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March 2011 EQUITY OUTLOOK

The Indian indices ended FII Equity Flows: Turn Buyers for First Time in 2011

March on a positive note after being 7,000 Cash (US$m) 6,373 6,000 Futures (US$m) 5,580 down ~13% between January and 5,000 3,777 4,159 February 2011. The benchmark gained 4,000 3,000 2,405 Gaurav Kapur 2,220 1,556 2,100 1,740 SENIOR MANAGER - EQUITY about 5.6% during March 2011, 2,000 1,358 1,299 1,000 406 329 making it the second best performing 231 0 -1,000 -529 -363 market in the world for the month. The CNX midcap index also was -737 -993 -826 -2,000 -1,016 -1,257 -1,989 -1,387 up 5.8% over the same period. FIIs were net buyers of ~US$1.5 bn -3,000 -4,000 -3,417 during March, however, they are still net sellers worth around 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 ------r l t r b n y v c n g p a c u p e a a o e US$650 mn year-to-date. u u e J J M F O A J N D A S M Source: Morgan Stanley Research Asia was the best performing Emerging Markets region in March, rising by 7.1%, while Emerging Markets Ex Asia (+4.7%), despite underperforming, remained resilient in the face of the ongoing political turmoil in the neighboring Middle East North Africa (MENA) region and the rumbling sovereign debt crisis in Europe. Latin America (+3.3%) continued to be the regional laggard, held back by inflation concerns and rising interest rates.

Globally, the US economy grew at 3.1% annual rate in the fourth quarter led by a jump in consumer spending. The healthy increase in consumer spending might not sustain as surging energy prices would erode the purchasing power and supply constraints caused by the Japanese natural disaster would slow down the pace of the recovery.

On the manufacturing side, the IIP data for the month of January IIP up 3.7% in January higher than consensus came in at 3.7% primarily due to high base effect. We expect %YoY 20 growth to remain subdued in the coming months. However, we IIP up 3.7% in Jan 11, higher than consensus of 2.9% expect recovery in 2HFY12 as the base effect wears off coupled 16 with environmental clearances and order timelines being pushed 12 to FY12 bode well for a recovery. 8

Domestically, headline WPI rose 8.3%, higher than consensus 4 estimates of 7.8% and the 8.2% growth seen in January. Prime 0 1 0 0 0 6 6 6 7 7 7 8 8 8 9 9 9 5 5 5 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ------Minister Manmohan Singh said government will deal with the - - n y y y y y y p n n p n p n p n p n p a a a a a a a e a a e a e a e a e a e J J J J J J J S S S S S S M M M M M challenge of high inflation without disturbing the growth M Source: Citigroup Research momentum. The Prime Minister also said the tax and financial sector reforms were on government agenda and the government would raise resources through sale of equity in the public sector firms during the current financial year.

In line with expectations, the RBI raised both repo and reverse repo rates by 25bps each to 6.75% and 5.75% respectively. (Pre-crisis, repo/reverse repo stood at 9% and 6%.) Going forward, we expect RBI raising rates by another 75bps by early 2012, taking repo and reverse repo to 7.50%/6.50%. However, upside risks to inflation could result in front-loading and perhaps an extension of the rate hike cycle.

Going ahead, the month of April would see assembly elections in four states – Assam, Tamil Nadu, Puducherry and Kerala, which would be crucial in setting the political tone in the country. Crude prices and inflation would continue to stay in focus and a normalization of crude prices should provide a leg up for the Indian market. At this time, we believe that while market has rallied in March, it should now depict a sideways movement and result season needs to be watched out for any upgrades or downgrades

Source: Bloomberg

2 Bharti AXA Investment Managers Pvt. Ltd. FIXED INCOME OUTLOOK

MACRO ECONOMIC REVIEW

The budget at the end of February signaled optimism by lowering the fiscal deficit target to 4.6%. Markets had gone into the budget FY 11-12, with an expectation of a gross Central Government borrowing budget of ` 4,50,000 crores. The Ramesh Rachuri budgeted number was announced at ` 4,17,000 crores. Govt. also increased the debt FII investment limits for SENIOR FUND MANAGER FIXED INCOME infrastructure companies from the current USD 5 Billion to USD 25 Billion. The target is based on the assumptions of buoyant tax revenues, and higher nominal growth (higher inflation). The spoiler in the works is the subsidies due to oil, fertilizer, and food.

With the Jasmine revolution spreading to Libya, and the ongoing struggle between the pro and anti government forces keeping the prices of crude oil on the boil since the beginning of March, inflation has also staged a turnaround to the upside, printing in at 8.31% in March. Consequently, as expected, RBI increase the repo rate by 25 , did not intervene to bring down the liquidity deficit, and revised upwards its March end inflation target to 8%.

OUTLOOK

It seems now that we are firmly in the 3rd leg of the inflation led interest rate hiking cycle, similar to the end of 2007 and the beginning of the 2008 phase. From food articles, inflation has now definitely spilled over onto other articles, leading to generalized inflation. However, there are more global factors fuelling this. The expansionary and loose monetary policies pursued by the U.S., is washing onto other asset classes and shores – notably commodities, and emerging markets, leading to increased consumption, and generalized rise in prices. There have been food price related riots in various parts of the world, of whose outcomes is the Jasmine revolution. The generalized price inflation is one area where monetary policy is widely believed to be effective, and hence we expect an increase of between 50 - 75 bps rise in interest rates by the RBI in this financial year. This is assuming that RBI will continue on its gradualistic rate raising policy.

Domestically, a lot depends on the monsoon, and as we head into it, the picture will get much clearer. Preliminary expectations are coming in for a normal monsoon this year.

What is interesting is that, assuming the current scenario of 50 – 75 bps rate hike holds, then the earlier rate rises have raised the accrual on the corporate bonds and discounted instruments. This more than ever compensates the holder to a large extent, from further rate rises, and reduction in prices. Juxtaposed with this, is the fact that for many investors, it is not possible to call the top of the interest rate cycle, at which point theoretically, one should go long on duration and get totally invested in long term debt. Hence, we believe that increasing allocation to debt over equity, and that too in the Short Term Income Fund category will really start paying off in the next 6 months to 1 year period. The higher holding period is required to ride out the volatility arising from any rate hikes.

As we head into April, and the new borrowing calendar starts, the low rates due to low credit offtake (typical in the 1st quarter of the financial year) will slowly stablise and head higher as one or two auctions happen.

