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Exchange Traded FundsExchange Traded Funds

Nov 2010

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Presentation Flow

Indexing As a Strategy

BeES Advantages & Buy/Sell Mechanism

ETF Growth International & India

BeES Product Details

BeES Performance

About Us

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Index Tracking A Long Term Winner For

Investments

It has been proved that it is not possible to consistently outperform the overallStock Market

In the last 20 years, 85% of Actively Managed Funds have under performed theS&P 500 in US

Index tracking is relatively a cheaper strategy to implement

Indices are Dynamic, Transparent and have High Investor recall

Eliminates the risk of individual stocks, sectors, individual fund manager etc i.e allUnsystemic risks only the Systemic or market risk remains which is commonto all equity investments

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Index Funds in India

At present, there are 36 Index Funds out of which 19 Index Funds are based onS&P CNX Nifty Index

Total Recurring Expenses vary from 0.50% to 1.50% p.a.

Investment Management Fees range from 0.35% to 0.75% p.a.

Tracking Error ranges between 0.09% to 4.67%

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BeES Advantages

Simple Can be Bought / Sold on NSE like a ShareReal-Time

Buy / Sell the broad Indian Market in one Scrip

Used to Equitise Cash

Economical

Annual Expense Ratio is one of the lowest for any Mutual FundScheme in India. No Load Scheme

No Investment limit problems, as is the case with individual stocks

No Rebalancing Issues due to Corporate Action or Index Changes

Full Replication Strategy

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How BeES Work?

Primary Market Secondary Market

Seller

Cash BeES

NSE

Cash BeES

Buyer

Authorised

Participants /

Financial

Institutions

Buy / Sell

Market Making /

Arbitrage

Creation

in-kind

Redemptionin-kind

Fund

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BeES Vs Open Ended Index Funds

Does not insulate long term

investor from short term tradingactivity

Insulates long term investor

from short term tradingactivity

Structure

FundFund and Stock ExchangeLiquidity

NoYesDerivatives Margin

Daily end of dayReal timeNAV

AverageBestTracking

NoYesAbility to Lend UnitsNoYesHedging Tool

NoYesLow Expense Ratio

NoYesTraded Throughout the Day

Traditional Open Ended

Index FundsBeESAttribute

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ETF

Exchange Traded Fund

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Growth of ETFs

Growth of International ETFs

0100

200300

400500

600700800

9001000

11001200

13001400

AUM$

B

illion

0

200

400

600

800

1000

12001400

1600

1800

2000

2200

2400

2600

No.

ofETFs

AUM 1 1 2 5 8 18 40 74 105 142 212 310 417 574 797 711 1032 1239

No. of ETF 1 1 2 19 19 29 30 92 202 2 80 282 336 453 7 32 1171 1590 1939 2409

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Oct-

10

Source: Blackrock ETF Landscape

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Growth of ETFs in India

0

1000

2000

3000

4000

5000

6000

7000

8000

Avg.AUMi

nR

s.Crores

0

5

10

15

20

25

30

No.ofETFs

Avg. AUM 7 168 568 2920 7811 7142 2671 2410 4306

No of ETF 1 5 6 6 6 12 16 18 25

Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Sep-10

Source : Based on data collated from AMFI website i.e. www.amfiindia.com
http://www.amfiindia.com/

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S&P CNX Nifty Index

* - For criteria of S&P CNX Nifty Index kindly refer the indices section of NSE website i.e. www.nseindia.com

Indias premier benchmark index introduced in November 1995 and was

developed as a basis for introducing Index Based Derivatives

S&P CNX Nifty is calculated using the Free Float methodology

Only companies having a high degree of liquidity defined in terms of low Impact

Cost are included as Constituents of the Index

Impact Cost of the S&P CNX Nifty is 0.06% for a portfolio size of Rs. 50 Lakhs*

Represents about 52.90% of the Total Market Capitalization of NSE as on 30 th

Nov 2010
http://www.nseindia.com/

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Nifty Benchmark Exchange Traded Scheme

(Nifty BeES)Investment Objective

The investment objective of Nifty BeES is to provide investment returns that, before expenses,closely correspond to the total returns of the securities as represented by the S&P CNX NiftyIndex. However, the performance of Scheme may differ from that of the Underlying Index due to

tracking error.

Investment Pattern

Upto 100%Securities covered by S&P CNX Nifty Index

Upto 10%Money Market instruments, convertible bonds & other securities

including cash at call but excluding subscription & redemption Cash Flow

Indicative Allocation %Instruments

The above stated percentages are indicative and not absolute

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Nifty BeES

First Exchange Traded Fund (ETF) in India

Combination of a share and a mutual fund unit

Listed and Traded on the Capital Market Segment of NSE

Tracks the S&P CNX Nifty Index and priced at 1/10th of the S&P CNX Nifty Index

Minimum lot-size for Real-time in-kind Creation / Redemption with the Fund is10,000 units and in multiples thereof

Minimum lot-size to buy/sell on NSE is 1 unit and in multiples thereof

Options: The Scheme offers only Growth Option

Units of the scheme will be issued/repurchased and traded compulsorily in dematform

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Nifty BeES - Top 10 Holdings

Company Industry Weightage (%)

