FUND REVIEW FEBRUARY 12 M U T U A L F U N D

Transcription

1 FUND REVIEW FEBRUARY 12 M U T U A L F U N D

2 Commentary Equity Debt January was a virtual breather for capital markets. Coming off a 25% drop in indices for 2011 January bounced back with a 14% rally in the NIFTY. The biggest underperformers of 2011 Banking, Metals and Infrastructure (The Investment Cycle) led the transition supported by a strong rupee which was buoyed by large FII portfolio inflows. Our assessment of the situation is not very different from where the year 2011 left off. On the ground the leverage problems in the Infrastructure space is a long way from getting solved. The same holds true for banking who will continue their struggle with leveraged customers. A lot of risks on doing business in India got captured in valuations even in the event of an Investment Cycle slowdown. The current trade is significantly skewed to liquidity this time from the Europe as it finds its way to risk assets equities, commodities and currencies. This by far remains one of the biggest upside to markets this year. For corporate India the opportunity lies in whether these companies can convert this liquidity to deleverage their balance sheets a tall task given the current capitalization of these firms. Our strategy into the end of 2011 was to be relatively light on companies catering to the Investment Cycle. This is unlikely to undergo a change unless we do get reasonable visibility that companies have a mindset of restructuring. Our portfolios are skewed to a consumer cycle and also to a weak currency. The downside to this trade remains a carry trade if liquidity in the west finds its way into emerging market assets The month started on a strong note for bonds, despite excess borrowing of INR 40,000 crores getting announced on the last working day of calendar Basis strong FII flows into debt and expectation of continued OMOs from RBI, bond yields continued to fall; rallying almost 40 bps into RBI policy review from previous month end close of 8.56%. The RBI's review proved a disappointment, however, with a CRR cut diluting hopes of further OMOs. Yields retraced somewhat on the back of that but the bullish undertone continued on expectation of near term commencement of interest rate cuts from RBI. Indeed, the RBI did not disappoint the bulls and announced further OMOs on the last day of January. Shorter end rates were under pressure for most of the month with 1 year bank CDs almost touching 10% levels yet again. Apart from pressure from usual bank refinancing which is always heavy in the last quarter of the financial year, system liquidity has been extraordinarily tight. While seasonal pressures from rising currency with public anyway impact system liquidity in this part of the year, the situation has been exacerbated this year due to RBI's forex intervention. Global markets were in risk-on mode at the start of the new-year. A much more accommodative European Central Bank (ECB) under new president Draghi as well as generally robust economic data prints from the US contributed to the good feeling. This was reflective in a general rally across equities and commodities globally. The benefit accrued to domestic assets and currency as well. The rupee headed back below 50 with FIIs registering strong inflows into both bonds and equities during January. Equity Markets Index % Change % Change P/E YTD MTD Nifty 5, % 12.43% Sensex 17, % 11.25% Dow Jones 12, % 3.40% Shanghai 2, % 4.24% 9.52 Nikkie 8, % 4.11% Hang Seng 20, % 10.61% FTSE 5, % 1.96% MSCI E.M. 1, % 11.24% MSCI D.M. 1, % 4.93% MSCI (India) (USD) % 12.52% Currency & Last Price % Change % Change Commodities YTD MTD USD / INR % 5.57% Dollar Index % 1.12% Gold 1, % 11.12% Crude Oil WTI (NYMEX) % -0.35% Brent Crude % 3.35% Going Forward Despite the CRR cut (and consequent INR 32,000 crores of liquidity infusion) system liquidity will remain deficit in excess of INR 1,00,000 crores. Seasonal leakage due to rise in currency with public is still underway and may lead to further erosion of INR 20,000 crores or more from system liquidity. The effect of the same should be visible by mid February. Also while there is a near term respite in the rupee, further RBI intervention cannot be ruled out which would also impact system liquidity. Finally, the government is running an overdraft from the RBI and hence net government spending is unlikely to significantly contribute to system liquidty. Given these, we fully expect additional OMOs to continue which should provide a fresh trigger for bond yields to fall. Shorter end rates may remain under pressure till March owing to tight liquidity and increased issuance of deposits by banks. Hence, we expect the yield curve to remain inverted till March. However, come April the curve should start to incrementally steepen in a bullish fashion. We expect the RBI to complement OMOs with another CRR cut by mid-march. As of now, we are expecting the first repo rate cut in April. India Macro Ananlysis Latest GDP 6.90 IIP 5.90 Inflation (WPI Monthly) 7.47 Inflation (CPI Monthly) 9.34 Commodity (CRB Index) Flows USD Mn FII (USD mln) YTD 2, MTD 2, *DII (USD mln) YTD (37.56) MTD (37.56) *Domestic Mutual Funds Source: Bloomberg 03

3 IDFC Equity Fund Nature: Equity Average AUM (Oct-Dec): `368.97Crores Inception Date: 9 June 2006 Fund Manager: Mr. Kenneth Andrade (Since Inception) About the Fund: IDFC Equity Fund is positioned to mirror the broad sector weightages of the Nifty Index with active stock selection within the sector. The fund will ensure minimum deviation from the sector, and within those sectors the stocks will be actively picked by the fund manager. Current Strategy: The fund is benchmarked to Nifty, mapping its sectors weightages with active stock selection within the sector. Beta (BSE 200) 0.86 R Square (BSE 200) 0.90 Beta (Nifty) 0.91 R Square (Nifty) 0.93 Standard deviation 4.72% Sharpe Ratio Portfolio Turnover Ratio Asset allocation: 4.23 Times Equity Debt 5.28 Cash 2.79 Derivatives - : S&P CNX Nifty (IDFC - EF) An Open Ended Equity Fund 31 January 2012 Market Value % of NAV Maruti Suzuki India Ltd Tata Motors Ltd Mahindra & Mahindra Ltd Auto ICICI Bank Ltd HDFC Bank Ltd State Bank of India Axis Bank Ltd Kotak Mahindra Bank Ltd Banks ACC Ltd Grasim Industries Ltd Cement DLF Ltd Construction Larsen & Toubro Ltd Construction Project ITC Ltd Hindustan Unilever Ltd Consumer Non Durables Jindal Steel & Power Ltd Tata Steel Ltd Ferrous Metals HDFC Ltd Finance Coal India Ltd Minerals/Mining Cairn India Ltd Oil Reliance Industries Ltd Bharat Petroleum Corporation Ltd Petroleum Products Market Value % of NAV Sun Pharmaceutical Industries Ltd Cipla Ltd Pharmaceuticals Power Grid Corporation Ltd Reliance Infrastructure Ltd Power Infosys Ltd HCL Technologies Ltd Tata Consultancy Services Ltd Wipro Ltd Software Bharti Airtel Ltd Telecom - Services Other Equity Certificate of Deposit * Commercial Paper * Call * Net Current Asset * Grand Total Nifty Index Equity Futures *Cash or cash equivalents with residual maturity of less than 91 days may be treated as not creating any exposure. Plan A Growth Plan A Dividend Plan B Growth Plan B Dividend Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) # ^ # ## Jun 09, 2006 (Since Inception) % 8.98% 8.51% 13,399 16,133 15,754 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 17.95% 17.43% NA Dec 31, 2008 To Dec 31, % 75.76% 81.03% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CNX Nifty, ## BSE Sensex 04

4 IDFC Imperial Equity Fund Nature: Equity Average AUM (Oct-Dec): ` Crores Inception Date: 16 March 2006 Fund Manager: Mr. Tridib Pathak (Since April 26, 2010) About the fund: Imperial Equity Fund is a diversified large cap biased fund offering an attractive investment solution as it focuses on well managed growth companies that are available at reasonable value with proven track records and strong brands. The portfolio construction has revolved around selecting well established and capital efficient companies, predominantly the top companies. Current Strategy: We continue being invested in sectors and more importantly stocks which have better visibility of growth, cash flows and capital efficiency. This strategy should continue to allow us to take advantage of markets without timing the market direction. Our stock selection is geared around companies with earnings growth visibility of over two years, companies with free cash flows and not dependent on capital raising in the current high interest rate scenario and lastly companies having a sustainable ROE. As of now, with around 32 stocks in the portfolio, close to 70% exposure is towards Nifty stocks. Beta 0.87 R Square 0.94 Standard deviation 7.62% Sharpe Ratio Portfolio Turnover Ratio Asset allocation: 2.00 Times Equity Debt 7.76 Cash Derivatives - : S&P CNX Nifty (IDFC - IEF) An Open Ended Equity Fund 31 January 2012 Market Value % of NAV Bajaj Auto Ltd Mahindra & Mahindra Ltd Hero Motocorp Ltd Auto ICICI Bank Ltd ICICI Bank Ltd (Futures) Axis Bank Ltd HDFC Bank Ltd State Bank of India State Bank of India (Futures) Jammu & Kashmir Bank Ltd Banks ACC Ltd Cement Titan Industries Ltd ITC Ltd Consumer Non Durables HDFC Ltd Finance Indraprastha Gas Ltd Gas Zee Entertainment Enterprises Ltd Media & Entertainment Coal India Ltd Minerals/Mining Hindustan Zinc Ltd Non - Ferrous Metals Oil & Natural Gas Corporation Ltd Oil India Ltd Oil Reliance Industries Ltd Bharat Petroleum Corporation Ltd Petroleum Products Dr. Reddy's Laboratories Ltd Market Value % of NAV Cipla Ltd Lupin Ltd Torrent Pharmaceuticals Ltd Pharmaceuticals Tata Consultancy Services Ltd HCL Technologies Ltd Wipro Ltd Infosys Ltd Software Bharti Airtel Ltd Telecom - Services Other Equity Call * Grand Total *Cash or cash equivalents with residual maturity of less than 91 days may be treated as not creating any exposure. Plan A Growth Plan A Dividend Plan B Growth Plan B Dividend Rating & Ranking Value Research Ranking Past performance is no guarantee of future results. For Methodology of Ranking Please refer Page No. 41. Morning Star Rating Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) # ^ # ## Mar 16, 2006 (Since Inception) % 6.41% 6.25% 16,430 14,332 14,207 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 17.95% 17.43% NA Dec 31, 2008 To Dec 31, % 75.76% 81.03% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CNX Nifty, ## BSE Sensex 05

5 IDFC Sterling Equity Fund Nature: Equity Average AUM (Oct-Dec): ` Crores Inception Date: 7 March 2008 Fund Manager: Mr. Kenneth Andrade (Since Inception) About the fund: IDFC SEF actively builds a portfolio of companies with proven business model and little environmental risk. It is investing in relatively medium sized businesses which would eventually end up either transitioning into business leaders or operate in environments that are small but rapidly transitioning into core industries. At points in time when environments are stressed, rather than tier down to smaller companies we prefer to buy the leaders in the space and then tier down once we have a confirmation that the business cycle has stabilized. This reduces the volatility of the portfolio and at times enhances the return profile. The focus is on identifying structural changes in the environment and align companies based on how their valuations stack up within their respective industries. The portfolio is built up of companies that are market leaders and are consolidators in their space. Companies that are cash positive and not just EPS positive. Companies that are financially solvent preferably debt free and are in a position to deploy cash when asset prices are low. Current Strategy: The portfolio is currently weighed on business with a loyal consumer franchise. This is a part of the market we tend to believe is the least stressed in an environment which is challenging for growth. Most of the business in the portfolio are tend to dominant the space they operate in and have a growth rate higher than their peers in the business. Some of them are consolidating a stressed industrial environment while many of the above are investing into higher capacities to anticipate future growth. None of these businesses are in any tearing need for external capital. Beta 0.72 R Square 0.90 Standard deviation 4.20% Sharpe Ratio Portfolio Turnover Ratio 2.80 Times Asset allocation: Equity Debt 7.61 Cash 0.11 Derivatives - : CNX Midcap (IDFC - SEF) An Open Ended Equity Fund 31 January 2012 Market Value % of NAV Eicher Motors Ltd Auto Apollo Tyres Ltd Auto Ancillaries Nestle India Ltd VST Industries Ltd Consumer Non Durables M&M Financial Services Ltd LIC Housing Finance Ltd Bajaj Finance Ltd Finance ABB Ltd Industrial Capital Goods Cummins India Ltd Industrial Products Eros International Media Ltd Media & Entertainment Castrol India Ltd Petroleum Products Strides Arcolab Ltd Pharmaceuticals Hexaware Technologies Ltd Software Idea Cellular Ltd Telecom - Services Vardhman Textiles Ltd Textiles - Cotton Market Value % of NAV Top 15 Equity Other Equity Corporate Bond Certificate of Deposit Call Net Current Asset Grand Total Growth Dividend Rating & Ranking Morning Star Rating Past performance is no guarantee of future results. For Methodology of Ranking Please refer Page No. 41. Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) # ^ # ## Mar 07, 2008 (Since Inception) % -1.61% -0.82% 14,976 9,401 9,691 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 19.16% 17.95% NA Dec 31, 2008 To Dec 31, % 98.97% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CNX Midcap, ## CNX Nifty 06

6 IDFC Infrastructure Fund Nature: Equity Average AUM (Oct-Dec): `81.33 Crores Inception Date: 8 March 2011 Fund Manager: Mr. Kenneth Andrade (Since Inception) About the fund: Our infrastructure fund, that invests across the infrastructure value chain with exclusions like Banking, Autos, IT, Pharma and FMCG, which differentiates the fund and makes it a core infrastructure fund. It is an active diversified portfolio of predominant companies that are participating in and benefitting from the Indian Infrastructure and infrastructural related activities. Current Strategy: The IDFC Infrastructure Fund has constructed a portfolio to monetize the existing infrastructure opportunity in India. We believe that the Infrastructure space is in a consolidation mode and thus throws out large investment ideas that would be the frontrunners in the business in decades to come. In this we buy the companies which are preferably the largest in their space. Beta 0.81 R Square 0.93 Standard deviation 5.74% Portfolio Turnover Ratio Asset allocation: 1.78 Times Equity Debt 3.39 Cash Derivatives - : CNX Infrastructure Index (w.e.f. 07 Dec, 2011) (IDFC - IF) An Open Ended Infrastructure Sector Fund 31 January 2012 Market Value % of NAV Shree Cement Ltd Cement IRB Infrastructure Developers Ltd Phoenix Mills Ltd Ahluwalia Contracts India Ltd Construction Larsen & Toubro Ltd Sadbhav Engineering Ltd Construction Project Petronet Lng Ltd Gujarat State Petronet Ltd Gujarat Gas Co Ltd Indraprastha Gas Ltd Gas Siemens Ltd Industrial Capital Goods Oil India Ltd Oil Power Grid Corporation Ltd Tata Power Co Ltd Torrent Power Ltd Reliance Infrastructure Ltd Market Value % of NAV PTC India Ltd Power Bharti Airtel Ltd Idea Cellular Ltd Telecom - Services Adani Port and Special Eco. Zone Ltd ABG Infralogistics Ltd Gateway Distriparks Ltd Transportation Other Equity Call Net Current Asset Grand Total Growth Dividend

