MUTUAL FUND FUND FACTSHEET. March 2017

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1 FUND FACTSHEET

2 INDIABULLS VALUE DISCOVERY FUND An open ended equity scheme Driven by Process, Not by Emotions For more information, please refer to page no SMS 'IBAMC' to Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

3 How to read the Factsheet? Fund Manager : An employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts. Application Amount for Fresh Subscription : This is the minimum investment amount for a new investor in a mutual fund scheme. Minimum Additional Amount : This is the minimum investment amount for an existing investor in a mutual fund scheme. Yield to Maturity : The Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond s current market price, par value, coupon interest rate and time to maturity. SIP : SIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for an SIP that invests ` 500 every 15th of the month in an equity fund for a period of three years. NAV : The NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which the investor enters or exits the mutual fund. Benchmark : A group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds, among other investments. Some typical benchmarks include the Nifty, Sensex, BSE200, BSE500, 10-Year Gsec. Entry Load : A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/ agent. Entry load is charged at the time an investor purchases the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is ` 100 and the entry load is 1%, the investor will enter the fund at ` 101. Exit Load : Exit load is charged at the time an investor redeems the units of a mutual fund. The exit load is deducted from the prevailing NAV at the time of redemption. For instance, if the NAV is ` 100 and the exit load is 1%, the redemption price would be ` 99 Per Unit. Modified Duration : Modified duration is the price sensitivity and the percentage change in price for a unit change in yield Standard Deviation : Standard deviation is a statistical measure of the range of an investment s performance. When a mutual fund has a high standard deviation, its means its range of performance is wide, implying greater volatility. Sharpe Ratio : The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk. Beta : Beta is a measure of an investment s volatility vis-à-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security s price will be more volatile than the market. AUM : AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm. Holdings : The holdings or the portfolio is a mutual fund s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager. Nature of Scheme : The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories. Rating Profile : Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds. 1

4 Debt Market Commentary 31st March Month Opening Intra Month Intra Month Month Closing Overnight Rate (NSE MIBOR) 10 year Gsec 3 month CDs 6M CDs 12 month CDs Currency 10 Year US Treasury Inflation Led by surge in food prices, retail inflation as measured by CPI (consumer price index) for February 2017 saw a upmove as compared to January February CPI came in at 3.65% as compared to 3.17% of January According to the CPI data released today by the Central Statistics Office (CSO), the consumer food prices index (CFPI) rose by 2.01% in February from 0.61% in January. er food and fuel prices led to rise in WPI (Wholesale Price Index). WPI for February jumped to 6.55% from January number of 5.25%. This WPI is a 3 year high. The concerning part is the core inflation which is proving to be sticky. Core inflation is hovering around 5% and could prevent any sustainable fall in inflation. Macros India s trade deficit narrowed further and came at to approx $8.89 billion as compared to $9.84 billion previously. Exports saw a jump of 17.48% in February 2017 to $24.49 billion. Imports grew 21.8% to $33.38 billion in February India's fiscal deficit-difference between revenue and expenditure, for the April-February period stood at Rs 6.06 lakh crore, or more than 113% of Budget estimates (BE), which is at 5.34 lakh crores. The fiscal deficit stood at 107% in the corresponding period of previous year as per then BE. India's factory output for January 2017, as measured by the IIP, jumped sharply by 2.70%, backed mainly by good performance of capital goods segment- as compared to negative growth of -0.40% previously. RBI Monetary Policy In the latest policy, RBI did not change the repo rate (at 6.25%). However it has narrowed the rate corridor. This was done by increasing reverse repo rate from 5.75 to This will help align the call rates and anchor it above 6.00 and be more towards 6.25 rate, which is the current operating rate. Monetary Policy Committee stuck to the neutral stance and stated that further policy actions would be dependent on the incoming data and evolving macroeconomic variables. Markets reacted a bit adversely with this tightening tilt. Liquidity and Rates Excess of surplus liquidity in the system led to banks parking nearly 4.5 lakh crores with RBI for the month of March. Even interbank call market rates were persistently lower than the overnight rate of 6.25%. Many a times RBI had to conduct reverse repo to prevent rates from dipping substantially. 3 month CDs rallied from a high of 6.25 and closed at 6.10%. Sovereigns had a good run especially led by FII demand and continuous buying of nationalised banks. 10 year gsec rallied more than 20 bps and from a high of 6.93, it closed at a level below 6.70%. Year end valuation led profit booking also contributed to a dip in yields. Outlook Sustained reduction in fiscal deficit, sustained fight on inflation and sustained policy reforms this three things are likely to be catalyst of positive structural changes in markets. Infact FIIs have been huge buyers in markets and they were on the reasons why 10 year yield didn t breach 7.00% mark, post the hawkish stance of the MPC. Market will continue to be well supported and even though a structural rally doesn t seem to be around the corner, a huge sell off is not currently on cards. However, this being the first half of financial year, there is going to be continuous supply of gsecs and hence a bit of pressure on yields. Add to that, lack of rate action clarity at least till monsoon present it s face and subsequent inflation cooling effects. All said and done, rallies will be short and sharp. Additionally hikes by US Fed are omnipresent factor and hence all this makes duration products suitable only for those investors who can digest volatility. On a ongoing basis, liquidity looks to be comfortable, with bank being flush with substantial deposits post demonetisation. This will keep the short end of the curve constantly bought and hence offers a sweet spot. For new investors short term fund offers a wonderful vehicle to earn high constant accrual. Benefit in terms of constant high accrual and effective vehicle as compared to bank fixed deposit (in light of lower and lower rates of FDs in banks) make short term fund a very attractive fund. Liquid and ultra short term fund, as always will be vehicles for smart utilisation of temporary surpluses. Malay Shah Head Fixed Income 2

