Monthly Market Outlook June 2021

The views expressed in this presentation are through the period ending 07-June-21 and are subject to change at any time based on market and other conditions. This is not an offer or solicitation for the purchase or sale of any security and should not be construed as such. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Content Page Numbers Global Economy 4 Indian Economy 13 Equity Markets 30 Valuation 38 SIP Has Performed Well 43 Equity Investment Opportunity 47 Should We Invest In Gold ? 52 Interesting Facts About Crypto 56 Active V/S Passive Funds in Alpha Generation 60 Debt Market Outlook 65 Debt Investment Opportunity 75 Distributor Engagement 82 Annexure 87 Disclaimers & Disclosures 91 2 Equity Market Outlook June 2021 Global Economy

4 Debt At All Time High And Interest Burden At All Time Low

Government Debt

Government Interest Payments

5 Source: Fitch Ratings Fiscal And Monetary Stimulus Has Given Confidence To Businesses

Source: The Conference Board, The Business Council, NBER 6 Stimulus Has Pushed Profit Margins To All Time High Levels

Source: Bloomberg 7 Big Is Becoming Bigger

Median profit margin for top 50 firms has rocketed higher

Source: Bloomberg 8 Global Market Cap To GDP Ratio Rises To 131%

Source: Bloomberg 9 High Corporate Issuances Reflects Investors Bullishness

Source: Goldman Sachs, As of 31st March 2021 10 Commodities Are In Short Supply

Shortage of commodities has pushed backwardation to nearly 15-year high

Source: Bloomberg, CME, ICE, LME Note: Chart uses current BCOM constituents and weightings. Calculation uses current spot futures price versus the forward 1 year futures price. Some futures prices were estimated in this calculation. 11 U.S. Core Inflation Jumps

U.S. core and headline inflation both jumped more than forecast in April

Source: Bureau Of Labour Statistics 12 lndian Economy

13 Headlines In May 21

Source: zeenews.com

Source: Business Standard

Source: Times of India Indian railways FY21 freight loading at record 1.23b tons Source: economic times 14 Headlines In May 21

Source: thehindu.com

India’s Manufacturing PMI Drops to 10-Month Low in May

Source: BloombergQuint.com

Source: livemint.com

15 Daily New Cases In India Falling Sharply

Source: CSSE at JHU 16 India Chose 'Jaan' Over 'Jahaan' During Second Wave

Source: India Today, Google Mobility Report 17 Indicators Show Better Resilience Than Last Years Lockdown

18 Business Resumption Index Appears To Be Bottoming Out

After a ~40pp fall from its peak, the NIBRI picked up over the last week of May

Note: NIBRI comprises of Google mobility indices, driving mobility from Apple, power demand and the labour force participation rate. We consider 23 February 2020 as the base for all the series. The latest readings of NIBRI are provisional estimates. Source: Google, Apple, CMIE, Bloomberg and Nomura Global Economics. 19 E-way Bills Generation Contracts 35% MoM

Source: Axis Capital CEIC, GSTN 20 Unemployment Is Rising Again

CMIE Series of Unemployment: Unemployment Rate : 30 day moving Unemployment Rate unemployment rate (UER) (>=15) average (%) 02 June 2021*

Source: CMIE.com 21 Pandemic Sets Back Growth of India’s Middle Class

Source: FT, Pew Research Center 22 India Is Unlocking

Source: India Today 23 Is Rural India Impacted By Wide Spread Of Covid 19

Deposits Loans

YoY (%) Growth FY20 FY21 FY20 FY21

Rural 15.5% 6.9% 11.5% 14.5%

Semi Urban 12.3% 9.3% 8.4% 14.3%

Urban 10.5% 11.5% 8.8% 9.4%

Metropolitan 6.9% 14.9% 4.8% 1.7%

Total 9.5% 12.3% 6.4% 5.6%

Source: Bloomberg 24 Will We See Pent up Demand Or Subdued Consumer Sentiment

Payroll Creation in India

in Lakh FY19 FY20 FY21

Net New EPF Subscribers 112.5 94.7 94.5

of which, Formalisation 12.2 10.5 9.3 EPFO Second Job 10.6 23.3 41.2

First Job 89.7 60.8 44.0

NPS Total New Subscribers 7.5 7.6 5.8

Total Payroll (EPFO + NPS) 120.0 102.3 100.4

Source: EPFO 25 MSME Sector In Precarious Position

Airlines & Hotels are Likely to Bear the Brunt of the Lockdowns to Contain the 2nd Wave of Covid-19

Source: CRISIL 26 Vaccination Will Normalize Economic Activity

India:

• Vaccinated half New Zealand every day.

• Tested people equal to population of USA

• Fed people equal to population of Europe during lockdown

• Treated and cured people equal to population of Australia

27 Source: MyGov, Includes 31.81 lakhs administered to Armed Forces, Data uptil 29th May 2021 Vaccination Will Normalize Economic Activity

Source: BBC.com, Indian Government 28 Will The 3rd Wave Be Lower Than 2nd Wave

Source: CDC 29 Equity Markets

30 Performance Across Market Cap

Performance as on 31st May 2021 Sectoral Performance CY21 YTD (%)

150 59% 132 125

100 94

75 31% 63 24% 50 18% 14% 14% 11% 12% 10% 10% 9% 25 8% 7% 13 14 14 12 12 7% 11 11 8 10 7 7 6 3% 0

Nifty-50 Nifty Midcap 100 NSE SmallCap 100

Auto

Bank

FMCG

Realty

Media

Energy

Metals

Pharma

Secvices NIFTY 50

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

IT Services

Midcap 100

Smallcap 100 Private Banks

Source: Bloomberg, Axis Capital. As on 31st May 2021. Past performance may or may not be sustained in the future. 31 Sare Jahan Se Accha Hindustan Hamara

12 months FPI flow and (Jun’20 to May’21) 12 MONTHS FPI FLO W (June'20 to May'21) (USD bn) India 34.8

Brazil 14.5

(1.6) Indonesia

(2.9) Philippines

(3.4) Malaysia

(4.4) Thailand

(5.6) South Africa

(5.6) Taiwan

(15.5) South Korea

Source: Axis Capital 32 Q4FY21 Results Are Largely In-line

Midcaps have much higher beats than misses

Source: Capitaline, Bloomberg, I-Sec research 33 Corporate Profitability Improving

34 NIFTY Has Low Correlation With Crude

Source: Bloomberg Finance LP, Deustche Bank AG, Data as on April 2021 35 Metal Index Excess Returns Is One Of The Highest

Excess returns(rolling 252 days) of Metal index over Sensex

Source: Bloomberg 36 Sensex EPS is Near Flat FY14 Through FY20

Source: Motilal Oswal 37 Valuation Wise – Neutral Weight Momentum Wise – Neutral Weight

Every Correction Is An Opportunity To Increase Allocation To Equity

Neutral weight doesn't mean selling equity. It means profit booking if any on excess/overweight position.

38 Market Cap-To-GDP Ratio –Above Long Term Average But Below Global Average Update

World Market Cap to GDP Ratio is 131%

Average of 76% for the period 106 104 95 88 81 83 79 79 71 64 66 69

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20

FY21E FY22E

Source: Motilal Oswal and Internal Analysis 39 Valuations Are At The Higher End Of Fair Value

NIFTY P/E (x) - 1 Year Forward NIFTY P/B (x) - 1 Year Forward

28 4.5

23 3.8 20.3 Average: 17.9x Average: 2.6x 18 3.0 3.0

13 2.3

8 1.5

May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21

Source: Motilal Oswal 40 Earnings Are Increasing

Reported PAT for NSE 500 Quarter Annualised PAT on Dec 20 Rs in Crore Dec 19 1,22,235 Mar 20 53,406 June 20 32,400 Sept 20 1,76,786 7,07,144 Dec 20 2,09,795* 8,39,180 Mar 21 ( 375 Companies) 1,66,344 TTM ( As on Dec 20) 4,72,387 Market Cap (31/05/21) 20,91,93,25 PE Ratio ( PAT TTM Dec 20) 44.3 24.9

* Highest Ever Quarterly Profit by India Inc.

Source: ICICI-Sec & Bloomberg 41 Recommendation : Neutral Weight To Equities

Marginally OW Small and Midcap

Marginally UW Large cap

Neutral Weight Equity

42 SIP Has Performed Well

43 Discipline Pays Off In SIP

Kotak Small Cap Fund May-19 Mar-20 May-21 10 Year 14.33 6.04 21.13 7 Year 14.06 1.37 21.06 5 Year 7.95 -8.15 25.15 3 Year 2.59 -20.13 42.79 1 Year 4.71 -44.41 119.85

Benchmark May-19 Mar-20 May-21 10 Year 5.95 -3.58 13.82 7 Year 6.22 -9.62 13.28 5 Year -0.85 -20.45 16.12 3 Year -7.87 -36.40 31.86 1 Year -6.79 -62.60 109.78

Source: MFi Explorer. Returns are for regular plan. Nifty SmallCap 100 TRI is the benchmark for Kotak Small Cap Fund Disclaimer: SIP is an optional feature offered by Kotak Mutual Fund. This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mutual. Past performance may or may not be sustained in the future. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for scheme information and detailed performance of the fund 44 Discipline Pays Off In SIP

Kotak Emerging Equity Fund May-19 Mar-20 May-21 10 Year 16.78 9.24 20.30 7 Year 17.50 5.29 18.19 5 Year 11.06 -4.54 19.96 3 Year 6.34 -16.04 31.15 1 Year 9.04 -41.26 78.73

Benchmark May-19 Mar-20 May-21 10 Year 12.60 2.89 16.15 7 Year 13.18 -1.76 15.32 5 Year 8.28 -11.05 17.19 3 Year 3.25 -24.95 28.76 1 Year 1.10 -51.01 82.78