Reliance Industries Ltd Petroleum Products 9.59

Infosys Technologies Ltd Sof tw are 8.45

ICICI Bank Ltd Banks 7.53

Larsen & Toubro Ltd Construction Project 5.94ITC Ltd Consumer Non Durables 5.21

HDFC Ltd Finance 5.11

HDFC Bank Ltd Banks 4.66

State Bank of India Banks 4.44

Tata Consultancy Services Ltd Software 3.14

Bharti Airtel Ltd Telecom - Services 2.52

Total 56.59

Data as on 30th Nov 2010

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Nifty BeES Industry Allocation


Industry Weightage (%)

20.53

13.36 10.09

7.63

6.67

5.94

5.214.06

4.043.76

0.64

0.67

3.013.02 3.19

1.96

1.791.27

2.87

Banks Software Petroleum ProductsAuto Finance Construction ProjectConsumer Non Durables Ferrous Metals Pow erPharmaceuticals Oil Telecom - ServicesNon - Ferrous Metals Industrial Capital Goods CementDiversified Gas Minerals / MiningConstruction

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Nifty BeES - Scheme Details

NSE Symbol : NIFTYBEES

BSE Code : 590103

ISIN : INF732E01011

Reuters : NBES.NS

Bloomberg : NBEES.IN

Total Expense Ratio : 0.50% p.a.#

Tracking Error : 0.08% Annualised*

Impact Cost : 0.11$

Entry / Exit Load : NIL

Data as on 30th Nov 2010* - Tracking Error calculated based on monthly Rolling Returns for last 12 months.

# - Financial Year to date Expense Ratio to average AUM$ - Impact cost calculated for period of 6 months ending on 15th Nov 2010, Source: NSE Market Tracker, www.nseindia.com

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Nifty BeES - Performance

Dividends are assumed to be reinvested at the prevailing NAV. Bonus declared has been adjusted.

Past performance may or may not be sustained in future and should not be used as a basis for

comparison with other investments. Inception date is the allotment date which is December 28,

2001.

Absolute

6 Months 1 Year 3 Years 5 Years Since Inception

Nifty BeES 15.96% 17.30% 1.08% 18.29% 22.81%

S&P CNX Nifty Index

(Benchmark Returns)15.26% 16.49% 0.57% 17.18% 21.45%

S&P CNX Nifty

Total Returns Index16.16% 17.74% 1.67% 18.63% 23.43%

SchemesCompounded Annualised


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CNX Nifty Junior Index

The next rung of liquid securities after S&P CNX Nifty is the CNX Nifty Junior

S&P CNX Nifty and the CNX Nifty Junior make up the 100 most liquid stocks inIndia

Only companies having a high degree of liquidity defined in terms Impact Cost

are included as Constituents of the IndexCNX Nifty Junior is calculated using the Free Float methodology

Impact Cost of the CNX Nifty Junior Index is 0.09% for a portfolio size of Rs. 25Lakhs*


Nov 2010

* - For criteria of CNX Nifty Junior Index kindly refer the indices section of NSE website i.e.www.nseindia.com

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Nifty Junior Benchmark Exchange Traded Scheme(Junior BeES)

Investment Objective

The investment objective of Junior BeES is to provide returns that, before expenses, closelycorrespond to the returns of securities as represented by CNX Nifty Junior Index. However, theperformance of Scheme may differ from that of Underlying Index due to tracking error.

Investment Pattern

90% - 100%Securities covered by CNX Nifty Junior Index

0% - 10%Money Market instruments, convertible bonds & other securities including

cash at call but excluding subscription & redemption Cash Flow



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Junior BeES

Second Exchange Traded Fund (ETF) from Benchmark Asset ManagementCompany Pvt. Ltd

Tracks the CNX Nifty Junior Index and priced at 1/100th of the CNX NiftyJunior Index



Minimum lot-size for Real-Time in-Kind Creation / Redemption with the Fund is16,000 units and in multiples thereof

Minimum lot-size to buy/sell on NSE is 1unit and in multiples thereof

Options: The Scheme offers only Growth Option.

Units of the scheme will be issued/repurchased and traded compulsorily indemat form

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Junior BeES - Top 10 Holdings



Adani Enterprises Ltd Trading 4.91

Bank of Baroda Banks 4.62

Grasim Industries Ltd Cement 4.55

JSW Steel Ltd Ferrous Metals3.98

Crompton Greaves Ltd Industrial Capital Goods 3.72

Asian Paints Ltd Consumer Non Durables 3.57

Lupin Ltd Pharmaceuticals 3.54

United Spirits Ltd Consumer Non Durables 3.38

Rural Electrification Corporation Ltd Finance 3.36Ultratech Cement Ltd Cement 3.28

Total 38.91

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Junior BeES Industry Allocation



21.16

10.658.39

7.83

4.91

4.693.98

2.693.61

3.743.8

2.421.37

1.41 1.76

1.35

1.22

8.68

2.172.131.82

Banks Finance Consumer Non Durables

Pharmaceuticals Cement TradingIndustrial Capital Goods Ferrous Metals Transportation

Industrial Products Software Construction

Petroleum Products Auto Ancillaries Construction Project

Fertilisers Pesticides Power

Auto Hotels Diversified

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Junior BeES - Scheme Details

Data as on 30th Nov 2010* - Tracking Error calculated based on monthly Rolling Returns for last 12 months.# - Financial Year to date Expense Ratio to average AUM

$ - Impact cost calculated for period of 6 months ending on 15th Nov 2010, Source: NSE Market Tracker, www.nseindia.com

NSE Symbol : JUNIORBEES

BSE Code : 590104

ISIN : INF732E01045

Reuters : JBES.NS

Bloomberg : JBEES:IN



Impact Cost : 0.32$


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Junior BeES - Performance

Dividends are assumed to be reinvested at the prevailing NAV. Bonus declared has been adjusted.

