Monthly Market Outlook August 2020

1 Content Page Numbers Global Scenario 4 Economy 13 Markets 30 Time To Be Neutral Weight to Equities ? 47 Value Addition By Our Partners 51 Equity Investment Opportunity 59 Should We Invest In Gold ? 64 Our Recent Calls In The Past 70 Debt Market Outlook - August 2020 71 Debt Investment Opportunity 85 Annexure 95 Disclaimer 103

2 Medical Crisis Financial Crisis Real Life Crisis

3 3 Global Scenario

4 5 5 A Combination Of Easy Monetary And Easy Fiscal Policy Is Opening The Floodgates For Easy Money In The Global Economy

Major countries have announced massive fiscal stimulus to the tune of $7.4tn (~9% of GDP) in response to the COVID-19

Central Banks globally reacted promptly by announcing aggressive cut in the policy rates to support growth

Source: IMF, Spark Capital Research 6 Giant Pool Of Low-yielding Debt Pushes Investors Into Risker Assets

86% of debt instruments yield less than 2% & 60% of debt instrument yield less than 1%

Source: ICE data services 7 Global Markets Have Fully Recovered Their Losses

Global Bonds Have Fully Recovered Their Losses Global Equities Regained The Losses

Global bonds value – Lost 5tn$ in Mar 20 & recovered entirely

Source: Bloomberg, Past Performance may or may not sustain in the future 8 Polarization Is Visible Across The World

The five largest stocks have returned 35% YTD; the other 495 stocks have declined y 5%

Source: FactSet, Goldman Sachs , Past Performance may or may not sustain in the future 9 US Bankruptcy Filings Soaring - US Business And Consumer Confidence Is Down

Source: Bloomberg 10 Chinese Activity Level ~80%+ Of Pre-Covid Level

Sub indices ( Jan 1 2020 = 100) 11 Source: WIND; EntGroup, FT Research China’s Galloping Debt and Growth With Debt

Source: IMF (dollar GDP) and BIS Data (credit to the non-financial sector) 12 Economy

13 India: Business Resumption Appears Stagnating

Source: Google, Apple, CMIE, Bloomberg and Nomura Global Economics 14 FY21 GDP Could Decline By 5 % +

Sector impact - Revenue Significantly Impacted but Costs continue

Low Medium High • Auto Ancillaries • Agricultural Produce • Aviation • Consumer Durables • Telecom • Hotels & Tourism • Housing Finance Companies • FMCG • Gems & Jewellery • Automobile OEMs • Food Processing • Multiplexes • Logistics • Online Education • Microfinance Institution • Power • Seeds & Fertilisers • Textiles ( Cotton Spinning) • Electronics • Sugar • Ports & Seafood • Banks • MSME • Engineering • News Paper • Mining • Advertising • Real Estate ( Residential) • Retailing • Financial Services • Healthcare & Pharmaceuticals Leveraged companies will find it difficult to payback Debt Please click here for our Sectoral Update Report – June 2020 15 Balance Sheet Impairment Across The Economy

Households, Corporates, Lenders and Governments Equally Vulnerable

Source: RBI , India Ratings 16 Tepid Rate Of Capital Formulation Remains Concerning

Sustained pressure on capacity utilization since FY14

Capacity utilization ratio: Top 500 Debt – Heavy private sector corporates

Source: Ace Equity, India Ratings 17 30% Of Companies In India Make RoCE At Least 2% Higher Than Cost Of Debt , In FY10, This Number Was Close To 90%

Declining spread between RoCE and Cost of Debt

Source: Ace Equity, India Ratings 18 Fund-Raising Will Be Hurt

19 Recovery Path : Prolonged & U Shaped

Source: RBI , India Ratings 20 We Can Improve Ease Of Doing Business On Ground To Unleash Our Potential

India’s Compliance Universe

21 Source: Teamlease Bharat Leads Recovery And Outperforms India

Daily Avg. Tractor Registration has jumped sharply on Jul-20 industry fertilizer volume growth of 23% YoY Jul’20 (stood at 65% higher vs. the FY20 level)

Source: Spark Capital Research 22 Government Action Cushioning Impact

PM Kisan disbursements front-loaded Disbursement growth up by 56% FYTD

Source: Credit Suisse estimates , PM Kisan , NREGA 23 Monsoon Season Rainfall At Normal Levels

South-West Monsoon in-line with LPA*; Southern Crop sowing trending above normal with belt above normal ~85% planting done

*LPA – Long period average

Source: Ministry of Agriculture, Jefferies Source: Govt data, Spark Capital Research 24 Urban India Is Trying To Reach Normalcy Despite Constraints

Power consumption has reached ~100% of the last year E-WAY bill generations in Jul’20 has reached 89% of Jul'19 demand from 70% in Apr’20 level

Daily Avg. Car Registration has jumped 17.7% m/m; It Mobility trend for workplaces is also improving… has reached ~69% of FY20 levels

Source: Spark Capital Research 25 Recent Trend In Super-high-frequency Indicators

Summary of high-frequency indicators vs. pre-COVID levels

Source: * vs Jan-Feb levels. ** Inverted. Govt. of India, CMIE, Jefferies 26 Cash Conversion Cycle Improves Largely For Many Sectors Led By Reduction In Both Inventory Days And Debtor Days In FY20 V/S FY19

Source: CGA, Spark Capital Research 27 GST Collections Have Marginally Fallen To Rs. 874bn In Jul’20 From Rs. 909bn In Jul’20

Source: CGA, Spark Capital Research 28 America And India Are Mirror Images Of Each Other

% Change compared Country Comparison Right Direction/Wrong Track with previous month

Source: ‘Global Advisor 29 Markets

30 Broad Market(BSE500) Performance: Even Weaker Than Global Financial Crisis (GFC)

Proportion of companies reporting YoY revenue Jump in proportion of companies seeing Proportion of companies reporting YoY PAT decline higher than compared to GFC EBITDA margin contraction but not at peak yet decline also far higher than compared to GFC

% companies reporting negative revenue growth % companies reporting margin contraction % companies reporting negative PAT growth

Source: Capitaline, UBS Q4FY20 impacted by 15 days of Lockdown, Q1FY21 to see larger impact 31 In India , COVID Impact In-line With 2008 Crisis: May Become Severe And Prolonged

30 Nifty rebased to 100 for 1st Feb 2020, 8th Nov 2016 and 12th Sep 2008 20

-10

-20

-30

-40

-50 32 6m 9m 12m m

Nifty - Global crisis - 2008 Nifty - Demanitisation - 2016 Nifty - Covid 19 - 2020 Bank Nifty - 2020

Past Performance may or may not sustain in the future 32 Source: capital line ,Internal analysis EPS Estimates Have Seen Sharp Cuts In The Past Few Months

Nifty-50 Index EPS estimates trend, March fiscal year-ends, 2018E-22E (Rs)

850 2018E 2019E 2020E 2021E 2022E 800 794

750 769 700 678 650 616 600

550

500 480 462 450 449 454

400

Feb-17 Feb-18 Feb-19 Feb-20

Nov-16 Nov-17 Nov-18 Nov-19

Aug-17 Aug-16 Aug-18 Aug-19 Aug-20

May-17 May-18 May-19 May-20

Source: Kotak Institutional Equities estimates 33 What Moves The Markets

Fear Hope • Increase in Covid infections / Deaths • Decrease in Covid infections / Deaths • 2nd Wave Infection • Medical Breakthrough • Delayed resumption of economic • Normalcy of economic activity activities • Fiscal Stimulus Execution • Lockdown Extension • Monetary Stimulus Execution

Potential triggers of market Market Reaction volatality Valuation Levels Sentiment US-China Tensions Policy Responses Liquidity US Politics Consumption Measures to Contain Virus Credit Risk Trade and Spply Chain ? Success at Containing Virus Future Earnings COVID-19 Pandemic Monetary Policy Expectation Oil Shock Valuation Levels Black Swan ? Fiscal Policy 34 Source: Standard Chartered, KMAMC interpretations Nifty @ ~11070 Levels market is discounting

 Lower Gold Imports, Oil Prices and Trade Deficit with China  Rebound In Economic Activities  Smooth Execution of Economic Package and Reforms - MSME - NBFC - FDI - Agriculture  Monetary Stimulus - Liquidity from Banks to Borrowers - Reduced Borrowing cost for the Borrowers

 Potential higher FPI Flows  Medical Solution - Drugs - Vaccine 35 This Crisis Requires Medical Solution

Top 12 contenders in various stages of development

* Vaccine approved for limited use 36 Source: WHO, Milken Institute , India Today India’s Trade Deficit With China Reducing From The FY18 Highs

37 Source: CEIC, MOFSL India’s Imports Have Significantly Gone Down

Non-commodity Imports, Jan-May/Jun, % YoY

Source: Haver, IIF 38 Record Capital Raise & Absorption For Good Companies

Stocks/ Sectors referred should not be construed as an investment advice or a recommendation. The Fund may or may not have any present or future positions in said stocks/ sectors. Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals before 39 acting on any information in this communication. Third Consecutive Month Of FII Inflows In Jul’20

Source: MOFSL 40 FPI Flows Post MSCI And FTSE Russel Index Rejig

• MSCI Defers June FOL implementation • FTSE has announced that it will conduct the implementation of foreign limit increases in 4 tranches starting from September 2020 (then Dec-21, Mar-21, June-21)

Possible flows impact over the course of 12 months ( US$ bn) MSCI - net 3.6 FTSE - net 2.8 Total - net 6.4

MSCI - gross 5.6 FTSE - gross 3.26

Total - gross 8.86

MSCI + FTSE India Potential Passive Inflow of US$6.4 bn

Source: Morgan Stanley 41 Market Performance

42 Market Snapshot

Dec-07 May-13 July-20 Dec-07 May-13 July-20

Macro Indicators 10-Year Govt Bond Yield Capacity Utilisation (Dec 19) 91.7% 71.6% (Jun-13) 68.6% India 7.8% 7.2% 5.8% Credit Growth (as on Jun 20) 22.0% 14.4% 6.0% USA 4.0% 2.1% 0.5% ROE Nifty 50 (July 20) 25.5% 17.1% (Mar-13) 14.1% Japan 1.5% 0.9% 0.0% Net FII Flows (12M - Rs Cr – July 20) 71,952 125,110 23,826 Europe 4.3% 1.5% -0.5% IIP – May 20 13.5% 1.0% -34.7% China 4.5% 3.4% 3.0% GDP Growth (Jan – Mar 20) 9.6% 6.4% 3.1%

Dec-07 May-13 July-20 Dec-07 May-13 July-20

Valuations Returns of Nifty 50 (CAGR) Trailing P/E Nifty 50 27.6 18.0 30.2 Last 1 Yr Return 54.8% 21.6% -0.4% Trailing P/B Nifty 50 6.4 3.2 3.1 Last 2 Yr Return 47.1% 3.8% -1.3% Last 3 Yr Return 43.4% 5.6% 3.2%

43 Source: Axis Capital , Bloomberg, Technology – Best Performer In Jul’20

Sectoral Performance MoM (%)

Sectoral Performance CY20 YTD (%)

Source: MOFSL 44 Performance Across Market Cap

Performance as on 31st July 2020 Performance as on 31st Jan 2020 20 15 15.3 10.8 11.8 10 7.5 10.4 6.8 6.1 9.4 9.6 4.2 10 2.7 2.5 2.2 6.5 6.5 6.7 0 6.3 5.9 5.3 5.3 (2.8) 5 2.6 (10) (6.0) 1.5 (12.6) (14.2) 0 (16.7) (20) (0.4) (1.7) (25.6) (30) (5) Nifty-50 Nifty Midcap 100 NSE SmallCap 100 Nifty-50 Nifty Midcap 100 NSE SmallCap 100

1m returns 1y returns 3 yr CAGR 5 yr CAGR 10 yr CAGR 1m returns 1y returns 3 yr CAGR 5 yr CAGR 10 yr CAGR

Source: Bloomberg, Past Performance may or may not sustain in the future 45 Nifty Polarization: Top-15 Outperformance V/S Next-35

• The top-15 in the Nifty-50 are representing the benchmark at almost ~15k while the Next-35 are still languishing at ~8,400 levels. • The Nifty Midcap-100 has outperformed the Nifty-50 over the past 3 months. Polarization, however, continues as the top-15 stocks within the Nifty Midcap-100 are up 28%, while the Next-85 stocks are up 16%.

