.58 Cr Bharti AXA Equity Fund Eco Plan - Growth 9.89 Total Expense Ratio Bharti AXA Equity Fund Eco Plan - Bonus 9.89 Regular Plan : 2.50% Bharti AXA Equity Fund Eco Plan - Regular Dividend 9.89 Institutional Plan : 1.75% Bharti AXA Equity Fund Eco Plan - Quarterly Dividend 9.89 Eco Plan : 2.25% SECTOR ALLOCATION PERFORMANCE (Absolute %) Metals 2.50%

Telecom 4.29% Bharti AXA Equity S & P Pharma 5.61% Period Fund - Regular - CNX Nifty Industrial Manufacturing 6.21% Growth Automobile 6.60%

IT 6.67%

Construction 6.77%

Energy 8.17% Since Inception 3.2359 2.1524 Cash & Cash Equivalent & Fixed Deposit 10.08% Consumer Goods 11.06%

Derivatives 14.02%

Financial Services 18.02%

LOAD STRUCTURE Investments Institutional Regular Plan Eco Plan through SIP / STP Plan Entry Load • For investments < Rs.2 Cr. - 2.5% 2.50% 2.50% NIL • For investments Rs.2 Cr. - Nil. By a FOF (irrespective of the amount of Purchase) - Nil as a result of Dividend Re-investment - Nil

Exit Load • For investments below Rs.2 Cr.: 1% if redeemed within 6 1 % if redeemed 1 % if redeemed NIL months from date of allotment within 6 months within 6 months • For investments Rs.2 Cr. and upto Rs.5 Cr.: 0.25% if from date from date of redeemed within 3 months from date of allotment of allotment allotment • For investments above Rs. 5 Cr. - Nil PORTFOLIO DETAILS

Portfolio Holdings AMFI Sector Market Value % to Net Portfolio Holdings AMFI Sector Market Value % to Net Classification In (Rs. lakhs) Assets Classification In (Rs. lakhs) Assets

EQUITY & EQUITY RELATED Bharat Heavy Electricals Ltd Industrial Manufacturing 58.52 3.15% Listed / awaiting listing on the stock exchanges Suzlon Energy Ltd Industrial Manufacturing 56.95 3.06% Hindustan Petroleum Corp. Ltd. Energy 96.39 5.19% Bank of India Financial Services 55.60 2.99% United Spirits Ltd Consumer Goods 85.08 4.58% Reliance Infrastructure Ltd Energy 55.43 2.98% Infosys Technologies Ltd. IT 82.59 4.44% Nagarjuna Construction Co. Ltd Construction 53.16 2.86% Bharti Airtel Ltd Telecom 79.79 4.29% Sterlite Industries ( India ) Ltd Metals 46.50 2.50% Union Bank Of India Financial Services 75.90 4.08% Oracle Financial Ser. Software Ltd IT 41.48 2.23% Larsen & Toubro Ltd. Construction 72.59 3.91% Lupin Ltd Pharma 38.10 2.05% ICICI Bank Ltd Financial Services 71.67 3.86% Total 1,410.61 75.90% State Bank of India Financial Services 68.14 3.67% DERIVATIVES Sun Pharmaceuticals Industries Ltd Pharma 66.12 3.56% NIFTY Index Future Dec 2008 260.53 14.02% Hero Honda Motors Ltd. Automobile 63.58 3.42% Total 260.53 14.02% Oriental Bank of Commerce Financial Services 63.52 3.42% Cash & Cash Equivalent & Fixed Deposit 187.59 10.08% ITC Ltd Consumer Goods 60.53 3.26% GRAND TOTAL 1,858.73 100.00% Hindustan Unilever Ltd Consumer Goods 59.90 3.22% Maruti Suzuki India Ltd Automobile 59.07 3.18%

Given that the scheme has been launched recently and the performance history is available only for a short period, Standard Deviation, R-Squared, Beta, Sharp Ratio, and Portfolio Turnover have not been incorporated. For these ratios to be meaningfully computed and and interpreted, larger term performance data is required. No dividend has been declared till November 30, 2008. Bharti AXA Liquid Fund

Rated INVESTMENT OBJECTIVE FUND MANAGER AAAf The Scheme seeks to deliver reasonable market related Sujoy Kumar Das by CRISIL returns with lower risk and higher liquidity through portfolio of Experience: Managing this fund since July 2008. Total of debt and money market instruments. 7 years of experience in fund management.