Past performance may or may not be sustained in future and should not be used as a basis forcomparison with other investments. Inception date is the allotment date which is February 21, 2003.


Absolute


Junior BeES 14.45% 24.25% 2.35% 18.58% 32.34%

CNX Nifty Junior Index


CNX Nifty Junior



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CNX Bank Index

* - For criteria of CNX Bank Index kindly refer the indices section of NSE website i.e. www.nseindia.com

CNX Bank Index is a sectoral index comprising of stocks pertaining to the

Banking Industry

CNX Bank Index consists of 12 key stocks of the Banking Sector

CNX Bank Index is calculated using the Free Float methodology*


Nov 2010

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Banking Index Benchmark Exchange Traded Scheme(Bank BeES)


The investment objective of Bank BeES is to provide returns that, before expenses, closelycorrespond to the total returns of the securities as represented by the CNX Bank Index. However,

the performance of Scheme may differ from that of the Underlying Index due to tracking error.

Investment Pattern

90% - 100%Securities covered by the CNX Bank Index

0% - 10%Money Market Instruments, G-Secs, Bonds, Debentures, Preference

Shares and cash at call



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Bank BeES

Tracks the CNX Bank Index

Each unit is priced at 1/10th of the CNX Bank Index



Minimum lot-size for Real-Time in-kind Creation / Redemption with the Fund is10,000 units and in multiple of thereof




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Bank BeES - Top 10 Holdings



ICICI Bank Ltd Banks 32.02

HDFC Bank Ltd Banks 19.78


Axis Bank Ltd Banks 8.54Kotak Mahindra Bank Ltd Banks 4.08

Punjab National Bank Banks 3.96


Bank of India Banks 2.13

Canara Bank Banks 1.99Union Bank of India Banks 1.94

Total 97.12

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Bank BeES - Scheme Details



NSE Symbol : BANKBEES

BSE Code : 590106

ISIN : INF732E01078

Reuters : BBES.NS

Bloomberg : BBEES:IN



Impact Cost : 0.54$


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Bank BeES - Performance

Dividends are assumed to be reinvested at the prevailing NAV. Past performance may or may not be

sustained in future and should not be used as a basis for comparison with other investments.Inception date is the allotment date which is May 27, 2004.


Absolute


Bank BeES 28.48% 32.90% 9.06% 23.62% 28.20%

CNX Bank Index


CNX Bank



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CNX PSU Bank Index

CNX PSU Bank Index is a sectoral index comprising of stocks pertaining to thePSU Bank Sector

CNX PSU Bank Index consists of 12 key PSU Banking Stocks

CNX PSU Bank Index is a Free Float Methodology based Weighted Index

*

CNX PSU Bank Index Constituents represent about 5.74% of the Total Market

Capitalisation of NSE as on 30th Nov 2010

* - For criteria of CNX PSU Bank Index kindly refer the indices section of NSE website i.e.

www.nseindia.com

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PSU Bank Benchmark Exchange Traded Scheme(PSU Bank BeES)


The investment objective of PSU Bank BeES is to provide returns that, before expenses, closelycorrespond to the total returns of the securities as represented by the CNX PSU Bank Index.

However, the performance of Scheme may differ from that of the Underlying Index due to trackingerror.

Investment Pattern

90% - 100%Securities covered by the CNX PSU Bank Index

0% - 10%Money Market Instruments, G-Secs, Bonds, Debentures and cash at call



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PSU Bank BeES

Tracks the CNX PSU Bank Index

Each unit is priced at 1/10th of the CNX PSU Bank Index



Minimum lot-size for Real-Time in-kind Creation / Redemption with the Fund is10,000 units and in multiple of thereof




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PSU Bank BeES - Top 10 Holdings




Punjab National Bank Banks 10.19


Bank of India Banks 5.48Canara Bank Banks 5.13

Union Bank of India Banks 4.98

Industrial Development Bank of India Ltd Banks 3.52

Oriental Bank of Commerce Banks 3.27

Allahabad Bank Banks 3.01Andhra Bank Banks 2.33

Total 96.27

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PSU Bank BeES - Scheme Details



NSE Symbol : PSUBNKBEES

BSE Code : 590108

ISIN : INF732E01110

Reuters : PSUB.NSBloomberg : PSUBBE:IN EQUITY



Impact Cost : 0.81$


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PSU Bank BeES - Performance

Dividends are assumed to be reinvested at the prevailing NAV. Past performance may or may not be

sustained in future and should not be used as a basis for comparison with other investments.Inception date is the allotment date which is October 25, 2007.