Source: MOFSL, Past Performance may or may not sustain in the future 46 Time To Be Neutral Weight to Equities ?

Change in stance post March 20

47 Equity Markets Are Doing A Time Travel To Past

Nifty 50 Nifty Midcap 100 Nifty Smallcap 100 25,000 Nifty50 at 2018 levels Nifty Midcap100 at 2016 Levels 20,000 Nifty Smallcap100 at 2014 Levels

15,000

10,000

5,000

Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20

Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Source: Bloomberg, Past Performance may or may not sustain in the future 48 Market Cap-to-GDP Ratio – Marginally Above Long Term Average

Market cap-to-GDP ratio: Market rebound brings ratio above long term average

OW Equities =Ratio Below Historical Lows Neutral Equities = Ratio at Historical Average Source: Motilal Oswal 49 Attractive Valuations – Price/Book (P/B)

NIFTY P/B (x) - 1 Year Forward NIFTY P/B (x) – Trailing

At 2.5x, the Nifty 12-month forward P/B is also well At 2.7x, the Nifty 12-month trailing P/B is well below the historical average of 2.7x below the historical average of 3.0x.

Source: Motilal Oswal 50 Value Addition By Our Partners

51 Kotak BAF Net Equity Allocation For Disciplined Asset Allocation

Date 24-Mar-20 31-Jul-20 17-Jan-20

Nifty 50 7801 11073 12352

Market Valuation Cheap Fair Value Expensive

KBAF Net Equity Allocation 75% 50% 39%

Kotak Balance Advantage Fund (KBAF) NAV 8.52 11.39 11.36

Equity Allocation Over Weight Neutral Weight Under Weight KBAF = Kotak Balance Advantage Fund KBAF allocates between 20% -80% in net Equity

Click here for KBAF Net Equity Allocation Click here to view video by Mr. Nilesh shah on How to make money through equity asset allocation? Source: MFI, Capital Line, Past Performance may or may not sustain in the future . Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for detailed performance & scheme information of the fund. 52 Positive Feedback On Transparency Of Allocation On A Daily Basis By Kotak BAF

Source: Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals before acting on any 53 information in this communication. Past Performance may or may not sustain in the future . Please refer to disclaimer slides for detailed performance & scheme information of the fund. Listen To Prudent Advice Of Your Distributors And Don’t Believe Social Media Gurus

1 Month Returns Simple April-20 to July-20 July-20 June-20 May-20 April-20 Annualized (%) Kotak Credit Risk 19.55 16.04 17.74 24.80 -32.49 Fund Kotak Medium 23.12 12.90 22.57 34.47 -42.11 Term Fund

• Both Kotak Credit Risk Fund and Kotak Medium Term Fund have delivered positive returns on a month- on-month basis in July’20, June’20 and May’20 from a negative return on a month-on-month basis in April’20.

• Heavy redemption pressure by panicky investors caused yield spike in April 20.

Source: MFi Explorer. Past performance may or may not sustain in the future. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to the disclaimer slides for scheme information & detailed performance of the fund. April-20-July-20 denotes 30th April 2020 to 31st July 2020 54 Don’t Stop SIP Due To Low/Negative Return – Kotak Emerging Equity Fund SIP Returns

Kotak Emerging Equity Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Fund 10 Yr 14.71 14.37 15.25 15.63 15.81 15.74 16.77 15.67 9.24 11.38 10.81 12.16 13.08 7 Yr 14.24 13.62 14.85 15.33 15.53 15.33 16.81 15.06 5.29 8.31 7.29 9.15 10.28 5 yr 6.50 5.73 7.69 8.52 8.97 8.88 11.19 8.89 -4.54 0.16 -0.88 2.16 4.24 3 yr -0.41 -1.13 2.53 4.31 5.38 5.28 9.10 5.26 -16.04 -8.23 -9.38 -4.05 -0.26 1 yr -6.96 -6.68 6.33 11.66 14.23 13.93 26.63 13.16 -41.26 -21.05 -22.23 -6.37 5.88

Benchmark Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 10 Yr 9.97 9.50 9.77 10.52 10.81 10.52 11.34 9.91 2.89 5.56 5.13 6.98 7.86 7 Yr 9.19 8.43 8.76 9.83 10.20 9.70 10.87 8.67 -1.76 2.03 1.30 3.91 5.05 5 yr 2.83 1.88 2.57 4.20 4.87 4.32 6.11 3.17 -11.05 -5.43 -6.15 -2.18 -0.25 3 yr -5.49 -6.64 -5.17 -2.13 -0.74 -1.56 1.39 -3.33 -24.95 -15.87 -16.34 -9.62 -6.05 1 yr -18.41 -18.53 -11.19 -1.38 3.44 2.42 13.11 -0.97 -51.01 -28.60 -27.59 -7.59 4.45 This is not the time to STOP your SIP, it is time to take ADVANTAGE of the RUPEE COST AVERAGING Source: MFi Explorer. As on 31 July 2020. Returns are for regular plan. Nifty Midcap 100 TRI is the benchmark for Kotak Emerging Equity Fund Disclaimer: SIP is an optional feature offered by Kotak Mahindra Mutual Fund. This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mahindra Mutual Fund. Past performance may or may not be sustained in the future. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for scheme information and detailed performance of the fund 55 Don’t Stop SIP Due To Low/Negative Return – Kotak Equity Opportunities Fund SIP Returns

Kotak Equity Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Opportunities Fund 10 Yr 11.96 11.76 12.36 12.80 13.07 13.15 13.71 12.42 7.09 9.26 8.89 10.16 10.98 7 Yr 11.80 11.41 12.23 12.80 13.14 13.18 13.93 11.92 3.91 7.00 6.36 8.15 9.24 5 yr 7.67 7.21 8.55 9.48 10.11 10.32 11.54 8.85 -2.20 2.49 1.83 4.62 6.46 3 yr 3.60 3.07 5.49 7.24 8.38 8.58 10.47 5.82 -12.05 -4.31 -5.05 -0.19 3.07 1 yr -1.69 -1.32 7.66 13.03 15.73 16.31 22.39 7.20 -37.53 -16.86 -16.79 -1.71 9.01

Benchmark Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 10 Yr 10.60 10.36 10.93 11.52 11.61 11.57 11.29 9.92 4.66 7.20 6.64 7.94 9.10 7 Yr 10.67 10.22 10.98 11.78 11.87 11.73 11.25 9.15 1.34 4.99 4.11 5.98 7.62 5 yr 8.04 7.53 8.82 10.07 10.35 10.29 9.69 6.86 -3.91 1.47 0.42 3.25 5.77 3 yr 5.51 4.69 6.85 8.94 9.26 8.83 7.51 2.56 -14.70 -6.02 -7.48 -2.71 1.55 1 yr -4.04 -4.17 4.45 11.66 12.40 11.89 8.82 -4.78 -43.76 -21.21 -21.98 -6.84 7.55 This is not the time to STOP your SIP, it is time to take ADVANTAGE of the RUPEE COST AVERAGING

Source: MFi Explorer. As on 31 July 2020. Returns are for regular plan. Nifty 200 TRI is the benchmark for Kotak Equity Opportunities Fund Disclaimer: SIP is an optional feature offered by Kotak Mahindra Mutual Fund. This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mahindra Mutual Fund. Past performance may or may not be sustained in the future. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for scheme information and detailed performance of the fund 56 Don’t Stop SIP Due To Low/Negative Return – Kotak Tax Saver Fund SIP Returns

Kotak Tax Saver Fund Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 10 Yr 11.42 10.99 11.74 12.13 12.33 12.37 12.84 11.59 6.12 8.30 7.71 9.07 9.84 7 Yr 11.77 11.06 12.10 12.63 12.90 12.89 13.55 11.63 3.47 6.59 5.63 7.55 8.56 5 yr 8.04 7.04 8.64 9.43 9.92 10.03 11.06 8.46 -2.82 1.87 0.74 3.72 5.43 3 yr 4.90 3.49 6.36 7.88 8.78 8.77 10.28 5.74 -12.52 -4.82 -6.31 -1.22 1.78 1 yr 0.18 -2.23 7.98 12.57 14.30 14.38 19.27 4.80 -39.77 -19.67 -21.28 -5.64 4.79

Nifty 500 TRI Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 10 Yr 10.45 10.20 10.80 11.37 11.46 11.42 11.27 9.92 4.52 7.03 6.47 7.88 9.00 7 Yr 10.47 10.01 10.81 11.59 11.67 11.54 11.24 9.16 1.14 4.74 3.86 5.87 7.44 5 yr 7.46 6.94 8.27 9.50 9.75 9.71 9.38 6.58 -4.47 0.84 -0.20 2.84 5.27 3 yr 4.25 3.43 5.69 7.76 8.09 7.73 6.87 2.01 -15.61 -7.02 -8.42 -3.30 0.86 1 yr -5.51 -5.51 3.50 10.63 11.43 11.16 9.53 -3.97 -44.09 -21.81 -22.51 -6.47 7.58 This is not the time to STOP your SIP, it is time to take ADVANTAGE of the RUPEE COST AVERAGING Source: MFi Explorer. As on 31 July 2020. Returns are for regular plan. Nifty 500 TRI is the benchmark for Kotak Tax Saver Fund Disclaimer: SIP is an optional feature offered by Kotak Mahindra Mutual Fund. This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mahindra Mutual Fund. Past performance may or may not be sustained in the future. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for scheme information and detailed performance of the fund 57 SIP Lessons From Global Financial Crisis (2007-08)

