Awards Methodology

Value Research Ratings

Value 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 monthly returns for the last 3 and 5-year periods. In the case of debt funds this rating is based on the weighted average weekly returns for the last 18 months and 3-year periods and in case of short-term debt funds - weekly returns for the last 18 months. 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, we have put an additional qualifying criteria, whereby a fund with less than Rs 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% receive three 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 along side the categories name. Equity Diversified (147), Equity : Index (19), Equity Tax Planning (24), Hybrid Equity Oriented (26), Hybrid: Monthly Income (33), Debt: Medium-term (38), Gilt: Medium and Long-term (29), Gilt: Short-term (13), Debt: Ultra Short-term (42), Debt: Ultra Short-term Institutional (45), Debt: Short-term (17), Debt: Floating Rate Short-term (14),Debt: Floating Rate Long-term (10), Hybrid: Debt-oriented (16), Debt: Liquid Plus: (26), Debt: Liquid Plus Institutional:(24). These Fund Ratings are as on July 31, 2009. The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. 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. Source :
www.valueresearchonline.com

^@ ICRA Mutual Fund Awards 2009 – Ranking Methodology and Disclaimer

Birla Sun Life Dynamic Bond Fund – 7-Star Fund in ‘Open Ended Debt - Short Term’ schemes category – 17 Schemes – 1 year performance ended 31 Dec 2008. Birla Sun Life Dividend Yield Plus – 5-Star Fund in ‘Open Ended Diversified Equity - Aggressive’ schemes Category – 51 Schemes – 1 year performance ended 31 Dec 2008. Birla Sun Life MNC Fund – 5-Star Fund in ‘Open Ended Diversified Equity - Aggressive’ schemes Category – 51 Schemes – 1 year performance ended 31 Dec 2008. Birla Sun Life Frontline Equity Fund Plan A - 5-Star Fund in the category of ‘Open Ended Diversified Equity - Defensive’ schemes Category – 51 Schemes – 1 year performance ended 31 Dec 2008. Birla Sun Life Frontline Equity Fund Plan A – Two 5-Star Fund Rankings both in ‘Open Ended Diversified Equity - Defensive’ schemes Category – 51 and 55 Schemes – 1 and 3 year performance ended 31 Dec 2008 respectively.
Birla Sun Life Liquid Plus - Institutional Plan - 5-Star Fund in the category of ‘Open Ended Liquid Plus - Institutional Plan’ schemes Category – 34 Schemes – 1 year performance ended 31 Dec 2008. Birla Sun Life Income Plus - 5-Star Fund in the category of ‘Open Ended Debt – Long Term schemes Category – 21 Schemes – 3 year performance ended 31 Dec 2008. Birla Sun Life Gilt Plus-Regular Plan - 5-Star Fund in the category of ‘Open Ended Gilt’ schemes Category – 21 Schemes – 3 year performance ended 31 Dec 2008. The rank for the schemes is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size, company concentration, portfolio turnover and liquidity. 7-Star Fund Rank indicates - Best Performance amongst the 5-Star Funds. 5-Star Fund Rank indicates - Best performance (Top 10% of the category). Entry/Exit Loads not considered. Past Performance is no guarantee of future results. Ranking Source & Publisher: ICRA Online Limited

+ ICRA mfAAA and mfA1+ Rating Methodology for Birla Sun Life Floating Rate (Short Term & Long Term) and Birla Sun Life Cash Plus Respectively

Birla Sun Life Floating Rate Fund – Short Term Plan & Birla Sun Life Floating Rate Fund – Long Term Plan: The credit risk rating assigned to the schemes is mfAAA. The rating is the highest-credit-quality rating assigned by ICRA to debt funds. Birla Sun Life Cash Plus: The credit risk rating assigned to the scheme is mfA1+. The highest-credit-quality short-term rating assigned by ICRA to debt funds. Rating methodology used by ICRA is based on evaluating the inherent credit quality of the funds portfolio. As a measure of the credit quality of a debt fund’s assets, ICRA uses the concept of ”credit scores”, based on ICRA’s assessment of credit risk associated with each exposure of the portfolio taking into account its maturity, investment objectives and policies, its management characteristics and the creditworthiness of its investment portfolio. ICRA reviews relevant fund information on an ongoing basis to support its published rating opinions.
Source: ICRA Ltd.

* AAAf: CRISIL AAAf Rating Methodology for Birla Sun Life Savings Fund, Birla Sun Life Income Plus, Birla Sun Life Cash Manager, Birla Sun Life Income Fund, Birla Sun Life Ultra Short Term Fund and Birla Sun Life Dynamic Bond Fund

AAAf The fund’s portfolio holdings provide very strong protection against losses from credit defaults. The credit quality ratings are based on an analysis of the fund’s investment philosophy, its management, investment strategies, operational policies and internal controls. Credit quality incorporates the credit risk of securities and the counter-party risk involved in transactions CRISIL has developed a Credit Quality Matrix to evaluate a bond fund’s overall level of protection against losses associated with credit default. The matrix is a set of credit factors & credit scores derived scientifically from CRISIL’s rating default and transition rates over past ten years.
Ranking source: CRISIL FundServices, CRISIL Ltd.

^^Crisil CPR – Ranking Methodology & Disclaimer

Birla Sun Life Frontline Equity Fund Plan A: CRISIL~CPR 1 -In Diversified Equity Scheme Category (72 Schemes).
Birla Sun Life Dividend Yield Plus: CRISIL~CPR 2 -In Diversified Equity Scheme Category (72 Schemes).
Birla Sun Life Midcap Fund: CRISIL~CPR 2 -In Small & Mid Equity Scheme Category (21 Schemes).
Birla Sun Life 95 Fund: CRISIL~CPR 2 -Consistent CPR Performer - Balanced (14 Schemes).
Birla Sun Life 95 Fund: CRISIL~CPR 2 -In Hybrid Equity-Oriented Category (18 Schemes).
Birla Sun Life Income Plus: CRISIL~CPR 1 - Consistent CPR Performer - Debt (12 Schemes)
Birla Sun Life Income Plus: CRISIL~CPR 2 - Income Scheme Category (24 Schemes)
Birla Sun Life Ultra Short Term Fund - Retail Plan: CRISIL~CPR 1 - Debt Short Term Scheme Category (22 Schemes).
Birla Sun Life Cash Plus - Retail Plan: CRISIL~CPR 2 Consistent CPR Performer - Liquid (16 Schemes)
Birla Sun Life Gilt Plus - Regular Plan: CRISIL~CPR 2 - Gilt Scheme Category (19 Schemes)
Birla Sun Life Savings Fund -Retail Plan: CRISIL~CPR 2 - Ultra Short Term Debt (31 Schemes)
Birla Sun Life Savings Fund - Instituitional Plan: CRISIL~CPR 1 - Ultra Short Term Debt - Institutional Scheme Category (19 Schemes)
Birla Sun Life Monthly Income: CRISIL~CPR 2 - MIP Conservative Scheme Category (9 Schemes)
Birla Sun Life MIP II Fund - Savings 5 Plan: CRISIL~CPR 1 - MIP Conservative Scheme Category (9 Schemes)
Birla Sun Life Floating Rate Fund - Long Term Plan: CRISIL~CPR 2 - Ultra Short Term Debt Scheme Category (31 Schemes)

CRISIL~Composite Performance Ranking - (CRISIL~CPR) is the relative performance ranking of mutual fund schemes within the peer group. The criteria used for computing the ranking are AUM in excess of category cut-off limits & portfolio disclosure and performance in case of Liquid Plans, Liquid Institutional and Debt-Short Term – Last 1 years; All other Schemes – Last 2 years and 5 yrs CPR track record for consistent CPR Performers. Fund Ratings are as on 30 Jun ‘09. Ranking is done on the following parameters depending on scheme category.
CRISIL~CPR 1 - indicates “Very Good" performance & ranks within top 10 percentile of the respective category.
CRISIL~CPR 2 - indicates “Good" performance & ranks within top 11th - 30th percentile of the respective category.

Parameters	Scheme Category
Superior Return Score	Large Cap Oriented Equity, Diversified Equity, Small and Midcap, ELSS, Balanced, Debt, MIP (Aggressive & Conservative), Gilt-Long and Consistent CPR Performers – Equity, Balanced and Debt
Mean Return and Volatility	Debt-Short, Ultra Short Term Debt, Liquid, Liquid Institutional & Liquid Super Institutional and Consistent CPR Performers - Liquid
Portfolio Concentration Analysis	All Schemes
Liquidity Analysis	All Schemes
Asset Quality	Debt Schemes
Average Maturity	Debt Schemes
Downside Risk Probability	Debt- Short Term, Liquid, Ultra Short Term Debt, Liquid- Institutional & Super Institutional
Asset Size	Debt- Short Term, Liquid, Ultra Short Term Debt, Liquid- Institutional & Super Institutional
Historic performance on CRISIL~CPR	Consistent CPR Performer – Equity, Balanced, Debt and Liquid categories

Ranking Source: Crisil FundServices, CRISIL Limited

^& Lipper Awards India 2009 - Award Methodology & Disclaimers:
Birla Sun Life Mutual Fund: Best Group over 3 years (2005-2008). Group Name - Mixed Asset, Size: 12 fund houses were eligible for the group award. Fund groups with at least five equity, five bond, or three mixed-asset portfolios in the respective asset classes were eligible for a group award. The lowest average decile(1) rank of the three years’ Consistent Return measure of the eligible funds per asset class and group determined the asset class group award winner.
Birla Sun Life Asset Allocation Fund-Moderate Plan-Growth (BSLAAF-MP-GR): Best Fund – 3 year performance (2005-2008) No. of Schemes: 7; Classification-Mixed Asset INR Balanced,
Birla Sun Life Income Fund-Growth (BSLIF-Gr): Best Fund - 3 year performance (2005-2008) & 10 year performance (1998 – 2008), No. of Schemes: 99 & 16 respectively ; Classification-Bond Indian Rupee-General.
BSLAAF-MP-Gr & BSLIF-Gr are awarded Lipper Awards India 2009 on the basis of Consistent Return (Effective Return) value over the relevant performance period. Entry/Exit load not considered. Past performance is no guarantee of future results. Ranking source: Lipper - A Reuter Co. www.lipperweb.com

^@@ S & P Fund Management Rating
Standard & Poor’s A: The fund demonstrates high standards of quality based on its investment process, risk awareness and consistency of performance relative to its own objectives. Ranking Methodology: The Fund has provided consistent, above average, risk-adjusted returns relative to its peers over a three-year period ending December 31, 2006. The Fund is assessed by S&P on basis of quantitative factors viz. historical performance for consistency, discrete period performance comparisons and measurement over 3 discrete twelve-month periods, including 6 month moving average size, turnover, dealing, liquidity of portfolio, gearing, client base, cost, fees and on evaluation of qualitative factors viz. fund management group, portfolio manager and investment team that contributes to long term performance.

^&&CNBC TV18 - CRISIL Mutual Fund of the Year Award for 2007 & 2008 - Award Methodology & Disclaimer
Birla Sun Life Mutual Fund, Category - Mutual Fund House of the Year, out of 27 fund houses for 2008 awards and out of 26 fund houses for 2007 awards. Fund Houses winning at least two awards for their schemes in the category level awards for 2008 and 2007 respectively were considered for the award based on consistency of fund house's performance across various scheme categories in the four quarterly CRISIL CPR rankings released during the calendar year 2008 and 2007 respectively. The individual CRISIL CPR ranks for their schemes were aggregated on a weighted average basis to arrive at the final ranks for fund houses in both the years. A detailed methodology of the CRISIL CPR is available at www.crisil.com. Ranking & Award Source: CRISIL Fund Services, CRISIL Ltd. Past performance is no guarantee of future results A detailed methodology of the CRISIL CPR is available at www.crisil.com. Ranking & Award Source: CRISIL Fund Services, CRISIL Ltd.

^&&CNBC TV18 - CRISIL Mutual Fund of the Year Award for 2008 - Award Methodology & Disclaimer
Birla Sun Life Mutual Fund, Category – Debt Fund House of the Year, out of 27 Fund houses. The award is based on consistency of fund house’s performance across the Gilt, Income, Income – Short, Liquid – Retail, Liquid – Institutional, Liquid – Super Institutional, MIP (Aggressive & Conservative) and Liquid Plus categories in the four quarterly CRISIL CPR rankings released during the calendar year 2008. The individual CRISIL CPR ranks for their schemes were aggregated on a weighted average basis to arrive at the final ranks for fund houses.
Birla Sun Life Income Fund (Income Category) 17 schemes: Only Winner.
Birla Sun Life Ultra Short Term Fund - Retail (Income – Short Term Funds) 15 schemes: Only Winner.
Birla Sun Life Gilt Plus – Regular Plan (Gilt Category) 11 schemes: Only Winner.
Schemes present in all four quarterly CRISIL CPRs were considered for the award. The award is based on consistency of the scheme’s performance in the four quarterly CRISIL CPR rankings released during the calendar year 2008. The individual CRISIL CPR parameter scores averaged for the four quarters were further multiplied by the parameter weights as per the CRISIL CPR methodology to arrive at the final scores. A detailed methodology of the CRISIL CPR is available at www.crisil.com. A detailed methodology of the CRISIL CPR is available at www.crisil.com. Ranking & Award Source: CRISIL Fund Services, CRISIL Ltd. Past performance is no guarantee of future results.

Awards Methodology

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