SBI Mutual Fund, one of the leading mutual funds in the country, is launching 90 Days Fund under SBI Debt Fund Series (SDFS), a close-ended debt scheme. The fund would invest in a portfolio of AAA/AA+ rated debt instruments, Government Securities, Securitized Debt and Money Market Instruments.

The New Fund Offer would be open for subscription from the opening of business hours on September 7, 2007 to the close of business hours on September 11, 2007. The minimum investment in the fund would be Rs 50000 and in multiples of Rs 1000 thereafter. SDFS 90 Days Fund would have the following options: Growth and Dividend.

There is no entry load for the fund but an exit load of 1 percent will be charged for exit before the maturity date. SBI Debt Fund Series is also rated 'P1+f' by Crisil.

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About SBI Mutual Fund:

SBI Fund Management Private Limited, Investment managers for SBI Mutual Fund, is a joint venture between State Bank of India and Société Générale Asset Management – France, is amongst the leading Asset Management Companies in India with total Assets under Management (AUM) at Rs 22049 crores as on August 31, 2007 (source: www.amfiindia.com).

The Equity schemes of SBI Mutual Fund have performed well and have consistently scored over the respective benchmark indices in the long term. SBI Mutual Fund has won 12 awards this year including "CNBC TV-18 Crisil Mutual Fund of the Year 2007" and 5 CNBC TV-18 Crisil Awards for our schemes, 3 ICRA Mutual Fund Awards and 3 Lipper Mutual Fund Awards. SBI Mutual Fund has also won the CNBC Awaaz Consumer Award in 2006 and 2007 for being the Most Preferred Mutual Fund.

SBI Mutual Fund has an investor base of over 38 Lacs spread over 40 schemes. With a large network of over 26 Investor Service Centers, 33 Investor Service Desks and 52 District Organizers covering over 100 points of acceptance, the fund house constantly endeavours to get closer to its growing family of investors.

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Disclaimer: Name of Scheme: SBI Debt Fund Series. Type of Scheme: A close – ended debt scheme. Investment Objective: T o provide regular income, liquidity and returns to the investors through investments in a portfolio comprising of debt instruments. Asset Allocation: Government of India dated Securities and Treasury Bills: Upto 100 %, AAA/AA+ Bonds, Money Market instruments: Balance, Securitized Debt: Upto 20% of the exposure to AAA/AA+ Bonds, Money Market Instruments. Plans: Retail Plan and Institutional Plans available in all the funds having maturity of above one year. Minimum Investment size: Funds having maturity of less than one year: Rs. 50,000/- and in multiples of Rs. 1000/- thereafter, Funds having maturity of more than one year: Rs. 50,000/- and in multiples of Rs. 1000/- thereafter for Retail Plan and Rs. 5,00,000/- and in multiples of Rs. 1000/- thereafter for Institutional Plan. Load Structure: Entry Load: Nil. Exit Load: 60 Days, 90 Days and 180 Days Fund Series: 1.00% for exit before the maturity date, 13 Months and 18 Months Fund Series: 2.00% for exit before the maturity date, 24 Months Fund Series: 2% if redeemed within one year and 1% if redeemed in second year, 36-Months Fund Series: 3% if redeemed within one year, 2% if redeemed in second year and 1% if redeemed in third year, 60-Months Fund Series: 3% if redeemed within one year, 2% if redeemed in second and third year, 1% if redeemed in fourth and fifth year. Risk Factors: Mutual Funds and Securities Investments are subject to market risks and there is no assurance or guarantee that the objective of scheme(s)/plan(s) will be achieved. As with any other investment in securities, the NAV of the Magnums/Units issued under the scheme(s)/plan(s) can go up or down depending on the factors and forces affecting the securities market. Past performance of the Sponsor/AMC/Mutual Fund/Scheme(s)/Plan(s) and their affiliates do not indicate the future performance of the scheme(s) of the Mutual Fund. SBI Debt Fund Series is only the name of the scheme and does not, in any manner, indicate either the quality of the scheme or its future prospects and returns. SBI Debt Fund Series would be investing in debt instruments, Government Securities, Securitized Debt and money market instruments. The liquidity of the scheme's investments is inherently restricted by trading volumes and settlement periods. In the event of an inordinately large number of redemption requests or restructuring of the scheme's investment portfolio, these periods may become significant. The Scheme(s) and individual plan(s) under the scheme (at Portfolio level) to have >/= 20 investors and no investor to account for > 25% of the corpus of the Scheme(s)/Plan(s). In case of non fulfillment with either of the above two conditions, the AMC shall comply with the specified SEBI Guidelines in this regard. The Mutual Fund is not assuring any returns nor is it assuring that it will make periodic distributions by way of dividends. Statutory details: SBI Mutual Fund has been set up as a trust under the Indian Trusts Act, 1882. State Bank of India ('SBI'), the sponsor is not responsible or liable for any loss resulting from the operation of the schemes beyond the initial contribution made by it of an amount of Rs. 5 lakhs towards setting up of the mutual fund. Asset Management Company: SBI Funds Management Private Limited (A joint venture between State Bank of India & Société Générale Asset Management). Trustee Company: SBI Mutual Fund Trustee Company Private Limited. A copy of the Offer Document and Key Information Memorandum alongwith the application form may be obtained from our ISC's, ISD's, SBI Mutual Fund Corporate Office, SBI MF agents or can be downloaded from website – www.sbimf.com. Please read the offer document of the scheme carefully before investing .

CNBC TV-18 Crisil Mutual Fund Awards 2007 Disclaimer: Scheme Awards - Funds should be eligible for all the four quarterly CRISIL~CPRs in the year 2006. The scores of individual parameters for each of the four quarterly CRISIL~CPRs in 2006 are considered individually for the schemes eligible in each of the fifteen categories. In case of all categories the eligible schemes are scaled with the best score for each quarter. The average scaled scores constitute the parametric scores. The final weighted average score for each scheme is arrived by applying an assigned weightage, as in the CRISIL~ CPR, to each of the parametric scores. The number of awards in a category is based on the number of schemes qualifying in the top 10 percentile subject to a maximum of three awards. Fund House of the Year Award: The AMC should have won atleast two scheme awards. Quarterly CPR ranks during the year for ranked schemes, from eligible fund houses, are multiplied with appropriate factors to arrive at the weighted scores. The Mutual Fund with the highest weighted score is the "Mutual Fund of The Year". A detailed methodology of the CRISIL CPR is available at www.crisil.com. Rankings and Award Source: CRISIL FundServices, CRISIL Ltd. ICRA Disclaimer:
The rank is an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, Sector Concentration, Portfolio turnover, liquidity, company concentration and average maturity. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. ICRA Mutual Fund Award(s)/Rank(s) are not a comment on the prospective returns, appreciation potential or future net asset value of the Mutual Fund Scheme rated. ICRA Mutual Fund Awards are not recommendations to invest or not to invest in the Mutual Fund Schemes awarded. Ranking Source & Publisher: ICRA/ICRA Online Ltd. Lipper Awards Disclaimer: The Lipper Fund Awards is part of a global programme of events, held in 21 countries, to reward funds that have delivered consistently strong risk adjusted performance relative to their peers. The winners are selected using the Lipper Leader rating for consistent return. For information on the rating methodology please visit http://awards.lipperweb.com