5 Equity Market Commentary Key Domestic News In a landslide victory, BJP and its allies won nearly 80% of seats in UP state assembly elections. The state elections were perceived as a test of PM Modi s reforms and his popularity going into the national elections, especially after demonetisation. The results suggest that the popularity of PM Modi remains high and augurs well for the general election due in India's fiscal deficit in the April-February period of the current fiscal touched Rs6.06trn or 113.4% of Budget estimates for as against 107.1% of Budget in the same period of last year. RBI left repo rate unchanged at 6.25% and narrowed the monetary policy rate corridor to 25bps from 50bps earlier, implying a 25bps rise in reverse repo rate to 6%. RBI has stated that liquidity will be brought to neutral over the next few months. Monetary policy stance remained neutral but tone of policy appeared hawkish. Private weather forecaster Skymet has predicted a below normal monsoon at 95%(error margin +/- 5% of LPA in India due to El Nino effects. Key Domestic Economic Data India s manufacturing PMI came in at 52.5 in March, up significantly from 50.7 in February. This is the highest level since demonetisation and clear indicator that demonetisation led economic pain easing. CPI for February rose to 3.7% in line with consensus expectation vs. 3.2% last month and 5.3% a year ago. The spike in CPI is largely attributed to unfavorable base, higher food and fuel inflation. The CII Business Confidence Index has gone up to an all-time high of 64.1 during the fourth quarter of as against 56.5 recorded in the previous quarter. IIP growth for January 2017 came in at 2.7% against consensus estimates of a 0.8%. At 2.7% IIP growth is back to predemonetisation levels. Key Global Events US FOMC raised fed funds rate by 25bps and delivered a less hawkish statement. Fed rate hike projection for 2017 were unchanged at two more for 2017, three for 2018 and four in 2019, dispelling fears for more aggressive rate hikes. Euro-region manufacturing PMI jumped to 56.2, the highest since 2011, from 55.4 in February, led by strong exports. Geo-political risk is on a rise after US-Russia face-off in Syria & developments in North Korea. Any escalation of these events, have a potential of triggering a major global risk-off. Outlook Strong political mandate in state elections augurs well for NDA s aggressive reform agenda and bolsters its prospects for the next general elections due in We maintain our cautiously optimistic view on equity markets. Geo-political situation in Syria & North Korea, multiple general elections in Europe over next few months and weak economic data out of China are the key risk. At home, UP government s farm loan waiver decision is a rude shock. If other states join the bandwagon, it has a potential to become a major economic overhang. Indian equities offer attractive investment opportunity from medium to long term perspective. SIPs are a preferred mode for investing, and risk off due to global events can provide attractive entry points for lump sum investments. Sumit Bhatnagar, CFA Head - Equity Funds 3

6 Indiabulls Liquid Fund (An Open-Ended Liquid Scheme) INVESTMENT OBJECTIVE To provide a high level of liquidity with returns commensurate with low risk through a portfolio of money market and debt securities with maturity of upto 91 days. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Malay Shah DATE OF ALLOTMENT 25 October 2011 AVG. AUM MONTHLY ` Crore Portfolio (Top 10 Holdings) Treasury Bills Treasury Bills SOV 8.66% ICICI Bank Ltd Certificate of Deposit A % Union Bank of India Fixed Deposit 5.70% HDFC Ltd Commercial Papers A % IDFC Bank Ltd Certificate of Deposit A % Axis Bank Limited Certificate of Deposit A % Housing and Urban Development Corporation Ltd Lakshmi Vilas Bank Ltd Fixed Deposit 4.56% Small Industries Development Bank of India Name of Instrument Category Rating % of Assets Commercial Papers A % Commercial Papers A % EXIM Commercial Papers A % Total of Top Ten Holdings 56.18% Total Holdings 89.68% Cash & Cash Equivalents 10.32% Grand Total % LATEST AUM (as on month-end) ` Crore Latest NAV Per Unit Scheme Options Direct Plan Regular Plan ` ` LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil Daily Dividend Option Weekly Dividend Option Monthly Dividend Option ` ` ` ` ` ` BENCHMARK CRISIL Liquid Fund Index EXPENSE RATIO Regular 0.30% Direct 0.20% Maturity and Yield Average Maturity Modified Duration Gross YTM Days Days 6.32% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* level of liquidity with commensurate returns over short term. Through investment in money market & debt securities with maturity of upto 91 days. Risk FUND STYLE Credit Quality Mid Mid Interest Rate Sensitivity RATING PROFILE A1+/SOV/FD 89.11% AAA 0.57% Note : CBLO/Reverse Repo/Net Current Assets of 10.32% Riskometer Moderate LOW HIGH Investors understand that their principal will be at low risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 4

