Monthly Market Outlook July 2020

1 Global Scenario

2 3 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 4 However Increasing Debt Levels Will Sustain With Reducing Bond Yields

Source: Bloomberg 5 Central Bankers Are Hoping That Money Supply Growth Will Lead To Growth

Note: Global money supply growth is average of US, Europe and China broad money supply growth

Source: Bloomberg, CPB Netherlands World Trade Monitor, Edelweiss research 6 Global Bonds Have Fully Recovered Their Losses

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

Source : Bloomberg 7 Global Equities Regained Almost 2/3rd Of Losses

Source : Bloomberg 8 Valuation Gap Between High And Low Valuation Stocks Remain Wide

As on 25th June 2020

Source: Goldman Sachs Global Investment Research 9 China Is Getting Back To Work, Though Not Fully Back To Normal

99% 94% 98% -80% 59% 76%

Of major Industrial On-job rate of Of agricultural Recovery of Recovery of Recovery of enterprises staff of major material property domestic flight metro resumed industrial enterprises transaction (by passengers in passengers (by operations(By Apr enterprises (by resumed ops (by May 6) May 13 May) 14) Apr14) Apr 3)

-100% -121% -103% -84% 60% 460K+

Recovery of all- Recovery of coal Recovery of Of SME resumed Recovery in Companies shut cargo international consumption (by Congestion delay operations (by Apr discretionary permanently, flights per week May 15) (by May 14) 15) consumer spending. rising bankruptcies (by Apr 13) E.g. restaurants (by (by 2 May) May 2) Source : WIND, PRC State Council, tlt research 10 Economy

11 Sector impact - Revenue Significantly Impacted but Costs continue

Low Medium High

• Agricultural Produce • Auto Ancillaries • Aviation • Telecom • Consumer Durables • Hotels & Tourism • FMCG • Housing Finance Companies • Gems & Jewellery • Food Processing • Automobile OEMs • Multiplexes • Online Education • Logistics • Microfinance Institution • Seeds & Fertilisers • Power • Textiles ( Cotton Spinning) • Sugar • Electronics • 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 – March 2020 12 FY21 To See Negative Growth First Time Since 1980

13 Q4 FY20: Steep Decline In Nifty Earnings, Even Below Muted Expectations

Source: Company data, Bloomberg, UBS estimates 14 Initial Trends Of Business Resumption is Encouraging, Still A Long Way To Go

The NIBRI is composed of Google mobility indices, driving mobility from Apple, power demand and the labour force participation rate. Source: Nomura 15 BHARAT V/S INDIA

16 Bharat Leads Recovery And Outperforms India…

Retail fertilizer spends stood at almost 2x in May’20 as Kharif sowing area is ~2.0x in June 2020 as compared to June compared to May’19. 2019

Source: MOFSL Source: IMD, Ministry of Agriculture, Jefferies 17 Bharat Leads Recovery And Outperforms India

Tractor Registration has touched ~90% of FY20 levels Cement production near to May 2019 levels

Source: Spark Capital Source: DIPP

18 Rural India Is Unaffected By The Lockdown And Is Poised To Benefit From Higher Price, Output And Govt. Spend

Farm income to increase by over Rs. 3tn in both Long-pending reforms in the Agri sector to lead to FY20E and FY21E vs. Rs. 1.3tn in FY19 better supply chain and higher pricing for farmers

Source: FAO, Spark Capital Research 19 Good Start To The Monsoon Season

Monsoon season rainfall has continued to trend above normal Rainfall has been spread across the country

Source: IMD, Ministry of Agriculture, Jefferies, MOFSL 20 Urban India Is Trying To Reach Normalcy Despite Constraints

Power consumption has reached ~90% of the last E-WAY bill generations in Jun’20 has reached 80% year demand from 70% in Apr’20 of Jun'19 level

Petrol and diesel consumption coming back to normal Electronic toll collections have jumped

Source: GOI, GSTN, Spark Capital Research, Jefferies 21 Summary Of High-frequency Indicators Over April And May

Source: * vs Jan-Feb levels. ** Inverted. *** Based on IOCL refinery utilization. Govt. of India, CMIE, Jefferies 22 Activity Levels In India Are Slowly Normalizing As Restrictions Have Eased

SBI Research 23 Unemployment Rate Falls Rapidly In June

June MNREGA employment already close to Feb level

Source: CMIE 24 June GST Collection Picks Up Pace

25 Source: Finance Ministry, MOFSL India’s Manufacturing PMI Showed An Uptick In Jun’20

Source: Bloomberg, MOFSL 26 Markets

27 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 28 In India , COVID Impact In-line With 2008 Crisis: May Become Severe And Prolonged

130 Nifty rebased to 100 for 1st Feb 2020, 8th Nov 2016 and 12th Sep 2008 120

110

100

50 3M 6M 9M 12M

Nifty - Global Financial Crisis (2008) Nifty - Demonetization Nifty - COVID-19 (2020) Bank Nifty - COVID-19 (2020)

Past Performance may or may not sustain in the future Source: capital line ,Internal analysis 29 EPS Estimates Have Seen Sharp Cuts In The Past Few Months

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

Source: Kotak Institutional Equities estimates 30 Nifty @ ~10300 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 31 This Crisis Requires Medical Solution

32 India’s Trade Deficit With China Reducing From The FY18 Highs

33 Source: CEIC, MOFSL Record Capital Raise & Absorption For Good Companies

34 Second Consecutive Month Of FII Inflows In Jun’20

FII inflows at USD2.5b were higher in Jun’20 v/s USD1.7b in May’20.

DII inflows moderated in Jun’20 and stood at just USD0.3b.

Source: Motilal Oswal 35 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 36 Source: Morgan Stanley Non-Food Credit Growth Slows Down To 5.70% In June’20* From 10.69% in June’19

Data as on June’20* Data as on June’19

Year-to-Date Year-on-Year Year-to-Date Year-on-Year

Gross Bank Credit 1.99% 5.82% 3.85% 10.73%

Food Credit 6.93% 20.01% -2.17% 16.43%

Non-Food Credit 1.95% 5.70% 3.89% 10.69%

Source: RBI *Data is a based on outstanding as on June 19, 2020 37 Market Performance

38 Market Snapshot

Dec-07 May-13 Jun-20 Dec-07 May-13 Jun-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% 5.9% Credit Growth (as on May 20) 22.0% 14.4% 6.2% USA 4.0% 2.1% 0.6% ROE Nifty 50 (Jun 20) 25.5% 17.1% (Mar-13) 14.0% Japan 1.5% 0.9% 0.0% Net FII Flows (12M - Rs Cr – Jun 20) 71,952 125,110 1920 Europe 4.3% 1.5% -0.5% IIP – Apr 20 13.5% 1.0% -55.5% China 4.5% 3.4% 2.9% GDP Growth (Jan – Mar 20) 9.6% 6.4% 3.1%

Dec-07 May-13 Jun-20 Dec-07 May-13 Jun-20

Valuations Returns of Nifty 50 (CAGR) Trailing P/E Nifty 50 27.6 18.0 26.3 Last 1 Yr Return 54.8% 21.6% -12.6% Trailing P/B Nifty 50 6.4 3.2 2.9 Last 2 Yr Return 47.1% 3.8% -1.9% Last 3 Yr Return 43.4% 5.6% 2.7%

39 Source: Axis Capital , Bloomberg, Nifty Fell 38% From The Highs In Less Than 90 Trading Sessions And Rallied Back 38% From The Lows Again In Less Than 90 Trading Session..

