THE FACT SHEET. Assets Under Management Rs. 16, Crore (As on February 28, 2005)

Transcription

1 THE FACT SHEET Assets Under Management Rs. 16, Crore (As on February 28, 2005)

2 CONTENTS The Market Overview Equity & Debt 04 Prudential ICICI Power 05 Prudential ICICI Growth Plan 06 Prudential ICICI Discovery Plan 07 Prudential ICICI Emerging S.T.A.R. Fund 08 Prudential ICICI Dynamic Plan 09 Prudential ICICI Tax Plan 10 Prudential ICICI FMCG Fund 11 Prudential ICICI Technology Fund 12 Prudential ICICI Index Fund 13 Prudential ICICI SPIcE Fund 14 Prudential ICICI Balanced Fund 15 Prudential ICICI Child Care Plan - Gift 16 Prudential ICICI Child Care Plan - Study 17 Prudential ICICI Income Multiplier Fund 18 Prudential ICICI Monthly Income Plan 19 Prudential ICICI Income Plan 20 Prudential ICICI Flexible Income Plan 21 Prudential ICICI Long Term Plan 22 Prudential ICICI Gilt Fund 23 Prudential ICICI Gilt Fund PF Option 24 Prudential ICICI Fixed Maturity Plan 25 Prudential ICICI Long Term Floating Rate Plan 27 Prudential ICICI Floating Rate Plan 28 Prudential ICICI Short Term Plan 29 Prudential ICICI Liquid Plan 30 Prudential ICICI Advisor Series 31 Dividend History 32 Funds at a Glance 34 3

3 The Market O v e r v i e w Equity Market Overview esh Shah Chief Investment Officer Fundamentals Union budget for FY was a balancing act whereby allocation to infrastructure, rural development and other social sectors was increased and at the same time reducing effective corporate and personal income tax rates. The budget has effectively put more disposable income in the hands of tax payers. However, the cut in corporate tax rate was partly compensated by cut in depreciation rates. Railway budget saw no change in freight and passenger rates indicating the populist bent of the budget. In some of the other major policy announcements, GoI increased the FDI limit in telecom to 74% and FDI in real estate was allowed for residential as well as commercial projects. Several measures providing greater operational autonomy to public sector banks were announced. Pension funds were also announced to invest up to 5% of their portfolio in equities and 10% of their portfolio in equity mutual funds. RBI has also allowed specific banks to hike exposure to stock market to 10% of their advances from earlier limit of 5%. S&P raised India's foreign currency rating to BB+, the highest non-investment grade rating, on prospects of sustained economic growth. IIP for Dec-04 rose by 7.9% v/s 7.7% in Nov-04 showing sustained industrial activity especially on manufacturing side. The trade deficit widened to US $ 2.8 bn in Jan-05 indicating continued economic momentum. Due to these favorable initiatives and continued FII flows, broader market indices moved up by about 2.5%. Engineering, capital goods and banking sectors were clear out performers while auto, Pharma and FMCG stocks declined. IT posted mixed results as Infosys gained momentum though other stocks were relatively flat. Technicals Investment Feb'05 Jan'05 Dec'04 Flows (Rs.Crs.) (Rs.Crs.) (Rs.Crs.) FIIs Net Equity Investments MFs Net Equity Investments Avg Daily Open Interest Index Futures Stock Futures Index Options Stock Options Total Avg Daily Feb'05 Jan'05 Dec'04 Volumes (Rs.Crs.) (Rs.Crs.) (Rs.Crs.) Cash Segment NSE BSE Total Derivative Segment NSE Avg Advance Feb'05 Jan'05 Dec'04 Decline Ratio NSE BSE Sectoral Index Performance (From 31st Jan. 04 to 28th Feb. 05) % Change % Change BSE Capital Goods Index 12.96% BSE 100 Index 2.56% BSE Bankex 6.67% BSE Sensex 2.41% BSE TECk 5.02% BSE Healthcare -3.59% BSE PSU Index 4.82% BSE FMCG Index -5.08% BSE Consumer Durables 3.93% Post budget sessions, markets seem to have broken resistance levels as undeployed cash finds its way in the market from both institutional as well as retail investors. Market Sentiments Sentiments continue to be flow driven. Retail investors have started participating in the market. By rationalizing provisions for tax saving instruments, the budget has provided enough incentives for retail investors to increase their allocation to equity as an asset class and this will be long term positive for the market. We expect flow and events to drive the market from current levels. Global Events US economy grew by 3.8% in Q US interest rates went up marginally after Fed chairman Alan Greenspan described low long term rates as conundrum. Crude oil prices continued to rise through out the month on concerns about higher demand due to economic expansion in US, China and India. The Indian equity markets are fairly priced. Sensex P/E ratio is at a premium to other emerging markets like Thailand, Korea and Brazil. Right now the momentum of flow is very high. However, concerns on margins, supply of fresh equities via IPOs and monsoon concerns can keep markets under check. We remain bullish on Indian equities in the long term due to strong expected economic growth and initiatives such as allowing PF allocation to equity. However, we recommend investors to remain cautious at current level of valuations and invest via Systematic Investment Plans to marginalize the impact of likely volatility on their portfolio. Fixed Income Market Overview Impact on Interest Rates Factors Short Term Medium Term (1-3 Months) (3-6 Months) Inflation Neutral Neutral WPI inflation declined to 5.01% on Feb due to high base effect, prices of primary articles coming down and stable or marginal growth in fuel and manufactured product prices. Although the index in absolute term has inched up marginally in last two weeks, YoY inflation is still coming down due to high base effect. The recent rise in oil prices, if sustained, may result in revision of petrol prices putting pressure on inflation. However, the high base effect will continue to moderate the same. Going forward, we expect inflation to be range bound with moderately downward bias. Money Supply Positive Positive YTD M3 growth is 10.2% (PY 13.5%) at Rs trillion as on Feb 04, YTD reserve money growth is 5.8% till Feb (PY 9.4%). Money supply growth has started improving in recent months with healthy growth in forex reserves as well as deposit growth picking up with many banks raising deposit rates. Liquidity was comfortable throughout the month with average deployment of about Rs. 20,000 crores in daily Repo, which have increased to more than Rs. 30,000 cr by the end of the month. Going forward, liquidity is likely to remain comfortable due to healthy forex inflows, large coupon inflows and government spending, which normally accelerates in the last quarter. Credit Demand Negative Negative Credit demand continues to remain healthy with YTD growth of Rs. 2,09,964 cr (25.0%) till Feb IIP growth for Apr-Dec 2004 was 8.4% with manufacturing growing by 9.0% (PY Apr-Dec IIP growth: 7.4% and manufacturing growth: 7.2%). Going forward, credit growth is likely to remain strong with no slow down in retail lending, strong manufacturing growth and thrust on infrastructure as emphasized in the budget. Government Borrowings Neutral Negative As per the Union budget of FY05-06, net borrowings are slated to go up to Rs. 1,10,292 cr from last year s net borrowing of about Rs. 46,000 cr as per revised estimates of FY The lower net market borrowing of last year was mainly due to funding of fiscal deficit by special securities issued to National Small Savings Fund (NSSF) under debt swap scheme. As the same window is not going to be available this year, market borrowings are projected higher. However, since GoI has not projected any inflows through disinvestments and as revenue assumptions are reasonable, there is a possibility that actual borrowing may be lower than the budgeted borrowings. Foreign Exchange Market Neutral Neutral Rupee tracked the movements of US dollar against international currencies and appreciated from Rs to Rs in the first week of February due to strong FII inflows. However, in the later part of the month, the currency gave up the gains because of substantial dollar buying by state run banks possibly at the behest of RBI and on news reports that on REER basis INR has become overvalued by %. Going forward, we expect rupee movement to be range bound with strong inflows being countered by Central Bank intervention. RBI Policy Neutral Neutral There has not been any announcements / indications from RBI regarding interest rates in the month of February. We expect RBI to watch liquidity situation and inflation carefully. RBI s credit policy announcement in April-05 will determine the future course of interest rates for H1 FY06. The conduct of the borrowing program by RBI will affect market sentiment. Market Sentiment Neutral Negative Post announcement of Union budget, market sentiment turned negative due to higher borrowing numbers and benchmark 10 year yield moved up by almost 20 bps post announcement of budget. However, we believe that healthy liquidity, falling inflation and bank s desire to protect their balance sheets improve the market sentiment to some extent. In conclusion, we again repeat our recommendation to invest in liquid, floater and other short term funds for capital protection. We will recommend debt investors to move to hybrid funds like MIP / IMPL / Balanced funds for capital appreciation. Investors looking at long term debt funds should invest only at above 7% yield on 10 year Gilt with one year investment horizon. Every auction devolvement / cancellation will make sentiments positive. 4