Let Us Learn From Our Past Mr. X Mr. Y Nifty 50 TRI Stops SIP During Market Correction Continues With SIP Start Date of Investment 01-Jan-07 01-Jan-07 End Date of Investment 01-Dec-08 01-Dec-16 SIP Investment Per Month 10,000 10,000 Investment Amount 240,000 1,200,000 Investment Value 164,517 1,805,099 Returns -31.5% 7.9%

When Market Correction Knocks Your Door, Let the SIP Continue For Potential Long-Term Wealth Creation

Source: MFi Explorer Disclaimer: This is only for illustrative purposes. SIP is an optional feature offered by Kotak Mahindra Mutual Fund. This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mutual. Past performance may or may not be sustained in the future. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Please consult your financial advisor or other professionals before acting on any information in this communication. 58 Equity Investment Opportunity

59 Kotak Balanced Advantage Fund Celebrates 2nd Anniversary

• The utility of a model is to operate across both ends of spectrum. Ie. Having a lower downside capture and a higher upside capture, i.e have agility buy low when market falls and use discipline to book profits to limit downside if and when they come • Our biggest strength has been daily rebalancing and not wait for a month to rebalance. Volatility doesn’t come pre- announced, and when it does come, to have agility to move quickly has been demonstrated over the last 24 months. • We have gone from net equity allocation of approx. 25% to 80%. Which is a wide range of allocation. • The table below indicates point to point return, but more importantly the downside and upside capture (Morningstar methodology) and capture ratio i.e. upside/downside(higher the better) AUM (June Upside Funds 1 YR 2 YR Downside Ratio Capture Ratio 2020) Rs cr Ratio Kotak Balanced Advantage Fund - Reg - Growth 3812 8.7% 6.6% 43.5% 67.6% 1.55 Capture ratio tells us how much the fund returned relative to its benchmark in periods of up market and down market. Upside capture will take the instances where the markets were positive and show how much of it the fund had captured. Downside capture will only take the instances where the market has lost and see how much of this loss the fund captured.

Source: ICRA. As on 4th August 2020. Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Allocation Risk Profile Equity & Equity related securities 65%-100% High Equity Derivatives 0%-45% High Debt Securities & Money Market instruments 0%-35% Low to medium Units of REITs & INVITs 0%-10% Medium to High Although the gross equity exposure would be maintained between 65%-100%, the net equity exposure can be brought down significantly below 65% by hedging through equity derivatives. For eg. if the gross exposure to equity is 70%, the fund manager may hedge 40% of this equity using derivatives to bring down the net exposure to 30%. The net equity exposure is thus dynamically managed and is increased when the fund manager has favourable view on equity as an asset class or is brought down when the view is not favourable or under defensive circumstances. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for detailed performance & scheme information of the fund. 60 Kotak Asset Allocator Fund – An effective Asset Allocation medium to Ride the Market

Return Profile Lower Risk Profile Kotak Asset NIFTY 50 Hybrid Standard Deviation* (%) Period Allocator Fund Composite Debt 50:50 Nifty 50 TRI 8.00 - Growth Index 6.31 6.00 Since 14.93% 11.64% 14.13% Inception 4.00 3.49 3.27

Last 5 Year 9.03% 8.49% 6.66% 2.00

Last 3 Years 7.53% 7.32% 4.46% 0.00 Std.Deviation Last 1 Years 12.30% 8.06% 0.68% Kotak Asset Allocator Fund - Reg - Growth Past performance may or may not be sustained in the future. Inception date is as of Aug Nifty 50 TRI 09, 2004 NIFTY 50 Hybrid Composite Debt 50:50 Index • Higher Flexibility of allocation (0-100% in Equities) *Standard Deviation calculated based on 1 month 1 day rolling return from 31st July 2017 to 31st July 2020 • Current equity allocation is 77.34%

Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Source: ICRA. As on 31st July 2020. Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for detailed performance & scheme information of the fund. 61 Market Correction Provides Opportunity to Upgrade from Large cap to Large & Midcap

Latest Valuation Estimates Nifty 50 Nifty Midcap • It has been our long ongoing call that Mid & Small Cap category 100 positioned better in terms of valuation over Large Cap Price to Book Ratio 2.62 1.90 • With the recent Coronavirus scare, some of the valuations in Mid & Price to Sales Ratio 2.09 1.37 Price Earnings Ratio (P/E) 26.42 100.37 Small cap has become more attractive, both in relation to the Data as on 31st July 2020 largecaps and vis-à-vis its own historical average. Source: Bloomberg Historical Valuation Average* Nifty 50 Nifty Midcap 50 • Thus, a portfolio with a mix exposure of large & mid is better suited to gain from this upside than an only large cap portfolio. Price to Book Ratio 2.30 1.86 Price to Sales Ratio 1.96 1.64 • For an investor with a moderately high risk appetite, one can choose Price Earnings Ratio (P/E) 21.91 27.09 to invest in: * Average of last 10 years data until Feb 2020 Source: Bloomberg • Kotak Equity Opportunities Fund - Large & Mid Cap Fund - An open Kotak Equity Opportunities – Market cap breakup ended equity scheme investing in both large cap and mid cap stocks Date Large Cap Mid Cap Small Cap

Jul-20 52.76% 40.67% 4.42% • Kotak Equity Opportunities Fund has increased its exposure in midcap category to take advantage of attractive valuations Jun-20 49% 42.22% 3.49% Data as on 31st July 2020 Source: Valuefy Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals 62 before acting on any information in this communication. Please refer to disclaimer slides for detailed performance & scheme information of the fund. Debt Investors With Marginal Appetite For Equity Can Consider Investment In Kotak Debt Hybrid Fund

All Rolling Returns (2003-2020) Average Performance All Rolling Returns (2003-2020) Minimum Performance Time Kotak Debt Time Kotak Debt Nifty 50 TRI Benchmark Nifty 50 TRI Benchmark Horizon Hybrid Horizon Hybrid 3 yr 7.68% 13.89% 8.48% 3 yr -0.47% -5.64% 4.15% 5 yr 7.65% 12.18% 8.51% 5 yr 3.69% -1.03% 5.32% 7 yr 7.75% 12.11% 8.43% 7 yr 4.61% 4.91% 6.49% 10 yr 7.77% 12.27% 8.47% 10 yr 6.22% 5.02% 6.81%

Benchmark : Crisil Hybrid 85+15 – Conservative Index Only 0.10% of times (or, only 2 days out of last 3400 times) has there been a negative return for a 3 year investment time horizon.

• Fixed income component at ~75% & above. This keeps the volatility low & relatively marginal level • Equity exposure at 25% or less allows the investor to obtain the flavor of equity play without significant risk to capital • SWP can be utilized to meet “tax efficient” income requirements of the investor

*Please consult your tax advisor for further details

Source: ICRA. As on 31st July 2020. Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult 63 your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for detailed performance & scheme information of the fund. Should We Invest In Gold ?

We had given a call to invest in Gold in first week of March 20 (Monthly Market Outlook – Mar 2020)

64 Gold Corrected In 2008 From June To Sept And Then Rallied To Life Time High As Central Banks Cut Interest Rates And Pumped Liquidity

Life time High Fall in Gold prices

Gold Our call to consider gold was given in Feb 2020 monthly market outlook. correction in 2008

Source: Bloomberg, . Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals before acting on any information in this communication. 65 Central bankers were buyer of Gold post 2008 crisis

Central Banks have been net purchasers of Gold post the GFC in 2008

Source: Bloomberg, World Gold Council, MOFSL 66 Record Inflows YTD for Gold Backed ETF’s

Source: Metals Focus, Refinitiv GFMS, World Gold Council 67 Gold – Potential Institutional Demand

Source: Bloomberg, Capital Line 68 Gold Price Moves In Line With Real Interest Rates

Source: Bloomberg Quint, Goldman Sachs 69 Our Recent Calls In The Past

Our Calls in Monthly Call Outcome Market Outlook Gold is currently valued at lifetime high. Gold prices 1st Week March 2020 Consider Gold as an investment option are already up ~41% YoY

Time to be overweight on Equities in a staggered Equity Markets have performed significantly well from 1st Week of April 2020 manner April’20 levels

1st Week of April 2020 Kotak Equity Arbitrage Fund - Market volatility may help performance potential. Maintain a 3-6 months Arbitrage funds performed significantly well in April & investment horizon in arbitrage funds - Separate Note released to May distributors & IFAs in 3rd week of March 2020

st 1 Week of May 2020 Kotak Credit Risk Fund & Kotak Medium Term Fund - Sharp upside in YTM have eased off translating into Time to take contra bets when trader is willing to give reversal of losses and has given good returns in the - Separate Note released to steep discount for liquidity distributors & IFAs in 2nd last 3 months week of April 2020 Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to the disclaimer slides for scheme information and detailed performance of the above mentioned schemes. Past performance may or may not sustain in the future 70 Debt Market Outlook August 2020

71 Super Surplus Liquidity In The System To Support The Economy

INR Bn Banking Liquidity 10,000.00 Liquidity Surplus is here to stay for longer than what market is pricing 6,549.54 8,000.00

6,000.00

4,000.00

2,000.00

(2,000.00)

(4,000.00)

Jul-19 Jul-20

Jan-19 Jan-20

Jun-19 Jun-20

Oct-18 Oct-19

Apr-19 Apr-20

Sep-18 Feb-19 Sep-19 Feb-20

Dec-18 Dec-19

Aug-18 Aug-19

Nov-18 Nov-19

Mar-19 Mar-20

May-19 May-20 72 Source: RBI. As on 31 July 2020 Yield Curve Must Flatten To Boost Lending & Growth

• Since June 2019, India’s yield curve has steepened despite sharp deceleration in credit growth. Covid-19 has widened this divergence • Normally steep curve means growth in economy however as we are in contraction zone its matter of time the curve will flatten as the economy is unlikely to gallop as discounted by the curve.