60%+ Gain of Nifty50 contributed by Reliance Industries alone Banking among most impacted

NSE Sectoral Indices % chg 13000 Bank -34% Realty -32% 12000 Metal -29% 11000 10312 Media -26% Services -22% 10000 Auto -19% Commodities -17% 9000 Energy -10% Infrastructure -7% 8000 7610 IT -6% 7000 FMCG 0% Pharma 24%

Nifty 50

Past performance is no guarantee of future results. The above stocks may or may not form part of the fund(s) Source: Bloomberg 40 Nifty Ex Financials Near To All Time High Levels

Nifty Nifty Ex-Financials 110 Rebased to 100 100 98

90 86

06-Jan-20 12-Jan-20 18-Jan-20 24-Jan-20 30-Jan-20

04-Jun-20 10-Jun-20 16-Jun-20 22-Jun-20 28-Jun-20

11-Apr-20 05-Apr-20 17-Apr-20 23-Apr-20 29-Apr-20

05-Feb-20 11-Feb-20 17-Feb-20 23-Feb-20 29-Feb-20

31-Dec-19

18-Mar-20 06-Mar-20 12-Mar-20 24-Mar-20 30-Mar-20

05-May-20 11-May-20 17-May-20 23-May-20 29-May-20 Past Performance may or may not sustain in the future Source: IIFL 41 Performance Across Market Cap

Performance as on 30th June 2020 Performance as on 31st Jan 2020 20 15.3 15 10.8 10 7.5 6.8 6.1 4.2 5 2.7 2.5 2.2 0

(5) (2.8) (10) (6.0)

(15) (12.6) (14.2) (20) (16.7) (25) (25.6) (30) Nifty Nifty Midcap NSE Small Cap

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 42 Midcap Index Outperforms Nifty – First Time Since CY17

• NSE Midcap 100 index, though down 14% is marginally outperforming Nifty on a YTD’20 basis – for the first time since 2017. • This is contrary to the prevailing narrative of Mid-caps suffering higher damage in a disruptive market context.

Mid-caps and Small-caps lag from Dec’17 highs

Source: MOSFL, Past Performance may or may not sustain in the future 43 Lessons – Post 9/11 Attack Airline Stock Performance

9/11 attack Airlines stock performed well as fears discounted 9 Alaska Air Group Inc by market proven wrong 8.0 8

7 7.7

4 4.5 Markets feared that airlines with Airlines started operations with less than 3 never fly again or with expected security measures than market extraordinary security measures 2 expectation

Markets discounts scenario and If actual scenario is better than discounted by markets , markets can rise. Market has discounted Covid 19 scenario . If actual scenario turns out to be better, then market will rise from current levels

Source: Bloomberg, Past Performance may or may not sustain in the future 44 Markets Will Fluctuate

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

45 Time to Be Over Weight on Equities ?

46 Equity Markets Are Doing A Time Travel To Past

25000

20000 Nifty50 at 2017 levels Nifty Midcap100 at 2016 Levels Nifty Smalcap100 at 2011 Levels 14704 15000

10000 10302

5000 4615

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

Dec-19 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Nifty 50 Nifty Midcap 100 Nifty Smallcap 100 Past Performance may or may not sustain in the future Source: Bloomberg 47 Valuation Discount Will Determine - OW/UW On Equities

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

OW Equities =Ratio Below Historical Lows Neutral Equities = Ratio at Historical Average Source: Motilal Oswal 48 Attractive Valuations – P/B

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

4.5 5.5

3.8 4.5 Average: 2.7x Average: 3x

3.0 3.5

2.4 2.3 2.5 2.5

1.5

Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

At 2.4x, the Nifty 12-month forward P/B is also well At 2.5x, 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 49 Nifty Polarization: U-turn? Next-35 Outperforms Top-15

• Polarization, which had continued between Nifty Top-15 & Other-35 Nifty constituents since Dec’17 has narrowed in last 3 months • The Nifty Midcap-100 has outperformed Nifty-50 in the past 3 months.

Source: Motilal Oswal , As on close of 30 June’20, Past Performance may or may not sustain in the future 50 Time To Be Marginally Over Weight On Equities

Average Market Cap to GDP for last 18 years is 73%

Date Nifty Levels Market Cap to GDP Ratio Stance

Market Peak 14-Jan-20 12,362 78% -

Market Bottom 23-Mar-20 7,610 51% Super Over Weight

Current Situation 30-Jun-20 10,302 71% Marginal Overweight

Source: Capital Line, Past Performance may or may not sustain in the future 51 Time To Be Marginally Over Weight On Equities In Staggered Manner

Conservative investor – OW Largecap Fund / Large & Mid Cap Fund

Moderate Investors – OW Multicap Fund

Aggressive Investors – OW Midcap Fund / Smallcap Fund

50% - Normal economic activity is not resumed to full extent and market cap to GDP ratio is widening vis à vis historical average - Staggered manner

50% - Once medical solution emerges & Normal economic activity resumes

52 Distributors Add Value

53 Never Time The Markets

There are years when it happens and there are weeks where in years happens

Date Sensex Date Sensex

04/07/2014 25,962 23/03/2020 25,981

25/01/2018 36,050 03/07/2020 36,021 Nearly 4 years Less than 4 Months Past performance is no guarantee of future results.

Source: Bloomberg 54 Listen To Prudent Advice Of Your Distributors And Don’t Believe Whatsapp Warriors And Social Media Gurus

1 Month Returns Simple June-20 May-20 April-20 Annualized (%)

Kotak Credit Risk Fund 17.74 24.80 -32.49

Kotak Medium Term Fund 22.57 34.47 -42.11

• Both Kotak Credit Risk Fund and Kotak Medium Term Fund have delivered positive returns on a month- on-month basis in 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 detailed performance of the fund 55 Don’t Stop SIP Due To Low/Negative Return – Kotak Emerging Equity Fund SIP Returns

Kotak Emerging Equity Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 10 Yr 16.46 14.71 14.37 15.25 15.63 15.81 15.74 16.77 15.67 9.24 11.38 10.81 12.16 7 Yr 16.94 14.24 13.62 14.85 15.33 15.53 15.33 16.81 15.06 5.29 8.31 7.29 9.15 5 yr 10.25 6.50 5.73 7.69 8.52 8.97 8.88 11.19 8.89 -4.54 0.16 -0.88 2.16 3 yr 5.38 -0.41 -1.13 2.53 4.31 5.38 5.28 9.10 5.26 -16.04 -8.23 -9.38 -4.05 1 yr 8.37 -6.96 -6.68 6.33 11.66 14.23 13.93 26.63 13.16 -41.26 -21.05 -22.23 -6.37

Benchmark Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 10 Yr 12.09 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 Yr 12.35 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 yr 7.19 2.83 1.88 2.57 4.20 4.87 4.32 6.11 3.17 -11.05 -5.43 -6.15 -2.18 3 yr 1.47 -5.49 -6.64 -5.17 -2.13 -0.74 -1.56 1.39 -3.33 -24.95 -15.87 -16.34 -9.62 1 yr -1.65 -18.41 -18.53 -11.19 -1.38 3.44 2.42 13.11 -0.97 -51.01 -28.60 -27.59 -7.59

Source: MFi Explorer. As on 30 June 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 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. 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 detailed performance56 of the fund Don’t Stop SIP Due To Low/Negative Return – Kotak Equity Opportunities Fund SIP Returns

