Morningstar Report

Report as of 9 Jul 2019 Morningstar® Portfolio X-Ray

Asset Allocation % Country Exposure % Asset Port Bmark Country Stock Country Stock Allocation India 85.86 Switzerland 0.92 Stocks 87.66 0.00 United Kingdom 4.40 Finland 0.84 Bonds 2.48 0.00 France 2.74 Spain 0.75 Cash 6.98 0.00 Germany 1.41 Netherlands 0.44 Other 2.88 100.00 Italy 1.11 Norway 0.43 Not classified 0.00 0.00

World Regions % Stock Stock Stock Greater Europe 13.48 Americas 0.66 Greater Asia 85.86 United Kingdom 4.40 United States 0.41 Japan 0.00 Western Europe - Euro 7.29 Canada 0.00 Australasia 0.00 Western Europe - Non Euro 1.79 Central & Latin America 0.25 Emerging 4 Tigers 0.00 Emerging Europe 0.00 Emerging Asia - Ex 4 Tigers 85.86 <25 25-50 50-75 >75 Middle East / Africa 0.00

Stock Not Classified 0.00

Stock Sectors % Stock Stock Stock Sensitive hCyclical 52.72 jSensitive 32.90 kDefensive 14.35 Benchmark Portfolio rBasic Materials 13.34 iCommunication Services 4.57 sConsumer Defensive 4.33 tConsumer Cyclical 12.84 oEnergy 6.23 dHealthcare 5.77 yFinancial Services 24.11 pIndustrials 12.04 fUtilities 4.25 uReal Estate 2.42 aTechnology 10.05

Defensive Cyclical

Investment Style Large High Size Equity Style Port Credit Quality Fixed-Income Style Port 14 13 27 0 0 0

Mid Price/Book Ratio 2.15 Med Effective Duration - 4 10 15 Price/Earnings Ratio 16.94 0 0 0 Effective Maturity (Y) - Small Price/Cashflow Ratio 10.22 Low Average Credit Quality AA 5 6 5 0 0 0

Value Blend Growth Ltd Mod Ext Style Interest Rate Sensitivity <10 10-25 25-50 >50 <10 10-25 25-50 >50

Top 10 Underlying Holdings Assets % Name Type Sector Country 12.57 Invesco Pan European Equity C EUR Acc Fund Not Classified Luxembourg 3.78 ICICI Bank Ltd Equity Financial Services India 2.84 Gold (995 Purity) ^ Commodity Not Classified 2.72 NTPC Ltd Equity Utilities India 2.71 Bharti Airtel Ltd Equity Communication Services India 2.15 State Bank of India Equity Financial Services India 2.10 Larsen & Toubro Ltd Equity Industrials India 2.04 HDFC Bank Ltd Equity Financial Services India 1.92 Infosys Ltd Equity Technology India 1.60 Axis Bank Ltd Equity Financial Services India

Benchmark Performance Date 30 Jun 2019

Performance Growth Of 10000 INR Portfolio Benchmark 35 30 25 20 15 10 5k Quarterly Performance Relative To Benchmark

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Trailing Returns % Port Bmark Time Period Return Best Worst Percentage 3 Months -1.29 3.08 6 Months 2.11 13.88 3 Months 18.88 (Mar 14-Jun 14) -15.53 (Nov 15-Feb 16) 1 Year -0.94 3.43 6 Months 28.87 (Feb 16-Aug 16) -17.62 (Jun 11-Dec 11) 3 Years Annualized 11.59 10.40 1 Year 53.12 (Aug 13-Aug 14) -21.69 (Dec 10-Dec 11) 5 Years Annualized 10.41 7.10 3 Years Annualized 27.60 (Dec 11-Dec 14) 1.24 (Sep 10-Sep 13) YTD 2.11 13.88 5 Years Annualized 21.44 (Aug 13-Aug 18) 9.91 (Feb 11-Feb 16)

Return Analysis Correlation Matrix Underlying Holdings Benchmark Portfolio 1 2 3 4 5 3 Yr Mean 1 16 1.00 2 0.94 1.00 1 14 3 0.80 0.82 1.00 4 -0.10 -0.03 0.05 1.00 3 5 12 5 0.88 0.93 0.83 -0.08 1.00

2 10

4 8

6 7 9 11 13 15 17 19 21 23 25 27 3-Yr Standard Deviation 1.00 To 0.60 0.60 To 0.20 0.20 To -0.20 -0.20 To -0.60 -0.60 To -1.00

Top 10 Portfolio Holdings Statistics Name Weight (%) Mean Std Dev Risk And Return Statistics 3 Years 5 Years

