L&T Short Term Debt Fund

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NFO OPENS: December 7, 2011 NFO CLOSES: December 21, 2011 Offer of units at Rs. 10/- per unit during NFO L&T Short Term Debt Fund NEW FUND OFFER www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund.

Contents: 

Contents www.LNTMF.com What is L&T Short Term Debt Fund ? Why L&T Short Term Debt Fund ? Allocation and Strategy of L&T Short Term Debt fund Current debt market scenario Global market scenario Category Performance Credit evaluation process Fixed Income team For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. 2

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An Open Ended Debt Scheme The investment objective of the Scheme is to generate returns for investors with a short-term investment horizon by investing in fixed income securities of shorter term maturity. L&T SHORT TERM DEBT FUND www.LNTMF.com Investment Objective NEW FUND OFFER For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. 3

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Asset Allocation Debt and Money Market Instruments residual maturity up to 24 months 65% to 100% with low risk profile Debt instruments with residual maturity greater than 24 months and less than 60 months 0% to 35% with low to medium risk profile The Scheme may invest in securitized debt up to 50% of the portfolio. The average maturity of the Portfolio of the Scheme shall not exceed 3 years. For further details, Investors are requested to refer Section on "Asset Allocation" mentioned at the end of this Presentation. www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. 4

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Options & Minimum Application Amount Quarterly Dividend Rs 5,000 and in multiples of Re. 1 thereafter Growth Rs 5,000 and in multiples of Re. 1 thereafter Bonus Rs 5,000 and in multiples of Re. 1 thereafter Dividend^ Rs 5,000 and in multiples of Re. 1 thereafter ^ The Trustee reserves the right to fix the frequency of dividend under this Option www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. 5

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Load Structure www.LNTMF.com Entry Load Nil Exit load 0.5% if redeemed <= 6 Months Nil if redeemed > 6 months For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. 6

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Benchmark www.LNTMF.com CRISIL Short Term Bond Fund Index For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. 7

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As interest rates tightening by RBI may be closer to peak, attractive investment avenues may be available in short term debt instruments As inflationary expectations and interest rates cool down, investment avenues may be available Efficient portfolio construction could be possible as attractive rates of interest on quality rated debt instruments may be available Why L&T Short Term Debt Fund ? www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Please read the Scheme Information Document and Statement of Additional Information carefully before investing. 8

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Optimization of risk adjusted returns through effective duration management Endeavour to make investment in quality debt and money market instruments Could be considered as an investment vehicle for a moderate interest rate environment Efficient portfolio construction in the two duration buckets with average maturity lower than or equal to three years For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Please read the Scheme Information Document and Statement of Additional Information carefully before investing. Contd.. www.LNTMF.com 9

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Asset allocation towards quality debt instruments and low to moderate average maturity not exceeding 3 years 65% to 100% allocation towards debt and money market instruments of residual maturity up to 24 months and 0% to 35% in debt instruments with residual maturity greater than 24 months and less than 60 months Investment in corporate bonds for shorter tenor as rates may be attractive in the segment due to inversion of the yield curve Investment in commercial papers, certificate of deposits and Government securities to take possible advantage of yield level and interest rate cycle Debt Allocation and Strategy www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Please read the Scheme Information Document and Statement of Additional Information carefully before investing. 10

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For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. Current Debt Market Scenario www.LNTMF.com 11

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High inflation numbers ruling over 9% levels with current reading at 9.73% as on November 14, 2011 Higher Government borrowing than scheduled Risks of the Government overshooting the fiscal deficit target Source: Bloomberg As on: November 21, 2011 Current Debt Market Scenario 1 Year AAA PSU since Nov 2008 Yield www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. 12

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1 Year CD since Nov 2008 1 Year CP since Nov 2008 Yield Yield Contd.. www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. Source: Bloomberg As on: November 21, 2011 13

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Rise in key rates by RBI and tight banking system liquidity Repo rate has been raised 13 times since March 2010 from 4.75% to move to 8.50% in October 2011 Persistent deficit banking liquidity scenario, rising interest rates Due to increase in base rates of banks borrowing cost of companies has also increased. This could also be one of the reasons for increasing yields of debt market instruments www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. Source: Bloomberg , RBI Data as on : November 21, 2011 14

