bees presentation

GS BeES

Exchange Traded Funds

April 2015

Presentation flow

Indexing as a strategy

GS BeES advantages & buy/sell mechanism

ETF growth international & India

GS BeES product details

About us

1

2

Why you should consider index investing?

Reduce risk

Elimination of non-systemic risks

Investing in an index fund makes no attempt at forecasts and

analysis

Lower expenses Cost of researching stocks, industries, sectors etc eliminated

Broad diversification Exposure to segments of markets and also entire markets

Easier to buy index fund versus individual stocks

Asset allocation Indices across asset classes (equity, fixed income, gold, etc.)

Easy to track portfolio

Benefit from expert opinion Actions of large numbers of active investors set stock prices &

index investors benefit from this at a low cost

Index funds in India

At present, there are 48 index funds, of which 221 are based on the CNX Nifty Index

Total recurring expenses2 vary from 0.25% to 1.70% p.a.

Tracking error3 ranges between 0.08% to 1.65%

3

Data as on 31st March 2015

1 -Source: MFI explorer.

2 Source MFI explorer. Service tax may be charged over and above total expense. 3 Internal calculation done on the basis of NAV data sourced from AMFI This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or

investment advice. Please see additional disclosures.

Features of GS BeES

Simple can be bought/ sold on the NSE like a share in real-time

Buy/ sell the broad Indian market in one ETF unit

Can be used to equitise cash

Economical the annual expense ratio for Index funds is low compared to traditional open-ended equity

or debt fund.

No rebalancing issue for the investor due to corporate action or index changes

Full replication strategy

4

Mechanism

5

Secondary market

Seller

Stock Exchange

GS BeES* Cash

Cash GS BeES*

* GS BeES = Goldman Sachs Exchange Traded Schemes

Exactly like a stock

Primary market

Authorized

participants /

financial

institutions

Subscription/

redemption

in-kind

Behind the scene

Buy / sell

Market making /

arbitrage

Buyer Fund

GS BeES Vs Open Ended Index Funds

6

Parameters Index ETFs Traditional open-ended index funds

Traded throughout the

day Yes No

Low expense ratio Usually lower than traditional

open-ended funds Usually higher than ETFs

Trade at any brokerage

firm Yes No

Tracking Tracks index more closely relative to a

traditional open-ended fund

Tracking errors are usually higher as

compared to ETFs

NAV Real time pricing as compared to a

traditional open-ended fund Daily end of day

Can be used for

derivatives margin Yes No

Liquidity Fund and stock market Fund

Structure Insulates long term investor from short

term trading activity

Does not insulate long term investor from

short term trading activity

ETF Exchange Traded Fund

7

Growth of ETFs Internationally

- AUM in USD Billion. Source: ETFGI Monthly Newsletter March 2015.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Mar -15

AUM* 74 105 142 212 310 416 579 806 716 1041 1313 1355 1754 2254 2643 2781

No. of ETFs 94 208 283 288 334 440 719 1132 1614 1961 2473 3022 3334 3591 3964 4049

0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

500

1000

1500

2000

2500

3000

No

. of E

TF

s A

UM

$ B

illio

n

Growth of International ETFs

Growth of ETFs in India

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

* - Average AUM for the Quarter. (For other periods amount is Average AUM for Month)

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

Dec-11*

Dec-12*

Dec -13*

Dec -14*

Mar -15*

Avg. AUM 7 168 568 2920 7811 7142 2671 2410 4981 10852 13380 10959 12677 14371

No of ETFs 1 5 6 6 6 12 16 18 26 33 34 39 45 48

0

10

20

30

40

50

0

3000

6000

9000

12000

15000

No

. of E

TF

s

Av

g.

AU

M (

Rs. in

Cro

res)

Domestic Equity ETFs

10

CNX Nifty Index

Indias premier benchmark index introduced in November 1995 and was developed as a basis for

introducing index based derivatives

CNX Nifty is calculated using the free float market capitalization weighted method1

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 CNX Nifty for March 2015 is 0.06% for a portfolio size of Rs. 50 Lakhs1

Represents about 57.34%2 of the total market capitalization of NSE as on 31st March 2015

11

1 - For criteria of CNX Nifty Index and Impact cost, kindly refer the indices section of NSE website i.e. www.nseindia.com

2 - Source: www.nseindia.com / India Index Services & Products Ltd. (IISL)/ Internal

Goldman Sachs Nifty Exchange Traded Scheme (GS Nifty BeES)

12

Investment objective

The investment objective of GS Nifty BeES is to provide investment returns that, before expenses, closely

correspond to the total returns of the securities as represented by the CNX Nifty Index. However, the

performance of scheme may differ from that of the underlying index due to tracking error.

Investment pattern

The above stated percentages are indicative and not absolute.

Instruments Indicative allocation %

Securities covered by CNX Nifty Index Up to 100%

Money market instruments, convertible bonds & other securities

including cash at call but excluding subscription & redemption cash flow

Up to 10%

There is no guarantee that these objectives will be met.

Goldman Sachs Nifty Exchange Traded Scheme (GS Nifty BeES)

13

Type of scheme

Open ended index scheme, listed on the exchange in the form of an Exchange Traded Fund (ETF)

Product labeling

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

This product is suitable for investors who are seeking*:

long-term capital appreciation.

investment in securities covered by CNX Nifty Index.

high risk. (BROWN)

(BLUE) investors understand

that their principal will be at low

risk

(YELLOW) investors understand

that their principal will be at medium

risk

(BROWN) investors understand that

their principal will be at high risk

Note: Risk may be represented as:

GS Nifty BeES

Combination of a share and a mutual fund unit

Listed and traded on the capital market segment of the NSE

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

Minimum lot-size for real-time in-kind creation/ redemption with the Fund is 10,000 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 Demat form

14

GS Nifty BeES - top 10 holdings

15


Portfolio holdings may change by the time you receive this. Portfolio holdings may not be representative of future investments. The securities discussed may not represent all of the portfolio's

holdings and may not be deemed representative of the strategys future portfolio holdings. Future portfolio holdings may not be profitable. Industry allocation as per AMFI classification

Company Industry Weightage (%)

Infosys Ltd Software 7.50

Housing Development Finance Corporation Ltd Finance 7.01

HDFC Bank Ltd Banks 6.73

ICICI Bank Ltd Banks 6.19

ITC Ltd Consumer Non Durables 6.17

Larsen & Toubro Ltd Construction Project 4.76

Reliance Industries Ltd Petroleum Products 4.61

Tata Consultancy Services Ltd Software 4.42

Tata Motors Ltd Auto 3.35

Axis Bank Ltd Banks 3.22

Total 53.98

GS Nifty BeES industry allocation

16

Data as 31st March 2015

Total allocation may not add to 100% due to rounding. Industry allocation as per AMFI classification. Portfolio holdings may change by the time you receive this Portfolio holdings may not be

representative of future investments. Future portfolio holdings may not be profitable

