MUTUAL FUND FUND FACTSHEET. April 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 30th April 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 fuel prices, retail inflation as measured by CPI (consumer price index) for March 2017 rose by 16 bps as compared to February March CPI came in at 3.81% as compared to 3.65% of February Fuel inflation jumped to 5.65% from previous number of 3.9%. WPI (Wholesale Price Index) saw a bit of easing for month of march. WPI for March, eased to 5.70% from February number of 6.55%. Food prices experienced a bit of hardening by coming in at 3.12% as compared to 2.69% earlier. The government is planning to release new series of WPI on 12th May along with new series for IIP (Index of Industrial Production) with base year being revised to from earlier Macros India s trade deficit widened little bit, and came at approx $10.43 billion as compared to $8.89 billion previously. Exports saw a jump of 27.60% in March Imports grew 45.30% in March 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 February 2017, as measured by the IIP, saw a major contraction by coming in at 1.2%, as compared to (upwardly revised from 2.70%) number of 3.3% for January 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. Liquidity and Rates Excess of surplus liquidity in the system led to banks parking nearly 4.2 lakh crores with RBI for the month of April. This surplus liquidity was evident in march month also, when banks had parked nearly 4.5 lakh crores with RBI. 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. With RBI narrowing the rate corridor in its April policy, markets will witness a bit of correction at the short end of the curve. The steep fall in money market rates, which were a result of excess liquidity, will see a bit of hardening, with rates drifting more near to 6.25% levels. With RBI in its policy turning neutral entire interest rate curve witnessed hardening. 3 month cds moved up by 10 bps to close the month at 6.35, 1 year cds climbed up by 10 bps to Hardest hit was the dated sovereign segment- 10 year gsec zoomed by nearly 30 bps to end the month at 6.96%. Long end of the curve bore the brunt doubly- once when the policy was announced, and secondly few days later, when the minutes of the MPC meeting were released - it became evident that, further upside risk to inflation are prevalent. Also couple of members were of such opinion, to infer that hike in rates could also be on cards. All this made the markets turn very cautious. Outlook More than the fundamentals, the sentiments currently are not in favour of a sustained positive movement in the markets. Comfortable macros in form of lower fiscal deficit, lower current account deficit, softer oil prices, sustained fight on inflation and unimpressive credit growth- all these indicate a supportive market. But RBI presenting a cautious picture on rate front and the shift to neutral stance is a point of worry for market. The awaited trigger by markets will be in form of normal monsoon and subsequent expectation of positive rate action by RBI. Till then, markets will be in cautious and watchful mode. All this makes duration products suitable only for those investors who can digest volatility. On a ongoing basis, liquidity looks to be comfortable, with system being flush with funds. Consequently money markets rates will remain stable. 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 Indian Meteorological Department (IMD) has forecasts normal rainfall at 96% of the long period average during the current monsoon season. The IMD also pointed that weak El Nino conditions could develop during the latter part of the monsoon season. In a major move to liberalize agri-markets, the Centre has come out with a draft model law that seeks to end monopoly of traditional APMC markets and allow private players and others to set up wholesale markets. The Union Cabinet approved the policy guidelines to allow financially sound State government entities to borrow directly from bilateral Official Development Assistance (ODA) partners