PresentingHDFC MF Monthly Income Plan

- Long Term Plan- Long Term Plan(HDFC MF MIP – LTP)

(An Open-Ended Income Scheme)

(Monthly Income is not assured and is subject to availability of distributable surplus)

As on April 30, 2011

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Table of Contents

Product Positioning and Rationale

Investment Strategy

Portfolio Composition

Product Features, Asset Allocation Pattern and Fund Manager Profile

Performance and Fund Rating

Fund Suitability

Disclaimer

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Positioning of Monthly Income PlansRETURN

Balanced Funds

Index Funds

Equity Funds

Sectoral Funds

RISK

RETURN

Liquid Funds

Income Funds

Gilt Funds

Monthly Income Plans

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Product Rationale

Targets returns higher than debt schemes with volatility lower than equityschemes

The main driver for probable excess returns over nominal low risk fixed incomereturns, in the long run is primarily the allocation to equities

Targeted at conservative investors as a large portion of the corpus is invested inTargeted at conservative investors as a large portion of the corpus is invested infixed income securities with the balance portion invested into equities and equityrelated instruments

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Return v/s. Volatility

Period Ended Crisil Composite Bond Fund Index (`)(`)(`)(`)

Crisil MIP Blended index (`)(`)(`)(`)#

HDFC MF MIP – LTP (`)(`)(`)(`)

^

S&P CNX 500 (`)(`)(`)(`)

Dec 26, 2003* 10,000 10,000 10,000 10,000

March 31, 2004 10,103 10,106 10,414 9,740

March 31, 2005 10,121 10,345 11,278 11,848

March 31, 2006 10,455 11,507 13,613 19,450

March 30, 2007 10,844 12,138 14,745 21,020

March 31, 2008 11,739 13,495 16,128 25,568

This is how an amount of ̀̀̀̀ 10,000 invested in HDFC MF MIP – LTP on December 26, 2003* would have performed as on March 31, 2011

Source: Internal

^ Past performance may or may not be sustained in the future.

Please refer relative performance table on slide 16.

Standard deviation is a statistical measurement that sheds light on historical volatility.

* Inception Date of HDFC MF MIP – LTP. ** Since Inception Date i.e: December 26, 2003 (Compounded annualised)

# Benchmark Index

Comparison with CRISIL Composite Bond Fund Index and S&P CNX 500 Index is for illustrative purposes only.

March 31, 2009 12,602 13,562 16,008 15,336

March 31, 2010 13,284 15,496 21,103 28,825

March 31, 2011 13,957 16,451 23,025 30,918

Returns (%) ** 4.70 7.09 12.16 16.81

Std. Dev. (%) 0.11 0.30 0.39 1.77

Returns greater than debt securities with volatility lower than equities ^

The main driver for probable excess returns over nominal low risk fixed income returns, in the long run is primarily theallocation to equities

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Investment StrategyInvestment Strategy

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Investment Strategy (Equities)

Maintains an effectively diversified portfolio

No cap / style bias

Focus is on:

Sound quality companiesSound quality companies

Companies that enjoy leadership / near leadership position

Companies / businesses with superior growth prospects available at a reasonable price

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Investment Strategy (Debt)

The fixed income portion of the net assets is predominantly invested incorporate debentures to take advantage of the higher yields

Investments in bonds and debentures are predominantly in high qualityinvestment grade instruments

The maturity profile of debt instruments will be selected in accordance with theThe maturity profile of debt instruments will be selected in accordance with theoutlook on current market conditions, interest rate outlook and the stability ofratings

Twin objective of risk adjusted returns and capital preservation in all interestrate scenarios

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Portfolio Composition(As on April 30, 2011)(As on April 30, 2011)

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Portfolio Composition(As on April 30, 2011)

Portfolio Classification by Asset Class (%)

Sovereign Securities 5.11

Equities 23.65

Commercial Papers (CP) / Certificate of Deposit (CD) 30.98

Credit Exposures 35.06

Cash, Cash Equivalents and Net Current Assets 5.20

Average Portfolio Maturity: 1.89 years (other than equity investments)

Modified Duration (Debt Instruments): 1.40 years

Net Assets (` in Crore): 9,901.03

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Product Features, Asset Allocation Pattern and Fund

Manager ProfileManager Profile

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Product Features

Type of Scheme Open-ended income scheme. Monthly income is not assured and is subject to availability of distributable surplus