7 Indiabulls Ultra Short Term Fund (An Open-Ended Debt Scheme) INVESTMENT OBJECTIVE To provide liquidity with return commensurate with low risk through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Malay Shah DATE OF ALLOTMENT 6 January 2012 AVG. AUM MONTHLY ` Crore Portfolio (Top 10 holdings) Name of Instrument Category Rating % of Assets LIC Housing Finance Ltd Fixed rates bonds - HDFC Ltd Fixed rates bonds - National Bank for Agriculture and Rural Development AAA 14.85% AAA 9.38% Commercial Papers A % Inox Wind Ltd Commercial Papers A % ICICI Bank Ltd Certificate of Deposit A % Axis Bank Limited Certificate of Deposit A % HDFC Bank Ltd Certificate of Deposit A % Union Bank of India Fixed Deposit 4.66% IndusInd Bank Limited Certificate of Deposit A % Forbes and Company Ltd Commercial Papers A % Total of Top Ten Holdings 72.73% Total Holdings 86.81% Cash & Cash Equivalents 13.19% Grand Total % LATEST AUM (as on ` Crore month-end) Latest NAV Per Unit Scheme Options Direct Plan Regular Plan LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil Daily Dividend Option Weekly Dividend Option Fortnightly Dividend Option Monthly Dividend Option ` ` ` ` ` ` ` ` ` BENCHMARK CRISIL Liquid Fund Index EXPENSE RATIO Regular 1.05% Direct 0.49% Maturity and Yield Average Maturity Modified Duration Gross YTM Days Days 6.94% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Liquidity with commensurate returns over short term. Through investment in money market and debt securities. Risk FUND STYLE Credit Quality Mid RATING PROFILE Riskometer Mid Interest Rate Sensitivity A % AAA 30.47% AA+ 2.34% Note : CBLO/Reverse Repo/Net Current Assets of 13.19% Moderate LOW HIGH Investors understand that their principal will be at moderately low risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 5

8 Indiabulls Short Term Fund (An Open-Ended Debt Scheme) INVESTMENT OBJECTIVE The Scheme will endeavor to generate stable returns over short term with a low risk strategy while maintaining liquidity through a portfolio comprising debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Malay Shah DATE OF ALLOTMENT 13 September 2013 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` Crore LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK CRISIL Short-Term Bond Fund Index EXPENSE RATIO Regular 1.49% Direct 0.51% FUND STYLE Credit Quality Mid month-end) Mid Interest Rate Sensitivity Portfolio (Top 10 holdings) Name of Instrument Category Rating % of Assets Dewan Housing Finance Corp. Ltd Indiabulls Real Estate Ltd Fixed rates bonds - Average Maturity Modified Duration Gross YTM RATING PROFILE A % AAA 46.25% AA+ 3.95% AA 2.80% AA % A+ 3.33% A 1.43% A- 1.80% A1 7.99% 1.48 Years 1.26 Years 8.87% Note : CBLO/Reverse Repo/Net Current Assets of 4.84% Fixed rates bonds - AAA 13.61% Religare Enterprises Ltd Commercial Papers A % HCL Infosystems Ltd Commercial Papers A1 7.99% HDFC Ltd Fixed rates bonds - North Karnataka Expressway Fixed rates bonds - ONGC Mangalore Fixed rates bonds - AAA 4.15% Petrochemicals Limited Forbes Technosys Limited Fixed rates bonds - Reliance Big Entertainment Private Limited Reliance Broadcast Network Limited Mumbai Fixed rates bonds - AA+(SO) 3.95% Fixed rates bonds - AAA(SO) 3.61% Total of Top Ten Holdings 69.08% Total Holdings 95.16% Cash & Cash Equivalents 4.84% Grand Total % Latest NAV Per Unit Scheme Options Weekly Dividend Option Fortnightly Dividend Option Monthly Dividend Option Maturity and Yield THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Stable returns over short term while maintaining liquidity. Through investment in debt and money market instruments. Moderate Risk LOW Direct Plan ` ` ` ` AA % AAA 7.90% AAA 4.30% AA-(SO) 4.08% Riskometer Moderate Regular Plan ` ` ` HIGH Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 6

9 Indiabulls Income Fund (An Open-Ended Debt Scheme) INVESTMENT OBJECTIVE To generate a steady stream of income and/ or medium to long term capital appreciation/ gain through investment in fixed income securities. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Malay Shah Mr. Kunal M. Jain (Co-Fund Manager) Total Work Experience: 8 years DATE OF ALLOTMENT 4 March 2013 Portfolio (Top holdings) Name of Instrument Category Rating % of Assets Dewan Housing Finance Corp. Ltd Fixed rates bonds - AAA 36.65% HDFC Ltd Fixed rates bonds - AAA 29.33% Power Grid Corporation of India Limited Fixed rates bonds - AAA 12.02% IFCI Ltd Fixed rates bonds - A 8.73% 7.20% Karnataka SDL 25-Jan-2027 Fixed rates bonds - Government SOV 4.89% 7.61% GOI 09-May-2030 Fixed rates bonds - Government SOV 2.18% Total Holdings 93.80% Cash & Cash Equivalents 6.20% Grand Total % AVG. AUM MONTHLY ` Crore Latest NAV Per Unit Scheme Options Direct Plan Regular Plan LATEST AUM (as on ` Crore LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil month-end) Monthly Dividend Option Quarterly Dividend Option Half Yearly Dividend Option ` ` ` ` ` ` ` ` BENCHMARK CRISIL Composite Bond Fund Index EXPENSE RATIO Regular 0.75% Direct 0.24% Maturity and Yield Average Maturity Modified Duration Gross YTM 3.89 Years 2.90 Years 8.19% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Regular income and/or capital appreciation over medium to long term. Through investment in fixed income securities. Moderate Risk FUND STYLE Credit Quality Mid Mid Interest Rate Sensitivity RATING PROFILE AAA 78.00% A 8.73% SOV 7.07% Note : CBLO/Reverse Repo/Net Current Assets of 6.20% LOW Riskometer Moderate HIGH Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 7