4 PruICICI Power Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crores NAV (As on 28-Feb-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Feb '05: 2.16% Rs invested at inception: Power Vs S&P CNX Nifty 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, % % % % % Oct-94 Apr-95 Oct-95 Apr-96 Oct-96 Apr-97 Oct-97 Apr-98 Oct-98 Apr-99 Oct-99 Apr-00 Oct-00 Apr-01 Oct-01 Apr-02 Oct-02 Apr-03 Oct-03 Apr-04 Oct % 28.90% 29.57% Last 6 Months Construction Last % ICICI Power. Performance Record* - Cumulative Option 16.73% ICICI Power % Last % Nifty Nifty CAGR Power : 13.66%; Benchmark : 4.80% Sector Allocation* 13.66% 9.34% 4.07% 4.80% Last 5 Rs Rs Since Inception *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is S&P CNX Nifty. For Computation of returns the allotment NAV has been taken as Rs Long term investment of funds for capital appreciation in a concentrated multi sector portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto 3, % TVS Motor Company Limited % Mahindra & Mahindra Limited 2, % Banks 11, % ICICI Bank Limited 1, % State Bank of India 6, % Union Bank of India 2, % UTI Bank Ltd. 1, % Cement 4, % Grasim Industries Limited 4, % Construction 1, % Jai Prakash Industries Limited 1, % Consumer Non- Durable 5, % Britannia Industries Limited 3, % Nestle India Limited 1, % Bata India Limited % Ferrous Metals 1, % Jindal Steel & Power Company Limited 1, % Fertilizers 1, % Indo Gulf Fertilizers Ltd 1, % Industrial Capital Goods 9, % Laxmi Machine Works Limited 1, % Bharat Electronics Limited 3, % Bharat Heavy Electricals Limited 3, % Thermax Limited 1, % Non-Ferrous Metals 2, % Hindalco Industries Limited 2, % Paper 1, % Ballarpur Industries Limited 1, % Pesticides 3, % United Phosphorous Limited 3, % Petroleum Products 10, % Reliance Industries Limited 5, % Bharat Petroleum Corpn. Limited 3, % Hindustan Petroleum Corpn. Limited 2, % Pharmaceuticals 2, % Ipca Laboratories Limited 1, % Wyeth Lederle Ltd % Divis Laboratories Ltd % Aventis Pharma Ltd % Software 10, % Infosys Technologies Limited 4, % Satyam Computer Services Limited 3, % Hexaware Technologies Ltd. 2, % Cash, Call, CBLO & Reverse Repo 1, % Other Current Assets 2, % Total Net Assets 71, Top Ten Holdings Paper Fertilizers Ferrous Metals Non-Ferrous Metals Pharmaceuticals Pesticides Auto Cement Consumer Non- Industrial Capital Software Petroleum Products Banks 1.50% 1.74% 2.13% 3.19% 3.48% 4.64% 5.03% 6.03% 8.32% 13.09% 14.21% 15.26% 15.58% Quantitative Indicators: Average P/E: Average P/BV: 2.75 Average Dividend Yield: 1.66 Annual Turnover Ratio : 1.98 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 28 Feb, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 29-Feb-04 12, , % 3 Year SIP 28-Feb-02 36, , , % 5 Year SIP 29-Feb-00 60, , , % Since Inception 1-Oct , , , % Assume Rs invested every month. 5.00% % 2 *Pertains to the equity investments only. 5