1 L&T Emerging Businesses Reg Gr 29.05 14.12 16.53 Standard Deviation 11.27 12.23 2 L&T India Large and Midcap Gr 26.73 10.17 14.17 Arithmetic Mean 11.63 10.68 Sharpe Ratio 0.73 0.56 3 ICICI Pru Multi-Asset Gr 25.30 12.42 8.98 MPT Statistics 3 Years 5 Years 4 Invesco India Feeder-Pan Euro Eq Reg Gr 12.82 8.06 14.63 5 HDFC Capital Builder Value Gr 6.10 12.13 13.75 Alpha 7.70 6.13 Beta 0.07 0.20 R-Squared 0.01 0.03 Information Ratio 0.08 0.22 Tracking Error 15.58 15.08

Holding Overlap The portfolio date is the most recent available for full holdings disclosure in the database. It could be that two funds have a different portfolio date. Please see disclosure pages for details. Weight in Name ISIN Weight in Sector Portfolio Date Portfolio (%) Holding (%) 3.78 ICICI Bank Ltd INE090A01021 y Financial Services 1.80 L&T India Large and Midcap Gr INF677K01098 6.74 30 Jun 2019 0.24 HDFC Capital Builder Value Gr INF179K01426 3.94 30 Jun 2019 1.74 ICICI Pru Multi-Asset Gr INF109K01761 6.87 31 May 2019 2.72 NTPC Ltd INE733E01010 f Utilities 0.11 HDFC Capital Builder Value Gr INF179K01426 1.85 30 Jun 2019 2.60 ICICI Pru Multi-Asset Gr INF109K01761 10.29 31 May 2019 2.71 Bharti Airtel Ltd INE397D01024 i Communication Services 0.74 L&T India Large and Midcap Gr INF677K01098 2.78 30 Jun 2019 0.07 HDFC Capital Builder Value Gr INF179K01426 1.14 30 Jun 2019 1.90 ICICI Pru Multi-Asset Gr INF109K01761 7.51 31 May 2019 2.15 State Bank of India INE062A01020 y Financial Services 1.28 L&T India Large and Midcap Gr INF677K01098 4.81 30 Jun 2019 0.09 HDFC Capital Builder Value Gr INF179K01426 1.42 30 Jun 2019 0.77 ICICI Pru Multi-Asset Gr INF109K01761 3.06 31 May 2019 2.10 Larsen & Toubro Ltd INE018A01030 p Industrials 1.34 L&T India Large and Midcap Gr INF677K01098 5.00 30 Jun 2019 0.21 HDFC Capital Builder Value Gr INF179K01426 3.39 30 Jun 2019 0.56 ICICI Pru Multi-Asset Gr INF109K01761 2.20 31 May 2019 2.04 HDFC Bank Ltd INE040A01026 y Financial Services 1.42 L&T India Large and Midcap Gr INF677K01098 5.32 30 Jun 2019 0.59 HDFC Capital Builder Value Gr INF179K01426 9.63 30 Jun 2019 0.03 ICICI Pru Multi-Asset Gr INF109K01761 0.11 31 May 2019 1.92 Infosys Ltd INE009A01021 a Technology 0.77 L&T India Large and Midcap Gr INF677K01098 2.88 30 Jun 2019 0.18 HDFC Capital Builder Value Gr INF179K01426 2.96 30 Jun 2019 0.97 ICICI Pru Multi-Asset Gr INF109K01761 3.82 31 May 2019 1.60 Axis Bank Ltd INE238A01034 y Financial Services 1.28 L&T India Large and Midcap Gr INF677K01098 4.78 30 Jun 2019 0.32 HDFC Capital Builder Value Gr INF179K01426 5.23 30 Jun 2019 1.47 ITC Ltd INE154A01025 s Consumer Defensive 0.46 L&T India Large and Midcap Gr INF677K01098 1.71 30 Jun 2019 0.24 HDFC Capital Builder Value Gr INF179K01426 3.91 30 Jun 2019 0.78 ICICI Pru Multi-Asset Gr INF109K01761 3.08 31 May 2019 1.37 Future Retail Ltd INE752P01024 t Consumer Cyclical 0.76 L&T India Large and Midcap Gr INF677K01098 2.85 30 Jun 2019 0.61 L&T Emerging Businesses Reg Gr INF917K01QC7 2.08 31 May 2019

Portfolio Holdings Name Type Holding Morningstar 1 Year 3 Years 5 Years Ongoing Weight Portfolio Date Rating™ Annualized Annualized Charge (%) L&T Emerging Businesses Reg Gr Fund 31 May 2019 QQQ -7.39 13.56 14.71 - 29.05 L&T India Large and Midcap Gr Fund 30 Jun 2019 QQQ -0.08 9.58 9.95 - 26.73 ICICI Pru Multi-Asset Gr Fund 31 May 2019 - 9.72 12.72 10.11 - 25.30 Invesco India Feeder-Pan Euro Eq Reg Gr Fund 31 May 2019 - -10.02 7.25 0.20 - 12.82 HDFC Capital Builder Value Gr Fund 30 Jun 2019 QQQQ 1.32 11.81 11.56 - 6.10

Morningstar. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar Inc. and are used under license. The information provided hereunder is not warranted to be complete, ® accurate or timely and neither Morningstar nor any of its affilliates shall be liable for any damages arising from its use. ß Report as of 9 Jul 2019 Disclosure The Sharpe Ratio is a risk-adjusted measure calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance. The Sharpe Ratio is calculated for the The performance data given represents past performance and should not be considered past 36-month period by dividing a fund's excess returns by the standard deviation of a indicative of future results. fund's excess returns. Since this ratio uses standard deviation as its risk measure, it is most appropriately applied when analysing a fund that is an investors sole holding. The The fund(s) returns do not reflect active trading and do not necessarily reflect the results Sharpe Ratio can be used to compare two funds directly on how much risk a fund had to that might have been achieved by active management of the account. The investment bear to earn excess return over the risk-free rate. returns of other clients of the adviser may differ materially from the investment portrayed. The standard deviation shows how far a set of values are spread above and below the Asset Allocation average for a particular fund type. If the standard deviation is a high number positive or This pie chart and table shows the portfolio's exposure to the following broad asset negative then the fund has performed that far below or above the average. If the standard classes: Stocks, Bonds, Cash and Other. The Other category represents an asset class deviation is low then the fund has performed closer to the average. that Morningstar recognizes but classifies outside of the asset classes listed above. (For example, real estate is typically classified as Other.) Not Classified is for those securities Mean is the annualised performance of a fund over three years. Morningstar does not recognize or track. The tables adjacent to the pie chart identify the net asset allocation percentages of the portfolio, as well as the component long positions Growth Graph (assets) and short or marginal positions (liabilities) of the portfolio. The graph compares the growth of a fund with that of an index and with that of the average for all funds in its Morningstar category. The total returns are not adjusted to World Regions reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing This data set provides a broad breakdown of a portfolios geographical exposure, by region fund expenses, and assumes reinvestment of dividends and capital gains. If adjusted, and by market maturity. Only non-cash equity assets are evaluated in determining the sales charges would reduce the performance quoted. The index is an unmanaged exposures. Not Classified indicates the percentage of the equity portion of the portfolio portfolio of specified securities and the index and the category average do not reflect for which Morningstar is unable to assess region or origin. any initial or ongoing expenses. A fund's portfolio may differ significantly from the securities in the index. The index is assigned by Morningstar and may differ from that Stock Sector in the fund's prospectus. This table shows the percentage of the portfolios equity assets invested in each of the three supersectors (information, service, and manufacturing economies) and 12 major Risk Scatter Graph industry subclassifications, in comparison with a benchmark. The Sector Graph The risk / reward scatter plot is based on each holding's risk and return over the most accompanying the table demonstrates the sector orientation of the portfolio in relation recent three-year period. Risk is measured as 3-year standard deviation of return. Return to the Morningstar Broad Market Index.) Not Classified is for those securities is measured as 3 year mean return. The risk / reward scatter plot also contains the Morningstar does not recognize or track. The percentage of each sector that composes portfolio's risk and return. the benchmark index (Rel Bmark) is also listed. Correlation Matrix Top 10 Underlying Holdings The matrix shows the performance correlation between different holdings. A correlation This listing indicates the most heavily weighted underlying holdings in the portfolio, up of 1 indicates the two holdings move in the same direction, a correlation of -1 indicates to 10, identifying the percentage of assets that each represents in the portfolio, the the two holdings move in opposite directions and a correlation of 0 means that no security type, the sector classification, and the country of origin. The portfolio date is correlation could be found. A correlation of -1 will offer maximum diversification. the most recent available for full holdings disclosure in Morningstar's database. It could be that two funds have a different portfolio date, depending on portfolio availability in the database.

Total Return Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted.

Portfolio and benchmark returns are calculated by asset-weighting the monthly returns of the underlying holdings and thus reflect the pretax results an investor would have achieved by rebalancing the portfolio on a monthly basis. These same returns are used to calculate all returns-based statistics. Returns for individual holdings are trailing total returns.

Risk and Return Profile R-squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark.

Beta is a measure of a fund's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market.

Alpha measures the difference between a fund's actual returns and its expected performance, given its level of risk (as measured by beta).