All data as on November 30, 2008

SCHEME INFORMATION NAV (Rs.) (as on November 30, 2008) Fund Type: Open Ended Liquid Scheme Regular Plan - Growth 1036.1146 Benchmark : CRISIL Liquid Fund Index Date of Allotment : July 16, 2008 Regular Plan - Weekly Dividend 1001.3672 AUM: Rs. 210.17 Cr Institutional Plan - Growth 1038.3324 Entry Load: Nil Institutional Plan - Daily Dividend 1000.0007 Exit Load: Nil Total Expense Ratio Super Institutional Plan - Growth 1039.0563 Regular Plan : 0.90% Super Institutional Plan - Daily Dividend 1000.0007 Institutional Plan : 0.40% Super Institutional Plan : 0.25% Average Maturity: 5 days Modified Duration : 4 days

PERFORMANCE (Simple Annualised %) PERFORMANCE (Simple Annualised %) 14 Bharti AXA Liquid 12 CRISIL Liquid Fund Period Fund - Super IP - 10 Index Growth 8 6 7 Days 9.0959 9.9363 4 15 Days 9.2576 9.9553 2 30 Days 9.7106 10.6809 0 3 Months 10.7129 9.7133 7 Days 15 Days 30 Days 3 Months Since Inception Since Inception 10.482 9.3409 Bharti AXA Liquid Fund - Super IP - Growth CRISIL Liquid Fund Index

CREDIT PROFILE COMPOSITION BY ASSETS

0.94% 36.98% 36.04%

Money Market Instruments A1+, P1+ (Money Market Instruments only) Cash & Cash Equivalent* 63.02% SOV 63.02% Cash & Cash Equivalent*

*Including Debt Instruments with daily put and call option *Including Debt Instruments with daily put and call option PORTFOLIO DETAILS

Portfolio Holdings Rating/ Market Value% to Net Portfolio Holdings Rating/ Market Value% to Net Industries In (Rs. lakhs) Assets Industries In (Rs. lakhs) Assets

DEBT INSTRUMENTS Certificate of Deposit Unlisted Oriental Bank of Commerce P1+ 2,499.26 11.89% ICICI Securities Ltd P1+ 3,000.00 14.27% State Bank of Mysore A1+ 1,494.84 7.11% Tata Motors Limited A1+ 3,000.00 14.27% The Jammu & Kashmir Bank Ltd. P1+ 1,095.02 5.21% Mahindra & Mahindra Fin. Ser. Ltd P1+ 2,800.00 13.32% ICICI Bank Ltd A1+ 992.61 4.72% Berger Paints (I) Ltd P1+ 2,500.00 11.90% Total 6,081.73 28.93% Hero Cycles Ltd P1+ 2,500.00 11.90% Commercial Paper Redington (India) Ltd P1+ 2,500.00 11.90% Housing Development Fin. Corp. Ltd. P1+ 1,495.58 7.11% ICICI Securities Primary Total 1,495.58 7.11% Dealership Ltd P1+ 2,000.00 9.52% CASH & CASH EQUIVALENT Total 16,300.00 87.08% CBLO / Reverse Repo Investments 899.53 4.28% MONEY MARKET INSTRUMENTS Net Receivables/Payables (5,957.17) -28.34% Treasury Bill Total (5,057.64) -24.06% TBILL 91 DAY SOV 197.43 0.94% Total 197.43 0.94% GRAND TOTAL 21,017.10 100.00%

All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. Bharti AXA Treasury Plus INVESTMENT OBJECTIVE FUND MANAGER Rated The Scheme seeks to deliver reasonable market related Sujoy Kumar Das AAAf Experience: Managing this fund since July 2008. Total of by CRISIL returns with lower risk and higher liquidity through portfolio of debt and money market instruments. 7 years of experience in fund management.

All data as on November 30, 2008

SCHEME INFORMATION NAV (Rs.) (as on November 28, 2008) Fund Type: Open Ended Income Scheme Regular Plan - Growth 1036.9007 Benchmark : CRISIL Liquid Fund Index Regular Plan - Weekly Dividend 1001.7878 Date of Allotment : July 16, 2008 AUM: Rs. 70.10 Cr Institutional Plan - Growth 1039.0868 Entry Load: Nil Institutional Plan - Daily Dividend 1000.0106 Exit Load: Nil Institutional Plan - Weekly Dividend 1001.8840 (0.25% will be charged if redeemed Institutional Plan - Monthly Dividend 1000.7757 before 7 days from date of allotment) Total Expense Ratio Regular Plan : 0.90% PERFORMANCE (Absolute %) Institutional Plan : 0.40% 4.5 Average Maturity: 8 days 4.0 Modified Duration : 7 days 3.5 3.0 2.5 2.0 1.5 1.0 0.5 PERFORMANCE (Absolute %) 0 7 Days 15 Days 30 Days 3 Months Since Inception Bharti AXA Liquid Fund - Super IP - Growth CRISIL Liquid Fund Index Bharti AXA CRISIL Liquid Fund Period Treasury Plus - Index IP - Growth COMPOSITION BY ASSETS

7 Days 0.1864 0.1913 31.18% 15 Days 0.3715 0.3841 30 Days 0.8494 0.8898 3 Months 2.7093 2.3977 Money Market Instruments Since Inception 3.9378 3.4544 Cash & Cash Equivalent* 68.82%

*Including Debt Instruments with daily put and call option CREDIT PROFILE DIVIDEND HISTORY

Dividend / Dividend / NAV^ as Unit Unit on 68.82% Record Date 28.33% Declared Declared Record (in %) (in Rs.) Date P1+, A1+ Institutional - Monthly 25-Sep-08 0.4298467a 4.298467a 1004.9171a (Money Market Instruments only) b b b 2.85% 25-Sep-08 0.4000682 4.000682 1004.9171 SOV 27-Oct-08 0.9315712a 9.315712a 1010.6583a Cash & Cash Equivalent* 27-Oct-08 0.8670349b 8.670349b 1010.6583b 25 Nov 08 0.727174a 7.27174a 1008.3155a 25 Nov 08 0.6767984b 6.767984b 1008.3155b *Including Debt Instruments with daily put and call option ^Pursuant to payment of dividend , NAV of the Dividend Option of the Plan/Scheme will fall to the extent of such dividend payment and applicable statutory levy PORTFOLIO DETAILS (taxes, levies, cess etc.), if any. aIndividual/HUFs bOthers

Portfolio Holdings Rating/ Market Value% to Net Portfolio Holdings Rating/ Market Value% to Net Industries In (Rs. lakhs) Assets Industries In (Rs. lakhs) Assets

DEBT INSTRUMENTS Certificate of Deposit Unlisted State Bank of Mysore A1+ 994.12 14.18% ICICI Securities Ltd P1+ 1,000.00 14.27% Oriental Bank of Commerce P1+ 991.86 14.15% Mahindra & Mahindra Fin. Ser. Ltd P1+ 500.00 7.13% Total 1,985.98 28.33% Berger Paints (I) Ltd P1+ 500.00 7.13% CASH & CASH EQUIVALENT Hero Cycles Ltd P1+ 500.00 7.13% CBLO / Reverse Repo Investments 2,263.79 32.29% Total 2,500.00 35.66% Net Receivables/Payables 60.46 0.87% MONEY MARKET INSTRUMENTS Total 2,324.25 33.16% Treasury Bill TBILL 91 DAY 2008 SOV 199.86 2.85% GRAND TOTAL 7,010.09 100.00% Total 199.86 2.85%

All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. Disclaimer/Statutory Details

This report is as of November 30, 2008. Statements relating to outlook and forecast are the opinions of the respective Authors. The views expressed by the author are personal and are not necessarily that of Bharti AXA Investment Managers Private Limited. This report is for information purpose only and is not intended to be any investment advise. Please make independent research / obtain professional help before taking any decision of investment / sale. Bharti AXA Investment Managers Private Limited (BAIM) makes no representation as to the quality, liquidity or market perception on any securities/ issuer / borrower, if described in the report above, nor does it provide any guarantee whatsoever. Information and material used in this report are believed to be from reliable sources. However, BAIM does not warrant the accuracy, reasonableness and/or completeness of any information. BAIM does not undertake to update any information or material in this report. Decisions taken by you based on the information provided in this report are on your own account and risk. BAIM and any of its officers, directors and employees shall not be liable for any loss or damage of any nature, as also any loss of profit in any way arising from the use of this material in any manner. BAIM or its directors, officers and employees, including author of this report / persons involved in the preparation or issuance of this report may, from time to time, have long or short positions in, and buy or sell the securities, if any, mentioned herein or have other potential conflict of interest with respect to any recommendation and related information and opinions given in the report. This report, or any part of it, should not be duplicated, or contents altered / modified, in whole or in part in any form and or re- distributed without BAIM's prior written consent. © Bharti AXA Investment Managers Private Limited 2008.