Extreme Divergence Between Credit Growth & India Yield Curve

Source: CMIE, Edelweiss Research. Note: India Yield curve represents India 10y Gilt minus 3m Gilt 73 Real Negative US Yield & Weak Dollar Gives RBI Ample Space To Bring Rates Lower Across The Curve

Fed’s policy stance to keep interest rates low as long as needed and a weak dollar outlook encourage FII flows to Emerging Markets, including India, and increases risk appetite

74 Rise In Headline Inflation Puts Pressure On Long-End of The Yield Curve

12.0%

10.0% CPI Core CPI 8.0% 6.10% 6.0%

4.0% 5.10% 2.0%

0.0% Oct-13 May-14 Dec-14 Jul-15 Feb-16 Sep-16 Apr-17 Nov-17 Jun-18 Jan-19 Aug-19 Mar-20

• Consumer price inflation remains elevated in June at 6.10% despite sharp plunge in economic activity • Core inflation stood at 5.1% in June 2020, from 4.03% in Mar 2020 • Inflation in food and beverages segment declined to 7.4% in May 2020, from 8.6% in April 2020 • The urban CPI inflation eased to 5.9% in June, from the imputed value of 6.4% in May 2020 • The rural CPI inflation stood at 6.2% in June 2020, similar to the print of 6.1% in March 2020 and imputed value of 6.2% for May 2020 Source:Source: Bloomberg; MOSPI, ICRA ICRA 75 10 Year Gilt (%)

Announcement of a new 10-year bond Caution over the RBI’s prompting short squeeze kind of upcoming monetary policy 5.87 Speculation that RBI may announce situation in the old benchmark prompted risk-averse market measures such as outright open participants to sell . However market operations and special open new loan came at 5.77% 5.85 market operations to boost appetite Strong demand for short-term 5.84 for government securities bonds as higher-than-expected RBI keeps cutoff prices set by RBI at the repo rate auction for dated securities 5.83 unchanged

5.81 RBI’s special OMO revealed pessimistic 10-year benchmark 5.79%, 2030 5.80 market outlook bond may have last auction as a benchmark hence typical shorting 5.79 phenomena by market to buy in Concerns that gross Higher-than-expected auction at better levels. market borrowing CPI inflation print for may rise if the 5.77 June dampened the The new 10 year benchmark shortfall in tax market's view on a rate ended at 5.77% yield collections is huge cut

5.75

1-Jul-20 2-Jul-20 3-Jul-20 4-Jul-20 5-Jul-20 6-Jul-20 7-Jul-20 8-Jul-20 9-Jul-20

1-Aug-20 2-Aug-20 3-Aug-20 4-Aug-20 5-Aug-20 6-Aug-20

15-Jul-20 22-Jul-20 29-Jul-20 10-Jul-20 11-Jul-20 12-Jul-20 13-Jul-20 14-Jul-20 16-Jul-20 17-Jul-20 18-Jul-20 19-Jul-20 20-Jul-20 21-Jul-20 23-Jul-20 24-Jul-20 25-Jul-20 26-Jul-20 27-Jul-20 28-Jul-20 30-Jul-20 31-Jul-20

Source: Bloomberg; Data as on 6th Aug 2020 76 Sovereign Curve Steepest Since 2010

• The Yield Curve is one of the steepest in recent history. We believe the term premia is quite high and expect the curve to flatten over the year • Abundant liquidity anchored the short-term G-Sec yields closer to the policy repo rate • Long-term rates have not fallen commensurately with T-Bill yields due to additional borrowing by the government necessitated by COVID-19 • Central & State Government can increase borrowings in the long tenor of the curve, this should help reduce gross borrowing in the coming years. This will help bring long-term yields down and provide opportunity to private sector to borrow at favourable rates when the demand picks up

Source: Bloomberg, RBI 77 Spread Compression Visible in Corporate Bond Yields

Evidence of improvement in risk appetite after the announcement of TLTROs is the compression of spreads of corporate bond yields over similar tenor G-Secs from the elevated levels witnessed in the last week of March 2020

In bps In bps 3 Year AAA-Rated Corporate Bond Spread Over 3 Year Gilt 3 Year AA-Rated Corporate Bond Spread Over 3 Year Gilt 350 400

300 350

250 300

200 250

150 200 169 100 55 150 116 50 100 33

0 50

Jul-19 Jul-20

Jan-20

Jun-20

Jan-20

Jun-20

Oct-19

Apr-20

Oct-19

Sep-19 Feb-20

Apr-20

Sep-19 Feb-20

Dec-19

Aug-19

Dec-19

Aug-19

Nov-19

Mar-20

May-20 May-20 Corporate NBFC Corporate NBFC

Source: RBI, Bloomberg 78 Additional Stimulus Measures Announced in Monetary Policy

RBI Measures Impact • This will reduce the bank’s disincentive to keep capital aside in Bank’s investment in debt mutual funds would be treated at par case if they invest in debt mutual funds. with direct investment in the corporate bond market. • As a result, we may see banking sector flows into debt mutual funds to rise over time. Special liquidity facility of Rs 10,000 crore will be provided at the policy repo rate consisting Rs 5,000 crore to the National Housing • Credit availability for housing sector. Bank (NHB) to cushion the housing sector from liquidity disruptions • Improve demand for the real estate sector by boosting credit and boost flow of finance to the sector through housing finance • Reduce credit stress on the real estate sector. companies (HFCs). Rs 5,000 crore infused into to NABARD to reduce the stress being Improve credit flow to NBFCs & HFIs faced by smaller NBFCs, MFIs Stimulate flow downstream to micro borrowers to kick start demand

MSME borrowers will be made eligible for restructuring their debt • Will provide relief to large number of MSMEs under the existing framework, provided their accounts with the • Keep the NPA stress from growing in the banking system concerned lender were classified as standard as on March 1, 2020. Higher weightage will be assigned for incremental priority sector • Prevent credit bulges and spread the credit growth evenly. credit in the identified districts having lower credit flow • Make the lending growth reach to lagging sectors and areas.

Using various means, RBI has cumulatively assured liquidity of the order of ₹9.57 lakh since Feb-2020 79 Debt Outlook

• RBI remains committed to maintain accommodative stance till the growth revival is seen, acknowledges the role of other policy measures for bringing down the funding cost. However, RBI refrains from adding any market moving measures as expected but keeps all options on the table for an appropriate time

• We believe the rate cycle is deeper and longer vis a vis what market is pricing in the yield curve. Going ahead, the curve is likely to flatten as the economy is going to take time to revive.

• Covid -19 seems to be accelerating as lock down eases, this adds to the uncertainty on economic growth. Good agriculture harvest and better sowing will help us on Rural distress. Oil appears to have stabilized around 40-45 USD per barrel which is quite a comfortable number for Fiscal position.

• Monsoon as predicted by IMD is expected to be normal hence inflation is likely to be under control. Directionally Headline CPI is expected to fall sharply in the later part of the year.

• Forex reserves has risen to $510bn and above. External position much comfortable with trade Surplus.

• The factors adding towards a severe slowdown in the economy is increasing. Overall YoY GDP growth is pegged around zero or negative for India, as we go ahead in the year with this number the impact( fall) on the interest rates will also accelerate.

• The Yield Curve has flattened somewhat recently as we predicted earlier. However, it was with yields rising and short term yields rose more than the long term even more and probably is one of the steepest in recent history 1 yr at 3.36%, 6 yr 5.44%, 10 yr 5.85%, 14 yr at 6.20% and 30 yr 6.40%. We believe the term premia is quite high and expected the same to flatten over the year.

• Investors who have appetite for volatility and who are looking for duration gains, can look to invest in the Gilt and Bond Funds space.

• We believe that opportunities in the 1-3yr yield curve space are a potent option for investors. For this reason, investors with 6 month plus investment horizon may consider investing in corporate bond space.

• In the same vein, the investment opportunity in short duration bond funds, banking and PSU funds, credit funds and dynamically managed duration funds is still present and becoming more attractive. Investors may look to invest in the funds depending on the scale of risk appetite and the investment horizon. 80 Kotak MF Mantra: ‘Return of Capital’ is more important

Strong Promoters, Cashflow backed business, Liquidity, and Asset Security are key to our investment ideas

81 Rating & Category Breakup Across Kotak MF Open-Ended Debt Funds

• In these challenging times, we reassure you that we always follow our investment process of focussing on credit quality and liquidity profile of our debt funds and maintain high degree of transparency for investors. Debt Funds can be broadly divided in two categories - Credit Risk Funds and Non Credit Risk Funds. • At Kotak MF, we have zero borrowing across all our funds as on 31 July 2020 • Liquidity, Maturity Profile and Credit Quality for Non Credit Risk Funds which constitutes ~ 97% of our debt AUM as on July 31, 2020 is substantially superior to credit risk funds.

Credit Rating of Open-Ended Debt Funds % of Total AUM Category Breakup % of Total AUM Tbill/G-Sec/SDL/AAA/A1+/Cash/NCA 93.82 AA+ 1.30 Non-Credit Risk Funds 97% AA 2.74 AA- 0.98 Credit Risk Funds 3% Below AA- 1.17 Grand Total (AUM) (INR Cr) 97,680 Grand Total (AUM) (INR Cr) 97,680

We follow our investment process of focussing on credit quality and liquidity profile of our debt funds and maintain high degree of transparency for investors. It is the prerogative of the fund manager to ascertain whether any security provides investment benefit to the fund and is in keeping with the larger investment goal, strategy and the investment & operational mandate of the fund. As such the fund manager may or may not choose to invest in a particular credit paper. The portfolio construction is the purview of the Fund Manager and allocation may change from time to time. Internal Source. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Data As on 31 July 2020 Please consult your financial advisor or other professionals before acting on any information in this communication 82 Liquidity Position Of Kotak MF Debt Funds As on 31 July 2020

• Our Liquidity profile remains robust

% of AUM in AAA (Long Term) or A1+ (Short Name of the Scheme Scheme Category Term), Sovereign Debt, Cash & NCA Non-Credit Strategies Kotak Liquid Fund Liquid Fund 100.00 Kotak Money Market Fund Money Market Fund 100.00 Kotak Corporate Bond Fund Corporate Bond Fund 100.00 Kotak Bond Short Term Fund Short Duration Fund 100.00 Kotak Savings Fund Ultra Short Duration Fund 91.11 Kotak Bond Fund Medium to Long Duration Fund 89.55 Kotak Banking and PSU Debt Fund Banking and PSU Fund 83.96 Kotak Dynamic Bond Fund Dynamic Bond Fund 83.55 Kotak Low Duration Fund Low Duration Fund 80.69 Credit Strategies Kotak Medium Term Fund Medium Duration Fund 57.83 Kotak Credit Risk Fund Credit Risk Fund 36.95 It is the prerogative of the fund manager to ascertain whether any security provides investment benefit to the fund and is in keeping with the larger investment goal, strategy and the investment & operational mandate of the fund. As such the fund manager may or may not choose to invest in a particular credit paper. The portfolio construction is the purview of the Fund Manager and allocation may change from time to time. Internal Source. Please refer to the disclaimer slides for scheme details 83 Mutual fund investments are subject to market risks, read all scheme related documents carefully. Kotak MF – Our Past Experience

 In past, we had chosen to defer payment rather than have knee-jerk reaction and hurt investors’ interest. Case in point: the issue surrounding delayed payment from Essel group. o Our six FMPs got affected due to this issue in 2019. Then, we chose to delay marginal redemption amount, rather than exercise the stock selling of Essel Group o We coordinated with Essel to arrange both capital and late payment interest for our investors. Had we sold stocks instead, then the under-realization would have resulted in irrecoverable loss of investors. o We have done fire drills regularly, but we still don’t want to see even a spark fly.