10 Indiabulls Gilt Fund (An Open-Ended Gilt Scheme) INVESTMENT OBJECTIVE The scheme seeks to generate income and capital appreciation by investing predominantly in sovereign securities issued by Central Government (including Treasury Bills) and/or by State Government, without any restriction on the maturity of the portfolio. However, there is no assurance that the investment objective of the scheme will be realized and the scheme does not assure or guarantee any returns. Portfolio (Top holdings) 8.35% GOI 14-May-2022 Fixed rates bonds - Government 6.97% GOI - 06-Sep-2026 Fixed rates bonds - Government Name of Instrument Category Rating % of Assets SOV 39.47% SOV 7.56% Total Holdings 47.03% Cash & Cash Equivalents 52.97% Grand Total % FUND MANAGER Mr. Malay Shah Mr. Kunal M. Jain (Co-Fund Manager) Total Work Experience: 8 years DATE OF ALLOTMENT 10 January 2013 Latest NAV Per Unit Scheme Options Direct Plan Regular Plan AVG. AUM MONTHLY ` Crore Weekly Dividend Option Fortnightly Dividend Option Monthly Dividend Option ` ` ` ` ` ` ` LATEST AUM (as on ` Crore month-end) LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK I-Sec Composite Index EXPENSE RATIO Regular 1.25% Direct 0.43% Maturity and Yield Average Maturity Modified Duration Gross YTM 2.78 Years 2.12 Years 6.04% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Income and capital appreciation over medium to long term. Through investment in sovereign securities issued by Central Government (including Treasury Bills) and/ or by State Government, without any restriction on the maturity of the portfolio. Moderate Risk FUND STYLE Credit Quality Mid Mid Interest Rate Sensitivity RATING PROFILE 47.03% SOV Note : CBLO/Reverse Repo/Net Current Assets of 52.97% LOW Riskometer Moderate HIGH Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 8

11 Indiabulls Monthly Income Plan (An Open-ended Debt Scheme) (Monthly Income is not assured and is subject to availability of distributable surplus) INVESTMENT OBJECTIVE The primary objective of the Scheme is to generate regular monthly returns through investment primarily in debt securities. The secondary objective of the Scheme is to generate long-term capital appreciation by investing a portion of the Scheme's assets in equity securities. Monthly Income is not assured and is subject to availability of distributable surplus. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Malay Shah Mr. Kunal M. Jain (Co-Fund Manager) Total Work Experience: 8 years Mr. Sumit Bhatnagar DATE OF ALLOTMENT 2 December 2015 AVG. AUM MONTHLY ` Crore LATEST AUM (as on month-end) ` Crore LATEST NAV PER UNIT Direct Plan Dividend Option Regular Plan Dividend Option LOAD INFORMATION ` ` ` ` Entry Load : Not Applicable Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. BENCHMARK CRISIL MIP Blended Index EXPENSE RATIO Regular 1.75% Direct 0.24% FUND STYLE Investment Style Growth Blend Value Large Medium Small Capitalisation Portfolio Name of Instrument Sectoral Allocation Maturity and Yield Average Maturity Modified Duration Gross YTM RATING PROFILE A 29.50% A % AAA 13.39% A % AA+ 6.45% Note : CBLO/Reverse Repo/Net Current Assets of 24.11% Years 2.51 Years 8.67% Quantitative/Volatility Measures Standard Deviation Beta Sharpe Ratio Portfolio Turnover % of Assets NON - CONVERTIBLE DEBENTURES Tanglin Developments Limited BWR A % Dewan Housing Finance Corp. Ltd BWR AAA 13.39% Industrial Finance Corporation Ltd ICRA A 12.76% Hero Wind Energy Ltd ICRA A 10.25% Janalakshmi Financial Services Ltd ICRA A+ 6.64% Fortis Healthcare Holdings Pvt Ltd ICRA A 6.49% Reliance Big Entertainment Pvt Ltd BWR AA+ 6.45% Janalakshmi Financial Services Ltd ICRA A+ 6.26% Sub-Total 75.89% EQUITY SHARES Gail (India) Limited Gas 1.45% Indian Oil Corporation Limited Petroleum Products 1.36% NCC Ltd (Ex-Nagarjuna Constrn Co.Ltd) Construction Project 1.33% Castrol India Ltd Petroleum Products 1.28% SML Isuzu Limited Auto 1.20% Kirloskar Oil Engines Ltd Industrial Products 1.19% Larsen & Toubro Limited Construction Project 1.11% Sanofi India Limited Pharmaceuticals 1.11% Petroleum Products Construction Project Auto Banks Gas Pesticides Industrial Products Pharmaceuticals Finance Non - Ferrous Metals Consumer Non Durables Industry/ Rating 1.60% 1.45% 1.38% 1.19% 1.11% 0.95% 0.75% 0.62% N.A Name of Instrument THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Capital appreciation and provide regular income over a long period of time. Investment primarily in debt securities to generate regular returns and investment of a portion of the Scheme's assets in equity securities to generate long-term capital appreciation. Moderate Risk Industry/ Rating % of Assets EQUITY SHARES Eicher Motors Ltd. Auto 1.05% Capital First Limited Finance 0.95% State Bank Of India Banks 0.84% Reliance Industries Limited Petroleum Products 0.83% IndusInd Bank Ltd Banks 0.76% Bayer Cropscience Ltd Pesticides 0.73% Insecticides (India) Limited Pesticides 0.65% Asian Paints Ltd Consumer Non Durables 0.62% Hindalco Industries Ltd Non - Ferrous Metals 0.39% Vedanta Ltd Non - Ferrous Metals 0.36% HDFC Bank Ltd Banks 0.00% Sub-Total 17.21% COLLATERALIZED BORROWING AND LENDING CBLO 03/04/17- MAT % Sub-Total 1.21% Cash & Cash Equivalents Net Receivable/Payable 5.69% Sub-Total 5.69% Grand Total % LOW 2.44% 2.25% Riskometer Moderate 3.47% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% HIGH Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