Inception Date (Date of allotment) December 26, 2003

Investment Objective The primary objective of scheme is to generate regular returns through investment primarily in Debt and Money MarketInstruments. The secondary objective of the Scheme is to generate long-term capital appreciation by investing a portionof the Scheme’s assets in equity and equity related instruments

Fund Manager $ Prashant Jain (Equities), Shobhit Mehrotra (Debt)

Options Growth, Monthly Dividend & Quarterly Dividend Option. The Dividend Option offers Dividend Payout and Reinvestmentfacility

Minimum Application Amount

(Under Each Option)

Purchase:

Growth and Quarterly Dividend Option – ` 5,000 and any amount thereafter under each option

Monthly Dividend Option – ` 25,000 and any amount thereafter

Additional Purchase: 1,000 and any amount thereafterAdditional Purchase: ` 1,000 and any amount thereafter

Load Structure Entry Load: Not Applicable

Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) basedon the investors’ assessment of various factors including the service rendered by the ARN Holder.

Exit Load:

In respect of each purchase / switch-in of units, an exit load of 1% is payable if units are redeemed /switched-out within 1 year from the date of allotment.

No exit load is payable if units are redeemed / switched-out after 1 year from the date of allotment.

Benchmark Crisil MIP Blended Index

$ Dedicated Fund Manager for Overseas Investments: Miten Lathia

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Asset Allocation Pattern

Types of Instruments Normal Allocation

(% of Net Assets)

Deviation Risk Profile

Debt instruments(including securitiseddebt) & Money Market

75 100 Low to Medium

Under normal circumstances, the asset allocation of the scheme’s portfolio will be as follows:

debt) & Money Marketinstruments (includingcash / call money)

Equities & Equity relatedinstruments

25 100 Medium to High

The investment in central and state government securities will not exceed 75% of the net assets of the plan.It is the intention of the Scheme that the investments in securitised debt will not, normally exceed 75% of the net assetsof the plan.The scheme may seek investment opportunity in the ADR / GDR / Foreign Equity and Debt Securities (max. 25% of netassets in ADR / GDR and Foreign Equity Securities and max. 50% of net assets in Foreign Debt Securities) subject toSEBI (Mutual Funds) Regulations, 1996. The scheme may use derivatives mainly for the purpose of hedging and portfoliobalancing based on the opportunities available subject to SEBI (Mutual Funds) Regulations, 1996.

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Fund Managers Profile $

Name and Designation Mr. Prashant Jain – Executive Director and ChiefInvestment Officer

Mr. Shobhit Mehrotra – Senior Fund Manage – FixedIncome and Head of Credit

Educational Qualifications CFA – AIMR, USA

PGDM – IIM, Bangalore

B.Tech – IIT, Kanpur

B. Text

M.S. MBA (Clemson University, SC, USA)

Experience Collectively over 19 years of experience in fundmanagement and research in the Mutual Fund Industry

Collectively over 18 years of work experience in FixedIncome Markets, credit rating etc.

Assignments Held June 20, 2003 till date

HDFC Asset Management Company Limited

July 1993 to June 19, 2003

Zurich Asset Management Company (India)Private Limited

Last Position Held – Chief Investment Officer

1991 to June 1993

SBI Mutual Fund

Last Position Held – Fund In Charge

Feb 16, 2004 till date

HDFC Asset Management Company Ltd.

Feb 1997 to Feb 2004

Templeton Asset Management (India) Pvt.Ltd.

Last Position Held – AVP and PortfolioManager (Fixed Income)

July 1992 to January 1997

ICRA Ltd.

Last Position Held – Business / InvestmnetAnalyst, Member Executive Rating Committee

$ Dedicated Fund Manager for Overseas Investments: Miten Lathia

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Performance & Fund Rating& Fund Rating

(April 30, 2011)

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Relative Performance as on April 30, 2011(HDFC MF MIP – Long Term Plan)

Period Returns (%) ^ Crisil MIP Blended Index Returns (%) #

Last 1 Year (365 Days) 8.22 5.48

Last 3 Years (1095 Days) 12.24 6.28

The fund has outperformed its benchmark in all of the following time periods^

^ Past performance may or may not be sustained in the futurePerformance of the Dividend Option for the investor would be net of Distribution Tax as applicable.Above returns are compounded annualized (CAGR.) # Benchmark IndexInception Date: December 26, 2003Returns are of Growth Option

