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					    Kotak Mutual Fund
        Products
          March 2007




Think Investments. Think Kotak.
Contents
Key Product Features Highlighted
– Positioning
– Portfolio Strategy

– Performance




                                   Page 2
Scheme Matrix
(click on the hyperlinks for details)

 Equity Funds
   Kotak 30     Kotak Opportunities       Kotak Mid-Cap          Kotak Global

 Kotak Contra         Kotak MNC    Kotak Tech        Kotak Balance
  Kotak Equity FOF      Kotak Tax Saver        Kotak Lifestyle


Debt Funds


  Kotak Income Plus          Kotak Bond              Kotak Bond Regular

   Kotak Floater ST         Kotak Floater LT            Kotak Flexi Debt

   Kotak Bond ST          Kotak Gilt Investment        Kotak Gilt Savings

     Kotak Liquid         Kotak Cash Plus

   Kotak Mutual At A Glance                       Risk Return Stack Up
                                                                        Page 3
Kotak 30
An Open-ended Equity Growth Scheme

 Fund Positioning
 – A large cap diversified scheme
 – Scheme straddles the biggest segment of the market
     Large cap segment represents the largest market
      capitalization
 – Some flavour of midcap stocks: Exposure to midcap
   stocks maintained below 20% of NAV
 Portfolio Strategy
 – Bottom up stock selection
 – We back our best ideas
 – Fairly balanced sector exposure
                                              MENU      Page 4
Kotak 30
An Open-ended Equity Growth Scheme


                              Performance as on M arch 30, 2007

                                  Kotak 30 *       S&P CNX Nifty

            45                                        40.8
            40                       37.6

            35
                                            29.7                      30.1
            30                                               27.4
            25
                                                                             19.6
            20
            15            11.8
                    9.4
            10
             5
             0
                     1 year           3 years          5 years           Since
                                                                      allotment
                                                                    (Dec 29, 1998)



 Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may or may not be
 sustained in the future. Returns assume reinvestment of the tax free dividends. Allotment Date:
 29-12-98.
                                                                              MENU         Page 5
Kotak Opportunities
An Open-ended Equity Growth Scheme

 Fund Positioning
 – A Diversified Aggressive Equity Scheme

 Portfolio Strategy
 – Flexible Investment Style:
     Flexibility for large exposure in promising sectors
     Mix of Large cap and Mid cap stocks
     Strategic use of debt/ money market securities of upto
      35%




                                                 MENU   Page 6
Kotak Opportunities
An Open-ended Equity Growth Scheme

               Performance as on M arch 30, 2007

               Kotak Opportunities   S&P CNX 500

 60.0
                                          49.5
 50.0

 40.0                                              37.4

 30.0

 20.0
               9.8     8.4
 10.0

  0.0
               Last 1 year             Since Allotment (
                                      September 09, 2004)




Returns < 1 yr: Absolute. Past performance may or may not be sustained in the future.
Allotment Date: 09-09-04. Returns assume reinvestment of the tax free dividends.

                                                                       MENU       Page 7
Kotak Mid-Cap
An Open Ended Equity Growth Scheme

 Fund Positioning
 – Focus on mid-cap stocks that are likely to be tomorrow's large cap
 – Aims at capturing the valuation gains, derived from understanding
 the Business, Management & Valuation of the company

 Portfolio Strategy
 – The portfolio would be diversified across sectors
 – Bottom up approach in process of stock selection
 – Flexible investment style
     – 65% to 95% in mid-cap stocks
     – 0% to 30% other than mid-cap stocks
     – 5% to 35% in debt & money market instruments
                                                          MENU     Page 8
Kotak Mid-Cap
An Open Ended Equity Growth Scheme


                    Performance as on March 30, 2007

                         Kotak Midcap      CNX Midcap

        50.0                                              45.1
        40.0                                      35.8

        30.0

        20.0
        10.0                   2.9
          0.0
                  -1.6 Last 1 year         Since Allotment (Feb 24,
       -10.0
                                                     2005)




 Returns < 1 yr: Absolute. Past performance may or may not be sustained in the future.
 Allotment Date: 24-02-05.

                                                                        MENU       Page 9
Kotak Tax Saver Scheme
An Open- ended Equity Growth Scheme




 Fund Positioning
 – An ELSS Scheme, allowing investors twin advantage of
 capital appreciation and tax savings


 Portfolio Strategy
 – The portfolio diversified across sectors
 – Bottom up approach in process of stock selection




                                                MENU   Page 10
Kotak Lifestyle Scheme
An Open- ended Equity Growth Scheme




 Fund Positioning
 – Focus on companies which are likely to benefit by
 changing lifestyle & rising consumerism in India.
 – Aims at capturing valuation gains derived from emerging
 lifestyle companies due to changing lifestyles of people.