Industry Weightage (%)

23.94

16.42

9.51 8.85

7.76

6.97

5.32

4.76 2.94

2.58 2.54

2.27 1.93 1.27 0.72 0.72 0.63 0.61

Banks Software Consumer Non Durables Auto

Finance Pharmaceuticals Petroleum Products Construction Project

Cement Power Telecom - Services Oil

Minerals/Mining Non - Ferrous Metals Industrial Capital Goods Ferrous Metals

Media & Entertainment Gas

GS Nifty BeES scheme details

17

NSE Symbol : NIFTYBEES

BSE Code : 590103

ISIN : INF732E01011

Reuters : NBES.NS

Bloomberg : NBEES.IN

Total Expense Ratio : 0.49% p.a.1

Tracking Error : 0.11% Annualised2

Impact Cost : 0.083

Entry/ Exit Load : Nil


1 - Financial year to date expense ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.

2- Tracking error calculated based on monthly rolling returns for last 12 months.

3 - Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com

18

GS Nifty BeES - performance

Returns for one year and less than one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be

reinvested at the prevailing NAV. Distribution taxes are excluded while calculating the returns. Bonus declared has been adjusted. In case, the start/end

date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP)

returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that period scheme

performance. 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. @ Also represents Additional Benchmark

Fund manager: Payal Kaipunjal

For the performance of other schemes managed by the same fund manager please refer to slide 90


Particulars Mar 31, 2014 to Mar 31,

2015

Mar 31, 2013 to Mar 31,

2014

Mar 31, 2012 to Mar 31,

2013 Since Inception

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

CAGR

Returns (%)

PTP Returns

(INR)

GS Nifty BeES 27.97 12797 19.32 11932 8.68 10868 18.62 96333

CNX Nifty Index (Benchmark)@ 26.65 12665 17.98 11798 7.31 10731 17.21 82134

CNX Nifty Total Returns Index 28.17 12817 19.47 11947 8.72 10872 18.94 99763

CNX Nifty Junior Index

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

CNX Nifty and the CNX Nifty Junior make up the 100 most liquid stocks in India

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

Constituents of the Index1

CNX Nifty Junior is calculated using the free float market capitalization weighted method1

Impact cost of the CNX Nifty Junior Index for March 2015 is 0.08% for a portfolio size of Rs. 25 Lakhs1


19

1 - For criteria of CNX Nifty Junior Index and Impact cost, kindly refer the indices section of NSE website i.e. www.nseindia.com


Goldman Sachs Nifty Junior Exchange Traded Scheme (GS Junior BeES)

20


The investment objective of GS Junior BeES is to provide returns that, before expenses, closely

correspond to the returns of securities as represented by CNX Nifty Junior Index. However, the

performance of scheme may differ from that of underlying index due to tracking error.

Investment pattern

The above stated percentages are indicative and not absolute


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

Money market instruments, convertible bonds & other

securities including cash at call but excluding subscription

& redemption cash flow

0% - 10%


21

Goldman Sachs Nifty Junior Exchange Traded Scheme

(GS Junior BeES) Type of scheme


Product labeling




investment in securities covered by CNX Nifty Junior Index.

high risk. (BROWN)

GS Junior BeES

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


Listed and traded on the capital market segment of NSE

Minimum lot-size for real-time in-kind creation/ redemption with the fund is 16,000 units and in multiples

thereof


Options: the scheme offers only growth option

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

22

GS Junior BeES - top 10 holdings

23


Bosch Ltd Auto Ancillaries 4.29

Shriram Transport Finance Company Ltd Finance 3.49

United Spirits Ltd Consumer Non Durables 3.46

Bharti Infratel Ltd

Telecom - Equipment &

Accessories 3.09

Aurobindo Pharma Ltd Pharmaceuticals 3.05

Titan Company Ltd Consumer Durables 3.04

Adani Enterprises Ltd Trading 3.00

Adani Ports & Special Economic Zone Ltd Transportation 2.97

Bharat Forge Ltd Industrial Products 2.95

Eicher Motors Ltd Auto 2.95

Total 32.29




24

GS Junior BeES industry allocation


17.77

14.87

8.73

8.58 5.18 5.18

4.61

3.59

3.15

3.09

3.04 3.00

2.95 2.48 2.01

1.95 1.83 1.68

1.45 1.31 1.20 1.15 0.96

Finance Consumer Non Durables Auto Ancillaries

Pharmaceuticals Industrial Products Transportation

Banks Industrial Capital Goods Ferrous Metals

Telecom - Equipment & Accessories Consumer Durables Trading

Auto Pesticides Petroleum Products

Healthcare Services Power Services

Chemicals Software Oil

Telecom - Services Gas




25

GS Junior BeES - scheme details

NSE symbol : JUNIORBEES

BSE code : 590104

ISIN : INF732E01045

Reuters : JBES.NS

Bloomberg : JBEES:IN

Total expense ratio : 1.00% p.a.1

Tracking error : 0.10% Annualised2

Impact cost : 0.273

Entry/ exit load : Nil


1- Financial year to date expense ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.

2 -Tracking error calculated based on monthly rolling returns for last 12 months


26

GS Junior BeES - performance

Returns for one year and less than one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be

reinvested at the prevailing NAV. Distribution taxes are excluded while calculating the returns. Bonus declared has been adjusted. In case, the start/end

date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP)

returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that period scheme

performance. Additional benchmark for equity scheme - source : National Stock Exchange of India. 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 February 21, 2003.





2015

Mar 31, 2013 to Mar 31,

2014

Mar 31, 2012 to Mar 31,


Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

CAGR

Returns (%)

PTP Returns

(INR)

GS Junior BeES 44.21 14421 20.52 12052 7.70 10770 24.56 143013

CNX Nifty Junior Index

(Benchmark) 44.34 14434 20.02 12002 7.39 10739 24.26 138899

CNX Nifty Junior Total Returns

Index 45.62 14562 21.90 12190 8.62 10862 25.97 163795

CNX Nifty Index (Additional

Benchmark) 26.65 12665 17.98 11798 7.31 10731 18.69 79642

CNX Bank Index

CNX Bank Index1 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 market capitalization weighted method


27

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


Goldman Sachs Banking Index Exchange Traded Scheme (GS Bank BeES)

28


The investment objective of GS Bank BeES is to provide returns that, before expenses, closely

correspond 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




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

Money market instruments, G-Secs, bonds, debentures, preference shares

and cash at call

0% - 10%

Goldman Sachs Banking Index Exchange Traded Scheme (GS Bank BeES)

29

Type of scheme


Product labeling



investment in securities covered by CNX Bank Index.

high risk. (BROWN)


GS 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 is 10,000 units and in multiple of

thereof


Options: The scheme offers only growth option.


