MSFU – Emerging Business Fund

Focused Portfolio

Risk Management

Synopsis

Fund and Portfolio Details

Biographies

Flow of the Presentation

EBF Portfolio

FOCUSED PORTFOLIO = Large Cap + Mid

Cap + Small Cap

LARGE CAP PORTFOLIO

with

TOP DOWN ASSET ALLOCATION APPROCH

Economic Growth

Interest Rates RegulationQualitative

FactorsLiquidity

Flows

Demand-Supply

Macro Outlook

Sector Allocation

Stock Selection

Top Down Approach for stock bets

Business Model

Valuations

PricingBusiness

Cycle

Mgmt

Profitability

Bottom Up Mid Cap & Small Cap

Allocation

Business Outlook

Management

Valuations

Sell-Side

Primary Research

Management Interaction

Earnings Model

Stress Testing

Valuations

Quantitative Tools

Bottom up Process for Mid Caps

Concentrated Portfolio

Pag

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Man

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HD

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Texm

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Top 5 holdings in the portfolio contribute to 34.57 % of the total portfolio

Data as on 30.04.2011

Stocks in the portfolio as on 30/04/2011. These stocks may/ may not be in portfolio in future Fund manager may alter/modify the portfolio in accordance with the asset allocationpattern/ investment objective as mentioned in the SID. Views expressed about the stocks is for the purpose of general information only on the basis of various available sources. Itshould not be construed as recommendations to buy/sell the stocks. Investors are requested to take the professional advice and read the scheme information document carefullybefore investing.

Stock Story: Page Industries Ltd.

• Large unorganized innerwear market• High market share in the men’s segment; women’s segment yet to be tapped• Strong brand franchise

50.00

75.00

100.00

125.00

150.00

175.00

200.00

1/4/10 2/4/10 3/4/10 4/4/10 5/4/10 6/4/10 7/4/10 8/4/10 9/4/10 10/4/10 11/4/10 12/4/10

Sto

ck P

rice

Mo

vem

en

t (B

ase

10

0)

Page Industries BSE 500

Source: Bloomberg

Stocks in the portfolio as on 30/04/2011. These stocks may/ may not be in portfolio in future Fund manager may alter/modify the portfolio in accordance with theasset allocation pattern/ investment objective as mentioned in the SID. Views expressed about the stocks is for the purpose of general information only on the basis ofvarious available sources. It should not be construed as recommendations to buy/sell the stocks. Investors are requested to take the professional advice and read thescheme information document carefully before investing.

Manappuram General Finance Ltd.

• Huge potential market given the stock of gold in India• Good combination of high growth and high return on equity• Relatively low asset quality risks

50.00

100.00

150.00

200.00

250.00

300.00

1/4/10 2/4/10 3/4/10 4/4/10 5/4/10 6/4/10 7/4/10 8/4/10 9/4/10 10/4/10 11/4/10 12/4/10

Sto

ck P

rice

Mo

vem

en

t (

Bas

e 1

00

)

Manappuaram Gen Fin BSE 500

Stocks in the portfolio as on 30/04/2011. These stocks may/ may not be in portfolio in future Fund manager may alter/modify the portfolio in accordance with theasset allocation pattern/ investment objective as mentioned in the SID. Views expressed about the stocks is for the purpose of general information only on the basis ofvarious available sources. It should not be construed as recommendations to buy/sell the stocks. Investors are requested to take the professional advice and read thescheme information document carefully before investing.

Source: Bloomberg

In a Nut Shell: EBF Portfolio

Midcap Portfolio•Bottom up stock selection• Buy and hold strategy•Concentrated stock picks

Large cap Portfolio

•Hedge against following markets• Create liquidity in the portfolio

EBF Portfolio Position

EBF Portfolio

Concentrated

Market Cap Agnostic

Bottom up strategy

RISK & PERFORMANCE ANALYSIS

Risk Analysis

* Source: Crisil Fund AnalyserData as on Apr 30, 2011

Standard Deviation* 45.99 %

Beta* 1.21

R-Squared* 0.93

Sharpe Ratio* 0.17

Portfolio Turnover* 1.63

Total Expense Ratio 2.32

Quantitative Data Ratio

Performance Analysis

Past performance may or may not be sustained in future. Returns are CAGR and fordividend option. It is assumed that dividend declared under the scheme has beenreinvested at the prevailing NAV. NAV (Growth ) as on 30/04/2011 is Rs. 41.66. Date ofinception is 11th October 2004. Source: MFI Explorer. Data as on 30/04/2011

CAGR Return

11.84%

5.14%

18.33%

24.07%

6.08%

2.56%

19.03% 19.19%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

1 year 3 years 5 years Since Inception

Fund Benchmark

• Mid and small cap exposure likely to remain high

• Concentrated portfolio of 25- 30 stocks

• Currently allocation in the money market instruments is restricted to less than 10% of thefund

• Portfolio has outperformed benchmark on 1 year, 3 year & since inception basis

Synopsis

Fund Features

Investment Universe: 2937 listed stocks on BSE (traded regularly)

Investment Style: Growth

Investment Approach: Bottom up

Benchmark: BSE 500

Inception Date: October 11, 2004

Type of Instrument (% of Net Assets) Risk Profile

Equity and related instruments including derivatives across diversified sectors*

At least 90 % Medium to High

Money Market Instruments* Upto 10 % Low

Normal Asset Allocation Style Box

Growth Blend Value

Larg

e

Mar

ket

Cap

ital

izat

ion

Mid

Smal

l

* Investments in equities would be well diversified across various emerging sectors with exposure to a particular business would be

restricted to 25% of the total investment portfolio under normal market conditions.