In any case, investors’ interests will be primary

Mutual fund investment are subject to market risks, read all scheme related documents carefully. 84 Debt Investment Opportunity

85 Yield Curve Across The Segment

Yield Curve Across Segment 9.00 3 Year AAA Corporate Bond 3 Year AAA NBFC 3 Year AA Corporate Bond 3 Year OIS 8.00

7.00 5.90

6.00

5.00 5.28 5.06 4.00 3.89 3.00 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

Incremental Earnings% Fund YTM (As on 31 July 2020) Respective Segment Yields (Spread) Kotak Banking & PSU Fund 5.80 3 Year AAA 5.06 0.74 Kotak Low Duration Fund 5.41 1 Year OIS 3.69 1.72 Kotak Credit Risk Fund 9.41 3 Year AA 5.90 3.51 Kotak Medium Term Fund 8.42 3 Year AA 5.90 2.52

Mutual fund investment are subject to market risks, read all scheme related documents carefully. Source: Bloomberg. Data as on 31 July 2020. Past performance may or may not sustain in the future. Please refer to the disclaimer slides for scheme details 86 Kotak Low Duration Fund – Quality Conscious Shift In Rating Profile

Kotak Low Duration Fund 31-Jul-20 30-Jun-20 29-May-20 30-Apr-20

AAA/Cash/NCA/SOV/A1+ 80.39 76.14 60.40 51.86

AA/AA+ 12.29 14.31 22.30 23.49

AA- & Below 7.31 9.55 17.31 24.65

• Banks demand for 6 month -18 months credit assets has increased significantly causing gains in Kotak Low Duration Fund • Surplus liquidity and drop in AAA yield, resulted in chase for yields and the spreads in high quality sub AAA assets have compressed, resulting in gains in Kotak Low Duration Fund It is the prerogative of the fund manager to ascertain whether any security provides investment benefit to the fund and is in keeping with the larger investment goal, strategy and the investment & operational mandate of the fund. As such the fund manager may or may not choose to invest in a particular credit paper. The portfolio construction is the purview of the Fund Manager and allocation may change from time to time. Mutual fund investment are subject to market risks, read all scheme related documents carefully. Past performance may or may not sustain in the future. 87 Source: Bloomberg, Internal Source. Data as on 31 July 2020. Please refer to the disclaimer slides for scheme details Kotak Credit Risk Fund & Kotak Medium Term Fund: Yield Valuation Matrix – More Attractive Now

Kotak Credit Risk Fund Kotak Medium Term Fund Kotak Credit Risk Fund - Reg - Growth YTM (%) (%) Kotak Medium Term Fund - Reg - Growth YTM Spread (Kotak Credit Risk vs 3 Year AAA) Spread (Kotak Medium Term vs 3 Year AAA) 12.00 11.16 12.00 9.95 9.94 10.51 9.41 10.00 8.76 10.00 9.25 9.13 8.71 8.49 8.79 8.55 8.78 8.42 8.00 8.00

6.00 4.35 6.00

4.00 4.00 3.36 2.00 2.00

0.00 0.00 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 • This is an investor market and it is time to take contra bets when trader is willing to give steep discount for liquidity • We have seen that there was a sharp upside in the YTMs which has eased off at the similar pace translating into reversal of losses. However, there is good amount of scope further. So opportunities exist in this space. • All regulators are taking measure to bring sanity and we need to take advantage of this anomaly created due to impatience of others Mutual fund investment are subject to market risks, read all scheme related documents carefully. Past performance may or may not sustain in the future. Please refer to the disclaimer slides for scheme details Source: MFi Explorer, Bloomberg. Data as on 31 July 2020 88 Credit Profile: There’s More To Our Books Than The Cover

The Book Cover What People See Kotak Credit Risk Kotak Medium Term Rating Rating Fund (% of AUM) Fund (% of AUM) AAA/SOV 35.14 AAA/Sov 56.55 AA/AA+ 28.31 AA/AA+ 17.88 AA- 6.67 AA- 3.13 A+ 22.55 A+ 6.28 A - A 4.96 A- 7.32 A- 11.19 Total 100 Total 100

The Actual Story That is There Kotak Credit Risk Kotak Medium Issuances by Promoters Set Issuances by Promoters Set Fund Term Fund PSU/State Govt. Guaranteed 41.25% PSU/State Govt.Guaranteed 50.50% Tata/Reliance/Muthoot/Hero (Groups) 17.40% Tata/Reliance/Muthoot (Groups) 15.52% Other AAA 4.46% Other AAA 9.27% Cash/SOV 9.09% Cash/SOV 14.23% Total High Quality Assets 72.20% Total High Quality Assets 89.52% It is the prerogative of the fund manager to ascertain whether any security provides investment benefit to the fund and is in keeping with the larger investment goal, strategy and the investment & operational mandate of the fund. As such the fund manager may or may not choose to invest in a particular credit paper. The portfolio construction is the purview of the Fund Manager and allocation may change from time to time. 89 Data As on 31 July 2020. Source: MFi Explorer Mutual fund investment are subject to market risks, read all scheme related documents carefully. Kotak Dynamic Bond Fund Has Outperformed Over Long- Term Since 2017

Rolling Returns (%)

12.00 Scheme Benchmark Alpha Minimum 7.13 5.99 1.14 11.00 Maximum 10.32 10.81 -0.49 Average 8.62 7.67 0.96 10.00 9.21 9.00

8.00 8.61

7.00

6.00

5.00

Jul-17 Jul-18 Jul-19 Jul-20

Jan-18 Jan-19 Jan-20

Jun-18 Jun-19 Jun-20

Oct-17 Oct-18 Oct-19

Apr-18 Apr-19 Apr-20

Feb-18 Feb-19 Feb-20

Sep-17 Sep-18 Sep-19

Dec-17 Dec-18 Dec-19

Aug-18 Aug-19 Aug-17

Nov-17 Nov-18 Nov-19

Mar-18 Mar-19 Mar-20

May-19 May-18 May-20 . Credit funds carry credit risk and duration/ dynamic funds carry interest rate risk . Hence our advice to IFA/ distributors is that they allocate clients money in both dynamic and accrual funds from a 3 year perspective Source: ICRA. As on 31st July 2020. The above returns is daily rolling returns for last 36months. Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please refer to the disclaimer slides for detailed performance of the fund 90 Key Recommendations

Segment Scheme Rationale Accrual Kotak Credit Risk Fund / Investment for higher Play Kotak Medium Term Fund accrual

Investment for asset Asset Allocation Kotak Debt Hybrid Fund allocation

Kotak Savings Fund / Kotak Low Duration Fund / Parking of surplus Kotak Corporate Bond Fund cash Short Term Parking of Funds Parking of surplus Kotak Equity Arbitrage Fund cash with equity taxation status Investment for Active Kotak Dynamic Bond Fund Duration Management Investment for shorter Duration Play Kotak Bond Short Term Fund maturities Investment for longer Kotak Bond Fund maturities 91 InvestMentor Appreciated By Distributors & IFAs

Released a total of 2,447 Investmentor books with co-branding and personalized message for investors

Register on Kotak Mutual Fund Business Hub to download Co-branded Investmentor Book Link: https://kotakmfadvisor.com/ Co-branding book snapshot for reference only 92 Prostart – Video Learning Platform

1.FINANCIAL PLANNING 10 VIDEOS ENGLISH + HINDI 2.SOCIAL MEDIA MARKETING 14 VIDEOS ENGLISH + HINDI 3.UNDERSTANDING RISK IN MF’S 5 VIDEOS ENGLISH 4.TAXATION IN MF’S 2 VIDEOS

ENGLISH 93 Video Modules In Prostart EXISTING MODULES Q 5.NEW NORMAL 6.MAXIMIZING DIGITAL 1 VIDEOS CONNECTIONS ENGLISH + HINDI 2 VIDEOS U ENGLISH + HINDI

7.HANDLING INVESTOR 8.ACQUIRING NEW CLIENTS I EMOTIONS 3 VIDEOS 4 VIDEOS ENGLISH + HINDI ENGLISH + HINDI Z • Course completion certificate will be dispatched, for IFA’s completing modules and quiz, once the lockdown in Mumbai is over 94 ANNEXURES

95 SIP Pause Facility

Kotak Mahindra Mutual Fund Offers SIP Pause Facility

• We understand in times like these, some of you might have a high liquidity requirement.

• There is NO NEED TO STOP THE SIP, you can PAUSE THE SIP for a particular period of time.

• Please note: SIP Pause facility would allow existing investor to ‘Pause’ their SIP for a specified period of time i.e. Minimum 1 Month and Maximum 6 Months

Please consult your financial advisor or investment professional for investment decisions. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. 96 SIP Pause and Cancellation Facility

SIP Pause or Cancellation facility is provided to Investors in their post login section of Kotak Mahindra Mutual Fund App and Website.

Steps to Pause SIP Steps to Cancel SIP

 Logon to Kotak Mutual fund Website/App  Logon to Kotak Mutual fund Website/App  Choose SIP Pause option from Menu  Choose Systematic Transaction from Menu  Select the Folio number  Choose Cancellation of Systematic registration  Choose the SIP that you would like to pause  Choose Systematic Investment Plan  You can Pause your SIP for a Maximum period  Select the mode of SIP (Online/Offline) of 6 Installments  Choose the SIP that you would like to Cancel

97 Business Hub

An Initiative by Kotak Mahindra Mutual Fund to Support Distributor's to Improve the efficiency in their Business Logon to https://kotakmfadvisor.com Key Features of Business Hub Include

Initiate Transaction Business Opportunity

Existing Investors  SIP Ceased  Inactive Investors  Lumpsum  Switch  SIP Upcoming Maturity  Redeem  Zero Balance Investor  SIP  STP  Equity Only Investor  SWP  Debt Only Investor New Investors  ELSS Opportunity  Lumpsum  Liquid Investor  SIP  Zero Balance Folio And much more business data 98 Stay Updated ! Follow us at Kotak Mutual Fund Click here to visit our YouTube Channel

Equity Market Outlook – Aug 2020 Product Video

How to make money through equity asset allocation? Investor Education Debt Market Outlook – August 2020 (English)

Growth Option With SWP by Ms. Lakshmi Iyer Why Kotak Balanced Advantage Fund is near its all-time high NAV despite market meltdown?