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RBI Repo rate Banking system liquidity from Nov 2008 System Liquidity Repo rate For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. Contd.. www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. Source: Bloomberg , RBI Data as on : November 21, 2011 Oct -11 15

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Contd.. As concerns over growth seem visible and inflationary expectations ease, stance may change…. Credit growth from 2008 % growth RBI revised the GDP target downward to 7.6% from 8.0% for 2011-12 IIP deceleration observed in last few months www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. Source: Bloomberg Data as on: October 31, 2011 16

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IIP from 2011 Passenger vehicle sales from 2011 % growth % growth Contd.. www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. Source: Bloomberg Data as on: October 31, 2011 17

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Source: Bloomberg Yield levels of debt instruments since March 2010 Instruments Mar-10 Mar-11 Nov-11 Change over Mar 2010 10 Year G-Sec 7.83 7.98 8.96 113 bps 5 Year AAA PSU 8.52 9.25 9.75 123 bps 5 Year OIS 6.88 7.96 7.40 52 bps 1 Year OIS 4.97 7.39 8.15 318 bps 1 Year CD 6.05 9.50 9.65 360 bps 3 Month CD 4.95 9.55 9.35 440 bps www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. 18

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1 month to 1 year CP 1 month to 1 year CP RBI Repo rate 8.50 Source: Bloomberg. Data as on: November 21, 2011 Yield of Instruments Tenure 1 month to 12 Months Yield curve for Certificate of Deposits (CD) and Commercial Papers (CP) www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. 19

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AAA PSU and non psu corporate yield curve RBI Repo rate G-sec yield curve 8.50 Tenure 3 Months to 15 Years Yield of Instruments For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. This is for illustration purpose only and are not recommendations from the AMC or its associates. Yield curve for AAA PSU, Non PSU Corporate and G-sec www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. Source: Bloomberg. Data as on: November 21, 2011 20

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Year Source: Bloomberg . Data as on 29/11/11 For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. Yields since Nov 2007 Yield www.LNTMF.com 21

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Global market scenario www.LNTMF.com

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Continued slowdown in major global economies may impact Indian growth rate and interest rates…. 10 year US treasury since 2007 showing declining trend from March 2011 Real US GDP since 2009 %age growth Yield www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. Source: Bloomberg As on: October 31, 2011 23

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Euro zone GDP since 2009 Euro zone unemployment trend since 2009 Source: Bloomberg As on: October 31, 2011 %age growth %age For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. Contd.. www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Views expressed here are for illustration only and are not recommendations from the AMC or its associates. 24

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Category Performance www.LNTMF.com

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Data as on Nov 4, 2011 Source: Icraonline.com For information purpose only. Please read the Scheme Information Document and Statement of Additional Information carefully before investing. Past Performance may or may not be sustained in future. For illustration purpose only. This should not be construed as solicitation for purchase of L&T Short Term Debt Fund. Category performance over a 5 year horizon Scheme / Index 6 Months 1 Year 3 Years 5 Years CRISIL Short Term Bond Fund Index 4.30 7.20 7.30 7.20 CRISIL Composite Bond Fund Index 6.44 5.64 7.03 6.00 CRISIL MIP Blended Index 4.21 2.29 9.23 6.72 BSE Sensex -4.91 -15.94 18.21 5.99 www.LNTMF.com For information purpose only. Please read the Scheme Information Document and Statement of Additional Information carefully before investing. Past Performance may or may not be sustained in future. The above returns do not in any manner indicate returns of any Scheme of L&T Mutual Fund. For illustration purpose only. This should not be construed as solicitation for purchase of L&T Short Term Debt Fund . Returns in %, For Debt: Returns for less than 1 year are simple annualized and greater than 1 year are compounded annualized. For equity diversified: Returns for less than 1 year are absolute and greater than 1 year are compounded annualized. 26