12 Indiabulls Blue Chip Fund (An Open-ended Equity Scheme) INVESTMENT OBJECTIVE To provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity-related securities of bluechip large-cap companies. However there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Sumit Bhatnagar DATE OF ALLOTMENT 10 February 2012 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` Crore LOAD INFORMATION month-end) Entry Load : Not Applicable Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. BENCHMARK Nifty 50 Index EXPENSE RATIO Regular 2.50% Direct 0.73% FUND STYLE Investment Style Growth Blend Value Portfolio (Top 10 holdings) Company Name Category Industry % of Assets Reliance Industries Limited Equity Shares Petroleum Products 7.62% Larsen & Toubro Limited Equity Shares Construction Project 5.73% Indian Oil Corporation Limited Equity Shares Petroleum Products 5.30% Maruti Suzuki India Limited Equity Shares Auto 5.16% Gail (India) Limited Equity Shares Gas 4.57% ITC Limited Equity Shares Consumer Non Durables 4.28% ICICI Bank Ltd Equity Shares Banks 4.09% State Bank Of India Equity Shares Banks 3.59% Tata Motors Limited -Dvr Equity Shares Auto 3.22% Asian Paints Ltd Equity Shares Consumer Non Durables 3.04% Total of Top Ten Holdings 46.60% Total Holdings 93.07% Cash & Cash Equivalents 6.93% Grand Total % Sectoral Allocation Petroleum Products Consumer Non Durables Auto Banks Construction Project Gas Pharmaceuticals Cement Software Power Industrial Capital Goods Finance Non - Ferrous Metals Industrial Products Textile Products Latest NAV Per Unit Scheme Options Dividend Option Monthly Dividend Option Half Yearly Dividend Option Quarterly Dividend Option Quantitative/Volatility Measures Standard Deviation Beta 4.57% 4.34% 4.31% 3.41% 2.64% 2.63% 2.55% 2.17% 2.11% 1.74% % 8.92% Direct Plan ` ` ` ` ` % 12.51% Sharpe Ratio Portfolio Turnover Riskometer 16.94% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% Regular Plan ` ` ` ` ` Large Medium Small Capitalisation THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Capital appreciation over long-term A portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies. Risk Moderate LOW HIGH Investors understand that their principal will be at high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 10