Last 3 Years (1095 Days) 12.24 6.28

Last 5 Years (1827 Days) 10.98 7.17

Since Inception (2681 Days) 12.13 7.03

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Systematic Investment Plan Returns(As on April 30, 2011)

SIP Investments Since Inception $

SIP

5 Years

SIP

3 Years

SIP

1 Year

SIP

Total Amount Invested (`)(`)(`)(`)

89,000.00 60,000.00 36,000.00 12,000.00

Market Value (`)(`)(`)(`) 1,40,770 81,190 44,280 12,420

This is how your investments would have grown if you had invested say `̀̀̀ 1,000 systematically on the first

business day of every month over a period of time.

Returns (Annualised) (%)

12.14 12.08 13.99 6.72

Benchmark Returns (Annualised) (%) #

7.50 7.29 7.73 5.36

# Crisil MIP Blended Index $ Inception Date: December 26, 2003Disclaimer: The above investment simulation is for illustration purpose only and should not be construed as a promise onminimum returns and safeguard of capital. HDFC Mutual Fund / HDFC Asset Management Company Ltd. is not guaranteeingor promising or forecasting any returns. SIP does not assure a profit or guarantee protection against loss in a declining market.Entry / Exit Load is not taken into consideration in the above investment simulation and returns are of Growth OptionPlease refer to the relative performance table on slide 16 for non SIP returnsPlease refer SIP Enrolment Form or contact nearest ISC for SIP load Structure.

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Past Performance may or may not be sustained in the future.

Fund Awards

HDFC MF Monthly Income Plan - Long Term Plan has been ranked a "Seven Star Fund"#and has been awarded Gold Award for 'Best Performance' in the category of Open Ended MarginalEquity for one year period ending December 31, 2010 (from amongst 46 schemes) at ICRA MutualFund Awards 2011.Fund Awards 2011.

� ‘Seven Star Fund’ Ranking: Best Performance amongst 5-Star Funds in the respectivecategory.

� ICRA 7-Star Gold Award: The best performing fund amongst the 5-Stars is ranked as a 7-Star Fund providedit's fund size is greater than the average of the respective category or ` 100 crores, whichever is lower.

# Past performance is no guarantee of future results.Please refer to the slide: 25 on Award /Ranking / Rating methodology

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Fund Awards

CNBC TV18 - CRISIL Mutual Fund Awards 2011

HDFC MF Monthly Income Plan - Long Term Plan won the “Best Performing Mutual Fundof the Year - Monthly Income Plans” Award # for the calendar year 2010 (from amongst 30schemes) at the CNBC TV18 - CRISIL Mutual Fund Awards 2011.

# Past performance is no guarantee of future results.Please refer to the slide: 25 on Award /Ranking / Rating methodology

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Fund Rating

HDFC MF Monthly Income Plan - Long Term Plan- Growth option has been rated Five Stars byMorningstar in the Morningstar India Open Ended Conservative Allocation category (fromamongst 136 schemes) for the overall (3/5/10 year- as applicable) period ending April 30,2011#

� Five Stars indicate that the fund is in the top 10 percent of its category in terms of historical risk – adjustedreturns

Value Research Rating - * * * * * (Five Stars)# in Hybrid – Debt – Oriented ConservativeCategory (from amongst 43 schemes) for 3 and 5 year periods ending April 30, 2011.

� Five - stars indicate that the fund is in the top 10 per cent of its category in terms of historical risk – adjustedreturns

# Past performance is no guarantee of future results.Please refer to the slide: 25 on Award /Ranking / Rating methodology

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Fund Rating

HDFC MF Monthly Income Plan – LTP Growth Option was assigned ‘CRISILMutual Fund Rank 1’# in the ‘Open End MIP Aggressive Schemes ’ Category(out of 19 schemes) for the 2 year period ending March 31, 2011 by CRISIL.(out of 19 schemes) for the 2 year period ending March 31, 2011 by CRISIL.

� CRISIL Mutual Fund Rank “1” means that the composite performance of the Scheme is“Very Good performance “and ranks within the Top 10 percentile in the category.