30

GS Bank BeES - top 10 holdings

31


Portfolio holdings may not be representative of current or future investments. The securities discussed do not represent all of the portfolio's holdings and may represent only a small

percentage of the strategys portfolio holdings. Future portfolio holdings may not be profitable. Holdings and/ or Allocations are subject to change and should not be construed as research or investment advice. Industry allocation as per AMFI classification


HDFC Bank Ltd Banks 27.30

ICICI Bank Ltd Banks 25.13

Axis Bank Ltd Banks 13.07

State Bank of India Banks 11.34

Kotak Mahindra Bank Ltd Banks 7.76

IndusInd Bank Ltd Banks 5.26

Yes Bank Ltd Banks 3.65

Bank of Baroda Banks 2.11

The Federal Bank Ltd Banks 1.56

Punjab National Bank Banks 1.48

Total 98.66

GS Bank BeES - scheme details

NSE symbol : BANKBEES

BSE code : 590106

ISIN : INF732E01078

Reuters : BBES.NS

Bloomberg :BBEES:IN



Impact cost : 0.233


32


1 - Financial Year to date Expense Ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.

2- Tracking Error calculated based on monthly Rolling Returns for last 12 months.


GS Bank BeES - performance

Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing

NAV. Distribution taxes are excluded while calculating the returns. In case, the start/end date of the concerned period is non business date (NBD), the

NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000

made at the beginning of 12 month period as at the end of that period scheme performance. Additional benchmark for equity scheme - source : National

Stock Exchange of India. 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.



33



2015

Mar 31, 2013 to Mar 31,

2014

Mar 31, 2012 to Mar 31,


Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

CAGR

Returns (%)

PTP Returns

(INR)

GS Bank BeES 43.50 14350 13.53 11353 12.90 11290 21.21 80603

CNX Bank Index (Benchmark) 42.89 14289 12.15 11215 11.25 11125 19.95 71975

CNX Bank Total Returns Index 43.98 14398 13.65 11365 12.59 11259 21.66 83914


Benchmark) 26.65 12665 17.98 11798 7.31 10731 16.72 53524

CNX PSU Bank Index

CNX PSU Bank Index1 is a sectoral index comprising of stocks pertaining to the PSU Bank Sector

CNX PSU Bank Index consists of 12 key PSU Banking Stocks

CNX PSU Bank Index is a free float market capitalization weighted method

CNX PSU Bank Index Constituents represent about 3.42%2 of the total market capitalization of NSE as

on 31st March 2015

34

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


Goldman Sachs PSU Bank Exchange Traded Scheme (GS PSU Bank BeES)

35


The investment objective of GS PSU Bank BeES is to provide returns that, before expenses, closely

correspond 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 tracking error.

Investment pattern



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

Money market instruments, G-Secs, bonds, debentures

and cash at call

0% - 10%




investment in securities covered by CNX PSU Bank Index.

high risk. (BROWN)

Goldman Sachs PSU Bank Exchange Traded Scheme (GS PSU Bank BeES)

36

Type of scheme


Product labeling

GS 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 is 10,000 units and in multiple of

thereof


Options: The scheme offers only growth option


37

GS PSU Bank BeES - top 10 holdings

38


State Bank of India Banks 61.20

Bank of Baroda Banks 11.39

Punjab National Bank Banks 7.97

Canara Bank Banks 3.90

Bank of India Banks 3.11

Union Bank of India Banks 2.92

IDBI Bank Ltd Banks 1.98

Oriental Bank of Commerce Banks 1.86

Allahabad Bank Banks 1.66

Syndicate Bank Banks 1.53

Total 97.51




GS PSU Bank BeES - scheme details

NSE symbol : PSUBNKBEES

BSE code : 590108

ISIN : INF732E01110

Reuters : PSUB.NS

Bloomberg : PSUBBE:IN EQUITY



Impact cost : 0.903


39



2- Tracking error calculated based on monthly rolling returns for last 12 months.

3- Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com

GS PSU Bank BeES - performance

Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing

NAV. Distribution taxes are excluded while calculating the returns. In case, the start/end date of the concerned period is non business date (NBD), the

NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000

made at the beginning of 12 month period as at the end of that period scheme performance. Additional benchmark for equity scheme - source : National

Stock Exchange of India. 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.



40



2015

Mar 31, 2013 to Mar 31,

2014

Mar 31, 2012 to Mar 31,


Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

CAGR

Returns (%)

PTP Returns

(INR)

GS PSU Bank BeES 24.53 12453 -6.35 9365 -7.68 9232 5.04 14418

CNX PSU Bank Index

(Benchmark) 24.53 12453 -10.15 8985 -9.96 9004 3.56 12973

CNX PSU Bank Total Returns

Index 25.11 12511 -6.82 9318 -8.17 9183 5.53 14925


Benchmark) 26.65 12665 17.98 11798 7.31 10731 5.84 15247

CNX Nifty Shariah Index

Constituents of the CNX Nifty index are screened for Shariah compliance

Companies that are Shariah compliant form the CNX Nifty Shariah Index1

The index is calculated using a base-weighted aggregate methodology

At present the CNX Nifty Shariah Index comprises of 17 constituents2 as on 31st March 2015.

CNX Nifty Shariah Index constituents represent about 19016%3 of the total market capitalization of the

NSE as on 31st March 2015

41

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

2 - Source: India Index Services & Products Ltd. (IISL)


Shariah Index framework providers

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

index

India Index Services and Products Limited (IISL) has contracted with Taqwaa Advisory and Shariah

Investment Solutions (TASIS) provides the Shariah screens to filter the stocks based on these screens

TASIS is India based Shariah Advisory institution in the field of business and finance

TASIS is in providing Shariah consultancy, monitoring and certification to many of Indian organizations

42

Shariah screening process

Two main criteria based on which the stocks are screened include:

Business screening

Financial screening

43


Business screening

Companies which are primarily into the following activities are screened out on the business parameter :-

Conventional financial services such as banks, insurance companies, finance and investment companies,

stock broking etc.

Production, sale and marketing of non-Halal food and beverages such as Pork, Alcohol, Tobacco and

such other items etc.

Production or distribution of vulgar entertainment, such as film and other recreational activities where

vulgarity, promiscuity is a part and parcel of the business undertaken / promoted

Hotels and restaurants (providing non-Halal products or entertainment)

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

Gambling, Narcotic drugs, etc.

