MUTUAL FUND FUND FACTSHEET. October 2017

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1 FUND FACTSHEET

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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 October 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 & Macros Retail inflation as measured by CPI (consumer price index) for Sep 2017 remained flat at 3.28% vs 3.36% (m-o-m). The headline inflation number was flat but a rise in core CPI inflation (adjusted for food and fuel, correctly including petrol and diesel) has increased further to 4.6% from 4.5% last month. WPI (Wholesale Price Index) under the new series with as base year, softened to 2.60% as compared to Aug number of 3.24%. Revised IIP series with as base was released. IIP as per that came in at 4.3% as compared to 1.2% for Aug RBI Monetary Policy After the RBI policy market participants become jittery and hence a call of duration cut echoed market post the CPI numbers. The hardening stance of RBI on CPI numbers with fiscal deficit widening due to increasing crude oil prices from 50$ centric to 60$ made the market in a cautious mode. The government gave a Diwali bonus to PSU banks with a bank recap plan of 2.10 trillion where government would inject capital to that tune to start lending process of banks while maintaining their capital ratios due to the stress on balance sheets due to NPL s. This also divided the market where some section see bank recap plan as a catalyst to rate cut whereas some have said rate hike cycle would now start. We believe that it would be a pause as banks would need further capital to start lending process and meet its basel 3 capital requirements. In this aftermath we see banks raising more capital in form of their perpetual bonds which would see a glut of supply in coming months. The lingering effects of FED nomination for the chair also weighed in EM due to policy uncertainty as name of Taylor started doing the rounds and famous Taylor rule seeing funds rate at 3.75%. Market was cajoled after Fed finally announcing Powell as successor to Yellen which is effective continuation of Fed policy of increasing rate albeit at a slower pace and not disrupting markets. Liquidity and Rates Excess of surplus liquidity in the system led to banks parking nearly average of 2.1 lakh crores with RBI for the month of Oct. Money market rates however stayed in the same zone as people were expecting RBI to remain status quo. Hence we saw an upward pressure on dated curve and yields hardened from 6.65 to The hardening of yields was due to increase in Core CPI number and further CPI prints also looking upwards though within the RBI range. Also there was news of fiscal slippages and increase in crude oil which could widen fiscal deficit or imported inflation seeping in economy adding pressure to yields. Hence people started expecting status quo in December policy with hawkish comments and lot of portfolio shifting from longer duration to shorter duration was seen. The corporate bond market also tracked G-sec yields and hence yields hardened by 5 to 10bps in 2 to 5 year bonds. Outlook At this juncture, a pause seems to be on cards as far as rate cuts are concerned. We might remain at 6% repo rate for foreseeable future. We need crude oil march to stabilise before we see any substantial difference in comments from government and RBI monetary policy members, till then we will continue to see a pause and markets in a range bound movement with specific maturity buckets offering safety in form of good risk reward equation. AAA top rated bonds having 2-4 year maturity offers a wonderful vehicle for those investors who want to tread lightly and want to focus on earning a reasonable return on capital without substantial volatility and unnecessary credit risks. Hence in light of that we reiterate our view of Indiabulls Income fund and Short term fund as good vehicles for deployment of funds. As always liquid and ultra short term funds would continue to remain better vehicles for deployment of temporary surpluses. Malay Shah Head Fixed Income 2