99 Key Variables & Their Impact On Equities

Short - Medium – Key Variables Remarks term term

Due to Covid-19 lockdown , near term momentum is down though Economy medium term outlook continues to be encouraging

Due to Covid-19 lockdown , near term momentum is down though Corporate Earnings medium term outlook continues to be encouraging

India stands out among global asset classes with prospects of strong FII Flow long term growth given favorable demographics

DII Flow Long runaway of growth in financialization of savings

Higher disinvestment target and repair of leveraged balance sheet to Supply of paper create supply in markets

Policy/Reform Initiative Now that elections are over, expect improved reform momentum

Signify Growth 100 Key Variables & Their Impact On Interest Rates

Short Term Medium Term Key Variables Remarks –( Denotes fall in Interest Rates ) (3-6mo) (6mo-2yrs) Elevated Headline CPI is expected to fall in Q3 FY 21 below 4% and will open more space for easing as Inflation RBI will remain accommodative till growth revives INR performed quite well in the near term thanks to deal like RIL Jio stake sale etc. However, going Rupee ahead it will depend on the relative economic growth. We believe in absence of any geo political event, INR is expected to be stable and shall appreciate as economic growth stabilizes. Credit growth is expected to remain muted despite unlocking activity resumes in phases. Globally, Credit Demand situation is similar and this may accentuate the situation further. However, easy rates may help some demand pickup post the lock down is lifted till then credit growth will not impact rates negatively.

Upto 7 yr Gilt curve is responding well to rates cuts and liquidity. Yield Curve 7 yr and above is adjusting to new demand supply equation. However as the RBI refrained from cutting rates, the profit Government Borrowing booking in short term curve took rates higher and it impacted long end as well as the supply continues to be in the long end. Market awaits OMO or other similar measures while absorbing huge supply without much impact. RBI Policy RBI remains committed and is taking all possible steps, but pauses this time. Nothing major happened on incremental basis however, stance from FED and other major central Global Event Risk banks remain aggressive in terms of cut in rates and other measures to contain rates lower will help India too. GDP is expected to contract this year and this is an unprecedented phenomena. This will lead to Corporate bond Spread demand for relatively safer assets hence spreads compression is likely to happen Too many moving parts are making it difficult for any one to take a call outside their own country. We Debt FII flow believe we will have to wait till the index inclusion happens for sustainable flows. With Cut in CRR, LTRO and TLTRO Liquidity has been flushed in the banking system is expected to Liquidity remain in SUPER surplus zone. It is therefore likely to have a positive impact on Interest rates 101 Performance Of Sensex And Nifty Indices

Source: Bloomberg, Kotak Institutional Equities. Past Performance is not a guarantee for future return. 102 Disclaimers & Disclosures

103 Disclaimers & Risk Factors

The information contained in this (document) is extracted from different public sources. All reasonable care has been taken to ensure that the information contained herein is not misleading or untrue at the time of publication. This is for the information of the person to whom it is provided without any liability whatsoever on the part of Kotak Mahindra Asset Management Co Ltd or any associated companies or any employee thereof.We are not soliciting any action based on this material and is for general information only. Investors should consult their financial advisors if in doubt about whether the product is suitable for them before investing

These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

104 Kotak Dynamic Bond Fund As on 31 July 2020

Kotak Dynamic Bond Fund

Kotak Dynamic Bond NIFTY Composite Debt Kotak Dynamic Bond NIFTY Composite Debt May 26, 2008 ALPHA CRISIL 1 Year TBill## CRISIL 1 Year TBill## Fund - Growth Index# Fund - Growth Index# Since Inception 8.92% 8.75% 0.17% 6.62% 28,342 27,807 21,849 Last 1 Year 10.92% 11.97% -1.04% 7.24% 11,092 11,197 10,724 Last 3 Years 9.21% 8.61% 0.60% 7.05% 13,027 12,815 12,270 Last 5 Years 9.91% 9.15% 0.76% 7.04% 16,049 15,500 14,055 Scheme Inception date is 26/05/2008. Mr. Deepak Agrawal has been managing the fund since 25/11/2012. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is difference of scheme return with benchmark return. Kotak Dynamic Bond Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 1,470,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on July 31, 2020 (Rs) 2,689,576 1,979,935 1,193,794 774,332 426,851 128,524 Scheme Returns (%) 9.40 9.67 9.88 10.14 11.39 13.47 Nifty Composite Debt Index Returns (%) 8.91 9.15 9.47 9.59 11.33 14.27 Alpha* 0.50 0.52 0.41 0.55 0.05 -0.80 Nifty Composite Debt Index (Rs)# 2,583,721 1,912,114 1,167,704 757,906 422,730 127,675 CRISIL 1 Year T-Bill Index (Rs)^ 2,294,207 1,738,490 1,084,633 717,078 402,238 124,468 CRISIL 1 Year T-Bill Index Returns (%) 6.99 7.20 7.19 7.07 7.34 7.00

Scheme Inception : - May 26, 2008. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark. Alpha is difference of scheme 105 return with benchmark return. Kotak Credit Risk Fund Performance As on 31 July 2020

Kotak Credit Risk Fund

Kotak Credit Risk Fund - NIFTY Credit Risk Bond Kotak Credit Risk Fund - NIFTY Credit Risk Bond May 11, 2010 ALPHA CRISIL 1 Year TBill## CRISIL 1 Year TBill## Growth Index# Growth Index# Since Inception 8.21% 9.29% -1.08% 6.89% 22,426 24,821 19,770 Last 1 Year 7.17% 9.88% -2.71% 7.24% 10,717 10,988 10,724 Last 3 Years 6.76% 8.18% -1.42% 7.05% 12,171 12,662 12,270 Last 5 Years 7.83% 8.90% -1.07% 7.04% 14,584 15,323 14,055

Scheme Inception date is 11/05/2010. Mr. Deepak Agrawal has been managing the fund since 12/04/2010. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is difference of scheme return with benchmark return Kotak Credit Risk Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 1,230,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on July 31, 2020 (Rs) 1,895,647 1,828,759 1,109,707 722,306 401,815 124,448 Scheme Returns (%) 8.17 8.17 7.83 7.36 7.27 6.97 NIFTY Credit Risk Bond Index Returns (%) 9.29 9.30 9.06 8.83 9.24 10.48 Alpha* -1.12 -1.13 -1.23 -1.47 -1.97 -3.51 NIFTY Credit Risk Bond Index (Rs)# 2,014,535 1,940,968 1,159,413 749,378 413,693 126,664 CRISIL 1 Year T-Bill Index (Rs)^ 1,797,782 1,738,490 1,084,633 717,078 402,238 124,468 CRISIL 1 Year T-Bill Index (%) 7.19 7.20 7.19 7.07 7.34 7.00 Scheme Inception : - May 11, 2010. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark. Alpha is difference of scheme return with benchmark return. 106 Kotak Medium Term Fund Performance As on 31 July 2020

Kotak Medium Term Fund

Kotak Medium Term NIFTY Medium Kotak Medium Term NIFTY Medium Mar 21, 2014 ALPHA CRISIL 10 Year Gilt## CRISIL 10 Year Gilt## Fund - Growth Duration Debt Index# Fund - Growth Duration Debt Index# Since Inception 8.35% 9.49% -1.14% 9.05% 16,659 17,811 17,359 Last 1 Year 8.01% 12.94% -4.93% 7.72% 10,801 11,294 10,772 Last 3 Years 6.14% 8.69% -2.55% 6.85% 11,961 12,844 12,203 Last 5 Years 7.55% 9.06% -1.51% 8.40% 14,393 15,437 14,974 Scheme Inception date is 21/03/2014. Mr. Deepak Agrawal has been managing the fund since 22/06/2015.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is difference of scheme return with benchmark return Kotak Medium Term Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 770,000 NA NA 600,000 360,000 120,000 Total Value as on July 31, 2020 (Rs) 978,994 NA NA 714,991 399,171 125,115 Scheme Returns (%) 7.39 NA NA 6.95 6.83 8.02 Nifty Medium Duration Index Returns (%) 9.45 NA NA 9.65 11.20 14.79 Alpha* -2.07 NA NA -2.70 -4.37 -6.77 Nifty Medium Duration Index (Rs)# 1,047,025 NA NA 764,822 425,691 129,350 CRISIL 10 Year Gilt Index (Rs)^ 1,019,741 NA NA 745,714 421,143 126,554 CRISIL 10 Year Gilt Index Returns (%) 8.64 NA NA 8.63 10.47 10.31 Scheme Inception : - March 21, 2014. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark. Alpha is difference of scheme return with benchmark return. 107 Kotak Emerging Equity Fund Performance As on 31 July 2020

Kotak Emerging Equity Fund - Kotak Emerging Equity Fund Mar 30, 2007 Growth Nifty Midcap 100 TRI# ALPHA Nifty 50 TRI## - Growth Nifty Midcap 100 TRI# Nifty 50 TRI## Since Inception 10.42% 10.47% -0.05% 9.59% 37,543 37,775 33,968 Last 1 Year 3.99% -1.85% 5.84% 0.68% 10,399 9,815 10,068 Last 3 Years 0.36% -4.85% 5.21% 4.46% 10,109 8,613 11,400 Last 5 Years 6.53% 3.55% 2.99% 6.66% 13,728 11,905 13,811 Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. Kotak Emerging Equity Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 1,610,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on July 31, 2020 (Rs) 4,063,899 2,373,025 1,211,296 667,861 358,578 123,766 Scheme Returns (%) 12.88 13.08 10.28 4.24 -0.26 5.88 Nifty Midcap 100 (TRI) Returns (%) 9.32 7.86 5.05 -0.25 -6.05 4.45 Alpha* 3.57 5.21 5.23 4.49 5.79 1.44 Nifty Midcap 100 (TRI) (Rs)# 3,115,387 1,799,838 1,005,142 596,165 327,505 122,853 Nifty 50 (TRI) (Rs)^ 3,139,829 1,916,382 1,111,815 712,891 377,675 125,030 Nifty 50 (TRI) Returns (%) 9.42 9.05 7.88 6.83 3.14 7.88 Scheme Inception : - March 30, 2007. The returns are calculated by XIRR approach assuming investment of Rs.10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. 108 Kotak Equity Opportunities Fund Performance as on 31 July 2020

Kotak Equity Opportunities Fund - Kotak Equity Opportunities Growth Nifty 200 TRI# ALPHA Nifty 50 TRI## Fund - Growth Nifty 200 TRI# Nifty 50 TRI## 16.95% 13.88% 3.07% 14.15% 120,606 79,044 82,021 5.25% 0.79% 4.46% 0.68% 10,525 10,079 10,068 2.32% 2.84% -0.52% 4.46% 10,713 10,876 11,400 6.91% 6.34% 0.57% 6.66% 13,973 13,602 13,811 Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.