 Portfolio Strategy
 – The portfolio diversified across sectors
 – Bottom up approach in process of stock selection


                                                MENU   Page 11
Kotak Global India
An Open- ended Equity Growth Scheme

 Fund Positioning
 – Focus on Globally Competitive Indian Companies that
   are looking at International market for growth
 – Aims at capturing the valuation gains, derived from
   resurgence in manufacturing sector and inherent strength
   in service sector


 Portfolio Strategy
 – The portfolio diversified across sectors
 – Bottom up approach in process of stock selection

                                                MENU   Page 12
Kotak Global India
An Open- ended Equity Growth Scheme



                        Performance as on M arch 30, 2007




                        Kotak Global India         S&P CNX 500

     65.0
     55.0
     45.0                              39.1     29.7         34.7
     35.0
     25.0                                                           14.4
     15.0         7.0   8.4
      5.0
                 Last 1 year          Last 3 years       Since Allotment
                                                          (Jan 30, 2004)




 Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may or may not be
 sustained in the future. Allotment Date: 30-01-04

                                                                           MENU       Page 13
Kotak Contra
An Open- ended Equity Growth Scheme

 Fund Positioning
 – Follows contrarian style of investing

 – Favours bargain hunting over the momentum approach to
 stock picking

 Portfolio Strategy
 – Invests in [1] companies, which are fundamentally sound
 and are having long-term growth potential, but are currently
 undervalued, [2] Companies / sectors whose changing
 fundamentals are not recognized by markets. [3]
 Companies / Sectors whose long-term potential is partly or
 wholly unrecognized by markets.

                                                 MENU    Page 14
Kotak Contra
An Open- ended Equity Growth Scheme


                      Performance as on M arch 30, 2007

                             Kotak Contra     S&P CNX 500

       55.0

       45.0

       35.0                                                  30.1

       25.0                                         19.1

       15.0
                               8.4
        5.0            0.8

        -5.0           Last 1 year           Since Allotment ( July 27,
                                                       2005)




 Returns < 1 yr: Absolute. Past performance may or may not be sustained in the future.
 Allotment Date: 27-07-05. Returns assume reinvestment of the tax free dividends.

                                                                        MENU       Page 15
Kotak MNC
An Open-ended Equity Growth Scheme

 Fund Positioning
 – A scheme diversified across sectors but focuses only on
   Multinational Companies


 Portfolio Strategy
 – Bottom up stock selection process
 – Aggressive allocation across select stocks




                                                MENU    Page 16
Kotak MNC
An Open-ended Equity Growth Scheme

                     Performance as on M arch 30, 2007

         Kotak M NC *      BSE Sensitive Index         S&P CNX Nifty

   40
                               33.3                    27.4
   35                       31.8             32.0
                                      29.7      30.2
   30
   25                                                                 15.1
   20              15.6                                       18.2
                                                                  15.8
   15               11.8
   10
     5
     0
    -5     Last 1 year     Last 3 years      Last 5 years        Since
                                                              Allotment
  -10       -8.3                                               (Apr 04,
  -15                                                           2000)




 Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may or may not be
 sustained in the future. Allotment Date: 04-04-00. Returns assume reinvestment of the tax free
 dividends.
                                                                            MENU         Page 17
Kotak Technology
An Open-ended Equity Growth Scheme

 Fund Positioning
 – A Sector Scheme, focusing on IT companies


 Portfolio Strategy
 – Portfolio has been kept strictly to IT companies – unlike
   competitors
 – Strategic use of cash in an endeavor to enhance returns




                                                  MENU    Page 18
Kotak Technology
An Open-ended Equity Growth Scheme


                    Performance as on M arch 30, 2007

                                 Kotak Tech       BSE IT

       45.0                             41.7
       40.0                     36.8
       35.0
                                               27.7
       30.0                                           24.8
       25.0      21.920.4
       20.0
       15.0
       10.0
                                                              0.3
        5.0                                                         -0.01
        0.0
       -5.0    Last 1 year    Last 3 years Last 5 years         Since
                                                             Allotment
                                                             (April 04,
                                                               2000)



Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may or may not be
sustained in the future. Allotment Date: 04-04-00.
                                                                       MENU          Page 19
Kotak Balance
An Open-ended Balanced Scheme