7 IDFC Premier Equity Fund Nature: Equity Average AUM (Oct-Dec): `2, Crores Inception Date: 28 September 2005 Fund Manager: Mr. Kenneth Andrade (Since June 2006) About the fund: The scheme portfolio would seek to acquire, businesses with good long term potential, which are available at reasonable valuation. Such securities would be identified through disciplined fundamental research keeping in view medium to long term trends in the business environment. The shall endeavor to accumulate long term investor wealth by opening subscriptions to units during periods when stocks are available at reasonable valuations. By doing so, the fund managers would endeavor to prevent short term money from flowing into the fund which can prove detrimental to the interest of long term investors. Current Strategy: The portfolio has attempted to identify emerging themes & segment leaders which have a strong correlation to the growth of the economy. The fund is invested close to 90% with the balance in cash. The investment process & the diversification have not undergone any radical shift. The focus remains on buying into emerging business & taking a call on the entrepreneur /organization to ride through successfully the growth curve of the business cycle. Beta 0.89 R Square 0.86 Standard deviation 8.63% Sharpe Ratio Portfolio Turnover Ratio Asset allocation: 5.07 Times Equity Debt Cash 2.80 Derivatives - : BSE 500 (IDFC - PEF) An Open Ended Equity Fund 31 January 2012 Market Value % of NAV Kotak Mahindra Bank Ltd Bank IRB Infrastructure Developers Ltd Construction Glaxosmithkline Consumer Healthcare Ltd Bata India Ltd Asian Paints Ltd Consumer Non Durables Coromandel International Ltd Fertilisers Shriram Transport Finance Co Ltd Finance Gujarat State Petronet Ltd Gas Siemens Ltd Industrial Capital Goods Zee Entertainment Enterprises Ltd Media & Entertainment Torrent Power Ltd Power Page Industries Ltd Arvind Ltd Textile Products Blue Dart Express Ltd Cox And Kings Ltd Transportation Top 15 Equity Other Equity Certificate of Deposit * Market Value % of NAV Corporate Bond * Commercial Paper * Floating Rate Note * Zero Coupon Bond * Call * Net Current Asset * Grand Total Nifty Index Equity Futures *Cash or cash equivalents with residual maturity of less than 91 days may be treated as not creating any exposure. Plan A Growth Plan A Dividend Plan B Growth Plan B Dividend Rating & Ranking Value Research Ranking Past performance is no guarantee of future results. For Methodology of Ranking Please refer Page No. 41. Morning Star Rating Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) # ^ # ## Sep 28, 2005 (Since Inception) % 8.22% 9.65% 28,533 16,397 17,799 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 16.35% 17.95% NA Dec 31, 2008 To Dec 31, % 90.23% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # BSE 500 ##CNX Nifty 08

8 IDFC India GDP Growth Fund Nature: Equity Average AUM (Oct-Dec): `23.44 Crores Inception Date: 11 March 2009 Fund Manager: Mr. Neelotpal Sahai. (Since Dec 23, 2010) About the fund:our diversified equity fund, it aims to capitalize on the growth potential of the Indian economy. The fund maps to India's Gross Domestic Product (GDP) and endeavors to capture the growth contained within the structural transformation of India's Economy, from a pre-dominantly agrarian economy (38.6% in 1980) to a rapidly developing economy with a growing share of Industry and Services. As the name goes, IDFC India GDP fund endeavors to invest in the sectors representing the three components of India's GDP growth namely Service, Industry & Agriculture in the order of their percentage contribution to the GDP. The fund builds a portfolio, predominantly, of companies with proven business models which would have handled fluctuating macro conditions in the past and would have emerged from the cycle stronger. Current Strategy: The fund is benchmarked to the components of India's GDP in the proportion of the contribution of each component to GDP growth. The fund is invested mainly in the services sector, followed by industrials and then agriculture. The strategy revolves around companies that would have a higher growth rate and gained market share over a business cycle. Currently the fund is a well diversified portfolio of 30 stocks, the split across the GDP components is 75% Services, 18.5% Industries and 6.5% Agriculture. Beta 0.59 R Square 0.77 Standard deviation 5.73% Sharpe Ratio Portfolio Turnover Ratio Asset allocation: 1.78 Times Equity Debt 1.74 Cash 0.07 Derivatives - : BSE 500 (IDFC - IGGF) An Open Ended Equity Fund 31 January 2012 Market Value % of NAV ICICI Bank Ltd State Bank of India HDFC Bank Ltd Axis Bank Ltd Oriental Bank of Commerce Canara Bank Banks Britannia Industries Ltd Godrej Consumer Products Ltd Consumer Non Durables Gujarat State Fertilizers & Chemicals Ltd Coromandel International Ltd Fertilisers Power Finance Corporation Ltd Finance Eros International Media Ltd Dish TV India Ltd Media & Entertainment Coal India Ltd Minerals/Mining Oil India Ltd Cairn India Ltd Oil HP Corporation Ltd Reliance Industries Ltd Petroleum Products Lupin Ltd Sun Pharmaceutical Industries Ltd Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) Market Value % of NAV Cipla Ltd Pharmaceuticals Power Grid Corporation Ltd PTC India Ltd Power HCL Technologies Ltd Infosys Ltd Tata Consultancy Services Ltd Software Bharti Airtel Ltd Telecom - Services Arvind Ltd Textile Products Cox And Kings Ltd Transportation Call Net Current Asset Grand Total Growth Dividend # Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 16.35% 17.95% ^ Past performance may or may not be sustained in future # BSE 500 ## CNX Nifty 09

9 IDFC Nifty Fund Nature: Equity Average AUM (Oct-Dec): `7.94 Crores Inception Date: 30 April 2010 Fund Manager: Ms. Punam Sharma (Since October 3, 2011) About the fund: The will be managed passively with investments in stocks in a proportion that it is as close as possible to the weightages of these stocks in the S&P CNX Nifty Index. The investment strategy would revolve around reducing the tracking error to the least possible through rebalancing of the portfolio, taking into account the change in weights of stocks in the index as well as the incremental collections/redemptions from the. Beta 1.00 R Square 0.99 Standard deviation 6.40% Sharpe Ratio Portfolio Turnover Ratio Asset allocation: 2.12 Times Equity Debt 1.99 Cash 2.66 Derivatives - : S&P CNX Nifty (IDFC - NF) An Open Ended Index Linked Equity 31 January 2012 Market Value % of NAV Reliance Industries Ltd Infosys Ltd ITC Ltd ICICI Bank Ltd HDFC Ltd HDFC Bank Ltd Larsen & Toubro Ltd Tata Consultancy Services Ltd State Bank of India Bharti Airtel Ltd Tata Motors Ltd Hindustan Unilever Ltd Oil & Natural Gas Corporation Ltd Mahindra & Mahindra Ltd Tata Steel Ltd Axis Bank Ltd NTPC Ltd Bajaj Auto Ltd Dr. Reddy's Laboratories Ltd Wipro Ltd Jindal Steel & Power Ltd Coal India Ltd Sun Pharmaceutical Industries Ltd Bharat Heavy Electricals Ltd Hindalco Industries Ltd Kotak Mahindra Bank Ltd Hero Motocorp Ltd Cipla Ltd Tata Power Co Ltd GAIL (India) Ltd Grasim Industries Ltd Sterlite Industries Ltd IDFC Ltd Market Value % of NAV Maruti Suzuki India Ltd Power Grid Corporation Ltd Punjab National Bank Cairn India Ltd Ambuja Cements Ltd ACC Ltd HCL Technologies Ltd Sesa Goa Ltd Jaiprakash Associates Ltd DLF Ltd Bharat Petroleum Corporation Ltd Reliance Infrastructure Ltd Ranbaxy Laboratories Ltd Reliance Communications Ltd Siemens Ltd Steel Authority of India Ltd Reliance Power Ltd Nifty Stock Call * Net Current Asset * Grand Total Nifty Index Equity Futures *Cash or cash equivalents with residual maturity of less than 91 days may be treated as not creating any exposure. Growth Dividend Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) # Dec 31, 2010 To Dec 30, % % % ^ Past performance may or may not be sustained in future # CNX Nifty ## BSE Sensex 10

10 IDFC Classic Equity Fund Nature: Equity Average AUM (Oct-Dec): ` Crores Inception Date: 9 August 2005 Fund Manager: Mr. Tridib Pathak (Since July 6, 2009) About the fund: The portfolio is a diversified equity fund which invests across the breadth of the market. The seeks to achieve outperformance through sector rotation, theme selection, market cap bias and bottom up stock picking. Current Strategy: The fund is being managed as a well-diversified portfolio; the opportunity for the fund is to capture the breadth of the market across sectors, market capitalizations, styles and themes. The fund has around 35% exposure to midcaps and has maintained higher diversification across sectors. Beta 0.86 R Square 0.95 Standard deviation 7.81% Sharpe Ratio Portfolio Turnover Ratio Asset allocation: 1.79 Times Equity Debt 5.05 Cash 1.54 Derivatives - : BSE 200 (IDFC - CEF) An Open Ended Equity Fund 31 January 2012 Market Value % of NAV Mahindra & Mahindra Ltd Hero Motocorp Ltd Bajaj Auto Ltd Auto ICICI Bank Ltd ICICI Bank Ltd (Futures) Axis Bank Ltd ING Vysya Bank Ltd Jammu & Kashmir Bank Ltd State Bank of India State Bank of India (Futures) Banks Madras Cements Ltd Cement Havells India Ltd Whirlpool of India Ltd Consumer Durables Titan Industries Ltd Consumer Non Durables VA Tech Wabag Ltd Engineering Services Manappuram Finance Ltd HDFC Ltd Finance Indraprastha Gas Ltd Gas Zee Entertainment Enterprises Ltd Media & Entertainment Gujarat Mineral Development Corp Ltd Coal India Ltd Minerals/Mining Hindustan Zinc Ltd Non - Ferrous Metals Oil India Ltd Oil & Natural Gas Corporation Ltd Oil Market Value % of NAV Castrol India Ltd Reliance Industries Ltd Petroleum Products Dr. Reddy's Laboratories Ltd Cipla Ltd Torrent Pharmaceuticals Ltd Pharmaceuticals Tata Consultancy Services Ltd HCL Technologies Ltd Wipro Ltd Infosys Ltd Kpit Cummins Infosystem Ltd Software Bharti Airtel Ltd Telecom - Services Gateway Distriparks Ltd Transportation Other Equity Call * Grand Total *Cash or cash equivalents with residual maturity of less than 91 days may be treated as not creating any exposure. Plan A Growth Plan A Dividend Plan B Growth Plan B Dividend Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) # ^ # ## Aug 09, 2005 (Since Inception) % 10.32% 11.40% 16,474 18,743 19,944 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 16.22% 17.95% NA Dec 31, 2008 To Dec 31, % 88.51% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # BSE 200, ## CNX Nifty 11

11 IDFC Tax Advantage (ELSS) Fund Nature: Equity Average AUM (Oct-Dec): ` Crores Inception Date: 26 December 2008 Fund Manager: Mr. Neelotpal Sahai. (Since Sep 22, 2010) About the fund: Our ELSS aims to generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities. The will invest in well-managed growth companies that are available at reasonable value. Companies would be identified through a systematic process of forecasting earnings based on a deep understanding of the industry growth potential and interaction with company management. Current Strategy: The focus is to invest in long term growth stocks at reasonable price. The portfolio is a diverse mix of companies across sectors and is agnostic to capitalization bias. Given the plethora of opportunities which is there in domestic economy, the fund seeks to invest in companies with strong track record of execution, high operating leverage and reasonable valuations. Beta 0.77 R Square 0.90 Standard deviation 6.67% Sharpe Ratio Portfolio Turnover Ratio Asset allocation: 1.42 Times Equity Debt 2.47 Cash Derivatives - : BSE 200 (IDFC - TA (ELSS)Fund) An Open Ended Equity Linked Saving with Lock in of 3 Years 31 January 2012 Market Value % of NAV ICICI Bank Ltd State Bank of India HDFC Bank Ltd Axis Bank Ltd United Bank of India Oriental Bank of Commerce Canara Bank Banks Hitachi Home & Life Solutions (India) Ltd Consumer Durables Godrej Consumer Products Ltd Marico Ltd Consumer Non Durables Jindal Steel & Power Ltd Ferrous Metals Gujarat State Fertilizers & Chemicals Ltd Fertilisers Power Finance Corporation Ltd Finance Eros International Media Ltd Dish Tv India Ltd Media & Entertainment NMDC Ltd Coal India Ltd Minerals/Mining Oil India Ltd Cairn India Ltd Oil HP Corporation Ltd Reliance Industries Ltd Petroleum Products Market Value % of NAV Lupin Ltd Sun Pharmaceutical Industries Ltd Cipla Ltd Pharmaceuticals Power Grid Corporation Ltd PTC India Ltd Power HCL Technologies Ltd Infosys Ltd Tata Consultancy Services Ltd Software Bharti Airtel Ltd Telecom - Services Arvind Ltd KPR Mills Ltd Textile Products Vardhman Textiles Ltd Textiles - Cotton Cox And Kings Ltd Transportation Other Equity Call Net Current Asset Grand Total Growth Dividend Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) # ^ # ## Dec 26, 2008 (Since Inception) % 18.30% 17.34% 16,244 16,587 16,184 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 16.22% 17.95% NA Dec 31, 2008 To Dec 31, % 88.51% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # BSE 200, ## CNX Nifty 12

12 IDFC Tax Saver (ELSS) Fund Nature: Equity Average AUM (Oct-Dec): `39.59 Crores Inception Date: 15 March 2007 Fund Manager: Neelotpal Sahai ( Since Sep 22, 2010) About the fund: The will invest in well- managed growth companies that are available at reasonable value. Companies would be identified through a systematic process of forecasting earnings based on a deep understanding of the industry growth potential and interaction with company management. Current Strategy: The focus is to invest in long term growth stocks at reasonable price. The portfolio is an diverse mix of companies across sectors and is agnostic to capitalization bias. Given the plethora of opportunities which is there in domestic economy, the fund seeks to invest in companies with strong track record of execution, high operating leverage and reasonable valuations. Standard deviation 8.04% Beta 0.81 R Square 0.92 Sharp Ratio -0.49% Portfolio Turnover Ratio Asset allocation: : BSE Times Equity Debt 0.50 Cash 5.20 (IDFC TS (ELSS) Fund) A 10 Year Close Ended Equity Linked Saving 31 January 2012 Market Value % of NAV Maruti Suzuki India Ltd Auto ICICI Bank Ltd State Bank of India HDFC Bank Ltd Axis Bank Ltd Canara Bank Banks Godrej Consumer Products Ltd Britannia Industries Ltd Consumer Non Durables Jindal Steel & Power Ltd Ferrous Metals HDFC Ltd Muthoot Finance Ltd Finance Eros International Media Ltd Dish Tv India Ltd Media & Entertainment Coal India Ltd Minerals/Mining Oil India Ltd Cairn India Ltd Oil Reliance Industries Ltd Petroleum Products Lupin Ltd Market Value % of NAV Sun Pharmaceutical Industries Ltd Pharmaceuticals Power Grid Corporation Ltd Torrent Power Ltd PTC India Ltd Power HCL Technologies Ltd Infosys Ltd Tata Consultancy Services Ltd Software Bharti Airtel Ltd Telecom - Services Call Net Current Asset Grand Total Option NAV Growth Dividend Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) # ^ # ## Mar 15, 2007 (Since Inception) % 4.53% 5.09% 12,436 12,367 12,692 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 16.22% 17.95% NA Dec 31, 2008 To Dec 31, % 88.51% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # BSE 200 ## CNX Nifty 13

13 IDFC Arbitrage Fund Nature: Equity & Equity Derivatives Average AUM ( Oct-Dec): `57.61 Crores Inception Date: 21 December 2006 Fund Manager: Mr. Kenneth Andrade & Mr. Suyash Choudhary (Since March 25, 2011) About the fund: The fund predominantly invests in arbitrage opportunity in the cash and the derivative segments of the equity markets and the arbitrage opportunity available within the derivative segments. The scheme seeks to capture the cost of carry by executing simultaneous buy (in the cash market) and sell (in the futures) trades. The balance is invested in debt and money market instruments. Standard deviation 0.30% Portfolio Turnover Ratio Asset allocation: Equity Debt Cash Derivatives - : Crisil Liquid Fund Index Times (IDFC - AF) An Open Ended Equity Fund 31 January 2012 Market Value % of NAV Value of Futures Hexaware Technologies Ltd Apollo Tyres Ltd Bajaj Hindustan Ltd Balrampur Chini Mills Ltd Bharat Forge Ltd Bharat Petroleum Corporation Ltd Bharti Airtel Ltd Cipla Ltd Dena Bank Gujarat State Petronet Ltd Hindustan Construction Co Ltd HDFC Bank Ltd HDFC Ltd Hindustan Unilever Ltd HP Corporation Ltd ITC Ltd Jain Irrigation Systems Ltd Jindal Steel & Power Ltd JSW Steel Ltd Lupin Ltd Mahindra & Mahindra Ltd Oil & Natural Gas Corporation Ltd Pantaloon Retail (India) Ltd Power Grid Corporation Ltd PTC India Ltd Reliance Capital Ltd Rural Electrification Corporation Ltd Reliance Industries Ltd Rolta India Ltd Market Value % of NAV Value of Futures Shree Renuka Sugars Ltd UCO Bank Unitech Ltd Vijaya Bank Wipro Ltd Equities Margin Fixed Deposit Corporate Bond Call Net Current Asset Grand Total Plan A Growth Plan A Dividend Plan B Growth Plan B Dividend Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) # ^ # ## Dec 21, 2006 (Since Inception) % 6.81% 3.80% 13,818 13,929 12,063 Dec 31, 2010 To Dec 30, % 8.15% % Dec 31, 2009 To Dec 31, % 5.12% 17.95% NA Dec 31, 2008 To Dec 31, % 4.86% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Liquid Fund Index ## CNX Nifty 14