44


Financial screening

Companies passing the business screening stage are further screened to ensure that their dealings

involving interest-based debt or earnings out of / deployment of funds on interest are within the maximum

tolerance limits set by Shariah scholars.

TASIS has adopted following financial screening norms:-

Interest based-debt should be less than or equal to 25% of Total Assets

Interest income plus returns (currently considered @8%) from interest-based investments should be

less than or equal to 3% of the total income

Receivables plus cash and bank balances should be less than or equal to 90% of Total Assets

45

Goldman Sachs CNX Nifty Shariah Index

Exchange Traded Scheme (GS Shariah BeES)

46


The investment objective of the GS Shariah BeES is to provide returns that, before expenses, closely

correspond to the total returns of the securities as represented by the CNX Nifty Shariah Index by

investing in securities which are constituents of the CNX Nifty Shariah Index in the same proportion as the

Index. However, the performance of the scheme may differ from that of the underlying index due to

tracking error. Investors to note that GS Shariah BeES is not a Shariah compliant scheme.

Investment pattern



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

Cash 0% - 10%




investment in securities covered by CNX Nifty Shariah Index.

high risk. (BROWN)

Goldman Sachs CNX Nifty Shariah Index

Exchange Traded Scheme (GS Shariah BeES)

47

Type of scheme


Product labeling

GS Shariah BeES

Each unit is priced at 1/10th of 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

Minimum lot-size to buy/ sell on the 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 demat form

48

GS Shariah BeES - top 10 holdings

49


Reliance Industries Ltd Petroleum Products 17.04

Tata Consultancy Services Ltd Software 16.35

Hindustan Unilever Ltd Consumer Non Durables 7.75

Bharti Airtel Ltd Telecom - Services 6.81

Maruti Suzuki India Ltd Auto 6.17

Lupin Ltd Pharmaceuticals 6.00

Dr. Reddy's Laboratories Ltd Pharmaceuticals 5.55

Tech Mahindra Ltd Software 4.79

Asian Paints Ltd Consumer Non Durables 4.59

Cipla Ltd Pharmaceuticals 4.52

Total 79.58




50

GS Shariah BeES industry allocation


21.14

17.04

16.08

12.34

10.13

8.38

6.81

2.66 2.64 2.26

Software Petroleum Products Pharmaceuticals Consumer Non Durables

Auto Cement Telecom - Services Industrial Capital Goods

Ferrous Metals Gas




GS Shariah BeES - scheme details

NSE symbol : SHARIABEES

BSE code : 590109

ISIN : INF732E01128

Reuters : SBET.NS

Bloomberg : SBEES IN Equity



Impact cost : 4.983


51



2 - Tracking error calculated based on monthly rolling returns for last 12 months.


GS Shariah BeES - performance

Returns for one year are absolute. Returns for more than one year are compounded annualized. Distribution taxes are excluded while calculating the

returns. In case, the start/ end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of

returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that

period scheme performance. Additional benchmark for equity scheme - source : National Stock Exchange of India. 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 18, 2009.

Fund manager: Gauri Sekaria


52



2015

Mar 31, 2013 to Mar 31,

2014

Mar 31, 2012 to Mar 31,


Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

CAGR

Returns (%)

PTP Returns

(INR)

GS Shariah BeES 21.54 12154 21.30 12130 6.04 10604 18.89 28423

CNX Nifty Shariah Index

(Benchmark) 21.19 12119 21.31 12131 5.16 10516 18.36 27668

CNX Nifty Shariah Total Returns

Index 22.88 12288 22.80 12280 6.96 10696 19.93 29970


Benchmark) 26.65 12665 17.98 11798 7.31 10731 20.21 30383

CNX Infrastructure Index

Includes companies belonging to telecom, power, port, air, roads, railways, shipping and other utility

service providers

CNX Infrastructure Index1 is calculated using the free float market capitalization weighted method

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

53

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

Goldman Sachs Infrastructure Exchange Traded Scheme (GS Infra BeES)

54


The investment objective of the GS Infra BeES is to provide returns that, before expenses, closely

correspond 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. However, the performance of scheme

may differ from that of underlying index due to tracking error.

Investment pattern



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

Money market instruments, G-Secs, bonds, debentures

and cash at call

0% - 5%




investment in securities covered by CNX Infrastructure Index.

high risk. (BROWN)

Goldman Sachs Infrastructure Exchange Traded Scheme (GS Infra BeES)

55

Type of scheme


Product labeling

GS Infra BeES



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

Minimum lot-size for real-time in-kind creation / redemption with the Fund is 10,000 units and in multiples

thereof




56

GS Infra BeES - top 10 holdings

57


Larsen & Toubro Ltd Construction Project 35.01

Bharti Airtel Ltd Telecom - Services 13.55

Power Grid Corporation of India Ltd Power 7.97

NTPC Ltd Power 7.55

Bharat Heavy Electricals Ltd Industrial Capital Goods 5.30

Idea Cellular Ltd Telecom - Services 5.13

Adani Ports & Special Economic Zone Ltd Transportation 3.97

Tata Power Company Ltd Power 3.48

Siemens Ltd Industrial Capital Goods 3.09

Crompton Greaves Ltd Industrial Capital Goods 1.70

Total 86.19




GS Infra BeES industry allocation

58


37.89

25.09

20.97

10.09 3.97

0.91 0.78

Construction Project Power Telecom - Services Industrial Capital Goods

Transportation Cement Construction




GS Infra BeES - scheme details

NSE symbol : INFRABEES

ISIN : INF732E01268

Reuters : IFRB.NS

Bloomberg : IBEES IN Equity



Impact cost : 1.013

Entry / exit Load : Nil

59



2 - Tracking Error calculated based on monthly Rolling Returns for last 12 months.


GS Infra BeES - performance





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.

Fund manager: Gauri Sekaria


60



2015

Mar 31, 2013 to Mar 31,

2014

Mar 31, 2012 to Mar 31,


Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

CAGR

Returns (%)

PTP Returns

(INR)

GS Infra BeES 24.79 12479 18.97 11897 -11.76 8824 -2.82 8790

CNX Infrastructure Index

(Benchmark) 24.27 12427 18.34 11834 -11.93 8807 -2.95 8739

CNX Infrastructure Total Returns

Index 26.04 12604 20.16 12016 -10.90 8910 -1.79 9218


Benchmark) 26.65 12665 17.98 11798 7.31 10731 8.05 14172

ETF investing in Overseas Securities

61

Hang Seng Index

The Hang Seng Index (HSI) was launched on Nov 24, 1969 and is one of the earliest stock market

indices in Hong Kong

The Hang Seng Indexes Company Ltd. compiles and publishes the HSI

The index is widely recognized as the barometer of the Hong Kong Stock market

The HSI measures the performance of the largest and most liquid companies listed in Hong Kong

The HSI adopts free float-adjusted market capitalization weighted methodology with a 15% cap on each

constituent weightage

The HSI currently comprises of 50 stocks1 which are representative of the Hong Kong stock market

The index represents about 58.48% of the total market capitalization of Hong Kongs stock exchange2 as

on 31st March 2015

62

1 - As on 31st March 2015. For criteria of Hang Seng Index kindly visit http://www.hsi.com.hk

2 - The universe comprises all main board primary listings.