Source: MFi Explorer. Returns are for regular plan. Nifty Midcap 100 TRI is the benchmark for Kotak Emerging Equity Fund Disclaimer: SIP is an optional feature offered by Kotak Mahindra Mutual Fund. This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mahindra Mutual Fund. Past performance may or may not be sustained in the future. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for scheme information and detailed performance of the fund 45 Discipline Pays Off In SIP

Kotak Equity Opportunities Fund May-19 Mar-20 May-21 10 Year 13.72 7.09 16.13 7 Year 14.63 3.91 15.36 5 Year 11.53 -2.20 16.94 3 Year 10.02 -12.05 24.25 1 Year 15.51 -37.53 54.95

Benchmark May-19 Mar-20 May-21 10 Year 12.26 4.66 14.69 7 Year 13.33 1.34 14.75 5 Year 11.59 -3.91 16.87 3 Year 11.83 -14.70 23.17 1 Year 12.44 -43.76 57.24

Source: MFi Explorer. Returns are for regular plan. Nifty 200 TRI is the benchmark for Kotak Equity Opportunities Fund Disclaimer: SIP is an optional feature offered by Kotak Mahindra Mutual Fund. This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mahindra Mutual Fund. Past performance may or may not be sustained in the future. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for scheme information and detailed performance of the fund 46 Equity Investment Opportunity

47 Our Global Offering

Kotak Pioneer Fund Kotak Global Emerging Fund

Exposure to companies across Emerging Exposure to local and global Companies Markets through investment in – CI Signature that are pioneer in their respective field. Emerging Markets Fund

Kotak NASDAQ 100 FOF Kotak International REIT FOF

Exposure to Real estate market in Asia Exposure to NASDAQ 100 Index through Pacific (ex-Japan) through investments in iShares NASDAQ 100 ETF Investment in SMAM Asia REIT Sub Trust Fund

Received SEBI approval for Kotak Global Innovation Fund of Fund 48 Kotak Pioneer – Local and Global Pioneering Cos

Since Inception 1 Year (31/10/2019)

Kotak Pioneer Fund - Regular Plan 83.70% 35.24%

Benchmark: 85% IISL Kotak India Pioneering Innovations + 15% 64.27% 24.73% MSCI ACWI Information Technology Index TRI

Nifty 50 TRI 63.98% 19.86%

Less than 1 year Absolute returns, Greater than 1 year Compound Annualized returns

Source: ICRA. As on 31st May 2021. Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for detailed performance & scheme information of the fund.

49 Shift Money To Alpha Generating Large Caps

7 Years 5 Years 3 Years 1 Year

Kotak Bluechip Fund – Direct Plan 15.35 15.11 15.34 65.34

Nifty 50 TRI 12.98 15.27 14.59 63.98

Less than 1 year Absolute returns, Greater than 1 year Compound Annualized returns Past performance may or may not be sustained in the future. Direct Growth option Inception Date is 1st Jan 2013. (Regular Plan Dividend Option Inception Date Dec 29, 1998)

50 Kotak Asset Allocator Fund – Fill It, Shut It, Forget It

NIFTY 50 Hybrid Period Kotak Asset Allocator Fund - Growth Composite Debt 50:50 Index Since Inception 15.97% 12.36% Aug 9, 2004 Last 5 Year 13.76% 12.46% Last 3 Years 16.64% 13.23% Last 1 Years 46.30% 33.05%

• Higher Flexibility of allocation (0-100% in Equities) • Current equity allocation is 67.63% Less than 1 year Absolute returns, Greater than 1 year Compound Annualized returns

52 Reversing A Recent Trend That’s Played Out Over The Last Two Quarters

53 Russia Lines Up New Gold Buying Through Its Sovereign Wealth Fund

54 Gold

• We have highlighted risk of import duty being reduced to our gold call

• The same has played out in budget FY 22 as import duty rationalised from 12.5% to 10%. ( 7.5 % Import Duty Plus Agriculture Cess )

• If the import duty is reduced further, to that extent there will be a drop in Rupee Gold prices instantly.

• Subject to that volatility we remain bullish on Gold on a longer term basis.

• Gold has corrected in recent times providing accumulation opportunity

55 Interesting Facts About Crypto

56 Bitcoin Now Consumes 1 % Of Global Electricity

Source: CCAF 57 World’s Largest Crypto Exchange Under Federal Investigation

58 Bitcoin Traders Using 100-to-1 Leverage Are Driving The Wild Swings

59 Active V/S Passive Funds in Alpha Generation

60 Index Funds Underperforms Index

Fund Category 1 Year 3 Year* 5 Year*

63.98 14.59 15.27 Nifty 50 TRI Category Average 63.17 14.03 14.63 Alpha -0.81 -0.56 -0.64

Fund Category 1 Year 3 Year* 5 Year*

61.66 15.04 15.68 S&P BSE Sensex TRI

Category Average 61.13 14.65 15.33 Alpha -0.53 -0.40 -0.35

* Less than 1 year Absolute returns, Greater than 1 year CAGR

Source: ICRA. As on 31st May 2021 Source: Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for detailed performance & scheme information of the fund. 61 Active Funds Do Generate Alpha

Scheme Name (Dir. – Growth ) 1 Year (%) 3 Year (%) 5 Year (%) 7 Years (%) Kotak Small Cap Fund 5.51 14.12 7.87 11.53 Kotak Infrastructure & Economic Reform Fund 2.17 1.34 1.61 1.62 Kotak Emerging Equity Fund -5.02 4.99 3.66 6.56 Kotak Flexicap Fund -6.85 0.25 1.11 3.58 Kotak Equity Opportunities Fund -2.57 2.33 2.01 3.78 Kotak Tax Saver Fund -3.03 2.99 1.65 3.57 Kotak India EQ Contra Fund 6.44 1.19 2.6 2.27 Kotak Blue chip Fund 1.36 0.75 -0.16 2.37 Kotak Pioneer Fund 22.73 ------Kotak Balanced Advantage Fund 2.33 ------

Close ended Fund Performance Since Inception Returns(%) Before Since Inception Returns(%) After Rollover Scheme Name (Dir.-Growth) 1 Year Returns (%) Rollover i.e. as on 22nd Feb 21 as on 31st May 21 Kotak India Growth Fund - IV 89.57 15.74 17.48 Nifty 200 TRI (%)* 66.51 11.99 13.51 Alpha 23.06 3.75 3.97 Maturity Date 22nd Feb 2021 22nd Feb 2024

Source: ICRA. As on 31st May 2021.*Kotak India Growth Fund - Series IV benchmark is Nifty 200TRI Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to 62 disclaimer slides for detailed performance & scheme information of the fund. Launching Kotak Nifty 50 Index Fund

Kotak Nifty 50 Index Fund It invests in India’s growth A fund that gives you an opportunity to invest in leaders in their sector in one efficient portfolio.

Convenient to invest – Low cost as compared to no demat a/c requirement actively managed funds

No biases as it Well-diversified index tracks an index across sectors

NFO starts on 31st May 2021 and ends on 14th June 2021

Please click here for detailed presentation on Kotak Nifty 50 Index Fund 63 All Passive Fund Offerings

Kotak Nifty Next 50 Index Fund Kotak Nifty 50 Index Fund

Kotak Sensex ETF Kotak PSU Bank ETF

Kotak IT ETF Kotak NV 20 ETF

Kotak Banking ETF Kotak Nifty ETF

64 Debt Market Outlook June 2021 RBI to Keep Liquidity Surplus, Rates Low

• RBI’s “Whatever it takes” measures are powerful -- a QE program – GSAP - worth an initial Rs. 1Trn, to tamp down buoyant yields, and a commitment to keep an accommodative policy stance as long as necessary. • The explicit QE commitment means a reasonable liquidity surplus in the banking system will last into fiscal 2022. This should keep bank deposit and lending rates pinned their lowest levels in a decade. 66 Source: Bloomberg. GSAP – Government Securities Acquisition Program. Negative denotes surplus. CPI Is Likely To Remain In RBI Comfort Zone Despite Spike In WPI RBI To Remain On Hold As CPI Undershoots Its Own Bearish Estimates

• Uptick in global commodity prices and upcoming monsoon season may have an impact on inflation projections in H2FY22 • WPI inflation touched 10.5% in April, while CPI inflation stayed within RBIs projected range at 4.30%, • RBI's key watch out factor is the CPI, not the WPI, hence tracking CPI on monthly basis is key to policy direction going forward. The threat of Covid-19 second wave will keep the MPC to remain accommodative.

We expect a prolonged pause in repo rate and accommodative stance from the MPC in FY22 while reverse repo may go up towards the end of year.

Source:Source: Bloomberg; MOSPI, RBI, ICRA Internal Research, Morgan Stanley Research 67 Expect Pass Through Effect of Input Prices To Be Muted

Key Drivers of Inflation in FY21 (%) Key Drivers of Inflation in FY22 (%)

• There is a argument that rising commodity price inflation is a concern and could travel soon from the wholesale to the retail we believe that with subdued demand the second round or pass-through effects will be muted.

Source: CEIC, Axis Capital estimates 68 OMO & GSAP May Aid in Cooling Off Bond Yields Especially longer end of the curve

India Sovereign Curve 7.00

6.00

5.00

4.00 May-21 Sep-20 Feb-21

3.00 3M 6M 1Y 3Y 4Y 5Y 6Y 7Y 8Y 10Y 11Y 13Y 14Y 15Y 40Y

• There is a market expectation of GSAP continuity (G-sec secondary market acquisition program)

• GSAP 1.0 was announced in the previous policy (INR 1 tn). We could see GSAP 2.0 being announced in the June 21 policy for the July-Sept 21 quarter for a similar quantum.