5 Equity Market Commentary Key Domestic News Key Domestic Economic Data Key Global Events Outlook The Government announced a large capitalisation program for PSU Banks worth INR 2.1 trn (1.3% of GDP) which is expected to be implemented over next 12 months, through a combination of issuance of recapitalization bonds( INR1.35trn), budgetary allocation (INR181bn) over FY18 & FY19 and raising through market resources (INR580bn). Over the next quarter, the government has also promised to announce additional banking reforms. After the infusion, we expect PSU Banks to be lot more amenable in NPA resolution, by taking haircuts, entering into one time settlements and making adequate provisions. It should also help in pushing up growth over medium term. The government approved the plan to develop approximately 83,677 km of roads at an investment of Rs 6.92 lakh crore by The highway construction program is aimed at pushing economic activity and generating at least 14.2 crore man-days employment across the country over the next five years. This plan is expected to be implemented from mid FY19 and should lead to spurt in growth, and also kick start the capex cycle. In the 2018 World Bank Doing Business rankings, India jumped 30 places to 100th from 130th last year. During the past year, India has made major progress in the areas of paying taxes and resolving insolvency. This should help India attract significantly more FDI investments. India s manufacturing PMI eased to 50.3 in October, from 51.2 in September, indicating that the recovery in manufacturing activity from GST related disruptions continues to be volatile. However Services PMI rose to 51.7 in October from 50.7 in September, indicating that Services are coping much better with GST implementation. India s trade deficit narrowed to USD9.0bn in September from USD11.6bn in August. Export growth rose sharply to 25.7% in September from 10.3% in August. The pick-up was broad-based across sectors. Based on Q3 trade data, Analyst expect the current account deficit (CAD) to narrow to 1.6% of GDP in Q3 from 2.4% in Q2. CPI for September 2017 came in at 3.3% vs consensus estimate of 3.5% reading unchanged from last month and 4.4% last year, led by sharp drop in food inflation. India s Industrial production grew 4.3% in August, up from 0.9% in July, reflecting restocking by manufacturing firms after GST implementation. Both consumer and capital goods contributed to the growth. Also, Core sector growth data for September came in at a strong 5.2% vs. 4.4% last month, suggesting that strength in IIP should continue for September as well. US Q3 GDP growth came in at robust 3% vs 2.5% expectation and 3.1% growth last quarter. Economic growth was expected to have weakened on account of two hurricanes that hit US last quarter. US FOMC left the Fed Funds rate unchanged. The policy statement mentioned solid economic activity despite the hurricanes, soft core inflation, and continued strength in the labor market. This suggests another rate hike is on the table in December meeting. Bank of England raised the Bank Rate by 25 basis points to 0.50% as expected. The boost just takes the rate back to where it had been for years since the financial crisis. The bank had cut the rate to 0.25% after the shock Brexit vote last year. The ECB announced the reduction in its QE program to 30B per month down from the current 60B pace. QE is expected to continue at this reduced rate for another nine months beginning January Indian economy is on path of gradual recovery from GST implementation led disruptions. We expect the recovery to gather pace in next 2 quarters. Our channel checks continue to suggest that business re-stocking though picking up, is still at a slow pace. Worst of GST related issues may be behind us. Government is proactively trying to solve needling GST related issues; according to media reports a comprehensive tweak is in the works and likely to be announced this month. Corporate results