14 IDFC Arbitrage Plus Fund Nature: Equity Derivatives Average AUM ( Oct-Dec): `7.12 Crores Inception Date: 09 June 2008 Fund Manager:Mr. Kenneth Andrade & Mr. Suyash Choudhary ( Since March 25, 2011) About the fund: The fund is aimed to generate absolute returns by investing in trades in the equity and derivative markets. The trades can consist of cash futures arbitrage as well as relative value (such as pair trades and corporate event- based strategies) and derivatives strategies. Standard deviation 0.52% Portfolio Turnover Ratio Asset allocation: Equity Debt Cash Derivatives - : Crisil Liquid Fund Index Times (IDFC - APF) An Open Ended Equity Fund 31 January 2012 Market Value % of NAV Value of Futures Hexaware Technologies Ltd Apollo Tyres Ltd Balrampur Chini Mills Ltd Bharat Forge Ltd Bharti Airtel Ltd Cipla Ltd Dena Bank Gujarat State Petronet Ltd Hindustan Construction Co Ltd HDFC Bank Ltd HDFC Ltd Hindustan Unilever Ltd Infosys Ltd ITC Ltd Jain Irrigation Systems Ltd JSW Steel Ltd Mahindra & Mahindra Ltd Oil & Natural Gas Corporation Ltd Polaris Financial Technology Ltd PTC India Ltd Reliance Industries Ltd Rolta India Ltd Shree Renuka Sugars Ltd Market Value % of NAV Value of Futures UCO Bank Vijaya Bank Wipro Ltd Equities Fixed Deposit Net Current Asset Grand Total Plan A Growth Plan A Dividend Plan B Growth Plan B Dividend Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) # ^ # ## Jun 09, 2008 (Since Inception) % 6.54% 0.76% 12,326 12,528 10,274 Dec 31, 2010 To Dec 30, % 8.15% % Dec 31, 2009 To Dec 31, % 5.12% 17.95% NA Dec 31, 2008 To Dec 31, % 4.86% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Liquid Fund Index ## CNX Nifty 15

15 IDFC Monthly Income Plan Nature: Debt Average AUM ( Oct-Dec): ` Crores Inception Date: 25 February 2010 Fund Manager: Mr. Kenneth Andrade & Mr. Suyash Choudhary ( Since Dec 23, 2010) About the fund: MIP is an actively managed fund which endeavors to deliver consistent performance and limit downside risk. It is a blend of high quality fixed income assets and equity assets. Current Strategy: The fund offers up to 25% participation in the equity markets with the balance invested in Fixed income. The Equity Portfolio is diversified across sectors and aims to capture growth at reasonable valuations. The fixed income portfolio will move dynamically between cash, government bonds, money market and corporate bonds to optimize performance. Standard deviation: 1.14% Modified Duration: 3.42 Years Average Maturity: : Crisil MIP Blended Index 4.65Years Yield to Maturity: 9.30% Portfolio Turnover Ratio 6.44 Times (IDFC - MIP) An Open Ended Debt Fund 31 January 2012 Rating Total Clearing Corporation of India Ltd 0.50 CBLO 0.50 HDFC Ltd CRISIL AAA Export Import Bank of India CRISIL AAA 8.26 M&M Financial Services Ltd FITCH AA Shriram Transport Finance Co Ltd CRISIL AA 5.90 HDFC Bank Ltd CRISIL AAA 3.76 Corporate Bond Tata Capital Ltd CARE AA Zero Coupon Bond % G-Sec SOV Government Bond Equity Net Current Asset 4.03 Grand Total Dividend Growth Dividend Quarterly Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) # Dec 31, 2010 To Dec 30, % 1.72% 1.91% ^ Past performance may or may not be sustained in future # Crisil MIP Blended Index ## 10 Year GOI 16

16 IDFC Asset Allocation Fund Nature: Fund of Fund Average AUM ( Oct-Dec): Conservative Plan Inception Date: 11 February 2010 Fund Manager: Ms.Punam Sharma (Since Oct 3, 2011) About the fund: IDFC Asset Allocation Fund aims to generate capital appreciation through investments in different mutual fund schemes based on a defined asset allocation model. The fund offers 3 different plans with different asset allocations linked to the targeted risk profiles for investors. Conservative plan offers the lowest risk profile followed by Moderate plan. Aggressive plan offers the highest risk profile amongst the 3 plans. Asset allocation allows investors to improve their risk adjusted returns as different asset classes such as equity, fixed income and commodities offer lower correlations with each other. The scheme will be a Fund of Fund scheme that can invest in a mix of ETFs, domestic and offshore Mutual Fund schemes. FoFs give fund manager the flexibility of tailoring portfolios by participating in funds with different styles within each asset class and to easily switch styles depending on the view of the markets. Standard Allocation Equity (Including Offshore Equity) Fund Debt Fund(Including Liquid funds) (Including Gold/ Commodity Equity Funds) Money Market Securities Moderate Plan Aggressive Plan `55.36 Crores ` Crores ` Crores (w.e.f. 07 Dec, 2011) % to net assets Conservative Plan Moderate Plan Aggressive Plan 10-15% 25-30% 45-50% 0-90% 0-70% 0-45% 0% 5-10% 10-15% 0-15% 0-15% 0-15% An Open Ended Fund of Funds 31 January 2012 (% of NAV) Conservative Plan Moderate Plan Aggressive Plan Clearing Corporation of India Ltd CBLO Gold Goldman Sachs ETF (Gold Bees) Gold IDFC Cash Fund IDFC Money Manager Fund-Investment Plan IDFC Money Manager Fund -Treasury Plan IDFC Dynamic Bond Fund IDFC Super Saver Income Fund - Medium Term Plan IDFC Super Saver Income Fund - Investment Plan Debt IDFC Imperial Equity Fund IDFC Sterling Equity Fund Equity Net Current Asset Grand Total Plan Conservative Plan Moderate Plan Aggressive Plan Dividend Growth Conservative Plan Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) # Dec 31, 2010 To Dec 30, % 1.72% 1.91% ^ Past performance may or may not be sustained in future # CRISIL MIP Blended Index ## 10 Year GOI Contd.. 17

17 IDFC Asset Allocation Fund Conservative Plan Moderate Plan Aggressive Plan Standard Deviation: 0.70% 1.29% 2.34% Modified Duration(for Debt scheme): 2.04 Years 3.30 Years 3.65 Years Average Maturity (for Debt scheme): 2.80 Years 4.61 Years 5.15 Years Yield to Maturity: 9.30% 9.09% 9.03% Portfolio Turnover Ratio: 0.69 Times 0.35 Times 0.14 Times Conservative Plan Moderate Plan Aggressive Plan Crisil MIP Blended Index Crisil MIP Blended Index Crisil Balanced Fund Index An Open Ended Fund of Funds Moderate Plan Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) Dec 31, 2010 To Dec 30, % 1.72% 1.91% ^ Past performance may or may not be sustained in future # CRISIL MIP Blended Index ## 10 Year GOI 31 January 2012 # Aggressive Plan Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) # Dec 31, 2010 To Dec 30, % % 1.91% ^ Past performance may or may not be sustained in future # Crisil Balanced Fund Index ## 10 Year GOI 18

18 IDFC Cash Fund Nature: Liquid Fund Average AUM ( Oct-Dec): `7, Crores Inception Date: 2 July 2001 Fund Manager: Mr. Anupam Joshi (Since October 2008) About the fund: The aims to invest in a highly quality money market instruments with high liquidity and seeks to generate accrual income with low volatility. Current Strategy: The scheme is invested in short maturity liquid instruments in line with its objectives Standard deviation: 0.13% Modified Duration: Average Maturity: Days Days Yield to Maturity: 9.55% Portfolio Turnover Ratio: 6.79 Times : Crisil Liquid Fund Index (CLFI) Past performance is no guarantee of future results. For Methodology of Ranking Please refer Page No. 41. (IDFC - CF) An Open Ended Liquid Fund 31 January 2012 Rating % of NAV Clearing Corporation of India Ltd 0.43 CBLO 0.43 Indusind Bank Ltd ICRA A Axis Bank Ltd CRISIL A Central Bank of India CARE A Kotak Mahindra Bank Ltd CRISIL A UCO Bank CRISIL A ING Vysya Bank Ltd CRISIL A Allahabad Bank ICRA A Punjab & Sind Bank ICRA A Vijaya Bank CARE A Federal Bank Ltd CRISIL A Andhra Bank ICRA A ICICI Bank Ltd ICRA A Bank of Maharashtra CRISIL A Punjab National Bank CARE A Corporation Bank CRISIL A Allahabad Bank CRISIL A Dena Bank CRISIL A Canara Bank CRISIL A Indian Overseas Bank ICRA A Axis Bank Ltd ICRA A State Bank of Bikaner & Jaipur CRISIL A State Bank of Travancore ICRA A Karur Vysya Bank Ltd CRISIL A State Bank of Hyderabad ICRA A Andhra Bank CARE A Canara Bank ICRA A State Bank of Travancore CRISIL A Syndicate Bank CARE A Certificate of Deposit HDFC Ltd ICRA A Indian Oil Corporation Ltd CRISIL A Sesa Goa Ltd CRISIL A L&T Finance Ltd CARE A Gruh Finance Ltd CRISIL A Bharat Petroleum Corporation Ltd CRISIL A ICICI Home Finance Company Ltd CRISIL A Sundaram Finance Ltd ICRA A Commercial Paper Net Current Asset Grand Total Plan Option Freq NAV Plan A Growth Plan A Dividend Daily Plan A Dividend Weekly Plan A Dividend Monthly Plan A Dividend ic Plan B Growth Plan B Dividend Daily Plan B Dividend Weekly Plan C Growth Plan C Dividend Daily Plan C Dividend Weekly Plan C Dividend ic Plan C Dividend Monthly Fund Performance Under The IDFC-CF-Plan A Growth 8.86% 8.64% 8.83% 8.67% 8.85% 8.51% 8.62% 8.27% (Annualised) 7 Days (Annualised) 15 Days (Annualised) 30 Days IDFC-CF Growth CAGR Last 1 Year CAGR Last 2 Years Past performance may or may not be sustained in future. 6.97% 6.87% 6.12% 6.01% 6.49% 6.84% 6.00% CAGR Last 3 Years CAGR Last 5 Years Crisil Liquid Fund Index CAGR Last 10 Years 6.08% CAGR Since Allotment 02/07/

19 IDFC Money Manager Fund Treasury Plan Nature: Debt Average AUM ( Oct-Dec): `4, Crores Inception Date: 18 February 2003 Fund Manager: Mr. Anupam Joshi (Since October 2008) About the fund: The aims to invest only in highly rated money market instruments including floating rate instruments with short term benchmarks. The seeks to generate returns predominantly through accrual income. Current Strategy: The scheme is invested in short maturity liquid instruments in line with its objectives Standard deviation: 0.12% Modified Duration: Days Average Maturity : Days Yield to Maturity: 9.60% Portfolio Turnover Ratio: : NSE MIBOR INDEX 9.43 Times Past performance is no guarantee of future results. For Methodology of Ranking Please refer Page No. 41. (IDFC - MMF - TP) An Open Ended Income Fund 31 January 2012 Rating % of NAV Clearing Corporation of India Ltd 2.84 CBLO 2.84 Canara Bank CRISIL A IDBI Bank Ltd ICRA A UCO Bank CRISIL A Corporation Bank CRISIL A State Bank of Patiala CRISIL A Syndicate Bank CARE A Indian Overseas Bank ICRA A Axis Bank Ltd CRISIL A Bank of Maharashtra CRISIL A Punjab National Bank CARE A Central Bank of India CRISIL A Karur Vysya Bank Ltd CRISIL A ICICI Bank Ltd ICRA A United Bank of India ICRA A Andhra Bank CARE A Oriental Bank of Commerce CRISIL A State Bank of Hyderabad ICRA A Federal Bank Ltd CRISIL A Allahabad Bank ICRA A State Bank of India CRISIL A HDFC Bank Ltd CARE A Vijaya Bank CARE A Rating % of NAV Central Bank of India CARE A Indian Bank FITCH A Canara Bank ICRA A State Bank of Travancore CRISIL A Certificate of Deposit HDFC Ltd ICRA A Sterlite Industries Ltd CRISIL A Sundaram Finance Ltd CRISIL A Kotak Mahindra Prime Ltd ICRA A Commercial Paper HDFC Ltd CRISIL AAA 0.18 Corporate Bond Days TBill (MD 11/05/2012) SOV Days TBill (MD 24/02/2012) SOV 0.53 Treasury Bill 1.22 Net Current Asset 8.31 Grand Total Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) Plan Option Freq NAV Plan A Growth Plan A Dividend Monthly Plan A Dividend Daily Plan A Dividend Weekly Plan B Growth Plan B Dividend Daily Plan B Dividend Weekly Plan B Dividend Monthly Plan C Dividend Daily Plan C Growth Plan C Dividend Weekly Plan C Dividend Monthly Plan D Growth Plan D Dividend Daily Plan F Growth Feb 18, 2003 (Since Inception) % 5.96% 5.04% 16,753 16,712 15,460 Dec 31, 2010 To Dec 30, % 7.96% 6.42% Dec 31, 2009 To Dec 31, % 5.19% 2.81% NA Dec 31, 2008 To Dec 31, % 3.63% 2.88% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # NSE Mibor Index ## 1 Year T-Bill # ^ # ## 20

20 IDFC Super Saver Income Fund Short Term Nature: Debt Average AUM ( Oct-Dec): `1, Crores Inception Date: 14 December 2000 Fund Manager: Mr. Suyash Choudhary (Since March 11, 2011) About the fund: The seeks to invest in a mix of government securities and highly rated corporate bonds and aims to generate stable longterm returns through mix of accrual income and capital appreciation. Current Strategy: The fund is invested in a mix of money market and short duration corporate bonds to optimize performance. Standard deviation: 0.70% Modified Duration: Average Maturity: 1.70 Years 2.00 Years Yield to Maturity: 9.70% Portfolio Turnover Ratio: 3.42 Times : CRISIL Short-Term Bond Fund Index (CSTBFI) (IDFC - SSIF - ST) An Open Ended Income Fund 31 January 2012 Rating % of NAV Clearing Corporation of India Ltd 2.18 CBLO 2.18 ICICI Bank Ltd ICRA A United Bank of India ICRA A Syndicate Bank CARE A Indian Overseas Bank CRISIL A Certificate of Deposit 7.59 HDFC Ltd CRISIL AAA National Housing Bank FITCH AAA 9.50 Power Finance Corporation Ltd CRISIL AAA 8.53 Tata Sons Ltd CRISIL AAA 8.47 Export Import Bank of India CRISIL AAA 7.44 M&M Financial Services Ltd CRISIL AA NABARD CRISIL AAA 6.14 Shriram Transport Finance Co Ltd CARE AA Bajaj Finance Ltd CRISIL AA L&T Finance Ltd ICRA AA National Housing Bank CRISIL AAA 2.84 Sundaram Finance Ltd ICRA AA L&T Finance Ltd CARE AA Bajaj Finance Ltd ICRA AA Small Industries Dev Bank of India CARE AAA 1.18 Shriram Transport Finance Co Ltd CRISIL AA 1.14 Corporate Bond Shriram Transport Finance Co Ltd CARE AA Sundaram Finance Ltd ICRA AA Tata Capital Ltd CARE AA Zero Coupon Bond 7.04 Net Current Asset Grand Total Plan Option Freq NAV Plan A Growth Plan A Dividend Monthly Plan A Dividend Fortnightly Plan B Growth Plan B Dividend Monthly Plan B Dividend Fortnightly Plan C Growth Plan C Dividend Monthly Plan C Dividend Fortnightly Plan D Growth Plan D Dividend Monthly Plan D Dividend Fortnightly Plan F Growth Plan F Dividend Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) # ^ # ## Rating & Ranking Morningstar Rating Past performance is no guarantee of future results. For Methodology of Ranking Please refer Page No. 41. Dec 14, 2000 (Since Inception) % NA 5.77% 21,546 NA 18,582 Dec 31, 2010 To Dec 30, % 7.84% 6.42% Dec 31, 2009 To Dec 31, % 4.70% 2.81% NA Dec 31, 2008 To Dec 31, % 6.58% 2.88% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Short-Term Bond Fund Index ## 1 Year T-Bill 21