 Fund Positioning
 – A balanced scheme
 – Equity exposure maintained between 50% to 70%



 Portfolio Strategy
 – Diversified equity basket for better risk control
 – Mix of large and mid cap stocks




                                                       MENU   Page 20
Kotak Balance
An Open-ended Balanced Scheme


                       Performance as on M arch 30, 2007

                   Kotak Balance *       Crisil Balanced Fund Index

        40
        35
        30                     27.6           27.0
        25
                                  18.0           18.91      18.7
        20
        15            10.4
        10
                2.8
         5
         0
                 1 year        3 years        5 years         Since
                                                           Allotment
                                                            (Nov 25,
                                                             1999)


Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may or may not be
sustained in the future. In periods where benchmark values were not available, the
benchmark returns are not shown. Allotment Date: 25-11-99.

                                                                       MENU          Page 21
Kotak Equity FOF
An Open-ended Equity Fund of Fund Scheme

 Fund Positioning

 – Single asset class (equity), multi manager Fund of Funds

 –The portfolio invests largely across equity schemes from
  multiple fund houses
 – The Scheme allows you to invest in the Best of Breed
   equity schemes (based on recommendations of
 Designated Agency) in India, without the challenges of
 managing such a portfolio on your own.




                                                MENU   Page 22
Kotak Equity FOF
An Open-ended Equity Fund of Fund Scheme

 Portfolio Strategy

 – 75% of the portfolio in diversified large cap schemes.
   Remaining in aggressive equity schemes
 – Use of cash for managing liquidity: Flexibility to hold up
   to 10% in call money, floaters and other money market
   instrument.
 – Scheme selection on the basis of parameters like
   consistency of performance, risk, corpus etc
 – The research function has been outsourced to a
 Designated Agency (Kotak Securities)


                                                  MENU      Page 23
Kotak Equity FOF
An Open-ended Equity Fund of Fund Scheme


                    Performance as on M arch 30, 2007

                       Kotak Equity FOF   S & P CNX Nifty
    60

    50
                                                39.7        37.7
    40

    30
    20
                           11.8
    10           6.0

     0
                  Last 1 year             Since Allotment ( Aug 09,
                                                    2004)




 Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may or may not be
 sustained in the future. Allotment Date: 09-08-04

                                                                          MENU        Page 24
Kotak Income Plus
An Open Ended Income Scheme

 Fund Positioning
 – An income scheme, wherein equity component is aimed
 to be used as a return enhancer

 Portfolio Strategy
 – Predominant investments in Debt / Money market
 securities
 – Equity investments are aimed to be used as a tool for
 return enhancement
 – Debt portion managed comparable to Kotak Bond Short
   Term Plan



                                                MENU       Page 25
Kotak Income Plus
An Open Ended Income Scheme


                 Performance as on M arch 30, 2007


            Kotak Income Plus        CRISIL M IP Blended Index

   9                           8.2                  8.2
   8                                                      6.8
   7                                  6.3
                 5.7
   6
   5
           3.7
   4
   3
   2
   1
   0
            1 year              3 Years         Since Allotment (
                                                  Dec 02, 2003)




 Returns < 1 yr: Absolute. Past performance may or may not be sustained in the future.
 Allotment Date: 02-12-03.

                                                                        MENU       Page 26
Kotak Bond
An Open Ended Debt Scheme

 Fund Positioning
 – A long term Income Plan (s)

 Plans*
 – Regular Plan
 – Deposit Plan




 *Both Plans share the same portfolio


                                        MENU   Page 27
Kotak Bond
An Open Ended Debt Scheme

 Portfolio Strategy
 – Investments in G.Secs, Corporate Bonds and Money
   Market securities
 – G.Sec component varies depending on market conditions
 – No restriction on maturity of portfolio; however average
   portfolio maturity is generally 2 to 6 years




                                                  MENU    Page 28
 Kotak Bond Regular(Growth)
 An Open Ended Debt Scheme


                        Performance as on M arch 30, 2007

         Deposit Plan      Regular Plan       Crisil Composite Bond Index

    10                                                        8.8
     9                      6.7
     8                                                6.9           6.9
     7                                             6.2
     6                   5.2
                                        4.3
     5                               3.5
     4
     3
     2
     1
     0
                          1 year      3 Years       5 Years      Since
                                                              Allotment
                                                              ( Nov 25,
                                                                 1999)




Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may or may not be
sustained in the future. In periods where benchmark values were not available, the benchmark
returns are not shown. Allotment Date: 25-11-99.