for September quarter till now have broadly been in line with our expectations; Management commentary is encouraging and augurs well for December quarter. Demonetization, GST implementation, steps to improve ease of doing business, PSU recapitalization, ambitious projects like Bharatmala are all strong steps, whose benefits are expected to accrue over next months. They make India story even more compelling from both FDI and FII investment perspective. We continue to be positive on Indian equities over medium to long term. STPs and SIPs should be preferred route. Spike in Oil prices above $65 and escalation of Geo-Political risk involving North Korea are the key risk over short term. Sumit Bhatnagar, CFA Head - Equity 3

6 Interest Rate Sensitivity Mid 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 (Managing Fund Since August 22, 2014) DATE OF ALLOTMENT 25 October 2011 AVG. AUM MONTHLY ` Crore Portfolio (Top 10 Holdings) Name of Instrument Category Rating % of Assets Treasury Bills Treasury Bills SOV 22.58% National Bank for Agriculture Commercial Papers A % and Rural Development Chennai Petroleum Corp. Ltd Commercial Papers A % Axis Bank Ltd Certificate Of Deposit A % HDFC Ltd Commercial Papers A % ICICI Bank Ltd Certificate Of Deposit A % Bajaj Finance Ltd Commercial Papers A % Power Finance Corporation Ltd Commercial Papers A % Infina Finance Pvt Ltd Commercial Papers A % Edelweiss Commodities Commercial Papers A % Services Ltd Total of Top Ten Holdings 66.34% Total Holdings % Cash & Cash Equivalents -7.03% 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 0.20% Direct 0.10% FUND STYLE Credit Quality Mid Maturity and Yield Average Maturity Modified Duration Gross YTM Days Days 6.45% RATING PROFILE 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 Riskometer A1+/SOV/FD % Moderate Credit Quality Rating CRISIL AAAmfs & IVR AAAmfs AAA 0.62% Note : CBLO/Reverse Repo/Net Current Assets of -7.03% 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 Interest Rate Sensitivity Mid 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 (Managing Fund Since August 22, 2014) DATE OF ALLOTMENT 6 January 2012 AVG. AUM MONTHLY ` Crore Portfolio (Top 10 holdings) Name of Instrument Category Rating % of Assets HDFC Ltd Fixed rates bonds - AAA 7.79% Corporate Shapoorji Pallonji & Commercial Papers A % Company Pvt Ltd. Axis Bank Ltd Certificate Of Deposit A % ICICI Bank Ltd Certificate Of Deposit A % National Bank for Agriculture Certificate Of Deposit A % and Rural Development Entertainment network India Ltd Commercial Papers A % Infina Finance Pvt Ltd Commercial Papers A % EXIM Commercial Papers A % HDFC Bank Ltd Certificate Of Deposit A % Treasury Bills Treasury Bills SOV 3.84% Total of Top Ten Holdings 54.20% Total Holdings 90.71% Cash & Cash Equivalents 9.29% 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 0.70% Direct 0.29% Maturity and Yield Average Maturity Modified Duration Gross YTM Days Days 6.82% 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 A1+/SOV 66.96% Moderate Credit Quality Rating CRISIL AAAmfs AAA 17.72% AA+ 2.79% AA 3.24% Note : CBLO/Reverse Repo/Net Current Assets of 9.29% LOW HIGH Investorsunderstandthattheirprincipalwillbeatmoderatelylowrisk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 5

8 Interest Rate Sensitivity Mid 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 (Managing Fund Since August 22, 2014) 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 1.51% Direct 0.51% FUND STYLE Credit Quality Mid month-end) Portfolio (Top 10 holdings) Name of Instrument Category Rating % of Assets Godrej Industries Ltd Commercial Papers A % Indiabulls Real Estate Ltd Fixed rates bonds - AA- 8.07% Corporate HCL Infosystems Ltd Commercial Papers A1 7.96% Reliance Industries Ltd Fixed rates bonds - AAA 7.79% Corporate Bajaj Finance Limited Commercial Papers A % HDFC Ltd Fixed rates bonds - AAA 7.26% Corporate National Bank for Agriculture Fixed rates bonds - AAA 5.42% and Rural Development Corporate Rural Electrification Fixed rates