5 PruICICI Growth Plan Indicative Investment Horizon: 5 & more Inception date: Fund Size: Rs crores NAV (As on 28-Feb-05) Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Feb '05: 2.34% Rs invested at inception: Growth Plan Vs S & P CNX Nifty 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 CAGR Growth Plan : 25.40%; Benchmark : 12.51% Performance Record *- Growth Option % % % % 35.03% Last 6 Months *Returns < 1Year : Absolute, > 1Year : CAGR Benchmark is S&P CNX Nifty. For computation of returns the allotment NAV has been taken as Rs Sector Allocation* 28.90% 18.52% 16.73% Last % Last 3 Prudential ICICI Growth Plan 22.55% 4.07% 4.06% Last 5 Nifty Rs Rs Jul-98 Nov-98 Mar-99 Jul-99 Nov-99 Mar-00 Jul-00 Nov-00 Mar-01 Jul-01 Nov-01 Mar-02 Jul-02 Nov-02 Mar-03 Jul-03 Nov-03 Mar-04 Jul-04 Nov-04 Prudential ICICI Growth Plan Nifty 25.40% Since Inception 12.51% Long term investment of funds for capital appreciation Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto % Mahindra & Mahindra Limited % Auto Ancillaries % Kesoram Industries Limited % Banks 3, % State Bank of India 2, % ICICI Bank Limited 1, % Indian Overseas Bank % Cement 2, % Grasim Industries Limited 1, % Associated Cement Companies Ltd % Century Textiles & Industries Ltd % Construction % Jai Prakash Industries Limited % Consumer Non- Durable % ITC Limited % Asian Paints Limited % Nirma Limited % Goodlass Nerolac Paints Limited % Dredging % Dredging Corporation of India Limited % Ferrous Metals 2, % Tata Iron & Steel Co. Ltd 1, % Jindal Steel & Power Company Limited % Fertilizers % Gujarat State Fert & Chem Limited % Industrial Capital Goods % Bharat Electronics Limited % Bharat Heavy Electricals Limited % Industrial Products % Bharat Forge Limited % Media & Entertainment 1, % New Delhi Television Limited 1, % Oil 1, % Oil & Natural Gas Company Ltd 1, % Pesticides 1, % United Phosphorous Limited 1, % Petroleum Products 2, % Indian Oil Corporation Limited 1, % Reliance Industries Limited 1, % Bharat Petroleum Corpn. Limited % Pharmaceuticals 2, % Aventis Pharma Ltd. 1, % Wyeth Lederle Ltd % Divis Laboratories Ltd % Software 4, % Infosys Technologies Limited 2, % Tata Consultancy Services Limited 1, % I Flex Solutions Limited % Cash, Call, CBLO & Reverse Repo 1, % Other Current Assets (1,936.03) -7.19% Total Net Assets 27, Top Ten Holdings Fertilizers Dredging Auto Ancillaries Industrial Products Construction Auto Consumer Non- Industrial Capital Pesticides Media & Oil Cement Pharmaceuticals Ferrous Metals Petroleum Products Banks Software 0.61% 1.09% 1.54% 2.23% 2.59% 2.98% 3.32% 3.59% 3.76% 3.93% 7.03% 8.00% 8.73% *Pertains to the equity investments only. 9.69% 11.03% 13.12% 17.08% 5.00% % 2 Quantitative Indicators: Average P/E: Average P/BV: 3.39 Average Dividend Yield: 1.54 Annual Turnover Ratio : 2.40 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 28 Feb, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 29-Feb-04 12, , % 3 Year SIP 28-Feb-02 36, , , % 5 Year SIP 29-Feb-00 60, , , % Since Inception 9-Jul-98 81, , , % Assume Rs invested every month. 6