21 IDFC Super Saver Income Fund Medium Term Nature: Debt Average AUM ( Oct-Dec): ` Crores Inception Date: 8 July 2003 Fund Manager: Mr. Anupam Joshi (Since March 2009) About the fund: The seeks to invest in a mix of government securities and highly rated corporate bonds and aims to generate stable longterm returns through mix of accrual income and capital appreciation. Current Strategy: The fund is predominantly invested in a mix of medium tenor corporate bonds, certificate of deposits, and government bonds. Standard deviation: 1.08% Modified Duration: Average Maturity : 2.95 Years 3.75 Years Yield to Maturity: 9.40% Portfolio Turnover Ratio: Times : Crisil Short Term Bond Fund Index (CSTBFI) (IDFC - SSIF-MT) An Open Ended Income Fund 31 January 2012 Rating % of NAV Clearing Corporation of India Ltd 1.01 CBLO 1.01 Tata Sons Ltd CRISIL AAA HDFC Ltd CRISIL AAA Reliance Utilities & Power Pvt Ltd CARE AAA 8.08 Power Finance Corporation Ltd CRISIL AAA 7.20 Shriram Transport Finance Co Ltd CARE AA Rural Electrification Corporation Ltd CRISIL AAA 6.17 NABARD CRISIL AAA 5.16 National Housing Bank CRISIL AAA 5.14 Bajaj Finance Ltd CRISIL AA Shriram Transport Finance Co Ltd CRISIL AA 2.55 Sundaram Finance Ltd ICRA AA Corporate Bond Andhra Bank CARE A Certificate of Deposit 3.01 HDFC Ltd CRISIL AAA 5.15 Tata Capital Ltd CARE AA Zero Coupon Bond % G-Sec SOV % G-Sec SOV 5.01 Government Bond Net Current Asset 3.85 Grand Total Plan Option Freq NAV Plan A Growth Plan A Dividend BiMonthly Plan A Dividend Fortnightly Plan A Dividend Monthly Plan A Dividend Daily Plan A Dividend Quarterly Plan B Dividend Plan B Growth Plan B Dividend Monthly Plan F Growth Plan F Dividend Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) # ^ # ## Rating & Ranking Jul 08, 2003 (Since Inception) % 6.15% 4.98% 17,861 16,594 15,099 Dec 31, 2010 To Dec 30, % 7.84% 6.42% Dec 31, 2009 To Dec 31, % 4.70% 2.81% NA Dec 31, 2008 To Dec 31, % 6.58% 2.88% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Short-Term Bond Fund Index ## 1 Year T-Bill Morningstar Rating Value Research Ranking Past performance is no guarantee of future results. For Methodology of Ranking Please refer Page No

22 IDFC Super Saver Income Fund Investment Plan Nature: Debt Average AUM ( Oct-Dec): ` Crores Inception Date: 14 July 2000 Fund Manager: Mr. Suyash Choudhary (Since Oct 15, 2010) About the fund: The seeks to invest in a mix of government securities and highly rated corporate bonds and aims to generate stable long-term returns through mix of accrual income and capital appreciation. Current Strategy: The fund is predominantly invested in a mix of corporate bonds and government bonds. The fund will actively monitor the dynamic interest rate and credit spread environment to optimize performance. Standard deviation: 1.51% Modified Duration: Average Maturity: 4.10 Years 5.80 Years Yield to Maturity: 8.95% Portfolio Turnover Ratio: Times : CRISIL Composite Bond Fund Index (IDFC - SSIF - IP) An Open Ended Income Fund 31 January 2012 Rating % of NAV Clearing Corporation of India Ltd CBLO HDFC Ltd CRISIL AAA Tata Sons Ltd CRISIL AAA Export Import Bank of India CRISIL AAA 5.32 HDFC Bank Ltd CRISIL AAA 5.13 Power Grid Corporation Ltd CRISIL AAA 4.13 NABARD CRISIL AAA 2.91 Shriram Transport Finance Co Ltd CRISIL AA 2.41 Shriram Transport Finance Co Ltd CARE AA Corporate Bond Shriram Transport Finance Co Ltd CARE AA Zero Coupon Bond % G-Sec SOV Government Bond Net Current Asset Grand Total Plan Option Freq NAV Plan A Dividend Quarterly Plan A Growth Plan A Dividend Annual Plan A Dividend Half Yearly Plan B Growth Plan B Dividend Plan C Dividend Plan F Growth Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) # ^ # ## Jul 14, 2000 (Since Inception) % NA NA 24,873 NA NA Dec 31, 2010 To Dec 30, % 6.90% 1.91% Dec 31, 2009 To Dec 31, % 4.96% 3.11% NA Dec 31, 2008 To Dec 31, % 3.50% -8.66% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Composite Bond Fund Index ## 10 Year GOI Past performance is no guarantee of future results. For Methodology of Ranking Please refer Page No

23 IDFC Dynamic Bond Fund Nature: Debt Average AUM ( Oct-Dec): ` Crores Inception Date: 25 June 2002 Fund Manager: Mr. Suyash Choudhary (Since Oct15, 2010) About the fund: The seeks to invest in a mix of government securities and highly rated corporate bonds and seeks to generate returns by actively managing the interest rate volatility. Current Strategy: The fund is predominantly invested in a mix of corporate bonds and government bonds. The fund will move dynamically between cash, government bonds, money market and corporate bonds to optimize performance. Standard deviation: 1.60% Modified Duration: Average Maturity : 3.90 Years 5.30 Years Yield to Maturity: 9.02% Portfolio Turnover Ratio: Times : CRISIL Composite Bond Fund Index (IDFC - DBF) An Open Ended Income Fund 31 January 2012 Rating % of NAV Clearing Corporation of India Ltd 8.92 CBLO 8.92 HDFC Ltd CRISIL AAA Tata Sons Ltd CRISIL AAA 9.77 Shriram Transport Finance Co Ltd CRISIL AA 9.18 NABARD CRISIL AAA 8.68 Rural Electrification Corporation Ltd CRISIL AAA 5.54 National Housing Bank CRISIL AAA 3.33 Power Grid Corporation Ltd CRISIL AAA 2.17 Export Import Bank of India CRISIL AAA 0.71 Corporate Bond HDFC Ltd CRISIL AAA 2.22 Zero Coupon Bond % G-Sec SOV Government Bond Net Current Asset Grand Total Plan Option Freq NAV Plan A Growth Plan A Dividend Annual Plan A Dividend Quarterly Plan B Dividend Plan B Growth Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) # ^ # ## Jun 25, 2002 (Since Inception) % 5.96% 5.98% 20,682 17,350 17,384 Dec 31, 2010 To Dec 30, % 6.90% 1.91% Dec 31, 2009 To Dec 31, % 4.96% 3.11% NA Dec 31, 2008 To Dec 31, % 3.50% -8.66% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Composite Bond Fund Index ## 10 Year GOI Rating & Ranking Morningstar Rating Past performance is no guarantee of future results. For Methodology of Ranking Please refer Page No

24 IDFC Money Manager Fund Investment Plan Nature: Debt Average AUM ( Oct-Dec): ` Crores Inception Date: 9 August 2004 Fund Manager: Mr. Anupam Joshi (Since October 2008) About the fund: The aims to invest only in highly rated money market instruments including floating rate instruments with short term benchmarks. The seeks to generate returns predominantly through accrual income. Current Strategy: The scheme is invested in CDs to optimize portfolio yields. Standard deviation: 0.16% Modified Duration: Days Average Maturity: Days Yield to Maturity: 9.50% Portfolio Turnover Ratio: : NSE Mibor Index 3.88 Times (IDFC - MMF - IP) An Open Ended Income Fund 31 January 2012 Rating % of NAV Plan Option Freq NAV Plan A Growth Clearing Corporation of India Ltd 5.10 Plan A Dividend Quarterly CBLO 5.10 Plan A Dividend Annual Canara Bank CRISIL A Plan A Dividend Monthly Kotak Mahindra Bank Ltd CRISIL A Plan A Dividend Weekly Certificate of Deposit 8.04 Plan A Dividend Daily Net Current Asset Plan B Growth Grand Total Plan B Dividend Monthly Plan B Dividend Weekly Plan B Dividend Daily Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) # # ^ ## Aug 09, 2004 (Since Inception) % 6.18% 5.04% 15,903 15,581 14,383 Dec 31, 2010 To Dec 30, % 7.96% 6.42% Dec 31, 2009 To Dec 31, % 5.19% 2.81% NA Dec 31, 2008 To Dec 31, % 3.63% 2.88% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # NSE Mibor Index ## 1 Year T-Bill Past performance is no guarantee of future results. For Methodology of Ranking Please refer Page No

25 IDFC Government Securities Fund Short Term Plan Nature: Debt Average AUM ( Oct-Dec): `0.05 Crores Inception Date: 09 March 2002 Fund Manager: Mr. Suyash Choudhary ( Since Oct 15, 2010) About the fund: The proposes to invest only in government securities with the aim of generating stable medium-term returns. Current Strategy: The fund is mostly into overnight assets Standard deviation 0.80% Average Maturity: : I-SEC Composite Index 1.00 Day (IDFC GSF-ST) An Open Ended Dedicated Gilt Fund 31 January 2012 Rating Total Clearing Corporation of India Ltd CBLO Net Current Asset Grand Total Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit) Plan A Growth Plan A Dividend( Monthly) Plan A Dividend( Quarterly) Plan A Weekly # ^ # ## Mar 09, 2002 (Since Inception) % NA 5.15% 14,459 NA 16,375 Dec 31, 2010 To Dec 30, % 6.55% 6.42% Dec 31, 2009 To Dec 31, % 6.04% 2.81% NA Dec 31, 2008 To Dec 31, % -2.99% 2.88% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # I-Sec Composite Index ## 1 Year T-Bill 26

26 IDFC Government Securities Fund Provident Fund Plan Nature: Debt Average AUM (Oct-Dec): `17.15 Crores Inception Date: 29 March 2004 Fund Manager: Mr. Suyash Choudhary (Since Oct 15, 2010) About the fund: The propose to invest only in government securities with the aim of generating stable medium-term returns. Current Strategy: The funds are positioned in the segments of the yield curve where returns are expected to be optimum. Standard deviation 2.09% Modified duration Average Maturity: : I-SEC Composite Index 4.95 Years 6.95 Years Yield to Maturity: 8.31% Portfolio Turnover Ratio Times (IDFC GSF-PF) An Open Ended Dedicated Gilt Fund 31 January 2012 Rating % of NAV Clearing Corporation of India Ltd CBLO % G-Sec SOV Government Bond Net Current Asset 2.63 Grand Total Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) Plan Option Freq NAV Plan A Growth Plan A Dividend Quarterly Plan A Dividend Annual Plan B Growth Plan B Dividend Quarterly # ^ # ## Mar 29, 2004 (Since Inception) % 6.03% 3.79% 16,664 15,753 13,344 Dec 31, 2010 To Dec 30, % 6.55% 1.91% Dec 31, 2009 To Dec 31, % 6.04% 3.11% NA Dec 31, 2008 To Dec 31, % -2.99% -8.66% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # I-Sec Composite Index ## 10 Year GOI Rating & Ranking Value Research Ranking Morningstar Rating Past performance is no guarantee of future results. For Methodology of Ranking Please refer Page No

27 IDFC Government Securities Fund Investment Plan Nature: Debt Average AUM ( Oct-Dec): `13.91 Crores Inception Date: 09 March 2002 Fund Manager: Mr. Suyash Choudhary ( Since Oct 15, 2010) About the fund: The proposes to invest only in government securities with the aim of generating stable medium-term returns. Current Strategy: The funds are positioned in the segments of the yield curve where returns are expected to be optimum. Standard deviation 1.98% Modified duration Average Maturity: : I-Sec Composite Index 5.01 Years 7.05 Years Yield to Maturity: 8.31% Portfolio Turnover Ratio Times (IDFC GSF-IP) An Open Ended Dedicated Gilt Fund 31 January 2012 Rating % of NAV Clearing Corporation of India Ltd CBLO % G-Sec SOV Government Bond Net Current Asset 0.55 Grand Total Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) Plan Option Freq NAV Plan A Growth Plan A Dividend Quaterly Plan A Dividend Half Yearly Plan A Dividend Annual Plan B Dividend Plan B Growth # ^ # ## Mar 09, 2002 (Since Inception) % NA 6.02% 19,695 NA 17,750 Dec 31, 2010 To Dec 30, % 6.55% 1.91% Dec 31, 2009 To Dec 31, % 6.04% 3.11% NA Dec 31, 2008 To Dec 31, % -2.99% -8.66% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # I-Sec Composite Index ## 10 Year GOI 28

28 IDFC All Seasons Bond Fund Nature: Debt Average AUM ( Oct-Dec): `5.17 Crores Inception Date: 13 September 2004 Fund Manager: Mr. Suyash Choudhary ( w.e.f. 21 Oct 2010) About the fund: The aims to actively manage the interest rate environment by allocating funds to various fixed income schemes based on the interest rate outlook. Current Strategy: The fund is invested across duration products to optimize mix between accrual and positions around interest rate movements. Standard deviation 1.63% Modified duration Average Maturity: 0.12 Years 0.12 Years Yield to Maturity: 9.35% Portfolio Turnover Ratio 2.66 Times : Crisil Composite Bond Fund Index (CCBFI) (IDFC ASBF) An Open Ended Fund of Funds 31 January 2012 Rating % of NAV IDFC Cash Fund Mutual Fund Units Net Current Asset Grand Total Plan A Growth Option (NAV as on Dec 30, 2011` per Unit) Plan Option Freq NAV Plan A Growth Plan A Dividend Quaterly Plan A Dividend Half Yearly Plan A Dividend Annual Plan A Dividend Fortnightly # ^ # ## Sep 13, 2004 (Since Inception) % 5.59% 4.46% 16,259 14,876 13,748 Dec 31, 2010 To Dec 30, % 6.90% 1.91% Dec 31, 2009 To Dec 31, % 4.96% 3.11% NA Dec 31, 2008 To Dec 31, % 3.50% -8.66% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Composite Bond Fund Index ## 10 Year GOI 29

29 IDFC Capital Protection Oriented Fund - Series I Nature: Debt Average AUM ( Oct-Dec): ` Crores Inception Date: 31 March 2010 Fund Manager: Ms. Punam Sharma (Since Oct 03, 2011) About the fund: It will follow a passive investment style on both debt and equity. The debt portfolio has been constructed such that it matures around the maturity date of the portfolio and is of the highest credit quality (AAA rated). Initial equity allocation was within 15% of AUM. : Crisil MIP Blended Index (IDFC CPOF-S-I) A Three Year Close Ended 31 January 2012 Market Value % of NAV Reliance Industries Ltd Infosys Ltd ITC Ltd ICICI Bank Ltd HDFC Ltd HDFC Bank Ltd Larsen & Toubro Ltd Tata Consultancy Services Ltd State Bank of India Bharti Airtel Ltd Tata Motors Ltd Hindustan Unilever Ltd Oil & Natural Gas Corporation Ltd Mahindra & Mahindra Ltd Tata Steel Ltd Top 15 Equity Other Equity Corporate Bond Zero Coupon Bond Mutual Fund Units Call Net Current Asset Grand Total Option NAV Growth Dividend