bonds - AAA 5.36% Corporation Ltd Corporate Housing and Urban Development Fixed rates bonds - AAA 4.98% Corporation Ltd Corporate LIC Housing Finance Ltd Fixed rates bonds - AAA 4.85% Corporate Total of Top Ten Holdings 67.21% Total Holdings 88.97% Cash & Cash Equivalents 11.03% Grand Total % Latest NAV Per Unit Scheme Options Weekly Dividend Option Fortnightly Dividend Option Monthly Dividend Option Maturity and Yield Average Maturity Modified Duration Gross YTM RATING PROFILE A % AAA 1.49 Years 1.23 Years 7.56% 41.58% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Direct Plan ` ` ` ` Stable returns over short term while maintaining liquidity. Through investment in debt and money market instruments. Moderate Risk Riskometer Moderate Regular Plan ` ` ` AA+ AA AA- A1 5.11% 1.16% 11.24% 10.10% Note : CBLO/Reverse Repo/Net Current Assets of 11.03% LOW 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 Interest Rate Sensitivity Mid 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 (Managing Fund Since August 22, 2014) Mr. Kunal M. Jain (Co-Fund Manager) (Managing Fund Since October 07, 2016) Total Work Experience: 8 years Portfolio (Top holdings) Name of Instrument Category Rating % of Assets Janalakshmi Financial Fixed rates bonds - A 40.99% Services Ltd Corporate IFCI Ltd Fixed rates bonds - A % Corporate Housing and Urban Fixed rates bonds - AAA 9.03% Development Corporation Ltd Corporate Reliance Industries Ltd Fixed rates bonds - AAA 8.90% 7.20% Karnataka SDL Corporate Fixed rates bonds - SOV 0.73% 7.61% GOI Government Fixed rates bonds - SOV 0.01% Government Total Holdings 81.58% Cash & Cash Equivalents 18.42% Grand Total % DATE OF ALLOTMENT 4 March 2013 AVG. AUM MONTHLY Latest NAV Per Unit ` Crore Scheme Options Direct Plan Regular Plan LATEST AUM (as on ` Crore LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK CRISIL Composite Bond Fund Index EXPENSE RATIO month-end) Regular 0.75% Direct 0.15% Monthly Dividend Option Quarterly Dividend Option Half Yearly Dividend Option Maturity and Yield Average Maturity Modified Duration Gross YTM 2.92 Years 2.10 Years 10.33% 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 RATING PROFILE AAA 17.93% A 40.99% Riskometer Moderate A % SOV 0.74% Note : CBLO/Reverse Repo/Net Current Assets of 18.42% LOW 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 Interest Rate Sensitivity Mid 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. FUND MANAGER Mr. Malay Shah (Managing Fund Since August 22, 2014) Mr. Kunal M. Jain (Co-Fund Manager) (Managing Fund Since October 07, 2016) Total Work Experience: 8 years DATE OF ALLOTMENT 10 January 2013 AVG. AUM MONTHLY ` Crore Portfolio (Top holdings) 7.61% GOI 09-May-2030 Fixed rates bonds - SOV 23.00% Government 6.79% GOI - 15-May-2027 Fixed rates bonds - SOV 22.25% Government 6.97% GOI - 06-Sep-2026 Fixed rates bonds - SOV 3.71% Government Total Holdings 48.96% Cash & Cash Equivalents 51.04% Grand Total % Latest NAV Per Unit Scheme Options Weekly Dividend Option Fortnightly Dividend Option Monthly Dividend Option Name of Instrument Category Rating % of Assets Direct Plan ` ` ` ` Regular Plan ` ` ` ` LATEST AUM (as on ` Crore LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK I-Sec Composite Index EXPENSE RATIO month-end) Regular 1.26% Direct 0.45% Maturity and Yield Average Maturity Modified Duration Gross YTM 5.41 Years 3.53 Years 6.55% 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 RATING PROFILE 48.96% Riskometer Moderate SOV Note : CBLO/Reverse Repo/Net Current Assets of 51.04% LOW 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 Capitalisation Large Medium Small 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 (Managing Fund Since Inception) Mr. Kunal M. Jain (Co-Fund Manager) (Managing Fund Since October 07, 2016) Total Work Experience: 8 years Mr. Sumit Bhatnagar (Since Inception) DATE OF ALLOTMENT 2 December 2015 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` Crore LATEST NAV PER UNIT Direct Plan Dividend Option Regular Plan Dividend