Kotak Equity Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Opportunities 10 Yr 13.18 11.96 11.76 12.36 12.80 13.07 13.15 13.71 12.42 7.09 9.26 8.89 10.16 7 Yr 13.70 11.80 11.41 12.23 12.80 13.14 13.18 13.93 11.92 3.91 7.00 6.36 8.15 5 yr 10.30 7.67 7.21 8.55 9.48 10.11 10.32 11.54 8.85 -2.20 2.49 1.83 4.62 3 yr 7.92 3.60 3.07 5.49 7.24 8.38 8.58 10.47 5.82 -12.05 -4.31 -5.05 -0.19 1 yr 10.16 -1.69 -1.32 7.66 13.03 15.73 16.31 22.39 7.20 -37.53 -16.86 -16.79 -1.71

Benchmark Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 10 Yr 11.91 10.60 10.36 10.93 11.52 11.61 11.57 11.29 9.92 4.66 7.20 6.64 7.94 7 Yr 12.68 10.67 10.22 10.98 11.78 11.87 11.73 11.25 9.15 1.34 4.99 4.11 5.98 5 yr 10.79 8.04 7.53 8.82 10.07 10.35 10.29 9.69 6.86 -3.91 1.47 0.42 3.25 3 yr 10.31 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 yr 8.75 -4.04 -4.17 4.45 11.66 12.40 11.89 8.82 -4.78 -43.76 -21.21 -21.98 -6.84

Source: MFi Explorer. As on 30 June 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 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. 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 detailed performance57 of the fund Don’t Stop SIP Due To Low/Negative Return – Kotak Tax Saver Fund SIP Returns

Kotak Tax Saver Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 10 Yr 12.94 11.42 10.99 11.74 12.13 12.33 12.37 12.84 11.59 6.12 8.30 7.71 9.07 7 Yr 14.09 11.77 11.06 12.10 12.63 12.90 12.89 13.55 11.63 3.47 6.59 5.63 7.55 5 yr 11.35 8.04 7.04 8.64 9.43 9.92 10.03 11.06 8.46 -2.82 1.87 0.74 3.72 3 yr 10.42 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 yr 16.53 0.18 -2.23 7.98 12.57 14.30 14.38 19.27 4.80 -39.77 -19.67 -21.28 -5.64

Benchmark Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 10 Yr 11.83 10.45 10.20 10.80 11.37 11.46 11.42 11.27 9.92 4.52 7.03 6.47 7.88 7 Yr 12.58 10.47 10.01 10.81 11.59 11.67 11.54 11.24 9.16 1.14 4.74 3.86 5.87 5 yr 10.35 7.46 6.94 8.27 9.50 9.75 9.71 9.38 6.58 -4.47 0.84 -0.20 2.84 3 yr 9.23 4.25 3.43 5.69 7.76 8.09 7.73 6.87 2.01 -15.61 -7.02 -8.42 -3.30 1 yr 7.56 -5.51 -5.51 3.50 10.63 11.43 11.16 9.53 -3.97 -44.09 -21.81 -22.51 -6.47

Source: MFi Explorer. As on 30 June 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 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. 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 detailed performance58 of the fund Keep Calm & Carry On With Your Sip

This is not the time to STOP your SIP, it is time to take ADVANTAGE of the RUPEE COST AVERAGING

When the markets are falling, SIP is your best friend Impressive Wealth Creation Accumulate Potential When more units Market Revives Continue your (Benefit of Rupee SIP. Do not stop Cost Averaging) Market Values it. are Low

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. 59 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 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. 60 Even with Assumption of Perfect Information, SIP Start-Stop Strategy may be Sub-optimal vis-à-vis Regular SIP

70 61 60 SIP in Nifty 50 Index 50 40 SIPS stopped at Mkt Falls Simple SIP 30 30 20 10

Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Regular SIP Investor Stopping SIP at FAlls SIP amount 5000/- 5000/- Total money invested through SIP 12,00,000 6,95,000 Amount saved by stopping SIP in market Falls N.A 5,05,000 Corpus at end of Dec-19 Rs 60.83 lakhs Rs 29.67 lakhs Performance in XIRR (%) 14.29% 13.12% There were 15 cycles market cycles when the index fell by 10% or more since 2000-19. Above assumes the Investors stops SIP at the cycle beginning and restarts at cycle bottom. Source: MFi Explorer. The index for the above illustration is Nifty 50. 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. 61 Products To Focus At Current Situation

62 Kotak Balanced Advantage Fund – Asset Allocation Episodes in last 23 months where we have demonstrated discipline and agility

Kotak Balanced Advantage Fund benefitted by investing when cheap and selling when expensive. Thus, when Nifty was flat, asset allocation helped earn returns.

107 110 K-BAF NAV (Rebased to 100) 100

80 88 Nifty 50 Index Value (Rebased to 100) 70

60 Nifty 50 Index Value( Rebased to100) K-BAF NAV (Rebased to 100)

100.0 12000 Nifty 50 Index Value (LHS) 11029 79.0 10302.1 11000 11148 12119 80.0

10000 10030 10652 60.0 51.8 42.0 43.3 9000 59.4 34.3 40.0 8000 37.9 29.9 K-BAF Net Equity (RHS) 7610.25 7000 20.0 Aug-18 Oct-18 Nov-18 Dec-18 Feb-19 Mar-19 Apr-19 Jun-19 Jul-19 Aug-19 Oct-19 Nov-19 Dec-19 Feb-20 Mar-20 Apr-20 Jun-20 Nifty 50 KBAF Net Equity 63 Source: ICRA. As on 30 June 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 of the fund 63 Debt Investors With Marginal Appetite For Equity Can Consider Investment In Kotak Debt Hybrid

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 7.61% 13.97% 8.40% 3 yr -0.47% -5.64% 4.15% 5 yr 7.59% 12.24% 8.44% 5 yr 3.69% -0.04% 5.32% 7 yr 7.69% 12.14% 8.37% 7 yr 4.61% 4.91% 6.49% 10 yr 7.72% 12.34% 8.42% 10 yr 6.22% 6.45% 6.81% Benchmark : Crisil Hybrid 85+15 – Conservative Index Only 0.10% of times (or, only 2 days out of last 1900 times) has there been a negative return for a 3 year investment time horizon.

• Fixed income component at around ~75% and above keeps the volatility low & relatively marginal • ~20-25% Equity exposure 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 30 June 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 of the fund. 64 Market Correction Provides Opportunity to Upgrade from Largecap to Large & Midcap

• It has been our long ongoing call that Mid & Small Cap category Latest Valuation Estimates Nifty 50 Nifty Midcap positioned better in terms of valuation over Large Cap 100

• With the recent Coronavirus scare, some of the valuations in Mid & Price to Book Ratio 2.46 1.77 Small cap has become more attractive, both in relation to the Price to Sales Ratio 1.85 1.25 Price Earnings Ratio (P/E) 23.54 121.46 largecaps and vis-à-vis its own historical average. 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 2.50 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

Jun-20 48.91% 42.30% 3.45% • Kotak Equity Opportunities Fund has increased its exposure in midcap category to take advantage of attractive valuations May-20 49.00% 42.22% 3.49% Source: MFi Explorer

65 Kotak Pioneer Fund: An Opportunity to invest in Innovative Companies with Global Allocation

66 Should We Invest In Gold ?

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

Life time Fall in High Gold prices

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

68 Gold Net Long Position Rises Most In 3 Months

69 2.8m Oz Of Gold Marked For Delivery In Last Month Contract (~$4-5bn).