                                                                            MENU     Page 29
    Kotak Bond Regular(Growth)
    An Open Ended Debt Scheme

                    Awards won by Kotak Bond Regular*
                        Kotak Bond Regular won the Lipper Fund awards India – April 2006
                              (Best Fund over Five years – Bond Indian Rupee – General)
                          Kotak Bond Regular won ICRA ONLINE MFR 1 – December 2005
                        (2nd Best performing Open-Ended Debt/ Income Fund – 3 year category)
                          Kotak Bond Deposit won ICRA ONLINE MFR 1 - December 2004
                          (Best performing Open-Ended Debt/ Income Fund – 3 year category)
                                    CNBC India Mutual Fund of the Year Award 2004
                          (Best performing Open-Ended Debt/ Income Fund – 3 year category)
                                    CNBC India Mutual Fund of the Year Award 2003
                          (Best performing Open-Ended Debt/ Income Fund – 3 year category)
                                    CNBC India Mutual Fund of the Year Award 2002
                          (Best performing Open-Ended Debt/ Income Fund – 1 year category)
                                               CRISIL Best Fund Award 2003
                                        (Best performing Open-Ended Income Fund)



Past performance is no guarantee of future results. For details on ranking methodology, please refer to the disclaimer. *
Previously Kotak Bond Wholesale                                                                       MENU              Page   30
Kotak Bond Short Term
An Open Ended Debt Scheme

 Fund Positioning
 – A short term Income Plan

 Portfolio Strategy
 – Investments in CPs, T Bills, Bonds and Gilts
 – Average Portfolio Maturity capped at 3 years
 – Dynamic approach to duration management within the
   prescribed limits




                                                  MENU   Page 31
Kotak Bond Short Term
An Open Ended Debt Scheme

                  Performance as on M arch 30, 2007

       Short Term Plan       Crisil Short - Term Bond Fund Index

      8
               7.0
      7                                               6.3
                     5.7          5.7
      6
                                                            5.2
      5                                 4.2
      4
      3
      2
      1
      0
                1 year             3 Years       Since Allotment
                                                 ( M ay 02, 2002)




 Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may or may not be
 sustained in the future. Allotment Date: 02-05-02.

                                                                     MENU       Page 32
    Kotak Bond Short term
    An Open Ended Debt Scheme

                 Awards won by Kotak Bond Short term
                        Kotak Bond Short term has been awarded ICRA MFR-1– March 2007
                  (Best open ended bond short term in 3 year for period ending december 31st 2006)




Past performance is no guarantee of future results. For details on ranking methodology, please refer to the disclaimer.
                                                                                                        MENU              Page 33
Kotak Floater Long Term Scheme
An Open Ended Debt Scheme

 Fund Positioning
 – Floating Rate (long term) Scheme


 Portfolio Strategy
 – Investments are in money market and floating rate
   securities with an aim to contain interest rate risk
 –Higher component of the portfolio is deployed in carry
 assets so that they run down to maturity




                                                  MENU     Page 34
Kotak Floater Long Term Scheme
An Open Ended Debt Scheme


                  Performance as on M arch 30, 2007


           Kotak Floater Long Term      CRISIL Liquid Fund Index


      8
                  7.1
      7                   6.4
                                              6.0
      6                                               5.3
      5

      4

      3
                  Last 1 year          Since Allotment (Aug 13,
                                                 2004)




 Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may not be sustained in the
 future. In periods where benchmark values were not available, the benchmark returns are not
 shown. Allotment Date: 13-08-04.

                                                                           MENU        Page 35
Kotak Floater Short Term Scheme
An Open Ended Debt Scheme

 Fund Positioning
 – A Floating Rate (short term) Scheme

 Portfolio Strategy
 – Investments are predominantly in money market and
 floating rate securities
 – The entire investments in papers that have outstanding
   maturity of less than 1 year; not more than 10% of the
   portfolio can be exposed to market risk




                                                MENU    Page 36
Kotak Floater Short Term Scheme
An Open Ended Debt Scheme


               Performance as on M arch 30, 2007



     Kotak Floater Short Term       CRISIL Liquid Fund Index
 8       7.1
                6.4
                             5.9                5.8
 6                                 5.1                4.9

 4

 2

 0
        Last 1 year         Last 3 years    Since Allotment
                                             (July 14, 2003)




 Returns < 1 yr: Absolute. Past performance may not be sustained in the future. Allotment
 Date: 14-07-03.