Goldman Sachs Hang Seng Exchange Traded Scheme (GS Hang Seng BeES)

63


The investment objective of the Goldman Sachs Hang Seng Exchange Traded Scheme (GS Hang Seng

BeES) is to provide 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 in

the same proportion as in the index. However, the performance of scheme may differ from that of

underlying index due to tracking error.

Investment pattern



Securities constituting Hang Seng Index 90% - 100%

Money market instruments, G-Secs, bonds, debt instruments,

cash at call and mutual fund schemes/ overseas exchange

traded funds based on the Hang Seng Index

0% - 10%




investment in securities covered by Hang Seng Index.

high risk. (BROWN)

Goldman Sachs Hang Seng Exchange Traded Scheme (GS Hang Seng BeES)

64

Type of scheme

Open ended index scheme, listed on the exchange in the form of an ETF investing in overseas Securities

Product labeling

GS Hang Seng BeES



Tracks Hang Seng Index and each unit is priced at 1/ 100th of the value of the Hang Seng Index on a

currency adjusted basis

Minimum lot-size for real-time in-kind creation / redemption with the Fund is 10,000 units and in multiples

thereof




65

GS Hang Seng BeES - top 10 holdings

66


HSBC Holdings Plc Financials 11.27

Tencent Holdings Ltd Information Technology 9.78

China Mobile Ltd Telecommunications 7.32

AIA Group Ltd Financials 6.95

China Construction Bank Corporation Financials 6.40

Industrial & Commercial Bank of China Ltd Financials 4.99

Bank of China Ltd Financials 4.21

China Life Insurance Co. Ltd Financials 2.99

Ping An Insurance (Group) Co. of China Ltd Financials 2.87

Hutchison Whampoa Ltd Conglomerates 2.71

Total 59.49




GS Hang Seng BeES industry allocation

67


45.85

11.03

10.75

8.15

7.40

4.60 4.23

3.66 2.99 0.46

Financials Properties & Construction Information Technology Telecommunications

Energy Utilities Conglomerates Consumer Goods

Consumer Services Industrials




68

GS Hang Seng BeES industry allocation (cont.)


Industry classification is as per Hang Seng Indexes Company Ltd Portfolio holdings may change by the time you receive this. Portfolio holdings may not be representative of future

investments. The securities discussed may not represent all of the portfolio's holdings and may not be deemed representative of the strategys future portfolio holdings. Future portfolio holdings may not be profitable.

0

2

4

6

8

10

12

14

No

. o

f C

om

pan

ies

GS Hang Seng BeES - scheme details

NSE symbol : HNGSNGBEES

BSE code : 590113

ISIN : INF732E01227

Reuters : HNGS.NS

Bloomberg : HSBEES IN Equity

Total expense ratio : 1.00 % p.a.1


Impact cost : 2.633

Entry / exit load : Nil

69


1 - Financial Year to date Expense Ratio to average AUM months. For maximum chargeable expense ratio, please refer to the SID.



GS Hang Seng BeES - performance





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

results, which may vary. Inception date is the allotment date which is March 09, 2010.

Fund managers: Payal Kaipunjal (For debt securities) and Gauri Sekaria (For foreign securities)

For the performance of other schemes managed by the same fund manager please refer to slide 90 and 91.

70



2015

Mar 31, 2013 to Mar 31,

2014

Mar 31, 2012 to Mar 31,


Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

CAGR

Returns (%)

PTP Returns

(INR)

GS Hang Seng BeES 20.44 12044 12.37 11237 18.59 11859 12.57 18211

Hang Seng Index (Benchmark) 12.41 11241 -0.67 9933 8.48 10848 3.22 11742

Hang Seng Total Returns Index

(INR) 21.95 12195 13.58 11358 19.93 11993 13.63 19094


Benchmark) 26.65 12665 17.98 11798 7.31 10731 10.59 16644

Indices facts

71

Source: www.nseindia.com

Index Full Market Cap. (Rs. Crs.) P/E Dividend Yield (%)

Hang Seng Index 12,395,808 10.61 3.59

Source: Hang Seng Indexes Company Limited

P/E Price to Earning ratio

P/B Price to Book ratio


Index Full Market Cap. (Rs Crs.) P/E P/B Dividend Yield (%)

CNX Nifty Index 5,694,238 22.70 3.65 1.28

CNX Nifty Junior 1,398,125 22.81 2.94 1.09

CNX Bank Index 1,055,489 19.01 2.85 0.98

CNX PSU Bank Index 339,302 11.06 1.07 1.71

CNX Nifty Shariah Index 1,902,498 19.54 3.10 1.02

CNX Infrastructure Index 930,331 20.72 2.28 1.09

Gold ETF

72

73

Goldman Sachs Gold Exchange Traded Scheme (GS Gold

BeES)

Investment objective The investment objective of GS Gold BeES is to provide returns that, before expenses, closely

correspond to the returns provided by the domestic price of gold through physical gold.

Investment pattern

1- Gold related instruments that may be permitted by SEBI from time to time

2- Investments in securitized debts can be made by the scheme up to 5% of the net assets.



Physical Gold and Gold Related Instruments1 90% to 100%

Money market instruments, securitized debts2, bonds including

cash at call

0% to 10%


74

Goldman Sachs Gold Exchange Traded Scheme (GS Gold

BeES)

Type of scheme An open ended scheme, listed on the exchange in the form of an ETF investing in physical gold

Product labeling


portfolio diversification through asset allocation.

investment in Physical Gold.

high risk. (BROWN)

GS Gold BeES

One unit represents approximately one gram of gold


Quotes on the NSE would vary, taking into consideration various aspects such as international market

movements, demand, supply, exchange rate fluctuations, etc

No securities transaction tax

75

GS Gold BeES

Minimum lot-size for real-time in kind creation/ redemption with the fund is 1000 units and in multiples

thereof

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



Benchmark for the scheme: Domestic price of gold

76

GS Gold BeES - scheme details

NSE symbol : GOLDBEES

BSE code : 590095

ISIN : INF732E01102

Reuters : GBES.NS

Bloomberg : GBEES IN EQUITY


Tracking error : 0.06% annualised2

Impact cost : 0.053


77




3 - Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com.