• Govt announcing extra borrowing of INR 1.58 tn has added pressure across the curve however RBI is expected to cover this gap as well through G SAP

• VRRR at the short end and G-SAP at the mid to long end may mean some yield curve flattening on the way.

• Carry Opportunity in the short-to-mid-end of the yield curve (1-7yr bucket) 69 Source: Bloomberg, GSAP – Government Securities Acquisition Program RBI Announces 1.2 lakh Cr Bond Buyback Programme via GSAP 2.0

• Balance purchase under GSAP 1.0 will conducted on 17 June total 40k and out of that 10k will be done in SDL

• Aimed at replenishing the drainage of liquidity due to the restoration of the cash reserve ratio

• RBI will also continue with liquidity operations through LAF and other open market operations

• RBI overall Trying to balance demand supply equation for G sec given the high borrowing pressure, however its positive for SDL as it was completely unexpected

• Separate Liquidity Window of Rs 15,000 cr to high-Contact Sectors

• Special liquidity facility of Rs 16,000 cr to SIDBI for on-lending/ refinancing through novel models and structures

• Sector-specific approach to provide liquidity support from healthcare to hospitality will ensure a quick recovery, arrest job losses in the affected sectors

• These moves in tandem may help increase liquidity supply, and smoothen the gilt borrowing programme

70 Sovereign Yield Spread Has Moderated In The Last Few Months, Bond Market Pricing In The Liquidity Normalization Ahead

71 Source: Bloomberg, IIFL Research. Note: Monthly average for yields used for the above chart SDL Spreads Close To Peak Levels, Attractive In Terms Of Valuation

Source: RBI, Bloomberg, Morgan Stanley Research. *For F20 and F21, we have taken the average of 10Y state bond yields. 72 Credit Spread Compression Played Out Well In AAA

• Credit spread compression theme played out in AAA, while AA and below still offers decent risk reward

Five-year-AAA bond yields are now close to risk-free rates Bond yields are now significantly below bank lending rates

73 Source: RBI, Bloomberg, IIFL Research. Note: WALR = Weighted Average Lending Rate on Fresh Rupee Loans Debt Outlook

• CPI inflation is expected to average between 5.00% to 5.25% in year ahead, which is comfortable from rate hike point of view

• Govt announcing extra need for INR 1.58 tn to pay states has put extra pressure on the bond market across the curve and we believe RBI will manage the show in non disruptive way as GSAP 2.0 has been announced for INR 1.2 tn

• RBI is actively managing yields. Combination of GSAP, OMOs / OTs may keep the yield curve anchored at current levels. 10 year could breach 6% on the lower side, but largely tight ranges to remain as auction supply are a weekly affair too.

• We will have to wait and watch for the impact of 2nd wave of pandemic and as the lockdown opens gradual the risk of 3rd wave cant be ruled out

• The resolution framework 2.0 (targeted at MSMEs) is a step in the right direction. This is to ward off any potential stress in asset quality for banks. OD extension is good news for SDLs (state development loans) as they can plan market borrowings better without disturbing yields much

• Government is conservative on revenue side, hence fiscal can be a lot better than what market is fearing.

• We may get IGB included in global indices which will more than anchor the long terms bonds.

• The Long end of the curve shall keep reacting to G SAP announcement and shall offer reasonable trading opportunity. Over the 4-6 year point of G sec /SDL seems attractive as its pricing in removal of liquidity and hike in rates. This segment enjoys higher natural demand over supply hence likely to be less volatile

• Duration investors with appetite for volatility can look to invest in the Gilt and Dynamic Bond Funds space. Investors looking for relatively higher YTM can consider Bond, Floating Rate, Medium-Term, and Credit Risk Funds.

• Investors are recommended stay invested across fixed income strategies and not switch to liquid 74 Debt Investment Opportunity

75 Kotak Dynamic Bond Fund Has Outperformed Over Long-Term Since 2018

Rolling Returns(%) 11.00 Scheme Benchmark Alpha Minimum 7.13 5.99 1.14 10.11 10.00 Maximum 10.07 10.19 -0.12 Average 8.70 7.83 0.87

9.00 9.76

8.00

7.00

6.00

5.00

Jul-18 Jul-19 Jul-20

Jan-19 Jan-20 Jan-21

Jun-18 Jun-19 Jun-20

Oct-18 Oct-19 Oct-20

Apr-19 Feb-19 Feb-20 Apr-20 Feb-21 Apr-21

Sep-18 Sep-19 Sep-20

Dec-18 Dec-19 Dec-20

Aug-18 Aug-19 Aug-20

Nov-18 Nov-19 Nov-20

Mar-19 Mar-20 Mar-21

May-18 May-19 May-20 May-21 Kotak Dynamic Bond Fund - Reg - Growth NIFTY Composite Debt Index

Source: ICRA. As on 31st May 2021. The above returns is daily rolling returns for last 36months. Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please refer to the disclaimer slides for detailed performance of the fund 76 Attractive Yields Across The Segment

Incremental Incremental Incremental Spread: Spread: Spread: 0.88% 0.20% 0.38%

7 6.51 6.33 6.13 6.13 6

5 4.61

4 3.73

1 1 Year 3 Year 3 Year OIS AA AA 0 Kotak Low Duration Fund Kotak Credit Risk Fund Kotak Medium Term Fund YTM (%) (As on 31 May 21) Respective Segment Yields (%)*

Mutual fund investment are subject to market risks, read all scheme related documents carefully. Source: Bloomberg. Data as on 31st May 2021. Past performance may or may not sustain in the future. Please refer to the disclaimer slides for scheme details 77 Kotak Bond Fund – 100% AAA Portfolio Moderate Duration, High Carry With High Quality

100% AAA or equivalent Assets 6.22 Incremental Spread: 1.00%

Kotak Gilt+AAA+Cash Bond 5.22 YTM 100% 3 Year AAA

Kotak Bond Fund Modified Duration = 4.06 years

Performance 1 Year 2 Year 3 Year Kotak Bond Fund - Growth 4.77% 8.50% 8.90% NIFTY Medium to Long Duration Debt Index 6.99% 10.25% 10.14%

Greater than 1 year Compound Annualized returns Source: Bloomberg, ICRA. Data as on 31st May 2021. Past performance may or may not sustain in the future. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to the disclaimer slides for scheme details & performance. It is the prerogative of the fund manager to ascertain whether any security provides investment benefit to the fund and is in keeping with the larger investment goal, strategy and the investment & operational mandate of the fund. As such the fund manager may or may not choose to invest in a particular instrument. The portfolio construction is the purview of the Fund Manager and allocation may change from time to time 78 Kotak Debt Hybrid Fund : For Investors With Appetite For Marginal Equity

500 Net Aum flows in Rs Crs over last 12 months(*) 443.1 Kotak Debt Hybrid CRISIL Hybrid 85+15 450 Time Horizon Fund 400 Conservative Index 350 300 22.52% 14.05% 233.7 1 Year 250 209.5 200 2 Years* 13.06% 11.34% 150 3 Years* 10.77% 11.05% 100 50 5 Years* 9.80% 9.95% 0 Kotak Debt Hybrid Others Total Less than 1 year Absolute returns, Greater than 1 year Compound Annualized returns

• Fixed income exposure at ~75% & above keeps the volatility low • Equity exposure at 25% or less gives flavour of equity • SWP can be utilized to meet “tax efficient” income requirements of the investor

Source: ICRA. As on 31st May 2021. Industry data is from AMFI and Kotak Debt Hybrid data is from CAMS. Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals before acting on any information in this communication. Please refer to disclaimer slides for detailed performance & scheme information of thefund.

79 Kotak Equity Savings Fund : For Investor’s with marginal appetite for equity

Kotak Equity Savings Fund 75% NIFTY 50 ARBITRAGE + Period ALPHA - Growth 25% Nifty 50 TRI

Since Inception 8.50% 7.40% 1.10% Oct 13.2014 Last 1 Year 20.92% 15.92% 4.99% Last 3 Years 8.40% 7.53% 0.87% Last 5 Years 8.92% 7.69% 1.23% Less than 1 year Absolute returns, Greater than 1 year Compound Annualized returns • An open ended scheme investing in equity, arbitrage and debt • Equity Taxation makes post tax return attractive for Investors

80 Kotak Equity Hybrid Fund

Scheme Name 1 Year 3 Year 5 Year

Kotak Equity Hybrid Fund - Growth 61.70% 13.92% 13.38%

NIFTY 50 Hybrid Composite Debt 65:35 Index 41.79% 13.83% 13.43%

Less than 1 year Absolute returns, Greater than 1 year Compound Annualized returns

81 Distributor Engagement

82 Let’s Get Social!

Please follow, like and share Kotak Mutual Fund’s official social media pages for regular updates

@KotakMF @KotakMF

Kotak @KotakMF Mutual Fund

Kotak Mutual Fund

Listen to Daily Market Roundup Podcast

83 Prostart – Video Learning Platform

Over 25,000 Participants have viewed these 1. FINANCIAL PLANNING (10 VIDEOS) Videos. 2. SOCIAL MEDIA MARKETING (14 VIDEOS) 3. UNDERSTANDING RISK IN MF’S (5 VIDEOS)

4. TAXATION IN MF’S (2 VIDEOS) Testimonials 5. NEW NORMAL (1 VIDEOS)

“Good Initiative developed by Kotak 6. MAXIMIZING DIGITAL CONNECTIONS (2 VIDEOS) MF to enhance knowledge & practical approach for MFDs”. 7. HANDLING INVESTOR EMOTIONS (4 VIDEOS) -Md Qaise Ghazali 8. ACQUIRING NEW CLIENTS (3 VIDEOS) “Very Knowledgeable. Thank You 9. THE NEXT WAVE (3 VIDEOS) Kotak MF Team” –Vikas Jain 10. DEBT DEMYSTIFIED (12 VIDEOS)

84 Don't Miss Out On The Benefits Of Business Hub

Text Stay Updated ! Follow Us At Kotak Mutual Fund 34,564 Views In May 2021

Click here to visit our YouTube Channel

Equity Market Outlook – June 2021 Kotak Floating Rate Fund Kotak Bond Fund

Debt Market Outlook – June 2021 Kotak Medium Term Fund Market Outlook – English & Hindi

Kotak Nifty 50 Index Fund Kotak Nifty 50 Index Fund by Mr Nilesh Shah

English Hindi

86 ANNEXURES

87 Key Variables & Their Impact On Interest Rates

Short Term Medium Term Key Variables Remarks –( Denotes fall in Interest Rates ) (3-6mo) (6mo-2yrs)

Headline CPI is expected to be in the range of 4-5% for the year. Hence unlikely to be the reason for spoiling Inflation overall theme.