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This analysis is for short term bond fund with modified duration of 1 year assuming assets are held for a time period of six months. Given the current market yields, it is assumed a short duration bond fund having modified duration of 1 year with combination of securities across maturities/ credits could generate gross yield of 9.00%. The above calculations are based on the assumption of parallel shift in yield curve and the actual capital appreciation/ depreciation may vary depending on the actual change in the shape of the yield curve. Expenses have not been considered. For information purpose only. The above should not be construed as performance of the fund. Please read the Scheme Information Document and Statement of Additional Information carefully before investing. Scenario Analysis (This is for illustrative purpose only and should not be construed any advice to subscribe the Scheme of L&T Mutual Fund ) Parallel shift in yield curve Gross Portfolio Yield A Capital Appreciation / Depreciation B Total Return (A+B) Parallel shift in yield curve (-)100 bps 9.00% 2.00% 11.00% (-)100 bps (-) 50 bps 9.00% 1.00% 10.00% (-) 50 bps (-) 25 bps 9.00% 0.50% 9.50% (-) 25 bps Unchanged 9.00% 0.00% 9.00% Unchanged (+) 25 bps 9.00% -0.50% 8.50% (+) 25 bps (+) 50 bps 9.00% -1.00% 8.00% (+) 50 bps (+) 100 bps 9.00% -2.00% 7.00% (+) 100 bps www.LNTMF.com 27

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Credit Evaluation Process www.LNTMF.com 28

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G-sec yield curve Investments made on the basis of an internal approved list of companies/issuers Approved List consists of separate category – Short term approved credits and Long Term approved credits Criteria for Short term approval (<=1 yr) is highest short term rating of minimum A1+ from a rating agency. Criteria for Long term approval (>1 yr) is long term rating of minimum AA and above from a rating agency. For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. This is internal process and may be subject to change without prior notice at the sole discretion of L&T Investment Management Limited. Credit Investments www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. This is internal process and may be subject to change without prior notice at the sole discretion of L&T Investment Management Limited. 29

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Credit Analyst Credit Analyst Analysts CEO Fund Managers For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. This is internal process and may be subject to change without prior notice at the sole discretion of L&T Investment Management Limited. Credit Approval Workflow Chart www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. This is internal process and may be subject to change without prior notice at the sole discretion of L&T Investment Management Limited. Analysts CEO Fund Managers 30

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List is generally reviewed on a half yearly basis with respect to their financial health Companies/Issuers - part of the portfolio are reviewed on a regular basis Any corporate actions like acquisitions, mergers, regulatory impact, financials, etc is discussed daily by debt team EOD Ratings of companies/issuers in approved list are under continuous watch Credit Analyst tracks the rating changes of all 4 rating agencies on a daily basis and mail to the debt team Review/Monitoring of Existing Approved Credits www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. This is internal process and may be subject to change without prior notice at the sole discretion of L&T Investment Management Limited. 31

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Any rating action is communicated to the Investment Team If having active exposure to the credit (in even of a downgrade), note is circulated to IC and reviewed as to whether exposure should be continued or not and if down grade is below criteria further investments are restricted Evaluating quarterly and annual results of companies/issuers in approved list If any significant deterioration in financials, suitable action is taken. Contd.. www.LNTMF.com For information purpose only and should not be construed as solicitation for purchase of L&T Short Term Debt Fund. This is internal process and may be subject to change without prior notice at the sole discretion of L&T Investment Management Limited. 32

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Bekxy Kuriakose : Associate VP and Senior Fund Manager - Fixed Income Strategic decision making and portfolio management Hareshwar Karekar : Manager – Fixed Income Richa Sharma : Fund Manager – Fixed Income Trade execution and portfolio management Rahul Aggarwal : Credit Analyst Credit Research and analysis Abhishek Iyer : Dealer – Fixed Income Dealing execution and support Fixed Income -Management Team www.LNTMF.com 33

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Bekxy Kuriakose, Associate VP and Sr. Fund Manager – Fixed Income (Dec 2008 till date) BA (Hons), PGDM from IIM Bangalore 11 years of experience. Prior assignments – Reliance Life Insurance Company Ltd and SBI Mutual Fund Richa Sharma, Fund Manager – Fixed Income (March 2011 onwards), B.Com., M.M.S Finance 7 years of work experience.  Prior assignments – Sahara AMC, Sundaram AMC, SBI DFHI Limited. Hareshwar P. Karekar – Manager – Fixed Income (June 2008 till date) B.com, LLB Over 10 years of experience in Debt Market. Prior assignments –Worked with Karvy Stock Broking , Dalal & Broacha Stock Broking Rahul Aggarwal - Credit Analyst (April 2009 till date) PGDM from IIM Kolkata, BE (Computer Science) 4 years of work experience Team Profile www.LNTMF.com 34