30 IDFC Capital Protection Oriented Fund - Series II Nature: Debt Average AUM ( Oct-Dec): `39.36 Crores Inception Date: 09 July 2010 Fund Manager: Ms. Punam Sharma (Since Oct 03, 2011) About the fund: It will follow a passive investment style on both debt and equity. The debt portfolio has been constructed such that it matures around the maturity date of the portfolio and is of the highest credit quality (AAA rated). Initial equity allocation was within 15% of AUM. : Crisil MIP Blended Index (IDFC CPOF-S-II) A Three Year Close Ended 31 January 2012 Market Value % of NAV Reliance Industries Ltd Infosys Ltd ITC Ltd ICICI Bank Ltd HDFC Ltd HDFC Bank Ltd Larsen & Toubro Ltd Tata Consultancy Services Ltd State Bank of India Bharti Airtel Ltd Tata Motors Ltd Hindustan Unilever Ltd Oil & Natural Gas Corporation Ltd Mahindra & Mahindra Ltd Tata Steel Ltd Top 15 Equity Other Equity Corporate Bond Zero Coupon Bond Net Current Asset Grand Total Option NAV Growth Dividend

31 IDFC Capital Protection Oriented Fund - Series III Nature: Debt Average AUM ( Oct-Dec): `16.57 Crores Inception Date: 20 August 2010 Fund Manager: Ms. Punam Sharma (Since Oct 03, 2011) About the fund: The aims to invest only in highly rated money market instruments including floating rate instruments with short term benchmarks. The seeks to generate returns predominantly through accrual income. : Crisil MIP Blended Index (IDFC CPOF-S-III) A Three Year Close Ended 31 January 2012 Market Value % of NAV Reliance Industries Ltd Infosys Ltd ITC Ltd ICICI Bank Ltd HDFC Ltd HDFC Bank Ltd Larsen & Toubro Ltd Tata Consultancy Services Ltd State Bank of India Bharti Airtel Ltd Tata Motors Ltd Hindustan Unilever Ltd Oil & Natural Gas Corporation Ltd Mahindra & Mahindra Ltd Tata Steel Ltd Top 15 Equity Other Equity Corporate Bond Zero Coupon Bond Net Current Asset Grand Total Option NAV Growth Dividend

32 IDFC SAVING SCHEME - SERIES I Nature: Debt Average AUM ( Oct-Dec): `30.86 Crores Inception Date: 08 November 2010 Fund Manager: Ms. Punam Sharma (Since Oct 03, 2011) : Crisil MIP Blended Index (IDFC SSS-I) A Close Ended Debt 31 January 2012 Market Value % of NAV Option NAV Growth Reliance Industries Ltd Dividend Infosys Ltd ITC Ltd ICICI Bank Ltd HDFC Ltd HDFC Bank Ltd Larsen & Toubro Ltd Tata Consultancy Services Ltd State Bank of India Bharti Airtel Ltd Tata Motors Ltd Hindustan Unilever Ltd Oil & Natural Gas Corporation Ltd Mahindra & Mahindra Ltd Tata Steel Ltd Top 15 Equity Other Equity Corporate Bond Zero Coupon Bond Mutual Fund Units Call Net Current Asset Grand Total

33 Fund Snapshot IDFC Equity Fund (IDFC - EF) IDFC Imperial Equity Fund (IDFC - IEF) IDFC Sterling Equity Fund (IDFC - SEF) IDFC Infrastructure Fund (IDFC - IF) IDFC Premier Equity Fund (IDFC - PEF) IDFC India GDP Growth Fund (IDFC - IGGF) IDFC Strategic Sector Equity Fund (IDFC - SSEF) IDFC Nifty Fund (IDFC-NF) Nature of the Inception Date Open-ended Equity Fund June 9, 2006 Open-ended Equity Fund March 16, 2006 Open-ended Equity Fund March 7, 2008 Open Ended Infrastructure Sector Fund March 8, 2011 Open-ended Equity Fund September 28, 2005 Open-ended Equity Fund March 11, 2009 Open-ended Equity Fund October 3, 2008 Open-Ended Index Linked Equity April 30, 2010 Investment Objective The investment objective of the scheme is to seek to generate capital growth from a portfolio of predominantly equity and equity related instruments (including Equity Derivatives). The scheme may also invest in debt & money market instruments to generate reasonable income. However there is no assurance or guarantee that the objectives of the scheme will be realized. The investment objective of the scheme is to seek to generate capital appreciation and/or provide income distribution from a portfolio of predominantly equity and equity related instruments. There is no assurance or guarantee that the objectives of the scheme will be realized. The investment objective of the is to seek to generate capital appreciation from a diversified portfolio of equity and equity related instruments. The will predominantly invest in sterling equity and equity related instruments. Sterling equity and equity related instruments will be the stocks included in the CNX Midcap index or equity and equity related instruments of such companies which have a market capitalization lower than the highest components of CNX Midcap Index. The may also invest in stock other than mid cap stocks (i.e. in stocks, which have a market capitalisation of above the market capitalisation range of the defined small midcap stocks) and derivatives. On defensive consideration, the may also invest in debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. The investment objective of the scheme is to seek to generate longterm capital growth through an active diversified portfolio of predominantly equity related instruments of companies that are participating in and benefiting from growth in Indian Infrastructure and infra structural related activities, However, there can be no assurance that the investment Objective of the scheme will be realized. The shall seek to generate long-term capital growth from an actively managed portfolio of predominantly equity and equity related instruments. However there is no assurance or guarantee that the objectives of the scheme will be realized. The investment objective of the scheme is to seek to generate longterm capital appreciation by investing in equity and equity related instruments. The scheme aims to capture the growth in India's Gross Domestic Product (GDP). The scheme would endeavour to represent the growth in GDP by capturing the growth in the constituents of the GDP. The scheme may also invest in debt & money market instruments. There is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns. The investment objective of the scheme is to seek to generate longterm capital appreciation by investing in Equity & Equity related instruments. The investment objective of the fund shall be achieved by investing up to fifty percent of the asset of the scheme in a chosen sector (Sector Specific Exposure) while the balance amount may be invested in companies across market capitalizations and a c r o s s s ectors (Diversified Exposure). The scheme may also invest in debt & money market instruments. There is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns. The investment objective of the scheme is to replicate the S&P CNX Nifty Index by investing in securities of the S&P CNX Nifty Index in the same proportion / wightage. However, there is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns. Fund Manager Kenneth Andrade Tridib Pathak Kenneth Andrade Kenneth Andrade Kenneth Andrade Neelotpal Sahai Kenneth Andrade Punam Sharma (w.e.f. 3 Oct, 2011) Ideal Investment Horizon 3 Years or more 3 Years or more 3 Years or more 3 Years or more 3 Years or more 3 Years or more 3 Years or more 3 Years or more Minimum Investment Amount Plan A ` 5,000/- and in multiples of thereafter. ` 5,000/- and in multiples of thereafter. ` 5,000/- and in multiples of thereafter ` 5,000/- and in multiples of thereafter. ` 25,000/- and in multiples of thereafter. ` 5,000/- and in multiples of thereafter. ` 5,000/- and in multiples of thereafter. ` 500/- and in multiples of thereafter. Plan B ` 5,000/- and in multiples of thereafter. ` 5,000/- and in multiples of thereafter. ` 25,000/- and in multiples of thereafter. ` 5,000/- and in multiples of thereafter. Additional Investment Amount Entry Load Exit Load Options Available 1.00% if redeemed before 365 days from the date of investment. (w.e.f. 1 Sept 2009) Growth & Dividend 1.00% if redeemed before 365 days from the date of investment. (w.e.f. 1 Sept 2009) Growth & Dividend Reinvestment facility is available under the Dividend Option. 1.00% if redeemed before 365 days from the date of investment. (w.e.f. 11 Sept 2009) Growth & Dividend 1.00% if redeemed before 365 days from the date of investment. Growth,& Dividend.Reinvestment facility is available under the Dividend Option. 1.00% if redeemed before 365 days from the date of investment. (w.e.f. 1 Sept 2009) Growth & Dividend Reinvestment facility is available under the Dividend Option. 1% if redeemed before 365 days from the date of investment. (w.e.f.) 01 Sept 2009) Growth & Dividend Reinvestment facility is also available under the dividend option. 1.00% if redeemed before 365 days from the date of investment. (w.e.f. 1 Sept 2009) Growth,& Dividend.Reinvestment facility is available under the Dividend Option. All subscriptions Including SIP/STP if redeemed/switched out (to any non equity scheme of IDFC Mutual Fund) within seven days (7days) from the date of allotment, exit load of 1% shall be charged. (w.e.f. 07 Nov, 2011) Growth & Dividend Reinvestment facility is available under the Dividend Option Dividend Re-investment Dividend Frequency SIP (Minimum Amount) ` 1,000/- ` 1,000/- ` 1,000/- ` 1,000/- ` 2,000/- ` 2,000/- ` 1,000/- `500/- SIP Frequency Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly SIP Dates, Weekly Fortnightly Monthly Lock in Face Value (`/Unit) NAV Frequency S&P CNX Nifty S&P CNX Nifty CNX Midcap CNX Infrastructure Index (w.e.f. 07 Dec, 2011) BSE 500 BSE 500 S&P CNX Nifty S&P CNX Nifty 34

34 Fund Snapshot IDFC Classic Equity Fund (IDFC - CEF) IDFC Tax Advantage (ELSS) Fund (IDFC-TA(ELSS) IDFC Tax Saver (ELSS) Fund (IDFC-TS(ELSS) IDFC Arbitrage Fund (IDFC-AF) IDFC Arbitrage Plus Fund (IDFC - APF) IDFC Monthly Income Plan (IDFC-MIP) IDFC Asset Allocation Fund - Aggressive Plan (IDFC-AAF-AP) IDFC Asset Allocation Fund - Conservative Plan (IDFC-AAF-CP) Nature of the Open-ended Equity Fund Open ended Equity Linked Saving with lock in period of 3 years 10 year closed ended Equity Linked Saving Open-ended Equity Fund Open-ended Equity Fund Open - Ended Debt Fund Open - Ended Fund of Funds Open - Ended Fund of Funds Inception Date August 9, 2005 December 26, 2008 March 15, 2007 December 21, 2006 June 9, 2008 February 25, 2010 February 11, 2010 February 11, 2010 Investment Objective The investment objective of the is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related instruments. However, there is no assurance or guarantee that the objectives of the scheme will be realized. The investment objective of the is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities. There can be no assurance that the investment objective of the scheme will be realised. The investment objective of the is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related instruments. There can be no assurance that the investment objective of the scheme will be realised. The investment objective of the is to generate capital appreciation and income by predominantly investing in arbitrage opportunity in the cash and the derivative segments of the equity markets and the arbitrage opportunity available within the derivative segments and by investing the balance in debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. The investment objective of the is to generate income (absolute to low volatility returns) by taking advantage of opportunities in the cash and the derivative segments of the equity markets including the arbitrage opportunities available within the derivative segment, by using other derivative based strategies and by investing the balance in debtand money market instruments. However there is no assurance that the investment objective of the scheme will be realized. The primary objective of is to generate regular returns through investment primarily in debt securities. The secondary objective of the is to generate longterm capital appreciation by investing a portion of the 's assets in equity securities. Monthly Income is not assumed and the same is subject to availability of distributable surplus. The primary objective of is to generate capital appreciation through investment in different Mutual Funds schemes primarily local funds based on a defined asset allocation model. However, there can be no assurance that the investment objective of the scheme will be realized. The primary objective of is to generate capital appreciation through investment in different Mutual Funds schemes primarily local funds based on a defined asset allocation model. However, there can be no assurance that the investment objective of the scheme will be realized. Fund Manager Tridib Pathak Neelotpal Sahai (w.e.f. 22 Sep, 2010) Neelotpal Sahai. (w.e.f. 22 Sep, 2010) Kenneth Andrade & Suyash Choudhary Kenneth Andrade & Suyash Choudhary Kenneth Andrade & Suyash Choudhary Punam Sharma (w.e.f. 3 Oct, 2011) Punam Sharma (w.e.f. 3 Oct, 2011) Ideal Investment Horizon 3 Years or more 3 Years or more 3 Years or more 1 Year or more 1 Year or more 1 Years or more 1 Year or more 1 Year or more Minimum Investment Amount Plan A Plan B ` 5,000/- and in multiples of thereafter. ` 5,000/- and in multiples of thereafter. ` 500/- ` 500/- Plan A: ` 5,000/- Plan B: ` 25,00,000/- (w.e.f. 6 July, 2009) ` 5,000/- and in multiples of thereafter. ` 25 Lacs and in multiples of thereafter. ` 5,000/- and in multiples of thereafter and in multiples of `0.01 for switch-ins ` 5,000/- and in multiples of thereafter. ` 5,000/- and in multiples of thereafter. Additional Investment Amount ` 500/- ` 500/- Entry Load Exit Load Options Available 1.00% if redeemed before 365 days from the date of investment. (w.e.f. 1 Sept 2009) Growth & Dividend Reinvestment facility is available under the Dividend Option Growth & Dividend Reinvestment facility is available under the Dividend Option (w.e.f. 4 Sep,2009) Growth, Dividend 0.25% if redeemed within 30 days from the date of purchase. (w.e.f. 12 Oct, 2009) Growth, Dividend & Dividend Sweep (w.e.f. 16-Nov-2009) 0.50% if redeemed before 365 days from the date of investment. (w.e.f. 24 Aug 2009) Growth, Dividend & Dividend Sweep 1% of the NAV shall be applicable to investors who redeem/switch out of such investments within one year (365 Days) from the date of subscription applying First in First Out basis, (including investments through SIP/STP). Growth, Dividend & (payout, reinvestment & auto sweep) 1.50% if redeemed before 18 months from the date of investment. Growth, Dividend & (payout & reinvestment) 1.50% if redeemed before 18 months from the date of investment. Growth, Dividend & (payout & reinvestment) Dividend Re-investment Dividend Frequency When available SIP (Minimum Amount) ` 1,000/- ` 500/- NA NA NA ` 1,000/- ` 1,000/- ` 1,000/- SIP Frequency Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly NA NA NA Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly SIP Dates, Weekly Fortnightly Monthly NA NA NA Lock in 3 Years 3 Years Face Value (`/Unit) NAV Frequency BSE 200 BSE 200 BSE 200 Crisil Liquid Fund Index Crisil Liquid Fund Index Crisil MIP Blended Index Crisil Balanced Fund Index Crisil MIP Blended Index 35