Kotak Equity Opportunities Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 1,910,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on July 31, 2020 (Rs) 5,703,651 2,122,414 1,167,222 706,208 377,282 125,744 Scheme Returns (%) 12.60 10.98 9.24 6.46 3.07 9.01 Nifty 200 (TRI) Returns (%) 10.39 9.10 7.62 5.77 1.55 7.55 Alpha* 2.21 1.88 1.63 0.69 1.52 1.46 Nifty 200 (TRI) (Rs)# 4,662,215 1,920,770 1,101,456 694,077 368,642 124,824 Nifty 50 (TRI) (Rs)^ 4,705,527 1,916,382 1,111,815 712,891 377,675 125,030 Nifty 50 (TRI) Returns (%) 10.49 9.05 7.88 6.83 3.14 7.88

Scheme Inception : - September 09, 2004. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return 109 Kotak Tax Saver Fund Performance as on 31 July 2020

Kotak Tax Saver Fund - Kotak Tax Saver Fund - Growth Nifty 500 TRI# ALPHA Nifty 50 TRI## Growth Nifty 500 TRI# Nifty 50 TRI## 10.44% 11.24% -0.80% 11.70% 43,047 47,877 50,860 1.07% 0.98% 0.09% 0.68% 10,107 10,098 10,068 1.90% 2.08% -0.18% 4.46% 10,580 10,637 11,400 5.80% 6.17% -0.37% 6.66% 13,260 13,492 13,811 Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.

Kotak Tax Saver Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 1,770,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on July 31, 2020 (Rs) 3,816,862 1,997,428 1,139,071 688,179 369,977 123,071 Scheme Returns (%) 9.76 9.84 8.56 5.43 1.78 4.79 Nifty 500 (TRI) Returns (%) 9.57 9.00 7.44 5.27 0.86 7.58 Alpha* 0.19 0.83 1.12 0.16 0.92 -2.79 Nifty 500 (TRI) (Rs)# 3,758,247 1,911,265 1,094,460 685,470 364,797 124,837 Nifty 50 (TRI) (Rs)^ 3,783,003 1,916,382 1,111,815 712,891 377,675 125,030 Nifty 50 (TRI) Returns (%) 9.65 9.05 7.88 6.83 3.14 7.88 Scheme Inception : - November 23, 2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return

110 Kotak Balanced Advantage Fund Performance as on 31 July 2020

Kotak Balanced Advantage NIFTY 50 Hybrid Composite Debt Kotak Balanced Advantage NIFTY 50 Hybrid Composite Aug 03, 2018 ALPHA Nifty 50 TRI## Nifty 50 TRI## Fund - Growth 50:50 Index# Fund - Growth Debt 50:50 Index# Since Inception 6.75% 7.03% -0.28% -0.11% 11,391 11,450 9,978 Last 1 Year 8.74% 8.06% 0.68% 0.68% 10,874 10,806 10,068 Last 3 Years NA NA NA NA NA NA NA Last 5 Years NA NA NA NA NA NA NA

Scheme Inception date is 03/08/2018. Mr. Harish Krishnan, Mr. Abhishek Bisen have been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund since 03/10/2019. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Alpha is difference of scheme return with benchmark return Kotak Balanced Advantage Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 240,000 NA NA NA NA 120,000 Total Value as on July 31, 2020 (Rs) 264,023 NA NA NA NA 129,396 Scheme Returns (%) 9.48 NA NA NA NA 14.87 NIFTY 50 Hybrid Composite Debt 50:50 Index Returns (%) 9.18 NA NA NA NA 13.12 Alpha* 0.29 NA NA NA NA 1.74 NIFTY 50 Hybrid Composite Debt 50:50 Index (Rs)# 263,265 NA NA NA NA 128,315 Nifty 50 (TRI) (Rs)^ 245,439 NA NA NA NA 125,030 Nifty 50 (TRI) Returns (%) 2.17 NA NA NA NA 7.88

Scheme Inception : - August 03,2018. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). The debt component of the index is TRI since inception. *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Alpha is difference of scheme return with benchmark return 111 Kotak Debt Hybrid Fund Performance as on 31 July 2020

Kotak Debt Hybrid Fund - CRISIL Hybrid 85+15 - Kotak Debt Hybrid Fund - CRISIL Hybrid 85+15 - Dec 02, 2003 ALPHA CRISIL 10 Year Gilt## CRISIL 10 Year Gilt## Growth Conservative Index# Growth Conservative Index# Since Inception 7.67% 8.52% -0.85% 6.03% 34,311 39,107 26,552 Last 1 Year 9.02% 11.54% -2.52% 7.72% 10,902 11,154 10,772 Last 3 Years 5.51% 8.27% -2.76% 6.85% 11,746 12,694 12,203 Last 5 Years 7.77% 9.35% -1.59% 8.40% 14,541 15,645 14,974 Scheme Inception date is 02/12/2003. Mr. Abhishek Bisen has been managing the fund since 01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is difference of scheme return with benchmark return. TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006. Alpha is difference of scheme return with benchmark return.

Kotak Debt Hybrid Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 2,000,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on July 31, 2020 (Rs) 4,064,153 1,867,699 1,120,586 722,343 402,903 126,978 Scheme Returns (%) 7.96 8.57 8.10 7.36 7.46 10.99 CRISIL Hybrid 85+15 - Conservative Index Returns (%) 9.02 9.70 9.92 9.82 10.82 14.85 Alpha* -1.05 -1.13 -1.81 -2.46 -3.37 -3.86 CRISIL Hybrid 85+15 - Conservative Index (Rs)# 4,488,077 1,982,686 1,195,462 768,076 423,340 129,376 CRISIL 10 Year Gilt Index (Rs)^ 3,787,208 1,823,710 1,142,528 745,775 421,205 126,554 CRISIL 10 Year Gilt Index Returns (%) 7.21 8.11 8.65 8.64 10.47 10.31

Scheme Inception : - December 02, 2003. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark. Alpha is difference of scheme return with benchmark return. 112 Kotak Asset Allocator Fund as on 31 July 2020

NIFTY 50 Hybrid NIFTY 50 Hybrid Kotak Asset Allocator S&P BSE SENSEX Kotak Asset Allocator Fund S&P BSE SENSEX Aug 09, 2004 Composite Debt 50:50 ALPHA Composite Debt 50:50 Fund - Growth TRI## - Growth TRI## Index# Index# Since Inception 14.93% 11.64% 3.30% 14.44% 92,551 58,134 86,430 Last 1 Year 12.30% 8.06% 4.24% 1.47% 11,230 10,806 10,147 Last 3 Years 7.53% 7.32% 0.22% 6.20% 12,437 12,361 11,980 Last 5 Years 9.03% 8.49% 0.54% 7.33% 15,411 15,035 14,245

Scheme Inception date is 09/08/2004. Mr. Devender Singhal & Mr. Arjun Khanna has been managing the fund since 09/05/2019. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006. Alpha is difference of scheme return with benchmark return.

113 Other Funds Managed by Mr. Deepak Agarwal

1 YEAR 3 YEARS 5 YEARS Since Inception Benchmark Benchmark Benchmark Benchmark Scheme Names Scheme Returns Scheme Returns Scheme Returns Scheme Returns Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Kotak Banking and PSU Debt Fund - 11.34 11.07 8.87 8.83 8.93 9.07 7.64 NA Growth Top 3 Kotak Bond Short Term Fund - Growth 10.67 10.37 8.13 8.21 8.27 8.38 7.87 8.03 Kotak Corporate Bond Fund - Growth 10.30 12.90 8.63 8.50 8.58 9.36 8.37 9.67 Kotak Money Market Fund - Growth 6.91 6.17 7.47 6.91 7.47 7.17 7.40 7.55 Bottom 3 Kotak Liquid Fund - Growth 5.11 5.15 6.45 6.42 6.83 6.73 7.29 7.31 Kotak Overnight Fund - Growth 4.15 4.26 NA NA NA NA 4.81 4.92 Mr. Deepak Agrawal manages 12 funds & All FMPs of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. (Kotak Bond Short Term Fund (May. 02, 02), Kotak Dynamic Bond Fund (May. 26, 08), Kotak Money Market Fund (Nov. 25, 07), Kotak Liquid Fund (Nov. 04, 03), Kotak Banking and PSU Debt Fund (Dec. 29, 98), Kotak Savings Fund (Jul. 11, 07), Kotak Credit Risk Fund (May 11, '10), Kotak Medium Term Fund (Mar. 21, 14), Kotak Low Duration Fund (Jan. 31, 15), Kotak Corporate Bond Fund (Sep. 21, 07), Kotak Overnight Fund (Jan. 15, 19) All Fixed Maturity Plans in existence (Aug. 13,'15), Kotak Floating Fund (May. 14, 2019).

Kotak Banking and PSU Debt Fund - Growth, *Name of the Benchmark - CRISIL Banking and PSU Debt Index, Scheme Inception date is 29/12/1998. Mr. Deepak Agrawal has been managing the fund since 01/08/2008. Kotak Bond Short Term Fund - Growth, *Name of the Benchmark - NIFTY Short Duration Debt Index, Scheme Inception date is 02/05/2002. Mr. Deepak Agrawal has been managing the fund since 11/07/2007. Kotak Corporate Bond Fund - Growth, *Name of the Benchmark - CRISIL Corporate Bond Composite Index, Scheme Inception date is 21/09/2007. Mr. Deepak Agrawal has been managing the fund since 01/02/2015. Kotak Money Market Fund - Growth, *Name of the Benchmark - NIFTY Money Market Index, Scheme Inception date is 14/07/2003. Mr. Deepak Agrawal has been managing the fund since 01/11/2006. Kotak Liquid Fund - Growth, *Name of the Benchmark - NIFTY Liquid Index, Scheme Inception date is 04/11/2003. Mr. Deepak Agrawal has been managing the fund since 01/05/2007. Kotak Overnight Fund - Growth, *Name of the Benchmark - NIFTY 1D Rate Index, Scheme Inception date is 15/01/2019. Mr. Deepak Agrawal has been managing the fund since 15/01/2019.

114 Funds Managed by Mr. Harsha Upadhyaya

1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Names Scheme Benchmark Returns Scheme Benchmark Returns Scheme Benchmark Returns Scheme Benchmark Returns Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Kotak Equity Opportunities Fund - Growth 5.25 0.79 2.32 2.84 6.91 6.34 16.95 13.88 Kotak Tax Saver Fund - Growth 1.07 0.98 1.90 2.08 5.80 6.17 10.44 11.24 Kotak Standard Multicap Fund - Growth -0.27 0.79 2.22 2.84 7.19 6.34 11.91 9.27

Mr. Harsha Upadhyaya manages 3 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Equity Opportunities Fund (Sep 9, 04), Kotak Standard Multicap Fund (Sep 11, 09), Kotak Tax Saver Fund (Nov. 23,'05). Kotak Equity Opportunities Fund - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 09/09/2004. Mr . Harsha Upadhyaya has been managing the fund since 04/08/2012. Kotak Tax Saver Fund - Growth, *Name of the Benchmark - Nifty 500 TRI, Scheme Inception date is 23/11/2005. Mr . Harsha Upadhyaya has been managing the fund since 25/08/2015. Kotak Standard Multicap Fund - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 11/09/2009. Mr . Harsha Upadhyaya has been managing the fund since 04/08/2012.