Absolute


PSU Bank BeES 34.76% 41.84% 16.71% -- 21.58%

CNX PSU Bank Index

(Benchmark Returns)33.66% 40.52% 15.63% -- 20.68%

CNX PSU Bank

Total Returns Index35.25% 42.85% 18.07% -- 23.14%


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Shariah Index Framework Providers

Shariah is Islamic canonical law based on the teachings of the Koran

Index constituents of the underlying index are screened for Shariahcompliance and then included in the index

S&P has contracted with Ratings Intelligence Partners (RI) to provide theShariah screens and filter the stocks based on these screens

Ratings Intelligence Partners is a London/Kuwait based consulting companyspecializing in solutions for the global Islamic investment market

RIs team consists of qualified Islamic researchers who work directly with aShariah Supervisory Board

Shariah Supervisory Board is a board of Islamic scholars serving to interpretbusiness issues and recommend actions related to business decisions for theindices. The members of which are :-

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Shariah Index Framework Providers

Dr. Muhammad Ali Elgari - PhD in Economics from the University of California, U.S.A

Dr. Abdul Sattar Abu Ghuddah - PhD in Islamic Law from Al Azhar University, Cairo,Egypt

Dr. Nazih Hammad - PhD in Islamic Law from the University of Cairo, Egypt

Dr. Mohammad Amin Ali-Qattan - PhD in Islamic Banking, University of Birmingham,United Kingdom

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Shariah Screening Process

Two main criteria based on which the stocks are screened

Sector based screens

Accounting based screens

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Sector Based Screens

Business activities related to the following are excluded-: Pork

Alcohol

Gambling Financials

Advertising and Media (newspapers are allowed, sub-industries are analyzed individually) Pornography

Tobacco

Trading of gold and silver as cash on deferred basis(The above industries are not considered Islamic and would not be appropriate for investment forobservant Muslims)

During the selection process, each company

s audited annual report is reviewed to ensurethat the company is not involved in any non-Shariah compliant activities

Companies that are found to be non-compliant are screened out

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Accounting Based Screens

Companies left after passing through sector based screen are examined forcompliance in financial ratios

Three areas of focus are leverage, cash and the share of revenues derived fromnon-compliant activities. All of these are subject to evaluation on an ongoing

basis Leverage Compliance

This compliance is measured as:

Debt / Market Value of Equity (12 Month average) < 33 %;

Cash ComplianceThere are compliances with reference to cash holdings. These are:Accounts Receivables / Market value of Equity (12 Month average) < 49 %;(Cash + Interest Bearing Securities) / Market value of Equity (12 Month average)

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Accounting Based Screens

Revenue Share from Non-Compliant Activities

In certain cases, revenues from non-compliant activities are permissible, if they comply withthe following threshold:

(Non-Permissible Income other than Interest Income) / Revenue < 5%

Dividend Purification Ratio

This ratio is provided to investors for purification purposes, it is calculated as:

Dividends * (Non Permissible Revenue / Total Revenue)

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S&P CNX Nifty Shariah Index

* - For criteria of S&P CNX Nifty Shariah Index kindly refer the indices section of NSE website i.e.

www.nseindia.com

Constituents of S&P CNX Nifty index are screened for Shariah compliance

Companies that are Shariah compliant form the S&P CNX Nifty Shariah index*

Index is calculated using a base-weighted aggregate methodology

At present S&P CNX Nifty Shariah Index comprises of 31 constituents as on30th Nov 2010

S&P CNX Nifty Shariah Index Constituents represent about 35.71% of the

Total Market Capitalisation of NSE as on 30th Nov 2010

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Shariah Benchmark Exchange Traded Scheme(Shariah BeES)


The investment objective of Shariah BeES is to provide returns that, before expenses, closelycorrespond to the total returns of the securities as represented by the S&P CNX Nifty Shariah Index

by investing in securities which are constituents of S&P CNX Nifty Shariah Index in the sameproportion as in the Index. However, the performance of Scheme may differ from that of theUnderlying Index due to tracking error.

Investment Pattern

90% - 100%Securities covered by the S&P CNX Nifty Shariah Index

0% - 10%Cash



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Shariah BeES

First Exchange Traded Fund in India benchmarked to S&P CNX Nifty ShariahIndex

Each unit is priced at 1/10th of S&P CNX Nifty Shariah Index



Minimum lot-size for Real-Time In Kind Creation / Redemption with the Fund

is 10,000 units and in multiple of thereof



Units of the scheme will be issued/repurchased and traded compulsorily in

demat form

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Shariah BeES - Top 10 Holdings



Reliance Industries Ltd Petroleum Products 16.55

Infosys Technologies Ltd Softw are 14.59

Larsen & Toubro Ltd Construction Project 10.26

Tata Consultancy Services Ltd Software 5.43Bharti Airtel Ltd Telecom - Services 4.36

ONGC Ltd Oil 4.17

Bharat Heavy Electricals Ltd Industrial Capital Goods 3.44

Hindustan Unilever Ltd Diversified 3.10

Hindalco Industries Ltd Non - Ferrous Metals 2.66Sterlite Industries (India) Ltd Non - Ferrous Metals 2.54

Total 67.10

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Shariah BeES Industry Allocation



23.07

16.55

10.26

6.47

5.85

5.52

5.24.944.363.513.483.1

1.11

2.19

1.16

2.12

Software Petroleum Products Construction Project

Pharmaceuticals Auto OilNon - Ferrous Metals Industrial Capital Goods Telecom - ServicesPower Ferrous Metals DiversifiedGas Cement Minerals / MiningConstruction

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Shariah BeES - Scheme Details


$ - Impact cost calculated for period of 6 months ending on 15th

Nov 2010, Source: NSE Market Tracker, www.nseindia.com

NSE Symbol : SHARIABEES

BSE Code : 590109

ISIN : INF732E01128

Reuters : SBET.NSBloomberg : SBEES IN Equity



Impact Cost : 0.80$


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Shariah BeES - Performance


comparison with other investments. Inception date is the allotment date which is March 18, 2009.