35 Fund Snapshot IDFC Asset Allocation Fund - Moderate Plan (IDFC-AAF-MP) IDFC Cash Fund IDFC Money Manager Fund - Treasury Plan IDFC Super Saver Income Fund - Short Term Plan IDFC Super Saver Income Fund - Medium Term Plan IDFC Super Saver Income Fund - Investment Plan IDFC Dynamic Bond Fund Nature of the Open - Ended Fund of Funds Open-ended Liquid Fund Open-ended Income Fund Open-ended Income Fund Open-ended Income Fund Open-ended Income Fund Open-ended Income Fund Inception Date February 11, 2010 July 2, 2001 February 18, 2003 December 14, 2000 July 8, 2003 July 14, 2000 June 25, 2002 Investment Objective The primary objective of is to generate capital appreciation through investment in different Mutual Funds schemes primarily local funds based on a defined asset allocation model. However, there can be no assurance that the investment objective of the scheme will be realized. IDFC - CF is an open-ended liquid fund with an objective to generate optimal returns with high liquidity by investing in high quality money market and debt instruments. However, there can be no assurance that the investment objectives of the scheme will be realized. Seek to generate stable returns with a low risk strategy by creating a portfolio that is substantially invested in good quality floating rate debt or money market instruments, fixed rate debt or money market instruments swapped for floating returns and fixed rate debt and money market instruments. However, there can be no assurance that the investment objectives of the scheme will be realized. The primary investment objective of the scheme is to seek to generate stable returns with a low-risk strategy by creating a portfolio that is invested in good quality fixed income & Money Market securities. However, there can be no assurance that the investment objectives of the scheme will be realized. The primary investment objective of the scheme is to seek to generate stable returns with a low-risk strategy by creating a portfolio that is invested in good quality fixed income & Money Market securities. However, there can be no assurance that the investment objectives of the scheme will be realized. The primary investment objective of the scheme is to seek to generate stable returns with a low-risk strategy by creating a portfolio that is invested in good quality fixed income & Money Market securities. However, there can be no assurance that the investment objectives of the scheme will be realized. Seek to generate optimal returns with high liquidity by active management of the portfolio; by investing in high quality money market & debt instruments. However there can be no assurance that the investment objectives of the will be realized. Fund Manager Punam Sharma Anupam Joshi Anupam Joshi Suyash Choudhary Anupam Joshi Suyash Choudhary Suyash Choudhary (w.e.f. 3 Oct, 2011) Ideal Investment Horizon 1 Year or more 1 Day or more 1 Day or more 9 Months or more 12 Months or more 1 Year or more 1 Year or more Minimum Investment Amount ` 5,000/- and in multiples of Plan A: ` 5,000 and in multiples of Plan A: ` 5,000 and in multiples of Plan A: ` 5,000 and in multiples of Plan A: ` 5,000 and in multiples of thereafter. thereafter, Plan B: ` 1 Crore and in multiples of thereafter, Plan C: ` 5 Crores and in multiples thereafter. thereafter, Plan B: ` 5 Crore and in multiples of thereafter, Plan F: ` 5,000 and in multiples of thereafter. thereafter, Plan B: ` 1 Crore and in multiples of thereafter, Plan C: ` 5 Crores and in multiples thereafter, Plan D: ` 25,000/- and in multiples of `1/- thereafter, Plan F: ` 5,000/- and in multiples of `1/- thereafter.(w.e.f. 4 Jan, 2012) thereafter, Plan B: ` 5 Crore and in multiples of thereafter, Plan C: ` 10 Crores and in multiples thereafter, Plan D: ` 5,000/- and in multiples of `1/- thereafter. Plan F: ` 5,000/- and in multiples of `1/- thereafter. Plan A: ` 5,000 and in multiples of thereafter, Plan B: ` 5 Crore and in multiples of thereafter, Plan C: ` 10 Crores and in multiples thereafter, Plan F: ` 5,000 and in multiples of thereafter Additional Investment Amount Plan A: ` 5,000 and in multiples of thereafter, Plan B: ` 5 Crore and in multiples of thereafter Entry Load Exit Load 1.50% if redeemed before 18 months from the date of investment. Plan A: Plan B: Plan C: Plan D: Plan F: 0.50% of NAV on investors who purchase / switch in and seek to redeem / switch out such units within 6 months from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options will not be levied an exit load. (w.e.f 01 March, 2011) 0.60% of applicable NAV to the investors who purchase/ switch and seek to redeem/ switch out such investments within nine months from the date of effecting such purchase/ switch in. Investors opting for PEP/ Dividend reinvestment option/ SWP or switch between options within the plan will not be levied an exit load. (w.e.f 06 Feb, 2012) Plan A, Plan B, Plan C & Plan F: 1.00% if redeemed before 365 days from the date of investment. Plan A: Plan B: (w.e.f. 24 Aug 2009) Options Available Growth, Dividend & (payout & reinvestment) Growth, Dividend & Dividend Sweep (w.e.f. 16-Nov-2009) Growth, Dividend & Dividend Sweep Growth, Dividend & Dividend Sweep Growth, Dividend, Dividend Sweep & Dividend Payout & Reinvestment option Growth, Dividend & Dividend Sweep Growth, Dividend & Dividend Sweep (w.e.f. 16-Nov-2009) Dividend Frequency Daily, Weekly with compulsory reinvestment, Monthly and ic Daily & Weekly with Compulsory reinvestment & Monthly Fortnightly & Monthly, (ic only in Plan C w.e.f. 21-Jan-2012) Daily, Bi - Monthly (once in two months) i.e. in the months of March, May, July, September, November & January, Fortnightly, Monthly& Quarterly (with reinvestment facility) (for Plan A) Monthly and Quarterly (with reinvestment) under Plan B Quarterly (March, June, September & December), Half Yearly (March & September) & Annual (March) Quarterly (March, June, September & December) & Annual (March) Dividend Re-investment SIP (Minimum Amount) ` 1,000/- Plan A: ` 1,000/- ` 1,000/- Plan A: ` 1,000/- Plan A: ` 1,000/- Plan A: ` 1,000/- Plan A: ` 1,000/- SIP Frequency Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly SIP Dates, Weekly Fortnightly Monthly Lock in Face Value (`/Unit) ` 1000/- (w.e.f. 05 Nov, 2011) NAV Frequency Daily Crisil MIP Blended Index Crisil Liquid Fund Index NSE MIBOR Index CRISIL Short Term Bond Fund Index CRISIL Short Term Bond Fund Index CRISIL Composite Bond Fund Index CRISIL Composite Bond Fund Index 36

36 Fund Snapshot IDFC Money Manager Fund - Investment Plan IDFC Government Securities Fund - Short Term Plan IDFC Government Securities Fund - Provident Fund Plan IDFC Government Securities Fund - Investment Plan IDFC Ultra short Term Fund IDFC All Seasons Bond Fund Nature of the Open-ended Income Fund Open Ended - Dedicated Gilt Fund Open Ended - Dedicated Gilt Fund Open Ended - Dedicated Gilt Fund Open Ended Income Fund Open-ended Fund of Funds Inception Date August 9, 2004 March 9, 2002 March 29, 2004 March 9, 2002 January 17, 2006 September 13, 2004 Investment Objective Seek to generate stable returns with a low risk strategy by creating a portfolio that is substantially invested in good quality floating rate debt or money market instruments, fixed rate debt or money market instruments swapped for floating returns and fixed rate debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC GSF -ST is an open ended dedicated gilt scheme with an objective to generate optimal returns with high liquidity by investing Government Securities. However there is no assurance that the investment objective of the scheme will be realized. Seek to generate optimal returns with high liquidity by investing in Government Securities. IDFC GSF -IP is an open ended dedicated gilt scheme with an objective to generate optimal returns with high liquidity by investing Government Securities. However there is no assurance that the investment objective of the scheme will be realized. To offer an investment avenue for short term savings by looking to generate stable returns with a low risk strategy. The scheme will have a portfolio that is invested in good quality debt and money market instruments such that the fund will offer a blend of liquidity with stability of returns. There can be no assurance that the investment objective of the scheme will be realized. Seek to generate optimal returns with high liquidity by active management of the portfolio by investing predominantly in debt oriented mutual fund schemesand money market instruments. However, there can be no assurance that the investment objectives of the will be realized Fund Manager Anupam Joshi Suyash Choudhary (w.e.f. 15 Oct 2010) Suyash Choudhary (w.e.f. 15 Oct 2010) Suyash Choudhary (w.e.f. 15 Oct 2010) Anupam Joshi Suyash Choudhary (w.e.f. 15 Oct 2010) Ideal Investment Horizon 6 Months or more 6 Months or more 1 Year or more 1 Year or more 3 Months or more 1 Year or more Minimum Investment Amount Plan A: ` 5,000 and in multiples of thereafter, Plan B: ` 5 Crore and in multiples of thereafter, Plan F: ` 5,000 and in multiples thereafter, Plan A: ` 5,000 and in multiples of thereafter, Plan B: ` 5 Crore and in multiples of ` 1/- thereafter Plan A: ` 5,000 and in multiples of thereafter, Plan B: ` 25 Lacs and in multiples of ` 1/- thereafter Plan A: ` 5,000 and in multiples of thereafter, Plan B: ` 1 Crore and in multiples of ` 1/- thereafter ` 10,000 and in multiples of thereafter (w.e.f. 30 Dec 2011) Plan A: ` 24,000 and in multiples of thereafter (w.e.f. 06 Sep 2011) Additional Investment Amount Entry Load Exit Load Plan A, Plan B & Plan F: Exit Load for all investment including SIP/Micro SIP/STP shall be 0.25% of the applicable NAV if redeemed / switched out within One Month from the date of allotment. (w.e.f March 01, 2011) Plan A & Plan B: 0.25% if redeemed before 30 days from the date of investment. (w.e.f. 24 Aug 2009) Plan A & Plan B: 1.00% if redeemed before 365 days from the date of investment. (w.e.f. 24 Aug 2009) (w.e.f. 15 Jul 2011) For all investment including SIP/Micro SIP/STP shall be 1.00% of the applicable NAV if redeemed /switched out within 100 days from the date of allotment. (w.e.f. 27 December 2011) Plan A: 1.00% if redeemed before 365 days from the date of investment. (w.e.f. 06 Sep 2011) Options Available Growth, Dividend & Dividend Sweep Growth, Dividend & Dividend Sweep (w.e.f. 16-Nov-2009) Growth, Dividend & Dividend Sweep (w.e.f. 16-Nov-2009) Growth, Dividend & Dividend Sweep (w.e.f. 16-Nov-2009) Growth, Dividend & Dividend Sweep (w.e.f. 16-Nov-2009) Growth, Dividend & Dividend Sweep (w.e.f. 16-Nov-2009) Dividend Frequency Dividend Re-investment Daily & Weekly (with reinvest facility in both plan A & plan B), Monthly, Quarterly & Annual, (ic only in Plan B w.e.f. 03- Feb-2012) Quarterly, Monthly Quarterly (March, June, September & December) & Annual (March) Quarterly, Half yearly, Yearly Daily with compulsory re-investment, Weekly with compulsory reinvestment, Monthly and Quarterly. - Quarterly, Half Yearly, Annual SIP (Minimum Amount) Plan A: ` 1,000/- Plan A: ` 1,000/- Plan A: ` 1,000/- Plan A: ` 1,000/- ` 1,000/- ` 1,000/- SIP Frequency Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly Daily, Weekly, Fortnightly, Monthly SIP Dates, Weekly Fortnightly Monthly Lock in Face Value (`/Unit) NAV Frequency NSE MIBOR Index ISEC Composite Index ISEC Composite Index ISEC Composite Index Crisil Liquid Fund Index CRISIL Composite Bond Fund Index 37

37 Fund Manager Details Fund Manager : Mr. Kenneth Andrade Managed: IDFC Premier Equity Fund Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # ^ # ## Sep 28, 2005 (Since Inception) % 8.22% 9.65% 28,533 16,397 17,799 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 16.35% 17.95% NA Dec 31, 2008 To Dec 31, % 90.23% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # BSE 500 ##CNX Nifty Managed: IDFC Sterling Equity Fund Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # ^ # ## Mar 07, 2008 (Since Inception) % -1.61% -0.82% 14,976 9,401 9,691 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 19.16% 17.95% NA Dec 31, 2008 To Dec 31, % 98.97% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CNX Midcap ##CNX Nifty Managed: IDFC Equity Fund Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): Managed: IDFC Strategic Sector (50-50) Equity Fund Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # ^ # ## Jun 09, 2006 (Since Inception) % 8.98% 8.51% 13,399 16,133 15,754 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 17.95% 17.43% NA Dec 31, 2008 To Dec 31, % 75.76% 81.03% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CNX Nifty ##BSE Sensex # ^ # ## Oct 03, 2008 (Since Inception) % 6.09% 6.70% 12,435 12,111 12,338 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 17.95% 17.43% NA Dec 31, 2008 To Dec 31, % 75.76% 81.03% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CNX Nifty ##BSE Sensex Fund Manager : Mr. Tridib Pathak Managed: IDFC Imperial Equity Fund Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): Managed: IDFC Classic Equity Fund Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # ^ # ## Mar 16, 2006 (Since Inception) % 6.41% 6.25% 16,430 14,332 14,207 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 17.95% 17.43% NA Dec 31, 2008 To Dec 31, % 75.76% 81.03% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CNX Nifty ##BSE Sensex # ^ # ## Aug 09, 2005 (Since Inception) % 10.32% 11.40% 16,474 18,743 19,944 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 16.22% 17.95% NA Dec 31, 2008 To Dec 31, % 88.51% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # BSE 200 ##CNX Nifty Fund Manager : Mr. Neelotpal Sahai. Managed: IDFC India GDP Growth Fund Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 16.35% 17.95% ^ Past performance may or may not be sustained in future # BSE 500 ##CNX Nifty Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # Managed: IDFC Tax Advantage (ELSS) Fund Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # ^ # ## Dec 26, 2008 (Since Inception) % 18.30% 17.34% 16,244 16,587 16,184 Dec 31, 2010 To Dec 30, % % % Dec 31, 2009 To Dec 31, % 16.22% 17.95% NA Dec 31, 2008 To Dec 31, % 88.51% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # BSE 200 ##CNX Nifty Fund Manager : Ms. Punam Sharma Managed: IDFC Asset Allocation Fund - Conservative Plan Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): Managed: IDFC Asset Allocation Fund - Moderate Plan Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # # Dec 31, 2010 To Dec 30, % 1.72% 1.91% ^ Past performance may or may not be sustained in future # CRISIL MIP Blended Index ##10 Year GOI Dec 31, 2010 To Dec 30, % 1.72% 1.91% ^ Past performance may or may not be sustained in future # CRISIL MIP Blended Index ##10 Year GOI Managed: IDFC Asset Allocation Fund - Aggressive Plan Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): Managed: IDFC Nifty Fund Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # # Dec 31, 2010 To Dec 30, % % 1.91% ^ Past performance may or may not be sustained in future # CRISIL Balanced Fund Index ##10 Year GOI Dec 31, 2010 To Dec 30, % % % ^ Past performance may or may not be sustained in future # CNX Nifty ##BSE Sensex 38

38 Fund Manager Details Fund Manager : Mr. Kenneth Andrade & Mr. Suyash Choudhary Managed: IDFC Arbitrage Fund Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # ^ # ## Dec 21, 2006 (Since Inception) % 6.81% 3.80% 13,818 13,929 12,063 Dec 31, 2010 To Dec 30, % 8.15% % Dec 31, 2009 To Dec 31, % 5.12% 17.95% NA Dec 31, 2008 To Dec 31, % 4.86% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Liquid Fund Index ##CNX Nifty Managed: IDFC Monthly Income Plan Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): Managed: IDFC Arbitrage Plus Fund Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # ^ # ## Jun 09, 2008 (Since Inception) % 6.54% 0.76% 12,326 12,528 10,274 Dec 31, 2010 To Dec 30, % 8.15% % Dec 31, 2009 To Dec 31, % 5.12% 17.95% NA Dec 31, 2008 To Dec 31, % 4.86% 75.76% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Liquid Fund Index ##CNX Nifty # Dec 31, 2010 To Dec 30, % 1.72% 1.91% ^ Past performance may or may not be sustained in future # CRISIL MIP Blended Index ##10 Year GOI Fund Manager : Mr. Anupam Joshi Managed: IDFC Money Manager Fund Treasury Plan # ^ # ## Feb 18, 2003 (Since Inception) % 5.96% 5.04% 16,753 16,712 15,460 Dec 31, 2010 To Dec 30, % 7.96% 6.42% Dec 31, 2009 To Dec 31, % 5.19% 2.81% NA Dec 31, 2008 To Dec 31, % 3.63% 2.88% Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): Managed: IDFC Money Manager Fund Investment Plan Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # ^ # ## Aug 09, 2004 (Since Inception) % 6.18% 5.04% 15,903 15,581 14,383 Dec 31, 2010 To Dec 30, % 7.96% 6.42% Dec 31, 2009 To Dec 31, % 5.19% 2.81% NA Dec 31, 2008 To Dec 31, % 3.63% 2.88% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future #NSE Mibor Index ##1 Year T-Bill Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # NSE Mibor Index ##1 Year T-Bill Managed: IDFC Super Saver Income Fund Medium Term Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # ^ # ## Jul 08, 2003 (Since Inception) % 6.15% 4.98% 17,861 16,594 15,099 Dec 31, 2010 To Dec 30, % 7.84% 6.42% Dec 31, 2009 To Dec 31, % 4.70% 2.81% NA Dec 31, 2008 To Dec 31, % 6.58% 2.88% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Short-Term Bond Fund Index ##1 Year T-Bill Fund Manager : Mr. Suyash Choudhary Managed: IDFC Super Saver Income Fund Short Term # ^ # ## Dec 14, 2000 (Since Inception) % NA 5.77% 21,546 NA 18,582 Dec 31, 2010 To Dec 30, % 7.84% 6.42% Dec 31, 2009 To Dec 31, % 4.70% 2.81% NA Dec 31, 2008 To Dec 31, % 6.58% 2.88% Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): Managed: IDFC Dynamic Bond Fund Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): # ^ # ## Jun 25, 2002 (Since Inception) % 5.96% 5.98% 20,682 17,350 17,384 Dec 31, 2010 To Dec 30, % 6.90% 1.91% Dec 31, 2009 To Dec 31, % 4.96% 3.11% NA Dec 31, 2008 To Dec 31, % 3.50% -8.66% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # # CRISIL Short-Term Bond Fund Index ##1 Year T-Bill Managed: IDFC Super Saver Income Fund Investment Plan Plan A Growth Option (NAV as on Dec 30, 2011 ` per Unit): ^ # ## Jul 14, 2000 (Since Inception) % NA NA 24,873 NA NA Dec 31, 2010 To Dec 30, % 6.90% 1.91% Dec 31, 2009 To Dec 31, % 4.96% 3.11% NA Dec 31, 2008 To Dec 31, % 3.50% -8.66% Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Composite Bond Fund Index ##10 Year GOI Greater than 1 year returns are Compounded Annualised Returns. ^ Past performance may or may not be sustained in future # CRISIL Composite Bond Fund Index ##10 Year GOI 39