GS Gold BeES - performance


returns. In case, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of


period scheme performance. 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 08, 2007.



78



2015

Mar 31, 2013 to Mar 31,

2014

Mar 31, 2012 to Mar 31,


Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

CAGR

Returns (%)

PTP Returns

(INR)

GS Gold BeES -6.37 9363 -7.94 9206 3.82 10382 12.43 25734

Domestic Price of Gold

(Benchmark) -5.56 9444 -6.89 9311 4.89 10489 13.57 27910

Money Market ETF

79

Goldman Sachs Liquid Exchange Traded Scheme (GS Liquid BeES)

80


The investment objective of the GS Liquid BeES is to seek to provide current income, commensurate

with relatively low risk while providing a high level of liquidity, primarily through a portfolio of treasury bills,

government securities, call money, collateralised lending and borrowing obligation (CBLO)/ similar

instruments, repos and reverse repos and other money market Instruments.

Investment pattern


Instruments Indicative allocation (% of Net Assets)

Maximum Minimum

Treasury bills and government securities Up to 100% 65%

Call money, CBLOs, repos and reverse repos

Other money market instruments Up to 35% 0%

Goldman Sachs Liquid Exchange Traded Scheme (GS Liquid BeES)

81

Type of scheme

An open ended liquid scheme, listed on the exchange in the form of an ETF, with daily Dividend and

compulsory reinvestment of Dividend

Product labeling


current income with high degree of liquidity.

investment in Money Market and Debt Instruments.

low risk. (BLUE)

What is GS Liquid BeES?

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

The face value of each unit of GS Liquid BeES is Rs.1000 and the fund endeavors to keep the daily NAV

at Rs.1000

The returns accrue to the investors in the form of a daily dividend, which is compulsorily reinvested into

the scheme

The units arising out of a dividend reinvestment are credited to the beneficiary (demat) account of the

investor at least once in 30 days

Units of GS Liquid BeES are uploaded up to 3 decimal points

82

GS Liquid BeES an efficient investment tool

GS Liquid BeES is an extremely efficient and convenient solution for utilizing the cash balance between

trades in the equity market (NSE)

When an investor sells his shares on NSE, he can instruct the broker to purchase GS Liquid BeES of

equal amount

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

Investors do not have to go through the inconvenience of receiving and depositing a cheque into their

bank account, and then waiting for the cheque to clear before they can invest in a liquid fund

83

GS Liquid BeES an efficient investment tool (contd.)

GS Liquid BeES is designed to negate the need for involving a bank in the transaction process, thus

simplifying the process. Normally, money is transferred between a trader and a broker via a cheque or

electronic mode, which involves processing through a bank. In the case of GS Liquid BeES, once a sale

order is executed, the broker buys the equivalent amount of GS Liquid BeES and parks the money rather

than sending a cheque/ electronic transfer to the client.

The only thing an investor needs to do is to instruct a broker to sell shares and buy equivalent amount of

the GS Liquid BeES fund

The only effort required is send a security transfer instruction to the Depository Participant (DP) relating to

GS Liquid BeES (Investor can avoid this if he is using speed-e facility or has given power of attorney to

Broker / DP)

84

GS Liquid BeES


Constant quotes for any size at Rs. 999.99 to Rs.1000.01 on the NSE

No Securities Transaction Tax (STT)

Can be used as cash equivalent margin for derivatives segment with a 10% hair cut

Minimum creation size (directly with the Fund) of 2500 units and in multiple of 1 unit thereafter


Custodian charges have been waived by NSDL & CDSL


Investors can subscribe/ redeem through the mutual fund trading platform viz. BSE StAR MF of BSE and

the Mutual Fund Service System (MFSS) of the NSE. For subscriptions, the minimum amount of Re.1 and

in multiples thereof. For redemption, the minimum is of 0.001 units and in multiples thereof

Benchmark for the scheme: CRISIL Liquid Fund Index

85

GS Liquid BeES scheme details

NSE symbol : LIQUIDBEES

BSE code : 590096

ISIN : INF732E01037

Reuters : LBES.NS

Bloomberg : LBEES IN


Impact cost : 0.012


86



2- Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com.

GS Liquid BeES - performance

# Returns are based on Gross Dividend per unit declared by the Fund for the respective period of the performance shown above. Actual dividend in the

hands of each investor will vary based on category and rate of dividend distribution tax applicable thereon. Returns for less than one year are simple

annualized. Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at

the prevailing NAV. Distribution taxes are excluded while calculating the returns. In case, the start/end date of the concerned period is non business date

(NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR

10,000 made at the beginning of above mentioned period as at the end of that period scheme performance. Additional benchmark for Liquid scheme

source : Crisil. 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.

Fund manager: Siddharth Deb


87


Particulars 7 Days 15 Days 1 Month Mar 31, 2014 to Mar

31, 2015

Mar 31, 2013 to Mar

31, 2014

Mar 31, 2012 to Mar

31, 2013 Since Inception

Simple

Annualis

ed (%)

PTP

Returns

(INR)

Simple

Annuali

sed (%)

PTP

Returns

(INR)

Simple

Annualise

d (%)

PTP

Returns

(INR)

Absolute

Returns

(%)

PTP

Returns

(INR)

Absolute

Returns

(%)

PTP

Returns

(INR)

Absolute

Returns

(%)

PTP

Returns

(INR)

CAGR

Returns

(%)

PTP

Returns

(INR)

GS Liquid BeES# 7.27 10727 6.97 10697 6.85 10685 7.43 10743 7.65 10765 7.23 10723 4.85 17440

CRISIL Liquid Fund Index

(Benchmark) 12.39 11239 9.84 10984 9.22 10922 8.98 10898 9.54 10954 8.17 10817 6.78 21592

CRISIL 1 Year T-Bill Index

(Additional Benchmark) 18.02 11802 14.22 11422 10.85 11085 8.74 10874 5.84 10584 8.33 10833 5.70 19176

Impact cost represents the cost of executing a transaction in a given stock, for a specific predefined order size, at

any given point of time.

Impact cost is a practical and realistic measure of market liquidity; it is closer to the true cost of execution faced by

a trader in comparison to the bid-ask spread.

It should however be emphasised that :

(a) impact cost is separately computed for buy and sell

(b) impact cost may vary for different transaction sizes

(c) impact cost is dynamic and depends on the outstanding orders

(d) where a stock is not sufficiently liquid, a penal impact cost is applied

In mathematical terms it is the percentage mark up observed while buying/ selling the desired quantity of a stock

with reference to its ideal price (best buy + best sell)/ 2.