Absolute


Shariah BeES 9.61% 9.94% -- -- 47.44%

S&P CNX Nifty Shariah Index

(Benchmark Returns)9.28% 9.54% -- -- 47.84%

S&P CNX Nifty ShariahTotal Returns Index

10.03% 10.86% -- -- 49.57%


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CNX Infrastructure Index

* - For criteria of CNX Infrastructure Index kindly refer the indices section of NSE website i.e.

www.nseindia.com

Includes companies belonging to Telecom, Power, Port, Air, Roads, Railways,shipping and other Utility Services providers

CNX Infrastructure Index is calculated using the Free Float methodology

Base value and base date of index are 1000 and Jan. 01, 2004 resp.

Companies are selected based on the below parameters

Market capitalisation

Turnover

Net worth

Company should be available for trading in the derivatives segment (Stock Futures &Options market) on NSE

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Infrastructure Benchmark Exchange Traded Scheme(Infra BeES)


The investment objective of the Infra BeES is to provide returns that, before expenses, closelycorrespond to the total returns of the securities as represented by the CNX Infrastructure Index

by investing in the securities in the same proportion as in the Index..

Investment Pattern

95%-100%Securities covered by the CNX Infrastructure Index

0%-5%Money Market Instruments, G-Secs, Bonds, Debentures and cash at call



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Infra BeES



Tracks the CNX Infrastructure Index and priced at 1/10 th of the CNXInfrastructure Index





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Infra BeES - Top 10 Holdings

Data as on 30th

Nov 2010


Larsen & Toubro Ltd Construction Project 28.67

Bharti Airtel Ltd Telecom - Services 12.18

Bharat Heavy Electricals Ltd Industrial Capital Goods 9.65

NTPC Ltd Pow er 6.52Tata Pow er Co Ltd Pow er 5.80

Crompton Greaves Ltd Industrial Capital Goods 3.52

Jaiprakash Associates Ltd Cement 3.51

Reliance Infrastructure Ltd Pow er 3.28

Siemens Ltd Industrial Capital Goods 3.23DLF Ltd Construction 3.08

Total 79.44

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Infra BeES Industry Allocation

Data as on 30th

Nov 2010


31.88

19.94

18.50

16.71

1.28

2.24

3.515.44

Cons truction Project Pow er Indus trial Capital Goods

Telecom - Services Construction Cem ent

Transportation Hotels

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Infra BeES - Scheme Details

NSE Symbol : INFRABEES

ISIN : INF732E01268

Reuters : IFRB.NS

Bloomberg : IBEES IN Equity


Impact Cost : 0.62$


Data as on 30th Nov 2010# - Financial Year to date Expense Ratio to average AUM

$ - Impact cost calculated for period of 6 months ending on 15th


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Infra BeES - Performance

As the Scheme has not completed one year, the returns are absolute. Past performance may or may

not be sustained in future and should not be used as a basis for comparison with other investments.

Inception date is the allotment date which is September 29, 2010.

Data as on 30th

Nov 2010

Schemes 6 Months 1 Year 3 Years 5 Years Since Inception

Infra BeES -- -- -- -- -9.35%

CNX Infrastructure Index

(Benchmark Returns)-- -- -- -- -8.87%

CNX Infrastructure Total

Returns Index

-- -- -- -- -8.87%

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International Equity ETF

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Hang Seng Index

Hang Seng Index (HSI) was launched on Nov 24, 1969 and is one of theearliest stock market indices in Hong Kong

Hang Seng Indexes Company Ltd. compiles and publishes the HSI

Widely recognised as the barometer of the Hong Kong Stock market

HSI measures the performance of largest and most liquid companies listed inHong Kong

HSI adopts free float-adjusted market capitalisation weighted methodology with15% cap on each constituent weightage

It currently comprises of 45 stocks* which are representative of the Hong

Kong stock market

Represents about 58.10% of total market capitalisation of Hong Kong stockexchange$ as on 30th Nov 2010

* As on 30th Nov 2010. For criteria of Hang Seng Index kindly visit http://www.hsi.com.hk

$ The universe comprises all main board primary listings.
http://www.hsi.com.hk/

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Hang Seng Benchmark Exchange Traded Scheme

(Hang Seng BeES)


The investment objective of Hang Seng Benchmark Exchange Traded Scheme (Hang Seng BeES) is toprovide returns that, before expenses, closely correspond to the total returns of securities as

represented by Hang Seng Index of Hang Seng Data Services Limited, by investing in the securities inthe same proportion as in the Index.

Investment Pattern

90%-100%Securities constituting Hang Seng Index

0%-10%Money Market Instruments, G-Secs, Bonds, Debt instruments, Cash at call

and Mutual fund schemes / Overseas exchange traded funds based onHang Seng Index



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Hang Seng BeES

First International Exchange Traded Fund (ETF) in India



Each unit is priced at 1/100th of the value of Hang Seng Index on currency

adjusted basis





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Hang Seng BeES Industry Allocation

Data as on 30th

Nov 2010


45.07

13.18

9.93

8.647.58

0.46

2.043.11

3.93 4.89

Financials EnergyProperties & Construction TelecommunicationsConglomerates UtilitiesConsum er Goods Inform ation TechnologyServices Materials

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Contd..