INR regained the loosing strength in the month of may and closed strong. Overall INR is expected to remain Rupee well bid.

Second wave has put a question mark on recovery hence credit demand will take time to gain enough momentum to impact credit spreads. Having said that as the spread are already compressed so there is no Credit Demand case for compression as well.

Government Govt announcing extra need for INR 1.58 tn to pay states has put extra pressure on the bond market across Borrowing the curve and we believe RBI will manage the show in non disruptive way

Given the impact of second wave still getting unfolded the RBI is expected to remain accommodative for RBI Policy more time than previous envisaged. RBI has shown commitment in the past and there is no reason for taking the rates higher in a hurry. The rout is the global bond has halted for now as the second wave is posing a big threat. No additional visible Global Event Risk risk for bonds in near term.

Corporate bond While some green shoots seen but on an overall basis the economy is still struggling. Short term spreads have seen decent compression, unlikely to compress further meaningfully. Spread

We have seen some traction coming in near term with revival of flows from the FPI in debt. However its Debt FII flow seems real flows will only be seen with index inclusion. Despite very high liquidity, more than 1-year yield is moving higher as there is fear of RBI removing Liquidity accommodative stance sooner than later. However we believe large part of the move is done in 4-6 year curve. 88 Key Variables & Their Impact On Equities

Short - Medium – Key Variables Remarks term term

While Covid-19 impacts economy, there is likely to be sequential Economy improvement as Indian economy unlocks

While Covid-19 impacts corporate India, there is likely to be Corporate Earnings sequential improvement as Indian economy unlocks

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

DII Flow Long runaway of growth in financialization of savings

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

Policy/Reform Initiative Expect improved reform momentum

Signify Growth 89 Our Funds Have Bounced From The Bottom

% change in NAV of our funds when Nifty 50 was ~7610 (From 23rd Mar 2020 till 31st May 2021) 168.08%

137.19% 118.70% 107.63% 100.36% 101.15% 105.01% 92.44% 96.48% 96.71%

Kotak Equity Kotak Flexicap Kotak Focused Kotak Equity Kotak Tax Kotak Bluechip Kotak India EQ Kotak Emerging Kotak Pioneer Kotak Small Hybrid Fund Fund Equity Fund Opportunities Saver Fund Fund Contra Fund Equity Fund Fund Cap Fund Fund

Regular growth Plans performance

Source: MFI Explorer. As on 31st May, 2021. Past performance may or may not sustain in the future. Please consult your financial advisor orother professionals before acting on any information in this communication. Please refer to the disclaimer slides for scheme information. 90 Disclaimers & Disclosures

91 Disclaimers & Risk Factors

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

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

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

92 Kotak Dynamic Bond Fund As on 31 May 2021

Kotak Dynamic Bond NIFTY Composite Debt Kotak Dynamic Bond NIFTY Composite Debt May 26, 2008 ALPHA CRISIL 10 Year Gilt ## CRISIL 10 Year Gilt ## Fund - Growth Index # Fund - Growth Index # Since Inception 8.62% 8.52% 0.10% 7.02% 29,340 29,003 24,187 Last 1 Year 6.57% 7.02% -0.45% 3.77% 10,661 10,706 10,380 Last 3 Years 9.76% 10.11% -0.35% 9.58% 13,225 13,354 13,162 Last 5 Years 8.92% 8.51% 0.41% 7.37% 15,331 15,043 14,271

Scheme Inception date is 26/05/2008. Mr. Deepak Agrawal has been managing the fund since 25/11/2012. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is difference of scheme return with benchmark return.

Kotak Bond Fund As on 31 May 2021

Kotak Bond Fund - NIFTY Medium to Long Kotak Bond Fund - NIFTY Medium to Long Nov 25, 1999 ALPHA CRISIL 10 Year Gilt ## CRISIL 10 Year Gilt ## Growth Duration Debt Index # Growth Duration Debt Index #

Since Inception 8.76% NA NA NA 60,993 NA NA Last 1 Year 4.77% 6.99% -2.22% 3.77% 10,480 10,703 10,380 Last 3 Years 8.90% 10.14% -1.24% 9.58% 12,916 13,364 13,162 Last 5 Years 7.36% 8.48% -1.12% 7.37% 14,267 15,028 14,271

Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fund since 01/04/2008. Different plans have different expense structure. The performance details provided herein are of regular plan. ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is difference of scheme return with benchmark return. 93 Kotak Pioneer Fund as on 31 May 2021

85% IISL Kotak India 85% IISL Kotak India Pioneering Pioneering Innovations Innovations + 15% Kotak Pioneer Fund - Kotak Pioneer Fund - Oct 31, 2019 + 15% MSCI ACWI ALPHA Nifty 50 TRI ## MSCI ACWI Nifty 50 TRI ## Growth Growth Information Technology Information Index TRI # Technology Index TRI # Since Inception 35.24% 24.73% 10.51% 19.86% 16,129 14,190 13,322 Last 1 Year 83.70% 64.27% 19.43% 63.98% 18,431 16,472 16,443 Last 3 Years NA NA NA NA NA NA NA Last 5 Years NA NA NA NA NA NA NA Scheme Inception date is 31/10/2019. Mr. Harish Krishnan & Mr. Arjun Khanna has been managing the fund since 31/10/2019. Different plans have different expense structure. The performance details provided herein are of regular plan Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. Kotak Infrastructure & Economic Reform Fund as on 31 May 2021 Kotak Infrastructure and India Infrastructure Kotak Infrastructure and India Infrastructure Feb 25, 2008 Economic Reform Fund - Index (Customised Index ALPHA Nifty 50 TRI ## Economic Reform Fund - Index (Customised Nifty 50 TRI ## Growth by IISL) # Growth Index by IISL) # Since Inception 7.61% 1.70% 5.91% 9.92% 26,466 12,512 35,082 Last 1 Year 75.28% 59.70% 15.58% 63.98% 17,582 16,011 16,443 Last 3 Years 7.58% 6.34% 1.24% 14.59% 12,452 12,026 15,053 Last 5 Years 11.40% 8.15% 3.25% 15.27% 17,159 14,798 20,355 Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 01/02/2015. Different plans have different expense structure. The performance details provided herein are of regular plan Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price94 Return Variant (PRI). Alpha is difference of scheme return with benchmark return. Kotak Asset Allocator Fund as on 31 May 2021

NIFTY 50 Hybrid NIFTY 50 Hybrid Kotak Asset Allocator Kotak Asset Allocator Aug 09, 2004 Composite Debt 50:50 ALPHA Nifty 50 TRI ## Composite Debt 50:50 Nifty 50 TRI ## Fund - Growth Fund - Growth Index # Index # Since Inception 15.97% 12.36% 3.61% 15.77% 120,873 70,974 117,447 Last 1 Year 46.30% 33.05% 13.25% 63.98% 14,661 13,326 16,443 Last 3 Years 16.64% 13.23% 3.41% 14.59% 15,875 14,520 15,053 Last 5 Years 13.76% 12.46% 1.30% 15.27% 19,059 17,993 20,355 Scheme Inception date is 09/08/2004. Mr. Devender Singhal & Mr. Arjun Khanna has been managing the fund since 09/05/2019. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006. Alpha is difference of scheme return with benchmark return. Kotak Debt Hybrid Fund Performance as on 31 May 2021 Kotak Debt Hybrid Fund CRISIL Hybrid 85+15 - Kotak Debt Hybrid Fund CRISIL Hybrid 85+15 - Dec 02, 2003 ALPHA CRISIL 10 Year Gilt ## CRISIL 10 Year Gilt ## - Growth Conservative Index # - Growth Conservative Index # Since Inception 8.24% 8.64% -0.40% 5.92% 40,025 42,691 27,355 Last 1 Year 22.52% 14.05% 8.48% 3.77% 12,266 11,413 10,380 Last 3 Years 10.77% 11.05% -0.28% 9.58% 13,593 13,698 13,162 Last 5 Years 9.80% 9.95% -0.15% 7.37% 15,965 16,073 14,271

Scheme Inception date is 02/12/2003. Mr. Abhishek Bisen has been managing the fund since 01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is difference of scheme return with benchmark return. TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006. Alpha is difference of scheme return with benchmark return. 95 Kotak Balanced Advantage Fund Performance As On 31 May 2021

Kotak Balanced Advantage NIFTY 50 Hybrid Composite Debt Kotak Balanced Advantage NIFTY 50 Hybrid Composite Aug 03, 2018 ALPHA Nifty 50 TRI ## Nifty 50 TRI ## Fund - Growth 50:50 Index # Fund - Growth Debt 50:50 Index #

Since Inception 11.35% 12.58% -1.23% 13.09% 13,551 13,979 14,160 Last 1 Year 33.70% 33.05% 0.65% 63.98% 13,392 13,326 16,443 Last 3 Years NA NA NA NA NA NA NA Last 5 Years NA NA NA NA NA NA NA Scheme Inception date is 03/08/2018. Mr. Harish Krishnan and Mr. Abhishek Bisen have been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund since 03/10/2019. Different plans have different expense structure. The performance details provided herein are of regular plan Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Alpha is difference of scheme return with benchmark return. Kotak India Growth Fund Series IV Performance as on 31 May 2021

Kotak India Growth Fund - Kotak India Growth Fund - Feb 20, 2018 Nifty 200 TRI # ALPHA Nifty 50 TRI ## Nifty 200 TRI # Nifty 50 TRI ## Series IV - Growth Series IV - Growth

Since Inception 16.22% 13.51% 2.71% 14.69% 16,363 15,146 15,670 Last 1 Year 86.69% 66.51% 20.18% 63.98% 18,733 16,698 16,443 Last 3 Years 17.75% 13.73% 4.02% 14.59% 16,335 14,717 15,053 Last 5 Years NA NA NA NA NA NA NA Scheme Inception date is 20/02/2018. Mr. Devender Singhal has been managing the fund since 09/05/2019. Different plans have different expense structure. The performance details provided herein are of regular plan Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Alpha is difference of scheme return with benchmark return.