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Ahmedabad: 9898029991 , Agra: 9839075275 , Allahabad: 9918500388/0532-3010574 , Amritsar : 9855721024, Bengaluru : 9591810455/080-42497000/32952142 , Baroda : 8128997153/0265-2491673 , Bhavnagar: 9376925339 Bhopal : 0755-2552452-53/ 9893654246 , Bhubaneshwar : 9937062565, Chandigarh : 0172 – 3068051 / 9878406940, Chennai : 044-28545752/ 9840096828/ 9003072863, Cochin : 0484-6533130/ 9895168160, Coimbatore : 0422 4504047- 48 / 9677783876, Cuttack : 9937009935, Durgapur : 9932241935, D eharadun : 9336955999 Dhanbad : 9263779247 Guwahati :9435556146, Goa : 0832 2422720/ 9923285799, Gorakhpur : 9838330569, Gwalior : 9669966100/ 0751-4065157/ 4081389, Hyderabad : 040-44545578/44545577 Hubli : 0836-4264140/ 9844979788 Indore : 0731 4286032 / 9826012555, Jaipur : 0141- 4043108/ 4043101/ 9950852103, Jalandhar : 9872838208, Jamnagar: 8905996999 , Jammu: 9419845915, Jodhpur : 9829309649 Kanpur : 9695051155, Kolhapur : 0231 6614834-5/ 9860087747, Kolkata: 033-40182224/40182222/ 9831500225, Lucknow : 0522 4003245 / 3052460/ 09838119887, Ludhiana : 0161 5029019 / 9855095135, Madurai : 9865966013/0452-4514005, Mangalore: 0824-2443609/ 9663027893, Mumbai (Head Office) : 022- 61366600/ 61366601, Mumbai (Fort) : 022-61155555/ 9821118597, Mumbai (Deonar) : 022-61130908/ 61130910 Mysore : 9886639557/0821-2331833, Nagpur : 0712 6621511 / 9372695617, Nashik : 0253 6611791/ 6619211/ 9960025000, New Delhi : 011 49533301-02/ 9811595033, Patna : 9708038447 Pune : 020-32912911/ 25510468/ 9923803310, Rajkot : 0281-2480131/9898777746, Raipur : 0771 4224107 / 9926808555, Ranchi : 9504901190 , Rourkela : 9437648485, Siliguri : 0353 2545474/ 9800202292, Surat : 9924712128, Trivandrum: 9895168160 Trichy : 9952142228/09865966013 , Varanasi : 9839165055, Vijaywada : 0866-2485274, Vishakhapatnam: 0891- 6620401/ 9676970777 Branches www.LNTMF.com 35

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This presentation has been prepared by L&T Investment Management Limited (LTIML) for information purposes only and should not be construed as an offer or solicitation of an offer for purchase of any securities/ instruments or any of the Schemes of L&T Mutual Fund. Views expressed herein are for general information only and do not have regards to specific investment objectives, financial situation and the particular needs of any specific person who may have receive this information. These views alone are not sufficient and should not be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. All opinions and estimates included here constitute our view as of this date and are subject to change without notice. Neither L&T Investment Management Ltd, nor any person connected with it, accepts any liability arising from the use of this information. The recipient of this material should rely on their investigations and take their own professional advice. Recipient of this document should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ instruments/ sectors/ market conditions in this presentation is only for illustration purpose and are should not be construed as any recommendations from the Author or the AMC or any of its associates. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions. This presentation is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Any performance information mentioned refers to the past should not be seen as an indication of future returns. Market performance data is based on LTIML’s own figures unless otherwise stated. The market information, wherever stated has been sourced from the research reports issued by the entities referred in the presentation. Disclaimers www.LNTMF.com 36