                                                                         MENU       Page 37
Kotak Cash Plus Scheme
An Open Ended Debt Scheme

 Fund Positioning
 – An arbitrage scheme

 Portfolio Strategy
 – To generate income from investments in debt and money
 market securities and by availing arbitrage opportunities
 between price of spot and derivatives equity markets.

 – The scheme will invest in equity, derivatives and debt and
 money market instruments as per the investment pattern.




                                                 MENU    Page 38
Kotak Cash Plus Scheme
An Open Ended Debt Scheme


                       Pe rformance as on M arch 30, 2007

                   Kotak Cash Plus     CRISIL Liquid Fund Inde x

     9.0         8.3
     8.0                                            7.6

     7.0                         6.5
                                                              5.9
     6.0

     5.0

     4.0

     3.0

     2.0

     1.0

     0.0
                       1 ye ar             Since Allotme nt (Se pt 29, 2005)




 Returns < 1 yr: Absolute. Past performance may or may not be sustained in the future.
 Allotment Date: 29-09-05.

                                                                               MENU   Page 39
Kotak Flexi Debt
An Open Ended Debt Scheme

 Fund Positioning
 – To generate superior returns over cash funds


 Portfolio Strategy
– Capitalise on trading opportunities in bond market
– Focus on protecting the downside rather than capturing
  additional capital gains

–Enhance returns by increasing the carry on the portfolio
– Focused more on 3- 6 months assets
– No mark to market risk on the portfolio
                                                         Page 40
                                                  MENU
Kotak Flexi Debt
An Open Ended Debt Scheme


                        Performance as on March 30, 2007

                 Kotak Flexi Debt     CRISIL Composite Bond Index

       8         7.6

       7                                           6.7


       6

       5
                                                             4.0
       4                        3.7

       3

       2

       1
                       1 year              Since Allotment (Dec 06, 2004)




 Returns < 1 yr: Absolute. Past performance may or may not be sustained in the future.
 Allotment Date: 06-12-04.

                                                                            MENU   Page 41
    Kotak Flexi Debt
    An Open Ended Debt Scheme

                                  Awards won by Flexi Debt
                            Kotak Flexi Debt has been awarded ICRA MFR-1 – March 2007
                  (Best open ended bond short term in 1 year for period ending december 31st 2006)




Past performance is no guarantee of future results. For details on ranking methodology, please refer to the disclaimer.
                                                                                                        MENU              Page 42
Kotak Gilt Investment
A plan under an Open-ended Dedicated Gilt Scheme

 Fund Positioning
 – A long term Gilt Plan

 Plans
 – Regular Plan

 – PF and Trust Plan

 Portfolio Strategy
 – Predominant investments in long-term G.Secs- no cap on
 average maturity
 – Aggressive asset allocation: increase cash allocation in
 bearish times and vice versa
                                                   MENU   Page 43
Kotak Gilt Investment
A plan under an Open-ended Dedicated Gilt Scheme


                            Performance as on M arch 30, 2007


                      Investment Plan         ISEC Composite Index


       12                                                              10.9

       10

        8                                                  6.8
                                                     6.7

        6             5.3
                4.2
        4                               3.2                                   3.0$
                                  2.5
        2

        0
                 1 Year            3 Years           5 Years        Since Allot ment
                                                                   (Inv Plan - Dec 29,
                                                                           '98;)




 Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may or may not be sustained in the
 future. In periods where benchmark values were not available, the benchmark returns are not shown.
 Allotment Date 29-12-98.

                                                                                  MENU       Page 44
Kotak Gilt Savings
A plan under an Open-ended Dedicated Gilt Scheme

 Fund Positioning
 – A short term Gilt Plan

 Portfolio Strategy
 – Low interest rate / price risk
 – Average Portfolio Maturity capped at 4 years
 – Substantial cash component in bearish markets- very low
 average maturity
 – Predominant investments in short-term G.Secs, treasury
 bills



                                                   MENU   Page 45
Kotak Gilt Savings
A plan under an Open-ended Dedicated Gilt Scheme

                  Performance as on M arch 30, 2007

                          Savings Plan         ISEC SIBEX

  8                                                              7.5
  7                                                  6.0
  6        5.5 5.9           5.2               5.4
                                   4.8
  5
  4
  3
  2
  1
  0
        Last 1 Year       Last 3 Years      Last 5 Years         Since
                            (CAGR* )          (CAGR* )        Allotment (
                                                                Dec 29,
                                                                 1998)




 Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may or may not be sustained in
 the future. In periods where benchmark values were not available, the benchmark returns are not
 shown. Allotment Date: 29-12-98.