70 Debt Market Outlook July 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

8,000.00

6,000.00 6,328.71 4,000.00

2,000.00

(2,000.00)

(4,000.00)

Jul-19

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 30 June 2020 Retail Food Inflation Cooled In May As Supply-Side Disruptions Eased With The Economic Activity Resuming Gradually

12.0%

10.0% CPI Core CPI 8.0% 5.91%

6.0%

4.0%

2.0% 4.03%

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

Due to data collection issues, the department didn’t release the headline CPI inflation data for April and May 2020. As mentioned by RBI too, they are looking at inflation in terms of directional data and not on absolute terms. • Consumer price inflation declined to 5.91% in Mar 2020, from 6.6% in Feb 2020 • Core inflation eased to 4.03% in Mar 2020, from 4.08% in Feb 2020 • Inflation in food and beverages segment declined to 7.4% in May 2020, from 8.6% in April 2020 • The urban CPI inflation for food and beverages moderated to 6.6% in May 2020, from 8.3% in April 2020 • The rural CPI inflation for food and beverages eased to 7.8% in May 2020, from 8.8% in April 2020 73 Source:Source: Bloomberg; MOSPI, ICRA ICRA WPI Falls Into Deflation in May’20

The ongoing supply cuts and a gradual recovery in global demand following the easing of lockdowns, have driven up the prices of crude oil, even as they remain considerably lower than the year ago level. The rise in crude oil prices, as well as the recent increase in retail prices of various fuels, may arrest the fall in the WPI going ahead.

7 India’s WPI (YoY %) 6 5 4 3 2 1 0 -1 -2 -3 -3.21

-4

Jul-18 Jul-19

Jan-19 Jan-20

Jun-18 Jun-19

Oct-18 Oct-19

Apr-20 Apr-19

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-18 May-20 May-19 74 Source: Bloomberg; ICRA RBI Continues To Do “Whatever It Takes” – Emergency Rate Cut – Incentivize Banks To Lend To Productive Sectors

RBI has cut repo rate by another 40 basis points in May’20, taking the total quantum of rate cuts to 115 basis points since the Covid-19 crisis hit India. There is room for more policy easing.

Rate Cut 27-Mar-20 17-Apr-20 22-May-20 Repo Rate 4.40% (75bps cut) 4.40% 4% (40bps cut) Reverse Repo Rate 4% (90bps cut) 3.75% (25bps cut) 3.35% (40bps cut) 75 Source: RBI, Morgan Stanley Research Reversal in FII Debt Flows in June’20

Trend In Monthly FII Flows (Debt) – USD mn

3,000 2,213 1,593 1,500 1,199 1,226 537 713 381 402 0 (274) (367) (442) (1,500) (846) (756) (1,158) (1,494) (1,434) (3,000) (2,695) (4,500)

(6,000)

(7,500)

(9,000) (8,680)

(10,500)

Jul-19

Jan-19 Jan-20

Jun-19 Jun-20

Oct-19

Apr-19 Apr-20

Feb-19 Sep-19 Feb-20

Dec-19

Aug-19

Nov-19

Mar-19 Mar-20

May-19 May-20

Source: Axis Capital, SEBI 76 10 Year Gilt (%)

Fall in US Treasury yields and crude oil prices 5.93 Despite a rating outlook cut by 5.91 Fitch Ratings because market Fall in US Treasury yields participants were confident that 5.89 and crude oil prices the Reserve Bank of India will not let gilt yields rise sharply 5.89 5.87 Rates fluctuated as market hoped for supportive RBI announces special open 5.85 measures from RBI market operations (OMO) of 5.83 simultaneous purchase and sale of government of India 5.81 securities for ₹10,000 crores each on July 02, 2020 Violent escalation in 5.79 5.78 military tensions between Lack of RBI steps to ease the concerns India and China at the 5.77 regarding the huge quantum of supply border the market is faced with

5.75

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

17-Jun-20 10-Jun-20 11-Jun-20 12-Jun-20 13-Jun-20 14-Jun-20 15-Jun-20 16-Jun-20 18-Jun-20 19-Jun-20 20-Jun-20 21-Jun-20 22-Jun-20 23-Jun-20 24-Jun-20 25-Jun-20 26-Jun-20 27-Jun-20 28-Jun-20 29-Jun-20 30-Jun-20 77 Source: Bloomberg; Data as on 30 June 2020 Yield Curve – Steepens

The Yield Curve has steepened and probably 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

The corporate yield curve has fallen more at short end, 10Y Yield Has Eased Recently, but Spread with Repo resulting in a steeper curve Remains Elevated

Indian AAA Corporate Curve 9.00 8.35 8.50 30 June 2019 8.00 7.56 7.50 7.14 7.00 6.50 29 May 2020 7.21 6.00 5.69 5.50 5.00 4.50 4.22 30 June 2020 4.00 3M 6M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 30 June 2020 30 June 2019 29 May 2020

Source: Bloomberg, CLSA Source: RBI, Bloomberg, Morgan Stanley Research 78 Debt Outlook

• RBI remains committed towards whatever it takes stance. They announced Operation twist-OMO for buying Rs.10,0000cr govt. securities maturing between 2027-2033 and selling 3months to 1yr T bill. The intent is very clear that they shall keep acting till the desired goals are achieved

• 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 comfortable number for Fiscal position.

• Rising tension on the Indo China border is a cause of concern and adding to volatility

• Monsoon as predicted by IMD is expected to be normal hence inflation is likely to be under control.

• Forex reserves has risen to $500bn and above. External position much comfortable with trade deficit under control and almost Surplus CAD.

• 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 steepened even more and probably is one of the steepest recent history 1 yr at 3.50, 6 yr 5.50, 10 yr 5.80, 14 yr at 6.25 and 30 yr 6.50. We believe the term premia is quite high and expected the same to flatten over the year. We like 6yr, 14yr and 30yr point of the curve. Therefore 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.

79 Kotak MF Mantra: ‘Return of Capital’ is more important

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

80 Rating & Category Breakup Across Kotak MF Debt Assets

• 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. • Kotak MF has zero borrowing across all schemes as on 30 June 2020. • Liquidity, Maturity profile and Credit quality for Non Credit Risk Funds which constitutes ~ 96% of our debt AUM as on June 30, 2020 is substantially superior to credit risk funds. Credit Rating % of Total AUM % of Total Category Breakup Tbill/G-Sec/SDL/AAA/A1+/Cash/NCA 93.86% AUM

AA+ 1.10% Non-Credit Risk Funds 96% AA 2.93% AA- 1.04% Credit Risk Funds 4% Below AA- 1.07% Grand Total (AUM) (INR Cr) 87,179 Grand Total (AUM) (INR Cr) 87,179

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.

