Equity Pitch Book

January 2015

2

Equity Market - Update

• In the month of December 2014, Indian equities reversed its gear from last month and it retreated from its pick. BSE Sensex lost

4.16% during the month and closed at 27499 levels.

• In December, equities started the month on a weak note. Global cues were negative. There was a concern for global slowdown on

the back of sharp correction in oil price, Russian crisis on the back of sanction & lower oil price and probability of interest rate hike

sooner or later in US. However, a dovish statement from Federal Reserve started making up for a lot of bad news from Europe and

other parts of the world. Equities bounced back on the FED’s pledge to be patient on the timing of interest rate hike. At domestic

end, there was sufficient cheer on the macro front, however, as both CPI and WPI inflation continued to ease even as growth

remained a concern. There was an impasse in the winter session of the Parliament without legislative business. However, the

government did its bit to press ahead with reforms via a slew of ordinances after the disappointing end to the Parliamentary

session. Year ending profit booking also observed. At the end of month, Indian equities recovered some earlier losses on the back

of stability in Russian market due to rising ruble, positive global cue and the optimism surrounding the government’s decision to

push through reforms through ordinance leaving aside worries over uncertainty in Greece. Flow wise, FIIs turned marginal sellers of

Indian equities in the month.

• Macro indicators- inflation surprised positively but growth indicators were mixed. Industrial output for October 2014 surprised

negatively as it declined by 4.2% vs against growth 2.8% in the previous month. The sharp decline in global commodity price,

favorable base effect and lower vegetable price led to lower inflation. CPI eased further to 4.4% in November 2014 vs 5.5% last

month. WPI at 0% reached a 64-month low. The fiscal deficit for April-November 2014 is estimated at about 99% of the FY15E

annual budgeted amount.

• FIIs turned marginally sellers of Indian equities to the tune of US$161 mn over December 2014. DIIs turned buyer over the months

and bought equities to the tune of US$ 855mn. In terms of flows, FIIs rounded up the year with a tally of $16.1 bn in equity inflows

while DIIs sold $5.1 bn equities in Indian equity market.

Outlook

In the near-term, market is expected to focus on the quarterly earning numbers of corporates as earning season starts from second

week of January,2015. Global news flow on uncertainty in Greece and Russia may impact the market sentiment. Investors will also

focus on further policy announcements, if any, by the government and news flow on budget for FY16. Government action and

announcement related to the business of reviving economy would boost sentiment. Falling commodity prices is positive for the Indian

economy and is likely to benefit India’s twin deficit and its long battle against inflation. With the investment climate improving, the

investment cycle is likely to pick up slowly. India remains one market with better outlook in emerging markets. The valuations too are

not expensive. For long-term, Indian Equities looks good.

3

Equity Market – Outlook

Data as on 31 December 2014 Source : Bloomberg, MOSPI

Curr. 1M Back

BSE SENSEX 19.95 19.37 Positive Macro indicators are turning better.Falling commodity prices is

positive for the Indian economy. It is likely to benefit India’s twin

deficit and its long battle against inflation.

BSE MIDCAP 24.07 23.19 Positive Macro varibles are turning better. Positive on back of economic

recovery, reforms and likely pick up in investment cycle

BSE AUTO 17.75 17.16 Positive We are positive on four wheelers as the economic upturn will

create new/replacement demand due to favourable demography

and income generation. We are overweight on Auto ancilliaries

who have exposure in India and foreign countries. We are also

positive on high growth companies in the sector who have a

niche product/segment.

BSE BANKEX 18.20 16.74 Positive We are selectively positive on financials. We prefer private

sector banks due to comfortable capital position, lower stress in

asset quality and diversified stream of fee income. We prefer few

NBFCs who are niche players or about to experience an upturn in

their industry.

BSE CAPITAL GOODS 39.04 37.94 Positive Economic recovery,reforms and pick up in Investment cycle

BSE CONSUMER

DURABLES

34.52 35.33 Neutral Neutral on the sector as a whole, overweight on selected stocks

with secular volume growth

BSE FMCG 47.74 46.29 Neutral Growth seems to have bottomed out with some greenshoots

emerging in certain pockets. Fall in input costs is a major

positive for the sector but valuation are still high.

BSE HEALTHCARE 27.82 26.75 Positive Domestic growth is improving. New launches in US and generics

in emerging markets drilling the growth.

BSE IT 21.04 20.08 Positive Sector is well placed with economic recovery in US. BFSI and

dicretionary spending is likely to increase.