                                                                                MENU         Page 46
Kotak Liquid Scheme
An Open Ended Debt Scheme

 Fund Positioning
 – A Liquid scheme aimed at cash management needs of
 individuals, corporate’s etc
 Plans*
 – Regular
 – Institutional
 – Institutional Premium
 *All plans share the same portfolio


 Portfolio Strategy
 – Predominant investments in money market securities
 – Average portfolio maturity is generally less than 6
   months
                                                  MENU   Page 47
Kotak Liquid Scheme
An Open Ended Debt Scheme

                           Performance as on M arch 30, 2007



                  Kotak Liquid Regular Plan       CRISIL Liquid Fund Index




             7   6.5 6.4                              6.2
             6              5.3 5.1     5.5 5.2             5.6
             5
             4
             3
             2
             1
             0
                 1 year     3 years     5 years        Since
                                                    Allotment
                                                    (Reg. - Oct
                                                      05, '00)



Returns = 1 yr: Absolute; Returns > 1 yr: CAGR. Past performance may not be sustained in
the future. In periods where benchmark values were not available, the benchmark returns are
not shown. Allotment Date: 05-10-00.

                                                                             MENU   Page 48
  Awards Won by Kotak Mutual Fund as a
  Fund House


                             NDTV Business Leadership Award 2006
                                           (in the Mutual Fund Category)


                                     Lipper Fund Awards India 2006
                                 (Best Bond Fund Group Over Three years)


                            Outlook Money Best Wealth creator Debt 2003




For details on ranking methodology, please refer to the disclaimer
                                                                           MENU   Page 49
    Risk Return Stack Up
                                                                                               Kotak Tech
                                                                                         Kotak MNC
                                                                               Kotak Global India & Kotak Midcap
                                                                             Kotak Lifestyle
                                                                           Kotak Opportunities
                                                                      Kotak 30 and Kotak Contra
                                                                 Kotak Equity FOF
                                                           Kotak Balance
                                                       Kotak Income Plus
       Risk




                                                 Kotak Gilt Investment
                                          Kotak Bond Deposit &
                                          regular
                                      Kotak Gilt Savings
                                    Kotak Cash Plus
                                  Kotak Bond STP
                          Kotak Flexi Debt
                       Kotak Floater LT
                 Kotak Floater ST
              Kotak Liquid

                                           Potential Return
The above chart is meant only to show relative positioning and should not be construed
as absolute risk return relationships among different products.                                MENU   Page 50
Kotak Mutual At a Glance

                          AUM: Rs. 12125 cr.
                        Equity AUM: Rs. 2749 cr.
               Investor Base: Close to 5.05,000
                          No. of Schemes: 49
                    In existence for over 9 yrs
             Branch presence in 54 cities in India
                            176 employees
       Pioneered many products and services that
         have now become standards in industry
As on 31th March 2007


                                                   MENU   Page 51
Risk Factors: Mutual Funds and securities investments are subject to market risks and
there is no assurance or guarantee that the objectives of the Schemes will be achieved.
*As with any securities investment, the NAV of the Units issued under the Schemes can
go up or down depending on the factors and forces affecting the capital and money
markets. * Past performance of the Sponsor or that of existing Schemes of the Fund
does not indicate the future performance of the Schemes. *Kotak Gilt, Kotak Bond,
Kotak Liquid, Kotak Floater Short Term, Kotak Floater Long Term, Kotak Dynamic
Income, Kotak 30, Kotak Balance, Kotak Income Plus, Kotak Global India, Kotak Tech,
Kotak Equity FoF, Kotak Opportunities and Kotak MNC, Kotak Contra are only the
names of the Schemes and do not in any manner indicate the quality of the Schemes,
future prospects or returns. * Appreciation of the value of the Units issued under Kotak
30, Kotak Tech and Kotak MNC can be restricted in the event of a high asset allocation
to cash, when stock appreciates. * Investments by Kotak Tech in the Information
Technology Sector will constrict the diversification of the Scheme due to which the NAV
of the Units issued under the Scheme runs the risk of high volatility. * Technology
stocks particularly run the risk of high volatility, high valuation and obsolescence. * The
NAV of the Schemes may be affected, inter-alia, by changes in the market, market
interest rates, Price/Interest-rate Risk and Credit Risk, changes in credit rating,
government policy, volatility and liquidity in the money markets, pressure on the
exchange rate of the rupee, trading volumes, performance of individual stocks,
settlement periods and transfer procedures, Basis Risk, Spread Risk and Reinvestment
Risk.