13 Indiabulls Arbitrage Fund (An Open-ended Equity Scheme) INVESTMENT OBJECTIVE To generate income by predominantly investing in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be realized. FUND MANAGER Mr. Sumit Bhatnagar Mr. Malay Shah DATE OF ALLOTMENT 19 December 2014 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` Crore LATEST NAV PER UNIT Direct Plan Monthly Dividend Option Half Yearly Dividend Option Regular Plan Monthly Dividend Option Quarterly Dividend Option Half Yearly Dividend Option Yearly Dividend Option LOAD INFORMATION Entry Load : Not Applicable Exit Load : 0.25%, if redeemed/ switched out within one month from the date of allotment; Nil, if redeemed/ switched out after one month from the date of allotment. BENCHMARK CRISIL Liquid Fund Index EXPENSE RATIO month-end) ` ` ` ` ` ` ` ` Regular 1.00% Direct 0.39% Portfolio Company Name THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* To generate reasonable returns over short to medium term. Investment predominantly in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. Risk 11 Riskometer Moderate % of Assets EQUITY SHARES Sun Pharmaceuticals Industries Ltd Pharmaceuticals 9.28% Reliance Industries Limited Petroleum Products 8.21% Maruti Suzuki India Limited Auto 6.70% ICICI Bank Ltd Banks 5.62% Larsen & Toubro Limited Construction Project 5.21% The Karnataka Bank Ltd Banks 3.50% Oil & Natural Gas Corporation Limited Oil 2.93% Yes Bank Ltd Banks 2.87% Lupin Ltd Pharmaceuticals 2.53% Indusind Bank Ltd Banks 2.41% Bank Of Baroda Banks 2.38% Bharat Electronics Limited Industrial Capital Goods 2.35% JSW Steel Limited Ferrous Metals 2.04% ACC Ltd Cement 1.86% Dewan Housing Finance Corp. Ltd Finance 1.62% Granules India Limited Pharmaceuticals 1.57% Zee Entertainment Enterprises Limited Media & Entertainment 1.49% Axis Bank Ltd Banks 1.33% Century Textiles & Industries Ltd Cement 1.09% IDFC Ltd Finance 1.09% Tata Steel Ltd Ferrous Metals 0.66% Housing Development Finance Corporation Limited Finance 0.38% Aditya Birla Nuvo Ltd. Services 0.36% The South Indian Bank Ltd Banks 0.20% Dish Tv India Ltd Media & Entertainment 0.15% Sub-Total 67.83% Margin Fixed Deposit 8.52% Debt Securities ZERO COUPON BONDS LIC Housing Finance Limited CARE AAA 5.62% Total Debt Securities 5.62% Cash & Cash Equivalents/CBLO 18.03% Grand Total % Sectoral Allocation Banks Pharmaceuticals Petroleum Products Auto Construction Project Finance Cement Oil Ferrous Metals Industrial Capital Goods Media & Entertainment Services 3.09% 5.21%6.70% 2.95% 2.93% 0.36% 1.64% 2.35% 2.70% 8.21% Industry/Rating 13.38% 18.31% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% LOW HIGH Investors understand that their principal will be at moderately low risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

14 Indiabulls Value Discovery Fund (An Open-ended Equity Scheme) INVESTMENT OBJECTIVE The primary objective of the Scheme is to seek to generate capital appreciation by investing in a portfolio of Equity and Equity related securities of companies that meet the relative value criteria and fall within top 500 by market cap. A company is considered as showing high relative value if it has a combination of higher RoCE and higher earnings yield. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Sumit Bhatnagar Mr. Malay Shah DATE OF ALLOTMENT 8 September 2015 AVG. AUM MONTHLY ` Crore LATEST AUM (as on month-end) ` Crore LOAD INFORMATION Entry Load : Not Applicable Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. BENCHMARK S&P BSE 500 EXPENSE RATIO Regular 2.70% Direct 0.38% FUND STYLE Investment Style Growth Blend Value Large Medium Small Capitalisation THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Portfolio (Top 10 holdings) Company Name Category Industry % of Assets Mangalore Refinery Petrochemicals Equity Shares Petroleum Products 3.65% Century Plyboards (India) Ltd Equity Shares Consumer Durables 3.20% Finolex Industries Ltd Equity Shares Industrial Products 3.16% Greaves Cottan Ltd Equity Shares Industrial Products 3.09% Sun TV Network Limited Equity Shares Media & Entertainment 3.02% The Ramco Cements Ltd. Equity Shares Cement 3.01% Time Technoplast Equity Shares Industrial Products 2.98% Supreme Petrochem Limited Equity Shares Chemicals 2.97% Adani Power Limited Equity Shares Power 2.96% Firstsource Solutions Ltd Equity Shares Software 2.96% Total of Top Ten Holdings 31.00% Total Holdings 90.54% Cash & Cash Equivalents 9.46% Grand Total % Sectoral Allocation Industrial Products Auto Ancillaries Software Petroleum Products Consumer Durables Construction Chemicals Pharmaceuticals Auto Industrial Capital Goods Consumer Non Durables Media & Entertainment Cement Power Textiles - Cotton Textile Products Latest NAV Per Unit Scheme Options Dividend Option Half Yearly Dividend Option Monthly Dividend Option Quarterly Dividend Option 6.28% 6.13% 5.59% 5.58% 5.38% 5.03% 4.45% 3.55% 3.02% 3.01% 2.96% 2.90% 2.71% Capital appreciation and provide longterm Capital growth. Investment primarily in companies that offer high relative value vis a-vis other companies and fall within top 500 by market capitalization. Risk 8.47% Direct Plan ` ` ` ` ` % Riskometer Moderate Regular Plan ` ` ` % 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% LOW HIGH Investors understand that their principal will be at moderately high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 12