8

1

Impact cost - definition


89

Impact cost - definition

Example:

Order book snapshot

Buy quantity Buy price Sell quantity Sell price

1000 98 1000 99

2000 97 1500 100

1000 96 1000 101

To buy 1500 shares

Ideal price = =

Actual buy price = =

IMPACT COST (For 1500 shares) = =

99 + 98

2 98.5

(1000 x 99) + (500 x 100)

1500 99.33

(99.33 98.50) x 100

98.50 0.84%


For illustrative purposes only

90

Funds managed by Fund Managers

Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing NAV. Distribution taxes are

excluded while calculating the returns. Bonus declared has been adjusted. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is

considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that

period scheme performance. @ represents Additional Benchmark. Additional benchmark for equity schemes - source : National Stock Exchange of India. Past performance may or may not

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

Fund manager: Payal Kaipunjal (Incase of GS Hang Seng BeES, for debt securities)

Particulars Mar 31, 2014 to Mar 31, 2015 Mar 31, 2013 to Mar 31, 2014 Mar 31, 2012 to Mar 31, 2013 Since Inception Allotment

Date Absolute Returns

(%)

PTP Returns

(INR)

Absolute Returns

(%)

PTP Returns

(INR)

Absolute Returns

(%)

PTP Returns

(INR)

CAGR Returns

(%)

PTP Returns

(INR)

GS Junior BeES 44.21 14421 20.52 12052 7.70 10770 24.56 143013 21-Feb-03

CNX Nifty Junior Index (Benchmark) 44.34 14434 20.02 12002 7.39 10739 24.26 138899

CNX Nifty Junior Total Returns Index 45.62 14562 21.90 12190 8.62 10862 25.97 163795

CNX Nifty Index (Additional Benchmark) 26.65 12665 17.98 11798 7.31 10731 18.69 79642

GS PSU Bank BeES 24.53 12453 -6.35 9365 -7.68 9232 5.04 14418 25-Oct-07

CNX PSU Bank Index (Benchmark) 24.53 12453 -10.15 8985 -9.96 9004 3.56 12973

CNX PSU Bank Total Returns Index 25.11 12511 -6.82 9318 -8.17 9183 5.53 14925


GS Hang Seng BeES 20.44 12044 12.37 11237 18.59 11859 12.57 18211 9-Mar-10


Hang Seng Total Returns Index (INR) 21.95 12195 13.58 11358 19.93 11993 13.63 19094


GS Nifty BeES 27.97 12797 19.32 11932 8.68 10868 18.62 96333 28-Dec-01

CNX Nifty Index (Benchmark)@ 26.65 12665 17.98 11798 7.31 10731 17.21 82134

CNX Nifty Total Returns Index 28.17 12817 19.47 11947 8.72 10872 18.94 99763

GS Bank BeES 43.50 14350 13.53 11353 12.90 11290 21.21 80603 27-May-04

CNX Bank Index (Benchmark) 42.89 14289 12.15 11215 11.25 11125 19.95 71975

CNX Bank Total Returns Index 43.98 14398 13.65 11365 12.59 11259 21.66 83914


GS Gold BeES -6.37 9363 -7.94 9206 3.82 10382 12.43 25734 27-May-04

Domestic Price of Gold (Benchmark) -5.56 9444 -6.89 9311 4.89 10489 13.57 27910

91

Particulars

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

CAGR

Returns (%)

PTP Returns

(INR)

GS CNX 500 Fund - Distributor Plan - Growth 32.81 13281 17.41 11741 5.07 10507 18.78 29232 18-Mar-09

CNX 500 Index (Benchmark) 33.56 13356 17.72 11772 5.13 10513 18.43 28702

CNX 500 Total Returns Index 34.94 13494 19.18 11918 6.40 10640 19.76 30770


GS Infra BeES 24.79 12479 18.97 11897 -11.76 8824 -2.82 8790 29-Sep-10

CNX Infrastructure Index (Benchmark) 24.27 12427 18.34 11834 -11.93 8807 -2.95 8739

CNX Infrastructure Total Returns Index 26.04 12604 20.16 12016 -10.90 8910 -1.79 9218


GS Shariah BeES 21.54 12154 21.30 12130 6.04 10604 18.89 28423 18-Mar-09

CNX Nifty Shariah Index (Benchmark) 21.19 12119 21.31 12131 5.16 10516 18.36 27668

CNX Nifty Shariah Total Returns Index 22.88 12288 22.80 12280 6.96 10696 19.93 29970


GS Hang Seng BeES 20.44 12044 12.37 11237 18.59 11859 12.57 18211 9-Mar-10


Hang Seng Total Returns Index (INR) 21.95 12195 13.58 11358 19.93 11993 13.63 19094


Mar 31, 2014 to Mar 31,

2015

Mar 31, 2013 to Mar 31,

2014

Mar 31, 2012 to Mar 31,

2013Since Inception

Allotment Date


Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing NAV. Distribution taxes are

excluded while calculating the returns. Bonus declared has been adjusted. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is

considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that

period scheme performance. Additional benchmark for equity schemes - source : National Stock Exchange of India. Past performance may or may not be sustained in future and should

not be used as a basis for comparison with other investments.

Fund manager: Gauri Sekaria (Incase of GS Hang Seng BeES, for foreign securities)

92

Particulars

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

Absolute

Returns (%)

PTP Returns

(INR)

CAGR

Returns (%)

PTP Returns

(INR)

GSSTF - Distributor Plan - Growth 7.70 10770 7.70 10770 7.38 10738 7.20 13821 4-Aug-10

CRISIL Liquid Fund Index (Benchmark) 9.06 10906 9.46 10946 8.17 10817 8.55 14652

CRISIL 10 Year Gilt Index (Additional Benchmark) 14.63 11463 -1.01 9899 11.25 11125 6.63 13485

Mar 31, 2014 to Mar 31,

2015

Mar 31, 2013 to Mar 31,

2014

Mar 31, 2012 to Mar 31,

2013Since Inception

Allotment Date


# - Returns are based on Gross Dividend per unit (Inclusive of Distribution Tax) declared by the Fund for the respective period of the performance shown above. Actual dividend in the hands

of each investor will vary based on category and rate of dividend distribution tax applicable thereon. Returns for less than one year are simple annualized. Returns for one year are absolute.

Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing NAV. Distribution taxes are excluded while calculating the returns. In

case, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is

based on standard investment of INR 10,000 made at the beginning of above mentioned period as at the end of that period scheme performance. Additional benchmark for Liquid scheme

source : Crisil. 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.