for implementation of vital infrastructure projects. The government is planning to divest stake in seven state-owned companies that are listed on the stock exchanges. This could fetch the exchequer about Rs350bn, nearly half of the financial year (FY18) disinvestment target of Rs725bn. The goods and services tax (GST) can boost India's GDP growth by up to 4.2% double the previous estimate -- as lower taxes on manufactured goods will bump up output and make products cheaper, a US Federal Reserve paper said. Key Domestic Economic Data India Manufacturing PMI came in at 52.5 in unchanged from March level. Slower increases in output, stocks of purchases and employment were offset by stronger growth of new orders and lengthening delivery times. The surge in order books was the strongest since October 16. However, Services PMI fell to a three-month low of 50.2 in April from March's 51.5, reflective of an uneven recovery. CPI inflation for March 2017 stood at 3.8% below consensus expectation of 3.9% and against. 3.7% previous month due to muted food inflation. Average CPI for FY17 declined to 4.52% from 4.91% in Fy16. IIP contracted 1.2% y-o-y in February from 3.3% growth in January, significantly below expectations of 1.3% growth. Both consumer and capital goods output growth contracted, reflective of uneven recovery. The output of India s eight infrastructure industries (which accounts for 38% of IIP) increased by 5% in March 2017, up from a 1% growth in February. Key Global Events First round elections in France saw Emmanuel Macron and Marine Le Pen advance to a presidential runoff, in line with market expectations. Polls, that were largely accurate in predicting the first round outcome, suggest Macron is likely to win the next vote scheduled for May 7, with sub 5% probability for Le Pen victory. China's forex reserves rose for a third straight month in April, climbing $21B to $3.03T, after President Trump backed away from labeling China a currency manipulator and said the greenback was "getting too strong." Addition to Chinese forex reserves assuage concerns on its reserves running thin, however, concerns on health of broader economy still remain an overhang. The US Fed held interest rates steady, as expected, largely viewing the recent weakness in US GDP growth in Q1 as transitory." According to key experts, the US Fed is "still viewing the economy as just fine, and another rate hike in June is still clearly on the table, Geo-political risk remains elevated with developments in North Korea. Any escalation of tension in Korean peninsula has a potential of triggering a global risk-off. Outlook th Forecast for normal monsoons augurs well for rural consumption. Also, 7 pay commission implementation by states, HRA payments by Central Government, MANREGA etc. should give a strong fillip to domestic consumption. With expectations of strong demand recovery, stable input costs and benign interest rate environment we believe earning cycle should start getting stronger in next few quarters. Government s initiative for resolution of NPAs in PSU banks and steps to kick start capex cycle should also aid in economic recovery With world turning increasingly protectionist, we continue to prefer domestic consumption over exports related themes. We maintain our cautiously optimistic view on equity markets. Geo-political situation in North Korea and weak economic data out of China are the key risk. At current levels, SIPs are a preferred mode for investing, and risk off due to global events can provide attractive entry points for lump sum investments. Indian equities continue to offer attractive investment opportunity from medium to long term perspective. 