Data as on 30th

Nov 2010

No. of Companies

7

5

31

11

6

4 42 2

0

2

4

6

8

10

12

14

Financials

Cong

lomerates

Pr

operties&

Co

nstruction

Energy

Services

Utilities

Consum

erGoods

Information

T

echnology

Telecommunications

Materials

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Hang Seng BeES - Scheme Details


$ - Impact cost calculated for period of 6 months ending on 15

th


NSE Symbol : HNGSNGBEES

BSE Code : 590113

ISIN : INF732E01227

Reuters : HNGS.NSBloomberg : HSBEES IN Equity

Total Expense Ratio : 1.00 % p.a.#


Impact Cost : 1.42$


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Hang Seng BeES - Performance

Data as on 30th

Nov 2010

Schemes 6 Months 1 Year 3 Years 5 Years Since Inception

Hang Seng BeES 16.16% -- -- -- 11.99%

Hang Seng Index

(Benchmark Returns)16.41% -- -- -- 8.49%

Hang Seng Total Returns Index

(INR)17.05% -- -- -- 12.24%

As the Scheme has not completed one year, the returns are absolute. Past performance may or may

not be sustained in future and should not be used as a basis for comparison with other investments.

Inception date is the allotment date which is March 09, 2010.

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Indices Facts

Data as on 30th

Nov 2010

Source: www.nseindia.com

Source: Hang Seng Indexes Company Limited

IndexFull Market Cap.

(Rs Crs.)P/E P/B

Dividend

Yield

S&P CNX Nifty 3,647,117.37 23.39 3.69 1.06

CNX Nifty Junior 827,973.08 17.73 3.25 1.01

CNX Bank Index 689,932.65 20.11 2.86 0.99

CNX PSU Bank Index 395,622.37 12.32 2.19 1.45

S&P CNX Nifty Shariah Index 2,462,364.88 23.16 4.04 0.95

CNX Infrastructure Index 973,888.28 29.43 3.43 0.71

Index

Full Market Cap.

(Rs Crs.) P/E

Dividend

Yield

Hang Seng Index 7,103,042.23 16.94 2.64

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Gold ETF

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Gold Benchmark Exchange Traded Scheme(Gold BeES)


The investment objective of the Gold BeES is to provide returns that, before expenses, closelycorrespond to the returns provided by domestic price of gold through physical Gold.

Investment Pattern

90% to 100%Physical Gold

0% to 10%Money Market instruments, Securitised Debts*, Bonds, includingcash at call


* Investments in securitised debts can be made by the Scheme upto 5% of the net assets.

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Gold BeES

First Gold Exchange Traded Fund (ETF) in IndiaOne Unit represents One Gram of Gold


Quotes would vary taking into consideration various aspects like InternationalMarket Movements, Demand, Supply, Exchange Rate Fluctuations, etc

No STT, as this product is classified as Debt Fund

Minimum Lot-size for Real-Time In Kind Creation / Redemption with the Fund is1000 units and in multiple of thereof

Minimum Lot-size to buy/sell on NSE is 1 unit and in multiples thereof



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Gold BeES - Scheme Details

NSE Symbol : GOLDBEES

BSE Code : 590095

ISIN : INF732E01102

Reuters : GBES.NSBloomberg : GBEES IN EQUITY


Impact Cost : 0.05$


Data as on 30th Nov 2010# Financial Year to date Expense Ratio to average AUM$ - Impact cost calculated for period of 6 months ending on 15th Nov 2010,

Source: NSE Market Tracker, www.nseindia.com.

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Gold BeES - Performance

Data as on 30th

Nov 2010

Absolute


Gold BeES 11.46% 15.40% 25.20% -- 22.44%

Domestic Price of Gold 12.04% 16.58% 26.33% -- 23.53%



comparison with other investments. Inception date is the allotment date which is March 08, 2007.

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Money Market ETF

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What is Liquid BeES ?

Mainly suited for capital market investors who wish to park idle cash in mostconvenient way

A unique liquid fund which has been accredited a credit rating ofAAAmmf(ind)* by Fitch ratings India Pvt. Ltd.

The Face Value of each unit of Liquid BeES is Rs. 1000 and the Fund endeavors

to keep the daily NAV at Rs. 1000The returns accrue to the investors in the form of daily dividend, which iscompulsorily reinvested in the Scheme

The units arising out of dividend reinvestment are credited to the beneficiary(Demat) account of the investors at least once in 30 days

Units of Liquid BeES are uploaded up to 3 decimal

* - AAAmmf(ind) - It reflects its extremely strong capacity to achieve its investment objective of preserving principal and providingshareholder liquidity through limiting credit, market and liquidity risk, relative to all other short-term investments in India.

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Liquid BeES An Ideal Investment Tool

Liquid BeES is a very efficient and convenient solution for utilizing cash balancebetween trades in equity market (NSE)

When an investor sells his shares on NSE, he can instruct the broker to purchaseLiquid BeES of equal amount

This will ensure that from the date of settlement (T+2) the investor will startearning dividends

Also investor does not have to go through the hassles of receiving & depositing acheque in his bank and wait till clearance to invest it in a Liquid fund

If Liquid BeES are used, while buying any shares the process of redemption from aLiquid Fund and depositing a cheque to the broker can be avoided

The only thing an investor will have to do is instruct the broker to buy shares and

sell equivalent amount of Liquid BeES

Only effort required is send a security transfer instruction to the DP relating toLiquid BeES (Investor can avoid this if he is using speed-e facility or has givenpower of attorney to Broker / DP)

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Liquid BeES

First Liquid Exchange Traded Fund (ETF) in the World


Constant Quotes for any size at 999.99 to 1000.01on NSE

No STT, as this Product is classified as Debt Fund

Can be used as Cash Equivalent Margin for Derivatives Segment with 10% Hair Cut

Minimum Creation Size of 2500 units and in multiple of 1 unit thereafter


Custodian & Transaction Charges have been waived by NSDL & CDSL


Investor can subscribe/redeem through the mutual fund trading platform viz. BSEStAR MF of BSE and Mutual Fund Service System (MFSS) of NSE. For subscription,minimum amount of Rs. 1& in multiples of thereof. For redemption, minimum of0.001 units & in multiples of thereof

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Liquid BeES - Scheme Details

Data as on 30th Nov 2010# Financial Year to date Expense Ratio to average AUM$ - Impact cost calculated for period of 6 months ending on 15th Nov 2010,Source: NSE Market Tracker, www.nseindia.com.