Fund manager: Siddharth Deb

Particulars 7 Days 15 Days 1 Month Mar 31, 2014 to Mar

31, 2015

Mar 31, 2013 to Mar

31, 2014

Mar 31, 2012 to Mar

31, 2013 Since Inception

Simple

Annualis

ed (%)

PTP

Returns

(INR)

Simple

Annualis

ed (%)

PTP

Returns

(INR)

Simple

Annualis

ed (%)

PTP

Returns

(INR)

Absolute

Returns

(%)

PTP

Returns

(INR)

Absolute

Returns

(%)

PTP Returns

(INR)

Absolute

Returns

(%)

PTP

Returns

(INR)

CAGR

Returns (%)

PTP

Returns

(INR)

GS Liquid BeES# 7.27 10727 6.97 10697 6.85 10685 7.43 10743 7.65 10765 7.23 10723 4.85 17440

CRISIL Liquid Fund Index

(Benchmark) 12.39 11239 9.84 10984 9.22 10922 8.98 10898 9.54 10954 8.17 10817 6.78 21592

CRISIL 1 Year T-Bill Index

(Additional Benchmark) 18.02 11802 14.22 11422 10.85 11085 8.74 10874 5.84 10584 8.33 10833 5.70 19176

About Goldman Sachs Asset Management (India) Pvt. Ltd.

93

About us

Goldman Sachs Asset Management has a history of providing investment solutions to diverse set of

investors. We pride ourselves on having pioneered many practices and techniques that have since become

standard in the industry.

Our in-depth understanding of local economies, industries and cultures helps us provide a wide range of

investment opportunities with rigorous risk management practices.

Our culture emphasises the value of teamwork while encouraging individual creativity and our professionals

have a clear and unwavering commitment to leadership in asset management.

Average Assets under Management of Goldman Sachs Mutual Fund for the quarter ended December 2013 is

approximately Rs. 384673.94 crores1

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1 Source: AMFI

Contact us

Customer Care:

Toll free number: 1800-266-1220

E mail id: [email protected]

Mumbai (Corporate Office):

951-A, Rational House, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025

Tel No. : 91 22 6616 9000(B)

Fax No : 91 22 6627 9245

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Our website www.gsam.in

Track real-time NAV on your mobile at www.gsam.in/mobile

Disclaimers

RISK FACTORS

GS Nifty BeES and GS Shariah BeES are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited ("IISL"). IISL does not make

any representation or warranty, express or implied, to the owners of GS Nifty BeES and GS Shariah BeES or any member of the public regarding the

advisability of investing in securities generally or in GS Nifty BeES and GS Shariah BeES. Please read the full Disclaimers in relation to the CNX Nifty Index

and CNX Nifty Shariah Index in the Scheme Information Document before investing. The Products on CNX Nifty Junior Index, CNX Bank 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) regarding the advisability of investing in the products linked to CNX Nifty Junior Index, CNX Bank Index, CNX PSU Bank Index and CNX Infrastructure

Index or particularly in the ability of the CNX Nifty Junior Index, CNX Bank Index, CNX PSU Bank Index and CNX Infrastructure Index to track general stock

market performance in India.

The Hang Seng Index (the Index) is published and compiled by Hang Seng Indexes Company Limited pursuant to a license from Hang Seng Data Services Limited. The mark and name Hang Seng Index are proprietary to Hang Seng Data Services Limited. Hang Seng Indexes Company Limited and Hang Seng

Data Services Limited have agreed to the use of, and reference to, the index by Goldman Sachs Asset Management (India) Pvt. Ltd. in connection with

Goldman Sachs Hang Seng Exchange Traded Scheme (GS Hang Seng BeES) (the Product), but neither Hang Seng Indexes Company Limited nor Hang Seng Data Services Limited warrants or represents or guarantees to any broker or holder of the product or any other person (i) the accuracy or completeness

of the index and its computation or any information related thereto; or (ii) the fitness or suitability for any purpose of the index or any component or data

comprised in it; or (iii) the results which may be obtained by any person from the use of the index or any component or data comprised in it for any purpose,

and no warranty or representation or guarantee of any kind whatsoever relating to the index is given or may be implied. The process and basis of

computation and compilation of the index and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by

Hang Seng Indexes Company Limited without notice. To the extent permitted by applicable law, no responsibility or liability is accepted by Hang Seng

Indexes Company Limited or Hang Seng Data Services Limited (i) In respect of the use of and/ or reference to the index by Goldman Sachs Asset

Management (India) Pvt. Ltd. in connection with the product; or (ii) for any inaccuracies, omissions, mistakes or errors of Hang Seng Indexes Company

Limited in the computation of the index; or (iii) for any inaccuracies, omissions, mistakes, errors or incompleteness of any information used in connection

with the computation of the index which is supplied by any other person; or (iv) for any economic or other loss which may be directly or indirectly sustained

by any broker or holder of the product or any other person dealing with the product as a result of any of the aforesaid, and no claims, actions or legal

proceedings may be brought against Hang Seng Indexes Company Limited and/ or Hang Seng 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 this disclaimer and can place no reliance whatsoever on Hang Seng Indexes Company Limited and Hang Seng Data Services

Limited.

97

For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker, holder or other person and

Hang Seng Indexes Company Limited and/ or Hang Seng Data Services Limited and must not be construed to have created such relationship. Please read the Scheme Information Documents (SID) and Statement of Additional Information (SAI) carefully before investing. For schemes specific risk factors, please refer SID.

For more details please refer the SID, SAI, Key Information Memorandum and Application Form which are available at the office of the AMC or can be

downloaded from www.gsam.in

NSE Disclaimer : It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Scheme

Information Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Draft Scheme

Information Document . The investors are advised to refer to the Scheme Information Document for the full text of the Disclaimer Clause of NSE

Information gathered & material used in this document is believed to be from reliable sources. However, Goldman Sachs Asset Management (India) Private

Limited does not warrant the accuracy, reasonableness and/or completeness of any information.

Confidentiality

No part of this material may, without GSAMs prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE

UNAUTHORIZED OR UNLAWFUL TO DO SO.

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon

and assumed without independent verification, the accuracy and completeness of all information available from public sources.

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Disclaimers (contd.)

Mutual Fund Investments are subject to market risks,

read all scheme related documents carefully.

Appendix

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and

opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services

offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Index Benchmarks

Indices are unmanaged. The figures for the index reflect the reinvestment of all income or dividends, as applicable, but do not reflect the deduction of any fees or

expenses which would reduce returns. Investors cannot invest directly in indices.

The indices referenced herein have been selected because they are well known, easily recognized by investors, and reflect those indices that the Investment Manager

believes, in part based on industry practice, provide a suitable benchmark against which to evaluate the investment or broader market described herein. The exclusion of

failed or closed hedge funds may mean that each index overstates the performance of hedge funds generally.

This material is issued in or from India by Goldman Sachs Asset Management (India) Private Limited (GSAM India)

References to indices, benchmarks or

bees presentation

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