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 30 June 2020 Please consult your financial advisor or other professionals before acting on any information in this communication 81 Liquidity Position Of Kotak MF Debt Funds As on 30 June 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 Bond Fund Medium to Long Duration Fund 90.38 Kotak Savings Fund Ultra Short Duration Fund 90.12 Kotak Dynamic Bond Fund Dynamic Bond Fund 88.00 Kotak Banking and PSU Debt Fund Banking and PSU Fund 83.07 Kotak Low Duration Fund Low Duration Fund 74.45 Credit Strategies Kotak Medium Term Fund Medium Duration Fund 52.02 Kotak Credit Risk Fund Credit Risk Fund 37.09 We reassure you that we follow our investment process of focusing on credit quality and liquidity profile of our debt funds and maintain high degree of transparency for investor. 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 82 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. 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. 83 Investment Opportunity

84 Corporate Bonds Spreads – Opportunity Or Threat

AAA vs Gilt (Maturity 2022/2023) AA vs Gilt (Maturity 2022/2023)

Gilt NABARD NTPC Power Finance Corp 16.00% Gilt UPPCL Vedanta Tata Motors 9.00% 15.25% 8.50% 14.00% 8.00% 12.00% 7.50% 7.00% 10.00% 6.50% 9.17% 6.00% 6.00% 8.00% 5.50% 7.86% 5.00% 5.15% 6.00% 4.90% 4.50% 4.43% 4.43% 4.00%

4.00%

Q2FY20 Q3FY20 Q4FY20

Q1FY20

Q2FY20 Q3FY20 Q4FY20

Q1FY20

30-Jun-20

30-Apr-20

29-May-20

30-Jun-20

30-Apr-20 29-May-20

RBI’s constant measures seek to ease the corporate bond spread and gradually banks are expected to lap the opportunity

85 Source:CRISIL/ICRA. As on 30 June 2020 Bank Perp Spread- Opportunity Or Threat

Perpetual Bonds vs Gilt (Call Date 2022/2023) Gilt PNB SBI Union Bank Bank of Baroda 14.00%

12.00% 10.60%

10.00% 9.74%

8.00% 8.28%

6.00% 7.60%

4.43% 4.00% Q1FY20 Q2FY20 Q3FY20 Q4FY20 30-Apr-20 29-May-20 30-Jun-20

• When a bank buys a perp of other bank it means the bank is straight lending capital to other bank. Despite that, banks are queuing up to take this opportunity. • Banks understand banks more than any one • Its often quoted “Don’t go by what they say, but watch what they do” • Large Banks have bought these assets, this says some thing about the quality of the assets and future too. 86 Source:CRISIL/ICRA. As on 30 June 2020 Yield Curve Across The Segment

Yield Curve Across Segment 9.00

8.00 6.40 7.00 6.00 6.17 5.00 5.63 4.00 3.00 3.82 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 3 year AAA 3 Year NBFC AAA 3 Year AA 3 Year OIS

Incremental Earnings% Fund YTM (As on 30 June 2020) Respective Segment Yields (Spread) Kotak Banking & PSU Fund 6.11% 3 Year AAA 5.63% 0.48% Kotak Low Duration Fund 5.95% 1 Year OIS 3.64% 2.31% Kotak Credit Risk Fund 9.94% 3 Year AA 6.40% 3.54% Kotak Medium Term Fund 9.13% 3 Year AA 6.40% 2.73%

Mutual fund investment are subject to market risks, read all scheme related documents carefully. Source: Bloomberg. Data as on 30 June 2020. Past performance may or may not sustain in the future 87 Kotak Low Duration Fund: Yield Valuation Matrix – More Attractive Now

Kotak Low Duration Fund (YTM) vs 1 Year AAA

10 Kotak Low Duration Fund - Std - Growth 1 Year AAA

6 5.95

5 4.98 4 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

• Banks demand for 6 month -18 months credit assets has increased significantly causing gains in Kotak Low Duration Fund.

Mutual fund investment are subject to market risks, read all scheme related documents carefully. Past performance may or may not sustain in the future. 88 Source: Bloomberg, MFi Explorer. Data as on 30 June 2020 Kotak Credit Risk & Kotak Medium Term Fund: Yield Valuation Matrix – More Attractive Now

Kotak Credit Risk Fund Kotak Medium Term Fund

Kotak Credit Risk Fund - Reg - Growth Kotak Medium Term Fund - Reg - Growth Spread (Kotak Credit Risk vs 3 Year AAA) Spread (Kotak Medium Term vs 3 Year AAA) 12 11.16 12 9.95 9.94 10.51 10 10 9.25 9.13 8.71 8.49 8.76 8.79 8.55 8.78 8 8

6 6

4 4.32 4 3.51 2 2

0 0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-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 detailed performance of the fund Source: MFi Explorer, Bloomberg. Data as on 30 June 2020 89 Our Credit Funds – Rating Profile

Rating Profile (% of AUM)

Kotak Credit Risk Fund 30-Jun-20 29-May-20 30-Apr-20 15-Apr-20

AAA/Cash/NCA/SOV 37.08 33.22 26.57 25.67

AA/AA+ 24.71 27.23 33.69 31.45

AA- & Below 38.19 39.54 39.73 42.87

Kotak Medium Term Fund 30-Jun-20 31-May-20 30-Apr-20 15-Apr-20

AAA/A1+/Cash/NCA/SOV 52.01 52.21 49.63 47.59

AA/AA+ 20.87 20.55 22.29 29.00

AA- & Below 27.10 27.22 28.07 23.41

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. 90 Data Source: MFi Explorer, Internal Source. Mutual fund investment are subject to market risks, read all scheme related documents carefully. 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 30.74 AAA/Sov 46.67 AA/AA+ 24.71 AA/AA+ 20.87 AA- 6.31 AA- 3.01 A+ 25.01 A+ 2.08 A - A 7.12 A- 6.86 A- 10.70 NCA 4.20 NCA 4.79 Cash 2.13 Cash 0.54 Total 100 Total 100 The Actual Story That is There Issuances by Promoters Set Kotak Credit Risk Kotak Medium Issuances by Promoters Set PSU/State Govt. Guaranteed 45.01% Term PSU/State Govt.Guaranteed 55.65% Tata/Reliance/Muthoot/Hero (Groups) 18.17% Tata/Reliance/Muthoot (Groups) 15.44% Other AAA 7.67% Other AAA 10.19% Cash/SOV 4.20% Cash/SOV 5.29% Total High Quality Assets 75.91% Total High Quality Assets 86.57% 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. 91 Data As on 30 June 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

12.0 Rolling Returns (%) Scheme Benchmark Alpha 11.0 Minimum 7.1 6.0 1.1 Maximum 10.3 10.8 -0.5 10.0 Average 8.6 7.7 0.9 9.0 9.0

8.0 8.4

7.0

6.0 Kotak Dynamic Bond Fund - Reg - Growth NIFTY Composite Debt Index

5.0

Jun-17 Jun-18 Jun-19 Jun-20

Oct-17 Oct-18 Oct-19

Apr-18 Apr-19 Apr-20

Feb-18 Feb-19 Feb-20

Dec-17 Dec-18 Dec-19

Aug-17 Aug-18 Aug-19

. 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

th Source: ICRA. As on 30 June 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, 92 read all scheme related documents carefully. Please refer to the disclaimer slides for detailed performance of the fund Time To Play On Front Foot (Cautiously)

Time To Notch Up The Risk Appetite One At A Time

Long Duration Funds Credit Risk/Dynamic Short Debt/Medium Duration Term Ultra Short Funds Term Debt Liquid Funds Funds

Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or investment professional for investment decisions. 93 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 94 InvestMentor An Investor Education Initiative By Kotak Mutual Fund

Flipbook: https://www.kotakmf.com/documents/Investor-Education-Infographic Infograph: https://assetmanagement.kotak.com/articles Videos: https://assetmanagement.kotak.com/videos Cobranding on Business Hub Portal: https://kotakmfadvisor.com/ 95 InvestMentor An Investor Education Initiative

Follow Kotak Mutual Fund Social Media Platforms to get regular updates on release of Investmentor Videos-

• Facebook https://www.facebook.com/KotakMF/ • Twitter https://twitter.com/KotakMF • Instagram https://www.instagram.com/kotakmf/ • LinkedIn https://www.linkedin.com/company/kotak-mutual-fund • Cobranding on Business Hub Portal: https://kotakmfadvisor.com/