6 PruICICI Discovery Plan Indicative Investment Horizon: 5 yrs + Inception date: Fund Size: Rs crore NAV (As on 28-Feb-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Feb '05: 2.38% Performance Record *- Growth Option % % % % Sector Allocation* Non-Ferrous Metals 0.09% Textile - Cotton Pharmaceuticals Cement Paper Hardware Auto Transportation Consumer Durables Finance Industrial Products Chemicals Industrial Capital Auto Ancillaries Fertilizers Oil Banks Ferrous Metals Petroleum Products Consumer Non-Durable 34.25% 28.90% Last 6 Months Prudential ICICI - Discovery Fund 0.95% 1.01% 1.17% 1.42% 2.16% 2.25% 2.31% 2.75% 2.78% 2.87% 4.09% 4.86% 5.40% 6.19% 8.65% 8.73% 9.14% *Returns < 1Year : Absolute, > 1Year : CAGR Benchmark is S&P CNX Nifty For computation of returns the allotment NAV has been taken as Rs % 18.54% 5.00% % 2 *Pertains to the equity investments only % 31.52% Since Inception Nifty Long term investment of funds for capital appreciation following value investment philosophy Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto % Mahindra & Mahindra Limited % TVS Motor Company Limited % Auto Ancillaries 1, % Ucal Fuel Systems Limited % Sundram Fastners Limited % Jay Bharat Maruti Limited % Motor Industries Co. Limited % Banks 1, % Union Bank of India % Indian Overseas Bank % State Bank of India 1, % Cement % Orient Paper & Industries Limited % Chemicals % Gujarat Alkalies & Chemicals Limite % Indian Petrochemicals Corporation Ltd % Consumer Durables % Voltas Limited % Consumer Non- Durable 3, % Tata Tea Limited 1, % Britannia Industries Limited % ITC Limited % E.I.D. Parry (India) Limited % Pidilite Industries Limited % Rajshree Sugars & Chemicals Ltd % Hindustan Sanitaryware & Industries Ltd % Ferrous Metals 1, % PSL Ltd % Tata Iron & Steel Co. Ltd 1, % Jindal Steel & Power Company Limited % Fertilizers 1, % DCM Shriram Consolidated Limited % Indo Gulf Fertilizers Ltd % Gujarat State Fert & Chem Limited % Finance % Sundaram Finance Ltd % Tata Investment Corporation Limited % Hardware % Tata Elxsi Ltd % Industrial Capital Goods % Thermax Limited % Taxmaco Limited % Laxmi Machine Works Limited % Bharat Electronics Limited % Industrial Products % Finolex Cables Limited % Non-Ferrous Metals % National Aluminium Company Limited % Oil 1, % Oil & Natural Gas Company Ltd 1, % Paper % Ballarpur Industries Limited % Petroleum Products 2, % IBP Company Limited 1, % Reliance Industries Limited % Indian Oil Corporation Limited % Pharmaceuticals % Wyeth Lederle Ltd % Textile - Cotton % Vardhaman Spinning and General Mills limited % Transportation % Containers Corporation of India Ltd % Cash, Call, CBLO & Reverse Repo 1, % Other Current Assets (1,029.11) -5.38% Total Net Assets 19, Top Ten Holdings SIP Returns: As on 28 Feb, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns Since Inception 16-Aug-04 8, , % Assume Rs invested every month. Quantitative Indicators: Average P/E: Average P/BV: 2.27 Average Dividend Yield: 2.05 Annual Turnover Ratio : 2.14 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. 7

7 PruICICI Emerging S.T.A.R. Fund Indicative Investment Horizon: 3 & more Inception date: Fund Size: Rs crore NAV (As on 28-Feb-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Feb '05: 2.41% Performance Record *- Growth Option 19.80% 19.70% 19.60% 19.50% 19.40% 19.30% 19.20% 19.10% Sector Allocation* Cement Consumer Durables Ferrous Metals Textiles - Cotton Industrial Products Paper Consumer Non-Durable Fertilizers Banks Hardware Pesticides Pharmaceuticals Media & Entertainment Industrial Capital Goods Software Auto Ancillaries 0.64% 19.30% 2.54% Since Inception Prudential ICICI Emerging S.T.A.R. Fund 2.99% 3.72% 3.83% 3.85% 3.89% 4.11% 4.70% 5.01% 5.15% Quantitative Indicators: Average P/E: Average P/BV: 2.58 Average Dividend Yield: 1.72 Annual Turnover Ratio : 1.29 times 19.69% 9.46% *Returns < 1Year : Absolute, > 1Year : CAGR Benchmark is Nifty Junior For computation of returns the allotment NAV has been taken as Rs % 10.19% 13.29% 14.72% 5.00% % turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Nifty Long term investment of funds for capital appreciation on a mid-cap portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto Ancillaries 2, % Premier Instruments Limited % Rico Auto Industries Limited % Sundram Fastners Limited % Kesoram Industries Limited % Motherson Sumi Systems Ltd % Banks % Allahabad Bank % Jammu & Kashmir Bank % Karnataka Bank Limited % Cement % Orient Paper & Industries Limited % Consumer Durables % Blue Star Limited % Consumer Non- Durable % Bata India Limited % McDowell & Company Limited % Dhampur Sugar Mills Limited % Ferrous Metals % Monnet Ispat % Fertilizers % Indo Gulf Fertilizers Ltd % Gujarat State Fert & Chem Limited % Hardware % Spanco Telesystems & Solutions Ltd % HCL Infosystems Ltd % Industrial Capital Goods 1, % Laxmi Machine Works Limited % Crompton Greaves Limited % Thermax Limited % Bharat Earth Movers Limited % Industrial Products % Sintex Industries % Shanthi Gears Ltd % Media & Entertainment 1, % Television Eighteen India Ltd % New Delhi Television Limited % Deccan Chronicle Holdings Ltd % Paper % Ballarpur Industries Limited % Pesticides % Ralis India Limited % United Phosphorous Limited % Pharmaceuticals 1, % Novartis India Limited % RPG Life Science Ltd % J B Chemicals & Pharmaceuticals Ltd % Aventis Pharma Ltd % Divis Laboratories Ltd % Software 1, % Megasoft Ltd % Infotech Enterprises Limited % Subex Systems Limited % Geometric Software Solutions % Hexaware Technologies Ltd % Textiles - Cotton % Abhishek Industries Ltd % Cash, Call, CBLO & Reverse Repo % Other Current Assets (155.10) -1.02% Total Net Assets 14, Top Ten Holdings 8

