Diwali Top Picks 2017

Diwali Top Picks 2017 24 th October 2016 1

This year, Get ready for a Diwali like never before! Last year was an eventful year, where Indian economy witnessed two major structural reforms, namely demonetization and the implementation of long awaited GST. These reforms have disrupted the economy in the near-term, leading the slowdown in the GDP (5.7% in 1QFY17) and weaker corporate earnings due to channel de-stocking. However, we believe these reforms would lead to a widening of tax base, formalization of economy, accelerate the digitalization and channelize the housing savings into financial markets in the long term. This year, Get ready for a Diwali like never before! For Samvat 2074, we have carefully selected different portfolio for all types of investors: Stocks which should be in your portfolio for the next few years Top 5 picks this Diwali Top high risk and high return stock ideas 2

Diwali Picks For Samvat 2074 Long term Investment Stocks Scrip Name CMP BAJFINANCE 1952 BAJAJ AUTO 3154 IDFC 66 CDSL 379 TITAN 624 THYROCARE 696 PNBHOUSING 1500 VAKRANGEE 505 DMART 1269 SWARAJENG 2080 SUPREMEIND 1114 Special 5 Stocks to hold till next Diwali Scrip Name CMP HAVELLS 531 UJJIVAN 330 BOROSIL 899 FINOLEX IND 680 IDFC BANK 59 High risk and High Return Stocks Scrip Name CMP SUVEN 201 JSWENERGY 81 EROS MEDIA 228 ARIES 164 PARAGMILK 269 3

Special 5 Stocks to hold till next Diwali Scrip Name CMP HAVELLS 531 UJJIVAN 330 BOROSIL 899 FINOLEX IND 680 IDFC BANK 59 Investment Rationale Low PRICE / BOOK Low PRICE / CASHFLOW Excellent Sharpe Ratio means the portfolio is able to generate excess returns for the comparable risk with Sensex, which we can see from the statistics of 3 and 5 yr. Great outlook based on fundamental growth as well as technical parameters 10

Release date 30-09-2017 Page 3 of 10 Value Benchmark Snapshot 755,470.75 S&P BSE SENSEX India INR (INR, 1) SPECIAL 5 Analysis 30-09-2017 Asset Allocation Bmark Allocation 0.00 0.00 Equity 100.00 0.00 Debt 0.00 0.00 Alternate 0.00 100.00 Cash 0.00 0.00 Morningstar Equity Style Box % Morningstar Fixed Income Style Box % 0 0 24 25 1 0 0 0 25 Large Mid Small Total Stock Holdings 5 % Not Classified 25 High Med Low Total Bond Holdings % Not Classified Value Blend Growth Ltd Mod Ext 0-10 10-25 25-50 >50 0-10 10-25 25-50 >50 Stock Analysis 30-09-2017 Stock Sectors Sensitive Benchmark World Regions Greater Asia Americas Greater Europe Performance 30-09-2017 Investment Activity Graph Initial Mkt Val: 62,551 Final Mkt Val: 755,471 Benchmark 900k 720 Defensive 540 360 Cyclical 180 <25 25-50 50-75 >75% 10-07 10-08 10-09 10-10 10-11 10-12 10-13 10-14 10-15 10-16 0 (%) Bmark (%) h Cyclical 75.94 53.51 r Basic Matls 0.00 4.34 t Consumer Cycl 25.83 11.50 y Financial Svs 50.11 37.67 u Real Estate 0.00 0.00 j Sensitive 24.06 28.76 i Commun Svs 0.00 