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) Name of Instrument Category Rating % of Assets EXIM Commercial Papers A % Axis Bank Limited Certificate Of Deposit A % Treasury Bills Treasury Bills SOV 6.51% IDFC Bank Ltd Certificate Of Deposit A % ICICI Bank Ltd Certificate Of Deposit A % Housing and Urban Commercial Papers A % Development Corporation Ltd LIC Housing Finance Ltd Commercial Papers A % HDFC Bank Ltd Certificate Of Deposit A % Union Bank Of India Fixed Deposit 3.30% HDFC Ltd Commercial Papers A % Total of Top Ten Holdings 58.88% Total Holdings 90.01% Cash & Cash Equivalents 9.99% 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 0.17% Direct 0.07% Maturity and Yield Average Maturity Modified Duration Gross YTM Days Days 6.18% 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 89.68% AAA 0.33% Note : CBLO/Reverse Repo/Net Current Assets of 9.99% 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 - Inox Wind Ltd Commercial Papers A % HDFC Bank Ltd Certificate Of Deposit A % National Bank for Agriculture Commercial Papers A % and Rural Development HDFC Ltd Fixed rates bonds - Axis Bank Limited Certificate Of Deposit A % Power Finance Corporation Limited AAA 11.99% AAA 7.01% Fixed rates bonds - AAA 6.20% Union Bank Of India Fixed Deposit 4.47% Indusind Bank Limited Certificate Of Deposit A % Andhra Bank Certificate Of Deposit A % Total of Top Ten Holdings 69.50% Total Holdings 89.39% Cash & Cash Equivalents 10.61% 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 0.64% Direct 0.24% Maturity and Yield Average Maturity Modified Duration Gross YTM Days Days 7.03% 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 Mid Interest Rate Sensitivity RATING PROFILE A1+ AAA AA+ A % 31.41% 2.24% 1.76% Note : CBLO/Reverse Repo/Net Current Assets of 10.61% Riskometer 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 1.50% Direct 0.50% 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 Fixed rates bonds - AAA 10.45% Corp. Ltd Power Finance Fixed rates bonds - AAA 10.07% Corporation Limited HCL Infosystems Ltd Commercial Papers A1 9.80% National Bank for Agriculture Fixed rates bonds - AAA 9.54% and Rural Development Indian Railway Finance Fixed rates bonds - AAA 8.01% Corporation Ltd LIC Housing Finance Ltd Fixed rates bonds - AAA 7.28% HDFC Ltd Fixed rates bonds - AAA 6.90% Tanglin Developments Limited Fixed rates bonds - A-(SO) 4.32% North Karnataka Expressway Fixed rates bonds - AAA 3.29% ONGC Mangalore Fixed rates bonds - AAA 3.15% Petrochemicals Limited Total of Top Ten Holdings 72.81% Total Holdings 96.71% Cash & Cash Equivalents 3.29% 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 66.59% AA+ 5.88% AA 2.14% AA- 3.11% A+ 2.54% A 1.09% A- 4.32% A1 9.80% 2.20 Years 1.85 Years 8.54% Note : CBLO/Reverse Repo/Net Current Assets of 3.29% 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 ` ` ` ` 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 Portfolio (Top holdings) Name of Instrument Category Rating % of Assets Dewan Housing Finance Fixed rates bonds - AAA 25.96% Corp. Ltd 7.61% GOI 09-May-2030 Fixed rates bonds - SOV 21.13% Government 7.20% Karnataka Fixed rates bonds - SOV 0.33% SDL 25-Jan-2027 Government Total Holdings 47.42% Cash & Cash Equivalents 52.58% Grand Total % DATE OF ALLOTMENT 4 March 2013 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 0.23% Maturity and Yield Average Maturity Modified Duration Gross YTM 3.83 Years 2.49 Years 6.64% 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 25.96% SOV 21.46% Note : CBLO/Reverse Repo/Net Current Assets of 52.58% 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. FUND MANAGER Mr. Malay Shah Mr. Kunal M. Jain (Co-Fund Manager) Total Work Experience: 8 years Portfolio (Top holdings) Name of Instrument Category Rating % of Assets 7.61% GOI 09-May-2030 Fixed rates bonds - SOV 42.22% 7.73% GOI 19-Dec-2034 Government Fixed rates bonds - SOV 21.07% 6.97% GOI - 06-Sep-2026 Government Fixed rates bonds - SOV 3.83% Government Total Holdings 67.12% Cash & Cash Equivalents 32.88% Grand Total % 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 0.37% Maturity and Yield Average Maturity Modified Duration Gross YTM 9.72 Years 5.61 Years 6.60% 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 67.12% SOV Note : CBLO/Reverse Repo/Net Current Assets of 32.88% 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 1.86% Direct 0.66% FUND STYLE Investment Style