8 Pru ICICI Dynamic Plan Indicative Investment Horizon: 3 yrs & more Inception date: Fund Size: Rs crores NAV (As on 28-Feb-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Feb '05: 2.36% Rs invested at inception: Dynamic Plan Vs S&P CNX Nifty 27,500 25,500 23,500 21,500 19,500 17,500 15,500 13,500 11,500 9,500 7,500 CAGR Dynamic Plan: 53.44%; Benchmark : 40.53% Performance Record *- Cumulative Option Sector Allocation* Textiles - Cotton Auto Oil Healthcare Servcies Fertilizers Chemicals Trading Textile - Cotton Industrial Products Couriers Construction Consumer Non-Durable Non-Ferrous Metals Petroleum Products Auto Ancillaries Industrial Capital Goods Pharmaceuticals Cement Ferrous Metals Media & Entertainment Banks Software 0.31% 0.66% 1.19% 1.31% 1.59% 1.87% 1.88% 2.08% 2.68% 2.80% 2.87% 2.90% 3.33% 4.21% 4.81% 5.30% 5.89% 6.00% 6.40% 9.03% 9.88% *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is S&P CNX Nifty. For Computation of returns the allotment NAV has been taken as Rs *Pertains to the equity investments only. Rs Rs Oct-02 Dec-02 Feb-03 Apr-03 Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb % 28.90% Dynamic Plan 36.19% 16.73% Nifty 53.44% 40.53% Last 6 Months Last 1 Since Inception Dynamic Plan Nifty 19.89% 5.00% % 2 Medium term investment of funds for capital appreciation by managing cash and equity portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto % Majestic Auto Ltd % Hero Motors Limited % Auto Ancillaries 1, % Automotive Axles Limited % Kesoram Industries Limited % Banks 2, % ICICI Bank Limited % Allahabad Bank % State Bank of India 1, % Jammu & Kashmir Bank % Cement 1, % Orient Paper & Industries Limited % Grasim Industries Limited % Chemicals % Indian Petrochemicals Corporation Ltd % Navin Flourine % Construction % Jai Prakash Industries Limited % Consumer Non-Durable % E.I.D. Parry (India) Limited % Couriers % Blue Dart Express Limited % Ferrous Metals 1, % Tata Iron & Steel Co. Ltd % Jindal Steel & Power Company Limited % Fertilizers % Gujarat State Fert & Chem Limited % Healthcare Servcies % Vimta Labs Ltd % Industrial Capital Goods 1, % Siemens India Limited % Taxmaco Limited % Thermax Limited % Industrial Products % Shanthi Gears Ltd % Sintex Industries % Media & Entertainment 2, % Deccan Chronicle Holdings Ltd % Television Eighteen India Ltd % New Delhi Television Limited 1, % Non-Ferrous Metals % Hindustan Zinc Limited % Oil % Oil & Natural Gas Company Ltd % Petroleum Products % Reliance Industries Limited % Pharmaceuticals 1, % Divis Laboratories Ltd % Wyeth Lederle Ltd % Glenmark Pharmaceuticals Limited % Software 4, % Megasoft Ltd % Tata Consultancy Services Limited 1, % Infosys Technologies Limited 1, % Subex Systems Limited % I Flex Solutions Limited % Textile - Cotton % Mahavir Spinning Mills Limited % Vardhaman Spinning and General Mills limited % Textiles - Cotton % Abhishek Industries Ltd % Trading % VIP Industries Limited % Blow Plast Limited % Cash, Call, CBLO & Reverse Repo 1, % Other Current Assets (377.19) -1.69% Total Net Assets 22, Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 2.34 Average Dividend Yield: 1.29 Annual Turnover Ratio : 3.30 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 28 Feb, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 29-Feb-04 12, , % Since Inception 31-Oct-02 29, , , % Assume Rs invested every month. 9

9 PruICICI Tax Plan Indicative Investment Horizon: 3 yrs & more Inception date: Fund Size: Rs crore NAV (As on 28-Feb-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Feb '05: 2.15% Rs invested at inception: Tax Plan Vs S&P CNX Nifty 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 CAGR Tax Plan: 32.55%; Benchmark : 8.41% Performance Record *- Growth Option Sector Allocation* Cement Textile - Cotton Paper Pharmaceuticals Finance Couriers Chemicals Non-Ferrous Metals Petroleum Products Ferrous Metals Pesticides Hotels Banks Consumer Non-Durable Software Industrial Products Auto Ancillaries Industrial Capital Goods 0.85% 1.02% 1.32% 2.31% 2.34% 2.39% 3.21% 3.27% 3.55% 4.54% 5.00% 5.01% 6.35% 6.99% 8.30% 8.78% *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is S&P CNX Nifty. For Computation of returns the allotment NAV has been taken as Rs % 18.66% 5.00% % 2 *Pertains to the equity investments only. Rs Rs Aug-99 Nov-99 Feb-00 May-00 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 Aug-04 Nov-04 Feb % Last 6 Months 28.90% Prudential ICICI Tax Plan 78.70% Last % 55.11% Last 3 Prudential ICICI Tax Plan Nifty 32.55% 22.55% 14.26% 8.41% 4.07% Nifty Last 5 Since Inception Medium term investment of funds with tax benefits for capital appreciation Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto Ancillaries % Exide Industries Limited % Ucal Fuel Systems Limited % Rane Engine Valves Ltd % Amara Raja Batteries Limited % Banks % State Bank of India % Cement % Orient Paper & Industries Limited % Chemicals % Ultramarine & Pigments Ltd % Gujarat Alkalies & Chemicals Limite % Consumer Non-Durable % Gillette India Ltd % Proctor & Gamble Hygiene and Healthcare Limited % Couriers % Blue Dart Express Limited % Ferrous Metals % Monnet Ispat % Finance % Sundaram Finance Ltd % Hotels % Taj Gvk Hotels & Resorts Ltd % Industrial Capital Goods % Aban Lloyd Chiles Offshore Limited % Crompton Greaves Limited % Numeric Power Systems Ltd % Laxmi Machine Works Limited % Industrial Products % BOC (I) LTD % Finolex Cables Limited % Sintex Industries % Non-Ferrous Metals % Hindustan Zinc Limited % Paper % Ballarpur Industries Limited % Pesticides % United Phosphorous Limited % Monsanto Chemicals Limited % Petroleum Products % IBP Company Limited % Pharmaceuticals % Wyeth Lederle Ltd % Ipca Laboratories Limited % Software % KPIT Infosystems % Subex Systems Limited % Textile - Cotton % Suryalakshmi Cotton Mills Ltd % Cash, Call, CBLO & Reverse Repo % Other Current Assets (5.19) -0.12% Total Net Assets 5, Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 2.91 Average Dividend Yield: 1.68 Annual Turnover Ratio : 1.15 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 28 Feb, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 29-Feb-04 12, , % 3 Year SIP 28-Feb-02 36, , , % 5 Year SIP 29-Feb-00 60, , , % Since Inception 19-Aug-99 68, , , % Assume Rs invested every month. 10