1. What is Mutual Fund? https://www.youtube.com/watch?v=AKfTyAdZRno 2. Benefits Of Investing In Mutual Funds - https://www.youtube.com/watch?v=_HVUqjdMLZQ 3. Equity Mutual Funds - https://www.youtube.com/watch?v=H0BkFtO8AXY 4. 5 Points To Keep In Mind Before Investing - https://www.youtube.com/watch?v=9VprEONS-gE 5. Investing With A Goal In Mind - https://www.youtube.com/watch?v=ULeOhcHMUw4 6. Reasons To Do An SIP - https://www.youtube.com/watch?v=POZ-noDmlNE 7. Benefits of Compounding - https://www.youtube.com/watch?v=mnPRTzMhtzw 8. Be Patient with SIPs – https://www.youtube.com/watch?v=dC5vZ321K18 9. Reason To Opt For SIP Top-up - https://www.youtube.com/watch?v=YNRS9T9JV34 10. Investing In Volatile Markets - https://youtu.be/F7LngA7WzWo 11. Five Steps Which May Help You Generate Wealth - https://youtu.be/6hXcjKnMx5I 12. Five Reasons To Invest In Equity Linked Savings Scheme (ELSS) - https://youtu.be/Hp31sgGljP8 13. How To Use STP Smartly - https://youtu.be/j8zs4uaEFGA 14. What is an ETF? - https://youtu.be/ooveeQESEwc 15. Five Reasons Why You Should Invest While You Are Young - https://youtu.be/OwX2sAnEs20 Video Release as on 30th July 2020 96 ANNEXURES

97 SIP Pause Facility

Kotak 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. 98 SIP Pause and Cancellation Facility

SIP Pause or Cancellation facility is provided to Investors in their post login section of Kotak 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

99 Business Hub

An Initiative by Kotak 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 100 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 101 Video Modules In Prostart

EXISTING MODULES

6.MAXIMIZING 7.HANDLING 5.NEW NORMAL DIGITAL INVESTOR EMOTIONS 1 VIDEOS CONNECTIONS 4 VIDEOS ENGLISH + HINDI 2 VIDEOS ENGLISH + HINDI ENGLISH + HINDI

8.ACQUIRING NEW CLIENTS ONGOING 3 VIDEOS ENGLISH + HINDI 102 Stay Updated ! Follow us at Kotak Mutual Fund Click here to visit our Youtube Channel

Equity Market Outlook – July 2020 Product Video

Uncertain Times, Uncertain Financial Markets Debt Market Outlook – July 2020 Investor Education

Growth Option With SWP by Ms. Lakshmi Iyer Why invest in Small and Midcap fund now?

103 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 104 Key Variables & Their Impact On Interest Rates

Short Term Medium Term Key Variables Remarks –( Denotes fall in Interest Rates ) (3-6mo) (6mo-2yrs) Overall Inflation remain supportive, low rates to support growth and as space opens in future RBI is Inflation expected to act. 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 relative economic growth. We believe in absence of any geo political event INR is exp to be stable and shall appreciate as eco 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, however, 7 yr and above is adjusting to new demand supply equation. RBI has stepped in with Operation twist to sell short term asset and Government Borrowing buy Long keeping the transaction cash neutral. We expect the same to continue which will transmit the fall of rates to long terms curve as well.

RBI Policy RBI remains committed and is taking all possible steps, most recent being Operation Twist. 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 an un presented phenomena. This will lead to demand Corporate bond Spread for relatively safer assets hence spreads compression is likely to happen Too many moving parts are making diff for any one to take a call outside the own country. We believe Debt FII flow 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 105 Performance Of Sensex And Nifty Indices

Source: Bloomberg, Kotak Institutional Equities 106 COVID-19: Confirmed Cases Up 3x In Jun’20; Recovery Rate At 59%

Total Confirmed Cases Total Active Cases

Recovery rate Death Rate

107 Source: Ministry of Health and Family Welfare, MOFSL Disclaimers & Disclosures

108 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.

109 Kotak Dynamic Bond Fund As on 30 June 2020

Kotak Dynamic Bond Fund

Kotak Dynamic Bond Fund - CRISIL 1 Year Kotak Dynamic Bond NIFTY Composite CRISIL 1 Year May 26, 2008 Growth NIFTY Composite Debt Index# ALPHA Tbill## Fund - Growth Debt Index# Tbill## Since Inception 8.87% 8.70% 0.17% 6.64% 27,971 27,450 21,783 Last 1 Year 11.70% 12.89% -1.19% 7.69% 11,170 11,289 10,769 Last 3 Years 9.08% 8.47% 0.61% 7.14% 12,981 12,764 12,302 Last 5 Years 9.87% 9.08% 0.80% 7.12% 16,021 15,447 14,111 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) 1,460,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on June 30, 2020 (Rs) 2,644,367 1,968,389 1,187,029 770,203 424,290 128,040 Scheme Returns (%) 9.32 9.56 9.72 9.93 10.99 12.73 Nifty Composite Debt Index Returns (%) 8.91 9.14 9.45 9.57 11.16 14.02 Alpha* 0.41 0.43 0.28 0.37 -0.18 -1.29 Nifty Composite Debt Index (Rs)# 2,573,576 1,924,678 1,175,428 763,204 425,385 128,839 CRISIL 1 Year T-Bill Index (Rs)^ 2,277,335 1,743,004 1,087,595 719,042 403,331 124,869 CRISIL 1 Year T-Bill Index Returns (%) 7.03 7.25 7.27 7.18 7.54 7.65 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 110 return with benchmark return. Kotak Credit Risk Fund Performance As on 30 June 2020

Kotak Credit Risk Fund

CRISIL 1 Year Kotak Credit Risk Fund - NIFTY Credit Risk CRISIL 1 Year May 11, 2010 Kotak Credit Risk Fund - Growth NIFTY Credit Risk Bond Index# ALPHA Tbill## Growth Bond Index# Tbill## Since Inception 8.14% 9.31% -1.17% 6.92% 22,124 24,675 19,711 Last 1 Year 6.99% 10.64% -3.65% 7.69% 10,699 11,064 10,769 Last 3 Years 6.58% 8.31% -1.72% 7.14% 12,110 12,708 12,302 Last 5 Years 7.76% 8.97% -1.21% 7.12% 14,534 15,370 14,111

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) 1,220,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on June 30, 2020 (Rs) 1,860,174 1,816,075 1,102,071 717,129 398,538 123,479 Scheme Returns (%) 8.04 8.04 7.64 7.07 6.73 5.45 NIFTY Credit Risk Bond Index Returns (%) 9.32 9.33 9.10 8.89 9.30 11.07 Alpha* -1.28 -1.29 -1.46 -1.81 -2.57 -5.62 NIFTY Credit Risk Bond Index (Rs)# 1,992,727 1,943,786 1,161,119 750,359 413,994 127,015 CRISIL 1 Year T-Bill Index (Rs)^ 1,782,398 1,743,004 1,087,595 719,042 403,331 124,869 CRISIL 1 Year T-Bill Index (%) 7.24 7.25 7.27 7.18 7.54 7.65 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. 111 Kotak Medium Term Fund Performance As on 30 June 2020