                                                                                Page 52
Risk Factors (Contd.): Specific Risk Factors for Equity FoF: The investors of the
Scheme shall bear the recurring expenses of the Scheme in addition to the
expenses of the underlying schemes. Hence the investor under the Scheme may
receive lower pre-tax returns than what they may receive if they had invested directly
in the underlying schemes in the same proportions. The portfolio disclosure of the
scheme would be limited to providing particulars of the underlying schemes where
the scheme has invested and will not include the investments made by the underlying
schemes. The portfolio of the schemes would normally be comprised of schemes of
Kotak Mahindra Mutual Fund and other schemes from the recommended list provided
by the Designated Agency. Though adequate care would be taken to ensure that the
methodology adopted by the Designated Agency is proper, there may be any
analytical error (like assigning overweightage or underweightage to various risk-
return parameters), execution error etc. by the Designated Agency, which may result
in sub-optimal performance of the Scheme. Since the Scheme proposes to invest in 5
underlying , the significant underperformance in even one of the underlying schemes
may adversely affect the performance of the Scheme. Investments in underlying
equity/debt schemes will have all the risks associated with such schemes.




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Risk Factors (Contd.): *Tax laws may change, affecting the return on investment in
Units. * In the event of receipt of a very large number of redemption requests or very
large value redemption requests or of a restructuring of the Schemes’ portfolios,
there may be delays in the redemption of Units. Please refer to the paragraph on
“Right to limit Redemption” in the Combined Offer Document.
Statutory: Kotak Mahindra Mutual Fund has been established as a trust under the
Indian Trusts Act, 1882, by Kotak Mahindra Bank Limited (liability Rs. NIL) with
Kotak Mahindra Trustee Company Limited as the Trustee and with Kotak Mahindra
Asset Management Company Limited as the Investment Manager. Before investing,
please read the Offer Documents.
   We, Kotak Mahindra Asset Management Company Limited, and/or our
employees, have long/short positions in the securities in respect of which investment
advice is being rendered.




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Investment Objectives: Kotak Gilt: To generate risk-free returns through investments
in sovereign securities issued by the Central Government and/or a State Government
and/or reverse repos in such securities. Kotak FMP: To generate regular returns by
investing in debt / money market and Government Securities in such a way that the
average maturity of the asset portfolio of a Plan does not exceed the maturity period
of the Plan. Kotak Bond: To create a portfolio of debt and money market instruments
of different maturities so as to spread the risk across a wide maturity horizon and
different kinds of issuers in the debt market. Kotak Bond Short Term Plan: To provide
reasonable returns and high level of liquidity by investing in debt and money market
instruments of different maturities, so as to spread the risk across different kinds of
issuers in the debt market. Kotak Liquid: To provide reasonable returns and high level
of liquidity by investing in debt and money market instruments of different maturities,
so as to spread the risk across different kinds of issuers in the debt market. Kotak
Floater Short Term: To reduce the interest rate risk associated with investments in
fixed rate instruments by investing predominantly in floating rate securities, money
market instruments and using appropriate derivatives. Kotak Floater Long Term: To
reduce the interest rate risk associated with investments in fixed rate instruments by
investing predominantly in floating rate securities, money market instruments and
using appropriate derivatives.




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Kotak Flexi Debt: To maximize returns through an active management of a portfolio
of debt and money market securities. Kotak Mid-Cap: To generate capital
appreciation from a diversified portfolio of equity and equity related
instruments.Kotak 30:To generate capital appreciation from a portfolio of
predominantly equity and equity related securities with investment in generally not
more than 30 stocks. Kotak Balance: To achieve growth by investing in equity and
equity related instruments, balanced with income generation by investing in debt and
money market instruments. Kotak Income Plus Scheme: To enhance returns over a
portfolio of debt instruments with a moderate exposure in equity and equity related
instruments.Kotak Global India: To generate capital appreciation from a diversified
portfolio of predominantly equity and equity related securities issued by Globally
Competitive Indian Companies. Kotak Tech: To generate capital appreciation from a
portfolio of predominantly equity and equity related securities in the information
technology sector. Kotak MNC: To generate capital appreciation from a portfolio of
predominantly equity and equity related securities issued by Multinational
Companies. Kotak Opportunities: To generate capital appreciation from a diversified
portfolio of equity and equity related securities. Kotak Equity FOF: To generate long
term capital appreciation from a portfolio created by investing predominantly in open-
ended diversified equity schemes of Mutual Funds registered with SEBI. Kotak
Contra: To generate capital appreciation from a diversified portfolio of equity and
equity related instruments.