1.46 o Energy 0.00 10.33 p Industrials 24.06 5.67 a Technology 0.00 11.30 k Defensive 0.00 17.73 s Consumer Def 0.00 10.21 d Healthcare 0.00 4.58 f Utilities 0.00 2.94 Not Classified 0.00 0.00 (%) Bmark (%) Americas 0.00 0.00 North America 0.00 0.00 Latin America 0.00 0.00 Greater Europe 0.00 0.00 United Kingdom 0.00 0.00 Europe-Developed 0.00 0.00 Europe-Emerging 0.00 0.00 Africa/Middle East 0.00 0.00 Greater Asia 100.00 100.00 Japan 0.00 0.00 Australasia 0.00 0.00 Asia-Developed 0.00 0.00 Asia-Emerging 100.00 100.00 Not Classified 0.00 0.00 Trailing Returns* 3 Mo 1 Yr 3 Yr 5 Yr 10 Yr Return 1.79 2.71 33.63 39.76 29.72 Benchmark Return 1.17 12.26 5.51 10.77 6.11 +/- Benchmark Return 0.62-9.55 28.12 28.99 23.61 *Full return history is not available for all securities. Please see Return Participation disclosure. Best/Worst Time Best % Worst % Periods 3 Months 111.24 ( Mar 2009-May 2009 ) -65.99 ( Sep 2008-Nov 2008 ) 1 Year 357.13 ( Feb 2009-Jan 2010 ) -81.97 ( Jan 2008-Dec 2008 ) 3 Years 105.99 ( Feb 2009-Jan 2012 ) 2.87 ( Jan 2008-Dec 2010 ) Yield ( 30-09-2017 ) Yield % 12-Month Yield 0.75 -Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing. Holdings 30-09-2017 Top 5 holdings out of 5 Symbol Type Holding Value % Assets IDFC Bank Ltd (INR) IDFCBANK ST 190,059 25.16 Ujjivan Financial Services Ltd (INR) UJJIVAN ST 188,455 24.95 Borosil Glass Works Ltd (INR) 502219 ST 185,839 24.60 Havells India Ltd (INR) HAVELLS ST 181,790 24.06 Finolex Industries Ltd (INR) FINPIPE ST 9,327 1.23 2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 30-09-2017 Page 4 of 10 Value Benchmark Snapshot 755,470.75 S&P BSE SENSEX India INR (INR, 1) SPECIAL 5 Risk Analysis 30-09-2017 Risk/Reward Scatterplot Holdings Bmark 5 Year Mean Performance History Graph Quarterly returns +/- Benchmark in % 124.20 110.40 96.60 82.80 69.00 55.20 120.0% 90.0 60.0 30.0 41.40 27.60 Bmark 13.80 0.00-30.0-4.0 0.5 5.0 9.5 14.0 18.5 23.0 27.5 32.0 36.5 41.0 45.5 50.0 54.5 59.0-13.80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-60.0 5 Year Standard Deviation Risk and Return Statistics* 3 Yr 5 Yr 10 Yr Bmark Bmark Bmark Standard Deviation 24.81 13.20 35.33 12.89 44.24 22.83 Mean 33.63 5.51 39.76 10.77 29.72 6.11 Sharpe Ratio 1.30 0.17 1.15 0.52 0.81 0.19 MPT Statistics* 3 Yr 5 Yr 10 Yr Alpha 26.52 27.27 26.11 Beta 0.81 1.12 1.16 R-Squared 18.35 16.51 36.16 -Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing. Fundamental Analysis 30-09-2017 Asset Allocation -100-50 0 50 100 Type Weightings % of Stocks Bmark nhigh Yield bdistressed vhard Asset mcyclical xslow Growth zclassic Growth laggressive Growth cspeculative Growth Not Available 100.00 100.00 Long % Short % Allocation 0.00 0.00 0.00 Equity 100.00 100.00 0.00 Debt 0.00 0.00 0.00 Alternate 0.00 0.00 0.00 Cash 0.00 0.00 0.00 Total 100.00 100.00 0.00 0% 10 20 30 40 50 60 70 80 90 