10 PruICICI FMCG Fund Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crore NAV (As on 28-Feb-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Feb '05: 2.05% Rs invested at inception: FMCG Vs CNX FMCG Index 18,000 17,000 16,000 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 CAGR FMCG : 9.93%; Benchmark : -1.98% Rs Rs Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Prudential ICICI FMCG Fund CNX FMCG Long term investment of funds for capital appreciation in FMCG sector Company/Issuer Mkt Value (Rs. Lakh) % to NAV Consumer Non- Durable % Asian Paints Limited % Bata India Limited % Champagne Indage Limited % Agro Dutch Industries Limited % Consumer Non-Durable 1, % ITC Limited % Goodlass Nerolac Paints Limited % Gillette India Ltd % Proctor & Gamble Hygiene and Healthcare Limited % Godrej Consumers % Smithklin Beecham Consumer Health Ltd % Pidilite Industries Limited % Marico Industries Limited % Industrial Products % Essel Propack Limited % Pharmaceuticals % Dabur India Limited % Retailing % Performance Record* - Growth Option Trent Ltd % Cash, Call, CBLO & Reverse Repo % % Last 6 Months 29.16% 47.16% Last % 24.56% Last 3 Prudential ICICI FMCG Fund 9.93% 6.46% 1.41% -4.18% -1.98% Last 5 CNX FMCG Since Inception Other Current Assets (57.11) -1.75% Total Net Assets 3, Top Ten Holdings *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is CNX FMCG Index For Computation of returns the allotment NAV has been taken as Rs Sector Allocation* Industrial Products Retailing 2.38% 7.49% Quantitative Indicators: Average P/E: Average P/BV: 3.73 Average Dividend Yield: 1.70 Annual Turnover Ratio : 0.84 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Pharmaceuticals 10.72% Consumer Non % Durable Consumer Non % Durable *Pertains to the equity investments only. SIP Returns: As on 28 Feb, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 29-Feb-04 12, , % 3 Year SIP 28-Feb-02 36, , , % 5 Year SIP 29-Feb-00 60, , , % Since Inception 31-Mar-99 72, , , % Assume Rs invested every month. 11

11 Pru ICICI Technology Fund Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crore NAV (As on 28-Feb-05): Rs. Rs **Expense Ratio for the month of Feb '05: 2.42% Rs invested at inception: Technology Fund Vs BSE Tech Index 12,000 10,000 8,000 6,000 4,000 2,000 CAGR Technology Fund: -7.00%; Benchmark : % Performance Record *- Growth Option Rs Rs Mar-00 May-00 Jul-00 Sep-00 Nov-00 Jan-01 Mar-01 May-01 Jul-01 Sep-01 Nov-01 Jan-02 Mar-02 May-02 Jul-02 Sep-02 Nov-02 Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 PRUDENTIAL ICICI TECHNOLOGY FUND 31.71% 35.19% 25.63% 52.62% 31.48% 23.96% BSE Tech -7.00% % Last 6 Months Last 1 Last 3 Since Inception PRUDENTIAL ICICI TECHNOLOGY FUND BSE Tech *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is BSE Tech Index. For Computation of returns the allotment NAV has been taken as Rs Long term investment of funds for capital appreciation in technology sector Company/Issuer Mkt Value (Rs. Lakh) % to NAV Hardware % HCL Infosystems Ltd % CMC Ltd % Industrial Capital Goods 1, % Bharat Electronics Limited % Solectron Centum Electronics Ltd % Media & Entertainment 1, % New Delhi Television Limited % Deccan Chronicle Holdings Ltd % Crest Communication Ltd % Pharmaceuticals % Mediline Equip & Computer Sys Ltd % Software 9, % Datamatics Technologies Limited % Quality Assurance Institute (I) Ltd % SIP Technologies Limited 0.00 Ampersand Software Applications Ltd 0.00 Tata Consultancy Services Limited 1, % Infosys Technologies Limited 1, % Satyam Computer Services Limited 1, % I Flex Solutions Limited % Hexaware Technologies Ltd % Hughes Software Systems Limited % Geometric Software Solutions % Subex Systems Limited % KPIT Infosystems % Blue Star Infotech Ltd % Megasoft Ltd % Telecom % Tata Telecom Ltd % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 14, Top Ten Holdings Sector Allocation* Quantitative Indicators: Pharmaceuticals Hardware 0.08% 4.52% Average P/E: Average P/BV: 5.61 Average Dividend Yield: 0.88 Annual Turnover Ratio : 1.60 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Telecom Industrial Capital Goods Media & Entertainment Software 6.52% 9.95% 10.36% 65.91% SIP Returns: As on 28 Feb, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 29-Feb-04 12, , , % 3 Year SIP 28-Feb-02 36, , , % 5 Year SIP 29-Feb-00 60, , , % Since Inception 3-Mar-00 61, , , % Assume Rs invested every month *Pertains to the equity investments only. 12