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Statutory Details: L&T Mutual Fund has been established as a trust under the Indian Trust Act, 1882 by L&T Finance Limited, Sponsor/ Settlor (liability restricted to the seed corpus of Rs. 1 lakh) with L&T Mutual Fund Trustee Limited as the Trustee Company and L&T Investment Management Limited as the Investment Manager. Risk Factors: All investments in mutual funds and securities are subject to market risks and the NAV of the Scheme of the Fund may go up or down depending upon the factors and forces affecting the securities market. Investment in mutual fund units involves investment risks such as trading volumes, settlement risk, liquidity risk, default risk including the possible loss of principal. Past performance of the Sponsor/AMC/Mutual Fund does not guarantee future performance of the Scheme. The Sponsor is not responsible or liable for any loss resulting from the operation of the Scheme beyond the initial contribution of Rs. 1 lakh made by it towards setting up the Fund. L&T Short Term Debt Fund do not in any manner indicate either the quality of the Scheme or its future prospects and returns; and is only the name of the Scheme. There can be no assurance that the objectives of the Scheme/ Mutual Fund will be achieved. Scheme Specific Risk Factors: Investment in the Scheme shall be subject to various risks including but not limited to risk associated with: Investment in Bonds and Fixed Income Securities such as Performance Risk, Credit Risk, Reinvestment Risk, Interest Rate Risk, Investment in Derivatives, Securitized Debt, etc. Please read the Scheme Information Document (SID) and Statement of Additional Information (SAI) carefully before investing. Statutory Details & Risk Factors www.LNTMF.com 37

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Investment objective and classification : L&T Short Term Debt Fund (An Open Ended Debt Scheme): The investment objective of the Scheme is to generate returns for investors with a short-term investment horizon by investing in fixed income securities of shorter term maturity. Load Structure (including SIP/STP/ SWP): Entry Load: Nil, Exit Load: 0.5% - if redeemed ≤ 6 months; Nil - if redeemed > 6 months. Bonus units and units issued on reinvestment of dividends shall not be subject to exit load. The investor is requested to check the prevailing load structure of the Scheme before investing. Asset Allocation: Debt and Money Market Instruments with residual maturity upto 24 months: 65% – 100%, Debt Instruments with residual maturity greater than 24 months and less than 60 months: 0% – 35%. The Scheme may invest in securitized debt up to 50% of the portfolio. The Scheme shall have derivatives exposure as per the SEBI/ RBI Guidelines issued from time to time. Further, the Scheme may undertake Interest rate derivatives transactions for the purpose of hedging and portfolio rebalancing (within the permissible limits specified by RBI/ SEBI from time to time). The average maturity of the Portfolio of the Scheme shall not exceed 3 years. Pending deployment of the funds in securities in terms of investment objective of the Scheme, the AMC may park the funds of the Scheme in short term deposits of the Scheduled Commercial Banks, subject to the guidelines issued by SEBI vide its circular dated April 16, 2007, as may be amended from time to time. The gross investments in securities under the Scheme which includes Debt, Money Market Instruments including Securitized debt & Derivatives shall not exceed 100% of net assets of the Scheme. However, following will not be considered while calculating the gross exposure: a) Security-wise hedged position and b) Exposure in Cash or cash equivalents with residual maturity of less than 91 days. The exposure to derivatives will be calculated on notional value of the derivative contracts. Terms of issue and mode of sale and redemption of units: Units of the Scheme are being offered at Rs. 10/- per unit during NFO and at NAV based prices, subject to the prevailing loads, upon re-opening. The AMC shall calculate and publish the NAV of the Scheme on all Business Days. Investors are requested to note that ASBA facility is also available as an additional mode of payment during NFO. Units of the Scheme can also be transacted in demat mode (only) on the Mutual Fund Service System (MFSS) of NSE and/ or (StAR MF) of BSE. SID, SAI, Key Information Memorandum and Application Forms are available at offices/ branches of the AMC or CAMS Service Centres (CSCs) Distributors and at Mutual Fund website www.lntmf.com . Statutory Details & Risk Factors www.LNTMF.com 38

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Thank You www.LNTMF.com 39