15 SCHEME PERFORMANCE Period Indiabulls Liquid Fund(G) Indiabulls Liquid Fund(G)-Direct Plan Crisil Liquid Fund Index Crisil 1 Yr T-Bill Index Indiabulls Ultra Short Term Fund(G) Indiabulls Ultra Short Term Fund(G)-Direct Plan Crisil Liquid Fund Index Crisil 1 Yr T-Bill Index Indiabulls ST Fund(G) Indiabulls ST Fund(G)-Direct Plan Crisil Short Term Bond Fund Index Crisil 1 Yr T-Bill Index Indiabulls Income Fund-Reg(G) Indiabulls Income Fund(G)-Direct Plan Crisil Composite Bond Fund Index Indiabulls Gilt(G) Indiabulls Gilt(G)-Direct Plan I-Sec Composite Gilt Index Crisil 1 Yr T-Bill Index Indiabulls Arbitrage Fund-Reg(G) Indiabulls Arbitrage Fund(G)-Direct Plan Crisil Liquid Fund Index Crisil 1 Yr T-Bill Index Indiabulls Value Discovery Fund-Reg(G) Indiabulls Value Discovery Fund(G)-Direct Plan S&P BSE 500 NIFTY 50 Indiabulls Monthly Income Plan Indiabulls Monthly Income Plan(G)-Direct Plan Crisil MIP Blended Index Crisil 1 Yr T-Bill Index Indiabulls Blue Chip Fund(G) Indiabulls Blue Chip Fund(G)-Direct Plan NIFTY 50 S&P BSE SENSEX Last 7 Last 15 Last 30 31st Mar 31st Mar 31st Mar Since Since NAV/Index days till days till days till 2016 till 2014 till 2012 till Inception Inception Value (As of 31st Mar 31st Mar 31st Mar 31st Mar 31st Mar 31st Mar (CAGR) (Value #) 31st Mar INR 2017 Funds Managed by Mr. Malay Shah , , N.A , , , , , , , , N.A , , , , , , N.A , , N.A , , , , , , Funds Managed by Mr. Malay Shah & Mr. Kunal M. Jain N.A , N.A , , , N.A , , N.A , , , , , , Funds Managed by Mr. Sumit Bhatnagar & Mr. Malay Shah N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A , , N.A. N.A. N.A , , N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A , , N.A. N.A. N.A , , Funds Managed by Mr. Malay Shah, Mr. Kunal M. Jain & Mr. Sumit Bhatnagar N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A , , N.A. N.A. N.A , , Funds Managed by Mr. Sumit Bhatnagar N.A. N.A. N.A , N.A. N.A. N.A N.A , N.A. N.A. N.A , , N.A. N.A. N.A , , Notes: NA - Not Applicable Returns shown for 7 days, 15 days and 30 days are computed only for Indiabulls Liquid Scheme on Simple Annualised basis, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future. # Based on investment of Rs. 10,000 made at inception. All returns are for only. Since inception returns have been calculated from the date of allotment till 31st. 13

16 PERFORMANCE DISCLOSURE Disclosure on performance of other schemes managed by the fund manager Name of Fund Manager: Mr. Malay Shah Period Scheme return % 1 year 3 years 5 years Benchmark return (%) Scheme return % Benchmark return (%) Scheme return % Benchmark return (%) Indiabulls Liquid Fund(G) Indiabulls Liquid Fund(G)-Direct Plan N.A Indiabulls Ultra Short Term Fund(G) Indiabulls Ultra Short Term Fund(G)-Direct Plan N.A Indiabulls Short Term Fund(G) N.A Indiabulls Short Term Fund(G)-Direct Plan N.A # Indiabulls Value Discovery Fund-Reg(G) N.A N.A # Indiabulls Value Discovery Fund(G)-Direct Plan N.A N.A * Indiabulls Gilt(G) N.A * Indiabulls Gilt(G)-Direct Plan N.A * Indiabulls Income Fund-Reg(G) N.A * Indiabulls Income Fund(G)-Direct Plan N.A $ Indiabulls Monthly Income Plan N.A N.A $ Indiabulls Monthly Income Plan(G)-Direct Plan N.A N.A # Indiabulls Arbitrage Fund-Reg(G) N.A N.A # Indiabulls Arbitrage Fund(G)-Direct Plan N.A N.A Note: # Managed along with Mr. Sumit Bhatnagar * Managed along with Mr. Kunal Jain $ Managed along with Mr. Kunal Jain and Mr. Sumit Bhatnagar Different plans shall have a different expense structure. The performance details provided herein are of (regular and direct) plan. Benchmark Details: Fund Name Benchmark Indiabulls Liquid Fund(G) Crisil Liquid Fund Index Indiabulls Ultra Short Term Fund(G) Indiabulls Short Term Fund(G) Crisil Short Term Bond Fund Index Indiabulls Value Discovery Fund-Reg(G) S&P BSE 500 Indiabulls Gilt(G) I-Sec Composite Gilt Index Indiabulls Income Fund-Reg(G) Crisil Composite Bond Fund Index Indiabulls Monthly Income Plan Crisil MIP Blended Index Indiabulls Arbitrage Fund-Reg(G) Crisil Liquid Fund Index 13