39 Dividend History Last 3 Dividends (`/unit) : (IDFC - EF) An Open Ended Equity Fund (IDFC - APF) An Open Ended Equity Fund Contd. Contd... Date Plan Dividend NAV 18 Mar Jul May (IDFC - IEF) An Open Ended Equity Fund Date Plan Dividend NAV 25 Jan 12 Plan B Jan 11 Plan B Jan 12 Plan A Jan 11 Plan A Jun 09 Plan A Jun 09 Plan A May (IDFC - SEF) An Open Ended Equity Fund Date Plan Dividend NAV 29 Apr Apr Sep (IDFC - PEF) An Open Ended Equity Fund Date Plan Dividend NAV 29 Mar 11 Plan B Mar 10 Plan B Mar 11 Plan A Mar 10 Plan A Apr (IDFC - IGGF) An Open Ended Equity Fund Date Plan Dividend NAV 31 May May (IDFC - CEF) An Open Ended Equity Fund Date Plan Dividend NAV 25 Feb 11 Plan B Feb 11 Plan A Oct 07 Plan A May 07 Plan A Aug (IDFC - TA (ELSS)Fund) An Open Ended Equity Linked Saving with Lock in of 3 Years Date Plan Dividend NAV 23 Mar Feb Mar (IDFC - AF) An Open Ended Equity Fund Date Plan Dividend NAV 12-Jan-10 Plan A Feb-10 Plan A Mar-10 Plan A May-10 Plan B Jun-10 Plan B Jul-10 Plan B Date Plan Dividend NAV 09 Jan 12 Plan A Jan 12 Plan B Dec 11 Plan A Dec 11 Plan B Nov 11 Plan A Nov 11 Plan B (IDFC-AAF-AP) An Open Ended Fund of Funds Date NAV Other I & H 17 Nov Aug Apr (IDFC-AAF-MP) An Open Ended Fund of Funds Date NAV Other I & H 17 Nov Jul Apr (IDFC-AAF-CP) An Open Ended Fund of Funds Date NAV Other I & H 12 Dec Nov Sep (IDFC - CF) An Open Ended Liquid Fund Date NAV Freq Other I & H IDFC- CF Plan A 31 Jan Daily Jan Daily Jan Daily Jan Weekly Jan Weekly Jan Weekly Jan Monthly Dec Monthly Nov Monthly Dec ic IDFC-CF Plan B 31 Jan Daily Jan Daily Jan Daily Jan Weekly Jan Weekly Jan Weekly IDFC-CF Plan C 31 Jan Daily Jan Daily Jan Daily Jan Weekly Jan Weekly Jan Weekly Jan Monthly Dec Monthly Nov Monthly Dec ic Sep ic Jul ic (IDFC - MMF - TP) An Open Ended Income Fund Date NAV Freq Other I & H IDFC- MMF -TP Plan A 30 Jan Monthly Dec Monthly Nov Monthly IDFC-MMF -TP Plan B 30 Jan Monthly Dec Monthly Nov Monthly IDFC-MMF -TP Plan C 30 Jan Monthly Dec Monthly Nov Monthly (IDFC - SSIF - ST) An Open Ended Income Fund Date NAV Freq Other I & H IDFC- SSIF-ST Plan A 27 Jan Fortnightly Jan Fortnightly Dec Fortnightly Jan Monthly Dec Monthly Nov Monthly IDFC- SSIF-ST Plan B 27 Jan Fortnightly Jan Fortnightly Dec Fortnightly Jan Monthly Dec Monthly Nov Monthly IDFC-SSIF-ST Plan C 27 Jan Fortnightly Jan Fortnightly Dec Fortnightly Jan Monthly Dec Monthly Nov Monthly IDFC-SSIF-ST Plan D 27 Jan Fortnightly Dec Fortnightly Nov Fortnightly Nov Monthly Sep Monthly Aug Monthly (IDFC - SSIF - MT) An Open Ended Income Fund Date NAV Freq Other I & H IDFC- SSIF-MT Plan A 31 Jan Daily Jan Daily Jan Daily Jan Bimonthly Nov Bimonthly Sep Bimonthly Jan Fortnightly Jan Fortnightly Dec Fortnightly Jan Monthly Dec Monthly Nov Monthly Dec Quarterly Sep Quarterly Jun Quarterly IDFC- SSIF-MT Plan B 30 Jan Monthly Dec Monthly Nov Monthly Mar Annual IDFC- SSIF-MT Plan B 29 Dec Sep IDFC- SSIF-MT Plan F 29 Dec Sep Mar (IDFC - SSIF - IP) An Open Ended Income Fund Date NAV Freq Other I & H IDFC-SSIF-IP-Plan A 29 Dec Quarterly Sep Quarterly Jun Quarterly Sep Half Yearly Mar Half Yearly Sep Half Yearly Mar Annual IDFC-SSIF-IP-Plan B 29 Dec Sep Mar IDFC-SSIF-IP-Plan C 31 Dec Jun (IDFC - DBF) An Open Ended Income Fund Date NAV Freq Other I & H IDFC- DBF - Plan A 29 Dec Quarterly Dec Quarterly Mar Quarterly Mar Annual IDFC- DBF - Plan B 29 Dec Sep Mar (IDFC - MMF - IP) An Open Ended Income Fund Date NAV Freq Other I & H IDFC- MMF -IP Plan A 31 Jan Daily Jan Daily Jan Daily Jan Weekly Jan Weekly Jan Weekly Jan Monthly Dec Monthly Nov Monthly Dec Quarterly Sep Quarterly Jun Quarterly Mar Annually IDFC-MMF-IP Plan B 31 Jan Daily Jan Daily Jan Daily Jan Weekly Jan Weekly Jan Weekly Jan Monthly Dec Monthly Nov Monthly

40 Methodology of Ranking Value Research Rating Value Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and hybrid funds this rating is based on the weighted average monthly returns for the last 3 and 5-year periods. In the case of debt funds this rating is based on the weighted average weekly returns for the last 18 months and 3- year periods and in case of short-term debt funds - weekly returns for the last 18 months. These ratings do not take into consideration any entry or exit load. Each category must have a minimum of 10 funds for it to be rated. Effective, July 2008, we have put an additional qualifying criteria, whereby a fund with less than `5 crore of average AUM in the past six months will not be eligible for rating. Five-stars indicate that a fund is in the top 10% of its category in terms of historical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5%, middle 35% receive three stars, the next 22.5% are assigned two stars while the bottom 10% receive one star. The number of schemes in each category is mentioned along side the categories name. Equity: Large Cap (48), Equity: Large & Mid Cap (56), Equity: Multi Cap (37), Equity: Mid & Small Cap (49) Equity: Tax Planning (29), Equity: Infrastructure (18), Equity: Banking (10), Hybrid: Equity-oriented (23), Hybrid: Debt-oriented Aggressive (14), Hybrid: Debt-oriented Conservative (41), Hybrid: Arbitrage (14) Debt: Income (65), Debt: Gilt Medium & Long Term (35), Debt: Short Term (20), Debt: Ultra Short Term (150), Debt: Liquid (100). These Fund Ratings are as on January 31, The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The Ratings are subject to change every month. The Rating is based on primary data provided by respective funds, Value Research does not guarantee the accuracy. ICRA Mutual Fund Awards Disclaimer IDFC Premier Equity Fund has been ranked as a Seven Star Fund in the category of 'Open Ended Equity Mid & Small Cap' schemes for its 1 year performance till December 31, The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, company concentration, sector concentration, Liquidity Analysis and Fund size. The ranking methodology did not take into account loads imposed by the Fund. There were 36 schemes considered in 'Open Ended Equity Mid & Small Cap' category for the ranking exercise. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of IDFC Premier Equity Fund. Ranking Source & Publisher: ICRA Online Limited IDFC Premier Equity Fund has been ranked as a Seven Star Fund in the category of 'Open Ended Equity Mid & Small Cap' schemes for its 3 year performance till December 31, The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, company concentration, sector concentration, Liquidity Analysis and Fund size. The ranking methodology did not take into account loads imposed by the Fund. There were 27 schemes considered in 'Open Ended Equity Mid & Small Cap' category for the ranking exercise. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of IDFC Premier Equity Fund. Ranking Source & Publisher: ICRA Online Limited IDFC Dynamic Bond Fund has been ranked as a Seven Star Fund in the category of 'Open Ended Debt Long Term' schemes for its 1 year performance till December 31, The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size, sector concentration, credit indicator and average maturity. The ranking methodology did not take into account loads imposed by the Fund. There were 25 schemes considered in 'Open Ended Debt Long Term' category for the ranking exercise. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of IDFC Dynamic Bond Fund Ranking Source & Publisher: ICRA Online Limited ICRA Credit Risk Rating IDFC Money Manager Fund - Treasury Plan: Credit Risk Rating AAA mfs - The Fund carries the lowest credit risk, similar to that associated with long-term debt obligations rated in the highest-credit-quality category. IDFC Money Manager Fund Investment Plan: Credit Risk Rating AAAmfs - The Fund carries the lowest credit risk, similar to that associated with long-term debt obligations rated in the highest-credit-quality category. IDFC Cash Fund: Credit Risk Rating A1+ mfs - The highest-credit-quality short-term rating assigned by ICRA to debt funds. Debt funds rated in this category carry the lowest credit risk in the short term and are similar to that of fixed income obligations of highest-credit-quality category with maturity of upto one year. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns. IDFC Super Saver Income Fund - Short Term Plan: Credit Risk Rating AAAmfs - The Fund carries the lowest credit risk, similar to that associated with long-term debt obligations rated in the highest-credit-quality category. Source: ICRA Ltd. CRISIL Credit Quality Rating IDFC Super Saver Income Fund - Investment Plan: Credit Quality Rating AAAf - The assigned rating AAAf is valid only for IDFC Super Saver Income Fund - Investment Plan. The rating of CRISIL is not an opinion on the Asset Management Company's willingness or ability to make timely payments to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. CRISIL Credit Quality Rating Methodology CRISIL's credit quality ratings are based on the analysis of the credit risk of securities held by the fund. CRISIL has developed a Credit Quality Matrix to evaluate fund's overall level of protection against losses associated with credit default. The matrix is a set of credit factors and credit scores derived scientifically from CRISIL's rating default and transition rates. Morningstar Rating This Morningstar-sourced information is provided to you by IDFC AMC and is at your own risk. Morningstar is not responsible for any damages or losses arising from any use of this information. Also, this information must not be relied upon without ppropriate verification. IDFC AMC informs you as follows: (i) no investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor; (ii) past performance is no guarantee of future results; and (iii) the value and income derived from investments can go down as well as up. The Morningstar fund rating methodology is based on a fund's risk-adjusted return within a given Morningstar category. Morningstar ratings are calculated every month for the 3 year, 5 year and 10 year period. Within each rating period, the top 10% funds receive a five star rating, the next 22.5% earn a four star rating, the next 35% get three stars, the next 22.5% receive two stars, and the bottom 10% get one star. Loads are not considered for the rating purpose. The rating is based on NAV provided by respective funds. The current fund rating is for the 3 year period as of st Jan 31, IDFC Premier Equity Fund Growth has been rated 5-Star fund in the category of Small/Mid Cap schemes (140 s), IDFC Sterling Equity Fund Growth has been rated 4- Star fund in the category of Small/Mid Cap schemes (140 s), IDFC Imperial Equity Fund Growth has been rated 4-Star fund in the category of Large Cap schemes (318 s), IDFC Dynamic Bond Fund Growth has been rated 4-Star fund in the category of Intermediate Bond schemes (150 s), IDFC Gov Sec PF Fund Growth has been rated 4-Star fund in the category of Intermediate Government schemes (72 s), IDFC SS Inc M/T Fund Growth has been rated 4-Star fund in the category of Short-term Bond schemes (105 s), IDFC SS Inc ST Fund Growth has been rated 4-Star fund in the category of Short Term Bond schemes (105 s) 41