Disclaimer from CRISIL This rating indicates that the proposed portfolio holdings of Bharti AXA Liquid Fund and Bharti AXA Treasury Plus will provide “very strong” protection against losses due to credit defaults. CRISIL's rating is not an opinion on Bharti AXA Investment Managers Private Limited (“AMC”) willingness or ability to make timely payments to investors. The rating is also not an opinion on the stability of the Schemes Net Asset Value (NAV), as the NAV could vary with developments in the market.

Statutory Details Bharti AXA Mutual Fund has been set up as a Trust (under the Indian Trust Act, 1882) by AXA Investment Managers, Sponsor of the Fund. Trustee: Bharti AXA Trustee Services Private Limited, a limited liability company. Investment Manager: Bharti AXA Investment Managers Private Limited, a limited liability company. The Sponsor is not responsible for any loss resulting from the operations of the schemes beyond the contribution of an amount of Rs. 1 lakh made by it towards setting up the Mutual Fund.

Risk Factors All mutual funds and securities investments are subject to market risks and there can be no assurance that the Scheme's objectives will be achieved and the NAV of the Plans under the Scheme may go up or down depending upon the factors and forces affecting the securities market. Past performance of the Sponsors and their affiliates / AMC / Mutual Fund and its Scheme(s) do not indicate the future performance of the Scheme of the Mutual Fund. Investors in the Scheme are not being offered any guaranteed / assured returns. The NAV of the units of the Plan issued under the Scheme may be affected, interalia by changes in the interest rates, trading volumes, settlement periods, transfer procedures, and performance of individual securities. The names of the Scheme(s) do not in any manner indicate either the quality of the Schemes, their future prospects or returns. Bharti AXA Investment Managers Private Limited being a newly set up AMC, does not possess prior track record of managing any Schemes. Bharti AXA Liquid Fund, Bharti AXA Treasury Plus and Bharti AXA Equity Fund are maiden schemes in the Liquid, Income and Equity Scheme categories respectively, being launched under its management. For Scheme specific risk factors and other details refer to the offer documents of the respective schemes. Copies of the Offer Documents / Scheme Information Documents / Key Information Memoranda can be obtained at any of our Investor Service Centres or AMC Website www.bhartiaxa-im.com. Statement of Additional Information is available on AMC Website. Mutual Fund Investments are