Growth Blend Value Large Medium Small Capitalisation Portfolio Name of Instrument NON - CONVERTIBLE DEBENTURES Sectoral Allocation Maturity and Yield Average Maturity Modified Duration Gross YTM RATING PROFILE A 25.18% A % Note : CBLO/Reverse Repo/Net Current Assets of 26.19% Years 0.96 Years 7.53% Quantitative/Volatility Measures Standard Deviation Beta Sharpe Ratio Portfolio Turnover % of Assets Janalakshmi Financial Services Ltd ICRA A+ 9.93% Fortis Healthcare Holdings Pvt Ltd ICRA A 9.77% Janalakshmi Financial Services Ltd ICRA A+ 9.44% Hero Wind Energy Ltd ICRA A 15.41% Sub-Total 44.55% EQUITY SHARES Gail (India) Limited Gas 1.14% Yuken India Ltd Auto Ancillaries 1.10% Castrol India Ltd Petroleum Products 1.02% NCC Ltd (Ex-Nagarjuna Constrn Co. Ltd) Construction Project 1.00% Indian Oil Corporation Limited Petroleum Products 0.95% Larsen And Toubro Limited Construction Project 0.93% Reliance Industries Limited Petroleum Products 0.92% Kirloskar Oil Engines Ltd Industrial Products 0.91% State Bank Of India Banks 0.87% Petroleum Products Construction Project Auto Banks Gas Auto Ancillaries Non - Ferrous Metals Industrial Products Consumer Non Durables Finance Construction Industry/ Rating 1.14% 1.10% 1.06% 0.91% 0.80% 0.73% 0.51% 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 % of Assets Asian Paints Ltd Consumer Non Durables 0.80% Eicher Motors Ltd. Auto 0.80% Sml Isuzu Limited Auto 0.77% Capital First Limited Finance 0.73% Indusind Bank Ltd Banks 0.69% Hindalco Industries Ltd Non - Ferrous Metals 0.59% Somany Ceramics Ltd Construction 0.51% Vedanta Ltd Non - Ferrous Metals 0.47% Sub-Total 14.20% COLLATERALIZED BORROWING AND LENDING CBLO 02/05/17- MAT % Sub-Total 15.06% Cash & Cash Equivalents Industry/ Rating Net Receivable/Payable 26.19% Sub-Total 26.19% Grand Total % LOW 1.57% 1.56% 1.93% Riskometer Moderate 2.89% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 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 7.53% Larsen & Toubro Limited Equity Shares Construction Project 6.59% Maruti Suzuki India Limited Equity Shares Auto 5.80% Indian Oil Corporation Limited Equity Shares Petroleum Products 5.60% HDFC Limited Equity Shares Finance 5.47% Gail (India) Limited Equity Shares Gas 5.32% ICICI Bank Ltd Equity Shares Banks 4.26% State Bank Of India Equity Shares Banks 3.67% Tata Motors Limited -Dvr Equity Shares Auto 3.31% Power Grid Corporation Of India Ltd Equity Shares Power 2.88% Total of Top Ten Holdings 50.43% Total Holdings 96.57% Cash & Cash Equivalents 3.43% Grand Total % Sectoral Allocation Petroleum Products Auto Consumer Non Durables Banks Construction Project Finance Gas Cement Power Non - Ferrous Metals Industrial Capital Goods Auto Ancillaries Construction Industrial Products Pharmaceuticals Textile Products Software Latest NAV Per Unit Scheme Options Dividend Option Monthly Dividend Option Half Yearly Dividend Option Quarterly Dividend Option Quantitative/Volatility Measures Standard Deviation Beta 2.13% 2.88% 3.68% 5.32% 7.44% 2.13% 1.94% 1.92% 1.92% 1.91% 1.83% 1.45% % 11.60%13.11% 9.83% Direct Plan ` ` ` ` ` Sharpe Ratio Portfolio Turnover Riskometer 17.06% 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 0.84% Direct 0.24% Portfolio Company Name EQUITY SHARES 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 Sun Pharmaceuticals Industries Ltd Pharmaceuticals 8.33% Maruti Suzuki India Limited Auto 8.16% ICICI Bank Ltd Banks 4.79% The Karnataka Bank Ltd Banks 4.33% Larsen And Toubro Limited Construction Project 3.94% Housing Development Finance Corporation Limited Finance 3.86% Oil & Natural Gas Corporation Limited Oil 3.55% Zee Entertainment Enterprises Limited Media & Entertainment 3.37% Reliance Industries Limited Petroleum Products 3.35% JSW Steel Limited Ferrous Metals 2.96% Infosys Ltd Software 2.69% Indusind Bank Ltd Banks 2.49% Dewan Housing Finance Corp. Ltd Finance 2.12% Bharat Electronics Limited Industrial Capital Goods 2.05% Granules India Limited Pharmaceuticals 1.73% Tata Steel Ltd Ferrous Metals 1.63% IRB Infrastructure Developers Ltd