96 Kotak Equity Hybrid Fund as on 31 May 2021

Kotak Equity Hybrid Fund - NIFTY 50 Hybrid Composite Kotak Equity Hybrid NIFTY 50 Hybrid Composite Debt Nov 05, 2014 ALPHA Nifty 50 TRI ## Nifty 50 TRI ## Growth Debt 65:35 Index # Fund - Growth 65:35 Index # Since Inception 11.31% 10.89% 0.42% 11.32% 20,221 19,722 20,233 Last 1 Year 61.70% 41.79% 19.91% 63.98% 16,213 14,206 16,443 Last 3 Years 13.92% 13.83% 0.09% 14.59% 14,790 14,756 15,053 Last 5 Years 13.38% 13.43% -0.05% 15.27% 18,742 18,786 20,355 Scheme Inception date is 25/11/1999 and Kotak Equity Hybrid Fund - Regular plan scheme inception date is 3rd November 2014. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Different plans have different expense structure. The performance details provided herein are of regular plan Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculatedusing composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006. Alpha is difference of scheme return with benchmark return. Kotak Equity Savings Fund as on 31 May 2021 75% NIFTY 50 75% NIFTY 50 Kotak Equity Savings Fund - Kotak Equity Savings Fund Oct 13, 2014 ARBITRAGE + 25% Nifty ALPHA CRISIL 10 Year Gilt ## ARBITRAGE + 25% CRISIL 10 Year Gilt ## Growth - Growth 50 TRI # Nifty 50 TRI # Since Inception 8.50% 7.40% 1.10% 8.20% 17,186 16,058 16,874 Last 1 Year 20.92% 15.92% 4.99% 3.77% 12,104 11,602 10,380 Last 3 Years 8.40% 7.53% 0.87% 9.58% 12,740 12,436 13,162 Last 5 Years 8.92% 7.69% 1.23% 7.37% 15,333 14,484 14,271 Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been managing the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019. Different plans have different expense structure. The performance details provided herein are of regular plan Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price97 Return Variant (PRI). Alpha is difference of scheme return with benchmark return. Kotak Smallcap Fund Performance as on 31 May 2021

Kotak Smallcap Fund - NIFTY Smallcap 100 TRI Kotak Smallcap Fund - NIFTY Smallcap 100 Feb 24, 2005 ALPHA Nifty 50 TRI ## Nifty 50 TRI ## Growth # Growth TRI #

Since Inception 17.28% 13.51% 3.77% 14.67% 133,770 78,617 92,826 Last 1 Year 134.40% 132.32% 2.08% 63.98% 23,549 23,340 16,443 Last 3 Years 19.44% 6.95% 12.50% 14.59% 17,048 12,234 15,053 Last 5 Years 19.44% 13.27% 6.16% 15.27% 24,317 18,655 20,355

Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since 21/01/2010. Different plans have different expense structure. The performance details provided herein are of regular plan. ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.

Kotak Smallcap Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 1,960,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on April 30, 2021 (Rs) 9,541,750 3,660,002 1,778,063 1,117,030 652,750 187,933 Scheme Returns (%) 17.34 21.13 21.06 25.15 42.79 119.85 NIFTY Smallcap 100 (TRI) Returns (%) 11.71 13.82 13.28 16.12 31.86 109.78 Alpha* 5.63 7.31 7.78 9.03 10.93 10.07 NIFTY Smallcap 100 (TRI) (Rs)# 5,557,133 2,468,487 1,347,833 897,441 566,810 182,725 Nifty 50 (TRI) (Rs)^ 6,280,270 2,532,767 1,420,313 920,074 499,682 152,228 Nifty 50 (TRI) Returns (%) 13.00 14.30 14.75 17.14 22.52 53.55 Scheme Inception : - February 24,2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI K Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.

98 Kotak Flexicap Fund (Erstwhile Kotak Standard Multicap Fund) Performance as on 31 May 2021

Kotak Flexi Cap Fund - Kotak Flexi Cap Fund - Sep 11, 2009 Nifty 200 TRI # ALPHA Nifty 50 TRI ## Nifty 200 TRI # Nifty 50 TRI ## Growth Growth

Since Inception 14.22% 12.06% 2.17% 11.83% 47,548 37,989 37,096 Last 1 Year 58.13% 66.51% -8.38% 63.98% 15,853 16,698 16,443 Last 3 Years 12.87% 13.73% -0.86% 14.59% 14,385 14,717 15,053 Last 5 Years 15.27% 15.37% -0.10% 15.27% 20,361 20,446 20,355 Scheme Inception date is 11/09/2009. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. Kotak Flexi Cap Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 1,410,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on April 30, 2021 (Rs) 3,719,348 2,821,996 1,408,435 880,403 487,612 150,656 Scheme Returns (%) 15.51 16.31 14.51 15.34 20.76 50.78 Nifty 200 (TRI) Returns (%) 13.64 14.69 14.75 16.87 23.17 57.24 Alpha* 1.87 1.63 -0.24 -1.53 -2.41 -6.45 Nifty 200 (TRI) (Rs)# 3,294,948 2,585,954 1,420,686 914,160 504,141 154,315 Nifty 50 (TRI) (Rs)^ 3,231,297 2,532,767 1,420,313 920,074 499,682 152,228 Nifty 50 (TRI) Returns (%) 13.34 14.30 14.75 17.14 22.52 53.55 Scheme Inception : - September 11, 2009. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI K Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. 99 Kotak Emerging Equity Fund Performance As on 31 May 2021

Kotak Emerging Equity Kotak Emerging Equity Nifty Midcap 100 TRI Mar 30, 2007 Nifty Midcap 100 TRI # ALPHA Nifty 50 TRI ## Nifty 50 TRI ## Fund - Growth Fund - Growth # Since Inception 13.66% 13.90% -0.24% 11.73% 61,456 63,314 48,207 Last 1 Year 87.67% 95.07% -7.40% 63.98% 18,832 19,578 16,443 Last 3 Years 15.50% 11.95% 3.55% 14.59% 15,414 14,035 15,053 Last 5 Years 17.47% 15.34% 2.13% 15.27% 22,379 20,420 20,355 Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. Kotak Emerging Equity Scheme Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 1,700,000 1,210,000 840,000 600,000 360,000 120,000 Total Value as on April 30, 2021 (Rs) 6,382,748 3,563,405 1,605,836 985,545 561,522 166,208 Scheme Returns (%) 17.08 20.30 18.19 19.96 31.15 78.73 Nifty Midcap 100 (TRI) Returns (%) 14.10 16.15 15.32 17.19 28.76 82.78 Alpha* 2.97 4.15 2.87 2.77 2.38 -4.06 Nifty Midcap 100 (TRI) (Rs)# 5,013,843 2,842,340 1,449,636 921,221 543,946 168,408 Nifty 50 (TRI) (Rs)^ 4,280,047 2,564,458 1,420,561 920,074 499,682 152,228 Nifty 50 (TRI) Returns (%) 12.14 14.25 14.75 17.14 22.52 53.55 Scheme Inception : - March 30, 2007. The returns are calculated by XIRR approach assuming investment of 10,000/- on the ` 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI K Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.

100 Kotak Tax Saver Fund Performance as on 31 May 2021

Kotak Tax Saver Fund - Kotak Tax Saver Fund - Nov 23, 2005 Nifty 500 TRI # ALPHA Nifty 50 TRI ## Nifty 500 TRI # Nifty 50 TRI ## Growth Growth Since Inception 12.56% 13.41% -0.86% 13.57% 62,758 70,608 72,180 Last 1 Year 65.04% 70.26% -5.22% 63.98% 16,550 17,076 16,443 Last 3 Years 15.26% 13.67% 1.59% 14.59% 15,318 14,693 15,053 Last 5 Years 15.74% 15.59% 0.15% 15.27% 20,778 20,639 20,355

Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. Kotak Tax Saver Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 1,870,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on April 30, 2021 (Rs) 5,687,332 2,704,448 1,438,870 914,831 510,807 154,760 Scheme Returns (%) 13.09 15.52 15.11 16.90 24.13 58.03 Nifty 500 (TRI) Returns (%) 13.05 14.96 15.00 17.16 24.18 60.60 Alpha* 0.04 0.57 0.11 -0.25 -0.06 -2.57 Nifty 500 (TRI) (Rs)# 5,666,612 2,623,631 1,433,392 920,529 511,222 156,206 Nifty 50 (TRI) (Rs)^ 5,489,871 2,532,767 1,420,313 920,074 499,682 152,228 Nifty 50 (TRI) Returns (%) 12.70 14.30 14.75 17.14 22.52 53.55 Scheme Inception : - November 23, 2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI K Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.