Kotak Medium Term Fund NIFTY Medium Kotak Medium Term Fund - NIFTY Medium Duration Debt CRISIL 10 Year Kotak Medium Term Duration Debt CRISIL 10 Year Mar 21, 2014 Growth Index# ALPHA Gilt## Fund - Growth Index# Gilt## Since Inception 8.28% 9.39% -1.12% 9.04% 16,479 17,577 17,220 Last 1 Year 8.13% 13.32% -5.19% 11.12% 10,813 11,332 11,112 Last 3 Years 6.07% 8.55% -2.48% 6.87% 11,935 12,793 12,208 Last 5 Years 7.59% 9.00% -1.41% 8.44% 14,422 15,392 15,004 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) 760,000 NA NA 600,000 360,000 120,000 Total Value as on June 30, 2020 (Rs) 958,390 NA NA 711,656 396,804 124,584 Scheme Returns (%) 7.23 NA NA 6.77 6.44 7.20 Nifty Medium Duration Index Returns (%) 9.28 NA NA 9.41 10.76 14.27 Alpha* -2.04 0.00 0.00 -2.64 -4.33 -7.07 Nifty Medium Duration Index (Rs)# 1,023,295 NA NA 760,182 422,926 129,001 CRISIL 10 Year Gilt Index (Rs)^ 1,001,586 NA NA 744,718 420,038 126,695 CRISIL 10 Year Gilt Index Returns (%) 8.61 NA NA 8.58 10.30 10.57 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. 112 Kotak Emerging Equity Fund Performance As on 30 June 2020 Kotak Emerging Equity Fund - Nifty Midcap 100 Kotak Emerging Equity Nifty Midcap 100 Mar 30, 2007 Growth TRI# ALPHA Nifty 50 TRI## Fund - Growth TRI# Nifty 50 TRI## Since Inception 10.01% 10.10% -0.10% 9.05% 35,422 35,848 31,540 Last 1 Year -9.23% -15.59% 6.36% -11.51% 9,077 8,441 8,849 Last 3 Years -0.76% -5.07% 4.31% 3.95% 9,773 8,552 11,233 Last 5 Years 6.55% 3.64% 2.91% 5.55% 13,736 11,957 13,104 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 Scheme 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) 1,600,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on June 30, 2020 (Rs) 3,824,326 2,259,280 1,163,045 633,739 338,032 115,854 Scheme Returns (%) 12.24 12.16 9.15 2.16 -4.05 -6.37 Nifty Midcap 100 (TRI) Returns (%) 8.70 6.98 3.91 -2.18 -9.62 -7.59 Alpha* 3.54 5.18 5.23 4.34 5.57 1.22 Nifty Midcap 100 (TRI) (Rs)# 2,946,553 1,718,590 965,143 567,591 309,320 115,051 Nifty 50 (TRI) (Rs)^ 2,905,550 1,791,685 1,041,500 665,037 351,929 115,000 Nifty 50 (TRI) Returns (%) 8.51 7.78 6.05 4.07 -1.47 -7.67 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. 113 Kotak Equity Opportunities Fund Performance as on 30 June 2020

Kotak Equity Opportunities Kotak Equity Opportunities Sep 09, 2004 Fund - Growth Nifty 200 TRI# ALPHA Nifty 50 TRI## Fund - Growth Nifty 200 TRI# Nifty 50 TRI## Since Inception 16.67% 13.48% 3.19% 13.70% 114,536 73,851 76,159 Last 1 Year -5.22% -11.18% 5.95% -11.51% 9,478 8,882 8,849 Last 3 Years 2.36% 2.51% -0.14% 3.95% 10,726 10,772 11,233 Last 5 Years 6.76% 5.50% 1.26% 5.55% 13,874 13,072 13,104 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 (Previously known as Kotak Opportunities - Growth) 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) 1,900,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on June 30, 2020 (Rs) 5,406,617 2,031,564 1,122,234 674,372 358,929 118,895 Scheme Returns (%) 12.14 10.16 8.15 4.62 -0.19 -1.71 Nifty 200 (TRI) Returns (%) 9.73 7.94 5.98 3.25 -2.71 -6.84 Alpha* 2.41 2.22 2.16 1.37 2.52 5.13 Nifty 200 (TRI) (Rs)# 4,346,035 1,806,677 1,038,985 651,513 345,188 115,546 Nifty 50 (TRI) (Rs)^ 4,359,349 1,791,685 1,041,500 665,037 351,929 115,000 Nifty 50 (TRI) Returns (%) 9.76 7.78 6.05 4.07 -1.47 -7.67

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 114 Kotak Tax Saver Fund Performance as on 30 June 2020

Kotak Tax Saver Fund - Nov 23, 2005 Kotak Tax Saver Fund - Growth Nifty 500 TRI# ALPHA Nifty 50 TRI## Growth Nifty 500 TRI# Nifty 50 TRI## Since Inception 10.15% 10.81% -0.67% 11.21% 41,043 44,821 47,226 Last 1 Year -10.09% -11.13% 1.04% -11.51% 8,991 8,887 8,849 Last 3 Years 1.95% 1.76% 0.19% 3.95% 10,597 10,536 11,233 Last 5 Years 5.67% 5.45% 0.22% 5.55% 13,178 13,041 13,104

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 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) 1,760,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on June 30, 2020 (Rs) 3,629,211 1,917,824 1,098,753 659,190 353,278 116,336 Scheme Returns (%) 9.27 9.07 7.55 3.72 -1.22 -5.64 Nifty 500 (TRI) Returns (%) 8.86 7.88 5.87 2.84 -3.30 -6.47 Alpha* 0.41 1.19 1.68 0.88 2.08 0.83 Nifty 500 (TRI) (Rs)# 3,508,519 1,801,068 1,034,805 644,723 342,042 115,792 Nifty 50 (TRI) (Rs)^ 3,502,758 1,791,685 1,041,500 665,037 351,929 115,000 Nifty 50 (TRI) Returns (%) 8.84 7.78 6.05 4.07 -1.47 -7.67

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

115 Kotak Balanced Advantage Fund Performance as on 30 June 2020

Kotak Balanced Kotak Balanced Advantage Fund NIFTY 50 Hybrid Composite Nifty 50 Advantage Fund - NIFTY 50 Hybrid Composite Aug 03, 2018 - Growth Debt 50:50 Index# ALPHA TRI## Growth Debt 50:50 Index# Nifty 50 TRI## Since Inception 4.22% 4.90% -0.68% -3.92% 10,822 10,957 9,264 Last 1 Year 1.91% 1.74% 0.16% -11.51% 10,191 10,174 8,849 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) 230,000 NA NA NA NA 120,000 Total Value as on June 30, 2020 (Rs) 240,878 NA NA NA NA 123,149 Scheme Returns (%) 4.72 NA NA NA NA 4.93 NIFTY 50 Hybrid Composite Debt 50:50 Index Returns (%) 5.20 NA NA NA NA 4.69 Alpha* -0.48 0.00 0.00 0.00 0.00 0.23 NIFTY 50 Hybrid Composite Debt 50:50 Index (Rs)# 241,997 NA NA NA NA 123,003 Nifty 50 (TRI) (Rs)^ 218,021 NA NA NA NA 115,000 Nifty 50 (TRI) Returns (%) -5.27 NA NA NA NA -7.67

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 116 Kotak Equity Savings Fund Performance as on 30 June 2020