NSE Symbol : LIQUIDBEES

BSE Code : 590096

ISIN : INF732E01037

Reuters : LBES.NS

Bloomberg : LBEES IN


Impact Cost : 0.03$


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Liquid BeES - Performance

Data as on 30

th

Nov 2010

7 Days 15 Days 1 Month 3 Months 6 Months 1 Year 3 Years 5 YearsSince

Inception

Liquid BeES * 6.60% 6.73% 6.66% 6.24% 5.78% 4.73% 5.31% 5.44% 4.86%

CRISIL Liquid

Fund Index5.72% 6.28% 6.45% 6.18% 5.76% 4.71% 6.12% 6.32% 5.66%

Simple Annualised Compounded Annualised

Schemes

* Returns are based on Gross Dividend P.U. (Inclusive of Distribution Tax) declared by the Fund till Nov 30, 2010.

Actual dividend in the hands of each investor will vary based on category and rate of dividend distribution tax

applicable thereon. Returns for all the period are annualized. Past performance may or may not be sustained in future

and should not be used as a basis for comparison with other investments. Inception date is the allotment date which is

July 08, 2003.

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About Benchmark

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About Us

Indias First Asset Management Company to focus on Indexing andQuantitative Asset Management

Endeavour to bring newer products in India

Run and Co-promoted by Professionals with long experience in Indian and

International Financial Markets

Average assets under management of Benchmark Mutual Fund for month of

Nov 2010 is approximately Rs. 2989.96 Crores

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Achievement

Nifty Benchmark Exchange Traded Scheme (Nifty BeES) was Awarded Best Performing Mutual Fund

of The Year Award In The Index Fund Category at the CNBC TV18 CRISIL Mutual Fund of TheYear Award 2007, 2008 & 2009*, respectively

Nifty BeES

2007

Nifty BeES

2009

Nifty BeES

2008

Eligibility Criteria & Methodology

In total 11 schemes in year 2007, 12 schemes in year 2008 and 13 schemes in year 2009 were eligible for award universe. Schemes present in all fourquarterly CRISIL CPRs for each calendar year were considered for the award. The award is based on consistency of the schemes performance in the four

quarterly CRISIL CPR rankings released during the respective calendar year. The individual CRISIL CPR parameter scores averaged for the four quartersfor each calendar year were further multiplied by the parameter weights as per the CRISIL CPR methodology to arrive at the final scores. A detailedmethodology of the CRISIL CPR is available at www.crisilfundservices.com. Past performance is no guarantee of future results.

Rankings and Award Source: CRISIL Fund Services, CRISIL Ltd.

* - Past performance may or may not be sustained in future and should not be used as a

basis for comparison with other investments.
http://www.crisilfundservices.com/

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Contacts

Toll Free No: 1800-22-5079

E mail: [email protected]
mailto:[email protected]

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Contd

NAV of the Schemes will react to the securities market/bullion market movements.

The Investor could lose money over short periods due to fluctuation in the NAV of theSchemes in response to factors such as economic and political developments, changes ininterest rates and perceived trends in securities prices/bullion prices, market movementsand over longer periods during market downturns, respectively. The returns are notnecessarily indicative of future results and may not necessarily provide a basis forcomparison with other investments. S&P and Standard and Poors aretrademarks of the McGraw-hill Companies, Inc. (S&P), and have been licensed for useby India Index Services & Products Limited in connection with the S&P CNX Nifty andS&P CNX Nifty Shariah Index. Nifty BeES and Shariah BeES are not sponsored, endorsed,

sold or promoted by India Index Services & Products Limited ("IISL") or Standard &Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). Neither IISL nor S&Pmakes any representation or warranty, express or implied, to the owners of Nifty BeESand Shariah BeES or any member of the public regarding the advisability of investing insecurities generally or in Nifty BeES and Shariah BeES. Please read the full Disclaimers inrelation to the S&P CNX Nifty Index and S&P CNX Nifty Shariah Index in the SchemeInformation Document before investing. The Products on CNX Nifty Junior Index, CNXBank Index, CNX PSU Bank Index and CNX Infrastructure Index are not sponsored,endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL does

not make and expressly disclaims any representation or warranty, express or implied(including warranties of merchantability or fitness for particular purpose or use) regardingthe advisability of investing in the products linked to CNX Nifty Junior Index, CNX BankIndex, CNX PSU Bank Index and CNX Infrastructure Index or particularly in the ability ofthe CNX Nifty Junior Index, CNX Bank Index, CNX PSU Bank Index and CNXInfrastructure Index to track general stock market performance in India.