Other Funds Managed by Mr. Pankaj Tibrewal

Mr. Pankaj Tibrewal manages 3 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Small Cap Fund (Feb. 24,05), Kotak Emerging Equity Fund (Mar 30,'07), Kotak Equity Hybrid Fund (Nov. 25,'99). Kotak Smallcap Fund - Growth, *Name of the Benchmark - NIFTY Smallcap 100 TRI, Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since 21/01/2010. Kotak Equity Hybrid Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index, Scheme Inception date is 25/11/1999. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Mr. Abhishek Bisen has been managing the fund since 15/04/2008

115 Other Funds Managed by Mr. Hiten Shah

1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak Equity Savings Fund - Growth 6.41 3.48 5.72 5.04 6.73 5.84 7.34 6.35 Kotak Equity Arbitrage Fund - Growth 4.85 3.12 5.88 4.67 6.05 5.12 7.27 NA Mr. Hiten Shah manages 3 fund of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Balanced Advantage Fund (Aug. 03, 18), Kotak Equity Savings Fund (Oct. 13, 2014), Kotak Equity Arbitrage Fund (Sep. 29, 05). Kotak Equity Savings Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 Arbitrage + 25% Nifty 50 TRI, Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been managing the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019. Kotak Equity Arbitrage Fund - Growth, *Name of the Benchmark - Nifty 50 Arbitrage Index, Scheme Inception date is 29/09/2005. Mr. Hiten Shah has been managing the fund since 03/10/2019.

116 Other Funds Managed by Mr. Harish Krishnan

1 YEAR 3 YEARS 5 YEARS Since Inception Benchmark Scheme Names Benchmark Scheme Benchmark Scheme Benchmark Scheme Returns Scheme Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ (%)^* Kotak India Growth Fund - Series 5 - Growth 11.87 0.79 NA NA NA NA -0.74 0.62 Kotak Equity Savings Fund - Growth 6.41 3.48 5.72 5.04 6.73 5.84 7.34 6.35 Kotak Bluechip Fund - Growth 4.62 0.68 3.04 4.46 5.50 6.66 18.51 15.98 Kotak Focused Equity Fund 0.86 0.79 NA NA NA NA 1.04 -3.85 Kotak Infrastructure and Economic Reform Fund - -12.87 -11.73 -7.02 -8.49 0.77 -2.44 4.24 -1.40 Growth

Kotak Pioneer Fund Since Kotak Pioneer Fund has not yet completed 1 year from Inception, the performance of the scheme is not disclosed.

Mr. Harish Krishnan manages 7 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Bluechip Fund (Feb 04, 03), Kotak Infrastructure & Economic Reform Fund (Feb 25, '08), Kotak India Growth Fund Series 5 (May15,18), Kotak Balanced Advantage Fund (Aug. 03,18), Kotak Equity Savings Fund (Oct. 13' 14), Kotak Focused Equity fund (Jul 16, '19), Kotak Pioneer Fund (Oct 31, '19

Kotak India Growth Fund Series 5- Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 15/05/2018. Mr. Harish Krishnan has been managing the fund since 15/05/2018. Kotak Equity Savings Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 ARBITRAGE + 25% Nifty 50 TRI, Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been managing the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019. Kotak Bluechip Fund - Growth (Erstwhile Kotak 50), *Name of the Benchmark - Nifty 50 TRI, Scheme Inception date is 04/02/2003. Mr. Harish Krishnan has been managing the fund since 15/11/2013. Kotak Focused Equity Fund - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 16/07/2019. Mr. Harish Krishnan & Ms. Shibani Kurian has been managing the fund since 16/07/2019. Kotak Infrastructure and Economic Reform Fund - Growth, *Name of the Benchmark - India Infrastructure Index (Customised Index by IISL), Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 31/01/2015.

117 Funds Managed by Mr. Abhishek Bisen

1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Names Benchmark Benchmark Benchmark Benchmark Scheme Returns Scheme Returns Scheme Returns Scheme Returns Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Kotak Gold Fund - Growth 53.12 49.69 22.59 22.93 15.42 16.63 8.89 10.47 Top 3 Kotak Gold ETF 48.28 49.69 21.80 22.93 15.46 16.63 13.67 14.85 Kotak Bond Fund - Growth 10.87 12.40 7.39 8.49 8.27 9.13 9.00 NA Kotak Gilt Fund - Growth 10.09 10.69 8.02 8.90 9.25 9.33 9.74 NA Bottom 3 Kotak Equity Savings Fund - Growth 6.41 3.48 5.72 5.04 6.73 5.84 7.34 6.35 Kotak Equity Hybrid Fund - Growth 1.78 6.21 1.63 6.63 5.51 8.07 6.05 7.85

Mr. Abhishek Bisen manages 9 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Equity Hybrid Fund (Nov. 05, 2014), Kotak Debt Hybrid Fund (Dec. 02, 03), Kotak Bond Fund (Regular Plan) (Apr. 15, 08), Kotak Gilt Fund (Regular & PF-Trust) (Dec. 29, 98), Kotak Equity Savings Fund (Oct. 13, '14), Kotak Gold ETF (Jul. 27, 07), Kotak Gold Fund (Mar. 25, '11), Kotak Balanced Advantage Fund (Aug. 03' 18)

Kotak Gold Fund - Growth, *Name of the Benchmark - Price of Gold, Scheme Inception date is 25/03/2011. Mr. Abhishek Bisen has been managing the fund since 04/03/2011. Kotak Gold ETF, *Name of the Benchmark - Price of Gold, Scheme Inception date is 27/07/2007. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. & Mr. Satish Dondapati has been managing the fund since 09/05/2019. Kotak Bond Fund - Growth, *Name of the Benchmark - NIFTY Medium to Long Duration Debt Index, Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fund since 01/04/2008. Kotak Gilt Fund - Growth, *Name of the Benchmark -NIFTY All Duration G-Sec Index, Scheme Inception date is 29/12/1998. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Kotak Equity Savings Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 Arbitrage + 25% Nifty 50 TRI, Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been managing the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019. Kotak Equity Hybrid Fund - Growth (Erstwhile Kotak Balance), *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index, Scheme Inception date is 25/11/1999 and Kotak Equity Hybrid Fund - Regular plan scheme inception date is 3rd November 2014. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. 118 Funds Managed by Mr. Devender Singhal

1 YEAR 3 YEARS 5 YEARS Since Inception Benchmark Benchmark Benchmark Benchmark Scheme Name Scheme Returns Scheme Returns Scheme Returns Scheme Returns Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Kotak India Growth Fund - Series 4 - 15.94 0.79 NA NA NA NA 1.32 1.90 Growth Top 3 Kotak NV20 ETF 5.62 8.86 8.81 10.15 NA NA 12.14 11.84 Kotak Sensex ETF 1.12 1.47 5.90 6.20 6.49 7.33 7.88 9.06 Kotak Nifty ETF 0.24 0.68 4.21 4.46 5.95 6.66 8.16 9.56 Bottom 3 Kotak Banking ETF -26.03 -24.91 -5.17 -4.55 2.94 3.44 3.03 3.45 Kotak PSU Bank ETF -48.97 -48.69 -28.06 -27.60 -16.76 -15.90 -5.65 -4.19

Mr. Devender Singhal manages 8 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Debt Hybrid Fund - Growth (Dec. 02, 03), Kotak India Growth Fund Series-4 (Feb. 14, '18), Kotak NV20 ETF (Dec. 01, '15), Kotak Banking ETF (Dec. 10, '14), Kotak Sensex ETF (Jun. 06, '08), Kotak Asset Allocator Fund (Aug,. 09, '04), Kotak PSU Bank ETF (Nov. 08, 07), Kotak Nifty ETF (Feb. 02, '10)

Kotak India Growth Fund - Series 4 - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 14/02/2018. Mr. Devender Singhal has been managing the fund since 24/01/2019. Kotak NV20 ETF - *Name of the Benchmark Nifty 50 Value 20 TRI, Scheme Inception date is 01/12/2015. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019. Kotak Sensex ETF, *Name of the Benchmark - S&P BSE SENSEX TRI, Scheme Inception date is 06/06/2008. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019. Kotak Nifty ETF, *Name of the Benchmark - Nifty 50 TRI, Scheme Inception date is 02/02/2010. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019. Kotak Banking ETF, *Name of the Benchmark - Nifty Bank TRI, Scheme Inception date is 10/12/2014. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019. Kotak PSU Bank ETF - *Name of the Benchmark Nifty PSU Bank TRI, Scheme Inception date is 08/11/2007. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019.

119 Fund Type of Scheme

Kotak Equity Opportunities Fund Large & Mid Cap Fund - An open ended equity scheme investing in both large cap and mid cap stocks

Kotak Emerging Equities Fund An open ended equity scheme predominantly investing in mid cap stocks Kotak Tax Saver Fund An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit Kotak Balanced Advantage Fund Open ended Dynamic Asset Allocation Fund Kotak Pioneer Fund An open ended equity scheme investing in pioneering innovations theme

Kotak Debt Hybrid Fund An open ended hybrid scheme investing predominantly in debt instruments

An open ended fund of fund scheme investing in specified open-ended equity, and debt Schemes of Kotak Mahindra Kotak Asset Allocator Fund Mutual Fund

120 Fund Type of Scheme Kotak Gilt Fund An open ended debt scheme investing in government securities across maturity Kotak Money Market Fund An open ended debt scheme investing in money market instruments Kotak Savings Fund An open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 months and 6 months Kotak Bond Short Term An open ended short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 1 Fund year and 3 years Kotak Corporate Bond An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds. Fund Kotak Credit Risk Fund An open ended debt scheme predominantly investing in AA and below rated corporate bonds (Excluding AA+ rated corporate bonds) Kotak Banking & PSU Debt An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Fund Institutions and Municipal Bonds. Kotak Liquid Fund An open ended liquid scheme Kotak Low Duration Fund An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 6 months and 12 months Kotak Medium Term Fund An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 years and 4 years Kotak Dynamic Bond Fund An open ended dynamic debt scheme investing across duration. Kotak Bond Fund An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 4 years and 7 years 121 Kotak Emerging Equity Fund

Kotak Tax Saver Fund

Kotak Equity Hybrid Fund

*Investors should consult their financial advisors if in doubt about whether the product is suitable for them 122 • Long term capital growth • Investment in open-ended diversified equity schemes and debt schemes of Kotak Kotak Asset Allocator Fund Mahindra Mutual Fund

*Investors should consult their financial advisors if in doubt about whether the product is suitable for them 123 Kotak Global Emerging Market Fund

*Investors should consult their financial advisors if in doubt about whether the product is suitable for them 124 Kotak Debt Hybrid Fund

*Investors should consult their financial advisors if in doubt about whether the product is suitable for them 125 Kotak Equity Arbitrage Fund

*Investors should consult their financial advisors if in doubt about whether the product is suitable for them 126 Thank You

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