100 Market Maturity % of Stocks Bmark Developed Markets 0.00 0.00 Emerging Markets 75.05 100.00 Not Available 24.95 0.00 Valuation Multiples Bmark Price/Earnings 28.35 22.88 Price/Book 0.82 2.97 Price/Sales 4.43 2.45 Price/Cash Flow 4.03 8.80 Profitability Bmark % of Stocks 2017-09 2017-09 Net Margin 24.54 16.66 ROE 14.48 19.96 ROA 8.72 9.72 Debt/Capital 26.86 38.42 Fund Statistics Potential Cap Gains Exposure Avg Net Expense Ratio Geometric Avg Capitalization ( Mil) 52,074.78 Benchmark 2,199,289.63 Credit Quality Breakdown % of Bonds AAA AA A BBB BB B Below B NR Interest Rate Risk Bonds % Not Available Avg Eff Maturity Modified Duration Yield to Maturity *Full return history is not available for all securities. Please see Return Participation disclosure. 2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Long term Investment Stocks Scrip Name CMP BAJFINANCE 1952 BAJAJ AUTO 3154 IDFC 66 CDSL 379 TITAN 624 THYROCARE 696 PNBHOUSING 1500 VAKRANGEE 505 DMART 1269 SWARAJENG 2080 SUPREMEIND 1114 Investment Rationale Excellent Sharpe Ratio means the portfolio is able to generate excess returns for the comparable risk with Sensex, which we can see from the statistics of 3 and 5 yr. Excellent alpha and beta suggest that the portfolio is able to outperform benchmark while witnessing lesser volatility than the market 9

Release date 30-09-2017 Page 3 of 17 Value Benchmark Snapshot 945,521.28 S&P BSE SENSEX India INR (INR, 1) LONG TERM INVESTMENT STOCKS Analysis 30-09-2017 Asset Allocation Bmark Allocation 0.00 0.00 Equity 100.00 0.00 Debt 0.00 0.00 Alternate 0.00 100.00 Cash 0.00 0.00 Morningstar Equity Style Box % Morningstar Fixed Income Style Box % 0 0 55 9 9 0 0 0 27 Large Mid Small Total Stock Holdings 11 % Not Classified 0 High Med Low Total Bond Holdings % Not Classified Value Blend Growth Ltd Mod Ext 0-10 10-25 25-50 >50 0-10 10-25 25-50 >50 Stock Analysis 30-09-2017 Stock Sectors Sensitive Benchmark World Regions Greater Asia Americas Greater Europe Performance 30-09-2017 Investment Activity Graph Initial Mkt Val: 42,602 Final Mkt Val: 945,521 Benchmark 1,050k 840 Defensive 630 420 Cyclical 210 <25 25-50 50-75 >75% 10-07 10-08 10-09 10-10 10-11 10-12 10-13 10-14 10-15 10-16 0 (%) Bmark (%) h Cyclical 81.23 53.51 r Basic Matls 0.00 4.34 t Consumer Cycl 45.46 11.50 y Financial Svs 35.77 37.67 u Real Estate 0.00 0.00 j Sensitive 9.39 28.76 i Commun Svs 0.00 1.46 o Energy 0.00 10.33 p Industrials 0.00 5.67 a Technology 9.39 11.30 k Defensive 9.38 17.73 s Consumer Def 0.00 10.21 d Healthcare 9.38 4.58 f Utilities 0.00 2.94 Not Classified 0.00 0.00 (%) Bmark (%) Americas 0.00 0.00 North America 0.00 0.00 Latin America 0.00 0.00 Greater Europe 0.00 0.00 United Kingdom 0.00 0.00 Europe-Developed 0.00 0.00 Europe-Emerging 0.00 0.00 Africa/Middle East 0.00 0.00 Greater Asia 100.00 100.00 Japan 0.00 0.00 