12 PruICICI Index Fund Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crore NAV (As on 28-Feb-05): Rs **Expense Ratio for the month of Feb '05: 1.25% Rs invested at inception: Index Fund Vs S&P CNX Nifty 23,000 21,000 19,000 17,000 15,000 13,000 11,000 9,000 7,000 5,000 CAGR Index Fund : 21.14%; Benchmark : 20.86% Performance Record *- Cumulative Option 35.00% % % % *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is S&P CNX Nifty. For computation of returns the allotment NAV has been taken as Rs Sector Allocation* *Pertains to the equity investments only. Rs Rs Feb-02 Apr-02 Jun-02 Aug-02 Oct-02 Dec-02 Feb-03 Apr-03 Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Prudential ICICI Index Fund 29.06% 28.90% Media & Entertainment 16.73% 14.70% Nifty 22.63% 22.55% 21.14% 20.86% Last 6 Months Last 1 Last 3 Since Inception Prudential ICICI Index Fund Nifty Non-Ferrous Metals Industrial Capital Pharmaceuticals Telecom Services Consumer Non-Durable Petroleum Products Hotels 0.16% Fertilizers Chemicals Transportation Power Finance Gas Cement Ferrous Metals Auto Banks Oil Software 0.34% 0.45% 0.47% 0.60% 1.89% 1.98% 2.09% 2.48% 2.75% 4.15% 5.16% 5.21% 5.77% 5.98% 7.09% 10.28% 10.44% 12.42% 20.40% 5.00% % % Long term investment of funds for capital appreciation by replicating S&P CNX Nifty index Company/Issuer Mkt Value (Rs. Lakh) % to NAV Company/Issuer Mkt Value(Rs. Lakh) % to NAV Auto % Tata Motors Ltd % Maruti Udyog Ltd % Hero Honda Limited % Bajaj Auto Limited % Mahindra & Mahindra Limited % Banks % State Bank of India % ICICI Bank Limited % HDFC Bank Limited % Punjab National Bank % Oriental Bank of Commerce % Cement % Grasim Industries Limited % Gujarat Ambuja Cement Limited % Associated Cement Companies Ltd % Chemicals % Indian Petrochemicals Corporation Ltd % Consumer Non-Durable % ITC Limited % Hindustan Lever Limited % Tata Tea Limited % Colgate Palmolive (India) Limited % Ferrous Metals % Steel Authority of India Ltd % Tata Iron & Steel Co. Ltd % Fertilizers % Tata Chemicals Limited % Finance % Housing Development Finance Corpn Ltd % Gas % Gas Authority Of India Limited % Hotels % Indian Hotels Company Limited % Industrial Capital Goods % Bharat Heavy Electricals Limited % Larsen & Toubro Limited % ABB Ltd % Media & Entertainment % Zee Telefilms Limited % Non-Ferrous Metals % Hindalco Industries Limited % National Aluminium Company Limited % Oil % Oil & Natural Gas Company Ltd % Petroleum Products % Reliance Industries Limited % Bharat Petroleum Corpn. Limited % Hindustan Petroleum Corpn. Limited % Pharmaceuticals % Ranbaxy Laboratories Limited % Sun Pharmaceuticals Limited % Cipla Limited % Glaxo Smithklime Pharma Ltd % DR. Reddys Laboratories Limited % Dabur India Limited % Power % Reliance Energy Ltd % Tata Power Company Limited % Software % Tata Consultancy Services Limited % Infosys Technologies Limited % Wipro Limited % Satyam Computer Services Limited % HCL Technologies Limited % Telecom Services % Bharati Televentures Ltd % Mahanagar Telephone Nigam Ltd % Videsh Sanchar Nigam Limited % Transportation % Shipping Corporation of India Ltd % Other Current Assets (0.12) -0.11% Total Net Assets Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 3.51 Average Dividend Yield: 1.78 Annual Turnover Ratio : 4.51 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 28 Feb, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 29-Feb-04 12, , % 3 Year SIP 28-Feb-02 36, , , % Since Inception 26-Feb-02 38, , , % Assume Rs invested every month. 13

13 PruICICI SPIcE Fund Investment Horizon: 5 & more Inception date: Fund Size: Rs crores NAV (As on 28-Feb-05): Rs. Rs **Expense Ratio for the month of Feb '05: 0.80% Rs invested at inception: SPICE Vs BSE Sensitive Index 21,500 19,500 17,500 15,500 13,500 11,500 9,500 7,500 CAGR SPIcE Fund : 39.14%; Benchmark : 38.27% Performance Record* - Growth Option 45.00% % % % % *Returns < 1Year : Absolute, > = 1Year : CAGR. Benchmark is BSE Sensitive Index For Computation of returns the allotment NAV has been taken as Rs Sector Allocation* Rs Rs Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Prudential ICICI Spice Fund 28.47% 29.31% 19.05% 18.35% BSE SENSEX 39.14% 38.27% Last 6 Months Last 1 Since Inception Prudential ICICI Spice Fund BSE SENSEX Long term investment of funds for capital appreciation by replicating the BSE Sensitive Index Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto % Tata Motors Ltd % Bajaj Auto Limited % Hero Honda Limited % Maruti Udyog Ltd % Banks % ICICI Bank Limited % State Bank of India % HDFC Bank Limited % Cement % Grasim Industries Limited % Gujarat Ambuja Cement Limited % Associated Cement Companies Ltd % Consumer Non-Durable % ITC Limited % Hindustan Lever Limited % Ferrous Metals % Tata Iron & Steel Co. Ltd % Finance % Housing Development Finance Corpn Ltd % Industrial Capital Goods % Larsen & Toubro Limited % Bharat Heavy Electricals Limited % Media & Entertainment % Zee Telefilms Limited % Non-Ferrous Metals % Hindalco Industries Limited % Oil % Oil & Natural Gas Company Ltd % Petroleum Products % Reliance Industries Limited % Hindustan Petroleum Corpn. Limited % Pharmaceuticals % Ranbaxy Laboratories Limited % Cipla Limited % DR. Reddys Laboratories Limited % Power % Tata Power Company Limited % Reliance Energy Ltd % Software % Infosys Technologies Limited % Satyam Computer Services Limited % Wipro Limited % Telecom Services % Bharati Televentures Ltd % Cash, Call, CBLO & Reverse Repo % Other Current Assets (3.39) -4.59% Total Net Assets Top Ten Holdings Media & Entertainment Non-Ferrous Metals Power Telecom Services Finance Ferrous Metals Oil Industrial Capital Cement Pharmaceuticals 0.81% 2.43% 2.74% 3.15% 4.12% 4.42% 4.58% 5.03% 5.49% 5.55% SIP Returns: As on 28 Feb, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 29-Feb-04 12, , % Since Inception 10-Jan-03 27, , % Assume Rs invested every month. Auto 7.04% Consumer Non- 9.62% Petroleum Products 12.21% Banks 14.46% Software 17.54% 5.00% % 2 Quantitative Indicators: Average P/E: Average P/BV: 3.80 Average Dividend Yield: 1.65 Annual Turnover Ratio : 1.67 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. *Pertains to the equity investments only. 14