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Ranking Methodology CRISIL: [A] Crisil Best Fund Awards 2003 is based on the
ranking methodology of Crisil Fund Services. The Award recognizes consistency of
mutual fund performance and is based on CRISIL~ CPRs (Composite Performance
Rankings) across four-quarter ends (Sept-02, Dec-02, March-03 & June-03). These
quarterly rankings took into account the performance and the portfolios of 19 Open
End Income Schemes. [B] The criteria used in computing the CRISIL Composite
CPR are Superior Return Ratio based on NAVs over the 2-year period for respective
quarter ends, Concentration, Asset Quality, Liquidity and the Asset Size of the
scheme. The methodology does not take into account the entry and exit loads levied
by the scheme. [C] Individual CPR parameter scores were averaged for the fourth
quarter and further multiplied by the parameter weight as per the CPR methodology
to arrive at the final scores. The CPR rankings are published by Business Standard.




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NDTV Business Leadership Awards 2006: The Award aims to felicitate excellence
as acknowledged by their respective peer groups. Methodology: MF companies
were short listed on the basis of criteria's like; types/ number of products and
services offered, rate of return, minimum required investment amount, NAVs. The
short listed entities further underwent self and peer evaluation. Weightage was
assigned to factors like return on investments, various types of funds and good
dividend track record etc. To arrive at the leader, 5 nominees based on the self and
peer evaluations were presented to a panel of jury's who ranked each of them.




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Ranking Methodology Lipper: All funds registered for sale in India as 31st December
2005 having at least 36 months of performance history as of that date. The
calculation period extends over 36, 60, and 120 months with the highest consistent
return (effective return) value within each eligible classification determines the fund
classification winner over 3, 5 or 10 years. The lowest average decile rank of the
three years consistent return measure of the eligible funds per asset class and group
will determine the asset class group award winner over the three year period. In
case of identical results the lower average percentile rank will determine the winner.




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Ranking Methodology CNBC India: # Ranked by 'Moody's Investor Services' for 'The
CNBC-BNP Paribas Mutual Fund of the year awards 2002, 2003 and 2004. #
Chosen among 21 funds in 2002, 25 funds in 2003 and 22 funds in 2004 in the
Debt/Income fund category. # Ranked on performance dated December 31, 2001 (1
year performance), December 31 (3 year performance), 2002 and December 31,
2003 (3 year performance). # Selection criteria - Only Open-ended Schemes, with at
least one, three or five year track record, screened by minimum asset size and using
SEBI classifications. # Load has not been considered for the rankings. # The
Scheme Rankings were calculated by measuring the consistency of the fund's risk
adjusted performance relative to its classification or investment objective. # Only
open-ended Schemes, from eligible fund houses, with 1 year & 3 years track record
with Fund Assets being greater than or equal to 1% of category total net assets have
been considered for this award.The awards were published by CNBC-BNP Paribas.




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Research Methodology of ICRA: Kotak Bond Deposit has been ranked ICRA MFR 1
by ICRA Online in the category Debt Long Term (name of the category) for its 3 (1 or 3
years) year performance till December 31, 2004. The rank indicates performance
within the top 10% of the stated category, which had a total of 22 (no. of schemes in
the category) similar funds, including this scheme. The rank is an outcome of an
objective and comparative analysis against various performance parameters, including:
risk adjusted return; fund size, Sector Concentration, and average maturity. The
ranking methodology did not take into account the entry and exit loads imposed by the
Fund. The rank is neither a certificate of statutory compliance nor any guarantee on the
future performance of Kotak Mahindra Mutual Fund.




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Outlook Money Award “Best Wealth Created (Debt) for 2003”: Methodology: All fund
houses with AUM of at least Rs. 500 cr. As of June 30, 2003 were considered with
minimum track record of 3 years for Income Schemes, 2 years for Gilt Schemes and
2 year for Liquid Schemes. Key parameter examined was risk adjusted return (bonus
point for outperforming category, average risk adjusted` returns and for top 5
schemes in the respective categories). Weights were also assigned to factors like
nature of schemes and investor services (online subscription and redemption, SIP
and SWP, trigger facility, no loading switching, communication etc. To arrive at the
final result, 14 asset management companies were considered for awards. Period of
the award: 1st Jan - 31st Dec 2003. Only open-ended schemes were considered. No
loads were considered. The award was based on the Outlook Money methodology
and was also published by Outlook Money.




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Thank You

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