Option month-end) ` ` ` ` 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 2.02% Direct 0.71% FUND STYLE Investment Style Growth Blend Value Portfolio Name of Instrument Sectoral Allocation Maturity and Yield Average Maturity Modified Duration Gross YTM RATING PROFILE AA Years 1.37 Years 7.51% Quantitative/Volatility Measures Standard Deviation Beta Sharpe Ratio Portfolio Turnover % of Assets NON - CONVERTIBLE DEBENTURES Tanglin Developments Ltd BWR A- 8.74% Forbes Technosys Ltd ICRA AA- 8.49% Housing And Urban Development IND AAA 8.45% Corporation Ltd Dewan Housing Finance Corp. Ltd CARE AAA 7.49% Hero Wind Energy Ltd ICRA A 7.16% Mahindra & Mahindra Fin Ser Ltd IND AAA 6.31% Fortis Healthcare Holdings Pvt Ltd ICRA BBB+ 4.44% Housing Development Finance CRISIL AAA 4.31% Corporation Ltd LIC Housing Finance Limited CRISIL AAA 4.24% Janalakshmi Financial Services Ltd ICRA A 4.16% Janalakshmi Financial Services Ltd ICRA A 4.16% Sub-Total 67.95% EQUITY SHARES Yuken India Ltd Auto Ancillaries 8.56% Dewan Housing Finance Corp. Ltd Finance 2.19% Auto Ancillaries Finance Banks Construction Consumer Durables Auto Metal - Others Power Textile Products A- AAA 0.93% 0.83% 0.83% 0.76% Industry/ Rating 1.55% 1.55% 1.33% 8.49% 8.74% 30.80% N.A 3.39% 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 Indusind Bank Ltd Banks 1.55% NBCC (India) Limited Construction 1.55% VIP Industries Ltd Consumer Durables 1.33% Capital First Limited Finance 1.20% Maruti Suzuki India Limited Auto 0.93% Kalpataru Power Transmission Ltd Power 0.83% Jindal Stainless (Hisar) Ltd Ferrous Metals 0.83% Arvind Limited Textile Products 0.76% Sub-Total 19.73% COLLATERALIZED BORROWING AND LENDING CBLO 01/11/17- MAT % Sub-Total 8.46% Cash & Cash Equivalents Net Receivable/Payable 3.86% Sub-Total 3.86% Grand Total % Riskometer Moderate 8.56% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% A 15.48% BBB+ 4.44% Note : CBLO/Reverse Repo/Net Current Assets of 32.05% LOW 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. 9

12 Capitalisation Large Medium Small 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 (Managing Fund Since December 17, 2012) 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 2.62% Direct 0.87% FUND STYLE Investment Style Growth Blend Value Portfolio (Top 10 holdings) Company Name Category Industry % of Assets Reliance Industries Ltd Equity Shares Petroleum Products 7.77% Maruti Suzuki India Ltd Equity Shares Auto 6.38% HDFC Bank Ltd Equity Shares Banks 6.29% Housing Development Finance Equity Shares Finance 5.64% Corporation Ltd Larsen & Toubro Ltd Equity Shares Construction Project 5.28% NBCC (India) Limited Equity Shares Construction 3.64% Indian Oil Corporation Ltd Equity Shares Petroleum Products 3.39% Avenue Supermarts Ltd Equity Shares Retailing 3.29% Aurobindo Pharma Ltd Equity Shares Pharmaceuticals 2.98% Petronet LNG Ltd Equity Shares Gas 2.95% Total of Top Ten Holdings 47.61% Total Holdings 92.56% Cash & Cash Equivalents 7.44% Grand Total % Sectoral Allocation Banks Petroleum Products Auto Finance Cement Consumer Non Durables Gas Construction Project Construction Non - Ferrous Metals Retailing Pharmaceuticals Industrial Capital Goods Software Power Textile Products Auto Ancillaries Consumer Durables Media & Entertainment Latest NAV Per Unit Scheme Options Dividend Option Monthly Dividend Option Half Yearly Dividend Option Quarterly Dividend Option Quantitative/Volatility Measures Standard Deviation Beta 1.06% 1.44%1.98% 0.79% 3.64% 2.45% 2.98% 3.29% 3.35% 2.32% 2.40% % 5.59% 5.40% 5.28% Direct Plan ` ` ` ` Sharpe Ratio Portfolio Turnover Riskometer 11.54% 11.16% 11.15% 10.97% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% Regular Plan ` ` ` ` ` 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 (Managing Fund Since Inception) Mr. Malay Shah (Managing Fund Since Inception) 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 0.90% Direct 0.50% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Portfolio Company Name 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 