BSE METALS 14.24 14.83 Neutral Underweight on ferrous metals as low global iron ore prices may

put pressure on the profitability of captive steel producers,

overweight on non-ferrous due to improved outlook on LME

aluminium and zinc prices, Overweight on ferrous mining as the

domestic demand is very strong

BSE OIL AND GAS 12.06 12.34 Negative Lower oil prices will impact refining margin and inventory losses

for OMCs. Clarity on subsidy sharing is awaited.

BSE POWER 20.05 20.09 Negative Fuel linkage issue is hurting the growth

BSE REALTY 18.36 16.92 Negative High inventory, high leverage and uncertainity of cash flow.

Index P/E Bias Outlook

To provide long term capital appreciation from an actively managed portfolio of equity and equity related instruments.

Baroda Pioneer Growth Fund An Open Ended Growth Scheme

Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13

This product is suitable for investors who are seeking*

Capital appreciation over long term

Investment predominantly in equity & equity related instruments.

High Risk (Brown)

P/E Dividend P/B Std Dev (1 yr.)

Sharpe Ratio (1 yr.)

Correlation

Fundamental Properties Risk Analysis

Fund 24.65 1.02 3.90 13.77 3.10 0.95

Index$ 19.49 1.37 2.88 12.82 2.16 1.00

Dividend History

Record Date Per Unit Value

(on face value ` 10) Ex-Dividend NAV

17-Feb-2014 2.50 27.1386

4-Mar-2013 1.00 25.8200

3-Aug-2009 3.00 25.0100

28-Apr-2006 10.10 17.9500

Past performance may or not be sustained in future. Pursuant to payment of dividend, the NAV of the scheme / plan would fall to the extent of payout and statutory levy (if applicable)

* Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (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

Date Of Inception: 12/09/2003 Dec 2013 - Dec 2014&

Dec 2012 - Dec 2013&

Dec 2011 - Dec 2012&

Since Inception@ Scheme Name & Benchmark

Nav Per Unit ( Rs.) 51.9100 50.1100 39.8700 10.00

Baroda Pioneer Growth Fund (in %) 46.54 23.21 23.98 19.55

CNX 100 (Scheme Benchmark) (in %) 33.17 19.07 22.78 21.40

S&P Nifty (Standard Benchmark) (in %) 31.34 18.43 21.40 17.23

10,000, if invested in BPGF, would have become NA NA NA 76070

10,000, if invested in CNX 100, would have become NA NA NA 63301

10,000, if invested in S&P Nifty, would have become NA NA NA 60365

^Past performance may or may not be sustained in the future. Data is for Growth Option and the last working day of December has been considered in all cases. Returns have been computed assuming that all payouts during the period have been reinvested in the units of the Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period.

To provide the investor long term capital growth as also tax benefit under Section 80C of the Income Tax Act, 1961.

Baroda Pioneer ELSS’96 An Open Ended Tax Benefit –Cum-Growth Scheme

Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13

This product is suitable for investors who are seeking*

Capital appreciation over long term

Investment predominantly in equity & equity related instruments.

High Risk . (Brown)

P/E Dividend P/B Std Dev (1 yr.)

Sharpe Ratio (1 yr.)

Correlation

Fundamental Properties Risk Analysis

Fund 28.07 0.93 3.95 13.75 3.30 0.88

Index$ 19.63 1.43 3.05 12.57 1.93 1.00

Dividend History

Record Date Per Unit Value

(on face value ` 10) Ex-Dividend NAV

18-Mar-14 2.0 22.73

04-Feb-13 1.5 22.78

18-Feb-11 1.5 23.34

06-Feb-07 6.0 21.44

15-Dec-05 11.0 20.60

25-Mar-05 2.0 23.35

15-Sep-03 1.0 14.23 Past performance may or not be sustained in future. Pursuant to payment of dividend, the NAV of the scheme / plan would fall to the extent of payout and statutory levy (if applicable)

* Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (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

Date Of Inception: 31/03/1996 Dec 2013 - Dec 2014&

Dec 2012 - Dec 2013&

Dec 2011 - Dec 2012&

Since Inception@

Scheme Name & Benchmark

Nav Per Unit ( Rs.) 24.0800 23.9100 18.9500 10.00

Baroda Pioneer ELSS’ 96 Fund (in %) 35.88 0.71 26.17 13.75

BSE Sensex (Scheme Benchmark) (in %) 29.89 8.98 25.70 11.84

S&P Nifty (Standard Benchmark) (in %) 31.39 6.76 27.70 12.01

10,000, if invested in BPEF, would have become NA NA NA 112174

10,000, if invested in BSE Sensex, would have become NA NA NA 81683

10,000, if invested in S&P Nifty, would have become NA NA NA 84063

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

Data is for Growth Option and the last working day of December has been considered in all cases. Returns

have been computed assuming that all payouts during the period have been reinvested in the units of the

Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are

calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by

SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period.

To provide investors with opportunities for long-term growth in capital along with the liquidity of an open ended scheme through an active management of investments in a diversified basket of equity stocks of domestic Public Sector Undertaking.

Baroda Pioneer PSU Equity Fund An Open Ended Equity Scheme

Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13

This product is suitable for investors who are seeking*

Capital appreciation over long term

Investment predominantly in equity stocks of domestic Public Sector Undertaking

High Risk (Brown)

P/E Dividend P/B Std Dev (1

yr.) Sharpe Ratio

(1 yr.) Correlation

Fundamental Properties Risk Analysis

Fund 16.01 2.70 1.45 23.00 2.18 0.97

Index$ 11.60 3.01 1.49 23.10 1.63 1.00

Date Of Inception: 04-10-2010 Dec 2013 - Dec 2014&

Dec 2012 - Dec 2013&

Dec 2011 - Dec 2012&

Since Inception@ Scheme Name & Benchmark

Nav Per Unit ( Rs) 6.1800 7.3500 6.4300 10.00

Baroda Pioneer PSU Equity Fund (in %) 44.82 -15.92 14.31 2.58

BSE PSU (Scheme Benchmark) (in %) 39.21 19.43 5.24 5.64

S&P Nifty (Standard Benchmark) (in %) 31.39 6.76 27.70 7.23

10,000, if invested in BPEF, would have become NA NA NA 8950

10,000, if invested in BSE PSU, would have become NA NA NA 7816

10,000, if invested in S&P Nifty, would have become NA NA NA 13447 ^Past performance may or may not be sustained in the future.

Data is for Growth Option and the last working day of December has been considered in all cases. Returns

have been computed assuming that all payouts during the period have been reinvested in the units of the

Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are

calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed

by SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period.

* Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (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

To generate long-term capital appreciation by investing predominantly in equity and equity-related securities of companies engaged in infrastructure and infrastructure-related sectors.

Baroda Pioneer Infrastructure Fund An Open Ended Equity Scheme

Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13

This product is suitable for investors who are seeking*

Capital appreciation over long term

Investment predominantly in equity & equity related securities of companies

engaged in infrastructure & infrastructure related sectors.

High Risk (Brown)

P/E Dividend P/B

Fundamental Properties

Fund 28.64 0.98 2.53

Index$ 23.96 1.08 2.18

Date Of Inception: 22/06/2010 Dec 2013 - Dec 2014&

Dec 2012 - Dec 2013&

Dec 2011 - Dec 2012&

Since Inception@

Scheme Name & Benchmark

Nav Per Unit ( Rs.) 7.4900 7.9200 6.7400 10.00

Baroda Pioneer Infrastructure Fund (in %) 51.80 -5.43 17.51 2.88

CNX Infra (Scheme Benchmark) (in %) 22.11 8.44 12.65 -2.26

S&P Nifty (Standard Benchmark) (in %) 31.39 18.43 21.40 10.28

10,000, if invested in BPIF, would have become NA NA NA 11370

10,000, if invested in CNX 100, would have become NA NA NA 9015

10,000, if invested in S&P Nifty, would have become NA NA NA 15579 ^Past performance may or may not be sustained in the future.

Data is for Growth Option and the last working day of December has been considered in all cases. Returns

have been computed assuming that all payouts during the period have been reinvested in the units of the

Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are

calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed

by SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period.

* Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (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

Std Dev (1 yr.)

Sharpe Ratio (1 yr.) Correlation

Risk Analysis

Fund 21.30 2.63 0.93

Index$ 22.30 1.37 1.00

To generate long-term capital appreciation along with stability through a well balanced portfolio comprising of equity ,equity related instruments , money market instruments & debt securities.

Baroda Pioneer Balance Fund An Open Ended Balanced Scheme

Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13

This product is suitable for investors who are seeking*

Capital appreciation along with stability over long term Investment predominantly in equity & equity related instruments with balance exposure to

money market instruments & Debt securities

Medium Risk (Yellow)

P/E Dividend P/B

Fundamental Properties

Fund 20.70 1.29 3.07

* Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (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

Std Dev (1 yr.)

Sharpe Ratio (1 yr.) Correlation

Risk Analysis

Fund 11.27 2.71 0.89

Benchmark$ 12.57 1.93 1.00

Date Of Inception: 12/09/2003 Dec 2013 - Dec 2014&

Dec 2012 - Dec 2013&

Dec 2011 - Dec 2012&

Since Inception@ Scheme Name & Benchmark

Nav Per Unit ( Rs) 32.0200 30.2000 24.4000 10.00

Baroda Pioneer Balance Fund (in %) 29.17 17.38 19.19

13.38

CRISIL Balanced Fund Index (Scheme Benchmark) (in %)

25.34 15.29 17.22

13.67

S&P Nifty (Standard Benchmark) (in %) 38.87 0.56 15.38 17.24

10,000, if invested in BPBF, would have become NA NA NA 41360

10,000, if invested in CRISIL Balanced Fund Index, would have become NA NA NA 42597

10,000, if invested in S&P Nifty, would have become NA NA NA 60365 ^Past performance may or may not be sustained in the future.

Data is for Growth Option and the last working day of December has been considered in all cases. Returns have

been computed assuming that all payouts during the period have been reinvested in the units of the Scheme at

the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are calculated on the

basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by SEBI for

comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period.

To generate long-term capital appreciation for unit holders from a portfolio invested predominantly in equity and equity related securities of companies engaged in the Banking & Financial Services Sector.

Baroda Pioneer Banking & Financial Services Fund Fund An Open Ended Sectoral Scheme

Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13

This product is suitable for investors who are seeking*

Capital appreciation over long term Investment predominantly in equity & equity related securities of companies engaged in the

Banking & Financial Service sector .

High Risk (Brown)

Std Dev (1 yr.) Sharpe Ratio (1 yr.) Correlation

Risk Analysis

20.15 3.10 0.97

20.68 2.98 1.00

Date Of Inception: 22/06/2012 Dec 2013 - Dec 2014&

Dec 2012 - Dec 2013&

Dec 2011 - Dec 2012&

Since Inception@ Scheme Name & Benchmark

Nav Per Unit ( Rs) 10.3200 11.8800 NA 10.00

Baroda Pioneer Banking and Financial Services Fund - Plan A - Growth

59.01 -13.13 NA -28.03

CNX BANK INDEX (Scheme Benchmark) (in %)

64.57 -8.73 NA 20.73

CNX Nifty (Standard Benchmark) (in%) 38.87 0.56 NA 21.18

10,000, if invested in BPLF, would have become NA NA NA 16410

10,000, if invested in CNX BANK INDEX, would have become NA NA NA 18665

10,000, if invested in CNX Nifty, would have become NA NA NA 16095 ^Past performance may or may not be sustained in the future.

Data is for Growth Option and the last working day of December has been considered in all cases. Returns

have been computed assuming that all payouts during the period have been reinvested in the units of the

Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are

calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by

SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period.

* Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (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

P/E Dividend P/B

Fundamental Properties

Fund 20.32 1.00 2.31

Index$ 16.90 1.04 2.28

Source: Pioneer Investments,

ASSETS UNDER MANAGEMENT €200.0 BN AS ON 31ST DECEMBER 2014

PRODUCTS &

SERVICES

EXPERIENCE MARKET KNOWLEDGE & INVESTOR NEEDS

• Investment experience since

1928

• Pioneer Fund, the third oldest

mutual fund in the U.S.

• Strong team of over 2,070

employees globally, including

nearly 350 investment

professionals

• Presence in 27 countries with

three Global Investment Hubs

Pioneer Investments – A global asset management player

Local knowledge, global perspective A broad network supporting 4 distinct regions…

C

ASIA & MIDDLE EAST

•AuM €5.32n

• Lux and local funds

MUMBAI BEIJING

SINGAPORE SYDNEY TAIPEI TOKYO

•AuM €11bn

•Austrian and Lux

funds

AUSTRIA

VIENNA

•AuM €6.8bn

• Lux and local funds

(mainly Polish)

CEE

BRATISLAVA BUCHAREST BUDAPEST

PRAGUE SOFIA

AUSTRIA & CEE

Italy

WESTERN EUROPE & LATAM

•AuM €17.6bn

•German, Austrian

and Lux funds

GERMANY

MUNICH

•AuM €100.5bn

• Italian and Lux

funds

ITALY

MILAN

•AuM €16.4bn

• Lux funds and

Hedge funds

INTERNATIONAL

AMSTERDAM BERMUDA

BUENOS AIRES DENMARK GENEVA LONDON

LUXEMBOURG MADRID

MEXICO CITY MIAMI (OFFSHORE)

PARIS SANTIAGO

ZURICH

US

•AuM €38.3bn

•US funds

BOSTON OMAHA

NEW YORK

Source: Pioneer Investments, AuM data as at end of September 2014

Bank of Baroda: Key strengths

Bank of Baroda is a 106 years old State-owned

Bank with modern & contemporary personality,

offering banking products and services to Large

Industrial, SME, Retail & Agricultural customers

across India and 25 other countries.

Relatively Strong Presence in Progressive States like Gujarat & Maharashtra

Uninterrupted Record in Profit-making and

Dividend Payment

Overseas Business Operations extend across

25 countries through 100 Offices

First PSB to receive Corporate Governance

Rating (CGR-2)

Robust Technology

Platform with 100%

CBS in Indian Branches

Pioneer in many

Customer-Centric Initiatives

Strong Domestic

Presence through

4956Branches

Modern & Contemporary

Personality

Provides Financial Services to over

47 mln Customers Globally

A well-accepted & recognised Brand in

Indian banking industry- Top 20 Best Indian Brand

Key Financial Information*

Global Business – INR 965,900 crores

Deposits – INR 568,894 crores

Global Advances – INR 397,006 crores

Operating Profit – INR 9291 crores

Capital adequacy ratio (Basel III) – 12.28%

*Data as on 31 March 2014 source www.bankofbaroda.com

13

Disclaimers : Disclaimer CNX Bank Index: The Baroda Pioneer Banking and Financial Services Fund offered by Baroda Pioneer Mutual Fund or its affiliates is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL) and its affiliates. IISL and its affiliates do not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) to the owners of Baroda Pioneer Banking and Financial Services Fund or any member of the public regarding the advisability of investing in securities generally or in the Baroda Pioneer Banking and Financial Services Fund linked to CNX Bank Index or particularly in the ability of the CNX Bank Index to track general stock market performance in India. Please read the full disclaimers in relation to the CNX Bank Index in the Offer Document

/ Prospectus / Information Statement.

Disclaimer CNX100: Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund 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 Baroda Pioneer Growth Fund, Baroda Pioneer Infrastructure Fund or any member of the public regarding the advisability of investing in securities generally or in Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund particularly or the ability of the CNX 100 Index to track general stock market performance in India. The relationship of IISL to the Issuer is only in respect of the licensing of certain trademarks and trade names of its Index, which is determined, composed and calculated by IISL without regard to the Issuer or Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund. IISL does not have any obligation to take the needs of the Issuer or the owners of Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund into consideration in determining, composing or calculating the CNX 100 Index. IISL is not responsible for nor has participated in the determination of the timing of, prices at, or quantities of Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund to be issued or in the determination or calculation of the equation by which Baroda pioneer Growth Fund and Baroda Pioneer Infrastructure Fund is to be converted into cash. IISL has no obligation or liability in connection with the administration, marketing or trading of Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund.

Disclaimer CNX Infra: Baroda Pioneer Infrastructure Fund offered by Baroda Pioneer Mutual Fund is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of Baroda Pioneer Infrastructure Fund or any member of the public regarding the advisability of investing in securities generally or in the Baroda Pioneer Infrastructure Fund linked to CNX Infra or particularly in the ability of the CNX Infra index to track general stock market performance in India. Please read the full disclaimers in relation to CNX Infra in the Offer Document / Prospectus / Information Statement.

Disclaimer S&P BSE Sensex and S&P BSE PSU Index: The S&P BSE PSU Index and S&P BSE Sensex" are products of AIPL, a joint venture among affiliates of S&P Dow Jones Indices LLC (“SPDJI”) and BSE Limited (“BSE”), and has been licensed for use by Baroda Pioneer Asset Management Company (Pvt.)Ltd. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); BSE® and SENSEX® are registered trademarks of BSE Limited; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by AIPL and sublicensed for certain purposes by Baroda Pioneer Asset Management Company (Pvt.) Ltd . Baroda Pioneer PSU Equity Fund and Baroda Pioneer ELSS’96 Fund are not sponsored, endorsed, sold or promoted by SPDJI, BSE, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P BSE PSU Index and S&P BSE Sensex.

Thank you

Mutual fund investments are subject to

market risks, read all scheme related

documents carefully.