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Contd

Please read the full Disclaimers in relation to the CNX Nifty Junior Index, CNX Bank Index,

CNX PSU Bank Index and CNX Infrastructure Index in the Offer Document / Prospectus /Information Statement. Redemption by exchange of Portfolio Deposit of Hang Seng BeES- In case an unit holder wishes to, redeem in creation unit size, the units of the Scheme byexchange of portfolio deposit, then such unit holder is required to have a securities account,etc. in their respective jurisdiction which permits them to hold such securities and which willenable the AMC to transfer the constituents of the Underlying Index. THE HANG SENGINDEX (THE INDEX) IS PUBLISHED AND COMPILED BY HANG SENG INDEXESCOMPANY LIMITED PURSUANT TO A LICENCE FROM HANG SENG DATA SERVICESLIMITED. THE MARK AND NAME HANG SENG INDEX ARE PROPRIETARY TO HANG

SENG DATA SERVICES LIMITED. HANG SENG INDEXES COMPANY LIMITED ANDHANG SENG DATA SERVICES LIMITED HAVE AGREED TO THE USE OF, ANDREFERENCE TO, THE INDEX BY BENCHMARK ASSET MANAGEMENT COMPANYPVT. LTD. IN CONNECTION WITH HANG SENG BENCHMARK EXCHANGE TRADEDSCHEME (HANG SENG BEES) (THE PRODUCT), BUT NEITHER HANG SENGINDEXES COMPANY LIMITED NOR HANG SENG DATA SERVICES LIMITEDWARRANTS OR REPRESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OFTHE PRODUCT OR ANY OTHER PERSON (I) THE ACCURACY OR COMPLETENESSOF THE INDEX AND ITS COMPUTATION OR ANY INFORMATION RELATED

THERETO; OR (II) THE FITNESS OR SUITABILITY FOR ANY PURPOSE OF THE INDEXOR ANY COMPONENT OR DATA COMPRISED IN IT; OR (III) THE RESULTS WHICHMAY BE OBTAINED BY ANY PERSON FROM THE USE OF THE INDEX OR ANYCOMPONENT OR DATA COMPRISED IN IT FOR ANY PURPOSE, AND NOWARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVERRELATING TO THE INDEX IS GIVEN OR MAY BE IMPLIED.

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THE PROCESS AND BASIS OF COMPUTATION AND COMPILATION OF THE INDEXAND ANY OF THE RELATED FORMULA OR FORMULAE, CONSTITUENT STOCKSAND FACTORS MAY AT ANY TIME BE CHANGED OR ALTERED BY HANG SENGINDEXES COMPANY LIMITED WITHOUT NOTICE. TO THE EXTENT PERMITTED BYAPPLICABLE LAW, NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY HANGSENG INDEXES COMPANY LIMITED OR HANG SENG DATA SERVICES LIMITED (I)IN RESPECT OF THE USE OF AND/OR REFERENCE TO THE INDEX BY BENCHMARKASSET MANAGEMENT COMPANY PVT. LTD. IN CONNECTION WITH THEPRODUCT; OR (II) FOR ANY INACCURACIES, OMISSIONS, MISTAKES OR ERRORSOF HANG SENG INDEXES COMPANY LIMITED IN THE COMPUTATION OF THEINDEX; OR (III) FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS ORINCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THECOMPUTATION OF THE INDEX WHICH IS SUPPLIED BY ANY OTHER PERSON; OR(IV) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY ORINDIRECTLY SUSTAINED BY ANY BROKER OR HOLDER OF THE PRODUCT OR ANYOTHER PERSON DEALING WITH THE PRODUCT AS A RESULT OF ANY OF THEAFORESAID, AND NO CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BEBROUGHT AGAINST HANG SENG INDEXES COMPANY LIMITED AND/OR HANGSENG DATA SERVICES LIMITED IN CONNECTION WITH THE PRODUCT IN ANY

MANNER WHATSOEVER BY ANY BROKER, HOLDER OR OTHER PERSON DEALING WITH THE PRODUCT. ANY BROKER, HOLDER OR OTHER PERSON DEALING WITH THE PRODUCT DOES SO THEREFORE IN FULL KNOWLEDGE OF THISDISCLAIMER AND CAN PLACE NO RELIANCE WHATSOEVER ON HANG SENGINDEXES COMPANY LIMITED AND HANG SENG DATA SERVICES LIMITED.

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Contd

FOR THE AVOIDANCE OF DOUBT, THIS DISCLAIMER DOES NOT CREATE ANYCONTRACTUAL OR QUASI-CONTRACTUAL RELATIONSHIP BETWEEN ANYBROKER, HOLDER OR OTHER PERSON AND HANG SENG INDEXES COMPANYLIMITED AND/OR HANG SENG DATA SERVICES LIMITED AND MUST NOT BECONSTRUED TO HAVE CREATED SUCH RELATIONSHIP. Please read the SchemeInformation Documents (SID) and Statement of Additional Information (SAI) carefullybefore investing. For Schemes specific risk factors, please refer SID.

Statutory Details:Constitution: Benchmark Mutual Fund has been set up as a Trust under the Indian TrustAct, 1882 Trustee: Benchmark Trustee Company Pvt. Ltd. Investment Manager:Benchmark Asset Management Company Pvt. Ltd. Sponsor: Niche Financial ServicesPvt. Ltd.

For more details please refer the SID, Key Information Memorandum and ApplicationForm which are available at the Office of the AMC or can be downloaded from

www.benchmarkfunds.com
http://www.benchmarkfunds.com/http://www.benchmarkfunds.com/

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Thank You