Construction 1.30% Century Textiles & Industries Ltd Cement 1.25% Lupin Ltd Pharmaceuticals 1.15% Hindustan Petroleum Corporation Limited Petroleum Products 1.06% Reliance Capital Ltd Finance 0.94% IDFC Ltd Finance 0.85% The South Indian Bank Ltd Banks 0.27% Sub-Total 66.17% Margin Fixed Deposit 11.31% Debt Securities Exim Bank CRISIL A % Axis Bank Limited ICRA A % HDFC Bank Ltd CARE A % Total Debt Securities 18.95% Cash & Cash Equivalents/CBLO 3.57% Grand Total % Sectoral Allocation Banks Pharmaceuticals Auto Finance Ferrous Metals Petroleum Products Construction Project Oil Media & Entertainment Software Industrial Capital Goods Construction Cement 4.59% 4.41% 3.94% 3.55% 1.25% 1.30% 2.05% 2.69%3.37% Industry/Rating 8.16% 7.77% 11.88% 11.21% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 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 0.32% 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 Supreme Petrochem Limited Equity Shares Chemicals 3.55% Mangalore Refinery Petrochemicals Equity Shares Petroleum Products 3.53% Sun TV Network Limited Equity Shares Media & Entertainment 3.25% JK Tyre & Industries Ltd Equity Shares Auto Ancillaries 3.19% Allcargo Logistics Ltd Equity Shares Transportation 3.18% Uflex Ltd Equity Shares Industrial Products 3.18% Maruti Suzuki India Limited Equity Shares Auto 3.02% MRF Ltd Equity Shares Auto Ancillaries 2.99% Ahluwalia Contracts (India) Ltd Equity Shares Construction 2.95% Nilkamal Ltd Equity Shares Industrial Products 2.94% Total of Top Ten Holdings 31.78% Total Holdings 92.08% Cash & Cash Equivalents 7.92% Grand Total % Sectoral Allocation Industrial Products Auto Ancillaries Software Petroleum Products Chemicals Auto Construction Consumer Durables Pharmaceuticals Industrial Capital Goods Consumer Non Durables Media & Entertainment Transportation Cement Textiles - Cotton Textile Products Latest NAV Per Unit Scheme Options Dividend Option Half Yearly Dividend Option Monthly Dividend Option Quarterly Dividend Option 6.87% 6.45% 6.28% 5.92% 5.77% 5.65% 5.57% 4.31% 3.89% 3.25% 3.18% 2.84% 2.78% 2.75% 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 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 28th Apr 28th Apr 28th Apr Since Since NAV/Index days till days till days till 2016 till 2014 till 2012 till Inception Inception Value (As of 28th Apr 28th Apr 28th Apr 28th Apr 28th Apr 28th Apr (CAGR) (Value #) 28th Apr 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 28th. 13

16 PERFORMANCE DISCLOSURE Disclosure on performance of other schemes managed by the fund manager Name of Fund Manager: Mr. Malay Shah Indiabulls Liquid Fund(G) Period 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(G) * Indiabulls Gilt(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 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 N.A N.A N.A N.A N.A N.A N.A N.A N.A 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 Indiabulls Liquid Fund(G) Indiabulls Ultra Short Term Fund(G) Indiabulls Short Term Fund(G) Benchmark Crisil Liquid Fund Index Crisil Short Term Bond Fund Index 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) I-Sec Composite Gilt 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 Apr 30, 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 6,20,000 1,36,624 4,47,282 N.A. N.A. N.A. 9,09, N.A. N.A. N.A ,29,989 4,01,011 N.A. N.A. N.A. 8,09, N.A. N.A. N.A ,31,152 4,10,437 N.A. N.A. N.A. 8,32, 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 Apr 30, 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 2,80,000 1,23,871 N.A. N.A. N.A. N.A. 3,02, N.A. N.A. N.A. N.A ,24,346 N.A. N.A. N.A. N.A. 3,05, 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 Apr 30, 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 1,90,000 1,46,118 N.A. N.A. N.A. N.A. 2,40, N.A. N.A. N.A. N.A ,35,361 N.A. N.A. N.A. N.A. 2,23, N.A. N.A. N.A. N.A ,31,152 N.A. N.A. N.A. N.A. 2,15, 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 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. 16

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.