Australasia 0.00 0.00 Asia-Developed 0.00 0.00 Asia-Emerging 100.00 100.00 Not Classified 0.00 0.00 Trailing Returns* 3 Mo 1 Yr 3 Yr 5 Yr 10 Yr Return 9.52 51.47 34.83 37.54 37.67 Benchmark Return 1.17 12.26 5.51 10.77 6.11 +/- Benchmark Return 8.35 39.21 29.32 26.77 31.56 *Full return history is not available for all securities. Please see Return Participation disclosure. Best/Worst Time Best % Worst % Periods 3 Months 127.14 ( Apr 2009-Jun 2009 ) -48.81 ( Sep 2008-Nov 2008 ) 1 Year 272.90 ( Apr 2009-Mar 2010 ) -67.94 ( Jan 2008-Dec 2008 ) 3 Years 108.05 ( Mar 2009-Feb 2012 ) 22.81 ( Oct 2010-Sep 2013 ) Yield ( 30-09-2017 ) Yield % 12-Month Yield 0.76 -Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing. Holdings 30-09-2017 Top 10 holdings out of 11 Symbol Type Holding Value % Assets PNB Housing Finance Ltd (INR) PNBHOUSING ST 90,008 9.52 Bajaj Auto Ltd (INR) BAJAJ-AUTO ST 89,569 9.47 Supreme Industries Ltd (INR) SUPREMEIND ST 89,387 9.45 Vakrangee Ltd (INR) VAKRANGEE ST 88,771 9.39 Thyrocare Technologies Ltd (INR) THYROCARE ST 88,693 9.38 Swaraj Engines Ltd (INR) SWARAJENG ST 88,390 9.35 Bajaj Finance Ltd (INR) BAJFINANCE ST 85,552 9.05 Titan Co Ltd (INR) TITAN ST 85,237 9.01 Central Depository Services (India) Ltd (INR) CDSL ST 82,039 8.68 IDFC Ltd (INR) IDFC ST 80,596 8.52 2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 30-09-2017 Page 4 of 17 Value Benchmark Snapshot 945,521.28 S&P BSE SENSEX India INR (INR, 1) LONG TERM INVESTMENT STOCKS Risk Analysis 30-09-2017 Risk/Reward Scatterplot Holdings Bmark 5 Year Mean Performance History Graph Quarterly returns +/- Benchmark in % 151.20 134.40 117.60 100.80 84.00 67.20 80.0% 60.0 40.0 20.0 50.40 33.60 Bmark 16.80 0.00-20.0-4.0-0.1 3.8 7.7 11.6 15.5 19.4 23.3 27.2 31.1 35.0 38.9 42.8 46.7 50.6-16.80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-40.0 5 Year Standard Deviation Risk and Return Statistics* 3 Yr 5 Yr 10 Yr Bmark Bmark Bmark Standard Deviation 14.84 13.20 16.69 12.89 33.46 22.83 Mean 34.83 5.51 37.54 10.77 37.67 6.11 Sharpe Ratio 2.09 0.17 2.00 0.52 1.16 0.19 MPT Statistics* 3 Yr 5 Yr 10 Yr Alpha 25.58 22.89 28.09 Beta 0.79 0.95 1.25 R-Squared 48.79 53.64 73.18 -Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing. Fundamental Analysis 30-09-2017 Asset Allocation -100-50 0 50 100 Type Weightings % of Stocks Bmark nhigh Yield bdistressed vhard Asset mcyclical xslow Growth zclassic Growth laggressive Growth cspeculative Growth Not Available 100.00 100.00 Long % Short % Allocation 0.00 0.00 0.00 Equity 100.00 100.00 0.00 Debt 0.00 0.00 0.00 Alternate 0.00 0.00 0.00 Cash 0.00 0.00 0.00 Total 100.00 100.00 0.00 0% 10 20 30 40 50 60 70 80 90 100 Market Maturity % of Stocks Bmark Developed Markets 0.00 0.00 Emerging Markets 100.00 100.00 Not Available 0.00 0.00 Valuation Multiples Bmark Price/Earnings 35.82 22.88 Price/Book 4.98 