17 SCHEME PERFORMANCE SIP RETURNS - Indiabulls Blue Chip Fund - Regular Plan () Period 1-year 3-year 5-year 7-year 10-year Since Inception Total Amount Invested ( `) Total Value as on Mar 31, 2017 (`) Returns (In %) Total Value of S&P BSE Sensex S&P BSE Sensex Returns (In %) Total Value of Nifty 50 Nifty 50 Returns (In %) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 6,10,000 1,33,413 4,33,677 N.A. N.A. N.A. 8,61, N.A. N.A. N.A ,30,513 4,00,311 N.A. N.A. N.A. 7,91, N.A. N.A. N.A ,31,278 4,08,408 N.A. N.A. N.A. 8,10, N.A. N.A. N.A SIP Returns - Indiabulls Arbitrage Fund - Regular Plan () Period 1-year 3-year 5-year 7-year 10-year Since Inception Total Amount Invested ( `) Total Value as on Mar 31, 2017 (`) Returns (In %) Total Value of Crisil Liquid Fund Index Crisil Liquid Fund Index Returns (In %) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 2,70,000 1,24,195 N.A. N.A. N.A. N.A. 2,91, N.A. N.A. N.A. N.A ,24,414 N.A. N.A. N.A. N.A. 2,93, N.A. N.A. N.A. N.A SIP Returns - Indiabulls Value Discovery Fund - Regular Plan () Period 1-year 3-year 5-year 7-year 10-year Since Inception Total Amount Invested ( `) Total Value as on Mar 31, 2017 (`) Returns (In %) Total Value of S&P BSE 500 S&P BSE 500 Returns (In %) Total Value of Nifty 50 Nifty 50 Returns (In %) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 1,80,000 1,42,571 N.A. N.A. N.A. N.A. 2,19, N.A. N.A. N.A. N.A ,34,221 N.A. N.A. N.A. N.A. 2,07, N.A. N.A. N.A. N.A ,31,278 N.A. N.A. N.A. N.A. 2,02, N.A. N.A. N.A. N.A N.A. - Not Applicable The above table indicates the results for the scenario of an investor who would have invested ` 10,000 every month in Indiabulls Blue Chip Fund - Regular Plan (), Indiabulls Arbitrage Fund - Regular Plan () & Indiabulls Value Discovery Fund - Regular Plan (). Note: Past performance may or may not be sustained in future. Returns greater than 1 year period are compounded annualized. Dividends assumed to be reinvested. Load is not taken into consideration. On account of difference in the type/category, asset allocation or investment strategy, inception dates, performances of these funds are not strictly comparable. 14

18 DIVIDEND HISTORY Record Date Face Value (in `) , , ,000 Record Date Face Value (in `) , , ,000 Record Date Face Value (in `) , , ,000 Record Date Face Value (in `) Record Date Face Value (in `) Record Date Record Date Record Date Face Value (in `) , , ,000 INDIABULLS MONTHLY INCOME PLAN - MONTHLY OPTION Face Value (in `) Record Date Face Value (in `) Face Value (in `) INDIABULLS VALUE DISCOVERY FUND - MONTHLY OPTION INDIABULLS LIQUID FUND - MONTHLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct 1, , , , , , INDIABULLS ULTRA SHORT-TERM FUND - MONTHLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct 1, , , , , , INDIABULLS SHORT TERM FUND - MONTHLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct 1, , , , , , INDIABULLS INCOME FUND - MONTHLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS INCOME FUND - QUARTERLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS INCOME FUND - HALF YEARLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS GILT FUND - MONTHLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct 1, , , , , , INDIABULLS ARBITRAGE FUND - DIVIDEND HISTORY No Dividend has been declared in this scheme NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS BLUE CHIP FUND - DIVIDEND HISTORY NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct No Dividend has been declared in this scheme For all above, Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. 15

19 Indiabulls Asset Management Company Limited CIN: U65991DL2008PLC Registered Office: M - 62 & 63, 1st Floor, Connaught Place, New Delhi Tel: (011) ; Fax: (011) Office: Indiabulls Finance Centre Tower - 1, 11th Floor, Senapati Bapat Marg, Elphinstone West, Mumbai Tel: (022) ; Fax: (022) Call: SMS: IBAMC to customercare@indiabullsamc.com Website: AMC Branches: Ahmedabad: Radhika House, 1st Floor, C/o. Indiabulls Housing Finance Co Ltd., Opp. Mayor Banglow, Law Garden, Navrangpura, Ahmedabad Tel: (079) Bangalore: No. 103, 2nd Floor, Samskruthi Chambers, K. H. Road, Bangalore Tel: (080) Chennai: No. 20, Apex Chambers, 3rd Floor, Sir Theyagaraya Road, Pondy Bazaar, T Nagar, Chennai Tel: (044) Hyderabad: Park City Plaza, 3rd Floor, Road No. 1, Banjara Hills, Hyderabad Tel: (040) Kolkata: 31, Chowringhee Road, 3rd Floor, Park Street Junction, Kolkata Tel: Mumbai: Indiabulls Finance Centre, Tower 1, 11th Floor, Senapati Bapat Marg, Elphinstone (West), Mumbai Tel: : (022) New Delhi: M - 62 & 63, 1st Floor, Connaught Place, New Delhi Tel: (011) Pune: No. 115, City Mall, 1st Floor, University Road, Opp. Pride House, Shivajinagar, Pune Tel: (020) Disclaimer: The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates. The past performance of the mutual funds managed by the Indiabulls Asset Management Company is not necessarily indicative of future performance of the scheme/s. The Mutual Fund is not guaranteeing or assuring any dividend under any of the schemes and the same is subject to the availability of distributable surplus and at the sole discretion of trustees. The views expressed herein represents general market outlook and purely represent the views of the author. This document shall not be deemed to constitute any offer to sell the schemes of Indiabulls Asset Management Company. Investors are requested to review the prospectus carefully and obtain expert professional advice with regard to specific legal, tax and financial implications of the investment/participation in the scheme. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.