101 Kotak Equity Opportunities Fund Performance as on 31 May 2021

Kotak Equity Kotak Equity Sep 09, 2004 Opportunities Fund - Nifty 200 TRI # ALPHA Nifty 50 TRI ## Opportunities Fund - Nifty 200 TRI # Nifty 50 TRI ## Growth Growth

Since Inception 18.55% 15.67% 2.88% 15.80% 172,507 114,345 116,403 Last 1 Year 62.00% 66.51% -4.51% 63.98% 16,243 16,698 16,443 Last 3 Years 14.78% 13.73% 1.05% 14.59% 15,127 14,717 15,053 Last 5 Years 15.97% 15.37% 0.60% 15.27% 20,988 20,446 20,355

Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. Kotak Equity Opportunities Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 2,010,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on April 30, 2021 (Rs) 8,279,562 2,794,033 1,451,745 915,598 511,684 153,023 Scheme Returns (%) 15.20 16.13 15.36 16.94 24.25 54.95 Nifty 200 (TRI) Returns (%) 13.31 14.69 14.75 16.87 23.17 57.24 Alpha* 1.89 1.44 0.61 0.06 1.08 -2.29 Nifty 200 (TRI) (Rs)# 6,867,050 2,585,954 1,420,686 914,160 504,141 154,315 Nifty 50 (TRI) (Rs)^ 6,799,100 2,532,767 1,420,313 920,074 499,682 152,228 Nifty 50 (TRI) Returns (%) 13.21 14.30 14.75 17.14 22.52 53.55 Scheme Inception : - September 09, 2004. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.

102 Kotak Bluechip Fund Performance as on 31 May 2021

Kotak Bluechip Fund - S&P BSE SENSEX TRI Kotak Bluechip Fund - S&P BSE SENSEX TRI Feb 04, 2003 Nifty 50 TRI # ALPHA Nifty 50 TRI # Growth ## Growth ##

Since Inception 19.85% 17.42% 2.43% 17.49% 276,346 189,904 191,939 Last 1 Year 63.42% 63.98% -0.57% 61.66% 16,386 16,443 16,209 Last 3 Years 14.06% 14.59% -0.54% 15.04% 14,843 15,053 15,230 Last 5 Years 13.74% 15.27% -1.53% 15.68% 19,043 20,355 20,721

Since inception date of Kotak Bluechip Fund - Reg Growth is 4/02/2003. Mr. Harish Krishnan has been managing the fund since 01/01/2014.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). As TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from 29th Dec 1998 to 31st May 2007 and TRI Values since 31st May 2007. Since Inception date of Kotak Bluechip Fund- Dividend plan is 29/12/1998. Alpha is difference of scheme return with benchmark return

Kotak Bluechip Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 2,200,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on April 30, 2021 (Rs) 10,692,289 2,547,430 1,392,537 903,753 505,258 152,179 Scheme Returns (%) 15.30 14.40 14.19 16.41 23.33 53.46 Nifty 50 (TRI) Returns (%) 14.29 14.30 14.75 17.14 22.52 53.55 Alpha* 1.01 0.10 -0.56 -0.73 0.81 -0.09 Nifty 50 (TRI) (Rs)# 9,557,682 2,533,465 1,420,561 920,074 499,682 152,228 S&P BSE SENSEX (TRI) (Rs)^ 9,690,805 2,558,619 1,431,040 926,570 495,001 149,650 S&P BSE SENSEX (TRI) Returns (%) 14.41 14.49 14.96 17.43 21.84 49.02 Scheme Inception : - December 29, 1998. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI K Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). As TRI data is not available since inception of the scheme, benchmark SIP Performance is calculated by taking S&P BSE Sensex PRI values from 29th Dec 1998 to 31st May 2007 and TRI Values since 31st May 2007. Alpha is difference of scheme return with benchmark return 103 Kotak India EQ Contra Fund as on 31 May 2021

Kotak India EQ Contra Kotak India EQ Contra Jul 27, 2005 Nifty 100 TRI # ALPHA Nifty 50 TRI ## Nifty 100 TRI # Nifty 50 TRI ## Fund - Growth Fund - Growth Since Inception 13.41% 14.39% -0.98% 14.16% 73,502 84,273 81,656 Last 1 Year 67.30% 63.12% 4.18% 63.98% 16,777 16,356 16,443 Last 3 Years 13.59% 13.94% -0.34% 14.59% 14,663 14,796 15,053 Last 5 Years 16.24% 15.32% 0.92% 15.27% 21,227 20,401 20,355 Scheme Inception date is 27/07/2005. Ms. Shibani Kurian has been managing the fund since 09/05/2019. Different plans have different expense structure. The performance details provided herein are of regular plan Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.

Kotak India EQ Contra Fund Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year Total amount invested (Rs) 1,910,000 1,200,000 840,000 600,000 360,000 120,000 Total Value as on April 30, 2021 (Rs) 6,142,203 2,665,118 1,448,115 926,343 504,034 154,592 Scheme Returns (%) 13.40 15.25 15.29 17.42 23.15 57.73 Nifty 100 (TRI) Returns (%) 13.18 14.57 14.68 16.78 22.42 54.09 Alpha* 0.22 0.68 0.61 0.63 0.73 3.63 Nifty 100 (TRI) (Rs)# 6,018,136 2,570,267 1,416,819 912,131 498,981 152,538 Nifty 50 (TRI) (Rs)^ 5,808,877 2,532,767 1,420,313 920,074 499,682 152,228 Nifty 50 (TRI) Returns (%) 12.80 14.30 14.75 17.14 22.52 53.55 Scheme Inception : - July 27,2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI K Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return 104 Funds Managed by Mr. Deepak Agarwal Mr. Deepak Agrawal manages 12 funds & All FMPs of Kotak Mahindra Mutual Fund. 1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak Medium Term Fund - Growth 9.01 8.33 7.02 9.94 7.21 8.58 8.19 9.11 Top 3 Kotak Floating Rate Fund - Growth 8.72 4.21 NA NA NA NA 8.11 5.85 Kotak Credit Risk Fund - Growth 8.69 10.49 7.38 9.59 7.47 8.89 8.11 9.35 Kotak Savings Fund - Growth 4.12 4.21 6.51 6.66 6.75 6.88 7.53 7.91 Bottom 3 Kotak Liquid Fund - Growth 3.22 3.47 5.42 5.51 6.00 6.00 7.09 7.12 Kotak Overnight Fund - Growth 2.96 3.15 NA NA NA NA 4.16 4.30 Mr. Deepak Agrawal manages 12 funds & All FMPs of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. (Kotak Bond Short Term Fund (May. 02, 02), Kotak Dynamic Bond Fund (May. 26, 08), Kotak Money Market Fund (Nov. 25, 07), Kotak Liquid Fund (Nov. 04, 03), Kotak Banking and PSU Debt Fund (Dec. 29, 98), Kotak Savings Fund (Jul. 11, 07), Kotak Credit Risk Fund (May 11, '10), Kotak Medium Term Fund (Mar. 21, 14), Kotak Low Duration Fund (Jan. 31, 15), Kotak Corporate Bond Fund (Sep. 21, 07), Kotak Overnight Fund (Jan. 15, 19) All Fixed Maturity Plans in existence (Aug. 13,'15), Kotak Floating Fund (May. 14, 2019).

Kotak Medium Term Fund - Growth, *Name of the Benchmark - NIFTY Medium Duration Debt Index,Scheme Inception date is 21/03/2014. Mr. Deepak Agrawal has been managing the fund since 22/06/2015. Kotak Credit Risk Fund - Growth, *Name of the Benchmark - NIFTY Credit Risk Bond Index, Scheme Inception date is 11/05/2010. Mr. Deepak Agrawal has been managing the fund since 12/04/2010. Kotak Floating Rate Fund - Growth, *Name of the Benchmark - NIFTY Ultra Short Duration Debt Index, Scheme Inception date is 14/05/2019. Mr. Deepak Agrawal has been managing the fund since 14/05/2019. Kotak Money Market Fund - Growth, *Name of the Benchmark - NIFTY Money Market Index, Scheme Inception date is 14/07/2003. Mr. Deepak Agrawal has been managing the fund since 01/11/2006. Kotak Liquid Fund - Growth, *Name of the Benchmark - NIFTY Liquid Index, Scheme Inception date is 04/11/2003. Mr. Deepak Agrawal has been managing the fund since 01/05/2007. Kotak Overnight Fund - Growth, *Name of the Benchmark - NIFTY 1D Rate Index, Scheme Inception date is 15/01/2019. Mr. Deepak Agrawal has been managing the fund since 15/01/2019.