2.97 Price/Sales 3.88 2.45 Price/Cash Flow 39.30 8.80 Profitability Bmark % of Stocks 2017-09 2017-09 Net Margin 16.67 16.66 ROE 19.81 19.96 ROA 6.84 9.72 Debt/Capital 36.52 38.42 Fund Statistics Potential Cap Gains Exposure Avg Net Expense Ratio Geometric Avg Capitalization ( Mil) 192,354.23 Benchmark 2,199,289.63 Credit Quality Breakdown % of Bonds AAA AA A BBB BB B Below B NR Interest Rate Risk Bonds % Not Available Avg Eff Maturity Modified Duration Yield to Maturity *Full return history is not available for all securities. Please see Return Participation disclosure. 2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

High risk and High Return Stocks Scrip Name CMP SUVEN 201 JSWENERGY 81 EROS MEDIA 228 ARIES 164 PARAGMILK 269 Investment Rationale Low P/E, P/B, P/S, P/C (which is excellent) Good outlook based on sales growth Stocks look attractive based on technical charts 11

Release date 30-09-2017 Page 3 of 11 Value Benchmark Snapshot 901,297.57 S&P BSE SENSEX India INR (INR, 1) HIGH RISK HIGH RETURN STOCKS Analysis 30-09-2017 Asset Allocation Bmark Allocation 0.00 0.00 Equity 100.00 0.00 Debt 0.00 0.00 Alternate 0.00 100.00 Cash 0.00 0.00 Morningstar Equity Style Box % Morningstar Fixed Income Style Box % 0 0 0 20 0 0 41 20 19 Large Mid Small Total Stock Holdings 5 % Not Classified 0 High Med Low Total Bond Holdings % Not Classified Value Blend Growth Ltd Mod Ext 0-10 10-25 25-50 >50 0-10 10-25 25-50 >50 Stock Analysis 30-09-2017 Stock Sectors Sensitive Benchmark World Regions Greater Asia Americas Greater Europe Performance 30-09-2017 Investment Activity Graph Initial Mkt Val: 384,850 Final Mkt Val: 901,298 Benchmark 1,250k 1,000 Defensive 750 500 Cyclical 250 <25 25-50 50-75 >75% 10-07 10-08 10-09 10-10 10-11 10-12 10-13 10-14 10-15 10-16 0 (%) Bmark (%) h Cyclical 40.02 53.51 r Basic Matls 19.56 4.34 t Consumer Cycl 20.46 11.50 y Financial Svs 0.00 37.67 u Real Estate 0.00 0.00 j Sensitive 0.00 28.76 i Commun Svs 0.00 1.46 o Energy 0.00 10.33 p Industrials 0.00 5.67 a Technology 0.00 11.30 k Defensive 59.98 17.73 s Consumer Def 20.32 10.21 d Healthcare 19.47 4.58 f Utilities 20.19 2.94 Not Classified 0.00 0.00 (%) Bmark (%) Americas 0.00 0.00 North America 0.00 0.00 Latin America 0.00 0.00 Greater Europe 0.00 0.00 United Kingdom 0.00 0.00 Europe-Developed 0.00 0.00 Europe-Emerging 0.00 0.00 Africa/Middle East 0.00 0.00 Greater Asia 100.00 100.00 Japan 0.00 0.00 Australasia 0.00 0.00 Asia-Developed 0.00 0.00 Asia-Emerging 100.00 100.00 Not Classified 0.00 0.00 Trailing Returns* 3 Mo 1 Yr 3 Yr 5 Yr 10 Yr Return 6.45 4.63 8.42 27.40 8.13 Benchmark Return 1.17 12.26 5.51 10.77 6.11 +/- Benchmark Return 5.28-7.63 2.91 16.63 2.02 *Full return history is not available for all securities. Please see Return Participation disclosure. Best/Worst Time Best % Worst % Periods 3 Months 98.90 ( Mar 