Data Source : Bloomberg LP (Unless indicated otherwise)

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3 Bharti AXA Investment Managers Pvt. Ltd. PORTFOLIO DETAILS Bharti AXA Equity Fund All data as on March 31, 2011 (Unless indicated otherwise) Portfolio Holdings AMFI Sector % to Net Classification Assets EQUITY & EQUITY RELATED PERFORMANCE (as on March 31, 2011) Listed / awaiting listing on the stock exchanges MONEY Ltd Energy 7.39 (<1 Year Absolute% & >1Year Compounded Annualised %) $ ICICI Bank Ltd 7.01 MUNI State Bank of Financial Services 6.55 Period Bharti AXA Equity Fund - S&P CNX Nifty Technologies Ltd IT 6.33 Regular - Growth* ITC Ltd Consumer Goods 5.82 Tata Consultancy Services Ltd IT 4.35 6 Months -8.0671% -3.2538% HDFC Bank Ltd Financial Services 4.17 Last 1 Year -0.2841% 11.1381% Housing Development Finance Corporation Ltd Financial Services 4.15 Larsen & Toubro Ltd Construction 3.72 Since Inception 28.4334% 37.5628% Ltd Automobile 3.40 (date of first NAV - HCL Technologies Ltd IT 2.83 October 29, 2008) Opt for Investor Friendly Ltd Metals 2.46 Past performance may or may not be sustained in future. features like Daily SIP Ltd Financial Services 2.46 and Eco Plan Indusind Bank Ltd Financial Services 2.15 *Performance of the dividend Plan for the investor would be net of the Sun Pharmaceuticals Industries Ltd Pharma 2.10 dividend distribution tax, as applicable. Mahindra & Mahindra Ltd Automobile 2.07 Bharat Heavy Electricals Ltd Industrial Manufacturing 1.95 Dr. Reddy's Laboratories Ltd Pharma 1.94 SECTOR ALLOCATION Sintex Industries Ltd Industrial Manufacturing 1.89 Oriental Bank of Commerce Financial Services 1.87 Ltd Metals 1.71 Cement & Cement Products 1.08% Ltd Telecom 1.69 Media & Entertainment 1.42% Bata India Ltd Consumer Goods 1.53 Telecom 1.69% Ltd Automobile 1.49 Cash & Equivalent Financial Services 1.47 1.80% Sterlite Industries (I) Ltd Metals 1.44 Construction 3.72% Dish TV (I) Ltd Media & Entertainment 1.42 Industrial Manufacturing 5.05% Ltd Automobile 1.35 Pharma 5.77% Strides Arcolab Ltd Pharma 1.31 Ltd Energy 1.25 Consumer Goods 7.35% Suzlon Energy Ltd Industrial Manufacturing 1.21 Metals 7.40% Financial Services 1.21 Automobile 8.31% Ltd Metals 1.11 Energy 11.86% GAIL (I) Ltd Energy 1.10 Ltd Energy 1.09 IT 13.51% Ltd Cement & Cement Products 1.08 Financial Services 31.04% Power Grid Corporation of India Ltd Energy 1.03 MOIL Ltd Metals 0.68 Ranbaxy Laboratories Ltd Pharma 0.42 PORTFOLIO TURNOVER RATIO - 4.11 Times^ Total 98.20 (^Basis last rolling 12 months) DEBT INSTRUMENTS Unlisted LOAD STRUCTURE Dr. Reddy's Laboratories Ltd LAA+ 0.04 Total 0.04 Cash & Cash Equivalent Regular Eco Plan Investments Institutional Investments Net Receivables/Payables 1.76 Plan through SIP / STP Plan through Liq-uity Total 1.76 Entry Load GRAND TOTAL 100.00 NIL Exit Load 1% if redeemed within 1 year from the date of allotment Given that performance history is available only for a relatively short period, Standard Deviation, R-Squared, Beta, and Sharpe Ratio have not been incorporated. For these ratios to be meaningfully computed and interpreted, longer term performance data is required. Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. ` 0.00 lakh • For complete Scheme Information, NAV & Dividend History please refer page no. 8 & 9 respectively

PORTFOLIO DETAILS Bharti AXA Tax Advantage Fund All data as on March 31, 2011 (Unless indicated otherwise) Portfolio Holdings AMFI Sector % to Net Classification Assets EQUITY & EQUITY RELATED PERFORMANCE (as on March 31, 2011) Listed / awaiting listing on the stock exchanges ICICI Bank Ltd Financial Services 7.13 (<1 Year Absolute% & >1Year Compounded Annualised %) Reliance Industries Ltd Energy 5.31 Infosys Technologies Ltd IT 5.18 State Financial Services 5.15 Period Bharti AXA Tax Advantage S&P CNX Nifty ITC Ltd Consumer Goods 4.94 Fund - Regular - Growth* HDFC Bank Ltd Financial Services 4.37 Housing Development Finance Corporation Ltd Financial Services 3.55 6 Months -10.3159% -3.2538% Tata Motors Ltd Automobile 3.49 Last 1 Year -2.0952% 11.1381% Tata Consultancy Services Ltd IT 3.47 Larsen & Toubro Ltd Construction 3.08 Since Inception 49.8564% 43.0275% Ashok Leyland Ltd Automobile 3.03 (date of first NAV - Axis Bank Ltd Financial Services 2.62 February 27, 2009) An ideal long term HCL Technologies Ltd IT 2.54 equity investment vehicle Bajaj Auto Ltd Automobile 2.53 Past performance may or may not be sustained in future. with tax benefit Indusind Bank Ltd Financial Services 2.53 *Performance of the dividend Plan for the investor would be net of the under section 80C$ PTC India Ltd Energy 2.13 Mahindra & Mahindra Ltd Automobile 2.05 dividend distribution tax, as applicable. Sintex Industries Ltd Industrial Manufacturing 1.78 Dr. Reddy's Laboratories Ltd Pharma 1.75 Oriental Bank of Commerce Financial Services 1.71 SECTOR ALLOCATION Coal India Ltd Metals 1.66 Yes Bank Financial Services 1.65 Bharat Heavy Electricals Ltd Industrial Manufacturing 1.65 Media & Entertainment 1.61% Dish TV (I) Ltd Media & Entertainment 1.61 Bata India Ltd Consumer Goods 1.56 Cement & Cement Products 2.07% Zydus Wellness Ltd Consumer Goods 1.53 Construction 3.08% Power Grid Corporation of India Ltd Energy 1.44 Cash & Equivalent 4.41% Sun Pharmaceuticals Industries Ltd Pharma 1.41 Sterlite Industries (I) Ltd Metals 1.39 Industrial Manufacturing 4.62% Bilcare Ltd Pharma 1.37 Metals 6.03% Tata Steel Ltd Metals 1.33 Cairn India Ltd Energy 1.23 Pharma 6.07% Suzlon Energy Ltd Industrial Manufacturing 1.19 Consumer Goods 8.03% Strides Arcolab Ltd Pharma 1.18 Jindal Steel & Power Ltd Metals 1.15 Automobile 11.10% Jaiprakash Associates Ltd Cement & Cement Products 1.09 IT 11.19% Indian Bank Financial Services 1.06 Energy 12.02% GAIL (I) Ltd Energy 0.99 Grasim Industries Ltd Cement & Cement Products 0.98 Financial Services 29.77% Indraprastha Gas Ltd Energy 0.92 MOIL Ltd Metals 0.50 Ranbaxy Laboratories Ltd Pharma 0.36 Total 95.59 PORTFOLIO TURNOVER RATIO - 4.44 Times^ (^Basis last rolling 12 months) DEBT INSTRUMENTS Unlisted Dr. Reddy's Laboratories Ltd LAA+ 0.03 Total 0.03 LOAD STRUCTURE Cash & Cash Equivalent Net Receivables/Payables 0.60 Regular Plan Eco Plan Investments through SIP / STP CBLO / Reverse Repo Investments 3.78 Entry Load NIL Total 4.38 Exit Load NIL GRAND TOTAL 100.00 $The fund is an equity linked savings scheme (ELSS), where investors can avail a deduction of income tax under Sec 80 C of Income Given that performance history is available only for a relatively short period, Standard Deviation, R-Squared, Beta, and Sharpe Ratio have not been incorporated. For these ratios to be meaningfully tax Act up to `1 lakh* which translates into tax savings of up to ` 30,900 (assuming highest tax bracket) computed and interpreted, longer term performance data is required. *These are tax provisions generally. In view of the individual nature of tax consequences, each investor is advised to consult Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. ` 0.00 lakh his/her/their own professional tax advisor before taking any decision. • For complete Scheme Information, NAV & Dividend History please refer page no. 8 & 9 respectively

4 Bharti AXA Investment Managers Pvt. Ltd. PORTFOLIO DETAILS Bharti AXA Focused Infrastructure Fund All data as on March 31, 2011 (Unless indicated otherwise) Portfolio Holdings AMFI Sector % to Net Classification Assets EQUITY & EQUITY RELATED PERFORMANCE (as on March 31, 2011) Listed / awaiting listing on the stock exchanges (<1 Year Absolute% & >1Year Compounded Annualised %) MONEY Housing Development Finance Corporation Ltd Financial Services 8.23 MUNI$ Reliance Industries Ltd Energy 7.91 Period Bharti AXA Focused Infrastructure BSE 100 Index Larsen & Toubro Ltd Construction 7.75 Fund* Hindustan Zinc Ltd Metals 5.54 6 Months -15.8177% -5.0023% Bharti Airtel Ltd Telecom 5.39 Last 1 Year -8.9855% 8.5540% Bharat Heavy Electricals Ltd Industrial Manufacturing 4.84 Since Inception -7.8444% 10.3216% Power Grid Corporation of India Ltd Energy 4.71 (date of first NAV - Tata Steel Ltd Metals 4.48 March 10, 2010) A 'Truly Focused' Coal India Ltd Metals 4.33 Past performance may or may not be sustained in future. Infrastructure Fund Infrastructure Development Finance Financial Services 3.63 *Performance of the dividend Plan for the investor would be net of the Company Ltd dividend distribution tax, as applicable. Indraprastha Gas Ltd Energy 3.52 IL&FS Engineering and Construction Construction 3.37 Company Ltd SECTOR ALLOCATION Grasim Industries Ltd Cement & Cement Products 3.29 Cairn India Ltd Energy 3.18 Services 2.23% SKF India Ltd Industrial Manufacturing 3.09 Cash & Equivalent Sintex Industries Ltd Industrial Manufacturing 2.78 3.29% Sterlite Industries (I) Ltd Metals 2.62 Cement & Cement Products 5.16% BGR Energy Systems Ltd Industrial Manufacturing 2.56 Telecom 5.39% PTC India Ltd Energy 2.32 Adani Enterprises Ltd Services 2.23 Construction 11.12% Jaiprakash Associates Ltd Cement & Cement Products 1.87 Financial Services 11.86% Suzlon Energy Ltd Industrial Manufacturing 1.79 Industrial Manufacturing 15.06% Ltd Energy 1.58 GAIL (I) Ltd Energy 1.40 Metals 18.00% Castrol (I) Ltd Energy 1.26 Energy 27.89% Oil & Corporation Ltd Energy 1.17 MOIL Ltd Metals 1.03 Ltd Energy 0.84 PORTFOLIO TURNOVER RATIO - 2.77 Times^ Total 96.71 (^Since date of inception) Cash & Cash Equivalent Net Receivables/Payables 0.64 CBLO / Reverse Repo Investments 2.65 LOAD STRUCTURE Total 3.29 Entry Load NIL GRAND TOTAL 100.00 Exit Load 1% if redeemed within 1 year from the date of allotment Given that performance history is available only for a relatively short period, Standard Deviation, R-Squared, Beta, and Sharpe Ratio have not been incorporated. For these ratios to be meaningfully computed and interpreted, longer term performance data is required. Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. ` 0.00 lakh • For complete Scheme Information, NAV & Dividend History please refer page no. 8 & 9 respectively

PORTFOLIO DETAILS Bharti AXA Regular Return Fund All data as on March 31, 2011 (Unless indicated otherwise) Portfolio Holdings Rating/ % to Net Industries Assets EQUITY & EQUITY RELATED PERFORMANCE (as on March 31, 2011) Listed / awaiting listing on the stock exchanges Reliance Industries Ltd Energy 2.03 (<1 Year Absolute% & >1Year Compounded Annualised %) ITC Ltd Consumer Goods 1.36 Period Bharti AXA Regular Return CRISIL MIP Infosys Technologies Ltd IT 1.36 Fund - Regular - Growth*Blended Index ICICI Bank Ltd Financial Services 1.22 6 Months 1.0420% 1.7664% Tata Consultancy Services Ltd IT 1.14 Last 1 Year 2.4156% 6.1667% Coal India Ltd Metals 1.09 Since Inception 6.3626% 10.5728% Bharat Heavy Electricals Ltd Industrial Manufacturing 0.93 (date of first NAV - Larsen & Toubro Ltd Construction 0.85 March 20, 2009) Good vehicle to invest Tata Motors Ltd - A Class Automobile 0.67 Past performance may or may not be sustained in future. into when market is Grasim Industries Ltd Cement & Cement Products 0.63 *Performance of the dividend Plan for the investor would be net of the moving within a range HCL Technologies Ltd IT 0.62 dividend distribution tax, as applicable. Tata Motors Ltd Automobile 0.56 Axis Bank Ltd Financial Services 0.45 Yes Bank Financial Services 0.40 EQUITY SECTOR ALLOCATION COMPOSITION BY ASSETS Financial Services 0.31 Hindustan Zinc Ltd Metals 0.27 Pharma0.23% MOIL Ltd Metals 0.25 9.06% Sun Pharmaceuticals Industries Ltd Pharma 0.23 Cement & Cement Products 0.63% 14.55% Mahindra & Mahindra Ltd Automobile 0.18 Total 14.55 Construction 0.85%

MONEY MARKET INSTRUMENTS Industrial Manufacturing 0.93% Certificate of Deposit** Vijaya Bank P1+ 14.73 Consumer Goods 1.36% Total 14.73 12.84% Automobile 1.41% Commercial Paper** 21.77% Religare Finvest Ltd A1+ 7.04 Metals 1.61% Total 7.04 Energy 2.03% Treasury Bill Equity & equity related securities TBILL 182 DAY 2011 SOV 12.84 Financial Services 2.38% Money Market Instruments Total 12.84 IT 3.12% SOV Cash & Cash Equivalent Cash & Cash Equivalent Net Receivables/Payables 9.06 CBLO / Reverse Repo Investments 41.78 Total 50.84 LOAD STRUCTURE GRAND TOTAL 100.00 Entry Load NIL All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. Exit Load 1 % if redeemed before 12 months from date of allotment **Thinly traded/Non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. * Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. ` 0.00 lakh • For complete Scheme Information, NAV & Dividend History please refer page no. 8 & 9 respectively

5 Bharti AXA Investment Managers Pvt. Ltd. Rated PORTFOLIO DETAILS AAAf Bharti AXA Liquid Fund by CRISIL All data as on March 31, 2011 (Unless indicated otherwise) Portfolio Holdings Rating/ % to Net Industries Assets MONEY MARKET INSTRUMENTS PERFORMANCE (as on March 31, 2011) Certificate of Deposit** (<1 Year Simple Annualised% & >1Year Compounded Annualised %) Vijaya Bank PR1+ 21.52 Period Bharti AXA Liquid Fund - CRISIL Liquid Total 21.52 IP# - Growth* Fund Index 7 Days 7.6309% 8.6679% Cash & Cash Equivalent 15 Days 7.3062% 8.3992% 30 Days 6.8674% 8.3837% Net Receivables/Payables 0.49 3 Months 7.0500% 7.9632% CBLO / Reverse Repo Investments 77.99 6 Months 6.9081% 7.4311% Expected to deliver Last 1 Year 5.9271% 6.2069% superior returns with Total 78.48 Since Inception 5.8720% 6.0798% rising rates (date of first NAV - July 18, 2008) GRAND TOTAL 100.00 Past performance may or may not be sustained in future. *Performance of the dividend Plan for the investor would be net of the dividend distribution tax, as applicable. #Performance for Super IP Plan has not been included due to no investors in the plan during intermittent periods due to which performance would not be comparable.

CREDIT PROFILE COMPOSITION BY ASSETS

21.52% 78.48% 21.52% 78.48%

Money Market Instruments PR1+ Cash Cash & Cash Equivalent

LOAD STRUCTURE All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. Entry Load NIL **Thinly traded/Non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. Exit Load NIL • For complete Scheme Information, NAV & Dividend History please refer page no. 8 & 9 respectively

Rated PORTFOLIO DETAILS AAAf Bharti AXA Treasury Advantage Fund by CRISIL All data as on March 31, 2011 (Unless indicated otherwise) Portfolio Holdings AMFI Sector % to Net Classification Assets MONEY MARKET INSTRUMENTS PERFORMANCE (as on March 31, 2011) Certificate of Deposit** (<1 Year Absolute% & >1Year Compounded Annualised %) Punjab National Bank PR1+ 19.72 Period Bharti AXA Treasury Advantage CRISIL Liquid Vijaya Bank P1+ 19.66 Fund - Regular - Growth* Fund Index PR1+ 19.58 6 Months 3.6014% 3.7225% Total 58.96 Last 1 Year 5.9326% 6.2069% Since Inception 5.9523% 6.0798% (date of first NAV - July 18, 2008) Commercial Paper** An ideal tax adjusted medium risk Investment Services Ltd A1+ 19.65 Past performance may or may not be sustained in future. *Performance of the dividend Plan for the investor would be net of the investment option Total 19.65 dividend distribution tax, as applicable. #Performance for IP Plan has not been included due to no investors in the plan during intermittent periods due to which performance would Cash & Cash Equivalent not be comparable. Net Receivables/Payables 0.52 CBLO / Reverse Repo Investments 20.87 CREDIT PROFILE COMPOSITION BY ASSETS Total 21.39 21.39% 19.65% GRAND TOTAL 100.00

78.61% 21.39%

19.66%

39.30%

Money Market Instruments A1+ P1+ PR1+ Cash Cash & Cash Equivalent

LOAD STRUCTURE Entry Load NIL Exit Load 0.25% if redeemed within 7 days from the date of allotment All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. **Thinly traded/Non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. • For complete Scheme Information, NAV & Dividend History please refer page no. 8 & 9 respectively

6 Bharti AXA Investment Managers Pvt. Ltd. PORTFOLIO DETAILS Bharti AXA Short Term Income Fund All data as on March 31, 2011 (Unless indicated otherwise) Portfolio Holdings Rating/ % to Net Industries Assets MONEY MARKET INSTRUMENTS PERFORMANCE (as on March 31, 2011) Certificate of Deposit** (<1 Year Absolute% & >1Year Compounded Annualised %) Vijaya Bank P1+ 45.16 Period Bharti AXA Short Term Income CRISIL Short-Term State Bank of Mysore A1+ 10.41 Fund - IP - Growth* Bond Fund Index Total 55.57 6 Months 3.6174% 2.7575% Last 1 Year 6.5735% 5.1199% Since Inception 3.7828% 5.9278% Commercial Paper** (date of first NAV - December 22, 2008) With rate revisions this India Infoline Investment Services Ltd A1+ 10.80 fund could prove to be an important part of Total 10.80 Past performance may or may not be sustained in future. your portfolio in the *Performance of the dividend Plan for the investor would be net of the medium term! dividend distribution tax, as applicable. Cash & Cash Equivalent Net Receivables/Payables 2.09 CREDIT PROFILE COMPOSITION BY ASSETS CBLO / Reverse Repo Investments 31.54 Total 33.63 21.21% Duration % of Assets GRAND TOTAL 100.00 33.63% Up to 3 months 100 4 months to 6 months Nil 7 months to 1 year Nil > 1 year Nil

45.16%

A1+ P1+ Cash

LOAD STRUCTURE Entry Load NIL Exit Load 0.50% if redeemed within 90 days from date of allotment

All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. **Thinly traded/Non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. • For complete Scheme Information, NAV & Dividend History please refer page no. 8 & 9 respectively

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Statutory Details: Bharti AXA Mutual Fund has been set up as a Trust by AXA Investment Managers, Sponsor of the Fund The Sponsors not responsible for any loss resulting from the operations of the schemes beyond the contribution of an amount of ` 1 lakh made by it towards setting up the Mutual Fund. Trustee: Bharti AXA Trustee Services Private Limited, a limited liability Company. Investment Manager: Bharti AXA Investment Managers Private Limited, a limited liability Company (AMC). Securities/ Mutual Fund Investment are subject to market risk. Please read the Scheme Information Documents and the Statement of Additional Information carefully before investing. There is no assurance or guarantee that the fund's / schemes' objectives will I be achieved. NAV of the schemes may go up or down depending upon the factors and forces affecting the securities market. Past Performance of the Sponsor/ Mutual Fund/ AMC does not guarantee the future performance of the schemes of the Mutual Fund. The names of the schemes do not in any manner indicate either the quality of the schemes, their future prospects or their returns. © Bharti AXA Investment Managers Private Limited 2011.

7 Bharti AXA Investment Managers Pvt. Ltd. All data as on March 31, 2011 (Unless indicated otherwise)

Scheme Features

Bharti AXA Bharti AXA Bharti AXA Bharti AXA Equity Fund Tax Advantage Focused Infrastructure Regular Return Fund Fund Fund FUND TYPE An Open Ended Equity Growth Fund An Open-Ended Equity Linked Savings Scheme An Open Ended Equity Scheme An Open Ended Income Scheme INVESTMENT OBJECTIVE To generate income and long-term capital The Scheme seeks to generate long-term The Scheme seeks to generate long term The Scheme seeks to generate regular income appreciation through a diversified portfolio of capital growth from a diversified portfolio of capital appreciation through a portfolio of through investments in fixed income predominantly equity and equity-related predominantly equity and equity-related predominantly equity and equity related securities and also to generate long term securities including equity derivatives, across securities across all market capitalisations. securities of companies engaged in capital appreciation by investing a portion in all market capitalizations. The Scheme is in the The Scheme is in the nature of diversified infrastructure and infrastructure related equity and equity related instruments. nature of diversified multi-cap fund. The multi-cap fund. The Scheme is not providing sectors. However, there can be no assurance that the Scheme is not providing any assured or any assured or guaranteed returns. There can However, there can be no assurance that the income can be generated, regular or guaranteed returns. be no assurance that the investment investment objectives of the Scheme will be otherwise, or the investment objectives of the objectives of the Scheme will be realized. realized. The Scheme is not providing any Scheme will be realized. assured or guaranteed returns. FUND MANAGER Gaurav Kapur Gaurav Kapur Gaurav Kapur Fixed Income Investments - Ramesh Rachuri Experience : Managing this fund since March Experience : Managing this fund since March Experience : Managing this fund since March Experience : Managing this fund since June 15, 2011^. Total of 5 years of experience 15, 2011^. Total of 5 years of experience 15, 2011^. Total of 5 years of experience 2010. Total of around 12 years experience in including 3 years in research and fund including 3 years in research and fund including 3 years in research and fund fund and portfolio management including forex management. management. management. portfolio management. Equity Investments - Gaurav Kapur Experience : Managing this fund since June 2010. Total of 5 years of experience including 3 years in research and fund management. BENCHMARK S&P CNX Nifty Index S&P CNX Nifty Index BSE 100 Index CRISIL MIP Blended Index DATE OF ALLOTMENT October 21, 2008 February 25, 2009 March 05, 2010 March 18, 2009 TOTAL EXPENSE RATIO • Regular Plan 2.50% • Regular Plan 2.50% 2.50% • Regular Plan 1.75% • Institutional Plan 1.75% • Eco Plan 2.25% • Eco Plan 1.50% • Eco Plan 2.25% AVERAGE MATURITY (AM) - - - AM - 0.02 Years MD - 0.02 Years & MODIFIED DURATION (MD)

NAV

NAV NAV ( ` ) NAV ( ` ) NAV ( ` ) NAV ( ` ) (AS ON MARCH 31, 2011) Regular Plan Growth 9.42 Regular Plan Regular Plan Growth 11.3455 Growth 17.55 Growth 22.43 Regular Dividend 9.42 Bonus 17.55 Dividend 12.23 Quarterly Dividend 9.42 Monthly Dividend 10.1712 Regular Dividend 12.37 Eco Plan Quarterly Dividend 10.3559 Quarterly Dividend 11.66 Growth 22.54 Annual Dividend 11.3455 Eco Plan Dividend 12.27 Eco Plan Growth 17.66 Growth 11.4052 Bonus 17.66 Monthly Dividend 10.5316 Regular Dividend 12.43 Quarterly Dividend 10.2261 Quarterly Dividend 11.74 Annual Dividend 11.4052 ^Prior to that, Mr. Prateek Agrawal was the Fund Manager since its launch.

Bharti AXA Bharti AXA Bharti AXA Liquid Fund Treasury Advantage Fund Short Term Income Fund

FUND TYPE An Open Ended Liquid Scheme An Open Ended Income Scheme An Open Ended Income Scheme INVESTMENT OBJECTIVE The Scheme seeks to deliver reasonable market related The Scheme seeks to deliver reasonable market related The Scheme seeks to generate income and capital returns with lower risk and higher liquidity through portfolio returns with lower risk and higher liquidity through portfolio appreciation by investing in a diversified portfolio of debt and of debt and money market instruments. The Scheme is not of debt and money market instruments. The Scheme is not money market securities. However, there can be no providing any assured or guaranteed returns. providing any assured or guaranteed returns. assurance that the income can be generated, regular or otherwise, or the investment objectives of the Scheme will be realized. The Scheme is not providing any assured or guaranteed returns.

FUND MANAGER Ramesh Rachuri Ramesh Rachuri Ramesh Rachuri Experience : Managing this fund since June 2010. Total of Experience : Managing this fund since August 20, 2010. Total Experience : Managing this fund since August 20, 2010. Total around 12 years experience in fund and portfolio of around 12 years experience in fund and portfolio of around 12 years experience in fund and portfolio management including forex portfolio management. management including forex portfolio management. management including forex portfolio management. BENCHMARK CRISIL Liquid Fund Index CRISIL Liquid Fund Index CRISIL Short Term Bond Fund Index DATE OF ALLOTMENT July 16, 2008 July 16, 2008 December 18, 2008 TOTAL EXPENSE RATIO • Regular Plan 0.01% • Regular Plan 0.01% • Regular Plan 0.35% • Institutional Plan 0.01% • Institutional Plan 0.01% • Institutional Plan 0.15% • Super Institutional Plan 0.01% AVERAGE MATURITY (AM) AM - 3 Days AM - 16 Days AM - 0.06 Years MD - 3 Days MD - 14 Days MD - 0.05 Years & MODIFIED DURATION (MD)

NAV

NAV NAV ( ` ) NAV ( ` ) NAV ( ` ) (AS ON MARCH 31, 2011) Regular Plan Regular Plan Regular Plan Growth 1,153.0701 Growth 1,169.9587 Growth 11.0374 Daily Dividend 1,000.0000 Daily Dividend 1,000.0000 Monthly Dividend 10.1274 Weekly Dividend 1,000.6668 Weekly Dividend 1,001.3056 Quarterly Dividend 10.1632 Institutional Plan Institutional Plan Institutional Plan Growth 1,167.6389 Growth - Growth 11.1138 Daily Dividend 1,000.0000 Weekly Dividend - Daily Dividend 1,000.0000 Weekly Dividend 10.0595 Super Institutional Plan Weekly Dividend 1,001.3055 Monthly Dividend - Growth 1,171.9495 Daily Dividend 1,000.0000 Weekly Dividend -

8 Bharti AXA Investment Managers Pvt. Ltd. All data as on March 31, 2011 (Unless indicated otherwise)

Dividend History

EQUITY FUNDS$ EQUITY FUNDS$ HYBRID FUND$

Record Date Dividend/ Unit NAV^as on Record Date Dividend/ Unit NAV^as on Record Date Dividend/ Unit NAV^as on Declared (in `) Record Date Declared (in ` ) Record Date Declared (in ` ) Record Date Bharti AXA Tax Advantage Fund Bharti AXA Equity Fund Regular Plan Bharti AXA Regular Return Fund Regular Plan - Regular Dividend 04-June-09 1.00 18.84 Regular Monthly Dividend 29-May-09 1.00 15.21 23-December-09 3.00 21.51 26-April-2010 0.0746660 10.2992a 23-September-09 1.00 15.21 25-January-10 3.00 18.23 b 16-March-10 3.00 15.43 26-April-2010 0.0695890 10.2992 15-October-09 1.00 14.96 a 25-November-09 1.00 14.31 Eco Plan 25-October-2010 0.074666 10.3666 29-April-10 1.00 13.96 04-June-09 1.00 18.85 25-October-2010 0.069589 10.3666b Regular Plan - Quarterly Dividend 23-December-09 3.00 21.54 25-November-2010 0.074666 10.2258a 29-May-09 0.50 15.21 25-January-10 3.00 18.27 b 16-March-10 3.00 15.45 25-November-2010 0.069589 10.2258 23-September-09 0.50 15.73 a 25-November-09 1.00 16.43 27-December-2010 0.040406 10.1991 29-March-10 1.00 15.51 DEBT / INCOME FUNDS 27-December-2010 0.037659 10.1991a 29-April-10 1.00 15.14 Record Date Dividend/ Unit NAV^as on Regular Quarterly Dividend 27-September-10 2.00 14.70 Declared (in ` ) Record Date a a $ 29-December-2009 0.2233660 10.8835 Eco Plan - Regular Dividend Bharti AXA Short Term Income Fund b b 29-May-09 1.00 15.24 Institutional Monthly Dividend 29-December-2009 0.2078920 10.8835 a a 23-September-09 1.00 15.24 25-November-10 0.044799 10.1584a 25-March-2010 0.2233660 10.4878 b 15-October-09 1.00 15.00 25-November-10 0.041754 10.1584 25-March-2010 0.2078920b 10.4878b a 25-November-09 1.00 14.35 27-December-10 0.043921 10.1575 a a 29-April-10 1.00 13.99 b 29-December-2010 0.011420 10.4804 27-December-10 0.040935 10.1575 b a Eco Plan - Quarterly Dividend 25-January-11 0.043921 10.1704a 29-December-2010 0.010643 10.4804 b 29-May-09 0.50 15.24 25-January-11 0.040935 10.1704 Eco Monthly Dividend a 23-September-09 0.50 15.76 a a 25-February-11 0.052705 10.1881 25-February-2010 0.0744550 10.2741 25-November-09 1.00 16.46 25-February-11 0.049122 10.1881b 25-February-2010 0.0692970b 10.2741b 29-March-10 1.00 15.55 Institutional - Quarterly Dividend a a 29-April-10 1.00 15.19 29-December-09 0.1751890 10.2708a 25-March-2010 0.0744550 10.3359 b 27-September-10 2.00 14.77 29-December-09 0.1630520 10.2708 25-March-2010 0.0692970b 10.3359b Institutional Plan - Regular Monthly Dividend # a Eco Quarterly Dividend Regular Dividend 27-December-10 0.030871 10.1316 a a 29-May-09 1.00 - 27-December-10 0.028772 10.1316b 25-March-2010 0.2233660 10.5106 23-September-09 1.00 - 25-January-11 0.043921 10.1568a 25-March-2010 0.2078920b 10.5106b b 15-October-09 1.00 - 25-January-11 0.040935 10.1568 a a a 29-December-2010 0.011420 10.5238 25-November-09 1.00 - 25-February-11 0.052705 10.1720 b a b 29-December-2010 0.010643 10.5238 29-April-10 1.00 - 25-February-11 0.049122 10.1720 a a a Institutional Plan - 25-March-11 0.052705 10.1741 28-March-2011 0.158116 10.3664 b b a Quarterly Dividend# 25-March-11 0.049122 10.1741 28-March-2011 0.147366 10.3664 29-May-09 0.50 - Regular Quarterly Dividend a 23-September-09 0.50 - 29-December-10 0.013616 10.2996 b 25-November-09 1.00 - 29-December-10 0.012690 10.2996 29-March-10 1.00 - 28-March-11 0.158116 10.3363a 29-April-10 1.00 - 28-March-11 0.147366 10.3363b ^Pursuant to payment of dividend, NAV of the Dividend Option of the Plan/Scheme falls to the extent of such dividend payment and applicable statutory levy (taxes, levies, cess etc.), if any. aIndividual/HUFs bOthers Past performance may or may no be sustained in the future. $Face Value - ` 10/- #Since there are no investors in Bharti AXA Equity Fund - Institutional Plan - Regular Dividend and Institutional Plan - Quarterly Dividend the data of NAV as on record date is not provided

9 Bharti AXA Investment Managers Pvt. Ltd. 10 Bharti AXA Investment Managers Pvt. Ltd. Disclaimer/Statutory Details

This report is as of March 31, 2011 unless indicated otherwise. Statements relating to outlook and forecast are the opinions of the Author. The views expressed by the author are personal and are not necessarily that of Bharti AXA Investment Managers Private Limited. This report is for information purpose only and is not intended to be any investment advise. Please make independent research / obtain professional help before taking any decision of investment / sale. Bharti AXA Investment Managers

Private Limited (AMC) makes no representation as to the quality, liquidity or market perception on any securities/ issuer / borrower, if described in the report above, nor does it provide any guarantee whatsoever. Information and material used in this report are believed to be from reliable sources. However, AMC does not warrant the accuracy, reasonableness and/or completeness of any information. AMC does not undertake to update any information or material in this report. Decisions taken by you based on the information provided in this report are to your own account and risk. AMC and any of its officers, directors and employees shall not be liable for any loss or damage of any nature, as also any loss of profit in any way arising from the use of this material in any manner. AMC or its directors, officers and employees, including author of this report / persons involved in the preparation or issuance of this report may, from time to time, have long or short positions in, and buy or sell the securities, if any, mentioned herein or have other potential conflict of interest with respect to any recommendation and related information and opinions given in the report /report.

This report, or any part of it, should not be duplicated, or contents altered / modified, in whole or in part in any form and or re-distributed without AMC’s prior written consent.

Disclaimer from CRISIL

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

Money Muni$

Copyright / other Intellectual Property Rights in “Money Muni” character belongs to Bharti AXA Investment Managers Private Limited.

Statutory Details

Bharti AXA Mutual Fund has been set up as a Trust (under the Indian Trust Act, 1882) by AXA Investment Managers, Sponsor of the Fund. Trustee: Bharti AXA Trustee

Services Private Limited, a limited liability company. Investment Manager: Bharti AXA Investment Managers Private Limited, a limited liability company. The Sponsor is not responsible for any loss resulting from the operations of the schemes beyond the contribution of an amount of ` 1 lakh made by it towards setting up the Mutual Fund.

Risk Factors

Securities / Mutual fund investments are subject to market risks. There is no assurance or guarantee that the fund’s / scheme’s objectives will be achieved. NAV of the schemes may go up or down depending upon the factors and forces affecting the securities market. The name(s) of the scheme(s) do(es) not in any manner indicate either the quality of the scheme(s), their future prospects or returns. Past Performance of the Sponsor and their affiliates /

Mutual Fund/ AMC does not guarantee the future performance of the schemes of the Mutual Fund. Investors in the Scheme(s) are not being offered any guaranteed / assured returns. For Scheme specific risk factors and other details refer to the offer documents of the respective schemes. Copies of the Scheme Information

Document(s) / Statement of Additional Information /Key Information Memoranda can be obtained at any of our Investor Service Centers or on the AMC Website www.bhartiaxa-im.com. Mutual Funds Investments are subject to market risks. Investors are requested to read the Scheme Information Document(s) /

Statement of Additional Information /Addenda carefully before investing. © Bharti AXA Investment Managers Private Limited 2011.

11 Bharti AXA Investment Managers Pvt. Ltd. Bharti AXA Investment Managers’ Branches - Investor Service Centers (ISC)

• Ahmedabad - 401-402, 4th Floor, 3rd Eye, Panchvati Cross Road, C.G. Road, Ahmedabad - 380006. • Bangalore - N 307, 3rd Floor, Manipal Centre, 47 Dickenson Road, 78th Municipal Division, Bangalore - 560042. • Chandigarh - SCO-350-351-352, 1st Floor, Sec-34 A, Chandigarh - 160 017. • Chennai - 2nd Floor, Metro Plaza, 162, Anna Salai, Opp Spencer Plaza, Chennai - 600 002. • Guwahati - 7th Floor, Dee Tee Towers, Down Town Hospital Complex, G.S Road, Dispur - 781006. • Hyderabad - 3rd Floor, 6-3-666/B/6,Gokul Towers, Punjagutta, Hyderabad - 500082. • Jaipur - 2nd Floor, Sun Tower, SB-15A Gandhi Nagar Turn, Bapu Nagar, Tonk Road, Jaipur - 302015. • Kolkata - No. 3rd Floor, Unit No. 3W, The Millenium, 235/2a, A J C Bose Road, Kolkata - 700 020. • Lucknow - Ground Floor, Plot No TC-57/ V, Shalimar Tower, Vibhuti Khand, Gomti Nagar, Lucknow - 226010. • - 51, 5th Floor, Kalpataru Synergy, Opp Grand Hyatt, Vakola, Santacruz (E), Mumbai - 400 055. • New Delhi - 7th Floor, Prakashdeep Building, 7, Tolstoy Marg, New Delhi - 110001. • Pune - 62 & 63, 3rd Floor, A Wing, Shreenath Plaza, Dyaneshwar Paduka Chowk, Off FC Road, Shivaji Nagar, Pune - 411005.

Karvy Computershare Private Limited Branches - Investor Service Centers (ISC's)

• Ahmedabad - 201,Shail Building, Opp Madhusudhan House, Nr. Navrangpura Telephone Exchange, Navrangpura, Ahmedabad - 380 006. • Asansol - Hotal Askok, 2nd Floor 18, G. T. Road, Asansol - 713 301. • Bangalore - No : 51/25, 1St Floor, Surya Building, Ratna Avenue, Richmond Road, Bangalore - 560 025. • Baroda - SB- 4&5, Mangaldeep Complex, Opposite Mesonic Hall, Productivity Road, Alkapuri, - 390 007. • Bhopal - Kay Kay Busniss Centre, 133 Zone, I M P Nagar, Bhopal - 462 021. • Bhubaneswar - Plot No- 104/105(P), Jaydev Vihar, Besides Hotel Pal Heights, Bhubaneswar - 751 013. • Chandigarh - Sco-371-372, First Floor, Above HDFC Bank, Sector 35B, Chandigarh - 160 022. • Chennai - Flat No F11, First Floor, Akshya Plaza,(Erstwhile Harris Road), Opp. Chief City Metropolitan Court, # 108, Adhithanar Salai, Egmore, Chennai - 600 002. • Cochin - Room no 2, IInd Floor, Jewel Arcade, (Above Oriental Insurance Ltd), Layam Road, Cochin - 682 011. • Coimbatore - 29/1, ISt Floor, Chinthamani Nagar, Opp to , NSR Road, Saibaba Colony, Coimbatore - 641 011. • Dehradun - Kaulagarh Road, Near Sirmaur Marg, Above Reliance Webworld, Dehradun - 248 001. • Gorakhpur - Above V.I.P. House, Ajdacent A.D. Girls Inter College, Bank Road, Gorakpur - 273 001. • Guwahati - 54, Sagarika Bhawan, R G Baruah Road, (AIDC Bus Stop), Guwahati - 781 024. • Gwalior - Shindi Ki Chawani, Nadi Gate Pul, MLB Road, Gwalior - 474 001. • Hubli - 8 & 9, Upper Ground Floor, C Block, Akshaya Park, Gokul Road, Hubli - 580 030. • Hyderabad - 8-2-596, Karvy Plaza, Avenue 4, Street No.1, Banjara Hills, Hyderabad - 500 034. • Indore - G - 7, Royal Ratan Building, M.G. Road, Opp. , Indore - 452 010. • Jabalpur - 43, Naya Bazar, Opposite Shyam Talkies, Jabalpur - 482 001. • Jaipur - S-16 A, 3rd Floor, Land Mark, Opposite Jaipur Club, Mahavir Marg, C-Scheme, Jaipur - 302 001. • Jamshedpur - Kanchan Tower, 3rd Floor, Chhaganlal Dayalji @ Sons, 3-S B Shop Area, (Near Traffic Signal), Main Road, Bistupur, Jamshedpur - 831 001. • Jodhpur - 203, Modi Arcade, Chupasni Road, Jodhpur - 342 001. • Kanpur - 15/46, Opp. Muir Mills, Civil Lines, Kanpur - 208 001. • Kolhapur - 610, K Vardhaman Chambers, 2nd Lane, Shahupuri, Kolhapur - 416 001. • Kolkata - 16, Jatin Bagchi Road, Kolkata - 700 029. • Lucknow - Usha Sadan, 24, Prem Nagar, Ashok Marg, Lucknow - 226 001. • Ludhiana - Sco-3, Bawa Building, Feroze Gandhi Market, Ludhiana - 141 001. • Mumbai - Das Chambers, Ground Floor, Opp. BSE & next to Corporation Bank, Dalal Street, Fort, Mumbai - 400 023. • Nagpur - 1st Floor, Sadoday Arcade, WHC Road, Above Top N Town, Dharampeth, Nagpur - 440 001. • Nasik - S-12, Second Floor, Suyojit Sankul, Sharanpur Road, Nasik - 422 002. • New Delhi - 305, 3rd Floor, New Delhi House, Bara Khamba Road,Connaught Place, New Delhi - 110 001 • Noida - 307, Jaipuria Plaza, D 68 A, 2nd Floor, Opp Delhi Public School, Sector 26, Noida - 201 301. • Panjim - City Business Centre, Coelho Pereira Building, Room Nos.18, 19 & 20, Dada Vaidya Road, Panjim - 403 001. • Patna - 3A, 3rd Floor, Anand Tower, Beside Chankya Cinema Hall, Exhibition Road, Patna - 800 001. • Pune - Shop No. 16, 17 & 18, Ground Floor, Sreenath Plaza, Dyaneshwar Paduka Chowk, F C Road, Pune - 411 004. • Raipur - Room No. TF 31, 3rd Floor, Millennium Plaza, Behind Indian Coffee House, G E Road, Raipur - 492 001. • Rajkot - 104, Siddhi Vinayak Complex, Dr Yagnik Road, Opp Ramkrishna Ashram, Rajkot - 360 001. • Shillong - Mani Bhawan, Thana Road, Lower Police Bazar, Shillong - 739 001. • Surat - G-6, Empire State Building, Near Parag House, Udhna Darwaja, Ring Road, Surat - 395 002. • Varanasi - D-64/132, KA 1st Floor, Anant Complex, Sigra, Varanasi - 221 010. • Visakhapatnam - 47-14-5/1, Eswar Paradise, Dwaraka Nagar, Main Road, Visakhapatnam - 530 016.

AMC Website: www.bhartiaxa-im.com is also an Investor Service Centre (for online transactions)

Note: 1. Investors desiring to purchase/ redeem Units in Bharti AXA Equity Fund, Bharti AXA Tax Advantage Fund and Bharti AXA Focused Infrastructure Fund through the Stock Exchange Facility may do so through Eligible Stock Brokers. Eligible Stock Brokers are considered as Official Points of Acceptance for transactions through Stock Exchange Facility. 2. Investors who are holding Units in Demat mode in above schemes may transact only through the Stock Exchange Facility. Further, such Unit holders must submit their non-financial requests such as change in bank mandate, address, etc only to their Depository Participants.