subject to market risks. Investors are requested to read the Offer Document / Addenda carefully before investing. Bharti AXA Investment Managers’ Branches - Investor Service Centers (ISC) : 401-402, 4th floor, 3rd EYE, Panchvati Cross Road, C.G. Road, Ahmedabad - 380006. • Bangalore : N 307, 3rd Floor, Manipal Centre, 47 Dickenson Road, 78th Municipal Division, Bangalore 560042 • Bangalore : SJR Maximus,1st Floor, 1st Main Road, Sadashiv nagar, Vayalikaval, Malleshwaram,Bangalore. • Baroda : 39 to 45, 2nd floor, Trident, Near Race course circle Baroda - 390 007 • Bhubaneshwar : Gr Floor, Chandan Villa, Plot No. 1258, Road No. 8, Unit IX, Bhubaneswar - 751 022 • Chandigarh : Suit No. 2, 3rd floor, SCO No.37-38, Sector 17- C, Chandigarh 160 017 • : 2nd floor, Metro Plaza, 162, Anna Salai, Opp Spencer Plaza, Chennai – 600 002. • Cochin : 1st Floor, Gauri Narayan, Near Shenoy Theatre & Jayalskhmi Silks, M.G.Road, Cochin - 682 015 • Gurgaon : Gr Floor, Tower B, UniTech Cyber Park, Gurgaon - 122 001 • Guwahati : 7th floor,dee tee towers, down town hospital complex, G.S Road, Dispur- 781006 • Hyderabad : 3rd, Floor, 6-3- 666/B/6,Gokul Towers, Punjagutta, Hyderabad – 500082. • Indore : Office No 109, 1st Floor, GOLD STAR building, 576 M G Road, Indore, MP - 452 001 • Jaipur : 16/301, Sangam Tower, 190 Church Road, M.I. Road, Jaipur 302 001. • Kanpur : 1st floor,Padam Tower,Civil Lines, (Stock Exchange Building) Kanpur- 208 001 • Kolkatta : No. 3rd Floor, Unit No. 3W, The Millenium, 235/2A, A J C Bose Road, Kolkatta - 700 020 • Kolkatta : PAM Plaza, 6th flr, 169, Rasbehari Avenue, Gariahat, kolkatta - 700 019 (Above Vishal Mega Mart) • Lucknow : Ground Floor, Plot no TC-57/V,Shalimar Tower, Vibhuti Khand, Gomti Nagar • : G-454 IC Towers, BRS Nagar, Opp Verka Milk Plant, Ferozpur Road, Ludhiana – 141 004. • Mumbai : Office No 2 to 13, 1st Floor, Botawala Chambers, P M Road, Fort, Mumbai 400 001 • Mumbai : 9th Floor & 11th Floor, Maithali Signet, Plot #39/4, Sector 30-A, Station road, Vashi, Navi Mumbai - 400703 • Mumbai : 51, 5th floor, Kalpataru Synergy, Opp Grand Hyatt, Vakola, Santacruz (E), Mumbai 400 055 • New Delhi : 7th Floor, Prakashdeep Building, 7, Tolstoy Marg, New Delhi-110001 • Noida : 3rd floorK-24,Sector 18, Noida - 201301 • Panjim : Gr Floor, Magnum Plaza, Zarina Towers - II,ST Inez, Panjim Goa - 403 001 • Patna : 4th floor,Ashiana Chamber, Exhibition Road, Patna - 800001 • : 62 & 63, 3rd floor, Shreenath Plaza, Dyaneshwar Paduka Chowk, Off FC road, Shivaji Nagar, Pune 411005 • Surat : 5th Floor, International Trade Tower, Ring Road, Majura Gate Junction, Surat, Gujarat - 395002