Sun Pharmaceuticals Industries Ltd Pharmaceuticals 7.48% Maruti Suzuki India Ltd Auto 6.53% Dewan Housing Finance Corp. Ltd Finance 5.13% Yes Bank Ltd Banks 4.76% L&T Finance Holdings Ltd Finance 3.69% JSW Steel Ltd Ferrous Metals 3.68% Hero Motocorp Ltd Auto 2.91% Infibeam Incorporation Ltd Software 2.36% Ashok Leyland Ltd Auto 2.15% Reliance Capital Ltd Finance 2.05% Century Textiles & Industries Ltd Cement 1.82% Reliance Industries Ltd Petroleum Products 1.78% Housing Development Finance Corporation Ltd Finance 1.76% Tata Motors Limited -Dvr Auto 1.52% LIC Housing Finance Ltd Finance 1.51% Bank Of Baroda Banks 1.49% IRB Infrastructure Developers Ltd Construction 1.24% Manappuram Finance Ltd Finance 1.23% Tata Steel Ltd Ferrous Metals 1.16% ACC Ltd Cement 1.06% Bharat Road Network Ltd Construction 0.90% State Bank Of India Banks 0.87% Mahindra & Mahindra Ltd Auto 0.85% Bajaj Auto Ltd Auto 0.83% Titan Company Ltd Consumer Durables 0.81% Jet Airways (India) Ltd Transportation 0.78% Aurobindo Pharma Ltd Pharmaceuticals 0.71% Reliance Infrastructure Ltd Power 0.70% Industrial Finance Corporation Ltd Finance 0.69% IDFC Ltd Finance 0.68% ITC Ltd Consumer Non Durables 0.63% Union Bank Of India Banks 0.63% Larsen & Toubro Ltd Construction Project 0.59% ICICI Bank Ltd Banks 0.57% Sub-Total 65.55% Margin Fixed Deposits 12.44% Debt Securities Infrastructure Leasing And Finance CARE A 6.22% L&T Infrastructure Fin Co. Ltd CARE A % Sub-Total 11.19% Cash & Cash Equivalents/CBLO 10.82% Grand Total % Sectoral Allocation Auto Banks Pharmaceuticals Ferrous Metals Cement Software Construction Petroleum Products Consumer Durables Transportation Power Consumer Non Durables Construction Project 8.32% 2.88% 4.84% 8.19% 2.36% 2.14% 0.81% 1.78% 0.78% 0.70% 0.63% 0.59% Industry/Rating 14.79% 16.74% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% LOW HIGH Investorsunderstandthattheirprincipalwillbeatmoderatelylowrisk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

14 Capitalisation Large Medium Small 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 (Managing Fund Since Inception) Mr. Malay Shah (Managing Fund Since Inception) DATE OF ALLOTMENT 8 September 2015 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` 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 month-end) Portfolio (Top 10 holdings) Company Name Category Industry % of Assets Sterlite Technologies Ltd Equity Shares Telecom - Equipment & 3.71% Accessories Meghmani Organics Ltd Equity Shares Pesticides 3.66% Suven Life Sciences Ltd Equity Shares Pharmaceuticals 3.44% Indraprastha Gas Equity Shares Gas 3.18% Adani Port & Special Equity Shares Transportation 3.17% Eco Zone Ltd Tata Global Beverages Ltd. Equity Shares Consumer Non Durables 3.16% (Ex- Tata Tea Ltd) Hexaware Technologies Ltd Equity Shares Software 3.10% Rallis India Ltd Equity Shares Pesticides 3.09% GHCL Ltd Equity Shares Chemicals 3.05% Gail (India) Limited Equity Shares Gas 3.02% Total of Top Ten Holdings 32.58% Total Holdings 93.37% Cash & Cash Equivalents 6.63% Grand Total % Sectoral Allocation Consumer Non Durables Pesticides Chemicals Ferrous Metals Gas Pharmaceuticals Software Industrial Products Auto Ancillaries Telecom - Equipment & Accessories Transportation Power Textiles - Cotton Services Paper Industrial Capital Goods Media & Entertainment Construction Construction Project Latest NAV Per Unit Scheme Options 6.20% 6.18% 6.11% 6.00% 3.17% 3.71% 5.81% 3.00% 2.88% 2.83% 1.96% 2.78% 1.91% 1.64% 1.52% Direct Plan 10.61% 9.60% 8.87% 8.59% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% Regular Plan EXPENSE RATIO Regular 2.76% Direct 0.43% FUND STYLE Investment Style Growth Blend Value THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Dividend Option Half Yearly Dividend Option Monthly Dividend Option Quarterly Dividend Option 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 ` ` ` ` ` Riskometer Moderate ` ` ` ` LOW HIGH Investorsunderstandthattheirprincipalwillbeatmoderatelyhighrisk *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 Oct 31st Oct 31st Oct Since Since NAV/Index days till days till days till 2016 till 2014 till 2012 till Inception Inception Value (As of 31st Oct 31st Oct 31st Oct 31st Oct 31st Oct 31st Oct (CAGR) (Value #) 31st Oct 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: Indiabulls Arbitrage Fund, Indiabulls Value Discovery Fund, Indiabulls Monthly Income Plan are in existence for more than 1 year but less than 3 years Indiabulls Income Fund, Indiabulls Short Term Fund and Indiabulls Gilt Fund are in existence for more than 3 years but less than 5 years 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 Indiabulls Liquid Fund(G) Indiabulls Liquid Fund(G)-Direct Plan Indiabulls Ultra Short Term Fund(G) Indiabulls Ultra Short Term Fund(G)-Direct Plan Indiabulls Short Term Fund(G) Indiabulls Short Term Fund(G)-Direct Plan Indiabulls Value Discovery Fund-Reg(G) Indiabulls Value Discovery Fund(G)-Direct Plan Indiabulls Gilt Fund(G) * # # Scheme return % 1 year 3 years 5 years Benchmark return (%) Scheme return % Benchmark return (%) Scheme return % Benchmark return (%) N.A N.A N.A N.A N.A N.A N.A N.A N.A Indiabulls Gilt Fund(G)-Direct Plan Indiabulls Income Fund-Reg(G) Indiabulls Income Fund(G)-Direct Plan Indiabulls Monthly Income Plan Indiabulls Monthly Income Plan(G)-Direct Plan Indiabulls Arbitrage Fund-Reg(G) Indiabulls Arbitrage Fund(G)-Direct Plan * $ # * * # $ Note: Indiabulls Arbitrage Fund, Indiabulls Value Discovery Fund, Indiabulls Monthly Income Plan are in existence for more than 1 year but less than 3 years Indiabulls Income Fund, Indiabulls Short Term Fund and Indiabulls Gilt Fund are in existence for more than 3 years but less than 5 years # 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 Indiabulls Liquid Fund(G) Indiabulls Ultra Short Term Fund(G) Indiabulls Short Term Fund(G) Indiabulls Value Discovery Fund-Reg(G) S&P BSE 500 Indiabulls Gilt(G) Indiabulls Income Fund-Reg(G) Indiabulls Monthly Income Plan Indiabulls Arbitrage Fund-Reg(G) N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A Benchmark Crisil Liquid Fund Index Crisil Short Term Bond Fund Index I-Sec Composite Index Crisil Composite Bond Fund Index Crisil MIP Blended Index Crisil Liquid Fund Index 14

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 Oct 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 6,80,000 1,36,116 4,58,379 8,88,164 N.A. N.A. 10,55, N.A. N.A ,34,832 4,29,538 8,09,630 N.A. N.A. 9,62, N.A. N.A ,35,487 4,37,096 8,31,597 N.A. N.A. 9,88, 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 Oct 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 3,40,000 1,23,789 N.A. N.A. N.A. N.A. 3,73, N.A. N.A. N.A. N.A ,24,286 N.A. N.A. N.A. N.A. 3,76, 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 Oct 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 2,50,000 1,31,729 N.A. N.A. N.A. N.A. 3,05, N.A. N.A. N.A. N.A ,38,105 N.A. N.A. N.A. N.A. 3,13, N.A. N.A. N.A. N.A ,34,832 N.A. N.A. N.A. N.A. 2,98, 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. 15

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 Face Value (in `) Record Date Face Value (in `) , , ,000 Record Date Face Value (in `) Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct 1, , , , , , INDIABULLS ARBITRAGE FUND - DIVIDEND HISTORY NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct # # INDIABULLS BLUE CHIP FUND - DIVIDEND HISTORY NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct * * INDIABULLS MONTHLY INCOME PLAN - MONTHLY OPTION No Dividend has been declared in this scheme 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 16 No Dividend has been declared in this scheme $ Dividend history is for retail investors. * The record date being a non-business day, the NAV is shown of the earlier business day i.e. June 16, 2017 # The record date being a non-business day, the NAV is shown of the earlier business day i.e. October 18, 2017 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.

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