75% NIFTY 50 75% NIFTY 50 Kotak Equity Savings Fund - ARBITRAGE + 25% Kotak Equity Savings Fund - ARBITRAGE + Oct 13, 2014 Growth Nifty 50 TRI# ALPHA Nifty 50 TRI## Growth 25% Nifty 50 TRI# Nifty 50 TRI## Since Inception 6.95% 6.15% 0.80% 6.07% 14,684 14,066 14,010 Last 1 Year 2.20% 1.04% 1.16% -11.51% 10,220 10,104 8,849 Last 3 Years 5.46% 5.11% 0.36% 3.95% 11,732 11,613 11,233 Last 5 Years 6.45% 5.69% 0.76% 5.55% 13,674 13,193 13,104 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. 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 Savings 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) 690,000 NA NA 600,000 360,000 120,000 Total Value as on June 30, 2020 (Rs) 820,230 NA NA 693,574 383,540 122,562 Scheme Returns (%) 5.95 NA NA 5.74 4.16 4.00 75% NIFTY 50 ARBITRAGE + 25% Nifty 50 Returns (%) 5.33 NA NA 5.18 3.86 1.26 Alpha* 0.62 0.00 0.00 0.56 0.30 2.74 75% NIFTY 50 ARBITRAGE + 25% Nifty 50 (Rs)# 805,685 NA NA 683,913 381,822 120,808 Nifty 50 (TRI) (Rs)^ 782,469 NA NA 665,037 351,929 115,000 Nifty 50 (TRI) Returns (%) 4.32 NA NA 4.07 -1.47 -7.67 Scheme Inception : - October 13, 2014. 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 K 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. 117 Kotak Debt Hybrid Fund Performance as on 30 June 2020

CRISIL Hybrid 85+15 - CRISIL Hybrid 85+15 - Conservative CRISIL 10 Year Kotak Debt Hybrid Fund - Conservative CRISIL 10 Year Dec 02, 2003 Kotak Debt Hybrid Fund - Growth Index# ALPHA Gilt## Growth Index# Gilt## Since Inception 7.56% 8.42% -0.86% 6.01% 33,492 38,241 26,339 Last 1 Year 6.42% 10.14% -3.72% 11.12% 10,642 11,014 11,112 Last 3 Years 5.00% 8.07% -3.07% 6.87% 11,579 12,625 12,208 Last 5 Years 7.60% 9.19% -1.59% 8.44% 14,428 15,529 15,004 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 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) 1,990,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on June 30, 2020 (Rs) 3,957,204 1,835,305 1,101,805 709,512 394,909 124,622 Scheme Returns (%) 7.77 8.24 7.63 6.65 6.11 7.26 CRISIL Hybrid 85+15 - Conservative Index Returns (%) 8.86 9.41 9.50 9.22 9.74 11.94 Alpha* -1.08 -1.17 -1.87 -2.57 -3.62 -4.68 CRISIL Hybrid 85+15 - Conservative Index (Rs)# 4,378,737 1,952,200 1,177,888 756,579 416,631 127,551 CRISIL 10 Year Gilt Index (Rs)^ 3,746,809 1,819,081 1,139,757 744,779 420,098 126,695 CRISIL 10 Year Gilt Index Returns (%) 7.18 8.07 8.58 8.59 10.31 10.57

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. 118 Funds Managed by Mr. Deepak Agarwal

1 YEAR 3 YEARS 5 YEARS Since Inception Benchmark Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Returns Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ (%)^* Kotak Banking and PSU Debt Fund - 11.67 11.11 8.75 8.62 8.80 8.97 7.61 NA Growth Top 3 Kotak Bond Short Term Fund - Growth 10.93 10.69 8.01 8.18 8.25 8.36 7.84 8.02 Kotak Corporate Bond Fund - Growth 10.44 12.85 8.53 8.31 8.60 9.27 8.34 9.59 Kotak Money Market Fund - Growth 7.29 6.51 7.51 6.99 7.52 7.24 7.41 7.57 Bottom 3 Kotak Liquid Fund - Growth 5.40 5.42 6.55 6.51 6.91 6.81 7.31 7.33 Kotak Overnight Fund - Growth 4.38 4.48 NA NA NA NA 4.92 5.03 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.

119 Funds Managed by Mr. Harsha Upadhyaya

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 Opportunities Fund - Growth -5.22 -11.18 2.36 2.51 6.76 5.50 16.67 13.48 Kotak Tax Saver Fund - Growth -10.09 -11.13 1.95 1.76 5.67 5.45 10.15 10.81 Kotak Standard Multicap Fund - Growth -10.94 -11.18 2.22 2.51 7.15 5.50 11.46 8.66 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.

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 Emerging Equity Fund - Growth, *Name of the Benchmark - Nifty Midcap 100 TRI, Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010. 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

120 Funds Managed by Mr. Hiten Shah

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 Arbitrage Fund - Growth 5.68 4.30 6.08 4.93 6.17 5.30 7.32 NA Kotak Equity Savings Fund - Growth 2.20 1.04 5.46 5.11 6.45 5.69 6.95 6.15 Kotak Balanced Advantage Fund - Growth 1.91 1.74 NA NA NA NA 4.22 4.90 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 Balanced Advantage Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index . Scheme Inception date is 03/08/2018. Mr. Abhishek Bisen & Mr. Harish Krishnan has been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund since 03/10/2019. 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.

121 Funds Managed by Mr. Harish Krishnan

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 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 Balanced Advantage Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index . Scheme Inception date is 03/08/2018. Mr. Abhishek Bisen & Mr. Harish Krishnan has been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund since 03/10/2019. 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 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 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.

122 Funds Managed by Mr. Abhishek Bisen

1 YEAR 3 YEARS 5 YEARS Since Inception

Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak Gold Fund - Growth 42.35 40.27 18.24 18.85 11.82 12.53 7.83 9.41 Kotak Gold ETF 39.13 40.27 17.78 18.85 11.43 12.53 12.93 14.09 Kotak Gilt Fund - Growth 12.76 12.67 7.78 8.78 9.34 9.32 9.73 NA Kotak Bond Fund - Growth 12.25 13.51 7.12 8.31 8.31 9.04 8.98 NA Kotak Equity Hybrid Fund - Growth -7.32 -2.04 0.79 6.23 4.97 7.30 5.22 6.96

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 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 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 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.

123 Funds Managed by Mr. Devender Singhal

1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Name Benchmark Benchmark Benchmark Benchmark Scheme Returns Scheme Returns Scheme Returns Scheme Returns Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Kotak Asset Allocator Fund - Growth 7.93 1.74 6.31 6.98 8.34 7.87 14.70 11.40 Kotak India Growth Fund - Series 4 - Top 3 0.17 -11.18 NA NA NA NA -2.37 -0.93 Growth Kotak NV20 ETF -9.00 -6.30 8.19 9.51 NA NA 9.95 9.64 Kotak Nifty ETF -11.87 -11.51 3.71 3.95 4.86 5.55 7.47 8.87 Bottom 3 Kotak Banking ETF -31.94 -30.94 -3.01 -2.39 3.24 3.72 2.85 3.28 Kotak PSU Bank ETF -55.41 -55.16 -24.85 -24.36 -15.63 -14.76 -5.59 -4.13

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 Asset Allocator Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index, Scheme Inception date is 09/08/2004. Mr. Devender Singhal & Mr. Arjun Khanna has been managing the fund since 09/05/2019. 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 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. 124 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 Equity Arbitrage Fund An open ended scheme investing in arbitrage opportunities

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

Kotak Equity Savings Fund An open ended scheme investing in equity, arbitrage and debt

125 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 126 *Investors should consult their financial advisors if in doubt about whether the product is suitable for them 127 *Investors should consult their financial advisors if in doubt about whether the product is suitable for them 128 *Investors should consult their financial advisors if in doubt about whether the product is suitable for them 129 *Investors should consult their financial advisors if in doubt about whether the product is suitable for them 130 Thank You

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