Karvy Computershare Private Limited Locations - Investor Service Centers (ISC) Agra : Karvy Computershare Private Limited, 1St Floor, Deepak Wasan Plaza Sanjay Place, Behind Holiday Inn, Agra - 282 002 • Ahmedabad : Karvy Computershare Private Limited, 309, Shail Buildings Opp : Madhusudhan House Off : C G Road Nr. Navrangpura Telephone Exchange Ahmedabad - 380 006 • Allahabad : Karvy Computershare Private Limited, Rsa Towers, 2Nd Floor, Above Sony Tv Showroom, 57, S P Marg, Civil Lines, Allahabad - 211001 • Amritsar : Karvy Computershare Private Limited, 72-A, Taylor’S Road Aga Heritage Gandhi Ground Amritsar - 143 001 • Asansol : Karvy Computershare Private Limited, 18, G T Road, 1St Floor, Asansol - 713 301 • Aurangabad : Karvy Computershare Private Limited, Shop No : 214/215 Tapadiya City Centre Nirala Bazar Aurangabad - 431 001 • Bangalore : Karvy Computershare Private Limited, No : 51/25, 1 St Floor Surya Building Ratna Avenue, Richmond Road Bangalore - 560 025 • Baroda : Karvy Computershare Private Limited, Piccadilly, Office # 5, First Floor, Opp. Adani Super Market, Jetalpur Road, Vadodara - 390007 Gujarat • Bhilai : Karvy Computershare Private Limited, No.138, New Civic Centre Bhilai - 490 006 Dist-Durg Chattishgarh • Bhopal : Karvy Computershare Private Limited, Kay Kay Busniss Centre 133 Zone I M P Nagar Bhopal-462021 • Bhubaneswar : Karvy Computershare Private Limited, 624, Sahid Nagar, 1St Floor, Bhubaneswar - 751007 • Chandigarh : Karvy Computershare Private Limited, Sco-371-372 First Floor Above Hdfc Bank Sector 35B Chandigarh - 160 022 • Chennai : Karvy Computershare Private Limited, Flat No F11,First Floor, Akshya Plaza,(Erstwhile Harris Road), Opp Chief City Metropolitan Court, # 108,Adhithanar Salai,Egmore, Chennai - 600002 • Cochin : Karvy Computershare Private Limited, Shop No. Ii, 2Nd Floor Jewel Arcade, (Above Oriental Insurance Ltd) Layam Road Cochin - 682 011 • Coimbatore : Karvy Computershare Private Limited, 29/1, I ‘St Floor,Chinthamani Nagar Opp To Indian Overseas Bank Nsr Road,Saibaba Colony Coimbatore- 641011 • Dehradun : Karvy Computershare Private Limited, Kaulagarh Road Near Sirmaur Marg Above Reliance Webworld Dehradun - 248 001 • Durgapur : Karvy Computershare Private Limited, Old Dutta Automobiles Building 1St Floor, Nachan Road, Benachity Durgapur - 713 213 : Karvy Computershare Private Limited, 1St Floor, C-7, Lohia Nagar, Ghaziabad - 201 001 • Gorakhpur : Karvy Computershare Private Limited, Above V.I.P. House Ajdacent A.D. Girls Inter College, Bank Road Gorakpur - 273 001 • Gurgaon : Karvy Computershare Private Limited, Shop No. 18, Ground Floor, Sector - 14, Opp. Akd Tower, Near Huda Office, Gurgaon - 122001 • Guwahati : Karvy Computershare Private Limited, 54 Sagarika Bhawan R G Baruah Road (AIDC Bus Stop) Guwahati 781024 • Gwalior : Karvy Computershare Private Limited, Shindi Ki Chawani, Nadi Gate Pul, Mlb Road, Gwalior - 474 001 • Hissar : Karvy Computershare Private Limited, Sco 71, 1St Floor, Red Square Market, Hissar - 125001 • Hubli : Karvy Computershare Private Limited, Giriraja House No.451/B, Ward No.1 Club Road Hubli - 580 029 • Hyderabad : Karvy Computershare Private Limited, 8-2-596 Karvy Plaza, Avenue 4, Street No.1 ,Banjara Hills, Hyderabad - 500 034 • Indore : Karvy Computershare Private Limited, Lg - 3, Bombay Trade Centre Lower Ground Floor,Grand Hotel Opp Bombay Hospital ,Scheme No 54 Indore - 452010 • Jabalpur : Karvy Computershare Private Limited, 43, Naya Bazar Jabalpur (M.P.) • Jaipur : Karvy Computershare Private Limited, S- 16 A, 3Rd Floor Land Mark, Opposite Jaipur Club Mahavir Marg, C- Scheme Jaipur - 302 001 • Jalandhar : Karvy Computershare Private Limited, Lower Ground Floor Office No : 3, Arora Prime Tower, Plot No : 28, G T Road Jalandhar - 144 004 • Jalgaon : Karvy Computershare Private Limited, 148 Navi Peth, Opp. Vijaya Bank Near. Bharat Dudhalay , Jalgaon - 425 001 • Jamshedpur : Karvy Computershare