105 Funds Managed by Mr. Harsha Upadhyaya Mr. Harsha Upadhyaya manages 4 funds of Kotak Mahindra Mutual Fund. 1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak Tax Saver Fund - Growth 65.04 70.26 15.26 13.67 15.74 15.59 12.56 13.41 Kotak Equity Opportunities Fund - Growth 62.00 66.51 14.78 13.73 15.97 15.37 18.55 15.67 Kotak Flexi Cap Fund - Growth 58.13 66.51 12.87 13.73 15.27 15.37 14.22 12.06 Kotak ESG Opportunities Fund - Growth Kotak ESG Opportunities Fund has not yet completed 1 year from Inception, the performance of the scheme is not disclosed. Mr. Harsha Upadhyaya manages 4 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Equity Opportunities Fund (Sep 9, 04), Kotak Flexicap Fund (Erstwhile Kotak Standard Multicap Fund) (Sep 11, 09), Kotak Tax Saver Fund (Nov. 23,'05). Kotak Equity Opportunities Fund - Growth (Erstwhile Kotak Opportunities), *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012. Kotak Tax Saver Fund - Growth, *Name of the Benchmark - Nifty 500 TRI, Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015. Kotak Flexi Cap Fund - Growth (Erstwhile Kotak Standard Multicap Fund), *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 11/09/2009. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012. Funds Managed by Mr. Pankaj Tibrewal Mr. Pankaj Tibrewal manages 3 funds of Kotak Mahindra Mutual Fund. 1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak Small Cap Fund - Growth 134.40 132.32 19.44 6.95 19.44 13.27 17.28 13.51 Kotak Emerging Equity Fund - Growth 87.67 95.07 15.50 11.95 17.47 15.34 13.66 13.90 Kotak Equity Hybrid Fund - Growth 61.70 41.79 13.92 13.83 13.38 13.43 11.31 10.89 Mr. Pankaj Tibrewal manages 3 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Small Cap Fund (Feb. 24,05), Kotak Emerging Equity Fund (Mar 30,'07), Kotak Equity Hybrid Fund (Nov. 25,'99). Kotak Smallcap Fund - Growth, *Name of the Benchmark - NIFTY Smallcap 100 TRI, Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since 21/01/2010. Kotak Equity Hybrid Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index, Scheme Inception date is 25/11/1999. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Mr. Abhishek Bisen has been managing the fund since 15/04/2008

106 Funds Managed by Mr. Hiten Shah

Mr. Hiten Shah manages 3 fund of Kotak Mahindra Mutual Fund. 1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak Balanced Advantage Fund - Growth 33.70 33.05 NA NA NA NA 11.35 12.58 Kotak Equity Savings Fund - Growth 20.92 15.92 8.40 7.53 8.92 7.69 8.50 7.40 Kotak Equity Arbitrage Fund - Growth 3.03 2.85 5.30 4.63 5.68 4.82 7.09 NA Mr. Hiten Shah manages 3 fund of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Balanced Advantage Fund (Aug. 03, 18), Kotak Equity Savings Fund (Oct. 13, 2014), Kotak Equity Arbitrage Fund (Sep. 29, 05). Kotak Equity Savings Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 Arbitrage + 25% Nifty 50 TRI, Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been managing the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019. Kotak Equity Arbitrage Fund - Growth, *Name of the Benchmark - Nifty 50 Arbitrage Index, Scheme Inception date is 29/09/2005. Mr. Hiten Shah has been managing the fund since 03/10/2019.

Funds Managed by Ms. Shibani Kurian Ms. Shibhani Kurian manages 3 funds of Kotak Mahindra Mutual Fund. 1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak India EQ Contra Fund - Growth 67.30 63.12 13.59 13.94 16.24 15.32 13.41 14.39 Kotak Focused Equity Fund - Growth 61.64 66.51 NA NA NA NA 20.38 19.11 Kotak India Growth Fund - Series 7 - Growth 34.52 63.98 NA NA NA NA 11.56 12.29 Ms. Shibani Kurian manages 3 fund of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak India EQ Contra Fund - Growth (July. 27, '05), Kotak India Growth Fund Series 7 (Aug. 31, 18), Kotak Focused Equity fund (Jul 16, '19). Kotak India EQ Contra Fund - Growth (Erstwhile Classic Equity Fund), *Name of the Benchmark - Nifty 100 TRI, Scheme Inception date is 27/07/2005. Ms. Shibani Kurian has been managing the fund since 09/05/2019. Kotak Focused Equity Fund - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 16/07/2019. Mr. Harish Krishnan & Ms. Shibani Kurian has been managing the fund since 16/07/2019. Kotak India Growth Fund - Series 7 - Growth, *Name of the Benchmark - Nifty 50 TRI, Scheme Inception date is 31/08/2018. Ms. Shibani Kurian has been managing the fund since 09/05/2019.

107 Funds Managed by Mr. Harish Krishnan

Mr. Harish Krishnan manages 5 funds of Kotak Mahindra Mutual Fund. 1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak Pioneer Fund - Growth 83.70 64.27 NA NA NA NA 35.24 24.73 Kotak Infrastructure and Economic Reform Fund - Growth 75.28 59.70 7.58 6.34 11.40 8.15 7.61 1.70 Kotak Bluechip Fund - Growth 63.42 63.98 14.06 14.59 13.74 15.27 19.85 17.42 Kotak Focused Equity Fund - Growth 61.64 66.51 NA NA NA NA 20.38 19.11 Kotak Balanced Advantage Fund - Growth 33.70 33.05 NA NA NA NA 11.35 12.58

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

Kotak Pioneer Fund - Growth, *Name of the Benchmark - 85% IISL Kotak India Pioneering Innovations + 15% MSCI ACWI Information Technology Index TRI, Scheme Inception date is 31/10/2019. Mr. Harish Krishnan & Mr. Arjun Khanna has been managing the fund since 31/10/2019. Kotak Infrastructure and Economic Reform Fund - Growth, *Name of the Benchmark - India Infrastructure Index (Customised Index by IISL), Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 31/01/2015. Kotak Bluechip Fund - Growth (Erstwhile Kotak 50), *Name of the Benchmark - Nifty 50 TRI, Since inception date of Kotak Bluechip Fund - Reg Growth is 04/02/2003. Mr. Harish Krishnan has been managing the fund since 15/11/2013. Kotak Focused Equity Fund - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 16/07/2019. Mr. Harish Krishnan & Ms. Shibani Kurian has been managing the fund since 16/07/2019. Kotak Balanced Advantage Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index . Scheme Inception date is 03/08/2018. Mr. Abhishek Bisen & Mr. Harish Krishnan has been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund since 03/10/2019.

108 Funds Managed by Mr. Abhishek Bisen

Mr. Abhishek Bisen manages 8 funds of Kotak Mahindra Mutual Fund. 1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Names Scheme Benchmark Returns Scheme Benchmark Returns Scheme Benchmark Returns Scheme Benchmark Returns Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Kotak Balanced Advantage Fund - Growth 33.70 33.05 NA NA NA NA 11.35 12.58 Kotak Bond Fund - Growth 4.77 6.99 8.90 10.14 7.36 8.48 8.76 NA Kotak Gilt Fund - Growth 3.70 4.43 9.72 10.51 8.26 8.35 9.49 NA Kotak Gold Fund - Growth 3.56 2.93 15.69 15.98 10.22 10.74 7.13 8.57 Kotak Gold ETF 2.35 2.93 15.11 15.98 9.77 10.74 12.01 13.13

Mr. Abhishek Bisen manages 8 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Equity Hybrid Fund (Nov. 05, 2014), Kotak Debt Hybrid Fund (Dec. 02, 03), Kotak Bond Fund (Regular Plan) (Apr. 15, 08), Kotak Gilt Fund (Regular & PF-Trust) (Dec. 29, 98), Kotak Equity Savings Fund (Oct. 13, '14), Kotak Gold ETF (Jul. 27, 07), Kotak Gold Fund (Mar. 25, '11), Kotak Balanced Advantage Fund (Aug. 03' 18)

Kotak Balanced Advantage Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index . Scheme Inception date is 03/08/2018. Mr. Abhishek Bisen & Mr. Harish Krishnan has been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund since 03/10/2019. Kotak Bond Fund - Growth, *Name of the Benchmark - NIFTY Medium to Long Duration Debt Index, Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fund since 01/04/2008. Kotak Gilt Fund - Growth, *Name of the Benchmark - NIFTY All Duration G-Sec Index, Scheme Inception date is 29/12/1998. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Kotak Gold Fund - Growth, *Name of the Benchmark - Price of Gold, Scheme Inception date is 25/03/2011. Mr. Abhishek Bisen has been managing the fund since 04/03/2011. Kotak Gold ETF, *Name of the Benchmark - Price of Gold, Scheme Inception date is 27/07/2007. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. & Mr. Satish Dondapati has been managing the fund since 09/05/2019.

109 Funds Managed by Mr. Devender Singhal

Mr. Devender Singhal manages 11 funds of Kotak Mahindra Mutual Fund. 1 YEAR 3 YEARS 5 YEARS Since Inception Scheme Name Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak PSU Bank ETF 111.75 113.85 -7.25 -6.50 -1.34 -0.24 -1.51 -0.03 Kotak India Growth Fund - Series 4 - Top 3 86.69 66.51 17.75 13.73 NA NA 16.22 13.51 Growth Kotak Banking ETF 82.77 83.49 9.11 9.86 15.03 15.61 10.75 11.20 Kotak NV20 ETF 64.88 65.52 18.73 20.14 18.16 19.15 17.76 17.55 Bottom 3 Kotak Nifty ETF 63.65 63.98 14.32 14.59 14.77 15.27 10.90 12.24 Kotak Sensex ETF 61.08 61.66 14.72 15.04 14.76 15.68 10.10 11.24 Mr. Devender Singhal manages 11 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Debt Hybrid Fund - Growth (Dec. 02, ’03), Kotak India Growth Fund Series-4 (Feb. 20, '18), Kotak NV20 ETF (Dec. 01, '15), Kotak Banking ETF (Dec. 10, '14), Kotak Sensex ETF (Jun. 06, '08), Kotak Asset Allocator Fund (Aug,. 09, '04), Kotak PSU Bank ETF (Nov. 08, 07), Kotak Nifty ETF (Feb. 02, '10), Kotak IT ETF (Mar. 02, '21), Kotak NIFTY Next 50 Index (Mar. 10, '21)

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

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

Kotak Small Cap Fund Small cap fund - An open-ended equity scheme predominantly investing in small cap stocks

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

Kotak India EQ Contra Fund An open-ended equity scheme following contrarian investment strategy

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

Kotak Bluechip Fund Large cap fund - An open-ended equity scheme predominantly investing in large cap stocks

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

Kotak Equity Arbitrage Fund An open ended scheme investing in arbitrage opportunities

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

Kotak Flexicap Fund Flexicap Fund - An open ended dynamic equity scheme investing across large cap, mid cap, small cap stocks

Kotak Focused Equity Fund An open ended equity scheme investing in maximum 30 stocks in large-cap, mid-cap and small-cap category

Kotak Floating Rate Fund An open ended debt scheme predominantly investing in floating rate instruments

Kotak Equity Hybrid Fund An open-ended hybrid scheme investing predominantly in equity and equity related instruments

Kotak International REIT FoF An open ended fund of fund scheme investing in units of SMAM ASIA REIT Sub Trust fund and/or other similar overseas REIT funds

Kotak ESG Opportunities Fund An open ended equity scheme which follows the Environment, Social and Governance (ESG) theme with flexibility of investing across market capitalization

Kotak NASDAQ 100 FOF An open ended fund of fund investing in units of overseas ETF's and/or Index Fund based on NASDAQ 100 Index

Kotak Global Emerging Fund An open-ended fund of fund scheme investing in overseas mutual fund schemes investing in global emerging markets 111 Fund Type of Scheme Kotak Overnight Fund An open ended debt scheme investing in overnight securities Kotak Gilt Fund An open ended debt scheme investing in government securities across maturity Kotak Money Market Fund An open ended debt scheme investing in money market instruments Kotak Savings Fund An open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 months and 6 months Kotak Bond Short Term Fund An open ended short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 1 year and 3 years

Kotak Corporate Bond Fund An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds.