14 PruICICI Balanced Fund Indicative Investment Horizon: 3 yrs & more Inception date: Fund Size: Rs crores NAV (As on 28-Feb-05): Growth Option: Rs **Expense Ratio for the month of Feb '05: 2.24% : Debt Equity Rs invested at inception*: Balanced Fund Vs Crisil Balanced Fund Index 23,000 21,000 19,000 17,000 15,000 13,000 11,000 9,000 7,000 *Benchmark start date CAGR Balanced Fund : 29.72%; Benchmark : 17.47% Performance Record *- Growth Option 35.00% % % % Rs Rs Apr-02 Jun-02 Aug-02 Oct-02 Dec-02 Feb-03 Apr-03 Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Prudential ICICI Balanced Fund 24.45% 25.55% 16.43% 9.72% Last 6 Last 1 Months Prudential ICICI Balanced Fund 29.31% Crisil Balanced Fund Index 5.60% 13.85% Last 3 Last 5 Since Inception Crisil Balanced Fund Index *Returns < 1 Year : Absolute, > = 1Year : CAGR Benchmark - Crisil Balanced Fund Index and start date For Computation of returns the allotment NAV has been taken as Rs Medium term investment of funds in a portfolio of equity (minimum) 51% and debt for capital appreciation. Company/Issuer Sector/Rating Mkt Value (Rs. Lakh) % to NAV Equity Holdings 27, % State Bank of India Banks 2, % Tata Consultancy Services Limited Software 2, % Infosys Technologies Limited Software 2, % Tata Iron & Steel Co. Ltd Ferrous Metals 1, % Reliance Industries Limited Petroleum Products 1, % Tata Tea Limited Consumer Non-Durable 1, % Associated Cement Companies Ltd Cement 1, % Indian Oil Corporation Limited Petroleum Products % I Flex Solutions Limited Software % Jindal Steel & Power Company Limited Ferrous Metals % Rico Auto Industries Limited Auto Ancillaries % Aventis Pharma Ltd. Pharmaceuticals % Hindalco Industries Limited Non-Ferrous Metals % ABB Ltd. Industrial Capital Goods % Ballarpur Industries Limited Paper % Premier Instruments Limited Auto Ancillaries % Hexaware Technologies Ltd. Software % Bharat Petroleum Corpn. Limited Petroleum Products % Gammon India Ltd Construction % HCL Technologies Limited Software % Dhampur Sugar Mills Limited Consumer Non-Durable % Siemens India Limited Industrial Capital Goods % Indian Overseas Bank Banks % Shanthi Gears Ltd. Industrial Products % Mahindra & Mahindra Limited Auto % Allahabad Bank Banks % Union Bank of India Banks % Wyeth Lederle Ltd. Pharmaceuticals % New Delhi Television Limited Media & Entertainment % United Phosphorous Limited Pesticides % Crest Communication Ltd Media & Entertainment % Dishman Pharmaceuticals & Chemicals Ltd Pharmaceuticals % Orient Paper & Industries Limited Cement % ICICI Bank Limited Banks % Debt Holdings 13, % PSU/PFI Bonds 5, % Nabard AAA 3, % Industrial Development Bank of India AA+ 2, % Private Corporate Securities 3, % Hindalco Industries Ltd. AAA 1, % Mahindra & Mahindra Financial Services Ltd. AA % Reliance Industries Ltd. AAA % HDFC Bank Limited AA % Housing Development Finance Corpn Ltd. AAA % Cash, Call, CBLO & Reverse Repo 4, % Other Current Assets % Total Net Assets 41, Top Five Holdings Quantitative Indicators Debt Component Average Maturity: 0.55 year Modified Duration: 0.50 year Yield to Maturity: 5.06% Quantitative Indicators Equity Component Average P/E: Average P/BV: 2.73 Average Dividend Yield: 2.04 Sector Allocation* (as % of equity portfolio) SIP Return: As on 28 Feb, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns Pesticides Auto Industrial Products Media & Entertainment Construction Paper Non-Ferrous Metals Industrial Capital Goods Cement Pharmaceuticals Auto Ancillaries Consumer Non-Durable Ferrous Metals Petroleum Products Banks Software *Pertains to the equity investments only. 0.86% 1.43% 1.50% 1.77% 1.92% 2.25% 3.04% 4.11% 4.72% 4.90% 5.39% 6.86% 10.29% 11.78% 15.18% 24.00% 5.00% % % 1 Year SIP 29-Feb-04 12, , % 3 Year SIP 28-Feb-02 36, , , % 5 Year SIP 29-Feb-00 60, , , % Since Inception 3-Nov-99 65, , , % Assume Rs invested every month. Maturity Profile (as % of debt holding) Other Current Assets days - 1 year <182 days 1.42% 5.19% 22.67% 70.72%