Stock Universe

Quant Screening

Investment Universe

Fundamental analysis

Fund Mandate

Risk ControlsPortfolio

Investment Management Process

Fund Details

Currently portfolio highly skewed towards mid & small cap stocks

Overweight in Automobiles, Services and Textiles industry

Asset Allocation Sector Exposure

Data as on 30.04.2011

12%

37%42%

9%

Large Cap Mid cap Small Cap Other Current asset

8.97

21.04

1.88

17.50

13.17

2.19

5.33

10.37

6.55 3.96

Automobiles Consumer Goods

Fertilisers & Pestisides Financial Services

Industrial Manufacturing Pharma

Services Textile

Cement & Cement Product Media & Entertainment

LAST DIVIDENDS

Record Date

Dividend (in

Rs./Unit)NAV (as on record

date)

28-Mar-11 2.50 14.55

30-Jul-09 2.50 11.47

28-Mar-08 2.50 18.14

31-Oct-05 5.10 12.7

Top 10 stocks constitute 55.30 % of the portfolio

Top 10 Holdings Dividend History

Fund Details

Data as on 30.04.2011

Stocks % of Asset

PAGE INDUSTRIES LIMITED 8.88%

HDFC BANK LIMITED 8.40%

MANAPPURAM GENERAL FINANCE & LEASIN 7.12%

AGRO TECH FOODS LTD 5.13%

TEXMACO RAIL & ENGINEERING LIMITED 5.04%

MOTHERSON SUMI SYSTEMS LTD 4.54%

GILLETTE INDIA LIMITED 4.39%

REDINGTON (INDIA) LTD 4.04%

SUN TV NETWORK LTD ( PREVIOUSLY SUN TV LIMITED ) 3.96%

HAWKINS COOKERS LTD 3.80%

Expertise Managing the Fund

• Mr. Navneet Munot

Mr. Navneet Munot joined SBI Funds Management Pvt. Ltd. as Chief Investment Officer in Dec. 2008. Most recently he was

the Head of Multi Strategies fund at Morgan Stanley Investment Management. Prior to joining Morgan Stanley Investment

Management, he worked as the Chief Investment Officer (Fixed Income and Hybrid Funds) of Birla Sun Life Asset

Management Company Ltd. Several funds managed by Navneet got recognition for their consistent superior risk-adjusted

performance and won several awards from independent agencies such as CRISIL, CNBC TV 18, ICRA, Reuters Lipper and got

top ranking in Value Research. Navneet has been associated with the financial services business of the Birla group for over

13 years and worked in various areas such as fixed income, equities and foreign exchange. His articles on matters related to

financial markets have widely been published. Navneet holds a Masters in Commerce and is also a rank holder Chartered

Accountant. He is a charter holder of Chartered Financial Analyst Institute, US and Chartered Alternative Analyst Institute,

US. He has also done Financial Risk Management, FRM from Global Association of Risk Professionals (GARP).

• Mr. R. Srinivasan

Mr. R Srinivasan is the fund manager of the scheme. He started his career in 1992 with Capital Market Publications and

subsequently worked on the Sell side with Indosuez WI Carr, Motilal Oswal Securities and Sunidhi Consultancy. He moved to

the Buy side with Oppenheimer & Co (now Blackstone) and later joined Principal PNB Mutual Fund. Prior to joining SBIMF

he was with Future Capital Holdings. He has completed his post graduation in Commerce and holds a Financial Management

degree from the Mumbai University

Disclaimer

Disclaimer: Risk Factors: Mutual Funds and Securities Investments are subject to market risks and there is noassurance or guarantee that the objective of scheme(s)/plan(s) will be achieved. As with any other investment insecurities, the NAV of the Magnums/Units issued under the scheme(s)/plan(s) can go up or down depending onthe factors and forces affecting the securities market. Past performance of the Sponsor/AMC/MutualFund/Scheme(s)/Plan(s) and their affiliates do not indicate the future performance of the scheme(s) of the MutualFund. Investment Objective: MSFU Emerging Businesses Fund (An Open-Ended Equity Scheme): To provide theinvestors maximum growth opportunity through equity investments in stocks of growth oriented sectors. There are four sub-funds dedicated to specific sectors viz. IT, Pharmaceuticals, FMCG, Contra sub fund for investment in stocks currently out offavour and Emerging Business Fund (EBF) to participate in the growth potential presented by various companies that areconsidered emergent and have export orientation/outsourcing opportunities or are globally competitive by investing in thestocks representing such companies. The fund may also evaluate emerging businesses with growth potential and domesticfocus. MSFU Emerging Businesses Fund is only the name of the scheme and does not in any manner indicate eitherthe quality of the scheme, its future prospects and returns. Statutory Details: SBI Mutual Fund has been set up as aTrust under The Indian Trusts Act, 1882. State Bank of India (‘SBI’), the sponsor is not responsible or liable for any lossresulting from the operation of the schemes beyond the initial contribution made by it of an amount of Rs. 5 lacstowards setting up of the Mutual Fund. Asset Management Company- SBI Funds Management Private Limited (Ajoint venture with SBI and Société Générale Asset Management). Trustee Company: SBI Mutual Fund TrusteeCompany Private Limited. Please read the Scheme Information Document carefully before investing.

This presentation is for information purposes only and is not an offer to sell or a solicitation to buy any mutual fundunits/securities. These views alone are not sufficient and should not be used for the development or implementationof an investment strategy. It should not be construed as investment advice to any party. All opinions and estimatesincluded here constitute our view as of this date and are subject to change without notice. Neither SBI FundsManagement Private Limited, nor any person connected with it, accepts any liability arising from the use of thisinformation. The recipient of this material should rely on their investigations and take their own professional advice