Kotak Credit Risk Fund An open ended debt scheme predominantly investing in AA and below rated corporate bonds (Excluding AA+ rated corporate bonds)

Kotak Banking & PSU Debt Fund An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions and Municipal Bonds. Kotak Liquid Fund An open ended liquid scheme Kotak Low Duration Fund An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 6 months and 12 months

Kotak Medium Term Fund An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 years and 4 years

Kotak Dynamic Bond Fund An open ended dynamic debt scheme investing across duration. Kotak Bond Fund An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 4 years and 7 years

Kotak India Growth Fund Series Multicap Fund - A 1099 days close ended equity scheme investing across large cap, midcap and small cap stocks 5 Kotak India Growth Fund Series Multicap Fund - A 36 months close ended equity scheme investing across large cap, midcap and small cap stocks 4 Kotak Infrastructure & An open ended equity scheme following Infrastructure & Economic Reform theme Economic Reform Fund

112 Scheme Name This Product is suitable for investors who are seeking* Kotak Equity Hybrid Fund  Long term capital growth  Investment in equity & equity related securities balanced with income generation by investing in debt & money market instruments Kotak India EQ Contra Fund  Long term capital growth  Investment in portfolio of predominantly equity & equity related securities Kotak Tax Saver Fund  Long term capital growth with a 3 year lock in  Investment in portfolio of predominantly equity & equity related securities Kotak Emerging Equity Fund  Long term capital growth  Investment in equity & equity related securities predominantly in mid cap companies Kotak ESG Opportunities Fund  Long term capital growth  Investment in the portfolio of predominantly equity & equity-related securities of companies following environmental, social and governance(ESG) criteria

Kotak Global Emerging Market Fund  Long term capital growth  Investment in overseas mutual fund schemes that invest in a diversified portfolio of securities in global emerging markets Kotak India Growth Fund Series 4  Long term capital growth  Investment in equity and equity related securities without any market capitalisation and sector bias The above risk-o—meter is based on the Kotak India Growth Fund Series 5  Long term capital growth scheme portfolio as on 30 April 2021. An  Investment in equity and equity related securities without any market addendum maybe issued or website capitalisation and sector bias. update for new risk-o-meters Kotak Bluechip Fund  Long term capital growth  Investment in portfolio of predominantly equity & equity related securities of large cap companies Kotak Focused Equity Fund  Long term capital growth  Investment in equity and equity securities across market capitalisation in maximum 30 stocks 113 *Investors should consult their financial advisors if in doubt about whether the product is suitable for them Scheme Name This Product is suitable for investors who are seeking*

Kotak Infrastructure and Economic Reform Fund  Long term capital growth  Long term capital appreciation by investing in equity and equity related instruments of companies contributing to infrastructure and economic development of India Kotak Equity Opportunities Fund  Long term capital growth  Investment in portfolio of predominantly equity & equity related securities of large & midcap companies Kotak Pioneer Fund  Long term capital growth  Investment in equity and equity related securities of companies operating with pioneering innovations theme without any market capitalisation and sector bias.

Kotak International REIT FOF  Long-term capital growth  Long-term capital appreciation and income by investing in units of SMAM ASIA REIT Sub Trust Fund and/or other similar overseas REIT funds. Kotak Smallcap Fund  Long term capital growth  Investment in equity & equity related securities predominantly in small cap Stocks Kotak NASDAQ 100 Fund of Fund  Long-term capital growth The above risk-o—meter is based on the  Return that corresponds generally to the performance of the NASDAQ- scheme portfolio as on 30 April 2021. An 100 Index, subject to tracking error. addendum maybe issued or website Kotak Flexicap Fund  Long term capital growth update for new risk-o-meters  Investment in portfolio of predominantly equity & equity related securities generally focused on a few selected sectors across market capitalization Kotak Banking ETF  Long term capital growth  Investment in stock comprising the underlying index and endeavours to track the benchmark index 114 *Investors should consult their financial advisors if in doubt about whether the product is suitable for them Scheme Name This Product is suitable for investors who are seeking* Kotak PSU Bank ETF  Long term capital growth  Investment in stocks comprising the underlying index and endeavors to track the benchmark index Kotak IT ETF  Long-term capital growth  Investment in stocks comprising the underlying index and endeavours to track the benchmark index Kotak Nifty Next 50 Index Fund  Long-term capital growth  Returns that are commensurate with the performance of NIFTY Next 50 Index, subject to tracking error. Kotak Nifty ETF  Long term capital growth  Investment in stocks comprising the underlying index and endeavors to track the benchmark index Kotak NV 20 ETF  Long term capital growth  Investment in stocks comprising the underlying index and endeavours to track the benchmark index Kotak Sensex ETF  Long term capital growth  Investment in stocks comprising the underlying index and endeavours to track the benchmark index

Kotak Credit Risk Fund  Income over a medium term investment horizon  Investment predominantly in in AA and below rated corporate bonds (Excluding AA+ rated corporate bonds)

Kotak Asset Allocator Fund  Long term capital growth  Investment in open-ended diversified equity schemes and debt schemes of Kotak Mahindra Mutual Fund

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

The above risk-o—meter is based on the scheme portfolio as on 30 April 2021. An addendum maybe issued or website update for new risk-o- meters 115 Scheme Name This Product is suitable for investors who are seeking* Kotak Equity Arbitrage  Income from arbitrage opportunities in the equity market  Investment in arbitrage opportunities in the cash & derivatives segment of the equity market

Kotak Overnight Fund  Income over a short term investment horizon.  Investment in debt & money market securities having maturity of one business day

Kotak Savings Fund  Income over a short term investment horizon  Investment in debt & money market securities with portfolio Macaulay duration between 3 months & 6 months

Kotak Corporate Bond Fund  Regular Income over short term  Income by investing in fixed income securities of varying maturities and predominantly investing in AA+ and above rated corporate bonds

Kotak Liquid Fund  Income over a short term investment horizon  Investment in debt & money market securities

The above risk-o—meter is based on the scheme portfolio as on 30 April 2021. An addendum maybe issued or website update for new risk-o-meters

116 *Investors should consult their financial advisors if in doubt about whether the product is suitable for them Scheme Name This Product is suitable for investors who are seeking*

Kotak Bond Fund  Income over a long investment horizon  Investment in debt & money market securities with a portfolio Macaulay duration between 4 years & 7 years Kotak Money Market Fund  Income over a short term investment horizon  Investment in money market securities Kotak Dynamic Bond Fund  Income over a medium term investment horizon  Investment in debt & money market securities across durations Kotak Floating Rate Fund  Income over a short term investment horizon.  Investment in floating & fixed rate debt instruments swapped for floating rate returns and money market instruments. Kotak Gilt Fund  Income over a long investment horizon  Investment in sovereign securities issued by the Central and/or State Government(s) and/or reverse repos in such securities Kotak Low Duration Fund  Regular Income over short term  Income by focussing on low duration securities with portfolio Macaulay duration between 6 months and 12 months Kotak Banking & PSU Debt Fund  Income over a short to medium term investment horizon  Investment in debt & money market securities of PSUs, Banks, Public Financial The above risk-o—meter is based on the Institutions, government securities and Municipal Bonds scheme portfolio as on 30 April 2021. An Kotak Bond Short Term Fund  Income over a medium term investment horizon addendum maybe issued or website update for new risk-o-meters  Investment in debt & money market securities with portfolio Macaulay duration between 1 year & 3 years

*Investors should consult their financial advisors if in doubt about whether the product is suitable for them 117 Scheme Name This Product is suitable for investors who are seeking*

Kotak Balanced Advantage Fund  Wealth creation over a long period of time.  Investment in equity, equity related securities & debt, money market instruments while managing risk through active allocation.

Kotak Debt Hybrid Fund  Income & capital growth over a long term horizon  Investment in a portfolio of debt instruments with a moderate exposure in equity & equity related instruments

Kotak Gold ETF  Returns in line with physical gold over medium to long term, subject to tracking error  Investment in physical gold Kotak Equity Savings Fund  Income from arbitrage opportunities in the equity market & long term capital growth  Investment predominantly in arbitrage opportunities in the cash & derivatives segment of the equity market and equity & equity related securities

Kotak Medium Term Fund  Income over a medium term investment horizon The above risk-o—meter is based on the  Investment in debt, government securities & money market instruments scheme portfolio as on 30 April 2021. An with portfolio Macaulay duration between 3 years & 4 years addendum maybe issued or website update for new risk-o-meters

*Investors should consult their financial advisors if in doubt about whether the product is suitable for them 118 Thank You

Stay Safe , Stay Healthy and Stay Invested

119