2009-May 2009 ) -55.91 ( Aug 2008-Oct 2008 ) 1 Year 242.99 ( Apr 2009-Mar 2010 ) -78.25 ( Jan 2008-Dec 2008 ) 3 Years 72.93 ( Aug 2012-Jul 2015 ) -19.66 ( Jan 2008-Dec 2010 ) Yield ( 30-09-2017 ) Yield % 12-Month Yield 0.64 -Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing. Holdings 30-09-2017 Top 5 holdings out of 5 Symbol Type Holding Value % Assets Eros International Media Ltd (INR) EROSMEDIA ST 184,420 20.46 Parag Milk Food Ltd (INR) PARAGMILK ST 183,132 20.32 JSW Energy Ltd (INR) JSWENERGY ST 181,986 20.19 Aries Agro Ltd (INR) ARIES ST 176,251 19.56 Suven Life Sciences Ltd (INR) SUVEN ST 175,508 19.47 2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 30-09-2017 Page 4 of 11 Value Benchmark Snapshot 901,297.57 S&P BSE SENSEX India INR (INR, 1) HIGH RISK HIGH RETURN STOCKS Risk Analysis 30-09-2017 Risk/Reward Scatterplot Holdings Bmark 5 Year Mean Performance History Graph Quarterly returns +/- Benchmark in % 100.80 89.60 78.40 67.20 56.00 44.80 45.0% 30.0 15.0 Bmark 33.60 22.40-15.0 11.20 0.00-30.0-4.0 0.3 4.6 8.9 13.2 17.5 21.8 26.1 30.4 34.7 39.0 43.3 47.6 51.9 56.2-11.20 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-45.0 5 Year Standard Deviation Risk and Return Statistics* 3 Yr 5 Yr 10 Yr Bmark Bmark Bmark Standard Deviation 32.48 13.20 33.37 12.89 50.74 22.83 Mean 8.42 5.51 27.40 10.77 8.13 6.11 Sharpe Ratio 0.30 0.17 0.86 0.52 0.33 0.19 MPT Statistics* 3 Yr 5 Yr 10 Yr Alpha 5.66 14.89 9.42 Beta 1.62 1.62 1.48 R-Squared 43.58 38.97 44.45 -Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing. Fundamental Analysis 30-09-2017 Asset Allocation -100-50 0 50 100 Type Weightings % of Stocks Bmark nhigh Yield bdistressed vhard Asset mcyclical xslow Growth zclassic Growth laggressive Growth cspeculative Growth Not Available 100.00 100.00 Long % Short % Allocation 0.00 0.00 0.00 Equity 100.00 100.00 0.00 Debt 0.00 0.00 0.00 Alternate 0.00 0.00 0.00 Cash 0.00 0.00 0.00 Total 100.00 100.00 0.00 0% 10 20 30 40 50 60 70 80 90 100 Market Maturity % of Stocks Bmark Developed Markets 0.00 0.00 Emerging Markets 100.00 100.00 Not Available 0.00 0.00 Valuation Multiples Bmark Price/Earnings 21.20 22.88 Price/Book 1.58 2.97 Price/Sales 1.42 2.45 Price/Cash Flow 7.43 8.80 Profitability Bmark % of Stocks 2017-09 2017-09 Net Margin 9.17 16.66 ROE 13.51 19.96 ROA 10.74 9.72 Debt/Capital 16.86 38.42 Fund Statistics Potential Cap Gains Exposure Avg Net Expense Ratio Geometric Avg Capitalization ( Mil) 20,166.51 Benchmark 2,199,289.63 Credit Quality Breakdown % of Bonds AAA AA A BBB BB B Below B NR Interest Rate Risk Bonds % Not Available Avg Eff Maturity Modified Duration Yield to Maturity *Full return history is not available for all securities. Please see Return Participation disclosure. 2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

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