41 Risk Factors Risk Factors: Mutual Funds and securities investments are subject to market risks, reinvestment risk, changes in political, economic environment and government policy and there is no assurance or guarantee that the objectives of the /s will be achieved. The NAV of the /s can go up or down depending on factors and forces affecting the Securities Market including fluctuation in interest rates, trading volumes and reinvestment risk. Past performance of the Sponsor/AMC/Mutual Fund is not necessarily indicative of the future performance of the /s and may not necessarily provide a basis for comparison with other investments. IDFC Classic Equity Fund (IDFC - CEF), IDFC Equity Fund (IDFC - EF), IDFC Infrastructure Fund (IDFC-IF),IDFC Imperial Equity Fund (IDFC - IEF), IDFC Nifty Fund (IDFC NF), IDFC Premier Equity Fund (IDFC - PEF), IDFC Arbitrage Fund (IDFC - AF), IDFC Arbitrage Plus Fund (IDFC - APF), IDFC Sterling Equity Fund (SEF) Fund, (IDFC - SMEF), IDFC Strategic Sector (50-50) Equity Fund IDFC-SS (50-50)-EF, IDFC India GDP Growth Fund (IDFC-IGGF), IDFC Super Saver Income Fund - Investment Plan (IDFC - SSIF-IP), IDFC Tax Advantage (ELSS) Fund (IDFC TA-ELSS), IDFC Super Saver Income Fund - Medium Term (IDFC-SSIF-MT), IDFC Super Saver Income Fund - Short Term (IDFC-SSIF-ST), IDFC Cash Fund (IDFC-CF), IDFC Money Manager Fund - Treasury Plan (IDFC-MMF-TP), IDFC Money Manager Fund - Investment Plan(IDFC MMF-IP), IDFC Asset Allocation Fund Aggressive Plan (IDFC-AAF- AP) IDFC Asset Allocation Fund Conservative Plan (IDFC-AAF-CP), IDFC Asset Allocation Fund Moderate Plan (IDFC-AAF-MP), IDFC Dynamic Bond Fund (IDFC DBF) are names of the s and do not in any manner indicate either the quality of the s, their future prospects or returns. The Sponsor or any of its associates is not responsible or liable for any loss resulting from the operation of the s beyond the corpus of the Trust of `30,000/-. Terms of Issue & Load Structure: IDFC-CEF, IDFC-IEF, IDFC NF IDFC-PEF, IDFC-AF, IDFC - EF, IDFC-APF, IDFC-SEF, IDFC- SS(50-50)-EF,IDFC IF, IDFC-IGGF, IDFC-SSIF (IP), IDFC-SSIF (MT), IDFC TA( ELSS ) IDFC-SSIF (ST), IDFC-CF,IDFC-MMF-TP,IDFC-MMF-IP,IDFC-AAF-AP IDFC-AAF-CP, IDFC- AAF-MP, IDFC-DBF: During the continuous offer the AMC calculates and publishes NAVs and offers for sale and redemption of units of the on all Business days. Entry Loads for all the schemes.exit Load - For all the equity schemes (other than IDFC Arbitrage Fund, IDFC Arbitrage plus Fund and ELSS s of IDFC): All investment including SIP/STP/Micro SIP/STP/FOF if redeemed / switched out within 365 days from the date of allotment-1%. No Entry Load/ Exit Loads/CDSC shall be chargeable in case of switches made between different options of the scheme. IDFC-AF - (Plan A & Plan B): is an Open Ended Equity scheme. 0.25% if redemption / switch is requested within 30 days from the date purchase during on going period. IDFC-APF - (Plan A & Plan B): 0.50% of NAV on investors who purchase / switch and seek to redeem / switch out such investments within 365 days from the date of effecting such purchase / switch in. IDFC-SEF: The scheme is converted into open ended scheme w.e.f. September 11, After then during the Ongoing Offer load will be charged as follows: If redeemed within 1 year from the date of purchase(s) applying First in First out basis (including purchase made through the STP/SIP) -1.00%.No exit load /CDSC will be chargeable in case of switches made between different options of the schemes. IDFC-NF: All subscriptions including SIP/STP if redeemed/switched out (to any non equity scheme of IDFC Mutual Fund) within seven days (7days) from the date of allotment, exit load of 1% shall be charged (w.e.f 07 Nov,2011). IDFC Tax Advantage (ELSS) Fund:. India IDFC-SSIF Investment Plan (IP) Plan A Plan B, plan C & Plan F - 1% of NAV on investors who purchase / switch and seek to redeem / switch out such investments within 365 days from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options within the plan will not be levied an exit load. IDFC DBF (Plan A & Plan B):-, IDFC-SSIF Medium Term Plan (MT) Plan A, Plan B & Plan F: Exit Load: 0.60% of applicable NAV to the investors who purchase / switch and seek to redeem / switch out such investments within nine months from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options within the plan will not be levied an exit load (w.e.f. February 06, 2012). IDFC-SSIF Short Term Plan (ST) Plan A, B, C, D & F: 0.50% of NAV on investors who purchase / switch in and seek to redeem / switch out such units within 6 months from the date of effecting such purchase / switch in. Investors opting for PEP / Dividend reinvestment option / SWP or switch between options will not be levied an exit load. (with effect from March 01, 2011) IDFC CF Plan A & Plan B;. IDFC MMF TP (Plan A, Plan B, Plan C, Plan D & Plan F), IDFC-MMF-IP-(Plan A, Plan B & Plan F): Exit Load for all investment including SIP/Micro SIP/STP shall be 0.25% of the applicable NAV if redeemed / switched out within One Month from the date of allotment. (with effect from March 01, 2011), IDFC-AAF-AP, IDFC-AAF-CP, and IDFC-AAF-MP: 1.50% of the NAV shall be applicable if investors who redeem / switch out such investments within 18 months from the date of subscription applying First in First Out basis, (including investments through SIP/STP). Switches between Plans (within the scheme) shall not attract load. IDFC-IF: 1% if redeemed within 365 days from the date of allotment/investment. Investment Objective: IDFC CEF: The investment objective of the scheme is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-IEF: The investment objective of the is to seek to generate capital appreciation and/or provide income distribution from a portfolio of predominantly equity and equity related instruments. There is no assurance or guarantee that the objectives of the scheme will be realized. IDFC-PEF: The shall seek to generate long-term capital growth from an actively managed portfolio of predominantly equity and equity related instruments.however there is no assurance that the investment objective of the scheme will berealized. IDFC-AF & IDFC APF: The investment objective of the is to generate capital appreciation and income by predominantly investing in arbitrage opportunity in the cash and the derivative segments of the equity markets and the arbitrage opportunity available within the derivative segments and by investing the balance in debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. The recurring expense of the scheme is in addition to the expenses of the schemes in which the Fund of Fund scheme makes investment.idfcef: The investment objective of the scheme is to seek to generate capital growth from a portfolio of predominantly equity and equity related instruments (Including Equity derivatives). The scheme may also invest in debt and money market instruments to generate reasonable income. However there is no assurance that the investmentobjective of the scheme will be realized. IDFC-SEF: The investment objective of the is to seek to generate capital appreciation from a diversified portfolio of equity and equity related instruments. The will predominantly invest in small andmidcap equity and equity related instruments. Small and Midcap equity and equity related instruments will be the stocks included in the CNX Midcap index or equity and equity related instruments of such companies which have a market capitalization lower than the highest components of CNX Midcap Index. The may also invest in stock other than mid cap stocks (i.e. in stocks, which have a market capitalization of above the market capitalization range of the defined small midcap stocks) and derivatives. On defensive consideration, the may also invest in debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-SS (50-50)-EF: The investment objective of the scheme is to seek to generate long-term capital appreciation by investing in Equity and Equity related instruments. The investment objective of the fund shall be achieved by investing up to fifty percent of the assets of the scheme in a chosen sector (sector specific exposure) while the balance amount may be invested in companies across market capitalizations and across sectors (diversified exposure). The scheme may also invest in debt and money market instruments. There is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns.. IDFC IGGF: The investment objective of the scheme is seek to generate long term capital appreciation by investing in Equity and Equity related instruments. The scheme aims to capture the growth in India's Gross Domestic Product (GDP). The scheme would endevour to represent the growth in GDP by capturing the growth in the constituents of the GDP. The scheme may also invest in Debt and money market instruments. There is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns. IDFC-IF: The investment objective of the scheme is to seek to generate long-term capital growth through an active diversified portfolio of predominantly equity and equity related instruments of companies that are participating in and benefiting from growth in Indian infrastructure and infrastructural related activities. However, there can be no assurance that the investment objective of the scheme will be realized. IDFC - SSIF-IP: Seek to generate stable returns by creating a portfolio that is invested in good quality fixed income and money market securities. However there is no assurance that the investment objective of the scheme will be realized. IDFC TA (ELSS): The investment objective of the is to seek to generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities. There can be no assurance that the investment objective of the scheme will be realized. IDFC NF: The investment objective of the scheme is to replicate the S&P CNX Nifty Index by investing in securities of the CNX Nifty Index in the same proportion/weigtage. However, there is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns. IDFC DBF: Seek to generate optimal returns with high liquidity by active management of the portfolio; by investing in high quality money market & debt instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-SSIFMT: Seek to generate stable returns with a low risk strategy by investing in good quality fixed income securities and money market securities. However there is no assurance that the investment objective of the scheme will be realized. IDFC-SSIF-ST: Seek to generate stable returns with a low risk strategy by investing in good quality fixed income securities and money market securities. However there is no assurance that the investment objective of the scheme will be realized. IDFC-CF: IDFC-CF is an open-ended liquid fund with an objective to generate optimal returns with high liquidity by investing in high quality moneymarket and debt instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-MMF-TP& IDFC-MMF-IP: Seek to generate stable returns with a low risk strategy by creating a portfolio that is substantially invested in goodquality floating rate debt or money market instruments, fixed rate debt or money market instruments swapped for floating returns and fixed rate debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. IDFC-AAF-AP, IDFC-AAF-CP, and IDFC-AAF-MP: The primary objective of is to generate capital appreciation through investment in different mutual fund schemes primarily local funds based on a defined asset allocation model. However, there can be no assurance that the investment objective of the scheme will be realized. The recurring expense of the scheme is in addition to the expenses of the schemes in which the Fund of Fund scheme makes investment. IDFC MIP: The primary objective of is to generate regular returns through investment primarily in debt securities. The secondary objective of the is to generate long-term capital appreciation by investing a portion of the 's assets in equity securities. Monthly Income is not assumed and the same is subject to availability of distributable surplus. IISL Disclaimer: S&P and Standard and Poor's are trademarks of the McGraw-hill Companies, Inc. ( S&P ), and have been licensed for use by India Index Services & Products Limited in connection with the S&P CNX Nifty Index. The Product is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited ("IISL") or Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). Neither IISL nor S&P makes any representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product. Please read the full Disclaimers in relation to the S&P CNX Nifty Index in the Offer Document / Prospectus / Information Statement." Statutory Details: IDFC Mutual Fund has been set up as a trust by Infrastructure Development Finance Company Limited (IDFC) (liability restricted to corpus of Trust of `30,000) with IDFC AMC Trustee Company Ltd as the trustee and IDFC Asset Management Company Ltd as the investment manager. Investors in the scheme(s) are not being offered any guaranteed or assured rate of return. Copy of Information Document and Key Information Memorandum along with application form for all the schemes may be obtained from the office of IDFC Mutual Fund, One India Bulls Centre, 841, Jupiter Mills Compound, Senapati Bapat Marg,, Elphinstone Road, (West), Mumbai Contact for details. For details please read the respective Information Document (SID)(including those of FMPs)/ Offer Document (OD) / Statement of Additional Information (SAI) carefully before investing. 42

42 A rejection can cost you dear! Rejection is not something most of us take lightly, be it in any walk of life. The same holds true while investing. Our records point out that most of the rejected applications are for the simple reason of oversight. Most of the times it is the inconsistency in entering the data, that proves to be the stumbling block. And what does it result in? You stand not only to lose the time & effort, but also the investing opportunity because sometimes the financial markets don t wait for you to correct the mistakes. R E J E C T E D Important Tips to ensure successful SIP. You need to fill 2 forms. a) Common Application Form ( CAF ) and b) SIP Forms. The SIP start date and End date should tally in the CAF and SIP Form. The SIP Frequency should be the same across all forms. The and the SIP amount should tally in both forms. Mandatory to state the 9 digit MICR code. It is on the basis of this that your bank account is correctly debited. Your signature is needed in 2 places in the Mandate Form for ECS viz. below the Signatures section & Authorization of the Bank Account Holder. Please do submit a copy of the cheque along with the Mandate form for ECS at the time of subscription. In case you change your bank account no, please do let us know else your SIP will be rejected. Please keep sufficient balance in your bank account on SIP due date. In case of any overwriting in the ECS/ Standing Instruction Form, please ensure the same is authenticated by your Signature. In case of Payable at par cheques, please check with your bank for the branch MICR code. Note: Form #2 (HDFC/ SCB Standing Instructions) & Form #3 (Mandate Form for ECS) will be sent to your bank to process your request. Therefore, it is essential that you update all your information correctly to avoid your request being rejected by your bank. Please Turn Overleaf for Contact Details.

43 IDFC AMC Offices WEST Ahmedabad : Ground Floor, Zodiac Avenue, Opp. Mayor s Bunglow, Near Law Garden, Ahmedabad Tel.: / Bhopal : Plot No. 49, First Floor, Above Tata Capital Limited, M P Nagar, Zone II, Bhopal [M.P.] Goa : Advani Bussiness Centre, Neelkamal Arcade, A. B. Road, Panjim, Goa Tel.: , Fax: Mobile: Indore : 405, 4th Floor, 21/ 1, D. M. Tower, Race Course Road, Indore Tel.: / Fax: Mumbai : 17/18, 3rd Floor, Vasvani Mansion, 120, Dinshaw Vachha Road, Opp. K. C. College, Churchgate, Mumbai Tel.: Mumbai (Thane) : Shop No. 25, Rajdeep Society, Gokhale Road, Opp. Income Tax Office, Thane (West) Nagpur : Fortune Business Centre, First Floor, 6, VasantVihar, W. H. C. Rd., Shankar Nagar, Nagpur Tel.: / Nashik : Kavita Complex, 2nd Floor, Madan Services, Near Big Bazar, College Road, Nasik Mobile: Pune : 1st Floor, Dr. Herekar Park Building, Next to Kamala Nehru Park, Off. Bhandarkar Road, Pune Tel.: / 4. Raipur : , 2nd Floor, Lalganga Shopping Mall, G. E. Road, Raipur Mobile: Rajkot : Star Plaza, 2nd Floor, Office No. 201, Phulchab Chowk, Rajkot Tel.: Surat : U 15/16, Jolly Plaza, Athvagate, Surat Tel.: , Vadodara : Ground Floor, Akash Ganga Complex, Adjacent to Vanijya Bhavan, Race Course Circle, Vadodara Tel.: / 39. NORTH Agra : 9/4, Shanker Point Ground Floor, Near Income Tax Building, Sanjay Place, Agra , Tel.: Amritsar : 6-FUF, 4th Floor, Central Mall, 32, Mall Road, Amritsar Mobile: , Tel.: Chandigarh : SCO , 1st Floor, Sector 22, Chandigarh Tel.: / 19/ 21/ 22, Fax: Dehradun : 76/45, Saket, Lane No. 2, Rajpur Road, Dehradun Mobile: Jaipur : G-7, G-8, Anukampa Towers, Church Road, Jaipur Tel.: , Jalandhar : 1st floor, Satnam Complex, BMC Chowk, G.T.Road, Jalandhar Punjab-India. Tel.: / / 88. Kanpur : Office No , IInd Floor, KAN Chambers, 14/113, Civil Lines, Kanpur Tel.: , Lucknow : Flat No. 2, 1st Floor, SAS House, 6B, Tej Bhadur Sapru Marg, Lucknow Tel.: / 01/ 02/ 03/ 04/ 05.Fax: Ludhiana : SCO 122, 2nd Floor, Feroze Gandhi Market, Ludhiana Tel.: , Moradabad : New Delhi : 4th Floor, NarainManzil, 23, Barakhamba Road, New Delhi Tel.: / 02/ 03/ 04/ 05. Varanasi : Premise 2,3rd Floor,Kuber Complex, Rathyatra, Varanasi Tel.: , SOUTH Bangalore : 6th Floor, East Wing, Raheja Towers, #26 & 27, M. G. Road, Bangalore Tel.: / 05/ 06. Chennai : KRM Tower, 8th floor, No. 1, Harrington Road, Chetpet, Chennai Tel.: / 202. Cochin : 39/3993 B2, Gr. Floor, Vantage Point, VRM Rd, Ravipuram, Cochin Tel: / , Fax: Coimbatore : Red Rose Plaza, 509 H, II Floor, D. B. Road, R. S. Puram, Coimbatore Tel.: , Hyderabad : 4th Floor, Central Plaza, # /A, Raj Bhavan Road, Somajiguda, Hyderabad Tel.: / 47, Fax: Madurai : Shop No 9, 2nd Floor, Ram Niwas, Door No. 279, Goodshed Street, Madurai , Tel.: Mangalore : Raj Business Centre, 3rd Floor, Raj Towers, Balmatta Road, Manglore Tel. : Trivandrum : Cabin No.502, 5th Floor, Karimpanal Statue Avenue, G.H.Road, Statue, TRIVANDRUM (Contact No. : Raj Narayanan ) Visakhapatnam : Visakha Executive Centre, /5, Eswar Arcade, Dwarakanagar,1st Lane, Visakhapatnam , Tel.: investormf@idfc.com. EAST Bhubaneswar : Shop No. 208, 2nd Floor, Janpath Tower, Ashok Nagar, Bhubaneswar Guwahati : 4E, 4th Floor, Ganapati Enclave, G. S. Road, Ulubari, Opp. Bora Service Station, Guwahati Mobile: , , , Jamshedpur : Room No 111, Ist Floor, Yash Kamal Complex, Main Road, Bishtupur, Jamshedpur , Mobile No. : Kolkata : Oswal Chambers, 1st Floor, 2 Church Lane, Kolkata Tel.: / Patna : 406, AshianaHariniwas, New Dakbanglow Road, Patna Tel.: