April 2011 EQUITY OUTLOOK

After a strong March, the Indian indices finished April with a 1% plus decline. Nifty ended April down 1.3% on the back

of fears of a slowing growth trajectory and rising inflation. While the CNX midcap index did marginally better, ending the

month up by a 1%. FIIs were net buyers of ~US$1.5 bn during April making it the second straight month of strong Gaurav Kapur SENIOR MANAGER - EQUITY inflows into the country.

RBI in its monetary policy was hawkish in its tone due to stubbornly high inflation and has now revised growth downwards. The central bank expects

GDP growth to moderate to “around 8%” in FY12 and WPI inflation to remain elevated in H1 FY12, moderating to “6.0% with an upside bias” by

March 2012, from 9.0% currently.

On the manufacturing side, the IIP data for the month of February to 3.6% y-o-y in February from an upwardly revised 3.9% y-o-y in January, and was below expectations. Intermediates and consumer goods displayed strong momentum, even as capital goods output growth slumped

Domestically, inflation remained stubbornly high with wholesale price index (WPI) inflation coming in at 8.98% y-o-y in March up from 8.31% in

February. The inflation remains substantially higher, not just compared with the Reserve Bank of ’s (RBI) initial March 2011 projection of 5.5%

(set last April), but also from the revised projection of 8.0% set only last month. An across-the board surge in non-food manufactured product prices

– textiles, beverages & tobacco, wood & paper products, chemicals, metals and non-metallic mineral products – led to a steep 1.4% m-o-m rise in manufactured product prices in March

The RBI raised the repo rate, the key policy rate (see chart), and Trends in Key Policy Rates (%) % 10 reverse repo rate by 50bps each to 7.25% and 6.25% respectively. Key Rates: 9 Repo Rate now key policy rate, raised by 50bps to 7.25% Reverse Repo Rate fixed at 100bps below Repo Rate - i.e 6.25%from 5.75% earlier While expectations were for RBI continuing with ‘baby steps’, the 8 CRR: unchanged at 6% 7 odds of a 50bp hike rose in a bid to quell inflationary expectations 6 post the latest WPI number of 9%. With the RBI stating that 5 4 ‘bringing down inflation even at the cost of some growth should 3 1 4 0 7 3 3 7 7 9 9 5 5 5 1 0 1 0 0 0 0 0 0 0 0 0 0 ------r r r r r c c c c g g g g take precedence’, this adds upside risk to our estimate of a further p p p p p e e e e u u u u A A A A A A A D D A D D A 50-75bp hike in the coming quarters. Reverse Repo Rate CRR Repo Rate Source: RBI, CSO, Office of the Economic Advisor. CIRA

Going forward, we expect the slowing economic growth due to the high inflation to remain in focus. The market ended negative in April and we expect the market to move sideways till there is some correction in commodity prices thereby improving the corporate profitability.

Data Source : Bloomberg LP (Unless indicated otherwise)

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

MACRO ECONOMIC REVIEW

With the Jasmine revolution spreading to Libya, and the ongoing struggle between the pro and anti government forces keeping the prices of crude oil, and also other commodities on the boil since the beginning of March, inflation has also Ramesh Rachuri staged a turnaround to the upside, printing in at 8.98% in April for the end of March year-on-year period. SENIOR FUND MANAGER FIXED INCOME

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, one 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. The other option for the RBI is to frontload the rate hikes by hiking 50 bps, and then taking a call, once the contours of the flow of monsoon and its impact are fully known.

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 further rate hikes.

The new borrowing calendar has started after the hiatus in March. As expected, yields have shown an increase with the new supply. The RBI has also started issuing Cash Management Bills to mop up the excess liquidity due to the government borrowing from RBI (Ways and Means Advances). All these actions are a part of the inflation fighting efforts of the RBI, and is likely to continue till WPI inflation starts coming down.

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 April 29, 2011 (Unless indicated otherwise) Portfolio Holdings AMFI Sector % to Net Classification Assets EQUITY & EQUITY RELATED PERFORMANCE (as on April 29, 2011) Listed / awaiting listing on the stock exchanges Ltd Energy 7.13 (<1 Year Absolute% & >1Year Compounded Annualised %) MONEY Technologies Ltd IT 6.99 MUNI$ ICICI Bank Ltd Financial Services 6.70 ITC Ltd Consumer Goods 6.32 Period Bharti AXA Equity Fund - S&P CNX Nifty Tata Consultancy Services Ltd IT 4.40 Regular - Growth* Housing Development Finance Corporation Ltd Financial Services 4.30 HDFC Bank Ltd Financial Services 4.19 6 Months -7.3684% -4.4569% HCL Technologies Ltd IT 3.89 State Financial Services 3.76 Last 1 Year -4.6712% 8.9589% Ltd Automobile 3.46 Larsen & Toubro Ltd Construction 2.82 Since Inception 27.5607% 35.3844% Ltd Metals 2.78 (date of first NAV - Ltd Telecom 2.67 October 29, 2008) Opt for Investor Friendly Mahindra & Mahindra Ltd Automobile 2.30 Sun Pharmaceuticals Industries Ltd Pharma 2.27 Past performance may or may not be sustained in future. features like Daily SIP Sintex Industries Ltd Industrial Manufacturing 2.22 and Eco Plan Dr. Reddy's Laboratories Ltd Pharma 2.03 *Performance of the dividend Plan for the investor would be net of the Bata India Ltd Consumer Goods 1.83 dividend distribution tax, as applicable. Sterlite Industries (I) Ltd Metals 1.55 Ltd Automobile 1.54 Dish TV (I) Ltd Media & Entertainment 1.48 Strides Arcolab Ltd Pharma 1.41 SECTOR ALLOCATION Bharat Heavy Electricals Ltd Industrial Manufacturing 1.36 Ltd Automobile 1.29 Suzlon Energy Ltd Industrial Manufacturing 1.29 LAA+ 0.04% Ltd Energy 1.27 Textiles 0.60% Ltd Energy 1.20 Fertilisers & Pesticides 0.91% Indusind Bank Ltd Financial Services 1.17 Media & Entertainment 1.48% GAIL (I) Ltd Energy 1.16 Unrated 2.02% Ltd Metals 1.13 Power Grid Corporation of India Ltd Energy 1.09 Telecom 2.67% Ltd Financial Services 0.92 Construction 2.82% United Phosphorous Ltd Fertilisers & Pesticides 0.91 Cash & Equivalent 3.43% Ltd Metals 0.78 Industrial Manufacturing 4.87% Ltd Financial Services 0.77 Pharma 6.16% Financial Services 0.65 Ltd Textiles 0.60 Metals 7.31% Ltd Metals 0.58 Consumer Goods 8.47% Shriram Transport Finance Company Ltd Financial Services 0.57 Automobile 8.59% MOIL Ltd Metals 0.49 Energy 12.32% Petronet LNG Ltd Energy 0.47 IT 15.28% Ranbaxy Laboratories Ltd Pharma 0.45 Financial Services 23.03% Bajaj Electricals Ltd Consumer Goods 0.32 Total 94.51 DEBT INSTRUMENTS 4.01 Times^ Listed / awaiting listing on the stock exchanges PORTFOLIO TURNOVER RATIO - Dr. Reddy's Laboratories Ltd LAA+ 0.04 (^Basis last rolling 12 months) Total 0.04 Fixed Deposit Citibank N.A. Unrated 2.02 LOAD STRUCTURE Total 2.02 Cash & Cash Equivalent Net Receivables/Payables 2.24 Regular Eco Plan Investments Institutional Investments CBLO / Reverse Repo Investments 1.19 Plan through SIP / STP Plan through Liq-uity Total 3.43 GRAND TOTAL 100.00 Entry Load NIL Exit Load 1% if redeemed within 1 year from the date of allotment * Total Exposure to illiquid securities is 0.00% of the portfolio,i.e. ` 0.00 lakh 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

PORTFOLIO DETAILS Bharti AXA Tax Advantage Fund All data as on April 29, 2011 (Unless indicated otherwise) Portfolio Holdings AMFI Sector % to Net Classification Assets EQUITY & EQUITY RELATED PERFORMANCE (as on April 29, 2011) Listed / awaiting listing on the stock exchanges Infosys Technologies Ltd IT 6.73 ICICI Bank Ltd Financial Services 6.60 (<1 Year Absolute% & >1Year Compounded Annualised %) ITC Ltd Consumer Goods 5.83 Reliance Industries Ltd Energy 4.95 HDFC Bank Ltd Financial Services 4.25 Period Bharti AXA Tax Advantage S&P CNX Nifty HCL Technologies Ltd IT 3.95 Fund - Regular - Growth* Housing Development Finance Corporation Ltd Financial Services 3.56 Tata Motors Ltd Automobile 3.44 6 Months -11.0186% -4.4569% Tata Consultancy Services Ltd IT 3.39 Financial Services 3.19 Last 1 Year -6.6705% 8.9589% Ashok Leyland Ltd Automobile 2.81 Since Inception 47.7111% 40.2188% Bajaj Auto Ltd Automobile 2.54 (date of first NAV - Larsen & Toubro Ltd Construction 2.45 An ideal long term PTC India Ltd Energy 2.27 February 27, 2009) Mahindra & Mahindra Ltd Automobile 2.20 equity investment vehicle Sintex Industries Ltd Industrial Manufacturing 2.02 Past performance may or may not be sustained in future. with tax benefit Coal India Ltd Metals 1.81 $ Bata India Ltd Consumer Goods 1.79 *Performance of the dividend Plan for the investor would be net of the under section 80C Dr. Reddy's Laboratories Ltd Pharma 1.76 dividend distribution tax, as applicable. Dish TV (I) Ltd Media & Entertainment 1.62 Zydus Wellness Ltd Consumer Goods 1.57 Indusind Bank Ltd Financial Services 1.51 Sun Pharmaceuticals Industries Ltd Pharma 1.48 SECTOR ALLOCATION Power Grid Corporation of India Ltd Energy 1.47 Sterlite Industries (I) Ltd Metals 1.44 Tata Steel Ltd Metals 1.31 LAA+ 0.03% Bilcare Ltd Pharma 1.30 Bharat Heavy Electricals Ltd Industrial Manufacturing 1.30 Textiles 0.49% Strides Arcolab Ltd Pharma 1.23 Fertilisers & Pesticides 1.16% Cairn India Ltd Energy 1.22 Media & Entertainment 1.62% Suzlon Energy Ltd Industrial Manufacturing 1.20 Cash & Equivalent 3.45% United Phosphorous Ltd Fertilisers & Pesticides 1.16 Jaiprakash Associates Ltd Construction 1.08 Construction 3.53% Jindal Steel & Power Ltd Metals 1.07 Unrated 3.98% GAIL (I) Ltd Energy 1.01 Industrial Manufacturing 4.52% Indraprastha Gas Ltd Energy 0.98 Axis Bank Ltd Financial Services 0.95 Pharma 6.13% Yes Bank Ltd Financial Services 0.68 Metals 6.56% Hindalco Industries Ltd Metals 0.57 Consumer Goods 9.50% Petronet LNG Ltd Energy 0.56 Indian Bank Financial Services 0.52 Automobile 10.99% Grasim Industries Ltd Textiles 0.49 Energy 12.46% Ranbaxy Laboratories Ltd Pharma 0.36 IT 14.07% MOIL Ltd Metals 0.36 Bajaj Electricals Ltd Consumer Goods 0.31 Financial Services 21.51% Shriram Transport Finance Company Ltd Financial Services 0.25 Total 92.54 DEBT INSTRUMENTS PORTFOLIO TURNOVER RATIO - 4.26 Times^ Listed / awaiting listing on the stock exchanges (^Basis last rolling 12 months) Dr. Reddy's Laboratories Ltd LAA+ 0.03 Total 0.03 Fixed Deposit Citibank N.A. Unrated 3.98 LOAD STRUCTURE Total 3.98 Cash & Cash Equivalent Regular Plan Eco Plan Investments through SIP / STP Net Receivables/Payables 1.09 CBLO / Reverse Repo Investments 2.36 Entry Load NIL Total 3.45 GRAND TOTAL 100.00 Exit Load NIL $The fund is an equity linked savings scheme (ELSS), where investors can avail a deduction of income tax under Sec 80 C of Income * Total Exposure to illiquid securities is 0.00% of the portfolio,i.e. ` 0.00 lakh All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. tax Act up to `1 lakh* which translates into tax savings of up to ` 30,900 (assuming highest tax bracket) **Thinly traded/Non traded securities and illiquid securities as defined in SEBI Regulations and *These are tax provisions generally. In view of the individual nature of tax consequences, each investor is advised to consult Guidelines. 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 April 29, 2011 (Unless indicated otherwise) Portfolio Holdings AMFI Sector % to Net Classification Assets EQUITY & EQUITY RELATED PERFORMANCE (as on April 29, 2011) Listed / awaiting listing on the stock exchanges (<1 Year Absolute% & >1Year Compounded Annualised %) MONEY Housing Development Finance Corporation Ltd Financial Services 8.35 MUNI$ Reliance Industries Ltd Energy 7.47 Period Bharti AXA Focused Infrastructure BSE 100 Index Larsen & Toubro Ltd Construction 6.41 Fund* Bharti Airtel Ltd Telecom 5.77 Power Grid Corporation of India Ltd Energy 4.87 6 Months -15.1327% -6.0910% Coal India Ltd Metals 4.79 Last 1 Year -12.6120% 6.5527% Tata Steel Ltd Metals 4.47 Since Inception -5.8473% 8.5749% (date of first NAV - Indraprastha Gas Ltd Energy 3.80 March 10, 2010) Bharat Heavy Electricals Ltd Industrial Manufacturing 3.51 A 'Truly Focused' BGR Energy Systems Ltd Industrial Manufacturing 3.45 Past performance may or may not be sustained in future. Infrastructure Fund SKF India Ltd Industrial Manufacturing 3.44 *Performance of the dividend Plan for the investor would be net of the Infrastructure Development Financial Services 3.43 dividend distribution tax, as applicable. Finance Company Ltd Sintex Industries Ltd Industrial Manufacturing 3.19 Cairn India Ltd Energy 3.18 SECTOR ALLOCATION Hindustan Zinc Ltd Metals 2.99 Sterlite Industries (I) Ltd Metals 2.76 Textiles 1.24% IL&FS Engineering and Construction Construction 2.70 Company Ltd Services 2.11% PTC India Ltd Energy 2.50 Telecom 5.77% Adani Enterprises Ltd Services 2.11 Cash & Equivalent Jaiprakash Associates Ltd Construction 1.87 6.31% Suzlon Energy Ltd Industrial Manufacturing 1.79 Construction 10.98% Ltd Energy 1.70 Financial Services 11.78% GAIL (I) Ltd Energy 1.44 Castrol (I) Ltd Energy 1.34 Industrial Manufacturing 15.38% Oil & Natural Gas Corporation Ltd Energy 1.25 Metals 16.89% Grasim Industries Ltd Textiles 1.24 Petronet LNG Ltd Energy 1.16 Energy 29.54% Hindalco Industries Ltd Metals 1.01 MOIL Ltd Metals 0.87 Ltd Energy 0.83 PORTFOLIO TURNOVER RATIO - 2.67 Times^ Total 93.69 (^Since date of inception) Cash & Cash Equivalent Net Receivables/Payables 2.90 CBLO / Reverse Repo Investments 3.41 LOAD STRUCTURE Total 6.31 Entry Load NIL GRAND TOTAL 100.00 Exit Load 1% if redeemed within 1 year from the date of allotment * 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 April 29, 2011 (Unless indicated otherwise) Portfolio Holdings Rating/ % to Net Industries Assets EQUITY & EQUITY RELATED PERFORMANCE (as on April 29, 2011) Listed / awaiting listing on the stock exchanges Reliance Industries Ltd Energy 1.49 (<1 Year Absolute% & >1Year Compounded Annualised %) ITC Ltd Consumer Goods 1.47 Period Bharti AXA Regular Return CRISIL MIP ICICI Bank Ltd Financial Services 1.25 Fund - Regular - Growth* Blended Index Coal India Ltd Metals 1.23 6 Months 0.7140% 1.6440% Tata Consultancy Services Ltd IT 1.15 Last 1 Year 1.8532% 5.4058% Goodyear India Ltd Automobile 0.76 Since Inception 6.2208% 10.2021% HCL Technologies Ltd IT 0.74 (date of first NAV - Tata Motors Ltd Automobile 0.57 March 20, 2009) Good vehicle to invest Ltd Automobile 0.49 Past performance may or may not be sustained in future. into when market is Bajaj Electricals Ltd Consumer Goods 0.48 *Performance of the dividend Plan for the investor would be net of the moving within a range eClerx Services Ltd IT 0.46 dividend distribution tax, as applicable. United Phosphorous Ltd Fertilisers & Pesticides 0.46 BGR Energy Systems Ltd Industrial Manufacturing 0.46 Petronet LNG Ltd Energy 0.31 EQUITY SECTOR ALLOCATION COMPOSITION BY ASSETS Financial Services 0.31 Sun Pharmaceuticals Industries Ltd Pharma 0.25 Pharma 0.25% Mahindra & Mahindra Ltd Automobile 0.20 21.32% 12.26% MOIL Ltd Metals 0.18 Total 12.26 Fertilisers & Pesticides 0.46% MONEY MARKET INSTRUMENTS Industrial Manufacturing 0.46% Certificate of Deposit** A1+ 28.85 Metals 1.41% Punjab National Bank PR1+ 14.48 13.10% Total 43.33 Financial Services 1.56% Treasury Bill Energy 1.80% TBILL SOV 13.10 53.32% Total 13.10 Consumer Goods 1.95% Fixed Deposit Equity & equity related securities Citibank N.A. Unrated 9.99 Automobile 2.02% Money Market Instruments Total 9.99 IT 2.35% SOV Cash & Cash Equivalent Cash & Cash Equivalent Net Receivables/Payables 11.03 CBLO / Reverse Repo Investments 10.29 Total 21.32 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 April 29, 2011 (Unless indicated otherwise) Portfolio Holdings Rating/ % to Net Industries Assets MONEY MARKET INSTRUMENTS PERFORMANCE (as on April 29, 2011) Certificate of Deposit** (<1 Year Simple Annualised% & >1Year Compounded Annualised %) Yes Bank Ltd A1+ 21.40 Period Bharti AXA Liquid Fund - CRISIL Liquid Syndicate Bank PR1+ 21.39 IP# - Growth* Fund Index Allahabad Bank A1+ 21.34 7 Days 6.4792% 7.0192% Total 64.13 15 Days 6.4905% 7.0287% 30 Days 6.6053% 7.3150% 3 Months 6.8533% 7.9106% Cash & Cash Equivalent 6 Months 6.9888% 7.6160% Expected to deliver Last 1 Year 6.1354% 6.5222% superior returns with Net Receivables/Payables 0.61 Since Inception 5.8963% 6.1194% rising rates (date of first NAV - CBLO / Reverse Repo Investments 35.26 July 18, 2008) Total 35.87 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. # GRAND TOTAL 100.00 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

35.87% 42.74% 35.87% 64.13%

21.39% Money Market Instruments A1+ 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 April 29, 2011 (Unless indicated otherwise) Portfolio Holdings AMFI Sector % to Net Classification Assets MONEY MARKET INSTRUMENTS PERFORMANCE (as on April 29, 2011) Certificate of Deposit** (<1 Year Absolute% & >1Year Compounded Annualised %) Canara Bank A1+ 16.25 Period Bharti AXA Treasury Advantage CRISIL Liquid Oriental Bank of Commerce P1+ 12.58 Fund - Regular - Growth* Fund Index PR1+ 12.57 6 Months 3.7372% 3.7961% Yes Bank Ltd A1+ 12.57 Last 1 Year 6.2137% 6.5222% Since Inception 6.0199% 6.1194% Punjab National Bank PR1+ 6.40 (date of first NAV - July 18, 2008) Total 60.37 An ideal tax Past performance may or may not be sustained in future. adjusted medium risk *Performance of the dividend Plan for the investor would be net of the investment option Cash & Cash Equivalent dividend distribution tax, as applicable. Net Receivables/Payables 0.31 #Performance for IP Plan has not been included due to no investors in the plan during intermittent periods due to which performance would CBLO / Reverse Repo Investments 39.32 not be comparable. Total 39.63 CREDIT PROFILE COMPOSITION BY ASSETS GRAND TOTAL 100.00

28.82% 39.63% 60.37% 39.63%

12.58% 18.97% 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 April 29, 2011 (Unless indicated otherwise) Portfolio Holdings Rating/ % to Net Industries Assets MONEY MARKET INSTRUMENTS PERFORMANCE (as on April 29, 2011) Certificate of Deposit** (<1 Year Absolute% & >1Year Compounded Annualised %) Punjab National Bank PR1+ 29.37 Period Bharti AXA Short Term Income CRISIL Short-Term Canara Bank A1+ 28.18 Fund - IP - Growth* Bond Fund Index Total 57.55 6 Months 3.7296% 2.9836% Last 1 Year 6.8012% 4.9903% Since Inception 3.9172% 5.9605% Cash & Cash Equivalent (date of first NAV - December 22, 2008) With rate revisions this Net Receivables/Payables 1.44 fund could prove to be an important part of CBLO / Reverse Repo Investments 41.01 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! Total 42.45 dividend distribution tax, as applicable.

GRAND TOTAL 100.00 CREDIT PROFILE COMPOSITION BY ASSETS

Duration % of Assets 28.18% 42.45% Up to 3 months 100 4 months to 6 months Nil 7 months to 1 year Nil > 1 year Nil

29.37%

A1+ PR1+ 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

Now there's no ambition out of reach. At Bharti AXA Investment Managers, we bring proven expertise from world leaders in financial management and an unmatched local understanding to mutual funds in India. Our sound investment process will encourage you to aspire a lot more from life. Everyday. To fuel your ambition, reach us at: Tel: 1800-103-2263 (Toll Free) or 020-40112300, SMS `INVEST' to 5607007, www.bhartiaxa-im.com, Email: [email protected]

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 April 29, 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 - 0.04 Years MD - 0.04 Years & MODIFIED DURATION (MD)

NAV

NAV NAV ( ` ) NAV ( ` ) NAV ( ` ) NAV ( ` ) (AS ON APRIL 29, 2011) Regular Plan Growth 9.59 Regular Plan Regular Plan Growth 11.3692 Growth 17.60 Growth 22.45 Regular Dividend 9.59 Bonus 17.60 Dividend 12.24 Quarterly Dividend 9.59 Monthly Dividend 10.1924 Regular Dividend 12.40 Eco Plan Quarterly Dividend 10.3775 Quarterly Dividend 11.69 Growth 22.56 Annual Dividend 11.3692 Eco Plan Dividend 12.28 Eco Plan Growth 17.72 Growth 11.4312 Bonus 17.72 Monthly Dividend 10.5557 Regular Dividend 12.47 Quarterly Dividend 10.2495 Quarterly Dividend 11.78 Annual Dividend 11.4312 ^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 - 10 Days AM - 43 Days AM - 0.06 Years MD - 10 Days MD - 41 Days MD - 0.05 Years & MODIFIED DURATION (MD)

NAV

NAV NAV ( ` ) NAV ( ` ) NAV ( ` ) (AS ON APRIL 29, 2011) Regular Plan Regular Plan Regular Plan Growth 1,159.0640 Growth 1,177.4322 Growth 11.1020 Daily Dividend 1,000.0000 Daily Dividend 1,000.0000 Monthly Dividend 10.1266 Weekly Dividend 1,000.7515 Weekly Dividend 1,000.7949 Quarterly Dividend 10.2227 Institutional Plan Institutional Plan Institutional Plan Growth 1,173.6961 Growth - Growth 11.1806 Daily Dividend 1,000.0000 Weekly Dividend - Daily Dividend 1,000.0000 Weekly Dividend 10.0534 Super Institutional Plan Weekly Dividend - Monthly Dividend - Growth 1,178.0290 Daily Dividend - Weekly Dividend -

8 Bharti AXA Investment Managers Pvt. Ltd. All data as on April 29, 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 $ 29-December-2009 0.2233660 10.8835 Eco Plan - Regular Dividend Bharti AXA Short Term Income Fund b 29-May-09 1.00 15.24 Institutional Monthly Dividend 29-December-2009 0.2078920 10.8835 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 0.2078920 10.4878b a 25-November-09 1.00 14.35 27-December-10 0.043921 10.1575 a 29-April-10 1.00 13.99 b 29-December-2010 0.114195 10.4804 27-December-10 0.040935 10.1575 a Eco Plan - Quarterly Dividend 25-January-11 0.043921 10.1704a 29-December-2010 0.106431 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 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 0.0692970 10.2741b 29-March-10 1.00 15.55 Institutional - Quarterly Dividend 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 0.0692970 10.3359b Institutional Plan - Regular Monthly Dividend # a Eco Quarterly Dividend Regular Dividend 25-January-11 0.043921 10.1568 a 29-May-09 1.00 - 25-January-11 0.040935 10.1568b 25-March-2010 0.2233660 10.5106 23-September-09 1.00 - 25-February-11 0.052705 10.1720a 25-March-2010 0.2078920 10.5106b b 15-October-09 1.00 - 25-February-11 0.049122 10.1720 a a 29-December-2010 0.114195 10.5238 25-November-09 1.00 - 25-March-11 0.052705 10.1741 a b 29-December-2010 0.106431 10.5238 29-April-10 1.00 - 25-March-11 0.049122 10.1741 a a Institutional Plan - 25-April-11 0.052855 10.1791 28-March-2011 0.158116 10.3664 b a Quarterly Dividend# 25-April-11 0.049330 10.1791 28-March-2011 0.147366 10.3664 29-May-09 0.50 - Regular Quarterly Dividend a 23-September-09 0.50 - 29-December-10 0.136155 10.2996 b 25-November-09 1.00 - 29-December-10 0.126898 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 April 29, 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. • Mumbai - 51, 5th Floor, Kalpataru Synergy, Opp Grand Hyatt, Vakola, Santacruz (E), Mumbai - 400 055. • New Delhi - 7th Floor, Prakashdeep Building, 7, Tolstoy Marg, New Delhi - 110001. • 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, Vadodara - 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.