# Past performance is no guarantee of future results.Please refer to the slide: 26 on Award /Ranking / Rating methodology

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Fund SuitabilityFund Suitability

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Why HDFC MF MIP – Long Term Plan?

Targets returns greater than debt schemes with lower volatility than equityschemes

Aims to provide steady returns over medium term time frames

Aims to counterbalance the risks associated with each individual asset class

Cheaper and tax efficient alternative to maintain constant asset allocation

Helps investors maintain their asset allocation discipline at all times and not getcarried away by the cycle of fear and greed as a result of market swings

Well established track record*

*Past performance may or may not be sustained in the future.

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HDFC MF MIP – Long Term Plan is suitable for investors:

As an entry product for equities

With a conservative and risk averse nature tolerant towards controlled equityexposure

Desiring a mixture of regular income and capital appreciation to overcome theimpact of inflationimpact of inflation

Looking for a diversified portfolio across asset classes

Who are nearing retirement / retired

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ICRA Mutual Fund Awards 2011 – Ranking Methodology:

HDFC Monthly Income Plan - Long Term Plan has been ranked as a Seven Star Fund in the category of ‘Open Ended Marginal Equity’ schemes for its 1 year performance till December31, 2010. The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size, company concentration and portfolioturnover. The ranking methodology did not take into account loads imposed by the Fund. There were 46 schemes considered in ‘Open Ended Marginal Equity’ category for the rankingexercise. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of HDFC Mutual Fund.

Ranking Source & Publisher: ICRA Online Limited

CNBC TV18 - CRISIL Mutual Fund Awards 2011 – Award Methodology

HDFC Monthly Income Plan - LTP won the CNBC TV18 - CRISIL Mutual Fund Awards 2011 in the Monthly Income Plans category. In total 30 schemes were eligible for theaward universe. Schemes present in all four quarterly CRISIL Mutual Fund Ranking were considered for the award. The award is based on consistency of thescheme’s performance in the four quarterly CRISIL Mutual Fund Rankings released during the calendar year 2010. The individual CRISIL Mutual Fund Rankingparameter scores averaged for the four quarters were further multiplied by the parameter weights as per the CRISIL Mutual Fund Ranking methodology toarrive at the final scores. A detailed methodology of the CRISIL Mutual Fund Ranking is available at www.crisil.com. Past performance is no guarantee of futureresults.

Morning Star Rating – Rating Methodology: The Morningstar fund rating methodology is based on a fund’s risk-adjusted return within a given Morningstar category. For eachfund with at least a three-year history, Morningstar ratings are calculated every month for the 3 year, 5 year and 10 year period. The Overall Morningstar Rating for a fund is derived

Award/Ranking/Rating Methodology

fund with at least a three-year history, Morningstar ratings are calculated every month for the 3 year, 5 year and 10 year period. The Overall Morningstar Rating for a fund is derivedfrom a weighted average of the performance figures associated with its three, five and 10 year (if applicable) Morningstar Rating metrics. Within each rating period, the top 10% fundsreceive a five star rating, the next 22.5% earn a four star rating, the next 35% get three stars, the next 22.5% receive two stars, and the bottom 10% get one star. Loads are notconsidered for the rating purpose. The rating is based on NAV provided by respective funds. The current fund rating is for the overall (3 year / 5 year/ 10 year – as applicable) periodas of April 30, 2011. HDFC MF Monthly Income Plan- Growth option has been rated 5-Star by Morningstar in the Morningstar India Open Ended Conservative Allocation Category. 136funds which completed 3 years of performance were considered for rating. Rating Source and Publisher: Morningstar. The ratings are subject to change every month. Please referwww.morningstar.co.in for detailed information on the Rating Methodology.

Value Research Fund Ratings – Ranking MethodologyValue Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and hybrid funds this rating is based on the weighted average monthlyreturns for the last 3 and 5-year periods. These ratings do not take into consideration any entry or exit load. Each category must have a minimum of 10 funds for it to be rated.Effective, July 2008, an additional qualifying criteria, has been included whereby a fund with less than ` 5 crore of average AUM in the past six months will not be eligible for rating.Five-stars indicate that a fund is in the top 10% of its category in terms of historical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5%, middle 35% receivethree stars, the next 22.5% are assigned two stars while the bottom 10% receive one star. The number of schemes in each category is mentioned in Hybrid Debt- OrientedConservative Category are 43. These Fund Ratings are as on April 30, 2011. The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual FundInsight. The Ratings are subject to change every month. The Rating is based on primary data provided by respective funds, Value Research does not guarantee the accuracy.