Private Limited, Kanchan Tower, 3Rd Floor, Chhaganlal Dayalji @ Sons 3-S B Shop Area, ( Near Traffic Signal ) Main Road, Bistupur, Jamshedpur - 831 001 • Jodhpur : Karvy Computershare Private Limited, 203, Modi Arcade Chupasni Road Jodhpur - 342 001 • Kanpur : Karvy Computershare Private Limited, 15/46, Opp: Muir Mills, Civil Lines, Kanpur - 208001 • Kolhapur : Karvy Computershare Private Limited, Omkar Plaza, 1St Floor, Unit - F2 & F4, Rajaram Road, Next To Icici Bank Ltd, Kolhapur - 416008 • Kolkatta : Karvy Computershare Private Limited, 16 Jatin Bagchi Road Kolkatta - 700 029 • Lucknow : Karvy Computershare Private Limited, 94, Mahatma Gandhi Marg, Opp Governor House, Hazratganj, Lucknow - 226 001 • Ludhiana : Karvy Computershare Private Limited, Sco-3, Bawa Building, Feroze Gandhi Market Ludhiana - 141001 • Madurai : Karvy Computershare Private Limited, Rakesh Towers, 30-C, Bye Pass Road Ist Floor, Opp Nagappa Motors, Madurai - 625010 • Mangalore : Karvy Computershare Private Limited, 2Nd Floor, Brigade Plaza Kudmul Ranga Rao Road Mangalore - 575 003 • Moradabad : Karvy Computershare Private Limited, Om Arcade, Parker Road, Above Syndicate Bank, Tari Khana Chowk, Moradabad - 244 001 • Mumbai : Karvy Computershare Private Limited, 26/30 ,Fort Foundation Bldg, Near Msc Bank, Chamber Of Commerce Lane Fort Mumbai - 400 023 • Nadiad : Karvy Computershare Private Limited, 105 Gf City Point, Near Paras Cinema Nadiad - 387001 • Nagpur : Karvy Computershare Private Limited, Sadoday Arcade Above Top N Town, Dharampeth Nagpur - 440 001 • Nasik : Karvy Computershare Private Limited, S-12, Second Floor, Suyojit Sankul, Sharanpur Road Nasik - 422 002 • New Delhi : Karvy Computershare Private Limited, 2E / 23, Jhandewalan Extn New Delhi - 110055 • Noida : Karvy Computershare Private Limited, 307 Jaipuria Plaza D 68 A, 2Nd Floor Opp Delhi Public School Sector 26 Noida - 201301 • Panjim : Karvy Computershare Private Limited, No.7 & 8, El. Dorado Plaza Heliodoro Salgado Road Panjim - 403 001 • Patna : Karvy Computershare Private Limited, 3A, 3rd floor ,Anand tower Beside chankya cinema hall Exhibition road Patna - 800001. • Pune : Karvy Computershare Private Limited, Srinath Plaza, C Wing, Office No. 58 And 59, 3Rd Floor, Dyaneshwar Paduka Chowk, Survy No. 184/4, F C Road, Pune - 411004 • Raipur : Karvy Computershare Private Limited, Room No.12 & 13, Ground Floor Millennium Plaza Behind Indian Coffee House G E Road, Raipur - 492 001 • Rajahmundry : Karvy Computershare Private Limited, Dr.No; 6-1-4 ,first floor Rangachary street,Tnagar Rajahmundry-533101 • Rajkot : Karvy Computershare Private Limited, 104, Siddhi Vinayak Complex Dr Yagnik Road, Opp Ramkrishna Ashram Rajkot - 360 001 • Ranchi : Karvy Computershare Private Limited, Commerce Towers, 3Rd Floor, Room No. 307, Beside Mahabir Towers, Main Road Ranchi - 834 001 • Siliguri : Karvy Computershare Private Limited, Nanak Complex, Near Church Road, Sevoke Road, Siliguri - 734001 • Surat : Karvy Computershare Private Limited, G-16 Empire State Building Nr Udhna Darwaja Ring Road Surat-395009 • Trichur : Karvy Computershare Private Limited, 2’Nd Floor, Brother’S Complex, Near Dhana Laxmi Bank Head Office, Naikkanal Junction Trichur - 680 001 • Trichy : Karvy Computershare Private Limited, 60 Srikrishna Arcade 1St Floor; Thennur High Road Trichy - 621 017 Trivandrum : Karvy Computershare Private Limited, 2Nd Floor, Akshaya Towers Sasthamangalam Trivandrum - 695 010. • Udaipur : Karvy Computershare Private Limited, 201-202, Madhav Chambers, Opp. G.P.O, Chetak Circle, Madhuban, Udaipur-313001 Varanasi : Karvy Computershare Private Limited, D-64/132,Ka 1St Floor, Anant Complex, Sigra, Varanasi - 221 010 • Vijayawada : Karvy Computershare Private Limited, 39-10-7 Opp : Municipal Water Tank Labbipet Vijayawada - 520 010 • Visakhapatnam : Karvy Computershare Private Limited, 47-14-5/1 Eswar Paradise Dwaraka Nagar Main Road Visakhapatnam - 530 016