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CRISIL Mutual Fund Ranking Methodology:

CRISIL has assigned “CRISIL Mutual Fund Rank 1’’ in the Open End Category Schemes as at March 31, 2011 to HDFC Monthly Income Plan – Long Term Plan – Growthdenoting that the composite performance HDFC Monthly Income Plan - LTP - Growth is “Very Good performance" performance in the Open End MIP Aggressive SchemesCategory, and ranks within the Top 10 percentile of the 19 schemes ranked in this category. The criteria used in computing the CRISIL Mutual Fund Rank are SuperiorReturn Score based on NAVs over the 2-year period ended 31 March 2011, Sectoral concentration, Company concentration and Liquidity of the scheme. The methodologydoes not take into account the entry and exit loads levied by the scheme. The CRISIL Mutual Fund Rank is no indication of the performance that can be expected fromthe scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited.

DISCLAIMER: This presentation has been prepared and issued on the basis of internal data, publicly available information and other sources believed to be reliable. The informationcontained in this document is for general purposes only and not a complete disclosure of every material fact and terms and conditions and features of HDFC MF Monthly Income Plan – LongTerm Plan. The information/ data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy. It should not be construed asinvestment advice to any party. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on our current viewsand assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in suchstatements. The recipient alone shall be fully responsible / liable for any decision taken on the basis of this presentation. The content of this presentation is confidential and intended solelyfor the use of the addressee. If you are not the addressee, or the person responsible for delivering it to the addressee, any disclosure, copying, distribution or any action taken or omitted tobe taken in reliance on it is prohibited and may be unlawful. No part of this document may be duplicated in whole or in part in any form and/or redistributed without prior written consent ofthe HDFC Mutual Fund/ HDFC Asset Management Company Limited. The recipient(s) should before investing in the Scheme(s) make his/their own investigation and seek appropriateprofessional advice.professional advice.

Risk Factors: All mutual funds and securities investments are subject to market risks and there can be no assurance that the Scheme’s objectives will be achieved andthe NAV of the Scheme may go up or down depending upon the factors and forces affecting the securities market. Past performance of the Sponsors and their affiliates / AMC /Mutual Fund and its Scheme(s) do not indicate the future performance of the Scheme of the Mutual Fund. There is no assurance or guarantee to unit holders as to the rate of dividenddistribution nor that dividends will be paid regularly. Investors in the Scheme are not being offered any guaranteed / assured returns. The NAV of the units issued under the Scheme may beaffected, inter-alia by changes in the interest rates, trading volumes, settlement periods, transfer procedures and performance of individual securities. The NAV will inter-alia be exposed toPrice / Interest Rate Risk and Credit Risk. HDFC MF Monthly Income Plan – Long Term Plan, an open-ended income scheme (Monthly income is not assured and is subject toavailability of distributable surplus) is only the name of the Scheme and the Plan thereunder and does not in any manner indicate either the quality of the Scheme, itsfuture prospects and returns. Please read the Scheme Information Document and Statement of Additional Information before investing. Investment Objective: Togenerate regular returns through investment primarily in debt and money market instruments. The secondary objective of the scheme is to generate long term capital appreciation byinvesting a portion of the scheme’s assets in equity and equity related instruments. Asset Allocation Pattern: Equity and equity related instruments (25%); debt and money marketinstruments (75%). Load Structure: Entry Load: Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on theinvestors’ assessment of various factors including the service rendered by the ARN Holder. Exit Load: In respect of each purchase / switch - in of units, an exit load of 1.00% is payable ifunits are redeemed / switched out within 1 year from the date of allotment. No exit load is payable if units are redeemed / switched - out after 1 year from the date of allotment. In view ofthe individual nature of tax consequences, each investor is advised to consult his/her professional tax advisor. Statutory Details: HDFC Mutual Fund has been set up as a trust sponsored byHousing Development Finance Corporation Limited and Standard Life Investments Limited (liability restricted to their contribution of ` 1 lakh each to the corpus) with HDFC Trustee Company Limited as the

Trustee (Trustee under the Indian Trusts Act, 1882) and with HDFC Asset Management Company Limited as the Investment Manager.

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Thank YouThank You

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