(Investment Manager for Bharti AXA Mutual Fund) 51, 5th Floor, East wing, Kalpataru Synergy, Opp. Grand Hyatt, Vakola, Santacruz (E), Mumbai - 400 055 Toll free number : 1800-103-2263 • Alternate number : 020 - 40112300 • Website : www.bhartiaxa-im.com • Email : [email protected] *For complete Load Structure, refer scheme details/D-SIP Registration Form.

Bharti AXA Equity Fund A smart investment to make the most of volatile markets. An Open-ended Equity Growth Fund

Bharti AXA Investment Managers' new D-SIP lowers your D-SIP available with nine convenient choices: average purchase cost by entering the markets everyday, with *Daily Investment Amount Investment Duration a small investment amount. 1 month 2 months 3 months Available in three convenient daily investment installment Rs.300/- amounts and durations, you can start your D-SIP in Bharti AXA Equity Fund with as less as Rs.300/- everyday.** The D-SIP Rs.400/- # auto debit facility is available with six major banks. Rs.500/- ** # Every business day only. HDFC Bank, IDBI Bank, Kotak Mahindra Bank, D-SIP is available in Bharti AXA Equity Fund under the Regular Plan (Default) and Axis Bank, IndusInd Bank & Bank of Baroda. (Core banking branches only. Eco Plan, with compulsory Growth Option. AMC may notify other banks from time to time). *On Business Days only.

Customer Engagement Centre: Toll Free No.: 1800 103 2263, Alternate No.: 020 40112300, Email: [email protected],

Statutory Details: Bharti AXA Mutual Fund has been set up as a Trust (under the Indian Trust Act, 1882) by AXA Investment Managers, Sponsor of the Fund. Trustee: Bharti AXA Trustee Services Private Limited, a limited liability company. Investment Manager: Bharti AXA Investment Managers Private Limited, a limited liability company. The Sponsor is not responsible for any loss resulting from the operations of the Scheme beyond the contribution of an amount of Rs.1 lakh made by it towards setting up the Mutual Fund. Risk Factors: All mutual funds and securities investments are subject to market risks and there can be no assurance that the Scheme's objectives will be achieved. NAV of the Scheme may go up or down depending upon the factors and forces affecting the securities market. Past performance of the Sponsors and their affiliates / AMC / Mutual Fund and its Scheme(s) do not indicate the future performance of the Scheme of the Mutual Fund. Investors in the Scheme are not being offered any guaranteed / assured returns. Bharti AXA Investment Managers Private Limited, being a newly set up AMC, does not currently possess prior track record of managing any funds in this category. This Scheme is the maiden Scheme in the equity scheme category being launched under its management. Bharti AXA Equity Fund - an open ended Equity Growth Fund, is only the name of the Scheme and does not in any manner indicate either the quality of the Scheme, its future prospects or returns. Investment Objective: To generate income and long-term capital appreciation through a diversified portfolio of predominantly equity and equity-related securities including equity derivatives, across all market capitalizations. The Scheme is in the nature of diversified multi-cap fund. The Scheme is not providing any assured or guaranteed returns. There can be no assurance that the investment objectives of the Scheme will be realized. Asset Allocation Pattern: Equity and equity related securities* - 65% to 100%, Debt & money market securities/instruments# - 0 - 35%. *Investments in derivative instruments shall not exceed 50% of net assets of the portfolio, #no investments will be made in securitized debt. Load Structure: Entry Load: Regular Plan -Investments less than Rs.2 Cr - 2.50%. Investments of Rs.2 Cr and above - Nil; By a FOF (any value of investment) - Nil; As result of Dividend Re-investment - Nil. Eco Plan - 2.50%. SIP/ STP - 2.50%. Investments through D-SIP facility: Nil. Institutional Plan- Nil, Exit Load: Regular Plan - Investments less than Rs.2 Cr - 1%, if redeemed within 6 months from allotment date. Investments of Rs.2 Cr upto Rs.5 Cr - 0.25%, if redeemed within 3 months from allotment date, Investments above Rs.5 Cr - Nil. Eco Plan - 1% if redeemed within 6 months from allotment date, Investments through SIP/ STP - 1% if redeemed within 6 months from allotment date. Investments through D-SIP facility: 3.5% - if redeemed within 1 year from allotment date, 2.5% - if redeemed after 1 year but within 3 years from allotment date, Nil - if redeemed after 3 years from allotment date, Institutional Plan- Nil. Copy of the Offer Document / Key Information Memorandum can be obtained at any of our Investor Service Centres or AMC Website. Mutual Fund Investments are subject to market risks. Please read the Offer Document carefully before investing. Registered Office: Bharti AXA Investment Managers Pvt. Ltd., 51, 5th Floor, East Wing, Kalpataru Synergy, Opp. Grand Hyatt, Vakola, Santacruz (East), Mumbai 400 055.